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Second Quarter of 2017 European Venture Capital Report
17 July 2017
1. Venture capital funding
2. Number of VC rounds
3. Mega rounds
4. Investments by industry
5. Top investors
6. Exits
Contents
Investors are betting on European tech companies at record pace, investing €5.6 billion in Q2 (incl. Israel)
3
€ 0.8B€ 1.2B € 1.1B € 1.0B
€ 1.3B € 1.3B€ 1.0B
€ 1.5B € 1.7B€ 2.1B
€ 3.1B
€ 2.1B
€ 3.2B € 3.1B
€ 3.7B
€ 3.2B
€ 3.8B€ 3.4B
€ 3.0B€ 3.4B
€ 3.7B
€ 5.0B
€ 0.1B
€ 0.2B€ 0.1B € 0.2B
€ 0.1B € 0.1B
€ 0.1B
€ 0.3B€ 0.3B
€ 0.2B
€ 0.4B
€ 0.4B
€ 0.5B € 0.5B
€ 0.4B
€ 0.5B
€ 0.5B€ 0.9B
€ 0.7B
€ 0.6B
€ 0.6B
€ 0.6B
€ 0.8B
€ 1.4B€ 1.2B € 1.2B
€ 1.4B € 1.4B
€ 1.1B
€ 1.8B€ 2.0B
€ 2.4B
€ 3.5B
€ 2.5B
€ 3.7B € 3.6B
€ 4.1B
€ 3.7B
€ 4.4B € 4.3B
€ 3.7B
€ 4.0B€ 4.3B
€ 5.6B
€ 0.0B
€ 1.0B
€ 2.0B
€ 3.0B
€ 4.0B
€ 5.0B
€ 6.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2012 2013 2014 2015 2016 2017
Israel
= €0.6
billion
Europe
= €5.0
billion
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, lending capital, grants.
Quarterly VC funding
In the last 12 months, a record €17.5 billion was raised by European companies (incl. Israel)
4Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, lending capital, grants.
€ 4.6B € 4.7B € 4.6B € 5.2B € 5.6B€ 6.4B
€ 8.5B € 9.0B
€ 10.5B€ 11.5B
€ 12.1B€ 13.2B
€ 13.8B € 14.1B€ 13.4B € 13.6B € 13.5B
€ 15.1B
€ 0.6B € 0.5B € 0.5B€ 0.6B
€ 0.8B
€ 0.9B
€ 1.2B€ 1.3B
€ 1.5B
€ 1.8B€ 1.8B
€ 1.9B€ 2.0B
€ 2.3B€ 2.6B
€ 2.7B € 2.7B
€ 2.5B
€ 5.1B € 5.2B € 5.1B€ 5.8B
€ 6.4B
€ 7.3B
€ 9.7B€ 10.3B
€ 12.0B
€ 13.3B€ 13.9B
€ 15.1B€ 15.8B
€ 16.4B€ 16.0B € 16.3B € 16.2B
€ 17.5B
€ 0.0B
€ 2.0B
€ 4.0B
€ 6.0B
€ 8.0B
€ 10.0B
€ 12.0B
€ 14.0B
€ 16.0B
€ 18.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2013 2014 2015 2016 2017
Israel
= €2.5
billion
Europe
= €15.1
billion
Rolling last twelve months VC funding
Europe’s top tech hubs are still London, Berlin, Paris,
(UK and Germany have had major revival)
5
UKLondon
GermanyBerlin
FranceParis
IsraelTel-Aviv
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, lending capital. Includes Israel.
€ 0.9B
€ 0.8B
€ 1.2B € 1.2B
€ 1.1B
€ 0.8B
€ 0.9B
€ 0.7B
€ 1.0B
€ 2.0B
€ 1.3B
€ 0.7B € 0.6B
€ 0.4B
€ 0.3B
€ 0.8B
€ 0.4B € 0.4B
€ 0.6B
€ 0.9B
€ 0.3B€ 0.3B
€ 0.6B
€ 0.3B
€ 0.7B
€ 0.4B
€ 0.7B
€ 0.9B
€ 0.6B
€ 0.7B
€ 0.5B€ 0.5B
€ 0.4B
€ 0.5B€ 0.5B
€ 0.9B
€ 0.7B
€ 0.6B€ 0.6B
€ 0.6B
€ 0.0B
€ 0.5B
€ 1.0B
€ 1.5B
€ 2.0B
€ 2.5B
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
2015 2016 2017 . 2015 2016 2017 . 2015 2016 2017 . 2015 2016 2017
Record funding in London, not only driven by mega-rounds Improbable and Farfetch
= Rest of country
= Top city
Stockholm, Barcelona, Amsterdam and Dublin are
additional key tech hubs in Europe
6Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, lending capital. Includes Israel.
