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frontline.vc
A GLOBAL PERSPECTIVE BROUGHT TO YOU BY:
Startups & Venture Capital
in the United Kingdom
The Global Startup...
@TROLSZEWSKI 2
The UK is the EU leader in $b+ tech co’s and startup funding
Gil Dibner Slideshare Presentations, GP Bullho...
@TROLSZEWSKI 3
$1.6b$1.7b
$4.3b
$5.1b
$6.2b
$7.1b
TRAILING 12 MONTHS OF VC
INVESTMENT (BY COUNTRY, EX-SV & SF)
Venture Pul...
@TROLSZEWSKI 4
2016 saw a dip in funding: is Brexit to blame?
€0b
€1.5b
€3b
€4.5b
€6b
2007 2008 2009 2010 2011 2012 2013 2...
@TROLSZEWSKI 5
EU deal value is catching up to the UK across many regions2012
2013
2014
2015
2016
€3.2b
€3.8b
€3.2b
€1.3b€...
@TROLSZEWSKI
London
Paris
Berlin
Stockholm
0 4.5 9 13.5 18
$2.3b
$5.8b
$3.7b
$11b
$1.8b
$1.3b
$9.6b
$17b
6
TOTAL VC FUNDS ...
@TROLSZEWSKI 7Fund Flows in Europe, Dealroom (2015), Which funds are really investing in Europe?
And the UK is the leading...
@TROLSZEWSKI
$1.5b
8
With 200 companies with $50m+ in funds raised
Crunchbase, Last Valuation, Authors Choice
$1.4b
$1.1b ...
@TROLSZEWSKI 9
And 200+ tech exits in the past 10 years!!
Crunchbase Pro (ex-MedTech, BioTech), Varied Sources, Authors ch...
10
Ecosystem
@TROLSZEWSKI 11
The UK has the highest concentration of capital in EuropeVitruvian
Balderton
Octopus
IndexGrowth
AccelLond...
@TROLSZEWSKI 12
Investors at every stage, even debt
Seed Series A - B Late Stage
Note: approximation, many investors parti...
@TROLSZEWSKI
Tracy Dorée
Russell Buckley
Leila Rastegar Zegna
13
Who to know at the seed stage
Pietro Bezza
Bill Earner
Si...
@TROLSZEWSKI 14
Who to know in later stages
Niklas Zennström
Mattias Ljungman
Nenad Marovac
Steve Schlenker
Thomas Rubens
...
@TROLSZEWSKI 15
The UK is unique in Europe for its large late stage funds
Fund IV
$430m
(2009)
Fund V
$305m
(2014)
Growth ...
CVCs have become active as well
16
Funds Focus Areas
Angel style
Enterprise cloud solutions
Health and wellbeing
Healthcar...
And many great accelerators
17
Accelerators % Stake Comments
6%
6-8%
7%
n/a
Investment
€20+100k
€15k
€75k
Variable
Authors...
18
The United Kingdom
@TROLSZEWSKI
UK GDP is top 5% globally,
#1 in Internet as a % of GDP
19
Strengths
World-class universities
Supportive gove...
@TROLSZEWSKI
Macro: Falling housing
prices, weak currency, rising
costs of goods
20
Challenges
Brexit creates an uncertain...
@TROLSZEWSKI 21
London
£1 = €1.15 London Berlin
Population 8.6m 3.5m
1 Bedroom Flat £17001
€7001
Beer £4.501
€3.001
Avg Sa...
22
Companies
@TROLSZEWSKI
Fashion - Food - Home goods
Lending - Wealth Management - Banking
Bookings - Luxury Rentals
23
Four sectors w...
@TROLSZEWSKI 24
FinTech
CEO & Co-Founder
Samir Desai
Formerly Olivant, BCG, Lazard
University of Oxford
Founder & Chairman...
@TROLSZEWSKI 25
Enterprise
Linkedin Information, Crunchbase
Founder & CEO
Demis Hassabis
Formerly Elixir Studios
PhD UCL, ...
@TROLSZEWSKI 26
eCommerce
CEO & Co-Founder
Ning Li
Formerly MYFAB, Rothschild & Co
MSc HEC Paris
CEO & Co-Founder
José Nev...
@TROLSZEWSKI 27
Travel
Gareth Williams
CEO & Co-Founder
Formerly M&S, Nations Bank
BS University of Manchester
LinkedIn In...
@TROLSZEWSKI 28
Early-stage companies to watch in 2017
Brand ambassador software
Authors choice
Small business invoicing s...
29
Conclusion
@TROLSZEWSKI 30
Predictions for 2017
As the UK economy takes a
blow, funds expand to
Germany and France
Accelerators move
...
@TROLSZEWSKI 31
Twitter Medium Quora
@TROLSZEWSKI 32
in THE NORDICS
in GERMANY
IRELAND
A BIG THANKS TO OUR FRIENDS & CONTENT PARTNERS
AND THANKS TO 100K+ VIEWE...
@TROLSZEWSKI 33
CHECK OUTTHE REST OF THE FRONTLINE LIBRARY!
@TROLSZEWSKI 34
Source Links
Online Content
GP Bullhound 2016 Unicorn Report
The Numbers Behind Europe’s VC Ecosystem
2016...
@TROLSZEWSKI 35
Slide 7 - US Investors
Selection of investors actively investing in the UK
Slide 8 - $50m / $100m funds ra...
36
Appendix
@TROLSZEWSKI 37
Fund list including <$100m fundsVitruvian
Balderton
Octopus
AccelLondon
Atomico
SEP
draperesprit
Kreos
Ken...
@TROLSZEWSKI 38
€400m
Nordics
Fund Flows in Europe, Dealroom (2015), Which funds are really investing in Europe?
UK funds ...
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Startups & Venture Capital in the United Kingdom: The Global Startup Hub

