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1、EUROPEANVC Valuations Report2024ANNUALContents22024 ANNUAL EUROPEAN VC VALUATIONS REPORTPitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchNalin Patel Director of Research,EMEA Private CapitalInstitutional R

2、esearch GroupAnalysisNavina Rajan Senior Analyst,EMEA Private Capital DataCharlie Farber Manager of Data AnalysisOscar Allaway Data APublishingReport designed by Chloe Ladwig and Julia MidkiffPublished on 14 February 2025Click here for PitchBooks report methodologies.Overview3Verticals8Regions9Nontr

3、aditional investors10Unicorns12Liquidity1532024 ANNUAL EUROPEAN VC VALUATIONS REPORTOVERVIEWOverviewMedian VC deal value(M)by stage 0.30.91.02.25.5012345678910Pre-seedSeedVenturegrowth20232024Long-term medianEarly-stageVCLate-stageVCSource:PitchBook Geography:Europe As of 31 December 2024Median VC p

4、re-money valuation(M)by stage 1.73.33.87.821.105101520253035Pre-seedSeedEarly-stageVCLate-stageVCVenturegrowth20232024Long-term medianSource:PitchBook Geography:Europe As of 31 December 2024At the beginning of 2024,we outlined the“three Rs”that would shape venture valuations during the year:rates,re

5、covery,and rationalisation.We saw those three themes play out in 2024 activity,with interest rate cuts in the second half supporting valuations,and more clarity on the rate and depth of cuts providing some visibility to the market.The rationalisation the industry experienced since 2021 also left mor

6、e rationale valuations in the ecosystem and,broadly,a higher-quality pool of businesses;this means that despite lower deal count,the deals that closed had higher valuations.The proportion of down rounds in Europe also continued to gain momentum through 2023,adding to the theme of rationalisation in

7、companyand therefore industryvaluations and sentiment.A year later,we see a shift in the pillars that will shape European valuations in 2025.The three Rs will remain key to valuations,but the main debates in 2025 will be AI,regional disparities,and exit activity.Whilst median valuations in AI have n

8、ot surpassed other key verticals in Europe,deal value in the industry is growing at one of the highest rates in ventureas noted in our 2024 Annual European Venture Report.Secondly,the disparity between valuations in Europe and the US has intensified over the past year.This is a critical issue to liq

9、uidity in the region as companies progress through the VC funnel and choose where they want to reside and exit.2024 also experienced continued brain drain to the US for public companiesas noted in our IPO Outlook.The proportion of European companies listing on European exchanges continues to sink lo

10、wer.However,overall,exit valuations have shown some recovery,and we are more optimistic on IPO listing volumes in 2025.At the end of 2024,the median deal value and valuations across all stages increased YoY.As noted previously,this supported value over volume trends in venture dealmaking,as the decl

11、ine in count was in the double-digits YoY.As the funding environment has become tougher,we believe that,broadly,a quality bias has emerged,where firms that were able to survive trough activity in 2023 tended to be higher quality and therefore have a higher valuation.Median time(years)between rounds

12、by stage0.00.51.01.52.02.5Pre-seedSeedVenturegrowth20232024Early-stageVCLate-stageVCSource:PitchBook Geography:Europe As of 31 December 202442024 ANNUAL EUROPEAN VC VALUATIONS REPORTOVERVIEWSince the market corrected in 2023 across most stages,in 2024,the largest uptick in median valuations was in t

13、he pre-seed stage.This was followed by venture growth,showing that both ends of the maturity spectrum not only recovered but exceeded the peaks of 2022.The stage with the smallest increase was late-stage valuations.Trends in deal size across stages were similar to those seen in median valuations.The

14、 pre-seed stage showed the most robust growth in Europe.This trend continued from 2023 through 2024,where at the end of the year,the median pre-seed valuation(3.7 million)increased by the most of all the stages.This Pre-seed pre-money valuation(M)dispersion 0246810122014 2015 2016 2017 2018 2019 202

