Dealroom：2023年欧洲A轮投资报告

TheJourneyto

SeriesAinEurope

Part3

inpartnershipwithbLocalGlobe

June2023

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Keytakeaways

Fundingroundsbetween2016–21:

●WhileSeedfundinginEuropesurged,most(>80%)Seedroundsremainedintherangeof$1–4m.

●Innumbers,shareof>$15mSeriesAalmostdoubled,whileshareof<$7mSeriesAdroppedfrom½to⅓.

TimefromSeedtoSeriesAforthe2016–18Seedcohort:

●Themedianwas~24months,butmayinfactbeatleast6monthslongerduetothetypicalreportinglag.●Aswiththe2012–15cohort,conversiontoSeriesAmostly(>80%)occurredwithin36months.

ConversionratefromSeedtoSeriesAwithin36monthsforthe2016–18Seedcohort:

●Only1inevery4–5companieshasconverted–nosignificantchangerelativetothe2012–15Seedcohort.●CompanieswithaSeed–focusedVCfundinvestedintheirSeedsawahigherconversionrateof1in3.

●OnlyahandfulofSeed–focusedVCswhichmostlyled/co–ledrounds,hadaconversionrateof>50%.

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Therationaleforthisanalysis

●Fundingroundsareself–labeledwithlittleconsistencyacrossdifferentcompaniesandinvestors.

●ButrobustbenchmarksonthejourneyfromSeedtoSeriesArequirereliablecomparisons.

●Soweʼveappliedasystematicapproachtore–labelingroundsbasedonamount,timing,sequencing,andmore.

●Thisgeneratedaqualifieddatasetof16,805relevantfundingroundsof12,957companiessince2016.

●WeʼveassesseddevelopmentsinthefundingenvironmentandinthedynamicsofconversionfromSeedtoSeriesAduringthatperiod,andcomparedthosetothefirstanalysiswepublished4yearsago.

●Wherepossible,weconductedasensitivityanalysisofthemethodologytoascertainthevalidityofthefindings.

●Thefullmethodologyanddefinitionsaredetailedattheendofthisdocument.

Seedroundsbysize

15%

$3,008M

$2,959M

WhiletheshareoflargerSeedroundsdoubled,thevast

majorityofSeedandSeed+

roundsremainedintherangeof$1–4m.

91%

180

160

140

$359M

Seedrounds

SeedfundinginEuropemorethandoubledbetween2016–21

▊<$4m▊$4m–7m▊>=$7m

1stround>=$1mself–labeledasSeed,$1–7motherwise

Numberofrounds▊Amount($M)

3500

3000

2500

2000

1500

1000

500

$5,308M

10%

11%

12%

$2,599M

93%

93%

88%

87%

86%

$1,983M

$2,213M

80%

2016

2017

2018

2020

2019

2021

201620172018201920202021

Seed+roundsbysize

Seed+rounds

RoundsbetweenaSeedandaSeriesA,largerthantheSeed

▊<$4m▊$4m–7m▊>=$7m

Numberofrounds▊Amount($M)

240

220

8%

13%

$441M

$459M$522M$507M

$465M

200

98%

95%

94%

87%

120

84%

100

80

60

40

20

201620172018201920202021201620172018201920202021

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Viewtherounds»

1100

1000

900

800

700

$15,778M

19%

38%

41%

24%

39%

33%

13%

14%

15%

15%

34%

37%

39%

42%

6000

500

400

300

49%

47%

45%

43%

200

100

SeriesAfundingincreasedbyalmost5xwithmorethandoublethenumberofrounds,theshareofnumberofSeriesArounds>$15malmostdoubled

SeriesArounds

1stround>=$4mself–labeledasSeriesA,$4–100motherwise

SeriesAroundsbysize

Numberofrounds▊$4m–7m▊$7–15m▊$15m–50m▊$50m▊$4m–7m▊$7–15m▊$15m–50m▊$50m

$6,706M

$5,915M

$6,635M

$4,361M

$3,323M

2016

2017

2019

2020

2021

2018

201620172018201920202021

Viewtherounds»

Page/5*Lessthan⅓of$4–7mSeriesAroundswerenotself–labeledassuch.

