1 Sector Update Marketplaces Important disclosures appear at the back of this report GP Bullhound LLP is authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRA Q3 2020 2 GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to category leaders. Marketplaces perspectives EXECUTIVE SUMMARY Apax Partners ACQUIRED BY Baltic Classifieds Group UNDISCLOSED ACQUIRED BY UNDISCLOSED OLX (Naspers) AutoTrader SA Accel, Baring Vostok & Vostok New Ventures INVESTMENT BY Avito.ru $110M GP Bullhound Fund IV, Cathay, Atomico and others INVESTMENT BY Ontruck €25M GP Bullhound Fund IV, Lakestar, Korelya and others INVESTMENT BY Glovo €150M GP Bullhound’s marketplaces sector comprises the broader internet ecosystem, including online marketplaces, online classifieds, online travel and e-commerce. This reports aims to provide insights into public and private valuations across the transaction spectrum and qualitative insights into broader market trends. We also feature interviews with many of the leading companies and CEOs who are currently transforming the sector. In Q3, we continued to see a recovery in performance and valuations in most verticals in the Marketplaces sector after the COVID-induced shock. As we predicted in Q2, there has been a significant uptick in M&A and private placement activity. Even more significantly, the IPO market saw a particularly strong quarter with several landmark listings and filings over the period. Based in our London office, Alessandro Casartelli heads the marketplaces practice which has completed over 20 transactions. Several of GP Bullhound’s marquee marketplaces advisory transactions and investments are showcased below: 3 Key sector takeaways Recent marketplaces transaction trends Public company analyses Marketplaces CEO commentary Key marketplaces metrics Appendix A: Public comparables by category 1 3 4 5 6 Contents 2 Appendix B: GP Bullhound credentials and team 7 Appendix C: GP Bullhound corporate overview 8 4 Section 1 Key sector takeaways 5 GP Bullhound’s views on current trends in marketplaces The future of travel landscape 2 1 What’s next in the never-ending search to discover the optimal customer acquisition channels Beauty and personal care innovation through direct-to-consumer (DTC) 3 6 1 GP Bullhound’s views on current trends in marketplaces Source: Capital IQ, Pitchbook, Mergermarket as of 30 September 2020  Since the advent of the internet, digital acquisition has evolved from email marketing to search engine-driven channels. Initially, email was a new outbound marketing tool and search engines catalogued vast inventories of websites. − Marketers used PPC and early SEO techniques such as keyword stuffing, excessive tagging and backlinks to generate high rankings and traffic. − Since then, the introduction of social media sites and the implementation of online personal data sharing has allowed marketeers to track patterns and behavioral trends. − This has been reinforced by smartphone adoption, with the speed and access of search increasing SEO innovation has resulted in content and keyword relevance a much more effective form of generating traffic. Using content helps with storytelling, sharing and building consumer engagement. − More recently, brands and online sellers have used content to demonstrate authenticity and assurance. Content marketing has enabled storytelling and ‘word of mouth’ acceleration through sharing.  Looking to the future, brands will need to create a brand ambassador programme and rely less upon the old influencer model. − Gymshark rapidly built a brand through influencer marketing. It consequently accelerated the initial engagement through pop-up shops, celebrity endorsements and content.  Third-party marketplaces and new selling channels offer a different model for customer acquisition, which uses monetisation through conversion rather than just click, view or visit. − There is an ecosystem building around third-party sellers, with companies such as Orca Pacific helping sellers to optimise customer acquisition, search and engagement. What’s next in the never-ending search on discovering the optimal customer acquisition channels DEAL DATE: JUL-20 EV: N/A EV/ REV: N/A DEAL DATE: AUG-20 TTV: $120M TTV/ REV: N/A DEAL DATE: AUG-20 TTV: £210M EV/ REV: 5.7X DEAL DATE: JUL-20 TTV: $75M TTV/ REV: 0.75X 7 2 GP Bullhound’s views on current trends in marketplaces Source: Capital IQ, Pitchbook, Mergermarket as of 30 September 2020  The vertical has enjoyed the strongest demand in DTC across male and female consumer groups.  This product category resonates well with consumers because its characteristics suit digital distribution and engagement – parcel size relative AOV/price, unit economics, and purchase/usage frequency. − Therefore, many DTC beauty and personal care brands have managed to convince consumers to skip retail stores and pay a premium for deliveries of sustainable and high-quality household goods such as soap, razers and personal care items.  