Dealroom European Venture Capital Report 2018 Q2

a record €5.5 billion invested, the highest on record
About Techcelerate Ventures

Tech Investment and Growth Advisory for Series A in the UK, operating in £150k to £5m investment market, working with #SaaS #FinTech #HealthTech #MarketPlaces and #PropTech companies.
Q1 Q2 Q3 Q2 Q3 Q4 Q3 Q4 Q1 Q4 Q1 Q2 Round invested
a record €5.5 billion invested, the highest on record
About Techcelerate Ventures

Tech Investment and Growth Advisory for Series A in the UK, operating in £150k to £5m investment market, working with #SaaS #FinTech #HealthTech #MarketPlaces and #PropTech companies.
Q1 Q2 Q3 Q2 Q3 Q4 Q3 Q4 Q1 Q4 Q1 Q2 Round invested
Quarterly European Venture Capital report
17 July 2018
Q2 2018
1.
Europe & Israel venture capital
2.
Investment by country
3.
Investment by category
4.
Update on unicorns and big exits
Contents
2
 3.1B   3.1B  
 3.4B  
 2.7B  
 4.1B  
 3.3B  
 3.2B   3.2B  
 3.9B  
 4.8B  
 5.0B  
 4.5B  
 4.8B  
 5.5B  
 3.8B   3.8B  
 4.7B  
 3.7B  
 5.0B  
 4.7B  
 4.0B   4.1B  
 4.6B  
 5.9B  
 7.2B  
 5.9B   5.9B  
 6.9B  

 1.5B  
 3.0B  
 4.5B  
 6.0B  
 7.5B  
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2015
2016
2017
2018
Europe
Biotech
Israel
All-time investment record of 5.5 billion excl. biotech 
(including biotech and Israel 6.9 billion)
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.
Investment in European & Israeli rounds VC rounds
3
838  
283  
453  

 250
 500
 750
 1,000
 1,250
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2015
2016
2017
2018
Total
 0-2M
 2M+
Investment in European & Israeli rounds VC rounds
Decline in number of rounds is mostly 
temporary, as rounds below 2 million are 
announced with delays.
New investment record of 5.5 billion 
(excl. Israel and biotech)
Our corporate clients typically want to see data incl. 
biotech & Israel while our VC clients typically prefer to 
see data Israel and biotech separately
786  
1,618  
833  

 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
 10B  
 24B  
 13B  

 5B  
 10B  
 15B  
 20B  
 25B  
Jan Feb Mar Apr May Jun
Jul Aug Sep Oct Nov Dec
2017
2018
As a result, investment activity to date in 2018 is well 
ahead of 2017 (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)
When excluding the top three or top-10 largest rounds 
Q2 still reached an all-time investment record
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.
Quarterly investment in European VC rounds
5
Top-10 Investment Rounds in Q2 2018
Location
Round
OutSystems
Platform to build software applications with minimal coding
Portugal
$ 360 m
GROWTH EQUITY
$1.0B valuation
Revolut
Platform to use and manage money around the world
United Kingdom
$ 250 m
SERIES C
$1.7B valuation
Voodoo
Casual games developer for mobile
France
$ 200 m
GROWTH EQUITY
Taxify
Leading ride-hailing app in Europe and Africa
Estonia
$ 175 m
LATE VC
$1.0B valuation
Nexteam Group
Machining of complex & hard parts for aviation
France
 114m 
GROWTH EQUITY
Freeline Therapeutics
Development and commercialisation of gene therapies for 
bleeding and other debilitating disorders
United Kingdom
$ 116 m
SERIES B
BenevolentAI
Harnessing AI to enhance and accelerate scientific discovery
United Kingdom
$ 115 m
LATE VC
$2.1B valuation
HMD Global
Owns the right to use the Nokia brand on phones
Finland
$ 100 m
LATE VC
CMR Surgical
Surgical robotics company
United Kingdom
$ 100 m
SERIES B
Frontier Car Group
Builds and runs marketplaces focused on emerging markets in 
the auto sector
Germany
$ 89 m
SERIES C
 3.4B  
 3.5B  
 3.0B  
 2.7B  
 3.6B  
 3.9B  
 4.7B  
 4.4B  
 3.9B  
 5.3B  
 5.0B  
 4.7B  
 4.0B  
 4.1B  
 4.6B  
 5.9B  
 7.2B  
 5.9B  
 5.9B  
 6.9B  

