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The Reset
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Legal Disclosures
This document has been prepared by Accel Partners Management LLP (“Accel”). Accel is a limited liability partnership incorporated in England and Wales with
registered number OC303424, having its registered office at 1 New Burlington Place, London, W1S 2HR. Accel is authorised and regulated by the Financial
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representation or warranties are given or implied with respect to information contained in this document and no reliance should be placed on the contents of this
document.
3
INTRODUCTION
Global Euroscape cloud index down by $1.6T
AVERAGE FORWARD REVENUE MULTIPLE AVERAGE FORWARD GROWTH RATE
* Selection of US, EU and Israeli public companies in the index listed in appendix
Note: Change from September 24, 2021 to September 30, 2022, Selection of US, Europe and Israeli cloud companies. Source: Accel Analysis, Capital IQ
-$1.5T
GLOBAL EUROSCAPE INDEX MARKET CAPITALIZATION
4
EV / NTM REVENUE MULTIPLE EVOLUTION
INTRODUCTION
SaaS multiples below 10-year Pre-COVID average
Source: Accel Analysis, Capital IQ
18.2x
COVID peak
6.1x
10 yr Pre-COVID Average
5.7x
Sep-2022
5
INTRODUCTION
No one is immune: Software & cloud giants lost ~35% of
their market cap…
Note: Represents cloud companies above $100bn in market cap as of September 30, 2022.
Giants represent companies with market cap as of September 30, 2022 above $100bn. Source: Capital IQ
2022
Shopify
$33
10-40% Decrease 40-60% Decrease 70%+ Decrease
MARKET CAP OF SOFTWARE & CLOUD COMPANIES VALUED ABOVE $100B IN LAST YEAR’S EUROSCAPE (SEP 2022)
$327
$100
$181
$34
$121
PayPal Block
$132
$76
$96
$167
$280
$144
$128
$297
Adobe Salesforce SAP ServiceNow
$1,763
2021
$246
$165 $158
$109
$123
$107
Microsoft Oracle Intuit IBM
$2,250 2022
2021 2022
2021
6
CHANGE IN VALUE BY SECTOR OVER LAST YEAR
INTRODUCTION
…and all sectors impacted
Note: Selection of US, Europe and Israeli cloud companies. Logos displayed represent largest LTM market cap % declines for companies with >$10B market cap in last year’s report.
Source: Accel Analysis, Capital IQ
7
Priorities shifting towards profitability
Source: Accel Analysis, Capital IQ
INTRODUCTION
TOP 10 HIGHEST MULTIPLE SAAS COMPANIES
8
IT spend transition to the cloud
(% of of addressable spend)
Strong secular trends despite the reset
Spending on digital transformation ($T) USDC Market Cap ($B)
Source: Gartner, Gartner, IDC, CoinMarketCap,
SHIFT TO THE CLOUD DIGITAL TRANSFORMATION CRYPTO
Spending on cyber security & risk ($B)
CYBER SECURITY
INTRODUCTION
9
INTRODUCTION
We love SaaS globally
20+
IPOs
$8B+
INVESTED
350+
COMPANIES
60+
UNICORNS
ACCEL CLOUD UNICORN MAP
10
10
PART 1
Market Snapshot
PART 2
Europe & Israel
Unicorn Health Check
PART 3
Accel 2022 Euroscape
PART 4
What’s Next?
AGENDA
11
Global Euroscape Index back to pre-COVID levels despite 50+
companies added to the Index
Note: Selection of US, Europe and Israeli cloud companies. Companies that comprise the Accel Euroscape indices are listed in the appendix.
Source: Accel Analysis, Capital IQ
69 companies
9.0x NTM Revenue
122 companies
5.7x NTM Revenue
EUROSCAPE INDEX PERFORMANCE OVER TIME
MARKET SNAPSHOT
12
Have we overcorrected?
Note: Selection of US, Europe and Israeli cloud companies. Companies that comprise the Accel Euroscape indices are listed in the appendix.
Cloud growth rates are most recent quarter (YoY, c/c) Source: Accel Analysis, Company Filings, Capital IQ
EUROSCAPE INDEX PERFORMANCE OVER TIME
c.30% historical CAGR implying $800B
value gap
c.30% CAGR in line with cloud infrastructure
Implied Multiple: c.9x
Value gap:
$800B
Cloud growth rate
: 33%
: 46%
: 36%
MARKET SNAPSHOT
13
Trigger: Rising inflation driving interest rates up
10 YEAR US TREASURY YIELD INFLATION (CPI), YOY
Source: Accel Analysis, Capital IQ
Forecast
MARKET SNAPSHOT
14
Source: Pitchbook, Clouded Judgement, Accel Analysis
Macro softening putting pressure on growth rates and
accelerating decline
SAAS COMPANY QUARTERLY RESULTS VS. CONSENSUS ESTIMATES ESTIMATE MISSES HAVE COME ACROSS SAAS CATEGORIES
MARKET SNAPSHOT
15
Rule of 40 calculated as the sum of most recent quarter revenue growth (YoY) and LTM FCF margin.