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ThemedianSeriesA

grewby40%,withan

expectedspikein2021

Medianroundsize($m)

▊Seed▊Seed+▊SeriesA

10.0

8.4

8.0

7.9

7.6

7.1

2.82.72.82.7

2.42.4

2.2

1.71.71.91.81.9

201620172018201920202021

Themedianamountofcapitalraised

pre–SeriesA

hasremained

between$2.5–3m

Thresholdfora

re–labeledSeriesA*:

Medianpre–SeriesAcapitalraisedbycompanies($m)

▊$4M▊$5M▊$6M▊$7M

(130to170companiesdependingonthethreshold)

3.0

2.0

1.0

201620172018201920202021

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*Toassesstherobustnessofthefindings,weincludedwherepossibleasensitivityanalysistothe

minimumqualifyingamountforrelabelingaroundasaSeriesAwhenitwasnʼtself-labeledassuch.

ThemediantimefromSeedtoSeriesAis~24months,andconversiontoSeriesAmostlyoccurswithin36months

Thresholdfora

re–labeledSeries

A*:

%ofcompaniesthat

raisedtheirSeriesA

bythattime,outofall

convertedcompanies

2012–2015Seedcohort2016–2018Seedcohort

▊$4M▊$5M▊$6M▊$7M

(800to1000companiesdependingonthethreshold)

▊$4M▊$5M▊$6M▊$7M

(500to630companiesdependingonthethreshold)

MediantimefromSeedtoSeriesA

MediantimefromSeedtoSeriesA

ConsideringthetypicallagbetweentheclosingandreportingofSeedrounds–whichislesscommonwithSeriesArounds–theactualmedianfromSeedtoSeriesAmaybeatleast6monthslonger.

Asthedifferentcurvesdemonstrate,thesefiguresarenotatallsensitivetothethresholdforare–labeledSeriesA.

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*Toassesstherobustnessofthefindings,weincludedwherepossibleasensitivityanalysistothe

minimumqualifyingamountforrelabelingaroundasaSeriesAwhenitwasnʼtself-labeledassuch.

26%

24%

22%

23%

21%

20%

Only1inevery4–5

companiesconverts

fromSeedtoSeriesA,

anddespitethe

fundingsurge–that

ratehasbarely

changedbetweenthe

2012–15and2016–18

Seedcohorts

ConversionratefromSeedtoSeriesAwithin36months

▊2012–2015Seedcohort▊2016–2018Seedcohort

21%

19%

Thresholdfora

re–labeledSeriesA*:

$4m

$5m

$6m

$7m

Theseconversionratesvaryonlyslightly(around1percentagepoint)fromtheonescalculatedonlybasedonqualifiedself–labeledSeedandSeriesArounds,demonstratingthatwhilethere–labeling

makestheanalysismorerobust,itdoesnʼtmateriallyalteritsconclusion.

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*Toassesstherobustnessofthefindings,weincludedwherepossibleasensitivityanalysistothe

minimumqualifyingamountforrelabelingaroundasaSeriesAwhenitwasnʼtself-labeledassuch.

24%

21%

Companiesthat

hada

Seed–focusedVC

fundinvestedin

theirSeedround

sawahigher

conversionrate

of1in3

ConversionratefromSeedtoSeriesAwithin36months,2016–18Seedcohort

▊SeedroundswithSeed–focusedVCs---Europe

658companies

34%

33%

31%

32%

26%

22%

$4m

$5m

$6m

$7m

Thresholdfora

re–labeledSeriesA*:

Thisisbasedonthesetofportfoliocompaniesof126Seed–focusedVCfunds(excludingstate–owned):thosewhoatleast70%oftheirfirstinvestmentsinacompanywereatPre–Seed/Seed/Seed+stage,andmadeatleast4Seed/Seed+investmentsduring2016–18.

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*Toassesstherobustnessofthefindings,weincludedwherepossibleasensitivityanalysistothe

minimumqualifyingamountforrelabelingaroundasaSeriesAwhenitwasnʼtself-labeledassuch.

Companiesthat

raisemorethan$4m

ofpre–SeriesA

fundinghaveahigherconversionrateto

SeriesA

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ConversionratefromSeedtoSeriesAwithin36months,2016–18Seedcohort

▊<$4Mpre–SeriesAcapital▊>$4MPre–SeriesAcapital

30%

20%

10%

Thresholdfora

re–labeledSeriesA*:

$4m

$6m

$7m

$5m

*Toassesstherobustnessofthefindings,weincludedwherepossibleasensitivityanalysistothe

minimumqualifyingamountforrelabelingaroundasaSeriesAwhenitwasnʼtself-labeledassuch.

