SlideShare a Scribd company logo
1
www.frontline.vc
Startups & Venture Capital in Germany
Tech emerges in Europes largest economy
A GLOBAL PERSPECTIVE BROUGHT TO YOU BY:
www.pointnine.vc
2
Many new venture funds have been raised in Germany
1Cash on Hand and Bank Balance, RKET Annual Report, Rocket ECP, Earlybird, Creathor, bmp, Target Partners, Lakestar, Coparion, Crunchbase: Global Founders Capital,
Holtzbrinck, HTGF, Cherry Ventures, Dow Jones Venture Source, CBInsights, Estimates may sometimes include realisations, does not include funds HQ’d outside of Germany
TotalFundsRaisedorSimilar(€1,000s)
FUNDS RAISED IN 2016
Funds domiciled in Germany or
primarily do business there
0
400
800
1,200
1,600 RocketInternet
RocketRICP
EarlyBird
Holtzbrink
HTGF
Acton
Lakestar
TargetPartners
ProjectA
Coparion
B-to-V
IBB
Creathor
Cherry
BlueYard
PointNine
Speedinvest
Paua
Capnamic
4065100110120
150
180182200225
290300
385
470
576
635
700
1,000
1,504
3
Which has lead to better upstream funding for startups
Seed Series A - B Late StageIncubators
Note: approximation, many investors participate across different stages
0
13
25
38
50
20%
24%
35%
37%
40%
48%
The highest level of international participation in Europe
4
London
Paris
Berlin
Stockholm
€0b €4.5b €9b €13.5b €18b
$2.3b
$5.8b
$3.7b
$11b
$1.8b
$1.3b
$9.6b
$17b
USD
Total Funds Raised
Total Funds Invested
TOTAL VC FUNDS RAISED VS INVESTED2VC BACKED WITH AN INTERNATIONAL INVESTOR1
1
Crunchbase Pro (2013-2016), 2
The numbers behind Europe's VC ecosystem [datagraphic] (2006-2016)

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zabielskiventure capitalhedgehog fund
As funds globally position themselves to do more German deals
5
FUNDS ADD GERMAN DEAL
MAKERS
RECENT TRANSACTIONS IN
GERMANY
Series B
Series A
v
77% OF FUNDING ROUNDS IN
BERLIN ARE LED BY NON-LOCALS
Berlin needs more VCs!
0
15
30
45
60
13%
29%
57%
60%
17%
22%
Berlin Silicon Valley
Local Led
rounds
Non-Local
Domestic
International
Led
Why Berlin Needs More Local VCs a Network Analysis
A boom in investment activity
6Crunchbase Pro, Gil Dibner Slideshare
# OF VC BACKED COMPANIES IN THE PAST 10 YEARS
50
140
230
320
410
500
Q
3
2014
Q
4
2014
Q
1
2015
Q
2
2015
Q
3
2015
Q
4
2015
Q
1
2016
Q
2
2016
Q
3
2016
Q
4
2016
QUARTERLY VC FUNDING EX-MEGA (€100m)
ROUNDS IN GERMANY
Quarterlyfundsraised($1m)
62% CAGR
0 350 700 1050 1400
139
157
165
417
607
1,203
$3.1b
€9b
€2b
Is giving birth to the German startup ecosystem!!
