The EY French Venture Capital Barometer identifies financing operations in equity of companies in their creation phase or during their first years after creation, from 1st of January to 31st of December 2015, published before the 14th of January 2016.
EY French Venture Capital Barometer - 1st semester 2016EY
The EY French Venture Capital Barometer surveys equity financing deals for start-ups and early-stage businesses, announced prior to July 25 2016, with a deal date from January 1 to June 30 2016.
White Star Capital Germany Venture Capital Landscape 2020JeandeLencquesaing
We are pleased to publish the second edition of our German Venture Capital report and hope you will enjoy reading it. 2019 was a year where Germany has really played to its strengths and cemented its position as one of the European leaders in tech venture capital, and we are more excited than ever about the development of this ecosystem.
Our report unpacks the current progress and outlook for the German ecosystem using our ecosystem model to highlight Germany’s unique positioning in an increasingly global playing field for startups.
So what did we find?
- Germany had a record year in VC reaching $5.7bn in funding with 49% yoy growth, the second best funded country in Europe
- Germany leverages its global industrial leadership to retain its place as the top destination for European mobility VC investment in 2019, reaching $1.3bn in funding, representing 26% of total funding. Its corporate strengths also drive investments in fintech and B2B software, representing 23% and 20% of total funding, respectively.
- Corporate Venture Capital plays a key role and participates in 58% of the total funding, the highest level worldwide. Next47 (Siemens), IFB Hamburg, Bosch are some of the most active German CVCs. As LPs (investors in VCs), corporates represent 28% of total German VC funds raised, the highest level in Europe, further boosting the local ecosystem
In addition to sharing our excitement about Germany and expressing our belief that the ecosystem is stronger than ever we look at robust business networks, the continued government support via entities such as KfW and the vibrant founder community.
White Star Capital has made landmark investments in Germany and seen many of the findings play out with our portfolio companies. Tier has raised Series B in 2019 led by international investors such as Mubadala, Goodwater and ourselves, while Clark has benefited from a large domestic market for insurance.
EY French Venture Capital Barometer - 1st semester 2016EY
The EY French Venture Capital Barometer surveys equity financing deals for start-ups and early-stage businesses, announced prior to July 25 2016, with a deal date from January 1 to June 30 2016.
White Star Capital Germany Venture Capital Landscape 2020JeandeLencquesaing
We are pleased to publish the second edition of our German Venture Capital report and hope you will enjoy reading it. 2019 was a year where Germany has really played to its strengths and cemented its position as one of the European leaders in tech venture capital, and we are more excited than ever about the development of this ecosystem.
Our report unpacks the current progress and outlook for the German ecosystem using our ecosystem model to highlight Germany’s unique positioning in an increasingly global playing field for startups.
So what did we find?
- Germany had a record year in VC reaching $5.7bn in funding with 49% yoy growth, the second best funded country in Europe
- Germany leverages its global industrial leadership to retain its place as the top destination for European mobility VC investment in 2019, reaching $1.3bn in funding, representing 26% of total funding. Its corporate strengths also drive investments in fintech and B2B software, representing 23% and 20% of total funding, respectively.
- Corporate Venture Capital plays a key role and participates in 58% of the total funding, the highest level worldwide. Next47 (Siemens), IFB Hamburg, Bosch are some of the most active German CVCs. As LPs (investors in VCs), corporates represent 28% of total German VC funds raised, the highest level in Europe, further boosting the local ecosystem
In addition to sharing our excitement about Germany and expressing our belief that the ecosystem is stronger than ever we look at robust business networks, the continued government support via entities such as KfW and the vibrant founder community.
White Star Capital has made landmark investments in Germany and seen many of the findings play out with our portfolio companies. Tier has raised Series B in 2019 led by international investors such as Mubadala, Goodwater and ourselves, while Clark has benefited from a large domestic market for insurance.
The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bull...CAR FOR YOU
The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bulletin provides a summary of corporate finance activity among emerging European TMT companies:
Investments, i.e. Venture Capital (VC) and Private Equity (PE) financings, including growth equity, financing rounds with single secondaries components (recapitalisations); and
M&A Transactions where the sellers are VC and PE-backed European companies, including all majority transactions with no new investment going into the business (e.g. acquisitions, Management Buyouts (MBOs) and other buyouts).
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.
Export For Growth guide from Miller Rosenfalck & UKTIStuart Miller
This guide outlines the point you need to consider before venturing into international business. And it tells you where to go for help and guidance. As we are a law firm, it is perhaps no surprise that we urge all exporters to seek proper legal advice. But exporting does not usually start with legal issues – rather, with an opportunity! And then with research such as this.
European Investment Fund, Invest Europe : Data-driven insights about VC-backe...Amalist Client Services
EUR 51bn in nearly 9000 Venture Capital-invested firms in 2007-15 : analyse their characteristics as well as subsequent performance.
