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HTI Quarterly Report | Q1 2017
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 actual level of venture and growth equity investment in European technology (excluding drug
development) as well as the level of reporting, so amplifying market trends, going faster when the market
progresses (as more freelance journalists get paid to report on the market), and slowing sharply as market
decreases (reporting staff get cut first). As such the HTI has proven to be a good early indicator of the
European technology investment market.
Go4Venture’s HTI index follows the methodology outlined below:
Investment Size Coverage
This report focuses on “Large” HTI transactions, defined as any fundraising ≥€10m, and ≥$10/€7.5/£5m
historically, referred to throughout this presentation as “Large (≥€10m) 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
The market was expected to decrease, similar to
the decrease of Q1 2016 compared to Q1 2015.
However, the market is in fact in acceleration
mode and has been from September 2016 (see
2016 year end review).
There has been a recovery in the value of larger
deals (≥€75m). Europe is seen as getting better at
producing valuable companies, not simply great
technologies.
Europe is seeing the emergence of a Silicon Valley
like Series A segment with a depreciating interest in
the involvement in Later Stage rounds.
Internet continue to be the main focus of most
investors with subsectors Fintech and Marketplace
continuing to be all the rage. See our Fintech blog,
‘European fintech in focus: fundamentals too
strong’. There is a growing trend to invest in
marketplaces (no stock) rather than ecommerce
plays (inventory risk). Horizontal technologies such
as AI / Big Data are touching every subsector of
internet services due to the vast amount of data
generated by mobile and IoT devices.
Outside of the internet and software sectors,
funding activity is fairly subdued.
Size of HTI Investments Sectors
Investors Countries
European venture and growth
financing market in Q1 2017
One of the biggest recent stories is the rise of
the Generalist investor in the European tech
space. We have found that 48 deals included at
least one generalist investor (69% of total deals)
compared to Q1 2016 when 42 deals included at
least one generalist investor (63% of total deals).
Thrive Capital, an NY-based venture capital firm, is
leading two major fintech investments (Raisin and
Monzo), Well known VCs Index, Accel and
Northzone are participating in the most deals.
The UK and Germany are leading in Large Tech
Investment in Europe neck and neck, with France
following closely.
UK-based VC firm Notion Capital, Germany-based
VC firm GFC and France-based state fund
Bpifrance are making the most investments in the
UK, Germany and France respectively.
The big news is the smaller peripheral countries
coming of age, including Spain with the highest
average deal size (€56m) followed by the
Netherlands (€40m), excluding countries which only
had one deal.
Pg. 4 Investments bounce back
and the market is in
acceleration mode
Pg. 5 The upper part of the
market is recovering
Pg. 6 There is a growing trend to
invest in marketplaces
Pg. 7 Once again Internet
Services is the main focus
of most investors
Pg. 8-12 Europe is seeing the
emergence of a Silicon
Valley like Series A
segment
Pg. 13 Thrive Capital leading two
major Fintech investments
Q1 2017
Pg. 14 Corporate and Generalist
Financial Investors are a
Formidable Force
Pg. 15-
16
Large Tech Investment in
Europe being carried by the
UK, Germany and France
Source: Go4Venture HTI Database © Page 3
Volume and Value of Investments ≥€1m, Q1 2015 – Q1 2017
― The market was expected to decrease, similar to the
decrease of Q1 2016 compared to Q1 2015
― However, the market is in fact in acceleration mode
and has been from September 2016 (see 2016 year
end review)
― Compared to Q1 2016, Q1 2017 is:
― 114% ahead by transaction volume
― 47% ahead by value
Source: © Go4Venture HTI Database
Source: © Go4Venture HTI Database
Investments bounce back and the market is in acceleration mode
Commentary
Source: Go4Venture HTI Database © Page 4
0
50
100
150
200
250
300
350
Jan Feb Mar
CumulativeNumberofTransactions
Go4Venture HTI Index by Cumulative Deal Volume
Q1 2015 – Q1 2017
2015
2016
2017
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Jan Feb Mar
CumulativeValueofTransactions(€m)
Go4Venture HTI Index by Cumulative Deal Value
Q1 2015 – Q1 2017
2015
2016
2017
― The market remains very active in the traditional
European fundraising domain (deals between €10m -
€75m)
― There has been a recovery in the value of larger
deals (≥€75m)
― Europe is seen as getting better at producing
valuable companies, not simply great technologies
CommentaryLarge (≥€10m) HTI Investments by Size (Q1 2015 – Q1 2017)
Source: © Go4Venture HTI Database
481
625 684
497
516 464
53
173 190
251
173 192
813
277
523
70
Q1 2015 Q1 2016 Q1 2017
0
10
20
30
40
50
60
70
0
500
1,000
1,500
2,000
2,500
3,000
Q1 2015 Q1 2016 Q1 2017
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
€10m - €25m
€2,095.6m
€1,763.8m
€2,052.7m
53
67
Deal Volume
The upper part of the market is recovering
Volume and Value of Large Investments ≥€10m, Q1 2015 – Q1 2017
Source: Go4Venture HTI Database © Page 5
CommentaryTop 10 Largest Funding Rounds Q1 2017
DESC. INVESTORSCOMPANY DEAL INFO.
