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1、EUROPEANVenture ReportSponsored by2024ANNUALWith decades of global experience,a robust professional and venture capital network,and scalable money-management solutions,we are dedicated to helping you succeed.See how we can support your growth at are the bank of the Innovation EconomyFrom plausibleto

2、 possiblePitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligenceDylan Cox,CFA Head of Private Markets ResearchInstitutional Research GroupAnalysisContents32024 ANNUAL EUROPEAN VENTURE REPORTPublished on 22 January 2025Click here for PitchBooks report methodologi

3、es.PublishingReport designed by Chloe Ladwig and Jenna OMalleyDataCharlie Farber Manager of Data Analysis Oscar Allaway Data Analyst Sponsored byIntroduction4Deals 5Venture debt8A word from J.P.Morgan10Spotlight:AI in Europe in 2024 12Exits14Fundraising18Navina Rajan Senior Analyst,EMEA Private Capi

4、tal Sponsored by42024 ANNUAL EUROPEAN VENTURE REPORTINTRODUCTIONIntroduction2024 venture capital(VC)deal value lagged despite macroeconomic recovery and gains in venture growth.Value over volume was the flavour of deal activity in 2024:Valuations improved,but declines in deal count were more pronoun

5、ced as the move to quality and emphasis on profitability continued.Despite deal activitys inflection past trough levels,capital availability remained tight as the time between rounds continued to widen.Clarity on interest rates supported the recovery in valuations,but growth prospects remained mixed

6、,contributing to a tone of cautious optimism throughout the year.As expected,artificial intelligence(AI)was a prevalent sector,which we expand upon in the“Spotlight”section in this report.However,growth in life sciences investment nearly matched the rate of uptick in AI.We continue to call out ventu

7、re debt as a key theme in Europe.Annual venture debt deal value rose significantly year over year(YoY),supported by megadeals from venture-growth players.The absence of these deals in 2025 means we are more conservative in our growth outlook for the asset class this year,as outlined in our 2025 EMEA

8、 Private Capital Outlook.2024 was the year of the exit comeback.Despite a quiet Q4,annual exit value increased nearly 24%YoY,even when excluding Puigs large listing.The recovery was concentrated in several large transactions,and the life sciences and AI sectors led in exit value.We expect key themes

9、 such as an initial public offering(IPO)window and secondaries to be seminal for exit activity in 2025.Regarding the latter theme,the discount rate appears to have narrowed significantly,with more funds setting up vehicles dedicated to VC secondaries.Fundraising was flat YoY,in line with our 2024 ou

10、tlook.Fund sizes increased,however,as megafund closes in the strategy supported totals.Several of these vehicles were located in the UK,increasing the regions share of European capital raised.However,Southern Europe also grew its share with large closes in Spain.Despite expanding closing times,we al

11、so saw emerging firms increase their share of fund count.Given the smaller nature of emerging firms and the likely absence of megafund closes in the coming year,we believe capital raised in the asset class will struggle to grow YoY in 2025.Sponsored by52024 ANNUAL EUROPEAN VENTURE REPORTDEALSVC deal

12、 activity12.519.420.026.332.542.251.3106.3100.261.656.77,0057,4127,8588,93710,29211,18511,96814,98114,24911,4089,60020142015201620172018201920202021202220232024Deal value(B)Deal countEstimated deal countSource:PitchBook Geography:Europe As of 31 December 2024Deals Share of VC deal count by stage0%10

13、%20%30%40%50%60%70%80%90%100%20142015201620172018201920202021202220232024Venture growthLate-stage VCEarly-stage VCPre-seed/seedSource:PitchBook Geography:Europe As of 31 December 20242024 deal value lagged despite macroeconomic recovery and gains in venture growth Although valuations recovered throu

14、ghout the year,the uptick was not enough to grow deal activity YoY.Annual deal value declined 7.9%YoY,and count decreased by even more at 23.3%.The trend speaks to a value-over-volume and move-to-quality dynamic seen throughout the year,where fewer deals occurred but valuations were higher on averag

15、e as better-quality companies secured funding in a more rationalised environment.The tone throughout 2024 remained one of cautious optimism as wider data points signalled a continued inflection past trough activity levels and peak rates,but capital availability remained notably tighter than in previ