VC cannot change the business reality where some firms make it while others cannot, but it can be the deciding factor in a start-up’s road to success. venture capital may not be that impactful for low growth companies.
December 2019
Italia Startup - Linee Guida del Programma Associativo 2015-18Italia Startup
Italia Startup vi presenta le Linee Guida del Programma Associativo 2015-18 presentate dal nuovo Presidente Marco Bicocchi Pichi.
Potete inviare suggerimenti e proposte a segreteria@italiastartup.it
INDEFI has just published the most comprehensive analysis of the French institutional market capturing the investment behaviour of close to 100% of the French institutional market. It clearly shows a trend towards more risk taking and third party outsourcing, including the use of non-domestic asset managers.
Investment management industry expert, combining strategic and leadership skills. Change agent experienced in conceptualising strategic direction and lining up people to achieve set objectives.
Specialties: business development and sales strategy and implementation, client and account management, business management, people management.
Broadridge's annual review of the European funds industry provides 20 pages packed with sales and assets data on activity in different markets, as well as a look at which groups and products prospered in 2015. The report includes unique data on cross-border activity, as well as commentary on various issues that impact the industry over the near term and long term.
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 - 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!
English rules
- Finance
- Science and technology
- Universities
- Advertising
- Computing
- Publishing industry
- Entertainment
- International organisations
- International transportation
- Interpreting and translation
Structured Investing In An Unstructured WorldRobert Davis
Structured Investing is based on 80+ years of financial market data, Nobel Prize-winning economic research, and in-depth studies of investor psychology and behavior.
The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bull...CAR FOR YOU
The Go4Venture Advisers’ European Venture & Growth Equity Market Monthly Bulletin provides a summary of corporate finance activity among emerging European TMT companies:
Investments, i.e. Venture Capital (VC) and Private Equity (PE) financings, including growth equity, financing rounds with single secondaries components (recapitalisations); and
M&A Transactions where the sellers are VC and PE-backed European companies, including all majority transactions with no new investment going into the business (e.g. acquisitions, Management Buyouts (MBOs) and other buyouts).
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.
Export For Growth guide from Miller Rosenfalck & UKTIStuart Miller
This guide outlines the point you need to consider before venturing into international business. And it tells you where to go for help and guidance. As we are a law firm, it is perhaps no surprise that we urge all exporters to seek proper legal advice. But exporting does not usually start with legal issues – rather, with an opportunity! And then with research such as this.
European Investment Fund, Invest Europe : Data-driven insights about VC-backe...Amalist Client Services
EUR 51bn in nearly 9000 Venture Capital-invested firms in 2007-15 : analyse their characteristics as well as subsequent performance.
VC cannot change the business reality where some firms make it while others cannot, but it can be the deciding factor in a start-up’s road to success. venture capital may not be that impactful for low growth companies.
December 2019
Italia Startup - Linee Guida del Programma Associativo 2015-18Italia Startup
Italia Startup vi presenta le Linee Guida del Programma Associativo 2015-18 presentate dal nuovo Presidente Marco Bicocchi Pichi.
Potete inviare suggerimenti e proposte a segreteria@italiastartup.it
INDEFI has just published the most comprehensive analysis of the French institutional market capturing the investment behaviour of close to 100% of the French institutional market. It clearly shows a trend towards more risk taking and third party outsourcing, including the use of non-domestic asset managers.
Investment management industry expert, combining strategic and leadership skills. Change agent experienced in conceptualising strategic direction and lining up people to achieve set objectives.
Specialties: business development and sales strategy and implementation, client and account management, business management, people management.
Broadridge's annual review of the European funds industry provides 20 pages packed with sales and assets data on activity in different markets, as well as a look at which groups and products prospered in 2015. The report includes unique data on cross-border activity, as well as commentary on various issues that impact the industry over the near term and long term.
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 - 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!
English rules
- Finance
- Science and technology
- Universities
- Advertising
- Computing
- Publishing industry
- Entertainment
- International organisations
- International transportation
- Interpreting and translation
Structured Investing In An Unstructured WorldRobert Davis
Structured Investing is based on 80+ years of financial market data, Nobel Prize-winning economic research, and in-depth studies of investor psychology and behavior.
OTCQX: The Clear Advantage -- Research StudySaskianna
OTC Markets Group commissioned strategic advisory firm Oxford Metrica to conduct an independent study examining the impact of trading on OTCQX, the top U.S. over-the-counter (“OTC”) market, in terms of share liquidity, bid-ask spreads, broker-dealer coverage, and investor perception.
The study evaluated all securities that traded on OTCQX for at least three months during the three years prior to October 31, 2015, a total of 397 primary securities with $1 trillion in combined market capitalization. Liquidity was analyzed for the six months prior to joining OTCQX compared with the subsequent six months.