Series C
Jan €166.1m
Series B
Jan €156.6m
Series A
Jan €100.0m
Series B
Mar €100.0m
Late Stage
Mar €97.3m
Late Stage
Jan €94.9m
Late Stage
Mar €66.0m
Late Stage
Mar €65.0m
Late Stage
Jan €58.5m
Online marketplace for
second hand products
Social networking site for
scientists and researchers
P2P lending platform focused
on small business finance
Leading provider of fixed
wireless broadband services
Online supermarket for
groceries at the lowest price
with free delivery service
Developer of enterprise
software testing solutions
A mobile only bank for the
UK market
Online marketplace for
lighting products
Provider of cloud
solutions for sensitive-
data management
E-commerce platform for
premium second-hand
fashion
Late Stage
Feb €49.5m
1
2
3
4
5
6
7
8
9
10
RANK COUNTRY
Source: Go4Venture HTI Database ©
There is a growing trend to invest in marketplaces
Top 10 Largest Funding Transactions, Q1 2017
― The Top 10 transactions reflect the diversity
of innovation across Europe
― Four of the top 10 funding rounds were
Marketplace / eCommerce deals
― There is a growing trend to invest in
marketplaces (no stock) rather than
ecommerce (inventory risk)
― Letgo (Marketplace, Spain) had the largest
funding round this quarter amounting to
€166.1m and also recently closed their
Series B round, in May 2016 totalling
€88.4m (see our May 2016 Bulletin)
― US-based VC and PE firm Insight Ventures
and US-based VC firm Accel both
participated in two, and led one, of the top
10 funding rounds in this quarter
― See appendix, slides 19-21, for a list of all
Large (≥€10m) funding rounds in Q1 2017
and links to their Go4Venture Company
Profiles
Source: Go4Venture HTI Database © Page 6
LEAD
LE
AD
LEAD
HoybergFinci
LEAD
LE
AD
L
E
A
D
Software
Hardware
Medtech
14 | €365.5m
4 | €122.1m
5 | €98.3m
Internet Services
Cleantech
0 | €0m
46 | €1,366.8m
Telecom Services
1 | €100m
Source: Go4Venture HTI Database ©
Number and Value of Large
(≥€10m) HTI Investments by Sector,
Q1 2017
― Internet continues to be the main focus of most investors, Fintech and Marketplaces are all the rage
― Outside of the Internet and Software sectors, funding activity is fairly subdued
Once again Internet Services is the main focus of most investors
Volume and Value of Transactions ≥€10m by Sector, Q1 2017
Source: Go4Venture HTI Database © Page 7
Banking Payments
Money
Transfer
Lending Insurance Other Services
eCommerce
Big Data
/ AI
Cloud
Digital
Media
SaaS
Social
Network
IoT CRM Marketing
Large (≥€10m) Deals by Internet Services Sub-Sector, Q1 2017
Source: © Go4Venture HTI Database
Q1 2016
Q1 2017 # deals
Tot. value
Avg. value
Travel Products Fintech
Clothing /
Accessories
Jobs /
HR
eHealth Services Music
Other
19
€678.0m
€35.7m
Marketplace
17
€432.0m
€25.4m
10
€256.8m
€25.7m
15
€513.7m
€34.2m
12
€287.3m
€23.9m
7
€146.2m
€20.9m
Fintech
― There is a growing number of substantial Series A
transactions, share is up by 11% and average value
is up by 8% (see slide 9)
― Series B and C rounds remain relatively steady in
volume, however the average value of Series B and
Series C rounds is up by 26% (see slides 9-10)
― There has been depreciating interest in the
involvement in Later Stage rounds, share is down by
9%, yet average value is up by 17% (see slide 12)
Commentary
12
15
2311
23
23
12
10
11
18
19
13
Q1 2015 Q1 2016 Q1 2017
A B C Late Stage
Number of Large (≥€10m) HTI Investments by Series
Q1 2015 – Q1 2017
23% 22%
33%
19%
28%
34%
Source: Go4Venture HTI Database ©
70
67
53
Europe is seeing the emergence of a Silicon Valley like Series A segment
Volume of Transactions ≥€10m by Stage, Q1 2015 – Q1 2017
Source: Go4Venture HTI Database © Page 8
Top Series A Deals by size (€m)
Most Active Series A investors
Aerospace technology solutions
Leading provider of fixed wireless
broadband services
Developer of drug inhalation &
remote monitoring technology
for respiratory diseases
Platform facilitating home
exchange for travellers
DESC. INVESTORSCOMPANY DEAL INFO.
INVESTOR SERIES A DEALSCOUNTRY # SERIES A DEALS
3
2
2
2
2
Jan €100m
Mar €43.5m
Mar €33.0m
Jan €28.5m
Source: Go4Venture HTI Database ©
Source: Go4Venture HTI Database ©
Source: Go4Venture HTI Database ©
Europe is seeing the emergence of a Silicon Valley like Series A segment
Top 5 Investors and Transactions ≥€10m in Series A Rounds, Q1 2017
Commentary
Source: Go4Venture HTI Database © Page 9
LE
AD
LEAD
LEAD
LE
A
D
L
E
A
D
LE
A
D
LEAD
L
E
A
D
LEA
D
L
E
A
D
LEAD
LEAD
― Series A rounds have grown in volume by 53% and in
value by 65%
― Stockholm-based VC firm Northzone has participated
in the most Series A rounds this quarter, investing in
the eCommerce, Fintech and Software sectors
― We are seeing a diverse range of companies
receiving Series A funding
Series A Rounds
2016 2017 Growth
Volume 15 23 53.3%
Total Value (€m) 294.9 486.5 64.9%
Min 9.0 10.0 11.0%
Median 12.0 14.1 17.2%
Max 90.1 100.0 11.0%
Average 19.7 21.2 7.6%Banking platform allowing
companies to offer their own
financial products Mar €26.3m
Hegus
Top Series B Deals by size (€m)
Most Active Series B investors
IoT platform connecting
consumer products to the web
and managing real-time data
analytics
Developer of enterprise
software testing solutions
Developer of photonic technology
for diagnostic imaging
Online supermarket for
groceries at the lowest price
with free delivery service
Mobile app for finding jobs in
retail, hospitality and beauty
DESC. INVESTORSCOMPANY DEAL INFO.
INVESTOR SERIES B DEALSCOUNTRY # SERIES B DEALS
Jan €156.6m
Mar €34.4m
Mar €100.0m
Mar €32.9m
Mar €23.3m
Source: Go4Venture HTI Database ©
Source: Go4Venture HTI Database ©
Series B rounds remain relatively steady
Top 5 Investors and Transactions ≥€10m in Series B Rounds, Q1 2017
Source: Go4Venture HTI Database ©
Commentary
Page 10
2
2
2
2
2
HoybergFinci
Source: Go4Venture HTI Database ©
L
E
A
D
LEA
D
L
E
A
D
LEA
D
― Series B rounds are level by volume but have grown
in value by 26.1%, this is only due to two Mega deals
(≥€100m), excluding these Mega deals the average
value is in fact down by 19.8%
― Munich-based Holtzbrinck Ventures and France-
based Idinvest Partners and Partech Ventures have
led and participated in the most Series B rounds this
quarter
― We are seeing a diverse range of companies
receiving Series B funding
Series B Rounds
2016 2017 Growth
Volume 23 23 0.0%
Total Value (€m) 485.5 612.1 26.1%
Min 8.0 10.0 25.0%
Median 19.8 15.0 -24.3%
Max 64.4 156.6 143.1%
Average 21.1 26.6 26.1%
L
E
A
D
LE
A
D
L
E
A
D
Top Series C Deals by size (€m)
Most Active Series C investors
― Series C rounds have grown in volume by 10% and in
value by 38.5%, excluding the Mega deal (≥€100m),
however, the average deal size is down by 19.6%
and it is level by volume
― US-based VC firm, Accel, participated in the most
Series C rounds this quarter
― We are seeing a diverse range of companies
receiving Series C funding
Digital entertainment media
company
Online marketplace for second
hand products
Data governance, management,
compliance and collaboration
software
Financial marketplace enabling
savers to access the best deposit
rates across Europe
Manufacturer and seller of
Bitcoin mining devices and
chips
DESC. INVESTORSCOMPANY DEAL INFO.
