PitchBook-歐洲風(fēng)投報(bào)告（英）-2022

22022ANNUALVentureReportContentsPitchBookData,PitchBookData,Inc.JohnGabbertFounder,CEONizarTarhuniSeniorDirector,InstitutionalResearch&EditorialDylanCox,CFAHeadofPrivateMarketsResearchInstitutionalResearchGroupAnalysis34Deals478VCdealsbyregionand78NontraditionalinvestorsSpotlight:DACHExitsNalinPatelLeadAnalyst,LeadAnalyst,EMEAPrivateCapitalnalin.patel@DataCharlieFarberSeniorDataAnalystOscarAllawayAssociateDataAnalystpbinstitutionalresearch@PublishingReportdesignedbyJoeySchafferPublishedonJanuary18,202322022ANNUALEUROPEANVENTUREREPORTIntroductionIn2022,capitalinvestedintoEurope-basedstartupsfellfromtherecordsetin2021.Acombinationofhighinflation,risinginterestrates,weakeconomicgrowth,andrenewedgeopoliticaltensionaffectedinvestorsentimentinEurope.Despitethepessimismsurroundingfinancialmarkets,venturecapital(VC)dealvalueremainedbroadlyresilient.EuropeanVCdealvaluehasbeenonanaggressiveupwardtrajectoryinthepastthreeyears,but2022signalledtheendoftheannualexpansionincapitaldeploymentwithintheassetclass.Fewerlarge-scaledealsatloftyvaluationsclosedinH22022.Riskappetitehasshiftedasconcernsaroundcostsandgrowthratesofmaturebusinesseshavesurfacedinthesecondhalfoftheyear.Nonetheless,investorshavepredominantlyremainedbullishinthecurrentclimate,citinglowervaluationsandascarcityofcompetitorsasdynamicsthatwillimproveopportunities,dealterms,andpotentialreturns.VCdealswithnontraditionalinvestorinvolvementremainedsolidin2022.Althoughloomingrecessionshavedampenedappetiteinfinancialmarkets,nontraditionalinvestorshavecontinuedtopumpcapitalintoVCrounds,evenwithcapitalallocationrequirementsandcompetingprimaryinvestmentstrategies.VCecosystemsmustcontinuetodevelophigh-growthcompaniesthatcanofferinnovativetechnology,researchanddevelopment(R&D)possibilities,orintellectualproperty(IP)thatcanbeleveragedbynontraditionalinvestorssuchascorporateVCs(CVCs)orgeneratesignificantreturnsuponexitforfinancialinstitutions.Nontraditionalinvestorsmaylooktoyoungercompaniesseveralyearsawayfromanexitthatarefocusingonlong-termindustriestoinsulatefromnear-termvolatility.Despiteacombinationofchallenges,exitvalueregistereditsthird-largesttotalin2022.Exitsdriedupasmacroeconomicconditionsandpotentialexitvaluationsworseneddeeperintotheyear.VC-backedcompanieswithhighburnrates,whichpursuedaggressivegrowthtargetsinsearchofloftyvaluationsamidanoverheatedmarket,arenowfacedwithtougherfundingandtougherexitroutes.Startupsarelookingtoextendfundingrunways,cutcosts,andensuretheyarewellpositionedforapotentialexitwhenmarketsrebound.Lowervaluationsinpublicmarketsandreducedappetiteforlistingsfrominvestorshavemeantgeneralpartners(GPs)andfoundershaveavoidedpubliclistingsinthecurrentclimate.Withpubliclistingshaltingin2022andexpectedtoremainsubduedin2023,startupscouldseekcorporateacquirerstofoldtheiroperationsintoinsteadoftestingpublicmarketsalone.In2022,VCfundraisingremainedflatfrom2021.Bearmarketsemergedin2022;however,capitalraisedlandedinasimilarpositiontoitsperformanceinthepastthreeyears,illustratingthatGPswerestillabletoattractsizeablelimitedpartner(LP)commitmentsandclosesubstantialVCfunds.Fundraisingcouldbecomechallengingin2023,ascapitalallocationstightenandportfoliosarerecalibratedduefactorsincludingthedenominatoreffect.However,therobustshowingin2022givescauseforoptimism.332022ANNUALEUROPEANVENTUREINTRODUCTIONDealsVCdealVCdeal