The document discusses Nordic technology exits and companies. It provides data on over 400 private Nordic tech company exits since 1998. Some key findings include:
- Nordic companies represented 9% of global billion dollar tech exits from 2005-2009, disproportionate to population size.
- The average annual exit value in the Nordics has increased 72% from 1998-2004 to 2005-2011.
- 17% of exits account for 82% of total exit value, with VC investors involved in nearly all large exits.
- The Nordic region produces many successful companies and consistently produces winners with exit values over €100 million. Recent exits also show solid businesses with considerable revenues.
A Frontline x Northzone collaboration.
The Nordics lead Europe in value creation. With a smaller population, less capital, distributed across 5 countries, the Nordics have produced some of the most successful companies in Europe. These are often not just regional champions, but companies that win on a global scale. In this presentation you will learn about:
- Charting funding, and startup success in Nordic countries
- An index of global champions: 23 of the Nordics most successful startups
- Total funds raised by VCs and internet investors in the Nordics
- Investors by stage, seed to growth, including international investors
- Late stage funding detail of Nordic participants
- US investors who participate in the Nordics
- Economic, cultural, and legal strengths and weaknesses
- Who to know: 34 partners of VC funds who shape the region
- Detailed profiles of 5 VC’s based in the Nordic region
- 8 success stories operating in 4 market sectors
- 16 rising stars in the Nordics
- Exit values and takeaways
A Frontline x Northzone collaboration.
The Nordics lead Europe in value creation. With a smaller population, less capital, distributed across 5 countries, the Nordics have produced some of the most successful companies in Europe. These are often not just regional champions, but companies that win on a global scale. In this presentation you will learn about:
- Charting funding, and startup success in Nordic countries
- An index of global champions: 23 of the Nordics most successful startups
- Total funds raised by VCs and internet investors in the Nordics
- Investors by stage, seed to growth, including international investors
- Late stage funding detail of Nordic participants
- US investors who participate in the Nordics
- Economic, cultural, and legal strengths and weaknesses
- Who to know: 34 partners of VC funds who shape the region
- Detailed profiles of 5 VC’s based in the Nordic region
- 8 success stories operating in 4 market sectors
- 16 rising stars in the Nordics
- Exit values and takeaways
Over the last few years, we have become increasingly focused on the burgeoning ecosystem developing in Central and Eastern Europe, and as an affirmation for our support for this region, we are very happy to share our latest report covering one of its key hubs, Poland. Our report unpacks the current progress and outlook for Poland, using our ecosystem model to highlight Poland’s unique positioning in an increasingly global playing field for startups as well as interviews from Wojciech Sadowski, co-founder and CEO of Packhelp and Piotr Pisarz, co-founder and CEO of Uncapped, showcasing their views on the future of the ecosystem.
Presentation at Seminar
Doing Business: NL vs USA
(2012 April 19, Amsterdam)
Organised by:
- Leading Edge Alliance
- Bol International
- Van Oers International
White Star Capital Germany Venture Capital Landscape 2020JeandeLencquesaing
We are pleased to publish the second edition of our German Venture Capital report and hope you will enjoy reading it. 2019 was a year where Germany has really played to its strengths and cemented its position as one of the European leaders in tech venture capital, and we are more excited than ever about the development of this ecosystem.
Our report unpacks the current progress and outlook for the German ecosystem using our ecosystem model to highlight Germany’s unique positioning in an increasingly global playing field for startups.
So what did we find?
- Germany had a record year in VC reaching $5.7bn in funding with 49% yoy growth, the second best funded country in Europe
- Germany leverages its global industrial leadership to retain its place as the top destination for European mobility VC investment in 2019, reaching $1.3bn in funding, representing 26% of total funding. Its corporate strengths also drive investments in fintech and B2B software, representing 23% and 20% of total funding, respectively.
- Corporate Venture Capital plays a key role and participates in 58% of the total funding, the highest level worldwide. Next47 (Siemens), IFB Hamburg, Bosch are some of the most active German CVCs. As LPs (investors in VCs), corporates represent 28% of total German VC funds raised, the highest level in Europe, further boosting the local ecosystem
In addition to sharing our excitement about Germany and expressing our belief that the ecosystem is stronger than ever we look at robust business networks, the continued government support via entities such as KfW and the vibrant founder community.