15、0 2021 2022 2023 2024Top&bottom quartile rangeTop decileMedianBottom decileAverageSource:PitchBook Geography:Europe As of 31 December 2024Pre-seed deal value(M)dispersion 0.00.51.01.52.02.53.02014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Top&bottom quartile rangeTop decileMedianBottom decile

16、AverageSource:PitchBook Geography:Europe As of 31 December 2024was 41.6%higher YoY,from 2.6 million in 2023.Median pre-seed deal sizes also increased by a similar proportion,to 0.7 million in 2024,having flatlined since 2022 at 0.5 million.Pre-seed rounds were also the only stage to see a decrease i

17、n the median time between rounds YoY,at 1.1 years in 2024.Median seed valuations and deal size increases sat in the middle of the pack across the stages.Median seed valuations have been pacing 15.2%higher than 2023 at 5.3 million,and median deal sizes were 28.9%higher at 1.7 million.Unlike pre-seed,

18、seed valuations declined YoY in 2023,so the bounce back in the earlier stage of the market Seed deal value(M)dispersion 012345672014 20152016 2017 2018 2019 2020 2021 2022 2023 2024Top&bottom quartile rangeTop decileMedianBottom decileAverageSource:PitchBook Geography:Europe As of 31 December 2024Se

19、ed pre-money valuation(M)dispersion 024681012141618202014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Top&bottom quartile rangeTop decileMedianBottom decileAverageSource:PitchBook Geography:Europe As of 31 December 202452024 ANNUAL EUROPEAN VC VALUATIONS REPORTOVERVIEWEarly-stage VC pre-money v

20、aluation(M)dispersion 051015202530354045502014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Top&bottom quartile rangeTop decileMedianBottom decileAverageSource:PitchBook Geography:Europe As of 31 December 2024Early-stage VC deal value(M)dispersion 0246810121416182014 2015 2016 2017 2018 2019 202

21、0 2021 2022 2023 2024Top&bottom quartile rangeTop decileMedianBottom decileAverageSource:PitchBook Geography:Europe As of 31 December 2024is encouraging.However,also contrary to pre-seed,in 2024,the median time since founding to seed rose to three years from 2.8 years in 2023.Whilst the increase is

22、small,it was the largest step-up across all the stages.Median early-stage valuations were up 21%to 6 million in 2024 versus 2023.Median deal sizes have been pacing 33.3%higher versus 2023 at 1.6 million,and time since founding to reach the early stage ticked upwards to three years.The increase in ti

23、me between rounds was the greatest in the early stage,with a median of 1.5 years between rounds in 2024,compared with 1.3 years in 2023.At the late stage,median valuations and deal sizes showed the least uptick YoY.The median late-stage valuation came in at 11.9 million,8.6%higher YoY.The median dea

24、l size was 3.8 million,27%higher YoY.The late stage had the longest time between rounds,with a median of 2.1 years,a slight increase from two years in 2023.Late-stage VC deal value(M)dispersion 051015202530352014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Top&bottom quartile rangeTop decileMed

25、ianBottom decileAverageSource:PitchBook Geography:Europe As of 31 December 2024Late-stage VC pre-money valuation(M)dispersion 0204060801001202014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Top&bottom quartile rangeTop decileMedianBottom decileAverageSource:PitchBook Geography:Europe As of 31 D

26、ecember 202462024 ANNUAL EUROPEAN VC VALUATIONS REPORTOVERVIEWVenture-growth deal value(M)dispersion 0204060801001201401602014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Top&bottom quartile rangeTop decileMedianBottom decileAverageSource:PitchBook Geography:Europe As of 31 December 2024Venture

27、-growth pre-money valuation(M)dispersion 01002003004005006007008009001,0002014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Top&bottom quartile rangeTop decileMedianBottom decileAverageSource:PitchBook Geography:Europe As of 31 December 2024At the top of the VC ecosystem,the median venture-growt

