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European tech scaleups report 2018

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European scaleups had another great year with a significant jump in funding in 2018 compared to 2017.

Wondering what countries and cities are performing well? What verticals are booming? What technology and business models have traction? How many female founders raised funding?

So there you go, 133 (!) pages packed with detailed information on the state of the European scaleup ecosystem:

If you prefer a higher resolution PDF version or need more details on a specific country or vertical , just contact me

Enjoy the reading and kindly share the report in your (social) network!

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European tech scaleups report 2018

  1. 1. 2018 EUROPEAN SCALEUPS REPORT OMAR MOHOUT
  2. 2. 2 03 05 06 55 121 126 128 129 132 Foreword Highlights 2018 European (Venture) Capital Country specific details Methodology About the author About Sirris Data sources Disclaimer TABLE OF CONTENTS
  3. 3. 3 2018 was another great year for the European scaleup ecosystem. While the number of investment was only a bit higher than 2017, investment amount went 13% higher. Despite the total increase in funding amount, both the number of IPOs and ICOs dropped by nearly half compared to 2017. Yet, there are a number of indications that Europe has a mature technology ecosystem. With this report we want to provide a comprehensive review of investment in scaleups and high-growth technology companies across 35 countries in Europe. Our aim is to provide data-driven guidance, insights, perspective and inspiration to all stakeholders of the European scaleup ecosystem. Sincerely, Omar Mohout 2018 EUROPEAN SCALE UP REPORT FOREWORD PARTNERS
  4. 4. 4 This report is part of a series of funding reports that are published on a quarterly basis. A yearly report will also summarize quarterly findings. Other reports complement the series, focusing on geographical markets and vertical industries such as the FinTech and Artificial Intelligence report. 2018 EUROPEAN SCALE UP REPORT ABOUT This report is a snapshot in time, aimed at analysing funding data, major trends within the industry and the regions. Only deals of at least $1M / € 750K are considered for this report. If you would like to provide your input for the report, signal an omission of data or have any other feedback, we would love to hear it. Just pop an email to omar.mohout@sirris.be ABOUT THIS REPORT
  5. 5. HIGHLIGHTS 2018 5 2018 EUROPEAN SCALE UP REPORT HIGHLIGHTS 2016 € 17.2B 2017 € 20.1B 2018 € 22.6B +17% +13% FUNDING 2016 1,847 2017 1,865 2018 1,917 +1% +3% #OFDEALS 297 185 96 89 80 FinTech HealthTech MadTech HRTech PropTech 475 384 275 155 90 UK France Germany Sweden Netherlands TOPINDUSTRIESTOPCOUNTRIES
  6. 6. EUROPEAN VENTURE CAPITAL 2018 EUROPEAN VENTURE CAPITAL 6
  7. 7. 7 € 6.694 € 3.495 € 3.066 € 1.701 € 1.054 € 1.014 € 861 € 778 € 653 € 511 UK Germany France Netherlands Spain Sweden Ireland Switzerland Finland Denmark 2018 2017 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL AMOUNT RAISED PER COUNTRY 2018* *In millions 2016 was the year of Sweden thanks to a strong performing ecosystem and a high number of IPOs; Switzerland was the rising star of 2017, thanks to ICOs. 2018 is the year of the Netherlands thanks to the IPOs of Adyen and Elastic. UK, despite the Brexit, is once again the strongest performer in Europe. The UK had at least 10 deals of more than € 100M each – all of them based in London.
  8. 8. 8 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL UNICORNS: COMPANIES VALUED AT +$1B* BlaBlaCar Deezer FRANCE Cabify LetGo SPAIN Auto1 Celonis About You N26 GERMANY Atom Bank Oxford Nanopore BenevolentAI Revolut Improbable ACORN OakNorth Darktrace Monzo Graphcore Funding Circle Farfetch UKDENMARK Intercom IRELAND UiPath ROMANIA Tradeshift *And raising funding in 2018 Taxify ESTONIA Klarna SWEDEN OutSystems PORTUGAL
  9. 9. 9 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL CENTAURS: COMPANIES RAISING +100M EURO Cabify Glovo LetGo SPAIN FRANCE Auto1 N26 About You Westwing GoEuro GERMANY Atom Bank Oxford Nanopore eToro PurpleBricks Revolut Funding Circle Farfetch Team17 Nested Graphcore Moonbug UKOTHER Adyen Elastic NL Intercom GMI IRELAND UiPath Avast Taxify OutSystems Tradeshift Nokia THQ Nordic In 2016, there have been 18 rounds of at least € 100M funding while in 2017 it increased to 25 rounds. In 2018 34 rounds took place, 36% more than last year. Another indication that Europe has a tech ecosystem of its own. Voodoo Deezer BlaBlaCar
  10. 10. 10 475 385 275 156 89 75 73 72 50 46 UK France Germany Sweden Netherlands Belgium Spain Switzerland Finland Denmark 2018 2017 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL UK grew with 12% against 2017, Belgium with 10%. Among the biggest drop: Sweden (-34%) and Finland (-31%). Note that Italy, Ireland, Norway, Portugal and Austria didn’t make it to the European top 10 in 2018. DEALS PER COUNTRY 2018
  11. 11. 11 5.062 2.215 1.990 1.024 958 861 779 776 710 677 FinTech eCommerce HealthTech Software development HRTech Automotive Mobility Gaming Cybersecurity PropTech 2018 2017 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL The top 10 industries count for 69% of all capital raised. FinTech is still hot and the funding champion of both 2016, 2017 and again 2018. However, it looks like it reached its highest point. HealthTech on the other hand is growing every year and jumped 56% against the previous year. The biggest growing industry is Mobility that grew with 130% against 2017. Also Cybersecurity made it to the top 10 in 2018. AMOUNT RAISED PER INDUSTRY 2018* *In millions
  12. 12. 12 285 172 91 87 74 73 64 63 63 63 FinTech HealthTech MadTech HRTech PropTech eCommerce Software… MediaTech Utilities EdTech 2018 2017 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL The top 3 didn’t change Y2Y for the 3rd year in a row: FinTech, HealthTech and MadTech (Marketing, Advertisement and Sales) still dominating. However all of them lost a bit of ground. HRTech is one of the few industries in the top 10 that is growing (13%). Software Development entered the top 10 in 2018 with a jump of 94%. Didn’t make it the top 10 but also performing strong are Mobility and Cybersecurity. DEALS PER INDUSTRY 2018
  13. 13. 13 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL BREAKDOWN OF FINTECH 1. UK (38%) 2. Germany (13%) 3. France (12%) 4. Sweden (8%) 5. Switzerland (5%) 6. Belgium (4%) 7. Netherlands, Italy, Ireland, Denmark (3%) 8. Norway (2%) 9. Spain, Finland, Iceland, Estonia, Austria (1%) FinTech 24% Lending 17% InsurTech 17% WealthTech 17% Payments 15% Banking; 7% RegTech; 3%
  14. 14. 14 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL BREAKDOWN OF HEALTHTECH 1. UK (28%) 2. France (19%) 3. Sweden (9%) 4. Belgium, Germany (8%) 5. Switzerland (6%) 6. Ireland (4%) 7. Netherlands (3%) 8. Spain, Finland, Denmark, Norway (2%) 9. Poland, Iceland, Austria, Italy (1%) CareTech 29% HealthTech 26% Lifescience 23% MedTech 21% FemTech 1%
  15. 15. 1. France (27%) 2. Germany (26%) 3. Netherlands (9%) 4. UK (8%) 5. Sweden (8%) 6. Belgium (7%) 7. Spain (4%) 8. Austria (4%) 15 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL EMERGING CATEGORY: SMART CITIES The Smart Cities category raised close to € 779M in 2018. it includes mobility, autonomous vehicles, supply chain, utilities, urban farming and waste management scaleups. Autonomous vehicle scaleup Navya went public on Euronext Paris 1. Cabify (ES) 2. Cityscoot (FR) 3. Navya (FR) 4. Blacklane (DE) 5. Aimotive (HU) 6. Wunder Mobility (DE) 7. TIER Mobility (DE) 8. Infarm (DE) 9. Wind Mobility (DE) 10.Heetch (FR) COUNTRIES BIGGEST DEALS
  16. 16. 1. Germany (30%) 2. France (17%) 3. UK (17%) 4. Belgium (13%) 5. Norway (4%) 6. Sweden (4%) 7. Italy (4%) 8. Switzerland (2%) 9. Netherlands (2%) 16 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL EMERGING CATEGORY: INDUSTRY 4.0 Industry 4.0 or Smart Factory is an umbrella for technology innovation applied to manufacturing and factoring. It includes robotics, internet of things, virtual and augmented reality and artificial intelligence. Industry 4.0 is enabling the fourth industrial revolution and crucial for Europe. Although only € 456M raised it’s an increase of 64% against 2017 1. Materialise (BE) 2. Shapeways (NL) 3. Relayr (DE) 4. WaveOptics (UK) 5. Arundo Analytics (NO) 6. Magazino (DE) 7. Konux (DE) 8. Prophesee (FR) 9. Exotec Solutions (FR) 10.Braincube (FR) COUNTRIES BIGGEST DEALS