7
€3.1b
€100m
€150m
€760m
€82m
$4b
€830m
$190m
€210m
Scout24
€3.2b
€210m
€150m
€100m
€215m
€950m
€1b
€272m
€300m
Current or last valuations: Notable exits, companies with €50m+ in funding, other notable. Private market valuation, best estimate based on public data
€420m
$700m
$700m
€480m
8
Investors

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9
1See Appendix & FY 2015 Financial Statements and Rocket Internet Financial Statements and Capital Markets Day, 2Crunchbase, 3Rocket ECP, GFC vs. Rocket Internet Capital Partners: Wie
passen Rockets Fonds zusammen? ,Rocket Internet Capital Partners fund closes at $1 billion 4
The Samwer brothers control vehicles with billions in combined assets1,2
Rocket participated in 16 out of 20 of Germanys largest funding rounds1
Rocket is largely an emerging markets and eCommerce investor1
Cash
€1.5b1
RICP4
€1b
FOUNDED
2007
OFFICES
Berlin, London
FUNDS
2
RAISED
-
# OF INVESTMENTS
75+
EXITS
5+
10
1Holtzbrinck-Ventures.com, 2Crunchbase, 3Proprietary, 4Holtzbrinck Ventures etabliert 177 Mio. Early-Stage-Fonds mit
HarbourVest Partners, 5Holtzbrinck Ventures Closes $331M Fund To Back More Consumer And E-Commerce Startups
Founded in 2000 as part of German publishing house Holtzbrinck
Track record of investment success: 150+ investments1
, 16 acquisitions2
and 3 IPOs3
LPs include US based HarbourVest Partners and Georg Von Holtzbrinck4
Strong focus on consumer internet, eCommerce, transactional business models
AUM
€635m
Consumer
Internet
in EU
Fund VI
€285m5
FOUNDED
2000
OFFICES
Munich
FUNDS
6
RAISED
€635
# OF INVESTMENTS
100+
EXITS
25+
111Tech.eu: Most Active Tech Investors In Europe (H1 2015)
SaaS and marketplace focused, Seed and early Series A
Created out of Team Europe, a network of Berlin-based entrepreneurs
One of the most active Tech Investors in EU1
with strong foothold in Berlin
American style VC, with international LPs (US, Israel, EU)
€55m Fund 3
SaaS
Marketplaces
€40m Fund 2
FOUNDED
2011
OFFICES
Berlin
FUNDS
3
RAISED
€112
# OF INVESTMENTS
80+
EXITS
10+
121earlybird.com, 2Heilemann Ventures and Earlybird VC Join Forces
Founded in 1997, with €700m invested across 5 funds, invested in over 100 startups1
Earlybird is one of the oldest and most established funds in Germany
Invests €250k-10m across all stages1
Recently merged with Heilemann Ventures2
Technology
Eastern Europe
Healthcare
FOUNDED
1997
OFFICES
Berlin, Munich
FUNDS
3
RAISED
€112
# OF INVESTMENTS
120+
EXITS
25+

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13
Who to know
Marc Samwer
Oliver Samwer
Alexander Samwer
rocket-internet.com
@RocketInternet
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Christoph Janz
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Fabian Heilemann
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Funds Focus Areas
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15
Accelerators % Stake Comments
6%
5%
6-8%
4-5%
Investment
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€25k
€15k
-
Techstars Berlin, Axel Springer Plug & Play, Berlin Startup Academy, Startupbootcamp Smart Transportation & Energy
- - Diversified
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Diversified
Negotiable Community focusedNegotiable
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TractionInception
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18
Strengths
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business universities
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19
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1 Bedroom Flat €500-1,0001
Beer €31
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Challenges
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entrepreneurship vs rest of
Europe1
Relatively small talent pool
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some sectors
22
Incubated startups, management equity participation
Incubator
50%
New Investors
30%
Management
20%
A Letter to German Entrepreneurs, Index Ventures
“
”
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funding is used to pay for services
A startling number of German startups that we have spoken
to have ownership structures which put them at a real
disadvantage when raising their first venture round. In many
cases we have observed, the founders have given away too
much equity to their first investors - typically angels and
family offices, who have little experience with the fast-
growing startups or the venture capital funding model.
‘Incubated’ companies allocate a relatively
small equity stake to management teams
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23
Winning sectors
FinTech
• Credit related and consumer business
• Large market for consumer finance
• Population which travels a great deal
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24
eCommerce
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Leisure
• E-sports, gaming, travel, and music
• Travel culturally important
• Large number of consumers
AdTech
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• E-commerce companies as customers
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25
FinTech
Founder
Alexander Graubner-Müller
Formerly Groupon, Rocket Internet
University of St. Gallen
Founder
Valentin Stalf
Formerly Paymill, Rocket Internet
University of St. Gallen
Pawn Loans
Payday
Credit Cards
Bank Loans
Better credit for
customers with
no or poor
access to credit
The mobile bank
Linkedin Information, Crunchbase
26
AdTech
Founder
Andreas Bodczek
Formerly Telefonica, Bertelsmann
Ludwig-Maximilians Universität
Mobile in-app ad monetisation platform, incl.
ad mediation & marketplace.
