Nicolas von Bülow,
Partner & Co-founder - Clipperton Finance
Jean-Michel Deligny
Managing Director – go4venture Advisers
F...
France Digitale Day - June, 11th 2014
2
FRENCH INNOVATION FINANCING: A SNAPSHOT
BIOTECH /
CLEANTECH
IT
59%
CleanTech
13%
A...
France Digitale Day - June, 11th 2014
3
EUROPEAN VC INVESTMENTS BY COUNTRY OF FUND (€K)
SOURCE: EVCA - 2014
INCLUDES ALL V...
France Digitale Day - June, 11th 2014
4
1990S 2000S 2010S
#2 IN THE WORLD FOR
IPTV
€3.7B REVENUE IN
2013
INVENTOR AND
WORL...
France Digitale Day - June, 11th 2014
5
FRENCH START-UPS AND US MONEY RECENTLY
France Digitale Day - June, 11th 2014
6
Acquired by Acquired by
A FEW EXAMPLES OF CROSS-BOARDER OPERATIONS
€180M
Acquired ...
France Digitale Day - June, 11th 2014
7
WHAT HAPPENED OVER THE LAST 15 YEARS
MINDSET
ECO-SYSTEM
PEOPLE
TOP LEVEL MANAGERS ...
France Digitale Day - June, 11th 2014
8
86
98
179
272
402
Ireland
Spain
Germany
France
UK 27%
18%
12%
7%
6%
% of Europe
# ...
France Digitale Day - June, 11th 2014
9
108
100
86
81
69
59 58 57
51 49 48 48
30 30 28 25 25 24 23 21
Crocus
Technology
De...
France Digitale Day - June, 11th 2014
10
69%
55%
31%
45%
UK France
US Non-US
Selected Non-US2
Investors
Selected US2
Inves...
France Digitale Day - June, 11th 2014
11
2
3
10
12
27
Finland
Switzerland
France
Germany
UK 42%
18%
15%
5%
3%
% of Europe
...
France Digitale Day - June, 11th 2014
12
100mn+ UK and French M&A Exits1
(2012-2014 YTD May 31, €mn)
UK # of Exits: 12 Fra...
France Digitale Day - June, 11th 2014
13
WRAP-UP: AN UNDERESTIMATED MARKET
ENGINEERING
ENVIRONMENT
DOMESTIC
MARKET
MATURE ...
France Digitale Day - June, 11th 2014
14
For more information please visit www.go4venture.comFor more information please v...
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Presentation France Digital Day | Clipperton - Go 4 venture | Festival French Tech 2014

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Presentation France Digital Day | Clipperton - Go 4 venture | Festival French Tech 2014

  1. 1. Nicolas von Bülow, Partner & Co-founder - Clipperton Finance Jean-Michel Deligny Managing Director – go4venture Advisers France Digitale Day - June, 11th 2014
  2. 2. France Digitale Day - June, 11th 2014 2 FRENCH INNOVATION FINANCING: A SNAPSHOT BIOTECH / CLEANTECH IT 59% CleanTech 13% Above $30M 2% $10-30M 9% $1-10M 62% Below $1M 27% FRANCE: ROUND SIZE SPLIT – 2013 (# DEALS) SOURCE: DIGIMIND / CLIPPERTON FINANCE MEDTECH COMPONENTS CONNECTED OBJECTS $30M RAISED $20M RAISED $26M RAISED ON NYSE$45M RAISED $23M RAISED $37M RAISED $42M RAISED $27M RAISED FRANCE: SECTOR SPLIT – 2013 (AMOUNTS) INNOVATION FINANCING IN FRANCE - 2013 $1B Value 235 deals A FEW EXAMPLES LifeSciences 28% $1 816M $1 640M $1 001M UK DACH FR 238 deals 153 deals 235 deals SOURCE: DIGIMIND / CLIPPERTON FINANCE * ALL FINANCING ROUNDS ABOVE $500K, EXCLUDING IPOS, SECONDARIES AND MAJORITY INVESTMENTS COMPARED TO UK IN GERMAN MARKETS
  3. 3. France Digitale Day - June, 11th 2014 3 EUROPEAN VC INVESTMENTS BY COUNTRY OF FUND (€K) SOURCE: EVCA - 2014 INCLUDES ALL VENTURE CAPITAL INVESTMENTS – SEED, EARLY STAGE AND LATER STAGE €957k €1138k €929k €847k €725k €675k €786k $864M $1005M $704M €751M €770M $591M $657M €1641M €1770M €875M €802M €840M €678M €521M 2007 2008 2009 2010 2011 2012 2013 France Germany UK • FRENCH, GERMAN AND UK VCS HAVE SIMILAR INVESTMENT CYCLES AND SIMILAR FIREPOWER • BUT REMEMBER, 2X MORE INVESTMENTS IN THE UK…
