US investor participation down In Europe, shifting global capital 昀氀ows have led to less investment from US investors in both early and late- stage funding rounds. Despite the drop in investment stages, US investor participation in European funding rounds is still higher than historical norms. Many long-term US investors continue to be actively involved in the region. Share of rounds with participation from US-based investor (%) by stage, 2019 to 2023 Early stage Growth Stage 60 Overall 50 40 s l a e d l l30 a f o % 20 10 0 2019 2020 2021 2022 2023 Notes: Sources: Data is as of 30 September 2023. Powered by Excludes the following: biotech, secondary transactions, debt, lending capital, and grants. | 26