The document summarizes different business models in the food delivery industry in Europe, including online supermarkets, prepared grocery delivery services, restaurant booking platforms, and companies that provide both delivery logistics and prepared meals. It finds that unit economics vary significantly between models and market conditions, with software-only platforms having the highest margins around 50% but full-service logistics models facing higher operating risks and requiring scale and density to be profitable. Public companies like Just Eat and Takeaway.com have performed well through consolidation, while challenges remain for players seeking profitability across different markets and models.
As London Tech Week begins, new figures prepared by Dealroom and Tech Nation for the Government’s Digital Economy Council illustrate the extent to which the UK is outpacing other European countries such as Germany and France.
This report covers venture capital funding in Europe and Israel (including Russia and Turkey). Founded in 2013 in Amsterdam, Dealroom has become Europe’s leading venture capital database, tracking over 500,000 high-growth companies and 10,000 investors in Europe and beyond. Dealroom provides a 360° view by combining research with big data and machine learning, plus contributions from over 10,000 local market experts.
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.
A year on from when we first reported with Dealroom on the UK's tech unicorns for the Government’s Digital Economy Council, it can be revealed that the UK has created 13 new unicorns - privately-owned tech companies valued at over $1bn - in the last year, ranking the UK third behind only the US and China in creating fast-growing global tech companies.
• The UK is behind only the US and China for total number of unicorns created
• London ranks second to the Bay Area for the number of fintech unicorns, at 18
• UK tech has created more $1bn companies than any other European country and Israel
• Since last year’s London Tech Week, 13 new unicorns have been created bringing the total number of UK unicorns to 72
HealthTech is at the forefront of startups and scaleups, in the United States as well as in Europe. There is no single European healthcare system or market. Instead, high complexity and cultural diversity of healthcare systems makes it challenging to jump into multiple markets and thus to scaleup new companies. 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 HealthTech technology companies across 31 countries in Europe. Our aim is to provide data-driven guidance, insights, perspective and inspiration to stakeholders in the European scaleup ecosystem.
Israel has the well deserved name of startup nation. The question however is can it also become a scaleup powerhouse. The purpose of this report is exactly that subject: taking the pulse of the Israeli scaleup ecosystem.
With this report we want to provide a comprehensive review of investment in scaleups and high-growth technology companies in Israel. Our aim is to provide data-driven guidance, insights and inspiration to stakeholders in the Israeli scaleup ecosystem.
As London Tech Week begins, new figures prepared by Dealroom and Tech Nation for the Government’s Digital Economy Council illustrate the extent to which the UK is outpacing other European countries such as Germany and France.
This report covers venture capital funding in Europe and Israel (including Russia and Turkey). Founded in 2013 in Amsterdam, Dealroom has become Europe’s leading venture capital database, tracking over 500,000 high-growth companies and 10,000 investors in Europe and beyond. Dealroom provides a 360° view by combining research with big data and machine learning, plus contributions from over 10,000 local market experts.
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.
A year on from when we first reported with Dealroom on the UK's tech unicorns for the Government’s Digital Economy Council, it can be revealed that the UK has created 13 new unicorns - privately-owned tech companies valued at over $1bn - in the last year, ranking the UK third behind only the US and China in creating fast-growing global tech companies.
• The UK is behind only the US and China for total number of unicorns created
• London ranks second to the Bay Area for the number of fintech unicorns, at 18
• UK tech has created more $1bn companies than any other European country and Israel
• Since last year’s London Tech Week, 13 new unicorns have been created bringing the total number of UK unicorns to 72
HealthTech is at the forefront of startups and scaleups, in the United States as well as in Europe. There is no single European healthcare system or market. Instead, high complexity and cultural diversity of healthcare systems makes it challenging to jump into multiple markets and thus to scaleup new companies. 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 HealthTech technology companies across 31 countries in Europe. Our aim is to provide data-driven guidance, insights, perspective and inspiration to stakeholders in the European scaleup ecosystem.
Israel has the well deserved name of startup nation. The question however is can it also become a scaleup powerhouse. The purpose of this report is exactly that subject: taking the pulse of the Israeli scaleup ecosystem.
With this report we want to provide a comprehensive review of investment in scaleups and high-growth technology companies in Israel. Our aim is to provide data-driven guidance, insights and inspiration to stakeholders in the Israeli scaleup ecosystem.
Startups & Venture Capital in the United Kingdom: The Global Startup HubFrontline Ventures
A lot is riding on the UK remaining the premier destination for European startups. In light of Brexit, and tremendous growth in other European markets- will London remain the city of choice for European entrepreneurs?
In our third edition of “Startups & Venture Capital in…” (following Germany in collaboration with Point Nine Capital and the Nordics in collaboration with Northzone), Frontline takes deep dive into its own backyard — the United Kingdom.
We believe it is the most comprehensive report ever created on startups and venture capital in the UK.
Shoreditch, East LondonWhat we have learned:
The UK is unique for its late stage capital compared to other major European technology hubs. London counts 8 funds with £1b+ in funds raised — versus 2 in Germany and 1 in the Nordics.
London has more than 2x the engineering talent of Paris or 4x that of Berlin. London even beats New York in terms of absolute number of developers.
The United Kingdom is unmatched in terms of £100m+ exits in quantity and diversity among sectors. There are £1b+ tech companies in eCommerce, fintech, gaming, travel, proptech, telecom, and enterprise software.
Will Europe tops UK post-Brexit?
With a high concentration of talent, capital and leadership, the UK will remain a significant tech hub for the next decade.
However, Brexit is likely to slow the pace of immigration; this is a significant issue in a country where 75% of new businesses are set up by immigrants.
With venture activity in Berlin, Paris, and other European hubs growing much faster than London, will the UK cede its position as Europe’s leading tech hub?
Read through our “Startups & Venture Capital in the United Kingdom” deck and find out for yourself.
Please ❤ if you’ve enjoyed the post and you can sign up for our newsletter here!
To join the mailing list or receive a PDF copy, comment “send me the PDF” (and leave your email) or “join the mailing list”.
The largest Insurtech company in the world isn’t in San Fransisco or Silicon Valley — but in Shanghai. As a matter of fact, Zhongan has more customers than any other insurance company in the world. Zhongan was founded in 2013 and 4 years later, went public.
The average company in our cohort has a market cap of $6.5b, founded 9 years ago, and is growing at 65% YoY. What makes these companies so successful?
It may surprise you to learn:
FinTechs are some of the fastest growing listed companies, as PurpleBricks grows @ 150% YoY, ZhongAn @ 84%, Quidan @ 70%, and RedFin @ 43% YoY.
Zhongan — arguably the worlds most successful InsurTech business, has an average gross written premium of $1.97
Chinese entrepreneurs are building $10b FinTech businesses in the span of 4–5 years. ZhongAn (insurance) began trading in in 2014 and Quidan (short term lending) in 2015.
