2025年二季度欧洲风险投资估值报告（英）

Contents Overview PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Verticals Paul CondraGlobal Head of Private Markets Research Regions Nalin PatelDirector of Research, EMEA Private Capital Nontraditional investors Unicorns Institutional Research Group Analysis Liquidity Navina RajanSenior Research Analyst, EMEA Private Capitalnavina.rajan@pitchbook.com Data Charlie FarberData Analysis Manager Oscar AllawayData Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byAdriana Hansen Published on 20 August 2025 Clickherefor PitchBook’s report methodologies. Overview Methodology update This report introduces a change in the presentation ofour valuation data from looking at trends by stage togrouped series. This market view allows for a better- H1 2025 venture valuation trends reflect mixed signals in Broadly speaking, valuation trends within European venturecapital continued to tick higher in Q2 2025. The value-over-volume dynamic continued as deal counts stayed broadlyflat, and median deal sizes and valuations grew across mostseries. Our new methodology of looking at the data byseries over stage omits several lower-quality data points,creating a sample that is more representative of median half of the year more unclear. Like several investors, wehave adopted a wait-and-see approach to how the dealenvironment will develop in the second half of the year. Evenareas such as AI have seen some step-downs in valuations— Within Series A-B rounds in Europe, median deal sizes andvaluations increased YoY. Valuations for these companiesnow sit at a median of €32.4 million, up from €28 million.Median deal sizes also notably increased to €14.3 million Of all the series, valuations in the pre-seed/seed stagesaw the smallest uptick, with the median in Europe sittingat €5.2 million in H1 2025—5.8% higher than levels seen in Within the latest bucket of the market, median deal sizesdeclined, but valuations saw the largest step-up. Of all theseries, Series E+ was the only area of the ecosystem wheremedian deal sizes declined, falling 13% to €83.5 million. Onthe other hand, median valuations more than doubled to €1.2 H1 deal sizes within Series C-D saw the smallest increaseacross all the grouped series, where the median stayed broadlyflat at €44.9 million. Median valuations in this area of theecosystem increased to €250.9 million, nearing the peak levels Down rounds declined in H1, but there are mixed which comprise major European exit value by listing toomit smaller, low-liquidity exchanges on the continent.1 On average, many VC-backed companies continue to needto take a write-down when accessing financing in public The proportion of deals with down rounds decreased to 15.1%in H1 2025, from 16.7% in 2024. Trends within H1, however,are more mixed. Q1 saw a troughing of levels at 12.1% of deals,but the proportion increased to 20.7% in Q2. As more data is In the quarter, the largest company to see a step-down invaluations was wealth management platform Scalable Capital,where its valuation of €1.4 billion stepped down from €1.7billion at the end of 2023. Other down rounds in the quarterincluded semiconductor IP-core product manufacturerAccelerComm and aquamarine equipment manufacturer Ace Another down round in town: down round IPOs Outside of valuation trends within private markets, downround trends have extended to VC-backed companiesexiting the funnel to public listing. We note that most of themeaningful VC-backed listings globally have been downrounds from private valuations. We highlighted this trend ayear ago, with the listing of Reddit being a high-profile down Valuations of private pre-IPO companies are still multiplesof public peers. The dispersion between both private andpublic markets highlights a significant dislocation in bothworlds of equities. Private company valuations have always traded at a premium to their public peers, but there arepublic companies—not necessarily VC-backed—which sit Verticals Fintech pre-seed/seed valuations lead within the stage, Within the stages, median valuations for AI companieshave, perhaps unsurprisingly, shown the largest gainsversus 2024. The valuations sat at €5.9 million in H1 2025,up nearly 14% versus 2024’s total. In absolute terms, thefintech vertical still leads median valuations in Europe with€8.3 million, sitting significantly above others, such as lifesciences and broader SaaS. Regarding deal sizes, median life AI Series A-B valuations flat as fintech gains Unlike earlier stages, within the Series A-B data, AI has notbeen made the biggest gains in deal sizes and valuations.Across both areas, fintech saw the biggest gains comparedwith 2024, with both increasing by over 40%. The medianfintech deal size within the grouped series now sits at €19.9 companies sitting at €62.2 million—significantly aheadof broader SaaS at €45.3 million and double the medianAI valuation. Furtherm