Series B Europe median Europe 5-year median 150 Europe 10-year median US median 125 100 ) M $ ( n o i 75 t a u l a V 50 25 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Series C Europe median Europe 5-year median 350 Europe 10-year median US median 300 250 ) M200 $ ( n o i t a u l 150 a V 100 50 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Notes: Data is as of 30 September 2023. Excluded biotech & Sources: pharma firms. | 92