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A lot is riding on the UK remaining the premier destination for European startups. In light of Brexit, and tremendous growth in other European markets- will London remain the city of choice for European entrepreneurs? 
In our third edition of “Startups & Venture Capital in…” (following Germany in collaboration with Point Nine Capital and the Nordics in collaboration with Northzone), Frontline takes deep dive into its own backyard —  the United Kingdom.
We believe it is the most comprehensive report ever created on startups and venture capital in the UK.
Shoreditch, East LondonWhat we have learned:
The UK is unique for its late stage capital compared to other major European technology hubs. London counts 8 funds with £1b+ in funds raised — versus 2 in Germany and 1 in the Nordics.

London has more than 2x the engineering talent of Paris or 4x that of Berlin. London even beats New York in terms of absolute number of developers.

The United Kingdom is unmatched in terms of £100m+ exits in quantity and diversity among sectors. There are £1b+ tech companies in eCommerce, fintech, gaming, travel, proptech, telecom, and enterprise software.

Will Europe tops UK post-Brexit?

With a high concentration of talent, capital and leadership, the UK will remain a significant tech hub for the next decade. 

However, Brexit is likely to slow the pace of immigration; this is a significant issue in a country where 75% of new businesses are set up by immigrants. 

With venture activity in Berlin, Paris, and other European hubs growing much faster than London, will the UK cede its position as Europe’s leading tech hub?

Read through our “Startups & Venture Capital in the United Kingdom” deck and find out for yourself.

Please ❤ if you’ve enjoyed the post and you can sign up for our newsletter here!

