2016 year end review

Go4Venture is the only Syndication Platform for Generalist Investors to
Co-Invest with Specialist Venture & Growth Tech Funds
HTI Investments Report
Year End Review 2016

Go4Venture HTI Methodology
Go4Venture is the leading European deal syndication and venture/growth information platform. We
publish our market renowned Go4Venture’s European Tech Headline Transactions Index (“HTI”),
which is based on the number and value of transactions reported in professional publications. Therefore
the HTI reflects the level of reporting which varies over time and by geography.
Our HTI is used to measure investment activity in this presentation, as an early indicator of the
progression of the private market cycle for European technology companies. Go4Venture’s HTI index
follows the methodology outlined below:
Investment Size Coverage
This report only considers “Large” HTI transactions, defined as any fundraising ≥$10.0m / €7.5m, and
≥£5m historically, referred to throughout this presentation as “Large (≥€7.5m) HTI Investments”
Investment Stage Coverage
Transactions at all stages of the private market, from Series A to Late Stage are included in this analysis.
This encompasses venture capital, growth equity and private equity transactions, as well as financing
rounds with single secondaries components (recapitalisations). Other types of transaction, that are not
typically minority investments, have been excluded (e.g. Management Buyouts / Management Buy-ins /
Private Investment in Public Equity / Public to Private)
Sector Coverage
This analysis only includes fundraisings for companies which operate in the technology sector excl.
biotech
Geographical Coverage
Europe is defined as Western, Central and Eastern Europe, excluding Israel. Companies which originated
in Europe but have since moved their HQ to another geography are included, provided they have a
substantial part of their activity in Europe (typically R&D)
Source: Go4Venture HTI Database © Page 2

Executive Summary
Against all expectations the European market
has been accelerating since September 2016,
after a slowdown at the beginning of the year.
By value the market did slow down but only due to
a contraction in the value of larger deals (≥€75m).
The market remains very active in the traditional
European fundraising domain (€7.5m - €75m).
A key trend is that the number and size of Series A
rounds ≥€7.5m increased y-o-y.
Internet continue to be the main focus of most
investors. Fintech and marketplaces are all the
rage, with e-commerce on the way down.
Outside internet and software, funding activity is
fairly subdued – although it is worth noting a
growing number of contrarian investors paying more
attention to what is now known as “deep
technologies”. The reason is fairly simple: the
avalanche of data generated by mobile and
increasingly IoT devices is putting a strain on the
whole infrastructure which needs to get smarter to
make all this data ingestion economical.
Size of HTI Investments Sectors
Investors Countries
European venture and growth
financing market in 2016
One of the biggest stories of 2016 is the rise of
the Generalist investor in the European tech
space. 65% of total deals included at least one
generalist investor and 35% of total deals featured
at least one leading generalist investor - Despite the
growth of generalist investors, VCs are still leading
the pack.
Accel, Octopus Ventures and Partech led the
most deals with Bpifrance, Index Ventures and
Idinvest participating in the most deals.
The UK has established a considerable lead vs
all other countries – until Brexit came in.
Germany is suffering from e-commerce coming to
earth and France is benefiting from the new
emphasis on deep tech.
The big news is smaller peripheral countries coming
of age, including Spain with the highest average
deal size this year followed by Portugal.
Overall increase in number of large deals across all
European countries but 2/3 countries saw the avg.
deal size fall.
Pg. 4 Overall the European market
has grown by volume and is
level by value
Pg. 5 For funding deals ≥€7.5m the
up trend is even clearer, incl.
by value for €10-75m
transactions
Pg. 6 Once again internet is
crowding out investment in
other sectors, except software
Pg. 7-11 Europe is seeing the
emergence of a Silicon Valley
like Series A segment
Pg. 12 UK is leading Europe, with
France and Germany second
neck and neck
Pg. 13 The Top 10 transactions
reflect the diversity of
innovation in Europe
Pg. 14 Accel, Octopus and Partech
are the most active lead
investors in Europe
Pg. 15 Corporate and Generalist
Financial Investors are a
Formidable Force

Volume and Value of Investments ≥€1m
― The market was expected to decrease sharply in
response to the repricing of the US unicorns in 2015
― In the end the market slowed down up to summer,
and has been in acceleration mode again since
September 2016
― In the end the market ended up:
― 31% ahead by transaction volume
― level by value
― Excluding Mega (≥€100m) transactions:
― 32% up in volume
― 20% up in value
― This is partly because Europe has never been
exposed to unicorns to the same extent as the US.
Partly also because Europe is seen as getting better
at producing valuable companies, not simply great
technologies
― See appendix, slide 17, for a month-by-month (non-
cumulative) view of the HTI by volume and value
0
100
200
300
400
500
600
700
800
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
CumulativeAmount
Go4Venture HTI Index by
Cumulative Deal Volume (2014 - 2016)
2014
2015
2016
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
CumulativeValue(€m)
Go4Venture HTI Index by
Cumulative Deal Value (2014 - 2016)
2014
2015
2016
Source: © Go4Venture HTI Database
Overall the European market has grown by volume and is level by value
Commentary