Note: Each dot represents a public SaaS company in the Accel Euroscape index. Source: Accel Analysis, Capital IQ
Multiple contraction less severe for ‘Rule of 40’ companies
MARKET SNAPSHOT
Divided by
3.5x
Divided by
2.2x
16
IPO window closed after a record year
Source: Accel Analysis, Capital IQ, Qatalyst
SAAS IPO VALUE BY YEAR ($B)
MARKET SNAPSHOT
17
M&A frenzy fueled by low valuations and take-privates…
AGGREGATE SOFTWARE M&A VALUE FOR LARGE DEALS ($B)
*Unaffected premium indicates premium based on day prior to transaction announcement or of day prior to rumors of a potential transaction
Source: Accel Analysis, Capital IQ, Qatalyst
Software acquisitions with
$500M+ enterprise value
2022 TAKE PRIVATES ($B)
9x
NTM Revenue Multiple
33%
Median Share Price Premium
vs. Last Unaffected Day*
MARKET SNAPSHOT
18
M&A momentum expected to last with c.$770B of cash on the
sidelines
$440B from strategic
software acquirers
$330B dry powder
from private equity
software acquirers
CASH AND CASH EQUIVALENTS
(As of most recent public balance sheets)
SELECTED M&A OVER LAST YEAR
~$770B
Represents c. 2/3 of
$1.2T value of
Euroscape Index
Target
Enterprise
Value
Acquirer(s)
$22.3B
$17.0B
$10.1B
$9.8B
$8.3B
$6.9B
NTM Revenue
Multiple
48.8x
8.9x*
12.8x
5.4x
9.1x
13.3x
* LTM Revenue Multiple provided
Note: Dry powder numbers include cash and cash equivalents, as well as short term investments, as of 30 September 2022
Source: Accel Analysis, Qatalyst, Pitchbook, Capital IQ
$5.5B 8.8x
MARKET SNAPSHOT
+
19
Record $230B cloud venture funding since 2020 - Unicorns
taking the lion’s share…
TOTAL CAPITAL RAISED IN US, EU & IL SAAS SINCE 2020
($B)
~$230B
~360 total
Unicorns in
US / EU / IL
~54% of SaaS
funding
absorbed by
unicorns
SELECT EU/IL UNICORNS
~$345M per
Unicorn on
average
~125B in
Unicorn
funding since
2020
MARKET SNAPSHOT
Source: Accel Analysis, Dealroom, Pitchbook, Crunchbase
20
EU & IL – LARGEST SAAS RECIPIENTS OF FUNDING SINCE 2020 USA – LARGEST SAAS RECIPIENTS OF FUNDING SINCE 2020
…raising billions of capital since 2020
$1.6B
$1.3B
$1.3B
$1.0B
$2.0B
$1.0B
$1.8B
$1.2B
$1.2B
$0.9B
$2.6B
$1.2B
Note: Unicorns founded before 2005 are excluded
Source: Accel Analysis, Dealroom, Pitchbook, Crunchbase
MARKET SNAPSHOT
21
Concentration of capital with unicorns consistent across US,
Europe and Israel
TOTAL CAPITAL RAISED IN US SAAS SINCE 2020
($B)
TOTAL CAPITAL RAISED IN EU/IL SAAS SINCE 2020
($B)
~55% of Capital raised
absorbed by Unicorns
~54% of Capital raised
absorbed by Unicorns
Note: Funding figures as of September 30, 2022
Source: Accel Analysis, Pitchbook, Dealroom
MARKET SNAPSHOT
22
EUROPE & ISRAEL – LARGEST PRIVATE ROUNDS LTM UNITED STATES – LARGEST PRIVATE ROUNDS LTM
Last 12 months still showing large rounds happening…
Note: Unicorns founded before 2005 are excluded
Source: Accel Analysis, Dealroom, Pitchbook, Crunchbase
$1.0B
$0.6B
$0.6B
$1.0B
$0.6B
$1.2B
$0.5B
$1.3B
$0.4B
MARKET SNAPSHOT
$0.6B
$0.9B
$0.7B
23
…and increase in average round size across all stages…
2022
Avg Seed for US, EU, IL SaaS Companies Avg Series A for US, EU, IL SaaS Companies Avg Series B for US, EU, IL SaaS Companies
Note: Funding figures as of September 30, 2022
Source: Accel Analysis, Dealroom
EU/IL US
MARKET SNAPSHOT
$1m
$2m
$1m
$1m
$2m
$2m
$2m
$2m
$2m
$1m
$2m
$4m
2017 2018 2019 2020 2021
$7m
$10m
$12m
$12m
$13m
$13m
$8m
$7m
$14m
$16m
$17m
$21m
2022
2017 2018 2019 2020 2021
$21m
$21m
$27m $28m
$24m
$18m
$21m
$39m
$36m
$43m
$40m
2022
2017 2018 2019 2020 2021
$21m
24
…but venture financing eventually dropping sharply in Q3 after
record quarters
TOTAL CAPITAL RAISED IN SAAS
($B)
Note: Funding figures as of September 30, 2022
Source: Accel Analysis, Dealroom
TOTAL CAPITAL RAISED BY QUARTER (EU, ISRAEL, & US)
($B)
$xb $xb
-42%
-12%
EU/IL US
83.7
73.9
MARKET SNAPSHOT
25
TOTAL VENTURE CAPITAL RAISED IN SAAS
Decline in EU/IL funding consistent with US decline
EU/IL US
Similar decline across US
and EU/IL funding: -40%
and -42% QoQ respectively
Note: Funding figures as of September 30, 2022
Source: Accel Analysis, Dealroom
MARKET SNAPSHOT
26
Unicorn creation back at pre-COVID levels
LTM NEW UNICORNS CREATION
COVID
First Lockdown
NEW UNICORNS OVER TIME
EU/IL
US
Notes: Excluding Factorial (Q4 Unicorn)
Source: Accel Analysis, CB Insights, Dealroom, Pitchbook
MARKET SNAPSHOT
Current
27
Recent EU/IL SaaS unicorns highlighting diversity
of EU ecosystem
SELECTED NEW RoE UNICORNS
2022 NEW UNICORNS
TOTAL # OF EU/IL SAAS UNICORNS
Note: Unicorns from October 2022 added to the total despite being in Q4 2022
Source: Accel Analysis, CB Insights, Dealroom, Pitchbook, Public Information
ISRAEL
FRANCE
NORDICS
REST OF
EUROPE
UK
32
NORDICS
GERMANY
FRANCE
REST OF
EUROPE
ISRAEL
UK
GERMANY
33
122
MARKET SNAPSHOT
2022
28
28
PART 1
Market Snapshot
PART 2
Europe & Israel
Unicorn Health Check
PART 3
Accel 2022 Euroscape
PART 4
What’s Next?
