Go4Venture has for many years been showcasing European Scaleups through the equity research platform (www.go4venture.com), which provides proprietary, curated research for investors. Through its Headline Transaction Index (HTI), Go4Venture delivers comprehensive analysis on all European funding rounds greater than €10 million.
In this report we have analysed the TTG50 2017 companies based on their Large (≥€10 million) HTI funding transactions in order to view these companies in the context of all European Scaleups achieving Large HTI rounds. See here -
http://go4venture.com/hti-report-ttg50-2017/
2. Page 2
Introduction
― Overview
― TTG50 Selection Committee
― TTG50 Companies 2017
3
3
4
5
Summary of Key Findings 6
Go4Venture HTI Data, Breakdown by:
― Country
― Sector
― Investors
― Stage
― Size
7
7
8-9
10
11
12
Former TTG50 Companies 13
Appendix
― Go4Venture Company and Transaction Profiles
― Tech Tour Growth 50 selection criteria/process
― Go4Venture Methodology
― About Us
― Disclaimer
― End page
14
15
16
17
18
19
20
Contents
www.go4venture.com
3. Page 3
Michael
Galvin
Go4Venture, CEO
William
Stevens
Tech Tour, CEO
Jean-
Michel
Deligny
Silverpeak, MD
Overview
For the third year in succession, Tech Tour together with Silverpeak and in conjunction with a selection
committee of international investors have researched and evaluated over 280 European private tech
companies at a sub-one billion US dollar valuation. The purpose of the Tech Tour Growth 50 (TTG50
www.techtourgrowth50.com) is not to give a ranking, or construct an index, but to shine the brightest of
lights on the companies yet to achieve “Unicorn” status – Europe’s growth equity backed super Scaleups
- as a demonstration of the strength and depth in Europe
Go4Venture has for many years been showcasing European Scaleups through the equity research
platform (www.go4venture.com), which provides proprietary, curated research for investors. Through its
Headline Transaction Index (HTI), Go4Venture delivers comprehensive analysis on all European funding
rounds greater than €10 million.
In this report we have analysed the TTG50 2017 companies based on their Large (≥€10 million) HTI
funding transactions in order to view these companies in the context of all European Scaleups achieving
Large HTI rounds.
For in-depth information on the Go4Venture Methodology, Headline Transaction Index, TTG50 selection
criteria and the partners involved in this work please see the appendix.
www.go4venture.com
4. The Tech Tour Growth 50 Selection Committee (see appendix for more information)
Page 4
The 2017 Selection Committee (For continuity, 50% of the Committee Members were on the 2016 Committee) The TTG50 were selected from over 280
companies that met at least three of the
four criteria below:
✓ sales annual growth > 50% (CAGR
from Dec 31st 2012 to Dec 31st 2015)
✓ >$100 million valuation
✓ financing raised > $20 million
✓ Annual revenue > $10 million
and valuation <$1billion
Companies were judged on their:
▪ Achievement
▪ Impact
▪ Momentum
www.go4venture.com
Bankers & Advisors:
VC & GE Investors:
Corporates, Research & Global Organisations:
5. Page 5
The Tech Tour Growth 50 Companies 2017 (see appendix for more information)
Source: www.techtourgrowth50.com
www.go4venture.com
6. ➢ Companies have raised an estimated $3.7 billion of
venture funding (incl. seed rounds*)
➢ The TTG50 ‘17 Companies have created over
9,000 jobs
➢ 2 out of 3 companies (32/50) are Tech Tour “alumni”
having presented at past Tech Tour events to
investors
*For more statistics with analysis including ≤€10m
funding rounds, see the Tech Tour Growth 50 2017
report on the Tech Tour website.
Page 6
Summary of Key Findings
Growth, Financing & investors: Europe continues to produce great Technologies
▪ TTG50 companies span a range of locations, the majority of investments are made in the UK followed by
Germany & France (neck and neck), a trend commonly seen across all our Large HTI transactions y-o-y.
