Monthly European Venture Capital July 2018 by Dealroom

July ended so it's time for another monthly investment update for Europe & Israel. While not the most active month of the year, July was still ahead of the same month last year and so 2018 continues to extend it's lead over 2017. Meanwhile, the UK extended its lead over other countries. Major investment rounds included Greensill, Glovo, Improbable, Secret Escapes and others.
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ROUND Capital Apr May Jun BUYOUT secondary transactions debt ICOs lending Excludes BUYOUT secondary Feb Mar Apr ICOs lending Capital Jan Feb Mar lending Capital grants Mar Apr May May Jun Jul secondary transactions debt Source Dealroom transactions debt ICOs Enterprise Software
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.
Monthly European Venture Capital report
6 August 2018
July 2018

 100
 200
 300
 400
 500
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
2017
2018
>2M
 0-2M
 1.2B  
 1.4B  
 2.3B  
 2.0B  
 1.4B  
 1.1B  
 1.9B  
 1.4B  
 1.7B  
 1.3B  
 2.1B  
 2.0B  
 1.5B  
 1.8B  
 2.7B  
 2.8B  
 2.4B  
 1.8B   1.8B  
 2.3B  
 1.7B  
 2.1B  
 1.9B  
 2.4B  
 2.7B  
 1.9B  

 0.5B  
 1.0B  
 1.5B  
 2.0B  
 2.5B  
 3.0B  
 3.5B  
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
2017
2018
Europe excl. Israel
Biotech
Israel
July investment of 1.9 billion (including Israel and 
biotech) was just above of July 2017 level
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
2
Investment in European & Israeli rounds VC rounds
July investment of 1.5 billion excl. Israel and biotech
was also just above of 2017
Decline in number of rounds is mostly temporary, as 
rounds below 2 million are announced with delays.
Number of rounds above 2 million is stable
970  
1,662  
988  

 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
 13B  
 24B  
 15B  

 5B  
 10B  
 15B  
 20B  
 25B  
 30B  
Jan Feb Mar Apr May Jun
Jul Aug Sep Oct Nov Dec
2017
2018
By amount invested, 2018 is well 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.
3
Cumulative amount invested  2018 vs. 2017 (B) 
Cumulative number of rounds  2018 vs. 2017 (>2M)
The 10 largest rounds in July accounted for 0.8B or 
47% of total investment
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
Show online data 
4
NAME
INVESTORS
INDUSTRY
LOCATION
ROUND
Greensill
Financial services firm specializing in Supply Chain Finance
General Atlantic
Fintech
UK
$ 250 m 
Growth Equity
Glovo
On-demand mobile application connects customers with independent local 
couriers
Seaya Ventures, Idinvest Partners, 
Rakuten, Cathay Innovation, 
AmRest, GR Capital
Food / 
Transportation
Spain
 115 m 
SERIES C
Improbable
A cloud-based platform for game developers to create AI-powered simulated 
worlds
NetEase
Enterprise 
Software
UK
$ 100 m
LATE VC
Next Insurance
Online insurance for entrepreneurs and SMEs
Redpoint Ventures, Ribbit Capital, 
American Express Ventures, 
Nationwide Insurance,

Fintech
Israel
$ 83 m
Series B
Secret Escapes 
Exclusive, members-only discounted offers for hotels and luxury holidays
Old Mutual Global Investors
Travel
UK
 52 m 
Growth Equity
UrbanVolt
Energy-saving LED lighting firm
Low Carbon Innovation Fund
Energy
Ireland
$ 65 m 
Growth Equity
Mantis Vision
3D capturing technologies
Samsung Catalyst Fund
Media
Israel
$ 55 m 
Late VC
Dynacure
A biotechnology company developing new treatments for patients affected by 
serious orphan disorders
Bpifrance, Idinvest Partners, 
Pontifax Funds, Kurma Partners, 
Andera Partners
Health
France
 47 m 
Series A
PPRO
Cross-border payments specialist for merchants
HPE Growth Capital, PayPal, Citi 
Ventures
Fintech
UK
$ 50 m 
Growth Equity
Meero
AI for image processing
Alven, Idinvest Partners
Media
France
$ 45 m 
Series B
Top rounds
Greensill (Fintech)