Square generated $452m in revenues in their last quarter, as they grow 21% YoY. Its market cap is now $20b.
Subprime lending is out of favour as shares of Quidian drop 40% since the IPO. Elevate completed its IPO at 50% of its expected valuation range.
Valuations for lending companies vary greatly as LendingClub trades at 2.3x their quarterly revenue run rate, Qudian @ 3.8x, Elevate @ .4x, and Credible @ 16x (pro-forma at IPO).
Find this, and much more in our 47-page slide deck.
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.
Accel 2021 Euroscape: On the path to global dominance?Philippe Botteri
The European and Israeli cloud ecosystem is accelerating as never before. Back in 2016, Europe and Israel had only four public companies worth less than $9B combined and local cloud companies had raised just $900M throughout 2015. Today, Europe and Israel have generated 23 public companies worth $231B and private cloud financing reached c. $30B. The $900M of SaaS VC funding in 2015 now represents less than Europe's largest financing round, with Celonis raising $1B in June this year. These are just some of the SaaS milestones Europe and Israel have hit over the last year, so now seems like the right time to as: "are Europe and Israel on the path to global SaaS dominace?" Take a look at the insights in our 2021 Euroscape and see what the data says!
White Star Capital - Canadian Venture Capital Landscape 2018Sanjay Zimmermann
In this second edition of our report, we aim to reiterate our enthusiasm for the Canadian Tech and Venture Capital ecosystem as well as touch upon a few additional topics.
In addition to sharing our excitement about Canada and expressing our belief that the ecosystem is stronger than ever, we look at a few new topics. We examine a few subsectors, larger round dynamics, VCCI and regional programs. We are also pleased to further explore one of Canada's key strengths: it's diversity and talent. Finally, we end with an updated deep dive on VC's and other investors making up the space.
Ireland has a lot of unfair advantages. As the only English speaking country in the European union (post-Brexit), widely considered one of the best countries for business in the world, its no surprise that world leading technology companies like Apple, Google, Microsoft and Amazon have tens of thousands of employees in Ireland.
In our 4th instalment of Startups and Venture Capital in … (Germany, The Nordics, & the UK) we take on the emerald isle. With Irish born world beating enterprise startups such as Intercom ($115m in funds raised), Fleetmatics (acquired for $2.4b) and Cartrawler (acquired for $500m) it is no longer a question of if great tech co’s are born in Ireland — but rather how big and fast can they grow.
It may surprise you to learn:
Ireland has engineering talent that rivals major European tech hubs, with 55k engineers in Dublin vs 61k in Stockholm or 81k in Berlin. Paypal, LinkedIn & AirBnB are just a few companies that count more employees in Dublin than in London.
US companies setting up offices in Europe are landing in Ireland earlier than ever before. Companies like Asana and Wrike are two recent examples of Series B-C startups setting up shop in Dublin.
A small domestic market means Irish tech co’s are largely selling into markets in the US or elsewhere. Companies like Intercom, Fenergo and Swrve count the USA as their largest market.
Trinity and University College Dublin (UCD) are among the highest ranking universities for venture capital backed entrepreneurs in Europe!
Frontline Ventures is a B2B Seed VC.
The defining asset of every leading technology company is talent. At Balderton, our job is to provide capital to support European technology companies to attract and retain world leading talent and get the best out of them. As a result, we’re fortunate to have learnt a lot about what it takes to identify, attract and retain people from the teams we work with.
In this report, we’ve set out to identify where people working in European technology companies come from, what experience they have, and what they expect in their roles. We did this by profiling almost 15,000 employees in over 1,000 venture-backed companies in Europe, and by working closely with a select group of recently backed start-ups.
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.
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!
We are happy to present you with the latest installment in our series of industry deep dives, following our Foodtech, Industrial Tech, Wellbeing, Digital Health, Future of Work, Fintech and Artificial Intelligence reports.
In our newest report, we take a look at the Mobility ecosystem, focusing on the global 2020 funding outlook, the industry's growth over the last decade, and how leaders like Uber, Grab, Citymapper and others are reshaping the way people and goods move around the world.
At White Star Capital, we approach mobility through four main subsectors: urban mobility, travel and hospitality, delivery and logistics, and long-distance transportation. Our portfolio includes startups such as Tier Mobility, a micro-mobility operator providing last-mile transportation to urban populations, including e-scooters and e-mopeds (the company just raised $250m in Series C funding); MindSay, a SaaS company developing an AI-powered assistant that helps companies in large B2C-oriented industries, such as travel and retail, optimize customer support and increase customer conversion; and Unacast, a proximity and location data platform that helps data-driven industries understand the physical world the same way we understand the online world.
A Frontline x Northzone collaboration.
The Nordics lead Europe in value creation. With a smaller population, less capital, distributed across 5 countries, the Nordics have produced some of the most successful companies in Europe. These are often not just regional champions, but companies that win on a global scale. In this presentation you will learn about:
- Charting funding, and startup success in Nordic countries
- An index of global champions: 23 of the Nordics most successful startups
- Total funds raised by VCs and internet investors in the Nordics
- Investors by stage, seed to growth, including international investors
- Late stage funding detail of Nordic participants
- US investors who participate in the Nordics
- Economic, cultural, and legal strengths and weaknesses
- Who to know: 34 partners of VC funds who shape the region
- Detailed profiles of 5 VC’s based in the Nordic region
- 8 success stories operating in 4 market sectors
- 16 rising stars in the Nordics
- Exit values and takeaways
To celebrate 2019 London Tech Week, the LocalGlobe and Latitude teams hosted a small “New Palo Alto” Briefing” event at our new home, Phoenix Court, right in the heart of Somers Town and the Knowledge Quarter where we gave a brief update on what we’ve been up to in the last year and hosted a conversation on whether this area around Kings Cross can become a new Palo Alto in the next 20 years.
Dealroom - Q3 2018 investment update for Europe & IsraelElad Ratson
Dealroom.co provides an investment update for Europe & Israel, including major investments, exits, industry trends, country comparisons and much more. In the third quarter of 2018, €6.1 billion was invested, including four rounds valued $1 billion or more.
Startups & Venture Capital in the United Kingdom: The Global Startup HubFrontline Ventures
A lot is riding on the UK remaining the premier destination for European startups. In light of Brexit, and tremendous growth in other European markets- will London remain the city of choice for European entrepreneurs?
In our third edition of “Startups & Venture Capital in…” (following Germany in collaboration with Point Nine Capital and the Nordics in collaboration with Northzone), Frontline takes deep dive into its own backyard — the United Kingdom.
We believe it is the most comprehensive report ever created on startups and venture capital in the UK.
Shoreditch, East LondonWhat we have learned:
The UK is unique for its late stage capital compared to other major European technology hubs. London counts 8 funds with £1b+ in funds raised — versus 2 in Germany and 1 in the Nordics.
