Crossover investor activity grinds to a halt As highlighted in the ‘First Look’ midyear update to the State of European Tech, a consequence of a very different exit landscape has been a huge decrease in, and in some cases a complete withdrawal from, activity by so-called ‘crossover investors.’ The retreat of these funds that actively invest across both the public and private markets has been a major factor in the slowdown of late-stage and large-round investment activity. In 2022, the volume of new investment activity had already started to slow dramatically, especially during the second half of the year. This year, investment activity has effectively ground to a halt with just four new in- vestments announced publicly during the year to date. Interestingly, this slowdown is visible across both large rounds of more than $100M, as well as smaller rounds. Number of new investments by selected crossover investors by quarter, 2019 to 2023 $100M+