AGENDA
29
122 Europe and Israel Cloud Unicorns
$10B+
$5B+
$2.5B+
$1B+
122 COMPANIES
$44B RAISED SINCE JAN 2020
Source: Accel Analysis, Public Information
EUROPE AND ISRAEL CLOUD UNICORNS
HEALTH CHECK
Added in last
12 months
30
~50% with less than $100m of ARR
Median
PIC
$1.5b
$1.3b $2.6b $2.1b $3.0b $3.8b
$260m $295m $500m $450m $525m $400m
Sources: Accel Analysis, Dealroom, Pitchbook, CB Insights
Median Valuation
HEALTH CHECK
EU/IL UNICORNS BY ARR BAND
31
ARR multiples at last round valuation ranging from 8x to 50x
EV / ARR MULTIPLE OF EU/IL UNICORNS BY ARR BAND*
*Calculated by dividing the median valuation for the group by the mid-point of ARR band (e.g. $25M ARR for $0-50M band)
Sources: Accel Analysis, Dealroom, Pitchbook, CB Insights
HEALTH CHECK
32
Framework - Example for Unicorns with ARR $0-50M
Description
Median valuation of companies in the $0-50M ARR bracket
Assumed ARR multiple at next round, based on normalized market multiple
Calculated as a Unicorn’s current valuation divided by ARR multiple (e.g., $1.25B / 10x = $125M)
Incremental ARR for Unicorn to grow into its valuation; E.g., if a Unicorn has $25M in ARR when it
raised capital at $1B valuation then the ARR grap is $75M assuming 10x ARR multiple
The burn multiple is equal to ‘net burn / net new ARR’; To have a burn multiple of 1.4 means for every
$1M of net new ARR, the company burned $1.4M
‘Net burn / net new ARR’ to double valuation at the next round
Current paid-in capital minus estimated capital burned to-date (1/3rd) also assuming $50M buffer
ahead of next round
Assumed ARR of companies in the $0-50M ARR bracket
Sources: Accel Analysis, Dealroom, Pitchbook, CB Insights
Metrics
$1.25B
10x
$25M
$125M
$100M
$123M
1.2x
0.5x
Valuation
ARR Multiple
(Next Round)
ARR Required for
‘Flat Round’
ARR Gap
Burn Multiple for
‘Flat Round’
Burn Multiple for
2X mark-up
Estimated Cash
Balance
Current ARR
HEALTH CHECK
33
Prediction - Flat rounds likely, up rounds challenging
$0 - 50M
$1.25B
$50 - 100M $100 - 150M $150 - 200M $200 - 250M
10x
$25M
$125M
$100M
$123M
1.2x
0.5x
$1.50B
10x
$75M
$150M
$75M
$147M
2.0x
0.7x
$2.62B
10x
$125M
$262M
$137M
$283M
2.1x
0.7x
$2.13B
10x
$175M
$213M
$38M
$250M
6.7x
1.0x
$3.00B
10x
$225M
$300M
$75M
$300M
4.0x
0.8x
Sources: Accel Analysis, Dealroom, Pitchbook, CB Insights
Valuation
ARR Multiple
(Next Round)
ARR Required for
‘Flat Round’
ARR Gap
Burn Multiple for
‘Flat Round’
Burn Multiple for
2X mark-up
Estimated Cash
Balance
Current ARR
HEALTH CHECK
Likely
Challenging
Not so
easy
34
34
PART 1
Market Snapshot
PART 2
Europe & Israel
Unicorn Health Check
PART 3
Accel 2022 Euroscape
PART 4
What’s Next?
AGENDA
35
2,200+
EU & ISRAEL BORN SAAS COMPANIES
2022 EUROSCAPE
2022 Accel Euroscape
WHO? HOW?
25+
COUNTRIES
▪ Market attractiveness
▪ Competitive differentiation
▪ Product
▪ Team strength
▪ Momentum (ARR, FTEs)
▪ Customer feedback
36
2022 EUROSCAPE
2022 Accel Euroscape Top 100 EU & Israel cloud companies with revenues above
$1m and valued at less than $1bn
E-COMMERCE /
MARKETING
PRODUCTIVITY /
COLLABORATION
FINANCE / HR /
LEGAL
COMPLIANCE
BLOCKCHAIN /
CRYPTO
DATA / BI /
ANALYTICS
AUTOMATION
PAYMENTS /
BANKING INFRA
DEVELOPERS /
INFRASTRUCTURE
SALES / SUPPORT
SECURITY
VERTICAL SAAS
37
2022 Accel Euroscape: At a glance
~20,000
Employees
$8.0B
Total Funding
20
Countries
$19.5M
Avg. Series A
Funding
$80M
Average
Funding
115%
LTM FTE
Growth
Note: Funding figures as of September 30, 2022
Source: Accel Analysis, CB Insights, Dealroom, Pitchbook
2022 EUROSCAPE
38
Euroscape winners raised $8B
– Finance/HR/Legal category leading the pack
$M
$8.0B
TOTAL RAISED
Note: Funding figures as of September 30, 2022
Source: Accel Analysis, CB Insights, Dealroom, Pitchbook
FUNDING BY CATEGORY
2022 EUROSCAPE
39
Most winners founded 4-5 years ago…
Median = 5 years
(same as 2021)
YEARS FROM FOUNDING
# of companies
2022
2021
2022 EUROSCAPE
Source: Accel Analysis, Linkedin, Pitchbook, Dealroom, Crunchbase, Company data
40
… with less than 200 FTEs and less then $100M raised
# OF EMPLOYEES
Source: Accel Analysis, Linkedin, Pitchbook, Dealroom, Crunchbase, Company data
CAPITAL RAISED ($)
Number of companies by category
Median = $39m
2022
2021
2022 EUROSCAPE
41
2022 Accel Euroscape: Customer centric
Score & Review Growth
G2 Average Score
G2 Average Review Growth
+35%
+134%
Note: Only Top 10 categories highlighted for G2 scoring
Source: Accel Analysis, G2
Score by Category
2022 EUROSCAPE
42
42
PART 1
Market Snapshot
PART 2
Europe & Israel
Unicorn Health Check
PART 3
Accel 2022 Euroscape
PART 4
What’s Next?
