【PitchBook】2024年欧洲风险投资估值报告_17页_2mb

European VC Valuations Report Summary (2025)

Core Content

This report provides an overview of venture capital (VC) valuations and deal activity in Europe as of 31 December 2024. It highlights trends across different stages, verticals, and regions, while also addressing the role of nontraditional investors and the state of the unicorn market.

Main Themes

1. The Three R's and Market Recovery

• The "three R's" (rates, recovery, and rationalisation) were key factors shaping VC valuations in 2024.
• Interest rate cuts in the second half of 2024 supported valuations and provided market visibility.
• The rationalisation since 2021 has led to higher-quality companies and more rational valuations, despite a decline in deal count.
• The proportion of down rounds decreased from 19% in 2023 to 18.1% in 2024, indicating a recovery in valuations.
• The report suggests that the decline in down rounds is a sign that the recovery is here to stay.

2. Stage-by-Stage Valuation Trends

• Pre-seed: Showed the most robust growth, with a 41.6% increase in median valuation to €3.7 million. The median time between rounds decreased to 1.1 years.
• Seed: Median valuations increased by 15.2% to €5.3 million, and deal sizes rose by 28.9% to €1.7 million. The median time since founding to seed increased to 3 years.
• Early-stage: Median valuations rose by 21% to €6 million, and deal sizes increased by 33.3% to €1.6 million. Time between rounds increased to 1.5 years.
• Late-stage: Median valuations and deal sizes showed the least growth, with valuations at €11.9 million (up 8.6%) and deal sizes at €3.8 million (up 27%).
• Venture-growth: Showed the most significant increase in median valuation to €29.2 million (up 27.2%), with a median deal size of €8.7 million (up 45.5%). These valuations reached near 2021 peak levels.

3. Vertical Performance

• Fintech led early-stage valuations, with a median of €11.8 million, nearly double that of AI.
• AI & ML saw significant growth in venture-growth stage, with medians tripling YoY.
• SaaS had the largest YoY increase in early-stage valuations (32.9% to €7.7 million).
• Life sciences lagged in early-stage valuations but showed growth in late-stage, reaching €20.1 million in 2024.
• Cleantech had lower growth compared to other verticals, despite some resilience in valuations.

4. Regional Valuation Trends

• DACH (Germany, Austria, Switzerland) had the highest early-stage and late-stage valuations, with early-stage at €10.2 million and late-stage at €21 million.
• Nordics showed strong early-stage growth (35.9% to €5.1 million) but lagged in late-stage valuations.
• UK had the highest early-stage valuation (€5.5 million) but late-stage valuations were lower than DACH.
• France & Benelux had moderate growth across stages.

5. Nontraditional Investors

• Nontraditional investors (CVCs, PE firms, and hedge funds) contributed 74.3% of total deal value in 2024.
• CVCs had the highest median deal value (€4.6 million) and were the most prevalent type of nontraditional investor.
• Nontraditional investors participated in larger, higher-valued deals, particularly in venture-growth stage, where their median valuations were nearly double the market (€51.9 million vs. €29.2 million).
• Asset managers saw a slight increase in deal volume but lower growth in valuations.

6. Unicorn Market

• Unicorn deal value grew by 15% in 2024, reaching €8 billion.
• The aggregate unicorn market value was €468.9 billion, up 8.4% YoY.
• The majority of unicorns (54%) were last valued in 2021 or 2022, indicating a potential shrinkage in market value.
• The unicorn exit environment showed a recovery in count, but significant market value loss occurred, with exits generating only €2.1 billion from €11.1 billion of market value.
• Notable exits included Wayve (€958.4 million), FlixBus (€900 million), and Northvolt (declined by 85% before bankruptcy).

Key Information

• Median VC deal value increased YoY across all stages, with venture-growth and late-stage showing the most growth.
• Down rounds decreased from 19% in 2023 to 18.1% in 2024, indicating a recovery in the market.
• AI remained a key vertical, with high deal value growth but relatively low median valuations compared to fintech and SaaS.
• DACH consistently led in valuations, driven by deals in AI, fintech, and space tech.
• IPO activity remained low in Europe, with only 4 companies achieving exits in 2024, and a continued brain drain to US exchanges.
• Nontraditional investors played a significant role in larger deals, with CVCs being the most active and contributing to higher valuations in venture-growth stage.
• Unicorn market is under pressure due to stale valuations and potential revaluations, with a projected €100 billion downside in a bear market.

Conclusion

The European VC market in 2024 showed a clear recovery in valuations and deal sizes, with a focus on quality over quantity. The role of nontraditional investors and regional disparities became more pronounced, with DACH leading in valuations. The unicorn market, while growing, faces challenges due to a mismatch between market value and exit size, and continued brain drain to US exchanges remains a concern. The report suggests that 2025 will be a year of continued improvement in valuations, with a focus on AI, regional disparities, and exit activity.