2023-05-24-PitchBook-2023年一季度欧洲风险投资评估报告（英）_20页_1mb

Q1 2023 European VC Valuations Report Summary

• Overall Trend
  European VC valuations and deal sizes reflected contrasting trends, influenced by factors like lower growth rates, workforce cuts, and tighter funding conditions. Valuations plateaued or declined, especially at later stages, as focus shifted to profitability. Nontraditional investor participation decreased due to macroeconomic pressures.

• VC Deal Value

  • VC deal value with nontraditional investor participation fell 65.3% YoY to a new trough since Q4 2021.
  • Corporate Venture Capital (CVC) participation remained relatively stable at 45.2% of deals in Q1, with resilient deal values.

• Financing Stages

  • Angel & Seed: Median valuations increased, but activity declined.
  • Early-stage: Median valuations dropped 15.4% QoQ to €5.5M.
  • Late-stage: Median valuation rose 26.9% QoQ to €13.4M due to a major deal.
  • Venture-growth: Median valuation fell 40.9% QoQ to €25.3M, while deal value increased 19.9%.

• Down Rounds
  The proportion of down rounds increased to 18.8%, signaling tighter market conditions. Down rounds are less disclosed, making the landscape harder to track.

• VC-backed Unicorns
  Unicorn deal activity decreased significantly (87.5% YoY in value, 65.5% YoQ in count). Valuations for unicorns leveled or declined, with companies like PayFit and Revolut facing layoffs and valuation cuts.

• Macroeconomic Impact
  Higher interest rates and subdued public markets led to pessimism in exits. Acquisition exits are expected to gain share over public listings.

• Region-Specific Insights

  • UK & Ireland: Valuations recovered YoY, with late-stage pre-money valuations up 24.6%. Deal sizes, however, remained subdued.
  • France & Benelux: Valuations dropped more significantly, particularly in early and late stages.
  • Energy: Valuations corrected after a 2022 peak, with a notable decline in late-stage pre-money valuation (-68.9%).

• Sector Highlights

  • Fintech: Early-stage valuations fell 23.4% YoY. High-profile markups by investors like Schroders and Revolut indicate cooling.
  • Energy: Cooling in venture-growth stage after pandemic-induced investment boom.

• Exit Market
  Acquisition (median €29.6M) was more resilient than public listings (median €42.7M YoY increase). However, overall exit activity is subdued.

• Valuation Pressures
  Valuations are constrained by capital scarcity and macroeconomic headwinds. Competition among investors is forcing better deal scrutiny.

• Liquidity
  Valuations for late-stage companies may face further pressure if exit opportunities remain limited, raising questions about fund exits.

• Conclusions
  The European VC market is experiencing a correction after a post-pandemic boom. Valuations and deal activity are expected to remain subdued until economic and market conditions improve.