1、EUROPEANVC Valuations Report2024ANNUALContents22024 ANNUAL EUROPEAN VC VALUATIONS REPORTPitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchNalin Patel Director of Research,EMEA Private CapitalInstitutional R

2、esearch GroupAnalysisNavina Rajan Senior Analyst,EMEA Private Capital DataCharlie Farber Manager of Data AnalysisOscar Allaway Data APublishingReport designed by Chloe Ladwig and Julia MidkiffPublished on 14 February 2025Click here for PitchBooks report methodologies.Overview3Verticals8Regions9Nontr

3、aditional investors10Unicorns12Liquidity1532024 ANNUAL EUROPEAN VC VALUATIONS REPORTOVERVIEWOverviewMedian VC deal value(M)by stage 0.30.91.02.25.5012345678910Pre-seedSeedVenturegrowth20232024Long-term medianEarly-stageVCLate-stageVCSource:PitchBook Geography:Europe As of 31 December 2024Median VC p

4、re-money valuation(M)by stage 1.73.33.87.821.105101520253035Pre-seedSeedEarly-stageVCLate-stageVCVenturegrowth20232024Long-term medianSource:PitchBook Geography:Europe As of 31 December 2024At the beginning of 2024,we outlined the“three Rs”that would shape venture valuations during the year:rates,re

5、covery,and rationalisation.We saw those three themes play out in 2024 activity,with interest rate cuts in the second half supporting valuations,and more clarity on the rate and depth of cuts providing some visibility to the market.The rationalisation the industry experienced since 2021 also left mor

6、e rationale valuations in the ecosystem and,broadly,a higher-quality pool of businesses;this means that despite lower deal count,the deals that closed had higher valuations.The proportion of down rounds in Europe also continued to gain momentum through 2023,adding to the theme of rationalisation in