White Star Capital has made landmark investments in Germany and seen many of the findings play out with our portfolio companies. Tier has raised Series B in 2019 led by international investors such as Mubadala, Goodwater and ourselves, while Clark has benefited from a large domestic market for insurance.
Australian Business Forum helps Australian SMEs and businesses to understand the Chinese market and refine their China strategy.
http://abf.events/
ABOUT THE PRESENTATION BELOW
Hong Kong is your gateway to China. Though small, Hong Kong is Asia's centre for business and professional services, with over 92% of its GDP generated by this sector. This makes Hong Kong ideal for B2B, B2C and business growth with many Australian companies making their first foray into greater China via Hong Kong.
Originally presented by Luca de Leonardis, Head of Australia and NZ from InvestHK, at the Australia-China BusinessWeek series.
This presentation contains key findings from the OECD FDI Qualities Assessment of Ireland. The report examines the impact of foreign direct investment (FDI) attracted to Ireland from 2006 to 2016 and provides an overview of the direct contribution and spillover effects of this investment on the local economy. Find the full report at http://www.oecd.org/investment/fdi-qualities-assessment-of-ireland.htm
Are you graduating soon?
looking for a Job?
Want to get job hunt?
Want to start a business?
Do you have Entrepreneurial spirit?
And finally, are you in Turkey and want to do something?
Do not start anything before reading this presentation!
Live performance of this presentation is in https://youtu.be/qkYh-8HCKBs
State of the Startup & Venture Capital Landscape in DACH, 2018 Edition (corre...Mathias Ockenfels
Our annual update of the State of the Startup & Venture Capital Landscape in Germany, Austria and Switzerland (DACH) - 2018 Edition by Speedinvest x (www.speedinvest.com/x) and Frontline Ventures (www.frontline.vc) - more on www.ockenrock.com - First correction of previously uploaded version see: https://www.slideshare.net/mathiasockenfels/state-of-the-startup-venture-capital-landscape-in-dach-2018edition - more on this see: https://medium.com/speedinvest/state-of-the-startup-venture-capital-landscape-in-dach-2018-edition-e0193abe26bd
Although decision making has become increasingly decentralised, selecting the right location for a European headquarters is a critical step on the journey to becoming a global business.
Even if you are currently working with a distributed team and have no plans to invest in a physical office right away, you still need to think about where your customers are, where the talent you need is concentrated, and where you can best access markets and opportunities for long term growth.
To what extent does Finland’s regulatory landscape facilitate or discourage foreign investment? Which policy considerations can contribute to attracting new international investments to Finland and retaining existing ones? This presentation details the main findings in from an OECD report on The Impact of Regulation on International Investment in Finland. Find out more at https://www.oecd.org/investment/the-impact-of-regulation-on-international-investment-in-finland-b1bf8bee-en.htm
White Star Capital - Canadian Venture Capital Landscape 2018Sanjay Zimmermann
In this second edition of our report, we aim to reiterate our enthusiasm for the Canadian Tech and Venture Capital ecosystem as well as touch upon a few additional topics.
In addition to sharing our excitement about Canada and expressing our belief that the ecosystem is stronger than ever, we look at a few new topics. We examine a few subsectors, larger round dynamics, VCCI and regional programs. We are also pleased to further explore one of Canada's key strengths: it's diversity and talent. Finally, we end with an updated deep dive on VC's and other investors making up the space.
Over the last few years, we have become increasingly focused on the burgeoning ecosystem developing in Central and Eastern Europe, and as an affirmation for our support for this region, we are very happy to share our latest report covering one of its key hubs, Poland. Our report unpacks the current progress and outlook for Poland, using our ecosystem model to highlight Poland’s unique positioning in an increasingly global playing field for startups as well as interviews from Wojciech Sadowski, co-founder and CEO of Packhelp and Piotr Pisarz, co-founder and CEO of Uncapped, showcasing their views on the future of the ecosystem.
