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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