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Accel 2021 Euroscape: On the path to global dominance?

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2021 Euroscape 1

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2021 Euroscape 2
I N T R O D U C T I O N
10 Software and cloud giants worth $4.1t
– MSFT ruling the pack
Note: Represents ...

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2021 Euroscape 3
I N T R O D U C T I O N
Continued momentum for companies in our
public cloud index*…
AVERAGE FORWARD REVE...

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Accel 2021 Euroscape: On the path to global dominance?

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The European and Israeli cloud ecosystem is accelerating as never before. Back in 2016, Europe and Israel had only four public companies worth less than $9B combined and local cloud companies had raised just $900M throughout 2015. Today, Europe and Israel have generated 23 public companies worth $231B and private cloud financing reached c. $30B. The $900M of SaaS VC funding in 2015 now represents less than Europe's largest financing round, with Celonis raising $1B in June this year. These are just some of the SaaS milestones Europe and Israel have hit over the last year, so now seems like the right time to as: "are Europe and Israel on the path to global SaaS dominace?" Take a look at the insights in our 2021 Euroscape and see what the data says!

The European and Israeli cloud ecosystem is accelerating as never before. Back in 2016, Europe and Israel had only four public companies worth less than $9B combined and local cloud companies had raised just $900M throughout 2015. Today, Europe and Israel have generated 23 public companies worth $231B and private cloud financing reached c. $30B. The $900M of SaaS VC funding in 2015 now represents less than Europe's largest financing round, with Celonis raising $1B in June this year. These are just some of the SaaS milestones Europe and Israel have hit over the last year, so now seems like the right time to as: "are Europe and Israel on the path to global SaaS dominace?" Take a look at the insights in our 2021 Euroscape and see what the data says!

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Accel 2021 Euroscape: On the path to global dominance?

  1. 1. 2021 Euroscape 1
  2. 2. 2021 Euroscape 2 I N T R O D U C T I O N 10 Software and cloud giants worth $4.1t – MSFT ruling the pack Note: Represents cloud companies above $100bn in market cap as of September 30, 2020 and September 24, 2021. Giants represent companies with market cap as of September 24, 2021 above $100bn Source: Capital IQ MARKET CAP OF SOFTWARE AND CLOUD COMPANIES ABOVE $100bn (Sept. 2021) $1,592bn $231bn $235bn $229bn $180bn $125bn $108bn $93bn $72bn $186bn $134bn $2,250bn $327bn $297bn $280bn $246bn $181bn $123bn $132bn $121bn $167bn $81bn 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 GROWERS UP AND COMERS LOSING MOMENTUM GROWERS GROWERS Microsoft represents c. 55% of total market value
  3. 3. 2021 Euroscape 3 I N T R O D U C T I O N Continued momentum for companies in our public cloud index*… AVERAGE FORWARD REVENUE MULTIPLE AVERAGE FORWARD GROWTH RATE MARKET VALUE GROWTH * List of US, EU and Israeli public companies in the index listed in appendix Note: Change from September 30, 2020 to September 24, 2021. Selection of US, Europe and Israeli cloud companies. Source: Accel Analysis, Capital IQ +$0.9t 15.8x 17.0x SEP 2020 SEP 2021 18% 26% SEP 2020 SEP 2021
