TempoCap Liquidity Indices

At TempoCap, we are closely monitoring the largest exits for European VC-backed technology companies.

As such, we are pleased to share three indices highlighting activity in this area – one for all cash acquisitions, one for cash and stock acquisitions, and one for companies that have gone public. There is a ton of interesting information to dissect here, and below, we provide some initial analysis of these tables.

A key takeaway from our analysis is that European venture capital has supported the development of some fascinating and innovative businesses over the last five years.

A few notable trends from the Q3 2025 data include:

– On all-cash exits: A limited number of these were above $1 billion in Europe over the last nearly five years – we count only six. Out of the top 20 cash exits, seven were companies from the U.K., five from Germany, three from France, and three from Scandinavia – including the largest, Tink. 19 out of the top 20 exits were to strategics (with only one PE buyer), and just over half of the buyers were U.S. companies.

– On exits for cash and shares: There have been a limited number of these above $1 billion in Europe over the last circa five years, too — we count only six. The U.K. had eight companies out of the top 20, three from Germany, and interestingly one each from Sweden and the Netherlands, while the largest, Wolt, is Finnish. 50% of buyers were from the U.S.

– On public listings: Here, all 20 listings were above $1 billion. Out of the top 20, nine came from the U.K., four came from Germany, and the largest, UI Path, came fr0m Romania. Klarna’s recent IPO on the NYSE has brought life to the European IPO market, with numerous VC-backed listings announced & expected in the near future.

We have researched various sources to ensure we have the most accurate information possible, but if you’ve spotted something that needs to be corrected or a company that needs to be added, please let us know at harrie@tempocap.com.