Founded in 2011, Greensill provides businesses with 
alternative sources of funding, allowing them to 
provide suppliers with the opportunity for faster 
payment, while at the same time preserving their own 
capital position

It has facilitated payments to 1.5 million suppliers and 
provided over $40 billion of financing

General Atlantic's $250 million investment values 
Greensill at $1.64 billion
Glovo (Food / Transportation)

Glovo is one of the most popular delivery apps in the 
Spanish-speaking world. It allows its customers to 
order anything they want and receive it in less than 
one hour

IdInvest Partners and AmRest lead this round
Improbable (Enterprise Software)

Improbable's cloud-based platform SpatialOS helps 
developers to offload computations in order to bypass 
some of the limitations of PC, console and mobile 
platforms

With this round, Improbable confirmed its unicorn 
status and is now valued at about $2 billion
Secret Escapes (Travel)

Secret Escapes will use the cash to boost the ongoing 
integration of the Slevomat Group  a travel deals and 
experiences company it acquired late last year

Secret Escapes has expanded into 21 territories across 
Europe, Asia and the US since launching seven years 
ago
July saw over 5.2 billion in acquisitions of which 
3.2 billion venture backed exits
Source: Dealroom.co
NAME
ACQUIROR
SELLER
VC BACKED
INDUSTRY
LOCATION
ROUND
Suse
Enterprise Linux, Openstack cloud, software-defined storage
EQT Private Equity
Micro Focus
Enterprise Software
Germany
$ 2.5b ACQUISITION
Leumi Card
Israeli credit card issuer
Warburg Pincus
Azrieli Group
Bank Leumi

Fintech
Israel
$ 684 m
BUYOUT
TiGenix
Local treatments for damaged and osteoarthritic joints
Takeda
Healthcare
Belgium
 520 m
ACQUISITION
Basefarm
Specialises in operational and IT-related services on the net
Orange
Enterprise Software
Norway
 350 m
ACQUISITION
Finanzcheck.de
Consumer loans marketplace
Scout24 Holding
Highland Europe, Acton Capital 
Partners, HarbourVest Partners

Fintech
Germany
 285 m
ACQUISITION
PeopleDoc
Provides HR service delivery solutions
Ultimate Software
Accel Partners, Alven, Kernel 
Capital, Eurazo

Jobs Recruitment
France
$ 300 m
ACQUISITION
Banking Circle
Enabling global payments and settlements
EQT Private Equity
Saxo Bank
Fintech
Denmark
$ 300 m
ACQUISITION
MetaPack
Delivery management solutions that enable online retailers to increase 
user engagement and sales conversions
Stamps.com
Index Ventures, Brainspark,
WPP Ventures

Transportation
UK
 197 m
ACQUISITION
TenBis
#1 online platform in the Israeli restaurant and food ordering market
Takeaway.com
TA Associates
Food
Israel
 135 m
ACQUISITION
TxCell
Develops cell-based immuno-therapies for the treatment of severe chronic 
inflammatory diseases
Sangamo Therapeutics
Seventure Partners, Ardian, 
Auriga Partners, Bioam
Gestion, Innovation Capital

Healthcare
France
 72 m
ACQUISITION
5
By VC backed exits, 2018 is far ahead of 2017 driven 
by a handful of mega-exits
Source: Dealroom.co
6
 16B  
 24B  
 54B  

 10B  
 20B  
 30B  
 40B  
 50B  
 60B  
Jan Feb Mar Apr May Jun
Jul Aug Sep Oct Nov Dec
2017
2018
221  
382  
170  

