1、EUROPEVC Valuations ReportQ120252Q1 2025 EUROPEAN VC VALUATIONS REPORTContentsPitchBook 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 Research Gr

2、oupAnalysisNavina Rajan Senior Research Analyst,EMEA Private Capital DataCharlie Farber Data Analysis ManagerOscar Allaway Data APublishingReport designed by Josie DoanPublished on 19 May 2025Click here for PitchBooks report methodologies.Overview3Verticals8Regions9Nontraditional investors10Unicorns

3、12Liquidity153Q1 2025 EUROPEAN VC VALUATIONS REPORTOverview Median VC deal value(M)by stage 0.61.61.53.58.10.72.21.84.810.10.41.11.12.56.1Pre-seedSeedEarly-stageVCLate-stageVCVenturegrowth20242025Long-term medianSource:PitchBook Geography:Europe As of 31 March 2025Median VC pre-money valuation(M)by

4、stage 3.15.35.711.834.22.45.66.213.544.51.83.64.18.724.5Pre-seedSeedEarly-stageVCLate-stageVCVenturegrowth20242025Long-term medianSource:PitchBook Geography:Europe As of 31 March 2025Note:Pre-seed and venture-growth counts are low.Median time(years)between rounds by stage00.51.01.52.02.5Pre-seedSeed

5、Early-stageVCLate-stageVCVenturegrowth202420251.11.21.61.51.41.32.12.11.61.6Source:PitchBook Geography:Europe As of 31 March 2025Tariffs throw more light on pivotal themes for VC valuations this yearDue to the recent tariffs,many of the frameworks we established for looking at VC this year have been

6、 uprooted since the start of Q2 2025.Therefore,we are cautious to extrapolate Q1 data from this report for the rest of the year,where market conditions would have changed,impacting activity metrics.Our recent note on the impact of tariffs on VC observes that,first and foremost,exit markets are being