London has more than 2x the engineering talent of Paris or 4x that of Berlin. London even beats New York in terms of absolute number of developers.
The United Kingdom is unmatched in terms of £100m+ exits in quantity and diversity among sectors. There are £1b+ tech companies in eCommerce, fintech, gaming, travel, proptech, telecom, and enterprise software.
Will Europe tops UK post-Brexit?
With a high concentration of talent, capital and leadership, the UK will remain a significant tech hub for the next decade.
However, Brexit is likely to slow the pace of immigration; this is a significant issue in a country where 75% of new businesses are set up by immigrants.
With venture activity in Berlin, Paris, and other European hubs growing much faster than London, will the UK cede its position as Europe’s leading tech hub?
Read through our “Startups & Venture Capital in the United Kingdom” deck and find out for yourself.
Please ❤ if you’ve enjoyed the post and you can sign up for our newsletter here!
To join the mailing list or receive a PDF copy, comment “send me the PDF” (and leave your email) or “join the mailing list”.
The largest Insurtech company in the world isn’t in San Fransisco or Silicon Valley — but in Shanghai. As a matter of fact, Zhongan has more customers than any other insurance company in the world. Zhongan was founded in 2013 and 4 years later, went public.
The average company in our cohort has a market cap of $6.5b, founded 9 years ago, and is growing at 65% YoY. What makes these companies so successful?
It may surprise you to learn:
FinTechs are some of the fastest growing listed companies, as PurpleBricks grows @ 150% YoY, ZhongAn @ 84%, Quidan @ 70%, and RedFin @ 43% YoY.
Zhongan — arguably the worlds most successful InsurTech business, has an average gross written premium of $1.97
Chinese entrepreneurs are building $10b FinTech businesses in the span of 4–5 years. ZhongAn (insurance) began trading in in 2014 and Quidan (short term lending) in 2015.
Square generated $452m in revenues in their last quarter, as they grow 21% YoY. Its market cap is now $20b.
Subprime lending is out of favour as shares of Quidian drop 40% since the IPO. Elevate completed its IPO at 50% of its expected valuation range.
Valuations for lending companies vary greatly as LendingClub trades at 2.3x their quarterly revenue run rate, Qudian @ 3.8x, Elevate @ .4x, and Credible @ 16x (pro-forma at IPO).
Find this, and much more in our 47-page slide deck.
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.
Accel 2021 Euroscape: On the path to global dominance?Philippe Botteri
The European and Israeli cloud ecosystem is accelerating as never before. Back in 2016, Europe and Israel had only four public companies worth less than $9B combined and local cloud companies had raised just $900M throughout 2015. Today, Europe and Israel have generated 23 public companies worth $231B and private cloud financing reached c. $30B. The $900M of SaaS VC funding in 2015 now represents less than Europe's largest financing round, with Celonis raising $1B in June this year. These are just some of the SaaS milestones Europe and Israel have hit over the last year, so now seems like the right time to as: "are Europe and Israel on the path to global SaaS dominace?" Take a look at the insights in our 2021 Euroscape and see what the data says!
White Star Capital - Canadian Venture Capital Landscape 2018Sanjay Zimmermann
In this second edition of our report, we aim to reiterate our enthusiasm for the Canadian Tech and Venture Capital ecosystem as well as touch upon a few additional topics.
In addition to sharing our excitement about Canada and expressing our belief that the ecosystem is stronger than ever, we look at a few new topics. We examine a few subsectors, larger round dynamics, VCCI and regional programs. We are also pleased to further explore one of Canada's key strengths: it's diversity and talent. Finally, we end with an updated deep dive on VC's and other investors making up the space.
Ireland has a lot of unfair advantages. As the only English speaking country in the European union (post-Brexit), widely considered one of the best countries for business in the world, its no surprise that world leading technology companies like Apple, Google, Microsoft and Amazon have tens of thousands of employees in Ireland.
In our 4th instalment of Startups and Venture Capital in … (Germany, The Nordics, & the UK) we take on the emerald isle. With Irish born world beating enterprise startups such as Intercom ($115m in funds raised), Fleetmatics (acquired for $2.4b) and Cartrawler (acquired for $500m) it is no longer a question of if great tech co’s are born in Ireland — but rather how big and fast can they grow.
It may surprise you to learn:
Ireland has engineering talent that rivals major European tech hubs, with 55k engineers in Dublin vs 61k in Stockholm or 81k in Berlin. Paypal, LinkedIn & AirBnB are just a few companies that count more employees in Dublin than in London.
US companies setting up offices in Europe are landing in Ireland earlier than ever before. Companies like Asana and Wrike are two recent examples of Series B-C startups setting up shop in Dublin.
A small domestic market means Irish tech co’s are largely selling into markets in the US or elsewhere. Companies like Intercom, Fenergo and Swrve count the USA as their largest market.
Trinity and University College Dublin (UCD) are among the highest ranking universities for venture capital backed entrepreneurs in Europe!
Frontline Ventures is a B2B Seed VC.
The defining asset of every leading technology company is talent. At Balderton, our job is to provide capital to support European technology companies to attract and retain world leading talent and get the best out of them. As a result, we’re fortunate to have learnt a lot about what it takes to identify, attract and retain people from the teams we work with.
In this report, we’ve set out to identify where people working in European technology companies come from, what experience they have, and what they expect in their roles. We did this by profiling almost 15,000 employees in over 1,000 venture-backed companies in Europe, and by working closely with a select group of recently backed start-ups.
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.
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!
We are happy to present you with the latest installment in our series of industry deep dives, following our Foodtech, Industrial Tech, Wellbeing, Digital Health, Future of Work, Fintech and Artificial Intelligence reports.
In our newest report, we take a look at the Mobility ecosystem, focusing on the global 2020 funding outlook, the industry's growth over the last decade, and how leaders like Uber, Grab, Citymapper and others are reshaping the way people and goods move around the world.
At White Star Capital, we approach mobility through four main subsectors: urban mobility, travel and hospitality, delivery and logistics, and long-distance transportation. Our portfolio includes startups such as Tier Mobility, a micro-mobility operator providing last-mile transportation to urban populations, including e-scooters and e-mopeds (the company just raised $250m in Series C funding); MindSay, a SaaS company developing an AI-powered assistant that helps companies in large B2C-oriented industries, such as travel and retail, optimize customer support and increase customer conversion; and Unacast, a proximity and location data platform that helps data-driven industries understand the physical world the same way we understand the online world.
A Frontline x Northzone collaboration.