Innovation is another area where DTC brands in this segment have thrived. − Categories such as shaving products, which have been traditionally hindered due the Gillette monopoly – and more recently players such as Dollar Shave Club and Estrid, disrupted the status quo through product development, distribution enhancement, and higher engagement with consumers. − In makeup and haircare, brands such as Glossier and Gisou have further demonstrated how, through product-led innovation, nascent entrants can build a well-engaged consumer offering online, which can in return be leveraged into a global brand.  The global pandemic and lockdowns naturally slowed sales, especially for brands that also distribute through third-party retailers. However, with structurally low AOV (amongst discretionary consumer categories) and relatively high consumer value through health and wellness benefits, we expect this segment to continue to capture a large share of wallet during these uncertain times. Beauty and personal care innovation through direct-to-consumer (DTC) DEAL DATE: JUL-20 TTV: $200M EV/ REV: 10X DEAL DATE: JAN-20 EV: N/A EV/ REV: N/A DEAL DATE: FEB-20 TTV: N/A EV/ REV: N/A DEAL DATE: AUG-20 TTV: $47M EV/ REV: N/A 8 3 GP Bullhound’s views on current trends in marketplaces  The online travel sector has been decimated by COVID-19. As we have seen in past major crises, in order to survive companies have been forced to re-invent and innovate.  Meanwhile, domestic travel has seen some positive effects as local tourism has gained popularity as a result of the mobility restrictions. After initially being impacted, platforms like Airbnb and Vacasa have seen a strong uptick in demand.  Elsewhere, with the travel restrictions continually evolving, alternative transportation methods have seen a surge in demand; e.g. bus and train. This is the case for Omio, who recently raised $100m to grow its multi-mode search tool.  Regarding accommodation, the pandemic has had a devastating effect on traditional providers and online marketplaces. However, the latter are proving to be more resilient: − Hotels must work harder to integrate social-distancing requirements. In addition, hotels concentrate large crowds, which customers are trying to avoid. − Online platforms have leaner structures and lower cost bases. − Online platforms’ broader network allows online platforms to be more flexible with their offering in terms of areas, accommodation types and length of stay, which lowers the risk.  The landscape is evolving rapidly and therefore companies are forced to re-think their targeting strategy. Service providers in this segment will increasingly need to use technology and data to effectively target consumers and plug-in the changing dynamics of global travel and hospitality; e.g. pricing, demand, supply, transport methods, flying restrictions, etc. The future of travel landscape Source: Capital IQ, Pitchbook, Mergermarket as of 30 September 2020 DEAL DATE: AUG-20 TTV: $99M EV/ REV: N/A DEAL DATE: SEP-20 TTV: $28M EV/ REV: N/A DEAL DATE: JUL-20 MARKET CAP: $250M EV/ REV: N/A DEAL DATE: JUN-20 TTV: $108M EV/ REV: N/A 9 Section 2 Recent marketplaces transaction trends 10 0% 20% 40% 60% 80% 100% 2016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q3US and Canada Europe Asia Other 0% 20% 40% 60% 80% 100% 2016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q3US and Canada Europe Asia Other 0 100 200 300 400 $0B $10B $20B $30B $40B $50B 2016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q3Total capital invested Deal count 0 500 1,000 1,500 2,000 $0B $10B $20B $30B $40B $50B 2016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q3Total capital invested Deal count Uptick in financing activity, as well as M&A deal volume M&A deal value on a par with Q3 2019 Private placement deal value in Q3 2020 strongly growing YoY North America’s M&A activity picked up in Q3 2020 Asia private placement volume lost shares in Q3 2020 Source: Pitchbook as of 30 September 2020 Note: Data includes all “Marketplaces” M&A, private placement deals, and IPOs as defined by Pitchbook regardless of geography or transaction size. GLOBAL MARKETPLACES TRANSACTION TRENDS We expect an increase in fundraising activity due to the more stable situation versus Q2 and Q3, as well as an increase in M&A volume due to consolidation. 11 Announcement date Target Buyer Target description Value ($m) Implied EV/LTM Rev Sep-20 Savings destination for online and in-store purchases 420.0 - Sep-20 Online contact lens retailer 3,000.0 - Sep-20 Operations of Glovo in Peru, Ecuador, Costa Rica, Honduras and Guatemala; food delivery services 272.4 - Sep-20 Travel booking platform 27.8 - Sep-20 Online real estate advertising services in Italy - - Sep-20 Platform to buy/rent real estate properties 1,569.6 - Sep-20 Online marketplace for auto dealers 425.0 - Aug-20 Parent to 7 dynamic e-commerce retail brands: Appleseed’s, Blair, Haband, Gettington, etc. 250.0 - Aug-20 Mobile application for ordering groceries in Dubai 360.0 - Jul-20 Classifieds platforms to find job, real estate, products among other 9,214.3 - Jul-20 Online housing, car, and job advertising services 211.5 - Jul-20 E-commerce platform for selling furniture in Turkey 130.0 - Jul-20 Food and grocery delivery platform 2,124.0 5.3x Marketplaces continue to attract buyout and strategic interest NOTABLE MARKETPLACES M&A DEALS Source: Capital IQ, Pitchbook, Mergermarket of 30 September 2020 Q3 2020 saw few deals that show consolidation in the mobility and food delivery sectors, as well as strong interest from buyout funds. We expect to see further consolidation in Q4. 