Author
ARTHUR PORRé
Date
Nov. 03rd, 2026
European SoftwareFinancing & Exit
Trends & Multiples · November 2026
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Despite the “SaaSpocalypse”, AI is reshaping European software rather than ending it
2026 opened under the “SaaSpocalypse” narrative, as listed software stocks fell on fears that AI agents would erode seat-based SaaS models. Private markets nevertheless reached record levels, driven by AI. Fundraising is projected to reach €36.2bn in 2026E: by the end of September, 2026 had already raised €26.1bn, more than the whole of 2025. AI companies now account for 58% of the rounds and over three quarters of the capital raised in 2026, largely taking over from traditional SaaS.
A new generation of AI natives is raising unprecedented amounts to scale fast: nine of the ten largest rounds of the last twelve months went to AI natives (Mistral AI, Helsing, Wayve, Ineffable Intelligence, AMI), and rounds above €500m represent over a third of the capital raised in 2026, through fewer but larger deals (2,700 rounds in 2026E vs. 3,400 in 2025). Security & Infrastructure takes the VC lead with €11.3bn raised over 9M-26, 2.4x its 9M-25 level.
Exits tell the other side of the story. 2025 set a record with 1,230 exits for €39.8bn of disclosed EV, and 2026E is expected to reach €42.0bn. Scaled software players that have embedded AI keep attracting buyers, as their size, data and customer base act as moats against AI natives: the Kraken carve-out (€7.9bn) and the acquisitions of Nexthink or Contentful. M&A still accounts for 90% of transactions, while the Bending Spoons IPO makes up over 40% of the 2026 YTD exit value.
Valuations reflect this split: median VC multiples rose to 7.6x in 2026 YTD, and over the past six years AI companies have been valued at 10.7x vs. 7.0x for their non-AI peers. Exit multiples recovered from their 2024 low of 1.8x to 3.8x in 2026 YTD, still well below 2021-22 levels.
AI has reshaped the ecosystem, and software companies now have two ways to win. AI natives raise large amounts to grow fast. Established SaaS players that have embedded AI defend their market share through scale and moats, which is why SaaS holds up, especially on exits. Looking ahead to 2027, the first AI natives are reaching exit scale, as illustrated by NVIDIA’s announced €10bn+ acquisition of Hugging Face.
The study in 28 chaptersAmount raised by European software start-ups (€bn)
Fundraising is projected to reach €36.2bn in 2026E: by the end of September, 2026 had already raised €26.1bn, more than the whole of 2025.
Rounds above €500m represent over a third of the capital raised in 2026, through fewer but larger deals (2,700 rounds in 2026E vs. 3,400 in 2025).
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | |
|---|---|---|---|---|---|---|
| Amount raised (€bn) | 18.712 | 16.345 | 10.633 | 11.79 | 23.103 | 26.065 |
| Q4-26 estimated | 0 | 0 | 0 | 0 | 0 | 10.123 |
| Number of fundraisings | 3415.0 | 2565.0 | 2611.0 | 2281.0 | 3420.0 | 2709.0 |
Value(1) of acquired European software start-ups (€bn)
2025 set a record with 1,230 exits for €39.8bn of disclosed EV, and 2026E is expected to reach €42.0bn.
M&A still accounts for 90% of transactions, while the Bending Spoons IPO makes up over 40% of the 2026 YTD exit value.
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | |
|---|---|---|---|---|---|---|
| Value (€bn) | 22.471 | 11.758 | 9.889 | 9.673 | 39.844 | 34.362 |
| Q4-26 estimated | 0 | 0 | 0 | 0 | 0 | 7.591 |
| Number of exits | 829.0 | 765.0 | 896.0 | 987.0 | 1230.0 | 1189.0 |
The UK keeps the lead while France more than doubles its amount raised in 2026E, driven by Mistral AI
The United Kingdom raises €9.7bn at the end of September 2026, ahead of France at €6.2bn and Germany at €3.7bn.
