The report published by Pitchbook earlier this week also offers an argument that the decreased allure of IPOing means early-stage valuations are continuing to flourish.

In pure average terms, exits “pulled back from 2021 levels” by the end of the third quarter, but the median exit of €39.8 million remained 2.8% higher year/on/year and more than double on 2020 as acquisitions-driven traffic “kept a healthy momentum.”

“Conducting an IPO used to be the holy grail for companies,” says the report,” says the report,

“But as private markets have exploded in the past — going from €332 billion in 2012 to €3 trillion in 2022 in total assets under management across venture funds — unicorns will only pursue an IPO if public market conditions are favourable.