【行业研报】PitchBook-2023年二季度欧洲风险投资评估报告（英）-2023.8_市场营销策.docxVIP

Q2 2023 EUROPEAN VC Valuations Report Contents Introduction 3 Overview 4 Angel and seed 4 Early-stage VC 6 Late-stage VC 7 Venture growth 8 PitchBook Data, Inc. John Gabbert Founder, CEO Nizar Tarhuni Vice President, Institutional Research and Editorial Dylan Cox, CFA Head of Private Markets Research Institutional Research Group Analysis Up, down, and flat rounds 9 Sectors 10 Fintech 10 Consumer goods services 11 Regions 12  Data Navina Rajan Senior Analyst, EMEA Private Capital navina.rajan@ Nicolas Moura, CFA Analyst, EMEA Private Capital nicolas.moura@ Nontraditional investors 13 Unicorns 14 Liquidity 16 Charlie Farber Senior Data Analyst Oscar Allaway Associate Data Analyst pbinstitutionalresearch@ Publishing Report designed by Chloe Ladwig Published on August 14, 2023 Click here for PitchBook’s report methodologies. 2 Q2 2023 EUROPEAN VC VALUATIONS REPORT 3Q2 2023 3 Q2 2023 EUROPEAN VC VALUATIONS REPORT INTRODUCTION Introduction The late stage and venture-growth stage saw more corrections in median valuations in H1 2023. This trend represents a continued correlation between valuation resilience and financing stage. Angel, seed, and early-stage companies exhibited more resistance to declines in median deal value and valuations in Q2, with deeper declines versus 2022 the later the stage. Venture-growth median valuations therefore continue to correct the most compared with 2022, whereas angel median valuations pace above 2022 levels, and the seed stage figures are flat. Overall, the proportion of down rounds continued to notably tick upwards to 26.2% from 19.8% in Q1 2023. Nontraditional investor participation continues to wane from its peak levels in 2021 and 2022, alongside overall deal value in Europe. Nontraditional investor involvement in European venture capital declined both in terms of overall deal value and as a proportion of total deal value. Deal value with nontraditional investor participation sat at €18.7 billion in H1 2