Orrick has just released its latest Deal Flow report, analysing over 400 venture and growth deals across Europe worth more than $10 billion.

Liquidation preferences have moved back to 1x, and secondaries are now happening more often from Series B as a way to take liquidity before exit.

The Scaling Europe show is presented by Deel - check them out here:

https://get.deel.com/ruynb7o4lfjk

Sponsors:

SurrealDB: The multi-model database for AI agents. Check them out here: https://surrealdb.com/

Omni: The AI analytics platform trusted by fast-growing companies like Perplexity, Synthesia, and dbt Labs. Check them out here: https://omni.co/

Venture Comet: The platform that gives startups and scale-ups real-time equity tracking, daily business insights and automated management information. Check them out here: https://venturecomet.com/

Timestamps:

0:33 - What Deal Flow 6.0 covers

1:56 - Market stabilisation after 2021–2024

2:45 - More realistic valuations and better deal terms

3:31 - What changed at seed stage

4:03 - Liquidation preferences returning to normal

5:22 - Founder-friendly governance structures

6:44 - Rise of secondaries and liquidity

8:15 - When secondaries are happening

10:02 - Founder liquidity and repeat secondaries

12:07 - What founders should get right early

13:56 - Sector trends beyond AI

15:20 - Predictions for 2026

16:48 - Venture debt and alternative financing

17:56 - Biggest surprises from the data