AGENDA
43
WHAT’S NEXT
What’s Next?
PROLIFERATION OF
EMBEDDED FINANCE
RISE OF THE DEVELOPER DRIVEN
DATA STACK
CLOUD SECURITY TURNING TO
THE APPS & DATA LAYERS
INFRASTRUCTURE AND TOOLING
FOR THE HYBRID WORKFORCE
PERSONALIZED COMMERCE
BECOMING A REALITY
WEB3/CRYPTO DEVELOPER, DATA AND
SECURITY TOOLING LEVELLING UP
44
Cloud security turning to the app & data layers
▪ With the ongoing migration to the cloud in full swing and only
around 40% complete, securing the cloud remains a top priority for
companies
▪ Following heavy investments in cloud infra security (e.g. CSPM,
CIEM) and identity solutions, CISOs are turning their focus to
securing the development pipeline, apps and their data landscape
across multiple platforms
▪ Emergence of solutions capable of classifying and remediating
sensitive data at cloud scale
Source: Gartner
GARTNER SURVEY – SECURITY REMAINS THE TOP MID / ENTERPRISE PRIORITY
Values represent CIO / IT Leader survey responses in terms of active IT projects in these categories
WHAT’S NEXT
45
Infrastructure and tooling for the Hybrid Workforce
AVAILABILITY OF REMOTE-WORK OPTIONS IN THE US,
% OF EMPLOYED RESPONDENTS 1
▪ Post pandemic world increasingly requires collaboration tools that
can adapt to the increasingly hybrid nature of remote work
▪ With remote / hybrid work becoming the new standard, companies
are increasingly faced with complex and challenging compliance
and legal issues
▪ Key labor shortages in critical areas driving greater need to
maximise effective use of internal talent
▪ AI unleashing new generation of internal talent marketplaces
and platforms
NOT OFFERED
REMOTE WORK
OPPORTUNITIES 2
OFFERED REMOTE
WORK ON A
FULL-TIME BASIS
OFFERED REMOTE
WORK PART-TIME
OR ON OCCASION
Notes: 1. N=13,896, 2. includes respondents who answered “I don’t know” (1%)
Source: Public Information, Accel Analysis, McKinsey
WHAT’S NEXT
46
Personalized commerce becoming a reality
Source: Charles
▪ Commerce platforms’ move to cloud-native, API-driven headless
architectures unlocks new customer journeys and customisation
▪ Consumers are looking for more personalized experiences, with
merchants needing scalable new channels & automation to
engage and sell
▪ Emergence of conversational and social commerce platforms in
the US and Europe, following major adoption in Asia and LatAm
EMERGENCE OF CONVERSATIONAL COMMERCE GAINS MOMENTUM
WHAT’S NEXT
47
▪ Companies will increasingly adopt embedded finance within
their offerings to improve their unit economics, build deeper
customer relationships and stay competitive
▪ Proliferation of Open Banking platforms has democratized
access to data that was historically limited to financial institutions
making it easier than ever to underwrite risk / understand the
customer
▪ Infrastructure tooling has matured and now targets non-fintechs -
effectively lowering barriers to development
Proliferation of embedded finance
Source: Public Information, Accel Analysis, Bain & Bain Capital
Payments Lending Banking
B2C BNPL
Account
Issuing
B2B POS Lending Card Issuing
Business
Mortgages
Insurance
B2C
B2B
MARKET SEGMENTATION
WHAT’S NEXT
48
Source: Public Information, Accel Analysis, Gartner
Rise of the developer driven data stack
GARTNER PREDICTIONS – DATA INFRASTRUCTURE
▪ Evolution in cloud data infrastructure is underpinning multiple
growth categories, from data-driven B2C products to enterprise ML
▪ Data teams are borrowing best practices from software
development and are demanding new tools for reliability,
versioning and governance
▪ Data infrastructure stack is transitioning from ‘top-down’ legacy
tools to developer-centric solutions for data engineers and analysts
“By 2023, 60% of organizations will compose components from
three or more analytics solutions to build business applications
infused with analytics that connect insights to actions.”
“Through 2024, 50% of organizations will adopt modern data quality
solutions to better support their digital business initiatives.”
“Through 2025, 80% of organizations seeking to scale digital
business will fail because they do not take a modern approach to
data and analytics governance.”
WHAT’S NEXT
49
Web3 / crypto developer, data and security tooling levelling
up
THOUGHT LEADERS EMERGING ACROSS THE WEB3 STACK
▪ The recent bull run stoked significant innovation in the picks &
shovels for Web3
▪ The quality of tooling is catching up with expectations and
usage, with thought leaders emerging across the stack
▪ Similar to the 2018-20 crypto winter, Web3 developer activity
appears robust despite falling token prices
▪ Web3 security software is becoming increasingly sophisticated
and battle-tested
▪ Europe and Israel remain well-positioned as Web3 innovation
hubs
Security
Data & analytics
Development
Infrastructure
WHAT’S NEXT
50
Thank you!
