Europe’s early Early stage (sub $15M rounds) capital invested ($B) by quarter stage pipeline Funding is resilient $19B $20B Q4 Q3 $15B Q2 Q1 $10B $8B $5B Source: Atomico ( powered by Dealroom.co 2014 2015 2016 2017 2018 2019 2020 2021 2022 H1’23 and Crunchbase) Notes: Data is as of 15 May 2023 with H1 figures extrapolated linearly. Excludes the following: biotech, secondary transactions, debt, lending capital, and grants.