The Nordics lead Europe in value creation. With a smaller population, less capital, distributed across 5 countries, the Nordics have produced some of the most successful companies in Europe. These are often not just regional champions, but companies that win on a global scale. In this presentation you will learn about:
- Charting funding, and startup success in Nordic countries
- An index of global champions: 23 of the Nordics most successful startups
- Total funds raised by VCs and internet investors in the Nordics
- Investors by stage, seed to growth, including international investors
- Late stage funding detail of Nordic participants
- US investors who participate in the Nordics
- Economic, cultural, and legal strengths and weaknesses
- Who to know: 34 partners of VC funds who shape the region
- Detailed profiles of 5 VC’s based in the Nordic region
- 8 success stories operating in 4 market sectors
- 16 rising stars in the Nordics
- Exit values and takeaways
To celebrate 2019 London Tech Week, the LocalGlobe and Latitude teams hosted a small “New Palo Alto” Briefing” event at our new home, Phoenix Court, right in the heart of Somers Town and the Knowledge Quarter where we gave a brief update on what we’ve been up to in the last year and hosted a conversation on whether this area around Kings Cross can become a new Palo Alto in the next 20 years.
Dealroom - Q3 2018 investment update for Europe & IsraelElad Ratson
Dealroom.co provides an investment update for Europe & Israel, including major investments, exits, industry trends, country comparisons and much more. In the third quarter of 2018, €6.1 billion was invested, including four rounds valued $1 billion or more.
Kubernetes & AI - Beauty and the Beast !?! @KCD Istanbul 2024Tobias Schneck
As AI technology is pushing into IT I was wondering myself, as an “infrastructure container kubernetes guy”, how get this fancy AI technology get managed from an infrastructure operational view? Is it possible to apply our lovely cloud native principals as well? What benefit’s both technologies could bring to each other?
Let me take this questions and provide you a short journey through existing deployment models and use cases for AI software. On practical examples, we discuss what cloud/on-premise strategy we may need for applying it to our own infrastructure to get it to work from an enterprise perspective. I want to give an overview about infrastructure requirements and technologies, what could be beneficial or limiting your AI use cases in an enterprise environment. An interactive Demo will give you some insides, what approaches I got already working for real.
Dev Dives: Train smarter, not harder – active learning and UiPath LLMs for do...UiPathCommunity
💥 Speed, accuracy, and scaling – discover the superpowers of GenAI in action with UiPath Document Understanding and Communications Mining™:
See how to accelerate model training and optimize model performance with active learning
Learn about the latest enhancements to out-of-the-box document processing – with little to no training required
Get an exclusive demo of the new family of UiPath LLMs – GenAI models specialized for processing different types of documents and messages
This is a hands-on session specifically designed for automation developers and AI enthusiasts seeking to enhance their knowledge in leveraging the latest intelligent document processing capabilities offered by UiPath.
Speakers:
👨🏫 Andras Palfi, Senior Product Manager, UiPath
👩🏫 Lenka Dulovicova, Product Program Manager, UiPath
Generating a custom Ruby SDK for your web service or Rails API using Smithyg2nightmarescribd
Have you ever wanted a Ruby client API to communicate with your web service? Smithy is a protocol-agnostic language for defining services and SDKs. Smithy Ruby is an implementation of Smithy that generates a Ruby SDK using a Smithy model. In this talk, we will explore Smithy and Smithy Ruby to learn how to generate custom feature-rich SDKs that can communicate with any web service, such as a Rails JSON API.
Neuro-symbolic is not enough, we need neuro-*semantic*Frank van Harmelen
Neuro-symbolic (NeSy) AI is on the rise. However, simply machine learning on just any symbolic structure is not sufficient to really harvest the gains of NeSy. These will only be gained when the symbolic structures have an actual semantics. I give an operational definition of semantics as “predictable inference”.
All of this illustrated with link prediction over knowledge graphs, but the argument is general.
GraphRAG is All You need? LLM & Knowledge GraphGuy Korland
Guy Korland, CEO and Co-founder of FalkorDB, will review two articles on the integration of language models with knowledge graphs.
1. Unifying Large Language Models and Knowledge Graphs: A Roadmap.
https://arxiv.org/abs/2306.08302
2. Microsoft Research's GraphRAG paper and a review paper on various uses of knowledge graphs:
https://www.microsoft.com/en-us/research/blog/graphrag-unlocking-llm-discovery-on-narrative-private-data/
Smart TV Buyer Insights Survey 2024 by 91mobiles.pdf91mobiles
91mobiles recently conducted a Smart TV Buyer Insights Survey in which we asked over 3,000 respondents about the TV they own, aspects they look at on a new TV, and their TV buying preferences.
Key Trends Shaping the Future of Infrastructure.pdfCheryl Hung
Keynote at DIGIT West Expo, Glasgow on 29 May 2024.
Cheryl Hung, ochery.com
Sr Director, Infrastructure Ecosystem, Arm.
The key trends across hardware, cloud and open-source; exploring how these areas are likely to mature and develop over the short and long-term, and then considering how organisations can position themselves to adapt and thrive.
UiPath Test Automation using UiPath Test Suite series, part 3DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 3. In this session, we will cover desktop automation along with UI automation.
Topics covered:
UI automation Introduction,
UI automation Sample
Desktop automation flow
Pradeep Chinnala, Senior Consultant Automation Developer @WonderBotz and UiPath MVP
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
DevOps and Testing slides at DASA ConnectKari Kakkonen
My and Rik Marselis slides at 30.5.2024 DASA Connect conference. We discuss about what is testing, then what is agile testing and finally what is Testing in DevOps. Finally we had lovely workshop with the participants trying to find out different ways to think about quality and testing in different parts of the DevOps infinity loop.
Accelerate your Kubernetes clusters with Varnish CachingThijs Feryn
A presentation about the usage and availability of Varnish on Kubernetes. This talk explores the capabilities of Varnish caching and shows how to use the Varnish Helm chart to deploy it to Kubernetes.
This presentation was delivered at K8SUG Singapore. See https://feryn.eu/presentations/accelerate-your-kubernetes-clusters-with-varnish-caching-k8sug-singapore-28-2024 for more details.
Epistemic Interaction - tuning interfaces to provide information for AI supportAlan Dix
Paper presented at SYNERGY workshop at AVI 2024, Genoa, Italy. 3rd June 2024
https://alandix.com/academic/papers/synergy2024-epistemic/
As machine learning integrates deeper into human-computer interactions, the concept of epistemic interaction emerges, aiming to refine these interactions to enhance system adaptability. This approach encourages minor, intentional adjustments in user behaviour to enrich the data available for system learning. This paper introduces epistemic interaction within the context of human-system communication, illustrating how deliberate interaction design can improve system understanding and adaptation. Through concrete examples, we demonstrate the potential of epistemic interaction to significantly advance human-computer interaction by leveraging intuitive human communication strategies to inform system design and functionality, offering a novel pathway for enriching user-system engagements.