16、ous years.Follow-on deals continued to grow their majority of deal value as investors were more selective of the new tables they put their money on.The time between rounds also widened across all stages apart from venture growth,with the early stage seeing the biggest step-up to 1.5 years.The wider

17、macroeconomic environment also improved with the European Central Bank fulfilling expectations for a fourth interest rate cut in December.More cuts are expected in 2025,although growth expectations appear to be lower across several key geographies;the central bank cut its growth forecast for 2025 to

18、 1.1%from 1.3%,and subsequent Sponsored by62024 ANNUAL EUROPEAN VENTURE REPORTDEALSTop 10 VC deals in Q4 2024Source:PitchBook Geography:Europe As of 31 December 2024CompanyClose dateDeal value(M)Deal type Vertical(s)CountryGreenScale12 November1,198.3Early-stage VCArtificial intelligence&machine lea

19、rning(AI&ML)UKpoolside2 October450.0Early-stage VCAI&MLFranceLighthouse21 November344.7Venture growthAI&ML,software as a service(SaaS)UKVinted23 October340.0Venture growthE-commerce,mobileLithuaniaZEPZ3 October240.3Venture growthFintech,mobile,mobile commerce,SaaSUKOura19 November186.0Venture growth

20、Digital health,Internet of Things,wearables&quantified selfFinlandAlentis Therapeutics12 November167.6Late-stage VCLife sciences,oncologySwitzerlandICEYE18 December150.2Venture-growthManufacturing,space techFinland1KOMMA520 December150.0Early-stage VCClimate techGermanyThe Exploration Company22 Nove

21、mber149.2Early-stage VCSpace techGermanyyears also received downward revisions.1 Revisions could continue as trade tariffs weigh further on the blocs growth,although the prospect of such tariffs is still uncertain.Despite the weaker growth outlook,we see lower rates as the key factor in determining

22、the health of the European venture ecosystem in 2025,as valuations,financing costs,the exit environment,and liquidity will be direct beneficiaries of lower rates.As venture-growth deal activity recovered throughout 2024,larger deals gained share of count.5%of European deals in 2024 were venture-grow

23、th deals,and overall,we saw larger deal size buckets grow in value as valuations recovered and the stage fell back into favour.Venture-growth companies suffered the most in 2023 as several tourist investors seen in the peaks of 2021 and 2022 stepped away from venture markets and the European region.

24、In 2024,the venture-growth stage was the most resilient area of the ecosystem,being the only stage to grow its share of deal value,up 3.8%YoY.Q4s top 10 deals skewed to AI and the venture-growth stage Half of the top 10 deals in the last quarter of 2024 involved venture-growth players,with the top t

25、hree from AI firms.The largest deal of the quarter,and of the year,was by UK datacentre platform GreenScale,which raised 1.2 billion from Digital Transformation Capital Partners.The size and nature of the transaction demonstrate the continued participation of nontraditional investors in venture mark

26、ets and the capital resources that other strategies can bring to VC-backed companies,which traditional VC firms may struggle to finance.The next-largest deals in Q4 were by poolside,an AI platform designed to write software code,which raised 450 million,and Lighthouse,which closed a round for 344.7

27、million.Several megadeals throughout 2024 contributed to growth in larger deal size buckets.The years second-largest deal was by AI mobility tech startup Wayve with a 958.4 million round,followed by early-stage fintech company Abounds 933.2 million deal.Life sciences VC deal activity2.43.22.73.05.24

28、.87.19.86.86.58.05185485986627687871,0091,0679418377022014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Deal value(B)Deal countSource:PitchBook Geography:Europe As of 31 December 20241:“ECB Cuts Interest Rates Again as Inflation Eases and Growth Falters,”Politico,Johanna Treeck,12 December 2024.