12 Food delivery and mobility funding traction continues NOTABLE MARKETPLACES PRIVATE PLACEMENTS DEALS Source: Capital IQ, Pitchbook, Mergermarket as of 30 September 2020 Announcement date Issuer Lead investor Issuer description Value ($m) Sep-20 Online shipping and fulfilment software for small e-commerce businesses 68.0 Sep-20 Online footwear marketplace intended to buy and sell sneakers 100.0 Sep-20 Commerce platform for selling, distributing, and managing cloud-based products and services 185.0 Sep-20 Interactive fitness platform intended to transform indoor cycling and running 450.0 Sep-20 Digital platform form home gym training 110.0 Sep-20 Online pharmacy delivery services in the US 75.0 Sep-20 Online real estate marketplace provider 220.1 Sep-20 Instant quoting platform intended to offer a marketplace for custom manufacturing 75.0 Aug-20 D2C prescription eyewear designed to offer trendy aesthetics at lower prices 120.0 Aug-20 Online platform to search and book for air, rail, bus, and car rental across Europe 100.0 Aug-20 Fitness apparel and accessories brand designed to manufacture clothes and outfits for athletes 270.9 Aug-20 Marketplace technology solutions for businesses 300.0 Jul-20 Online marketplace for health and beauty products 150.0 Jul-20 Online platform that allows patients to consult doctors, psychologists, and healthcare providers 78.7 Q3 2020 saw strong momentum in mega rounds with multiple transactions completed over $100m, and with special interest in the fitness, real estate and logistics sector. 13 Public company analyses Section 3 14 Amazon continues to dominate the marketplaces universe Source: Capital IQ as of 30 September 2020 (1) Prosus’ market capitalisation includes stake in Tencent (2) Shopify not included in trading comparables 21.8 22.0 22.6 22.7 22.8 23.4 25.9 27.4 28.3 40.3 52.5 64.3 66.7 72.0 83.1 112.2 120.8 146.1 777.5 1,597.2 Zillow Group, Inc. Delivery Hero SE Trip.com Group Limited Chewy, Inc. Zalando SE Pinterest, Inc. Ocado Group plc Peloton Interactive, Inc. Wayfair Inc. eBay Inc. MercadoLibre, Inc. Recruit Holdings Co., Ltd. Uber Technologies, Inc. Booking Holdings Inc. Pinduoduo Inc. JD.com, Inc. Shopify Inc. Prosus N.V. Alibaba Group Holding Limited Amazon.com, Inc. SELECTED MARKETPLACES PUBLIC COMPANY VALUATIONS Market cap values in $bn (1) (2) 15 Share price performance L5Y Large caps are the best performing in the sector (LTM) Source: Capital IQ as of 30 September 2020 Notes: GP Bullhound Marketplaces index constituents are aligned with trading comps found in Appendix A. E-commerce 110.4% Large cap 70.4% Online marketplaces 46.1% S&P 500 41.8% Classifieds 37.0% Online travel (18.0%) LTM performance SHARE PRICE PERFORMANCE OF KEY MARKETPLACES INDICES As the COVID-19 situation persists, we expect volatility to continue to particularly affect the online travel and classifieds segments. Share price performance L5Y L3Y LTM L6M Since 01/02 S&P 500 Technology Sector 197.8% 94.0% 41.8% 47.9% 14.7% Large cap 359.0% 123.0% 70.4% 58.3% 42.2% E-commerce 139.0% 84.3% 110.4% 135.0% 86.9% Online marketplaces 216.0% 78.3% 46.1% 81.3% 14.8% Classifieds 172.4% 67.2% 37.0% 82.7% 10.7% Online travel 11.8% (26.8%) (18.0%) 40.2% (15.2%) -50% 0% 50% 100% 150% 200% 250% 300% 350% 400% 450% 30 Sep 15 31 Mar 16 30 Sep 16 31 Mar 17 30 Sep 17 31 Mar 18 30 Sep 18 31 Mar 19 30 Sep 19 31 Mar 20 30 Sep 20 16 Indicative trading valuation benchmarks Source: Capital IQ as of 30 September 2020 (1) Average LTM gross margin (1) EV / CY20E revenue (1) CY19-21 rev growth (1) Selected companies Verticals 50% 6.5x 50% Large cap 53% 5.8x 29% Online marketplaces 66% 11.8x 3% Classifieds 73% 4.6x (14%) Online travel 42% 2.4x 16% E-commerce 17 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 EV/NTM revenue trends L5Y Indices trading in line with 5-year averages Source: Capital IQ as of 30 September 2020 (1) Prosus excluded from Large cap, revenue multiple not meaningful for comparison (data skewed by Tencent stake) 3.9x 9.0x 2.4x 5.7x 5.4x GP BULLHOUND MARKETPLACES INDEX VALUATIONS The recent correction has moved valuations to below 5-year averages for most segments. Valuations in the Large cap index remain the most stable due to their diversification. EV/NTM revenue average L5Y L3Y LTM L6M Since 01/02 Large cap (1) 6.6x 6.5x 7.1x 7.8x 8.6x E-commerce 5.2x 5.6x 5.0x 5.3x 5.7x Online marketplaces 4.0x 4.1x 4.5x 5.1x 5.7x Classifieds 3.1x 2.8x 2.7x 3.3x 3.8x Online travel 1.9x 1.9x 1.9x 2.2x 2.5x 18 (100%) (50%) 0% 50% 100% 150% 200% 250% 300% Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 COVID-19 creating uncertainty for 2020 listed marketplace companies MARKETPLACES 2020 IPO ACTIVITY Source: Capital IQ, Pitchbook, Mergermarket as of 30 September 2020 (1) Opendoor went public via merger with the listed special purpose acquisition company (SPAC) Social Capital Hedosophia II (50.4%) 9 months 19.6% <1 month 135.4% 4 months Marketplaces stocks listed in 2020 19.4% <1 month (1)  Description: Online retailer of mattresses and other bedding products  Listing date: 6 February 2020  Offering amount: $100m  Offering price/share: $14.5  Description: Online used-car trading platform  Listing