Presentation at Seminar
Doing Business: NL vs USA
(2012 April 19, Amsterdam)
Organised by:
- Leading Edge Alliance
- Bol International
- Van Oers International
White Star Capital Germany Venture Capital Landscape 2020JeandeLencquesaing
We are pleased to publish the second edition of our German Venture Capital report and hope you will enjoy reading it. 2019 was a year where Germany has really played to its strengths and cemented its position as one of the European leaders in tech venture capital, and we are more excited than ever about the development of this ecosystem.
Our report unpacks the current progress and outlook for the German ecosystem using our ecosystem model to highlight Germany’s unique positioning in an increasingly global playing field for startups.
So what did we find?
- Germany had a record year in VC reaching $5.7bn in funding with 49% yoy growth, the second best funded country in Europe
- Germany leverages its global industrial leadership to retain its place as the top destination for European mobility VC investment in 2019, reaching $1.3bn in funding, representing 26% of total funding. Its corporate strengths also drive investments in fintech and B2B software, representing 23% and 20% of total funding, respectively.
- Corporate Venture Capital plays a key role and participates in 58% of the total funding, the highest level worldwide. Next47 (Siemens), IFB Hamburg, Bosch are some of the most active German CVCs. As LPs (investors in VCs), corporates represent 28% of total German VC funds raised, the highest level in Europe, further boosting the local ecosystem
In addition to sharing our excitement about Germany and expressing our belief that the ecosystem is stronger than ever we look at robust business networks, the continued government support via entities such as KfW and the vibrant founder community.
White Star Capital has made landmark investments in Germany and seen many of the findings play out with our portfolio companies. Tier has raised Series B in 2019 led by international investors such as Mubadala, Goodwater and ourselves, while Clark has benefited from a large domestic market for insurance.
Australian Business Forum helps Australian SMEs and businesses to understand the Chinese market and refine their China strategy.
http://abf.events/
ABOUT THE PRESENTATION BELOW
Hong Kong is your gateway to China. Though small, Hong Kong is Asia's centre for business and professional services, with over 92% of its GDP generated by this sector. This makes Hong Kong ideal for B2B, B2C and business growth with many Australian companies making their first foray into greater China via Hong Kong.
Originally presented by Luca de Leonardis, Head of Australia and NZ from InvestHK, at the Australia-China BusinessWeek series.
This presentation contains key findings from the OECD FDI Qualities Assessment of Ireland. The report examines the impact of foreign direct investment (FDI) attracted to Ireland from 2006 to 2016 and provides an overview of the direct contribution and spillover effects of this investment on the local economy. Find the full report at http://www.oecd.org/investment/fdi-qualities-assessment-of-ireland.htm
Are you graduating soon?
looking for a Job?
Want to get job hunt?
Want to start a business?
Do you have Entrepreneurial spirit?
And finally, are you in Turkey and want to do something?
Do not start anything before reading this presentation!
Live performance of this presentation is in https://youtu.be/qkYh-8HCKBs
State of the Startup & Venture Capital Landscape in DACH, 2018 Edition (corre...Mathias Ockenfels
Our annual update of the State of the Startup & Venture Capital Landscape in Germany, Austria and Switzerland (DACH) - 2018 Edition by Speedinvest x (www.speedinvest.com/x) and Frontline Ventures (www.frontline.vc) - more on www.ockenrock.com - First correction of previously uploaded version see: https://www.slideshare.net/mathiasockenfels/state-of-the-startup-venture-capital-landscape-in-dach-2018edition - more on this see: https://medium.com/speedinvest/state-of-the-startup-venture-capital-landscape-in-dach-2018-edition-e0193abe26bd
Although decision making has become increasingly decentralised, selecting the right location for a European headquarters is a critical step on the journey to becoming a global business.
Even if you are currently working with a distributed team and have no plans to invest in a physical office right away, you still need to think about where your customers are, where the talent you need is concentrated, and where you can best access markets and opportunities for long term growth.
