{
 "title": "Europe’s largest VC-backed first exits",
 "asOf": "2026-10-20",
 "currency": "USD",
 "since": 2015,
 "feedGeneratedAt": "2026-10-18T05:39:48.257Z",
 "trading": "Grey dots: month-end market cap for the 24 months after listing, from daily closes and one approximate share count per company (could be 5–10% off). Bending Spoons and Klarna have listed for less than 24 months. No price data for Deliveroo (delisted from the LSE).",
 "method": "First-time exits of VC-backed companies from the Dealroom Multiples & Valuations sheet and IPO feed, European by headquarters or founding country, Russia excluded. Exit value is the company valuation at the IPO price (direct listings at the reference price) or the deal value. Years are IPO dates or deal announcements. SPAC listings are excluded. European means founded or headquartered in Europe; founders’ nationality does not count (Snowflake and Datadog were founded in the US). Capital raised sums the disclosed funding rounds dated before the exit (next-gen transactions), excluding secondary sales, debt, grants and post-IPO rounds. Companies with an earlier exit in the transactions feed, or with no disclosed capital, are excluded.",
 "rows": [
  {
   "company": "UiPath",
   "uuid": "96b2348d-67c1-47ed-881e-aa760676c3ef",
   "home": "Romania",
   "hq": "United States",
   "hqMoved": true,
   "year": 2021,
   "ipo": true,
   "acquirer": null,
   "pending": false,
   "exitUsd": 35800000000,
   "raisedUsd": 1991100000,
   "rounds": 7,
   "logo": "uipath.svg"
  },
  {
   "company": "Spotify",
   "uuid": "606065bf-1ceb-4756-9018-afe76dbc80b2",
   "home": "Sweden",
   "hq": "Sweden",
   "hqMoved": false,
   "year": 2018,
   "ipo": true,
   "acquirer": null,
   "pending": false,
   "exitUsd": 29500000000,
   "raisedUsd": 2060360000,
   "rounds": 8,
   "logo": "spotify.svg"
  },
  {
   "company": "Bending Spoons",
   "uuid": "1c1e35ce-6ccf-4722-8f6a-199533ec21ec",
   "home": "Italy",
   "hq": "Italy",
   "hqMoved": false,
   "year": 2026,
   "ipo": true,
   "acquirer": null,
   "pending": false,
   "exitUsd": 18400000000,
   "raisedUsd": 905400000,
   "rounds": 5,
   "logo": "bendingspoons.svg"
  },
  {
   "company": "Klarna",
   "uuid": "135f123e-858a-4888-9859-ae0bccf174f9",
   "home": "Sweden",
   "hq": "Sweden",
   "hqMoved": false,
   "year": 2025,
   "ipo": true,
   "acquirer": null,
   "pending": false,
   "exitUsd": 15100000000,
   "raisedUsd": 4459223118,
   "rounds": 17,
   "logo": "klarna.svg"
  },
  {
   "company": "Unity Technologies",
   "uuid": "2f359c4e-cc40-4f94-8fd2-c66b4ec37289",
   "home": "Denmark",
   "hq": "United States",
   "hqMoved": true,
   "year": 2020,
   "ipo": true,
   "acquirer": null,
   "pending": false,
   "exitUsd": 13700000000,
   "raisedUsd": 893500000,
   "rounds": 7,
   "logo": "unitytechnologies.svg"
  },
  {
   "company": "Hugging Face",
   "uuid": "5f6eb41d-3989-4de1-8739-61c04b8798bb",
   "home": "France",
   "hq": "United States",
   "hqMoved": true,
   "year": 2026,
   "ipo": false,
   "acquirer": "Nvidia",
   "pending": true,
   "exitUsd": 11900000000,
   "raisedUsd": 395740000,
   "rounds": 7,
   "logo": "huggingface.svg",
   "note": "Announced, not closed (expected H1 2027). Excludes ~$1B of employee retention equity in the $12.9B headline."
