FREELINE 11 · AFTE} Title: FREELINE_11 Created Date: 5/14/2018 4:16:05 PM
Quarterly European Venture Capital report Q2 2018...GROWTH EQUITY Freeline Therapeutics Development...
Transcript of Quarterly European Venture Capital report Q2 2018...GROWTH EQUITY Freeline Therapeutics Development...
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 $2M are shown here for better like-for-like comparison.
Quarterly investment in European VC rounds
5
Top-10 Investment Rounds in Q2 2018 Location Round
OutSystemsPlatform to build software applications with minimal coding
Portugal$ 360 m
GROWTH EQUITY$1.0B valuation
RevolutPlatform to use and manage money around the world
United Kingdom$ 250 mSERIES C
$1.7B valuation
VoodooCasual games developer for mobile
France$ 200 m
GROWTH EQUITY
TaxifyLeading ride-hailing app in Europe and Africa
Estonia$ 175 mLATE VC
$1.0B valuation
Nexteam GroupMachining of complex & hard parts for aviation
France€ 114m
GROWTH EQUITY
Freeline TherapeuticsDevelopment and commercialisation of gene therapies for bleeding and other debilitating disorders
United Kingdom$ 116 m
SERIES B
BenevolentAIHarnessing AI to enhance and accelerate scientific discovery
United Kingdom$ 115 mLATE VC
$2.1B valuation
HMD GlobalOwns the right to use the Nokia brand on phones
Finland$ 100 mLATE VC
CMR SurgicalSurgical robotics company
United Kingdom$ 100 m
SERIES B
Frontier Car GroupBuilds 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 equityAccelerators,
angels, crowdfunding
6Source: 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 ‘18Investment 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 ‘18Q2 ‘16 Q2 ‘17 Q2 ‘18Q2 ‘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 ‘18Q2 ‘16 Q2 ‘17 Q2 ‘18Q2 ‘16 Q2 ‘17 Q2 ‘18Q2 ‘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 Number of rounds in 2018 by monthUnited
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 2018YTD
2018 will be a record year for European VC-backed exits, with already €50 billion realised year to date
Source: Dealroom.co1. 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
SpotifyMusic streaming service
GP BullhoundNorthzome
more…✓ Music Sweden $ 27B IPO
2017 revenue of €4.2B
AdyenLeading next generation global payments company
ICONIQ CapitalIndex Ventures
more…✓ Fintech Netherlands € 7.1B IPO
2017 revenue of €1.0B
Avast SoftwareCybersecurity products for businesses and consumers
CVC Capital PartnersSummit Partners
✓ CybersecurityCzech
Republic£ 2.4B IPO
Zoopla (1)
Property website for the British residential marketSilver Lake Partners De-listing
✓
(prior to listing)
Real estate classified
searchUK
£ 2.2B ACQUISITION7x 2018E revenues 18x 2018E EBITDA
iZettlePayment services and apps
Paypal
Zouk CapitalIndex Ventures
83Northmore…
✓ Fintech Sweden$ 2.2B ACQUISITION
13x 2018E revenue of $165M 11x 2019E revenue of $200M
Exclusive GroupInnovative cybersecurity, networking and infrastructure technologies
PermiraOmnes Venture
Capitalmore…
✓ Security France € 1.3B BUYOUT2017 revenue of €1.8B
Gram GamesGlobal mobile entertainment studio
ZyngaHummingbird
Ventures ✓ Gaming Turkey$ 250M
ACQUISITION
ChargemasterProvider of electric vehicle charging solutions
BP GlobalBeringea
BMW i Venturesmore…
✓ Energy UK£ 130M
ACQUISITION
AutolusA leader in cutting-edge T-cell therapies
Woodford Investment
Management more…
✓ Health UK€ 130M IPO
ACQUISITION
Mitula GroupSearch 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 companyLikely reached unicorn
status
Tricentis (Austria)Robotics
$153M investment$1.0B valuation
iZettle (Sweden)Retail paymentseBay 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.co1. 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 reachedValuation
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: RovioHome24, 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 2018H1
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
23Note: companies founded since 1990 and that reached $B+ valuation after. Does not include companies which have dipped below $B since: RovioHome24, ironSource, Fanduel, Ulmart, Conduit, Wonga. Also does not include VE Interactive, Powa.
Companies valued over $1 billion
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