Today, I’m happy to release a data-driven review of VC investment trends in Europe and Israel in 2016. I’ve tried to put some new and useful data points into the deck, so let me know what you think of the new stuff. And please let me know what else you think I should be tracking and showing in the deck next time.
Some key highlights:
Overall, investment volume was up in 4Q, but still below 2Q’s record high
Total VC investment volume into Europe and Israel in 2016 was $14.5B, up from $12.1B in 2015, and increase of 20%
There were six mega-deals (over $100M) in 4Q, and 15 in total in 2016
Excluding the megadeals, investment volume declined in 4Q, the second quarterly decline in a row
Israel saw more VC investment activity than any other country in Europe with $3.9B in 2016. The UK and Germany were next with $3.0B and $2.3B, respectively
US VCs invested in around 11% of European/Israeli venture rounds. Israel, the UK, and Germany led in terms of US VC participation
Fintech was the most frequently funded vertical, with 178 investments. Marketing was second with 109
The categories that showed the most growth in frequency from 2015 to 2016 were Imagining (+400%), Agtech (+475%), and Automotive (+1100%)
You’ll find all that and more in the 61-page report
Today, I’m happy to release a data-driven review of VC investment trends in Europe and Israel in 2016. I’ve tried to put some new and useful data points into the deck, so let me know what you think of the new stuff. And please let me know what else you think I should be tracking and showing in the deck next time.
Some key highlights:
Overall, investment volume was up in 4Q, but still below 2Q’s record high
Total VC investment volume into Europe and Israel in 2016 was $14.5B, up from $12.1B in 2015, and increase of 20%
There were six mega-deals (over $100M) in 4Q, and 15 in total in 2016
Excluding the megadeals, investment volume declined in 4Q, the second quarterly decline in a row
Israel saw more VC investment activity than any other country in Europe with $3.9B in 2016. The UK and Germany were next with $3.0B and $2.3B, respectively
US VCs invested in around 11% of European/Israeli venture rounds. Israel, the UK, and Germany led in terms of US VC participation
Fintech was the most frequently funded vertical, with 178 investments. Marketing was second with 109
The categories that showed the most growth in frequency from 2015 to 2016 were Imagining (+400%), Agtech (+475%), and Automotive (+1100%)
You’ll find all that and more in the 61-page report
Europe & Israel - VC Investment Trends 2015-2018 - Angular VenturesGil Dibner
A data-driven look at venture capital investment trends across Europe and Israel. By Angular Ventures, a specialist seed-stage enterprise tech VC firm investing across the region.
In an effort to support the community of early-stage founders, Angular Ventures surveyed 128 founders in Europe, Israel, and the United States.
We asked them how the Coronavirus has impacted their businesses and how they are responding.
This report is the result of that work.
Israel has the well deserved name of startup nation. The question however is can it also become a scaleup powerhouse. The purpose of this report is exactly that subject: taking the pulse of the Israeli scaleup ecosystem.
With this report we want to provide a comprehensive review of investment in scaleups and high-growth technology companies in Israel. Our aim is to provide data-driven guidance, insights and inspiration to stakeholders in the Israeli scaleup ecosystem.
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.
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.
White Star Capital - German Venture Capital Landscape 2018Sanjay Zimmermann
In this report, we aim to share our enthusiasm on the German tech and Venture Capital ecosystem from the perspective of an international VC fund.
We aim to share our excitement about Germany and express our belief that the ecosystem is gaining momentum. We also look at a few particularities that make the German market unique such as its decentralization, the impact of Rocket Internet on talent, differences in deal terms and media for equity. Finally, we end with a deep dive on VC’s and other investors making up the ecosystem.
At White Star Capital, we made our first major investment in Germany by co-leading Clark’s Series B round earlier this year. We are proud of the progress of the company so far and are looking forward backing many more.
We hope you enjoy reading this report!
Through all the market traumas of recent years, the crises in Greece, slowdown scares in China, US political gridlock, the collapse in oil prices, the wars and the migrant flows, investors prepared to weather short-term volatility have seen handsome returns on developed-economy equities since the depths of the financial crisis in 2008, with EUR and USD investors seeing only one modestly down year in 2011. There has also been good performance from high yield and investment grade corporate bonds, the laggards (since 2011) being investments connected to commodities and emerging markets.
Our analysis, set out in this Outlook, suggests that 2016 may deliver a fairly similar pattern. Temporary traumas could emanate from Federal Reserve tightening, reduced bond liquidity, renewed growth scares in China or geopolitics, but behind these is an underlying picture of ongoing expansion. The global economy is neither pushed up against capacity limits nor facing severe slack (except for commodities and energy), banking systems are healthy and debt levels seem more amber than red. Rapid growth seems unlikely, given aging populations (bar Africa and India) and sharing economy technologies that do not generate much Gross Domestic Product, but sensibly-priced assets do not need a booming economy to generate reasonable returns. At the time of writing (in late 2015), high yield and investment grade credits have spreads just above their quarter-century averages, giving them scope to weather gradual Fed tightening. Developed equities have valuations somewhat above historic norms on a price-earnings basis, but not on a price-book basis, and operational leverage (especially in the Eurozone) and consolidating oil prices should allow earnings growth to move from last year's negatives into the mid- to high-single digits. In short, we think developed equities and credits are well placed for another year of reasonable returns, with the dollar likely to be strong again as the Fed leads the monetary cycle. As for emerging markets, and the commodities on which many depend, a convincing general recovery looks some time away, but there is scope for some to move ahead of the pack, as discussed in a special article.
Of course there can always be risks that are not visible and Fed tightening has a habit of teasing these out, although usually not within its first year. But, equally, there could be upside surprises, if the USA finally moves toward solutions on taxing repatriated corporate cash and infrastructure spending or, more simply, the signals of rising confidence already visible in US and European consumer surveys translate into faster spending. We trust our readers will find the Investment Outlook 2016 to be of considerable interest for the coming year.
Europe & Israel - VC Investment Trends 2015-2018 - Angular VenturesGil Dibner
A data-driven look at venture capital investment trends across Europe and Israel. By Angular Ventures, a specialist seed-stage enterprise tech VC firm investing across the region.
In an effort to support the community of early-stage founders, Angular Ventures surveyed 128 founders in Europe, Israel, and the United States.
We asked them how the Coronavirus has impacted their businesses and how they are responding.
This report is the result of that work.
Israel has the well deserved name of startup nation. The question however is can it also become a scaleup powerhouse. The purpose of this report is exactly that subject: taking the pulse of the Israeli scaleup ecosystem.
With this report we want to provide a comprehensive review of investment in scaleups and high-growth technology companies in Israel. Our aim is to provide data-driven guidance, insights and inspiration to stakeholders in the Israeli scaleup ecosystem.
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.
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.
White Star Capital - German Venture Capital Landscape 2018Sanjay Zimmermann
In this report, we aim to share our enthusiasm on the German tech and Venture Capital ecosystem from the perspective of an international VC fund.
We aim to share our excitement about Germany and express our belief that the ecosystem is gaining momentum. We also look at a few particularities that make the German market unique such as its decentralization, the impact of Rocket Internet on talent, differences in deal terms and media for equity. Finally, we end with a deep dive on VC’s and other investors making up the ecosystem.
At White Star Capital, we made our first major investment in Germany by co-leading Clark’s Series B round earlier this year. We are proud of the progress of the company so far and are looking forward backing many more.
We hope you enjoy reading this report!
Through all the market traumas of recent years, the crises in Greece, slowdown scares in China, US political gridlock, the collapse in oil prices, the wars and the migrant flows, investors prepared to weather short-term volatility have seen handsome returns on developed-economy equities since the depths of the financial crisis in 2008, with EUR and USD investors seeing only one modestly down year in 2011. There has also been good performance from high yield and investment grade corporate bonds, the laggards (since 2011) being investments connected to commodities and emerging markets.
Our analysis, set out in this Outlook, suggests that 2016 may deliver a fairly similar pattern. Temporary traumas could emanate from Federal Reserve tightening, reduced bond liquidity, renewed growth scares in China or geopolitics, but behind these is an underlying picture of ongoing expansion. The global economy is neither pushed up against capacity limits nor facing severe slack (except for commodities and energy), banking systems are healthy and debt levels seem more amber than red. Rapid growth seems unlikely, given aging populations (bar Africa and India) and sharing economy technologies that do not generate much Gross Domestic Product, but sensibly-priced assets do not need a booming economy to generate reasonable returns. At the time of writing (in late 2015), high yield and investment grade credits have spreads just above their quarter-century averages, giving them scope to weather gradual Fed tightening. Developed equities have valuations somewhat above historic norms on a price-earnings basis, but not on a price-book basis, and operational leverage (especially in the Eurozone) and consolidating oil prices should allow earnings growth to move from last year's negatives into the mid- to high-single digits. In short, we think developed equities and credits are well placed for another year of reasonable returns, with the dollar likely to be strong again as the Fed leads the monetary cycle. As for emerging markets, and the commodities on which many depend, a convincing general recovery looks some time away, but there is scope for some to move ahead of the pack, as discussed in a special article.
Of course there can always be risks that are not visible and Fed tightening has a habit of teasing these out, although usually not within its first year. But, equally, there could be upside surprises, if the USA finally moves toward solutions on taxing repatriated corporate cash and infrastructure spending or, more simply, the signals of rising confidence already visible in US and European consumer surveys translate into faster spending. We trust our readers will find the Investment Outlook 2016 to be of considerable interest for the coming year.
Failure is not an option, or, why you need to ask 'Why?" more often.Alessandro Galetto
We should answer a simple question: "Why companies are built and managed in the way we know?".
In this presentation I will give my answer from an historic, scientific and economic perspective, and, at the same, I will try to show why other models are possible.
Different organisational models are not only possible, but needed when the current models are causing so much pain in modern companies.
We need to reinvent the way company works as well as we must reinvent the definition of career in the 21st century.
We have so many tools and the higher amount of technology that we can use to shape the future of our companies. Which is the reason why we are not doing anything about it?
Even if the presentation is definitely focused on the Italian market it contains elements and ideas that have a broader ranged of applicability.
And, as always, it's not too serious.
I used this presentation for my talk at the Better Software 2013 conference in Florence.
Europe & Israel 1Q17 Venture Capital ReviewGil Dibner
A review of Venture Capital investment trends across Europe and Israel in 1Q17. Breakdowns by country, sector, stage, business model, and target market.
Europe & Israel 3Q17 Venture Capital ReviewGil Dibner
Today, I’m happy to release a data-driven review of VC investment trends in Europe and Israel in the third quarter of 2017.
Some key highlights:
Overall, dealflow volume continues to hit new highs
Total VC investment volume into Europe and Israel was $5.5B in 3Q17 and $5.8B in 2Q17 (a record)
The number of deals peaked in 1Q17 at over 500 and has been trending gently downward, but still at very high levels.
Deal size is trending up again
In the past two quarters, there were 13 mega-deals (over $100M)
There is still zero evidence that Brexit has impacted the UK venture environment. Both deal numbers and investment volumes are up since the Brexit vote
In both 3Q and 2Q, the UK led the region in investment volume. Israel was in second place
France continues to boom, with 4 quarters of consecutive growth in investment volume
After six quarters of consecutive growth, Swedish VC investment volume declined in 3Q
Fintech was the yet again most frequently funded vertical, with 48 investments in 3Q. Marketing was second (31) and Electronics tied with Lifestyle for third (26)
The categories that showed the most growth in frequency from 3Q16 to 3Q17 were Entertainment (+171%), Health (+133%), and Employment/HR (+111%)
The categories that showed the most decrease in frequency from 3Q16 to 3Q17 were industrial (-50%), communication (-46%), and Fashion and Adtech (both down 43%).
You’ll find all that and more in the 52-page report, so download it here or view it on Slideshare below. I’d recommend also taking a look at the more detailed 2016 year in review report, which can be found here.
As always, I welcome your comments, questions, and feedback. Please let me know if there are additional slices of data you think I should add into the report.
The investment potential of growth capital and the digital economyAxon Partners Group
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Dealroom - Q3 2018 investment update for Europe & IsraelElad Ratson
Dealroom.co provides an investment update for Europe & Israel, including major investments, exits, industry trends, country comparisons and much more. In the third quarter of 2018, €6.1 billion was invested, including four rounds valued $1 billion or more.
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Elevating Tactical DDD Patterns Through Object CalisthenicsDorra BARTAGUIZ
After immersing yourself in the blue book and its red counterpart, attending DDD-focused conferences, and applying tactical patterns, you're left with a crucial question: How do I ensure my design is effective? Tactical patterns within Domain-Driven Design (DDD) serve as guiding principles for creating clear and manageable domain models. However, achieving success with these patterns requires additional guidance. Interestingly, we've observed that a set of constraints initially designed for training purposes remarkably aligns with effective pattern implementation, offering a more ‘mechanical’ approach. Let's explore together how Object Calisthenics can elevate the design of your tactical DDD patterns, offering concrete help for those venturing into DDD for the first time!
Encryption in Microsoft 365 - ExpertsLive Netherlands 2024Albert Hoitingh
In this session I delve into the encryption technology used in Microsoft 365 and Microsoft Purview. Including the concepts of Customer Key and Double Key Encryption.
Essentials of Automations: Optimizing FME Workflows with ParametersSafe Software
Are you looking to streamline your workflows and boost your projects’ efficiency? Do you find yourself searching for ways to add flexibility and control over your FME workflows? If so, you’re in the right place.
