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February 2024
The T100 is Lazard VGB's carefully curated index containing the most exciting venture and growth-backed businesses in Europe The companies span different stages, sectors and geographies to broadly reflect the wider fundraising environment across Europe
January 2024
2023 was a period of reset for the European Venture & Growth markets. Heading into 2024, we believe there are five key questions which we address within our Outlook: 1. Will central banks’ easing cycle be driven by disinflation or recession? 2. Will liquidity across the Venture & Growth capital cycle improve? 3. Will the funding shift into hard technologies continue to gain momentum? 4. To what extent will sectors with lower 2023 activity recover? 5. Will AI continue to dominate the larger funding rounds and which other verticals will outperform?
November 2023
Through conversations with private market investors and sector experts, as well as organic market research, we’ve concluded that climate software will likely soon be widely viewed as a horizontal investment opportunity supporting a continually expanding set of cross-industry applications. Software plays a vital role in advancing the clean energy transition by:
- Buttressing the efficiency and resiliency of energy and infrastructure assets
- Enabling broad enterprise adherence to regulatory and voluntary reporting and decarbonization trends
- Appealing to a broad spectrum of private market investors seeking attractive end-market use cases
October 2023
The T500 is Europe's largest dedicated venture & growth conference, held each year in London by Lazard's VGB team. The conference brings together the T100 Index containing Europe's most exciting venture & growth backed businesses, and the T400 representing the 400 most active investors in the European venture ecosystem. In 2023, we were delighted to welcome 70 companies and 600 investors across 3 days at the IET Conference Centre in London. Each morning we had panels, fireside chats and keynote speakers, the highlights of which you can see here
October 2023
We break down our 3Q23 review into four short sections:
- Public Markets: First negative print of the year for equity markets, and rising longer-dated yields pressured both bond and equity valuations
- European Fundraising: Venture & Growth markets improved sequentially (+22%), but remain below 2022 levels (-23%). DeepTech, InfraTech and Healthcare account for 74% of total funding
- Deal round-up: We pick out notable deals in Energy Transition and Life Sciences, amongst other areas
- Fund flows: We note that VC firms with strong track records continue to raise capital, European company delinquencies rise, and IPOs / strategic exits show nascent signs of a rebound
September 2023
In this report, we outline how European independent software vendors (ISVs) have integrated payment capabilities within their product offering. Our key takeaways are three-fold:
- Merchant acquirers who have historically held direct merchant relationships have experienced increasing disintermediation risk from i) payment service providers and ii) ISVs.
- There is a wide dispersion of payment enablement across vertical markets, ranging from: highly penetrated offline hospitality verticals like wellness and restaurants, through to more complex industries which focus on software, such as energy and construction.
- Our bottom-up analysis of ten vertical software markets has identified a group of around 20 interesting ISVs in Europe.
July 2023
We break down our 2Q23 review into four short sections:
- Public Markets: Resilient performance from public equities despite real yields above 2% and a deeply inverted yield curve
- European Fundraising: Venture & Growth markets improved sequentially (+25%), but remain well below 2022 levels (-61%)
- Deal round-up: We pick out notable deals in Life Sciences and Generative AI, amongst other areas
- Fund flows: We assess the velocity of capital in the venture & growth market, breaking down the liquidity cycle into three stages: i) GP fundraising, ii) capital deployment, iii) exits/returns.
July 2023
Our new report examines go-to-market and pricing strategies for 150 of the most promising venture-backed AI companies. The analysis highlights key learnings and establishes benchmarks to assess which models are likely to help companies differentiate as the market matures
- 3x: AI market leaders average ~3x the number of pricing/sales channels than their emerging peers
- Barbell Market: Flurry of deals early + capital highly-concentrated late = opportunities for Series B/C investors
- Verticalizing Apps: Commercialization timelines likely to condense as vertical software apps overtake DeepTech models
- Partnerships Prevail: Corporates are buying, investing, and partnering to determine early infrastructure winners
May 2023
This report summarizes some key trends in cybersecurity including:
- Current market perspectives and learnings from 2022
- Emerging threat trends
- Securing the software supply chain
- Zero trust identity protection becomes table stakes
- Securing AI/ML solutions an emerging, dynamic challenge
- XDR is driving the modernization of security operations
- Attackers increasing focus on data opportunities
April 2023
Our latest report on the healthcare tech space explores:
- Post-pandemic trends are still transforming the industry
- Consumers seeking loyalty, personalization
- Improving the revenue cycle
- Data sharing key to progressing outcomes-based care
- The evolving role of AI in healthcare
- Hybrid, chronic condition, and specialty care solutions
- The talent and skills crisis demands software solutions
- Governance, privacy, and security in focus
April 2023
This report marks the first quarterly review of the European venture & growth market from VGB Insights. In the report we aim to do three things:
- Provide an overview of key trends across 1Q23
- Include a round-up of deal flow and investor participation
- Outline key challenges for the asset class in the coming quarters
March 2023
The summit confirmed the growing investor appetite for AgriTech and FoodTech solutions given:
- The sectors are underfunded relative to other segments of energy transition
- There is robust investment opportunity in areas like biologics, biofuels, and gene editing
- Net zero goals require a fundamental change to the food system. (production processes account for more than one-third of greenhouse gas emissions)
June 2022
Our review of our T500 conference addresses 10 key themes from the event:
- Startups transforming Europe
- Tech accelerating energy transition
- Impact capital flowing into infratech
- Sustainability a key driver of consumer demand
- Gen Z moves into the metaverse
- AI transforming healthcare
- Finance replatforming and decentralising
- SaaS becoming narrower and deeper
- AI finally coming of age
- Inclusion is a driver of growth
Meet Lazard's Venture & Growth Insights Team...
...And the Full Venture & Growth Banking Team
![](https://assets.foleon.com/eu-central-1/de-uploads-7e3kk3/42365/es.e239550ba3c6.jpg?)
Ellie Stepaniak
Executive Assistant
![](https://assets.foleon.com/eu-central-1/de-uploads-7e3kk3/42365/rw.9b40b0101336.jpg?)
Rita Wright
Executive Assistant
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