IR 2.0 International Benchmark Study / University of LeipzigKristin Koehler
The cross-national IR 2.0 study conducted by the University of Leipzig / Department Communication Management in summer 2011 focused on company-owned investor relations websites as well as Twitter, Facebook, YouTube and SlideShare usage for IR purposes by the 150 largest companies listed in DAX, CAC, FTSE, DJIA and Nikkei. The content analysis revealed usage patterns and identified tools, topics, and intensity of use, dialogical approaches and functions. An engagement index offered the possibility for ranking lists within the indices as well as among the different countries. Additionally, the influence of industrial sectors or sales markets was tested.
Empirical study investigating how corporations in the United States, Germany, United Kingdom, France, and Japan use social media for financial communications, both on their own websites and on external platforms including mobile channels. Global benchmark of 190 companies including the 150 largest firms listed on DJIA (Dow Jones Industrial Average, USA), FTSE (Financial Times London Stock Exchange Index, UK), CAC (Cotation Assistée en Continu quarante, France), DAX (Deutscher Aktien-Index, Germany), NIKKEI (Nihon Keizai Shimbun Index, Japan), as well as the top 10 companies in regard to market cap, and the top 10 companies in regard to performance of the US mid- and small-cap indices Russell Midcap and Russell 2000. As the third annual study in a row, this research provides longitudinal data and in-depth analysis based on content analysis and statistical evaluation. Authors: Ansgar Zerfass and Kristin Koehler, University of Leipzig, Germany
While Europe might be a single market, it’s definitely not a single tech scene. That fact makes it difficult to feel the pulse of the European tech. But if you take a close look, you’ll quickly notice that there is interesting stuff happening in Europe
With this report we want to provide a comprehensive review of investment in startups and high-growth technology companies across 31 countries in Europe. Our aim is to provide data-driven guidance, insights and inspiration to stakeholders in the European scaleup ecosystem.
Go4Venture Bulletin - Venture & Growth Equity Market Report Europe, July 2014CAR FOR YOU
Go4Ventures Bulletin provides a summary of corporate finance activity among emerging European TMT companies:
- Investments, i.e. Venture Capital and Private Equity financings, including growth equity, financing rounds with single secondaries components (recapitalisations)
- M&A Transactions where the sellers are VC and PE-backed European companies, including all majority transactions with no new investment going into the business (e.g. acquisitions, Management Buyouts (MBOs) and other buyouts).
Go4Venture HTI Report: Tech Tour Growth 50 2017Go4Venture
Go4Venture has for many years been showcasing European Scaleups through the equity research platform (www.go4venture.com), which provides proprietary, curated research for investors. Through its Headline Transaction Index (HTI), Go4Venture delivers comprehensive analysis on all European funding rounds greater than €10 million.
In this report we have analysed the TTG50 2017 companies based on their Large (≥€10 million) HTI funding transactions in order to view these companies in the context of all European Scaleups achieving Large HTI rounds. See here -
http://go4venture.com/hti-report-ttg50-2017/
Final report of France Digitale - startups financing - web investors forumFrenchWeb.fr
Rapport (en anglais) rédigé par France Digitale sur demande de la Commission européenne au sujet du financement des start-ups en Europe et sur les pistes pour l'améliorer. Document publié en novembre 2014.
FinTech Forum turned two years old in July 2015, and true to our tradition we decided to celebrate with the growing community of startups who have presented at our events.
Last year this article was sufficient: http://www.fintechforum.de/fintech-forum-d-a-ch-turns-one/
This year, we had to reach out to nearly 100 startups who have presented so far at our five events. We asked them (like last year), what they have been up to (achievements) and how could we help them (wants).
The number of responses we got needed a yearbook – so here it is!
As before, if you are interested in talking to any of the startups, please feel free to reach out to the founders directly via LinkedIn or Xing, or drop us a line and we will be more than happy to make an introduction.
FinTech Forum Team
Next Station: Europe: How Europe´s tech startup ecosystems are evolvingAxon Partners Group
“Next Station: Europe” reflects our view about the current state of the European tech ecosystem as well as the great potential we still foresee for the upcoming years. Our optimism is supported by the data and analysis presented throughout the report along with the insights provided by key players of the tech European industry regarding different relevant topics covered in this document.
An overview of the European venture and growth financing market in Q1 2017 based on Go4Venture’s Headline Transactions Index (HTI) http://go4venture.com/q1-2017/
Boosting Digital Startup Financing in Europe by France Digitale France Digitale
France Digitale was contracted in 2013 to lead the investors’ pillar of the Startup Europe initiative called the Web Investors Forum. The work of the Web Investor’s Forum is focused on 7 EU countries: Germany, the United Kingdom, Spain, Italy, Portugal, Sweden, and France, with the following objectives:
• Draw an overview of the activity of the professional investment industry on a pan-European and local level;
• Pinpoint challenges faced by the industry that slow down the evolution of European funding landscape for funding and entrepreneurial growth;
• Showcase European best practices in the field of public policy and industry support;
• Propose an action plan to increase investment in the European Internet and mobile tech startups and grow that investment throughout Europe.
