EVSI
European Venture Sentiment Index
In a europe-wide, quarterly survey, we assess the current sentiment of venture capital investors and business angels, as well as their current outlook for the coming quarter.
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European Venture Sentiment Index Reports
In Q1 2026, the index actual stood at 4.4, below the 5.6 projection, reflecting a more challenging environment compared to Q4 2025 (QoQ -22.7%; YoY -26.1%). The lower-than-expected figure suggests that the market has become more cautious and selective amid ongoing macroeconomic tensions.
The composition of the index actual in Q1 2026 reflected these macroeconomic pressures. Investor activity decreased by 10.7%, startup valuations fell by 27.7%, and the dealflow activity decreased by 13.6%. Competition for deals dropped by 31.4%, while the fundraising environment weakened by 45.1%. As a result, the index actual fell below the neutral line for the first time since Q1 2024.
Looking ahead to Q2 2026, the index outlook of 4.3 points to a more cautious environment, standing 23.0% below the Q1 2026 projection, and 27.2% below the Q2 2025 outlook, indicating that investors are likely to remain selective in the near term.