We would like to share a report where we show the state of the tech ecosystem in Europe as of end of Q3 2018. As described, the European tech ecosystem has continued scaling, consolidating the funding level observed in 2017.

1. Excellence in Business
The Case for VC and the
Opportunity in Europe
2018

2. Current state of European Tech Ecosystem1
2

3. In the past years, Europe has produced an unprecedent amount
of new Tech Giants
 Since 2014, the amount of equity raised has grown over 7x, resulting in 2.3x increase in number of
$1bn+ companies and birth of 5 new European $10bn+ Tech Giants. Tech Giants are flourishing all over
the Pan-European region.
3
30 $89bn $3bn 0
68 $20bn 5
5,0
5,9
6,9
7,4
8,1
8,2
8,7
10,2
15,3
29,5
20142018
$1bn+
companies
Cumulative
valuation
Equity
raised
$10bn+
companies
European Tech Ecosystem had a major
growth spur in the past 4 years
Europe’s leading Tech Giants by Valuation
($bn)
Sources: GP Bullhound Titans of Tech report, Capital IQ, Mergermarket, CrunchbBase, press releases.
$236bn
2.3x Growth 2.7x Growth 7.1x Growth
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4. 4
European Tech funding is showing an exponential growth
pattern
 Tech Funding in Europe reached €25bn in 2017 (42% CAGR since 2012); and YoY 17-18 is 12% ahead of
last year record tech funding.
Sources: TechEU Report, Dealroom.
(1) Refers to the period of January to October 2018.
(2) Rest of Europe (including Turkey).
588
431
246
216
176 171
120 120
541
5,2
3,1
2,8
2,1
1,1
0,8 0,8
0,4
3,2
4,3
5,5
10,1
14,6
16,4
25
20
1.309
1.874
2.213
2.647
3.456
3.397
2.609
2012 2013 2014 2015 2016 2017 2018
YTD
Amount # of Deals
Tech Funding by Year
(€bn, # Deals)
Tech Funding by Country 2018 YTD
(€bn)
Tech Funding by Country 2018 YTD
(# Deals)CAGR
2012-17
21%
(2) (2)
42%
3,3 2,9 4,6 5,5 4,7 7,4
Average Deal Size (€m)
18%7,5
(1)
• UK leads the European VC market, and countries such as France, Germany and Sweden have gained momentum and are now relevant on
a global scale, with very successful investment cases (such as Spotify and iZettle in Sweden, Delivery Hero and Auto1 in Germany and Sigfox
and Deezer in France)
• Israel remains as a major player (especially in software, cybersecurity and deeptech) with the highest VC funding per capita in the world
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5. 6,0
3,9
3,2
2,1
1,2 1,1 1,0 0,9 0,9
592
405
551
218
196
114
148
101
206
Life Sciences Fintech Enterprise
Software
Transportation Energy Home Security Travel Marketing
Funding (€bn) # Deals
Life
Sciences
Life Sciences and Fintech are consistently proving to be the most
dynamic verticals in Europe
 Europe is a major global player in life sciences sector and recently had achieve great success in other
verticals such as Fintech and Enterprise Software.
5
Funding by Vertical Jan-Sep 2018
(€bn, # Deals)
10,1 9,6 5,8 9,6 6,1 4,4
Average Deal Size (€m)
9,6 8,9
• Europe has generated many success stories in both med and health tech. One recent example is Orchard Therapeutics which held an IPO in October
2018 with a $1.2bn valuation (only 3 years after it was founded).
• Fintech growth is expected to remain strong in the coming years, as we are still in early stages of financial services innovation (specially in B2B).
Adyen´s IPO in June 2018 at a $14.7bn valuation or iZettle’s recent acquisition for $2.2bn by Paypall have already shown the potential of European Fintech.
Source: Dealroom Q3 2018 Report.
