European Venture Capital Report November 2018 by Dealroom

Helping to raise Series A investment for tech companies.
November was the third most active month of 2018 with an investment of €2.7 billion
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.
Apr May Jun Aug Sep Oct Feb Mar Apr Jan Feb Mar Jul Aug Sep Jun Jul Aug Mar Apr May May Jun Jul Sep Oct Nov Excludes buyouts secondary
https://techcelerate.ventures
Helping to raise Series A investment for tech companies.
November was the third most active month of 2018 with an investment of €2.7 billion
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.
Apr May Jun Aug Sep Oct Feb Mar Apr Jan Feb Mar Jul Aug Sep Jun Jul Aug Mar Apr May May Jun Jul Sep Oct Nov Excludes buyouts secondary
Monthly European Venture Capital report
11 December 2018
November 2018
November was the third 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
 1.6B  
 1.2B  
 1.9B  
 1.5B  
 1.6B   1.6B  
 2.3B  
 2.2B  
 1.9B  
 1.7B   1.7B  
 2.1B  
 1.9B  
 2.0B  
 1.7B  
 2.5B  
 1.8B  
 2.0B  
 2.2B  
 2.6B  
 2.9B  
 2.4B  
 2.1B   2.1B  
 2.8B   2.7B  

 0.5B  
 1.0B  
 1.5B  
 2.0B  
 2.5B  
 3.0B  
 3.5B  
Nov Dec
Jan
Feb Mar
Apr May
Jun
Jul
Aug
Sep
Oct
Nov
2018
Europe excl. Israel
Biotech
Israel
 1.3B  
 0.9B  
 1.3B  
 1.0B  
 1.1B  
 1.4B  
 1.7B  
 1.8B  
 1.4B  
 0.9B  
 1.5B  
 1.8B   1.8B  
 0.3B  
 0.4B  
 0.3B  
 0.2B  
 0.4B  
 0.4B  
 0.4B  
 0.4B  
 0.4B  
 0.4B  
 0.3B  
 0.5B   0.4B  
 0.4B  
 0.3B  
 0.8B  
 0.6B  
 0.4B  
 0.4B  
 0.5B  
 0.7B  
 0.6B  
 0.8B  
 0.3B  
 0.4B  
 0.4B  
 2.0B  
 1.7B  
 2.5B  
 1.8B  
 2.0B  
 2.2B  
 2.6B  
 2.9B  
 2.4B  
 2.1B   2.1B  
 2.8B   2.7B  

 0.5B  
 1.0B  
 1.5B  
 2.0B  
 2.5B  
 3.0B  
 3.5B  
Nov Dec
Jan
Feb Mar
Apr May
Jun
Jul
Aug
Sep
Oct
Nov
2018
All other rounds
Top 10 largest rounds
Top 3 largest rounds
The 10 largest rounds in November accounted for 0.8B or 
30% of total investment
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
3
NAME
INVESTORS
INDUSTRY
LOCATION
ROUND
VALUATION
Roivant Sciences
Healthcare company focused on rapidly developing innovative medicines.
Novaquest
RTW Investments
Health
Switzerland
$ 200 m
GROWTH EQUITY
$ 7.0 b
BlaBlaCar
Multi-mode search tool that compares rail, air, bus and car for European destinations
SNCF
Travel 
Transportation
France
$ 114 m
GROWTH EQUITY
$ 1.8 b
BitFury Group
Largest full-service blockchain technology company.
Dentsu, iTech Capital, Naver, Macquarie 
Group, Final Frontier
Fintech 
Semiconductors
Netherlands
$ 80 m
LATE VC
-
G.Network
Provides fibre connectivity to businesses in Central London
Cube Infrastructure Managers
Telecom
UK
 60 m
LATE VC
-
Habana
Developing disruptive solutions that shape the future of AI and Deep Learning.
Battery Ventures, Bessemer Venture 
Partners, Intel Capital, WRV Capital
Semiconductor
Israel
$ 75 m
SERIES B
$ 500m
Valens
Inventor and world leader in HDBaseT technology
Linse Capital
Oppenheimer & Co
Transportation 
Semiconductor
Israel
$ 63 m
GROWTH EQUITY
-
Lightricks
Developing fun and powerful visual editing aps for user creating content
Insight Venture Partners
ClalTech
Enterprise Software
Israel
$ 60 m
LATE VC
-
Aprea
Developing novel anti-cancer compounds
HealthCap, 5AM Ventures, Rock Springs 
Capital, Versant Ventures
Sectoral Asset Management
Health
Sweden
 50 m
SERIES C
-
Voi Technology
Sharing service for electric vehicles
Balderton Capital, Raine Ventures
Vostok New Ventures, LocalGlobe
Transportation
Sweden
$ 50 m
SERIES A
-
Workable
Recruiting software for SMEs
Balderton Capital, Zouk Capital, 
Notion Capital, 83North
TriplePoint Capital
Jobs
Enterprise Software
UK
$ 50 m
SERIES D
-
Go to online data 
 24B  
 25B  
 26B  