2. Manual curation &
research by Dealroom
Machine learning and
natural language
processing
12,000+ contributors
(founders, VCs, analysts)
Automatic data feeds
and web crawlers
■ Founded in 2013 in Amsterdam, Dealroom provides a 360° view on
Europe’s high-growth industries, tracking over 500,000 companies
and 10,000 investors in Europe and beyond
■ Dealroom enables venture capital & private equity firms,
corporates, consultants and investment banks to find growth
opportunities, conduct market intelligence research, and stay ahead
of developments
■ Data is sourced and consolidated from multiple sources, including:
internal manual research; contributions from over 12,000 local
market experts such as journalists, VCs and founders; automatic
data feeds and crawlers; machine learning and natural language
processing to organise data and spot below the radar companies
■ Dealroom membership is free
Authors of this report:
■ Yoram Wijngaarde (yoram@dealroom.co)
Founder & CEO at Dealroom
Formerly M&A at Lehman Brothers and NOAH
■ Sara de Miguel (sara@dealroom.co)
Data Analyst at Dealroom
Carlos III University, Madrid
Consolidating multiple data sources…
About Dealroom
2
… resulting in rich data-driven intelligence
3. About Priori Data
■ Priori Data is a leading mobile market intelligence company
■ Priori’s solutions provide customers with insights to help them
understand, benchmark, and track their mobile market share so
that they can win their mobile markets
■ Priori enables app businesses, agencies, marketers, and analysts to
benchmark performance against competitors, reveal competitor
mobile strategy, discover new opportunities, and identify emerging
trends in the app stores
■ The Company was founded in Berlin in 2013 by alumni of Morgan
Stanley, Google, and the University of Cambridge
Contributors to this report:
■ Patrick Kane (patrick@prioridata.com)
Founder & CEO at Priori Data
Vestar Capital Partners, Morgan Stanley, INSEAD
■ Simon Singharaj (simon@prioridata.com)
Director of Marketing at Priori Data
Jumia, Microsoft, EDHEC
Resulting in global, real-time Proprietary Data on apps
Priori’s crawlers collect Public Data from App Stores...
APPS
4m+
PUBLISHERS
1m+
TOP CHARTS
35k+
COUNTRIES
57
LANGUAGES
35
...which is combined with Confidential Data from partners
PARTNER
APPS
20k+
PARTNER
PUBLISHERS
1k+
MONTHLY
DOWNLOADS
150m+
MONTHLY
REVENUE
$50m+
Market Trends
Competitive Tracking
API
5. Introduction
5
About this report
▪ This report combines proprietary data from Dealroom and Priori Data with annual reports, investor presentations and equity research from
Just Eat, Takeaway.com and Rocket Internet. SimilarWeb data was used for online usage
▪ By combining these data-points, a market model was constructed to estimate the size and market share of key European markets
Eating habits
▪ Consumers are seeking convenience, resulting in a drive towards on-demand delivery and away from home-cooking
▪ Supermarkets are most likely to lose in this trend. Prepared grocery models (HelloFresh) are gaining scale, but economically not validated yet
▪ Majority of restaurants see trend as “a good thing for business” according to a recent UK survey by Morgan Stanley
Consolidation
and IPOs
▪ Just Eat and Takeaway.com have so far benefitted the most from this trend, through asset-light software-only operations with 50%+ margins
▪ Both outperformed: Just Eat’s share price more than doubled in 2 years since it’s IPO. Takeaway.com is up > 40% since their Oct ‘16 IPO
▪ Their model requires #1 or #2 market position to be profitable. Result: a wave of consolidation, and still more M&A anticipated (France?)
Increased
competition
▪ Deliveroo, Uber EATS and Amazon entered the market and scaled rapidly with a model offering full-service logistics
▪ This model involves more operating risk and requires enough population density (and higher order value) to work (Take Eat Easy failed)
▪ So far, these new models have not taken share from existing online marketplaces, but rather created a new premium market segment
Challenges
▪ Delivery Hero (38% Rocket owned) is likely getting ready to IPO. However, it is being challenged in some key markets by Takeaway (Germany,
Poland) and Just Eat (Italy). It absorbed loss making Food Panda but still lacks a clear cash-cow market position anywhere
▪ Conceivable that Delivery Hero is instead acquired by someone like Priceline, Expedia, Recruit
▪ Deliveroo was hit with strikes after trying to convert its drivers to a pay-per-delivery wage
▪ Uber lost some of its aura of invincibility. But now another powerhouse is also around the corner: Amazon
▪ Fully integrated models with own kitchen have struggled to make economics work (Spoonrocket closed) but others (Sprig, Maple, Forky) are
working to get the economics right
Outlook
▪ Just Eat and Takeaway.com has so far enjoyed a rapid path to profitability (Takeaway.com built a €1 billion business in relatively small market)
▪ There is still big upside, as online penetration of delivery and take-out is only about 15% in many parts of Europe (50% in UK and 30% in NL)
▪ The various models (Deliveroo vs. Just Eat) might soon converge: Just Eat is already starting to offer logistics services to restaurants to continue
expanding their footprint. Delivery Hero is heavily investing in the roll-out of Foodora, its full-service logistics brand
▪ The last mile and waste reduction are key to further unlocking the potential: high hopes for autonomous delivery (e.g. Starship Technologies)
6. Eating habits are evolving. Convenience is the driver
Grocery Delivery
Prepared
Groceries
Food Delivery
Restaurant
Bookings
Meal
Substitutes
Agritech Waste Reducing
Delivery & portal
Online Supermarkets:
:
Own fleet
Delivery software
Vertically integrated
6
8. 8
Key considerations between the various models.