Join us for an insightful dive into the world of FME parameters, a critical element in optimizing workflow efficiency. This webinar marks the beginning of our three-part “Essentials of Automation” series. This first webinar is designed to equip you with the knowledge and skills to utilize parameters effectively: enhancing the flexibility, maintainability, and user control of your FME projects.
Here’s what you’ll gain:
- Essentials of FME Parameters: Understand the pivotal role of parameters, including Reader/Writer, Transformer, User, and FME Flow categories. Discover how they are the key to unlocking automation and optimization within your workflows.
- Practical Applications in FME Form: Delve into key user parameter types including choice, connections, and file URLs. Allow users to control how a workflow runs, making your workflows more reusable. Learn to import values and deliver the best user experience for your workflows while enhancing accuracy.
- Optimization Strategies in FME Flow: Explore the creation and strategic deployment of parameters in FME Flow, including the use of deployment and geometry parameters, to maximize workflow efficiency.
- Pro Tips for Success: Gain insights on parameterizing connections and leveraging new features like Conditional Visibility for clarity and simplicity.
We’ll wrap up with a glimpse into future webinars, followed by a Q&A session to address your specific questions surrounding this topic.
Don’t miss this opportunity to elevate your FME expertise and drive your projects to new heights of efficiency.
Neuro-symbolic is not enough, we need neuro-*semantic*Frank van Harmelen
Neuro-symbolic (NeSy) AI is on the rise. However, simply machine learning on just any symbolic structure is not sufficient to really harvest the gains of NeSy. These will only be gained when the symbolic structures have an actual semantics. I give an operational definition of semantics as “predictable inference”.
All of this illustrated with link prediction over knowledge graphs, but the argument is general.
UiPath Test Automation using UiPath Test Suite series, part 3DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 3. In this session, we will cover desktop automation along with UI automation.
Topics covered:
UI automation Introduction,
UI automation Sample
Desktop automation flow
Pradeep Chinnala, Senior Consultant Automation Developer @WonderBotz and UiPath MVP
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
Connector Corner: Automate dynamic content and events by pushing a buttonDianaGray10
Here is something new! In our next Connector Corner webinar, we will demonstrate how you can use a single workflow to:
Create a campaign using Mailchimp with merge tags/fields
Send an interactive Slack channel message (using buttons)
Have the message received by managers and peers along with a test email for review
But there’s more:
In a second workflow supporting the same use case, you’ll see:
Your campaign sent to target colleagues for approval
If the “Approve” button is clicked, a Jira/Zendesk ticket is created for the marketing design team
But—if the “Reject” button is pushed, colleagues will be alerted via Slack message
Join us to learn more about this new, human-in-the-loop capability, brought to you by Integration Service connectors.
And...
Speakers:
Akshay Agnihotri, Product Manager
Charlie Greenberg, Host
Generating a custom Ruby SDK for your web service or Rails API using Smithyg2nightmarescribd
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Smart TV Buyer Insights Survey 2024 by 91mobiles.pdf91mobiles
91mobiles recently conducted a Smart TV Buyer Insights Survey in which we asked over 3,000 respondents about the TV they own, aspects they look at on a new TV, and their TV buying preferences.
JMeter webinar - integration with InfluxDB and GrafanaRTTS
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In this webinar, we will review the benefits of leveraging InfluxDB and Grafana when executing load tests and demonstrate how these tools are used to visualize performance metrics.
Length: 30 minutes
Session Overview
-------------------------------------------
During this webinar, we will cover the following topics while demonstrating the integrations of JMeter, InfluxDB and Grafana:
- What out-of-the-box solutions are available for real-time monitoring JMeter tests?
- What are the benefits of integrating InfluxDB and Grafana into the load testing stack?
- Which features are provided by Grafana?
- Demonstration of InfluxDB and Grafana using a practice web application
To view the webinar recording, go to:
https://www.rttsweb.com/jmeter-integration-webinar
LF Energy Webinar: Electrical Grid Modelling and Simulation Through PowSyBl -...DanBrown980551
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Then welcome to this PowSyBl workshop, hosted by Rte, the French Transmission System Operator (TSO)!
During the webinar, you will discover the PowSyBl ecosystem as well as handle and study an electrical network through an interactive Python notebook.
PowSyBl is an open source project hosted by LF Energy, which offers a comprehensive set of features for electrical grid modelling and simulation. Among other advanced features, PowSyBl provides:
- A fully editable and extendable library for grid component modelling;
- Visualization tools to display your network;
- Grid simulation tools, such as power flows, security analyses (with or without remedial actions) and sensitivity analyses;
The framework is mostly written in Java, with a Python binding so that Python developers can access PowSyBl functionalities as well.
What you will learn during the webinar:
- For beginners: discover PowSyBl's functionalities through a quick general presentation and the notebook, without needing any expert coding skills;
- For advanced developers: master the skills to efficiently apply PowSyBl functionalities to your real-world scenarios.
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Transcript: Selling digital books in 2024: Insights from industry leaders - T...BookNet Canada
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Link to video recording: https://bnctechforum.ca/sessions/selling-digital-books-in-2024-insights-from-industry-leaders/
Presented by BookNet Canada on May 28, 2024, with support from the Department of Canadian Heritage.
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See how to accelerate model training and optimize model performance with active learning
Learn about the latest enhancements to out-of-the-box document processing – with little to no training required
Get an exclusive demo of the new family of UiPath LLMs – GenAI models specialized for processing different types of documents and messages
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👨🏫 Andras Palfi, Senior Product Manager, UiPath
👩🏫 Lenka Dulovicova, Product Program Manager, UiPath
Dev Dives: Train smarter, not harder – active learning and UiPath LLMs for do...
