2019 Accel Euroscape: The Rise of Europe

1. 2019 Accel Euroscape The rise of Europe SaaStock, Dublin, October 2019

2. PROPRIETARY & CONFIDENTIAL - DO NOT COPY SaaS continues to eat Software !2 Market Cap Growth Market Cap Value created $, bn as of Oct 7 20192009 - 2019 $, bn, 2009-2019 Introduction 18.0 x 130 123 7.7 x 134 117 4.7 x 1047 823 3.1 x 125 85 1.7 x 180 77 1.4 x 87 38 Source: Yahoo! Finance, Capital IQ

3. PROPRIETARY & CONFIDENTIAL - DO NOT COPY Prime time for Europe !3 Leader in Robotic Process Automation From $8m to $200m ARR in 24m $7B valuation Founded in Bucharest, Romania Introduction Source: Forbes

4. PROPRIETARY & CONFIDENTIAL - DO NOT COPY US Europe India Series A 2005 Seed 2009 Series A 2011 Series A 2017 Seed 2009 Seed 2011 Our global platform !4 At a glance

5. !5 At a glance PROPRIETARY & CONFIDENTIAL - DO NOT COPY We love SaaS globally $32B $8B$11B$14B$16B $8B $7B 225 companies $3.8bn invested Source: Yahoo! Finance, market cap as of 7/10/2019, Capital IQ

6. PROPRIETARY & CONFIDENTIAL - DO NOT COPY …and have been cranking hard in Europe & Israel !6 2010-14: 11 European SaaS Investments 2015-19: 28 European SaaS Investments At a glance $206m invested by Accel $437m raised by the companies 5 Unicorns $743m invested by Accel $2.3b raised by the companies 3.6x Accel Invested Capital 5.3x Capital raised Not public Not public Not public Source: Accel analysis, Pitchbook

7. PROPRIETARY & CONFIDENTIAL - DO NOT COPY 1 2 3 Market Snapshot 2019 Accel Euroscape What’s Next? Agenda !7

8. PROPRIETARY & CONFIDENTIAL - DO NOT COPY Bigger, Stronger, Faster !8 Bigger Market Snapshot FasterStronger Market Cap of Public SaaS Companies USD, Billion SaaS Companies above $5B Market Cap USD, Billion Years to reach $100m ARR by founding date 0 5 10 15 20 25 1995 2000 2005 2010 2015 Yearstoreach$100mARR Company Founding Date 16%36% Companies 21 66 2009 2019 796 22 33 2009 2019 1 33x 36x Source: The Angel VC Blog, BVP SaaS benchmarking Oct. 2009, CapitalQ, Yahoo! Finance, Market cap as of Oct 2009 and Oct 7, 2019

9. PROPRIETARY & CONFIDENTIAL - DO NOT COPY SaaS is becoming the new system of record !9 Market Snapshot Source: BetterCloud Legacy Technology SaaS Application Internal Communication Employee Customer Identity Finance Email Code Source: Better Cloud

10. PROPRIETARY & CONFIDENTIAL - DO NOT COPY IPO market is booming !10 Market Snapshot 2015-2017 SaaS IPOs - 17 companies 2018-2019 SaaS IPOs: 24 companies Market Cap at IPO +1 day Reaching $10B within a year of IPO $29B 0 $126B 6 Source: Capital IQ, Yahoo! Finance

11. PROPRIETARY & CONFIDENTIAL - DO NOT COPY Strong valuation !11 Public SaaS index Outpacing Nasdaq EV/rev. multiple way above historical average Market Snapshot 14% 0% 50% 100% 150% 200% 250% 300% 350% 400% 450% 500% 550% 600% 16/08/2013 16/08/2014 16/08/2015 16/08/2016 16/08/2017 16/08/2018 BVP Nasdaq Emerging Cloud Index Nasdaq Index S&P Index Dow Jones Cloud: 430%+ growth Nasdaq: 116%+ growth Source: Bessemer Venture Partners Source: JMP Securities Major Public Index 2013-2019 SaaS EV/Rev. multiples 2011-2019 6.0 6.4 6.0 7.1 6.7 7.3 7.8 6.6 6.5 6.2 6.5 6.5 4.7 5.0 5.0 4.8 5.5 5.5 5.0 5.0 5.0 6.2 5.2 5.8 6.1 6.5 7.0 7.4 7.8 8.6 8.1 8.4 8.8 9.4 9.4 9.9 10.7 12.2 12.3 7.3 7.9 9.0 8.5 8.5 9.2 9.0 9.9 8.1 7.8 8.0 7.5 7.0 7.5 8.4 8.4 7.9 7.1 7.0 7.0 7.1 6.0 5.7 4.6 4.6 5.5 5.6 6.1 6.9 6.9 6.9 7.0 6.3 5.4 5.8 5.5 5.5 5.7 7.7 7.7 7.6 8.1 7.8 7.6 7.5 6.6 7.6 7.8 7.9 8.5 9.6 8.8 9.9 10.5 8.2 8.8 7.7 7.8 9.6 9.7 10.9 10.5 11.611.7 10.4 9.8 10.0 - 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Median: 7.5x Max: 12.3x March 2014 Min: 4.6x March 2016