― For large (≥€7.5m) HTI investments, we have seen a
6% drop in value, despite 18% increase in volume
― The source of the slowdown has primarily been a
contraction in the value of larger deals (≥€75m)
― The market remains very active in the traditional
European fundraising domain (deals between €7.5m -
€75m)
― As in all market deceleration phases, the softening of
the market has translated into more discriminate
investors:
― Mega transactions (≥€100m) have been
suffering the most – the equivalent of the
unicorn moment for the European market
― Volume and value of late stage investments
has decreased substantially (by 7% and 14%
respectively)
― Investors are being more cautious (taking
more time) in their due diligence
― See appendix, slides 19-20, for a quarterly view of the
volume and value of Large (≥€7.5m), Landmark
(≥€20m) and Mega (≥€100m) HTI Investments
CommentaryVolume and Value of Large (≥€7.5m) HTI Investments by Size (2014 – 2016)
1,622
2,015
2,498
835
1,509
1,525
715
601
640
325
956
519
1,351
2,087
1,543
2014 2015 2016
-44
6
56
106
156
206
256
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2014 2015 2016
8
5
1
9
4
3
1,
3
0
3
1,
2
7
1
1,
9
0
3
1,
8
9
2
5
3
8
4
2
2
4
1
3
3
2
5
5
8
8
2
6
7
1,
1
4
8
1,
8
8
5
9
2
8
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2014A
2015A
2016A
Total Deals
≥€100m
€75m - €100m
€50m - €75m
€25m - €50m
€7.5m - €25m
€4,849m
€7,168m
€6,726m
168
216
255
Deal Volume
For funding deals ≥€7.5m the up trend is even clearer, incl. by value for €7.5-75m transactions
Volume and Value of Investments ≥€7.5m

Software
Hardware
Medtech
75 | €1,963.7m
14 | €428.0m
20 | €450.5m
Internet Services
Cleantech
15 | €368.5m
130 | €3,500.5m
Telecom Services
1 | €11.5m
Source: Go4Venture HTI Database ©
Number and Value of Large
(≥€7.5m) HTI Investments by Sector
2016 130
43
17
11
10
10
8
8
6
5
12
2016
Fintech
Marketplace
Travel
HR
eCommerce
Content/
Digital Media
Food
eHealth
Other
Adtech
― Fintech and marketplaces are all the rage - fintech is growing by volume (+11%) and average deal size (+5%)
― e-commerce on the way down (volume = -10%), superseded by marketplaces, due to inventory-less model
― Investors retreated from food (Volume = -4%, avg. value = -12%) , despite a handful of headline-grabbing deals
― eHealth is disappointing, despite its initial promise
― Horizontal technologies such as AI / Big Data are touching every sub-sector
― See appendix, slides 23-24, for top 10 ‘internet services’ and fintech investors
Number and Value of Large (≥€7.5m) HTI
Investments by Internet Company Sub Sector
2016
B2B: 16
B2C: 27
€3,500.5m
€840.8m
€460.7m
€497.8m
€166.9m
€571.3m
€248.2m
€87.8m
€384.3m
€72.6m
€169.9m
2015 €4798.1m €890.1m €554.7m €379.2m €35.0m €774.6m €770.0m €93.5m €1081.2m €35.3m €184.5m
116 26 21 7 2 20 15 5 10 3 7
Once again Internet Services is crowding out investment in other sectors, except software
Volume of transactions ≥€7.5m by sector

― Data is showing the stepped up maturity of the
European market
― There is a growing number of substantial
Series A transactions (Volume up 7% and
average value up 8%)
― Series B, which are supposedly under
pressure, are in rude health – for the
companies with the right metrics
― See appendix, slide 21, for ‘Value of Large (≥€7.5m)
HTI Investments by Series 2014 - 2016 chart
Commentary
29
46
72
53
62
82
31
44
43
55
64
58
0
50
100
150
200
250
2014 2015 2016
NumberofTransactions
A B C Late Stage
Number of Large (≥€7.5m) HTI Investments by Series 2014 - 2016
17%
21%
28%
23%
30%
33%
255
216
168
Europe is seeing the emergence of a Silicon Valley like Series A segment
Volume of transactions ≥€7.5m by stage

Top Series A Deals
Most Active Series A investors
― The total volume and value of Series A rounds has
grown considerably from 2015
― The average deal size has increased by 9.6%
― We have seen a diverse range of top Series A deals
Fintech platform offering
working capital solutions to
media companies, publishers &
app developers
Developer of virtual reality (VR)
hardware & software as
treatments for stroke victims
Luxury Smart Phone
Manufacturer
Online e-tailer of sunglasses
Developers Of An Implantable
Neuro-Systems That Helps
Tackle Disabilities
DESC. INVESTORSCOMPANY DEAL INFO.
INVESTOR SERIES A DEALS LEDCOUNTRY # SERIES A DEALS
3
3
3
3
3
Feb €90.1m
Apr €63.5m
Oct €50.0m
Apr €36.0m
Dec €32.4m
Series A Rounds
2015 2016 Growth
Volume 46 72 56.5%
Total Value (€m) 695.7 1,191.3 71.2%
Min 7.2 6.1 -15.6%
Median 13.4 11.6 -13.8%
Max 44.9 90.1 100.6%
Average 15.1 16.5 9.6%
Accel, Atomico and Wellington Partners are the most active investors in Series A rounds
Top 5 Investors and transactions ≥€7.5m in Series A
Commentary

Top Series B Deals
Most Active Series B investors
― The volume of Series B rounds has grown by 32.3%,
despite this the total value has remained level
― Despite the total value of Series B deals in 2016
being ever so slightly higher than 2015, we have seen
the value of Series B deals considerably decrease,
see table below
― Bpifrance features as a top Series B, C and late stage
investor
― Octopus Ventures features as a top Series C and
Late Stage investor
Digital-only full mobile banking
service
Second hand products
marketplace
Digital bank providing mobile
banking services
Mobile-only online job
marketplace and staff
management for SMEs
Provider of mobile and web-
based transit planning
applications
INVESTOR SERIES B DEALS LEDCOUNTRY # SERIES B DEALS
7
5
5
5
4
May €88.4m
Jan €64.4m
Jun €37.3m
Jan €36.8m
Jun €35.5m
4
LEA
D
LEA
D
Index, Idinvest and Bpifrance are the most active investors in Series B rounds
Top 5 Investors and transactions ≥€7.5m in Series B
Series B Rounds
2015 2016 Growth
Volume 62 82 32.3%
Total Value (€m) 1,414.0 1,460.3 3.3%
Min 7.5 5.8 -22.1%
Median 15.1 14.2 -6.1%
Max 150 88.4 -41.0%
Average 22.8 17.8 -21.9%
Commentary

