PitchBook：2025年英国私募资本市场报告（英文版）

UK VC activity in early 2025 eased compared with 2024, as a weaker macroeconomic backdrop and increased market volatility weighed on dealmaking. Early-stage valuations largely held steady, while later-stage rounds showed a more selective growth pattern. Series A-B emerged as the most resilient stage, buoyed by strong deal flow in pharma & biotech, whereas Series C-D saw a marked pullback in both deal count and share of total value. Sector trends mirrored broader European patterns, with AI