12. PROPRIETARY & CONFIDENTIAL - DO NOT COPY Europe momentum continues to accelerate Market Snapshot EU SaaS IPOs EU Private SaaS UnicornEU SaaS M&A >$300m USD, Billion, as of 7/10/2019 USD, Million 7 Public Companies 10 M&A 16 Unicorns 8.3 6.6 6.3 4.9 2.4 1.8 1.0 2400 1500 800 600 560 500 350 350 300 1000 !12Source: TechCrunch, Crunchbase, Pitchbook, Capital IQ

13. PROPRIETARY & CONFIDENTIAL - DO NOT COPY Europe now1/4 of the US and counting… Market Snapshot Total SaaS VC funding Notable rounds 2018-19 $295M $300M $300M $300M $392M $450M USD, Billions USD, Millions $165M $169M $268M $360M $500M $568M 15 2015 2019 YTD 20 2 2015 2019 YTD 5 +33% +2.5x !13Source: Crunchbase, TechCrunch, Pitchbook

14. PROPRIETARY & CONFIDENTIAL - DO NOT COPY Companies continue to compare well on growth rate Market Snapshot Years to grow from $1m to $10m ARR Years to grow from $10m to $50m ARR (AnnualRecurringRevenue(ARR) US EU <12 <12 18 30 30 30 Time from $10m to $50m (in Months) US EU !14 24 Source: Company data, S1 filings, CapitalIQ, Accel analysis, Bessemer Venture Partners

15. PROPRIETARY & CONFIDENTIAL - DO NOT COPY EU capital efficiency still higher Market Snapshot Cash burn from 0 to $10m ARR Cash burn from $10m to $50m ARR Cash burn from $0 to $10m ($m) USD, Millions 6 20 18 16 14 12 8 6 4 2 10 7 7 12 14 17 18 19 Cash burn from $10m to $50m ($m) 0 60 40 20 0 9 34 40 58 44 0 USD, Millions !15Source: Accel analysis

17. PROPRIETARY & CONFIDENTIAL - DO NOT COPY 2019 Accel Euroscape approach !17 2019 Euroscape 1,000+ SaaS Companies 12+ countries • Market attractiveness • Differentiation • Technology • Team strength • Momentum (MRR, employees) •Customer Reviews from G2

18. PROPRIETARY & CONFIDENTIAL - DO NOT COPY 2016-17 Euroscape track record !18 2019 Euroscape Financing UnicornExits $9.6B raised 29 companies raised more than $100m $4B realised 17 M&A 11 new Unicorns $19B+ value created Largest Raises, USD, Million Largest Exits, USD, Million Unicorn last known valuations, USD, Billion 202 204 217 218 228 229 234 255 297 977 200 220 220 300 350 350 560 800 1.0 1.0 1.0 1.0 1.0 1.2 1.2 1.3 1.6 1.9 7.0 Source: TechCrunch, Crunchbase, Pitchbook, Reuters +

19. PROPRIETARY & CONFIDENTIAL - DO NOT COPY 2019 Euroscape: Champions League !19 2019 Euroscape Value Created $19.5B+ Financing $3.1B Employee Growth LTM 60% + Average ARR $120M+ $50m ARR++, TTM Growth >70% Source: TechCrunch, Crunchbase

20. !20PROPRIETARY & CONFIDENTIAL - DO NOT COPY 2019 Accel Euroscape Marketing Sales/Lead Gen/Support Productivity / Collaboration Developers /  Infrastructure/ Automation Finance/Human Resources VerticalSales/Lead Gen/Support FinanceOther Data / Analytics Security Top 100 EU & Israel SaaS companies with revenues between $1m and $50m+ ARR Source: Accel analysis & survey

