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EUROPE HAS NEVER BEEN BETTER
Start Summit 2019 St Gallen, Switzerland
Nenad Marovac, DN Capital
1
We are setting new records:
In 2018
€7.2 billion
Funds raised
Amount invested
Amount exited
Source: Invest Europe internal Data / Pitchbook
In 2018
€11 billion
45% for Spotify, Adyen,
Farfetch, iZettle and
Funding Circle
In 2018
€48 billion
2
Source Atomico: State of European Venture
3
Solid!
Results: Best Returns Ever
Source Atomico: State of European Venture
4
1 2 3
7
11
19
28
34
41
61
0
10
20
30
40
50
60
70
2005 2010 2011 2012 2013 2014 2015 2016 2017 2018
Cumulative # of $Bn+ companies founded since 2003
Cumulative # of $Bn+ companies founded since 2003
Results: Most Unicorns ever
We all like unicorns…
5
But in reality – it’s all about the
Dragons…
6
Enter the Dragon!
7
8
€24bn €9.2bn €5.7bn€7.8bn€13.5bn €5.7bn €4.2bn €2.9bn€6.5bn €1.5bn €1.5bn
Pitchbook
All of these companies will return over 1x the VCs funds
European Dragons
€2.6bn
2000 2005 2018
Major US
funds start
investing in
Europe
Skype
acquired for
~€2.2bn.
2011
acquired
again for
~€6.2bn
Zalando
IPO for
~€5.3bn
Now worth
€8.0bn
Brexit
?
Financial
Crash
2007 2016
Spotify IPO
for ~€24bn
2010
VC funding
exceeds
pre-crash
level
Delivery
Hero IPO
for ~€4.4bn
Now worth
€6.53bn
20172014
Just Eat
IPO for
~€1.85bn
Now worth
€4.85bn
Adyen IPO:
~€13.5bn on
1st day of
trading.
Now worth
€19.5bn
Farfetch
IPO for
~€5.2bn
Pitchbook
9
The European ecosystem has come a long way
1
0
.
Higher quality
companies
Higher returns
… helping to create
the new generation of
successful
entrepreneurs
The emergence of serial
entrepreneurs
… supported by high
profile, experienced
seed and series A
funding…
… while major events and
groups are nurturing the
ecosystem…
A new ecosystem is emerging in Europe
10
11
Brent Hoberman Oli Samwer Fabrice GrindaNils Regge
Alando
Niklas Zennstrom
The Emergence of Serial Entrepreneurs
Xavier Niel
12
1996 2006 20092000 2011 2012 201520131997 2003
Neil
Rimer
Pär-Jörgen
Pärson Nenad
Marovac
Sonali De
Rycker
Bernard
Liautaud Staffan
Helgesson
Niklas
Zennstrom
Xavier Niel
Eileen
Burbidge Filip Dames
Frederic
Court
Klaus
Hommels
Christophe
Baviere
Martin
Weber
Backed by experienced Seed and Venture funds
Norman Fiore
Sake
Bosch
1999
13
We have our King!
14
But there are challengers!
15
Hakan
Koc
Frédéric
Mazzella
Juan
Urdiales
Nikolay
Storonsky
Valentin
Stalf
Johannes
Schildt
Patrick
Andrae
André
Schwämmlein
Daniel
Dines
Helping to create the next generation of Entrepreneurs
16
Winners can come from anywhere
17
Let’s keep winning!
18
THANK YOU!
Nenad Marovac
nenad@dncapital.com
+44 (0)20 7340 1600
19
About DN Capital
Supporting outstanding entrepreneurs to create global category leaders
▪ Focus on Seed and Series A investments
▪ $500 million under management
▪ Helped create four unicorns
▪ Offices in London, Palo Alto and Berlin
▪ We invest in:
Marketplaces Software Consumer Internet
Fintech Digital Health
Portfolio Highlights@DNCapital
Currently
hiring Analysts
and Interns
across all
Offices!

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Start Summit, Nenad Marovac from DN Capital

  • 1. EUROPE HAS NEVER BEEN BETTER Start Summit 2019 St Gallen, Switzerland Nenad Marovac, DN Capital 1
  • 2. We are setting new records: In 2018 €7.2 billion Funds raised Amount invested Amount exited Source: Invest Europe internal Data / Pitchbook In 2018 €11 billion 45% for Spotify, Adyen, Farfetch, iZettle and Funding Circle In 2018 €48 billion 2
  • 3. Source Atomico: State of European Venture 3 Solid! Results: Best Returns Ever
  • 4. Source Atomico: State of European Venture 4 1 2 3 7 11 19 28 34 41 61 0 10 20 30 40 50 60 70 2005 2010 2011 2012 2013 2014 2015 2016 2017 2018 Cumulative # of $Bn+ companies founded since 2003 Cumulative # of $Bn+ companies founded since 2003 Results: Most Unicorns ever
  • 5. We all like unicorns… 5
  • 6. But in reality – it’s all about the Dragons… 6
  • 8. 8 €24bn €9.2bn €5.7bn€7.8bn€13.5bn €5.7bn €4.2bn €2.9bn€6.5bn €1.5bn €1.5bn Pitchbook All of these companies will return over 1x the VCs funds European Dragons €2.6bn
  • 9. 2000 2005 2018 Major US funds start investing in Europe Skype acquired for ~€2.2bn. 2011 acquired again for ~€6.2bn Zalando IPO for ~€5.3bn Now worth €8.0bn Brexit ? Financial Crash 2007 2016 Spotify IPO for ~€24bn 2010 VC funding exceeds pre-crash level Delivery Hero IPO for ~€4.4bn Now worth €6.53bn 20172014 Just Eat IPO for ~€1.85bn Now worth €4.85bn Adyen IPO: ~€13.5bn on 1st day of trading. Now worth €19.5bn Farfetch IPO for ~€5.2bn Pitchbook 9 The European ecosystem has come a long way
  • 10. 1 0 . Higher quality companies Higher returns … helping to create the new generation of successful entrepreneurs The emergence of serial entrepreneurs … supported by high profile, experienced seed and series A funding… … while major events and groups are nurturing the ecosystem… A new ecosystem is emerging in Europe 10
  • 11. 11 Brent Hoberman Oli Samwer Fabrice GrindaNils Regge Alando Niklas Zennstrom The Emergence of Serial Entrepreneurs Xavier Niel
  • 12. 12 1996 2006 20092000 2011 2012 201520131997 2003 Neil Rimer Pär-Jörgen Pärson Nenad Marovac Sonali De Rycker Bernard Liautaud Staffan Helgesson Niklas Zennstrom Xavier Niel Eileen Burbidge Filip Dames Frederic Court Klaus Hommels Christophe Baviere Martin Weber Backed by experienced Seed and Venture funds Norman Fiore Sake Bosch 1999
  • 13. 13 We have our King!
  • 14. 14 But there are challengers!
  • 16. 16 Winners can come from anywhere
  • 19. 19 About DN Capital Supporting outstanding entrepreneurs to create global category leaders ▪ Focus on Seed and Series A investments ▪ $500 million under management ▪ Helped create four unicorns ▪ Offices in London, Palo Alto and Berlin ▪ We invest in: Marketplaces Software Consumer Internet Fintech Digital Health Portfolio Highlights@DNCapital Currently hiring Analysts and Interns across all Offices!