Europas DFJ Esprit background

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Europas 2014
Global Venture, Local Capital
European Technology Investors

2. PRIVATE AND CONFIDENTIAL – DO NOT DISTRIBUTE
Highlights
2013 was a busy year for DFJ Esprit
MTT Neul Horizon
 22 deals in 2013, Top 3 most active later stage
 7 news deals – Sweden, Denmark, Ireland x2, Finland x2, Austria
 Lyst – Balderton/Accel upround, 6x growth forecast
 Graze – 110k in 3 months in US launch, upping forecasts
 $514m sale of Kana
 Only UK Nasdaq IPO – Oxford Immunotec $390m Market Cap.
 4 portfolio in Future50 IPO list – Horizon first out next week
 Hired Gil Dibner from Index, promoted Scott Sage, Won VC of the year
 DFJ network spin out – join board
Graze
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Innovation Creates Opportunity
Major innovations in last ~10-15 years
 Broadband
 Wireless comms: Bluetooth/Wifi
 Ubiquitous email
 Touch interfaces
 Electronic Ink
 TV over internet
 Cybersecurity
 Internet ads and commerce / The Long Tail
 Electric cars
 Wind farms / solar farms
 Smartphone/apps
 Social Networks / Social Comms
DFJE / DFJ Network Companies
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4. PRIVATE AND CONFIDENTIAL – DO NOT DISTRIBUTE
Innovation Never Stops Creating Opportunity
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Major innovations in next ~10-15 years
 Internet of things: 50 bn devices
 Social curated E-commerce: The Long Nose
 Social enterprise
 Personalised Medicine / Wellness
 Cyberwarfare
 Cloud / Realtime / Big data
 End to end digital advertising / commerce
 Software defined networks
 Robots / AI / Cars / Vision
 3D printers / DNA printers
 Quantum / Post Moores law computing
 Next Generation Space Industry
 ???
DFJE / DFJ Network Companies

5. PRIVATE AND CONFIDENTIAL – DO NOT DISTRIBUTE5
Entrepreneur
Networks:
Growth Technology
Companies in Europe
Invested
Capital
Our Investor Networks:
LP, Governments, Corps &
Angels
Exit networks
Global M&A buyersGlobal
DFJ Network
Primary
Team Angel
Team Secondary
Team
High IRR Returns
Our Business: Connecting Networks
Growth
Developing
Opportunities

6. PRIVATE AND CONFIDENTIAL – DO NOT DISTRIBUTE
Number of Small (< $ 5M) vs. Mid/late stage (> $ 5M) VC Deals – USA and Europe
USA
Seed / small
Mid/late stage
Europe
Creating Opportunities in Europe
(it’s the follow-on, stupid)
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7. PRIVATE AND CONFIDENTIAL – DO NOT DISTRIBUTE
Established
Regional leaders
Pan-European
Brand names
The size of the bubble represents approximately
total funds the firm has under management for
Western Europe.
US VCs investing
in Europe 1-2 deals
o Sequoia
o KPCB
o Bessemer
o Foundation
o DAG
o IVP
o Greylock
o Battery
o Insight
o And others
NB: Excluding corporate, CleanTech & Life Science funds
Scandinavia Benelux Spain France Germany/Swiss UK/Ireland
Accel Europe
Incl. Israel & Russia
Balderton
Mangrove
Northzone
Ventures
Earlybird
DFJ
ESPRIT
Verdane
Index Ventures
Incl. US/Israel
SEP
DN
Prime
Kennet
Incl. US
Partech
Sunstone
Innovacom
Atomico
(Global)
Creandum Notion
IDinvest
Iris Highland
EuropeHoltzsbrink
DawnNauta
Omnes
Capital
European Venture Community:
A handful of larger funds can focus on $5m+ gap
Seventure
Innovation
Capital
Auriga/
Ventech
Edrip/
Banexi
7
Sofinova
X-Ange
GIMV
Octopus
Imperial
innovations
Wellington

