1、EUROPEANVC ValuationsReportQ320222ContentsPitchBook Data,Inc.John Gabbert Founder,CEONizar Tarhuni Senior Director,Institutional Research&EditorialDylan Cox,CFA Head of Private Markets ResearchInstitutional Research GroupAnalysisQ3 2022 EUROPEAN VC VALUATIONS REPORTPublishingReport designed by Jenna

2、 OMalleyPublished on November 21,2022Click here for PitchBooks report methodologies.DataCharlie Farber Senior Data AnalystOscar Allaway Associate Data Analyst Introduction3Overview4Sectors9Regions11Nontraditional investors13Unicorns15Liquidity18Nalin Patel Lead Analyst,EMEA Private CNicolas Moura,CF

3、A Analyst,EMEA Private C3INTRODUCTIONQ3 2022 EUROPEAN VC VALUATIONS REPORTIntroductionVenture capital(VC)pre-money valuations remained robust through Q3 2022,as bearish macroeconomic outlooks spread across Europe.The drop off in public market capitalisations has not filtered into the VC ecosystem,wi

4、th the valuations of VC-backed companies staying strong.VC valuations are tracing above expectations given wider market conditions,and companies may be absorbing drops internally via reduced revenues and growth rates.Pressure is filtering into the VC ecosystem as recessions bite and reports of down

5、rounds,layoffs,and cost cutting surface.The valuations tied to fresh deals to be completed in upcoming months,with realigned revenue multiples,growth estimates,and business costs,could reflect greater declines.Through Q3 2022,VC deal value with nontraditional investor participation kept pace with th

6、e record set in 2021.With markets shifting considerably in 2022,the glut of nontraditional capital linked to the boom in VC funding during the past five years has flattened.Nonetheless,dealmaking has remained elevated from pre-2021 levels.The near-term challenges facing nontraditional investors and