For the purpose of this mission, we travelled across Europe and interviewed over 40 General Partners and business angels in seven countries, and drew the following conclusions.
Tech Exit Transaction Multiples Europe 2018 EditionAxel M. Makangu
For a little over a year, not a week has passed without the announcement of a new acquisition of one of our European Tech gem. It is Zenly that is being acquired by the US giant Snapchat for €300m; it is Chauffeur-Privé that falls under the umbrella of the car manufacturer Daimler for €200m, or BIME absorbed by the American actor Zendesk.
But beyond these significant transctions, what is the real dynamics of M&A in Europe? How to understand the valuation models of young innovative companies? And who are the potential buyers?
To answer these questions, Avolta Partners has screened 2500 M&A transactions from 2015 to 2017 and publishes Tech Exit Transaction Multiples, a study on the valuation multiples of European startups.
Etude PwC "Cash for growth" sur le BFR (2014)PwC France
http://bit.ly/AmeliorationBFR
L’étude "Cash for growth" de PwC analyse les performances des entreprises sur l'optimisation de leur BFR. PwC a passé en revue les comptes de 7 368 entreprises à travers le monde, et calcule le montant total de cash qu'une efficacité accrue permettrait de libérer.
CFA Research Challenge 2019 - Report Team - GEM UnivesityGianluca Biancardi
In-depth valuation included market analysis, competitor evaluation, risk analysisand business modelling for the buy-side report of fashion French SMCP group
Similar to EY French Venture Capital Barometer - Annual results 2015 (20)
The theme for this quarter is momentum meets uncertainty. The upward trend in crude oil, natural gas, LNG and refined product prices that began in Q1 continued into Q2. Crude oil markets began the quarter just below $100/bbl and have closed below that level on only two days since late April. As we begin Q3, there are increasing concerns about the health of the global economy and how that might affect oil and gas demand.
Quarterly analyst themes of oil and gas earnings, Q1 2022EY
Financial questions continued to attract the most attention of the analyst community, with major focus on how companies will respond to the war in Ukraine, elevated commodity prices and improved cash flows. Strategic questions focused on how the changing geopolitical environment will affect capital allocation in the short and long term. Operationally, all eyes were on the capacity of companies to step up asset utilization and bring new projects to market quickly. Explore the latest EY quarterly analysts themes.
EY Price Point: global oil and gas market outlook, Q2 | April 2022EY
The theme for this quarter is rearrangement. The loss, or potential loss, of Russian oil and gas supplies is forcing producers, refiners and traders to rethink the flow of crude oil and refined products from the wellhead to the gas pump in light of sanctions, potential sanctions and the risk of reputational damage. Countries, companies and consumers will all be searching for ways to adapt, and the outcome of the race to bring alternatives to market could alter the global energy landscape for years to come.
It is likely crude oil and LNG prices will remain elevated for some time. The process of diverting Russian oil through countries unwilling to sanction it will take time and there is little indication OPEC members are willing (or able) to increase production to make up for the loss of Russian crude. Spare capacity sat at 3.7 mbpd at the end of 2021, just above where it was in January 2020. Currently, sanctioned Venezuelan and Iranian production (about 3 mbpd below their peak) could fill the gap, but political and commercial obstacles remain. At today’s prices, US shale production is attractive, but the fastest the industry has been able to grow is between 1mbpd and 2mbpd per year. The LNG infrastructure was already stretched before the war in Ukraine and there is little prosect of finding new supplies soon.
As the largest buyer of Russian energy, Europe will be the epicenter. There is a deeply embedded bias there in favor for renewable energy, and the current crisis is certain to result in an all-out effort to accelerate the build-out of wind and solar power. The capacity to add new green energy is limited though by the project pipeline and supply chains for solar panels and wind turbines, and it is likely that much of the shortfall will be made up with the new LNG infrastructure.