SwedenStockholm
SpainBarcelona & Madrid
NetherlandsAmsterdam
Rest of Europe
€ 0.1B
€ 0.6B
€ 0.2B
€ 0.1B
€ 0.6B
€ 0.2B
€ 0.1B
€ 0.2B
€ 0.2B
€ 0.4B
€ 0.1B
€ 0.2B€ 0.2B
€ 0.1B
€ 0.1B
€ 0.4B
€ 0.1B € 0.1B
€ 0.3B
€ 0.2B
€ 0.1B€ 0.1B
€ 0.2B
€ 0.1B
€ 0.2B
€ 0.1B€ 0.1B
€ 0.0B
€ 0.2B
€ 0.1B
€ 0.6B
€ 0.5B
€ 0.6B
€ 0.9B
€ 0.8B
€ 0.8B
€ 0.6B
€ 1.0B
€ 0.8B
€ 0.6B
€ 0.0B
€ 0.2B
€ 0.4B
€ 0.6B
€ 0.8B
€ 1.0B
€ 1.2B
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
2015 2016 2017 . 2015 2016 2017 . 2015 2016 2017 . 2015 2016 2017
Rest of Europe is led by:Ireland, Denmark, Finland, Russia, Norway, Italy
= Rest of country
= Top city
presentation continues on next page
Click to explore individual rounds per market (country, city, …)
1. Venture capital funding
2. Number of VC rounds
3. Mega rounds
4. Investments by industry
5. Top investors
6. Exits
Contents
Drop in number of VC rounds, driven by a decline in
seed & angel rounds
9Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, lending capital, grants.
Number of VC rounds
Total number of VC rounds
Early VC (Series A, B, C)
Seed & Angel
Late VC (Series D+)
139
354
322
363 320 331
359 420
498 534 549
582 623
587 550
737
668
731
858
975 945
888
1,005
908
815
–
200
400
600
800
1,000
1,200
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2012 2013 2014 2015 2016 2017
France continues to lead by number of venture
capital rounds
10Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, lending capital, grants.
Number of VC rounds by country
190 187 176
140
167 155
163
180
164 158 157 158
149
139
93
50 58
52 55 64
71 65
87
140 146
139
209 208
161
46
98
–
50
100
150
200
250
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2014 2015 2016 2017
Sweden
France
UK
Germany
Israel
–
200
400
600
800
1,000
1,200
2012 2013 2014 2015 2016 2017 H1
€ 0M - 0.5M € 0.5M - 1M € 1M - 5M € 5M - 10M
–
50
100
150
200
250
300
2012 2013 2014 2015 2016 2017 H1
€ 10M - 20M € 20M - 50M € 50M +
Early stage (up to €10M) Late stage (above €10M)
Rise of €1-5M rounds
Decline of small seed rounds €0.0-0.5M
15 rounds of €50M+ in Q1 (60 annualised), a near
record (only 2015 Q3 had more: 18 €50+ rounds)
(1) (1)
Increase of larger rounds and follow-on rounds, decline of small seed rounds
Source: Dealroom.co. Includes Israel.1. 2017 H1 annualised.
101 91 93 95 82 87
73 66 56 37 35 28
63 51 69
47 27 24 12 23 26 32 28
42
83 90
57 87
71 63
27 20 17 23 22 12 8 11 9 7 17 27 25 35 65 53 43
64 38 38
54 51 51
64 61 53 73 78
74 87
51
31
38 48
37
46
54 52 71 55 31
33 27
39
42 48
71
108 124
89
29 35 31 42 44
48 51 30 34 27 12
12 13 20
18 20 39
48
49 47
12 13 19
21
21 18 11 14 19
15
18
8
14 6 22
10 18
5 12 15
7 6
10
6
15 8
11
14 13
9
9 5 9
10 4 11 6
4 10 12
1 4 3
6
10 11 5
10
9 13
167 155
163
180 164 158 157 158
149 139
104
67
115 105
128
103 99
81 95 93
64 71 65
87
140 146 139
209 208
161
65 60 57
75 70 71 65
45 53
46 30
43 41
61
93 84 87
122
96 98
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 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2015 2016 '17 . 2015 2016 '17 . 2015 2016 '17 . 2015 2016 '17 . 2015 2016 '17
Seed & angel rounds Series A, B, C & other early VC rounds Late VC rounds
By number of rounds France leads in Europe again in
Q1 2017, continuing a remarkable rise since 2016
12Source: Dealroom.co. Includes Israel. Excludes private equity, M&A and buyouts. More data on: https://app.dealroom.co/markets/countries/funding
UK Germany France Israel Sweden
1. Venture capital funding
2. Number of VC rounds
3. Mega rounds
4. Investments by industry
5. Top investors
6. Exits
Contents
Mega rounds contributed more than usual this last quarter. But even excluding top rounds, a new record
14
Delivery Hero (€ 496M) Spotify (€ 478M) BlaBlaCar (€ 182M) Karhoo (€ 227M) Spotify (€ 455M)Global Fashion Group (€
330M)Deliveroo (€ 250M) Payoneer (€ 164M) Letgo (€ 159M) Improbable (€ 456M)
Levenseat (€ 133M) INFINIDAT (€ 136M)Global Fashion Group (€
150M)CureVac (€ 100M) Jumia Group (€ 300M) Gett (GetTaxi) (€ 273M) OVH (€ 250M) SIGFOX (€ 150M) Tricentis (€ 150M) Delivery Hero (€ 387M)