date: 9 June 2020  Offering amount: $468m  Offering price/share: $22  Description: Online retailer of fast-moving consumer goods  Listing date: 16 September 2020  Offering amount: £1.9bn  Offering price/share: £5  Description: Online real estate marketplace  Listing date: 16 September 2020  Offering amount: N/A  Offering price/share: N/A 19 Company Headquarters Total funding Verticals Description $21.2bn Mobility Online mobility platform with operations for over 550m users across Asia, Latin America and Australia $5.4bn Hospitality Online property rental marketplace focused on short-term travel stays $3.3bn Online marketplace Operator of online auction portals $2.5bn Online delivery On-demand food delivery services connecting customers with local businesses $2.2bn Online delivery Online grocery delivery services marketplace $153m Internet retail Online social commerce marketplace intended to help users buy, sell and share their personal style $133m Online marketplace Online marketplace for automobiles. It also provides loans and insurance services Filings to look for in the next 12 months Source: Capital IQ, Pitchbook, Mergermarket, Crunchnase Note: Total funding refers to total debt and equity funding Anticipation is building ahead of 2021 IPOs MARKETPLACES FUTURE IPOS 20 Section 4 Marketplaces CEO commentary 21 CEO profile OnBuy is the world's fastest-growing marketplace selling everything from pet supplies, homeware to beauty and toys. Launched in November 2016, OnBuy created a fairer, more transparent marketplace that puts its buyers and sellers first. From household names to smaller independent retailers, OnBuy offers sellers the same advantages as the leading marketplaces but in a new way that benefits everyone. Moreover, we do not compete with sellers by offering own branded products. “The events of 2020 have dramatically accelerated the move towards a digital economy. Consumer adoption of eCommerce was steadily on the rise even before the pandemic struck, but the events of this year have accelerated the inevitable uptick in online shopping beyond what anyone could predict. An increase in sales for online retailers was to be expected, however this situation has naturally posed challenges, as retailers have been forced to diversify supply chains to keep up with increased demand, or expand their product ranges to ensure consistent income as shopping habits change with the ever-evolving consumer landscape. At OnBuy, we can certainly attest to the growth and diversification trends - we've achieved 600% year-on-year growth for the second consecutive year and we've seen monthly seller sign ups to our marketplace triple as online retailers look to diversify their income streams. We offer millions of products across thousands of categories, and while we initially saw an expected increase in sales across gaming and entertainment categories, as well as home workout and office equipment, as we enter the biggest quarter of the year we’re seeing increased interest in tech, beauty products and clothing.” Cas Paton FOUNDER & CEO Poole, UK Investors Marketplace Merchant Logistics 2020 Award 22 CEO profile HURR is the smart way to rent your wardrobe, on-demand. The UK's leading wardrobe rental platform allows members to share clothes and accessories, securely and in seconds. HURR has been named the “Airbnb of Fashion”, disrupting fashion ownership and paving the way towards a more sustainable future. Discover and rent curated edits of contemporary and luxury brands, accessing trend led pieces and coveted one offs. Welcome to a new way to wardrobe. “Unlike the more traditional rental model, HURR members can both rent and lend, allowing everyday women to play a role in both the demand and supply side of a truly circular fashion model. As a data-driven tech platform with over three years of information, we have access to a highly targeted user group, their behaviours / insight into top rented brands and pricing analytics. Data informs every part of our decision-making process, from the brands we choose to work with through to the products we feature. Rather than building a highly complex platform, existing fashion brands should utilise existing rental technologies to access the sharing economy. The newly launched HURR x Selfridges Rental Collection is the perfect hybrid - providing the need for newness (that the fast fashion model relies upon) in a more affordable, sustainable way.” Victoria Prew CO-FOUNDER & CEO London, UK Investors 23 Section 5 Key marketplaces metrics 24 Tracking metric Calculation Description GMV / (Take rate %)  GMV = Total value of transactions  Take rate (%) = % * GMV  GMV (Gross Merchandise Value) is the total value of merchandise sold through a marketplace  Take rate is the commission that the company collects on sales Net revenue / (growth %)  Net revenue = Total revenue less sales tax, returns and cancellations  Include growth metrics: − YoY / MoM − CAGR − Organic vs. acquisition Annual Run Rate Revenue (ARRR)  Annual Run Rate Revenue (ARRR)  Calculation: − ARRR = revenue in period / # of days in period x 365  Indicator of financial performance which takes a company’s current revenue in a certain period and converts to an annual figure to get the full-year equivalent  