Dealroom European Venture Capital Report 2018 Q2

Jul 17, 2018 | Publisher: Techcelerate Ventures | Category: Business & Economics |  | Collection: Investments | Views: 7 | Likes: 1

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

a record €5.5 billion invested, the highest on record

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