2022-12-03-PitchBook-2022年三季度欧洲风险投资评估报告（英）_20页_2mb

Q3 2022 European VC Valuations Report Summary

Overall Trends

Despite macroeconomic headwinds, venture capital (VC) pre-money valuations remained robust throughout Q3 2022. However, late-stage valuations showed signs of cooling following elevated levels in 2021, while earlier stages held up relatively well. The annual unicorn count reached a record, but IPO exits remained dormant, forcing many to stay private. Deal activity slowed compared to previous years, but valuations stayed strong across most segments due to the resilience of the VC ecosystem amidst inflation, rising interest rates, and recessionary pressures.

By Investment Stage

Angel & Seed

Valuations and deal sizes reached record highs in Q3 2022, pacing above 2021 levels. These rounds remained less affected by market pressures due to their longer time horizons before exits. Angel and seed median pre-money valuations were €2.9M and €5.9M respectively, with average deal sizes of €0.5M and €1.8M.

Early-Stage

Early-stage valuations held steady at €8.0M (previously €6.0M in 2021), resilient despite economic challenges. The longer timeframe to exit (median ~4 years from first VC investment) likely buffered these valuations.

Late-Stage

The median late-stage valuation declined to €11.9M, down from €19.7M in Q1 2022. Major unicorns like Hopin, Klarna, and SumUp experienced significant valuation cuts. Late-stage companies face heightened scrutiny due to their proximity to public markets.

Sectors

Software investments continued to drive overall activity. Healthcare late-stage valuations moderated, while fintech, cybersecurity, AI, and digital transformation sectors saw continued interest. The software sub-sector maintained high median pre-money valuations.

By Region

• UK & Ireland: Median late-stage valuations dropped from €14.9M in 2021 to €14.2M in Q3 2022, signaling cooling in top-tier deals. Competition from France-Benelux remains strong.
• France-Benelux: Showed relative resilience with higher deal values than many other European regions. Q3 median late-stage valuation reached €13.2M.

Nontraditional Investors

Deal activity with nontraditional investors held steady but not at record levels. Median deal sizes across all stages exceeded 2021 figures. Nontraditional investors are recalibrating strategies amid prolonged economic uncertainty.

Unicorns

• 40 new unicorns emerged YTD, paving the way for a record year in unicorn additions.
• Total unicorn aggregate post-money valuation was €6.4B (down from €37.5B YoY).
• Major downsizing occurred in notable unicorns (Hopin, Klarna, SumUp).
• Despite progress, the unicorn exit landscape remains challenging with few IPOs.

Exit Markets

VC exit activity narrowed, though median exit values reached new highs. Public listings experienced severe contraction (~39 total in 2022 YTD). Acquisition exits dominated as companies sought efficiency amid cost cutting.

Liquidity

Liquidity remained constrained through primary market listings and secondary markets. Extended dry powder globally indicates readiness to step in during downturns, but deployment will depend on clear signs of stabilization.

Key Challenges

• Increased scrutiny on valuation multiples
• Significant operational cost reduction (layoffs)
• Prolonged macroeconomic uncertainty affecting investor appetite
• Heightened geopolitical risks and inflation concerns

Conclusions

The European VC landscape demonstrated resilience despite headwinds, though signs of valuation haircuts appear pronounced, particularly late-stage. The system contains buffers to absorb further pressures through earlier stages, and exits through acquisition remain viable. Outsized valuations from the past bull market are unlikely to persist.