2024-06-23-PitchBook-PitchBook分析师注_评估欧洲VC交易漏斗（英）_12页_494kb

Europe VC Dealmaking Funnel Analysis Summary

Introduction:
PitchBook's analysis evaluates the typical VC funding lifecycle for European startups, providing benchmarks for round progression, capital requirements, and exit characteristics amidst current market conditions of reduced deal activity and a focus on capital efficiency.

Key Findings:

• Approximately 33% of startups complete three or more VC rounds, with only 8.2% securing five or more rounds; most raise about three rounds.
• After the first institutional round, 57.5% of startups raise a second round, and failure rates decline as companies mature through additional funding.
• The median time between rounds shortens from 2.0 years between founding and first round to 0.8 years later, while round sizes increase from €0.5 million to €22.7 million.
• Total capital raised correlates with exit size: smaller exits (€25M-€100M) require €5M-€27M, while larger exits (>€500M) involve €114M raised.
• Failure and bankruptcy rates drop with later rounds: 12.9% of single-round companies exit out of business, down to 3.2% after five rounds.
• Median holding period for exits ranges from 7.9 to 9.2 years, with no strong correlation between exit size and holding time; time since last round decreases for larger exits.

Wider Implications:
The analysis highlights that higher maturity leads to increased capital needs and shorter funding intervals, benefiting investors through potential higher returns but facing challenges in exits. Startups and investors can use these benchmarks for planning, addressing market uncertainties in capital availability and growth efficiency.

Looking Ahead:
Funding runways may evolve with global trends; recent growth in large exits and unicorns could influence standard metrics, while regional disparities and market conditions may affect progression rates.