INVESTOR SERIES C DEALSCOUNTRY # SERIES C DEALS
3
2
2
1
1
Jan €166.1m
Jan €47.4m
Jan €30.0m
Jan €28.5m
Jan €26.1m
Source: Go4Venture HTI Database ©
Source: Go4Venture HTI Database ©
Series C rounds remain relatively steady
Top 5 Investors and Transactions ≥€10m in Series C Rounds, Q1 2017
Commentary
Series C Rounds
2016 2017 Growth
Volume 10 11 10.0%
Total Value (€m) 286.2 396.3 38.5%
Min 9.0 10.0 11.3%
Median 27.3 26.0 -4.8%
Max 54.0 166.1 207.3%
Average 28.6 36.0 25.9%
Source: Go4Venture HTI Database ©
Source: Go4Venture HTI Database © Page 11
L
E
A
D
LE
A
D
LEAD
LEA
D
LEA
D
Top Late Stage Deals by size (€m)
Most Active Late Stage investors
E-commerce platform for
premium second-hand fashion
A mobile only bank for the UK
market
P2P lending platform
focused on small business
finance
Online marketplace for
lighting products
Provider of cloud solutions for
sensitive-data management
DESC. INVESTORSCOMPANY DEAL INFO.
INVESTOR LATE STAGE DEALSCOUNTRY # LATE STAGE DEALS
2
1
1
1
1
Mar €97.3m
Jan €94.9m
Mar €66.0m
Mar €65.0m
Jan €58.5m
Source: Go4Venture HTI Database ©
Source: Go4Venture HTI Database ©
Commentary
Depreciating interest in the involvement in Later Stage rounds
Top 5 Investors and Transactions ≥€10m in Late Stage Rounds, Q1 2017
― Late Stage rounds are down in volume by 31.6% and
down in value by 20%
― US-based VC firm, Sapphire Ventures, who focuses
on high growth expansion-stage technology
companies, participated in the most Late Stage
rounds this quarter
― The top two Late Stage funding rounds (by deal size)
were UK-based fintech companies Atom Bank and
Funding Circle
Source: Go4Venture HTI Database © Page 12
Late Stage Rounds
2016 2017 Growth
Volume 19 13 -31.6%
Total Value (€m) 697.2 557.8 -20.0%
Min 8.0 10.3 28.8%
Median 20.0 33.2 66.1%
Max 176.7 97.3 -44.9%
Average 36.7 42.9 16.9%
Source: Go4Venture HTI Database ©
LE
AD
LE
AD
L
E
A
D
LEAD
LEAD
LEAD
LEAD
LEAD
Top 10 investors by # deals then by # deals led in Q1 2017Source: Go4Venture HTI Database ©
Thrive Capital leading two major Fintech investments Q1 2017
Top 10 Most Active Investors In Europe, Q1 2017
Source: Go4Venture HTI Database © Page 13
LARGE (≥€10M) INVESTMENTSINVESTORRANK
1
2
3
4
5
6
7
8
9
10
# OF LARGE (≥€10M) DEALS LED
TOTAL # OF LARGE (≥€10M) DEALS
2
2
1
1
1
1
1
1
1
2
3
3
3
3
3
4
5
5
L
E
A
D
L
E
A
D
LEAD
LEAD
L
E
A
D
L
E
A
D
L
E
A
D
LEA
D
L
E
A
D
LE
A
D
L
E
A
D
LEAD
L
E
A
D
Commentary
― One of the biggest recent stories is the rise of
the Generalist investor in the European tech
space
― We have found that 48 deals included at least
one generalist investor (69% of total deals)
compared to Q1 2016 when 42 deals included
at least one generalist investor (63% of total
deals)
― Generalist investors also lead investments with
26 deals featuring at least one lead generalist
investor (37% of total deals), compared to Q1
2016 when 24 deals featured at least one lead
generalist investor (36% of total deals)
Number of Large (≥€10m) HTI Deals Led by Type of Investor in Q1 2017
19
8
14
3
1
6
VC Growth Equity Corporate Venture Private Equity State Fund Other Financial Investor
46
15
29
13
6
17
VC Growth Equity Corporate Venture Private Equity State Fund Other Financial Investor
1/3 deals led by a “generalist” investor
Number of Large (≥€10m) HTI Deals by each Type of Investor in Q1 2017
2/3 deals featured a “generalist” investor
Source: Go4Venture HTI Database ©
Source: Go4Venture HTI Database ©
Corporate and generalist financial investors are a formidable force
Investors by Type for Transactions ≥€10m, Q1 2017
Source: Go4Venture HTI Database © Page 14
― Investment in local tech ecosystems are
allowing Scandinavia and Benelux to
continue to punch above their weight
― See next slide for the top 10 countries
by number and value of investments, Q1
2017
Commentary
Source: Go4Venture HTI Database ©
CEE
3 |
€50m
7 |
€251m
DACH
19 | €563m
5 | €323m
France
11 |
€271m
18 | €501m
7 |
€95m
DACH:
Germany,
Austria,
Switzerland
CEE:
Central and
Eastern Europe
%
2%
%
1%
5%7%
27%23%
12%3%
16%4%
13%12%
24%50%
Q1 2016 Q1 2017
Scandinavia
Benelux
Southern
Europe
UK & Ireland
€50m+
€150m+
€300m+
Total Value and Volume of Large (≥€10m) HTI Investments by Geography,
Q1 2017
Key
Large Tech investment in Europe being carried by the UK, Germany and France
Transactions ≥€10m by Geography, Q1 2017
Source: Go4Venture HTI Database © Page 15
TOP DEALGEO.RANK
1
2
3
4
5
6
7
8
9
10
Top 10 countries by # deals then by total value of deals in Q1 2017Source: Go4Venture HTI Database ©
1
2
2
3
4
4
4
11
16
17
Large Tech investment in Europe being carried by the UK, Germany and France
Top 10 Countries by Number and Value of Investments, Q1 2017
Source: Go4Venture HTI Database ©
TOTAL LARGE (≥€10M) DEALS TOP INVESTOR*
Page 16
INVESTOR GEO.