Operating risk ranging from low to very high
Home cooking No cooking
Supermarkets Prepared groceries Software only Own fleet & logistics Vertically integrated
Online supermarket eCommerce
Positives:
v Huge market
v Migration online
v High customer life-time value
v Revenues growing 15% YoY
v EBITDA margin 7%
Weekly boxes of around €50-100 / box
Positives:
v Nearly 1 million active subscribers
Avg € 750 revenue per sub
v Starting to focus on profitability by
reducing marketing spend
(but: churn and LTV are undisclosed)
12-15% commission / restaurant does delivery
Positives:
v Just Eat and Takeaway beating expectations
v Autonomous delivery potential
v New entrants (Deliveroo, Amazon, Uber are
targeting different premium segment, so far)
V EBITDA margin 50-60% in strong markets
30% commission + delivery fee
Positives:
v Ability to advertise on packaging and on
delivery vehicles
v Autonomous delivery potential
v Own kitchen to optimize fleet utilisation
v Model works best in dense + affluent areas
v Positioned as premium
Own kitchen and delivery logistics
Positives:
v Entire GMV equals revenue
v Domino’s UK has validated this business
model, at scale:
10% revenue growth
25% EBITDA margin
Considerations:
x EBITDA-Capex negative
x Cooking is losing its appeal
x Prevailing wisdom in tech circles that
this is a winner-takes-all logistics play
that may well become dominated by
Amazon
Considerations:
x Still EBITDA negative. Cost structure:
Cost of goods 43%
Fulfilment cost 35-40%
Marketing cost: 30% (discretionary)
Other opex: 3%
=
=> Negative 15% EBITDA margin
Considerations:
x Difficult economics in competitive and new
markets as low as 100% (FoodPanda) or close to
0% (Germany)
x May need to soon invest in logistics to continue
growth)
Considerations:
x Foodora is highly loss making for Delivery Hero,
but it continues to invest heavily in roll-out
x Take Eat Easy closed operations
x Dealing with rider strikes
x Amazon moving in too
Considerations:
x Operating risk: capacity utilization,
minimal waste are key
x Spoonrocket
x Less choice for consumer (one menu)
Market verdict:
- Market values Ocado at EBITDA
multiples similar to Amazon
(17-18x 2017E EBITDA)
Market verdict:
- Push to profitability, which will curb
growth
Market verdict:
- Strong performance of public players
- No clear sign of Delivery Hero IPO yet
Market verdict:
- Strong VC backing of Deliveroo model
Market verdict:
- Domino’s is valued 17-18x EBITDA
- VCs hesitant following SpoonRocket and
EatFirst
9. 9
Unit economics vary widely per model and
depending on market position and growth stage
Source: Dealroom estimates, annual reports, interviews. Delivery costs assume 2.5-3 rides per hour and €10/hour wage.
1. Blended rate net of payment fees.
2. Estimate by Morgan Stanley, Dealroom (based on public peers).
(17%)
19%
(91%)
(4%)
50%
(50%)
38%
(65%)
13%
Prepared groceries
(HelloFresh)
Software only (Just Eat, Takeaway,
Delivery Hero)
Own fleet (Deliveroo,
Uber EATS)
Fully integrated (Forky,
Sprig, Maple)
Per order:
Growth
phase
Steady state
Developing
markets
Developed
market, but
competitive
Market
leadership
Lower
density
areas
Affluent &
densely
populated
Developing
market
Developed
leadership
Order value € 75.0 € 75.0 € 12.0 € 20.0 € 20.0 € 20.0 € 30.0 € 10.0 € 20.0
x Commission
(1)
100% 100% 12% 12% 15% 30% 35% 100% 100%
= Net revenue per order € 75.0 € 75.0 € 1.4 € 2.4 € 3.0 € 6.0 € 10.5 € 10.0 € 20.0
-/- COGS 45% 40% – – – – – 40% 30%
-/- Labour / packaging 35% 30% – – – – – 35% 30%
= Product margin per order € 15.0 € 22.5 € 1.4 € 2.4 € 3.0 € 6.0 € 10.5 € 2.5 € 8.0
-/- Delivery (€ 1.5) (€ 1.5) - - - (€ 5.0) (€ 4.0) (€ 5.0) (€ 3.0)
= Gross margin per order € 13.5 € 21.0 € 1.4 € 2.4 € 3.0 € 1.0 € 6.5 (€ 2.5) € 5.0
-/- Marketing (€ 25.0) (€ 5.0) (€ 1.8) (€ 1.5) (€ 0.5) (€ 2.5) (€ 1.0) (€ 2.5) (€ 1.0)
-/- Other unit costs (2)
(€ 1.5) (€ 1.5) (€ 1.0) (€ 1.0) (€ 1.0) (€ 1.5) (€ 1.5) (€ 1.5) (€ 1.5)
= EBITDA per unit (€ 13.0) € 14.5 (€ 1.3) (€ 0.1) € 1.5 (€ 3.0) € 4.0 (€ 6.5) € 2.5
% EBITDA margins:
10. New entrants have so far expanded market adding
new (premium) segments, rather than challenging
HQ London San Francisco Moscow Zurich Helsinki Athens
Copenhagen
Model Software + feel & logistics Software + feel & logistics Software + portal Software + portal Software + logistics Full service Recycle
Funding (€M) € 430M N/A € 10.9M N/A € 12.4M € 800K N/A
Launch year 2012 2014 2011 2008 2014 2014 2015
Monthly web users (1) 7.5M (+90%) 3M (+106%) 2.4M (+85%) 0.6 M 55 K 0.11M 63K
Cumulative app installs (1) 2.2M (+1,000% growth) 1.3M 5.7 M (+60% growth) N/A 0.27 M N/A 1M
Other KPIs
2,134 employees
Annual Revenues: £ 130M
Valuation £ 761M
N/A 52 employees N/A 85 employees 22 employees 62 employees
Countries
Europe: Belgium, France,
Germany, Italy, Ireland,
Netherlands, UK, Spain (3)
Europe: Amsterdam,
Bordeaux, Brussels,
London, Lyon, Madrid,
Manchester, Milan,
Moscow, Paris, Stockholm,
Vienna, Warsaw(4)
Russia Switzerland Estonia, Sweden, Finland Greece
Europe: UK, Denmark,
Norway, Germany, France,
Switzerland, Austria (5)
Traction
#2 in UK, Netherlands,
France after Just Eat
1.3M app installs from zero
installs 12 months ago.
Biggest growth in France
and UK
#1 in Russia
Partnership with Just Eat
(2011)
#1 in Switzerland
#1 in Finland
#2 in Greece after Delivery
Hero
1 M app installs from zero
installs 12 months ago.
Expansion to 7 countries in
2 years.
#2 in Denmark after Just
Eat
10
Source: Dealroom estimates, press releases, SimilarWeb, Priori Data.
1. In Europe. 2. ROW: Australia, Hong Kong, Singapore, UAE. 3. ROW: United states, Canada, Colombia (Bogotá), Brazil (São Paulo), Australia, Thailand, UAE, Hong Kong, Singapore, Taiwan, Japan (Tokyo), South Africa. 4. RWO: USA
11. Scale
Countries 15 11 65 1 6
Restaurants 62K 29K 128K 35K 1K
Gross merchandise value (GMV) € 3.4B € 1.2B € 3.8B € 3.6B € 0.5B
Net revenues (2017E) € 545M € 147M € 495M € 579M € 490M
Market position
Market leadership in UK, Denmark, Italy Netherlands USA UK
Market leader EBITDA margin 50% (UK) 60% profitable
EBITDA margin in new markets <0% <0% <0%
Group EBITDA margin (2017E) 38% <0% profitable ex Foodora 29% 25%
Growth
% revenue growth ('16-'18E) 23% 32% 30% 18% 10%
Valuation
Enterprise value € 3.7B € 1.2B €3-3.5 billion € 2.4B € 2.2B
EV / Net sales (2017E) 6.8x 8.4x 6-7x 4.9x 4.4x
EV / EBITDA (2017E) 17.9x - – 16.9x 17.6x
P / E (2017E) 28.4x - – 29.9x 24.6x
Overwhelming majority of value is created in only a
few developed markets generating most earnings
11
+
+
=
Source: annual reports, equity research, Bloomberg.