51
APPENDIX
List of companies in Accel Euroscape indices

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2022 Accel Euroscape

  • 2. 2 Legal Disclosures This document has been prepared by Accel Partners Management LLP (“Accel”). Accel is a limited liability partnership incorporated in England and Wales with registered number OC303424, having its registered office at 1 New Burlington Place, London, W1S 2HR. Accel is authorised and regulated by the Financial Conduct Authority with registration number 222503. This document is not directed at and should not be distributed, published, or used in any jurisdiction where such distribution, publication, or use would be unlawful. This document is provided for information purposes only and does not constitute an offer, or a solicitation or recommendation, to purchase or sell any security, investment product or service. This document forms part of a presentation to persons who have been invited to attend such presentation and must be read and considered in the context of that presentation only. This document is the property of Accel and is addressed to its recipients exclusively and confidentially for their personal use. It may not be reproduced (in whole or in part), transmitted, modified, or used for any other purpose without Accel’s prior written permission. This document does not contain personalised recommendations or advice, is not intended to endorse or recommend a particular course of action or to be construed or relied on as investment, legal, business, accounting, tax or other professional advice. It does not substitute professional advice on investment in financial products. As such, before entering into any transaction, investors should consider carefully the suitability of a transaction to their particular circumstances and, where necessary, obtain independent professional advice in respect of risks, as well as any legal, regulatory, credit, tax, and accounting consequences. All information used in this document has been obtained from sources believed to reliable as at their date of publication, but accuracy cannot be guaranteed. No representation or warranties are given or implied with respect to information contained in this document and no reliance should be placed on the contents of this document.
  • 3. 3 INTRODUCTION Global Euroscape cloud index down by $1.6T AVERAGE FORWARD REVENUE MULTIPLE AVERAGE FORWARD GROWTH RATE * Selection of US, EU and Israeli public companies in the index listed in appendix Note: Change from September 24, 2021 to September 30, 2022, Selection of US, Europe and Israeli cloud companies. Source: Accel Analysis, Capital IQ -$1.5T GLOBAL EUROSCAPE INDEX MARKET CAPITALIZATION
  • 4. 4 EV / NTM REVENUE MULTIPLE EVOLUTION INTRODUCTION SaaS multiples below 10-year Pre-COVID average Source: Accel Analysis, Capital IQ 18.2x COVID peak 6.1x 10 yr Pre-COVID Average 5.7x Sep-2022
  • 5. 5 INTRODUCTION No one is immune: Software & cloud giants lost ~35% of their market cap… Note: Represents cloud companies above $100bn in market cap as of September 30, 2022. Giants represent companies with market cap as of September 30, 2022 above $100bn. Source: Capital IQ 2022 Shopify $33 10-40% Decrease 40-60% Decrease 70%+ Decrease MARKET CAP OF SOFTWARE & CLOUD COMPANIES VALUED ABOVE $100B IN LAST YEAR’S EUROSCAPE (SEP 2022) $327 $100 $181 $34 $121 PayPal Block $132 $76 $96 $167 $280 $144 $128 $297 Adobe Salesforce SAP ServiceNow $1,763 2021 $246 $165 $158 $109 $123 $107 Microsoft Oracle Intuit IBM $2,250 2022 2021 2022 2021
  • 6. 6 CHANGE IN VALUE BY SECTOR OVER LAST YEAR INTRODUCTION …and all sectors impacted Note: Selection of US, Europe and Israeli cloud companies. Logos displayed represent largest LTM market cap % declines for companies with >$10B market cap in last year’s report. Source: Accel Analysis, Capital IQ
  • 7. 7 Priorities shifting towards profitability Source: Accel Analysis, Capital IQ INTRODUCTION TOP 10 HIGHEST MULTIPLE SAAS COMPANIES
  • 8. 8 IT spend transition to the cloud (% of of addressable spend) Strong secular trends despite the reset Spending on digital transformation ($T) USDC Market Cap ($B) Source: Gartner, Gartner, IDC, CoinMarketCap, SHIFT TO THE CLOUD DIGITAL TRANSFORMATION CRYPTO Spending on cyber security & risk ($B) CYBER SECURITY INTRODUCTION
  • 9. 9 INTRODUCTION We love SaaS globally 20+ IPOs $8B+ INVESTED 350+ COMPANIES 60+ UNICORNS ACCEL CLOUD UNICORN MAP
  • 10. 10 10 PART 1 Market Snapshot PART 2 Europe & Israel Unicorn Health Check PART 3 Accel 2022 Euroscape PART 4 What’s Next? AGENDA
  • 11. 11 Global Euroscape Index back to pre-COVID levels despite 50+ companies added to the Index Note: Selection of US, Europe and Israeli cloud companies. Companies that comprise the Accel Euroscape indices are listed in the appendix. Source: Accel Analysis, Capital IQ 69 companies 9.0x NTM Revenue 122 companies 5.7x NTM Revenue EUROSCAPE INDEX PERFORMANCE OVER TIME MARKET SNAPSHOT