Source:PitchBook|Geography:Europe*AsofDecember31,2022OverviewIn2022,€91.6billionwasinvestedintoEurope-basedstartups,representinga15.9%year-over-year(YoY)declinefromtherecordsetin2021.2022wasatrickyyearforstartupsandinvestorsduetomacroeconomicconditionsworsening.Acombinationofhighinflation,risinginterestrates,weakeconomicgrowth,andrenewedgeopoliticaltensionaffectedinvestorsentimentinEurope.Fearsofrecessionshavedampenedspendingasrisingcostsandweakergrowthforecastshavepenetratedseveralbusinesses.Startupsthathavebeenabletopursuegrowthatallcostsandcloseroundswithaplombinpasttwoyearshavefacedrenewedscrutinyin2022.LayoffshavebeenannouncedatcompaniesrangingfromUS-basedbigtechfirmstoEurope-basedVC-backedstartups.MarketcapitalisationsoflargetechstockshavebeenrecalibratedanddampenedvaluationsarefilteringintotheVCecosystemasweenter2023.Despitethepessimismsurroundingfinancialmarkets,VCdealvalueremainedresilientonanannualbasis,evenasitdroppedonaquarterlybasisthroughouttheyear.EuropeanVCdealvaluehasbeenonanaggressiveupwardtrajectoryinthepastthreeyears,but2022signalledtheendoftheexpansionincapitaldeploymentwithintheassetclass.FinancingstagesAhostofmatureVC-backedentitiesincludingCelonis,Northvolt,andSumUpclosedsubstantialmultimillion-euroroundsin2022,asdealvaluelandedhigherthanexpectedgiventheglutinactivitywitnessedduring2021.However,asthedealmakinglandscapeevolvedthroughout2022,wesawfewerlarge-scaledealsatloftyvaluationscloseinH22022.Riskappetitehasshifted,withconcernsaroundcostsandgrowthratessurfacinginthesecondhalfoftheyear.Layoffsatmaturehigh-profileVC-backedbusinesseshavebegunacrossarangeofsectorsthroughouttheyearwiththelatestreportedlyatverticalfarmingstartupInfarm,healthtechfirmKry,electricmobilityproviderVoi,andonlinetutoringserviceGoStudent.StartupsareevidentlycurbingcoststoextendfundingrunwaysamidtherecessionaryenvironmentinEurope.Giventhereadilyavailablecapitalandhighburnratesassociatedwithlate-stageVC-backedentitiesintheecosystemoverthepasttwoyears,itisunsurprisingthatoperatorsarenowfocusingoncapitalefficiencyandstreamliningresourcestoensurebusinesscontinuityamidtheshiftinthefundinglandscape.Since2017,late-stageroundshaveaccountedforthelargestchunkofdealvalueannually,andthisthemecontinuedin2022.Duetotheriseoflate-stagecapital442022ANNUALEUROPEANVENTUREDEALStiedtoswellingvaluationsandbiggerrounds,wehaveintroducedanewVCfinancingstage—venturegrowth.1Thescopeoflate-stageVChasexpandedoverthepastdecade,andwebelieveventuregrowthwillprovideamoreaccuraterepresentationofdealactivitytakingplaceatthetopendoftheVCecosystem.In2022,dealvalueatthelatestageandventuregrowthstagereached€43.5billionShareofVCdealvaluebystageSource:PitchBook|Geography:Europe*AsofDecember31,2022and€16.6billion,respectively.Venturegrowthandlate-stagecapitalcombinedrepresented65.6%ofdealvaluein2022,marginallyupfrom64.8%in2021.DespiteconcernssurroundingoversizedVC-backedcompaniesstrugglingtomaintaingrowthratesandattractinvestmentin2022,capitalinfusionshaveremainedstrong.ShareofVCdealcountbystageSource:PitchBook|Geography:Europe*AsofDecember31,2022Shareofventuregrowthdealcountbysizebucket22*Source:PitchBook|Geography:Europe*AsofDecember31,2022552022ANNUALEUROPEANVENTUREDEALSSectorsVCisalong-termstrategywithinvestmentsconductedforreturnsrealisedovermultiyearhorizons.Therefore,investorstargetcompaniesthatarelikelytobeattheforefrontoftheirindustryinthenextfive,10,or20years.Asaresult,near-termvolatilitydrivenbyblackswanevents,marketshocks,andeconomiccycleshasoftenbeenviewedaspartoftheprocessbyseasonedVCinvestors.Investorshavepredominantlyremainedbullishinthecurrentclimate,citinglowervaluationsandfewercompetitorsprovidingcapitaloptionsasdynamicsthatwillimproveopportunities,dealterms,andpotentialreturns.Moreover,challengingcircumstanceswillensureonlythebest-in-classbusinessideassurvive,obtainfunding,andultimatelysucceed.Sector-focuscanbeacriticalelementforinvestorsandportfoliosinVCimpactedbytechnologicaldevelopment,regulations,governmentpolicies,andchangingdemographics.Forexample,fintechhasdevelopedintothemajorVCsubsectorinEuropesincetheglobalfinancialcrisis(GFC)asdigitaladoption,consumerpreferences,andnewplayershavedisruptedthelong-establishedandlucrativefinanceservicesindustry.CapitalinvestedintofintechcompanieshasclimbedandhelpedcompaniessuchasCandRevolutbecomesomeofthemostvaluableVC-backedcompaniesinEurope.Duringthepastfouryears,fintechdealvaluehasproduced,onaverage,20.2%ofaggregateEuropeandealvalue.However,thefinanciallandscapehasshiftedconsiderablyin2022withcripplinginflationandrisinginterestratesendingfavourablecapitalmarketconditions.Additionally,regulationsregardingdata,security,andthefinancialservicesindustryaretop-of-mindamidrecentcryptocurrencyinvestigations.Subsectorssuchasfintechhavebeeninundatedwithcapitalandincreasedscrutiny.Asweenteraneweconomiccycle,investorsmaylooktoinvestinnewcropsofstartupsinnascentandundercapitalisedsubsectors.InQ42022,twoofthelargestdealsinvolvedelectrictruckdevelopersEinrideandVoltaTruckssecuring€484.0millionand€290.0million,respectively.Electricvehicle(EV)adoptionisunderwayacrossEuropeandinvestinginenterprisespotentiallyyearsawayfromanexitmakessenseforinvestorswithcapitaltodeployforlonger-terminvestmenthorizons.Webelievecapitalinvestedintostartupsoperatinginemergentsubsectorsthatareexpectedtogrowtheirtotaladdressablemarket(TAM)overthenextdecadewillbemorepopularwithinvestorsthancompanieslookingtoconductanexitinthenexttwoyears,givencurrentmarketconditions.RegionsIn2022,€27.0billion,equivalentto29.4%ofEuropeandealvalue,wasinvestedintoUK-&Ireland-basedcompanies.Theregionhasgeneratedthelargestdealvaluefigureeveryyearduringthepastdecadeasoutsizedlate-stageroundshavehelpedpushvaluationsandroundsizestonewheights.However,marketshaveevolvedduring2022,andnewcapitaldeploymentrecordsareunlikelyin2023asvaluationscomeunderpressure.Forexample,London-basedpaymentspecialistCcompleteda€883.8millionroundata€34.5billionpre-moneyvaluationinQ12022.InDecember2022,itwasreportedCwasslashingitsinternalvaluationto€11billion.2Areductioninitsinternalvaluation,whichisdifferentfromavaluationestablishedbyinvestorstiedtoafundinground,reducesthecostofemployeeequityasstaffexercisetheirstockoptionsatalowerprice.TherecalibrationillustratestheincreasinglikelihoodofsoftervaluationspermeatingthroughtheVCecosystem.US-basedStripeandInstacartadoptedasimilarapproachin2022.662022ANNUALEUROPEANVENTUREDEALSShareofVCdealvaluebyregionSource:PitchBook|Geography:Europe*AsofDecember31,2022VCdealvalue(€B)bysectorSource:PitchBook|Geography:Europe*AsofDecember31,2022ShareofVCdealcountbyregionSource:PitchBook|Geography:Europe*AsofDecember31,2022VCdealcountbysector0Source:PitchBook|Geography:Europe*AsofDecember31,2022772022ANNUALEUROPEANVENTUREREPORTVCDEALSBYREGIONANDSECTORNontraditionalinvestorsVCdealactivitywithnontraditionalinvestorparticipationSource:PitchBook|Geography:Europe*AsofDecember31,2022OverviewNontraditionalinvestors,whichwedefineasCVCsandfinancialinstitutionsincludinginvestmentbanks,privateequity(PE)firms,sovereignwealthfunds,hedgefunds,andpensionfunds,amongothers,haveincreasinglyparticipatedinVCroundsduringthepastdecade.Participationremainedsolidin2022asVCdealactivitywithnontraditionalinvestorinvolvementreached€71.1billion,reflectinga16