  17. 17. 1. UK (33%)) 2. France (16%) 3. Switzerland (16%) 4. Sweden (11%) 5. Spain (4%) 6. Italy (4%) 7. Netherlands (4%) 8. Denmark (4%) 9. Germany (2%) 10.Finland (2%) 17 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL EMERGING CATEGORY: PRECISION HEALTH/MEDICINE Precision Health is about preventing disease before it strikes while Precision Medicine is about curing a disease after the fact. Both focus on helping individuals getting better and thrive. Patients become active managers of their own health. The data explosion allows more specific and custom therapies for patients. Also the rise of 3D Printing, IoT, wearables and AI increasingly helps to put the “precision” in health and medicine. € 760M funding went into this category in 2018, a 143% increase against 2017. 1. BenevolentAI (UK) 2. CMR Surgical (UK) 3. Impulse Dynamics (DE) 4. Ada Health (DE) 5. Seven Bridges (RS) 6. Owlstone Medical (UK) 7. SpineArt (CH) 8. Mainstay Medical (IE) 9. G-Therapeutics (CH) 10.Ava (CH) COUNTRIES BIGGEST DEALS
  18. 18. 18 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL EMERGING CATEGORY: (DIGITAL) CLEANTECH CleanTech had 53 deals in 2018, worth almost € 355M in funding. The majority of these scaleups are active in energy related solutions as well as in water treatment and e- mobility. A number of corporations, including RWE, Statoil, Shell and E.ON, are investing in this space. 1. sonnen Group (DE) 2. Aledia (FR) 3. Climeworks (CH) 4. Origami Energy (UK) 5. Kayrros (FR) 6. Orbital Systems (SE) 7. Tevva Motors (UK) 8. Otovo (NO) 9. Mitte (DE) 10.Oxford Photovoltaics (UK) BIGGEST DEALS 1. France (25%)) 2. UK (21%) 3. Germany (13%) 4. Sweden (11%) 5. Netherlands (9%) 6. Switzerland (6%) 7. Belgium (4%) 8. Finland (4%) 9. Portugal (4%) 10.Denmark (2%) COUNTRIES
  19. 19. 1. Germany (24%) 2. France (16%) 3. Belgium (16%) 4. UK (12%) 5. Netherlands (12%) 6. Switzerland (8%) 7. Spain (4%) 8. Sweden (4%) 9. Estonia (4%) 19 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL EMERGING CATEGORY: SMART BUILDINGS The Smart Buildings and Smart Home category has a broad number of scaleups and counts for € 118M investments in 2018. it includes utilities, security, property tech (PropTech), and CareTech scaleups. Internet of Things is the most used technology in this space. 1. Toda (DE) 2. Discovergy (DE) 3. Click & Grow (EE) 4. Birdie Care (UK) 5. Energisme (FR) 6. Senic (DE) 7. Solytic (DE) 8. Voltaware (UK) 9. Smappee (BE) 10.Lone Rooftop (NL) COUNTRIES BIGGEST DEALS
  20. 20. 1. France (23%) 2. UK (15%) 3. Switzerland (13%) 4. Netherlands (13%) 5. Germany (10%) 6. Finland (8%) 7. Belgium (5%) 8. Denmark (5%) 9. Romania (5%) 10.Estonia (3%) 20 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL EMERGING CATEGORY: DIGITAL WORKPLACE Digital Workplace scaleups are active in the domains of HRTech and IT Services. They help organizations and employees with digital tools to collaborate, automate, onboard employees, improve employee happiness and exchange of information. In 2018, € 762M in funding is raised in this category, a 239% increase from 2017. Especially the RPA (Robotic process automation) scaleups are growing extremely fast. 1. UiPath (RO) 2. Nexthink (CH) 3. Front (FR) 4. Blue Prism (UK) 5. Jedox (DE) 6. Peakon (DK) 7. Starmind International (CH) 8. Speakap (NL) 9. Tray.io (UK) 10.Beekeeper (CH) COUNTRIES BIGGEST DEALS
  21. 21. 1. France (22%) 2. UK (14%) 3. Norway (14%) 4. Netherlands (14%) 5. Germany (7%) 6. Sweden (7%) 7. Switzerland (7%) 8. Ireland (7%) 9. Estonia (7%) 21 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL EMERGING CATEGORY: SMART FARMING The core of Smart Farming is data and the use of it in agriculture applications. It impacts the agricultural domain using technologies such as the Internet of Things (IoT), geo-positioning systems, satellites, drones, robotics, autonomous vehicles, AI etc. In 2018, only € 42M in funding is raised in this category, up from € 36M in 2017. 1. ecoRobotix (CH) 2. LemnaTec (DE) 3. Wefarm (UK) 4. Vitibot (FR) 5. Aquabyte (NO) 6. Naio Technologies (FR) 7. Connecterra (NL) 8. Karnott (FR) 9. KisanHub (UK) 10.GrainSense (NO) COUNTRIES BIGGEST DEALS
  22. 22. 22 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL EMERGING CATEGORY: NEWSPACE / SPACE 2.0 NewSpace is associated with rocket companies funded by billionaires such as SpaceX (Elon Musk), Blue Origin (Jeff Bezos), Virgin Galactic (Richard Branson), Vulcan Aerospace (Paul Allen) and StarChip (Yuri Milner). But it’s much more than that, it includes: • Rocket developers and space transporters • Satellite developers • Connectivity providers • Earth observation, image processing, climate change and other GeoTech activities • Organizers of space travel, tourism and training • Mining and exploitation of asteroids and planets • Applying space to a range of services such as space funerals… 1. Reaction Engines (UK) 2. ICEYE (FI) 3. PLD Space (ES) 4. KLEOS Space (LU) 5. Oxford Space Systems (UK) 6. Open Cosmos (UK) 7. Exotrail (FR) 8. Rezatec (UK) 9. Valispace (DE) 10.Isar Aerospace (DE) BIGGEST DEALS
  23. 23. 31% 69% B2C B2B 39% 61% B2C B2B 23 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL B2B & B2C COMPARISON NUMBER OF DEALS AMOUNT RAISED Contrary to Silicon Valley, where 2 out of 3 startups are consumer oriented, European scaleups are predominantly B2B. Ireland and Belgium have the highest number of B2B scaleups as a percentage of number of investments. Spain is the only country in Europe that is dominant B2C oriented last year. However some industries are more B2C oriented such as gaming, mobility, SportsTech, MusicTech and EdTech.
  24. 24. 24 98 97 93 90 89 73 62 61 58 57 53 49 44 Denmark Spain Sweden UK Germany Netherlands France Finland Norway Ireland Switzerland Belgium Italy 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL The average European scaleup has 78 employees. Denmark is leading once again but Finland, Sweden and the Netherlands are making the biggest jump. AVERAGE NUMBER OF EMPLOYEES PER COMPANY 2018
  25. 25. 25 12.347 13.132 14.866 11.431 15.222 14.888 11.431 14.949 17.693 13.449 10.318 10.213 Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. 2016 2017 2018 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL JOB CREATION BY 2016 FUNDED SCALEUPS *In millions 12 months after receiving funding, 26,844 jobs being created by European scaleups. An increase in jobs by 28%. 24 months later, 36,198 jobs are being created, a 37% increase.
  26. 26. 26 19.602 8.567 13.021 10.102 13.900 19.522 12.194 8.177 13.023 13.171 14.637 10.806 Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. 2017 2018 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL JOB CREATION BY 2017 FUNDED SCALEUPS *In millions 12 months after receiving funding, 45,320 jobs being created by European scaleups. An increase in jobs by 41%
  27. 27. 1. Deliveroo (+2,202) 2. Spotify (+1,649) 3. Farfetch (+1,471) 4. Microcred (+895) 5. Unity Technologies (+892) 6. Delivery Hero (+740) 7. Elastic (+663) 8. Glovo (+644) 9. Flixbus (+627) 10.Verve (+555) 1. Blippar (-282), bankrupt 2. BlaBlaCar (-218) 3. Cabify (-168) 4. Move24 (-145) 5. Luxendo (-121), acquired 6. Movinga (-92) 7. Ve Global (-87) 8. Jinn (-82) 9. Widespace (-79) 10.Shore (-79) 27 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL SHAKERS AND MOVERS BASED ON JOB CREATION GAINERS LOSERS On the gainers side, Deliveroo is the European king in absolute job creation with a growth of 114% in 2 years time. Also Spotify continues to grow with growth rates of over 60% since 2016. It’s striking that B2C unicorns are the biggest job creators despite Europe being a B2B ecosystem. On the losers side, London based virtual reality scaleup Blippar went bankrupt; French Blablacar continues to reduce its workforce since 2016. Overall, the top 10 gainers creating a magnitude more jobs than the biggest losers shred.
  28. 28. 28 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL WHERE ARE ACQUISITIONS TAKEN PLACE? 1. FinTech 2. MadTech 3. Travel & Hospitality 4. Mobility 5. HealthTech 6. Manufacturing 7. Gaming 8. Software development 9. Consumer Services 10.Customer Experience 1. SaaS 2. Data Analytics 3. IoT 4. Artificial Intelligence 5. App 6. API 7. Robotics 8. Connected Hardware 9. GeoTech 10.Wearable BY INDUSTRY BY TECHNOLOGY 1. Germany 2. UK 3. France 4. Sweden 5. Netherlands 6. Switzerland 7. Finland 8. Spain 9. Belgium 10.Iceland BY COUNTRY
  29. 29. 29 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL WHERE ARE BANKRUPTCIES TAKEN PLACE? 1. FinTech 2. Consumer Services 3. PropTech 4. MadTech 5. FoodTech 6. eCommerce 7. Travel & Hospitality 8. MediaTech 9. Retail 10.HealthTech 1. SaaS 2. App 3. Artificial Intelligence 4. Blockchain 5. Virtual Reality 6. Wearable 7. IoT 8. GeoTech BY INDUSTRY BY TECHNOLOGY 1. UK 2. Sweden 3. France 4. Portugal 5. Finland 6. Switzerland 7. Germany 8. Belgium 9. Spain 10.Ireland BY COUNTRY
  30. 30. 30 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL AVERAGE FOUNDING YEAR TO RAISE ‘SERIES A’ ROUNDS Portugal 2013 Finland Sweden France Austria UK Ireland 2014 Denmark Spain Norway Belgium Switzerland Netherlands Germany Italy 2015 To raise a series A in Europe, a company needs to be founded in 2014. It takes a long 4 years for a startup to become a scaleup and raise funds. For an IPO, the average founding is 2007 (11 years). For an ICO it is 2016 (2 years).
