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1、EUROPEANVenture Report2025ANNUAL2025 ANNUAL EUROPEAN VENTURE REPORT2ContentsInstitutional Research GroupNavina Rajan Senior Research Analyst,EMEA Private Capital Published on 16 January 2026Introduction 3Deals 4Venture debt 9Spotlight:Europes IPO window to stay open 11Exits 13Fundraising 182025 ANNU

2、AL EUROPEAN VENTURE REPORT3IntroductionFive key themes that shaped 2025:1.AI:The dominant force in European tech.2.Depressed liquidity:The new normal?3.Secondaries:Moving from niche to necessity.4.Fundraising:Entered its most constrained year on record.5.Geopolitical themes:Tariffs,defence reshoring

3、,and macroeconomic policy end the year with a mixed outlook.The landscape for venture in Europe has been mixed through 2025,with increasing divergence between different ecosystems and sectors.European deal value grew in 2025,where deal counts continued to contract.Activity was driven by fewer,larger

4、 later stage rounds.By sector,it is clear that AI has driven the major bifurcation in dealmaking areas of the market this year.AI-related deals now account for 35.5%of deal value in Europe,making the ecosystem more delicately balanced between AI and non-AI-related sectors.Therefore,the big questions

5、 looking into 2026 are:Is there an AI bubble?And if so,could we see it burst next year in 2026?Any shift in sentiment towards AI valuations could reverberate across the broader venture landscape,testing the resilience of non-AI sectors that have only recently begun to regain momentum.Therefore,we al

6、so wonder how resilient the European venture market would be without the dependence on bubble-like valuations.In 2025,excluding AI,the underlying market showed more muted dynamics,as several verticals lost momentum and core regions saw flatter growth,whilst peripheral markets benefited from concentr