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Startups & Venture Capital in the United Kingdom: The Global Startup Hub

  1. 1. 1 frontline.vc A GLOBAL PERSPECTIVE BROUGHT TO YOU BY: Startups & Venture Capital in the United Kingdom The Global Startup Hub
  2. 2. @TROLSZEWSKI 2 The UK is the EU leader in $b+ tech co’s and startup funding Gil Dibner Slideshare Presentations, GP Bullhound 2016 Unicorn Report QUARTERLY FUNDING EX- MEGA (€100m) ROUNDS Quarterlyfundsraised($m) 0 5 9 14 18 3 6 10 18 # OF €1b+ STARTUPS Q 3 2014 Q 4 2014 Q 1 2015 Q 2 2015 Q 3 2015 Q 4 2015 Q 1 2016 Q 2 2016 Q 3 2016 Q 4 2016 180 284 719 437 621 444 892 543 555 487 Sweden France Germany UK
  3. 3. @TROLSZEWSKI 3 $1.6b$1.7b $4.3b $5.1b $6.2b $7.1b TRAILING 12 MONTHS OF VC INVESTMENT (BY COUNTRY, EX-SV & SF) Venture Pulse Q3 2016 CBInsights, US City Comparison Pitchbook, The Numbers Behind Europes Ecoystem, Pitchbook. Does not include San Fransisco or Silicon Valley $3.5b $4.6b $9.37b $11.2b $17.6b TOTAL EXIT VALUE SINCE 2010 (BY CITY, EX-SV & SF) USD USD A significant global technology hub MassachusettsNew York Israel UK Germany Canada New York Los Angeles London Paris Berlin
  4. 4. @TROLSZEWSKI 4 2016 saw a dip in funding: is Brexit to blame? €0b €1.5b €3b €4.5b €6b 2007 2008 2009 2010 2011 2012 2013 2014 2015 20162007 2008 2009 2010 2011 2012 2013 2014 2015 2016 386 423 427 596 741 987 1,244 1,496 1,382 936 Pitchbook 2016 Annual European Venture Capital Report # DEALS CLOSED DEAL VALUE UK VC ACTIVITY
  5. 5. @TROLSZEWSKI 5 EU deal value is catching up to the UK across many regions2012 2013 2014 2015 2016 €3.2b €3.8b €3.2b €1.3b€1.3b UNITED KINGDOM 2012 2013 2014 2015 2016 €1.6b €1b €0.5b €0.3b €0.2b SWEDEN 140% CAG R TechNation 2017: Dealroom Perspective 2012 2013 2014 2015 2016 €2.7b €1.5b €0.8b €0.6b €0.5b FRANCE 40% CAG R
  6. 6. @TROLSZEWSKI London Paris Berlin Stockholm 0 4.5 9 13.5 18 $2.3b $5.8b $3.7b $11b $1.8b $1.3b $9.6b $17b 6 TOTAL VC FUNDS RAISED VS INVESTED SINCE 2006 Venture Pulse Q3 2016 CBInsights, The Numbers Behind Europes Ecoystem, Pitchbook, The State of European Tech 2016 USD Total Funds Raised Total Funds Invested Although talent and capital remain concentrated in the UK London New York Paris Madrid Berlin Amsterdam Warsaw Stockholm Dublin 45,000 51,000 63,000 66,000 81,000 81,000 134,000 250,000 300,000 # OF SOFTWARE DEVELOPERS A $6b FUNDING SURPLUS
  7. 7. @TROLSZEWSKI 7Fund Flows in Europe, Dealroom (2015), Which funds are really investing in Europe? And the UK is the leading destination for U.S. investors €1.4b in rounds led by US investors into UK companies
  8. 8. @TROLSZEWSKI $1.5b 8 With 200 companies with $50m+ in funds raised Crunchbase, Last Valuation, Authors Choice $1.4b $1.1b $1.0b $500m $500m $500m $1.1b $1.7b $100m+ FUNDS RAISED $50m+ FUNDS RAISED Last Valuation
  9. 9. @TROLSZEWSKI 9 And 200+ tech exits in the past 10 years!! Crunchbase Pro (ex-MedTech, BioTech), Varied Sources, Authors choice INFO SEC £1.3b $183m $695m $350m E-COMMERCE £4.1b £3.9b £700m $160m £350m £200m $525m EDTECH $752m $527m GAMING $400m $1b $300m PROPTECH £640m £100m £1b £3.7b ENTERPRISE £80m £400m $700m $790m HARDWARE $2.4b $367m $310 $871m MEDIA £181 FINTECH $5.5b £850m $118m $700m £1.1b £4.8b £700m MARTECH & ADTECH $325m $176m $200m £154m $1.2b $550m TRAVEL $170m $404m CONSUMER TECH $250m $1b $150m $280m GAMBLING $1b $4.9b £1.4b