  31. 31. 31 41% 21% 20% 7% 3% 2% 2% 1% 1% 1% 1% 1% A B Seed C D Crowdfunding Debt financing IPO Post IPO Equity E Grant Initial Coin Offering 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL Given the threshold of € 750K, it’s not surprising that the majority of deals are series A. DEAL TYPE 2018
  32. 32. 32 TYPE OF TECHNOLOGY Looking to cumulative investments per year, the only game changer in town is Artificial Intelligence. Blockchain is still a hype for the time being.
  33. 33. 33 49% 19% 11% 10% 2% 2% 0 Subscription Marketplace Transactional Commission Freemium Interest charging Open Source 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL The subscription based model and the marketplace approach are the leading business models for technology companies, counting together for 68% of the total. TYPE OF BUSINESS MODELS
  34. 34. 34 € 1.841 € 1.065 € 1.761 € 1.447 € 2.309 € 3.045 € 1.718 € 1.467 € 2.558 € 1.656 € 2.049 € 1.661 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. 2017 2018 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL CAPITAL RAISED PER MONTH 2017 VS 2018* *In millions European scaleups raised around € 1.9B per month in 2018, up 12% against 2017 and even 31% against 2016.
  35. 35. 35 163 152 156 169 173 217 144 110 172 167 169 116 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. 2017 2018 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL Around 159 deals are closed in Europe every month. There is a slow down during summer, however it gets compensated in the month of September. The number of deals is 3% higher in 2018 versus 2017. NUMBER OF DEALS 2018
  36. 36. 1. London 2. Paris 3. Berlin 4. Stockholm 5. Munich 6. Amsterdam 7. Copenhagen 8. Barcelona 9. Zurich 10. Oslo 1. London 2. Paris 3. Berlin 4. Amsterdam 5. Dublin 6. Stockholm 7. Barcelona 8. Munich 9. Copenhagen 10. Hamburg 36 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL SCALEUP CITIES 2018 NUMBER OF DEALS AMOUNT RAISED The top 4 of scaleup cities didn’t change over the last 3 years making London, Paris, Berlin and Stockholm the Tier 1 cities of Europe. Dublin and Helsinki dropped out of the top 10. Barcelona, despite the political instability, remains in the top 10 ahead of Madrid. Germany is the only country that has multiple cities in the top 10.
  37. 37. 37 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL THE IMPORTANCE OF TECH HUBS WITHIN COUNTRIES The percentage shows the concentration of scaleups in a single city per country. In principle, the higher the concentration the better because proximity still counts in ecosystems. 80% 73% 71% 71% 63% 59% 57% 49% 49% 47% DK, Copenhagen IRL, Dublin UK, London SE, Stockholm FR, Paris NL, Amsterdam FI, Helsinki IT, Milan ES, Barcelona DE, Berlin
  38. 38. 38 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL The gap between London and Paris is widening while Stockholm and Berlin are still in a dog fight for the bronze. Note the summer slowdown every year in France THE BIG FOUR CITIES 2016-18 (# DEALS)
  39. 39. 39 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL TOP 5 BIGGEST FUNDING DEALS* € 950M € 752M € 440M€ 460M € 350M #01 #02 #03 #04 #05 *In amount raised in a single transaction
  40. 40. 40 25% 11% 7% 4% 4% 3% 3% 3% 3% 2% US UK DE ES FR NL AU SG IT JP 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL LOCATION OF INTERNATIONAL BRANCHES 40% of all scaleups have a branch outside their home country. 25% of these branches are located in the USA. UK is second with around 10%. The primary springboard for the Asian market is Singapore.
  41. 41. 41 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL NUMBER OF INTERNATIONAL BRANCHES More than half of scaleups with a branch have only 1 foreign office. Taxify (29 branches), auto1 (27 branches) and Darktrace (23 branches) have the highest number of branches. Not surprising, all of them are unicorns. Only Delivery Hero did better in 2017 with 49 branches making it the European scaleup with the biggest global footprint. 56% 18% 12% 6% 2% 2% 1% 1% 0% 1% 1 2 3 4 5 6 7 8 9 10
  42. 42. 71% 4% 3% 3% 3% 16% com io de uk fr other 42 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL BREAKDOWN BY DOMAIN NAME EXTENSION 2016 68% 5% 3% 3% 3% 18% com io fr uk de other 2017 67% 5% 4% 3% 3% 18% com io de fr uk other 2018 The domain name is often an indication of the ambition of a scaleup: national, regional or international. The .com domain extension is losing ground, while .io, .tech and especially .ai domains are growing. The .tv domain disappeared.
  43. 43. 7% 93% Female Male 31% 38% 31% 1 2 > 3 43 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL FOUNDING TEAM GENDER NUMBER OF FOUNDERS The percentage of female founders went down from 10% (2016) to 8% (2017) to 7% in 2018. It’s a worrying trend. Ireland had the highest score (22%), followed by the UK (10%) and Austria (7%) Norway (3%) and Denmark (2%) are worst in class. It’s a myth in the startup scene that single founders don’t get funded. The data shows otherwise: 31% of all founders that raise funding is a single founder. Ireland and Spain have the highest percentage of single founders. Austria and Denmark have the lowest percentage.
  44. 44. 44 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL Only 7% of European scaleups are spin-offs or spin-outs. And dropping (2016 = 9%). While it’s true that spin-offs are not the only way that universities can monetize research, it’s nevertheless an indication that innovation is mainly happening outside campuses & academic labs. However, universities do play a role in patentable hard and deep tech in specific technology areas such as Medtech, BioTech Life Sciences, data encryption and security, materials science, robotics, nanotechnology, semiconductors, and the like. MOST ACTIVE SPIN OFF INSTITUTES 2018 1. University of Oxford 2. University of Cambridge 3. ETH Zurich 4. University College London 5. École Polytechnique Fédérale de Lausanne, TU Delft, University of Ghent 6. RWTH Aachen University 7. Lund University, University of Bristol, VTT 8. KU Leuven, University of Edinburgh, École Polytechnique, Eindhoven University of Technology, Université catholique de Louvain, Karolinska Institutet, Technical University of Munich, University of Antwerp, Imperial College, University of Southern Denmark, CEA-Leti, Karlsruhe Institute of Technology
  45. 45. 45 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL 7% of European scaleups protect their technology using patents. HealthTech, and more specifically, MedTech is the industry with the highest number of patented technology in the digital space. PATENTS 1. HealthTech 2. Semiconductors 3. Manufacturing 4. Utilities 5. Aerospace 6. Automotive 7. Consumer Electronics 8. Cybersecurity 9. Mining & Environmental services 10. AgriTech