Top Series C Deals
Most Active Series C investors
― We are seeing many generalist investors participating
in Series C rounds this year, including Foxconn,
Kinnevik, KKR, Rakuten, Renault, Sharp, etc.
― Highland Capital Partners features as a top Series C
and late stage investors
― Series C rounds have not changed much since 2015
with the exception of one Mega (≥€100m) Series C
deal in 2016 (GFG, €300m) resulting in a higher total
value, ignoring this deal the volume and value were
level
Enterprise cyber threat defence
software
Online Fashion Retailer
Personal Mobility App
(transportation app)
High-end audio equipment
and technology
A travel platform to book the
fastest, cheapest and best
travel options
INVESTOR SERIES C DEALS LEDCOUNTRY # SERIES C DEALS
3
3
3
2
2
Apr €300.0m
Apr €105.9m
Nov €100.0m
Oct €62.5m
Jul €58.7m
L
E
A
D
LE
A
D
L
E
A
D
SB ISAT
Fund
Future French
Champions
L
E
A
D
GFC, Bpifrance and Highland Europe are the most active investors in Series C rounds
Top 5 Investors and transactions ≥€7.5m in Series C
Commentary
Series C Rounds
2015 2016 Growth
Volume 44 43 -2.3%
Total Value (€m) 1,325.4 1,514.6 14.3%
Min 8.3 9.0 8.3%
Median 21.2 20.9 -1.2%
Max 96.1 300.0 212.2%
Average 30.1 35.2 17.0%

Top Late Stage Deals
Most Active Late Stage investors
Developer of a portable DNA
sequencer
Web hosting, cloud computing &
dedicated servers
On-demand restaurant food
delivery service
Developer of a global-travel
search platform
Global cellular network to
connect low-energy everyday
objects to IoT
INVESTOR LATE STAGE DEALS LEDCOUNTRY # LATE STAGE DEALS
4
3
3
3
3
Aug €250.0m
Aug €246.0m
Jan €176.7m
Nov €150.0m
Dec €115.3m
LEA
D
Commentary
Baillie Gifford, Octopus Ventures and Bpifrance are the most active investors in Late Stage rounds
Top 5 Investors and transactions ≥€7.5m in Late Stage rounds
― The value and volume of late stage investments have
significantly decreased, see table below
― All of our top deals across each stage have been from
either; France, UK, Germany, Spain or Switzerland
Late Stage Rounds
2015 2016 Growth
Volume 64 58 -9.4%
Total Value (€m) 3,733.2 2,560.0 -31.4%
Min 7.5 7.7 2.7%
Median 31 25.2 -18.7%
Max 496 250 -49.6%
Average 58.3 44.1 -24.4%

― UK has established a considerable lead
vs all other countries
― Germany suffering from e-commerce
coming to earth and France is benefiting
from the new emphasis on deep tech
― The big news is smaller peripheral
countries coming of age, including Spain
(Cabify, Letgo, etc.) with the highest
avg. deal size this year followed by
Portugal (Outsystems, Veniam, etc.)
― Investment in local tech ecosystems are
allowing Switzerland, Scandinavia and
Benelux to continue to punch above
their weight, however, Sweden has seen
less deals at a significantly lower value,
average deal size is down by €56m
― See appendix, slide 22, for a table of
‘Volume and Value of Large (≥€7.5m)
Transactions by Geography 2015 -2016’
incl. the top investors investing in those
countries and average deal size
Commentary
5 |
12 |
DACH
62 | €1.8bn
14 |
€465m
France
41 | €1.2bn
93 | €2.5bn
28 |
€437m
DACH:
Germany,
Austria,
Switzerland
CEE:
Central and
Eastern Europe
%
1%
%
1%
7%15%
27%30%
3%3%
7%2%
18%12%
37%37%
2015 2016
Scandinavia
Benelux
€201m
Southern
Europe
UK & Ireland
CEE
€92m
€50m+
€150m+
€300m+
€1.0bn+
€1.5bn+
€2.0bn+
Total Value and Volume of Large (≥€7.5m) HTI
Investments by Geography, 2016
Value Key
UK is leading Europe, with France and Germany second neck and neck
Transactions ≥€7.5m by Geography

CommentaryTop 10 Largest Funding Rounds 2016
Series C
Apr €300.0m
Late Stage
Aug €250.0m
Late Stage
Aug €246.0m
Late Stage
Jan €176.7m
Late Stage
Nov €150.0m
Late Stage
Dec €115.3m
Series C
Apr €106.0m
Late Stage
Jan €100.0m
Series C
Nov €100.0m
LEA
D
L
E
A
D
LEAD
Online Fashion Retailer
Online fashion retailer
Developer of a portable DNA
sequencer
On-demand restaurant
food delivery service
Developer of a global-
travel search platform
Web hosting, cloud computing &
dedicated servers
Global cellular network to
connect low-energy
everyday objects to IoT
Personal Mobility App
(transportation app)
Online music streaming
service
High-end audio equipment
and technology
Late Stage
May €97.3m
1
2
3
4
5
6
7
8
9
10
RANK COUNTRY
The Top 10 transactions reflect the diversity of innovation in Europe
Top 10 Largest Funding Transactions
― There has been a big drop off in Mega deals
(≥ €100m) compared to 2015 when there
were 11 mega deals valued at 2.1bn, this
year we had 9 valued at 1.5bn
― We have seen a rise of generalist investors:
― the French state fund, Bpifrance,
participating in two Mega deals
(≥€100m) for French software
(Sigfox) and hardware (Devialet)
companies
― Bridgepoint (Private Equity, UK),
Rakuten (Corporate, JP) and
Access Industries (US) each leading
one Mega deal (≥€100m) in food
(Deliveroo), travel (Cabify) and
music (Deezer) respectively
― Each of the top 10 deals included a
generalist investor or non-VC investor
― See appendix, slides 29-40, for a list of all
Large (≥€7.5m) funding rounds in 2016 and
links to their Go4Venture Company Profiles
Future French
Champions
L
E
A
D

