Nenad Marovac' presentation at the Investors' Forum in Geneva on March 27th 2019

1. EUROPE HAS NEVER BEEN BETTER
NENAD MAROVAC
FOUNDER AND MANAGING DIRECTOR,
DN CAPITAL AND CHAIR, INVEST EUROPE

2. 2
We are setting new records
Funds raised
Source: Invest Europe EDC Data; Pitchbook
€11bn
Amount invested
€7.2bn
Amount exited
€48bn
45% for:

3. 3
Results: Best returns ever
Source: State of European Venture, Atomico
(5.5)
6.6
3.0
0.0 0.0
11.9
7.4
16.7
23.1 22.3
16.1
18.5
12.5
24.9
19.1
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Netinternalrateofreturn(%)
Net IRR %
Top quartile performance (net internal rate of return) of EIF-backed VC funds by vintage year
Solid!

4. 4
Results: Most unicorns ever
1 2 3
7
11
19
28
34
41
61
2005 2010 2011 2012 2013 2014 2015 2016 2017 2018
Cumulative number of $bn+ companies founded since 2003
Source: State of European Venture, Atomico

5. 5
We all like unicorns

6. 6
But in reality – it’s all about the Dragons…

7. 7
…enter The Dragon!

8. 8
European Dragons
€24bn €13.5bn €9.2bn €7.8bn €6.5bn €5.7bn €5.7bn €4.2bn €3bn €1.5bn €1.5bn €2.6bn
All of these companies will return over 1x the VCs funds
Source: Pitchbook

9. 9
The European ecosystem has come a long way
Source: Pitchbook
Major US funds
start investing in
Europe
Skype acquired for ~€2.2bn.
2011 acquired again for ~€6.2bn
Zalando
IPO for ~€5.3bn
Now worth €8.0bn
Financial
Crash
Spotify IPO
for ~€24bn
VC funding exceeds pre-
crash level
Delivery Hero IPO for
~€4.4bn
Now worth €6.53bn
Adyen IPO: ~€13.5bn on 1st
day of trading.
Now worth €19.5bn
Farfetch IPO for
~€5.2bn
Just Eat
IPO for ~€1.85bn
Now worth €4.85bn
Brexit ?
2000 2005 20182007 20162010 20172014

10. 10
A new ecosystem is emerging in Europe
HIGHER QUALITY
COMPANIES
=
HIGHER RETURNS
The emergence of
serial entrepreneurs
… supported by high profile,
experienced seed and
series A funding…
… while major events
and groups are nurturing
the ecosystem…
… helping to create
the new generation
of successful entrepreneurs

11. 11
The Emergence of serial entrepreneurs
Brent Hoberman Oli Samwer Fabrice GrindaNils Regge Niklas Zennstrom Xavier Niel
Alando

12. 12
Backed by experienced seed and venture funds
1996 2006 20092000 2011 2012 201520131997 2003
Neil
Rimer
Pär-Jörgen
Pärson Nenad
Marovac
Sonali De
Rycker
Bernard
Liautaud Staffan
Helgesson
Niklas
Zennstrom
Xavier Niel
Eileen
Burbidge
Filip Dames
Frederic
Court
Christophe
Baviere
Martin
Weber
Norman Fiore
Sake
Bosch
1999
Klaus
Hommels

13. Helping to create the next generation of entrepreneurs
15
Hakan
Koc
Frédéric
Mazzella
Juan
Urdiales
Nikolay
Storonsky
Valentin
Stalf
Johannes
Schildt
Patrick
Andrae
André
Schwämmlein
Daniel
Dines

14. 16
Winners can come from anywhere

15. So lets keep winning!
17

16. Thank you!
Nenad Marovac
nenad@dncapital.com
+44 (0)20 7340 1600