1、EUROPEANVC Valuations Report2025ANNUAL2025 ANNUAL EUROPEAN VC VALUATIONS REPORT2ContentsInstitutional Research GroupNavina Rajan Senior Research Analyst,EMEA Private Capital Published on 13 February 2026Overview 3Verticals 8Regions 9Nontraditional investors 11Unicorns 13Liquidity 152025 ANNUAL EUROP

2、EAN VC VALUATIONS REPORT3Overview Median VC deal value(M)by series 30.5%28.8%22.2%15.3%0.88.037.077.7020406080100120Pre-seed/seedSeries A-BSeries C-DSeries E+20242025Long-term medianYoY changeSource:PitchBook Geography:Europe As of 31 December 2025Median VC pre-money valuation(M)by series2.6%24.4%50

3、.6%223.7%3.019.8141.1621.302004006008001,0001,2001,4001,600Pre-seed/seedSeries A-BSeries C-DSeries E+20242025Long-term medianYoY changeSource:PitchBook Geography:Europe As of 31 December 2025Five key themes defined European venture valuations in 2025:1.Valuation growth varied across series.2.AI infl

4、ation was concentrated at the end of the funnel.3.Down rounds declined overall.4.Nontraditional investors reinforced late-stage valuation resilience.5.Exit valuations improved as broader liquidity recovered.In 2025,European VC valuations continued to rise across various stages of the market.Step-ups

5、 in median pre-money valuations were positively correlated to the lateness of stage,while step-ups in deal sizes showed a negative correlation.Throughout much of the year,median deal sizes and valuations rose despite contracting deal counts.Later-stage companies experienced the strongest step-ups in

6、 median valuations,while early-stage pricing showed smaller increases.AI remained central to valuation dynamics in 2025,but its influence varied sharply by stage.In Series C-D,AI-related valuations sat above valuations in other verticals,while in earlier stages,AI medians were more subdued and,in se