29、Sponsored by72024 ANNUAL EUROPEAN VENTURE REPORTDEALSTop 20 verticals by VC deal valueSource:PitchBook Geography:Europe As of 31 December 2024Note:Verticals are ranked by 2024 deal value.Life sciences growth nearly matches that of AIIt was of little surprise that six of the top 10 deals in Europe in

30、 2024 were from AI companies.We examine the nuances to how AI has developed in Europe in the past year in the“Spotlight”section of this report.However,whilst the AI industry received notable funding in 2024,other verticals also experienced growth.Life sciences deal value increased 22.6%YoY,closely f

31、ollowing AIs step-up.Oncology,mobility tech,and foodtech also saw increases in value.On the other hand,deal value in critical areas for Europe,cleantech and fintech,declined 26.5%and 19.8%,respectively,even though several fintech unicorns received valuation step-ups throughout the year.Despite the d

32、ecline,both verticals remained in the top five for annual deal value.Climate tech fell to seventh place from second in 2023,and fintech climbed to fourth from fifth.20142015201620172018201920202021202220232024SaaS42222111111AI&ML1311855554432Cleantech101411151311116743Fintech66546432254Life sciences

33、354646681285Mobile23333243366Climate tech19181416151089527Manufacturing8107910121015878Healthtech15131211887109119TMT111113256910LOHAS&Wellness1617161316151416111011Oncology99131714141720201712Big Data171615101113913101313Mobility tech7798991314131614E-commerce546777127141215Industrials1181012121915

34、19171516Cryptocurrency/blockchain2020202017202018161417Supply chain tech1415191818161811151818Foodtech1212171420171912191919Mobile commerce1819181919181617182020Sponsored by82024 ANNUAL EUROPEAN VENTURE REPORTVENTURE DEBTVenture debt Venture debt deal activity0.72.02.63.85.39.19.220.418.813.517.2291

35、4085106197089081,0671,3021,31796051020142015201620172018201920202021202220232024Deal value(B)Deal countSource:PitchBook Geography:Europe As of 31 December 2024Share of venture debt deal value by stage0%10%20%30%40%50%60%70%80%90%100%20142015201620172018201920202021202220232024Venture growthLate-stag

36、e VCEarly-stage VCPre-seed/seedSource:PitchBook Geography:Europe As of 31 December 2024Venture debt will continue to be a key theme The rise of venture debt was a key trend in venture markets in 2024.Annual deal value rose 27.3%YoY to 17.2 billion as the cheaper cost of financing and increased fundi

37、ng opportunities for mature players led to several megadeals.The median debt deal size subsequently increased to an all-time high in Europe,sitting at 1.7 million,as 80.6%of debt value funded venture-growth companies.but our 2025 outlook is more conservativeDespite the run-up in deal value in 2024,w

38、e are more conservative in our expectations for venture debt in the coming year.The growing prevalence of the asset class in Europe led us to highlight it in our 2025 outlook,where we predict that European venture debt deal value will not match 2024 levels but will remain an important theme.The key

39、driver of our view is the expected absence of the large megadeals seen in 2024,as these companies are unlikely to come back to the cap table in a year.We also note the absence of key contributor Northvolt,which declared bankruptcy at the end of 2024.The top venture debt lenders in Europe over the pa

40、st decade include the European Investment Bank,TriplePoint Capital,and Bpifrance.We believe growing capital availability amongst less traditional lenders will also contribute to the asset classs growth as supply improves.Sponsored by92024 ANNUAL EUROPEAN VENTURE REPORTVENTURE DEBTTop venture debt le

41、nders(2014-2024)Source:PitchBook Geography:Europe As of 31 December 2024LenderLender type2014 deal count 2015 deal count2016 deal count2017 deal count2018 deal count2019 deal count2020 deal count2021 deal count2022 deal count2023 deal count2024 deal count2014-2024 deal count CountryEuropean Investme

42、nt BankLender1371210122119211517138LuxembourgTriplePoint CapitalLender33241310162142110125USBpifranceLender51381010101996103103FranceTriplePoint Venture Growth BDCLender3314138711205075USKreos CapitalLender33124065311056UKSVB Financial GroupCommercial bank453100957121056USFondation pour lInnovation

43、TechnologiqueLender2446444882046SwitzerlandThe FSE GroupLender18141161520039UKBarclaysCommercial bank14311230023736UKWestern Technology InvestmentLender2002162398134USBNP ParibasCommercial bank0312135843434FranceSponsored by102024 ANNUAL EUROPEAN VENTURE REPORTA WORD FROM J.P.MORGANEurope avoided re

44、cession in 2024,but economic trends remain mutedWhile the euro-area economy has avoided a downturn,the region has struggled to generate meaningful momentum,with Germanys underperformance remaining a notable drag.A silver lining of the slow-growth environment has been cooling inflation,putting the EC

