PitchBook：2024年欧洲风险投资估值报告（英文版）

t the beginning of 2024, we outlined the “three R’s” that would shape venture valuations during the year: rates, recovery, and rationalisation. We saw those three themes play out in 2024 activity, with interest rate cuts in the second half supporting valuations, and more clarity on the rate and depth of cuts providing some visibility to the market. The rationalisation the industry experienced since 2021 also left more rationale valuations in the ecosystem and, broadly, a higher-quality pool o