To what extent does Finland’s regulatory landscape facilitate or discourage foreign investment? Which policy considerations can contribute to attracting new international investments to Finland and retaining existing ones? This presentation details the main findings in from an OECD report on The Impact of Regulation on International Investment in Finland. Find out more at https://www.oecd.org/investment/the-impact-of-regulation-on-international-investment-in-finland-b1bf8bee-en.htm
White Star Capital - Canadian Venture Capital Landscape 2018Sanjay Zimmermann
In this second edition of our report, we aim to reiterate our enthusiasm for the Canadian Tech and Venture Capital ecosystem as well as touch upon a few additional topics.
In addition to sharing our excitement about Canada and expressing our belief that the ecosystem is stronger than ever, we look at a few new topics. We examine a few subsectors, larger round dynamics, VCCI and regional programs. We are also pleased to further explore one of Canada's key strengths: it's diversity and talent. Finally, we end with an updated deep dive on VC's and other investors making up the space.
Arne Tonning - Alliance Venture - Norway - Stanford Engineering - Jan 12 2015Burton Lee
Talk by Arne Tonning, Partner - Alliance Venture, Oslo, at Stanford on Jan 12 2015, as a part of our session on 'Entrepreneurship in Oil Economies :: Norway & Scotland'.
Website: http://www.StanfordEuropreneurs.org
YouTube Channel: https://www.youtube.com/user/StanfordEuropreneurs
Doran, Jordan and O'Leary (2012) - Presentation to SSISI 1st nov 2012doran_justin
This paper estimates the private returns to four different kinds of R&D spending on the probability of Irish and foreign-owned businesses engaging in product, process and organizational innovation. By providing econometric analysis of nearly 2000 businesses in the Community Innovation Survey: 2004 to 2006, it makes an important contribution to our understanding of the effects of Irish innovation policy, which has incentivized businesses to spend on R&D in Ireland. The main findings are that Irish-owned businesses are significantly more likely than foreign-owned to introduce new products as a result of creative R&D work undertaken. Foreign-owned businesses, which spend nearly 6 times more per worker on R&D than Irish-owned, enjoy very high returns mostly from the purchase or licence of patents. This reflects a fundamental difference in the innovation activities of these businesses, which is critical for policymakers’ understanding of the Irish innovation system.
There are a number of key factors management should consider before taking an IT-company abroad. This e-book examines some of those factors, specifically country attractiveness. We have a regional perspective and have examined Northern European countries with populations higher than 1 mill.
The findings in this e-book are based on benchmark reports, country statistics and interviews with 25 international managers.
The Report is based on the results of the 3d Annual UK IT Outsourcing vs In-House Software Development Survey 2012 and highlights trends observed from 801 UK companies
Claudio Mazzucchelli, head of Swiss Business Hub South Korea, presents trends and business opportunities in the medtech sector in this Country. A Swiss SME delegation trip is scheduled for October 2013.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Pensions and housing - Pensions PlayPen - 4 June 2024 v3 (1).pdf
2012 02 creandum nordic exit analysis
1. Backing the companies of tomorrow
////////////////////////////////////////////
Creandum Nordic Technology Exit Analysis
1
2. Creandum exit database
• Database with ~400 private technology company exits (~250 with exit value)
• 20+ parameters covered including exit value, exit revenue, exit type, years from
inception to exit