EY Price Point: global oil and gas market outlookEY
As the last quarter of the second pandemic year draws to a close, we continue to see heightened contrast
between the medical and economic points of view. While COVID-19 cases are close to their all-time highs, so
are equity prices, and a leading investment bank declared (on 2 December, 2021 after the Omicron outbreak in South Africa) that it was “optimistic about the possibility of a vibrant 2022.” When news of the variant hit in
late November, the markets were rocked by the prospect of yet another round of local mobility restrictions and
an interrupted return to normal international travel patterns, on top of the Biden Administration’s announced
release of 50 million barrels of crude from the US Strategic Petroleum Reserve. So far though, with OPEC
standing by its planned gradual return to normal production, oil prices have stabilized, albeit below where they
were in mid-November. Henry Hub prices, always at the mercy of the weather, responded predictably to a
warmer-than-normal early winter in the US, falling from US$6.60/MMBtu in early October to below
US$4.00/MMBtu by mid-December. In Europe and Asia, following a short reprieve at the start of the quarter,
piped natural gas prices have spiked again on concerns triggered by Russian troop buildups on the Ukraine
border and uncertainties surrounding the Nordstream 2 pipeline. Looking forward, OPEC and the U.S. Energy
Information Administration (EIA) in their last forecasts of the year both projected that 2022 oil demand would
be above what we saw in 2019. Although time will tell if those forecasts are realized and other events could
intervene, the response to new virus outbreaks is well-practiced and the trade-off between public health and
economic reality has tipped toward a cautiously optimistic view.
EY Price Point: global oil and gas market outlook, Q2 April 2021EY
The theme for this quarter is governed. Apparent market balance at prices that could be sustainable is the product of calculated choices by market leaders and the cooperation of those who follow them. Economics played their customary role as well, with capital scarcity in North America taking about 2 million barrels per day out of the market, about half of the remaining gap in demand. While inventories are close to their pre-COVID-19 levels, there is still uncertainty. The resolution of the pandemic is in sight, but timing is unclear. Vaccine distribution in the US is having an impact but Europe is struggling to contain a third wave of infections. The taps have opened on economic stimulus, but it remains to be seen if policymakers have done enough or if they have overshot the mark.
The shape of the crude oil forward curve has fundamentally changed since the end of the last quarter. In late December of last year, the Brent forward curve was gradually increasing while today, the curve is backwardated. This is a clear sign that the market sees a short-term dynamic that is disconnected from the medium-to-long-term fundamentals. The lasting impact of the COVID-19 pandemic remains to be seen. While many have opined that COVID-19 marks a turning point in energy transition, the IEA recently released a five-year forecast of oil demand that shows steady growth, albeit at rates that are below historical expectations.
Gas markets are a paradox. At the Henry Hub and at LNG destinations, demand grows, investment lags and prices will occasionally attract attention. Traders, so far though, are unconvinced and futures prices don’t indicate imminent scarcity at any link in the value chain.
EY Price Point: global oil and gas market outlookEY
We enter 2021 on a note of cautious optimism for global health, the world economy, and the oil and gas markets. The first weeks of December brought approval in the US and the UK of the first of several COVID-19 vaccines. The speed with which vaccine development occurred is unprecedented, but certainly welcome. In the weeks following the early November announcement of 90+% effectiveness by the manufacturer of the first approved vaccine, the price of WTI crude oil increased by US$10/bbl to US$48/bbl, the highest level since early March. Sustainability hasn’t returned yet, and whatever time it takes to get the world to normal, it will take even longer for normalization within the oil and gas markets. Inventories remain at historically high levels and, optimistically, it will take until April before inventory returns to levels observed in the preceding five years. That’s an estimate, and there has obviously been some difficulty properly calibrating the expectations of how balance will return and how long it will take. In late November, OPEC met to adjust its output plans because of the anemic rebound in demand. In mid-December, the IEA lowered its demand forecast for 2021 due mostly to continued sluggishness in aviation fuel demand.
A mild winter has interrupted a recovery in North American natural gas prices after a run-up motivated by curtailed capital expenditures, upstream activity and production. After an initial meltdown, with cargo cancellations and dramatic price reversal, LNG markets have made a remarkable comeback, and the spread between Asia and Henry Hub has reached a level we haven’t seen in almost three years. It may be the case that interruption in FIDs has brought us to the cusp of a balance that can support reliable returns.
EY Price Point: global oil and gas market outlook (Q4, October 2020)EY
Oil and gas prices have recovered steadily from their lows and are relatively stable, but that stability is supported by the combination of purposeful withholding of production by oil-producing countries and economic stress on upstream independents. Oil prices closed the quarter roughly where they started it, while refining spreads were down slightly. LNG spreads were substantially higher at the end of Q3 than they were at the beginning of the quarter but are still roughly half of what is generally thought of as sustainable.
Going forward, the market will be looking closely at how the economy and demand respond to new developments with respect to a potential COVID-19 vaccine and the US election.
EY Price Point: global oil and gas market outlookEY
As we close the second quarter of 2020, in most of Europe and Asia, the first (and hopefully last) wave of the COVID-19 crisis appears to be abating. In the parts of the US where the virus hit early, the profile has largely matched Europe’s, while in other parts, the urge to reopen businesses has trumped the desire to contain the virus and uncertainty looms. In the developing world, the crisis has just begun, but without the economic headroom and resources necessary to contain it. As the crisis unfolded, the effect on oil and gas demand has been predictable but difficult to gauge precisely and therefore difficult to manage.