▪ Internet Services is the main focus of most investors, followed by software, with online Marketplaces and
Fintech the most popular sub-sectors. This trend is seen across all our HTI data - See our Marketplace
blog ‘European Online Marketplaces in focus: where all the money is going’ and our Fintech blog,
‘European Fintech in focus: fundamentals too strong’.
▪ European VCs are repeatedly backing multiple TTG50 companies, Highland Capital Europe and Accel
are the most active in all Large HTI rounds
▪ 144 investors have taken part in at least 1 Large HTI funding round for TTG50 companies since
2015 (18 investors take part in 3 or more), in all funding rounds there were a total of 240 investors
▪ 20% of these HTI investors are corporates and half are VCs (corporate investors increase to 25%
for 2016/2017 and VCs decreasing to 40%).
▪ Investors have been increasingly involved in more later stage rounds injecting larger sums of capital in
TTG50 Companies
▪ The overall number of funding rounds increased from 2014 to 2015 and then decreased in 2016,
however 2016 funding rounds were much larger in size, demonstrating increasing investor
confidence in putting large sums of capital into European Scaleups at an earlier stage in their
development.
▪ The former TTG50 companies which have now achieved ‘Unicorn’ status had 2x larger average deal size
▪ The companies which now have unicorn status had on average three Large deals with a high
average deal size of €57.4m (compared to €25.8 for all HTI rounds in the same time period),
demonstrating the need to maintain funding momentum to take super Scaleups to the next level.
Impact
www.go4venture.com
13. ➢ 18 of the former TTG50
Companies are no longer eligible
for selection as they have either
been acquired, gone public or have
‘Unicorn’ status
➢ The companies which now have
unicorn status had on average
three Large deals with a high
average deal size of €57.4m
➢ The companies which were
acquired or went public had on
average two Large deals with half
the average value, = €28.1m and
€28.7m respectively, which is
around the same average value for
all Large HTI deals (€25.8m)
Page 13
Former TTG50 companies which have achieved ‘Unicorn’ status had 2x larger average deal size
www.go4venture.com
Former TTG50 Companies and their Large (≥€10m) HTI Transactions, , 2010-Date (Mar 2017)
Avg. no. deals:
Avg. deal size:
Unicorn Large HTI Transactions Acquired Large HTI Transactions Public Large HTI Transactions
Series A (Jun 2014) €11.8m
Series B (Dec 2014) €203m
Series A (Apr 2013) €15.4m
Series C (Feb 2014) €14.5m
Late Stage (Aug 2014) €43.5m
Late Stage (Apr 2015) €92.7m
Late Stage (Jun 2011) €39.1m
Late Stage (Jun 2014) €34.4m
Late Stage (Apr 2016) €20m
Series B (Jan 2012) €7.7m
Series C (Jul 2014) €74m
Late Stage (Sep 2015) €178m
Late Stage (Sep 2016) €21m
Late Stage (Jul 2013) €12.2m
Late Stage (May 2015) €37.1m
Late Stage (Nov 2010) €24.9m
Late Stage (Dec 2013) €29.2m
Series B (Jan 2012) €16.8m
Series C (Mar 2013) €15.6m
Late Stage (May 2014) €61.6m
Late Stage (Mar 2015) €79.3m
Late Stage (May 2016) €97.3m
Series B (Jun 2012) €10.9m
Series C (May 2015) est. €37.1m
Series C (Mar 2012) €15.7m
Late Stage (Aug 2014) €10.9m
Late Stage (Dec 2016) €47.5m
Series B (Jan 2010) €14.7m
Series C (Sep 2012) €48m
Series C (Jul 2014) €18.5m
Series C (Feb 2013) €15m
Late Stage (Jan 2015) €45m
Series C (Jun 2011) €22m
Late Stage (Jun 2011) €22.2m
Late Stage (Jul 2013) €30.6m
Late Stage (Jan 2015) €26.6m
Late Stage (Aug 2014) €20m
Series B (Jan 2010) €14.7m
Series C (Sep 2012) €48.2m
Series A (Oct 2013) €59.2m
Late Stage (Jan 2016) €176.7m
Series B (Sep 2013) €12.9m
Series B (Jun 2014) €23.4m
Series C (Jan 2015) €49.7m
Late Stage (May 2016) €23.0m
Series B (Jul 2013) €22.9m
3
€57m
2
€28m
2
€29m
16. Appendix - The Tech Tour Growth 50 selection criteria/process
Page 16