28、h valuation saw the largest increase.Median deal size saw the greatest uptick across stages at 8.7 million,nearly 45.5%higher YoY.Median valuations also saw notable increases,sitting at 29.2 million,27.2%above 2023 figures.The increase in 2024 figures not only illustrates a recovery but also sees va

29、luations reach near the peak levels of 2021.Valuations in the stage sat well below this during the first half of 2024 and have clearly recovered through H2 2024.Time between rounds also saw the most resiliencebroadly flat at 1.6 years where other stages saw increases in their medians.72024 ANNUAL EU

30、ROPEAN VC VALUATIONS REPORTOVERVIEWShare of VC deal count by up,down,and flat rounds0%10%20%30%40%50%60%70%80%90%100%20142015201620172018201920202021202220232024DownFlatUpSource:PitchBook Geography:Europe As of 31 December 2024Does a plateauing prevalence of down rounds show an end to rationalisatio

31、n?Valuation and deal sizes have shown recovery amidst the proportion of down rounds in Europe decreasing YoY.In 2024,18.1%of rounds saw step-downs in valuations,compared with 19%in 2023.Historically,the proportion has been higher,such as 20.7%in 2020 or 25.2%in 2014.Therefore,we view the decrease in

32、 the prevalence of valuation haircuts as an encouraging sign that the recovery is here to stay.The trend ties in with broader median metrics noted above,where all stages are now experiencing upticks in valuations on average.We expect the proportion of down rounds to continue to decrease as valuation

33、 metrics step-up.However,there are still parts of the ecosystem that may be more susceptible to step-downs regarding value.We noted in our outlook on the European unicorn market that the mature part of the VC ecosystem still poses a high risk alongside the high reward,as companies can see large eros

34、ions or additions to value,such as the bankruptcy of Northvolt versus the valuation step-up of Revolut.Down round trends also vary across sectors as well as stages.We believe sectors such as fintech saw more resilience and step-ups in 2024 and have also been the sector with the lowest step-downs sin

35、ce the peaks of 2021.Other areas,such as AI,pose questions on the rationality in the market valuations and whether the industry could see a correction in 2025.For AI,the proportion of down rounds stayed flat in 2024 at 18%,where for broader software-as-a-service(SaaS)names,there was a notable step-d

36、own to 17%from the peaks of 19.5%in 2023.There are also regional disparities,where the proportion in key ecosystems like the UK sat higher than Europe at 20.6%in 2024.82024 ANNUAL EUROPEAN VC VALUATIONS REPORTVERTICALSVerticalsEarly-stage fintech valuations lead as life sciences lagsAI companies hav

37、e been prevalent in the top deals through 2024.However,despite some anomalously large transactions in the sector,median early-stage AI valuations ended 2024 significantly lower than in other key industries,such as fintech.Median fintech early-stage valuations sat at 11.8 million,nearly double that o

38、f AI.The highest-valued companies in the early stage that closed deals in Q4 include Poolside(software development),Ascend(biotech),and Folks Finance(consumer finance).Mistral AI was the highest-valued early-stage player that closed deals in 2024,with a pre-money valuation of 5.5 billion.The vertica

39、l that saw the largest YoY increase continued to be broader SaaSincreasing 32.9%to 7.7 millionshowing a wider market recovery for software companies.Our verticals are not mutually exclusive,so companies can be tagged as multiple verticals.Within SaaS,we note AI,retail,and fintech startups amongst th

40、e highest-valued players.On the other hand,industries like cleantech and life sciences valuations increased by less YoY,sitting at 8.3 million in 2024 versus 7.4 million in 2023,despite the uptick in deal value the industry saw during the year and trends in other stages within the vertical.AI late-s

41、tage valuations decline as life sciences gainWithin the late stage,the story is similar to early-stage trends where fintech median valuations lead.However,life sciences verticals within the stage significantly stepped up in 2024,closing in on fintechs lead,at 20.1 million versus 13.9 million in 2023

