2021年Q2欧洲风险投资报告（英）-15页_4mb

European VC Valuations Report Summary (Q2 2021)

Core Content

This report provides an overview of venture capital (VC) valuations and deal activity in Europe during the first half of 2021. It highlights the record-breaking growth in valuations across all financing stages and sectors, driven by increased capital inflows, the influence of nontraditional investors, and the rapid development of tech-driven startups. The report also discusses unicorn growth, exit valuations, and the impact of the pandemic on the VC ecosystem.

Main Points

Record High Valuations

• VC valuations in Europe reached record highs at each quartile and across all financing stages in H1 2021.
• Post-money valuations upon exit across all quartiles in H1 2021 were significantly higher than 2020 figures.
• The aggregate post-money valuation of unicorns in Europe reached €247.3 billion in Q2 2021, roughly doubling from Q1 2021.

Unicorn Growth

• There were 91 unicorns in Europe as of Q2 2021, with 41 newly minted in H1 2021.
• The number of unicorns created in H1 2021 surpassed the previous annual best of 19 in 2018.
• Klarna's Q2 round pushed its post-money valuation to €37.5 billion, one of the highest in Europe.

Nontraditional Investors

• Nontraditional investors, including pension funds, hedge funds, and corporate venture capital (CVC), have significantly increased their participation in European VC.
• VC deals with nontraditional participation hit a record €38.6 billion in H1 2021, surpassing the previous record of €33.6 billion in 2020.
• Late-stage median deal size with nontraditional participation reached €10.0 million in H1 2021, a 52.1% increase from 2020.

Sector Highlights

• Software: Late-stage pre-money valuations reached €24.9 million in H1 2021, with companies like MessageBird, Celonis, and Trade Republic securing large rounds.
• Healthcare: Late-stage median deal size rose to €6.3 million, indicating strong investor confidence in the sector.
• Sectors such as e-commerce, cybersecurity, and remote work have shown robust growth and adoption during the pandemic.

Regional Performance

• The UK & Ireland remained the main VC deal value contributor in Europe, with late-stage median valuations at €15.0 million in H1 2021, a 45.1% increase from 2020.
• The DACH region (Germany, Austria, Switzerland) also saw strong growth, with late-stage median deal size at €14.9 million in H1 2021.

Time Between Rounds

• The median time between founding and completing a late-stage round dropped slightly from 8 years in 2020 to 7.4 years in H1 2021.
• The median time between rounds remained steady, but certain startups demonstrated faster value creation and reached milestones like unicorn status more quickly.

Exit Market

• The exit market saw a surge in value, with overall exit value in Europe reaching €46.8 billion in H1 2021, surpassing the previous best of €43.1 billion in 2018.
• High-profile exits, such as Monday.com's IPO at a €5.1 billion pre-money valuation, have driven the market.
• Tech companies have leveraged the pandemic-driven shift to online activity to secure enhanced returns.

Key Information

• Angel & Seed: Median pre-money valuation in H1 2021 was €3.9 million, 20.3% higher than 2020.
• Early-stage VC: Median pre-money valuation reached €6.5 million in H1 2021, with deal sizes growing by 33.3% compared to 2020.
• Late-stage VC: Median pre-money valuation hit €20.4 million in H1 2021, a 57.3% increase from 2020.
• Nontraditional Investors: Their involvement has led to increased round sizes and valuations, with late-stage median deal size rising to €10.0 million in H1 2021.
• Unicorns: The number of unicorns in Europe reached 91, with 41 added in H1 2021.
• Liquidity: Exit valuations were strong, with the median post-money valuation from IPOs reaching €43.1 million in H1 2021.

Summary Table

Conclusion

The European VC ecosystem experienced unprecedented growth in 2021, marked by record valuations, increased capital inflows, and the rise of new unicorns. Nontraditional investors played a crucial role in this growth, and the tech sector, particularly software and healthcare, emerged as key drivers. The exit market also showed strong momentum, with high-profile exits and increased liquidity. Despite macroeconomic uncertainties, the ecosystem remains optimistic, with expectations of continued growth in the second half of 2021.