45、B in a position to lower rates.In December,the ECB cut its policy rate for the third consecutive meeting by 25 basis points to 3.0%,bringing the years cumulative cuts to 100 basis points and signalling more cuts ahead.The ECBs latest quarterly projections revised down the outlook for economic expans

46、ion and inflation in 2025,citing risks to growth remaining tilted to the downside.Adding further complexity to the picture,and possibly hindering a recovery,are US trade policy uncertainties following the November presidential election.The threat of tariffs could hang over the euro-area economy for

47、several years.During the 2018 to 2019 period,trade uncertainty was estimated to have had a cumulative-1%impact to real gross domestic product,with effects more weighted towards Germany and Italy than France and Spain,according to J.P.Morgan Global Economic Research.However,not all developments are c

48、ause for concern,and potential policy shifts in the US market could benefit Europe.There is general optimism that the change in administration will provide a more efficient and constructive framework for mergers&acquisitions(M&A).Regulatory oversight in the past few years,including antitrust scrutin

49、y,has had a chilling impact on deal activitynot just in the US,but also in the UK,the rest of Europe,and Asia.If expectations are correct,the new administration could unlock more M&A activity globally.The mood in private markets has improvedAs public markets have recovered,private markets are follow

50、ing suit with a typical six-to-nine-month lag.Both companies and investors appear more optimistic,with companies more actively discussing capital raises and investor demand building.The conversation has shifted from“Lets touch base in six to 12 months”to“Lets put money to work over the next six mont

51、hs.”Importantly,the investor interest is coming from a deep pool.The investor base is expanding across not only high-Ginger ChamblessHead of Research,Commercial BankingGinger Chambless is a Managing Director and Head of Research for JPMorgan Chase Commercial Banking.In this role,she produces curated

52、 thought leadership content for commercial banking clients and internal teams.Her content focuses on economic and market insights,industry trends,and the capital markets.Additional contributors:Rosh Wijayarathna Co-Head of EMEA Innovation EconomyManuel Costescu Co-Head of EMEA Innovation EconomyA WO

53、RD FROM J.P.MORGANOur views on venturegrowth investors,sponsors,sovereign wealth funds,family offices,and crossover investors but also global participants.Along with US-based investors,sovereign wealth funds out of Canada,Singapore,and the Middle East are coming back to Europe to invest in private r

54、ounds.The tone on secondary activity is also sending positive signals throughout private markets.Two years ago,secondary deals were often contemplated as investors looked to recycle capital.This has since shifted,with investor demand now driving the dynamic.Many of these companies may not need prima

55、ry capital given sufficient funds raised in 2021 and 2022;however,secondary deals provide the opportunity to clean up existing cap tables,paving the way for a simpler potential IPO.2024 was a build-back year for European IPO activityThe past three years have not been homogeneous for the IPO market,d

56、riven by shifting market dynamics from both companies and investors.Deal activity has been growing steadily,with volumes up 3x from 2023,albeit from a low bar.Growth as an investment consideration has also started to come back into focus,further reigniting momentum for the space.While investors stil

57、l value profitability,the questions about long-term sustainable growth,maintaining profitability(or having a near-term path to it),and scalability have returned.This dynamic is also beginning to extend into the popular realm of AI.While understanding a startups AI strategySponsored by112024 ANNUAL E

58、UROPEAN VENTURE REPORTA WORD FROM J.P.MORGANremains near the top of the list for investors,markets may become a bit more discerning in the depth and relevance of AI to the company story.This may build over time,so AI remains a valuable thematic for now.As IPO markets reopen further,deciding where to

59、 list will be important.For European companies looking to list either domestically or in the US,it is important to choose the market that supports long-term success.In the early stages of 2025s reopening,there could be a preliminary shift to the US;however,the decision will ultimately be dependent o

60、n a broader set of factors,including the origin of revenues,customer base,competition,and market cap,as opposed to short-term valuation.Either way,Europes ecosystem has built more global companies over the past five to 10 years than it did in the previous period,and regardless of listing location,th

61、is has been positive for innovation and research&development in the region.Looking ahead,we expect IPO volumes to remain on a similar trajectory with 2025 outpacing 2024,and 2026 outpacing 2025.AI remains a driving force in the ecosystemThe rise of AI is not something seen since the rise of the inte