2015 Q2 Europe & Israel VC Trends Review
1. Venture Capital in Europe & Israel
Venture Investment Data: Second Quarter, 2015
Prepared by Gil Dibner @gdibner
blog: yankeesabralimey
The Dead Sea, Israel
Lowest point on earth, 427M below sea level
2. The data
• Around the middle of last year, I decided I wasn’t happy with available data sources on VC
rounds in Europe & Israel, and that I’d need to build my own
• The data in this report consists entirely of data I’ve gathered manually based on publically
available, free sources
• No paid data sources or API calls were harmed in the making of this dataset, every
investment was manually classified
• This allows analysis of some aspects of the data I consider important – aspects that don’t
appear in other data sources
• Seed investment is still under-reported, but I got a bit better at capturing it in the fourth
quarter. Rounds smaller than $500K are generally excluded from this analysis
• The analysis is limited to ICT categories and excludes life sciences
• The analysis excludes Turkey and FSU countries
• I’m converting EUR and GBP into USD using monthly average exchange rates
2@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
3. Monthly pace of venture investment
• During the 12 months ended
June, 2015, there were 866
reported venture investments
across Europe & Israel
• A total of $9.581B was
invested in Europe & Israel
during this period, an
average of $798M per month
• June 2015 was a record-
breaking month for total
investments, with over $1.5B
raised across 98 rounds
• Spotify, which raised $526M
in June, significantly skews
the June figure (see slide 5)
@gdibner
blog: yankeesabralimey 3Syndicate for European & Israeli Enterprise Companies
493
565
644 625
562
725
905
971 997
751 787
1,555
42 30 50 79 73 52 92 75 103 77 95 98
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Qtr3 Qtr4 Qtr1 Qtr2
2014 2015
Numberofinvestments
VC Investments in Europe & Israel, July 2014 - June 2015
Invested amount (US $M) Number of investments
4. Quarterly pace of venture investment
• Despite June’s record deal
volumes, the second quarter
of 2015 saw only a slight
uptick in activity over the first
quarter
• Amusingly, there were exactly
270 deals recorded in both
the first and second quarter
of 2015
4
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
1,703
1,912
2,873
3,093122
204
270 270
0
500
1,000
1,500
2,000
2,500
3,000
3,500
0
50
100
150
200
250
300
Qtr3 Qtr4 Qtr1 Qtr2
2014 2015
Amountinvested(US$M)
Numberofinvestments
VC Investments in Europe & Israel
Invested amount (US $M) Number of investments
5. Mega-rounds skew the investment totals
• This analysis breaks down VC
investments into brackets by size:
• Seed (less than $2M)
• Early venture ($2-8M)
• Venture ($8-20M)
• Growth ($20-100M)
• Mega ($100M+)
• Six mega-rounds took place in Europe
in the first quarter:
• Funding Circle, a British financial services
company, raised $150M in April
• Food Panda, a German food delivery
company, raised $100M in April
• Infinidat, and Israeli enterprise storage
systems company, raised $150M in May
• Home24, a German commerce
company, raised $134M in June
• Delivery Hero, a German food delivery
company, raised $110M in June
• Spotify, a Swedish music streaming
service, raised $526M in June
• Adjusting for mega-rounds, 2Q was
slightly below 1Q in terms of total
volume, but still above Q3 & Q4
5
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
248
343 285 354
345
312
556
731539
935
1,154 752
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Qtr3 Qtr4 Qtr1 Qtr2
2014 2015
AmountInvested(US$M)
Pace of VC Investment in Europe and Israel
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (.5-2)
6. Number of investments, by bracket
• Deal volume across the geo
seems to have stabilized in
terms of the number of
investments
• Early venture and seed
volumes seem to be down
slightly
• Ventures ($8-20M) rounds
seem to have increased
somewhat
• Throughout 2015, Europe &
Israel seem to have stabilized
at around 80-100 deals per
month
6
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
6 3 7
28 26
15
37
30
45
30 34 2821
14
25
31 29
22
24
20
33
23
33
29
9
5
16
10
6
10
13
16
13
16
21
26
5
7
1
10
12
4
18
5
10
6
6 12
0
20
40
60
80
100
120
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Qtr3 Qtr4 Qtr1 Qtr2
2014 2015
NumberofVCinvestments
Number of investments in Europe and Israel by bracket
July 2014 to June 2015
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (<2)
7. Average round size
• Previously, I presented this
broken down by bracket, but
I think the data is more
meaningful when taken in
aggregate.
• This average excludes seed
rounds and mega rounds, so
it reflects all rounds done in
Europe & Israel between $2M
and $100M
• Since February, average
round sizes across all venture
rounds were hovering
between $10M and $12M
7
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
11.1
17.6
6.8
11.7 11.4
12.7
15.8
11.2
11.9
10.4 10.1
11.4
4
6
8
10
12
14
16
18
20
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Qtr3 Qtr4 Qtr1 Qtr2
2014 2015
AmountInvested(US$M)
Average investment size in Europe and Israel
(Round sizes of 2-100M)
8. Total venture investment by country, 2H 2015
• Powered by Spotify’s massive
round, Sweden took the top
spot in funds raised in 2Q
• Israel, UK, Germany, and
France rounded out the rest
of the top five
8
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
638.5
625.2
587.4
553.6
231.6
103.1
93.3
71.1
64.4
32.8
27.2
21.5
12.2
10.0
9.5
5.4
1.8
1.6
1.1
0.8
0.6
0.5
Sweden
Israel
UK
Germany
France
Denmark
Ireland
Netherlands
Spain
Portugal
Belgium
Estonia
Switzerland
Poland
Finland
Italy
Greece
Norway
Latvia
Hungary
Slovenia
Iceland
0 100 200 300 400 500 600 700
Total VC investment volume by country, 2Q15 (US $M)
9. Total venture investment by country, 2H 2015
• When mega-rounds
($100M+) are excluded, Israel
takes the top slot, with the UK
coming in just behind it
• With Spotify excluded,
Sweden’s total drops to
$112.5M, putting in the fifth
slot
• Germany and France round
out the top five in the third
and fourth place
9
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
475.2
437.4
231.6
208.9
112.5
103.1
93.3
71.1
64.4
32.8
27.2
21.5
12.2
10.0
9.5
5.4
1.8
1.6
1.1
0.8
0.6
0.5
Israel
UK
France
Germany
Sweden
Denmark
Ireland
Netherlands
Spain
Portugal
Belgium
Estonia
Switzerland
Poland
Finland
Italy
Greece
Norway
Latvia
Hungary
Slovenia
Iceland
0 50 100 150 200 250 300 350 400 450 500
Total VC investment volume by country, 2Q15 (Excludes mega-rounds, US $M)
10. Total venture investment by country, 3Q14 to 2Q15
• To get a better sense of VC
volumes in various countries,
this analysis excludes mega-
rounds
• UK venture activity trended
down in 2Q15 after
skyrocketing in 1Q15
• Investment volume in Israel
regained its first place slot
• France has showed continued
strength, overtaking both
Sweden and Germany in
