Investment in early stage technology companies in Europe has risen four-fold over the last three years, according to new research published on Tuesday.

The study shows unprecedented growth in both funding and volume of investments made in pre-revenue companies, with start-ups working in fintech and medtech the biggest draw for investors.

Overall, capital invested in early-stage companies, which typically are yet to go to market, jumped from €875 million in the first half of 2015 to €3.5 billion for the same period this year.

The report, which has been compiled by online payments company Stripe, international business accelerator Tech Stars and Tech.eu, shows French and British start-ups have been the main beneficiaries of the increase in early-stage funding.

“Europe’s tech scene is clearly thriving. To see a fourfold increase in the value of early stage investments in just three years is a huge testament to the continent’s start-up scene,” said Iain McDougall, country manager for UK and Ireland at Stripe.