Oil prices have crept up steadily as production has been curtailed through coordinated action (OPEC+) and because of economic reality (unconventional oil in North America). That trend has been subject to momentary spasms when bad news hit the market. It would be understandable if traders were nervous, and it seems that they are. Although nowhere near where it was at the peak of the crisis, option implied volatility is still at historically high levels. Gas markets, without the benefit of coordination on the supply side, continue to deal with the market implications of storage at or near capacity. Interfuel competition in power generation has always provided something of a floor, but those lows have been, and will continue to be, tested.
Zahl der Gewinnwarnungen steigt auf RekordniveauEY
Immer mehr deutsche börsennotierte Unternehmen müssen ihre eigenen Umsatz- oder Gewinnprognosen nach unten korrigieren. Im ersten Quartal stieg die Zahl der Prognosekorrekturen auf ein neues Rekordniveau: Insgesamt 77 Gewinn- oder Umsatzwarnungen wurden registriert.
Die Corona-Krise trifft auch die Versicherungsbranche mit voller Wucht. Die Versicherer rechnen mit weniger Neugeschäft. Jeder Fünfte mit Personalabbau und Prämienerhöhungen.
Liquidity for advanced manufacturing and automotive sectors in the face of Co...EY
With a global economy in crisis due to Covid-19 our liquidity and cash management deck for advanced manufacturing and
mobility companies looks at how these companies should best respond.
IBOR transition: Opportunities and challenges for the asset management industryEY
EY Wealth & Asset Management explores the practical implications and the way forward for the transition to the new risk-free rates. This presentation aims to help asset managers and asset owners explore IBOR transition strategies that are compliant and future-focused.
Fusionen und Übernahmen dürften nach der Krise zunehmenEY
Folgt auf die Corona-Krise ein M&A-Boom? Laut Capital Confidence Barometer von #EY hoffen 40 Prozent der deutschen Unternehmen auf sinkende Bewertungen von Übernahmekandidaten.
EY Price Point: global oil and gas market outlook, Q2, April 2020EY
The first quarter of this year has seen some extraordinary events. As if chronic oversupply, prices stuck below sustainable levels, the looming energy transition, and investor pressure to decarbonize weren’t enough, our industry now faces a dramatic, but hopefully temporary, downturn in demand as a result of the ongoing COVID-19 outbreak.
Our Global Chemical Industry Leader Frank Jenner explores the trends and drivers that will shape the chemical industry of tomorrow in our latest Chemical Market Outlook.
Die Geschäftslage im Mittelstand hat sich leicht verschlechtert, ist in den meisten Branchen aber weiter überwiegend gut - die Einstellungsbereitschaft sinkt.
Explore Sarasota Collection's exquisite and long-lasting dining table sets and chairs in Sarasota. Elevate your dining experience with our high-quality collection!
What You're Going to Learn
- How These 4 Leaks Force You To Work Longer And Harder in order to grow your income… improve just one of these and the impact could be life changing.
- How to SHUT DOWN the revolving door of Income Stagnation… you know, where new sales come into your magazine while at the same time existing sponsors exit.
- How to transform your magazine business by fixing the 4 “DON’Ts”...
#1 LEADS Don’t Book
#2 PROSPECTS Don’t Show
#3 PROSPECTS Don’t Buy
#4 CLIENTS Don’t Stay
- How to identify which leak to fix first so you get the biggest bang for your income.
- Get actionable strategies you can use right away to improve your bookings, sales and retention.
Best Crypto Marketing Ideas to Lead Your Project to SuccessIntelisync
In this comprehensive slideshow presentation, we delve into the intricacies of crypto marketing, offering invaluable insights and strategies to propel your project to success in the dynamic cryptocurrency landscape. From understanding market trends to building a robust brand identity, engaging with influencers, and analyzing performance metrics, we cover all aspects essential for effective marketing in the crypto space.
Also Intelisync, our cutting-edge service designed to streamline and optimize your marketing efforts, leveraging data-driven insights and innovative strategies to drive growth and visibility for your project.
With a data-driven approach, transparent communication, and a commitment to excellence, InteliSync is your trusted partner for driving meaningful impact in the fast-paced world of Web3. Contact us today to learn more and embark on a journey to crypto marketing mastery!
Ready to elevate your Web3 project to new heights? Contact InteliSync now and unleash the full potential of your crypto venture!