42、.The highest-valued life sciences companies within the late stage to raise financing in 2024 include cell therapy solutions provider SmartCella(valued at 500 million),followed by biotech startup Biosceptre and diagnostics equipment provider miDiagnostics,valued at 387.3 million and 256.5 million,res

43、pectively.Step-ups in fintech medians within the late stage were also notable,increasing 41.5%YoY.On the other hand,AI late-stage valuations slightly declined,sitting at 13.5 million.Therefore,most of the inflation in AI valuations has been in venture-growth companies,with significant step-ups and A

44、I venture-growth medians tripling YoY.This is,however,over less deals,where we see more deals occur in the late stage but at valuations on par with other key industries,such as cleantech and SaaS.All the top five verticals we track sat above the European late-stage median of 11.7 million.Cleantech,s

45、pecifically,struggled to attract investment but saw more resilience in valuations during 2024.Median early-stage VC pre-money valuation(M)by vertical in 2023 versus 20245.510.24.65.87.46.611.85.27.78.34.77.53.84.35.1AI&MLFintechCleantechSaaSLife sciences20232024Long-term medianSource:PitchBook Geogr

46、aphy:Europe As of 31 December 2024Median late-stage VC pre-money valuation(M)by vertical in 2023 versus 202420232024Long-term median14.317.311.611.213.913.524.612.513.520.110.616.68.59.211.0AI&MLFintechCleantechSaaSLife sciencesSource:PitchBook Geography:Europe As of 31 December 202492024 ANNUAL EUR

47、OPEAN VC VALUATIONS REPORTREGIONSRegionsThe Nordics valuations gain in the early stage,but DACH leadsIn the early stage,median valuations gained the most YoY in the Nordics region,up 35.9%at 5.1 million in 2024.The median still lags early-stage medians in the UK,which sat at 5.5 million in 2024,seei

48、ng the lowest increases across the regions.Median valuations in the France&Benelux and DACH regions increased by similar amounts,where,overall,DACH holds the highest valuations at 10.2 million in 2024.DACH has always boasted higher valuations than other regions in the early stage due to deals from h

49、ighly valued companies in space tech,industrials,AI,and fintech.Other countries such as Israelwhich we include in our European dataare historically the highest.However,data counts in 2024 are below our thresholds of use,although the few deals that did take place boosted medians from 2023 levels.Medi

50、an early-stage VC pre-money valuation(M)by region in 2023 versus 2024DACHNordicsUK&Ireland20232024Long-term medianFrance&Benelux4.83.85.08.210.25.85.15.59.63.23.03.8Source:PitchBook Geography:Europe As of 31 December 2024Median late-stage VC pre-money valuation(M)by region in 2023 versus 202420.19.5

51、8.211.121.010.19.812.919.36.06.48.1DACHFrance&BeneluxNordicsUK&Ireland20232024Long-term medianSource:PitchBook Geography:Europe As of 31 December 2024UK valuations gain in the late stage,the Nordics now lags,and DACH still leadsIn the late stage,the early-stage trends by region continued.YoY,the med

52、ian late-stage valuation in the Nordics increased the most,gaining 19.4%to 9.8 million.However,in absolute terms,the region now lags,with median valuations at 9.8 million,below other regions.On the other hand,DACH saw the smallest gains YoY;although,sitting at 21 million,it remains the region with t

53、he highest median valuations in the late stage.The wide margin between DACH and the other regions has been driven by highly valued players in AI,crypto,and supply chain tech.102024 ANNUAL EUROPEAN VC VALUATIONS REPORTNONTRADITIONAL INVESTORSNontraditional investors Asset managers inch up share of no

54、ntraditional investor deal participation.In 2024,nontraditional deal value in Europe came in at 44.2 billion,sitting at 74.3%of European deal value.Whilst the year-end levels show a slight pullback in the share of value that nontraditional investor deals have contributed to dealmaking,the share of d

