The market reset is a global phenomenon Of course, the market reset isn’t solely a European concern: it’s a worldwide phenomenon with Europe facing the same downward trend in investment as every other region globally. There has been a notably consistent reduction in global private tech investment not only in Europe, but also in the US, China, and beyond. However, zooming out a few years, Europe has continued on an upward trajectory and is on track to raise 18% more compared to 2020. We are the only region globally where long term growth has not 昀氀attened out. Mean- while the US, China and Rest of World are on track to land on or below 2020 昀椀gures. Capital invested and chnage in capital invested (%) by region, 2020 versus 2023 Europe United States China RoW $45B $120B $48B $45B 2023E 2023E 2023E 2023E +18% -1% -7% -8% 2023E vs 2023E vs 2023E vs 2023E vs 2020 2020 2020 2020 Notes: Data is as of 30th September 2023. Full year extrapolated based on year to date data. Excludes the following: biotech, secondary transac- Sources: Powered by tions, dept, lending capital and grants. 71 | Companies