  • 12. 12 Have we overcorrected? Note: Selection of US, Europe and Israeli cloud companies. Companies that comprise the Accel Euroscape indices are listed in the appendix. Cloud growth rates are most recent quarter (YoY, c/c) Source: Accel Analysis, Company Filings, Capital IQ EUROSCAPE INDEX PERFORMANCE OVER TIME c.30% historical CAGR implying $800B value gap c.30% CAGR in line with cloud infrastructure Implied Multiple: c.9x Value gap: $800B Cloud growth rate : 33% : 46% : 36% MARKET SNAPSHOT
  • 13. 13 Trigger: Rising inflation driving interest rates up 10 YEAR US TREASURY YIELD INFLATION (CPI), YOY Source: Accel Analysis, Capital IQ Forecast MARKET SNAPSHOT
  • 14. 14 Source: Pitchbook, Clouded Judgement, Accel Analysis Macro softening putting pressure on growth rates and accelerating decline SAAS COMPANY QUARTERLY RESULTS VS. CONSENSUS ESTIMATES ESTIMATE MISSES HAVE COME ACROSS SAAS CATEGORIES MARKET SNAPSHOT
  • 15. 15 Rule of 40 calculated as the sum of most recent quarter revenue growth (YoY) and LTM FCF margin. Note: Each dot represents a public SaaS company in the Accel Euroscape index. Source: Accel Analysis, Capital IQ Multiple contraction less severe for ‘Rule of 40’ companies MARKET SNAPSHOT Divided by 3.5x Divided by 2.2x
  • 16. 16 IPO window closed after a record year Source: Accel Analysis, Capital IQ, Qatalyst SAAS IPO VALUE BY YEAR ($B) MARKET SNAPSHOT
  • 17. 17 M&A frenzy fueled by low valuations and take-privates… AGGREGATE SOFTWARE M&A VALUE FOR LARGE DEALS ($B) *Unaffected premium indicates premium based on day prior to transaction announcement or of day prior to rumors of a potential transaction Source: Accel Analysis, Capital IQ, Qatalyst Software acquisitions with $500M+ enterprise value 2022 TAKE PRIVATES ($B) 9x NTM Revenue Multiple 33% Median Share Price Premium vs. Last Unaffected Day* MARKET SNAPSHOT
  • 18. 18 M&A momentum expected to last with c.$770B of cash on the sidelines $440B from strategic software acquirers $330B dry powder from private equity software acquirers CASH AND CASH EQUIVALENTS (As of most recent public balance sheets) SELECTED M&A OVER LAST YEAR ~$770B Represents c. 2/3 of $1.2T value of Euroscape Index Target Enterprise Value Acquirer(s) $22.3B $17.0B $10.1B $9.8B $8.3B $6.9B NTM Revenue Multiple 48.8x 8.9x* 12.8x 5.4x 9.1x 13.3x * LTM Revenue Multiple provided Note: Dry powder numbers include cash and cash equivalents, as well as short term investments, as of 30 September 2022 Source: Accel Analysis, Qatalyst, Pitchbook, Capital IQ $5.5B 8.8x MARKET SNAPSHOT +
  • 19. 19 Record $230B cloud venture funding since 2020 - Unicorns taking the lion’s share… TOTAL CAPITAL RAISED IN US, EU & IL SAAS SINCE 2020 ($B) ~$230B ~360 total Unicorns in US / EU / IL ~54% of SaaS funding absorbed by unicorns SELECT EU/IL UNICORNS ~$345M per Unicorn on average ~125B in Unicorn funding since 2020 MARKET SNAPSHOT Source: Accel Analysis, Dealroom, Pitchbook, Crunchbase
  • 20. 20 EU & IL – LARGEST SAAS RECIPIENTS OF FUNDING SINCE 2020 USA – LARGEST SAAS RECIPIENTS OF FUNDING SINCE 2020 …raising billions of capital since 2020 $1.6B $1.3B $1.3B $1.0B $2.0B $1.0B $1.8B $1.2B $1.2B $0.9B $2.6B $1.2B Note: Unicorns founded before 2005 are excluded Source: Accel Analysis, Dealroom, Pitchbook, Crunchbase MARKET SNAPSHOT
  • 21. 21 Concentration of capital with unicorns consistent across US, Europe and Israel TOTAL CAPITAL RAISED IN US SAAS SINCE 2020 ($B) TOTAL CAPITAL RAISED IN EU/IL SAAS SINCE 2020 ($B) ~55% of Capital raised absorbed by Unicorns ~54% of Capital raised absorbed by Unicorns Note: Funding figures as of September 30, 2022 Source: Accel Analysis, Pitchbook, Dealroom MARKET SNAPSHOT
  • 22. 22 EUROPE & ISRAEL – LARGEST PRIVATE ROUNDS LTM UNITED STATES – LARGEST PRIVATE ROUNDS LTM Last 12 months still showing large rounds happening… Note: Unicorns founded before 2005 are excluded Source: Accel Analysis, Dealroom, Pitchbook, Crunchbase $1.0B $0.6B $0.6B $1.0B $0.6B $1.2B $0.5B $1.3B $0.4B MARKET SNAPSHOT $0.6B $0.9B $0.7B
  • 23. 23 …and increase in average round size across all stages… 2022 Avg Seed for US, EU, IL SaaS Companies Avg Series A for US, EU, IL SaaS Companies Avg Series B for US, EU, IL SaaS Companies Note: Funding figures as of September 30, 2022 Source: Accel Analysis, Dealroom EU/IL US MARKET SNAPSHOT $1m $2m $1m $1m $2m $2m $2m $2m $2m $1m $2m $4m 2017 2018 2019 2020 2021 $7m $10m $12m $12m $13m $13m $8m $7m $14m $16m $17m $21m 2022 2017 2018 2019 2020 2021 $21m $21m $27m $28m $24m $18m $21m $39m $36m $43m $40m 2022 2017 2018 2019 2020 2021 $21m
  • 24. 24 …but venture financing eventually dropping sharply in Q3 after record quarters TOTAL CAPITAL RAISED IN SAAS ($B) Note: Funding figures as of September 30, 2022 Source: Accel Analysis, Dealroom TOTAL CAPITAL RAISED BY QUARTER (EU, ISRAEL, & US) ($B) $xb $xb -42% -12% EU/IL US 83.7 73.9 MARKET SNAPSHOT
  • 25. 25 TOTAL VENTURE CAPITAL RAISED IN SAAS Decline in EU/IL funding consistent with US decline EU/IL US Similar decline across US and EU/IL funding: -40% and -42% QoQ respectively Note: Funding figures as of September 30, 2022 Source: Accel Analysis, Dealroom MARKET SNAPSHOT