HelloFresh (€ 126M) Funding Circle (€ 136M) Reward Gateway (€ 144M) Atom Bank (€ 98M) Skyscanner (€ 154M) Cabify (€ 109M) OurCrowd (€ 66M) Oxford Nanopore (€ 115M) Lampenwelt (€ 120M) Farfetch (€ 361M)
SIGFOX (€ 105M) Home24 (€ 120M) Letgo (€ 91M) Virtus.pro (€ 91M) Cool Blue (€ 140M) Farfetch (€ 100M) Sabio (€ 60M) Devialet (€ 100M) Picnic (€ 100M) Gryphon Group (€ 216M)
Foodpanda (€ 104M) Auto1 Group (€ 107M) BenevolentAI (€ 91M) Deliveroo (€ 91M) Deezer (€ 100M) Letgo (€ 91M) Darktrace (€ 58M) ADC Therapeutics (€ 96M) Atom Bank (€ 93M) Gigaclear (€ 124M)
WorldRemit (€ 91M) Delivery Hero (€ 100M) CeQur (€ 91M) Ebury (€ 76M) MindMaze (€ 91M) SoundCloud (€ 87M) LINKBYNET (€ 50M) Voyager Labs (€ 91M) Funding Circle (€ 91M) Kreditech (€ 110M)
Verne Global (€ 89M) Foodpanda (€ 91M) Prodigy Finance (€ 91M) Symphogen (€ 68M) Starling Bank (€ 58M) Jumia Group (€ 75M) Jumia Group (€ 50M) Carrick Therapeutics (€ 86M) Cell Medica (€ 72M) Snow Software (€ 109M)
Farfetch (€ 78M) Wallapop (€ 91M) Oxford Nanopore (€ 84M) ObsEva (€ 55M) WISeKey (€ 55M) SIRIN Labs (€ 66M) Silent Circle (€ 46M) HelloFresh (€ 85M) Kaminario (€ 68M) Cabify (€ 91M)
TransferWise (€ 53M) Checkmarx (€ 76M) Kreditech (€ 83M) TransferWise (€ 53M) Student.com (€ 55M) F2G (€ 55M) Roboteam (€ 46M) Sonnenbatterie (€ 77M) SentinelOne (€ 64M) Claranet (€ 90M)
Delivery Hero (€ 52M) Trustpilot (€ 67M) HelloFresh (€ 77M) Siteimprove (€ 50M) Blippar (€ 49M) Showpad (€ 46M) Kaltura (€ 46M) GoEuro (€ 64M) oodrive (€ 59M) Auto1 Group (€ 75M)
Top-3 rounds
All other rounds
Sub-10 rounds
Top-3 rounds
Sub-10 rounds
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, lending capital. Includes Israel.
€ 2.4B € 2.2B€ 3.0B € 2.8B € 2.9B € 3.1B € 2.7B € 3.0B € 3.3B € 3.5B
€ 3.7B € 3.6B€ 4.1B
€ 3.7B
€ 4.4B € 4.3B
€ 3.7B€ 4.0B
€ 4.3B
€ 5.6B
€ 0.0B
€ 1.0B
€ 2.0B
€ 3.0B
€ 4.0B
€ 5.0B
€ 6.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2015 2016 2017
€2.9B €2.9B
€3.6B€3.2B €3.5B €3.6B
€3.1B€3.6B
€3.9B€4.4B
The UK had a blow-out quarter, driven by mega-rounds such as Improbable and Farfetch
Levenseat (€ 133M) Funding Circle (€ 136M) Reward Gateway (€ 144M) Karhoo (€ 227M) Skyscanner (€ 154M) Farfetch (€ 100M) Deliveroo (€ 250M) Oxford Nanopore (€ 115M) Atom Bank (€ 93M) Improbable (€ 456M)
WorldRemit (€ 91M) Wahanda (€ 65M) BenevolentAI (€ 91M) Atom Bank (€ 98M) Starling Bank (€ 58M) F2G (€ 55M) Sabio (€ 60M) Tandem (€ 42M) Funding Circle (€ 91M) Farfetch (€ 361M)
Farfetch (€ 78M) Kymab (€ 46M) Prodigy Finance (€ 91M) Deliveroo (€ 91M) Student.com (€ 55M) Nexeon (€ 42M) Darktrace (€ 58M) Nutmeg (€ 34M) Cell Medica (€ 72M) Gryphon Group (€ 216M)
TransferWise (€ 53M) Wahanda (€ 42M) Oxford Nanopore (€ 84M) Ebury (€ 76M) Blippar (€ 49M) Fairstone Group (€ 35M) ByBox (€ 45M) Billfront (€ 30M) Timico (€ 56M) Gigaclear (€ 124M)
Autolus (€ 41M) Gigaclear (€ 42M) Deliveroo (€ 64M) TransferWise (€ 53M) Autolus (€ 48M) Condeco (€ 27M) Artios Pharma (€ 30M) Graphcore (€ 27M) Atlas Genetics (€ 32M) Claranet (€ 90M)
Blippar (€ 41M) onefinestay (€ 36M) made.com (€ 55M) Avecto (€ 38M) HighQ (€ 46M) Tandem (€ 26M) Notonthehighstreet (€ 25M) iwoca (€ 24M) Bink (€ 28M) Lendy (€ 56M)
WorldStores (€ 30M) Lyst (€ 36M) Secret Escapes (€ 55M) NightstaRx (€ 32M) MUBI (€ 46M) ROLI (€ 25M) Velocity (€ 21M) Second Home (€ 24M) Pulmocide (€ 28M) Babylon Health (€ 55M)
Shazam (€ 27M) LendInvest (€ 26M) Cambridge Quantum (€ 46M) Brandwatch (€ 30M) QuBit (€ 36M) TransferWise (€ 24M) Team17 (€ 20M) Mitrefinch (€ 22M) Gilo Industries (€ 27M) MarketInvoice (€ 50M)
RateSetter (€ 24M) Actual Experience Ltd (€ 19M) Headspace (€ 31M) easyProperty (€ 30M) Citymapper (€ 36M) Onfido (€ 23M) Cambridge Medical (€ 19M) PragmatIC (€ 22M) Upstream Systems (€ 25M) StarLeaf (€ 36M)
Deliveroo (€ 23M) Azimo (€ 18M) AcadiaSoft (€ 27M) Macat (€ 27M) NewVoiceMedia (€ 27M) Blis (€ 23M) BBOXX (€ 18M) EverQuote (€ 21M) Currency Cloud (€ 23M) Zopa (€ 36M)
Top-3 rounds
All other rounds
Sub-10 rounds
Top-3 rounds
Sub-10 rounds
15Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, lending capital. Includes Israel.1. Auto1 Group raised a reported €360M in 2017, of which part bank loans and part equity. Due to lack of better info, Dealroom assumes 50% = €180M was equity.