62、rnet,with the whole technology industry hyperfocused on one category.In AIs relatively short run,it has had tangible impacts across the space.For some enterprise software investments,given AIs disruption among major corporates,there has been a reallocation of technology budgets.Additionally,some com

63、panies have contemplated delaying their IPO until there is more visibility on the potential impact from AI.It is truly only the companies that have embraced AI from the beginning that have risen to the top and have often been rewarded via valuations.Getting ready for public marketsWhile conditions i

64、n venture markets have been challenging over the past couple of years,subtle signs of improvement in private markets and optimism surrounding the outlook for exits in 2025 could portend a pickup in activity.If private market conditions play out as we expect,including increased exit activity,we antic

65、ipate that a large majority of startups across the ecosystem will look to take advantage of positive momentum to raise capital.The companies that will be best prepared,in what will likely be a still competitive environment,will have addressed or contemplated items that are top of mind for investors

66、today.Outside of growth,profitability,and scale,these include developing a governance structure,establishing and delivering on key performance indicators,as well as building long-term relationships with the investment community.Those that put their best foot forward amid this backdrop will likely st

67、and out.Sponsored by122024 ANNUAL EUROPEAN VENTURE REPORTSPOTLIGHTSPOTLIGHTAI in Europe in 2024AI&ML VC deal activity0.61.31.73.14.85.68.015.416.711.714.64516598511,2221,6261,8032,1052,6942,6592,3572,03620142015201620172018201920202021202220232024Deal value(B)Deal countSource:PitchBook Geography:Eur

68、ope As of 31 December 2024Top 10 AI VC company hubs2,04581980580338530830428320720413.4%10.1%13.4%24.5%11.4%15.1%10.3%10.2%11.3%11.3%UKFranceGermanyIsraelSpainSwitzerlandNetherlandsSwedenIrelandItalyAI VC company countAI share of all VC companiesSource:PitchBook Geography:Europe As of 31 December 20

69、242024 was the year of AI.The vertical no doubt dominated venture deal flow globally,including Europe.As we wrote throughout the year,a significant amount of activity was supported by the burgeoning industry.In aggregate,AI investment in the continent sat at 14.6 billion in 2024,representing a quart

70、er of European deal value.As expected,the vertical was the fastest grower in Europe,with deal value increasing 24.1%YoY.Top deals in the vertical spanned the UK,France,and Germany,featuring bellwethers such as Mistral AI,GreenScale with the years largest deal,and Wayve with the years second-largest

71、deal for 958.4 million.Sponsored by132024 ANNUAL EUROPEAN VENTURE REPORTSPOTLIGHTAI&ML VC exit activity0.60.33.80.20.51.90.811.33.61.65.0105142739638015215014313920142015201620172018201920202021202220232024Exit value(B)Exit countSource:PitchBook Geography:Europe As of 31 December 2024However,there a

72、re nuances across Europe.The largest ecosystem of AI companies continues to be the UK,by a wide margin.In 2024,over 2,000 AI companies sat in the country,around 13%of the base of VC-backed companies in the UK.Given the prevalence of the region in the wider venture ecosystem,this is to be expected,bu

73、t its lead has grown since Q3 2024.The penetration of AI companies is the same in Germany as it is in the UK,but it is even higher in Switzerland.Other key ecosystems such as France and the Netherlands sit below the leaders in Europe in their penetration of AI companies.The sectors attractiveness ha

74、s proven to be not only its high growth potential but also its ability to generate exits amidst a continued tough environment,which tends to be harder to do for more nascent industries.AI exit value in 2024 sat at 5 billion,nearly 15%of total European exit value.The biggest AI exits were reverse mer

75、gers,with the top transaction being the reverse merger of Rezolve Ai for 1.7 billion.Otherwise,most exits were acquisitions.Given its nascent nature,we anticipate the vertical to remain core to European venture activity in the coming year.However,valuations appear elevated,and it is less clear wheth

76、er they require a rationalisation.The average AI valuation in 2024 remained lower than that of other verticals,such as mobile and fintech,which were boosted by companies such as Monzo and Vinted.Sponsored by142024 ANNUAL EUROPEAN VENTURE REPORTEXITSExits VC exit activity22.122.820.418.244.617.519.51