DEALS LEDINVESTORRANK
1
2
3
4
5
6
7
8
9
10
Top 20 investors by # deals then by # deals led in 2016
# of Large (≥€7.5m) Deals Led
Total # of Large (≥€7.5m) Deals DEALS LEDINVESTORRANK
11
12
13
14
15
16
17
18
19
20 1
1
1
2
2
3
3
4
5
5
5
5
5
5
5
5
6
6
2
1
1
5
4
5
5
4
2
4
6
8
8
8
9
9
9
10
12
13
# of Large (≥€7.5m) Deals Led
Total # of Large (≥€7.5m) Deals
Accel, Octopus and Partech are the most active lead investors in Europe
Top 20 Most Active Investors In Europe

Commentary
― One of the biggest stories of 2016 is the rise of
the Generalist investor in the European tech
space. We have found that 166 deals included
at lead one generalist investor (65% of total
deals) compared to 2015 when 138 deals
included at lead one generalist investor (64% of
total deals)
― “Generalist” investors also lead investments
with 89 deals featuring at least one lead
generalist investor (35% of total deals),
compared to 2015 when 81 deals featured at
least one lead generalist investor (38% of total
deals)
― Despite the growth of generalist investors, VCs
are still leading the pack with 33 more deals
including VC investors and 17 more deals with
a VC investor leading the round.
― See appendix, slides 25-27, for league tables of
the investors by type in 2016
Number of Large (≥€7.5m) HTI Deals Led by Type of Investor in 2016
85
39
33
20
10
31
VC Growth Equity Corporate Venture Private Equity State Fund Other Financial Investor
177
59
88
41
26
78
VC Growth Equity Corporate Venture Private Equity State Fund Other Financial Investor
1/3 deals led by a “generalist” investor
Number of Large (≥€7.5m) HTI Deals by each Type of Investor in 2016
2/3 deals featured a “generalist” investor
Corporate and Generalist Financial Investors are a Formidable Force
Investors in Europe by Type For Transactions ≥€7.5m

Headline Transaction Index (HTI)
― Month by Month 2014 – 2016
― GTI Month by Month 2014 - 2016
― Large HTI by Quarter 2015 – 2016
― Large HTI by Series 2014 – 2016
― Large HTI by Geography 2015 – 2016
Pg. 17–22
17
18
19-20
21
22
Investor League Tables 2016
― Top Investors by sector
― Top Investors by type
Pg. 23-27
23-24
25-27
Company Profiles 2016
― Rated Company Profiles
― Established Company Profiles
Pg. 28-40
28
29–40
End Pages
― Disclaimer
― Thank you
― End
Pg. 41-43
41
42
43
Appendix

Includes Delivery Hero (€496m)
Includes Spotify (€469m)
Appendix – Headline Transaction Index (HTI) (≥€1m) Month by Month 2014 - 2016
Go4Venture HTI Index by Deal Volume (2014 - 2016)
Go4Venture HTI Index by Deal Value (2014 - 2016)
0
20
40
60
80
100
120
NumberofTransactionsper
Month
2014
2015
2016
0
200
400
600
800
1,000
1,200
1,400
1,600
ValueofTransactionsperMonth
(€m)
2014
2015
2016

Introduction to GTI
Our current HTI covers everything
≥€1m, and we currently profile the
Large HTI (≥€7.5m).
We will be introducing The
Growth Transaction Index (GTI) in
2017: The GTI is defined as
Transactions €10m≥€50m i.e. it
is a subset of our current HTI.
Appendix – Growth Transaction Index (GTI) (€10m≥€50m) Month by Month 2014 - 2016
0
500
1000
1500
2000
2500
3000
3500
4000
4500
(€m)
2014
2015
2016
Go4Venture GTI Index by Cumulative
Deal Value (2014 – 2016)
Go4Venture GTI Index by Cumulative
Deal Volume (2014 – 2016)
0
50
100
150
200
250
(€m)
2014
2015
2016

Number of Large (≥€7.5m), Landmark (≥€20m) and Mega (≥€100m) HTI Investments
per Quarter 2015 vs. 2016
“LARGE” DEALS
(≥€7.5m)
“MEGA” DEALS
(≥€100m)
“LANDMARK” DEALS
(≥€20m)
Q1 Q2 Q3 Q4
2 2 2 3
31 32
17
21
66 67
56
66
4 5 1 1
28
18
29
19
53 53
65
45
0
10
20
30
40
50
60
70
2015 2016 2015 2016 2015 2016 2015 2016
VolumeofTransactions
Appendix – Volume of Large (≥€7.5m) HTI by Quarter 2015 - 2016

“LARGE” DEALS
(≥€7.5m)
“MEGA” DEALS
(≥€100m)
“LANDMARK” DEALS
(≥€20m)
Value (€m) of Large (≥€7.5m), Landmark (≥€20m) and Mega (≥€100m) HTI Investments
per Quarter 2015 vs. 2016
Q1 Q2 Q3 Q4
277
406
495
365
1,335
1,527
992 1,036
1,744
1,936
1,448
1,599
813
980
178 116
1,741
1,480 1,524
810
2,096
1,909
1,994
1,132
0
500
1,000
1,500
2,000
2015 2016 2015 2016 2015 2016 2015 2016
ValueofTransactions(€m)
Appendix - Value of Large (≥€7.5m) HTI by Quarter 2015 - 2016