  4. 4. 2021 Euroscape 4 -56% -50% -39% -32% -32% 224% 243% 256% 283% 396% I N T R O D U C T I O N … even if individual performance has been volatile Note: Change in market value from September 30, 2020 to September 24, 2021. Selection of US, Europe and Israeli cloud companies. Source: Accel Analysis, Capital IQ (1) As a memo, JFrog acquired Vdoo in July 2021 NTM Est. Growth Rate 41% 29% 33% 106% 38% 11% 5% 18% 15% 34% (1)
  5. 5. 2021 Euroscape 5 I N T R O D U C T I O N EU & Israel public cloud stocks slightly outperforming US peers 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 12-13 03-14 06-14 09-14 12-14 03-15 06-15 09-15 12-15 03-16 06-16 09-16 12-16 03-17 06-17 09-17 12-17 03-18 06-18 09-18 12-18 03-19 06-19 09-19 12-19 03-20 06-20 09-20 12-20 03-21 06-21 09-21 Accel Euroscape Index - EU.IL Accel Euroscape Index - US NASDAQ Index +1,071% +983% +271% Note: Selection of US, Europe and Israeli cloud companies. Companies that comprise the Accel Euroscape indices are listed in the appendix. Source: Accel Analysis, Capital IQ
  6. 6. 2021 Euroscape 6 I N T R O D U C T I O N What’s next: are Europe & Israel on path to global dominance? TOP 3 FASTEST CLOUD UNICORNS TOP 3 PRIVATE 2021 FUNDING ROUNDS Months to Unicorn (as of founding date) TOP 3 LARGEST 2021 IPOS Market Cap at Close of First Trading Day Amount Raised Note: Considers EU, Israeli and US cloud companies. Source: JP Morgan, Pitchbook, Crunchbase, Capital IQ, Public Information $36bn $31bn $23bn 14 17 21 $1.6bn $1.5bn $1.0bn
  7. 7. 2021 Euroscape 7 I N T R O D U C T I O N Accel loves cloud globally 20+ IPOs $7bn+ INVESTED 300+ COMPANIES 50+ UNICORNS ACCEL UNICORN MAP
  8. 8. 2021 Euroscape 8 2021 Euroscape 8 A G E N D A P A R T 1 Market Snapshot P A R T 2 Are EU & Israel On Path To Global Dominance? P A R T 3 2021 Euroscape P A R T 4 What’s Next?
  9. 9. 2021 Euroscape 9 M A R K E T S N A P S H O T Global cloud index added $0.9T in value in the past 12 months MARKET CAP OF PUBLIC CLOUD COMPANIES +$0.9t +$1.0t $0.9t $1.9t $2.8t SEPT 2019 SEPT 2020 SEPT 2021 Note: Selection of US, Europe and Israeli cloud companies, as of September 2021. Source: Accel Analysis, Capital IQ
  10. 10. 2021 Euroscape 10 0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 11x 12x 13x 14x 15x 16x 17x 18x 19x Jan, 05 Nov, 05 Sep, 06 Jul, 07 May, 08 Mar, 09 Jan, 10 Nov, 10 Sep, 11 Jul, 12 May, 13 Mar, 14 Jan, 15 Nov, 15 Sep, 16 Jul, 17 May, 18 Mar, 19 Jan, 20 Nov, 20 Sep, 21 M A R K E T S N A P S H O T Revenue multiple stabilising after record high 1.3x MIN | DEC 2008 19.0x MAX | FEB 2021 17.0x SEPT 2021 Note: Selection of US, Europe and Israeli cloud companies. Source: Accel Analysis, Capital IQ 15.8x SEPT 2020 CLOUD AVERAGE EV / FORWARD REVENUE MULTIPLES 2005 -2021
  11. 11. 2021 Euroscape 11 CHANGE IN VALUE BY SECTOR OVER LAST YEAR M A R K E T S N A P S H O T Payment, security and data leading the pack Note: Selection of US, Europe and Israeli cloud companies. Logos displayed above represent companies who have changed in value by $25bn in LTM. Source: Accel Analysis, Capital IQ $172bn $137bn $114bn $109bn $96bn $92bn $69bn $46bn $46bn $11bn -$15bn Payments / Banking Infra Security Data / BI / Analytics eCommerce / Marketing Vertical SaaS Finance / HR / Legal Automation Sales / Support Developers / Infrastructure Compliance Productivity / Collaboration
  12. 12. 2021 Euroscape 12 M A R K E T S N A P S H O T Global cloud IPOs nearly doubled in 2021… AVERAGE FORWARD REV MULTIPLES(1) 18.4x 26.8x 18.8x 2019 2020 2021 YTD NUMBER OF IPOS 14 17 32 2019 2020 2021 YTD Total Amount Raised: $5bn $14bn $23bn Note: Selection of cloud companies worldwide. Source: Accel Analysis, JP Morgan, Capital IQ (1) Represents multiples as of 1 month post first trading day ×1.9