  4. 4. France Digitale Day - June, 11th 2014 4 1990S 2000S 2010S #2 IN THE WORLD FOR IPTV €3.7B REVENUE IN 2013 INVENTOR AND WORLDWIDE LEADER OF SMART CARDS €2.4B REVENUE IN 2013 ACQUIRED BY SAP FOR €4.8B – BIGGEST SOFTWARE ACQUISITION IN EUROPE >20% OF SAP REVENUE ACQUIRED BY RAKUTEN IN 2010 FOR €180M ACQUIRED BY IBM FOR $340M IN 2009 INVENTOR OF PRIVATE SALES >€1.6B SALES (2013) >$4B VALUATION INVENTOR OF AD RETARGETING $2B VALUATION UPON IPO WORLDWIDE REACH $160B ACQUISITION BY ORANGE GROUP LEADING MUSIC STREAMING PLATFORM >$150M RAISED OVER $300M SALES $50M INVESTMENT FROM ACCEL PARTNERS DEVELOPER OF AORTIC VALVE REPLACEMENT >$700M ACQ. BY MEDTRONIC WORLDWIDE LEADER IN HUMANOID ROBOTICS $100M ACQ. BY SOFTBANK ONE OF THE BIGGEST ACQUISITION BY ADOBE IN EUROPE ($600M) DEVELOPER OF THE FIRST ARTIFICIAL HEART LISTED IN PARIS >500 PEOPLE JUST ANNOUNCED THE ACQ. OF JEUXVIDEOS.COM FOR >$120M CONNECTED HEALTH INNOVATOR $30M RAISED IN 2013 BIG DATA STORAGE LEADER STRONG DEVELOPMENT IN THE US TALENT MANAGEMENT SUITE $20M RAISED IN 2013 INNOVATOR IN CONNECTED OBJECTS NETWORKS $20M RAISED IN 2014 (INC. INTEL) WEB SECURITY INNOVATOR $22M RAISED IN 2014 (INC. BESSEMER) EUROPEAN LEADER IN SOCIAL COMMERCE INVESTMENT FROM CONDE NAST INNOVATING IN CLOUD ENTERPRISE SOLUTIONS $18M RAISED IN 2014 WITH ACCEL INNOVATING IN CLOUD ENTERPRISE SOLUTIONS $18M RAISED IN 2014 WITH ACCEL NUMEROUS INTERNATIONAL LEADERS ACROSS SEGMENTS LEADER IN OPEN SOURCE $40M RAISED IN 2014 GLOBAL EXPERT IN LASER SYSTEMS $37M TRANSACTION
  5. 5. France Digitale Day - June, 11th 2014 5 FRENCH START-UPS AND US MONEY RECENTLY
  6. 6. France Digitale Day - June, 11th 2014 6 Acquired by Acquired by A FEW EXAMPLES OF CROSS-BOARDER OPERATIONS €180M Acquired by €4.8B Acquired by ~$150M $600M Acquired by $100M Acquired by $700M Acquired by >$20M Acquired by $25M Acquired by $340M
  7. 7. France Digitale Day - June, 11th 2014 7 WHAT HAPPENED OVER THE LAST 15 YEARS MINDSET ECO-SYSTEM PEOPLE TOP LEVEL MANAGERS HAVE GAINED EXPERIENCE: - PROFESSIONAL - CONNECTED - TECH SEASONED THE INNOVATION ECO-SYSTEM HAS BEEN STRUCTURED: - CONNECTIONS BETWEEN PUBLIC RESEARCH AND PRIVATE ENTITIES - VCS HAVE GAINED EXPERIENCE AND SECTOR EXPERTISE JUST LIKE IN OTHER EUROPEAN COUNTRIES, TECHNOLOGY HAS BECOME A KEY TOPIC: - GOVERNMENT INCENTIVES HAVE BEEN INSTALLED - START-UP CULTURE HAS SPREAD AMONGST ENGINEERS AND GRADUATES
  8. 8. France Digitale Day - June, 11th 2014 8 86 98 179 272 402 Ireland Spain Germany France UK 27% 18% 12% 7% 6% % of Europe # OF ROUNDS1 - (2011-2014 YTD MAY 31) VALUE OF ROUNDS1 (2011-2014 YTD MAY 31) €371mn €441mn €552mn €747mn €1 189mn Germany Netherlands Italy France UK 22% 14% 10% 8% 7% Source: VentureSource 1. VC / PE rounds for Information Technology companies based in Europe FRANCE IS EUROPE’S 2ND MOST ACTIVE VENTURE MARKET % of Europe
  9. 9. France Digitale Day - June, 11th 2014 9 108 100 86 81 69 59 58 57 51 49 48 48 30 30 28 25 25 24 23 21 Crocus Technology Deezer Wonga Borro SixDegrees Hyperoptic Access Powa Appsense Just-Eat FarFetch Mimecast Amplitude Criteo SuperSonic Imagine Aldebaran Spartoo Viadeo Withings Leosphere Top 10 UK and French Fund-Raisers1 (2011-2014 YTD May 31, €mn) Top 10 UK Total: €606mn Top 10 France Total: €414mn – 32% Source: Go4Venture Advisers HTI Database 1. Large HTI investments (>£5mn / €7.5mn / $10mn) for Information Technology companies based in Europe ACCESS TO CAPITAL IS SOMEWHAT BINARY