Implied assumption that present financial environment will not change significantly and sensitive to seasonal fluctuations in revenue Gross profit / (margin %) Contribution margin I (CM1)  Net revenue = less COGS, discounts/promotions  True calculation of gross profit includes any discounts Contribution margin II / (CMII margin %)  CMII = CMI less logistics & packing, service costs & payment fees  Business profitability following customer/order servicing Contribution margin III / (CMIII margin %)  CMIII = CMII less sales and marketing costs  Is the business profitable following customer acquisition and marketing efforts EBITDA (EBITDA margin %)  EBITDA = CMIII less HR overhead, HQ costs & other general & administrative costs  Underlying profitability of the business after all overheads and HQ costs  If currently not profitable, does EBITDA margin progression give an indication of when the business could reach breakeven Common marketplaces headline financial KPIs 25 Tracking metric KPI Description Traffic statistics  Visits (gross & unique)  Sign-ups  Organic vs. Paid traffic  Application (mobile/tablet) vs. Desktop  Conversion rates by channel  Track overall visits funnel and conversion of traffic into leads, transactions and revenue Order statistics  Orders / customer  Product split (%) – e.g. private label vs. 3rd party  Return rate (%)  Average order value (AOV)  Further analyse traffic funnel and understand conversion into revenue  Order metrics can help analyse and shape product strategy/segmentation New vs. Repeat stats  New vs. Repeat consumers / order / revenue  New marketing spend  Repeat marketing spend  Consumers can be analysed by cohort e.g. by first purchase  Run cohorts to look at customer retention over time to spot trends and ROI on sales and marketing initiatives Customer acquisition cost (CAC)  CAC = Sales & marketing spend / number of new consumers  Cost of acquiring one consumer/user  All S&M expenses for new consumers. Sometimes excludes personnel management S&M costs  CAC strategy can typically vary on a seasonal basis as S&M efforts, e.g. ramp-up or slowdown Customer lifetime value (CLV)  CLV = Gross margin (%) x retention (%) x AOV  Value a consumer contributes to a business over their lifetime  Projected on a cohort basis e.g. 1-year, 2-year, 5-year etc. CLV:CAC ratio  CLV:CAC = CLV / CAC  How much value is a business making from consumers in relation to how much it cost to acquire them  Good benchmark is 3:1. 1:1 or below suggests a business loses money as it scales. If the ratio is too high (e.g. 5:1 or higher) this business could be under investing Common marketplaces headline financial KPIs 26 Appendix A: Public comparables by category Section 6 27 Public comparables – Large cap Source: Capital IQ as of 30 September 2020 Note: Prosus includes OLX, PayU, iFood, Delivery Hero, Swiggy, Tencent, Mail.ru and other smaller e-commerce companies Market cap EV EV / Revenues EV / EBITDA Gross margin (%) EBITDA margin 2019-2021 CAGR Company HQ (USD) (USD) CY2020 CY2021 CY2022 CY2020 CY2021 CY2022 CY2019 CY2020 LTM CY2020 CY2021 CY2022 Revenue EBITDA % of 52 week high Perf. since 1 Feb 2020 Large cap Large cap Amazon United States 89% 57% 1,577,166 1,597,176 4.3x 3.7x 3.1x 30.1x 24.1x 18.9x 41% 40% 40% 14% 15% 17% 24% 24% Alibaba China 98% 42% 795,403 777,545 8.4x 6.6x 5.3x 27.4x 21.0x 16.5x 46% 45% 45% 31% 32% 32% 28% 27% Prosus The Netherlands 87% 28% 150,466 146,135 5.9x 4.6x 3.8x 19.3x 15.5x 12.3x n.a. 39% 35% 30% 30% 31% 219% n.a. JD.com China 90% 106% 121,111 112,174 1.0x 0.9x 0.7x 34.9x 24.2x 18.0x 9% 15% 8% 3% 4% 4% 24% 51% Pinduoduo China 75% 111% 88,804 83,123 11.7x 7.6x 5.8x n.m. n.m. 42.7x 77% 78% 77% (14%) 3% 14% 57% n.m. eBay United States 85% 55% 36,464 40,252 3.7x 3.5x 3.3x 10.1x 9.6x 8.9x 77% 78% 77% 37% 37% 36% 3% 6% Pinterest United States 98% 88% 24,929 23,377 16.0x 12.0x 9.2x n.m. n.m. 60.9x 70% 69% 68% 2% 8% 15% 31% 200% Rakuten Japan 93% 36% 14,590 12,646 0.9x 0.8x 0.7x 13.3x 9.3x 6.0x 72% 76% n.m. 7% 9% 12% 14% (10%) Mean 89% 65% 351,117 349,054 6.5x 5.0x 4.0x 22.5x 17.3x 23.0x 56% 55% 50% 14% 17% 20% 50% 49% Median 89% 56% 104,957 97,649 5.1x 4.2x 3.5x 23.3x 18.2x 17.2x 70% 57% 45% 11% 12% 16% 26% 25% 28 Public comparables – E-commerce Source: Capital IQ as of 30 September 2020 Market cap EV EV / Revenues EV / EBITDA Gross margin (%) EBITDA margin 2019-2021 CAGR Company HQ (USD) (USD) CY2020 CY2021 CY2022 CY2020 CY2021 CY2022 CY2019 CY2020 LTM CY2020 CY2021 CY2022 Revenue EBITDA % of 52 week high Perf. since 1 Feb 2020 E-commerce Online fashion Zalando Germany 100% 95% 23,464 22,814 2.5x 2.1x 1.8x 38.0x 30.8x 24.2x 43% 42% 41% 7% 7% 8% 19% 23% VIP Shop China 64% 23% 10,572 9,363 0.7x 0.6x 0.5x 9.0x 7.0x 6.2x 22% 21% 22% 7% 8% 9% 11% 23% Farfetch United Kingdom 79% 106% 8,544 8,508 5.5x 4.2x 3.4x n.m. n.m. 60.1x 46% 45% 45% (5%) 1% 6% 41% n.m. ASOS United Kingdom 94% 64% 6,626 7,255 1.7x 1.5x 1.2x 24.2x 19.5x 16.1x 49% 48% 48% 7% 8% 8% 14% 65% boohoo.com United Kingdom 87% 22% 5,635 5,367 2.7x 2.2x 1.8x 27.7x 22.5x 18.2x 54% 54% 54% 10% 10% 10% 30% 32% Stitch Fix United States 86% 18% 2,829 2,707 1.5x 1.3x 1.1x n.m. n.m. 37.2x 44% 45% 44% (3%) (0%) 3% 11% n.a. Global Fashion Group Luxembourg 85% 215% 1,276 1,101 0.7x 0.6x 0.5x n.m. 17.7x 10.1x 