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2013 >$5m deals (VentureSource) including follow-ons announced
No Investor Deals Companies
1 Index Ventures 14
Elasticsearch B.V., Far-Fetch.com Ltd., Funding cirle Ltd, Gensight Biologics SA, MetaPack Ltd., Mind-NRG SA, MyOptique Group Ltd., Navabi GmbH,
NumberFour AG, OncoEthix SA, Touchtype Ltd., TransferWise Ltd., XO1 Ltd., Trustpilot
2 DFJ Esprit LLP 9 M-Files Oy, Movidius, Neul Ltd., Sportpursuit, XMOS Ltd., ZBD Displays, Aveillant, Trustpilot, Lyst
2 Sofinnova Partners 9
Green Biologics Ltd., Hookipa Biotech AG, McPhy Energy SA, MedDay SAS, Mission therapeutics Ltd., ObsEva SA, Pixium Vision SA, Auris Medical AG,
Crescendo Biologics Ltd., Crocus Technology SA
2 Ventech SA 9
JH Group SA, Shopmium SAS, Vestiaire Collective SA, Withings SAS, ActogeniX NV, Ad Valem Technologies SAS, BonitaSoft SA, Covagen AG, Crocus
Technology SA
3 IDInvest Partners 8 Vestiaire collective, Withings, Crocus Technology, Gential SA, Grand Cru OY, PathoQuest SAS, Plumbee, STAT- Diagnostica & Innovation SL
3 Omnes Capital 8 Complix NV, Cooltech Applications, EyeTech Care, Futuris SpA, Gecko Biomedical SAS, Opsona Therapeutics, Pixium Vision, Supersonic Imagine
4 EdRIP (Rothschild) 7 OncoEthix SA, SuperSonic Imagine SA, Allecra Therapeutics GmbH, Complix NV, Covagen AG, Genticel SA, Jenavalve Technology GmbH
4 Wellington Partners 7 SuperSonic Imagine, EyeEm Mobile, Genticel SA, Hailo Network, Immatics Biotechnologies, LeanWorks, Middle Peak Medical
4 Accel partners 7 Touchtype, Calastone, Shopmium, Friendly Fashion, Hailo Network, Funding Circle, Lyst
5 Gimv NV 6 ActoGeniX NV, Complix NV, Covagen AG, JenaValve Technology, Multiplicon NV, PlanetVeo/Prestige Voyages
5 Iris Capital 6 iMediapp SAS, Mister-Auto SAS, Netatmo SAS, PlanetVeo/Prestige Voyages, rebuy reCommerce, DelfMems
5 Seventure Partners 6 Middle Peak Medical, Navali GmbH, Recommerce Solutions, STUDITEMPS, Advanced accelerator Applications, EndoControl
5 Xange Private Equity 6 Mister Spex, Mobile’S Republic, mysportgroup, NovaWatt, STUDITEMPS, Compario
5 Balderton 6 GoCardless, Vestaire Collective, Worldstores, MBA Polymers, Abiquo, Lyst
6 Forbion Capital Partners 5 UniQure, Allecra Therapeutics, Curetis, Dezima Pharma, Hookipa Biotech
6 Imperial Innovations 5 Crescendo Biologics, Econic Technologies, Mission Therapeutics, Plaxica, Pulmocide
6 Octopus Ventures 5 Kabbee Exchange, Leanworks, Touchtype, Amplience, Calastone
DFJE in top 10 most active later stage VCs
($5m+ deals, primary and secondary follow-ons)
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CurrentInvestments
Enterprise
Software
Digital Media &
Internet
Hardware &
Electronics
NextGen Telecom
& Mobile
Health and
Wellness
PreviousExits
(IPO)
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* Fund 3 deal
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Well Balanced Portfolio
Cross Stage, Industry & Geography
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(IPO)

10. PRIVATE AND CONFIDENTIAL – DO NOT DISTRIBUTE10
Secondaries: 9 portfolio Deals, 140+ Companies
August 2004
Acquisition of WestLB AG
European venture portfolio
19 companies3
December 2005
Acquisition of Siemens AG
wireless venture portfolio2
19 companies 3
February 2006
Acquisition of a UK
Technology venture portfolio
4 companies 3
Undisclosed
March 2006
Spinout of Cazenove
European venture portfolio
35 companies
£80,000,000
April 2006
Acquisition of Viventures 2
venture portfolio
14 companies 3
March 2008
Acquisition of
The Prelude Trust
14 companies
Public to Private
£50,000,000
May 2008
Acquisition of venture assets
From BNP-Paribas
3 companies3
September 2009
Acquisition of 3i
European venture portfolio
22 companies
£170,000,000
April 2012
Acquisition of Top
Technology venture assets
8 companies3
1 On 1 Jan 2012, DFJ Esprit and Tempo Capital
Partners joined forces to create DFJ Esprit
Secondaries
2 Co-advisors: smac partners GmbH
3 Consideration undisclosed
Tempo
Capital 1
DFJ Esprit 1DFJ Esprit
Secondaries

11. PRIVATE AND CONFIDENTIAL – DO NOT DISTRIBUTE
For further information please contact:
Simon Cook – CEO , DFJ Esprit
Tel: +44 207 931 8800
DFJ Esprit LLP
www.dfjesprit.com
14 Buckingham Gate
London, SW1E 6LB
United Kingdom
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