Founder & CTO
Marcus Tober
Formerly Ecards, Idealo Internet
Technische Fachhochschule Berlin
Acquired
for $190m
Linkedin Information, Crunchbase
SEO SaaS platform
27
Founder
Hakan Koç
Formerly Home24, Rocket
Internet, Zalando, DailyDeal
Founder
David Schneider
Formerly Compara Tarifas,
Unibicate, Roland Berger
San Andrés, Singapore, WHU
Trouble Selling Grandma’s Cars Led to $1 Billion Startup, LinkedIn Information, Crunchbase
eCommerce
Designer shopping online
IPO at
€5.3b
valuation
B2B marketplace
for used car
dealers
28
Leisure
Alexander Ljung
Formerly Trustmojo.com, Jung
Studios, SF Anytime
Stockholm University
Rolf Schroemgens
Formerly ciao.com
Leipzig Graduate School of
Management
Online travel
booking Social Music
Samwer brothers
Trivago, auf leisen Sohlen, LinkedIn Information, Crunchbase
Christian Vollmann
Dr. Florian Heinemann
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valuation

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Internet Exits
29
€6.5b (at IPO)
€5.3b (at IPO)
€100m
€150m
€272m
€82m
Trivago $4b
(40%)
TeamViewer
€830m
$190m
€210m
2004 Onward: 16 Biggest German Exits So Far, Tech.eu: Scout24, Windeln Successfully Completes IPO, Das denkt die Szene über den 6Wunderkinder-Exit
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€210m
€150
€100m
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eCommerce
Gaming
Travel
Enterprise
AdTech
Social
€150m
(at IPO)
$150m
FinTech
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joulex
€108m
€124m
Early stage companies to watch in 2017
30
Data driven publishing house
Bus travel platform
Large scale data analysis Video game coaching
Video sharing network
App retargeting
Home cooking mail service
API based CMS
Bank of banks
OKR
Banking for freelancers
Flying cars
SME Lending
App for your tax returnOffice management software Cloud banking platform
Authors choice
31
Outlook
32
2017 Predictions
Fewer new EU funds will
enter the market
Expect larger deals from
Rocket after a 6 month lull
Brexit will continue to
accelerate ecosystem
growth in Germany
Great companies will come
from all over Germany!
Seed & Series A valuations
will level off
Interest from non-EU VCs in
the German ecosystem will
continue to increase

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2017 Predictions
Large incubators will shift
towards VC investing
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B2B startups emerge
IPOs of Delivery Hero,
Home24, will continue to
fuel the ecosystem
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hire Germans to target the
region
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Germany’s first “decacorn”
Germany to surpass the UK
in total VC funding
34
Twitter Medium
Mathias
Twitter Medium Quora
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Additional Slides
Rocket participates in 16 out of 20 of the largest rounds since 2012
36
Rocket Participates in 80% of €50+ funding rounds
FY 2015 Financial Statements and Rocket Internet Financial Statements and Capital Markets Day

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37
Nine new funds in 2016
DB1 VENTURES
TRUMPF STRATEGIC
Germany’s 11 New VCs launched in 2016
0
225
450
675
900
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
180
284
719
437
621
444
892
543 555
487
180
267
389
209
379
339 333
388
461 463
29
163
118
232
279
225
281
355 361
443
74
123
89
112
140
84
140
113
194
224
Sweden France Germany UK
Funding Trends (ex-mega rounds)
38Europe & Isreal 2016 VC Year in Review, Gil Dibner
MillionsofEuro’s
Online Content:
Rocket Internet Financial Statements
Germany’s FinTech Ecosystem: A Wheel in the European Innovation Machine
Venture Capital and Startups in Germany 2015, E&Y
16 Biggest German Exits So Far
Trouble Selling Grandma’s Cars Led to $1 Billion Startup
Salary Survey in Berlin & Berlin Software Engineer Average Salary
Berlin named most 'fun' city in the world - telegraph.co.uk
A Letter to German Entrprenuers, Index Ventures