  46. 46. 46 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL 29% (!) of the European scaleups graduated from an acceleration program. That’s up from 19% in 2017. Paris&Co is the fastest growing acceleration program jumping to the #1 position from position #10 in 2017 ACCELERATORS, BY NUMBER OF FUNDED SCALEUPS 2018 1. Paris&Co 2. Techstars 3. Seedcamp 4. Agoranov 5. Wayra, Plug and Play 6. 500 Startups 7. Euronext TechShare 8. Y Combinator 9. Microsoft Accelerator, Axeleo, Startupbootcamp 10. imec.iStart, EIT Digital, NUMA
  47. 47. 47 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL Corporate Venture Capital is involved in 21% of all European deals, becoming the second most important source of finance for scaleups (up from 20% in 2017). Corporate investment activity continued to rise, both via corporate venturing and balance sheet investments. MOST ACTIVE CORPORATE VC 2018 1. BNP Paribas, AXA 2. Crédit Agricole 3. Google, Microsoft 4. ABN AMRO, Allianz, ING, Axel Springer, Bonnier 5. Salesforce, Rakuten, Samsung, Telefónica, Tengelmann Group, CommerzBank, Zürcher Kantonal Bank 6. Vorwerk Group, Swisscom, Robert Bosch, BP, Daimler, Intel, Deutsche Telekom
  48. 48. 48 RECOMMENDED READING: WWW.CORPORATEVENTURING.CO
  49. 49. 49 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL The most active venture investor in Europe, for the 3rd consecutive year, is the French government with Bpifrance. MOST ACTIVE INVESTORS BREAKDOWN OF INVESTORS 1. Bpifrance (France) 2. LocalGlobe (UK) 3. Kima Ventures (France) 4. Idinvest Partners (France) 5. Balderton Capital (UK) 6. Index Ventures (UK) 7. High-Tech Gründerfonds (Germany) 8. Speedinvest (Austria) 9. Accel (US) 10.Octopus Ventures (UK) VC 54%CVC 10% PE 10% Government 5% Family Office 4%
  50. 50. 50 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL MOST ACTIVE INVESTORS BY TYPE OF ROUND 1. Bpifrance 2. Kima Ventures 3. Localglobe 4. Partech Ventures 5. Downing Ventures 6. Crédit Agricole 7. Speedinvest 8. Parkwalk Advisors 9. Index Ventures 10. High-Tech Gründerfonds 1. Bpifrance 2. Idinvest Partners 3. Atomico 4. Insight Venture Partners 5. Octopus Ventures 6. EQT Ventures 7. Index Ventures 8. Serena Capital 9. Northzone 10. Balderton Capital SERIES A SERIES B 1. Idinvest Partners 2. Balderton Capital 3. Endeavor Catalyst 4. Index Ventures 5. Northzone 6. Creandum 7. Atomico 8. Partech Ventures 9. Accel 10. Bpifrance SERIES C 1. Insight Venture Partners 2. Kinnevik 3. Sequoia Capital 4. Accel 5. Level Equity 6. Atomico 7. Partech Ventures 8. Balderton Capital 9. SFPI-FPIM 10. Cipio Partners SERIES D
  51. 51. 51 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL SUPER ANGELS 1. Xavier Niel (Free) 2. Taavet Hinrikus (TransferWise) 3. Charlie Songhurst (Microsoft) 4. Thibaud Elziere (eFounders) 5. Michael Benabou (vente-privee) 6. David Helgason (Unity Technologies) 7. Preben Damgaard (Navision) 8. Louis Jonckheere & Pieterjan Bouten (Showpad) 9. Michael Pennington (Gumtree) 10. Julien Codorniou (Facebook)
  52. 52. 52 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL Europe saw 22 IPOs of technology companies in 2018 totaling € 7.5B. Sweden, the IPO champion of 2016 and 2017 came to a total standstill in 2018. Contrary to 2017, a number of tech companies went public on Wall Street: Farfetch, Spotify, Elastic and Opera. Euronext is the most popular platform for IPOs in Europe, followed by AIM and Nasdaq First North. 18% of all IPOs are in FinTech. IPO PER COUNTRY 2018 1. UK (6) 2. Germany (2) 3. Netherlands (2) 4. Denmark (2) 5. France (2) 6. Ireland (2) 7. Belgium, Sweden, Czech Republic, Luxembourg, Norway, Portugal (1)
  53. 53. 53 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL While 2017 was the year of the Initial Coin Offering (ICO) with +26 investments totaling for € 863M. 2018 saw a big drop in ICOs to only 11 deals totaling € 144M. ICO PER COUNTRY 2018 1. Switzerland (4) 2. Germany (2) 3. Netherlands (2) 4. Belgium (1) 5. Romania (1) 6. UK (1)
  54. 54. 54 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL TOP 5 BIGGEST ICO DEALS* € 41M € 27M € 11M€ 24M € 10M #01 #02 #03 #04 #05 *In amount raised
  55. 55. COUNTRY PROFILES: UK 55 2018 European scale up report European venture capital
  56. 56. 56 UK COUNTRY HIGHLIGHTS 475 investments € 6.7B investments Average founding year: 2013 Average amount: € 14.1M 6 IPOs 19% corporate investments 11% spinoffs 27% accelerator participation 36% has a foreign branch 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
  57. 57. 57 UK SCALEUPS DASHBOARD Farfetch € 752 Funding Circle € 337 Revolut € 203 Graphcore € 176 eToro € 128 Female 10% Male 90% 1 34% 2 40% +3 27% FOUNDERS GENDER NUMBER OF FOUNDERS B2B 66% B2C 34% ACTIVITY 1-10 employees: 13% 11-50 employees: 46% 51-100 employees: 20% +100 employees: 21% NUMBER OF EMPLOYEES HIGHEST ROUNDS (MILLIONS) 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
  58. 58. 58 1. London 2. Cambridge 3. Oxford 4. Edinburgh 5. Manchester 6. Bristol 7. Reading 8. Exeter 9. Brighton 10. Belfast 1. FinTech 2. HealthTech 3. EdTech 4. PropTech 5. MadTech 6. Cybersecurity 7. HRTech 8. MediaTech 9. eCommerce 10. Travel & Hospitality 1. SaaS 2. App 3. Artificial Intelligence 4. Blockchain 5. IoT 6. Virtual Reality 7. Computer Vision 8. Chatbot 9. Speech Recognition 10. Robotics UK COUNTRY HIGHLIGHTS: CITIES INDUSTRIES TECHNOLOGIES Based on number of deals 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
  59. 59. 59 1. Techstars 2. Seedcamp 3. Wayra 4. Entrepreneur First 5. Pitch@Palace 6. 500 Startups 7. Founders Factory 8. Upscale Tech City UK 9. Level39 10. Foundrs 1. University of Oxford 2. University of Cambridge 3. University College London 4. University of Bristol 5. University of Edinburgh 6. Imperial College 7. University of Leeds 8. Queen’s University Belfast 9. Royal College of Art 10. University of East Anglia 1. Subscription 2. Marketplace 3. Commission 4. Transactional 5. Interest charging 6. Freemium 7. Open Source 8. Licensing 9. Pay-as-you-go 10. Studio UK COUNTRY HIGHLIGHTS: ACCELERATORS SPINOFFS BUSINESS MODELS Based on number of deals 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
  60. 60. 60 UK: MOST ACTIVE INVESTORS 1. Index Ventures 2. Balderton Capital 3. LocalGlobe 4. Octopus Ventures 5. Notion Capital 6. Atomico 7. Passion Capital 8. DN Capital 9. Amadeus Capital Partners 10. Scottish Investment Bank Deals of minimal € 750K 2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
  61. 61. COUNTRY PROFILES: FRANCE 2016 INVESTORS IN EUROPE 61
  62. 62. 62 2016 MASTER REPORT INVESTORS IN EUROPE FRANCE COUNTRY HIGHLIGHTS 385 investments € 3.1B investments Average founding year: 2013 Average amount: € 7.9M 2 IPOs 17% corporate investments 3% spinoffs 45% accelerator participation 26% has a foreign branch
  63. 63. 63 2016 MASTER REPORT INVESTORS IN EUROPE FRANCE SCALEUPS DASHBOARD Voodoo € 171 Deezer € 160 BlaBlaCar € 101 Dataiku € 89 Evaneos € 69 Female 4% Male 96% 1 35% 2 39% +3 26% FOUNDER GENDER NUMBER OF FOUNDERS HIGHEST ROUNDS (MILLIONS) B2B 70% B2C 30% ACTIVITY 1-10 employees: 18% 11-50 employees: 55% 51-100 employees: 15% +100 employees: 12% NUMBER OF EMPLOYEES
