PitchBook-2025年二季度欧洲风险投资估值报告（英）

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 GroupAnalysisNavina Rajan Senior Research Analyst, EMEA Private Capital navina.rajan@pitchbook.comDataCharlie Farber Data Analysis Manager Oscar Allaway Data Analyst pbinstitutionalresearch@pitchbook.comPublishingReport designed by Adriana HansenPublished on 20 August 2025Click here for PitchBook’s report methodologies.Overview3Verticals7Regions8Nontraditional investors10Unicorns12Liquidity143Q2 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 representative 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 median 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. 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 markets brought about by geopolitics and trade tensions likely impacted pricing; however, private market valuations correct at a much greater lag than public equities. All of these factors make the outlook for the second Median VC deal value (€M) by series €1.2€11.6€44.4€96.0€1.7€14.3€44.9€83.5€0.8€8.0€36.2€77.6Pre-seed/seedSeries A-BSeries C-DSeries E+20242025Long-term medianSource: PitchBook • Geography: Europe • As of 30 June 2025Median VC pre-money valuation (€M) by series€4.9€28.0€161.7€449.9€5.2€32.4€250.9€1,208.0€3.1€19.7€143.6€577.2Pre-seed/seedSeries A-BSeries C-DSeries E+20242025Long-term medianSource: PitchBook • Geography: Europe • As of 30 June 2025half of the year more unclear. Like several investors, we have adopted a wait-and-see approach to how the deal environment will develop in the second half of the year. Even areas such as AI have seen some step-downs in valuations—nearly one-quarter of down rounds this year have involved AI startups. This area of the ecosystem will continue to shape much of venture activity in Europe through the rest of the year, where overall, fewer de