PitchBook：2025年二季度欧洲风险投资估值报告（英文版）

This report introduces a change in the presentation of our valuation data from looking at trends by stage to grouped series. This market view allows for a betterquality pool of data and is more representative of how stakeholders view companies. H1 2025 venture valuation trends reflect mixed signals in wider macroeconomics Broadly speaking, valuation trends within European venture capital continued to tick higher in Q2 2025. The value-overvolume dynamic continued as deal counts stayed broadly