77、55.932.516.920.912.76006606036896847818051,3661,18295898420142015201620172018201920202021202220232024Exit value(B)Puig exit value(B)Exit countEstimated exit countSource:PitchBook Geography:Europe As of 31 December 2024Exits rebound despite a quiet Q4 2024 was the year of the exit comeback.In our 202

78、4 outlook,we noted that exits were the weakest area of the VC ecosystem.Exits did not occur until the end of 2023,and they did so at distressed valuations.After a tepid recovery in the first half of 2024 where value and volume started to gain momentum,we noticed a change at the end of Q2,with moment

79、um continuing into Q3.As valuations recovered throughout the year,several IPOs crept through the listings vent and supported activity;the Q2 2024 exit value of 14.9 billion was the highest quarterly level since Q1 2022.As we have noted before,most of this value was inflated by the public listing of

80、Puig at 12.7 billion.However,upon looking at the full year,we noted that exit value still increased 23.7%YoY when excluding the Puig exit,as momentum in Q3 kept pace sequentially.Activity in Q4 dipped due to the absence of the large transactions seen throughout the year.The recovery was therefore co

81、ncentrated,with several mega-exits(more than 500 million in value)making up nearly 80%of annual exit value.Outside of the Puig listing,the second-largest transaction was the acquisition of ophthalmology biotech firm EyeBio for 2.8 billion,followed by the reverse merger of Rezolve Ai for 1.7 billion.

82、The presence of mega-exits in both strategies led to their similar shares of exit value,Share of VC exit count by type0%10%20%30%40%50%60%70%80%90%100%20142015201620172018201920202021202220232024BuyoutPublic listingAcquisitionSource:PitchBook Geography:Europe As of 31 December 2024with public listin

83、gs representing 43.5%of exit value despite fewer listings occurring than in 2023.As noted in our 2025 outlook,we expect the ongoing recovery in the exit market to continue to be concentrated and to be contingent on an IPO window opening in 2025.Sponsored by152024 ANNUAL EUROPEAN VENTURE REPORTEXITST

84、op VC exits in 2024Source:PitchBook Geography:Europe As of 31 December 2024CompanyClose dateExit value(M)Exit type consolidatedVertical(s)CountryPuig3 May12,670.0Public listingBeautySpainEyeBio11 July2,776.6AcquisitionLife sciencesUKRezolve Ai15 August1,661.3Public listingAI&ML,fintech,mobile,mobile

85、 commerce,SaaSUKV-Wave9 October1,557.4AcquisitionHealthtechIsraelCardior25 March1,025.0AcquisitionLife sciencesGermanyAmolyt Pharma15 July968.3AcquisitionHealthtech,life sciences,oncologyFranceCellmAbs Biopharmaceuticals18 July912.3AcquisitionLife sciences,oncologyPortugalFeaturespace19 December833.

86、4AcquisitionAI&ML,Big Data,cybersecurityUKWeTransfer31 July700.0BuyoutSaaSNetherlandsBioCatch29 August674.7BuyoutCybersecurity,SaaSIsraelLife sciences and AI leadPuigs listing pulled beauty into the top vertical by exit value,ahead of software as a service.Life sciences sat in third place,followed b

87、y AI&ML and then oncology.Unlike other nascent technologies such as cleantech,AI firms have been able to find exit opportunities,with annual value comprising 5 billion,the highest level since 2021.Life sciences VC exit activity4.38.06.54.23.95.79.021.25.23.96.7827450596034641197348382014201520162017

88、2018201920202021202220232024Exit value(B)Exit countSource:PitchBook Geography:Europe As of 31 December 2024Elsewhere,life sciences exits nearly doubled with value sitting at 6.7 billion in 2024 versus 3.9 billion in 2023.Despite the signs of recovery seen in 2024,liquidity remains the primary concer

89、n across industries,and the landscape for the cleantech and fintech industries remains more challenged.Exit value in the latter has plateaued since 2022.Sponsored by162024 ANNUAL EUROPEAN VENTURE REPORTEXITSTop 20 verticals by VC exit valueSource:PitchBook Geography:Europe As of 31 December 2024Note

90、:Verticals are ranked by 2024 exit value.Secondaries continue to riseWhilst we do not track VC secondaries in our European data,we believe the strategy will continue to be a prevalent theme for venture in 2025.As is often the case,we have seen the strategy gather momentum in more developed ecosystem