 1.0B  
 2.0B  
 3.0B  
 4.0B  
 5.0B  
 6.0B  
 7.0B  
 8.0B  
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
All other rounds (below top 10)
Top 10 largest rounds
Top 3 largest rounds
Increased investment across different types means 
the investor mix is relatively constant
Venture funds
Corporate
Private equity
Accelerators,
angels, crowdfunding
6
Source: Dealroom.co. 
 2.8B  
 2.7B  
 2.1B  
 2.5B  
 3.1B  
 3.4B  
 3.6B  
 3.7B  
 2.7B  
 3.7B  
 1.7B  
 1.6B  
 1.1B  
 1.3B  
 1.4B  
 2.1B   2.2B  
 1.8B   1.8B  
 2.3B  
 0.2B   0.2B  
 0.5B  
 0.0B   0.0B   0.1B  
 1.2B  
 0.2B  
 1.1B  
 0.6B  
 0.1B   0.1B   0.1B   0.1B   0.1B   0.1B   0.1B   0.1B  
 0.2B   0.2B  
368  
148  
19  
104  

 50
 100
 150
 200
 250
 300
 350
 400

 0.5B  
 1.0B  
 1.5B  
 2.0B  
 2.5B  
 3.0B  
 3.5B  
 4.0B  
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2016
2017
2018
.
2016
2017
2018
.
2016
2017
2018
.
2016
2017
2018
Investment (in  billions)
Number of rounds >$2M
59% 
34% 
5% 
2% 
60% 
36% 
2% 
2% 
55% 
34% 
9% 
2% 
VCs
Corporates
Private equity
Other
Investment in  as % of total
Most 
active 
in 2018:
1.
Europe & Israel venture capital
2.
Investment by country
3.
Investment by category
4.
Update on unicorns and big exits
Contents
7
 3.1B  
 2.4B  
 2.0B  
 1.6B  
 0.4B  
 0.4B  
 0.4B  
 0.3B  
 0.3B  
 0.3B  
 0.2B  
 0.2B  
 0.2B  
 0.2B  
 0.2B  
 0.1B  
 0.1B  
 0.1B  
 0.1B  
 0.1B  
 3.2B  
 1.7B  
 1.3B  
 1.2B  
 0.7B  
 0.5B  
 0.0B  
 0.2B  
 0.4B  
 0.1B  
 0.2B  
 0.0B  
 0.2B  
 0.1B  
 0.1B  
 0.1B  
 0.0B  

 0.2B  
 0.1B  
United Kingdom
Germany
France
Israel
Sweden
Spain
Portugal
Finland
Netherlands
Russia
Belgium
Estonia
Switzerland
Denmark
Italy
Austria
Romania
Cyprus
Ireland
Norway
YTD '18
YTD '17
The big four (UK, Germany, France, and Israel) 
continue to be highly active in 2018 to date
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
8
Number of rounds (>$2M size) Jan-June '18
Investment by country (B) Jan-June '18
210
174
108
83
44
33
30
23
18
18
14
13
11
10
10
7
5
3
3
2
188
135
82
91
73
21
30
32
16
23
6
22
14
16
7
3
1
2
1
2
United Kingdom
France
Israel
Germany
Sweden
Switzerland
Netherlands
Spain
Finland
Belgium
Italy
Russia
Denmark
Ireland
Norway
Austria
Portugal
Estonia
Greece
Romania
YTD '18
YTD '17
The big four (UK, Germany, 
France, Israel) continue to 
account for ~70% of investment 
by rounds and amount invested
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
1. Rounds below $2M are included here.
9
The United Kingdom leads, followed by Germany (by 
amount invested) and France (by number of rounds)
2018 cumulative number of rounds (1)
2018 cumulative amount invested by country
 3.1B  
 2.4B  
 2.0B  
 1.6B  

 0.5B  
 1.0B  
 1.5B  
 2.0B  
 2.5B  
 3.0B  
 3.5B  
Jan
Feb
Mar
Apr
May
Jun
United Kingdom
Germany
France
Israel
390  
151  
291  
122  