 50
 100
 150
 200
 250
 300
 350
 400
 450
Jan Feb Mar Apr May Jun
Jul Aug Sep Oct Nov Dec
2017
2018
Cumulative value of VC-backed exits  2018 vs. 2017
Cumulative number of VC backed exits  2018 vs. 2017
The UK, Germany, France and Israel (the big four) 
continue to receive 70% of total investment
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
7
11% YoY growth
87% 
17% 
10% 
(35%)
(10%)
(11%)
(17%)
10% 
43% 
Number of rounds (>$2M size) Jan-July '18
Investment by country (B) Jan-July '18
238  
194  
126  
89  
49  
42  
42  
31  
23  
20  
19  
15  
13  
13  
10  
6  
5  
3  
3  
2  
United Kingdom
France
Israel
Germany
Sweden
Netherlands
Switzerland
Spain
Belgium
Finland
Italy
Russia
Ireland
Denmark
Norway
Austria
Portugal
Estonia
Greece
Romania
 3.8B  
 2.5B  
 2.2B  
 1.9B  
 0.6B  
 0.5B  
 0.5B  
 0.4B  
 0.4B  
 0.3B  
 0.3B  
 0.3B  
 0.2B  
 0.2B  
 0.2B  
 0.2B  
 0.1B  
 0.1B  
 0.1B  
 0.1B  
United Kingdom
Germany
France
Israel
Spain
Switzerland
Sweden
Netherlands
Portugal
Finland
Belgium
Ireland
Italy
Estonia
Denmark
Russia
Romania
Cyprus
Austria
Norway
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
 0.7B  
 0.4B  
 0.3B  
 0.2B  
 0.2B  
 0.2B  
 0.2B  
 0.1B  
 0.1B  
 0.1B  
 0.1B  
 0.1B  
 0.0B  
 0.0B  
 0.0B  
( 0.0B) 
( 0.0B) 
( 0.1B) 
( 0.1B) 
( 0.2B) 
( 0.5B) 

 0.5B  
 1.0B  
France
Portugal
Germany
Israel
Switzerland
Finland
Estonia
Cyprus
Italy
Romania
Belgium
Denmark
Ireland
Norway
Russia
United Kingdom
Spain
Austria
Netherlands
Sweden
% change vs. last year (number of rounds) 
Absolute change vs. last year (in B)
150% 
138% 
100% 
50% 
50% 
45% 
25% 
24% 
20% 
11% 
9% 
1% 

(4%)
(17%)
(24%)
(24%)
(28%)
(39%)
(42%)
(100%)
(50%)

 50%
 100%
 150%
 200%
Portugal
Italy
Austria
Estonia
Greece
Switzerland
Finland
Netherlands
France
Norway
Israel
United Kingdom
Romania
Belgium
Germany
Ireland
Denmark
Spain
Sweden
Russia
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
1. Rounds below $2M are included here.
9
The big four: the United Kingdom continues its lead 
after a very active July
2018 cumulative number of rounds (1)
2018 cumulative amount invested by country
436  
163  
331  
143  

 50
 100
 150
 200
 250
 300
 350
 400
 450
 500
Jan
Feb
Mar
Apr
May
Jun
Jul
United Kingdom
Germany
France
Israel
 1.9B  
 2.2B  
 2.5B  
 3.8B  

 0.5B  
 1.0B  
 1.5B  
 2.0B  
 2.5B  
 3.0B  
 3.5B  
 4.0B  
Jan
Feb
Mar
Apr
May
Jun
Jul
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.
10
By 
industry 
vertical
By 
business 
model
By 
keyword
Number of rounds
Amount invested (B)
 3.2B  
 3.0B  
 2.6B  
 1.8B  
 1.3B  
 0.9B  
 0.9B  
 0.7B  
 0.6B  
 0.5B  
 0.5B  
 0.4B  
 0.3B  
 0.3B  
 0.3B  
 0.3B  
 5.6B  
 3.1B  
 2.2B  
 1.5B  
 1.2B  
 3.5B  
 2.0B  
 0.5B  
 0.4B  
 0.1B  