  64. 64. 64 1. Paris 2. Lyon 3. Grenoble 4. Toulouse 5. Rennes 6. Nantes 7. Bordeaux 8. Lille 9. Marseille 10. Aix-en-provence 2016 MASTER REPORT INVESTORS IN EUROPE 1. FinTech 2. MadTech 3. HealthTech 4. HRTech 5. PropTech 6. Utilities 7. EdTech 8. Mobility 9. eCommerce 10. Travel & Hospitality 1. SaaS 2. App 3. Artificial Intelligence 4. IoT 5. Robotics 6. Drones 7. Virtual Reality 8. Autonomous Vehicles 9. Blockchain 10. 3D printing FRANCE COUNTRY HIGHLIGHTS: CITIES INDUSTRIES TECHNOLOGIES Based on number of deals
  65. 65. 65 1. Paris&Co 2. Agoranov 3. Axeleo 4. NUMA 5. eFounders 6. EIT Digital 7. Impulse Labs 8. Plug and Play 9. Via ID 10. TheFamily 2016 MASTER REPORT INVESTORS IN EUROPE 1. École Polytechnique 2. CEA-Leti 3. University of Bordeaux 4. Université Paris Saclay 5. ESPCI 6. University Hospital of Lille 7. CEA 8. Georges Pompidou Hospital 9. Inserm 10. Vision Institute, Université Pierre et Marie Curie 1. Subscription 2. Marketplace 3. Transactional 4. Commission 5. Freemium 6. Interest charging 7. Pay-as-you-go 8. On demand economy 9. Crowdfunding 10. Open Source FRANCE COUNTRY HIGHLIGHTS: ACCELERATORS SPINOFFS BUSINESS MODELS Based on number of deals
  66. 66. 66 2016 MASTER REPORT INVESTORS IN EUROPE FRANCE: MOST ACTIVE INVESTORS 1. Bpifrance 2. Partech Ventures 3. Kima Ventures 4. Idinvest Partners 5. 360 Capital Partners 6. Alven Capital 7. Isai 8. MAIF Avenir 9. XAnge 10. Seventure Partners Deals of minimal € 750K
  67. 67. COUNTRY PROFILES: GERMANY 2016 INVESTORS IN EUROPE 67
  68. 68. 68 2016 MASTER REPORT INVESTORS IN EUROPE GERMANY COUNTRY HIGHLIGHTS 275 investments € 3.5B investments Average founding year: 2013 Average amount: € 12.8M 2 IPOs 29% corporate investments 6% spinoffs 24% accelerator participation 32% has a foreign branch
  69. 69. 69 2016 MASTER REPORT INVESTORS IN EUROPE GERMANY SCALEUPS DASHBOARD Auto1 € 460 About You € 257 N26 € 136 Westwing € 132 GoEuro € 131 Female 6% Male 94% 1 27% 2 36% +3 37% FOUNDER GENDER NUMBER OF FOUNDERS B2B 65% B2C 35% ACTIVITY 1-10 employees: 16% 11-50 employees: 45% 51-100 employees: 18% +100 employees: 21% NUMBER OF EMPLOYEES HIGHEST ROUNDS (MILLIONS)
  70. 70. 70 1. Berlin 2. Munich 3. Hamburg 4. Cologne 5. Frankfurt 6. Karlsruhe 7. Aachen 8. Düsseldorf 9. Leipzig 10. Freiburg 2016 MASTER REPORT INVESTORS IN EUROPE 1. FinTech 2. Travel & Hospitality 3. Mobility 4. Software development 5. Utilities 6. HealthTech 7. Manufacturing 8. eCommerce 9. PropTech 10. HRTech 1. SaaS 2. App 3. Artificial Intelligence 4. IoT 5. Chatbot 6. Blockchain 7. Robotics 8. 3D printing 9. Computer Vision 10. Virtual Reality GERMANY COUNTRY HIGHLIGHTS: CITIES INDUSTRIES TECHNOLOGIES Based on number of deals
  71. 71. 71 1. German Accelerator 2. Startupbootcamp 3. Techstars 4. FinLab 5. Climate-KIC 6. main incubator 7. EIT Digital 8. Seedcamp 9. Plug and Play 10. FinLeap 2016 MASTER REPORT INVESTORS IN EUROPE 1. RWTH Aachen University 2. Karlsruhe Institute of Technology 3. Technical University of Munich 4. Hasso Plattner Institute 5. Ludwig-Maximilians University 6. University of Freiburg 7. TU Dresden 8. University of Rostock 9. Hahn-Schickard 10. University of Technologies Chemnitz 1. Subscription 2. Marketplace 3. Transactional 4. Commission 5. Interest charging 6. Open Source 7. Freemium 8. Ad funded 9. Content driven 10. Crowdfunding GERMANY COUNTRY HIGHLIGHTS: ACCELERATORS SPINOFFS BUSINESS MODELS Based on number of deals
  72. 72. 72 2016 MASTER REPORT INVESTORS IN EUROPE GERMANY: MOST ACTIVE INVESTORS 1. Global Founders Capital 2. High-Tech Gründerfonds 3. Holtzbrinck Ventures 4. Point Nine Capital 5. Bayern Kapital 6. Earlybird 7. Project A Ventures 8. Atlantic Labs 9. Target Global 10. Cherry Ventures Deals of minimal € 750K
  73. 73. COUNTRY PROFILES: SWEDEN 2016 INVESTORS IN EUROPE 73
  74. 74. 74 2016 MASTER REPORT INVESTORS IN EUROPE SWEDEN COUNTRY HIGHLIGHTS 155 investments € 1.0B investments Average founding year: 2012 Average amount: € 6.6M 1 IPO 16% corporate investments 5% spinoffs 13% accelerator participation 35% has a foreign branch
  75. 75. 75 2016 MASTER REPORT INVESTORS IN EUROPE SWEDEN SCALEUPS DASHBOARD Syncron € 58 KRY € 53 Voi Technology € 44 Lendify € 41 NA-KD € 37 Female 7% Male 93% 1 39% 2 33% +3 28% FOUNDER GENDER NUMBER OF FOUNDERS B2B 52%B2C 48% ACTIVITY 1-10 employees: 19% 11-50 employees: 55% 51-100 employees: 13% +100 employees: 13% NUMBER OF EMPLOYEES HIGHEST ROUNDS (MILLIONS)
  76. 76. 76 1. Stockholm 2. Malmö 3. Gothenburg 4. Lund 5. Örebro 6. Helsingborg 7. Linköping 8. Skerike 9. Frölunda 10. Uppsala 2016 MASTER REPORT INVESTORS IN EUROPE 1. FinTech 2. HealthTech 3. Gaming 4. MediaTech 5. eCommerce 6. Utilities 7. SportsTech 8. PropTech 9. Retail 10. Cybersecurity 1. App 2. SaaS 3. Artificial Intelligence 4. IoT 5. Wearable 6. Computer Vision 7. Blockchain 8. 3D printing 9. Chatbot 10. Virtual Reality SWEDEN COUNTRY HIGHLIGHTS: CITIES INDUSTRIES TECHNOLOGIES Based on number of deals
  77. 77. 77 1. SUP46 2. Minc 3. Norrsken Foundation 4. SOSV 5. Ideon Innovation 6. Chalmers Innovation 7. THINK Accelerate 8. STING Accelerate 9. Chalmers Ventures inkubator 10. PwC Accelerator 2016 MASTER REPORT INVESTORS IN EUROPE 1. Karolinska Institutet 2. Lund University 3. Linköping University 1. Subscription 2. Marketplace 3. Transactional 4. Commission 5. Freemium 6. Interest charging 7. Ad funded 8. Gambling 9. Community 10. Pay-as-you-go SWEDEN COUNTRY HIGHLIGHTS: ACCELERATORS SPINOFFS BUSINESS MODELS Based on number of deals
  78. 78. 78 2016 MASTER REPORT INVESTORS IN EUROPE SWEDEN: MOST ACTIVE INVESTORS 1. Northzone 2. Creandum 3. EQT Ventures 4. Industrifonden 5. Almi Invest 6. Inbox Capital 7. Kinnevik 8. Spintop Ventures 9. NFT Ventures 10. eEquity Deals of minimal € 750K
  79. 79. COUNTRY PROFILES: NETHERLANDS 2016 INVESTORS IN EUROPE 79
  80. 80. 80 2016 MASTER REPORT INVESTORS IN EUROPE NETHERLANDS COUNTRY HIGHLIGHTS 89 investments € 1.7B investments Average founding year: 2014 Average amount: € 19M 2 IPOs 17% corporate investments 12% spinoffs 19% accelerator participation 34% has a foreign branch
  81. 81. 81 2016 MASTER REPORT INVESTORS IN EUROPE NETHERLANDS SCALEUPS DASHBOARD Adyen € 950 Elastic € 218 Bitfury € 70 Dutch Finance Lab € 30 Shapeways € 26 Female 3% Male 97% 1 26% 2 44% +3 30% FOUNDER GENDER NUMBER OF FOUNDERS B2B 70% B2C 30% ACTIVITY 1-10 employees: 17% 11-50 employees: 43% 51-100 employees: 24% +100 employees: 16% NUMBER OF EMPLOYEES HIGHEST ROUNDS (MILLIONS)
  82. 82. 82 1. Amsterdam 2. Delft 3. Utrecht 4. Eindhoven 5. The Hague 6. Rotterdam 7. Leiden 8. Capelle Aan Den Ijssel 9. Helmond 10. Breda 2016 MASTER REPORT INVESTORS IN EUROPE 1. FinTech 2. HRTech 3. Utilities 4. eCommerce 5. Logistics & Supply Chain 6. HealthTech 7. MediaTech 8. Travel & Hospitality 9. Mobility 10. Consumer Electronics 1. SaaS 2. App 3. IoT 4. Blockchain 5. Artificial Intelligence 6. Wearable 7. 3D printing 8. Computer Vision 9. Chatbot 10. Drones NETHERLANDS COUNTRY HIGHLIGHTS: CITIES INDUSTRIES TECHNOLOGIES Based on number of deals