• Companies from Denmark, Finland, Norway & Sweden
• Focus on VC & angel investments – no buyout or privatizations
• Exit value (€m) of companies at time of trade sale or IPO (end of 1st day trading)
• EXCLUDING Life science, med tech, bio tech, retail, energy (oil & gas etc) &
environmental and consulting
• Sources include official information (web sites, press releases, newspaper
articles, annual reports) as well as financial resources & databases
• Feel free to use the material but please mention the source
• The database is good but not complete – total exit values are likely to be higher
Copyright Creandum 2011 2
3. Nordic technology firms represent a significant portion of global BUSD exits
• Nordic companies represented 9% of all BUSD Technology Exits 2005-2009
global billion dollar technology exits during 9%
6%
2005 – 2009
• In terms of M&A exit value for VC-backed
18%
technology companies, the Nordics
represented ~18% compared to the US 35%
during the same period (but only 5% of
active VC firms & likely even lower
percentage of capital)
• Sample of recent significant BUSD Nordic
32%
company exits:
Nordic (3) US (11)
Rest of Europe (6) China (12)
IPO: $6.7Bn M&A: $2.75Bn
Others (2)
IPO: $1Bn M&A: $1Bn
Sources: NVCA, EVCA, Thompson, Dow Jones, Creandum, Balderton
Copyright Creandum 2011 3
4. and a disproportionally large portion of Europe
Deloitte Europe
Billion dollar exits Fast-500 companies Amount of VC investment
27,6%
33,0% 14,0%
2005-2009:
Nordics
Rest of Europe
Europe’s 100 largest Olympic gold
software companies medals:)* Population
22,0% 3,5%
21,0%
*Includes all gold medals between 1896-2010 for existing and previous European countries
Sources: EVCA, Thompson, Dow Jones, Creandum, Truffle, Deloitte, International Olympic Committee
Copyright Creandum 2011 4
5. Nordic entrepreneurs create world class companies & services
Sample of recent successful companies & services created by Nordic entrepreneurs
Creandum Note: Skype, Soundcloud, SuccessFactors, Playfish primarily established outside Nordics
Copyright Creandum 2011 5
6. The Nordics is one of the world’s most attractive regions for a VC
Best Countries Global Researchers Global Corruption
R&D as % of
Rank To Start a Innovation per 1000 Competitive- Perceptions
GDP3
Company1 Index2 employed3 ness Index4 Index5
1 Denmark Iceland Israel Finland Switzerland Denmark
2 Canada Sweden Sweden Iceland Sweden New Zealand
3 United States Hong Kong Finland Denmark Singapore Singapore
4 Sweden Switzerland United States Sweden United States Finland
5 New Zealand Denmark Denmark Norway Germany Sweden
6 Ireland Finland Austria Austria Japan Canada
7 Switzerland Singapore Iceland United Kingdom Finland Netherlands
8 Norway Netherlands France Estonia Netherlands Australia
9 Iceland New Zealand Belgium Slovenia Denmark Switzerland
10 Netherlands Norway United Kingdom Luxembourg Canada Norway
Sources: 1) Small Business Administration's Office of Advocacy 2) INSEAD 3) OECD 2010 Factbook
4) World Economic Forum 5) Transparency International CPI 2010
Copyright Creandum 2011 6
7. and the Nordic tech opportunity is big and increasing
MEUR Total Nordic exit value 1998-2011
7 000,0
6 000,0
5 000,0
4 000,0
3 000,0 €2.4Bn
2 000,0
€1.4Bn
1 000,0
0,0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Exit year
Avg. annual exit value 1998-2004 Avg. annual exit value 2005-2011
• Average exit value per year for the last seven years is €2.4Bn
• Total exit market value increased 72% between economic cycle in ‘98-’04 and ‘05-’11
• 17% of M&As & IPOs represent 82% of total exit value
• VC investors in 100% of exits > €500M and 73% of exits > €100M (% of total exits)
Sources: EVCA, Thompson, Dow Jones, Creandum
Copyright Creandum 2011 7
8. The Nordic region consistently produces a significant number of winners
Tech exits larger than €100M 1998 - 2004
M&A: 940 MEUR
IPO: 514 MEUR IPO: 474 MEUR
