European VC Valuations Report

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Q3 shines more positive light on Europe's VC valuations

Venture valuations in Europe declined across the board as of Q3 2023 compared to 2022, but the pre-seed, seed, and late-stage categories had upticks in the median price tag. Early-stage and venture-growth were the exceptions, with the latter marking the biggest yearly declines in both median valuation and deal size.

The Q3 2023 European VC Valuations Report illustrates how valuations have evolved during the first nine months of the year, including possible signs for a recovery.

Key takeaways

• Late-stage companies showed the most resilience to valuation declines.
   
• The proportion of down rounds remained largely flat on a quarterly basis.