  83. 83. 83 1. YES!Delft 2. Startupbootcamp 3. HighTechXL 4. UtrechtInc 5. Euronext TechShare 6. Rockstart 7. Breed Reply 2016 MASTER REPORT INVESTORS IN EUROPE 1. TU Delft 2. Eindhoven University of Technology 3. UMC Utrecht 4. University of Twente 5. Energy research Centre of the Netherlands 1. Subscription 2. Transactional 3. Marketplace 4. Commission 5. Open Source 6. Interest charging 7. Crowdsourcing NETHERLANDS COUNTRY HIGHLIGHTS: ACCELERATORS SPINOFFS BUSINESS MODELS Based on number of deals
  84. 84. 84 2016 MASTER REPORT INVESTORS IN EUROPE NETHERLANDS: MOST ACTIVE INVESTORS 1. Newion Investments 2. henQ 3. INKEF Capital 4. KPN Ventures 5. HPE Growth Capital 6. Endeit Capital 7. Peak Capital 8. InnovationQuarter 9. Brabant Development Agency 10. 5square Deals of minimal € 750K
  85. 85. COUNTRY PROFILES: BELGIUM 2016 INVESTORS IN EUROPE 85
  86. 86. 86 2016 MASTER REPORT INVESTORS IN EUROPE BELGIUM COUNTRY HIGHLIGHTS 75 investments € 439M investments Average founding year: 2013 Average amount: € 5.9M 1 IPO 19% corporate investments 20% spinoffs 53% accelerator participation 45% has a foreign branch
  87. 87. 87 2016 MASTER REPORT INVESTORS IN EUROPE BELGIUM SCALEUPS DASHBOARD Materialise € 75 Collibra € 40 UnifiedPost € 25 DataCamp € 22 Showpad € 20 Female 7% Male 93% 1 25% 2 40% +3 35% FOUNDER GENDER NUMBER OF FOUNDERS B2B 77% B2C 23% ACTIVITY 1-10 employees: 23% 11-50 employees: 56% 51-100 employees: 11% +100 employees: 10% NUMBER OF EMPLOYEES HIGHEST ROUNDS (MILLIONS)
  88. 88. 88 1. Ghent 2. Brussels 3. Antwerp 4. Louvain-La-Neuve 5. Leuven 6. Liège 7. Hasselt 8. Diegem 9. Kortrijk 10. Mechelen 2016 MASTER REPORT INVESTORS IN EUROPE 1. HealthTech 2. FinTech 3. Manufacturing 4. MadTech 5. Utilities 6. MediaTech 7. Mobility 8. PropTech 9. EdTech 10. Cybersecurity 1. SaaS 2. App 3. Artificial Intelligence 4. IoT 5. 3D printing 6. Virtual Reality 7. Computer Vision 8. Wearable 9. Blockchain 10. Drones BELGIUM COUNTRY HIGHLIGHTS: CITIES INDUSTRIES TECHNOLOGIES Based on number of deals
  89. 89. 89 1. imec.iStart 2. Euronext TechShare 3. Startit @KBC 4. Scaleup Vlaanderen 5. BEyond 6. B-Hive 7. WSL 8. LeanSquare 9. Microsoft Accelerator 10. Startathlon 2016 MASTER REPORT INVESTORS IN EUROPE 1. University of Ghent 2. Université catholique de Louvain 3. KU Leuven 4. University of Antwerp 5. University of Hasselt 6. VITO 7. Vrije Universiteit Brussel 1. Subscription 2. Transactional 3. Commission 4. Marketplace 5. Data monetization 6. Freemium BELGIUM COUNTRY HIGHLIGHTS: ACCELERATORS SPINOFFS BUSINESS MODELS Based on number of deals
  90. 90. 90 2016 MASTER REPORT INVESTORS IN EUROPE BELGIUM: MOST ACTIVE INVESTORS 1. PMV 2. Fortino 3. Pamica 4. Volta Ventures 5. LRM 6. Capricorn Venture Partners 7. SRIW 8. Qbic 9. GIMV 10. MeusInvest Deals of minimal € 750K
  91. 91. COUNTRY PROFILES: SPAIN 2016 INVESTORS IN EUROPE 91
  92. 92. 92 2016 MASTER REPORT INVESTORS IN EUROPE SPAIN COUNTRY HIGHLIGHTS 73 investments € 1B investments Average founding year: 2014 Average amount: € 14.4M 0 IPOs 27% corporate investments 0% spinoffs 29% accelerator participation 36% has a foreign branch
  93. 93. 93 2016 MASTER REPORT INVESTORS IN EUROPE SPAIN SCALEUPS DASHBOARD LetGo € 440 Cabify € 129 Glovo € 115 TravelPerk € 38 Spotahome € 34 Female 4% Male 96% 1 43% 2 40% +3 17% FOUNDER GENDER NUMBER OF FOUNDERS B2B 49% B2C 51% ACTIVITY 1-10 employees: 11% 11-50 employees: 49% 51-100 employees: 19% +100 employees: 21% NUMBER OF EMPLOYEES HIGHEST ROUNDS (MILLIONS)
  94. 94. 94 1. Barcelona 2. Madrid 3. Valencia 4. San Sebastian 5. Seville 6. Bilbao 7. Girona 8. Murcia 9. Erandio 10. Elche 2016 MASTER REPORT INVESTORS IN EUROPE 1. PropTech 2. Travel & Hospitality 3. eCommerce 4. Mobility 5. EdTech 6. HealthTech 7. Cybersecurity 8. Software development 9. Logistics & Supply Chain 10. FinTech 1. SaaS 2. App 3. Artificial Intelligence 4. IoT 5. Computer Vision 6. Speech Recognition 7. Blockchain 8. Satellites 9. Chatbot 10. Virtual Reality SPAIN COUNTRY HIGHLIGHTS: CITIES INDUSTRIES TECHNOLOGIES Based on number of deals
  95. 95. 95 1. Wayra 2. SeedRocket 3. Plug and Play 4. NUMA 5. Conector 6. Venture Hive 7. FICHe 8. BIC BERRRILAN 9. Lanzadera Accelerator 2016 MASTER REPORT INVESTORS IN EUROPE 1. Marketplace 2. Subscription 3. Commission 4. Crowdfunding 5. Pay-as-you-go 6. Freemium 7. Transactional 8. Interest charging 9. Gamification SPAIN COUNTRY HIGHLIGHTS: ACCELERATORS SPINOFFS BUSINESS MODELS Based on number of deals
  96. 96. 96 2016 MASTER REPORT INVESTORS IN EUROPE SPAIN: MOST ACTIVE INVESTORS 1. Caixa Capital Risc 2. Nauta Capital 3. Samaipata Ventures 4. Inveready 5. Seaya Ventures 6. Faraday Venture Partners 7. Kibo Ventures 8. K Fund 9. Cabiedes & Partners 10. Media Digital Ventures Deals of minimal € 750K
  97. 97. COUNTRY PROFILES: SWITZERLAND 2016 INVESTORS IN EUROPE 97
  98. 98. 98 2016 MASTER REPORT INVESTORS IN EUROPE SWITZERLAND COUNTRY HIGHLIGHTS 73 investments € 779M investments Average founding year: 2014 Average amount: € 10.7M 0 IPO 30% corporate investments 21% spinoffs 18% accelerator participation 38% has a foreign branch
  99. 99. 99 2016 MASTER REPORT INVESTORS IN EUROPE SWITZERLAND SCALEUPS DASHBOARD SEBA Crypto € 88 Nexthink € 75 WayRay € 74 WISeKey € 43 Chronext € 27 Female 4% Male 96% 1 25% 2 32% +3 43%FOUNDER GENDER NUMBER OF FOUNDERS B2B 78% B2C 22% ACTIVITY 1-10 employees: 18% 11-50 employees: 51% 51-100 employees: 19% +100 employees: 12% NUMBER OF EMPLOYEES HIGHEST ROUNDS (MILLIONS)
  100. 100. 100 1. Zurich 2. Zug 3. Lausanne 4. Geneva 5. Luzern 6. Vaud 7. Neuchatel 8. Saint Gallen 9. Bern 10. Basel 2016 MASTER REPORT INVESTORS IN EUROPE 1. FinTech 2. HealthTech 3. HRTech 4. Cybersecurity 5. Utilities 6. MadTech 7. Logistics & Supply Chain 8. Aerospace 9. PropTech 10. Automotive 1. SaaS 2. Blockchain 3. App 4. Artificial Intelligence 5. Drones 6. IoT 7. Robotics 8. Virtual Reality 9. Wearable 10. Computer Vision SWITZERLAND COUNTRY HIGHLIGHTS: CITIES INDUSTRIES TECHNOLOGIES Based on number of deals
  101. 101. 101 1. Innovaud 2. FONGIT 3. Sandbox 4. Rancilio Cube 5. Climate-KIC 6. Samsung NEXT 7. Venture Kick 2016 MASTER REPORT INVESTORS IN EUROPE 1. ETH Zurich 2. École Polytechnique Fédérale de Lausanne 1. Subscription 2. Marketplace 3. Transactional 4. Commission 5. Open Source 6. Licensing 7. Freemium 8. Crowdfunding 9. Interest charging 10. Crowdsourcing SWITZERLAND COUNTRY HIGHLIGHTS: ACCELERATORS SPINOFFS BUSINESS MODELS Based on number of deals
  102. 102. 102 2016 MASTER REPORT INVESTORS IN EUROPE SWITZERLAND: MOST ACTIVE INVESTORS 1. b-to-v Partners 2. Highland Europe 3. investiere 4. Lakestar 5. Redalpine Venture Partners 6. Swisscom Ventures 7. LGT Capital Partners 8. Go Beyond Investing 9. Ginko Ventures 10. Quadia Deals of minimal € 750K
  103. 103. COUNTRY PROFILES: FINLAND 2016 INVESTORS IN EUROPE 103