39% 42%44% 41% 48% 51% 40% 49%
53% 21%
€ 0.9B € 0.8B
€ 1.2B € 1.2B€ 1.1B
€ 0.8B€ 0.9B
€ 0.7B
€ 1.0B
€ 2.0B
€ 0.0B
€ 0.5B
€ 1.0B
€ 1.5B
€ 2.0B
€ 2.5B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2015 2016 2017
presentation continues on next page
Click to review Europe’s largest VC rounds in 2017 so far
1. Venture capital funding
2. Number of VC rounds
3. Mega rounds
4. Investments by industry
5. Top investors
6. Exits
Contents
By industry: enterprise software, fintech, healthcare
and transportation are receiving the most investment
18Source: Dealroom.co. Includes Israel. Excludes private equity, M&A and buyouts. More data on: https://app.dealroom.co/markets/industries/overview
Capital invested (€ millions) Number of rounds Capital invested 2012-2016 (€ millions)
Industry vertical
Last 12
Months2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2
Last 12
Months2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2
Enterprise software / SaaS € 3,828M € 811M € 773M € 580M € 656M € 1,134M € 1,458M 777 257 204 201 198 198 180
Fintech € 2,899M € 562M € 511M € 415M € 626M € 967M € 890M 479 138 114 105 129 137 108
Healthcare € 2,360M € 352M € 640M € 409M € 645M € 498M € 808M 385 77 101 84 109 86 106
Transportation € 1,156M € 209M € 529M € 196M € 341M € 247M € 372M 260 76 59 66 75 56 63
Food € 1,157M € 132M € 74M € 294M € 163M € 152M € 549M 149 44 44 30 41 40 38
Security € 787M € 263M € 311M € 308M € 91M € 267M € 121M 135 37 47 38 28 36 33
Fashion € 761M € 55M € 493M € 139M € 100M € 102M € 421M 110 22 25 33 35 21 21
Gaming € 744M € 79M € 59M € 76M € 62M € 46M € 560M 102 20 25 30 27 23 22
Travel € 584M € 306M € 498M € 111M € 152M € 125M € 196M 158 58 52 43 42 32 41
Home € 639M € 199M € 114M € 110M € 157M € 269M € 103M 147 28 32 29 42 44 32
Hosting € 445M € 0M € 0M € 304M € 25M € 26M € 90M 20 1 – 8 6 4 2
Energy € 434M € 94M € 136M € 86M € 190M € 88M € 70M 111 31 23 23 33 31 24
Jobs recruitment € 302M € 58M € 83M € 54M € 59M € 66M € 122M 112 26 37 27 36 21 28
Music € 219M € 567M € 152M € 27M € 113M € 56M € 23M 51 12 14 10 13 18 10
Education € 182M € 153M € 55M € 30M € 57M € 42M € 52M 95 26 33 19 29 26 21
Real estate € 185M € 95M € 78M € 41M € 13M € 51M € 79M 72 26 31 18 10 14 30
Wellness € 164M € 54M € 54M € 57M € 47M € 22M € 38M 61 15 20 21 14 12 14
Sports € 128M € 86M € 38M € 38M € 12M € 42M € 37M 84 32 27 29 11 26 18
Events € 104M € 7M € 6M € 24M € 29M € 11M € 39M 52 11 15 11 16 9 16
Dating € 1M € 3M € 5M € 0M € 0M € 0M € 1M 3 4 1 – 1 1 1
By business model: continued focus on deep tech,
marketplaces and subscription models
19Source: Dealroom.co. Includes Israel. Excludes private equity, M&A and buyouts. More data on: https://app.dealroom.co/markets/business-models/overview
Capital invested (€ millions) Number of rounds Capital invested 2012-2016 (€ millions)
Angle / problem solve 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2
Deep tech € 2,779M € 847M € 566M € 484M € 714M € 375M € 1,206M 434 152 151 136 135 85 78
Marketplace € 2,539M € 220M € 780M € 585M € 154M € 567M € 1,233M 324 92 124 112 86 67 59
Marketing € 1,121M € 311M € 201M € 296M € 240M € 372M € 213M 345 100 83 96 93 97 59
Directory € 1,121M € 23M € 149M € 298M € 86M € 279M € 459M 99 20 26 20 29 33 17
InternetofThings € 930M € 172M € 228M € 153M € 439M € 127M € 210M 183 50 60 47 69 42 25
Content € 686M € 572M € 134M € 146M € 230M € 168M € 143M 206 66 77 48 63 57 38
