European VC valuations were healthy amid COVID-19 as software and late-stage rounds set an outstanding pace. The number of unicorns has grown in H1 2020, but we believe the rate of newly minted unicorns could slow as it becomes challenging to capitalize on growth opportunities. The adoption of technology in everyday life has been accelerated by COVID-19 and could encourage dealmaking and valuations to flourish. Late-stage and nontraditional capital infusions may prevent exits in the near-term; however, a dearth of events and pent-up investor demand may entice startups to evaluate liquidity options.
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