Late Stage
Mar €97.3m
SIZE
€491m
€29m
€369m
€23m
€223m
€56m
€271m
€25m
€160m
€40m
€61m
€15m
€34m
€11m
Late Stage
Mar €66.0m
Late Stage
Mar €65.0m
Series C
Jan €166.1m
Series B
Mar €100.0m
Series C
Feb €20.7m
Series A
Jan €11.4m
Series C
Jan €47.4m
Series A
Mar €20.0m
*by number of deals in that country, Q1 2017
Total value (€m)
Avg. deal size (€m)
# of deals
Key
€58m
€29m
€37m
€18m
― The UK and Germany
are leading Europe
neck and neck, with
France close behind
― UK-based VC firm
Notion Capital,
Germany-based VC
firm GFC and France-
based state fund
Bpifrance are making
the most investments
in the UK, Germany
and France
respectively
― The big news is
smaller peripheral
countries coming of
age, including Spain
with the highest
average deal size
followed by the
Netherlands (excluding
countries which only
had one deal)
Commentary
Top 10 Countries by Number and Value of Investments, Q1 2017
€157m
€157m
Series B
Jan €156.6m
Company Profiles Q1 2017
― Rated Company Profiles
― Large (≥€10m) funding rounds and Go4Venture
Company Profiles
Pg. 18-21
18
19–21
End Pages
― Disclaimer
― Thank you
― End
Pg. 22-24
22
23
24
Appendix
Source: Go4Venture HTI Database © Page 17
# COMPANY DATE SECTOR COUNTRY
NEXT STAGE /
ESTIMATED AMOUNT
1 26-Apr-2017
Home and Living
Marketplace
Germany
Series B
€5-10m
2 17-Mar-2017 HR / Jobs UK
Series A
€5-10m
3 08-Feb-2017 Gaming UK
Series A
€5-10m
4 08-Feb-2017 Fintech UK
Series B
€10-20m
Source: Go4Venture HTI Database ©
Appendix – Go4Venture Rated Company Profiles 2017
Source: Go4Venture HTI Database © Page 18
# COMPANY MONTH STAGE COUNTRY SECTOR DEAL SIZE (€M)
1 Letgo January C Spain Internet Services, Marketplace, Products 166.1
2 Tricentis January B Austria Software 156.6
3 Linkem January A Italy Telecom Services 100
4 Picnic March B Netherlands Internet Services, E-Commerce, Food 100
5 Atom Bank March Late Stage UK Internet Services, Fintech, Banking 97.3
6 Funding Circle January Late Stage UK Internet Services, Marketplace, Fintech, Lending 94.9
7 Lampenwelt March Late Stage Germany Internet Services, Marketplace, Products 66
8 Oodrive March Late Stage France Internet Services, Cloud 65
9 Vestiaire Collective January Late Stage France Internet Services, Marketplace, Clothing/Accessory Retailers 58.8
10 ResearchGate February Late Stage Germany Internet Services, Social Media, Professional Networking 49.5
11 Collibra January C Belgium, US Software 47.4
12 Breath Therapeutics March A Germany Medtech 43.5
13 MedLumics March B Spain Medtech 34.4
14 Atlas Genetics January Late Stage UK Medtech, eHealth 33.2
15 GuestToGuest March A France Internet Services, Marketplace, Travel 33
16 Job Today March B Luxembourg Internet Services, Marketplace, HR 32.9
17 Raisin January C Germany Internet Services, Marketplace, Fintech 30
18 Bitfury January C Netherlands Hardware, Bitcoin / Blockchain, Software 28.5
19 Gilo Industries January A UK Hardware 28.5
20 solarisBank March A Germany Internet Services, Fintech, Banking 26.3
21 Whistle Sports January C UK Internet Services, Digital Media 26.1
22 Doctolib January C France Internet Services, Marketplace, eHealth 26
23 Upstream February A UK Internet Services, e-Commerce, Digital Media 25
24 Currency cloud March Late Stage UK Internet Services, Fintech, Money Transfer 23.4
Appendix – Go4Venture Company Profiles, Q1 2017
Source: Go4Venture HTI Database © Page 19
Large (≥€10m) Transactions Ordered by Deal Size (large – small)
Source: Go4Venture HTI Database ©
Source: Go4Venture HTI Database ©
Large (≥€10m) Transactions Ordered by Deal Size (large – small)
Source: Go4Venture HTI Database ©
Appendix – Go4Venture Company Profiles, Q1 2017 cont.
Source: Go4Venture HTI Database © Page 20
# COMPANY MONTH STAGE COUNTRY SECTOR DEAL SIZE (€M)
25 Evrythng March B UK, US Internet Services, IoT, Data Analytics 23.3
26 Monzo February B UK Internet Services, Fintech, Banking, Mobile Apps 22.6
27 Bloomon February B Netherlands Internet Services, Marketplace, Products 21.6
28 Creamfinance March B Poland Internet Services, Fintech, Lending 21
29 Soundtrack Your Brand February C Sweden Internet Services, Marketplace, Music 20.7
30 Book a Tiger February B Germany Internet Services, Marketplace, Services 20
31 CompareEuropeGroup January A UK Internet Services, Marketplace, Fintech 20
32 Knime March A Switzerland Software, Open Source, Data Analytics 20
33 Simplesurance March B Germany Internet Services, E-Commerce, Fintech, Insurance 19.2
34 Dreamlines February Late Stage Germany Internet Services, Marketplace, Travel 18
35 WayRay March B Switzerland Software, Hardware, IoT 16.9
36 Starship Technologies January A UK Hardware, Robotics / Drones, Big Data / AI 16.3
37 Pipedrive January B Estonia, US Internet Services, CRM, SaaS 16.1
38 The Floow March A UK Software, Big Data / AI, Telecoms 15.2
39 Databerries March A France Software, Adtech 15
40 iZettle January Late Stage Sweden Internet Services, Fintech, Payments 15
41 Ottonova March B Germany Internet Services, Fintech, Insurance 15
42 TravelCar February B France Internet Services, Marketplace, Travel 15
43 Dedrone February B Germany, US Software, Drones 14.1
44 Garrison Technology March A UK Software, Security 14.1
45 Minute Media February Late Stage UK Internet Services, Digital Media 14.1
46 Easymile January A France Hardware, Robotics / Drones, Big Data / AI, Software 14
47
Na-Kd
January A Sweden Internet Services, Marketplace, E-Commerce, Clothing/Accessory
Retailers
14
48
Ecrebo
February B UK Internet Services, Marketing
13.9
Appendix – Go4Venture Company Profiles, Q1 2017 cont.