  13. 13. 2021 Euroscape 13 M A R K E T S N A P S H O T … but were smaller in market cap and capital raised BREAKDOWN BY MARKET CAP AT IPO DATE Note: Selection of cloud companies worldwide. Source: Capital IQ Avg Market Cap at IPO: $6bn $11bn $7bn 50% 41% 72% 21% 29% 6% 29% 29% 22% 2019 2020 2021 YTD $5bn- $5bn-10bn $10bn+ AVERAGE CAPITAL RAISED $429m $915m $731m 2019 2020 2021 YTD
  14. 14. 2021 Euroscape 14 M A R K E T S N A P S H O T SPACs in 2021 - Fewer & less valued vs. IPOs NEW IPOs AND SPACs IN 2021 AVERAGE CAPITAL RAISED AVERAGE MARKET CAP ON FIRST TRADING DAY Source: JP Morgan, Capital IQ 32 11 IPOs SPACs $731m $880m IPOs SPACs $7.0bn $3.0bn IPOs SPACs
  15. 15. 2021 Euroscape 15 M A R K E T S N A P S H O T Big M&As but a lot of cash missing in action Source: Accel Analysis, JP Morgan, Capital IQ Note: Dry powder numbers include cash and cash equivalents, as well as short term investments, as of CQ2 2021 CLOUD AND SOFTWARE GIANTS CLOUD COMPANIES WITH MARKET CAP < $100BN CASH AND CASH EQUIVALENTS (As of most recent public balance sheets) $239bn $89bn SELECTED M&A OVER LAST YEAR (Chart shows target/acquirer and total enterprise value) $28bn $12bn $12bn $10bn $7bn Slack / Salesforce Mailchimp / Intuit Proofpoint / Thoma Bravo RealPage / Thoma Bravo Auth0 / Okta TOTAL CASH OF c. $330bn TOP 3 STRATEGIC M&As: $47bn
  16. 16. 2021 Euroscape 16 M A R K E T S N A P S H O T Capital raised in private markets at historical levels TOTAL CAPITAL RAISED IN EU, ISRAEL and US Source: JP Morgan, Public Information TOTAL NUMBER OF UNICORNS in EU, ISRAEL and US $38bn $78bn 2020 2021 YTD 131 226 2020 2021 YTD
  17. 17. 2021 Euroscape 17 M A R K E T S N A P S H O T Private is the new public for capital markets Note: Selection of US, Europe and Israeli cloud companies. Total raised publicly includes IPOs, SPACs, follow-ons and converts Source: Accel Analysis, Pitchbook, Crunchbase, Public Information FUNDING VALUATIONS $0.8t $2.8t VALUE OF UNICORNS VALUE OF PUBLIC COMPANIES $78bn $45bn TOTAL VC FUNDING TOTAL RAISED PUBLICLY 1.7x raised privately vs. publicly Value of public companies 3x+ value of unicorns
  18. 18. 2021 Euroscape 18 2021 Euroscape 18 A G E N D A P A R T 1 Market Snapshot P A R T 2 Are EU & Israel On Path To Global Dominance? P A R T 3 2021 Euroscape P A R T 4 What’s Next?
  19. 19. 2021 Euroscape 19 A R E E U & I S R A E L O N P A T H T O G L O B A L D O M I N A N C E ? Value of EU & Israel public cloud companies more than doubling Source: Accel Analysis, Capital IQ Note: 12 new IPOs in the last year (and 11 new IPOs in 2021) MARKET CAP OF PUBLIC CLOUD EUROPEAN & ISRAELI COMPANIES +$63bn +$126bn $42bn $105bn $231bn SEPT 2019 SEPT 2020 SEPT 2021 Number of public cloud companies: 9 11 23
  20. 20. 2021 Euroscape 20 NUMBER OF EUROPE & ISRAELI IPOS Explosion of IPOs… Note: Data above represents Europe & Israeli cloud companies. Source: Keybanc, JP Morgan, Capital IQ, Public Information (1) Represents multiples as of 1 month post first trading day 2 3 11 2019 2020 2021 YTD Total Amount Raised: $1bn $2bn $6bn AVERAGE FORWARD REV MULTIPLES(1) 12.3x 24.6x 21.9x 2019 2020 2021 YTD A R E E U & I S R A E L O N P A T H T O G L O B A L D O M I N A N C E ?
  21. 21. 2021 Euroscape 21 … but with slightly lower market cap and capital raised… AVERAGE MARKET CAP AT IPO DATE Note: Data above represents Europe & Israeli cloud companies. Source: Keybanc, JP Morgan, Capital IQ $6.1bn $8.4bn $6.8bn 2019 2020 2021 YTD AVERAGE CAPITAL RAISED $655m $830m $557m 2019 2020 2021 YTD A R E E U & I S R A E L O N P A T H T O G L O B A L D O M I N A N C E ?