41% n.a. 41% (0%) 4% 5% 6% n.m. The RealReal United States 59% - 1,268 1,135 3.6x 2.6x 2.1x n.m. n.m. n.m. 65% 65% 64% (35%) (14%) (5%) 17% n.m. Rev olv e United States 67% (8%) 1,142 1,015 1.7x 1.4x 1.2x 18.8x 13.9x 10.4x 54% 50% 51% 9% 10% 11% 10% 15% Vertical E-commerce Peloton United States 97% 207% 28,649 27,440 9.8x 6.6x 4.8x n.m. n.m. 42.0x 42% 44% 46% 12% 7% 11% 85% n.a. Wayfair United States 83% 211% 27,760 28,335 2.0x 1.8x 1.5x 45.6x 51.1x 32.9x 23% 28% 26% 4% 4% 5% 31% n.m. Ocado United Kingdom 94% 120% 26,166 25,943 8.6x 7.5x 6.7x n.m. n.m. n.m. 34% 37% 34% 2% 3% 6% 23% 46% HelloFresh Germany 89% 135% 9,697 9,292 2.4x 2.1x 1.9x 22.0x 19.6x 15.6x 62% 66% 65% 11% 11% 12% 44% 194% Stamps United States 74% 223% 4,235 4,004 5.6x 5.3x n.a. 18.7x 18.3x n.a. 72% 75% 74% 30% 29% n.a. 15% 15% 1-800-flowers.com United States 76% 64% 1,606 1,529 0.9x 0.9x n.a. 9.5x 9.0x n.a. 42% 42% 42% 9% 10% n.a. 17% 36% Zooplus Germany 93% 102% 1,331 1,333 0.6x 0.6x 0.5x 29.2x 26.8x 20.3x 29% 30% 26% 2% 2% 3% 14% 90% AO World United Kingdom 99% 175% 1,318 1,445 0.9x 0.8x 0.8x 24.5x 18.9x 15.3x 16% 16% 17% 4% 4% 5% 16% 101% Casper Sleep United States 45% n.a. 289 256 0.5x 0.4x 0.3x n.m. n.m. 12.8x 49% 51% 49% (11%) (3%) 3% 20% n.m. Blue Apron United States 25% 85% 126 170 0.4x 0.4x 0.3x n.m. 8.4x 5.9x 39% 38% 38% 0% 4% 6% 3% n.m. Oponeo Poland 79% 30% 115 101 n.a. n.a. n.a. n.a. n.a. n.a. 19% n.a. 19% n.a. n.a. n.a. n.a. n.a. SRP Groupe France 45% (24%) 114 117 0.1x 0.2x 0.2x 6.7x 5.4x 4.8x n.a. n.a. 34% 2% 3% 3% 1% n.m. MySale Group Australia 83% 31% 61 61 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9% n.a. n.a. n.a. n.a. n.a. E-Commerce - Others Chewy United States 73% 107% 22,575 22,699 3.3x 2.7x 2.3x n.m. n.m. 77.1x 23% 25% 24% 0% 2% 3% 31% n.m. B2W Brazil 70% (4%) 8,963 9,031 5.3x 4.9x 4.1x 61.7x 43.0x 30.6x 30% 33% 30% 9% 11% 13% 24% 40% Ov ertstock.com United States 57% 795% 3,106 2,921 1.3x 1.2x 1.0x 58.1x 37.4x 25.3x 20% 22% 22% 2% 3% 4% 30% n.m. Cimpress Ireland 52% (37%) 1,954 3,610 1.5x 1.3x 1.3x 9.0x 7.7x 7.4x n.a. n.a. 50% 17% 17% 17% (1%) (0%) Shutterstock United States 88% 20% 1,904 1,637 2.5x 2.3x 2.2x 15.3x 13.3x 11.9x 58% 58% 58% 16% 18% 18% 4% 13% Yelp United States 54% (38%) 1,469 1,164 1.4x 1.3x 1.1x 16.7x 8.1x 6.2x 94% 93% 93% 8% 16% 18% (4%) (18%) CEWE Germany 82% (6%) 791 841 1.0x 1.0x 0.9x 6.6x 6.1x 5.6x 73% 73% 76% 16% 16% 16% 2% 2% Quotient Technology United States 65% (27%) 668 647 1.5x 1.3x 1.2x 13.6x 9.2x 8.1x 43% 47% 39% 11% 14% 14% 8% 25% Jumia Technologies Nigeria 33% 33% 637 450 2.5x 1.9x 1.4x n.m. n.m. n.m. 46% 64% 55% (90%) (62%) (36%) 12% n.m. Groupon United States 32% (65%) 586 363 0.2x 0.3x 0.3x 14.6x 3.0x 2.7x 53% 48% 49% 2% 11% 12% (29%) (27%) Boqii China 69% n.a. 213 458 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 19% n.a. n.a. n.a. n.a. n.a. Qliro Group Sweden 60% (7%) 122 153 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 24% n.a. n.a. n.a. n.a. n.a. Delticom Germany 68% (10%) 55 152 0.2x 0.2x 0.2x 8.8x 6.4x n.a. 27% 27% 23% 2% 3% n.a. 7% n.m. Mean 72% 80% 5,882 5,812 2.4x 2.0x 1.6x 22.8x 17.5x 20.3x 44% 46% 42% 2% 5% 7% 16% 37% Median 74% 31% 1,469 1,445 1.5x 1.3x 1.2x 18.7x 13.9x 15.3x 43% 45% 41% 4% 7% 7% 14% 24% 29 Public comparables – Online marketplaces Market cap EV EV / Revenues EV / EBITDA Gross margin (%) EBITDA margin 2019-2021 CAGR Company HQ (USD) (USD) CY2020 CY2021 CY2022 CY2020 CY2021 CY2022 CY2019 CY2020 LTM CY2020 CY2021 CY2022 Revenue EBITDA % of 52 week high Perf. since 1 Feb 2020 Source: Capital IQ as of 30 September 2020 Online marketplaces Uber United States 87% 1% 63,936 66,712 5.2x 3.7x 2.9x n.m. n.m. 56.3x 51% 53% 35% (20%) (2%) 5% 13% n.m. Mercado Libre Argentina 85% 63% 53,810 52,541 14.8x 11.1x 8.2x n.m. n.m. n.m. 48% 48% 54% 6% 5% 8% 44% n.m. Deliv ery Hero Germany 90% 47% 22,946 21,976 7.7x 4.8x 3.3x n.m. n.m. n.m. 30% 20% 18% (22%) (6%) (0%) 78% n.m. Takeaway.com Netherlands 93% 19% 16,725 16,782 6.7x 5.6x 4.7x 48.6x 36.9x 25.0x 73% 66% 65% 14% 15% 19% 147% n.a. Carv ana United States 95% 181% 15,488 16,896 3.1x 2.2x 1.6x n.m. n.m. n.m. 13% 14% 13% (5%) (0%) 2% 41% n.m. Etsy United States 86% 149% 14,514 14,331 9.5x 8.4x 6.9x 32.3x 29.9x 22.9x 68% 71% 69% 29% 28% 30% 45% 60% Lyft United States 51% (42%) 8,598 6,874 2.8x 1.8x 1.4x n.m. n.m. 40.6x 43% 46% 43% (32%) (8%) 3% 2% n.m. GrubHub United States 91% 34% 6,674 6,761 4.1x 3.6x 3.0x n.m. 44.7x 29.7x 48% 34% 32% 5% 8% 10% 20% (10%) Kakaku.com Japan 89% (1%) 5,401 5,258 10.7x 9.1x 8.1x 23.5x 21.3x 17.7x n.a. n.a. 101% 46% 43% 46% 1% (8%) CarGurus United States 53% (39%) 2,444 2,344 4.5x 3.7x 3.2x 22.5x 18.1x 12.9x 94% 92% 93% 20% 20% 25% 4% 30% Moneysupermarket.com United Kingdom 66% (20%) 1,854 1,890 4.1x 3.8x 3.5x 13.0x 11.0x 10.0x 70% 66% 67% 31% 34% 35% (0%) (3%) Gruppo MutuiOnline Italy 92% 25% 1,047 1,137 4.5x 4.4x 4.1x 15.6x 14.8x 12.7x 44% n.a. 47% 29% 30% 32% (1%) 1% Redbubble Australia 88% 330% 794 759 2.2x 2.1x 1.8x 31.9x 19.5x 15.9x 15% n.a. 19% 7% 11% 11% 21% 139% TrueCar United States 77% 35% 540 406 1.4x 1.6x 1.5x 11.8x 45.8x 22.7x 91% 91% 91% 12% 3% 7% (14%) (32%) Mean 82% 56% 15,341 15,334 5.8x 4.7x 3.9x 24.9x 26.9x 24.2x 53% 55% 53% 9% 13% 17% 29% 22% Median 88% 29% 7,636 6,818 4.5x 3.7x 3.3x 23.0x 21.3x 22.7x 48% 53% 50% 10% 