Median pre-money valuation ($M) by stage, 2014 to 2023 Seed Europe median Europe 5-year median 14 Europe 10-year median US median 12 10 ) M $ 8 ( n o i t a u l 6 a V 4 2 0 4 15 6 17 8 9 0 1 2 D 1 0 1 0 1 1 2 2 2 T 0 2 0 2 0 0 0 0 0 Y 2 2 2 2 2 2 2 3 2 0 2 Series A Europe median Europe 5-year median 50 Europe 10-year median US median 40 )30 M $ ( n o i t a u l a V20 10 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Notes: Data is as of 30 September 2023. Excluded biotech & Sources: pharma firms. 35 | Executive summary