6,8
Funding by Business Model Jan-Sep 18
(€bn, # Deals)
7,1
4,8
3,7
2,5
2,1
1.131
617
339
164 192
SaaS Manufacturing Marketplace Mobile App eCommerce
6,3
Average Deal Size (€m)
7,8 10,9 15,2 10,9
Fintech Enterprise
Software
Transport Energy Home Security Travel Marketing SaaS Manu-
facturing
Marketplace Mobile
App
Ecommerce
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6. VC-backed exit level in Europe is increasing steadily and has
reached € 97bn in year 2018
6
Exits in 2018 Value at Exit
Music Steaming Service $26.5bn
Leading next generation global payments
company
€7.1bn
Online luxury retail platform $5.8bn
Global Internet retailing partner for leading
fashion & design brands
$5.0bn
The leading operator in the UK's online betting
and gaming market $4.7bn
Development of Nanobodies, proprietary
therapeutic proteins
€3.9bn
Property website for the British residential
market
£2.2bn
Threat detection and anti-virus software €2.4bn
Mobile payments company $2.2bn
Peer-to-peer business loans £1.5bn
Cumulative value of VC-backed exits
(€bn)
Top 10 European exits of 2018
 In 2018, Europe is showing an extremely strong exit pattern, largely due to Mega-IPOs such as Spotify’s
$9.2bn and Adyen’s $950m offerings.
Source: Dealroom.
(1) As of November 10th, 2018.
5,7
13,3
25,5
30,6
8,5
65,5
90,3
96,6
0
20
40
60
80
100
120
Q1 Q2 Q3 Q4
2017 2018
(1)
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7. 29,2
27,7
11,3
5,2
5,0
4,6
4,0
2,2
Sweden
UK
Netherlands
Israel
Italy
France
Belgium
Germany
7
The strong level of exits is observed all around the Pan-
European region
 As it is shown, the success of European tech companies is not limited to a single country, but rather
reflects the current capability of many European countries to produce successful investment cases
Source: Dealroom.
(1) Includes Acquisitions and IPOs.
(2) Non-exhaustive list.
Exits of VC-backed companies by Country Jan-Oct 2018(1)
(€bn, # of exits)
Country Total Exit Amount (€bn) # of Exits
19
61
13
26
8
29
7
28
Avg. Exit
Size (€bn)
1.5
0.5
0.9
0.2
0.6
0.2
0.6
0.1
Examples(2)
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8. Despite the great success observed in the last years, Europe is
still well behind US in terms of funding and fire-power
 In the US, the fundraising level in 2018 is 3x higher than in Europe and the resulting financing in Europe
is still 4.7x lower than in the US.
8
0
5
10
15
20
25
30
35
40
45
2010 2011 2012 2013 2014 2015 2016 2017 2018*
Europe US
European and US venture fundraising
($bn)
European and US venture financing
($bn)
0
10
20
30
40
50
60
70
80
90
2010 2011 2012 2013 2014 2015 2016 2017 2018*
Europe US
Sources: KPMG, PitchBook.
(1) Includes Israel.
(*) As of September 30th, 2018.
(1) (1)
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9. 0
1
2
3
4
5
6
7
8
9
10
2010 2011 2012 2013 2014 2015 2016
US Europe
0
5
10
15
20
25
30
35
40
45
50
2010 2011 2012 2013 2014 2015 2016
US Europe
The Life Sciences sector is a clear example of the current
opportunity in Europe: similar amount of patents are produced
but funding is significantly lower
 The mismatch in the amount of patens generated in the EU in relation to the amount raised by funds
enables European funds to enter deals at better valuations.
9
Sources: EY, World Intellectual Property Database, IATI report 2018, OECD.
Life sciences related patents by region
(# of patents)
Amount raised by funds in life sciences by
region
(€bn)
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10. The VC Opportunity Is in Europe2
10

11. 17
19
1
2
11
Europe is the largest developed and integrated market
 Europe is the largest developed and integrated market and the best positioned for technology
development due to its impressive size in terms of GDP, Internet Users and Smartphone Users.