  104. 104. 104 2016 MASTER REPORT INVESTORS IN EUROPE FINLAND COUNTRY HIGHLIGHTS 50 investments € 653M investments Average founding year: 2009 Average amount: € 13.0M 0 IPO 28% corporate investments 6% spinoffs 14% accelerator participation 62% has a foreign branch
  105. 105. 105 2016 MASTER REPORT INVESTORS IN EUROPE FINLAND SCALEUPS DASHBOARD Nokia € 250HMD € 85 Small Giant Games € 33 ICEYE € 29 M-Files € 27 Female 4% Male 96% 1 26% 2 42% +3 32% FOUNDER GENDER NUMBER OF FOUNDERS B2B 68% B2C 32% ACTIVITY 1-10 employees: 12% 11-50 employees: 53% 51-100 employees: 19% +100 employees: 16% NUMBER OF EMPLOYEES HIGHEST ROUNDS (MILLIONS)
  106. 106. 106 1. Helsinki 2. Espoo 3. Oulu 4. Tampere 5. Turku 2016 MASTER REPORT INVESTORS IN EUROPE 1. Consumer Electronics 2. HealthTech 3. FinTech 4. HRTech 5. MadTech 6. Gaming 7. Software development 8. eCommerce 9. Utilities 10. Aerospace 1. SaaS 2. App 3. Artificial Intelligence 4. Virtual Reality 5. Satellites 6. RPA 7. IoT 8. 3D printing 9. Blockchain FINLAND COUNTRY HIGHLIGHTS: CITIES INDUSTRIES TECHNOLOGIES Based on number of deals
  107. 107. 107 1. NewCo Helsinki Accelerator 2. EIT Digital 3. Founders Factory 4. Techstars 2016 MASTER REPORT INVESTORS IN EUROPE 1. VTT 1. Subscription 2. Transactional 3. Marketplace 4. Freemium 5. Commission 6. Ad funded 7. Crowdfunding 8. On demand economy 9. Open Source FINLAND COUNTRY HIGHLIGHTS: ACCELERATORS SPINOFFS BUSINESS MODELS Based on number of deals
  108. 108. 108 2016 MASTER REPORT INVESTORS IN EUROPE FINLAND: MOST ACTIVE INVESTORS 1. Inventure 2. Tekes 3. Lifeline Ventures 4. OpenOcean 5. Conor Venture Partners 6. Finnish Industry Investment 7. VTT Ventures 8. First Fellow Partners 9. Finnvera 10. Reaktor Ventures Deals of minimal € 750K
  109. 109. COUNTRY PROFILES: IRELAND 2016 INVESTORS IN EUROPE 109
  110. 110. 110 2016 MASTER REPORT INVESTORS IN EUROPE IRELAND COUNTRY HIGHLIGHTS 37 investments € 861M investments Average founding year: 2013 Average amount: € 23M 2 IPOs 27% corporate investments 8% spinoffs 22% accelerator participation 54% has a foreign branch
  111. 111. 111 2016 MASTER REPORT INVESTORS IN EUROPE IRELAND SCALEUPS DASHBOARD Genomics Medicine Ireland € 350 Intercom € 106 Circle € 93 Linked Finance € 50 Fire1 € 40 Future Finance; 40 Female 22% Male 78% 1 founder 51% 2 founders 38% 3 founders 6% 4 founders 5% FOUNDER GENDER NUMBER OF FOUNDERS B2B 89% B2C 11% ACTIVITY 1-10 employees: 27% 11-50 employees: 49% 51-100 employees: 14% +100 employees: 10% NUMBER OF EMPLOYEES HIGHEST ROUNDS (MILLIONS)
  112. 112. 112 1. Dublin 2. Galway 3. Dundalk 4. Waterford 5. Kildare 6. Cork 7. Mayo 2016 MASTER REPORT INVESTORS IN EUROPE 1. FinTech 2. HealthTech 3. Cybersecurity 4. Semiconductors 5. FoodTech 6. MediaTech 7. EdTech 8. LegalTech 9. Retail 10. MadTech 1. SaaS 2. App 3. Data Analytics 4. Blockchain 5. Connected Hardware 6. IoT 7. Artificial Intelligence 8. Hardware 9. Virtual Reality IRELAND COUNTRY HIGHLIGHTS: CITIES INDUSTRIES TECHNOLOGIES Based on number of deals
  113. 113. 113 1. The Foundry 2. 500 Startups 3. Wayra 4. SOSV 5. Y Combinator 6. The Yield Lab 7. THRIVE AgTech 8. Acceleprise San Francisco 2016 MASTER REPORT INVESTORS IN EUROPE 1. Dublin City University 2. NUI Galway 3. National University of Ireland 1. Subscription 2. Commission 3. Transactional 4. Interest charging 5. Freemium 6. Licensing 7. Studio 8. Crowdsourcing 9. Crowdfunding IRELAND COUNTRY HIGHLIGHTS: ACCELERATORS SPINOFFS BUSINESS MODELS Based on number of deals
  114. 114. 114 2016 MASTER REPORT INVESTORS IN EUROPE IRELAND: MOST ACTIVE INVESTORS 1. Enterprise Ireland 2. Elkstone Capital Partners 3. Atlantic Bridge 4. Frontline Ventures 5. Kernel Capital 6. Western Development Commission 7. Polaris Partners 8. Fenway Summer Ventures 9. Vulcan Capital Deals of minimal € 750K
  115. 115. COUNTRY PROFILES: DENMARK 2016 INVESTORS IN EUROPE 115
  116. 116. 116 2016 MASTER REPORT INVESTORS IN EUROPE DENMARK COUNTRY HIGHLIGHTS 46 investments € 511M investments Average founding year: 2012 Average amount: € 11M 2 IPOs 20% corporate investments 4% spinoffs 15% accelerator participation 52% has a foreign branch
  117. 117. 117 2016 MASTER REPORT INVESTORS IN EUROPE DENMARK SCALEUPS DASHBOARD Tradeshift € 200 Planday € 35 Area9 Lyceum € 24 Peakon € 18 Blackwood Seven € 17 Female 2% Male 98% 1 founder 20% 2 founders 35% 3 founders 26% 4 founders 19% FOUNDER GENDER NUMBER OF FOUNDERS B2B 76% B2C 24% ACTIVITY 1-10 employees: 27% 11-50 employees: 49% 51-100 employees: 14% +100 employees: 10% NUMBER OF EMPLOYEES HIGHEST ROUNDS (MILLIONS)
  118. 118. 118 1. Copenhagen 2. Odense 3. Aarhus 4. Kongens Lyngb 5. Hoersholm 6. Taastrup 7. Aalborg 2016 MASTER REPORT INVESTORS IN EUROPE 1. FinTech 2. HRTech 3. MadTech 4. HealthTech 5. FoodTech 6. EdTech 7. Document Management 8. eCommerce 9. Manufacturing 10. PropTech 1. SaaS 2. App 3. Artificial Intelligence 4. Connected Hardware 5. Blockchain 6. IoT 7. Computer Vision 8. Data Analytics 9. Hardware 10. API DENMARK COUNTRY HIGHLIGHTS: CITIES INDUSTRIES TECHNOLOGIES Based on number of deals
  119. 119. 119 1. 500 Startups 2. Techstars 3. Plug and Play 4. Seedcamp 5. Lemonsqueeze 6. Techstars 7. Startup Sauna 8. DG Incubation 9. Founders accelerator 2016 MASTER REPORT INVESTORS IN EUROPE 1. University of Southern Denmark 1. Subscription 2. Transactional 3. Marketplace 4. Commission 5. Data monetization 6. Crowdsourcing 7. Pay-as-you-go 8. Ad funded 9. Freemium DENMARK COUNTRY HIGHLIGHTS: ACCELERATORS SPINOFFS BUSINESS MODELS Based on number of deals
  120. 120. 120 2016 MASTER REPORT INVESTORS IN EUROPE DENMARK: MOST ACTIVE INVESTORS 1. Seed Capital 2. Sunstone Capital 3. Creandum 4. Vækstfonden 5. Seed Capital Denmark 6. Preben Damgaard 7. Balderton Capital 8. byFounders 9. Innovation Fund Denmark 10. Jolt Capital Deals of minimal € 750K
  121. 121. 121 OTHER IN-DEPTH REPORTS IN THIS SERIES 2016 MASTER REPORT ABOUT
  122. 122. METHODOLOGY 2018 EUROPEAN SCALE UP REPORT METHODOLOGY 122
  123. 123. 123 Companies includes web, app, mobile, digital products and services, software, marketplace, connected hardware, data-driven and HardTech companies. Companies that have their HQ or launched in Europe are considered. LifeScience and BioTech (except digital solutions targeting this industry), non-digital CleanTech, eCommerce (such as Hallofresh, Zalando etc), traditional telco operators, research institutes, co-working spaces and consultancy companies are excluded. We encourage you to review the methodology to better understand the numbers presented in this report. 2018 EUROPEAN SCALE UP REPORT METHODOLOGY Scaleups, not startups, are generating added value, create jobs, expand international and create economic value for stakeholders and society. This group is attracting the lion share of (venture) capital, in some countries of up to 90% of all capital. In other words, we use the Pareto distribution rule to create an accurate view on the venturing landscape. Only deals of at least $1M / € 750K are considered. We use a data-driven approach to track financing activity for European tech companies.