Source: Go4Venture HTI Database © Page 21
# COMPANY MONTH STAGE COUNTRY SECTOR DEAL SIZE (€M)
49 Seerene January A Germany Internet Services, SaaS, SaaS 13.3
50 The Naga Group March A Germany Internet Services, Fintech, Social Network, Mobile Apps 12.5
51 iyzico January C Turkey Internet Services, Fintech, Payments 12.3
52 Akeneo March B France, US Software, Open Source 12.2
53 Scytl February Late Stage Spain Software 12.2
54 Zeotap January B Germany Internet Services, Big Data / AI, Big Data / AI, Adtech 12
55 Dealflo February B UK Internet Services, Cloud 11.6
56 Fusetools January A Norway Software, Mobile Apps 11.4
57 Qapital March A Sweden, US Internet Services, Fintech, Services 11.3
58 Xeneta February B Norway Internet Services, SaaS 11.3
59 eSmart Systems January A Norway Internet Services, Big Data / AI, Big Data / AI, Software 11.1
60 Famoco February B France Hardware, Fintech, Payments 11
61 Owlstone Medical January A UK Medtech 11
62 Qapa January A France Internet Services, Marketplace, HR 11
63 Logtrust January B Spain, US Internet Services, Big Data / AI, Big Data / AI 10.4
64 Itineris January Late Stage Belgium Software 10.3
65 Blueface March C Ireland Software, Cloud 10
66 Campanda January B Germany Internet Services, Marketplace, Travel 10
67 Helpling March C Germany Internet Services, Marketplace, Services 10
68 InterCloud March B France Software, Cloud 10
69 mycs March A Germany Internet Services, E-Commerce 10
70 MyTomorrows January A Netherlands Internet Services, Marketplace, eHealth 10
Large (≥€10m) Transactions Ordered by Deal Size (large – small)
Source: Go4Venture HTI Database ©
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
Source: Go4Venture HTI Database © Page 22
Go4Venture
10 Wellington Street
Cambridge
CB1 1HW
www.go4venture.com
Source: Go4Venture HTI Database © Page 23
Thank you
April 2017
Research, interact with and invest
in Scaleup tech companies
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
Incorporated in England Company Number 9669003
Go4Venture © 2017. All rights reserved

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Scaleup tech companies attract record investment in Q1 2017

  • 1. Research, interact with and invest in Scaleup tech companies HTI Quarterly Report | Q1 2017
  • 2. 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 actual level of venture and growth equity investment in European technology (excluding drug development) as well as the level of reporting, so amplifying market trends, going faster when the market progresses (as more freelance journalists get paid to report on the market), and slowing sharply as market decreases (reporting staff get cut first). As such the HTI has proven to be a good early indicator of the European technology investment market. Go4Venture’s HTI index follows the methodology outlined below: Investment Size Coverage This report focuses on “Large” HTI transactions, defined as any fundraising ≥€10m, and ≥$10/€7.5/£5m historically, referred to throughout this presentation as “Large (≥€10m) 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
  • 3. Executive Summary The market was expected to decrease, similar to the decrease of Q1 2016 compared to Q1 2015. However, the market is in fact in acceleration mode and has been from September 2016 (see 2016 year end review). There has been a recovery in the value of larger deals (≥€75m). Europe is seen as getting better at producing valuable companies, not simply great technologies. Europe is seeing the emergence of a Silicon Valley like Series A segment with a depreciating interest in the involvement in Later Stage rounds. Internet continue to be the main focus of most investors with subsectors Fintech and Marketplace continuing to be all the rage. See our Fintech blog, ‘European fintech in focus: fundamentals too strong’. There is a growing trend to invest in marketplaces (no stock) rather than ecommerce plays (inventory risk). Horizontal technologies such as AI / Big Data are touching every subsector of internet services due to the vast amount of data generated by mobile and IoT devices. Outside of the internet and software sectors, funding activity is fairly subdued. Size of HTI Investments Sectors Investors Countries European venture and growth financing market in Q1 2017 One of the biggest recent stories is the rise of the Generalist investor in the European tech space. We have found that 48 deals included at least one generalist investor (69% of total deals) compared to Q1 2016 when 42 deals included at least one generalist investor (63% of total deals). Thrive Capital, an NY-based venture capital firm, is leading two major fintech investments (Raisin and Monzo), Well known VCs Index, Accel and Northzone are participating in the most deals. The UK and Germany are leading in Large Tech Investment in Europe neck and neck, with France following closely. UK-based VC firm Notion Capital, Germany-based VC firm GFC and France-based state fund Bpifrance are making the most investments in the UK, Germany and France respectively. The big news is the smaller peripheral countries coming of age, including Spain with the highest average deal size (€56m) followed by the Netherlands (€40m), excluding countries which only had one deal. Pg. 4 Investments bounce back and the market is in acceleration mode Pg. 5 The upper part of the market is recovering Pg. 6 There is a growing trend to invest in marketplaces Pg. 7 Once again Internet Services is the main focus of most investors Pg. 8-12 Europe is seeing the emergence of a Silicon Valley like Series A segment Pg. 13 Thrive Capital leading two major Fintech investments Q1 2017 Pg. 14 Corporate and Generalist Financial Investors are a Formidable Force Pg. 15- 16 Large Tech Investment in Europe being carried by the UK, Germany and France Source: Go4Venture HTI Database © Page 3
  • 4. Volume and Value of Investments ≥€1m, Q1 2015 – Q1 2017 ― The market was expected to decrease, similar to the decrease of Q1 2016 compared to Q1 2015 ― However, the market is in fact in acceleration mode and has been from September 2016 (see 2016 year end review) ― Compared to Q1 2016, Q1 2017 is: ― 114% ahead by transaction volume ― 47% ahead by value Source: © Go4Venture HTI Database Source: © Go4Venture HTI Database Investments bounce back and the market is in acceleration mode Commentary Source: Go4Venture HTI Database © Page 4 0 50 100 150 200 250 300 350 Jan Feb Mar CumulativeNumberofTransactions Go4Venture HTI Index by Cumulative Deal Volume Q1 2015 – Q1 2017 2015 2016 2017 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Jan Feb Mar CumulativeValueofTransactions(€m) Go4Venture HTI Index by Cumulative Deal Value Q1 2015 – Q1 2017 2015 2016 2017