321
510
1
2
Population
(Millions of people)
176
228
1
2
Smartphone Users
(Millions of people)
GDP
(PPP, $tr)
Internet users
(Millions of people)
279
405
1
2
Europe is the Largest Developed Market(1)
Sources: World Bank, Atomico.
(1) Europe includes EU, Switzerland and Israel.
Benefits of an Integrated Market
Free Capital Movement
Unrestricted Commerce
Unique Regulatory
Environment
Strong Investor Protection
Pan-European Financial
Institutions
Cost-Effective Advantages
1
2
3
4
5
6
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12. 12
European society has shifted towards Entrepreneurship
 Europe has acquired a strong Entrepreneurial Mindset with a great acceptance of entrepreneurship as a
career path and a high rate of repeat founders with a greater acquired experience.
Evolution of Entrepreneurs by Geography
(Percentage of Entrepreneurs over Working Age Population)
Sources: Atomico Survey.
(1) Total Entrepreneurial Activity –Global Entrepreneurship Monitor 2002 - 2016
of Students think that Entrepreneurship is a valid
career path
79%
85%
of Students are optimistic or think that European
Tech Ecosystem is going to remain about the same
82%
Entrepreneurship is Taught in the Best Universities
5%
7%
10%
6% 6%
7%
5%
6% 6%
5%
5%
8%
2002 2009 2016
Eastern Nordic Southern Western
Acceptance Rate between women, 2% more than in
men
Average 5% 6% 8%
• European Entrepreneurship has almost multiplied by 2x in
the last years, reaching about 8% of working age population
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13. 1,1
9,7
0,5
4,5
Graduates Per Annum Graduates Last 10 Years
There is an unparalleled engineering and science talent pool in
Europe
 Europe has an unprecedented ecosystem of talent that has been backed by world-class academic
institutions, which are currently producing significantly more talented professionals, focused on the tech
industry, than the US.
13
5 of World’s Top 10 Computer Science Institutions
are European
c. 5m
Sources: Atomico, Eurostat.
Developers By Hub
71.497
9.990
27.333
40.538
15.915
9.586
11.346
22.944
83.262
London
Lisbon
Madrid
Paris
Berlin
Oslo
Stockholm
Istanbul
San Francisco
Science, Technology, Engineering and Mathematics
(“STEM”) Graduates
c.
0.5m
Global Rank Institution Location
1 ETH Zurich
3 Oxford Oxford
7 Imperial College London
8 EPF Lausanne
9 TU Munich Munich208.429
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14. Results
1.311
308
265
240
229
179
134
118
78
GreenTech & Transport
Energy Efficiency
Education & Support
Agriculture & Food
HealthTech
ICT
DeepTech
General Innovation
Security & Public Services
And public institutions will continue supporting Entrepreneurship
14
 European Union Programs represent only c. 10% of Public Investment in Europe. The Union will keep
supporting entrepreneurship in Europe, as it has done historically, fueling many successful businesses.
Source: European Commission
Europe 2020 Initiative is Fueling Entrepreneurship Post-2020 Europe Investment Plan
Total 2016
Allocation to SMEs
through innovation
programmes
€2.9bn
2020 2027
Horizon 2020 Funding by Topic in 2016
(In €m) High Quality
Proposals Funded
Expected Impact in
the European
Economy
Research &
Innovation
Investment Long-
Term Objective
€80bn of Public Investments €120bn in Public Investments2014
• Focused on Entrepreneurship and Innovation, Horizon 2020 is
“Europe 2020 Initiative” flagship program to support SMEs
Exemplary Program within “Europe 2020”
Achieve a 33% of proposals
funded
(vs. current 20%)
€400bn by 2030
3% of the EU’s GDP,
compared to the current 2%
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15. European VC industry has been built over the past 20 years,
with stable teams capable of exploiting the opportunity
 VC teams in Europe have developed a solid experience of c. 10 years proving their ability to select the
best investment opportunities given that they have been through several economic cycles and
understand the challenges involved in the sourcing and selection of the best alternatives.
