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State of blockchain VC investments in Europe

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This short presentation shows European blockchain VC investments, companies and barriers for growth of European blockchain VC deals

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State of blockchain VC investments in Europe

  1. 1. European Blockchain Investments Presentation 25.05.2020 Viktor Fischer
  2. 2. Page 2 | January 2020 Executive summary 1. Globally, around $2.9bn is invested into roughly 800 blockchain companies. Although the total value has decreased by -30% (from $4.3bn) in 2018, the number of deals held relatively steady at ~800 per year. 2. In 2019, around 30% of deals were in EMEA, up from 27% in 2018. 3. In Europe, blockchain companies received ~$700m in funding, which is a decrease of -18% (from $851m) in 2018. 4. In Europe, UK still dominates, although Switzerland, Germany, Spain, Netherlands, France and CEE follow. 5. Main blockchain companies in Europe are Bitfury, Ledger, Blockchain.com. 6. Europe has numerous universities, which have blockchain-focused research teams. 7. There is a lack of a large European blockchain VC; US-based funds have raised ~$2bn, Asia-based funds have raised ~1bn and European funds have collectively raised ~$200m. 8. Consistent regulations in EU are lacking, although there is an initiative / consultation to improve the regulatory situation (albeit with unclear deadlines)
  3. 3. Page 3 | January 2020 In 2019 blockchain funding fell but # of deals stayed SOURCE: CB Insights Blockchain Report 2020 Worldwide
  4. 4. Page 4 | January 2020 Share of deals in EMEA increased from 27% to 30% SOURCE: PWC – 2nd global crypto M&A and fundraising report April 2020 • 30% of deals are in EMEA • Assuming 800 is the total number of deals in 2019, then 30% accounts for ~240 deals
  5. 5. Page 5 | January 2020 In 2019, European blockchain co’s received $700m 1 Same assumption as for all tech verticals, where UK receives 1/3 of the overall funding ($10bn out of $34bn in 2019) SOURCE: Atomico – State of European Tech 2019 • Blockchain is the 6th largest tech vertical in Europe, with $700m invested / year • Assuming 1/3 of total invested amount is in UK1, then the Europe 27 account for ~450m invested per year
  6. 6. Page 6 | January 2020 UK represents ~20% of European blockchain co’s SOURCE: Crunchbase “blockchain” companies in “Europe” region in 2018 and 2019; Etienne Brunet newsletter on European crypto ecosystem Count of Organization Location Column Labels Row Labels 2018 2019 Grand Total UK 35 22 57 Switzerland 22 10 32 Germany 17 13 30 Spain 7 15 22 Netherlands 8 5 13 France 6 5 11 Estonia 6 5 11 Malta 7 1 8 Sweden 5 3 8 Ireland 6 2 8 Belgium 2 5 7 Gibraltar 5 5 Lithuania 3 2 5 Russia 4 1 5 Luxembourg 2 3 5 Norway 1 3 4 Austria 2 1 3 Poland 2 1 3 Slovenia 1 2 3 Serbia 2 1 3 Italy 3 3 Greece 1 1 2 Cyprus 1 1 2 Finland 1 1 2 Hungary 1 1 2 Iceland 1 1 2 Belarus 1 1 2 Czech Republic 1 1 Portugal 1 1 Man 1 1 Bulgaria 1 1 Ukraine 1 1 Liechtenstein 1 1 Grand Total 156 108 264
  7. 7. Page 7 | January 2020 Examples of blockchain companies in Europe Company Country Total raised (m USD) Bitfury Netherlands 170 Ledger France 88 Blockchain UK 70 Fnality UK 63 SETL UK 39 Crypto Finance AG Switzerland 37 Arweave UK 22 Bitwala Germany 22 Bitstamp UK 12 Binance Labs Malta 10 Consensys Switzerland 10 Liquidity Network Switzerland 8 Decent Switzerland 6 Lisk Switzerland 6 Polkadot UK 6 Vega protocol Gibraltar 5 Wirex UK 3 DappRadar Lithuania 2 Mt Pelerin Switzerland 2 Nexus Mutual UK 1 Cryptocompare UK 1 IOTA Germany 1 Deribit Netherlands N/A Equity Company Country Total raised (m USD) TaTaTu Enterprises UK 575 Waves Platform Russia 142 Envion Switzerland 101 Bankera Lithuania 100 Cardano Switzerland 62 Monetha UK 37 Jibrel Network Switzerland 33 Universa Blockchain Lithuania 28 Gibraltar Blockchain ExchangeGibraltar 27 Aragon Germany 26 Proxeus Liechtenstein 25 DAV Switzerland 24 Aeternity Liechtenstein 24 OriginTrail Slovenia 22 Aventus Systems London, England, United Kingdom, Europe20 CoinMetro Estonia 15 modum Switzerland 13 iExec France 12 Quant Network UK 11 Native Video Box Russia 10 PickcioChain Switzerland 9 Hive Project Slovenia 9 Bubbletone Ireland 9 ICOs SOURCE: Crunchbase “blockchain” companies in “Europe” region
  8. 8. Page 8 | January 2020 Main European universities with blockchain research 1 Same assumption as for all tech verticals, where UK receives 1/3 of the overall funding ($10bn out of $34bn in 2019) SOURCE: Atomico – State of European Tech 2019
  9. 9. Page 9 | January 2020 Lack of large European blockchain VCs Note: Not 1 European VC present in the list of top 50 blockchain investors: https://www.blockchain-council.org/blockchain/top-50-venture-capital-investors-in-blockchain/ SOURCE: https://101blockchains.com/top-blockchain-investors/ USA • Polychain: $550m hedge fund, $175m VC fund 1, $200m VC fund 2 • A16Z: $350m VC fund 1, $515m VC fund 2 • Paradigm: $400m VC fund • Pantera: $200m hedge fund, $125m VC fund 1, $175m VC fund 2 Asia • Fenbushi: $200m fund • Dragonfly: $100m fund • DHVC: $Xm fund
  10. 10. Page 10 | January 2020 Regulation is still an issue in Europe SOURCE: Atomico – State of European Tech 2019; http://Ec.Europa.Eu • 20% of surveyed entrepreneurs mention blockchain as a priority for regulators • European Commission has launched a consultation document on how to improve regulatory environment: https://ec.europa.eu/info/sites/info/files/business_economy_euro/banking_and_finance/documents/2019- crypto-assets-consultation-document_en.pdf
  11. 11. Page 11 | January 2020 BACKUP
  12. 12. Page 12 | January 2020 In 2019, Europe had EUR 32.4B in funding of 5000 co’s SOURCE: Pitchbook – 2019 Annual European Venture Report • Out of EUR 32.4bn of VC funding in Europe, UK & Ireland received ~30%
  13. 13. Page 13 | January 2020 Majority of deals are still in Seed phase SOURCE: PWC – 2nd global crypto M&A and fundraising report April 2020 • The blockchain industry is still in the Seed / Series A phase • 70% of deals are in Seed and Series A

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