PitchBook ：2025年第二季度欧洲风险投资市场分析报告（中译版）（20页）.pdf

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1、EUROPEAN Venture ReportSponsored byQ22025 2025 JPMorgan Chase&Co.All rights reserved.JPMorgan Chase Bank,N.A.Member FDIC.Visit for full disclosures and disclaimers related to this content.2259755We are the bank of the innovationeconomyWith decades of global experience,a robust professional and ventu

2、re capital network,and scalable money-management solutions,we are dedicated to helping you succeed at every stage.See how we can support your growth at 2025 EUROPEAN VENTURE REPORTSponsored byContentsSponsored byPitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market Intelli

3、gencePaul Condra Global Head of Private Markets ResearchNalin Patel Director of Research,EMEA Private CapitalInstitutional Research GroupAnalysisNavina Rajan Senior Research Analyst,EMEA Private Capital DataCharlie Farber Manager,Data Analysis Oscar Allaway Data APublishingReport designed by Megan W

4、oodard and Chloe LadwigPublished on 10 July 2025Click here for PitchBooks report methodologies.Introduction 4Deals 5A word from J.P.Morgan 9Venture debt 11Spotlight:Fortifying European aerospace&defence 13Exits 16Fundraising 184Q2 2025 EUROPEAN VENTURE REPORTSponsored byIntroduction1:“Wars Are Won W

5、ith Code,Says German Military AI Maker,”Politico,Antoaneta Roussi,11 October 2024.Deal value is pacing below last years total,with over a third invested in AI.Deal activity in Europe began the year strongly but slowed noticeably in the second quarter,reflecting a broader trend of declining momentum.

6、Economic uncertainty and volatility in global markets likely contributed to reduced dealmaking,especially in venture,where fewer transactions took place QoQ even though overall deal value held up relatively better.While public markets have shown signs of stabilisingparticularly in Europemacroeconomi