91、s,such as the US and private equity.Comprehensive data collection is currently limited,especially in Europe,and we rely on third-party providers whose transaction data is skewed to US companies.Using Zanbato data,we found that the median discount on startup secondaries has been steadily narrowing fr

92、om a trough of 50%in early 2023 to nearly flat at a-3%discount in December 2024.Whilst this data is weighted to the US,Atomico also noted in its State of European Tech 2024 report that growth-stage portfolios are seeing a higher share of less discounted offers,while earlier stages are seeing wider d

93、iscounts.2Across strategies,we have seen secondaries fundraising lead in attracting limited partner(LP)capital,with returns also leading those of other private asset classes.For VC specifically,2024 saw key players such as StepStone close a new VC secondaries fund,raising$3.3 billion for its sixth v

94、ehicle in the family,well beyond its$2.6 billion target.This followed Index Ventures raising$1.5 billion for its 10th venture secondaries fund at the end of 2023.Anecdotally,we have heard murmurs of an uptick in the use of secondaries in Europe,too,such as Molten Ventures acquisition of a stake in S

95、eedcamp Fund III in February 2024.As of its 2024 results,Molten states that its secondaries strategy returned 2.5x on invested capital to date.3 The firm made several other secondary investments as a key component of its strategy.We believe the asset class will remain resilient in Europe as it conti

96、nues to develop,liquidity pressures linger,and the economics of investment discounts become more attractive to market participants.2:“State of European Tech 24,”Atomico,n.d.,accessed 13 January 2025.3:“Annual Report FY24,”Molten Ventures,11 June 2024.20142015201620172018201920202021202220232024Beaut

97、y191817182019102019171SaaS43786692412Life sciences32257115323AI&ML9154151451213664Oncology543101033181795Mobile6712147462126Cybersecurity12101512131415171437Fintech13111414313148748Mobile commerce1720161891817129199Big Data1013516815161511710TMT211212211511Manufacturing76691245710812Cleantech8913131

98、681110161113Industrials118911111179181614Mobility tech1619104151284131315Climate tech191717181791311151516E-commerce158351063121017Foodtech14141161916181451418Audiotech181617172192019201919Restaurant tech15121761817191681820Sponsored by172024 ANNUAL EUROPEAN VENTURE REPORTEXITSMedian and average sec

99、ondaries premium/discount to last VC round-3.0%-4.0%-50%-40%-30%-20%-10%0%10%20%30%Jan2022MarMayJulSepNovJan2023MarMayJulSepNovJan2024MarMayJulSepNovMedianAverageSource:Zanbato Geography:Global As of 31 December 2024Sponsored by182024 ANNUAL EUROPEAN VENTURE REPORTFUNDRAISINGFundraising VC fundraisi

100、ng activity 10.211.318.222.417.024.029.433.934.020.820.526224026427631632638044748321917320142015201620172018201920202021202220232024Capital raised(B)Fund countSource:PitchBook Geography:Europe As of 31 December 20242024 fundraising fulfils our outlookIn our 2024 outlook,we predicted that VC fundrai

101、sing levels would at least match 2023 totals as recovery from trough levels began,supported by larger vehicles.This took place,as capital raised in 2024 sat broadly flat YoY at 20.5 billion.Fund sizes also increased as megafund closes supported totals.Top closes included Index Ventures Growth VII fu

102、nd at 1.4 billion,followed by Forbion Ventures Fund VII at Share of VC capital raised by region0%10%20%30%40%50%60%70%80%90%100%20142015201620172018201920202021202220232024UK&IrelandSouthern EuropeNordicsIsraelFrance&BeneluxDACHCentral&Eastern EuropeSource:PitchBook Geography:Europe As of 31 Decembe

103、r 2024Share of VC capital raised by size bucket0%10%20%30%40%50%60%70%80%90%100%201420152016201720182019202020212022202320241B+500M-1B250M-500M100M-250M50M-100M50M Source:PitchBook Geography:Europe As of 31 December 2024890 million.The third largest was also an Index Ventures fund,an early-stage veh

104、icle closing at 744.4 million.Overall,funds over 500 million represented 28.8%of capital raised,five percentage points higher than in 2023 despite fewer vehicles raising capital.The median fund size in Europe subsequently sat at 71.3 million,an all-time high.As deal sizes grow,larger investors with