422 696
1,161870
1,414
1,460
787
1,288
1,545
2,771
3,733
2,560
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2014 2015 2016
Value(€m)
A B C Late Stage
Value of Large (≥€7.5m) HTI Investments by Series 2014 - 2016
9%
10%
17%
38%52%
57%
€6,726.2m
€7,131.2m
€4,849.3m
Appendix - Value of Large (≥€7.5m) HTI by Series 2014 - 2016

Company
Country
Number of Large Deals Value (€m) Avg. Deal Size (€m) Top Investors
2016 2015 2016 2015 2016 2015 2016
UK 85 70 2,270 2,120 27 30 Index Ventures
Germany 46 45 1,388 1,986 30 44 HV Holtzbrinck Ventures
France 41 36 1,245 903 30 25 Bpifrance
Switzerland 15 9 433 295 29 33 GIMV
Spain 9 8 361 132 40 17 Rakuten
Ireland 8 6 186 206 23 34 Frontline Ventures
Finland 12 3 175 58 15 19 Finnish Industry Investment
Denmark 4 4 116 156 29 39 Data Collective
Belgium 5 4 99 59 20 15 Fortino Capital
Sweden 8 12 93 811 12 68 Industrifonden & Northzone
Netherlands 5 5 75 138 15 28 Insight venture partners
Portugal 2 2 69 39 35 19 North Bridge Growth Equity
Russia 2 1 54 36 27 36 Da Vinci Capital Management
Norway 4 2 53 33 13 17 Ferd Capital
Poland 3 1 38 9 13 9 Digital Garage
Luxembourg 2 1 27 32 14 32 Accel Partners
Cyprus 1 0 18 0 18 0 Singulariteam
Italy 2 2 17 26 9 13 Micheli Associati
Austria 1 1 9 29 9 29 Atomico
TOTAL 255 216 6,726 7,131 21 27
Volume and Value of Large (≥€7.5m) Transactions by Geography 2015 -2016
Appendix – Volume and Value of Large HTI by Geography 2015 - 2016

‘INTERNET’ DEALS LEDINVESTORRANK
1
2
3
4
5
6
7
8
9
10
# of ‘Large‘ (≥€7.5m) Internet Deals Led
Total # of ‘Large’ (≥€7.5m) Internet Deals
Top ‘Internet Services’ Investors in 2016
Appendix – Top ‘Internet Services’ Investors 2016
3
1
1
1
2
2
4
5
2
5
6
6
6
6
6
6
6
9
12

FINTECH DEALS LED
# of ‘Large‘ (≥€7.5m) Fintech Deals Led
Total # of ‘Large’ (≥€7.5m) Fintech Deals
2
2
1
1
1
3
3
3
3
3
3
4
4
4
Top Fintech Investors in 2016
Appendix – Top Fintech Investors 2016
1
2
3
4
5
6
7
8
9
10
INVESTORRANK

Top 10 ‘Generalist’ Investors Taking the Lead in Large (≥€7.5m) Funding Rounds, 2016
Sorted first by # deals led then by # deals
Appendix – Top ‘Generalist’ Investors 2016
1
2
3
4
5
6
7
8
9
10 1
2
2
2
3
3
3
3
3
4
4
3
4
4
4
5
13
# of ‘Large‘ (≥€7.5m) Deals Led
Total # of ‘Large’ (≥€7.5m) DealsINVESTORRANK

Top 10 Active Corporate Investors Participating in Large
(≥€7.5m) Funding Rounds, 2016
Deals Led
Total Deals
Sorted first by # deals then by # deals led
1
3
3
1
3
2
2
2
2
2
4
5
5
1
1
1
1
1
1
1
3
2
2
3
5
Top 10 Active Private Equity Investors Participating in
Large (≥€7.5m) Funding Rounds, 2016
Deals Led
Total Deals
Appendix – Top Corporate and Private Equity Investors 2016

Top 10 Active State Funds Investors Participating in
Deals Led
Total Deals
Top 10 Active ‘Other Financial Investors’ Participating in
Deals Led
Total Deals
1
2
3
4
1
1
1
1
1
1
2
4
13
1
1
1
2
2
3
2
2
2
2
2
2
3
4
4
Appendix – Top State Funds and ‘Other Financial’ Investors 2016

# COMPANY DATE SECTOR COUNTRY
NEXT STAGE /
ESTIMATED
AMOUNT
1 09-Jun-2016 Medtech UK
Series C
€5-10m
2 23-Jun-2016 Medtech France
Series A
€0-2m
3 30-Jun-2016 Software Bulgaria
Growth Equity
€5-10m
4 09-Aug-2016
Media & Internet,
Music
Ireland
Series A
€2-5m
5 23-Aug-2016
Cleantech,
Energy storage
UK
Series A
€2-5m
6 01-Sep-2016 Semiconductor Equipment UK
Series B
-
7 27-Sep-2016 Semiconductor Equipment UK
Series D
€2-5m
8 15-Dec-2016 Fintech UK
Series B
€5-10m
Appendix – Rated Company Profiles 2016