Think We're the Most Entrepreneurial Country In the World? Not So Fast
Heilemann Ventures and Earlybird VC Join Forces
GP Bullhound 2015 Unicorn Report, GP Bullhound 2016 Unicorn Report
Germany’s 11 New VCs launched in 2016
Data Services:
CBInsights
Dow Jones Venture Source
Crunchbase
LinkedIn
39
Source Links
Slide 2 - Venture funds in Germany
Funds domiciled in Germany or that primarily do business there
Does not include corporates, funds without official ‘funds raised’, or non-internet funds
Rocket is a publicly traded company with €1.5b of cash and cash equivalents
Slide 3 - Fund participation by stage
Notable participants by stage, discretionary selection
Slide 4- International participation
Data from Crunchbase Pro
Pitchbook data
Slide 6 - A boom in activity
Data from Crunchbase Pro
Gil Dibner Startups and VC in Isreal
Slide 6 - Selection of successful companies
Companies with over €30m funds raised
Authors choice
Slides 9-15 - Notable players
Discretionary selection of well known investors
Slide 16 - Valuations
Estimates based on experience
Slides 24-30 - Successful startups
Many startups have multiple co-founders that are not included here
Authors Choice
Slide 28 - Exits
Notable internet exits since 2004
Slide 30- Early stage companies to watch
Authors choice
40
Methodology

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Startups and Venture Capital in Germany

  • 1. 1 www.frontline.vc Startups & Venture Capital in Germany Tech emerges in Europes largest economy A GLOBAL PERSPECTIVE BROUGHT TO YOU BY: www.pointnine.vc
  • 2. 2 Many new venture funds have been raised in Germany 1Cash on Hand and Bank Balance, RKET Annual Report, Rocket ECP, Earlybird, Creathor, bmp, Target Partners, Lakestar, Coparion, Crunchbase: Global Founders Capital, Holtzbrinck, HTGF, Cherry Ventures, Dow Jones Venture Source, CBInsights, Estimates may sometimes include realisations, does not include funds HQ’d outside of Germany TotalFundsRaisedorSimilar(€1,000s) FUNDS RAISED IN 2016 Funds domiciled in Germany or primarily do business there 0 400 800 1,200 1,600 RocketInternet RocketRICP EarlyBird Holtzbrink HTGF Acton Lakestar TargetPartners ProjectA Coparion B-to-V IBB Creathor Cherry BlueYard PointNine Speedinvest Paua Capnamic 4065100110120 150 180182200225 290300 385 470 576 635 700 1,000 1,504
  • 3. 3 Which has lead to better upstream funding for startups Seed Series A - B Late StageIncubators Note: approximation, many investors participate across different stages
  • 4. 0 13 25 38 50 20% 24% 35% 37% 40% 48% The highest level of international participation in Europe 4 London Paris Berlin Stockholm €0b €4.5b €9b €13.5b €18b $2.3b $5.8b $3.7b $11b $1.8b $1.3b $9.6b $17b USD Total Funds Raised Total Funds Invested TOTAL VC FUNDS RAISED VS INVESTED2VC BACKED WITH AN INTERNATIONAL INVESTOR1 1 Crunchbase Pro (2013-2016), 2 The numbers behind Europe's VC ecosystem [datagraphic] (2006-2016)
  • 5. As funds globally position themselves to do more German deals 5 FUNDS ADD GERMAN DEAL MAKERS RECENT TRANSACTIONS IN GERMANY Series B Series A v 77% OF FUNDING ROUNDS IN BERLIN ARE LED BY NON-LOCALS Berlin needs more VCs! 0 15 30 45 60 13% 29% 57% 60% 17% 22% Berlin Silicon Valley Local Led rounds Non-Local Domestic International Led Why Berlin Needs More Local VCs a Network Analysis
  • 6. A boom in investment activity 6Crunchbase Pro, Gil Dibner Slideshare # OF VC BACKED COMPANIES IN THE PAST 10 YEARS 50 140 230 320 410 500 Q 3 2014 Q 4 2014 Q 1 2015 Q 2 2015 Q 3 2015 Q 4 2015 Q 1 2016 Q 2 2016 Q 3 2016 Q 4 2016 QUARTERLY VC FUNDING EX-MEGA (€100m) ROUNDS IN GERMANY Quarterlyfundsraised($1m) 62% CAGR 0 350 700 1050 1400 139 157 165 417 607 1,203
  • 7. $3.1b €9b €2b Is giving birth to the German startup ecosystem!! 7 €3.1b €100m €150m €760m €82m $4b €830m $190m €210m Scout24 €3.2b €210m €150m €100m €215m €950m €1b €272m €300m Current or last valuations: Notable exits, companies with €50m+ in funding, other notable. Private market valuation, best estimate based on public data €420m $700m $700m €480m