55、eal volume remained resilient,slightly increasing.In 2024,the number of deals that had a higher number of nontraditional investors on board also increased.For instance,the number of deals with six nontraditional investors on board increased;however,those with less than five nontraditional investors

56、on board decreased.By investor type,corporate venture capitalists(CVCs)have been the most prevalent type of nontraditional investor historically,and they continued to dominate in 2024.Asset managers also increased their participation in several large standout deals in 2024,such as rounds from Monzo,

57、Poolside,and Mistral AI.However,in terms of YoY growth in valuations,CVCs grew their median deal value the mostsitting at 4.6 millionand asset managers the least,flat at 6.4 million.The lower decline in deal count for asset managers led to them gaining share of deal volumes in 2024.VC deal activity

58、with nontraditional investor participation as a share of all VC deal activity 76.2%74.3%39.9%40.6%0%10%20%30%40%50%60%70%80%20142015201620172018201920202021202220232024Deal valueDeal countSource:PitchBook Geography:Europe As of 31 December 2024VC deal activity with CVC participation as a share of al

59、l VC deal activity 48.3%46.9%22.1%22.3%0%10%20%30%40%50%2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Deal valueDeal countSource:PitchBook Geography:Europe As of 31 December 2024112024 ANNUAL EUROPEAN VC VALUATIONS REPORTNONTRADITIONAL INVESTORSMedian VC deal value(M)by stage1.22.43.26.813.0

60、0.71.71.63.88.702468101214Pre-seedSeedEarly-stage VCLate-stage VCVenture growthDeals with nontraditional investor participationAll dealsSource:PitchBook Geography:Europe As of 31 December 2024Median VC pre-money valuation(M)by stagePre-seedSeedEarly-stage VCLate-stage VCVenture growth3.66.99.817.554

61、.13.75.36.011.929.20102030405060Deals with nontraditional investor participationAll dealsSource:PitchBook Geography:Europe As of 31 December 2024Valuations are higher for nontraditional deals.Regarding valuations,nontraditional investors participate in larger deals and higher-valued companies across

62、 all stages apart from pre-seed.At the end of 2024,the largest discrepancy was in the venture-growth stage,where previously it had been in the early stage.Within this,median valuations with nontraditional investor participation were nearly double the market,at 51.9 million versus 29.2 million.The hi

63、ghest-valued company in this category was Vinted,whose valuation of 4.7 billion sits above smart-ring-maker Oura(4.2 billion)and online bank Monzo(4.3 billion).The step-up for nontraditional deal sizes is likely to be a function of the deals such participants want to be involved in and the level of

64、capital at their disposal.Nontraditional investors likely want to be part of larger,more significant rounds in higher-valued companies,given that involvement in venture is outside of their conventional strategy and business model.Higher-valued companies and larger rounds at more-established firms ma

65、y pose greater potential of outsized returns.Whilst there are several nuances to this,nontraditional investors likely want to back companies that have more momentum.Also,the nontraditional investors we trackCVCs,PE firms,and hedge fundsmay have more hedged capital allocated to nontraditional strateg

66、ies and therefore may have more capital to participate in larger rounds than smaller VC firms.122024 ANNUAL EUROPEAN VC VALUATIONS REPORTUNICORNSUnicornsNew unicorns in 2024 Recovering deal value leads to a growing marketUnicorn deal value grew by 15%in 2024.It sat at 8 billion as counts plateaued,b

67、ut a recovery in valuations supported growth.Unsurprisingly,half of the deals in the year were from AI companies,with the largest being a 958.4 million round from Wayve.This was followed by 900 million of financing for transportation company FlixBus,and Mistral AI,whose two rounds made it the unicor

68、n to generate the most deal flow in aggregate during 2024.A recovery in deal value,whilst small,mirrors the broader uptick that venture-growth and late-stage valuations have experienced,with the former being the most resilient area of dealmaking in 2024.Aggregate unicorn market value therefore sat a