  10. 10. 10 Ecosystem
  11. 11. @TROLSZEWSKI 11 The UK has the highest concentration of capital in EuropeVitruvian Balderton Octopus IndexGrowth AccelLondon Atomico SEP draperesprit Kreos Kennet Amaedus Advent OxfordScience Baird OxfordCapital EightRoads DNCapital Imperial BGF Notion Amadeus MMC Frog Advent Dawn Santander Mosaic Passion Piton Pentech Felix IQCapital Frontline Parwalk 110120115120122125130140160180200200 270293300300300315 366390 450470490 530 600 750 1,150 1,270 1,400 1,500 1,600 1,700 2,150 2,970 TotalFundsRaisedorSimilar($m) Based off of Crunchbase data or company website: Balderton, Octopus, Northstar, SEP, Advent, draperesprit Funds domiciled in the UK or primarily do business there Funds domiciled in the UK or primarily do businesses there
  12. 12. @TROLSZEWSKI 12 Investors at every stage, even debt Seed Series A - B Late Stage Note: approximation, many investors participate across different stagesAuthors choice Debt LocalGlobe
  13. 13. @TROLSZEWSKI Tracy Dorée Russell Buckley Leila Rastegar Zegna 13 Who to know at the seed stage Pietro Bezza Bill Earner Sitar Teli xx Saul Klein Robin Klein Ophelia Brown lifellineventures.com @lifelineventures William McQuillan Thomas Olszewski Steve Collins Hussein Kanji Rob Kniaz Eileen Burbidge Robert Dighero Stefan Glaenzer Joe Charlesworth Georgia Taylor Foster Andre De Haes Alex Brunicki Reshma Sohoni Carlos Eduardo Espinal LocalGlobe Authors choice
  14. 14. @TROLSZEWSKI 14 Who to know in later stages Niklas Zennström Mattias Ljungman Nenad Marovac Steve Schlenker Thomas Rubens Suranga Chandratillake Bernard Liautaud Martin Mignot Jan Hammer Dominique Vidal Philippe Botteri Fred Destin Sonali De Rycker Hans Otterling Michiel Kotting Jeppe Zink Stephen Chandler Jos White Chris Tottman Andrin Bachmann Greg Lockwood Helen Clark Mike Chalfen Simon Levene Toby Coppel Authors choice
  15. 15. @TROLSZEWSKI 15 The UK is unique in Europe for its large late stage funds Fund IV $430m (2009) Fund V $305m (2014) Growth III $706m (2015) Early Stage VIII $550m (2016) London V $500m (2016) Growth IV $1.5b (2016) Growth II €500m (2011) Early Stage VII $550m (2014) Growth I €400 (2008) Early Stage VI $350m (2012) London IV $475m (2013) Growth III $1b (2014) London III $525 (2008) Growth II $875m (2011) Fund III $550m (2006) Fund III $476m (2013) Fund IV $765m (2017) Fund II $165m (2010) Authors choice
  16. 16. CVCs have become active as well 16 Funds Focus Areas Angel style Enterprise cloud solutions Health and wellbeing Healthcare,AI, robotics, transport, cyber security, and agriculture Life Science Insurance, accident and health, asset management CBinsights The 2016 Global CVC Report Independent VC of Santander bank Media and technology Enterprise software Enterprise software, FinTech, InsurTech,Travel, Health,Auto
  17. 17. And many great accelerators 17 Accelerators % Stake Comments 6% 6-8% 7% n/a Investment €20+100k €15k €75k Variable Authors Choice - - FinTech innovation lab Diversified FinTech + Insurtech Diversified + FinTech Deep tech - Diversified-
  18. 18. 18 The United Kingdom