  • 9. 9 1See Appendix & FY 2015 Financial Statements and Rocket Internet Financial Statements and Capital Markets Day, 2Crunchbase, 3Rocket ECP, GFC vs. Rocket Internet Capital Partners: Wie passen Rockets Fonds zusammen? ,Rocket Internet Capital Partners fund closes at $1 billion 4 The Samwer brothers control vehicles with billions in combined assets1,2 Rocket participated in 16 out of 20 of Germanys largest funding rounds1 Rocket is largely an emerging markets and eCommerce investor1 Cash €1.5b1 RICP4 €1b FOUNDED 2007 OFFICES Berlin, London FUNDS 2 RAISED - # OF INVESTMENTS 75+ EXITS 5+
  • 10. 10 1Holtzbrinck-Ventures.com, 2Crunchbase, 3Proprietary, 4Holtzbrinck Ventures etabliert 177 Mio. Early-Stage-Fonds mit HarbourVest Partners, 5Holtzbrinck Ventures Closes $331M Fund To Back More Consumer And E-Commerce Startups Founded in 2000 as part of German publishing house Holtzbrinck Track record of investment success: 150+ investments1 , 16 acquisitions2 and 3 IPOs3 LPs include US based HarbourVest Partners and Georg Von Holtzbrinck4 Strong focus on consumer internet, eCommerce, transactional business models AUM €635m Consumer Internet in EU Fund VI €285m5 FOUNDED 2000 OFFICES Munich FUNDS 6 RAISED €635 # OF INVESTMENTS 100+ EXITS 25+
  • 11. 111Tech.eu: Most Active Tech Investors In Europe (H1 2015) SaaS and marketplace focused, Seed and early Series A Created out of Team Europe, a network of Berlin-based entrepreneurs One of the most active Tech Investors in EU1 with strong foothold in Berlin American style VC, with international LPs (US, Israel, EU) €55m Fund 3 SaaS Marketplaces €40m Fund 2 FOUNDED 2011 OFFICES Berlin FUNDS 3 RAISED €112 # OF INVESTMENTS 80+ EXITS 10+
  • 12. 121earlybird.com, 2Heilemann Ventures and Earlybird VC Join Forces Founded in 1997, with €700m invested across 5 funds, invested in over 100 startups1 Earlybird is one of the oldest and most established funds in Germany Invests €250k-10m across all stages1 Recently merged with Heilemann Ventures2 Technology Eastern Europe Healthcare FOUNDED 1997 OFFICES Berlin, Munich FUNDS 3 RAISED €112 # OF INVESTMENTS 120+ EXITS 25+
  • 13. 13 Who to know Marc Samwer Oliver Samwer Alexander Samwer rocket-internet.com @RocketInternet Pawel Chudzinski Christoph Janz pointnine.vc @PointNineCap Hendrik Brandis Christian Nagel Fabian Heilemann earlybird.com @EarlybirdVC Daniel Glasner Christian Meerman Filip Dames cherry.vc @CherryVentures Ciaran O’Leary Jason Whitemire berlinvc.com @BlueYard Uwe Horstmann Dr. Florian Heinemann project-a.com @ProjectAcom Jan Beckers @FinLeap @HitFoxGroup Klaus Hommels Mark Schmitz Nicolas Brand lakestar.com Will Prendergast Thomas Olszewski frontline.vc @frontline
  • 14. Corporate Investors 14 Funds Focus Areas B2C consumer goods, retail and services Manager of several corporate venture funds IoT, smart home, digital customer access, big data Direct-to-consumer or transaction oriented SevenVentures, Redstone Digital, Vito Ventures, Vowerk Digital Media & Publishing Tech Consumer internet, marketplaces, and deep tech Independent venture fund of Commerzbank
  • 15. Accelerators 15 Accelerators % Stake Comments 6% 5% 6-8% 4-5% Investment €20k+100 €25k €15k - Techstars Berlin, Axel Springer Plug & Play, Berlin Startup Academy, Startupbootcamp Smart Transportation & Energy - - Diversified Transportation and energy Axel Springer Diversified Diversified Negotiable Community focusedNegotiable
  • 16. What to expect when you close a deal in Germany 16*Most traditional databases do not contain accurate valuation information, Techstars Berlin1 Incubated Companies Angel & Seed Deals €1-3m €2-6m Angel Round Seed Round TractionInception SaaS Funding Napkin, the mobile-friendly edition , Fundraising Framework for Marketplace Startups in 2016 Expectations can very dramatically Business with some traction, first customers Can include companies from accelerator Typically raising at above market valuations Management owns 0-70% of equity Part of the capital raised may go to the incubator
