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In Europe, median VC valuation loses grip as market weighs down further
Europe’s median late-stage valuation has fallen in 2023 from last year’s peak—the first decrease in nearly a decade.
Only angel and seed valuations continue to show resilience in the downturn, due to being the furthest removed from public markets. PitchBook’s Q2 2023 European VC Valuations Report explores how valuations have struggled in an increasingly challenging market across stages, geographies and sectors.
Key takeaways:
- Venture growth fell the most severely in both median deal value and valuations.
- The proportion of down rounds continued to increase, reaching 26.2% in Q2.
- Deal activity among European unicorns remains subdued.
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 |
| Consumer goods & services | 11 |
| Regions | 12 |
| Nontraditional investors | 13 |
| Unicorns | 14 |
| Liquidity | 16 |