Ebb & Flow

The antipathy of the public markets for biotech hasn't hurt venture rounds, where investors have more savvy and take a long-term view. But while European venture capitalists have embraced the idea that building larger companies is the way to go, the average size of venture rounds is lagging behind 2000, and still trails the U.S.

Last quarter, 16 private European companies raised $216.6 million at an average of $13.5 million per company. In the same period last year, 17 companies raised $223.1 million at an average of $13.2 million. By comparison, the average European venture round in 2000 was for $16.5 million (and was $18.4 million in the U.S. (see "Average Private Rounds"). ...