Tech IPOs in H1 2025 - Multiples.vc - Public Comps and Valuation Multiples

European tech IPO drought continues - out of 35 key tech IPOs in 2025 so far, only 3 were European - the online gaming firm 🇸🇪 Hacksaw Gaming, compliance software provider 🇩🇪 innoscripta SE and product security firm 🇬🇧 Quantum Base.

Global IPO market showed signs of opening up in 2025, landmark companies like CoreWeave, Chime, eToro and Circle (successfully) went public.

Lots of deal activity in Asia, in particular in 🇨🇳 China - CaoCao Mobility, Insta360 and Tianyouwei.

Data table
Company	HQ	Valuation	Exchange	Sector	Description
Hangzhou Scantech	:cn:	311.3	Shanghai Stock Exchange	Sensors & Instruments	Developer and manufacturer of 3D portable measurement products designed for automotive vehicles and accessories, aerospace ships, rail transit and other industries. The company develops a series of world-class 3D system equipment which possess proprietary intellectual property rights, including the portable 3D scanner, global photography measurement system and track 3D scanner, enabling companies to have quality and efficient 3D digitalization solutions.
BRETON Technology	:cn:	880.6	HKEX	Electric Vehicles	Breton Technology Co Ltd is a China-based provider of electric-powered engineering machinery. It design, develop and commercialize battery-electric engineering machinery with autonomous capabilities and provide intelligent operation services. Breton develops multiple powertrain models, including dual-motor and single-motor series. The dual-motor series powertrain is powerful and suitable for heavy-load, rough terrain, and steep gradient mining scenarios, used in Breton's electric mining trucks and other heavy-duty products.
CaoCao Mobility	:cn:	2908.9	HKEX	Ridesharing	Provider and developer of ride-hailing services designed to provide convenient inter- and intra- urban travel options. The company offers business rides and same-city goods delivery services by employing its own drivers, providing users with economic and convenient transportation options while enabling new energy vehicles drivers to offer transportation services efficiently.
MetaLight	:cn:	192.1	HKEX	Navigation & Mapping	MetaLight Inc operates Chelaile, a mobile app that applies data analytics to deliver real-time, accurate bus arrival information. Chelaile has established a solid base for mobile advertising revenue through its extensive audience reach. Beyond advertising, it offers data analytics products and services to businesses and governments, enabling accurate predictions and supporting smart decision-making. The company has built a robust technology stack to support its technological advancements and product development. The company generates the majority of its revenue from advertising.
SAIMO	:cn:	222.8	HKEX	Autonomous Tech	Provider of intelligent connected car driving test and evaluation services created to promote the development of intelligent connected vehicles in China. The company's research focuses on the intelligent driving simulation test, AUTOSAR (Automotive Open System Architecture) research and independent development, it also provides technology, research and supporting services to related enterprises and institutions in the field of intelligent connected cars in attempt to build self-driving car testing and evaluation related work systems, tool chains and indicators, enabling its clients to greatly reducing social management costs and corporate R&D testing costs of intelligent connected vehicles.
Yuanbao Insurance	:cn:	681.0	NASDAQ	Neoinsurance	Yuanbao Inc is a technology-driven online insurance distributor in China.
HyperStrong	:cn:	471.3	Shanghai Stock Exchange	Energy Storage	Operator of a systems and technology services company intended to focus on research and development (R&D), production, sales, and service of energy storage systems. The company provide whole series of energy storage system products for clients in the industrial chain ranging from thermal power, new energy power generation, smart grid, end user, etc., as well as one-stop solutions for energy storage system and owns independent intellectual property rights of battery modeling, battery management, system integration, system verification, intelligent operation and maintenance and other core technologies, enabling users to improve system security, prolong battery life, reduce system operation and maintenance costs, increase energy efficiency, and ensure asset value.
Insta360	:cn:	2631.8	Shanghai Stock Exchange	Consumer Electronics	Developer of various types of camera technology intended to help people capture and share their lives. The company develops different cameras for different functions including lightweight cameras that are portable and convenient, camera attachments for mobile phones, cameras for vlogging, 360 degree cameras that captures every angle and cinematic virtual reality cameras, enabling users to capture memories with high quality equipment suited for various scenarios.
Tianyouwei Electronics	:cn:	2047.8	Shanghai Stock Exchange	3D Printing	Manufacturer and developer of Auto Meter designed to serve the automotive industry. The company's manufacturing process relies on 3d printing technologies and offers variety auto meter such as navigation 3d systems, touchscreen auto meter and interactive auto meter, providing advanced auto meter for automotive industrial users.