.0%YoYdeclinefromtherecordsetin2021.Althoughloomingrecessionshavedampenedappetiteinfinancialmarkets,nontraditionalinvestorshavecontinuedtopumpcapitalintoVCrounds,evenwithcapitalallocationrequirementsandcompetingprimaryinvestmentstrategiesthatfocusonotherassetclasses.Nontraditionalinvestorinputisheavilyskewedtowardslargedeals,withinvestorspreferringstartupswithbusinessmodelsinplaceandseekingstrategicpartnerships,accesstonetworks,andcapitaltoscaleoperations.In2022,€54.9billion,equivalentto77.3%ofoverallVCdealvaluewithnontraditionalinvestorparticipation,wasinvestedinroundsover€25million.Tocontinueattractingnontraditionalinvestors,VCecosystemsmustcontinuetodevelophigh-growthcompaniesthatcanofferinnovativetechnology,R&Dpossibilities,orIPthatcanbeleveragedbynontraditionalinvestorssuchasCVCsorgeneratesignificantreturnsuponexitforfinancialinstitutions.SectorsOnenotabledealin2022involvedrenewableenergyproducerSunlysecuring€200.0millionfromexistinginvestorsandMirova,asustainableinvestingaffiliateofassetmanagerNatixisInvestmentManagers.SunlywillusethecapitalforthedevelopmentofsolarandwindpowerintheBalticnationsandPoland.TheRussia-Ukrainewarhascreateduneaseamongneighbouringnationsandhasfocusedattentionontheenergysector.Thecostofoil&gassoaredin2022,andwithglobalrelianceonRussianenergyunderduress,findinginnovativesolutionshasbecomeamajorpriorityforgovernmentsandnationsacrossEurope.Withtheconflictexpectedtoextenddeepinto2023,investmentintotheenergyspaceislikelytoremainelevatedasinvestorsandfoundersseeksolutionstosolveenergydemandissuesandpreventfutureproblemsarisingwithinsupplychainsfromgeopoliticaltension.882022ANNUALEUROPEANVENTURENONTRADITIONALINVESTORSShareofVCdealvaluewithnontraditionalinvestorparticipationbysectorSource:PitchBook|Geography:Europe*AsofDecember31,2022StrategicpartnershipsCutting-edgetechnologythatcanhaveanunderlyingimpactonoperationsforCVCinvestorsmayhelpenticecapitalflows.WehaveseenseveralstartupsreceiveminorityequityinjectionsfromCVCsthatsubsequentlyturnintomajority-corporateacquisitions.InQ42022,EVbatterydeveloperVerkorreceived€250.0millionfromtheEuropeanInvestmentBank,amongotherinvestors,todevelopanEVbatterymegafactory.In2021,Verkorcompleteda€100.0millionfundingroundco-ledbycarmanufacturerRenaultandEQTVentures.VerkorisoneofahandfulofbatterystartupstryingtoraisemoneyandbuildahomegrownEuropeanEVbatteryindustrytocompetewiththeAsia-basedgiantsthatdominateglobalsales.3ThemegafactorywillproducebatteriesforRenaulttotestanduseinitsEVs,furtherhighlightinghowstrategicpartnershipsbetweenstartupsandcorporatescanpromoteinvestmentintheVCecosystem.ShareofVCdealcountwithnontraditionalinvestorparticipationbysizebucketSource:PitchBook|Geography:Europe*AsofDecember31,2022LookingaheadAswetransitioninto2023,itwillbetoughfornontraditionalinvestorstomaintainthepacesetduringthepastthreeyearsintermsofdealactivity.Webelievebroaderdealactivitywillflattengivenmarketconditions,anddealactivitywithnontraditionalparticipationwillmirrorthat.MatureVC-backedbusinesses,whichtendtoattractnontraditionalinvestmentandareclosertopubliccompanybusinessmodels,appeartobeshowingsignsofthepressurefacingpublicmarkets.Nontraditionalinvestorsmaylooktoinvestinyoungercompaniesinlong-termindustriesthatareseveralyearsawayfromanexit,toinsulatefromnear-termvolatility.992022ANNUALEUROPEANVENTURENONTRADITIONALINVESTORSDACHVCdealactivitySource:PitchBook|Geography:DACH*AsofDecember31,2022nalysisDealsAfterabumper2021,VCactivityintheDACHregionandEuropehasflattenedasbroaderfinancialmarketshaveslippedintocorrectionterritory.TheDACHregionhasemergedasaprominentVCecosystemduringthepastdecade,withGermanyregularlyproducingthebulkofdealactivity.WhiletheDACHecosystempossessesuniquecharacteristics,theareaisexperiencingsimilarchallengeswitnessedacrossEuropeinrecentmonths,andweexpectVCdealactivitytomirrortrendsacrossEurope.Late-stagecompaniesbasedintheregionhaveincreasedinsize,attractedgreatersumsofcapital,andgrownatfasterrates.OnenotabledealinvolvedBerlin-headquarteredonlinebrokerTradeRepublic.Withmarketsshiftingintobearterritoryin2022,fintechcompaniessuchasTradeRepublicthathavelaunchedexpansivesavings,trading,andinvestingproductswilllikelybereassessingwhichcustomerstotarget.DemandforonlinefinancialservicesboomedduringtheCOVID-19pandemic,andthebullruninmarketshelpedinvestmentsflowintothefinancialservicessector.However,returnshavebecomehardertocomebyin2022,andwithinterestratesincreasingacrossEurope,saving,ratherthanspending,hasbecomemoreappealing.Competitionbetweentraditionalfinancialinstitutionsanddisruptorshasintensified,withnewservices,applications,andplatformsvyingforusers.Companieswithhighburnrates,whichpreviouslyinvestedsignificantamountsofcashtopursuegrowthatallcosts,willnowbeadoptingamorecapital-efficientstrategy.WithintheDACHregion,Germanyproducesthelion’sshareofVCdealvalue.TheVCecosysteminGermanyregularlyfeaturesamongthelargestinEurope,alongwithFranceandtheUK.VCdealactivityinGermanyisclusteredwithinmajorcitiesincludingBerlinandMunich,aswellasHamburg,Frankfurt,andDüsseldorf.Germanyalsopossessesalargefinancialservicessector,whichhashelpedcapitaltrickleintoVC.2022ANNUALEUROPEANVENTURESPOTLIGHT:DACHExitsDACH-basedexitactivityhasfallensharplyfromtheloftylevelsin2021,reflectingbroadertrendsfromtheglobalVCecosystem.LiketheirEuropeanandUScounterparts,DACH-basedcompaniesrushedtoexitamidconducivemarketconditionswhentherewasaninsatiableappetitefortech-enabledbusinessesdisplayinginflatedgrowthmetrics.Fast-forwardtothebearmarketsof2022,andcompanies,managementteams,andinvestorsarefocusingonextendingfundingrunwaysandmaintainingbusinesscontinuityinsteadofriskinganexit.DACHVCexitactivityFundraisingThemajorityoflargefundsclosedin2022werebasedinGermany,specificallyBerlin.AlthoughfinancialservicesaretypicallyassociatedwithFrankfurt,BerlinhasemergedasthecoreVChubinGermany,withthebulkofDACHVCfundsandstartupsbasedinthecity.ItisafashionablecitywithinEurope,and,asevidencedwithrecentfigures,bothfoundersandinvestorsviewitastheoptimalplaceforVCintheDACHregion.NoteworthyexitsforcompaniessuchasventurebuilderRocketInternet,whichpubliclylistedin2014,havehelpedfuelthecapitalcyclewithinthecityanddistributereturnstoinvestorsandemployees.Source:PitchBook|Geography:DACH*AsofDecember31,20222022ANNUALEUROPEANVENTURESPOTLIGHT:DACHVCexitactivity 0Source:PitchBook|Geography:Europe*AsofDecember31,2022OverviewDespiteacombinationoffactorsincludingaroutofpublicequitiesandweakenedgrowthforecaststhatdampenedappetite,exitvalueregistereditsthird-largesttotalonrecordin2022.Whenanalysingexitactivityduring2022,ithasbeenayearoftwohalves:oneofplentifulexitsandoneofveryfewatall.Exitshavedriedupasmacroeconomicconditionsandpotentialexitvaluationshaveworseneddeeperintotheyear.In2022,€29.6billionwasexitedinH1,whereasamiserly€8.6billioninexitvaluewasloggedinH2.Theboominexitmarketsin2021enabledmomentumtobecarriedthroughintoH12022.Thefurtherwemoveawayfromthebumpershowingin2021,itisincreasinglyapparentthatitwasanoutlieryearforexitsintheEuropeanVCecosystem,whichmaynotbeeclipsedforseveralyears.VC-backedcompanieswithhighburnrates,whichpursuedaggressivegrowthtargetsinsearchofloftyvaluationsamidanoverheatedmarket,arenowfacedwithtougherfundingaccessandexitroutes.Startupsarelookingtoextendfundingrunways,cutcosts,andensuretheyarewellpositionedforapotentialexitwhenmarketsrebound.Consequently,wehaveseenreducedexitinterestin2022,andweexpectmutedactivitytocontinuedeepinto2023.Severalmaturebusinessestargetinganexitin2022havepostponedtheirexitplansamidslowergrowthratesandrecessionaryfears.Late-stagecompaniesmaystillopttoexitin2023;however,wedonotanticipatearushofexitsasinvestors,founders,andoperatorsfocusonensuringbusinessesstayafloat.VCexitcountbytype0Source:PitchBook|Geography:Europe*AsofDecember31,20222022ANNUALEUROPEANVENTUREEXITSVCexitvalue(€B)bytypeSource:PitchBook|Geography:Europe*AsofDecember31,2022PubliclistingsThesuccessofVCasastrategyhasconsistentlybeenassociatedwithpreviouslyVC-backed,tech-enabledideasthathavebecomesomeofthelargestcorporationsglobally.ParticularlyintheUS,bigtechcompaniessuchasFacebook,nowcalledMeta,Apple,Amazon,Netflix,Microsoft,andGoogle,collectivelyknownastheFAAMNGgroup,haverevolutionisedmarketindexesandthecorporatelandscape.Publiclylistedtechnologystockshaveproventobehigh-growthformorethandecade.Butoverthecourseof2022,nearly$3.8trillioninmarketcapitalisationswaslost.4AlthoughthesecompaniesareseparatefromtheVCecosystem,theirrevisedvaluations,revenuemultiples,andprofitmarginsserveasabenchmarkwhendeterminingthevalueandlong-termgrowthprospectsofstartupswithlimitedfinancialinformationwithintheVCecosystem.Therefore,tumblingvaluationsinliquidpublicmarketshavefilteredintoprivatemarketvaluationcalculations,especiallyforlate-stagecompanies.LowervaluationsinpublicmarketsandreducedappetiteforlistingsfrominvestorshavemeantGPsandfoundershaveavoidedpubliclistingsinthecurrentclimate.In2022,63publiclistingsgenerated€13.4billion.Althoughbothmetricspresentsignificantdeclinesfrom2021,theyareinlinewithpre-2021exitactivity.Themainfactorsdrivingfewerlistingsarethepriceandmarketriskassociatedwithexitinganinvestmentthathasbeenheldoverseveralyears.Investorsandfounderswillwantthehighestreturnachievable,attainedbyexitingwiththehighestvaluationpossible.Meanwhile,post-exitshareholderswillnotwanttoseetheirinvestmentloseVC-backedpubliclistingexitactivity74Source:PitchBook|Geography:Europe*AsofDecember31,2022significantamountsofvalueinvolatilepublicmarkets,whicheatsintotheirreturns.Furthermore,thelowlysharepricesofrecentlylistedcompanieshavedeterredstakeholdersfromdebutinginpublicmarkets.CorporateacquisitionsWithpubliclistingshaltingin2022andexpectedtoremainsubduedin2023,corporateacquisitionshaveriseninprominence.Startupscouldpursuecorporateacquirerstofoldtheiroperationsinto,insteadoftestingpublicmarketsalone.Thesafetyandexpertiseofferedbyacorporateacquirerisattractivetoseveralcompaniesgivenmarketconditionsandthehighlycompetitiveandcrowdednatureofcertainsectors.Moreover,similarentitiesmayfeelthatcombiningresourcesandsharingknowledgewillbetterservecustomers,ensurelong-termsurvival,andenablegrowthagainstrivals.Forexample,GetirboughtrivalfooddeliveryproviderGorillasfor€1.2billioninQ42022.Withreportedlayoffsandwideninglossesatbothcompanies,theproposedacquisitionmadesensestrategicallygiventherecentstrugglesofthewiderfooddeliveryspaceinEurope.DuringCOVID-19restrictions,fooddeliveryusagesurgedwithGetirandGorillasdoublingdownongrowtheffortstocapturemarketshare.Throughout2022,restrictionshavebeenliftedthroughoutEurope,discretionaryspendinghasfallen,andmarketshaveenteredbearterritory.Thiscombinationoffactorshasme