European VC Valuations Report

This report was reuploaded on February 17, 2023, to update data points on pages 6 and 8.

Early signs of lower valuations enter European VC market

Valuations for European venture-backed companies remained relatively unscathed last year, but signs point to a decline on the horizon. 

Our 2022 Annual European VC Valuations Report showcases the key valuation trends across stages, sectors, and geographies.

Key takeaways include:

• The median early-stage valuation saw a 23.4% YoY increase. 
• Late-stage startups saw their median price tag rise to €14.0 million, but growth has begun to slow.
• The proportion of down rounds came in at 15.2%, a slight dip from 2021. 
• Aggregate unicorn post-money valuations have grown 46.3% YoY.