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | |
|---|---|---|---|---|---|---|
| UK | 7.458 | 4.663 | 3.319 | 4.098 | 7.723 | 9.676 |
| Germany | 2.024 | 1.265 | 1.33 | 2.001 | 3.889 | 3.717 |
| France | 3.024 | 3.774 | 2.479 | 1.268 | 3.778 | 6.201 |
| Nordics | 2.418 | 1.397 | 0.787 | 1.053 | 1.942 | 1.875 |
| Rest of Europe | 3.788 | 5.246 | 2.718 | 3.369 | 5.77 | 4.596 |
| Q4-26 estimated | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 10.123 |
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | |
|---|---|---|---|---|---|---|
| UK | 1127.0 | 813.0 | 775.0 | 646.0 | 1320.0 | 680.0 |
| Germany | 398.0 | 292.0 | 322.0 | 401.0 | 515.0 | 225.0 |
| France | 321.0 | 282.0 | 311.0 | 199.0 | 269.0 | 196.0 |
| Nordics | 280.0 | 228.0 | 226.0 | 202.0 | 268.0 | 233.0 |
| Rest of Europe | 1289.0 | 950.0 | 977.0 | 833.0 | 1048.0 | 767.0 |
| Q4-26 estimated | 0 | 0 | 0 | 0 | 0 | 608.0 |
European software financing nearly doubles in 2025 and reaches new highs in 2026, driven by mega-rounds
The median fundraising amount stands at €2.5m in H1-26, against €1.2m in H1-21.
| H1-21 | H2-21 | H1-22 | H2-22 | H1-23 | H2-23 | H1-24 | H2-24 | H1-25 | H2-25 | H1-26 | H2-26E | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Top 3 | 1.14 | 0.792 | 1.053 | 0.955 | 0.364 | 0.909 | 0.82 | 0.979 | 1.295 | 2.645 | 2.981 | 5.136 |
| Top 4 -10 | 0.949 | 1.116 | 1.408 | 0.707 | 0.499 | 0.528 | 0.794 | 0.825 | 0.962 | 1.173 | 2.667 | 1.845 |
| Other | 6.611 | 8.103 | 8.545 | 3.678 | 4.633 | 3.701 | 4.441 | 3.931 | 7.572 | 9.457 | 10.294 | 3.141 |
| Q4-26 estimated | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.123 |
| Number of fundraising rounds | 1758.0 | 1657.0 | 1564.0 | 1001.0 | 1433.0 | 1178.0 | 1239.0 | 1042.0 | 1517.0 | 1903.0 | 1493.0 | 1216.0 |
| H1-21 | H2-21 | H1-22 | H2-22 | H1-23 | H2-23 | H1-24 | H2-24 | H1-25 | H2-25 | H1-26 | H2-26E | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Median | 1.18 | 1.5 | 1.63 | 1.1 | 1.5 | 1.4 | 1.5 | 2.27 | 2.69 | 1.8 | 2.5 | 2.5 |
AI transactions now account for 58% of all software fundraising
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 YTD | |
|---|---|---|---|---|---|---|
| AI | 0.356 | 0.352 | 0.402 | 0.456 | 0.499 | 0.585 |
By September, 2026 already exceeds full-year 2025 fundraising value, with fewer deals
At the end of September 2026: €26.1bn across 2,101 deals, against €23.1bn and 3,420 deals over the whole of 2025.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 1.794 | 2.707 | 4.159 | 5.608 | 7.378 | 9.41 | 11.126 | 12.754 | 14.41 | 15.902 | 17.968 | 19.722 |
| 2022 | 3.617 | 5.665 | 7.441 | 9.31 | 10.539 | 11.913 | 13.672 | 14.177 | 15.004 | 15.935 | 16.635 | 17.252 |
| 2023 | 0.818 | 1.601 | 2.747 | 3.665 | 4.396 | 5.495 | 6.212 | 6.616 | 7.773 | 9.041 | 10.092 | 10.633 |
| 2024 | 1.199 | 2.184 | 2.897 | 4.052 | 5.088 | 6.078 | 7.444 | 7.938 | 8.963 | 9.991 | 11.159 | 11.813 |
| 2025 | 1.22 | 2.822 | 4.924 | 6.222 | 7.461 | 9.828 | 11.669 | 12.699 | 16.739 | 19.496 | 20.955 | 23.103 |
| 2026 | 2.519 | 5.616 | 8.063 | 11.033 | 13.377 | 15.942 | 19.179 | 20.347 | 26.065 |
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 310.0 | 586.0 | 891.0 | 1172.0 | 1439.0 | 1758.0 | 2014.0 | 2242.0 | 2559.0 | 2824.0 | 3088.0 | 3415.0 |
| 2022 | 359.0 | 615.0 | 904.0 | 1145.0 | 1334.0 | 1564.0 | 1726.0 | 1871.0 | 2034.0 | 2201.0 | 2390.0 | 2565.0 |
| 2023 | 253.0 | 464.0 | 741.0 | 976.0 | 1200.0 | 1433.0 | 1631.0 | 1798.0 | 2034.0 | 2228.0 | 2422.0 | 2611.0 |
| 2024 | 234.0 | 483.0 | 668.0 | 848.0 | 1022.0 | 1239.0 | 1407.0 | 1544.0 | 1719.0 | 1937.0 | 2118.0 | 2281.0 |
| 2025 | 272.0 | 494.0 | 746.0 | 990.0 | 1205.0 | 1517.0 | 1843.0 | 2071.0 | 2490.0 | 2838.0 | 3108.0 | 3420.0 |
| 2026 | 258.0 | 507.0 | 764.0 | 977.0 | 1205.0 | 1493.0 | 1683.0 | 1833.0 | 2101.0 |
Median round sizes keep rising in 2026
In 2026 YTD the median round stands at €1.8m at Pre-seed and Seed, €11.4m at Series A, €27.5m at Series B, €65.5m at Series C and €181.8m at Series D+.
