Europe had an eerily quiet first quarter. According to Dealroom, just over 2,300 rounds were closed — the lowest number since Q3 of 2016. Funding totals didn’t fare quite as badly — the €14.3bn raised is the worst since only the third quarter of 2020 — but it’s evident that the continued macroeconomic uncertainty and a mini-banking crisis has held the continent back from breaking out of its malaise.
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