  22. 22. 2021 Euroscape 22 $1.4bn $1.5bn $1.5bn $1.6bn $2.4bn $2.9bn $3.1bn $3.6bn $4.1bn $7.8bn $10.9bn $35.8bn … and a high concentration in top 3 IPOs Source: JP Morgan, Capital IQ $6bn+ CASH RAISED MARKET CAP AT DAY OF IPO Top 3 IPOs represent 55% of cash raised A R E E U & I S R A E L O N P A T H T O G L O B A L D O M I N A N C E ?
  23. 23. 2021 Euroscape 23 Next generation growing fast 44 COMPANIES $10B+ $5B+ $2.5B+ $1B+ 81 COMPANIES c.2x 2020 2021 YTD Source: Accel Analysis, Public Information EUROPE AND ISRAEL CLOUD UNICORNS A R E E U & I S R A E L O N P A T H T O G L O B A L D O M I N A N C E ?
  24. 24. 2021 Euroscape 24 Europe and Israel private cloud funding tripled in 2021 EUROPE & ISRAEL VC FUNDING YoY Note: As of September 30, 2020 and September 30, 2021. Source: Public Information TOTAL VALUE OF UNICORNS $9-9.5bn $29-30bn SEPT 2020 SEPT 2021 ×3.2 $234bn A R E E U & I S R A E L O N P A T H T O G L O B A L D O M I N A N C E ?
  25. 25. 2021 Euroscape 25 3x more funding going to EU & Israel private vs. public companies Note: Total raised publicly includes IPOs, SPACs, follow-ons and converts Source: Accel Analysis, Pitchbook, JP Morgan and Public Information 2021 YTD EU & ISRAEL CLOUD FUNDING EU & ISRAEL CLOUD VALUATIONS $234bn $231bn Value of Private Unicorns Value of Public Companies $29bn $11bn Total Private Funding Total Raised Publicly A R E E U & I S R A E L O N P A T H T O G L O B A L D O M I N A N C E ?
  26. 26. 2021 Euroscape 26 Israel emerging as a cloud unicorn factory… NEW UNICORNS IN 2021 UNICORNS PER MILLION OF PEOPLE TOTAL # OF UNICORNS Source: Accel Analysis, Public Information 27 10 7 7 30 16 6 6 4 11 2.9 0.3 0.2 0.1 0.1 Israel Nordics France Germany United Kingdom ISRAEL FRANCE UK GERMANY REST OF EUROPE ISRAEL FRANCE GERMANY UK REST OF EUROPE A R E E U & I S R A E L O N P A T H T O G L O B A L D O M I N A N C E ?
  27. 27. 2021 Euroscape 27 … but the UK creates unicorns faster AVERAGE YEARS TO UNICORN STATUS 4.9 6.1 8.2 9.4 10.0 United Kingdom Israel France Germany Nordics 7 27 10 7 6 Source: Accel Analysis, Public Information Number of Unicorns A R E E U & I S R A E L O N P A T H T O G L O B A L D O M I N A N C E ?
  28. 28. 2021 Euroscape 28 Are Europe and Israel on the path to global cloud dominance?
  29. 29. 2021 Euroscape 29 Fewer IPOs in EU & Israel vs. the US but comparable metrics Source: Accel Analysis, JP Morgan, Capital IQ, Public Information EUROPE & ISRAEL Average forward revenue multiple of new IPOs Number of new IPOs Average market cap of new IPOs % Growth in public cloud companies vs. 2020 US $557m $827m 22x 17x 11 21 $7bn $7bn 92% 29% Average amount raised of new IPOs A R E E U & I S R A E L O N P A T H T O G L O B A L D O M I N A N C E ?
  30. 30. 2021 Euroscape 30 Similar findings for unicorns EUROPE & ISRAEL Median value of unicorns Median PIC Number of >$250m rounds as a % of total unicorns Median years to unicorn US 43 74 $1.7bn $1.9bn $310m $332m 28% 26% 7 7 Number of new unicorns 2021 Source: Accel Analysis, Public Information % Growth in unicorns vs. 2020 84% 67% A R E E U & I S R A E L O N P A T H T O G L O B A L D O M I N A N C E ?