 5B  
 10B  
 15B  
 20B  
 25B  
 30B  
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2017
2018
1,792  
1,758  

 200
 400
 600
 800
 1,000
 1,200
 1,400
 1,600
 1,800
 2,000
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-Nov '18 (1)
Investment by country (B) Jan-Nov '18
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
1. Rounds below $2M are included here.
768  
563  
520  
289  
282  
232  
214  
194  
141  
125  
125  
95  
91  
74  
59  
39  
39  
31  
30  
United Kingdom
France
Germany
Spain
Sweden
Israel
Netherlands
Italy
Switzerland
Ireland
Finland
Russia
Norway
Denmark
Belgium
Austria
Poland
Estonia
Hungary
 6.6B  
 4.1B  
 3.7B  
 2.9B  
 1.3B  
 1.2B  
 1.1B  
 0.7B  
 0.6B  
 0.5B  
 0.5B  
 0.4B  
 0.4B  
 0.4B  
 0.3B  
 0.2B  
 0.2B  
 0.1B  
 0.1B  
United Kingdom
Germany
France
Israel
Spain
Switzerland
Sweden
Ireland
Netherlands
Italy
Finland
Denmark
Belgium
Portugal
Russia
Norway
Estonia
Cyprus
Austria
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
 6.6B  
 4.1B  
 3.7B  
 2.9B  

 1.0B  
 2.0B  
 3.0B  
 4.0B  
 5.0B  
 6.0B  
 7.0B  
 8.0B  
Jan
Feb Mar
Apr May
Jun
Jul
Aug
Sep
Oct
Nov
United Kingdom
Germany
France
Israel
768  
520  
563  
232  

 100
 200
 300
 400
 500
 600
 700
 800
Jan
Feb Mar
Apr May
Jun
Jul
Aug
Sep
Oct
Nov
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 - Nov
Amount (B) 
invested 2018 
Jan - Nov
 5.3B   5.1B  
 4.5B  
 3.0B   2.9B  
 1.6B   1.5B   1.4B   1.4B   1.3B  
 0.9B   0.9B   0.6B   0.6B   0.6B   0.5B   0.4B  
 9.5B  
 6.9B  
 4.7B  
 3.0B  
 2.6B  
 7.0B  
 2.7B  
 1.0B   0.7B  
 0.2B  
825  
634  
619  
336  
335  
280  
262  
216  
212  
188  
187  
133  
106  
101  
94  
78  
67  
1,625  
879  
501  
300  
246  
1,256  
552  
238  
188  
136  
42  
Noticeable increase of 1.3 billion in travel & transportation 
compared to last year.
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
 0.8B  
 0.6B  
 0.5B   0.4B   0.3B  
 0.2B   0.1B   0.1B   0.0B  
( 0.0B) 
( 0.2B) ( 0.2B) ( 0.2B) ( 0.3B) ( 0.4B) ( 0.5B) 
( 1.0B) 
 1.4B  
 1.3B  
 1.1B  
( 0.4B) 
( 0.5B) 
 0.5B  
 0.3B  
( 0.2B) 
( 0.4B) ( 0.4B) 
31% 
26% 
15% 
15% 
14% 
9% 
9% 
7% 
6% 
2% 
2% 

(1%)
(3%)
(8%)
(10%)
(18%)
31% 
30% 
16% 
(13%)
(14%)
32% 
23% 
13% 
8% 
(22%)
European funding in travel & transportation has continuously 
increased, now at 3.5x relative to 2014
9
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
Note: industries, business models and keywords can and do overlap.
Amount invested (B) in travel & transportation
Selected Investments in 2018
Location
Round
Auto1 Group
Marketplace for used and new cars
Germany 
 460 m
Growth Equity
3.0B valuation
Taxify
Ride-hailing app in Europe and Africa
Estonia
$ 175 m
LATE VC
$1.0B valuation
Cabify
Car booking web and mobile app
Spain
$ 160 m
SERIES E
$1.4B valuation
GoEuro
Transportation comparison tool
Germany
$ 150 m
Growth Equity
$1.0B valuation
BlaBlaCar
Connecting drivers with people looking for a ride
France
 101 m
Growth Equity
Voi Technology
Sharing service for electric vehicles
Sweden
$ 50 m
SERIES A
TourRadar
Online marketplace for group tours
Austria
$ 50 m
SERIES C
Dreamlines
Online travel agency focused on cruises
Germany
 45 m
SERIES E
TravelPerk
SaaS platform for business travel
Spain
 38 m
SERIES C
Wunder
Ride sharing mobile application
Germany
$ 30 m
SERIES B
 0.6B  
 0.9B  
 1.4B  
 2.0B  
 2.4B  
 0.2B  
 0.3B  
 0.2B  
 0.4B  
 0.7B  
 0.3B  
 0.5B  
 0.3B  
 0.3B  
 0.8B  
 1.1B  
 1.7B  
 1.9B  
 2.7B  
 3.9B  