Semiconductors € 484M € 47M € 42M € 79M € 198M € 54M € 153M 43 8 11 10 14 7 12
Deal comparison € 280M € 297M € 99M € 122M € 36M € 73M € 49M 79 26 29 25 22 15 17
Consumer productivity € 115M € 28M € 69M € 66M € 15M € 9M € 25M 48 16 33 25 9 6 8
Revenue source 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2
Subscription € 5,624M € 2,061M € 1,216M € 1,205M € 930M € 1,336M € 2,152M 950 349 306 244 272 243 191
Commission € 4,256M € 1,207M € 1,325M € 875M € 607M € 1,063M € 1,711M 610 224 245 154 179 157 120
Manufacturing € 2,927M € 577M € 919M € 476M € 1,237M € 511M € 703M 453 142 143 121 168 88 76
eCommerce € 1,805M € 758M € 830M € 364M € 268M € 601M € 572M 273 114 98 79 72 72 50
Freemium € 449M € 807M € 196M € 189M € 104M € 73M € 83M 131 66 44 45 37 26 23
Classified listing € 578M € 379M € 284M € 113M € 32M € 286M € 147M 54 25 30 18 11 12 13
Advertising € 228M € 32M € 76M € 38M € 30M € 123M € 37M 61 32 27 17 16 18 10
End-user focus 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2
Consumer € 7,358M € 2,434M € 2,489M € 1,579M € 1,522M € 1,768M € 2,621M 1,687 447 486 404 435 362 313
Business € 9,390M € 2,035M € 2,002M € 2,349M € 2,558M € 2,480M € 2,956M 2,154 567 509 549 584 512 432
presentation continues on next page
Click to explore individual rounds per market (industry, business model, topic)
1. Venture capital funding
2. Number of VC rounds
3. Mega rounds
4. Investments by industry
5. Top investors
6. Exits
Contents
Sources of venture capital funding in Europe
22
Corporate Investment funds Angel, crowdfunding
Source: dealroom.co
€ 1.5B
€ 1.1B€ 1.0B
€ 0.7B
€ 1.3B
€ 1.4B
€ 0.9B
€ 1.1B€ 1.2B
€ 2.0B€ 2.1B
€ 2.5B
€ 2.9B
€ 2.7B
€ 3.0B
€ 2.7B€ 2.6B
€ 2.7B€ 2.9B
€ 3.4B
€ 0.1B€ 0.1B€ 0.1B€ 0.3B
€ 0.1B€ 0.2B€ 0.2B€ 0.2B€ 0.2B€ 0.3B
–
200
400
600
800
1,000
1,200
€ 0.0B
€ 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
2015 2016 2017 2015 2016 2017 2015 2016 2017
Amountinvested
Number ofrounds
Selected 2017 mega-rounds Corporate investors
The rise of corporate investing continued into 2017, accounting for 32% of invested capital in H1
Source: dealroom.co 23
17% 22%
18%
29% 29% 32%
80% 75%
80%
67% 67% 63%
3% 3% 2% 4% 4% 5%
–
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2012 2013 2014 2015 2016 2017 H1
% contribution of capital invested (in € millions)
Corporate Investment Fund Other (angels, accelerators, crowdfunding)Corporates are fueling mega-rounds
Sources of venture capital funding in Europe (cont’d)
24
United States Europe Other
€ 1.3B
€ 1.7B€ 1.7B
€ 1.0B
€ 1.3B€ 1.4B€ 1.3B€ 1.2B€ 1.5B
€ 1.7B
€ 3.8B€ 4.0B
€ 4.2B
€ 2.9B
€ 3.7B
€ 4.5B
€ 4.0B
€ 3.3B
€ 4.3B
€ 4.7B
€ 0.2B€ 0.4B
€ 0.2B€ 0.2B
€ 0.6B€ 0.7B
€ 0.2B
€ 0.5B€ 0.7B
€ 1.6B
–
100
200
300
400
500
600
700
800
900
1,000
€ 0.0B
€ 0.5B
€ 1.0B
€ 1.5B
€ 2.0B
€ 2.5B
€ 3.0B
€ 3.5B
€ 4.0B
€ 4.5B
€ 5.0B
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
2015 2016 2017 2015 2016 2017 2015 2016 2017
Amountinvested
Number ofrounds
Source: dealroom.co
The most active financial investors in H1 2017
251. Rank based on overall size, activity, and performance in terms of exits and valuable portfolio companies. More info on https://blog.dealroom.co/the-top-100-most-prominent-vc-investors-in-europe/
Source: Dealroom.co. More data on: https://app.dealroom.co
Number of rounds Combined size of rounds (€M) Rounds by destination country (H1 2017)
Investors by number of deals in H1 2017
Dealroom
Prominence