  31. 31. 2021 Euroscape 31 More $1bn private rounds in the US $565m | September 2021 $600m | March 2021 $1bn | February 2021 $1.5bn | August 2021 $1.6bn | July 2021 $605m | September 2021 $750m | February 2021 $800m | April 2021 $806m | June 2021 $1bn | June 2021 EUROPE & ISRAEL – 5 LARGEST PRIVATE ROUNDS UNITED STATES – 5 LARGEST PRIVATE ROUNDS Source: Pitchbook, Crunchbase, Public Information, data from Sept 2020 to Sept 2021 A R E E U & I S R A E L O N P A T H T O G L O B A L D O M I N A N C E ?
  32. 32. 2021 Euroscape 32 US leading in funding volume but Europe and Israel growing faster PRIVATE CLOUD FUNDING YTD PRIVATE CLOUD FUNDING GROWTH RATE 2020-2021 Source: Accel Analysis, Pitchbook, JP Morgan, Public Information $29bn $48bn EUROPE & ISRAEL US 3.2x 2.4x EUROPE & ISRAEL US A R E E U & I S R A E L O N P A T H T O G L O B A L D O M I N A N C E ?
  33. 33. 2021 Euroscape 33 2021 Euroscape 33 A G E N D A P A R T 1 Market Snapshot P A R T 2 Are EU & Israel On Path To Global Dominance? P A R T 3 2021 Euroscape P A R T 4 What’s Next?
  34. 34. 2021 Euroscape 34 2,000+ EU & ISRAEL BORN SAAS COMPANIES 2 0 2 1 E U R O S C A P E 2021 Accel Euroscape WHO? HOW? WHAT’S NEW? 25+ COUNTRIES ▪ Market attractiveness ▪ Competitive differentiation ▪ Product ▪ Team strength ▪ Momentum (ARR, FTEs) ▪ Added new blockchain / crypto category
  35. 35. 2021 Euroscape 35 2 0 2 1 E U R O S C A P E 2021 Accel Euroscape Top 100 EU & Israel cloud companies with revenues above $1m and valued at less than $1bn E-COMMERCE / MARKETING PRODUCTIVITY / COLLABORATION FINANCE / HR / LEGAL COMPLIANCE BLOCKCHAIN / CRYPTO DATA / BI / ANALYTICS AUTOMATION PAYMENTS / BANKING INFRA DEVELOPERS / INFRASTRUCTURE SALES / SUPPORT SECURITY VERTICAL SAAS 2021 Euroscape
  36. 36. 2021 Euroscape 36 2 0 2 1 E U R O S C A P E Most winners were founded 2-6 years ago… YEARS FROM FOUNDING # of companies 6 29 30 17 14 4 <2 years 2-4 years 4-6 years 6-8 years 8-10 years 10+ years Median = 5 years
  37. 37. 2021 Euroscape 37 2 0 2 1 E U R O S C A P E … have less than 200 FTEs and raised less then $50m # OF EMPLOYEES Source: Accel analysis, Linkedin, Pitchbook, Crunchbase, Company data CAPITAL RAISED Number of companies by category 46 28 16 6 4 0-99 100-199 200-299 300-399 400+ 42 18 19 12 9 $0–25M $25M–50M $50M–100M $100M–150M $150M+ Median = 116 FTEs Median = $39m
  38. 38. 2021 Euroscape 38 2 0 2 1 E U R O S C A P E Euroscape winners raised c.$6bn – Finance/HR, Security & Automation categories leading the pack FUNDING BY CATEGORY $1,409m $861m $593m $563m $514m $409m $384m $345m $337m $204m $146m $133m Finance/ HR/ Legal Security Automation Payments/ Banking Infra Dev/ Infrastructure Data /BI /Analytics Prod/ Collaboration Vertical SaaS eCommerce/ Marketing Sales/ Support Blockchain/ Crypto Compliance c.$6bn TOTAL RAISED
  39. 39. 2021 Euroscape 39 2 0 2 1 E U R O S C A P E UK & Finance/HR/Legal category topping the leaderboard FOUNDING COUNTRY Source: Accel analysis, Linkedin, Pitchbook, Crunchbase, Company data CATEGORY 33 12 14 19 22 Rest of EU Germany France Israel UK 16 12 12 9 8 8 8 6 6 6 5 4 Finance/HR/Legal Developers/Infrastructure Security Automation Payments/Banking Infrastructure Productivity/Collaboration Vertical SaaS Data/BI/Analytics eCommerce/Marketing Sales/Support Blockchain/Crypto Compliance Number of companies by category
  40. 40. 2021 Euroscape 40 2021 Euroscape 40 A G E N D A P A R T 1 Market Snapshot P A R T 2 Are EU & Israel On Path To Global Dominance? P A R T 3 2021 Euroscape P A R T 4 What’s Next?