69、t 468.9 billion in 2024,an 8.4%increase YoY.The market growth was driven by 13 additions to the herd,offset by nine exits,leading to 139 names in Europe.New unicorns were mainly composed of companies in the IT space,where the sector comprised over 60%of the total.Looking more specifically at vertica

70、ls,over half of the additions fell into AI,such as Mentimeter,Bending Spoons,and Poolside.Outside of IT,there was one unicorn in energy,utilities company Electra,and one in healthcare,female technology startup Flo Health.Exit value generated does not correspond with market valueThe unicorn exit envi

71、ronment also shows recovery in count but over 12 billion of lost market value in 2024,comparing the last known post-valuation of exited companies versus their exit size.The exit environment in the unicorn space followed broader market trends,as 2024 saw four European names achieve exits via acquisit

72、ion or public listing.This came alongside four companies either falling from status or declaring bankruptcy and is a marked improvement from 2023,where all six unicorn exits were declarations of bankruptcy or a declining valuation below 1 billion.The largest exit was mobility tech firm Getts acquisi

73、tion for 162.1 million by Pango Israel,a fraction of the companys last known valuation,which exceeded 1 billion.Such write-downs in value were also seen in other acquisitions,such as 2 OctoberValuation:2.7B Location:France Sector:AI&ML30 JulyValuation:1.1B Location:UK Sector:AI&ML15 FebruaryValuatio

74、n:3.0B Location:Italy Sector:AI&ML1 MarchValuation:1.1B Location:Netherlands Sector:SaaS22 MayValuation:1.9B Location:Germany Sector:AI&ML23 JanuaryValuation:1.3B Location:Spain Sector:SaaS15 JanuaryValuation:1.5B Location:France Sector:Cleantech15 AugustValuation:3.2B Location:Sweden Sector:AI&MLSo

75、urce:PitchBook Geography:Europe As of 31 December 2024Note:Date refers to when unicorn was minted.20 NovemberValuation:5.0B Location:Belgium Sector:SaaS6 May Valuation:2.6B Location:UK Sector:AI&ML2 AprilValuation:1.1B Location:Israel Sector:AI&ML26 FebruaryValuation:1.9B Location:France Sector:AI&M

76、L10 JanuaryValuation:1.0B Location:Netherlands Sector:Fintech132024 ANNUAL EUROPEAN VC VALUATIONS REPORTUNICORNSUnicorn count and aggregate post-money valuation(B)02040608010012014005010015020025030035040045020142015201620172018201920202021202220232024Aggregate unicorn post-money valuation(B)Cumulat

77、ive unicorn countNew unicorn count53121719873227381747138754128461351413913Source:PitchBook Geography:Europe As of 31 December 2024Unicorn VC deal activity 0.8 2.4 2.6 2.7 1.6 5.2 7.1 25.0 22.9 7.0 8.0 51315141425348689474520142015201620172018201920202021202220232024Deal value(B)Deal countSource:Pit

78、chBook Geography:Europe As of 31 December 2024Unicorn exit count by type0246810121420142015201620172018201920202021202220232024FallenBankruptcy/OOBPublic listingAcquisitionSource:PitchBook Geography:Europe As of 31 December 2024TIER,and speak to the wider industry trends in valuations where a signif

79、icant portion of the unicorn market is expected to shrink due to stale valuations from prior years.The disparity between unicorn valuations and exit sizes is seen in that only 2.1 billion of exit value was generated from 11.1 billion of market value.More broadly,our outlook on the European unicorn m

80、arket found that 54%of the current market was last valued in 2021 or 2022.Our findings show that there could be a nearly 100 billion downside to market value if such players are revalued to market conditions in a bear case.Comparing the few unicorn exit sizes we have with the last known valuations i