  • 26. 26 Unicorn creation back at pre-COVID levels LTM NEW UNICORNS CREATION COVID First Lockdown NEW UNICORNS OVER TIME EU/IL US Notes: Excluding Factorial (Q4 Unicorn) Source: Accel Analysis, CB Insights, Dealroom, Pitchbook MARKET SNAPSHOT Current
  • 27. 27 Recent EU/IL SaaS unicorns highlighting diversity of EU ecosystem SELECTED NEW RoE UNICORNS 2022 NEW UNICORNS TOTAL # OF EU/IL SAAS UNICORNS Note: Unicorns from October 2022 added to the total despite being in Q4 2022 Source: Accel Analysis, CB Insights, Dealroom, Pitchbook, Public Information ISRAEL FRANCE NORDICS REST OF EUROPE UK 32 NORDICS GERMANY FRANCE REST OF EUROPE ISRAEL UK GERMANY 33 122 MARKET SNAPSHOT 2022
  • 28. 28 28 PART 1 Market Snapshot PART 2 Europe & Israel Unicorn Health Check PART 3 Accel 2022 Euroscape PART 4 What’s Next? AGENDA
  • 29. 29 122 Europe and Israel Cloud Unicorns $10B+ $5B+ $2.5B+ $1B+ 122 COMPANIES $44B RAISED SINCE JAN 2020 Source: Accel Analysis, Public Information EUROPE AND ISRAEL CLOUD UNICORNS HEALTH CHECK Added in last 12 months
  • 30. 30 ~50% with less than $100m of ARR Median PIC $1.5b $1.3b $2.6b $2.1b $3.0b $3.8b $260m $295m $500m $450m $525m $400m Sources: Accel Analysis, Dealroom, Pitchbook, CB Insights Median Valuation HEALTH CHECK EU/IL UNICORNS BY ARR BAND
  • 31. 31 ARR multiples at last round valuation ranging from 8x to 50x EV / ARR MULTIPLE OF EU/IL UNICORNS BY ARR BAND* *Calculated by dividing the median valuation for the group by the mid-point of ARR band (e.g. $25M ARR for $0-50M band) Sources: Accel Analysis, Dealroom, Pitchbook, CB Insights HEALTH CHECK
  • 32. 32 Framework - Example for Unicorns with ARR $0-50M Description Median valuation of companies in the $0-50M ARR bracket Assumed ARR multiple at next round, based on normalized market multiple Calculated as a Unicorn’s current valuation divided by ARR multiple (e.g., $1.25B / 10x = $125M) Incremental ARR for Unicorn to grow into its valuation; E.g., if a Unicorn has $25M in ARR when it raised capital at $1B valuation then the ARR grap is $75M assuming 10x ARR multiple The burn multiple is equal to ‘net burn / net new ARR’; To have a burn multiple of 1.4 means for every $1M of net new ARR, the company burned $1.4M ‘Net burn / net new ARR’ to double valuation at the next round Current paid-in capital minus estimated capital burned to-date (1/3rd) also assuming $50M buffer ahead of next round Assumed ARR of companies in the $0-50M ARR bracket Sources: Accel Analysis, Dealroom, Pitchbook, CB Insights Metrics $1.25B 10x $25M $125M $100M $123M 1.2x 0.5x Valuation ARR Multiple (Next Round) ARR Required for ‘Flat Round’ ARR Gap Burn Multiple for ‘Flat Round’ Burn Multiple for 2X mark-up Estimated Cash Balance Current ARR HEALTH CHECK
  • 33. 33 Prediction - Flat rounds likely, up rounds challenging $0 - 50M $1.25B $50 - 100M $100 - 150M $150 - 200M $200 - 250M 10x $25M $125M $100M $123M 1.2x 0.5x $1.50B 10x $75M $150M $75M $147M 2.0x 0.7x $2.62B 10x $125M $262M $137M $283M 2.1x 0.7x $2.13B 10x $175M $213M $38M $250M 6.7x 1.0x $3.00B 10x $225M $300M $75M $300M 4.0x 0.8x Sources: Accel Analysis, Dealroom, Pitchbook, CB Insights Valuation ARR Multiple (Next Round) ARR Required for ‘Flat Round’ ARR Gap Burn Multiple for ‘Flat Round’ Burn Multiple for 2X mark-up Estimated Cash Balance Current ARR HEALTH CHECK Likely Challenging Not so easy
  • 34. 34 34 PART 1 Market Snapshot PART 2 Europe & Israel Unicorn Health Check PART 3 Accel 2022 Euroscape PART 4 What’s Next? AGENDA
  • 35. 35 2,200+ EU & ISRAEL BORN SAAS COMPANIES 2022 EUROSCAPE 2022 Accel Euroscape WHO? HOW? 25+ COUNTRIES ▪ Market attractiveness ▪ Competitive differentiation ▪ Product ▪ Team strength ▪ Momentum (ARR, FTEs) ▪ Customer feedback
  • 36. 36 2022 EUROSCAPE 2022 Accel Euroscape Top 100 EU & Israel cloud companies with revenues above $1m and valued at less than $1bn E-COMMERCE / MARKETING PRODUCTIVITY / COLLABORATION FINANCE / HR / LEGAL COMPLIANCE BLOCKCHAIN / CRYPTO DATA / BI / ANALYTICS AUTOMATION PAYMENTS / BANKING INFRA DEVELOPERS / INFRASTRUCTURE SALES / SUPPORT SECURITY VERTICAL SAAS
  • 37. 37 2022 Accel Euroscape: At a glance ~20,000 Employees $8.0B Total Funding 20 Countries $19.5M Avg. Series A Funding $80M Average Funding 115% LTM FTE Growth Note: Funding figures as of September 30, 2022 Source: Accel Analysis, CB Insights, Dealroom, Pitchbook 2022 EUROSCAPE
  • 38. 38 Euroscape winners raised $8B – Finance/HR/Legal category leading the pack $M $8.0B TOTAL RAISED Note: Funding figures as of September 30, 2022 Source: Accel Analysis, CB Insights, Dealroom, Pitchbook FUNDING BY CATEGORY 2022 EUROSCAPE
  • 39. 39 Most winners founded 4-5 years ago… Median = 5 years (same as 2021) YEARS FROM FOUNDING # of companies 2022 2021 2022 EUROSCAPE Source: Accel Analysis, Linkedin, Pitchbook, Dealroom, Crunchbase, Company data
  • 40. 40 … with less than 200 FTEs and less then $100M raised # OF EMPLOYEES Source: Accel Analysis, Linkedin, Pitchbook, Dealroom, Crunchbase, Company data CAPITAL RAISED ($) Number of companies by category Median = $39m 2022 2021 2022 EUROSCAPE
  • 41. 41 2022 Accel Euroscape: Customer centric Score & Review Growth G2 Average Score G2 Average Review Growth +35% +134% Note: Only Top 10 categories highlighted for G2 scoring Source: Accel Analysis, G2 Score by Category 2022 EUROSCAPE