# COMPANY MONTH STAGE COUNTRY SECTOR DEAL SIZE (€M)
1 Skyscanner January Late Stage UK Internet Services, Travel 176.7
2 Deezer January Late Stage France Internet Services, Music 100.0
3 MindMaze February A Switzerland Medtech 90.1
4 Anaplan January Late Stage UK Software 82.8
5 Starling Bank January B UK Internet Services, Fintech 64.4
6 WISeKey January Late Stage Switzerland Software 54.9
7 Student.com February C UK Internet Services, Marketplace 54.0
8 OutSystems February C Portugal / US Software 49.5
9 Blippar March Late Stage UK Software 48.5
10 HighQ January Late Stage UK Software 46.0
11 eGym March C Germany Software 40.4
12 Citymapper January B UK Internet Services, Travel 36.8
13 Qubit February C UK Software 36.0
14 M-Files March B Finland Software 32.4
15 Spotcap February B Germany Internet Services, Fintech 31.5
16 Exosome Diagnostics January B Germany / US Medtech 30.3
17 Alphasense March A Finland / US Internet Services, Fintech 29.7
18 Lamudi February C Germany Internet Services, Marketplace 29.0
19 NewVoiceMedia January Late Stage UK Internet Services, Cloud 27.6
20 Sonovate January A UK Software 26.5
21 Metalysis February Late Stage UK Hardware 25.8
22 EZBob March C UK Internet Services, Fintech 25.6
23 Future Finance March B Ireland Internet Services, Fintech 24.3
24 Babylon Health January A UK Internet Services, eHealth 23.0
Appendix – Established Company Profiles, Q1 2016
Large (≥€7.5m) Transactions Ordered by Deal Size (large – small)

25 Movinga January B Germany Internet Services, Marketplace 23.0
26 Vivino January B Denmark / US Software 23.0
27 Lendinvest March B UK Internet Services, Fintech 21.8
28 Preciflex February C Switzerland Hardware 20.9
29 Property Partner March B UK Internet Services, Fintech 20.4
30 Home24 March Late Stage Germany Internet Services, Marketplace 20.0
31 Staff Finder March Late Stage Switzerland Internet Services, HR 20.0
32 Veniam February B Portugal / US Hardware 19.8
33 Carwow January B UK Internet Services, Marketplace 16.6
34 Telensa January Late Stage UK Hardware 16.6
35 Widespace February B Sweden Software 15.8
36 Marley Spoon March B Netherlands Internet Services, Food 15.3
37 Dayuse January A France Internet Services, Marketplace 15.0
38 digiSchool February B France Internet Services, Edtech 14.0
39 FACEIT January A UK Internet Services, Gaming 13.8
40 Friendsurance March B Germany Internet Services, Fintech 13.5
41 Mirriad March Late Stage UK Software 13.5
42 Delair-Tech March A France Hardware 13.0
43 Digital Shadows February B UK / US Software 12.6
44 Planday March B Denmark Software 12.6
45 Frichti March A France Internet Services, Food 12.0
46 Import.io January A UK Software 12.0
47 MonDocteur February A France Internet Services, eHealth 12.0
48 GoCardless March C UK Internet Services, Fintech 11.7
Appendix – Established Company Profiles, Q1 cont. 2016

49 Boxever January B Ireland Software 11.0
50 Solid Solutions Management March Late Stage UK Software 10.2
51 Bluebee March A Netherlands Software 10.0
52 Kreditech March C Germany Internet Services, Fintech 10.0
53 Scality January Late Stage France / US Software 10.0
54 UnifiedPost January Late Stage Belgium Software 10.0
55 Rythm March A France Hardware 9.9
56 Estimote January A Poland / US Hardware 9.8
57 Job Today January A Luxembourg Internet Services, Mobile Apps, Marketplace 9.2
58 Mubi January Late Stage UK Internet Services, Digital Media 9.2
59 Next Games January B Finland Software 9.2
60 CornerJob February A Spain Internet Services, Mobile Apps, Marketplace 9.0
61 Payleven February Late Stage Germany Hardware 9.0
62 Receipt Bank February B UK Software 9.0
63 Intersec March C France Internet Services, Telecoms 9.0
64 MariaDB January Late Stage Finland Software 8.3
65 CurrencyFair March Late Stage Ireland Internet Services, Fintech 8.0
66 Mambu January B Germany Internet Services, Fintech 8.0

1 Global Fashion Group April C Germany Internet Services, Marketplace 300.0
2 Cabify April C Spain Internet Services, Travel 105.9
3 Farfetch May Late Stage UK Internet Services, E-Commerce 97.3
4 Letgo May B Spain / US Internet Services, Marketplace 88.4
5 Tradeshift June Late Stage US/ Denmark Internet Services, Marketplace 66.6
6 Sirin Labs April A UK Hardware 63.5
7 SoundCloud June Late Stage Germany Internet Services, Music, Mobile Apps 62.1
8 Circle June Late Stage Ireland Internet Services, Fintech 53.2
9 Showpad May C Belgium Software 44.2
10 Intercom April C Ireland / US Internet Services, Consumer relationship management 44.1
11 Nexeon May Late Stage UK CleanTech 38.5
12 Jobandtalent June B Spain Internet Services, HR, Mobile Apps 37.3
13 G-Therapeutics April A Switzerland Medtech 36.0
14 Number26 June B Germany Internet Services, Fintech, Mobile Apps 35.5
15 Nexthink April Late Stage Switzerland Software, Cloud 35.3
16 Finanzcheck April C Germany Internet Services, Fintech 33.0
17 Drivy April C France Internet Services, Marketplace 31.0
18 ACCO Semiconductor April Late Stage France / US Hardware 30.9
19 Tandem Bank May B UK Internet Services, Fintech, Mobile Apps 28.2
20 Condeco June A UK Software 26.6
21 Stat Diagnostica April C Spain MedTech 25.0
22 Auro Technologies June A Belgium Software 24.8
23 Celonis June A Germany Software 24.4
24 Roli May B UK Internet Services, E-Commerce, Mobile Apps 23.9

