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1、Q32025EUROPEANVC Valuations Report2Q3 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

2、GroupAnalysisDataCharlie Farber Data Analysis Manager Oscar Allaway Data APublishingReport designed by Adriana Hansen and Chloe LadwigPublished on 18 November 2025Click here for PitchBooks report methodologies.Overview 3Verticals 7Regions 8Nontraditional investors 10Unicorns 12Liquidity 14Navina Raj

3、an Senior Research Analyst,EMEA Private Capital 3Q3 2025 EUROPEAN VC VALUATIONS REPORTOverview Median VC deal value(M)by series Pre-seed/seedSeries A-BSeries C-DSeries E+33.3%22.4%11.1%-13.0%0.88.036.974.502040608010020242025Long-term medianSource:PitchBook Geography:Europe As of 30 September 2025Me

4、dian VC pre-money valuation(M)by series20242025Long-term medianPre-seed/seedSeries A-BSeries C-DSeries E+1.9%24.5%14.6%256.0%135.4630.602004006008001,0001,2001,4001,6001,80020.03.1Source:PitchBook Geography:Europe As of 30 September 2025As of Q3 2025,valuation trends across stages have continued the

5、ir upward trajectory compared with 2024,albeit with increasing signs of moderation.Relative to Q2,valuations in Q3 have sequentially seen a step-down;however,average valuations YTD are still higher than in 2024.By stage,pre-seed/seed saw the least progress,whilst on the other end of the ecosystem,Se

6、ries E+saw the largest step-ups.AI continues to drive gains in Series A-B,however,other verticals,such as fintech,are also making gains.The biggest question within venture today remains when,and by what extent,the AI bubble will burst.The proportion of down rounds continued to decline overall in the