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 YTD | |
|---|---|---|---|---|---|---|
| Pre-seed & Seed | 1885.0 | 1466.0 | 1581.0 | 1283.0 | 1833.0 | 1105.0 |
| Series A | 320.0 | 199.0 | 186.0 | 152.0 | 271.0 | 221.0 |
| Series B | 102.0 | 80.0 | 59.0 | 48.0 | 106.0 | 55.0 |
| Series C | 39.0 | 24.0 | 16.0 | 15.0 | 34.0 | 23.0 |
| Series D+ | 14.0 | 18.0 | 4.0 | 1.0 | 7.0 | 17.0 |
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 YTD | |
|---|---|---|---|---|---|---|
| Pre-seed & Seed | 0.91 | 1.0 | 1.1 | 1.35 | 1.5 | 1.8 |
| Series A | 6.785 | 9.8 | 7.45 | 10.0 | 10.0 | 11.36 |
| Series B | 24.78 | 28.575 | 20.79 | 24.86 | 26.0 | 27.5 |
| Series C | 67.0 | 75.505 | 29.975 | 54.55 | 47.725 | 65.5 |
| Series D+ | 127.27 | 142.9 | 47.305 | 45.01 | 140.0 | 181.82 |
Top 10 VC deals in European software (based on LTM amount raised)
| Date | Target | Country | Amount raised (€m) | Lead investors(2) |
|---|---|---|---|---|
| Sep-26 | 3,000 | |||
| Jul-26 | 1,636 | |||
| Feb-26 | 1,091 | |||
| Apr-26 | 1,000 | |||
| Mar-26 | 890 | |||
| Oct-25 | 645 | |||
| May-26 | 591 | |||
| Apr-26 | 545 | |||
| Sep-26 | 500 | |||
| Feb-26 | 455 |
US and UK investors still lead VC investments in European software
In 2026 YTD North America accounts for 19.7% of investor participations and the U.K. for 18.5%, ahead of Germany at 9.2% and France at 8.3%.
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 YTD | |
|---|---|---|---|---|---|---|
| North America | 0.201 | 0.207 | 0.164 | 0.173 | 0.182 | 0.197 |
| U.K. | 0.19 | 0.17 | 0.178 | 0.157 | 0.169 | 0.185 |
| Germany | 0.083 | 0.089 | 0.106 | 0.144 | 0.15 | 0.092 |
| France | 0.073 | 0.091 | 0.108 | 0.085 | 0.077 | 0.083 |
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026E | |
|---|---|---|---|---|---|---|
| Non-European investors | 7053.0 | 7366.0 | 5806.0 | 5909.0 | 5284.0 | 4989.0 |
| European investors(2) | 3736.0 | 3965.0 | 3747.0 | 3702.0 | 3456.0 | 2802.0 |
Top 10 European seed and venture funds (based on LTM number of deals)
| Early-stage investors | Country | Number of deals | Relevant investments |
|---|---|---|---|
| 83 | |||
| 73 | |||
| 70 | |||
| 35 | |||
| 33 | |||
| 28 | |||
| 23 | |||
| 23 | |||
| 20 | |||
| 19 |
| Venture-stage investors | Country | Number of deals | Relevant investments |
|---|---|---|---|
| 8 | |||
| 7 | |||
| 7 | |||
| 6 | |||
| 5 | |||
| 5 | |||
| 4 | |||
| 4 | |||
| 4 | |||
| 4 |
Top 10 investors in European software over the past 6 years (in number of deals)
| Funds | Country | Education | Finance | Industrial & Supply chain | Legal & HR | Mobility & leisure | Marketing & Commerce | Health | Real estate | Security & Infrastructure | Decarbonation | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 20 | 87 | 24 | 19 | 32 | 75 | 41 | 34 | 45 | 21 | 398 | ||