  • 18. 18 Strengths Top class engineering and business universities Berlin is an attractive place to live for a lot of young talented people Easier immigration policies then elsewhere in Europe Largest EU economy in terms of GDP and population Higher capital efficiency as a result of lower salaries and cost of rent Optimism surrounding Berlin and the prospects of the ecosystem
  • 19. Berlin 19 Population 3.5m 1 Bedroom Flat €500-1,0001 Beer €31 Avg Salary €40,0002 Avg Software Engineer Salary €50,0003 Berlin named most 'fun' city in the world - telegraph.co.uk 1Berlin named most 'fun' city in the world - telegraph.co.uk, 2Salary Survey in Berlin, 3Berlin Software Engineer Average Salary
  • 21. 21 Challenges 1Think We're the Most Entrepreneurial Country In the World? Not So Fast Difficult to retain top talent with lower salaries vs other EU cities Victim of its own success? Rent and cost of living are increasing Culture of risk aversion and slower adoption of new products English & German are used Lower levels of entrepreneurship vs rest of Europe1 Relatively small talent pool of software developers in some sectors
  • 22. 22 Incubated startups, management equity participation Incubator 50% New Investors 30% Management 20% A Letter to German Entrepreneurs, Index Ventures “ ” In some cases, part of the 2nd round of funding is used to pay for services A startling number of German startups that we have spoken to have ownership structures which put them at a real disadvantage when raising their first venture round. In many cases we have observed, the founders have given away too much equity to their first investors - typically angels and family offices, who have little experience with the fast- growing startups or the venture capital funding model. ‘Incubated’ companies allocate a relatively small equity stake to management teams EXAMPLE SEED STAGE INCUBATOR CAP TABLE
  • 24. FinTech • Credit related and consumer business • Large market for consumer finance • Population which travels a great deal Four sectors where German startups have succeeded 24 eCommerce • Fashion, auctions, and food delivery • Largest market for fashion in Europe • Lean and cost competitive, low margin Leisure • E-sports, gaming, travel, and music • Travel culturally important • Large number of consumers AdTech • Big data, data analytics, data mgmt, SEO • E-commerce companies as customers • High small- & mid-cap M&A-activity
  • 25. 25 FinTech Founder Alexander Graubner-Müller Formerly Groupon, Rocket Internet University of St. Gallen Founder Valentin Stalf Formerly Paymill, Rocket Internet University of St. Gallen Pawn Loans Payday Credit Cards Bank Loans Better credit for customers with no or poor access to credit The mobile bank Linkedin Information, Crunchbase
  • 26. 26 AdTech Founder Andreas Bodczek Formerly Telefonica, Bertelsmann Ludwig-Maximilians Universität Mobile in-app ad monetisation platform, incl. ad mediation & marketplace. Founder & CTO Marcus Tober Formerly Ecards, Idealo Internet Technische Fachhochschule Berlin Acquired for $190m Linkedin Information, Crunchbase SEO SaaS platform
  • 27. 27 Founder Hakan Koç Formerly Home24, Rocket Internet, Zalando, DailyDeal Founder David Schneider Formerly Compara Tarifas, Unibicate, Roland Berger San Andrés, Singapore, WHU Trouble Selling Grandma’s Cars Led to $1 Billion Startup, LinkedIn Information, Crunchbase eCommerce Designer shopping online IPO at €5.3b valuation B2B marketplace for used car dealers
  • 28. 28 Leisure Alexander Ljung Formerly Trustmojo.com, Jung Studios, SF Anytime Stockholm University Rolf Schroemgens Formerly ciao.com Leipzig Graduate School of Management Online travel booking Social Music Samwer brothers Trivago, auf leisen Sohlen, LinkedIn Information, Crunchbase Christian Vollmann Dr. Florian Heinemann IPO at $4b valuation