  • 5. ― The market remains very active in the traditional European fundraising domain (deals between €10m - €75m) ― There has been a recovery in the value of larger deals (≥€75m) ― Europe is seen as getting better at producing valuable companies, not simply great technologies CommentaryLarge (≥€10m) HTI Investments by Size (Q1 2015 – Q1 2017) Source: © Go4Venture HTI Database 481 625 684 497 516 464 53 173 190 251 173 192 813 277 523 70 Q1 2015 Q1 2016 Q1 2017 0 10 20 30 40 50 60 70 0 500 1,000 1,500 2,000 2,500 3,000 Q1 2015 Q1 2016 Q1 2017 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 €10m - €25m €2,095.6m €1,763.8m €2,052.7m 53 67 Deal Volume The upper part of the market is recovering Volume and Value of Large Investments ≥€10m, Q1 2015 – Q1 2017 Source: Go4Venture HTI Database © Page 5
  • 6. CommentaryTop 10 Largest Funding Rounds Q1 2017 DESC. INVESTORSCOMPANY DEAL INFO. Series C Jan €166.1m Series B Jan €156.6m Series A Jan €100.0m Series B Mar €100.0m Late Stage Mar €97.3m Late Stage Jan €94.9m Late Stage Mar €66.0m Late Stage Mar €65.0m Late Stage Jan €58.5m Online marketplace for second hand products Social networking site for scientists and researchers P2P lending platform focused on small business finance Leading provider of fixed wireless broadband services Online supermarket for groceries at the lowest price with free delivery service Developer of enterprise software testing solutions A mobile only bank for the UK market Online marketplace for lighting products Provider of cloud solutions for sensitive- data management E-commerce platform for premium second-hand fashion Late Stage Feb €49.5m 1 2 3 4 5 6 7 8 9 10 RANK COUNTRY Source: Go4Venture HTI Database © There is a growing trend to invest in marketplaces Top 10 Largest Funding Transactions, Q1 2017 ― The Top 10 transactions reflect the diversity of innovation across Europe ― Four of the top 10 funding rounds were Marketplace / eCommerce deals ― There is a growing trend to invest in marketplaces (no stock) rather than ecommerce (inventory risk) ― Letgo (Marketplace, Spain) had the largest funding round this quarter amounting to €166.1m and also recently closed their Series B round, in May 2016 totalling €88.4m (see our May 2016 Bulletin) ― US-based VC and PE firm Insight Ventures and US-based VC firm Accel both participated in two, and led one, of the top 10 funding rounds in this quarter ― See appendix, slides 19-21, for a list of all Large (≥€10m) funding rounds in Q1 2017 and links to their Go4Venture Company Profiles Source: Go4Venture HTI Database © Page 6 LEAD LE AD LEAD HoybergFinci LEAD LE AD L E A D
  • 7. Software Hardware Medtech 14 | €365.5m 4 | €122.1m 5 | €98.3m Internet Services Cleantech 0 | €0m 46 | €1,366.8m Telecom Services 1 | €100m Source: Go4Venture HTI Database © Number and Value of Large (≥€10m) HTI Investments by Sector, Q1 2017 ― Internet continues to be the main focus of most investors, Fintech and Marketplaces are all the rage ― Outside of the Internet and Software sectors, funding activity is fairly subdued Once again Internet Services is the main focus of most investors Volume and Value of Transactions ≥€10m by Sector, Q1 2017 Source: Go4Venture HTI Database © Page 7 Banking Payments Money Transfer Lending Insurance Other Services eCommerce Big Data / AI Cloud Digital Media SaaS Social Network IoT CRM Marketing Large (≥€10m) Deals by Internet Services Sub-Sector, Q1 2017 Source: © Go4Venture HTI Database Q1 2016 Q1 2017 # deals Tot. value Avg. value Travel Products Fintech Clothing / Accessories Jobs / HR eHealth Services Music Other 19 €678.0m €35.7m Marketplace 17 €432.0m €25.4m 10 €256.8m €25.7m 15 €513.7m €34.2m 12 €287.3m €23.9m 7 €146.2m €20.9m Fintech
  • 8. ― There is a growing number of substantial Series A transactions, share is up by 11% and average value is up by 8% (see slide 9) ― Series B and C rounds remain relatively steady in volume, however the average value of Series B and Series C rounds is up by 26% (see slides 9-10) ― There has been depreciating interest in the involvement in Later Stage rounds, share is down by 9%, yet average value is up by 17% (see slide 12) Commentary 12 15 2311 23 23 12 10 11 18 19 13 Q1 2015 Q1 2016 Q1 2017 A B C Late Stage Number of Large (≥€10m) HTI Investments by Series Q1 2015 – Q1 2017 23% 22% 33% 19% 28% 34% Source: Go4Venture HTI Database © 70 67 53 Europe is seeing the emergence of a Silicon Valley like Series A segment Volume of Transactions ≥€10m by Stage, Q1 2015 – Q1 2017 Source: Go4Venture HTI Database © Page 8
  • 9. Top Series A Deals by size (€m) Most Active Series A investors Aerospace technology solutions Leading provider of fixed wireless broadband services Developer of drug inhalation & remote monitoring technology for respiratory diseases Platform facilitating home exchange for travellers DESC. INVESTORSCOMPANY DEAL INFO. INVESTOR SERIES A DEALSCOUNTRY # SERIES A DEALS 3 2 2 2 2 Jan €100m Mar €43.5m Mar €33.0m Jan €28.5m Source: Go4Venture HTI Database © Source: Go4Venture HTI Database © Source: Go4Venture HTI Database © Europe is seeing the emergence of a Silicon Valley like Series A segment Top 5 Investors and Transactions ≥€10m in Series A Rounds, Q1 2017 Commentary Source: Go4Venture HTI Database © Page 9 LE AD LEAD LEAD LE A D L E A D LE A D LEAD L E A D LEA D L E A D LEAD LEAD ― Series A rounds have grown in volume by 53% and in value by 65% ― Stockholm-based VC firm Northzone has participated in the most Series A rounds this quarter, investing in the eCommerce, Fintech and Software sectors ― We are seeing a diverse range of companies receiving Series A funding Series A Rounds 2016 2017 Growth Volume 15 23 53.3% Total Value (€m) 294.9 486.5 64.9% Min 9.0 10.0 11.0% Median 12.0 14.1 17.2% Max 90.1 100.0 11.0% Average 19.7 21.2 7.6%Banking platform allowing companies to offer their own financial products Mar €26.3m Hegus
  • 10. Top Series B Deals by size (€m) Most Active Series B investors IoT platform connecting consumer products to the web and managing real-time data analytics Developer of enterprise software testing solutions Developer of photonic technology for diagnostic imaging Online supermarket for groceries at the lowest price with free delivery service Mobile app for finding jobs in retail, hospitality and beauty DESC. INVESTORSCOMPANY DEAL INFO. INVESTOR SERIES B DEALSCOUNTRY # SERIES B DEALS Jan €156.6m Mar €34.4m Mar €100.0m Mar €32.9m Mar €23.3m Source: Go4Venture HTI Database © Source: Go4Venture HTI Database © Series B rounds remain relatively steady Top 5 Investors and Transactions ≥€10m in Series B Rounds, Q1 2017 Source: Go4Venture HTI Database © Commentary Page 10 2 2 2 2 2 HoybergFinci Source: Go4Venture HTI Database © L E A D LEA D L E A D LEA D ― Series B rounds are level by volume but have grown in value by 26.1%, this is only due to two Mega deals (≥€100m), excluding these Mega deals the average value is in fact down by 19.8% ― Munich-based Holtzbrinck Ventures and France- based Idinvest Partners and Partech Ventures have led and participated in the most Series B rounds this quarter ― We are seeing a diverse range of companies receiving Series B funding Series B Rounds 2016 2017 Growth Volume 23 23 0.0% Total Value (€m) 485.5 612.1 26.1% Min 8.0 10.0 25.0% Median 19.8 15.0 -24.3% Max 64.4 156.6 143.1% Average 21.1 26.6 26.1% L E A D LE A D L E A D