 1.0B  
 2.0B  
 3.0B  
 4.0B  
 5.0B  
 6.0B  
Fintech
Health
Enterprise software
Transportation
Biotech
Security
Travel
Energy
Food
Home
Robotics
Gaming
Insurance
Semiconductors
Fashion
Telecom
SaaS
Manufacturing
Marketplace
Mobile app
eCommerce
Deep Tech
Artificial intelligence
InternetOfThings
Blockchain
Virtual reality
384  
292  
290  
145  
130  
106  
106  
97  
71  
71  
57  
51  
45  
39  
37  
25  
711  
407  
234  
136  
101  
432  
257  
92  
53  
26  

 100
 200
 300
 400
 500
 600
 700
 800
Enterprise software
Fintech
Health
Transportation
Energy
Security
Food
Biotech
Travel
Home
Fashion
Robotics
Semiconductors
Insurance
Gaming
Telecom
SaaS
Manufacturing
Marketplace
eCommerce
Mobile app
Deep Tech
Artificial intelligence
InternetOfThings
Blockchain
Virtual reality
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.
11
By 
industry 
vertical
By 
business 
model
By 
keyword
 1.1B  
 1.0B  
 0.7B  
 0.5B  
 0.4B  
 0.4B  
 0.2B  
 0.1B  
 0.1B  
 0.1B  
( 0.1B) 
( 0.2B) 
( 0.3B) 
( 0.3B) 
( 0.6B) 
( 0.7B) 
 1.3B  
 0.7B  
 0.3B  
( 0.9B) 
( 1.0B) 
 0.7B  
 0.2B  
 0.2B  
( 0.1B) 
( 0.4B) 
( 1.5B) 
( 1.0B) 
( 0.5B) 

 0.5B  
 1.0B  
 1.5B  
Transportation
Health
Fintech
Travel
Biotech
Robotics
Energy
Security
Telecom
Semiconductors
Insurance
Home
Gaming
Fashion
Food
Enterprise software
Manufacturing
Mobile app
SaaS
eCommerce
Marketplace
Deep Tech
Artificial intelligence
Blockchain
InternetOfThings
Virtual reality
100% 
56% 
33% 
30% 
17% 
16% 
6% 
5% 

(5%)
(7%)
(10%)
(14%)
(20%)
(24%)
(25%)
38% 
34% 
(0%)
(24%)
(29%)
51% 
27% 
17% 
(4%)
(33%)
(50%)

 50%
 100%
 150%
Robotics
Semiconductors
Security
Food
Biotech
Transportation
Health
Energy
Insurance
Fashion
Enterprise software
Travel
Fintech
Telecom
Gaming
Home
Mobile app
Manufacturing
SaaS
eCommerce
Marketplace
Artificial intelligence
Blockchain
Deep Tech
InternetOfThings
Virtual reality
% change vs. last year (number of rounds) 
Absolute change vs. last year (in B)
Heatmap of 2018 venture capital investment by 
country and industry
12
Source: Dealroom.co. 
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
101
20
32
20
25
9
16
6
12
7
155
8%
 2.6B
27%
Health
69
16
49
23
32
30
10
2
23
5
188
29%
 2.7B
57%
Enterprise software
95
38
70
31
15
25
24
7
9
7
212
15%
 2.4B
(15%)
Energy
28
9
29
6
17
24
3

8
4
66
25%
 0.6B
27%
Transportation
25
20
28
10
11
15
9
10
9

70
32%
 1.7B
169%
Security
24
4
9
43
8
3
5
1
5
1
76
65%
 0.8B
32%
Food
17
6
24
6
8
3
5
3
5
2
50
61%
 0.4B
(63%)
Biotech
24
4
19
9
12
9
3

12

82
28%
 1.3B
44%
Travel
21
9
10
1
3
8
12
2


37
6%
 0.8B
111%
Home
15
6
13
6
8
8
5
2
3

41
(16%)
 0.4B
(39%)
Insurance
19
7
5
3
3
3




22
22%
 0.2B
(51%)
Telecom
7
1
6
5
4
1
1
1


17

 0.3B
54%
Fashion
6
7
6
1
11
4
7
4
2
1
23
21%
 0.2B
(55%)
Semiconductors
8
6
8
6
3
3
2