 0.5B  
 1.0B  
 1.5B  
 2.0B  
 2.5B  
 3.0B  
 3.5B  
 4.0B  
 4.5B  
2014
2015
2016
2017
2018
All other rounds
Top 10 largest rounds
Top 3 largest rounds
409  
438  
293  

 50
 100
 150
 200
 250
 300
 350
 400
 450
 500
Jan Feb Mar Apr May Jun
Jul Aug Sep Oct Nov Dec
2017
2018
 42B  
 44B  
 109B  

 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
10
Cumulative value of VC-backed exits  2018 vs. 2017
Cumulative number of VC backed exits  2018 vs. 2017
November counted for 0.5 billion of venture backed exits.
Source: Dealroom.co
NAME
ACQUIROR
SELLER
INDUSTRY
LOCATION
TRANSACTION
VC BACKED
CarsOnTheWeb
Online auction service for second hand car owners and car traders
KAR Auction 
Services
ABN AMRO
Vortex Capital Partners
Luc De Vos
Steven Lismont
Transportation
Belgium
 156 m
ACQUISITION

Siltectra
Water treatment technologies
Infineon 
Technologies
MIG Verwaltungs AG
Global Asset Fund
Semiconductors
Germany
 124 m
ACQUISITION

Security Matters
Provides best-of-class industrial cyber resilience technology
ForeScout
Emerald Technology Ventures, 
KPN, Robert Bosch, 
Phoenix Contact
Security
Netherlands
$ 113 m
ACQUISITION

Massive Interactive
Provider of technology/design services and software in area of ip video
Deltatre
-
Media
UK
$ 92 m
ACQUISITION

Phd Nutrition
Premium sport nutrition
Science in Sport 
PLC
-
Sports
Food
UK
 32 m
ACQUISITION
Coffee Strain Studios
Swedish developer & publisher making games using Unreal Technology
THQ Nordic
-
Gaming
Sweden
 31.7 m
ACQUISITION
Renalytix AI
Artificial Intelligence for kidney disease
-
-
Health
UK
 25 m 
IPO

VIST Mining Technology
Providing automated control systems to railways and mines
Zyfra
-
Energy
Robotics
Russia
$ 30 m
ACQUISITION
VOGO
Innovative in-venue live & replay experience for multi sector events
-
CM-CIC Capital Prive
Natixis
Media
Sports
France
 14.2 m
IPO

Netatmo
Weather station for iPhone and Android, with air quality sensors
Legrand
Iris Capital, Bpifrance,
C4 Ventures
IoT
France
ACQUISITION

11
Go to online data 
UK and Sweden are leading by VC-backed exits
Source: Dealroom.co
12
11% YoY growth
87% 
17% 
10% 
(35%)
(10%)
(11%)
(17%)
10% 
43% 
Acquisitions & IPOs of venture-backed 
companies (B) Jan-Nov '18
Acquisitions & IPOs of venture-backed 
companies (B) Jan-Nov '18
 35.9B
 32.0B
 11.5B
 6.6B
 5.9B
 5.0B
 4.5B
 2.9B
 2.5B
 0.9B
 0.4B
 0.4B
 0.3B
 0.2B
United Kingdom
Sweden
Netherlands
Germany
France
Italy
Belgium
Czech Republic
Israel
Turkey
Iceland
Switzerland
Ireland
Austria
71  
41  
37  
22  
14  
14  
10  
9  
8  
8  
5  
5  
4  
4  
3  
United Kingdom
France
Germany
Sweden
Spain
Netherlands
Italy
Switzerland
Ireland
Belgium
Poland
Finland
Denmark
Russia
Norway
Source: Dealroom.co
13
By exits, the UK is now in the lead following a string of 
sizeable acquisitions and IPOs
Cumulative value of exits in 2018
Selected exits
Italy, France, Germany
Netherlands
Sweden
United Kingdom
 35.9B
 32.0B
 11.5B
 5.0B
 0.0B
 10.0B
 20.0B
 30.0B
 40.0B
 50.0B
Jan
Feb Mar
Apr May
Jun
Jul
Aug
Sep
Oct
Nov
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