WinTech Nano	:cn:	504.9	Shanghai Stock Exchange	Semiconductors	Provider of semiconductor designed to enable related laboratory service. The company is dedicated to providing laboratory services in the field of semiconductor industry such as circuit modification and materiel analysis, enabling clients to efficiently improve the product performance and reduce costs.
Hanshow	:cn:	1598.4	Shenzen Stock Exchange	IoT	Provider of business intelligence solutions. The company integrates mobile Internet technology, Internet of Things technology and business concepts, and uses self-developed electronic tags as the core enabling retailers to reduce operating costs and increase work efficiency.
Innoscripta	:de:	1353.5	Frankfurt Stock Exchange	GRC Software	Innoscripta SE is a software company specializing in cloud-based compliance software for research and development. It provides R&D tax incentives consulting.
ChowChow Cloud	:hk:	149.2	NASDAQ	IT Consulting	ChowChow Cloud International Holdings Ltd is providing one-stop cloud solutions that support companies across the IT industry value chain throughout their entire cloud transformation journey from consulting, deployment and migration to cloud environment building and management. Its business comprises (i) digital transformation consulting services consisting of cloud suitability assessment (ii) professional IT services comprising of capabilities designed to facilitate seamless cloud integration and digital transformation, (iii) AI-powered proactive cloud managed services covering all aspects of day-to-day cloud maintenance and support, and (iv) IT infrastructure solutions covering on-premise private cloud setups and public cloud integrations including infrastructure applications.
eToro	:il:	5410.0	NASDAQ	Online Brokerage
Urbanica	:il:	376.5	Tel Aviv Stock Exchange	Vertical E-Commerce	Urbanica (Palo) Retail Ltd is a young and groundbreaking Israeli retail and E-commerce fashion and lifestyle brand.
Hexaware	:in:	4954.8	Bombay Stock Exchange	IT Consulting	Hexaware Technologies Ltd is a digital and technology services company with artificial intelligence. The segments of the company are based on the industries served: Financial Services, Healthcare and Insurance, Manufacturing and Consumer, Hi-Tech and Professional Services, Banking, and Travel and Transportation.
Robot Consulting	:jp:	229.8	NASDAQ	HCM Software	Robot Consulting Co Ltd is a platform service provider focusing on human resource solutions intending to expand into legal technology and the metaverse. Its current Main product is Labor Robot, a cloud-based human resource management system. Labor Robot helps users track employee attendance and sales orders and journalize accounting items. Additionally, the company provides information about grant applications with MHLW, which will provide grants to small and medium-sized businesses to enhance their working conditions and employee welfare. Labor Robot also facilitates users in evaluating the types of grants it may be eligible for. In addition, It connects users interested in applying for grants with Certified Consultants.
Derayah Financial	:sa:	1995.5	Tadāwul	Online Brokerage	Operator of a digital investment platform intended to provide asset management services. The company offers asset management, margin financing, and equity investments.
Nice One	:sa:	1074.5	Tadāwul	Vertical E-Commerce	Nice One Beauty Digital Marketing Co operates as a online stores engaged in sale of beauty and personal care products. The company offers beauty and body care products, contact lenses, perfumes, skin and hair care products, as well as supplements. The Company's main activities are as Wholesale of textiles, clothing and footwear. Non-specialized wholesale trade.
Hacksaw	:se:	2323.6	Nasdaq Stockholm	Online Betting	Hacksaw AB (publ) is a B2B technology platform and game development company. The group operates in the iGaming industry, developing, producing, and licensing fully integrated slots, scratch cards, and instant win games to online gaming operators. Hacksaw is a B2B supplier whose customers are online gaming operators in the iGaming industry.
BGIN	:sg:	651.8	CBOE	Blockchain & Crypto	BGIN Blockchain Ltd is operating through its subsidiaries and is engaged in digital asset technology company based in Singapore, Hong Kong and the U.S. with proprietary cryptocurrency-mining technologies and a strategic focus on alternative cryptocurrencies. It design and sell mining machines equipped with proprietary 8nm or 12nm ASIC chips under different series dedicated to the mining of KAS coins, ALPH coins, and RXD coins. The Company operated in two reportable segments, which were the cryptocurrency mining and the sale of mining machines Key revenue is generated from Sale of mining machines. Geographically, It derives key revenue from Hong Kong, China and Vietnam, United States, Singapore, etc.