  124. 124. 124 Deals with a non-disclosed value or lacking value indication are not counted. If an amount is described as a seven-figure number, the lowest possible value has been counted. Funding is registered based on announcement date. All currencies (USD, GBP, CHF, SEK etc) are converted to Euro using aonda.com. The number of employees is captured on the moment of fund raising and based on the press release, LinkedIn, Xing, Viadeo or the company’s website. The founding year and location is based on information in press releases, company website, Crunchbase, LinkedIn or Xing. If deal information is being detected or corrected after closing the month, quarter or year, it will be included in future reports. Funding of both private and public companies are considered. Debt financing, IPOs, media for equity, crowdfunding, Initial Coin Offering, private placements, post IPO equity, private equity, grants and convertible loans are included. 2018 EUROPEAN SCALE UP REPORT METHODOLOGY
  125. 125. 125 THE CATEGORIES ARE: Accountancy, Aerospace, AgriTech, Automotive, Business Intelligence, Business Services, CivicTech, Consumer Electronics, Consumer Services, Customer Experience, Cybersecurity, Document Management, eCommerce, EdTech, FinTech, FoodTech, Gaming, HealthTech, HRTech, IoT, IT services, LegalTech, Logistics & Supply Chain, MadTech, Manufacturing, MediaTech, MICE, Mining & Environmental services, Mobility, MusicTech, PropTech, Retail, Security, Semiconductors, Software development, SportsTech, Telecom, Travel & Hospitality, Utilities and Virtual Reality THE COUNTRIES ARE: Albania, Armenia, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland and UK. Data of Turkey and Israel is being used as a benchmark for Europe. 2018 EUROPEAN SCALE UP REPORT METHODOLOGY
  126. 126. 126 Omar Mohout, currently Entrepreneurship Fellow at Sirris, is a former technology entrepreneur, a widely published technology author, C-level advisor to high growth startups as well as Fortune 500 companies and Professor of Entrepreneurship at the Antwerp Management School and Solvay Brussels School of Economics and Management. He is author of 'Pricing Strategies for Startups', 'The Belgian Startup Landscape', ‘Crowdfunding in Belgium’, ’99 reasons why startups fail’, ‘Corporate Venturing’ and the popular 'Startup Master Class series'. A contributing author to the ‘100 Days Digital Marketing Plan’ and ‘The Future of Business’ books. Mohout writes for VentureBeat, SaaScribe, Data News, Bloovi, StartUs and is academic contributor to the European Startup Monitor. He delivers the following workshops for startups and scaleups: Community Engineering; Pricing strategies for startups; Lean Marketing; Setting-up and managing an Advisory board; Growth Strategies; How to go from idea to scaleup; Going international; Subscription based business models and; Cash Flow models for startups. 2018 EUROPEAN SCALE UP REPORT ABOUT THE AUTHOR ABOUT THE AUTHOR
  127. 127. 127 He is Co-chair of the Circle Of Growth; Community host for Corporate Venturing Europe; Organizer of the Growth Hacking Meetup, Co-founder of the #BeTech Community and keeps track of European funding and scaleups on scaleups.sirris.be. Mohout is Chairman of the Strategy Advisory Board of VITO, a research and technology organization in the areas of cleantech and sustainable development; Chairman of BeCentral, the new focal point for everything digital in Belgium and; Advisory Board member of the Euronext TechShare Program. He served at the board of high growth technology companies Aproplan.com and Teamleader.eu. He joined recently the Board of Directors of venture capital fund imec.iStart. CTO of Digicono.my and co-founder of MyAdvisoryBoard.be He is also a mentor at Nexxworks, Founder Institute, imec.iStart, Startit @KBC, Startathlon, Belgium Ambassador at World Startup Report, Innovator Community Ambassador for Belgium, Ambassador for MIT Innovators Under 35 Europe and Country Ambassador for UBI Global. Mohout is a keynote speaker and panelist on technology, entrepreneurship and innovation topics at leading conferences. 2018 EUROPEAN SCALE UP REPORT ABOUT THE AUTHOR ABOUT THE AUTHOR
  128. 128. MY BOOKS 128 eBooks Contributing AuthorBooks © Omar Mohout, 2018
  129. 129. 129 Sirris, the collective centre of the Belgian technology industry, helps companies with the implementation of technological innovations, enabling them to strengthen their competitive position over the long-term. Sirris helps you make the best technological choice and rapidly turn your innovations into marketable products and services. The Sirris experts visit companies on site, offer technological advice, launch innovation paths, and provide guidance to reach the implementation phase. The aim is to find applicable solutions to the real challenges faced by technology entrepreneurs and startups. Sirris guides technology companies to a higher level of know-how and expertise in a wide range of domains. The in-house experts provide a broad range of technological and go-to-market knowledge. Where necessary, Sirris relies also on external knowledge partners, including specialized companies, universities, knowledge centres, and research institutions. For more information on how Sirris can help your company success, please visit www.sirris.be. 2018 EUROPEAN SCALE UP REPORT ABOUT SIRRIS
  130. 130. 130 2018 EUROPEAN SCALE UP REPORT SOURCES SPECIAL THANKS Serkan Ünsal, startups.watch for covering Turkey and Tech.eu for the most detailed coverage of Europe WEBSITES & NEWSLETTERS 150sec, agfundernews.com, allbrain.org, alliancy.fr, alloweb.org, angellist, arcticstartup, avoltapartners, barcinno, beauhurst, bitcoinsuisse.ch, breakit.se, businessinsider.com, calaofinance.com, capital-e.com, cbinsights, cityam.com, cofmag.com, cmuportugal.org, coindesk, companisto.com, computable.nl, computable.be, datafox, datanews.be, dealroom, derbrutkasten, deutsche-startups.de, digital.di.se, dn.no, dublinglobe.com, e52.nl, economyup.it, emeastartups.com, enterprise.cam.ac.uk, eu-startups, feedsquared.com, finanznachrichten.de, finsmes, fora.ie, frenchweb.fr, funderbeam.com, geektime.com, gigaom.com, GIMV, globalcorporateventuring.com, noah conference, go4venture.com, goaleurope.com, goodnewsfinland.com, gruenderszene.de, high-tech-gruenderfonds.de, ideaspace.cam.ac.uk, index.co, irishtechnews.ie, itespresso.fr, ivca.ie, ivc-online.com, journaldunet.com, jvpvc.com, labsoflatvia.com, lesechos.fr, lightwaveonline, linkis.com, loogic, maddyness.com, marketwatch, mattermark, myfrenchstartup.com, nocamels.com, nordurskautid.is, oresundstartups.com, oulo.com, palico.com, pando.com, parisandco.com, parkwalkadvisors.com, pehub, pitchbook, portugalstartups.com, privateequitywire.co.uk, prnewswire, regional-it.be, rudebaguette.com, scotsman.com, seedrs.com, shifter.no, siliconcanals, siliconrepublic.com, spotfolio.com, sprout.nl, startablish.at, startupitalia.eu, startupjuncture, startups.be, startups.co.uk, startups.watch, startupticker, swedishstartupspace.com, syncni.com, syndicateroom.com, tech.eu, techberlin.com, techcitynews, techCrunch.com, techsite.io, theheureka.com, thetechportal.com, toftecompany.com, trendingtopics.at, trendsonline.dk, unquote, usine-digitale, vc-europe, voltassocies.com, wall-street.ro, webcapitalriesgo.com, webrazzi, websummit, whogotfunded.com, widoobiz SOCIAL MEDIA Abyssinia, amaigre, atizo, AudingaJa, AudingaJar, austrianstartup, Barcinno, BeTech_, blpoland, boostturku, bot_innovation, Brainport_regio, breakit_se, BridgeBudapest, cdixon, chrysalisleap, chulu, ClujHub, CowboyGamedevBt, cphftw, csdeptucy, CyprusInno, davidcohen, Digital_Magics, dinaistwitting, DStartups, dublin_startups, dziennik, El_Startupero, Emerce, EndeavorGr, ericries, etohum, festivaluprise, frontiersci, goodnewsfinland, growthfunders, gruenderszene, health_xl, HelloPirates, hightechcampus, how_to_web, HUB13_Helsinki, hubvilnius, ICTSpring, ID_GC, ImpactHubBA, ImpactHubRO, impacthubzurich, ineshaeufler, InkubatorStart, inkubatorypl, Innovaspain, InnovAthens, InternetWeekLJ, istanbulstartup, iTXFROM, joonathan, JouveSud, Kbinkubators, KBinkubators, keskkyla,
  131. 131. 131 2018 EUROPEAN SCALE UP REPORT SOURCES SOCIAL MEDIA (CONT.) labsoflatvia, LAUNCHub, Leapfunder, LeumiTech, LisbonChallenge, LOFFICEbudapest, louishavri, LuceyFund, Lupacz, MadeinJLM, marketerslu, MassChallengeUK, masteringrowth, metavallon, miniforetak, MMKlaszter, MusicHackFest, NCBR_pl, nestholma, NeulogyVC, NewTrendBG, NoCamels, NorthstarVent, OsloInnoEmbassy, placeprint_mktg, ppmessengerpp, ProgramaMinerva, pt_startups, rp_teknoloji, Rubixlab, sama, saminnovatorene, sbcCopenhagen, SDigestCork, SeedstarsWorld, sektorfuenf, SICampNorway, SiliconLux, siliconvikings, SkatteFUNN, Smart_Ireland, SmartCity4Italy, socialbakers, sprout_nl, STAkrog, StarCubeCZ, startitup_sk, startup_italia, Startup_Kingdom, Startup_Podcast, StartUpBraga, startupbrett, StartupCampSK, startupestonia, startupgrind_LU, startupiceland, startupireland, startupjobsite, STARTUPLISBOA, StartupRVK, StartupsBe, startupturkey, startupvcnews, startupyard, StartUscc, stefanlundell, STHLMTech, summitdesignatx, swluxembourg, SwPrivateequity, Tech_Acad_Fin, tech_eu, TechBritannia, TechHubBuc, TechHubRiga, Technoport_, thecoulroom, thinkubator_dk, timwcap, tyinternety, VC_watcher, venturelab_ch, version2dk, Vienna_CM, VirginStartUp, webcampzg, webrazzi, whiteboardmag, WHMeanor, ZIPZg, KairosSocietyHU, SitraFund, ForumVirium, Tech_Acad_Fin, ReloadGreece, colabathens, bitspiration, NCBR_pl, blpoland, dziennik, CyberparkTGB, rp_teknoloji, sosyalmedyaco, IATurkije, czechcrunch, PerpetuumZg, helgosson, StartupGrindSWE, ZuoraEMEA, nyteknik, CampusLondon, growthfunders, VirginStartUp, MassChallengeUK, CognicityCW, INiTS_at, austrianstartup, IPNunes, SDigestCork, RyanAcademy, , LuceyFund, CrowdfundSpirit, kurtfinance, JouveSud, FuenteLatina, Silicon_wadi, BuildStuffLT, hightechcampus, HollandFinTech, Leapfunder, IMPACT_acc, ProgramaMinerva, playinglean, , Teknisk, NorskVenture, StartupLabNo, rp_teknoloji, sosyalmedyaco, sbcIstanbul, DLDConference, VC_watcher, startupradioDE, HTGF_, Lupacz, tyinternety, EconomyUp, SmartCity4Italy, Puglia_Startup, how_to_web, SeedstarsWorld, JeanneMazuret, ParkwalkAdvisor
  132. 132. 132 No dataset is complete and this report provides an indication of reality only. Comparing to reports of other providers on similar subjects is partly possible when taking into account the different methodologies. This report has been compiled for informational purpose only and should not be regarded as a solicitation to invest in any entity. This report relies on data and insights from a wide range of public and private sources and we can’t be hold responsible for the completeness and accuracy of the information provided. This report may freely be distributed, republished and posted as long as the content is not modified, decompiled or reference to the source is being removed. 2018 EUROPEAN SCALE UP REPORT DISCLAIMER
  133. 133. OmarMohout omohout @omohout Omar-Mohout FOLLOW OMAR ON LinkedIn Slideshare Twitter Facebook

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