2. EY French Venture Capital Barometer ……………….……………………………………………………………………… Annual results 2015
Franck Sebag
EY partner in charge of the VC-IPO sector in France
What a year! With nearly €2bn in funds raised in France in 2015,
investments in French start-ups have passed a new milestone and
confounded even the most optimistic forecasts, reaching €1.809bn
in a total of 484 deals. The year certainly got off to a flying start:
funds raised in the first half of the year (€759m, 244 deals)
virtually equaled the total amount of funds raised in the whole of
2014 (€897m, 372 deals). France remains third in the European
rankings, behind the UK and Germany, in terms of total funds
raised.
Following on from an excellent crop in 2014, another new milestone
was passed this year in terms of deal size, with two fundraisings of
over €100m. Average ticket size has also risen, up to €3.7m from
€3.1m in 2014, and a large number of transactions surpassed the
€10m mark. These large tickets were mainly in the Internet services
sector. BlaBlaCar, which stood out last year with a record $100m
(€73m) fundraising, topped the charts again in 2015 with a
spectacular €177m fundraising that earned a congratulatory tweet
from the Minister of the Economy: “Welcome to the (very) big time.
And bravo!” Valued at $1.6bn, the start-up has joined the elite club
of the world’s 147 unicorns. Congratulations are also in order for
the €100m fundraising by Toulouse-based start-up Sigfox, a
telecoms operator specializing in connected objects, which may
herald another entry into the exclusive club of French unicorns.
Unseen since the 2000s, these spectacular figures will prompt
Cassandras to see the specter of a new bull market haunting
internet and tech stocks. While such a reading is understandable if
you confine yourself to looking at the similarity in the numbers
between 2000 and 2015, it deserves to be nuanced in the light of
the totally different fundamentals. First, the entry barrier
represented by launch costs has been lifted: whereas in 1995
entrepreneurs needed seed capital of $5m, open source
technologies and reduced storage costs have reduced the amount
since then considerably, to around $5,000 in 2014.
Second, the digital and technological maturity of users
means that start-ups can be “born global”, with immediate
access to a global market with critical mass. Third, we should
bear in mind that the appetite for new services among
consumers such as ourselves has never been keener than it is
today.
While they broke records in 2015, these figures also
represent a profound transformation at a time when our
economic cycle and economic models are changing. The
whole financing industry exists to meet this challenge and
has proved its efficiency, as the unprecedented dynamism of
French entrepreneurship shows, but there is an urgent need
to shift up another gear. Although the number of start-ups in
the Greater Paris region, at some 12,000 of which 4,000 are
in the city itself, outstrips London or Berlin, France boasts
only a single unicorn and thus ranks only fifth on the list of
39 unicorns in the EMEIA region, behind the UK, Sweden,
Germany and Russia.
However, it is when you look beyond this European
benchmark across the Atlantic that the urgency of the need
to mobilize funding the power and raise more French
unicorns can be grasped: the flexible Nasdaq-quoted
champions of the new economy are terrifyingly young, while
the GAFA (Google, Apple, Facebook and Amazon) are on
average less than 30 years old; our CAC 40, with an average
age of 101, looks positively geriatric by comparison. Let’s
make a bet that the last three years of uninterrupted
exponential growth in French venture capital can put us back
on an upward economic trajectory and push our start-ups to
follow in the footsteps of the young giants like Alphabet,
which now boasts the highest market capitalization in the
world.
“France, the country that creates start-ups nonstop!” Capital, 09/06/2015
3. 2013 2014 2015
Data
€ 1.809bn of funds raised, 484 deals
Average per deal : €3.7m
#EYBaroVC
€973m
386 deals
€897m
372 deals
€1.809bn
484 deals
EY French Venture Capital Barometer ……………….……………………………………………………………………… Annual results 2015
4. Investments by sector
#EYBaroVC
Internet services
dominate the
rankings
In 2015, the biggest tickets
were concentrated mainly in
Internet services, which thus
retakes first place among the top
five sectors after ceding it
temporarily to Technology in the
first half of the year. One third of
the year’s invested funds –
€609m – went into Internet
services in 2015, almost double
the €347m figure for the
previous year.
The FinTech sector, whose debut
in the top five in the first half of
2015 attracted a lot of
attention, held onto fifth place,
raising €79m of funds in a total
of 16 deals.
EY French Venture Capital Barometer ……………….……………………………………………………………………… Annual results 2015
5. Investments by maturity stage :
2015
Total investments Average amount invested
2014
Total investments Average amount invested
#EYBaroVC
EY French Venture Capital Barometer ……………….……………………………………………………………………… Annual results 2015
7. Interview
Sébastien Fabre
Founder, Chairman & CEO, Vestiaire Collective
Founded in 2009, Vestiaire Collective is a peer-to-peer platform for the buying and selling of pre-owned luxury and designer
fashion. The company completed a €33m fundraising in September. We look back on one of the year’s top five fundraisings,
which was led by new equity investor Eurazeo Croissance together with previous investors Idinvest Partners, Balderton Capital,
Condé Nast and Ventech.