21. Euroscape 2019 200% 150% 100% 0 G2 Weighted Avg. Review Growth (over the past 12 months) 46% 191% EU <1k employees Euroscape 2019 80 60 40 20 0 Median G2 Score 47 71 PROPRIETARY & CONFIDENTIAL - DO NOT COPY 2019 Winners loved by their customers !21 2019 Euroscape Score Reviews Source: G2, companies with more than 10 reviews a year ago 50% EU <1k employees

22. PROPRIETARY & CONFIDENTIAL - DO NOT COPY Euroscape 2019 demographics !22 2019 Euroscape 8% 45% 22% 26% 1-5M 5-10M 10-30M 30-50M Revenue run-rate 15% 42% 11% 32% >50M 0-5M 15-50M 5-15M Capital raised to date # companies by country Capital raised by country 1,029 762 1,186 509 945 UK Israel France Germany Other 28 17 21 10 24 UK Israel France Germany Other (16 countries) Source: TechCrunch, Crunchbase, Company data, Pitchbook, Datafox

23. UK 2017 2019 19 FR 18 GE 8 IL 20 Other 35 24 21 17 10 28 $0-5M $5-15M $15-50M $50M + 23 35 25 17 32 42 15 11 2017 2019 PROPRIETARY & CONFIDENTIAL - DO NOT COPY Euroscape evolution !23 2019 Euroscape Revenue num - rate Geographic distributionCapital raised 100 $0-5M $5-10M $10-30M $30M + 2017 2019 15 22 21 42 8 45 22 26 100 100 100 100 100 Source: TechCrunch, Crunchbase, Company data, Pitchbook, Datafox

25. PROPRIETARY & CONFIDENTIAL - DO NOT COPY 1. The rise of the bots: “a robot for every person” !25 What’s Next? !25PROPRIETARY & CONFIDENTIAL - DO NOT COPY * Daniel Dines, CEO, UI Path Source: ZDnet, O’Reilly Technology Media Fin. Ser. Telecom Healthcare Gov. Edu. 42 29 12 25 11 1616 49 55 59 46 60 53 48 9 16 29303032 36 Mature Practice Evaluation Stage Not Yet Using AI Stage of AI adoption: reaching the tipping point? % of respondent in given industry • RPA and process mining leading the adoption curve delivering unprecedented ROI in the enterprise • Horizontal bot platforms starting to emerge, multiplying use cases (e.g., Rasa) • Healthcare, education and government evaluation can translate into massive impact

26. PROPRIETARY & CONFIDENTIAL - DO NOT COPY 2. Ubiquitous APIs !26 What’s Next? $5B Revenue Num rate 2015 TODAY 2015 TODAY $34B Revenue num rate Valued at $3.6B Valued at $22.5B Valued at $500M $18B Market cap Valued at $200M Acquired for $2B Just raised $13M seed Valued at $1B Just raised   $1M seed Valued at $1.5B Just raised $12M seed Valued at $2.65B Just raised   $2M seed Valued at $1B Just raised   $1M seed $50M ARR Just raised $13M seed $50M ARR Source: TechCrunch

27. PROPRIETARY & CONFIDENTIAL - DO NOT COPY 3. Security shifting left !27 What’s Next? Traditional security team involvement 6xCheaper Source: IBM System Science Institute “after the fact” Shift left security “earliest point in the development cycle”

28. PROPRIETARY & CONFIDENTIAL - DO NOT COPY 4. Market correction !28 What’s Next? Source: JMP Securities 6.0 6.4 6.0 7.1 6.7 7.3 7.8 6.6 6.5 6.2 6.5 6.5 4.7 5.0 5.0 4.8 5.5 5.5 5.0 5.0 5.0 6.2 5.2 5.8 6.1 6.5 7.0 7.4 7.8 8.6 8.1 8.4 8.8 9.4 9.4 9.9 10.7 12.2 12.3 7.3 7.9 9.0 8.5 8.5 9.2 9.0 9.9 8.1 7.8 8.0 7.5 7.0 7.5 8.4 8.4 7.9 7.1 7.0 7.0 7.1 6.0 5.7 4.6 4.6 5.5 5.6 6.1 6.9 6.9 6.9 7.0 6.3 5.4 5.8 5.5 5.5 5.7 7.7 7.7 7.6 8.1 7.8 7.6 7.5 6.6 7.6 7.8 7.9 8.5 9.6 8.8 9.9 10.5 8.2 8.8 7.7 7.8 9.6 9.7 10.9 10.5 11.6 11.7 10.4 9.8 10.0 - 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 SaaS EV/Rev. multiples 2011-2019 ? 20% ? 80% ? Now is a good time to raise money. Don’t wait! 2 years 2 years 3.5 years