 100
 200
 300
 400
 500
Jan
Feb
Mar
Apr
May
Jun
United Kingdom
Germany
France
Israel
The impact of mega rounds is more significant in 
Germany than in the UK, France and Israel
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
United Kingdom
Germany
France
Israel
Rest of Europe
10
0.7B  0.6B  
1.1B  
0.9B  
0.6B  
0.9B  
0.3B  
0.2B  0.2B  
0.3B  0.2B  0.3B  
0.4B  
0.3B  0.4B  0.4B  
0.4B  
0.6B  
0.2B  
0.4B  
0.6B  
0.3B  
0.2B  
0.5B  
1.0B  
0.9B  0.9B  
1.0B  1.0B  
1.2B  
1.2B  
2.0B  
2.1B  2.1B  
1.3B  
1.8B  
0.7B  
0.9B  
0.6B  0.7B  
1.8B  
0.7B  
0.7B  0.7B  0.6B  0.6B  
0.8B  
1.3B  
0.4B  
0.8B  
1.0B  
0.8B  
0.5B  
1.1B  
1.7B  
1.5B  
2.8B  
1.7B  1.6B  
2.1B  

 50
 100
 150
 200
 250

 0.5B  
 1.0B  
 1.5B  
 2.0B  
 2.5B  
 3.0B  
Q1
Q2
Q3
Q4
Q1
Q2
Q1
Q2
Q3
Q4
Q1
Q2
Q1
Q2
Q3
Q4
Q1
Q2
Q1
Q2
Q3
Q4
Q1
Q2
Q1
Q2
Q3
Q4
Q1
Q2
2017
2018
.
2017
2018
.
2017
2018
.
2017
2018
2017
2018
All other rounds (below top 10)
Top 10 largest rounds
Top 3 largest rounds
Number of rounds >$2M
While Germany has more total investment, 
this is driven by more mega-rounds. France 
leads over Germany when looking below the 
top 3 or top 10 largest rounds.
29  
23  
54  

 10
 20
 30
 40
 50
 60
Q2 2016
Q2 2017
Q2 2018
30  
40  
56  

 10
 20
 30
 40
 50
 60
Q2 2016
Q2 2017
Q2 2018
12  
13  
18  

 5
 10
 15
 20
 25
 30
Q2 2016
Q2 2017
Q2 2018
81  
91  
112  

 20
 40
 60
 80
 100
 120
 140
Q2 2016
Q2 2017
Q2 2018
Big four: the number of rounds by size category. The 
UK has the most rounds except 2-5M category
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
11
Investment rounds >2M
Investment rounds 2-5M
Investment rounds 20M+
Investment rounds 5-20M
39  
37  
40  
37  
38  
44  
29  
43  
38  
17  
15  
19  
15  
14  
17  
12  
15  
8  
29  
27  
46  
43  
23  
33  
39  
35  
54  
23  
16  
16  
8  
4  
7  
13  
18  
13  
Q2 2016
Q2 2017
Q2 2018
United Kingdom
Germany
France
Israel
1.
Europe & Israel venture capital
2.
Investment by country
3.
Investment by category
4.
Update on unicorns and big exits
Contents
12
Health, fintech and enterprise software continue to be 
the most invested industries
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
13
186  
152  
122  
68  
63  
61  
53  
46  
35  
35  
31  
25  
16  
16  
16  
15  
328  
177  
93  
61  
40  
223  
143  
42  
17  
7  

 50
 100
 150
 200
 250
 300
 350
Enterprise software
Health
Fintech
Security
Biotech
Transportation
Energy
Food
Home
Robotics
Travel
Semiconductors
Insurance
Telecom
Fashion
Gaming
SaaS
Manufacturing
Marketplace
eCommerce
Mobile app
Deep Tech
Artificial intelligence
InternetOfThings
Blockchain
Virtual reality
2018 YTD
2017 YTD
By 
industry 
vertical
By 
business 
model
By 
keyword
Amount invested (B)
Number of rounds
 2.7B  
 2.5B  
 2.3B  
 1.7B  
 1.2B  
 0.8B  
 0.8B  
 0.6B  
 0.5B  
 0.4B  
 0.4B  
 0.3B  
 0.3B  
 0.3B  
 0.2B  
 0.2B  
 4.8B  
 2.4B  
 1.9B  
 1.3B  
 0.9B  
 2.8B  
 1.8B  
 0.5B  
 0.3B  
 0.0B  

