Pitchbook：2025年第三季度欧洲风险投资报告（英文版）

European venture dealmaking softened in Q3 2025, signalling that full-year totals may decline YoY despite an uptick in the average deal size. Activity is increasingly concentrated in larger rounds, and follow-on investment has weakened as first-time deals—particularly in AI— remain resilient. The AI sector continues to dominate, accounting for nearly 40% of deal value in Europe YTD and setting the pace with blockbuster raises from Mistral AI and Nscale. This outsized focus reflects a structur