9% 11% 17% (1%) 30 Public comparables – Classifieds Source: Capital IQ as of 30 September 2020 Market cap EV EV / Revenues EV / EBITDA Gross margin (%) EBITDA margin 2019-2021 CAGR Company HQ (USD) (USD) CY2020 CY2021 CY2022 CY2020 CY2021 CY2022 CY2019 CY2020 LTM CY2020 CY2021 CY2022 Revenue EBITDA % of 52 week high Perf. since 1 Feb 2020 Classifieds Property, cars, general Zillow United States 98% 120% 23,056 21,764 6.8x 4.5x 3.0x n.m. n.m. 66.4x n.a. n.a. n.a. 4% 4% 5% 34% 121% Adev inta Norway 95% 40% 11,721 11,871 14.7x 12.5x 11.4x 58.1x 42.4x 35.8x 62% n.a. 62% 25% 30% 32% 9% 9% Autohome China 98% 26% 11,431 9,584 7.6x 6.8x 6.0x 17.8x 15.3x 13.4x 91% 89% 91% 43% 44% 45% 7% 7% REA Group Australia 90% 3% 10,383 10,458 19.2x 15.3x 13.3x 32.6x 23.7x 20.9x 71% 91% 71% 59% 65% 64% 2% 13% Scout24 Germany 93% 26% 8,772 6,676 16.2x 14.6x 13.0x 27.4x 23.9x 20.9x 76% n.a. 76% 59% 61% 62% 4% (14%) Rightmov e United Kingdom 88% (7%) 7,054 7,004 27.0x 18.8x 17.5x 40.4x 25.1x 23.2x 77% 67% 77% 67% 75% 76% (0%) (2%) Auto Trader United Kingdom 92% (2%) 7,029 7,394 17.0x 18.4x 14.6x 27.1x 23.3x 20.3x n.a. n.a. n.a. 63% 79% 72% (8%) (4%) Info Edge India 98% 32% 6,344 6,155 39.0x 33.0x 27.7x n.m. n.m. 75.2x 53% n.a. 53% 33% 35% 37% 3% 9% Redfin United States 90% 105% 4,967 4,788 5.7x 4.3x 3.4x n.m. n.m. 71.8x 19% 22% 17% 1% 2% 5% 19% n.m. carsales.com Australia 96% 28% 3,646 3,962 13.2x 11.8x 10.8x 23.3x 21.5x 19.4x 84% n.a. 84% 57% 55% 56% 5% 8% Bitauto China 99% 4% 1,122 2,557 2.2x 1.8x 1.7x n.m. 18.9x 18.2x 60% 61% 63% (27%) 9% 9% (5%) 111% Purplebricks United Kingdom 55% (33%) 292 254 2.2x 2.1x 1.8x n.m. 28.6x 15.4x 58% n.a. 61% 1% 7% 12% (9%) n.m. Jobs Recruit Holdings Japan 90% (1%) 65,037 64,331 3.2x 3.0x 2.7x 27.3x 22.4x 18.4x 53% n.a. 53% 12% 13% 15% (2%) (3%) SEEK Australia 88% 0% 5,369 6,599 6.0x 5.6x 4.8x 27.2x 23.6x 16.9x 44% n.a. 44% 22% 24% 28% (1%) (8%) 51job China 84% 8% 5,238 3,765 7.3x 6.6x 5.8x 21.5x 19.3x 17.3x 70% 66% 69% 34% 34% 34% (2%) 2% Freelancer Australia 59% 6% 154 146 n.a. n.a. n.a. n.a. n.a. n.a. 83% n.a. 83% n.a. n.a. n.a. n.a. n.a. DHI Group United States 59% (19%) 110 137 1.0x 0.9x n.a. 4.8x 4.1x n.a. 89% 89% 88% 21% 23% n.a. (1%) (2%) JcbNext Malaysia 92% (3%) 46 14 n.a. n.a. n.a. n.a. n.a. n.a. 60% n.a. 60% n.a. n.a. n.a. n.a. n.a. Mean 87% 19% 9,543 9,303 11.8x 10.0x 9.2x 27.9x 22.5x 30.2x 66% 69% 66% 30% 35% 37% 3% 18% Median 91% 5% 5,856 6,377 7.5x 6.7x 6.0x 27.2x 23.3x 20.3x 66% 67% 66% 29% 32% 34% 1% 5% 31 Public comparables – Online travel Source: Capital IQ as of 30 September 2020 Market cap EV EV / Revenues EV / EBITDA Gross margin (%) EBITDA margin 2019-2021 CAGR Company HQ (USD) (USD) CY2020 CY2021 CY2022 CY2020 CY2021 CY2022 CY2019 CY2020 LTM CY2020 CY2021 CY2022 Revenue EBITDA % of 52 week high Perf. since 1 Feb 2020 Online travel Booking.com United States 82% (7%) 70,050 71,958 9.4x 6.2x 5.0x 48.5x 17.5x 12.7x 100% 100% 102% 19% 36% 39% (13%) (16%) Trip.com China 80% (3%) 18,323 22,563 8.4x 5.1x 4.1x n.m. 23.7x 16.4x 79% 74% 78% 8% 21% 25% (5%) (8%) Expedia United States 66% (15%) 12,949 20,061 3.6x 2.4x 1.9x n.m. 14.4x 9.1x 83% 68% 76% (2%) 17% 20% (17%) (19%) MakeMyTrip India 51% (33%) 1,586 1,435 6.1x 2.8x 1.9x n.m. n.m. 61.0x n.a. n.a. 38% (37%) (6%) 3% 3% n.m. Webjet Australia 27% (65%) 945 946 13.0x 6.8x 4.0x n.m. 57.1x 11.1x 70% 73% 58% (69%) 12% 36% (31%) (61%) Triv ago Germany 39% (41%) 548 397 1.1x 0.7x 0.5x n.m. 18.4x 6.2x 99% 96% 98% (11%) 4% 9% (23%) (49%) On The Beach United Kingdom 49% (39%) 497 519 5.6x 2.9x 2.5x n.m. 10.2x 8.2x n.a. n.a. 53% 6% 28% 31% 8% 2% Despegar.com Argentina 41% (57%) 445 262 1.8x 0.5x 0.5x n.m. 11.2x 3.1x 66% 33% 59% (78%) 5% 15% (4%) (4%) Edreams Odigeo Luxembourg 42% (45%) 319 873 2.4x 2.2x 1.7x 16.9x 13.0x 7.8x n.a. n.a. 83% 14% 17% 21% (24%) (30%) Lastminute.Com Netherlands 39% (55%) 229 195 0.9x 0.7x 0.5x 33.2x 5.0x 3.3x 19% n.a. 74% 3% 13% 17% (15%) (28%) Holidaycheck Germany 52% (34%) 101 90 3.6x 0.9x 0.7x n.m. 9.6x 7.0x 72% n.a. 44% (190%) 9% 11% (24%) 12% Hostelworld Ireland 36% (64%) 83 54 2.8x 1.0x 0.6x n.m. 19.7x 2.5x n.a. n.a. 100% (113%) 5% 22% (23%) (66%) Trav elzoo United States 52% (37%) 73 73 1.3x 1.0x 0.8x n.m. 6.1x 6.8x 89% 85% 87% (1%) 16% 12% (17%) 6% Mean 50% (38%) 8,165 9,187 4.6x 2.5x 1.9x 32.9x 17.2x 11.9x 75% 75% 73% (35%) 14% 20% (14%) (22%) Median 49% (39%) 497 519 3.6x 2.2x 1.7x 33.2x 13.7x 7.8x 79% 74% 76% (2%) 13% 20% (17%) (18%) 32 Section 7 Appendix B: GP Bullhound credentials & team 33 ACQUIRED BY SALE OF EQUITY STAKE BY GP Bullhound’s recent advisory activity in the marketplaces space INVESTMENT BY INVESTMENT BY ACQUIRED BY INVESTMENT BY INVESTMENT BY ACQUIRED BY ACQUIRED BY INVESTMENT BY ACQUIRED BY ACQUIRED BY INVESTMENT BY ACQUIRED BY ACQUIRED BY INVESTMENT BY ACQUIRED BY ACQUIRED BY 34 GP Bullhound’s recent investing activity in the marketplaces space INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY CIBELES Angels Fund III Fund IV Fund III Fund IV Fund III Fund IV Fund III Fund IV Fund IV Fund I 35 Authors Alessandro Casartelli EXECUTIVE DIRECTOR Alessandro.Casartelli@gpbullhound.com Dipam Patel VICE PRESIDENT Dipam.Patel@gpbullhound.com Joaquin del Rio ANALYST Joaquin.Delrio@gpbullhound.com 36 Section 8 Appendix C: GP Bullhound corporate overview 37 We partner