 1.0B  
 2.0B  
 3.0B  
 4.0B  
 5.0B  
Health
Fintech
Enterprise software
Transportation
Biotech
Security
Travel
Energy
Robotics
Food
Home
Gaming
Telecom
Semiconductors
Fashion
Insurance
SaaS
Manufacturing
Marketplace
Mobile app
eCommerce
Deep Tech
Artificial intelligence
InternetOfThings
Blockchain
Virtual reality
Series1
Series2
Increased focus on deep tech related areas (robotics, 
AI, semiconductors) is noticeable in investment data
Source: Dealroom.co. Only includes rounds above 2M. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
14
By 
industry 
vertical
By 
business 
model
By 
keyword
169% 
67% 
59% 
55% 
20% 
19% 
9% 
7% 
4% 
2% 
(11%)
(15%)
(16%)
(16%)
(27%)
(29%)
37% 
25% 
4% 
(19%)
(24%)
77% 
31% 
29% 
5% 
(13%)
(50%)

 50%
 100%
 150%
 200%
Robotics
Semiconductors
Food
Security
Transportation
Biotech
Health
Telecom
Energy
Enterprise software
Travel
Fintech
Insurance
Fashion
Home
Gaming
Manufacturing
Mobile app
SaaS
eCommerce
Marketplace
Artificial intelligence
Blockchain
Deep Tech
InternetOfThings
Virtual reality
% YoY change in amount invested (B)
% YoY change in number of rounds
493% 
170% 
111% 
59% 
57% 
56% 
51% 
32% 
26% 
24% 
(15%)
(28%)
(42%)
(51%)
(53%)
(57%)
96% 
61% 
5% 
(23%)
(38%)
170% 
22% 
21% 
13% 
(92%)
(200%)
(100%)

 100%
 200%
 300%
 400%
 500%
 600%
Robotics
Transportation
Travel
Health
Telecom
Security
Biotech
Semiconductors
Energy
Fintech
Enterprise software
Home
Food
Gaming
Insurance
Fashion
Mobile app
Manufacturing
SaaS
Marketplace
eCommerce
Blockchain
Artificial intelligence
InternetOfThings
Deep Tech
Virtual reality
Quarterly investment trends by key business models
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
15
SaaS
Slite (3.7M)
Pitch (3M)
more
Lunchr (11M)
Tessian (9M)
more...
Scality (48.5M)
Concentra (41M)
more...
Marketplaces 
& eCommerce
Click & Boat (4M)
Zadaa (2.3M)
more...
Campings.com (10M)
PerfectStay (15M)
more...
Gett ($80M)
Kry (53M)
more...
Hardware &
Manufacturing
DualSun (3.4M)
Ride Vision ($2.5M)
more...
Elichens (7M)
ecoRobotix (9M)
more...
Sonnen GmbH (60M)
Ava ($30M)
more...
13  
14  
24  
 1.1B  
 2.7B  
 2.2B  
2-5M rounds
5-20M rounds
20M+ rounds
Total funding
45  
61  
76  
60  
64  
65  
7  
6  
8  
 1.1B  
 1.5B  
 1.0B  
23  
23  
22  
26  
21  
16  
14  
11  
15  
 1.0B  
 0.8B  
 1.4B  
30  
19  
43  
39  
26  
34  
Q2 '16
Q2 '17
Q2 '18
Q2 '16
Q2 '17
Q2 '18
Q2 '16
Q2 '17
Q2 '18
Q2 '16
Q2 '17
Q2 '18
Q2 '16
Q2 '17
Q2 '18
Q2 '16
Q2 '17
Q2 '18
Quarterly investment trends by key industry verticals
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
16
Fintech
Cashpresso (3.5M)
Spiir (3.3M)
more...
Stocard ($20M)
Pleo (13M)
more...
Revolut ($250M)
MoneyFarm (46M)
more...
Health
SWORD Health ($4.6M)
Invivox (2.8M)
more...
PhoreMost (15M)
Nutrino ($8M)
more...
BenevolentAI ($115M)
Caresyntax ($31.9M)
more...
Travel &
Transportation
Karos (4.2M)
Sn-ap (3.4)
more...
Abracar (11.5M)
Cluno (7M)
more...
Taxify ($175M)
Spotahome ($40M)
more...
2-5M rounds
5-20M rounds
20M+ rounds
Total funding
16  
12  
11  
 0.8B  
 1.1B  
 1.3B  
20  
29  
23  
28  
18  
22  
12  
15  
17  
 0.8B  
 1.0B  
 1.6B  
29  
31  
39  
25  
27  
22  
2  
2  
8  
 0.8B  
 0.6B  
 1.2B  
15  
22  
16  
11  
22  
22  
Q2 '17
Q2 '16
Q2 '17
Q2 '18
Q2 '16
Q2 '18
Q2 '16
Q2 '17
Q2 '18
Q2 '16
Q2 '17
Q2 '18
Q2 '16
Q2 '17
Q2 '18
Q2 '16
Q2 '17
Q2 '18
Industry vertical investment heatmap
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
17
Number of rounds in 2018 to date by country
Europe total
United 
Kingdom
Germany
France
Israel
Sweden
Netherlands
Spain
Russia
Switzerland
Ireland
Number of 
rounds
% YoY 
growth
Investment 
(B)
% YoY 
growth
Industry vertical
Fintech
83
20
27
17
15
7
14
2
6
4
122
(15%)
 2.5B
24%
Health
61
16
39
21
15
23
8
2
21
5
152
9%
 2.7B
59%
Enterprise software
83
37
65
26
8
16
22
7
8
6
186
2%
 2.3B
(15%)
Energy
26
9
26
6
7
20
1

