Angel and seed funding in Europe are remarkably resilient to the startup market downturn, according to newresearchby Pitchbook.
In the first half of 2021, both median deal values and valuations in these stages exhibited positive trends.
The biggest increase was in median angel deal values, which were up 28.8% compared with 2022.
The median angel valuation, meanwhile, was up 10.2%, while the median seed-stage valuation was flat.
These figures illustrate the insulated nature of early-stagefunding.
Public funding programs have also helped.
At the venture-growth stage, times are particularly tough.
That may reflect attentions shifting to early-stage funding.
Despite the early-stage resilience, the broader funding landscape remains immensely challenging.
Unicorn activity, meanwhile, has been constrained.
To mitigate this decline, Pitchbook recommends more support from government funds for venture-growth companies.
Exit valuations have also plunged.
The median valuation fell from 33.9mnin the first quarter of the year to 17.3mn in Q2.
Macroeconomic factors namely interest rates are driving the dip.
Story byThomas Macaulay
Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he e(show all)Thomas is the managing editor of TNW.
He leads our coverage of European tech and oversees our talented team of writers.
Away from work, he enjoys playing chess (badly) and the guitar (even worse).