▪ The Tech Tour identified a long list of 281 companies, backed by at least one independent
investor, that potentially met minimal valuation and growth criteria (see right)
▪ The selection committee then supplemented the list adding additional companies based
on their own market insight qualitative criteria below
▪ These companies were then contacted by the Tech Tour and asked to qualify they met
three of the four financial criteria. Companies were requested to supply supplementary
information based on:
▪ Achievement: Capital efficiency, Growth in last 3 years, Business Plan execution,
Market penetration, Barrier to competition / IP
▪ Impact: Addressable market, Scalability / International expansion, Disruptive
business model / value proposition
▪ Momentum: Projected growth, Financial backing / future requirements, commercial
partnerships, Management
▪ Each selection committee member was then independently asked to generate their own
Tech Tour Growth 50 list (i.e. they had fifty votes each) based on the supplementary
criteria
▪ Companies that confirmed they met the financial criteria and/or had received 7 or more
votes were then automatically included in the list. This gave 41 companies.
▪ The selection committee then convened to discuss the remaining companies allocating
the final 9 places
▪ The top 50 companies compose the Tech Tour Growth 50. As no method is perfect we
have not ranked the Tech Tour Growth 50
Companies were assessed to meet at least
three of the four criteria below:
✓ sales annual growth > 50% (CAGR
from Dec 31st 2012 to Dec 31st 2015)
✓ >$100 million valuation
✓ financing raised > $20 million
✓ Annual revenue > $10 million
and valuation <$1billion
www.go4venture.com
17. Page 17
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).
Appendix - The Go4Venture Methodology
www.go4venture.com
18. Page 18
Appendix – About us
www.go4venture.com
Tech Tour
Founded in 1998, Tech Tour provides a Community facilitating investment into world class entrepreneurs with event and online
matching platforms between growing and emerging innovative companies and investors across borders, regions, sectors and stages.
Tech Tour is also the trade name for Europe Unlimited.
www.techtour.com (see also www.e-unlimited.com)
International Venture Club
The International Venture Club is a collaborative platform of over 70 leading independent venture capital, corporate and institutional
investors promoting successful international investments. The Club objectives are to share better practices, build co-investor trust
and relations, foster new funding and investment opportunities through joint actions and grow portfolio companies with corporate
partners and co-investors. The International Venture Club is managed by Tech Tour.
www.iventureclub.com
Silverpeak
Silverpeak advises innovative, fast-growing technology companies on M&A and financing transactions, bringing together sector
knowledge, relationships and execution experience. Silverpeak, the primary Sponsor of Go4Venture, has worked together with
Tech Tour for the past 3 years on creating and showcasing the Tech Tour Growth 50.
www.silverpeakib.com
Go4Venture
Go4Venture is a platform to research, interact with and invest in Scaleup tech companies. We provide a community for European
tech investors and Scaleup companies where they can access proprietary equity research, raise investment and co-invest with lead
tech funds. Our syndication service can rapidly deploy €2-10m of capital sourced from our corporate and generalist financial
investor base for Scaleup tech companies raising between €5-50m. With our 10 year track record of providing high quality equity
research, we are able to effectively deliver our service through our highly trusting and engaged investor base.
www.go4venture.com
19. Page 19
Disclaimer
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.
www.go4venture.com