terms of investment volume
10
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
Israel, 315
Israel, 567
Israel, 543
Israel, 475
UK, 369
UK, 263
UK, 719
UK, 437
Germany, 180
Germany, 284
Germany, 389
Germany, 209
France, 29
France, 163
France, 118
France, 232
Sweden, 74 Sweden, 123
Sweden, 89
Sweden, 112
Qtr3 Qtr4 Qtr1 Qtr2
0
100
200
300
400
500
600
700
800
TotalVCinvestment(US$M)
Total VC investment, 3Q14 - 2Q15 (top 5 countries, excluding mega-rounds)
11. Average venture round sizes, by country
• This analysis excludes mega-
rounds and rounds less than
$2M
• UK & Ireland companies
raised the largest round sizes
on average in 2Q, but much
less on average than in 1Q
• DACH startups fell from first
place in terms of average size
to seventh place
• Generally, average round
sizes seem to be converging
across the broader
geography into very tight
band between $8M and $12M
11
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
Benelux, 10.6
Benelux, 9.9
DACH, 18.0
DACH, 8.9
France, 3.7
France, 10.8
Iberia, 10.4
Iberia, 12.3
Israel, 11.6
Israel, 9.9
Nordic, 7.7
Nordic, 11.1
UK & Ireland, 11.9
UK & Ireland, 18.9
UK & Ireland, 12.4
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
Qtr3 Qtr4 Qtr1 Qtr2
2014 2015
Averageroundsize(US$M)
Average investment size in Europe and Israel (rounds of $2-20M)
12. Total venture investment by region, 3Q14 to 1Q15
• When VC investments across
Europe are aggregated into
regions, Israel, DACH, UK &
Ireland, the Nordics, and
France are the clear and
consistent leaders
• Benelux, Iberia, Southern
Europe, and Eastern Europe
do produce meaningful VC
investments (Adyen, Prezi,
and many others), but the
volumes are still low
12
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
Nordic, 124.0 Nordic, 219.3 Nordic, 190.1
Nordic, 775.7UK & Ireland, 399.0 UK & Ireland, 262.9
UK & Ireland, 932.2
UK & Ireland, 680.7
Israel, 315.2
Israel, 567.5
Israel, 834.6
Israel, 625.2
DACH, 532.2
DACH, 290.2
DACH, 573.3
DACH, 565.8
France, 129.3 France, 163.3
France, 233.0
France, 231.6
Benelux, 31.9
Benelux, 284.9
Benelux, 46.7
Benelux, 98.3
Iberia, 168.1
Iberia, 56.5
Iberia, 53.7
Iberia, 97.2
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Qtr3 Qtr4 Qtr1 Qtr2
2014 2015
TotalVCinvestment(US$M)
Total VC investment by region
Nordic UK & Ireland
Israel DACH
France Benelux
Iberia East. Eur.
South. Eur.
13. Rounds by bracket & country
• To get a better sense of deal
volume, this analysis excludes
seed deals which are often
poorly reported
• Excluding seed deals, Israel
again led the region in the
number of VC deals reported
• The UK and DACH followed
• Despite an impressive three
mega-rounds into German
companies, DACH was a
distant third in terms of deal
volumes
13
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
22
18
14
11 12
5
18
15
8
8 6
3
4
7
8
2
2 3
1
1
3
1
0
10
20
30
40
50
60
Israel UK &
Ireland
DACH Nordic France Benelux Iberia East. Eur. South. Eur.
Numberofinvestments
Number of investments in Europe and Israel by bracket, 2Q 2015
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8)
14. Investment by region, by bracket
• In 2Q, UK & Ireland led in
terms of total VC dollars
invested
• Israel was in second place
• Excluding Spotify’s $526M
round, the Nordics are in
third place, still ahead of
France and DACH
14
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
70 98 48 50 55
176
197
85 72 99
261 172
99 105 61
150
150
526
345
0
100
200
300
400
500
600
700
800
900
UK &
Ireland
Israel Nordic France DACH Benelux Iberia East. Eur. South. Eur.
Totalamountinvested(US$M)
Investment in Europe and Israel by bracket by region, 2Q 2015
(ranked excluding mega-rounds)
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (<2)
15. Participation rate of US VC firms, by bracket
• US VC firms are increasingly
active in the European and
Israeli VC markets
• Over the past twelve months,
US VC firms participated in
16% of the venture rounds in
Europe
• US VCs participated in only
5% of seed rounds, 11% of
early venture rounds, and
25% of venture rounds
• As a company moves from
bracket to bracket, the
chance of US VC participation
doubles with each bracket
change
15
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
5%
11%
25%
42%
81%
95%
89%
75%
58%
19%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Seed (.5-2) Early Venture (2-8) Venture (8-20) Growth (20-100) Mega (>100)
Percentageofrounds
Did US VC firms participate in European VC rounds? (3Q14-2Q15)
No Yes
16. Rate of participation by US firms has recovered
• Reversing the negative trend
in the first quarter, US VC firm
participation in European &
Israeli venture rounds
increased in the second
quarter
• Within rounds of between
$2M and $20M, US VC
participation rose from 8% of
rounds in February to 20% of
rounds in June
16
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
10% 5%
17%
24%
17% 16% 19%
8% 11% 15% 17% 20%
90% 95%
83%
76%
83% 84% 81%
92% 89% 85% 83% 80%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Qtr3 Qtr4 Qtr1 Qtr2
2014 2015
PercentageofRounds
Did US VC firms participate in European VC rounds? (3Q14-2Q15)
No Yes
17. Participation of US VC firms by country
• In 2Q, US VCs firms were
active in 10 different
European countries, flat from
1Q and down from 12
countries in 4Q
• US VC firms were most active
in Israel, where they
participated in 14 investment
rounds
• The UK saw 11 investments
with US VC participation
• Germany saw 5 investments
with US VC participation
17
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
14 11
5
43 48
25
18 15
9 11
0
10
20
30
40
50
60
70
Israel
UK
Germany
Sweden
Spain
Ireland
Switzerland
Netherlands
Hungary
Denmark
NumberofVCinvestments
In which countries are US VCs most active?
2Q, 2015
No US VC involved US VC involved
18. Dimension Categories Explanation/Example
1. Target market
Consumer, SMB, Enterprise, Government,
Telecom, OEM
What sort of customer does the
company target?
2. Vertical market
Adtech, Communications, Data, Development, Durables,
Education, Electronics, Employment, Energy, Fashion,
Financial, Food, Gaming, Health, HMI, Industrial,
Infrastructure, Lifestyle, Logistics, Marketing, Media,
Productivity, Real Estate, Security, Sports, Storage,
Transportation, Travel, Water
What type of problem does the
company solve?
3. Business model
Commerce, Components, Content,
Marketplace, SaaS, Semiconductors,
Services, Software, Systems,
How does the company make
money? What are customers paying
for?
Combined segment descriptor Consumer + Travel + Marketplace
AirBnB has built a travel-related
marketplace for consumers 18
Three-dimensional approach to sector mapping
19. • Excluding mega-rounds,
investment activity decreased
in both consumer and
enterprise
• SMB-oriented and OEM-
oriented investment volume
both increased
19
@gdibner
blog: yankeesabralimey
What target markets are attracting the most VC
investment in Europe & Israel?