105、the capacity to write larger cheques are needed in Europe.Sponsored by192024 ANNUAL EUROPEAN VENTURE REPORTFUNDRAISINGTop 10 VC fund closes in 2024Source:PitchBook Geography:Europe As of 31 December 2024FundClose dateFund value(M)Fund typeCountryIndex Ventures Growth VII10 July1,395.7VCUKForbion Ven

106、tures Fund VII15 October890.0VCNetherlandsIndex Ventures XII10 July744.4Early-stage VCUKAtomico Growth VI8 September681.3VCUKAccel London VIII14 May625.2Early-stage VCUKBalderton Capital Early Stage Fund IX12 August564.9Early-stage VCUKInnovation Industries Fund III15 May500.0Early-stage VCNetherlan

107、dsCreandum VII3 June500.0Early-stage VCSwedenAtomico Venture VI8 September438.2Early-stage VCUKPartech Venture Fund9 January400.0Early-stage VCFranceNational Seed Fund 329 February400.0Early-stage VCFranceUK fundraising strengthens while Southern Europes growsThe UK regained its dominance in capital

108、 raised in 2024,holding 36.6%of the European total.The increase of more than 10 percentage points in the year was supported by the regions flurry of megafunds,where half of the top 10 closes were UK-domiciled vehicles.France accumulated the next-highest share of LP capital,and previously dominant re

109、gion Germany,Austria&Switzerland(DACH)lost share whilst maintaining third place.Other regions we track in Europe gained share of LP capital in 2024,with Southern Europe being the biggest gainer.Within the region,notable closes sat in Spain,with half of Southern Europes 10 largest vehicles coming fro

110、m the country.Seaya Andromeda Fund in Spain saw the largest close at 300 million,followed by Scientifica Fund 1 in Italy and Tresmares Growth Fund IV in Spain,both at 200 million.Actual capital raised and target capital(B)by top 20 VC funds in 2023 versus 2024 20.821.420.515.10510152025Actual capita

111、l raisedTarget capital20232024Source:PitchBook Geography:Europe As of 31 December 2024 Note:“Target capital”implies targeted open capital going forward,as of the end of the specified year.Sponsored by202024 ANNUAL EUROPEAN VENTURE REPORTFUNDRAISINGFundraising totals may dwindle,but emerging firms ar

112、e recoveringIn line with the increase in fund size,experienced firms gained share of capital raised in Europe in 2024.However,emerging vehicles grew their share of fund count.Despite first-time VC funding continuing to plateau,it is encouraging that LPs aversion to less-experienced firms is dwindlin

113、g as appetite for the strategy is regained.It is also likely that megafunds and experienced firms that raised in 2024 will not do so again in the near future.Therefore,we believe that fundraising totals in 2025 will struggle to grow YoY in the absence of large closes.Several large vehicles are curre

114、ntly open,but with the median time to close at 21 months,it is unlikely that they will close this year.The sum of the top 20 open funds sits at 15.1 billion,and roughly 5 billion of extra capital would need to close in the coming year to match 2024s total.Share of VC fund count by firm experience0%1

115、0%20%30%40%50%60%70%80%90%100%20142015201620172018201920202021202220232024Experienced firmEmerging firmSource:PitchBook Geography:Europe As of 31 December 2024Additional researchCOPYRIGHT 2025 by PitchBook Data,Inc.All rights reserved.No part of this publication may be reproduced in any form or by a

116、ny meansgraphic,electronic,or mechanical,including photocopying,recording,taping,and information storage and retrieval systemswithout the express written permission of PitchBook Data,Inc.Contents are based on information from sources believed to be reliable,but accuracy and completeness cannot be gu

117、aranteed.Nothing herein should be construed as any past,current or future recommendation to buy or sell any security or an offer to sell,or a solicitation of an offer to buy any security.This material does not purport to contain all of the information that a prospective investor may wish to consider

118、 and is not to be relied upon as such or used in substitution for the exercise of independent judgment.European private marketsQ3 2024 European VC Valuations ReportDownload the report hereQ4 2024 PitchBook Analyst Note:European UnicornsModelling Myth or Magic?Download the report here2024 Annual European PE BreakdownDownload the report here2025 EMEA Private Capital OutlookDownload the report here2024 DACH Private Capital BreakdownDownload the report hereQ3 2024 Italy Market SnapshotDownload the report hereMore research available at