  • 11. Top Series C Deals by size (€m) Most Active Series C investors ― Series C rounds have grown in volume by 10% and in value by 38.5%, excluding the Mega deal (≥€100m), however, the average deal size is down by 19.6% and it is level by volume ― US-based VC firm, Accel, participated in the most Series C rounds this quarter ― We are seeing a diverse range of companies receiving Series C funding Digital entertainment media company Online marketplace for second hand products Data governance, management, compliance and collaboration software Financial marketplace enabling savers to access the best deposit rates across Europe Manufacturer and seller of Bitcoin mining devices and chips DESC. INVESTORSCOMPANY DEAL INFO. INVESTOR SERIES C DEALSCOUNTRY # SERIES C DEALS 3 2 2 1 1 Jan €166.1m Jan €47.4m Jan €30.0m Jan €28.5m Jan €26.1m Source: Go4Venture HTI Database © Source: Go4Venture HTI Database © Series C rounds remain relatively steady Top 5 Investors and Transactions ≥€10m in Series C Rounds, Q1 2017 Commentary Series C Rounds 2016 2017 Growth Volume 10 11 10.0% Total Value (€m) 286.2 396.3 38.5% Min 9.0 10.0 11.3% Median 27.3 26.0 -4.8% Max 54.0 166.1 207.3% Average 28.6 36.0 25.9% Source: Go4Venture HTI Database © Source: Go4Venture HTI Database © Page 11 L E A D LE A D LEAD LEA D LEA D
  • 12. Top Late Stage Deals by size (€m) Most Active Late Stage investors E-commerce platform for premium second-hand fashion A mobile only bank for the UK market P2P lending platform focused on small business finance Online marketplace for lighting products Provider of cloud solutions for sensitive-data management DESC. INVESTORSCOMPANY DEAL INFO. INVESTOR LATE STAGE DEALSCOUNTRY # LATE STAGE DEALS 2 1 1 1 1 Mar €97.3m Jan €94.9m Mar €66.0m Mar €65.0m Jan €58.5m Source: Go4Venture HTI Database © Source: Go4Venture HTI Database © Commentary Depreciating interest in the involvement in Later Stage rounds Top 5 Investors and Transactions ≥€10m in Late Stage Rounds, Q1 2017 ― Late Stage rounds are down in volume by 31.6% and down in value by 20% ― US-based VC firm, Sapphire Ventures, who focuses on high growth expansion-stage technology companies, participated in the most Late Stage rounds this quarter ― The top two Late Stage funding rounds (by deal size) were UK-based fintech companies Atom Bank and Funding Circle Source: Go4Venture HTI Database © Page 12 Late Stage Rounds 2016 2017 Growth Volume 19 13 -31.6% Total Value (€m) 697.2 557.8 -20.0% Min 8.0 10.3 28.8% Median 20.0 33.2 66.1% Max 176.7 97.3 -44.9% Average 36.7 42.9 16.9% Source: Go4Venture HTI Database © LE AD LE AD L E A D LEAD LEAD LEAD LEAD LEAD
  • 13. Top 10 investors by # deals then by # deals led in Q1 2017Source: Go4Venture HTI Database © Thrive Capital leading two major Fintech investments Q1 2017 Top 10 Most Active Investors In Europe, Q1 2017 Source: Go4Venture HTI Database © Page 13 LARGE (≥€10M) INVESTMENTSINVESTORRANK 1 2 3 4 5 6 7 8 9 10 # OF LARGE (≥€10M) DEALS LED TOTAL # OF LARGE (≥€10M) DEALS 2 2 1 1 1 1 1 1 1 2 3 3 3 3 3 4 5 5 L E A D L E A D LEAD LEAD L E A D L E A D L E A D LEA D L E A D LE A D L E A D LEAD L E A D
  • 14. Commentary ― One of the biggest recent stories is the rise of the Generalist investor in the European tech space ― We have found that 48 deals included at least one generalist investor (69% of total deals) compared to Q1 2016 when 42 deals included at least one generalist investor (63% of total deals) ― Generalist investors also lead investments with 26 deals featuring at least one lead generalist investor (37% of total deals), compared to Q1 2016 when 24 deals featured at least one lead generalist investor (36% of total deals) Number of Large (≥€10m) HTI Deals Led by Type of Investor in Q1 2017 19 8 14 3 1 6 VC Growth Equity Corporate Venture Private Equity State Fund Other Financial Investor 46 15 29 13 6 17 VC Growth Equity Corporate Venture Private Equity State Fund Other Financial Investor 1/3 deals led by a “generalist” investor Number of Large (≥€10m) HTI Deals by each Type of Investor in Q1 2017 2/3 deals featured a “generalist” investor Source: Go4Venture HTI Database © Source: Go4Venture HTI Database © Corporate and generalist financial investors are a formidable force Investors by Type for Transactions ≥€10m, Q1 2017 Source: Go4Venture HTI Database © Page 14
  • 15. ― Investment in local tech ecosystems are allowing Scandinavia and Benelux to continue to punch above their weight ― See next slide for the top 10 countries by number and value of investments, Q1 2017 Commentary Source: Go4Venture HTI Database © CEE 3 | €50m 7 | €251m DACH 19 | €563m 5 | €323m France 11 | €271m 18 | €501m 7 | €95m DACH: Germany, Austria, Switzerland CEE: Central and Eastern Europe % 2% % 1% 5%7% 27%23% 12%3% 16%4% 13%12% 24%50% Q1 2016 Q1 2017 Scandinavia Benelux Southern Europe UK & Ireland €50m+ €150m+ €300m+ Total Value and Volume of Large (≥€10m) HTI Investments by Geography, Q1 2017 Key Large Tech investment in Europe being carried by the UK, Germany and France Transactions ≥€10m by Geography, Q1 2017 Source: Go4Venture HTI Database © Page 15
  • 16. TOP DEALGEO.RANK 1 2 3 4 5 6 7 8 9 10 Top 10 countries by # deals then by total value of deals in Q1 2017Source: Go4Venture HTI Database © 1 2 2 3 4 4 4 11 16 17 Large Tech investment in Europe being carried by the UK, Germany and France Top 10 Countries by Number and Value of Investments, Q1 2017 Source: Go4Venture HTI Database © TOTAL LARGE (≥€10M) DEALS TOP INVESTOR* Page 16 INVESTOR GEO. Late Stage Mar €97.3m SIZE €491m €29m €369m €23m €223m €56m €271m €25m €160m €40m €61m €15m €34m €11m Late Stage Mar €66.0m Late Stage Mar €65.0m Series C Jan €166.1m Series B Mar €100.0m Series C Feb €20.7m Series A Jan €11.4m Series C Jan €47.4m Series A Mar €20.0m *by number of deals in that country, Q1 2017 Total value (€m) Avg. deal size (€m) # of deals Key €58m €29m €37m €18m ― The UK and Germany are leading Europe neck and neck, with France close behind ― UK-based VC firm Notion Capital, Germany-based VC firm GFC and France- based state fund Bpifrance are making the most investments in the UK, Germany and France respectively ― The big news is smaller peripheral countries coming of age, including Spain with the highest average deal size followed by the Netherlands (excluding countries which only had one deal) Commentary Top 10 Countries by Number and Value of Investments, Q1 2017 €157m €157m Series B Jan €156.6m
