Foreword -

Despite a shift to economic headwinds, investors injected more than $95B into the European tech market in 2022, the second-largest amount ever. To see how deal terms changed, Orrick developed new technologies and processes to analyse more than 500 transactions we closed for our clients in Europe in 2022 with an aggregate value of more than $12B. 5 Things We Learned About European Tech Deal Terms in 2022 1. Market instability led to a shift towards more investor-friendly terms, including: Founders were required to stand behind warranties in 44% of venture deals despite wide agreement of less need for founders to be financially liable for warranties. We expect this to change now that new British Private Equity & Venture Capital Association (BVCA) model forms in greater circulation confirm a market norm of requiring company-only warranties.