13. Market leadership is key for profitability. Result:
consolidation and disposal of loss-making markets
HQ London Berlin Berlin Amsterdam
Selected
brands
Acquisitions
W. Europe: Sindelantal.com, Fillmybelly, Meal2go,
Clickeat.it, Urbanbite, AlloResto, Orogo, Clicca e
Mangia, DeliveRex, Hellofood IT, Takeaway UK,
Hungryhouse UK, La Nevera Roja, PizzaBo IT,
Eatcity.ie.
LatAm: ifood (JV), Sindelantal.mx, Hellofood MX &
BR, Foodpanda MX & BR
Canada & USA: Grubcanada, Yummyweb, Orderit.ca,
Skipthedishes.
Australia & New Zeland: MenuLog
W. Europe: HungryHouse UK, EatNow UK
E. Europe: Foodarena.ch, Efood.gr, Damejidlo,
Jidloted, OnlinePizza Norden (OnlinePizza, Mat24,
PizzaOnline, PizzaPortal, Mjam, WillEssen),
Lieferheld.de, Pizza.de, 9coockies, Foodora.
Foodpanda.
LatAm: Hellofood LatAm, Click delivery, Subdelivery,
PedidosYa.
Middle East: Talabat.com, Yameksepeti.
Asia: Baedaltong.
E. Europe: Delivery Club, Pauza.hr, Donesi.com,
Netpincer.hu.
LatAm: PedidosYa, SeMeAntoja, Superantojo, Entrega
Delivery, Peixe Urbano, DeliYami, Janamesa.
Middle East: 24h.ae, Hungerstation, EatOye.
India: Tastykhana, Just Eat India.
Asia: Singapore-Dine, Food Runner, Koziness,
Delivery.com HK
W. Europe: Thuisbezorgd.nl, Pizza.fr, Pizza.be, Rsto-in
BE, TanteBep.nl, Pizza.pt, Just Eat BE & NL, food-
express.
E. Europe: Lieferando, Lieferservice.ch, Pyszne.pl,
Lieferservice.de, Resto-in DE
Asia: Vietnammm.
Disposals
W. Europe: Just Eat BE & NL (to Takeaway)
E. Europe: Online Pizza (Sweden, Minority stake)
LatAm: Hellofood Brazil (to ifood)
India: Just Eat India (to Foodpanda)
E. Europe: Hungryhouse UK (to Just Eat)
LatAm: Tastykhana, PedidosYa MX, SeMeAntoja,
Superantojo (to Foodpanda)
China: Waimai Chaoren (Chinnese subsidiary)
E. Europe: Delivery Club (to Mail.ru)
India: Foodpanda Indonesia closes down
LatAm: Hello Food MX & BR (to Just Eat)
Hellofood Argentina, Chile, Colombia, Ecuador and
Peru (to Delivery Hero)
Asia: Foodpanda Vietnam (to Vietnammm)
W.Europe: Takeaway.com UK (to Just Eat)
PizzaBo IT, Hellofood IT (to Just Eat)
Lat Am: Hellofood MX & BR (to Just Eat)
13
14. HelloFresh
€0.6B
Quandoo
€210M
La Nevera
Roja €80M
Bookatable
€108M
iens.nl €10M
Yemeksepeti
€0.5B
Kochzauber Foodinho
Takeaway
€1.0B IPO
Hungryhouse
€240M
SinDelantal
€4M
e-food.gr
€12M
Spotistic
La Nevera
Roja
Just Eat BE/NL
€23M
Delivery Club
€91M
DameJidlo Volo.de Uncover ES Food Foodist €4M Mat.se €3M
Just Eat €1.8B
IPO
Jidloted
Clicca e
Mangia
Vinguiden Gourmondo
Takeaway.co
m UK
L'Epicier
Toqué
LaFourchette
€127M
restOpolis Deliverex
Linas Matk.
€30M
Wine &
Cocktail Gd.
Table-booker Quick Resto
Restau-
rantes.com
Lieferando
€50M
MyTable Volo Foodora Resto-in Pizzabo WirWinzer
Resto-In BE&
DE
Delivery Club
Pizza.de
€300M
Rocket €6.7B Cookening BestTables Todovino.com KochAbo Food Express RetNemt Vinocasting
Yemeksepeti
€40M
Hungryhouse Foodist
5CUPS and
some sugar
Clickdelivery.
gr €3M
Lieferservice ClickDelivery
Restaurant-
Kritik.de
Pizzabo Delinero
Restaurantes
.com
Todovino
MySwiss-
Chocolate
iqPOSitive
Gold&Green
Foods
Foodpanda
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2012 2013 2014 2015 2016
Consolidation wave started in 2014 and still ongoing.
France and Italy could be next
Just Eat
Delivery Hero
Takeaway.com
141. Assumption of majority stake by Rocket Internet.
15. Uber EATS
Amsterdam, Bordeaux,
Brussels, London, Lyon,
Madrid, Manchester, Milan,
Moscow, Paris, Stockholm,
Vienna, Warsaw
Europe post consolidation: France and Italy remain
as crowded markets
#1 in UK, Italy, Spain, France, Portugal
#1 in Germany and Sweden
#2 in Poland
Present across Eastern Europe post FoodPanda
acquisition in December 2016
Present across Eastern Europe (and Asia and LatAm)
Focus on emerging markets
#1 in Netherlands and Poland
Strong #2 in Germany
Leader in premium segment
Strong #2 in France
15
17. Market sizes: UK is by far the largest market, thanks
to high order frequency and online penetration
17
People ordering food Market size (GMV) (1) Online market (GMV) (1)
3M
3M
3M
4M
5M
6M
6M
10M
19M
23M
30M
33M
43M
46M
56M
Norway
Finland
Denmark
Switzerland
Sweden
Austria
Belgium
Netherlands
Poland
Spain
Italy
France
Russia
UK
Germany
5.3%
10.8%
11.9%
13.4%
13.5%
15.2%
16.2%
17.0%
17.3%
19.0%
19.1%
23.4%
27.4%
32.7%
49.1%
Italy
Norway
Spain
France
Russia
Germany
Sweden
Switzerland
Finland
Austria
Belgium
Poland
Denmark
Netherlands
UK
Online penetration
€ 0.4B
€ 0.4B
€ 0.5B
€ 0.6B
€ 0.8B
€ 0.8B
€ 0.8B
€ 1.1B
€ 1.2B
€ 1.5B
€ 2.5B
€ 3.0B
€ 4.3B
€ 4.5B
€ 7.2B
Finland
Norway
Denmark
Switzerland
Sweden
Belgium
Austria
Russia
Poland
Netherlands
Italy
Spain
France
Germany
UK
Online
Offline
€ 0.0B
€ 0.1B
€ 0.1B
€ 0.1B
€ 0.1B
€ 0.2B
€ 0.2B
€ 0.2B
€ 0.2B
€ 0.2B
€ 0.4B
€ 0.5B
€ 0.6B
€ 0.8B
€ 3.5B
Norway
Finland
Switzerland
Poland
Sweden
Denmark
Austria
Belgium
Russia
Italy
Spain
Netherlands
France
Germany
UK
UK is by far the
largest market,
thanks to high order
frequency and online
penetration.
