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Monthly European Venture Capital report 6 November 2018 October 2018 October was the second most active month of 2018 with investment of 2.7 billion Source: Dealroom.co. Includes Israel. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. Investment in Europe, Israel & Biotech 2 Impact of mega-rounds 2.0B 1.6B 1.1B 1.9B 1.4B 1.6B 1.6B 2.3B 2.1B 1.9B 1.7B 1.6B 2.2B 2.6B 2.0B 1.7B 2.4B 1.7B 1.9B 2.1B 2.6B 2.8B 2.3B 2.1B 1.9B 2.7B 0.5B 1.0B 1.5B 2.0B 2.5B 3.0B 3.5B Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 2018 Europe excl. Israel Biotech Israel 1.5B 1.3B 0.9B 1.2B 0.9B 1.1B 1.3B 1.7B 1.7B 1.4B 0.9B 1.3B 1.8B 0.4B 0.3B 0.4B 0.3B 0.2B 0.4B 0.4B 0.4B 0.4B 0.4B 0.4B 0.3B 0.5B 0.7B 0.4B 0.3B 0.8B 0.6B 0.4B 0.4B 0.5B 0.7B 0.6B 0.8B 0.3B 0.4B 2.6B 2.0B 1.7B 2.4B 1.7B 1.9B 2.1B 2.6B 2.8B 2.3B 2.1B 1.9B 2.7B 0.5B 1.0B 1.5B 2.0B 2.5B 3.0B 3.5B Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct 2017 2018 All other rounds Top 10 largest rounds Top 3 largest rounds October was a record month excluding top 3 and top 10 rounds Four rounds above $1 billion valuation, and five rounds above $100 million Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. Go to online data 3 NAME INVESTORS INDUSTRY LOCATION ROUND VALUATION JFrog JFrog provides software developers with a binary repository management solution Battery Ventures, Insight Venture Partners Dell Technologies Capital Enterprise Software Israel $ 165 m SERIES D $ 1.0 b Green Yellow Electricity provider for private individuals Bpifrance, Tikehau Capital Energy France 150 m GROWTH EQUITY - GoEuro Multi-mode search tool that compares rail, air, bus and car for European destinations Investment AB Kinnevik, Temasek, Hillhouse Capital Transportation Germany $ 150 m GROWTH EQUITY $ 1.0 b Monzo Monzo is a London-based digital-only bank platform Accel, General Catalyst Partners, Thrive Capital, Orange Digital Ventures Fintech UK 85 m SERIES E 1.1 b Prima.it An insurance intermediary selling car insurance online Blackstone, Goldman Sachs Fintech Italy 100 m GROWTH EQUITY - Galecto Developing drugs for the treatment of fibrosis, inflammation and other serious human diseases Seventure Partners, OrbiMed, Maverick Health Denmark 79 m SERIES C - Truphone Free and low cost mobile international calls via GSM and VoIP technology Minden, Roman Abramovich Telecom UK $ 71 m LATE VC $ 500 m Syncron Cloud-based service parts inventory, price and uptime management solutions Summit Partners Enterprise Software Sweden $ 67 m GROWTH EQUITY - Oxford Nanopore Technologies Developing nanopore-based electronic systems for analysis of single molecules Amgen Health UK 50 m GROWTH EQUITY 1.5 b Mash Automated platform to deliver superior finance and payments solutions - Fintech Finland 50 m LATE VC - 1,712 1,508 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 2018 24B 23B 5B 10B 15B 20B 25B 30B Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 2018 2018 continues to be on track for an all-time record, ahead of 2017 so far (which was a record year itself) Source: Dealroom.co. Includes Israel. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. 1. Rounds below $2M are often reported with a delay of several months. Therefore, only rounds above $2M are shown here for better like-for-like comparison. 4 Cumulative amount invested 2018 vs. 2017 (B) Cumulative number of rounds 2018 vs. 2017 (>2M) The UK, Germany, France and Israel (the big four) continue to receive 70% of total investment 5 11% YoY growth 87% 17% 10% (35%) (10%) (11%) (17%) 10% 43% Number of rounds Jan-Oct '18 (1) Investment by country (B) Jan-Oct '18 676 501 280 265 255 200 188 128 128 108 88 75 68 68 50 33 29 17 13 United Kingdom France Spain Sweden Germany Israel Netherlands Italy Switzerland Ireland Norway Russia Denmark Finland Belgium Austria Hungary Turkey Greece 5.9B 3.6B 3.3B 2.4B 1.3B 0.9B 0.9B 0.6B 0.5B 0.4B 0.4B 0.4B 0.4B 0.3B 0.3B 0.2B 0.2B 0.1B 0.1B United Kingdom Germany France Israel Spain Sweden Switzerland Ireland Netherlands Finland Denmark Portugal Italy Belgium Russia Norway Estonia Cyprus Austria Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. 1. Rounds below $2M are included here. Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. 