  19. 19. @TROLSZEWSKI UK GDP is top 5% globally, #1 in Internet as a % of GDP 19 Strengths World-class universities Supportive government: visa program, tax incentives The most plentiful early- stage capital in Europe Global leader in per capita e- commerce and ad spend Top 3 global customer base for enterprise & infrastructure tech 12 Reasons to be excited about London via LocalGlobe
  20. 20. @TROLSZEWSKI Macro: Falling housing prices, weak currency, rising costs of goods 20 Challenges Brexit creates an uncertain regulatory environment High cost of living US-based startups selling into Europe are often larger and well-funded Tight immigration policies To achieve global scale companies must expand to the US or Asia
  21. 21. @TROLSZEWSKI 21 London £1 = €1.15 London Berlin Population 8.6m 3.5m 1 Bedroom Flat £17001 €7001 Beer £4.501 €3.001 Avg Salary £48,0004 €40,0002 Avg Software Engineer Salary £56,0005 €50,0003 London named world's most expensive city in which to live and work - Telegraph Numeo, , Salary Survey in Berlin, 3 Berlin Software Engineer Average Salary, Metro Salaries4 , Balderton EU Talent Landscape5 SHOREDITCH, EAST LONDON THE UK’s TECH CENTRE
  22. 22. 22 Companies
  23. 23. @TROLSZEWSKI Fashion - Food - Home goods Lending - Wealth Management - Banking Bookings - Luxury Rentals 23 Four sectors where UK startups have succeeded FinTech Infrastructure - Deep tech - Big data Enterprise eCommerce Travel
  24. 24. @TROLSZEWSKI 24 FinTech CEO & Co-Founder Samir Desai Formerly Olivant, BCG, Lazard University of Oxford Founder & Chairman Errol Damelin Formerly Supply Chain Connect U. of Cape Town, Boston U. Linkedin Information, Crunchbase Short term consumer loans EU’s leading SMB lender
  25. 25. @TROLSZEWSKI 25 Enterprise Linkedin Information, Crunchbase Founder & CEO Demis Hassabis Formerly Elixir Studios PhD UCL, BA Cambridge Acquired for £400m Founder & President Lance Uggla Formerly TD, CIBC London School of Economics $5.5b IPO Derivatives valuation and pricing
  26. 26. @TROLSZEWSKI 26 eCommerce CEO & Co-Founder Ning Li Formerly MYFAB, Rothschild & Co MSc HEC Paris CEO & Co-Founder José Neves Formerly PLATFORME B.A. Universidade do Porto LinkedIn Information, Crunchbase Game development studio Furniture direct to consumer Curated fashion
  27. 27. @TROLSZEWSKI 27 Travel Gareth Williams CEO & Co-Founder Formerly M&S, Nations Bank BS University of Manchester LinkedIn Information, Crunchbase Acquired for $1.7b Evan Frank CEO & Co-Founder Formerly iwantBOX.com BA University of Michigan Discover new music Flight & hotel booking Acquired for $170m Rent luxury homes
  28. 28. @TROLSZEWSKI 28 Early-stage companies to watch in 2017 Brand ambassador software Authors choice Small business invoicing solution Payment cards Anti-money laundering Automatic code testing Media monitoring Energy equipment marketplace Banking for businesses Social network for auto enthusiasts eCommerce API Banking APIs Sales paperwork automation Marketing orchestration Prototyping toolSatellite drone airborne images Card based PFM
  29. 29. 29 Conclusion
  30. 30. @TROLSZEWSKI 30 Predictions for 2017 As the UK economy takes a blow, funds expand to Germany and France Accelerators move upmarket, writing larger checks at seed stage Passporting restrictions make it difficult for UK funds to fundraise on the continent Exits of Deliveroo, Funding Circle, and Farfetch fuel market growth Germany challenges the UK as the leading destination for startups and VC UK CVCs become more active investing in startups
