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Q1 2023
European VC Valuations Report
May 15, 2023
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Europe sees mixed bag for VC valuations in Q1
European venture valuations have yet to fully reflect the tough market for startups, with most stages still seeing increases in the median price tag.
Only early-stage and venture growth saw the median pre-money valuation drop, but both still registered increases in the median deal value despite investors becoming more conservative with their capital.
With more corrections anticipated as the year progresses, our Q1 2023 European VC Valuations Report explores where valuations currently stand across stages, geographies, and exits.
Takeaways include:
Table of contents
Europe sees mixed bag for VC valuations in Q1
European venture valuations have yet to fully reflect the tough market for startups, with most stages still seeing increases in the median price tag.
Only early-stage and venture growth saw the median pre-money valuation drop, but both still registered increases in the median deal value despite investors becoming more conservative with their capital.
With more corrections anticipated as the year progresses, our Q1 2023 European VC Valuations Report explores where valuations currently stand across stages, geographies, and exits.
Takeaways include:
- Nontraditional investor participation in VC deals remains subdued, with venture growth seeing the largest decline.
- Combined post-money valuations of European unicorns plateaued in Q1.
- Having reached a decade low in 2022, down rounds took a larger share of all VC deals.
Table of contents
| Introduction | 3 |
| Overview | 4 |
| Angel and seed | 4 |
| Early-stage VC | 6 |
| Late-stage VC | 7 |
| Venture growth | 8 |
| Up, down, and flat rounds | 9 |
| Sectors | 10 |
| Fintech | 10 |
| Energy | 11 |
| Regions | 12 |
| Nontraditional investors | 14 |
| Unicorns | 16 |
| Liquidity | 18 |