Rank (1) H1 2017 2016 Q3 2016 Q4 2017 Q1 2017 Q2 H1 2017 2016 Q3 2016 Q4 2017 Q1 2017 Q2
United
Kingdom Germany France Spain Sweden
Other
Europe
Bpifrance #71 54 26 29 29 25 € 225M € 48M € 379M € 100M € 125M – – 54 – – –
Crowdcube #201 27 16 5 18 9 € 51M € 29M € 4M € 41M € 11M 15 – – 11 – 1
High-Tech Gründerfonds (HTGF) #26 24 8 12 12 12 € 49M € 60M € 12M € 22M € 27M 1 22 – – – 1
Index Ventures #1 15 6 2 12 3 € 258M € 77M € 13M € 227M € 31M 2 4 3 – 2 4
Almi Invest #177 14 6 7 6 8 € 13M € 2M € 9M € 9M € 4M – – – – 14 –
TA Ventures #254 14 5 3 4 10 € 75M € 35M € 6M € 19M € 56M 2 – – 5 – 7
IDInvest Partners #16 14 4 3 6 8 € 224M € 62M € 180M € 95M € 129M – 1 11 – – 2
BNP Paribas #132 13 5 6 7 6 € 179M € 53M € 34M € 19M € 159M – 1 12 – – –
Kima Ventures #72 12 7 12 7 5 € 33M € 22M € 24M € 21M € 12M 2 – 10 – – –
Localglobe #126 12 5 8 6 6 € 59M € 8M € 31M € 20M € 39M 10 1 – – – 1
Global Founders Capital #47 11 8 11 7 4 € 74M € 21M € 78M € 44M € 29M 3 7 – – – 1
Partech Ventures #17 11 2 8 6 5 € 89M € 7M € 53M € 48M € 40M – – 8 – – 3
HV Holtzbrinck Ventures #2 11 6 2 6 5 € 115M € 54M € 13M € 59M € 56M 2 8 – 1 – –
Seedcamp #93 10 6 4 6 4 € 56M € 40M € 4M € 25M € 31M 7 1 – – – 2
Northzone #4 10 7 2 5 5 € 135M € 71M € 8M € 71M € 65M 1 1 – 1 5 2
Creandum #21 10 3 2 7 3 € 99M € 23M € 9M € 65M € 34M – – 1 – 4 5
Bayern Kapital #341 9 6 2 5 4 € 29M € 27M € 0M € 15M € 15M – 9 – – – –
ENISA #355 9 1 3 4 5 € 5M € 0M € 5M € 1M € 4M – – – 9 – –
Accel Partners #7 9 – 3 5 4 € 348M € 0M € 33M € 288M € 60M 4 1 1 1 1 1
Internet Initiatives Develompent Fund - IIDF - FRII #530 8 3 6 6 2 € 5M € 1M € 4M € 3M € 2M – – – – – 8
MAIF Avenir #332 8 5 2 4 4 € 95M € 18M € 4M € 55M € 40M – – 8 – – –
Xavier Niel #38 8 3 3 5 3 € 71M € 28M € 20M € 56M € 15M – 1 7 – – –
Digital Ventures #1,682 8 1 5 5 3 € 135M € 6M € 41M € 49M € 86M 2 – 3 3 – –
Seventure Partners #127 8 2 4 5 3 € 45M € 5M € 24M € 16M € 29M – – 7 – – 1
Scottish Investment Bank - Scottish Enterprise #147 8 3 3 6 2 € 29M € 2M € 1M € 18M € 12M 8 – – – – –
Industrifonden #39 8 – 5 3 5 € 59M € 0M € 77M € 39M € 20M – – – – 7 1
DN Capital #24 8 3 2 4 4 € 59M € 20M € 17M € 33M € 26M 2 5 1 – – –
GO Capital #485 8 1 3 3 5 € 30M € 4M € 9M € 7M € 23M – – 8 – – –
Rocket Internet SE #9 8 3 1 5 3 € 106M € 2M € 1M € 96M € 10M 2 5 1 – – –
Tekes #238 8 1 2 2 6 € 9M € 4M € 4M € 2M € 8M – – – – – 8
500 Startups #105 7 8 9 4 3 € 10M € 5M € 28M € 7M € 3M 4 2 – – – 1
Seed Capital Denmark #153 7 6 6 5 2 € 8M € 11M € 4M € 3M € 5M – – – – – 7
Target Global #285 7 6 3 3 4 € 163M € 64M € 22M € 58M € 106M 1 4 – – – 2
Credit Agricole #471 7 6 1 2 5 € 7M € 3M € 1M € 1M € 6M – – 7 – – –
Inveready #204 7 4 1 3 4 € 18M € 7M € 0M € 12M € 6M – – – 7 – –
Alven Capital #76 7 1 3 3 4 € 79M € 2M € 21M € 15M € 64M – – 7 – – –
Mercia Fund Management #613 7 1 3 2 5 € 2M € 2M € 3M € 1M € 1M 7 – – – – –
B-to-V Partners #65 7 2 2 5 2 € 47M € 2M € 12M € 41M € 6M – 5 – – – 2
EQT Ventures #374 7 3 1 3 4 € 72M € 18M € 5M € 22M € 51M 2 1 – – 1 3
Touchstone Innovations #608 7 – – 4 3 € 136M € 0M € 0M € 116M € 19M 6 – 1 – – –
The most active financial investors in H1 2017 (cont’d)
261. Rank based on overall size, activity, and performance in terms of exits and valuable portfolio companies. More info on https://blog.dealroom.co/the-top-100-most-prominent-vc-investors-in-europe/
Source: Dealroom.co. More data on: https://app.dealroom.co
Number of rounds By type of rounds in H1 2017 By size of rounds in H1 2017