  },
  {
   "company": "GitLab",
   "uuid": "a4f4b673-4f71-41c3-8ae3-207f69d16ea8",
   "home": "Ukraine",
   "hq": "United States",
   "hqMoved": true,
   "year": 2021,
   "ipo": true,
   "acquirer": null,
   "pending": false,
   "exitUsd": 11000000000,
   "raisedUsd": 433645000,
   "rounds": 8,
   "logo": "gitlab.svg"
  },
  {
   "company": "Wise",
   "uuid": "4408bab8-d0e7-4175-ba08-a92cd836ef0f",
   "home": "United Kingdom",
   "hq": "United Kingdom",
   "hqMoved": false,
   "year": 2021,
   "ipo": true,
   "acquirer": null,
   "pending": false,
   "exitUsd": 10560004224,
   "raisedUsd": 396330000,
   "rounds": 7,
   "logo": "wise.svg"
  },
  {
   "company": "Oatly",
   "uuid": "9a30f0e8-f7d5-4ce6-9bef-364d4b5d5260",
   "home": "Sweden",
   "hq": "Sweden",
   "hqMoved": false,
   "year": 2021,
   "ipo": true,
   "acquirer": null,
   "pending": false,
   "exitUsd": 10100000000,
   "raisedUsd": 200000000,
   "rounds": 1,
   "logo": "oatly.svg",
   "note": "At the $17 IPO price on ~592M ADS-equivalent shares. The sheet had $13.0B, a first-day trading value."
  },
  {
   "company": "Deliveroo",
   "uuid": "867f4d5b-a717-428a-9c07-9286ff89c616",
   "home": "United Kingdom",
   "hq": "United Kingdom",
   "hqMoved": false,
   "year": 2021,
   "ipo": true,
   "acquirer": null,
   "pending": false,
   "exitUsd": 10032004013,
   "raisedUsd": 1613630001,
   "rounds": 8,
   "logo": "deliveroo.svg"
  },
  {
   "company": "AUTO1 Group",
   "uuid": "e52a9508-3662-4ffb-b66c-90d072c5abde",
   "home": "Germany",
   "hq": "Germany",
   "hqMoved": false,
   "year": 2021,
   "ipo": true,
   "acquirer": null,
   "pending": false,
   "exitUsd": 10000000000,
   "raisedUsd": 1102100000,
   "rounds": 4,
   "logo": "auto1group.svg",
   "note": "At the €38 IPO price on ~217M shares, 1.21 $/€. The sheet had $12.9B, a first-day trading value."
  },
  {
   "company": "Wolt",
   "uuid": "61679bf6-33f2-46c1-bf86-004baeae56d3",
   "home": "Finland",
   "hq": "Finland",
   "hqMoved": false,
   "year": 2021,
   "ipo": false,
   "acquirer": "DoorDash",
   "pending": false,
   "exitUsd": 8100000000,
   "raisedUsd": 821270000,
   "rounds": 9,
   "logo": "wolt.svg",
   "note": "Announced November 2021, closed June 2022."
  },
  {
   "company": "Adyen",
   "uuid": "785515ee-d484-4d66-ac5c-dba31e331a04",
   "home": "Netherlands",
   "hq": "Netherlands",
   "hqMoved": false,
   "year": 2018,
   "ipo": true,
   "acquirer": null,
   "pending": false,
   "exitUsd": 7810000000,
   "raisedUsd": 322600000,
   "rounds": 3,
   "logo": "adyen.svg"
  },
  {
   "company": "Sportradar",
   "uuid": "50519813-6e57-404b-832b-bdda76bc604d",
   "home": "Switzerland",
   "hq": "Switzerland",
   "hqMoved": false,
   "year": 2021,
   "ipo": true,
   "acquirer": null,
   "pending": false,
   "exitUsd": 7400000000,
   "raisedUsd": 92400000,
   "rounds": 2,
   "logo": "sportradar.svg"
  },
  {
   "company": "Acerta Pharma",
   "uuid": "e3440f5a-027e-45df-ac79-d1630f0288db",
   "home": "Netherlands",
   "hq": "Netherlands",
   "hqMoved": false,
   "year": 2015,
   "ipo": false,
   "acquirer": "AstraZeneca",
   "pending": false,
   "exitUsd": 7000000000,
   "raisedUsd": 371400000,
   "rounds": 2,
   "logo": null,
   "note": "Announced December 2015, closed February 2016."
  }
 ],
 "excluded": [
  {
   "company": "ARM",
   "exitUsd": 54500000000,
   "year": 2023,
   "reason": "earlier exit: ipo 1998"
  },
  {
   "company": "Genmab",
   "exitUsd": 11600000000,
   "year": 2019,
   "reason": "earlier exit: ipo 2000"
  },
  {
   "company": "On",
   "exitUsd": 7300000000,
   "year": 2021,
   "reason": "capital raised not disclosed"
  }
 ]
}