ConversionratefromSeedtoSeriesA

▊Europe▊NewPaloAlto

40%

TheconversionratefromSeedtoSeriesAinNewPaloAltohasbeenconsistently

higherthanthe

Europeanby

~5percentagepoints

35%

30%

cohort

25%

20%

NewPaloAlto(NPA)isasuperclusterofleadingEuropeanecosystemsand

researchhubsthatsitwithinfourhourtrainrideofLondon.

a

15%

10%

5%

Amsterdam

London

2016–18

2012–15

Seedcohort

Seedcohort

2016–18

Seedcohort

2012–15Seed

12months24months36months48months60months

Brussels

Paris

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Someseed–focusedfundshaveseenaconversionrateof>50%withthe2016–18Seedcohort

20+Seedinvestments

9–20Seedinvestments

|LocalGlobe

9

P↑CUSCAPITAL

Fundswereconsideredonlyif:atleast70%oftheirfirstinvestmentsinacompanywereatPre–Seed/Seed/Seed+stage,theymadeatleast9Seed/Seed+investmentsduring2016–18,andtheywerealead/co–leadinvestorinmostofthem.

Methodology&definitions

STEP1

58,203EuropeanfundingroundsbetweenJanuary2010toDecember2021

wereconsidered

Exclusionofrounds:

(a)ofcompaniesfoundedbefore2010(9,656);(b)smallerthan

$250k(8,367);(c)ofundisclosedsizewhichwerenʼtself–labeledas“Seed”(4,909);(d)largerthan$100mandlabeledas“GrowthEquity”or“LateVC”;or(e)largerthan$30mwhichwerenʼt

self–labeledandwherenosmallerorotherself–labeledroundstookplace

5,271remainingrounds.

STEP2

Qualificationofrounds

whichwereself–labeledas“Seed”or“SeriesA”

●Firstrounds>=$1m,

self–labeledas“Seed”whichtookplacewithin5years

fromfounding–were

qualifiedas“Seed”(6,184)

●Firstrounds>=$4m,

self–labeledas“SeriesA”–werequalifiedas“SeriesA”(2,320)

STEP3

Re–labelingand

qualificationofother

rounds:

●Firstrounds>=$1m(and

<=$7m)whichtookplace

within5yearsfromfounding–werere–labeledas“Seed”

(3,044)*

●Firstrounds>=$4mwherenoroundwasqualifiedasa

“SeriesA”yet–were

re–labeledas“SeriesA”(1,654)

●Undisclosedrounds

self–labeledas“Seed”

followedbyaqualified“SeriesA”wherethecompanyhasnootherqualified“Seed”rounds

–werequalifiedas“Seed”(307)

STEP4

Re–labelingand

qualificationof

“Pre–Seed”,“Seed

Extension”,and“Seed+”

rounds:

●Anyround>$250kwhich

tookplacewithin5years

fromfoundingandwhereaqualified“Seed”hasnʼt

precededit–wasre–labeledas“Pre–Seed”(8,078)**

●Anyroundafterandsmallerthanaqualified“Seed”andbeforeaqualified“SeriesA”

–wasrelabeledas“SeedExtension”(1,140)

●Anyroundafterandlargerthanaqualified“Seed”andbeforeaqualified“SeriesA”

–wasrelabeledas“Seed+”(1,612)

STEP5

Thefollowingroundswere

excluded:

●Otherundisclosedroundsself–labeledas“Seed”

(7,308)

●Otherroundsafterqualified“SeriesA”rounds(2,802)

●Otherroundsthatwerenotre–labeled(1,232)

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*Nocompaniesinthisdatasetraisedafirstround>$7mwhichtookplacewithin5yearsfromfounding,wasnʼtself–labeled,andwasfollowedbyaqualifiedSeriesA.

**Inthisanalysisweremovedthe$1mcapforPre–Seedroundstoalignmorecloselywithself–labels,buttherearestillonly159ofthoseinthedataset(3%ofthere–labeledPre–Seedrounds).

Thequalifieddatasetof16,805relevantfundingroundsof12,957companiessince2016

Beforere–labeling

Angel845rounds

5500

5000

4500

4000

3500

3000

2500

20