Syndicate for European & Israeli Enterprise Companies
475 595
980
811
494
794
953
808
78
133
121
153
78
114
47
106
0
500
1,000
1,500
2,000
2,500
Qtr3 Qtr4 Qtr1 Qtr2
2014 2015
TotalVCinvestments(US$M)
European & Israeli venture financing by target market
3Q14 to 2Q15 (excluding mega-rounds, US $M)
Government
Telecom
OEM
SMB
Enterprise
Consumer
20. • Last quarter’s trend reversed
itself, with consumer-oriented
companies accounting for
54% of all VC investment in
Europe & Israel, up from 43%
in 1Q
• Enterprise dropped from 55%
in 4Q14 to 31% in 2Q15
• SMB-oriented companies
accounted for 10% of
investment dollars, a new
high – driven mostly by
funding circle
20
@gdibner
blog: yankeesabralimey
The return of consumer investment
Syndicate for European & Israeli Enterprise Companies
54%
31%
43%
54%
29%
55%
47%
31%
5%
7% 4% 10%5%
6% 3%7%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Qtr3 Qtr4 Qtr1 Qtr2
2014 2015
European & Israeli venture financing by target market
3Q14 to 2Q15 (percent of US $M)
Government Telecom OEM SMB Enterprise Consumer
21. Breakdown by region & target market
• The Israeli VC landscape
continued to be dominated
by non-consumer companies
• The DACH region saw a
continuation of the
dominance of consumer-
oriented companies in VC
financing (all three of
Germany’s mega-rounds in
2Q were consumer
companies)
• FundingCircle’s massive
round helped explain why
more money went into SMB
in the UK & Ireland than into
enterprise
• If Spotify’s $526M round is
removed, the Nordics
seemed to continue their shift
towards the enterprise
21
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
599
288
146
466
64 50
160
169 404
55
99
182
70
0
100
200
300
400
500
600
700
800
900
Nordic UK & Ireland Israel DACH France Benelux Iberia
Totalamountinvested(US$M)
Investment in Europe and Israel by target market by country
2Q, 2015 (US $M)
Government Telecom OEM SMB Enterprise Consumer
22. Distribution of investment rounds by country
• Across Europe & Israel, 46%
of VC investment rounds
were in consumer companies
in 2Q, down slightly from 47%
in 1Q
• Benelux, France, and the
Nordics saw a majority of
investments happening into
non-consumer companies
22
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
65%
56%
50%
50%
45%
44%
39%
30%
20%
31%
36%
25%
41%
44%
39%
56%
10%
8%
11%
5%
12%
11%
4%
5%
25%
9%
7%
6% 6%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Iberia
DACH
UK & Ireland
South. Eur.
Nordic
France
Benelux
Israel
Investment in Europe and Israel by target market by country
2Q 2015 (Number of investments)
Consumer Enterprise SMB OEM Telecom Government
23. Trending away from consumer?
• Over the past few months,
the trend seems to be away
from consumer investing
23
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
38% 40% 44% 44%
37% 42%
50%
35%
54% 56%
42% 40%
50% 40%
44% 42%
48%
48% 38%
57%
36% 29%
48%
42%
5% 9% 14% 7%
6%
6%
10%
7%
10%
6% 6% 8% 6%7%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Qtr3 Qtr4 Qtr1 Qtr2
2014 2015
Investment in Europe and Israel by target market by country,
3Q14 to 2Q15 (Number of investments)
Government Telecom OEM SMB Enterprise Consumer
24. Seed and growth swing back to consumer
• As in last quarter, a clear
majority of both growth deals
and seed deals were in
consumer-oriented
companies
• Early venture deals also
reflected this trend
• Venture deals, however,
showed continued interest in
non-consumer categories –
mostly enterprise
24
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
52%
54%
33%
54%
31%
37%
55%
24%
7%
8%
6%
15%
8%
7%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Seed (<2)
Early Venture (2-8)
Venture (8-20)
Growth (20-100)
Investment in Europe (excluding Israel) by target market by stage
bracket 2Q 2015 (Number of investments)
Consumer Enterprise SMB OEM Telecom Government
25. DACH investors shift back to consumer
• DACH is clearly a region with
a record of strong consumer-
oriented investment
• In 4Q14 this began to
change, but it wasn’t clear if
the trend would be long-
lived. Indeed, 1Q15 saw a
majority of investments in
DACH go into consumer
companies
• 2Q15, however, saw the
pendulum in DACH start to
shift back towards non-
consumer categories
25
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
100%
67%
60%
40%
13%
57% 60%
33%
73% 69%
63%
43%
17%
20%
40%
88%
43% 40%
67%
20% 23% 38%
36%
20%
10%
7%
21%17%
10% 8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Qtr3 Qtr4 Qtr1 Qtr2
2014 2015
Investment in DACH by target market by stage bracket
July 2014 to June 2015 (Number of investments)
OEM SMB Enterprise Consumer
26. The Nordics shift towards the enterprise…
• The Nordic region saw pretty
diverse investment patterns in
3Q14 and 4Q14, but in 1Q15
there was a clear shift
towards the enterprise which
seemed to continue into 2Q
• OEM-oriented investments
which almost vanished in 1Q,
returned in 2Q
26
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
40%
25%
67%
83%
50%
64%
20%
50%
38% 33%
50% 47%
60%
50%
17%
42%
27%
60%
50%
38% 44%
44%
35%
8%
10% 14%
6%
6%25%
17% 17%
9% 10% 10%
22%
12%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Qtr3 Qtr4 Qtr1 Qtr2
2014 2015
Investment in the Nordics by target market
July 2014 to June 2015 (Number of investments)
OEM SMB Enterprise Consumer
27. …especially in terms of dollars invested
• When we look at dollars
investment as opposed to the
number of investments, the
trend in the Nordics is even
clearer
• Spotify’s massive round has
been removed from this
graph
• June seemed to buck the
trend, with an increase in
consumer and OEM-oriented
investments
27
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
32%
11%
72% 75%
44%
52%
43%
20%
12%
5%
27%
45%
68%
49%
6% 0%
55%
24%
55%
80%
72% 87%
72% 36%
12%
40%
21% 25% 24%
4% 8%
18%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Qtr3 Qtr4 Qtr1 Qtr2
2014 2015
Investment in the Nordics by target market
July 2014 to July 2015
(Percentage of total US $M invested, excluding mega-rounds)
OEM SMB Enterprise Consumer
28. Over 50% of French VC deals were SMB or
enterprise…
• In France, the ratio of
enterprise deals to consumer
deals seems roughly constant
from September 2014 to June
2015
28
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
100% 100%
50% 46%
58%
50%
62% 60%
46% 50%
29%
50%
38%
38%
33% 50% 31%
40%
46% 33% 71% 33%
15%
8%
17% 17%13% 8% 8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Qtr3 Qtr4 Qtr1 Qtr2
2014 2015
VC Investment in France by target market
July 2014 to June 2015 (Number of investments)
OEM SMB Enterprise Consumer
29. …but money increasingly flows to enterprise
• When the data is presented
by the amount of dollars, it
becomes clear that more and
more of French VC dollars are
flowing towards enterprise-
oriented companies
29
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
100% 100%
59%
44%
65%
77%
33% 31%
19%
50%
14%
28%
23%
46%
10%
23%
64% 69%
74%
25%
86%
30%
10%
25% 25%
41%
18%
3% 7%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Qtr3 Qtr4 Qtr1 Qtr2
2014 2015
VC Investment in France by target market
July 2014 to June 2015 (Number of investments)
OEM SMB Enterprise Consumer
30. • Finance recovered its top slot
• Marketing-related companies
took the second slot
• Digital health opportunities
were in third place
• Perhaps somewhat
surprisingly, Adtech took
fourth place
30
@gdibner
blog: yankeesabralimey
Finance returned to being the top vertical
Syndicate for European & Israeli Enterprise Companies
Financial, 23
Marketing, 22
Health, 16
Adtech, 12 Lifestyle, 12
Travel, 11
Gaming, 11
Social, 11
Logistics, 11
Security, 10
Development, 9
CRM, 9
Electronics, 8
Entertainment, 8
Food, 8
Industrial, 8
Productivity, 8
Payments, 7Fashion, 7Education, 6Infrastructure, 6
Employment, 6
Data, 5
Durables, 5
ERP, 3
Energy, 3
Legal, 3
European & Israeli venture financing by target market
2Q 2015 (number of investments)
31. • Financial startups were the
most commonly funded
category in 2Q, including
consumer, enterprise, and
SMB-oriented companies
• The single most common
category was enterprise
marketing
• Consumer lifestyle, social, and
gaming startups were
particularly active as well
31
@gdibner
blog: yankeesabralimey
Which verticals for which segments?
