2023-02-10-PitchBook-欧洲风投报告（英）_16页_2mb

2022 Annual European Venture Report Summary

Overview

• Europe-based startups received €91.6 billion in investment in 2022, a 15.9% year-over-year decline from 2021's record, marking its third-largest total.
• The investment climate was affected by inflation, rising interest rates, weak economic growth, and geopolitical tensions, though VC deal value remained broadly resilient.
• Layoffs increased at VC-backed startups due to cost pressures and burn rate concerns amid the recession.

Deal Trends

• Total investment: €91.6 billion (down 15.9% YoY).
• Deal distribution:
  • Late-stage (€43.5 billion) and venture growth combined accounted for 65.6% of deal value.
  • UK & Ireland dominated deal value (29.4%) and count, supported by large late-stage rounds.
• Top sectors: fintech (major subsector post-GFC), energy, consumer goods & recreation, HC services & systems.

Nontraditional Investors (CVCs & Financial Institutions)

• Investment participation reached €71.1 billion (down 16% YoY), with a heavy focus on large deals over €25 million.
• Crucial for ecosystems: Companies must offer innovative technology/IP for scalability and long-term returns.

Regional Highlights: DACH

• Germany: Largest contributor to deal value, with hubs in Berlin, Munich, and Frankfurt.
• Overall DACH deal activity flattened due to macroeconomic challenges; exits declined sharply from 2021.

Exit & Fundraising

• Total exit value: €29.6 billion (down significantly YoY, with Q2 2022 being peak).
• Fundraising: €25.4 billion raised, remaining flat YoY despite market headwinds.
• Exit drivers: Avoidance of public listings due to market volatility; corporate acquisitions became more prevalent.

Looking Ahead (2023)

• Exits will likely remain muted as startups focus on survival and efficiency.
• Funding may tighten due to the denominator effect (LPs reallocating from public equities to VC).
• Opportunities may arise in sectors like energy, electric vehicles, and emerging technologies resilient to near-term volatility.