5
2
28
75%
 0.3B
31%
Robotics
9
2
12
7
1
6
1
4
7

36
177%
 0.5B
447%
Gaming
7
4
3
2
11
1
1
2


20
(5%)
 0.3B
(49%)
Business model
SaaS
163
74
130
69
51
46
37
19
18
10
406
24%
 4.9B
6%
Manufacturing
84
21
73
41
28
66
11
4
35
7
232
60%
 2.8B
69%
Marketplace
58
32
43
5
18
11
22
9
6

110
(13%)
 2.0B
(36%)
eCommerce
22
19
23
7
17
8
8
6
4
2
73
(4%)
 0.9B
(51%)
Mobile app
23
2
15
7
7
5
8
7
7
1
54
54%
 1.3B
96%
Keywords
Deep Tech
114
29
61
59
25
37
17
11
24
4
256
46%
 3.2B
34%
Artificial intelligence
78
15
31
39
18
19
11
7
6
1
165
101%
 1.8B
27%
InternetOfThings
13
13
20
20
5
3
2
1
6

50
19%
 0.5B
(3%)
Blockchain
15
3
1
4
4
5

5
8
2
19
36%
 0.4B
184%
Virtual reality
9
2
2

4
5


4

8
(20%)
 0.0B
(92%)
Total
440
163
334
145
200
152
96
54
83
28
988
22%
 13.1B
18%
Investment activity by selected leading investors
Source: Dealroom.co. 
13
Number of rounds in 2018 YTD by country
Number of rounds in 2018 YTD by industry vertical
United 
Kingdom
Germany
France
Israel
Sweden
Netherlands
SaaS
Deep Tech Manufacturing Marketplace
Enterprise 
software
Transportation
Fintech
Artificial 
intelligence
Energy
Health
Travel
Index Ventures
3
1
3



2


1
2
1
4

1
1

HV Holtzbrinck Ventures
1
6

1


4
2

5
2
1
1
3


2
Balderton Capital
3
2
3

1

4
1
1
4
4
1
2




Northzone




3

4
4


4

2
3



Lakestar
1
3


1

1


1


2




Sequoia Capital
2

1
4
1

5
3
1


1
1
3

2

Accel Partners
1
1
1

1
1
5
3


4

2
3



Insight Venture Partners
1


1
1
1
5
2


3

2
2
1


Bpifrance


35



13
8
10
4
7
4

6
3
6
2
Rocket Internet SE

1













1

Intel Capital
1
2
2
1


2
4
5

2
1

2



83North

















Atomico
3



1

2
1

2
1
2
1
2



LocalGlobe
12
1




6
4
2
5
3
1

4
2

2
IDInvest Partners


10



7


3
4
4
2


1

Point Nine Capital
1





1
1

1
1
1

1



EQT Ventures

1
1

1

3
2


3


2



Global Founders Capital

5
2

1

2
2
1
3
1
1
1
2

1
1
Partech
3

9

1

4
1
3
1
5
3
2
1

1

Greylock Partners
1






1




1
1



Creandum
1
1


1

1


3


2


1

Benchmark

















360 Capital Partners
1

3



1
2
1

1

1
2
1


DN Capital
1
2




1


2




1

1
Mangrove Capital Partners



1


3
2


3


2



Acton Capital Partners

3




1


2

1





Octopus Investments
1





1


1
1






Intel Capital
1
2
2
1


2
4
5

2
1

2



Softbank

1

1
1

3
1

1
2
1





Naspers

















Tengelmann Ventures
1
2







3

1
1


1

Nokia Growth Partners

















Tencent

1





1




1
1



Qualcomm Ventures
1






1
1




1



Axel Springer

2




1


2





2

Salesforce Ventures



1


1
1


1

1
1



Microsoft

















ProSiebenSat1 Media SE

















GV
3

1



3
2
1

2


2

3

Iris Capital

1
3



2
1


2


1



Barclays

















BNP Paribas


6



4
1
1

1


2

1

Orange



1













Rakuten
2
1




2
1


2
1
3



1
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