25 Thermondo May C Germany Cleantech 23.5
26 TransferWise May Late Stage UK Internet Services, Fintech 23.0
27 Onfido April B UK / US Internet Services, Security 22.1
28 Blis April B UK Software 22.0
29 tado April C Germany CleanTech 20.3
30 Avantium April Late Stage Netherlands CleanTech 20.0
31 MisterFly June A France Internet Services, Marketplace 20.0
32 Orderbird May C Germany Software 20.0
33 Evaneos May C France Internet Services, Marketplace 18.6
34 Koolicar April A France Internet Services, Marketplace 18.0
35 DocPlanner June C Poland Internet Services, Marketplace 17.7
36 invest.com May A Cyprus Internet Services, Fintech 17.7
37 HomeToGo April B Germany Internet Services, Travel 17.6
38 Origami Energy April A UK Internet Services, Fintech 17.2
39 Sol Voltaics May C Sweden Cleantech 15.0
40 Verto June B Finland / US Software 14.3
41 Juniqe June B Germany Internet Services, Marketplace 14.0
42 Performance Horizon June C UK Software 13.7
43 Azimo May C UK Internet Services, Fintech 13.3
44 Weaveworks May B UK Software 13.3
45 ManoMano April B UK Internet Services, Marketplace 12.6
46 Lendix April B France Internet Services, Fintech 12.0
47 Contentful May B Germany Software 11.5
48 Chronext June C Switzerland Internet Services, Marketplace 11.0

49 Green Motion April A Switzerland CleanTech 11.0
50 ABA English May B Spain Internet Services, Edtech 10.6
51 Jolla May C Finland Software 10.6
52 Drayson Technologies May B UK Cleantech 10.3
53 Wolt April B Finland Internet Services, Food 10.0
54 Lystable June A UK Software 9.8
55 Relayware May Late Stage UK / US Software 9.7
56 Biovotion June A Switzerland Medtech 9.2
57 Dedrone May A Germany / US Software 8.8
58 Front May A France Internet Services, Mobile Apps, Digital Media 8.8
59 Shift Technology May A France Software 8.8
60 Tink May B Sweden Internet Services, Fintech, Mobile Apps 8.8
61 McMakler June A Germany Internet Services, Marketplace 8.5
62 Sonitor Technologies April A Norway / US MedTech 8.5
63 Mosaicoon May B Italy Internet Services, Digital Media 8.0
64 Tapp Commerce June A Finland Internet Services, Marketplace, Mobile apps 8.0
65 Featurespace May Late Stage UK Software 8.0
66 what3words June B UK Internet Services, AI 7.5
67 Scalable Capital April A Germany Internet Services, Fintech 7.0

1 OVH August Late Stage France Internet Services, Cloud 250.0
2 Deliveroo August Late Stage UK Internet Services, Food 245.5
3 Darktrace July C UK Software 58.7
4 Linkbynet July Late Stage France Software 50.0
5 Silent Circle July C Switzerland Software 45.2
6 Brillen.de July Late Stage Germany Internet Services, E-Commerce 45.0
7 Heliatek September Late Stage Germany CleanTech 42.0
8 Softline August Late Stage Russian Federation Software 35.7
9 Smava September C Germany Internet Services, Fintech 30.3
10 Spineart September Late Stage Switzerland MedTech 30.0
11 Nuxeo September B France / US Internet Services, SaaS 26.8
12 FinanceFox September A Germany Internet Services, Fintech 25.0
13 Notonthehighstreet.com August Late Stage UK Internet Services, Marketplace 24.5
14 CornerJob July B Spain Internet Services, Mobile Apps, Marketplace 22.6
15 Kyriba September Late Stage France Software, SaaS 20.5
16 Velocity August B UK / US Internet Services, Food 20.1
17 Zenly September B France Internet Services, SaaS 20.1
18 Bynder August A Netherlands Software 19.9
19 Outfittery August Late Stage Germany Internet Services, Marketplace 19.6
20 Alkemics September B France Internet Services, SaaS 19.6
21 Team17 September A UK Software 19.4
22 Precision Ocular Metrology July A UK Medtech 18.4
23 Cambridge Medical Robotics July A UK Medtech 18.3
24 Finalcad September B France Software 17.8

25 poLight August Late Stage Norway Hardware 17.2
26 Deposit Solutions July B Germany Internet Services, Fintech 15.0
27 Blackwood Seven August B Denmark Software 13.5
28 Songkick August Late Stage Int. UK / US Internet Services, Music 13.4
29 Ogury September B UK Software 13.4
30 Clark August A Germany Internet Services, Fintech 13.2
31 Skeleton Technologies August C Germany CleanTech 13.0
32 Infinity September C UK Software 11.7
33 TruRating August A UK Software 11.1
34 Big Health July B UK / US Internet Services, eHealth 10.8
35 DriveTribe September A UK Internet Services, SaaS 10.7
36 Afrimarket September B France Internet Services, E-Commerce 10.0
37 Canatu September Late Stage Finland Hardware 10.0
38 Post-Quantum July A UK Software 9.5
39 Revolut July A UK Internet Services, Fintech, Mobile Apps 9.2
40 Bitmovin September A Austria Internet Services, SaaS 9.2
41 Lifesum July B Sweden Internet Services, eHealth 9.0
42 Service Partner One July A Germany Internet Services, Mobile Apps, HR 9.0
43 Universal Avenue July A Sweden Internet Services, HR 9.0
44 WeSwap July B UK Internet Services, Mobile Apps, Fintech 9.0
45 Emotech August A UK Hardware 8.9
46 Kahoot! September A Norway Internet Services, Edtech 8.9
47 Rapyuta September A Switzerland Hardware 8.9
48 StarOfService September A France Internet Services, Marketplace 8.9