1) Your €33m fundraising was one of France’s five biggest
fundraisings in 2015. How did it go ?
It went very well! We’ve entered into an extreme growth phase with
a mature, established business model, and in those conditions it is
inevitably easier to raise money. We’ve been lucky enough in every
round to be able to choose the type of investors we wanted to join
our board and add value. We wanted investors alongside us with an
entrepreneurial philosophy who would help us at each stage in our
development, rather than just demanding reports of our results.
2) Why did you raise so much ?
The early years of Vestiaire Collective were devoted to developing a
platform to enable us to have the broad range of high-quality items that
sets us apart from our competitors. In a small number of years, we have
succeeded in creating a real European marketplace across the 20 or so
countries that supply our platform, which sells to around 40 countries in
total.
Although we don’t yet turn a profit, this fundraising
will enable us not only to move toward overall
profitability at group level but also to continue
growing in Europe and then gradually tackle the
North American market, which is currently the
largest e-commerce market in the world. Our goal is
to become the world leader in the online sale of
pre-owned fashion products within the next three
years.
3) Investments in the collaborative economy
have multiplied in recent years. Why do think
that is ?
In general terms, you sense this fundamental trend
and that there has been a collective awakening in
favor of this collaborative, revolving sphere of the
economy. (…)
#EYBaroVC
EY French Venture Capital Barometer ……………….……………………………………………………………………… Annual results 2015
8. Interview
Sébastien Fabre
Founder, Chairman & CEO, Vestiaire Collective
question 3
All of us now look at the economy through different eyes, and
this type of platform has a strong business, social and
environmental dimension which may explain the current
eagerness of investors. If we look at our own example, there
was a genuine demand to put high-added value items that
were slumbering in our users’ closets back on the market. In a
sense, we have democratized luxury by making these
upmarket items accessible at reduced prices to a younger and
less well-off population.
4) How do you set yourselves apart from your
competitors when talking to investors ?
Investors appreciated that our approach respects the rules
of the fashion industry. By bringing reassurance and ethics
to the secondary market, we enable little-worn items from
previous seasons to gain a new lease of life while retaining
their high value. We have a unique model which is based on
three pillars. Upstream, our team of stylists selects articles
according to style and season. Downstream, every product
is carefully checked and authenticated by our team of
experts before being sent to the end purchaser.
Thirdly, we rapidly added a community dimension which enables
our four million fashion-loving users to talk to each other on the
platform.
5) 2015 was a record year in terms of investment,
especially in France. What’s your view of 2016 ?
I’m extremely confident ! In the six years since we founded
Vestiaire Collective, we’ve seen how things have evolved in
France and it’s for that reason that we carried out our most
recent financing round with a French fund. I remember that
saying that went, “We may not have oil in France but we have
ideas”: to my mind, it sums up the spirit of the “French
touch”. France is a real land of innovation and creativity, with
a strong entrepreneurial culture which is now recognized and
praised from all sides. So much so that French investors, who
used to be focused on seed capital, are now starting to
finance late stage ventures. We all have the potential to move
organically toward second place in Europe !
#EYBaroVC
EY French Venture Capital Barometer ……………….……………………………………………………………………… Annual results 2015
9. European perspective
Top 3 Countries for VC activity
With nearly €2bn raised, France
emphatically confirmed its
significance in the European
venture capital market in 2015.
It thus held on to second place
in Europe (behind the UK) in
terms of the number of deals
carried out, just ahead of its
rival Germany with which it
remains neck-and-neck.
#EYBaroVC
EY French Venture Capital Barometer ……………….……………………………………………………………………… Annual results 2015
10. Note on methodology :
The EY French Venture Capital Barometer surveys equity financing deals for start-ups and early-stage businesses
announced prior to January 14, 2016 with a deal date from January 1 to December 31, 2015.
The French data presented in the Barometer are based on data from Dow Jones VentureSource, CFNEWS and
Capital Finance. The European data are based on data from Dow Jones VentureSource and CB Insights.
These data have been processed and analyzed in accordance with the EY methodology by Ernst & Young et
Associés. This study only covers deals for which the amount was publicly announced.
The Internet services sector covers activities such as e-commerce, performance marketing (e.g. lead generation,
search engine optimization), geomarketing or mobile applications.
The life sciences sector covers the biotech and medtech industries.
#EYBaroVC
EY French Venture Capital Barometer ……………….……………………………………………………………………… Annual results 2015
11. Contacts
Franck SEBAG
EY partner in charge of the VC-IPO sector in France
@frsebag
Nadège Abdou-Brahim
Marketing
@nadege_AB
Bonnie Olivier
Media relations
@BonnieOlivier
#EYBaroVC
EY French Venture Capital Barometer ……………….……………………………………………………………………… Annual results 2015