PitchBook：2026年第一季度欧洲风险投资报告（英文版）（24页）.pdf

1、EUROPEANVenture ReportQ12026Q1 2026 EUROPEAN VENTURE REPORT2ContentsInstitutional Research GroupNavina Rajan Senior Research Analyst,EMEA Private Capital Oscar Allaway Senior Data APublished on 10 April 2026Introduction 3Deals 4Nontraditional investors 9Venture debt 11Spotlight:The State of European

2、 AI 13Exits 17Fundraising 22Q1 2026 EUROPEAN VENTURE REPORT3IntroductionAI penetration of European VC deal value reached an unprecedented 61.3%in Q1 2026,well surpassing the 50%threshold anticipated for the full year,with total deal value at 21.9 billion.A pronounced value-over-volume dynamic has ta

3、ken hold,with deals above 25 million now comprising 79.2%of deal value,up from 67.1%in 2025.Landmark 1 billion-plus rounds from Nscale,NEURA Robotics,Wayve,and Cloover underscored the scale of capital flowing into European AI.The AI effect is spilling into cleantech and advanced manufacturing,pacing

4、 82.4%and 271.8%above 2025 run rates,whilst fintech lags with deal value on course for a 10%decline.DACH led regionally,whilst France,Israel,and Southern Europe paced below last year.Nontraditional investor participation reached an all-time high of 82.3%of deal value,with CVC investors involved in 5

5、9.2%of European deal value.Concentration risk remains a key concern should sentiment around AI valuations shift.European venture debt reached 5.9 billion in Q1,implying 18.1%full-year growth,with average deal sizes surging to 90.5 million from 35.9 million in 2025.Early-stage companies gained ground

6、,accounting for one-third of deal value.AI dominated by vertical at 56.9%of the total,with fintech and cleantech also prominent.Despite macroeconomic uncertainty and potential rate rises,the cost of debt is likely to remain below the cost of equity,preserving venture debts appeal as a financing tool