9
3
53
4%
 0.6B
26%
Transportation
24
20
25
8
5
11
6
10
6

61
20%
 1.7B
170%
Security
23
3
8
40
4
3
5
1
3
1
68
55%
 0.8B
56%
Food
19
6
22
5
5
3
5
3
5
2
46
59%
 0.4B
(42%)
Biotech
21
3
14
8
2
5
3

12

63
19%
 1.2B
51%
Travel
18
9
9
1

5
10
1


31
(11%)
 0.8B
111%
Home
13
5
11
4
5
7
5
2
2

35
(27%)
 0.4B
(28%)
Insurance
15
7
4
2
2
2




16
(16%)
 0.2B
(53%)
Telecom
6
1
6
5
2
1
1
1


16
7%
 0.3B
57%
Fashion
7
5
5

8
3
5
3
1
1
16
(16%)
 0.2B
(57%)
Semiconductors
8
5
8
6
2
2
2

4
2
25
67%
 0.3B
32%
Robotics
9
2
12
6

5
1
4
6

35
169%
 0.5B
493%
Gaming
6
3
3
2
3
1
1
2


15
(29%)
 0.3B
(51%)
Business model
SaaS
139
67
115
53
21
35
30
17
12
6
328
4%
 4.8B
5%
Manufacturing
74
18
57
33
19
57
11
3
30
7
177
37%
 2.4B
61%
Marketplace
50
31
36
5
10
11
17
6
5

93
(24%)
 1.9B
(23%)
eCommerce
21
16
20
7
16
6
4
5
3
2
61
(19%)
 0.9B
(38%)
Mobile app
16
2
10
6
6
4
7
6
4

40
25%
 1.3B
96%
Keywords
Deep Tech
106
29
60
50
13
33
15
9
22
4
223
29%
 2.8B
13%
Artificial intelligence
72
15
31
34
8
15
9
7
6
1
143
77%
 1.8B
22%
InternetOfThings
10
13
18
18
4
3
2
1
4

42
5%
 0.5B
21%
Blockchain
15
2
1
4
1
4

3
4
1
17
31%
 0.3B
170%
Virtual reality
8
2
2

1
5


3

7
(13%)
 0.0B
(92%)
Total
394
153
296
127
85
123
83
47
67
22
833
6%
 12.8B
23%
1.
Europe & Israel venture capital
2.
Investment by country
3.
Investment by category
4.
Update on unicorns and big exits
Contents
18
 14B
 34B
 36B
 54B
 23B
 50B
2013 2014 2015 2016 2017 2018
YTD
2018 will be a record year for European VC-backed 
exits, with already 50 billion realised year to date
Source: Dealroom.co
1. Zoopla is not counted in value of VC-backed exits as VCs already exited by the time of the acquisition.
VC BACKED EXITS IN Q2 2018 exits (1)
ACQUIROR
SELLER
VC  BACKED
INDUSTRY
LOCATION
ROUND
Spotify
Music streaming service
GP Bullhound
Northzome
more