M&A: 961 MEUR
IPO: 491 MEUR
IPO: 383 MEUR
M&A: 600 MEUR IPO: 189 MEUR IPO: 347 MEUR
IPO: 430 MEUR
M&A: 284 MEUR
IPO: 200 MEUR
IPO: 191 MEUR
M&A: 230 MEUR
IPO: 167 MEUR IPO: 278 MEUR
SendIt
M&A: 120 MEUR M&A: 150 MEUR*
M&A: 169 MEUR
IPO: 254 MEUR
M&A: 135 MEUR
Revenue
1 MEUR 10 MEUR 50 MEUR
Median P/S: 15
Median Rev: 27 MEUR
*Part of Kelkoo exit
Sources: Creandum
Copyright Creandum 2011 8
9. and the trend is towards more solid businesses with considerable revenues
Tech exits larger than €100M 2005 - 2011
IPO: 5’148 MEUR IPO: 732 MEUR
M&A: 645 MEUR
M&A: 282 MEUR M&A: 645 MEUR M&A: 473 MEUR
M&A: 2’200 MEUR M&A: 258 MEUR
IPO: 415 MEUR
M&A: 222 MEUR
M&A: 172 MEUR
IPO: 198 MEUR M&A: 196 MEUR
M&A: 162 MEUR
M&A: 194 MEUR
IPO: 160 MEUR
M&A: 140 MEUR
M&A: 186 MEUR
M&A: 121 MEUR M&A: 109 MEUR M&A: 100 MEUR
Revenue
1 MEUR 10 MEUR 50 MEUR
Median P/S: 6
Median Rev: 53 MEUR
Sources: Creandum
Copyright Creandum 2011 9
10. Sector considerations: Consumer and software increasingly important
Distribution of Nordic Total exit value distribution last 5
exits > €100M years for selected sectors
14
12
11,4%
10
Hardware
8 45,4% Software
6
43,3% Consumer
4
2
0
Consumer Software Hardware Other *
1998-2004 2005-2010
• Significant increase in value creation in consumer sector and
decrease in hardware and software
• Consumer and software close to 90% of value created in
selected sectors
• Emerging new sectors (other) likely to generate value as well
*REC IPO valued at 5,143 MEUR.
Sources: NVCA, EVCA, Thompson, Dow Jones, Creandum, Balderton
CONFIDENTIAL 10
11. Geo considerations: Sweden most important geography with 42% of value
% of Nordic exits and exit value per country 1998-2011
60%
208
50%
€10.9Bn
40%
€8.2Bn
Number of exits
30%
Exit value
20% 70 Number of IPO
52 €3.9Bn Company value at IPO
42 €3.1Bn
10%
0%
Sweden Norway Denmark Finland
• Swedish & Norwegian companies represent 70% of exits & 73% of exit value
• Large portion (62%) of Norway exit value through one IPO (REC €5.1Bn)
• Denmark & Finland continually decreasing in importance since 2001
Skype 50/50 Sweden & Denmark, MySQL 50/50 Sweden & Finland
Copyright Creandum 2011 11
12. IPO and trade sale to US most important for large exits
Exit value distribution for trade Nr of exits for trade sale &
sale & IPO (of total exit value) IPO per exit interval
% of Exits
8%
100%
90%
80%
RoW
70%
US
60%
49%
34%
Other
nordic
country
50%
40%
Inside
country
30%
IPO
20%
10%
0%
Exit
=<
10
10
-‐
49
50
-‐
99
100
-‐
499
≥
500
intervals
3%
6%
in M€
• Lack of larger Nordic exit opportunities since IPO-market dried up after 2000
• Larger exits very dependent on US exit market
• VC investors in 100% of exits larger than €500M and 73% of exits larger than
€100M (% of total exits)
Copyright Creandum 2011 12
13. Nordic VC allocation is required to capture the value of the region
% of Nordic exits with VCs from Nordic,
% of Nordic exits with VCs from Nordic,
UK & Rest of Europe 1996 - 2010
UK & Rest of Europe 1996 - 2010
100.0%
80.0% Nordic VC
US VC
60.0% RoW VC
RoE VC
40.0%
UK VC
20.0%
0.0% Exit value
Intervals (MEUR)
>=10 >=50 >=100
• Nordic VCs present in ~90% of all VC-backed exits larger than €100M
• Non-Nordic VCs are on average only represented in 1.3 Nordic exit deals each –
very difficult to access the value from outside the region
Sources: EVCA, Thompson, Dow Jones, Creandum
Copyright Creandum 2011 13
14. Wrapping up
> Large and growing Nordic tech market
• €2.4Bn yearly exit value last 7 years
• A significant part of European and global exit
• Increased high-quality deal flow
• Software & consumer sectors dominant and Sweden
most important geography
> Significantly maturing ecosystem
• More serial entrepreneurs
• Successful entrepreneurs becoming angel investors
• Experienced growth company management teams
available
• Few but more experienced investors active in the region
CONFIDENTIAL 14