Investors by number of deals in H1 2017
Dealroom
Prominence
Rank (1) H1 2017 2016 Q3 2016 Q4 2017 Q1 2017 Q2 Angel Series A Series B Series C
Other VC
rounds €0-0.5M €0.5-1M €1-5M €5-10M €10-20M €20-50M >€50M
Bpifrance #71 54 26 29 29 25 – 2 1 2 49 6 15 23 4 3 1 1
Crowdcube #201 27 16 5 18 9 – – – – 27 11 4 10 – 2 – –
High-Tech Gründerfonds (HTGF) #26 24 8 12 12 12 – 4 2 2 16 – 2 5 3 1 – –
Index Ventures #1 15 6 2 12 3 – 8 – 2 5 – – 2 3 4 2 1
Almi Invest #177 14 6 7 6 8 – – – – 14 5 6 2 – – – –
TA Ventures #254 14 5 3 4 10 – 4 1 2 7 3 – 4 4 2 – –
IDInvest Partners #16 14 4 3 6 8 – 1 3 – 10 – – 4 4 4 – 2
BNP Paribas #132 13 5 6 7 6 – 2 – – 11 – 2 6 1 1 – 2
Kima Ventures #72 12 7 12 7 5 – – – – 12 1 2 6 2 – – –
Localglobe #126 12 5 8 6 6 – 1 1 – 10 – 1 9 1 – 1 –
Global Founders Capital #47 11 8 11 7 4 – 1 1 – 9 – – 2 3 1 1 –
Partech Ventures #17 11 2 8 6 5 – 3 3 – 5 – 2 4 – 4 1 –
HV Holtzbrinck Ventures #2 11 6 2 6 5 – 3 2 1 5 – 1 3 2 4 1 –
Seedcamp #93 10 6 4 6 4 – 3 – – 7 – 2 6 – 1 1 –
Northzone #4 10 7 2 5 5 – 2 – 1 7 – – 2 1 6 1 –
Creandum #21 10 3 2 7 3 – 2 1 – 7 – – 2 4 4 – –
Bayern Kapital #341 9 6 2 5 4 – – 1 1 7 – 2 2 1 1 – –
ENISA #355 9 1 3 4 5 – – – – 9 7 1 1 – – – –
Accel Partners #7 9 – 3 5 4 – 3 1 2 3 – – 2 2 1 2 2
Internet Initiatives Develompent Fund - IIDF - FRII #530 8 3 6 6 2 – – – – 8 6 – 2 – – – –
MAIF Avenir #332 8 5 2 4 4 – 1 1 – 6 – 1 – 4 2 1 –
Xavier Niel #38 8 3 3 5 3 – – – – 8 – 2 4 1 – 1 –
Digital Ventures #1,682 8 1 5 5 3 – – 1 2 5 – 1 2 1 2 1 1
Seventure Partners #127 8 2 4 5 3 – 3 – – 5 – – 6 1 – 1 –
Scottish Investment Bank - Scottish Enterprise #147 8 3 3 6 2 – 2 – 1 5 – 1 4 3 – – –
Industrifonden #39 8 – 5 3 5 – 1 – – 7 – – 4 2 2 – –
DN Capital #24 8 3 2 4 4 – 2 2 1 3 – – 1 4 1 1 –
GO Capital #485 8 1 3 3 5 – – – – 8 – – 7 – 1 – –
Rocket Internet SE #9 8 3 1 5 3 – – – – 8 – 2 2 1 – – 1
Tekes #238 8 1 2 2 6 – – – – 8 1 3 4 – – – –
500 Startups #105 7 8 9 4 3 1 – – – 6 – 2 4 – – – –
Seed Capital Denmark #153 7 6 6 5 2 – – – – 7 1 4 1 – – – –
Target Global #285 7 6 3 3 4 – – – – 7 – – 1 1 3 1 1
Credit Agricole #471 7 6 1 2 5 – – – – 7 2 3 2 – – – –
Inveready #204 7 4 1 3 4 – 1 – – 6 1 – 5 1 – – –
Alven Capital #76 7 1 3 3 4 – 1 2 – 4 – – 2 2 2 1 –
Mercia Fund Management #613 7 1 3 2 5 1 1 – – 5 4 1 – – – – –
B-to-V Partners #65 7 2 2 5 2 – 1 2 – 4 – – – 4 1 – –
EQT Ventures #374 7 3 1 3 4 – – 2 – 5 – – 1 3 3 – –
Touchstone Innovations #608 7 – – 4 3 – 1 3 1 2 – – 3 – 2 1 1
A look at Europe’s most prominent VCs’ activity
271. Rank based on overall size, activity, and performance in terms of exits and valuable portfolio companies. More info on https://blog.dealroom.co/the-top-100-most-prominent-vc-investors-in-europe/
Source: Dealroom.co. More data on: https://app.dealroom.co
Number of rounds Total size of rounds (€M) 2017 H1 by destination country
Investors by prominence rank
Dealroom
Prominence
Rank (1) H1 2017 2016 Q3 2016 Q4 2017 Q1 2017 Q2 H1 2017 2016 Q3 2016 Q4 2017 Q1 2017 Q2
United
Kingdom Germany France Spain Sweden
Other
Europe
Index Ventures #1 15 6 2 12 3 € 258M € 77M € 13M € 227M € 31M 2 4 3 – 2 4
HV Holtzbrinck Ventures #2 11 6 2 6 5 € 115M € 54M € 13M € 59M € 56M 2 8 – 1 – –
Balderton Capital #3 7 6 3 4 3 € 108M € 40M € 50M € 45M € 62M 3 1 1 – 1 1
Northzone #4 10 7 2 5 5 € 135M € 71M € 8M € 71M € 65M 1 1 – 1 5 2
Lakestar #5 5 – 1 3 2 € 59M € 0M € 0M € 22M € 36M – 3 – – – 2
