European Venture Exits 2024
European venture capital has supported the development of some truly exciting and innovative businesses over the last five years. At TempoCap, we’ve closely monitored the largest exits for European VC-backed technology companies over that period, and are delighted to share three indices – one for all-cash acquisitions, one for cash and stock acquisitions, and one for companies that have gone public.
Surprisingly, there were no new exits in Q4 2024 that would make our leaderboards!
We are very pleased to congratulate the following companies that achieved stellar exits in 2024:
Featurespace – a reported $925m acquisition by Visa (all cash).
Featurespace is a leading fraud detection and risk management platform through its adaptive behaviour analytics technology, originally from the University of Cambridge. The platform uses machine learning and artificial intelligence to monitor and detect anomalies in customer behaviour, which helps financial institutions identify and prevent fraudulent transactions in real-time. The company is led by a great CEO, Martina King, that we had the pleasure of meeting several times. One for the anti-portfolio!
Onfido – undisclosed, acquisition by Entrust (all cash).
Onfido is a global identity verification and authentication platform that uses AI and biometric technology to help businesses verify their customers’ identities securely and seamlessly. Founded in 2012, it serves industries such as fintech, e-commerce, and healthcare by enabling real-time identity verification through government-issued IDs and facial biometrics.
We became an investor in Onfido in 2017 and thank all involved for an amazing journey.
Lumapps – a reported $650m acquisition by Bridgepoint (all cash).
LumApps is an enterprise communication and collaboration platform designed to enhance internal communications, foster employee engagement, and improve productivity. It provides organisations with personalised intranets, social communities, and knowledge-sharing tools, enabling teams to connect, collaborate, and stay informed in a seamless and intuitive environment.
BeReal – a reported $540m acquisition by Voodoo (all cash, headline valuation).
BeReal is a social media app that encourages users to share authentic, unfiltered moments by prompting them to post a photo from their front and back cameras simultaneously within a random two-minute window each day. It aims to promote genuine connections by focusing on spontaneity and reducing the pressure of curated content.
Dedrone – a reported $500m acquisition by Axon (all cash).
Dedrone is a counter-drone technology company that provides airspace security solutions to detect, identify, track, and mitigate unauthorised drones. Using advanced sensors, AI-driven software, and integration with defence systems, it helps organisations protect critical infrastructure, public events, and restricted areas from drone threats.
We became an investor in Dedrone in 2019 and thank all involved for an amazing journey.
WeTransfer – a reported $760m acquisition by Bending Spoons (a combination of cash and shares).
WeTransfer is a file-sharing platform that allows users to easily transfer large files online. It provides a simple and user-friendly interface where users can upload files and share them via a download link, which can be sent through email or shared directly. The company has also expanded its range of creative tools, including Paste for presentations and Collect for organising content.
Landvault – a reported $450m acquisition by Infinite Reality (all shares).
Landvault is an innovative platform specialising in metaverse development and virtual real estate. The platform allows brands and creators to design and deploy immersive 3D environments, virtual events, and digital products, making it easier for companies to engage with users in the metaverse.
European venture capital (VC) exit values have experienced a significant decline over the past few years. In 2021, the total exit value was €156bn. This figure dropped to €33bn in 2022, marking a 79% decrease. The downward trend continued in 2023, with exit values totalling €17bn. However, there are signs of recovery in the exit market. 2024 European VC exit activity stood at €34bn, with >70% of this through acquisitions (all Pitchbook data), a 100% increase year-on-year. TempoCap was also delighted to have two more exits for cash over $500m in 2024.
Preqin’s 2025 Global Report on Venture Capital notes that 62% of surveyed VC fund managers anticipate an increase in exits over the next year, up from 40% in the previous survey. We echo these sentiments at TempoCap, noting a lower interest rate environment and an anticipated reopening of the IPO market in the US and Europe, with Bolt, Revolut, and other European tech leaders considering listings.
As ever, we have researched various public sources to ensure that 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 or removed, please let us know at harrie@tempocap.com.