  41. 41. 2021 Euroscape 41 WH A T ’S N E X T What’s Next? API-IFICATION OF FINTECH INFRASTRUCTURE RAPID RISE OF CRYPTO & DEFI INFRASTRUCTURE MORE AUTOMATION: AI INCREASING COMPLEXITY OF USE CASES INFRASTRUCTURE FOR THE ANYWHERE WORKFORCE SECURITY FOCUSING ON CLOUD AI CHANGING CONTENT CREATION PARADIGM
  42. 42. 2021 Euroscape 42 More automation: AI increasing complexity of use cases Source: Gartner GARTNER PREDICTIONS – HYPERAUTOMATION IS HERE TO STAY ▪ AI continuing to expand range of use cases for automation to address more complex business processes ▪ Digital transformation momentum increasing automation requirements with more organisation creating fully automated value chain ▪ Emergence of low code/no code platforms addressing specific vertical needs “By 2024, organizations will lower operational costs by 30% by combining hyperautomation technologies with redesigned operational processes” “By 2025, more than 20% of all products will be manufactured, packed, shipped, and delivered without being touched” WH A T ’S N E X T
  43. 43. 2021 Euroscape 43 ▪ New algorithms and deep learning solutions lowering the bar to create highly-realistic content – e.g. programmable avatars using a simple text editor ▪ Increasing range of use-cases from AI assisted video or picture editing to synthetic video and voice and 3D pictures for ecommerce ▪ With algorithm progressing, AI likely to allow for even more real-time content creation, unlocking marketing use-cases with deep level of personalisation AI changing content creation paradigm AI-CONTENT IS A LARGE OPPORTUNITY, ESPECIALLY IN B2B VIDEO Product Demos Explainers Webinars Training Videos Social Videos Testimonials Thought Leadership Internal Comm Culture Videos 63% 51% 51% 47% 41% 38% 29% 29% 26% % of businesses using multiple types of videos Source: KVB Research, Vidyard, Animoto, Public Information WH A T ’S N E X T
  44. 44. 2021 Euroscape 44 ▪ Business applications and IT infrastructure continuing shift to cloud ▪ Misconfiguration of cloud resources and identities leaving critical vulnerabilities ▪ Distributed workforce adding impetus to zero trust architecture imperative ▪ Infrastructure as code leading to a convergence of code security, application security and cloud security Security focusing on cloud NEARLY 60% OF COMPANIES HAVE INCREASED SECURITY CONCERNS SINCE ADOPTING CLOUD NATIVE Decreased 15% Hasn’t Changed 20% Don’t Know 7% Increased 58% Source: Snyk: State of Cloud Native Application Security Report, Public Information WH A T ’S N E X T
  45. 45. 2021 Euroscape 45 API-ification of fintech infrastructure ▪ Banking infrastructure tooling is productised and now also targets non-fintechs ▪ Outsourcing compliance and API-first implementations shorten lead times ▪ Access to non-banking data (e.g. payroll, insurance, credit, ERP) through APIs is enabling new use cases ▪ Automation of financial ops (workflows, reconciliation, continuous accounting) removing largely manual processes FORECAST OF EMBEDDED FINANCE MARKET SIZE $1bn $5bn $16bn $3bn $16bn $71bn $141bn Asset management Consumer finance Insurance Payments 2020 2025 Source: Public Information, Mitsui Report WH A T ’S N E X T
  46. 46. 2021 Euroscape 46 Rapid rise of Crypto & DeFi infrastructure 13 43 December 2019 Today BLOCKCHAIN UNICORNS (#) $1bn $93bn December 2019 Today DEFI TOTAL VALUE LOCKED ($B) Source: Public Information ▪ Institutional demand rising – major banks and payments players incorporating crypto payments / custody ▪ Consumer demand exploding – online exchanges, neobrokers and digital banks acting as enablers ▪ New use cases emerging – e.g., DeFi and NFTs ▪ Scalability – continued development of Ethereum and other protocols WH A T ’S N E X T
  47. 47. 2021 Euroscape 47 Infrastructure for the “Anywhere” workforce Source: Forrester & VMWare ▪ Post pandemic, world moving into hybrid with a mix of office and remote work increasing need for new collaboration tools ▪ Shortage of talent and acceptance of remote work pushing companies to hire employees in remote locations, creating complex and challenging compliance issues ▪ Need to maximise effective use of internal talent greater than ever. AI unleashing new generation of internal talent marketplaces NEW SOLUTIONS REQUIRED IN HYBRID WORLD Collaboration Workforce management Talent Management and sourcing WH A T ’S N E X T