  • 29. Internet Exits 29 €6.5b (at IPO) €5.3b (at IPO) €100m €150m €272m €82m Trivago $4b (40%) TeamViewer €830m $190m €210m 2004 Onward: 16 Biggest German Exits So Far, Tech.eu: Scout24, Windeln Successfully Completes IPO, Das denkt die Szene über den 6Wunderkinder-Exit €3.2b €210m €150 €100m €215m eCommerce Gaming Travel Enterprise AdTech Social €150m (at IPO) $150m FinTech €108m joulex €108m €124m
  • 30. Early stage companies to watch in 2017 30 Data driven publishing house Bus travel platform Large scale data analysis Video game coaching Video sharing network App retargeting Home cooking mail service API based CMS Bank of banks OKR Banking for freelancers Flying cars SME Lending App for your tax returnOffice management software Cloud banking platform Authors choice
  • 32. 32 2017 Predictions Fewer new EU funds will enter the market Expect larger deals from Rocket after a 6 month lull Brexit will continue to accelerate ecosystem growth in Germany Great companies will come from all over Germany! Seed & Series A valuations will level off Interest from non-EU VCs in the German ecosystem will continue to increase
  • 33. 33 2017 Predictions Large incubators will shift towards VC investing After 5 years of B2C growth, B2B startups emerge IPOs of Delivery Hero, Home24, will continue to fuel the ecosystem Global VCs will continue to hire Germans to target the region Zalando will become Germany’s first “decacorn” Germany to surpass the UK in total VC funding
  • 36. Rocket participates in 16 out of 20 of the largest rounds since 2012 36 Rocket Participates in 80% of €50+ funding rounds FY 2015 Financial Statements and Rocket Internet Financial Statements and Capital Markets Day
  • 37. 37 Nine new funds in 2016 DB1 VENTURES TRUMPF STRATEGIC Germany’s 11 New VCs launched in 2016
  • 38. 0 225 450 675 900 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 180 284 719 437 621 444 892 543 555 487 180 267 389 209 379 339 333 388 461 463 29 163 118 232 279 225 281 355 361 443 74 123 89 112 140 84 140 113 194 224 Sweden France Germany UK Funding Trends (ex-mega rounds) 38Europe & Isreal 2016 VC Year in Review, Gil Dibner MillionsofEuro’s
  • 39. Online Content: Rocket Internet Financial Statements Germany’s FinTech Ecosystem: A Wheel in the European Innovation Machine Venture Capital and Startups in Germany 2015, E&Y 16 Biggest German Exits So Far Trouble Selling Grandma’s Cars Led to $1 Billion Startup Salary Survey in Berlin & Berlin Software Engineer Average Salary Berlin named most 'fun' city in the world - telegraph.co.uk A Letter to German Entrprenuers, Index Ventures Think We're the Most Entrepreneurial Country In the World? Not So Fast Heilemann Ventures and Earlybird VC Join Forces GP Bullhound 2015 Unicorn Report, GP Bullhound 2016 Unicorn Report Germany’s 11 New VCs launched in 2016 Data Services: CBInsights Dow Jones Venture Source Crunchbase LinkedIn 39 Source Links
  • 40. Slide 2 - Venture funds in Germany Funds domiciled in Germany or that primarily do business there Does not include corporates, funds without official ‘funds raised’, or non-internet funds Rocket is a publicly traded company with €1.5b of cash and cash equivalents Slide 3 - Fund participation by stage Notable participants by stage, discretionary selection Slide 4- International participation Data from Crunchbase Pro Pitchbook data Slide 6 - A boom in activity Data from Crunchbase Pro Gil Dibner Startups and VC in Isreal Slide 6 - Selection of successful companies Companies with over €30m funds raised Authors choice Slides 9-15 - Notable players Discretionary selection of well known investors Slide 16 - Valuations Estimates based on experience Slides 24-30 - Successful startups Many startups have multiple co-founders that are not included here Authors Choice Slide 28 - Exits Notable internet exits since 2004 Slide 30- Early stage companies to watch Authors choice 40 Methodology