1. Rounds below $2M are included here. 6 By investment, the UK continues its lead, followed by Germany and France 2018 cumulative number of rounds (1) 2018 cumulative amount invested by country 5.9B 3.6B 3.3B 2.4B 1.0B 2.0B 3.0B 4.0B 5.0B 6.0B 7.0B Jan Feb Mar Apr May Jun Jul Aug Sep Oct United Kingdom Germany France Israel 676 255 501 200 100 200 300 400 500 600 700 Jan Feb Mar Apr May Jun Jul Aug Sep Oct United Kingdom Germany France Israel Health, fintech and enterprise software continue to be the most invested industries Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. Note: industries, business models and keywords can and do overlap. 7 By industry vertical Business model By keyword Number of rounds 2018 Jan - Oct Amount (B) invested 2018 Jan - Oct 4.7B 4.6B 3.8B 2.4B 2.3B 1.5B 1.2B 1.2B 1.2B 1.1B 0.8B 0.7B 0.5B 0.4B 0.3B 0.4B 0.3B 8.3B 5.7B 4.2B 2.6B 2.4B 5.7B 2.3B 0.9B 0.7B 0.2B 642 521 480 252 254 228 204 178 174 140 133 100 92 69 58 49 51 1,336 715 404 234 197 913 426 158 102 29 Noticeable increase in focus on deep tech related areas such as robotics and blockchain 8 Absolute change vs. last year (in B) % change vs. last year (number of rounds) Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. Note: industries, business models and keywords can and do overlap. By industry vertical Business model By keyword 1.0B 0.9B 0.5B 0.5B 0.2B 0.2B 0.2B 0.0B ( 0.0B) ( 0.2B) ( 0.2B) ( 0.2B) ( 0.3B) ( 0.4B) ( 0.4B) ( 0.6B) ( 0.8B) 1.1B 0.8B 0.8B ( 0.4B) ( 0.6B) 0.5B ( 0.2B) ( 0.2B) ( 0.3B) ( 0.4B) 61% 36% 18% 17% 15% 10% 10% 1% (2%) (3%) (4%) (5%) (7%) (7%) (10%) (12%) (28%) 35% 33% 14% (18%) (20%) 80% 33% 15% (3%) (14%) 342 406 246 50 100 150 200 250 300 350 400 450 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 2018 35B 40B 102B 20B 40B 60B 80B 100B 120B Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 2018 By VC backed exits, 2018 is far ahead of 2017 driven by a handful of mega-exits Source: Dealroom.co 9 Cumulative value of VC-backed exits 2018 vs. 2017 Cumulative number of VC backed exits 2018 vs. 2017 October: 6.3 billion venture backed exits companies Source: Dealroom.co NAME ACQUIROR SELLER INDUSTRY LOCATION TRANSACTION VC BACKED Magneti Marelli Production of hi-tech systems and components for the automotive sector KKR - Automotive Italy 6.2b BUYOUT Nexperia A global technology leader in discretes, logic and MOSFET devices Wingtech Technology Wise Road Capital Beijing Jianguang Asset Management NXP Semiconductors Electronics Netherlands $ 3.6 b ACQUISITION Elastic Providing innovative and advanced open source distributed search engine, support and consulting services - Index Ventures Benchmark, Data Collective Rod Johnson SV Angel Enterprise Software Netherlands $ 2.5 b IPO FNZ Wealth management platforms for financial advisers Generation Investment Management, Caisse de dpt et placement du Qubec (CDPQ) HIG Capital General Atlantic Finance UK 1.7 b ACQUISITION BorsodChem European chemicals producer Wanhua Chemical Group Permira Chemical Hungary 1.2 b ACQUISITION Nemera Development and manufacturing of high quality innovative drug delivery solutions Astorg - Health France 1.2 b ACQUISITION Orchard Therapeutics Treating rare disorders through innovative gene therapies - F-Prime Capital Partners Temasek, Baillie Gifford Health UK $ 1.3 b IPO HEMA HEMA operates a chain of department stores in the Netherlands Ramphastos Investments N.V. Lion Capital Retail Netherlands 753 m BUYOUT Westwing Online shopping club for Home & Living - Holtzbrinck Ventures Kinnevik, Rocket Internet Home / Marketplace Germany 550 m IPO Perfecto Mobile A cloud-based test environment for mobile apps Perforce Software Viola Ventures, Vertex Ventures, FTV Capital ... Enterprise Software Israel $ 200 m ACQUISITION 10 Go to online data UK and Sweden are leading by VC-backed exits Source: Dealroom.co 11 11% YoY growth 87% 17% 10% (35%) (10%) (11%) (17%) 10% 43% Acquisitions & IPOs of venture-backed companies (B) Jan-Oct '18 Acquisitions & IPOs of venture-backed companies (B) Jan-Oct '18 63 29 26 19 14 13 8 8 7 6 4 4 3 3 3 United Kingdom France Germany Sweden Spain Netherlands Switzerland Ireland Italy Belgium Poland Denmark Russia Norway Finland 37.7B 28.4B 11.3B 5.0B 4.5B 4.1B 2.9B 0.9B 0.4B 0.4B 0.3B 0.2B 0.1B 0.1B United Kingdom Sweden Netherlands Italy France Germany Czech Republic Turkey Switzerland Iceland Ireland Austria Poland Denmark (mainly Spotify) (Adyen & Elastic) Source: Dealroom.co 12 By exits, the UK is now in the lead following a string of sizeable IPOs and acquisitions 2018 cumulative exits by country 37.7B 28.4B 11.3B 5.0B 0.0B 10.0B 20.0B 30.0B 40.0B 50.0B Jan Feb Mar Apr May Jun Jul Aug Sep Oct United Kingdom Sweden Netherlands Italy France Germany Selected example exits: Global database to identify & track growth opportunities and innovative companies
