Exhibit 12： Total funding of European supply chain start-ups by country US$ millions, 2016–2025

distribution of VC investments in the supply chain sector. More than 40% of all vC funding investments in companies such as Neura Robotics (Us$123 million, Series B), Makersite (US$70 million, Series B), and Sereact (US$25 million, Series A). The concentration of The three largest countries by funding volume — Germany, the United Kingdom, and