Syndicate for European & Israeli Enterprise Companies
Security
Logistics
Gaming
Social
Travel
Lifestyle
Adtech
Health
Marketing
Financial
0 5 10 15 20 25
European & Israeli venture financing by target market
2Q, 2015 (number of investments, top 10 verticals)
Consumer
Enterprise
SMB
OEM
32. • This chart shows the ten most
commonly funded verticals
across Europe & Israel
throughout 2015, by quarter
• Financial, marketing, and
health show increasing
strength over time
• Infrastructure shows a decline
32
@gdibner
blog: yankeesabralimey
The most popular verticals in the past 12 months
Syndicate for European & Israeli Enterprise Companies
Qtr3 Qtr4 Qtr1 Qtr2
0
20
40
60
80
100
120
140
160
European & Israeli venture financing by vertical market
3Q14-2Q15, 2015 (number of investments, top 10 verticals)
Financial
Marketing
Infrastructure
Adtech
Lifestyle
Electronics
Health
Logistics
Travel
Employment
33. • Lifestyle, which is admittedly a
bit of a catch-all consumer
category, has shown
tremendous strength in terms
of VC volume
• Electronics (which typically
means consumer electronics
systems companies) has
shown increasing strength
through 1Q, but little
investment in 2Q
• Gaming, health, and food-
related investments seem to
be increasing in 2Q
33
@gdibner
blog: yankeesabralimey
Consumer VC investment trends
Syndicate for European & Israeli Enterprise Companies
Qtr3 Qtr4 Qtr1 Qtr2
2014 2015
0
10
20
30
40
50
60
70
80
90
European & Israeli venture financing by consumer verticals
3Q14-2Q15, 2015 (number of investments, top 10 verticals)
Lifestyle
Financial
Travel
Gaming
Fashion
Health
Electronics
Logistics
Education
Food
34. • The most popular enterprise
verticals are marketing,
adtech, and infrastructure
• Infrastructure and data-
related investment declined
over the past few quarters
• CRM seems to have picked
up steam over the past few
quarters
• Other verticals largely
holding steady
34
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blog: yankeesabralimey
Enterprise VC investment trends
Syndicate for European & Israeli Enterprise Companies
Qtr3 Qtr4 Qtr1 Qtr2
2014 2015
0
20
40
60
80
100
120
European & Israeli venture financing by enterprise verticals
3Q14-2Q15, 2015 (number of investments, top 10 verticals)
Marketing
Adtech
Infrastructure
Data
Security
Development
Financial
Employment
Health
Logistics
CRM
35. • VC activity in Israel was very
diverse in 2Q15, with health-
related and consumer social
investments rising the 3rd and
4th slots
• Interestingly, infrastructure
investments weren’t in the
top ten
• Not surprisingly, security was
solidly in the second slot
35
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blog: yankeesabralimey
A closer look at Israeli venture in 1Q15
Syndicate for European & Israeli Enterprise Companies
Electronics
Productivity
CRM
Development
Financial
Energy
Logistics
Data
Adtech
Social
Health
Security
Marketing
0 1 2 3 4 5 6 7 8 9
Israeli venture financing by target market
2Q, 2015 (number of investments, top 10 verticals)
Consumer
Enterprise
SMB
OEM
Telecom
Government
36. • Last quarter, Fintech was the
most popular vertical in the
UK – this quarter fintech was
far and away the dominant
category in the UK
• Consumer-oriented
companies dominated most
categories of VC funding
across the UK, with enterprise
marketing and enterprise
CRM as the two notable
exceptions
36
@gdibner
blog: yankeesabralimey
Consumer fintech dominated the UK
Syndicate for European & Israeli Enterprise Companies
Industrial
Development
Infrastructure
ERP
Food
Health
Entertainment
Logistics
Lifestyle
Fashion
CRM
Travel
Gaming
Education
Marketing
Payments
Financial
0 2 4 6 8 10 12 14
UK venture financing by target market
2Q, 2015 (number of investments, top verticals)
Consumer
Enterprise
SMB
OEM
37. • The top three categories in
German VC investment in
2Q15 were consumer
durables, consumer fashion,
and enterprise employment
• In total, the top 10 categories
in Germany generated 23
investments, 14 of which were
in consumer companies
37
@gdibner
blog: yankeesabralimey
German VC was mostly about consumer
Syndicate for European & Israeli Enterprise Companies
Financial
Food
Education
Logistics
Marketing
Payments
Travel
Fashion
Durables
Employment
0 1 2 3 4
German venture financing by target market
2Q, 2015 (number of investments, top 10 verticals)
Consumer
Enterprise
SMB
38. • Nordic VC interest in
entertainment startups wasn’t
confined to Spotify – and this
category was the most
popular category in 2Q,
including one enterprise
offering (Soundtrack Your
Brand)
• Perhaps surprisingly, social
media was the second most
popular category in the
Nordics
• Note the strength of
enterprise and SMB-related
companies
38
@gdibner
blog: yankeesabralimey
Nordic VC was very diverse
Syndicate for European & Israeli Enterprise Companies
Electronics
Security
Adtech
Development
Health
Gaming
Financial
Marketing
Social
Entertainment
0 1 2 3 4 5 6
Nordic venture financing by target market
2Q, 2015 (number of investments, top 10 verticals)
Consumer
Enterprise
OEM
39. • In terms of dollars invested
during 2Q15, SaaS (28%) and
services (22%) were the
leaders
• Commerce models were
third, at 17% of dollars
invested
• The bottom of the
distribution was a bit more
diverse, including relatively
strong showings for media
and systems companies
39
@gdibner
blog: yankeesabralimey
SaaS jumped ahead of services in 2Q
Syndicate for European & Israeli Enterprise Companies
SaaS, 536, 28%
Services, 432, 22%
Commerce, 319, 17%
Software, 194, 10%
Marketplace, 139, 7%
Systems, 130, 7%
Media, 108, 6%
Semiconductors, 40, 2%
Components, 24, 1%
European & Israeli venture financing by target market
2Q, 2015 (in US $M) (excluding mega-rounds)
40. • SaaS returned to its growth
trend, both in absolute and
relative terms.