| 15 | 64 | 51 | 5 | 35 | 34 | 65 | 15 | 34 | 18 | 336 | ||
| 18 | 76 | 18 | 16 | 17 | 44 | 28 | 10 | 26 | 5 | 258 | ||
| 14 | 56 | 23 | 8 | 30 | 41 | 38 | 12 | 16 | 10 | 248 | ||
| 13 | 55 | 33 | 15 | 33 | 45 | 8 | 6 | 32 | 5 | 245 | ||
| 6 | 54 | 17 | 11 | 25 | 33 | 40 | 22 | 14 | 9 | 231 | ||
| 6 | 109 | 5 | 6 | 36 | 10 | 22 | 7 | 3 | 10 | 214 | ||
| 9 | 61 | 37 | 10 | 10 | 10 | 34 | 6 | 6 | 11 | 194 | ||
| 7 | 53 | 20 | 5 | 23 | 22 | 25 | 3 | 6 | 12 | 176 | ||
| 4 | 64 | 31 | 3 | 5 | 15 | 28 | 9 | 6 | 7 | 172 |
Median EV/Revenue multiples in European software keep rising
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 YTD | |
|---|---|---|---|---|---|---|
| Q3 | 15.5x | 13.2x | 13.1x | 10.3x | 14.8x | 13.2x |
| Median | 8.7x | 8.0x | 7.7x | 6.5x | 7.3x | 7.6x |
| Q1 | 6.54001238938053x | 5.406660649819495x | 4.19077205882353x | 4.3815356265356264x | 4.254150565276606x | 5.529866989117291x |
| AI software | Non-AI software | |
|---|---|---|
| EV/Revenue | 10.689 | 6.986 |
| Education | Real estate | Security & Infrastructure | Marketing & Commerce | Health | Mobility & leisure | Legal & HR | Industrial & Supply chain | Finance | Decarbonation | |
|---|---|---|---|---|---|---|---|---|---|---|
| EV/Revenue | 5.932 | 6.504 | 6.757 | 6.996 | 7.373 | 7.395 | 7.991 | 8.683 | 11.793 | 11.864 |
European software unicorns mapping
Exit value reaches record highs, boosted by IPOs and rising median EVs
The median EV stands at €39m in H1-26, against €33m in H1-21.
| H1-21 | H2-21 | H1-22 | H2-22 | H1-23 | H2-23 | H1-24 | H2-24 | H1-25 | H2-25 | H1-26 | H2-26E | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Top 3 | 4.716 | 7.864 | 1.955 | 2.824 | 2.075 | 3.128 | 0.788 | 4.563 | 8.157 | 13.252 | 4.977 | 19.309 |
| Top 4 -10 | 1.966 | 2.864 | 1.43 | 1.393 | 0.988 | 2.158 | 0.975 | 1.36 | 4.589 | 6.297 | 2.407 | 4.005 |
| Others | 2.214 | 2.846 | 2.913 | 1.243 | 0.47 | 1.069 | 0.865 | 1.123 | 3.332 | 4.218 | 2.582 | 1.082 |
| Q4-26 estimated | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.591 |
| Number of deals | 392.0 | 437.0 | 416.0 | 349.0 | 516.0 | 380.0 | 483.0 | 504.0 | 547.0 | 683.0 | 596.0 | 593.0 |
| H1-21 | H2-21 | H1-22 | H2-22 | H1-23 | H2-23 | H1-24 | H2-24 | H1-25 | H2-25 | H1-26 | H2-26E | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Median EV | 32.56 | 29.3 | 44.0 | 40.0 | 10.0 | 24.37 | 16.01 | 23.38 | 19.13 | 24.05 | 38.885 | 57.19 |
2025 sets a record in exit volume and value, and 2026E is on track to beat it in value
At the end of September 2026: €34.4bn across 894 deals, against €39.8bn and 1,230 deals over the whole of 2025.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 0.116 | 1.203 | 4.163 | 4.348 | 5.504 | 8.896 | 11.48 | 11.985 | 13.813 | 14.329 | 15.104 | 22.471 |