49 MarketInvoice July B UK Internet Services, Fintech 8.6
50 pureLiFi July B UK Internet Services, IoT 8.3
51 Exporo July A Germany Internet Services, Fintech 8.2
52 Eve Sleep July B UK Internet Services, E-Commerce 8.2
53 Black Swan Data July B UK Software 7.4
54 Buzzmove August A UK Internet Services, Fintech 7.0
55 The Rights Xchange August A UK Internet Services, Fintech 6.1
56 Laundrapp August B UK Internet Services, Marketplace 5.8

1 Sigfox November Late Stage France Software 150.0
2 Oxford Nanopore Technologies December Late Stage UK MedTech 115.3
3 Devialet November C France Hardware 100.0
4 HelloFresh December Late Stage Germany Internet Services, Food 81.5
5 Sonnen October Late Stage Germany Cleantech 75.9
6 GoEuro October C Germany Internet Services, Travel 62.5
7 Hawkers October A Spain Internet Services, E-Commerce 50.0
8 SonarSource November Late Stage Switzerland Internet Services, Open Source 40.8
9 Nutmeg November C UK Internet Services, Fintech 33.6
10 BillFront December A UK Internet Services, Fintech 32.4
11 Navya October B France Cleantech 30.0
12 Aevi October Late Stage Germany Internet Services, Fintech 30.0
13 UrbanVolt November A Ireland Cleantech 30.0
14 EcoVadis December C France Internet Services, SaaS 30.0
15 Wynd November B France Internet Services, SaaS 28.7
16 Graphcore October A UK Hardware 26.8
17 Exclaimer December Late Stage UK Internet Services, SaaS 26.5
18 iwoca October C UK Internet Services, Fintech 24.6
19 Molotov December B France Internet Services, Digital Media 22.0
20 PragmatIC October Late Stage UK Hardware 21.1
21 Relayr November B Germany / US Internet Services, IoT 20.8
22 Swap.com December C Finland Internet Services, Marketplace 19.0
23 Calligo November B UK Internet Services, Cloud 18.1
24 Clue November B Germany Software 18.1

25 Job Today November B Luxembourg Internet Services, HR 18.1
26 The Future Group November C Norway Software 18.1
27 ContentSquare October B France Internet Services, SaaS 17.8
28 Busfor October B Russian Federation Internet Services, Travel 17.8
29 Culture Trip October A UK Internet Services, Travel 17.8
30 Movinga December C Germany Internet Services, Marketplace 17.0
31 LeadCold Reactors October B Sweden Hardware 16.1
32 CorWave November B France Medtech 15.5
33 Smartfrog October A Germany Internet Services, IoT 15.0
34 Visedo December C Finland CleanTech 15.0
35 Ynsect December B France CleanTech 14.1
36 ZappiStore October A UK Internet Services, SaaS 14.1
37 Nutmeg December Late Stage UK Internet Services, Fintech 13.8
38 Chronocam October B France Hardware 13.4
39 Move24 October B Germany Internet Services, E-Commerce 13.0
40 4iQ October A Spain Software 12.5
41 Dataiku October A France, US Internet Services, Big Data / AI 12.5
42 Linkfluence October C France Internet Services, SaaS 12.0
43 UroMems November A France Medtech 12.0
44 OpenGamma October Late Stage UK Internet Services, Fintech 11.9
45 Virtual1 December B UK Telecom Services 11.5
46 Silvair November A Poland Software 10.9
47 AOT November C Switzerland Medtech 10.6
48 Sonovate October B UK Internet Services, HR 10.6

49 IbanFirst October A Belgium Internet Services, Fintech 10.0
50 Splio October A France Internet Services, SaaS 10.0
51 Five Degrees November C Netherlands Internet Services, Fintech 10.0
52 Lilium Aviation December A Germany CleanTech 10.0
53 Kreditech December Late Stage Germany Internet Services, Fintech 10.0
54 Truecaller December Late Stage Sweden Software 10.0
55 Coorpacademy October B France Internet Services, Edtech 9.8
56 Freespee November B UK Internet Services, Adtech 9.3
57 Musement November B Italy Internet Services, Travel 9.1
58 Teamleader November B Belgium Internet Services, Cloud 9.1
59 Dubsmash November B Germany Internet Services, SaaS 9.0
60 StreetTeam October A UK Internet Services, Adtech 8.9
61 KNL Networks October A Finland Hardware 8.9
62 Ava November A Switzerland Medtech 8.8
63 Zenterio November Late Stage Sweden Software 8.8
64 Eve Sleep October B UK Internet Services, E-Commerce 8.2
65 CurrencyFair November Late Stage Ireland Internet Services, Fintech 8.0
66 Clavis Insight December Late Stage Ireland Internet Services, Big Data / AI 7.7

Neither this presentation nor any of its contents may be used
without the prior written consent of Go4Venture Hub Ltd, trading
as “Go4Venture”.
Go4Venture Hub Limited is an appointed representative of
Go4Venture Advisers LLP which is authorised and regulated by
the UK Financial Conduct Authority. Limited Liability Company
Incorporated in England, Company Number 9669003.
The information in this presentation reﬂects prevailing conditions
and our views as of this date, all of which are subject to change.
In preparing this presentation, Go4Venture has relied upon and
assumed, without independent veriﬁcation, the accuracy and
completeness of all information available to us or from public
sources or which was otherwise reviewed by us.
Disclaimer

Go4Venture
10 Wellington Street
Cambridge
CB1 1HW
www.go4venture.com
Thank you

February 2017
Syndication Platform for Generalist Investors
to Co-Invest with Specialist Venture & Growth Tech Funds
Go4Venture Hub Limited is an appointed representative of Go4Venture Advisers LLP which is
authorised and regulated by the UK Financial Conduct Authority.
Registered address: 10 Wellington Street, Cambridge, CB1 1HW - Limited Liability Company
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