Startups are essentially a high risk casino, that collects cash from muppets (individual investors and funds with more money than brains) and redistributes it with ratio about 100:1. Like musical chairs - 100 people and one chair. Most of these 100 people don't even know where the chair is and can barely hear the music. One person close to the chair collects the payout and shares it with few others who helped him to push the muppets away.

It seems that Europe either doesn't like this game, or just doesn't know to play it.