AEMC	:tw:	1362.8	Taipei Exchange	Semiconductors	Developer of semiconductors and displays designed for semiconductor materials industry. The company's products mainly focus on semiconductor optical components, advanced packaging, TFT Photo Resists, etc, providing customers with customized and innovative products.
Quantum Base	:uk:	1915.8	London Stock Exchange	Cybersecurity	Quantum Base Holdings PLC is engaged in developing and scaling its Q-ID solutions. These are different fingerprints that cannot be copied, cloned, or faked. The company's atomic-level security stops counterfeits and prevents fraud, signaling a step change in product authentication and brand protection.
SailPoint	:us:	12800.9	NASDAQ	Cybersecurity	SailPoint Inc delivers solutions to enable comprehensive identity security for the enterprise. The company does this by unifying identity data across systems and identity types, including employee identities, non-employee identities, and machine identities. The SaaS and customer-hosted offerings of the company leverage intelligent analytics to give organizations critical visibility into which identities currently have access to which resources, which identities should have access to those resources, and how that access is being used. Its solutions enable organizations to establish, control, and automate policies that help them define and maintain a robust security posture and achieve regulatory compliance.
Chime Financial	:us:	9839.4	NASDAQ	Neobanking	Chime Financial Inc is a financial technology company that believes in core banking services.
Caris Life Sciences	:us:	5836.6	NASDAQ	Vertical AI Applications	Caris Life Sciences Inc is a patient-centric, next-generation AI TechBio company. It develop and commercialize solutions to transform healthcare through the use of comprehensive molecular information and artificial intelligence/machine learning algorithms at scale.
Omada Health	:us:	1059.1	NASDAQ	Telemedicine	Omada Health Inc empowers individuals to make lasting health changes through personalized, virtual care between doctor's visits. The integrated platform of the company supports members with cardiometabolic conditions like prediabetes, diabetes, hypertension, musculoskeletal issues, and behavioral health needs. The company's specialized care tracks also assist members using GLP-1 medications. The Company delivers measurable health outcomes and value for employers, health plans, health systems, and pharmacy benefit managers.
TEN Holdings	:us:	164.1	NASDAQ	EventTech	TEN Holdings Inc is a provider of event planning, production, and broadcasting services. The company produces virtual and hybrid events and physical events. Virtual and hybrid events involve virtual and hybrid event planning, production and broadcasting services, and continuing education services, all of which are supported by its Xyvid Pro Platform. Physical events involve live streaming and video recording of physical events. The Company operates business as one operating segment which includes two revenue types: Hybrid and Virtual Events and Physical Events.
Wellgistics Health	:us:	233.8	NASDAQ	Healthcare Software	Wellgistics Health Inc is a healthcare technology and pharmaceutical logistics company. It simplifies the logistics of prescription fulfillment from the manufacturer and provider to the patient. It is focused on improving the lives of patients while delivering unique solutions for pharmacies, providers, pharmaceutical manufacturers, and payors.
CoreWeave	:us:	76790.0	NASDAQ	AI Chips & Hardware
MNTN	:us:	1231.4	NYSE	AdTech Software	MNTN Inc is a performance TV software company. It is focused on providing performance advertising services through a unified online advertising platform that includes segmentation tools, intelligent campaign planning, advance audience targeting, prospecting, creative ad builder, and data analytics reporting. The company derives its revenues from customers by providing performance advertising services through its online advertising platform as well as advertising production or creative services.
Circle	:us:	6898.7	NYSE	Stablecoin Infrastructure	Circle Internet Group Inc is a financial technology firm engaged in digital currencies and public blockchains for payments, commerce, and financial applications. The company is the issuer of USD Coin (USDC).
Hinge Health	:us:	2579.1	NYSE	Fitness & Wellness	Hinge Health Inc is a technology platform for individuals seeking to treat and prevent joint and muscle pain. Through a combination of AI-powered motion tracking technology, the Company's platform helps members address musculoskeletal (MSK) conditions, enables improved member outcomes and supports cost reductions for its clients. The Company's clients are self-insured employers.
Voyager	:us:	1802.4	NYSE	SpaceTech	Voyager Technologies Inc is a defense and space technology company committed to advancing and delivering transformative, mission-critical solutions. It operates across three primary divisions namely Defense and National Security, Space Solutions and Starlab Space Stations.