Music
Sweden
$ 27B IPO
2017 revenue of 4.2B 
Adyen
Leading next generation global payments company
ICONIQ Capital
Index Ventures
more

Fintech
Netherlands
 7.1B IPO
2017 revenue of 1.0B 
Avast Software
Cybersecurity products for businesses and consumers
CVC Capital Partners
Summit Partners

Cybersecurity
Czech 
Republic
 2.4B IPO
Zoopla (1)
Property website for the British residential market
Silver Lake Partners
De-listing

(prior to listing)
Real estate 
classified 
search
UK
 2.2B ACQUISITION
7x 2018E revenues 
18x 2018E EBITDA
iZettle
Payment services and apps
Paypal
Zouk Capital
Index Ventures 
83North
more

Fintech
Sweden
$ 2.2B ACQUISITION
13x 2018E revenue of $165M 
11x 2019E revenue of $200M 
Exclusive Group
Innovative cybersecurity, networking and infrastructure 
technologies
Permira
Omnes Venture 
Capital
more

Security
France
 1.3B BUYOUT
2017 revenue of 1.8B 
Gram Games
Global mobile entertainment studio 
Zynga
Hummingbird 
Ventures

Gaming
Turkey
$ 250M
ACQUISITION
Chargemaster
Provider of electric vehicle charging solutions
BP Global
Beringea
BMW i Ventures
more

Energy
UK
 130M
ACQUISITION
Autolus
A leader in cutting-edge T-cell therapies
Woodford 
Investment 
Management 
more

Health
UK
 130M IPO
ACQUISITION
Mitula Group
Search engine for classified ads
Lifull Co
De-listing

