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It can, of course, be a mistake to make assumptions about the overall ecosystem without first understanding the numbers at a more granular level. In this context, it's important to understand that the relative maturity of the venture capital asset class differs markedly at the country or sub-regional level. The UK, for example, is unquestionably the most mature European venture capital market. Not only is the level of 'dependency' on government agency funds much lower in places such as the UK (8%) and Nordic countries (10%), but the decline in the share of funds raised from these sources is also falling much faster than elsewhere. The decline in the DACH region, home to many of Europe's leading early-stage VCs, is also particularly pronounced. On the flip side, in the less mature corners of Europe - Southern Europe (32%) or the CEE (37%) - there is an understandably higher level of dependence. Nevertheless, the relative share of funding from government agencies is declining across the board, with the notable exception of France and the Benelux, where government institutions have been long-time and very active supporters of local VCs.