with global tech leaders to build the future 38 GP BULLHOUND FUND III GP BULLHOUND FUND IV GP BULLHOUND FUND V GP BULLHOUND FUND IV GP BULLHOUND FUND IV A leading technology advisory and investment firm ABOUT GP BULLHOUND (1) League table data represents selected transaction advisors. Time period is 2016-Q4 2019. Global M&A transactions between $10m and $300m ESSENCE BALTIC CLASSIFIEDS GROUP FALCON.IO JELLYFISH SPOTIFY SLACK UNITY GLOVO INNOGAMES DELIVERY HERO SIGNAVIO PRODIGY FINANCE TECHNOLOGY PREDICTIONS TITANS OF TECH SUMMIT MARBELLA INVESTOR ALLSTARS Mergers & Acquisitions Investments Capital Transactions Insights & Events We are the no. 1 global advisor (1) to leading technology companies in competitive international sale and acquisition processes. The firm has completed 420 successful M&A transactions to date, worldwide, with a total value of over $18bn. Through our investment team, we provide investors with access to category leading technology companies. Our five closed-end funds have a total value of more than €280m and our limited partners include institutions, family offices and entrepreneurs. We are a leading global advisor to companies and their owners on capital related transactions including venture capital, growth capital, acquisition funding, secondary block trades and initial public offerings. The firm has completed 120 rounds of financing for technology companies to date, with a total value of $2bn. Our events and speaking activities bring together thousands of leading digital entrepreneurs and technology investors throughout the year. Our thought-leading research is read by thousands of decision- makers globally and is regularly cited in leading newspapers and publications. MARIADB FILTER ECOVADIS NORTHERN TECH AWARDS 39 39 Our focus sectors DIGITAL MEDIA DIGITAL SERVICES SOFTWARE MARKETPLACES FINTECH Confidential 40 Natalie Dean VP FINANCE Reda Ben Larbi ANALYST Per Roman MANAGING PARTNER Adam Birnbaum DIRECTOR Olivia Hornstein OFFICE MANAGER Vincent Wei ASSOCIATE Gaia Cibrario ANALYST Candice Mostisser ANALYST Alon Kuperman EXECUTIVE DIRECTOR Eddie Tam DIRECTOR Manon Rodier ANALYST Jaime Moreno DIRECTOR STRATEGY Julian Riedlbauer PARTNER Gioia Cerbelli ASSOCIATE Susanna Andersson OFFICE MANAGER Maria Sosna OFFICE MANAGER Hampus Hellermark ASSOCIATE Alessandro Casartelli EXECUTIVE DIRECTOR Miguel Kindelán EXECUTIVE DIRECTOR Erik Andershed DATA SCIENTIST Joel-Oskar Raisanen ANALYST Ian Carroll DIRECTOR FINANCE Ravi Ghedia DIRECTOR Sven Raeymaekers PARTNER Claudio Alvarez PARTNER Victoria Martin PERSONAL ASSISTANT Greg Smith PARTNER Fraenze Gade VP EVENTS Charlotte Carew-Gibbs HR MANAGER Ed Prior ASSOCIATE Bulat Mardanov ASSOCIATE Sir Martin Smith CHAIRMAN Seth Alpert SENIOR ADVISOR Joy Sioufi EXECUTIVE DIRECTOR Jon Cantwell PARTNER Ben Prade EXECUTIVE DIRECTOR Alexis Majos ANALYST Staffan Ingeborn NON-EXECUTIVE DIRECTOR Johannes Akermark DIRECTOR Victoria Palma Ehrichs PERSONAL ASSISTANT Marvin Maerz VICE PRESIDENT Hugh Campbell MANAGING PARTNER Robert Ahldin SENIOR ADVISOR Kevin Siagam ASSOCIATE Okan Inaltay ASSOCIATE Javed Huq DIRECTOR Manish Madhvani MANAGING PARTNER Geneshe Edelman OFFICE MANAGER Joyce Byrne OFFICE MANAGER Joy Abiola VICE PRESIDENT Dipam Patel VICE PRESIDENT Elsa Hu EXECUTIVE DIRECTOR Iman Crisby EXECUTIVE DIRECTOR MARKETING Nikolas Westphal EXECUTIVE DIRECTOR Karl Blomsterwall ASSOCIATE Johan Roslund VICE PRESIDENT Sandra Núñez GRAPHIC DESIGNER Brandon Overmyer VICE PRESIDENT Simon Nicholls PARTNER Joakim Dal PARTNER Alec Dafferner PARTNER Guillaume Bonneton PARTNER Alexis Scorer EXECUTIVE DIRECTOR Oliver Schweitzer EXECUTIVE DIRECTOR Felix Bratell VICE PRESIDENT Evgeny Yakovlev ANALYST Bev Boettcher OFFICE MANAGER Ashleigh MacDonald FINANCE MANAGER Caoimhe Bradley OFFICE MANAGER Jade Williams PERSONAL ASSISTANT Maria Lazareva PERSONAL ASSISTANT Joaquin del Rio Briones ANALYST Pierce Lewis-Oakes ASSOCIATE Minya Shidhaye ANALYST Andrea López DESIGN COORDINATOR Carl Wessberg PARTNER Freddie Dodge ANALYST Cecilia Roman SENIOR ADVISOR Praveena Muthukumar VP FINANCE Adam Page VICE PRESIDENT Matthew Young ANALYST Eric Crowley DIRECTOR Carolin Drewes ASSOCIATE Felix Lutjen ANALYST Dave Nish VP TECHNOLOGY Jaime Sendagorta VICE PRESIDENT Carlos de la Esperanza ANALYST David Travis GENERAL COUNSEL Jennifer Eller RESEARCH EDITOR Daniel Roberts ANALYST Jesper Rothe ANALYST Inge Heydorn PARTNER Anna Arce-Leplau FUND OPERATIONS MANAGER Jason Nordlicht ASSOCIATE Joe Tabberer VICE PRESIDENT 41 Global marquee transactions Baltic Classifieds Group ACQUIRED BY GP Bullhound Fund III EcoVadis GP Bullhound Fund III Innogames INVESTED IN INVESTMENT BY INVESTED IN INVESTMENT BY UNDISCLOSED REALISED (DIRECT LISTING) $200M ACTIVE €260M VALUATION Apax Partners Spotify CVC Growth Partners Klarna Modern Times Group GP Bullhound Fund IV INVESTED IN Jellyfish GP Bullhound Fund I Filter 13th Lab INVESTMENT BY INVESTED IN ACQUIRED BY ACQUIRED BY Slack Fimalac Group Avito Merkle Facebook REALISED (DIRECT LISTING) £500M REALISED (ACQUIRED BY NASPERS) UNDISCLOSED UNDISCLOSED 42 Thought-leading independent technology research – connecting people in the tech industry GP BULLHOUND INSIGHTS & EVENTS Titans of Tech PANDEMIC PROOF? 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