  • 17. Company Profiles Q1 2017 ― Rated Company Profiles ― Large (≥€10m) funding rounds and Go4Venture Company Profiles Pg. 18-21 18 19–21 End Pages ― Disclaimer ― Thank you ― End Pg. 22-24 22 23 24 Appendix Source: Go4Venture HTI Database © Page 17
  • 18. # COMPANY DATE SECTOR COUNTRY NEXT STAGE / ESTIMATED AMOUNT 1 26-Apr-2017 Home and Living Marketplace Germany Series B €5-10m 2 17-Mar-2017 HR / Jobs UK Series A €5-10m 3 08-Feb-2017 Gaming UK Series A €5-10m 4 08-Feb-2017 Fintech UK Series B €10-20m Source: Go4Venture HTI Database © Appendix – Go4Venture Rated Company Profiles 2017 Source: Go4Venture HTI Database © Page 18
  • 19. # COMPANY MONTH STAGE COUNTRY SECTOR DEAL SIZE (€M) 1 Letgo January C Spain Internet Services, Marketplace, Products 166.1 2 Tricentis January B Austria Software 156.6 3 Linkem January A Italy Telecom Services 100 4 Picnic March B Netherlands Internet Services, E-Commerce, Food 100 5 Atom Bank March Late Stage UK Internet Services, Fintech, Banking 97.3 6 Funding Circle January Late Stage UK Internet Services, Marketplace, Fintech, Lending 94.9 7 Lampenwelt March Late Stage Germany Internet Services, Marketplace, Products 66 8 Oodrive March Late Stage France Internet Services, Cloud 65 9 Vestiaire Collective January Late Stage France Internet Services, Marketplace, Clothing/Accessory Retailers 58.8 10 ResearchGate February Late Stage Germany Internet Services, Social Media, Professional Networking 49.5 11 Collibra January C Belgium, US Software 47.4 12 Breath Therapeutics March A Germany Medtech 43.5 13 MedLumics March B Spain Medtech 34.4 14 Atlas Genetics January Late Stage UK Medtech, eHealth 33.2 15 GuestToGuest March A France Internet Services, Marketplace, Travel 33 16 Job Today March B Luxembourg Internet Services, Marketplace, HR 32.9 17 Raisin January C Germany Internet Services, Marketplace, Fintech 30 18 Bitfury January C Netherlands Hardware, Bitcoin / Blockchain, Software 28.5 19 Gilo Industries January A UK Hardware 28.5 20 solarisBank March A Germany Internet Services, Fintech, Banking 26.3 21 Whistle Sports January C UK Internet Services, Digital Media 26.1 22 Doctolib January C France Internet Services, Marketplace, eHealth 26 23 Upstream February A UK Internet Services, e-Commerce, Digital Media 25 24 Currency cloud March Late Stage UK Internet Services, Fintech, Money Transfer 23.4 Appendix – Go4Venture Company Profiles, Q1 2017 Source: Go4Venture HTI Database © Page 19 Large (≥€10m) Transactions Ordered by Deal Size (large – small) Source: Go4Venture HTI Database ©
  • 20. Source: Go4Venture HTI Database © Large (≥€10m) Transactions Ordered by Deal Size (large – small) Source: Go4Venture HTI Database © Appendix – Go4Venture Company Profiles, Q1 2017 cont. Source: Go4Venture HTI Database © Page 20 # COMPANY MONTH STAGE COUNTRY SECTOR DEAL SIZE (€M) 25 Evrythng March B UK, US Internet Services, IoT, Data Analytics 23.3 26 Monzo February B UK Internet Services, Fintech, Banking, Mobile Apps 22.6 27 Bloomon February B Netherlands Internet Services, Marketplace, Products 21.6 28 Creamfinance March B Poland Internet Services, Fintech, Lending 21 29 Soundtrack Your Brand February C Sweden Internet Services, Marketplace, Music 20.7 30 Book a Tiger February B Germany Internet Services, Marketplace, Services 20 31 CompareEuropeGroup January A UK Internet Services, Marketplace, Fintech 20 32 Knime March A Switzerland Software, Open Source, Data Analytics 20 33 Simplesurance March B Germany Internet Services, E-Commerce, Fintech, Insurance 19.2 34 Dreamlines February Late Stage Germany Internet Services, Marketplace, Travel 18 35 WayRay March B Switzerland Software, Hardware, IoT 16.9 36 Starship Technologies January A UK Hardware, Robotics / Drones, Big Data / AI 16.3 37 Pipedrive January B Estonia, US Internet Services, CRM, SaaS 16.1 38 The Floow March A UK Software, Big Data / AI, Telecoms 15.2 39 Databerries March A France Software, Adtech 15 40 iZettle January Late Stage Sweden Internet Services, Fintech, Payments 15 41 Ottonova March B Germany Internet Services, Fintech, Insurance 15 42 TravelCar February B France Internet Services, Marketplace, Travel 15 43 Dedrone February B Germany, US Software, Drones 14.1 44 Garrison Technology March A UK Software, Security 14.1 45 Minute Media February Late Stage UK Internet Services, Digital Media 14.1 46 Easymile January A France Hardware, Robotics / Drones, Big Data / AI, Software 14 47 Na-Kd January A Sweden Internet Services, Marketplace, E-Commerce, Clothing/Accessory Retailers 14 48 Ecrebo February B UK Internet Services, Marketing 13.9
  • 21. Appendix – Go4Venture Company Profiles, Q1 2017 cont. Source: Go4Venture HTI Database © Page 21 # COMPANY MONTH STAGE COUNTRY SECTOR DEAL SIZE (€M) 49 Seerene January A Germany Internet Services, SaaS, SaaS 13.3 50 The Naga Group March A Germany Internet Services, Fintech, Social Network, Mobile Apps 12.5 51 iyzico January C Turkey Internet Services, Fintech, Payments 12.3 52 Akeneo March B France, US Software, Open Source 12.2 53 Scytl February Late Stage Spain Software 12.2 54 Zeotap January B Germany Internet Services, Big Data / AI, Big Data / AI, Adtech 12 55 Dealflo February B UK Internet Services, Cloud 11.6 56 Fusetools January A Norway Software, Mobile Apps 11.4 57 Qapital March A Sweden, US Internet Services, Fintech, Services 11.3 58 Xeneta February B Norway Internet Services, SaaS 11.3 59 eSmart Systems January A Norway Internet Services, Big Data / AI, Big Data / AI, Software 11.1 60 Famoco February B France Hardware, Fintech, Payments 11 61 Owlstone Medical January A UK Medtech 11 62 Qapa January A France Internet Services, Marketplace, HR 11 63 Logtrust January B Spain, US Internet Services, Big Data / AI, Big Data / AI 10.4 64 Itineris January Late Stage Belgium Software 10.3 65 Blueface March C Ireland Software, Cloud 10 66 Campanda January B Germany Internet Services, Marketplace, Travel 10 67 Helpling March C Germany Internet Services, Marketplace, Services 10 68 InterCloud March B France Software, Cloud 10 69 mycs March A Germany Internet Services, E-Commerce 10 70 MyTomorrows January A Netherlands Internet Services, Marketplace, eHealth 10 Large (≥€10m) Transactions Ordered by Deal Size (large – small) Source: Go4Venture HTI Database ©
  • 22. 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 Source: Go4Venture HTI Database © Page 22
  • 23. Go4Venture 10 Wellington Street Cambridge CB1 1HW www.go4venture.com Source: Go4Venture HTI Database © Page 23 Thank you
  • 24. April 2017 Research, interact with and invest in Scaleup tech companies 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 Incorporated in England Company Number 9669003 Go4Venture © 2017. All rights reserved