Marketing
Spain
$ 118M
ACQUISITION
Value of VC-backed exits
19
Show online data  
Zoopla (UK)
Property search
Silver Lake acquisition
$2. 9B valuation
Number26 (Germany)
Online Bank
Implied unicorn status
Adyen (Netherlands)
Payment platform
$8B IPO
OutSystems (Portugal)
Software development
$360M investment
$1.0B valuation
Farfetch (UK)
Fashion
$5B IPO (pending)
Spotify (Sweden)
Music streaming
$23B IPO
Avast (Czech Republic)
Security software
$4B IPO (pending)
Telegram (UK)
Encrypted Messaging
$4.8B ICO
UiPath (Romania)
Robotics
$153M investment
$1.1B valuation
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.
20
An extremely eventful 2018 so far: 18 new unicorns 
and the two largest-ever European VC exits
SumUp (UK/Germany)
Implied unicorn status with 
$100M gross revenues, 
after iZettle sale
BioNTech (Germany)
Cancer immunotherapies
$250M investment
$2.5B valuation
NuCom (Germany)
Group of consumer brands
$500M investment
$2B valuation
Revolut (UK)
Online bank
$250M investment
$1.7B valuation
Cabify (Spain)
Online bank
$160M investment
$1.4B valuation
Flixbus (Germany)
Bus booking company
Likely reached unicorn 
status
Tricentis (Austria)
Robotics
$153M investment
$1.0B valuation
iZettle (Sweden)
Retail payments
eBay acquisition
$2.2B valuation
Darktrace (UK)
AI driven cyber security
Secondary deal
$1.3B valuation
Taxify (Estonia)
Ride Hailing App
$175M Investment
$1.0B valuation
Jan
Feb
March
April
May
June
Valuation
Celonis (Germany)
Big data analytics 
$50M Investment
$1.0B Valuation
In the first six months of 2018, already 25 companies 
reached $billion+ valuations, as many in any other full year
3  
6  
4  
8  
19  
22  
23  
20  
24  
2  
3  
1  
2  
4  
1  
3  
6  
4  
10  
22  
23  
25  
24  
25  
2010
2011
2012
2013
2014
2015
2016
2017
2018 H1
Europe
Israel
Source: Dealroom.co
1.
VC backed here includes early funding from professional angel investors and late stage growth equity investment.
2.
Telegram has Russian founders but has been based in London but has since moved to different jurisdictions.
3.
Unicorn here means the startup is still private and not yet acquired.
4.
Speechmatics based on GP Bullhound report.
Year in which $billion+ valuation reached
Valuation
Company
Location
Founded
$B+ reached
EUR
USD
VC Backed (1) Unicorn (3)
#1 Telegram
Dubai (2)
2013
2018
 4.4B
$4.8B
v
v
#2 BioNTech
Germany
2008
2018
 2.3B
$2.5B
v
v
#3 Revolut
United Kingdom
2014
2018
 1.5B
$1.7B
v
v
#4 Cabify
Spain
2011
2018
 1.3B
$1.4B
v
v
#5 Darktrace
United Kingdom
2013
2018
 1.2B
$1.3B
v
v
#6
Intercom
US / Ireland
2011
2018
 1.1B
$1.3B
v
v
#7 Flixbus
Germany
2011
2018
 1.0B
$1.1B
v
v
#8 OVH
France
1999
2018
 1.0B
$1.1B
v
v
#9 UiPath
Romania
2012
2018
 1.0B
$1.1B
v
v
#10 Tradeshift
UK / United States
2009
2018
 1.0B
$1.1B
v
v
#11 SumUp
UK / Germany
2011
2018
 0.9B
$1.0B
v
v
#12 Celonis
Germany
2011
2018
 0.9B
$1.0B
v
v
#13 OrCam
Israel
2010
2018
 0.9B
$1.0B
v
v
#14 Tricentis
Austria
2008
2018
 0.9B
$1.0B
v
v
#15 Taxify
Estonia
2013
2018
 0.9B
$1.0B
v
v
#16 N26
Germany
2013
2018
 0.9B
$1.0B
v
v
#17 OutSystems
Portugal
2001
2018
 0.9B
$1.0B
v
v
#18 Speechmatics (4)
United Kingdom
2009
2018
 3.5B
$4.0B
v
v
#19 iZettle
Sweden
2010
2018
 2.0B
$2.2B
v
#20 NuCom Group
Germany
2018
2018
 1.8B
$2.1B
v
#21 Callcredit
United Kingdom
2000
2018
 1.6B
$1.9B
v
#22 Exclusive Group
France
2003
2018
 1.3B
$1.5B
v
#23 THQ Nordic
Austria
1999
2018
 1.0B
$1.1B
#24 On The Beach Holidays
United Kingdom
2004
2018
 0.9B
$1.1B
#25 Prexton therapeutics
Switzerland / NL
2012
2018
 0.9B
$1.0B
v
Note: companies founded since 1990 and that reached $B+ valuation after. Does not include companies which have dipped below $B since: Rovio
Home24, ironSource, Fanduel, Ulmart, Conduit, Wonga. Also does not include VE Interactive, Powa.
22
1  
1  
1  
2  
2  
2  
3  
5  
6  
9  
10  
10  
13  
19  
23  
33  
55  
78  
103  
127  
152  
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
H1
Since 1998, 152 companies in Europe & Israel reached 
$billion+ valuations, of which 63% were venture backed
European Venture Capital 
industry started to scale 
around 2011
Of the 25 companies that reached $B+ 
valuations in 2018, as many as 23 (92%) 
were venture backed
Companies valued over $1 billion
The United Kingdom leads with 60 companies (42% of total), 
followed by Germany (13%) and Israel (9%)
6  
6  
8  
11  
11  
13  
21  
34  
44  
53  
60  
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018 H1
United Kingdom
Germany
Israel
Netherlands
Sweden
France
Switzerland
Russia
Rest of Europe
United Kingdom
Rest of Europe
Germany
Israel
23
Note: companies founded since 1990 and that reached $B+ valuation after. Does not include companies which have dipped below $B since: Rovio
Home24, ironSource, Fanduel, Ulmart, Conduit, Wonga. Also does not include VE Interactive, Powa.
Companies valued over $1 billion
The global database to identify & track growth 
opportunities and innovative companies