Round volumes trending back to pre-2021 levels The slowdown in investment activity is re昀氀ected in a decreased count of disclosed investment rounds. Look- ing at the investment activity across the last ten years, 2021 and 2022 are standout years, while 2023 is on track to land in line with prior years. The category of rounds involving investment amounts of $5M or less continue to represent the overwhelming majority of all activity, equating to 73% of all rounds in 2023. It should be noted, however, that this category is most impacted by the so-called reporting lag, which results in early-stage investment rounds being systematically unpublicised for an extended period of time until re- porting catches up to subsequent data disclosures. This reporting lag notwithstanding, it’s notable that sub-$5M rounds account have been shrinking as a pro- portion of total investment rounds raised in Europe each year. Over the past three years, $5M+ rounds have accounted for around one-quarter (24-27%) of all activity each year. A decade ago in 2014, that share stood at just over one-tenth (11%). Number of rounds by size and by year, 2014 to 2023 $250M+ $100-250M 12k $50-100M $20-50M $10-20M 10k $5-10M