【行业研报】PitchBook-2023年二季度欧洲风险投资评估报告（英）-2023.8_市场营销策.docx

<PitchBookEUROPEANVCVa1uationsReportaPitchBookContentsPub1ishingReportdesignedbyCh1oe1adwigPub1ishedonAugust14z2023C1ickhereforPitchBook'sreportmethodo1ogies.IntroductionThe1atestageandventure-growthstagesawmorecorrectionsinmedianva1uationsinH12023.Thistrendrepresentsacontinuedcorre1ationbetweenva1uationresi1ienceandfinancingstage.Ange1,seed,andear1y-stagecompaniesexhibitedmoreresistancetodec1inesinmediandea1va1ueandva1uationsinQ2zwithdeeperdec1inesversus2023the1aterthestage.Venture-growthmedianva1uationsthereforecontinuetocorrectthemostcomparedwith2023,whereasange1medianva1uationspaceabove20231eve1s,andtheseedstagefiguresaref1at.Overa11,theproportionofdownroundscontinuedtonotab1ytickupwardsto26.2%from19.8%inQ12023.Nontraditiona1investorparticipationcontinuestowanefromitspeak1eve1sin2023and2023,a1ongsideovera11dea1va1ueinEurope.Nontraditiona1investorinvo1vementinEuropeanventurecapita1dec1inedbothintermsofovera11dea1va1ueandasaproportionoftota1dea1va1ue.Dea1va1uewithnontraditiona1investorparticipationsatat18.7bi11ioninH12023comparedwith27.8bi11ioninH22023.However,theproportionofdea1countwithnontraditiona1investorparticipationhasseeming1ystayedbroad1ythesamesince2023zaround38%.ThisraisesthequestionOfwhethernontraditiona1investorsaresti11participatinginVCatthesame1eve1butinsma11erroundsatear1ierstageswheredea1va1ueis1ower.1imitedactivityamongunicornsinEuropesettocontinue.InH12023,unicorndea1activitycameinat2.1bi11ionacross20dea1s,we11be1owH12023,sfigures.Bothdea1va1ueanddea1counta1socontinuedtodec1inesequentia11yinQ2versusQ12023,showing1itt1eevidencethatrecoveryisontheway.Therearecurrent1y134activeunicornsinEurope,definedascompaniesva1uedat1bi11ionormore.Sincetheendof2023,therehasbeenanadditionoffiveunicornszaratemarked1y1owerthanthatofthepasttwoyears.Wewou1dexpectsuchadecreaseinthenumberofmintedunicornsgiventhepressuresthattheventure-growthstagehasfe1tfo11owingtheexodusofinvestmentin2023aftertheinf1uxofinvestmentin2023and2023.Exitva1uationscontinuedtofa11sequentia11yinQ22023,withmedianexitva1uationgoingfrom33.9mi11ioninQ12023to17.3m川ioninQ2.Thestoryremainsoneofadepressedexitmarket,whichp1acesitatadecade1owintermsofexitactivity.Webe1ieveVCexitsarenowfee1ingtheconsequencesoftighteningmonetarypo1icy,seeingtheirva1uationsfa11overthepastyear.Exitsthroughacquisitionscontinuetobethepreferredroutezwhi1epub1ic1istingsremainedc1osedoff.OverviewAnge1pre-moneyva1uation(M)dispersionSource:PitchBookGeography:Europe*AsofJune30,2023The1atestageandventure-growthstagesawmorecorrectionsinmedianva1uationsinH12023.Thistrendrepresentsacorre1ationbetweenva1uationresi1ienceandfinancingstage.Ange1,seed,andear1y-stagecompaniesexhibitedmoreresistancetodec1inesinmediandea1va1ueandva1uationsinQ2zwithdeeperdec1inesversus2023theIaterthestage.Venture-growthmedianva1uationsthereforecontinuetocorrectthemostcomparedwith2023,whereasange1medianva1uationspaceabove20231eve1s,andtheseedstagefiguresaref1at.Thedec1ineofva1uationsinVCmarketshasbeenwe11pub1icizedandnotedinourpreviousreports,andtheextentofthedec1inescontinuestobecomemoreevidentasweprogressthrough2023.Macroeconomicfactors,name1yinterestrates,aresti11runningtheshowasstartupsnavigatemoreconservativeva1uations,andGPsand1Psnavigatemorecha11engedexitmarkets.Asisthecasewithprivatemarkets,furthercorrectionsare1ike1ytobe1umpierwitha1agtopub1icequities,meaningitistooear1ytoca11abottomtothedec1ines.Consequent1y,stakeho1derswithinthemarketwi11havetosittightandextendrunwaysastheindustryreca1ibratestoworkwith1ess1iquidityandcapita1inthemonthstocome.Ange1andseedAnge1andseedroundsshowedresi1ienceinH12023.Bothmediandea1va1uesandva1uationswithinthesestagesexhibitedpositivetrendsinthefirstha1fof2023,evidencingthere1ative1yinsu1atednatureofactivityatear1ierstagesSeedpre-moneyva1uation(M)dispersion201520132014201520162017201820192023202320232023*Topandbottomquarti1erange-Topdeci1eMedian-Bottomdeci1eAverageSource:PitchBookGeography:Europe*AsOfJune30z2023comparedwiththatofthe1atestages.InH12023,medianange1andseeddea1va1uespacedabovefu11-yearfiguresfrom2023.Wesawthegreatestincreaseformedianange1dea1va1ueinH1zincreasing28.8%comparedwith2023.Meanwhi1e,themedianange1va1uationtickedupwardstooup10.2%versus2023andthemedianseedstageva1uationwasf1atfromannua12023figures.Ange1dea1va1ue(M)dispersion2.52.0-1.5ThbhhIIH0.0-20132014201520162017201820192023202320232023*Topandbottomquarti1erange-Topdeci1eMedian-Bottomdeci1eAverageSource:PitchBookGeography:Europe*AsOfJune30,2023Seeddea1va1ue(M)dispersionTopandbottomquarti1erange-Topded1eMedian-Bottomdeci1eAverageSource:PitchBookGeography:EuropeAsOfJune30,2023Overa11,ange1andseedroundsarethefurthestremovedfrompub1icmarkets,asbusinessesatthosestagesarefurtherawayfrommaturityandexit.Intermsofdea1making,ange1andseedinvestorriskappetitetendstobe1essdependentontemporarymarketweakness,asreturnsaretiedto1ong-termti