Many $B+ companies yet to raise amidst new market reality Over the 昀椀ve-year period between 2018 and 2022, a total of 257 European tech companies 昀椀rst surpassed the milestone of reaching a billion-dollar valuation, including more than 150 in 2021 and 2022 alone during the most heated period of the market. This chart seeks to explore the extent to which these valuations have endured as this cohort of companies has gone on to raise subsequent rounds of investment since 昀椀rst achieving a billion-dollar valuation and, if they have, whether those rounds were raised at higher or lower valuations. Of course, this analysis is limited to publicly-disclosed data, but is still directionally helpful to understand the trend. As is clearly visible in the data, a large number of billion-dollar companies - particularly those that 昀椀rst sur- passed the milestone in 2021 or 2022 - have yet to disclose additional funding rounds. While many companies may keep their valuations intact, it seems likely that there is still a meaningful number of others, particularly from the classes of 2021 and 2022, that may face a correction when next seeking to raise capital. Distribution of $B+ companies by year first surpassed $B+ milestone and status of subsequent capital raises and valuation Disclosed an additional capital raise at a lower 100 valuation Disclosed an additional capital raise at a higher valuation 80 Disclosed an additional capital raise, but valuation not disclosed s e No additional capital i n 60 raise or valuation has a p been disclosed m o c + B $ f 40 o % 20 0 2018 2019 2020 2021 2022 Year company first surpassed $B+ valuation milestone Sources: Notes: Data is as of 31 October 2023. 79 | Companies