PitchBook：2025年第三季度欧洲风险投资估值报告（英文版）

As of Q3 2025, valuation trends across stages have continued their upward trajectory compared with 2024, albeit with increasing signs of moderation. Relative to Q2, valuations in Q3 have sequentially seen a step-down; however, average valuations YTD are still higher than in 2024. By stage, pre-seed/seed saw the least progress, whilst on the other end of the ecosystem, Series E+ saw the largest step-ups. AI continues to drive gains in Series A-B, however, other verticals, such as fintech, are