29. PROPRIETARY & CONFIDENTIAL - DO NOT COPY 5. EU SaaS Decacorns !29 What’s Next? First EU SMB SaaS Decacorn 5 Years First EU SaaS Decacorn 3 Years Source: Crystal Ball

30. PROPRIETARY & CONFIDENTIAL - DO NOT COPY Bonus !30 What’s Next? Each company mentioned in the Accel 2019 Euroscape will receive 100+ calls and emails from VCs!

31. Thank you PROPRIETARY & CONFIDENTIAL - DO NOT COPY !31

32. PROPRIETARY & CONFIDENTIAL - DO NOT COPY !32 These materials have been prepared on a confidential basis solely for prospective investors considering the purchase of limited partnership interests (the “Interests”) in Accel London VI L.P. (the “Fund”). The Fund is being sponsored and advised by Accel Partners Management LLP (“Accel”), a firm authorized and regulated by the UK Financial Conduct Authority. These materials are exclusively for the use of the party or parties to whom they have been provided by representatives of the Fund. By accepting these materials, the recipient acknowledges and agrees that he, she or it (a) will maintain the information and data contained herein in the strictest of confidence and will not, under any circumstances whatsoever, reproduce these materials, in whole or in part, or disclose any of the contents hereof to any other person without the prior written consent of Accel, (b) is not subject to any contractual or other obligation to disclose these materials to any other person or entity, (c) will return these materials, and any other materials that the recipient may have received in the course of considering an investment in the Fund, to Accel immediately upon request or if the recipient does not wish to pursue an investment in the Fund, and (d) will promptly notify Accel of any unauthorized release, disclosure or use of these materials. The subject matter of these materials is evolving and subject to further change by Accel in its sole and absolute discretion. Except as otherwise indicated herein, these materials speak as of the date hereof and neither Accel nor any affiliate or representative thereof, assumes any obligation to provide any recipient of these materials with subsequent revisions or updates to any historical or forward-looking information contained in these materials to reflect the occurrence of events and/or changes in circumstances after the date hereof. These materials may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as amended. Because such forward-looking statements involve risks and uncertainties, actual results of the Fund, prior funds advised by Accel, and/or any individual investments may differ materially from any expectations, projections or predictions made or implicated in such forward-looking statements. Prospective investors are therefore cautioned not to place undue reliance on such forward-looking statements. Accel and its representatives do not undertake any obligation to update the forward-looking statements contained herein. Any investment performance targets and projections represent the estimates of professionals within Accel, are speculative, based on assumptions which may be inaccurate and have not been audited, reviewed or approved by the applicable portfolio company or any third party. Investing in unseasoned companies carries a great deal of risk. These companies can be adversely affected by the slightest change in any number of internal or external factors. Accordingly, there can be no assurance that projections will be achieved. Prospective investors in the Fund should not rely on these projections of prior fund portfolio companies when making a decision to invest in the Fund. Any fair values presented in these materials have been determined by Accel, are unaudited, and are based on a reasonable application of Accel’s valuation policies, which are available upon further request by a prospective investor. Different methods of valuing securities may provide materially different results. The actual realized return on all unrealized investments may differ materially from the values presented in this presentation. In considering the prior performance information contained in these materials, prospective investors should bear in mind that past results are not necessarily indicative of future results, and there can be no assurance that the Fund will achieve results comparable to those of any prior or existing fund advised by Accel or its principals. Returns presented on a “gross” basis do not reflect any management fees, carried interest, taxes or allocable expenses borne by investors, which in the aggregate may be substantial. In addition, information in the materials is a sample of Accel companies, transactions and funds, and do not purport to include all results from such companies, transactions or funds, which information is available upon further request by a prospective investor. Legal Disclosures

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2019 Accel Euroscape: The Rise of Europe

Philippe Botteri

2019 Accel Euroscape: The Rise of Europe