We are impatient Let’s meet here at TechCrunch+, so while we await the curated quarterly venture reports from the major startup databases, we’re running our own surveys to get an early look at the state of the fundraising world. As the first quarter draws to a close, we can’t wait to see what’s going on in Europe. Let’s see first.
With Techstars decision to exit the Swedish market, earlier this week we took a look at what’s happening to the Swedish startup scene in the United States. Those were useful exercises, but we needed a broader set of data to properly set our shoulders. To that end, let’s look at all of Europe and then look at the three largest venture markets in the region: the UK, Germany and France.
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The numbers are overwhelming and can be read as bully or depression. The negative takeaway is simple: European venture capital is down from a year ago. A more positive outlook is worth considering: Focusing our view on just the last few quarters, the venture appears to be under contract.
Naturally, we’ll have oodles more data and charts when the Q1 2023 data drops in full, but we can get a head start. Let’s talk Europe.
In Europe Q1 2023 venture results
European startups raised $28.85 billion across 2,274 deals in Q1 2023, according to preliminary PitchBook data. That’s less than in Q1 2021, but we already know (and you’re tired of hearing about it by now) that the 2021 vintage is out. However, the figure represents a year-over-year decline, which may seem surprising: by Q1 2022, the decline had already begun in the US.