PitchBook-2023年一季度欧洲风险投资评估报告（英）-2023.5-20页_1mb

报告摘要

EUROPEAN VC Valuations (Q1 2023) Summary

In Q1 2023, European VC valuations showed contrasting trends across different stages, reflecting a cooling market due to lower growth rates, workforce reductions, and tougher funding conditions. Key highlights:

Overall Trends: Valuations plateaued, with flat or down rounds increasing to 18.8%. Capital efficiency became a priority, and nontraditional investor participation dropped by 65.3% YoY, reaching a new low.
Angel & Seed: Median angel valuations remained robust (€3.7M) due to fewer deals, while seed valuations stayed flat. Deal sizes increased slightly as investors focused on high-potential ideas.
Early-Stage: Valuations declined sequentially (from €5.5M to €5.3M), reflecting reduced investor confidence. Companies with lean models were relatively resilient.
Late-Stage: Valuations rose slightly (+26.9% QoQ to €13.4M), boosted by large deals like Enpal’s €2.2B valuation. However, growth slowed due to macroeconomic pressures.
Venture Growth: Median valuations fell by 40.9% YoY, signaling reduced activity. Deals were smaller (+19.9% YoY), driven by cash-strapped companies needing runway extensions.
Unicorn Activity: Unicorn valuations leveled, but deal activity fell sharply (65.5% YoY). Layoffs and internal valuations discounts were reported at companies like PayFit.
Nontraditional Investors: CVCs remained resilient in deal participation, avoiding the YoY declines seen elsewhere. Reduced activity in late-stage rounds pressured valuations.
Sector Insights: Fintech faced valuation challenges (median late-stage down 59.7%), while energy-focused cleantech startups saw mixed results due to supply chain issues.
Exit Markets: Acquisition exits gained ground (median valuation €29.6M QoQ), while public listings remained subdued despite some YoY recovery.

The market is expected to stay cautious, with further downward pressure on valuations anticipated as capital tightens and companies adapt to a slower-growth environment.

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