• Perhaps driven by the
increase in SaaS funding,
note the precipitous decline
in software funding (non
SaaS)
• E-commerce and
marketplace models trended
down
• Service models declined, but
took the number two slot and
were up dramatically
compared to 3Q and 4Q
40
@gdibner
blog: yankeesabralimey
In 2Q, SaaS was king & software collapsed
Syndicate for European & Israeli Enterprise Companies
0
100
200
300
400
500
600
700
800
Qtr3 Qtr4 Qtr1 Qtr2
2014 2015
European & Israeli venture financing by business model
3Q14 to 2Q15 (in US $M, excluding mega-rounds)
Software
SaaS
Services
Marketplace
Commerce
41. US VCs focused on SaaS & services
• US VC interest was skewed
heavily towards SaaS &
Services models
• Commerce and marketplace
models also attracted some
US VC attention
41
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
17
11
4 4
55
48
32
22
18 18
31
0
10
20
30
40
50
60
70
80
SaaS Services Commerce Marketplace Media Systems Software Components Semiconductors
VC Investments in Europe & Israel
2Q, 2015 (number of investments)
No US VC involved US VC involved
42. • Enterprise marketing SaaS
was again the most popular
segment for VC investment in
2Q15 with 15 investments
across the region
• Surprisingly, consumer social
media took the second slot,
with 11 investments
• Enterprise CRM SaaS took
third place, with investments
across the UK, Israel, the
Nordics, Benelux, and Iberia
• Consumer financial services
took the fourth slot,
dominated by UK-based
startups
42
@gdibner
blog: yankeesabralimey
Enterprise marketing & consumer social media
Syndicate for European & Israeli Enterprise Companies
0 2 4 6 8 10 12 14 16
Enterprise Health SaaS
Consumer Travel Commerce
Consumer Lifestyle Commerce
Enterprise Adtech Services
Consumer Fashion Commerce
Consumer Food Commerce
Enterprise Security Software
Consumer Gaming Software
Consumer Financial Services
Enterprise CRM SaaS
Consumer Social Media
Enterprise Marketing SaaS
Number of VC investments
Investment in Europe & Israel by segment by country
2Q15 (segments with 5 or more investments)
UK & Ireland Israel
Nordic DACH
Benelux Iberia
France South. Eur.
East. Eur.
43. • Across Europe & Israel, US VC
firms invested in 16 enterprise
companies, 14 consumer
companies, 2 SMB
companies, and 2 OEM-
oriented companies
• Enterprise SaaS attracted by
far more US VC interest than
any other space
• The only Nordic companies
that attracted US VC interest
were in the enterprise SaaS
space
• The only Germany companies
that attracted US VC interest
were in the consumer and
SMB spaces
43
@gdibner
blog: yankeesabralimey
What business models attract US VC investments?
Syndicate for European & Israeli Enterprise Companies
0 2 4 6 8 10 12
Components
Semiconductors
SaaS
SaaS
Systems
Commerce
Media
Marketplace
Services
Software
Services
SaaS
OEMSMBConsumerEnterprise
US VC Investments in Europe and Israel by end market,
business model, & country, 2Q 2015 (excludes seed & mega-rounds)
Israel UK & Ireland
France DACH
Iberia Nordic
Benelux
44. Focus on dev tools: everywhere you look
• Over the past 12 months, 31
dev tooling companies raised
VC money across Europe &
Israel
• These companies were
distributed across eleven
countries
• Israel led the pack with 8; the
UK saw 5, Sweden 4, and
both France and the
Netherlands saw 3 each
• This strength continued
unabated into 2Q
44
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
0
1
2
3
4
5
6
7
Jul Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2014 2015
Numnberofinvestments
Development tools VC investment in Europe and Israel
3Q14 to 2Q15, Number of investments
Ireland Belgium Norway Latvia
Estonia Germany Netherlands France
Sweden UK Israel
45. Focus on SaaS: what’s powering the growth
• 64 SaaS companies raised VC
financing across Europe &
Israel in 2Q15
• Marketing and CRM led the
category
• Significantly, health SaaS
came in third
• Driven by health-related
enterprise SaaS, we are
seeing the proliferation of
SaaS models into new
verticals such as logistics,
legal, and education
45
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
0 2 4 6 8 10 12 14 16 18 20
Education
Travel
Agtech
Legal
SCM
Logistics
Adtech
ERP
Development
Infrastructure
Productivity
Health
CRM
Marketing
SaaS VC investment in Europe and Israel
by vertical and target market, 2Q 2015 (top 10 verticals)
Consumer Enterprise Government SMB
46. Focus on health
• In 2Q15, 16 health-related
startups raised VC money
across Europe & Israel
• Israel and Spain saw 5 health-
related investments each, the
UK saw 2, and Sweden,
Finland, the Netherlands, and
Poland each saw 1
• 8 of these investments were
consumer-oriented, mostly
marketplaces and services
• 7 were enterprise oriented (5
of which were SaaS models)
46
@gdibner
blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies
0 1 2 3 4 5 6
SaaS
SaaS
Commerce
Software
Commerce
Services
Marketplace
Software
SMBEnterpriseConsumer
Health-related VC investment in Europe and Israel
by vertical by country, 2Q 2015 (number of investments)
Israel
Spain
UK
Sweden
Finland
Netherlands
Poland
47. Based in , I was previously a partner at . Before that, I helped run the
European seed program for . I moved to London after seven years in
during which I worked as a VC with and . I’m originally from .
My VC investments include and .
Angel investments include and many more.
If you found this useful, I hope you’ll subscribe to my blog.
47
Gil Dibner
To invest in the best European & Israeli enterprise startups,
consider backing me on here. Lots of exciting stuff in the
pipeline – and you’ll be in pretty good company.