Vast majority of
offline (80%+) (2) is
take-out collection
Estimates based
1. GMV = Gross Market Value.
2. Dealroom estimate based on Morgan Stanley UK survey report.
Total market
(offline and
online) is
growing about
5% per year.
18. € 3,538M
€ 784M
€ 578M
€ 491M
€ 357M
€ 182M
€ 174M
€ 153M
€ 152M
€ 150M
€ 130M
€ 120M
€ 102M
€ 69M
€ 43M
UK
Germany
France
Netherlands
Spain
Italy
Russia
Belgium
Austria
Denmark
Sweden
Poland
Switzerland
Finland
Norway
Just Eat Delivery Hero Takeaway.com Deliveroo Uber EATS Other
€ 784M
€ 578M
€ 491M
€ 357M
€ 182M
€ 174M
€ 153M
€ 152M
€ 150M
€ 130M
€ 120M
€ 102M
€ 69M
€ 43M
€ 0M € 100M € 200M € 300M € 400M € 500M € 600M € 700M € 800M € 900M € 1,000M
Germany
France
Netherlands
Spain
Italy
Russia
Belgium
Austria
Denmark
Sweden
Poland
Switzerland
Finland
Norway
Domino’s, Pizza Hut, others
Delivery Club
Eat.ch
WOLT
Takeaway.com has
built a €1 billion+
business out of #1
Netherlands and #2
Germany position.
Market share analysis demonstrates that there is still
massive growth potential in Europe
18
Gross market value (GMV)
19. United Kingdom
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
Takeaway and Delivery going head to head in
Germany. Just Eat maintaining growth in UK
Germany
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
Netherlands
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
Switzerland
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
0 M
1 M
2 M
3 M
4 M
5 M
6 M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Delivery Hero
Takeaway
Takeaway
Delivery Hero
Deliveroo (0.3 M)
Deliveroo (0.1 M)
0 M
1 M
2 M
3 M
4 M
5 M
6 M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Takeaway
Takeaway
Deliveroo (0.2 M) Deliveroo (0.08 M)
0 M
3 M
6 M
9 M
12 M
15 M
18 M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Just Eat
Just Eat
Deliveroo
Deliveroo (1.1 M)
Uber Eats (0.4 M)
19
0.0 M
0.2 M
0.4 M
0.6 M
0.8 M
1.0 M
1.2 M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Eat.ch
Delivery Hero (0.06 M)
Takeaway (0.06 M)
Delivery Hero (0.05 M)
Takeaway (0.05 M)
Uber Eats (0.02 M)
20. 0.0 M
0.5 M
1.0 M
1.5 M
2.0 M
2.5 M
3.0 M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Telepizza
Deliveroo (0.5 M)
Just Eat
Just Eat (1 M)
Telepizza (0.9 M)
France
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
France is crowded market, consolidation likely.
In Italy, Just Eat is doing very well
Spain
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
Italy
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
Greece
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
20
0.0 M
0.5 M
1.0 M
1.5 M
2.0 M
2.5 M
3.0 M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Just Eat
Deliveroo
Takeaway (0.6 M)
Takeaway (0.1 M)
Delivery Hero (0.4 M)
0.0 M
0.5 M
1.0 M
1.5 M
2.0 M
2.5 M
3.0 M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Forky (0.1 M)
Delivery Hero
Deliveroo (0.2 M)
Uber Eats (0.4 M)
Deliveroo (0.5 M)
Just Eat (0.9 M)
Delivery Hero (0.2 M)
21. Russia
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
Takeaway is outperforming in Poland. Mobile
penetration in Russia is growing fast
Poland
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
Czech Republic
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
Turkey
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
0 M
1 M
2 M
3 M
4 M
5 M
6 M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Takeaway
Takeaway (0.70 M)Delivery- Hero (1 M)
Delivery- Hero (0.32)0 M
1 M
2 M
3 M
4 M
5 M
6 M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Delivery Club
Delivery Club
21
0 M
1 M
2 M
3 M
4 M
5 M
6 M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Delivery Hero
12 M
13 M
14 M
15 M
16 M
17 M
18 M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Delivery- Hero
22. Norway
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
Nordics so far less crowded. Growth in relatively
calm markets. Wolt is a strong local player
Sweden
2016web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
Finland
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
Denmark
2016 web visitors (SimilarWeb) 2016 app downloads (source: Priori Data)
0.0 M
0.2 M
0.4 M
0.6 M
0.8 M
1.0 M
1.2 M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Hungry.DK
Just Eat
Just Eat
22
0.00 M
0.03 M
0.06 M
0.09 M
0.12 M
0.15 M
0.18 M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Delivery Hero
Delivery Hero
Just Eat
Just Eat
Uber Eats
0.0 M
0.4 M
0.8 M
1.2 M
1.6 M
2.0 M
2.4 M
Aug Sept Oct Nov Dec Jan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Delivery Hero
Delivery Hero
25. A large number of VCs are still heavily invested in
the Food Tech space
Investors Selected top funded tech companies
25
Mark Evans
Henrik Rosendahl, Janus Friis, Suranga Chandratillake
Shukri Shammas, Tom Glocer, DIG Investments, Alex Madonald
Kiren Tanna, Benjamin Bauer, Ralf Wenzel, Masoud Kamali, Ralf Wenzel, Masoud Kamali
Thomas Griesel
Neil Rimer
Fabrice Grinda, Oleg Tscheltzoff
€ 1,236M
€ 431M
€ 353M
€ 293M
€ 35M
€ 33M
€ 31M
Delivery Hero
Deliveroo
HelloFresh
Foodpanda
Velocity
Vivino
Gousto
Valued over $1 billion
Majority owned by Rocket.
Focus now on profitability
Folded into Delivery Hero at €500M
valuation
€2-4 billion valuation
26. Selected top VC-backed exits in FoodTech so far
Company Transaction Investors
Just Eat
£ 1.5B
IPO
Takeaway
€ 1.B
IPO
Yemeksepeti
$ 589M
acquisition by Delivery Hero
LaFourchette
$ 140M
acquisition by TripAdvisor
Quandoo
€ 210M
acquisition by Recruit Holdings
La nevera roja
€ 80M
acquisition by just eat
Bookatable
€ 108M
acquisition by Michelin
Delivery Club
$ 100M
acquisition by mail.ru group