  • 42. 42 42 PART 1 Market Snapshot PART 2 Europe & Israel Unicorn Health Check PART 3 Accel 2022 Euroscape PART 4 What’s Next? AGENDA
  • 43. 43 WHAT’S NEXT What’s Next? PROLIFERATION OF EMBEDDED FINANCE RISE OF THE DEVELOPER DRIVEN DATA STACK CLOUD SECURITY TURNING TO THE APPS & DATA LAYERS INFRASTRUCTURE AND TOOLING FOR THE HYBRID WORKFORCE PERSONALIZED COMMERCE BECOMING A REALITY WEB3/CRYPTO DEVELOPER, DATA AND SECURITY TOOLING LEVELLING UP
  • 44. 44 Cloud security turning to the app & data layers ▪ With the ongoing migration to the cloud in full swing and only around 40% complete, securing the cloud remains a top priority for companies ▪ Following heavy investments in cloud infra security (e.g. CSPM, CIEM) and identity solutions, CISOs are turning their focus to securing the development pipeline, apps and their data landscape across multiple platforms ▪ Emergence of solutions capable of classifying and remediating sensitive data at cloud scale Source: Gartner GARTNER SURVEY – SECURITY REMAINS THE TOP MID / ENTERPRISE PRIORITY Values represent CIO / IT Leader survey responses in terms of active IT projects in these categories WHAT’S NEXT
  • 45. 45 Infrastructure and tooling for the Hybrid Workforce AVAILABILITY OF REMOTE-WORK OPTIONS IN THE US, % OF EMPLOYED RESPONDENTS 1 ▪ Post pandemic world increasingly requires collaboration tools that can adapt to the increasingly hybrid nature of remote work ▪ With remote / hybrid work becoming the new standard, companies are increasingly faced with complex and challenging compliance and legal issues ▪ Key labor shortages in critical areas driving greater need to maximise effective use of internal talent ▪ AI unleashing new generation of internal talent marketplaces and platforms NOT OFFERED REMOTE WORK OPPORTUNITIES 2 OFFERED REMOTE WORK ON A FULL-TIME BASIS OFFERED REMOTE WORK PART-TIME OR ON OCCASION Notes: 1. N=13,896, 2. includes respondents who answered “I don’t know” (1%) Source: Public Information, Accel Analysis, McKinsey WHAT’S NEXT
  • 46. 46 Personalized commerce becoming a reality Source: Charles ▪ Commerce platforms’ move to cloud-native, API-driven headless architectures unlocks new customer journeys and customisation ▪ Consumers are looking for more personalized experiences, with merchants needing scalable new channels & automation to engage and sell ▪ Emergence of conversational and social commerce platforms in the US and Europe, following major adoption in Asia and LatAm EMERGENCE OF CONVERSATIONAL COMMERCE GAINS MOMENTUM WHAT’S NEXT
  • 47. 47 ▪ Companies will increasingly adopt embedded finance within their offerings to improve their unit economics, build deeper customer relationships and stay competitive ▪ Proliferation of Open Banking platforms has democratized access to data that was historically limited to financial institutions making it easier than ever to underwrite risk / understand the customer ▪ Infrastructure tooling has matured and now targets non-fintechs - effectively lowering barriers to development Proliferation of embedded finance Source: Public Information, Accel Analysis, Bain & Bain Capital Payments Lending Banking B2C BNPL Account Issuing B2B POS Lending Card Issuing Business Mortgages Insurance B2C B2B MARKET SEGMENTATION WHAT’S NEXT
  • 48. 48 Source: Public Information, Accel Analysis, Gartner Rise of the developer driven data stack GARTNER PREDICTIONS – DATA INFRASTRUCTURE ▪ Evolution in cloud data infrastructure is underpinning multiple growth categories, from data-driven B2C products to enterprise ML ▪ Data teams are borrowing best practices from software development and are demanding new tools for reliability, versioning and governance ▪ Data infrastructure stack is transitioning from ‘top-down’ legacy tools to developer-centric solutions for data engineers and analysts “By 2023, 60% of organizations will compose components from three or more analytics solutions to build business applications infused with analytics that connect insights to actions.” “Through 2024, 50% of organizations will adopt modern data quality solutions to better support their digital business initiatives.” “Through 2025, 80% of organizations seeking to scale digital business will fail because they do not take a modern approach to data and analytics governance.” WHAT’S NEXT
  • 49. 49 Web3 / crypto developer, data and security tooling levelling up THOUGHT LEADERS EMERGING ACROSS THE WEB3 STACK ▪ The recent bull run stoked significant innovation in the picks & shovels for Web3 ▪ The quality of tooling is catching up with expectations and usage, with thought leaders emerging across the stack ▪ Similar to the 2018-20 crypto winter, Web3 developer activity appears robust despite falling token prices ▪ Web3 security software is becoming increasingly sophisticated and battle-tested ▪ Europe and Israel remain well-positioned as Web3 innovation hubs Security Data & analytics Development Infrastructure WHAT’S NEXT
  • 51. 51 APPENDIX List of companies in Accel Euroscape indices