1、EUROPEANVC Valuations ReportQ220252Q2 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

2、GroupAnalysisNavina Rajan Senior Research Analyst,EMEA Private Capital DataCharlie Farber Data Analysis Manager Oscar Allaway Data Analyst PublishingReport designed by Adriana HansenPublished on 20 August 2025Click here for PitchBooks report methodologies.Overview3Verticals7Regions8Nontraditional in

3、vestors10Unicorns12Liquidity143Q2 2025 EUROPEAN VC VALUATIONS REPORTOverview Methodology updateThis report introduces a change in the presentation of our valuation data from looking at trends by stage to grouped series.This market view allows for a better-quality pool of data and is more representat

4、ive of how stakeholders view companies.H1 2025 venture valuation trends reflect mixed signals in wider macroeconomicsBroadly speaking,valuation trends within European venture capital continued to tick higher in Q2 2025.The value-over-volume dynamic continued as deal counts stayed broadly flat,and me

5、dian deal sizes and valuations grew across most series.Our new methodology of looking at the data by series over stage omits several lower-quality data points,creating a sample that is more representative of median values in the market.The only series to not grow versus 2024 was Series E+deal value.

6、Though,this is based on lower counts due to the new reporting method,so we are cautious to read into it.Broader market trends also echo a wider increase in valuations,as the proportion of down rounds in Europe decreased in H1 versus 2024;however,Q2 itself increased QoQ.Volatility in financial market