  31. 31. @TROLSZEWSKI 31 Twitter Medium Quora
  32. 32. @TROLSZEWSKI 32 in THE NORDICS in GERMANY IRELAND A BIG THANKS TO OUR FRIENDS & CONTENT PARTNERS AND THANKS TO 100K+ VIEWERS WHO VIEWED THE ORIGINAL IRISH TECH STARTUP GUIDE Click here!
  33. 33. @TROLSZEWSKI 33 CHECK OUTTHE REST OF THE FRONTLINE LIBRARY!
  34. 34. @TROLSZEWSKI 34 Source Links Online Content GP Bullhound 2016 Unicorn Report The Numbers Behind Europe’s VC Ecosystem 2016 European Venture Capital Report Gil Dibner Slideshare Presentations CBinsights: Venture Pulse Q3 2016 Pitchbook: US City Comparison Pitchbook 2016 Annual Venture Capital Report TechNation 2017: Dealroom Perspective Atomico: State of European Venture Capital Fund Flows in Europe, Dealroom (2015) Which funds are really investing in Europe? 12 Reasons to be excited about London CBinsights The 2016 Global CVC Report Balderton EU Talent Landscape
  35. 35. @TROLSZEWSKI 35 Slide 7 - US Investors Selection of investors actively investing in the UK Slide 8 - $50m / $100m funds raised Discretionary selection of companies with $50m+ / $100m funds raised (via crunchbase) Slide 9 - Exits Discretionary selection of exits Slide 11- Funds in the UK UK funds with $100m+ in funds raised HQ’d in the UK or that primarily do business there Index Growth Fund included to represent high volume of UK based transactions Slide 12 - Investors by stage Discretionary selection of investors by stage Slide 13 - Who do know Discretionary selection of 3 investors per fund If funds have many partners, GPs selected Otherwise based on tenure Slide 15 - Fund progression Most recent 3 funds of large funds active in the UK Slide 17 - CVCs Discretionary selection + Cbinsights top 7 Slide 17 - Accelerators Discretionary selection Slide 22 - Companies Authors choice We have tried our best to include relevant companies and investors in each section For omissions, misprints or corrections please contact thomas@frontline.vc
  36. 36. 36 Appendix
  37. 37. @TROLSZEWSKI 37 Fund list including <$100m fundsVitruvian Balderton Octopus AccelLondon Atomico SEP draperesprit Kreos Kennet Amaedus Advent OxfordScience Baird OxfordCapital EightRoads DNCapital Imperial BGF Notion Amadeus MMC Frog Advent Dawn Santander Mosaic Passion Piton Pentech Felix IQCapital Frontline Parwalk edenventures WhiteStar EF Anthemis Episode1 GPBullhound Hoxton Seedcamp Backed Connect Playfair ForceOverMass 253034354047606070707098110110115120122125130140160180200200 270293300300300315 366390 450470490 530 600 750 1,150 1,270 1,400 1,500 1,700 2,150 2,970 Balderton, Octopus, Northstar, SEP2, Advent1, draperesprit TotalFundsRaisedorSimilar(£1m) 1Latest Fund, 2Estimate, 3Evergreen. Cruchbase data is used unless otherwise noted. Funds domiciled in the UK or primarily do business there Funds domiciled in the UK or primarily do businesses there
  38. 38. @TROLSZEWSKI 38 €400m Nordics Fund Flows in Europe, Dealroom (2015), Which funds are really investing in Europe? UK funds are a source of funds for the rest of Europe €700m DACH rounds lead by UK funds €250m France LocalGlobe

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