  10. 10. France Digitale Day - June, 11th 2014 10 69% 55% 31% 45% UK France US Non-US Selected Non-US2 Investors Selected US2 Investors Selected Non-US2 Investors Selected US2 Investors Source: Go4Venture Advisers HTI Database 1. Large HTI investments (>£5mn / €7.5mn / $10mn) for Information Technology companies based in Europe 2. Rounds defined as international if any single investor is not from the same country as the fund-raising company’s HQ; and US if any single investor is based in the US US vs. Non-US International Rounds1,2 (2011-2014 YTD May 31) US INVESTORS ARE STILL LESS ACTIVE THAN IN THE UK
  11. 11. France Digitale Day - June, 11th 2014 11 2 3 10 12 27 Finland Switzerland France Germany UK 42% 18% 15% 5% 3% % of Europe # OF M&A EXITS1 (2012-2014 YTD MAY 31) VALUE OF M&A EXITS1 (2012-2014 YTD MAY 31) 35% 21% 17% 9% 4% Source: Go4Venture Advisers HTI M&A Database 1. M&A exits of European VC and Growth Equity backed Information Technology companies of $50mn or more 2. Includes the €2.2bn exit of Supercell, the only €1bn+ exit in the sample FRANCE IS STILL NOT GETTING ITS SHARE OF M&A EXITS % of Europe €542mn €1 171mn €2 283mn €2 816mn €4 801mn Ireland France Finland Germany UK 2
  12. 12. France Digitale Day - June, 11th 2014 12 100mn+ UK and French M&A Exits1 (2012-2014 YTD May 31, €mn) UK # of Exits: 12 France # of Exits2: 4 – 67% Source: Go4Venture Advisers HTI M&A Database 1. M&A exits of European VC and Growth Equity backed Information Technology companies 2. Includes aborted exit of Dailymotion LACK OF US BUYERS UNDERMINING AVERAGE EXIT VALUES 623 600 582 455 387 365 242 240 238 215 153 131 127 122 121 116 GlobeOp Skrill Callcredit Neolane NaturalMotion DeepMind Avelo TDXGroup Ubiquisys GeoNetworks LaCie Dailymotion (aborted) E-Learning FFastFill Solarsoft OB10
  13. 13. France Digitale Day - June, 11th 2014 13 WRAP-UP: AN UNDERESTIMATED MARKET ENGINEERING ENVIRONMENT DOMESTIC MARKET MATURE INNOVATION ECO-SYSTEM EFFICIENT FISCAL FRAMEWORK - STABLE LEGISLATION - LOW R&D COSTS DUE TO GOVERNMENT INCENTIVES: E.G. CIR/CICE - FUND FUNNELING TOWARDS INNOVATION - DYNAMIC - LINKED WITH FUNDAMENTAL RESEARCH - DRIVEN BY PRIVATE FUNDS - INTEGRATED FINANCING FUNNEL FOR EARLY TO LATER STAGE - TECH-SEASONED FUND MANAGERS - WORLWIDE LEADERS - STRONG AND MATURE - ESTABLISHED B2C CULTURE - GEOGRAPHICAL DIVERSITY - EUROPEAN CROSSROADS - R&D: 2.3% OF GDP - #2 IN EUROPE FOR MATHEMATICS, SCIENCE AND TECH GRADUATES* - #2 IN EUROPE FOR PATENTS FILED* CURRENT LACKS & AXIS FOR IMPROVEMENTS FRENCH AND EUROPEAN PUBLIC MARKETS ARE NOT STRONG ENOUGH TO TAKE OVER PRIVATE FUNDS LATER STAGE FUNDS ARE NOT YET GEARED TOWARDS TECHNOLOGY AND LACKING MANAGERS EXPERIENCED IN THE FIELD TOO FEW DIGITAL CHAMPIONS CAPABLE OF CONSOLIDATING THE MARKET * EUROSTATS
  14. 14. France Digitale Day - June, 11th 2014 14 For more information please visit www.go4venture.comFor more information please visit www.clipperton.net London 48 Charles Street Berkeley Square London W1J 5EN T: +44 (0)20 7529 5400 F: +44 (0)20 7529 5401 W: www.go4venture.com Paris New-York San Francisco 16 Passage Jouffroy 75009 Paris FRANCE 303 Cognewaugh Road Greenwich, CT 06807 USA 50 California Street, Suite 3200 San Francisco, CA 94111 USA Paris 10 rue du Month Thabor 75001 Paris FRANCE T: +33 1 77 35 18 10 M: corporate@clipperton.net London Green Park House 15 Stratton Street W1J 8LQ London UNITED-KINGDOM T: +44 20 3036 0346 M: corporate@clipperton.net Berlin Neue Schönhauser Str. 2. 10178 Berlin GERMANY T: +49 30 257 405 41 M: corporate@clipperton.net

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