15
Currently Active European VC Firms by Founding Period
European VC Funds with +10 Years of Experience(1)
5%
16%
25%
31%
22%
1990 - 1994 1995 - 1990 2000 - 2004 2005 - 2009 2010 - 2015
c. 80% of the European VC industry already
has more than 10 years of experience
Source: Invest Europe.
(1) Non-exhaustive list.
Founding Period
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16. Not surprisingly, Europe is one of the largest global tech hubs
 Europe has been able to develop some of the most powerful tech hubs globally.
Sources: CBInsigts, PwC, Mind the Bride.
16
France
• Paris: Media, advertising, e-
commerce, sharing economy, AI
• Lyon: ICT
13
Netherlands
• Amsterdam: ICT / Life Sciences
• Eindhoven: Green Tech and
software
6
Belgium
• Antwerp: Life Sciences
• Brussels: Life Sciences
7
Switzerland
• Zurich: Medtech and pharma /
life sciences
• Geneva: Life Sciences
8Spain
• Barcelona: Mobile Telecom, E-
Comerce, Gaming & Software
• Madrid: ICT, Finance
14
Austria
• Vienna: ICT, Life Sciences
9
1 2
3
4
17
6
7
13 8
14
15
9
12
16
11
10
5
Estonia
• Tallinn: Software
10Portugal
• Lisbon: ICT, Software
11Italy
• Milan: Finance, ICT
12
Finland
• Helsinki: Mobile telecoms,
gaming, open source
2 Denmark
• Copenhagen: Life sciences, ICT
3 Germany
• Berlin: ICT / Life Sciences
• Munich: Hardware, software
• Rhein: IT
4
• Istanbul: ICT, Deeptech, Fintech
Turkey5Sweden
• Stockholm: Telecoms, Software
1
UK and Ireland
• Cambridge: Biotech, wireless
• Dublin: Medtech, hardware
• London: Consumer, finance
15
Poland
• Warsaw: Software, Big Data,
16
• Tel Aviv: Mobile, Telecom,
Healthcare, Security and
Software
Israel17
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17. 17
Able to build extremely successful tech companies
 Some of the most successful startups globally have been developed within the European VC landscape
and each year a greater number of European companies achieve this condition, continuing a clear growth
trend.
Sources: CB Insights, Crunchbase and GP Bullhound Research.
European Extremely Successful Cases Evolution up to 2018
(Number of companies with a valuation over $1bn)
7
45
111
Up to 2010 Up to 2014 Up to 2018
mobli
+38
+66
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18. That are providing superior returns to European VCs and
outperforming the US since 2012
18
Sources: “Global Private Equity and Venture Capital” 2018, Preqin; NVCA; EVCA; Northzone Ventures and IMF.
“Cambridge Report for 6/30/17”
20,2 19,7
80
25
United States EuropeSize of the Economy (GDP in $tr)
VC Investments during 2017 (in $bn)
• Economies of the US and Europe are similar in size but
VC investment in Europe is only 26% of that in the US.
There is significant room for growth in VC in Europe
United States Europe
Room
for
growth
0%
5%
10%
15%
20%
25%
30%
1 year 3 year 5 year 10 year 15 year 20 year
Europe Developed VC Index (€) US VC Index ($)
• European VC market is now outperforming the
US since the Financial Crisis on a 1yr, 3yr and
5yr basis
Pooled Median IRR VC Index Economic Size Vs. Amount of VC Investments
 The European tech ecosystem has mature and it is currently attracting 6x more capital than in 2012.
However it is still deeply underfunded in comparison to US (3.5x less amount invested in 2017).
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Reforma 505 Piso
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SEVILLE
Fernández de Rivera, 32
41005, Seville
Tel: +34 671548201
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Buyukdere Cad. No.
255. Nurol Plaza B.0434450
Maslak, Istanbul, Turkey
Tel: +90 212 277 70 47
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