| 2022 | 1.017 | 1.73 | 3.371 | 4.545 | 5.904 | 6.298 | 6.732 | 7.471 | 8.812 | 8.937 | 9.198 | 11.758 |
| 2023 | 0.808 | 0.87 | 1.441 | 1.498 | 2.002 | 3.534 | 4.661 | 6.748 | 8.3 | 8.451 | 8.982 | 9.889 |
| 2024 | 0.34 | 0.611 | 0.918 | 1.543 | 2.206 | 2.628 | 6.019 | 6.574 | 7.629 | 8.243 | 8.907 | 9.673 |
| 2025 | 1.334 | 4.196 | 6.522 | 6.99 | 9.949 | 16.078 | 18.348 | 19.009 | 20.629 | 29.174 | 29.928 | 39.844 |
| 2026 | 0.767 | 1.642 | 3.581 | 4.587 | 5.386 | 9.966 | 28.243 | 31.267 | 34.362 |
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 53.0 | 106.0 | 185.0 | 245.0 | 317.0 | 392.0 | 479.0 | 536.0 | 617.0 | 692.0 | 757.0 | 829.0 |
| 2022 | 73.0 | 154.0 | 232.0 | 288.0 | 355.0 | 416.0 | 498.0 | 536.0 | 601.0 | 657.0 | 714.0 | 765.0 |
| 2023 | 102.0 | 194.0 | 285.0 | 358.0 | 448.0 | 516.0 | 582.0 | 628.0 | 701.0 | 751.0 | 831.0 | 896.0 |
| 2024 | 55.0 | 145.0 | 217.0 | 306.0 | 388.0 | 483.0 | 551.0 | 614.0 | 711.0 | 815.0 | 902.0 | 987.0 |
| 2025 | 85.0 | 171.0 | 264.0 | 364.0 | 437.0 | 547.0 | 657.0 | 743.0 | 872.0 | 1003.0 | 1097.0 | 1230.0 |
| 2026 | 110.0 | 208.0 | 302.0 | 400.0 | 486.0 | 596.0 | 708.0 | 790.0 | 894.0 |
M&A still drives the exit volume, while IPOs make up over 40% of the 2026 YTD exit value
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 YTD | |
|---|---|---|---|---|---|---|
| M&A | 0.529 | 0.669 | 0.715 | 0.681 | 0.556 | 0.306 |
| LBO | 0.281 | 0.33 | 0.256 | 0.312 | 0.422 | 0.203 |
| IPO | 0.191 | 0.001 | 0.029 | 0.007 | 0.023 | 0.49 |
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 YTD | |
|---|---|---|---|---|---|---|
| M&A | 0.832 | 0.885 | 0.914 | 0.888 | 0.901 | 0.898 |
| LBO | 0.09 | 0.098 | 0.081 | 0.099 | 0.09 | 0.096 |
| IPO | 0.078 | 0.017 | 0.005 | 0.014 | 0.009 | 0.006 |
North American acquirers dominate exit value, capturing over 80% in 2025 and three quarters in 2026 YTD
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 YTD | |
|---|---|---|---|---|---|---|
| France | 62.0 | 92.0 | 112.0 | 99.0 | 101.0 | 97.0 |
| Rest of Europe | 43.0 | 65.0 | 75.0 | 92.0 | 108.0 | 85.0 |
| North America | 227.0 | 203.0 | 181.0 | 189.0 | 267.0 | 203.0 |
| Germany | 55.0 | 40.0 | 86.0 | 80.0 | 118.0 | 64.0 |
| UK | 155.0 | 134.0 | 192.0 | 199.0 | 198.0 | 138.0 |
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 YTD | |
|---|---|---|---|---|---|---|
| France | 700.05 | 594.43 | 142.29 | 895.66 | 346.93 | 791.0 |
| Rest of Europe | 698.23 | 661.69 | 142.88 | 192.37 | 334.69 | 511.83 |
| North America | 10378.22 | 6065.72 | 4128.38 | 6015.37 | 26780.71 | 9264.54 |
| Germany | 64.14 | 281.88 | 1828.83 | 50.0 | 703.72 | 0.0 |
| UK | 6580.71 | 799.33 | 2222.76 | 1506.76 | 3721.26 | 1765.57 |
Most European software exits are below the €50m mark
62% of exits are below the €50m mark, 20% between €50m and €150m, and 18% above €150m.
