"Europe's two-track VC market: $47.5B in secondaries, 11.1% down-round rate, and the AI capital wall"
PitchBook's "splitting in two" thesis is now the dominant founder-investor narrative. AI mega-rounds vs. a healthier-than-expected base, plus continuation funds normalising as Revolut-style secondaries.
#EuropeanVC #Secondaries #DownRounds #DryPowder #StartupFunding #VentureCapital #Sifted #FounderJourney