  48. 48. 2021 Euroscape 48 A G E N D A Appendix
  49. 49. 2021 Euroscape 49 A P P E N D I X List of companies in Accel Euroscape indices Global Accel Euroscape Index EU & Israel Accel Euroscape Index US Accel Euroscape Index Dynatrace Austria 2U Coupa Software Medallia ServiceNow Trustpilot Denmark 8x8 Crowdstrike Holdings Momentive Smartsheet Unity Denmark Adobe Datadog MongoDB Snowflake Zendesk Denmark Akamai Datto Ncino Splunk TeamViewer Germany Alkami Digital Ocean New Relic Sprinklr Global-E Israel Alteryx Disco Okta Sprout Social Jfrog Israel AppFolio Docusign Olo Square Kaltura Israel Appian Corp Domo ON24 SquareSpace Monday Israel Asana Dropbox Palantir Sumo Logic Riskified Israel Autodesk Duck Creek Technologies Paycom Software Tenable Holdings SentinelOne Israel Avalara Dun & Bradstreet Paycor Toast SimilarWeb Israel Bentley Eventbrite, Inc. Paylocity Holding Twilio Varonis Systems Israel Bill.com Holdings Everbridge Paymentus Veeva Systems Walkme Israel Billtrust Fastly Paypal Workday Wix.com Israel Blackbaud FireEye/Mandiant Ping Identity Workiva Elastic Netherlands Blackline Five9 Procore Yext Meltwater Norway Blend Flywire Q2 Holdings Zeta Global Forgerock Norway Box Guidewire Software Qualtrics International Zoom Info UiPath Romania C3 HubSpot Qualys Zoom Video Communications Anaplan United Kingdom Cloudera Instructure Rackspace Zscaler Blue Prism United Kingdom Cloudflare Jamf Holding Rapid7 Zuora Darktrace United Kingdom Confluent KnowBe4 RingCentral Mimecast United Kingdom Cornerstone OnDemand Liveperson SailPoint Couchbase Marqeta Salesforce
  50. 50. 2021 Euroscape 50 A P P E N D I X Legal Disclosures This document has been prepared by Accel Partners Management LLP (“Accel”). Accel is a limited liability partnership incorporated in England and Wales with registered number OC303424, having its registered office at 1 New Burlington Place, London, W1S 2HR. Accel is authorised and regulated by the Financial Conduct Authority with registration number 222503. This document is not directed at and should not be distributed, published, or used in any jurisdiction where such distribution, publication, or use would be unlawful. This document is provided for information purposes only and does not constitute an offer, or a solicitation or recommendation, to purchase or sell any security, investment product or service. This document forms part of a presentation to persons who have been invited to attend such presentation and must be read and considered in the context of that presentation only. This document is the property of Accel and is addressed to its recipients exclusively and confidentially for their personal use. It may not be reproduced (in whole or in part), transmitted, modified, or used for any other purpose without Accel’s prior written permission. This document does not contain personalised recommendations or advice, is not intended to endorse or recommend a particular course of action or to be construed or relied on as investment, legal, business, accounting, tax or other professional advice. It does not substitute professional advice on investment in financial products. As such, before entering into any transaction, investors should consider carefully the suitability of a transaction to their particular circumstances and, where necessary, obtain independent professional advice in respect of risks, as well as any legal, regulatory, credit, tax, and accounting consequences. All information used in this document has been obtained from sources believed to reliable as at their date of publication, but accuracy cannot be guaranteed. No representation or warranties are given or implied with respect to information contained in this document and no reliance should be placed on the contents of this document.

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