81、mplied that the group of companies has experienced a 3.9 billion step-down from their valuation to their exit size.This includes battery-maker Northvolt,which saw its valuation decline by 85%before filing for bankruptcy in November 2024.11:“Electric Car Battery Makers Value Slashed By 85pc,”The Tele

82、graph,Matthew Field,12 October 2024.142024 ANNUAL EUROPEAN VC VALUATIONS REPORTUNICORNSShare of active unicorn count by unicorn mint year and industry0%10%20%30%40%50%60%70%80%90%100%20142015201620172018201920202021202220232024Materials&resourcesITHealthcareFinancial servicesEnergyB2C B2BSource:Pitc

83、hBook Geography:Europe As of 31 December 2024Company count by top nine unicorn verticals SaaS6152423415119819FintechMobileTMTAI&MLCryptoMobilecommerce E-commerceBig DataSource:PitchBook Geography:Europe As of 31 December 2024152024 ANNUAL EUROPEAN VC VALUATIONS REPORTLIQUIDITYLiquidityVC-backed exit

84、 valuation(M)dispersion 010020030040050060020142015201620172018201920202021202220232024Top&bottom quartile rangeTop decileMedianBottom decileAverageSource:PitchBook Geography:Europe As of 31 December 2024Exit valuations recover,but brain drain still drainsBuyout exit valuations continue resilience a

85、s other strategies lag.Median exit value in Europe ended 2024 35.1%higher YoY,at 34.4 million.This was driven by a significant increase in buyout valuations,which showed the largest uptick YoY to 61.3 million.Median acquisition value was somewhat flat with public listings showing a small decline,hav

86、ing seen more recovery as of Q3 2024.As noted in our 2025 EMEA Private Capital Outlook,IPO counts are still thin and were at an all-time low in 2024.However,market conditions,namely volatility and valuations,are now more conducive for a window.We therefore expect 2025 to prove to be more of a window

87、 where valuations continue to improve throughout the year in light of supportive macroeconomics.The recovery,however,is likely to be concentrated,with a few large listings supporting activity and value.VC acquisition valuation(M)dispersion 050100150200250300350400450500201420152016201720182019202020

88、21202220232024Top&bottom quartile rangeTop decileMedianBottom decileAverageSource:PitchBook Geography:Europe As of 31 December 2024162024 ANNUAL EUROPEAN VC VALUATIONS REPORTLIQUIDITYBrain drain continues to be a caveat worth considering.Our exit data is based on company headquarter location over ex

89、it location,which means that whilst European firms might be listing,they might not be doing so in Europe.The extent of this worsened over 2024a key finding in our 2025 European IPO Outlook.At the end of 2024,the proportion of European companies listing on European exchanges continued to decline to 8

90、4.7%,marking a further decade low following 2023.Such metrics pose structural questions around the future of European listings,wherein VC-backed tech firms,specifically,have believed more conducive public equity market environments exist in the US.Of the smaller IPO values that occurred in 2024,a fe

91、w were on European exchangessuch as Circus Group,GreenMerc,and Soiltechbut larger transactions from Amer Sports and Marex Group chose US exchanges.IPO count by exchange region 80%82%84%86%88%90%92%94%01002003004005006007008009001,00020142015201620172018201920202021202220232024European ExchangeNon-Eu

92、ropean ExchangeEuropean share of total count88.8%84.7%Source: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 any meansgraphic,electronic,or mechanical,includin

93、g 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 guaranteed.Nothing herein should be construed as an

94、y 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 and is not to be relied upon as such or used in

95、substitution for the exercise of independent judgment.Private capitalQ1 2025 Analyst Note:Year of the IPO Window Download the report here2025 EMEA Private Capital OutlookDownload the report here2024 Annual European PE BreakdownDownload the report here2024 Annual European Venture ReportDownload the report hereQ1 2025 Analyst Note:US VC-Backed IPO Expectations Download the report hereQ4 2024 Analyst Note:European UnicornsModelling Myth or Magic?Download the report hereMore research available at