Volumes of dry powder remain high Whilst the fundraising environment in Europe has seen a clear shift this year, the levels of dry powder have kept climbing, re昀氀ecting continued elevated levels of fundraising in recent years. Reporting from Invest Eu- rope implies the total dry powder, the amount of committed but unallocated capital venture capitalists have at hand to deploy, has risen to $58B, and to $108B when also including Growth funds. This represents an in- crease of 14% from $98B in 2022. Fundraising is a slow process and any shifts in changing market sentiment will only 昀氀ow through to dry powder 昀椀gures with a delay. As of today, European venture funds continue to sit on the largest trove of deployable capital that Europe has ever seen. Dry powder ($B) by fund stage focus per year, 2013 to 2022 Venture Capital Growth 125 100 ) B 75 $ ( r e d w o p y r 50 D 25 0 3 4 5 6 17 8 9 0 1 2 1 1 1 1 0 1 1 2 2 2 20 20 20 20 2 20 20 20 20 20 Notes: Taken from the European Data Sources: Cooperative, developed by Invest Europe. EDC data converted at EUR:USD of 1:1.0917, the rate on 30 June 2023. | 218