| Exit Value (€m) | Proportion of panel | |
|---|---|---|
| The Happy Few | 150+ | 18% |
| The Breakaways | 50-150 | 20% |
| The Peloton | 50- | 62% |
Top 10 European software exits (based on LTM disclosed EV)
| Date | Target | Country | Acquirer | EV (€m) |
|---|---|---|---|---|
| Jul-26 | IPO | 16,745 | ||
| Dec-25 | 7,864 | |||
| Jun-26 | 3,364 | |||
| Oct-25 | 2,818 | |||
| Oct-25 | 2,570 | |||
| Oct-25 | 1,636 | |||
| Sep-26 | 1,364 | |||
| Aug-26 | 1,200 | |||
| Sep-26 | 1,100 | |||
| Dec-25 | 1,000 |
Bootstrapped firms still make 3 out of 4 exits, but VC-backed ones drive most of the exit value
| H1-21 | H2-21 | H1-22 | H2-22 | H1-23 | H2-23 | H1-24 | H2-24 | H1-25 | H2-25 | H1-26 | H2-26E | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bootstrapped | 0.778 | 0.73 | 0.7 | 0.745 | 0.804 | 0.813 | 0.814 | 0.821 | 0.755 | 0.753 | 0.732 | 0.755 |
| VC-Backed | 0.222 | 0.27 | 0.3 | 0.255 | 0.196 | 0.187 | 0.186 | 0.179 | 0.245 | 0.247 | 0.268 | 0.245 |
| H1-21 | H2-21 | H1-22 | H2-22 | H1-23 | H2-23 | H1-24 | H2-24 | H1-25 | H2-25 | H1-26 | H2-26E | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bootstrapped | 0.601 | 0.244 | 0.559 | 0.716 | 0.483 | 0.424 | 0.648 | 0.68 | 0.783 | 0.286 | 0.161 | 0.16 |
| VC-Backed | 0.399 | 0.756 | 0.441 | 0.284 | 0.517 | 0.576 | 0.352 | 0.32 | 0.217 | 0.714 | 0.839 | 0.84 |
VC-backed companies are 9 years-old when exiting and valued at a median of 6.6x EV/Revenue multiple(1).
Bootstrapped companies are 11 years-old when exiting and valued at a median of 2.6x EV/Revenue multiple(1).
Note: this relatively low EV/Revenue could be explained by the fact that most bootstrapped companies are valued with an EV/EBITDA rationale
VC-backed companies valued at a median of €55m at exit
Bootstrapped companies valued at a median of €18m at exit
EV/Revenue multiples on exits recover from their 2024 low but remain below 2021-2022 levels
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 YTD | |
|---|---|---|---|---|---|---|
| Q3 | 9.1x | 8.9x | 6.7x | 4.0x | 8.3x | 8.1x |
| Median | 4.4x | 5.7x | 2.8x | 1.8x | 3.0x | 3.8x |
| Q1 | 1.858711558810037x | 3.347341301565592x | 1.3599357067824283x | 0.8894858019953953x | 1.4244314244314245x | 1.9088316912972085x |
| AI Software | Non-AI software | |
|---|---|---|
| EV/Revenue | 6.713 | 3.141 |
| Health | Marketing & Commerce | Industrial & Supply chain | Mobility & leisure | Real estate | Education | Legal & HR | Security & Infrastructure | Finance | |
|---|---|---|---|---|---|---|---|---|---|
| EV/Revenue | 2.593 | 2.619 | 3.376 | 3.683 | 4.213 | 4.294 | 4.835 | 5.77 | 5.947 |
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IT Services
Industrial Deeptech
Sustainability
One of the best software track-record in Europe
One of the best software track-record in Europe
Exhaustivity, reliability & consistency
Sources
Dealroom for deals and segments
Pitchbook for valuations
Specialized press for valuations
Press releases for valuations
Scope
Location: in Europe (including United Kingdom)
Creation year: after 1995
Business line: SaaS and other software business models
Transaction date: last 6 years
Round: includes Angel, Seed, Series A to I, Early VC, Late VC, Growth Equity VC (Fundraising) & IPO, Merger & Acquisition, Buyout & Growth Equity Non-VC (Exits)
Calc.
Projections: for unfinished period, values are annualized: 2026E: H1-26 + H2-26 with H2-26 = Q3-26 actual + Q4-26 estimated as Q3-26 excl. IPOs
Enterprise Value: calculated as Equity Value + Net Financial Debt when legal information is found
Dilution: New Money ÷ Post-Money Valuation
Multiples: Multiples above 20.0x (fundraisings) and 50.0x (exits) were filtered out
Research team
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