The Financial Times has written off the majority of an investment into covering European start-ups amid a downturn in tech funding on the Continent. However, accounts for the same year show it cut the value of its investment by £550,000 just months later. It means almost 90pc of the money pumped into Sifted was effectively wiped out within months. Other media organisations have also been paring back their coverage of European technology businesses. European technology businesses, meanwhile, have seen a downturn in investment from a high point in 2021 driven by low interest rates.