Sequoia Capital #6 2 2 4 1 1 € 77M € 27M € 59M € 68M € 9M – – – – – 2
Accel Partners #7 9 – 3 5 4 € 348M € 0M € 33M € 288M € 60M 4 1 1 1 1 1
Insight Venture Partners #8 5 1 1 2 3 € 340M € 20M € 41M € 309M € 30M – – – 1 – 4
Rocket Internet SE #9 8 3 1 5 3 € 106M € 2M € 1M € 96M € 10M 2 5 1 – – –
Intel Capital #10 3 5 3 2 1 € 26M € 49M € 164M € 21M € 5M – – – – 1 2
83North #11 2 4 2 1 1 € 18M € 74M € 24M € 9M € 9M – – – – – 2
Atomico #12 4 2 3 2 2 € 47M € 14M € 80M € 29M € 17M 2 – – 1 – 1
Goldman Sachs #13 5 2 – 3 2 € 244M € 63M € 0M € 110M € 135M – 2 – – – 3
Bessemer Venture Partners #14 6 5 4 1 5 € 95M € 83M € 49M € 15M € 80M 3 – – 1 – 2
IDInvest Partners #15 14 4 3 6 8 € 224M € 62M € 180M € 95M € 129M – 1 11 – – 2
Partech Ventures #16 11 2 8 6 5 € 89M € 7M € 53M € 48M € 40M – – 8 – – 3
Silicon Valley Bank #17 1 1 1 1 – € 68M € 13M € 9M € 68M € 0M – – – – – 1
Naspers #18 3 – – 1 2 € 656M € 0M € 0M € 159M € 497M – 2 – 1 – –
Greylock Partners #19 1 1 2 – 1 € 9M € 27M € 47M € 0M € 9M – – – – – 1
Creandum #20 10 3 2 7 3 € 99M € 23M € 9M € 65M € 34M – – 1 – 4 5
Benchmark #21 1 1 – 1 – € 48M € 21M € 0M € 48M € 0M – 1 – – – –
360 Capital Partners #22 4 6 4 3 1 € 18M € 20M € 26M € 14M € 4M – – 4 – – –
DN Capital #23 8 3 2 4 4 € 59M € 20M € 17M € 33M € 26M 2 5 1 – – –
High-Tech Gründerfonds (HTGF) #24 24 8 12 12 12 € 49M € 60M € 12M € 22M € 27M 1 22 – – – 1
General Atlantic #25 – – 1 – – € 0M € 0M € 0M € 0M € 0M – – – – – –
Wellington Partners #26 1 4 2 1 – € 6M € 96M € 14M € 6M € 0M – 1 – – – –
Mangrove Capital Partners #27 1 5 2 1 – € 159M € 34M € 21M € 159M € 0M – – – 1 – –
Acton Capital Partners #28 1 – 1 1 – € 3M € 0M € 24M € 3M € 0M – 1 – – – –
Octopus Investments #29 2 3 1 1 1 € 24M € 48M € 8M € 10M € 14M 1 – – – – 1
TA Associates #30 2 – – 1 1 € 0M € 0M € 0M € 0M € 0M 1 1 – – – –
Tengelmann Ventures #31 2 1 2 1 1 € 45M € 0M € 0M € 15M € 30M – 2 – – – –
KKR #32 – 2 – – – € 0M € 308M € 0M € 0M € 0M – – – – – –
GIMV #33 4 3 1 3 1 € 85M € 38M € 0M € 65M € 20M – 1 1 – – 2
Battery Ventures #34 4 2 1 3 1 € 79M € 27M € 0M € 63M € 16M 2 1 – – – 1
Dawn Capital #35 3 2 3 3 – € 82M € 15M € 18M € 82M € 0M 2 – – – – 1
Industrifonden #36 8 – 5 3 5 € 59M € 0M € 77M € 39M € 20M – – – – 7 1
Nokia Growth Partners #37 – 2 1 – – € 0M € 259M € 18M € 0M € 0M – – – – – –
Investment AB Kinnevik #38 2 1 – – 2 € 70M € 20M € 0M € 0M € 70M 1 – – – 1 –
Carmel Ventures #39 1 5 1 1 – € 18M € 41M € 9M € 18M € 0M – – – – – 1
e.ventures #40 3 3 4 – 3 € 44M € 41M € 75M € 0M € 44M – 1 – 2 – –
Ventech #41 3 4 1 2 1 € 24M € 15M € 9M € 16M € 8M 1 – 2 – – –
A look at Europe’s most prominent VCs’ activity
281. Rank based on overall size, activity, and performance in terms of exits and valuable portfolio companies. More info on https://blog.dealroom.co/the-top-100-most-prominent-vc-investors-in-europe/
Source: Dealroom.co. More data on: https://app.dealroom.co
Number of rounds By type of rounds in H1 2017 By size of rounds in H1 2017
Investors by prominence rank
Dealroom
Prominence
Rank (1) H1 2017 2016 Q3 2016 Q4 2017 Q1 2017 Q2 Angel Series A Series B Series C
Other VC
rounds €0-0.5M €0.5-1M €1-5M €5-10M €10-20M €20-50M >€50M
Index Ventures #1 15 6 2 12 3 – 8 – 2 5 – – 2 3 4 2 1
HV Holtzbrinck Ventures #2 11 6 2 6 5 – 3 2 1 5 – 1 3 2 4 1 –
Balderton Capital #3 7 6 3 4 3 – 2 1 1 3 – – – 3 3 1 –
Northzone #4 10 7 2 5 5 – 2 – 1 7 – – 2 1 6 1 –
Lakestar #5 5 – 1 3 2 – 2 1 – 2 – – – 1 1 1 –
Sequoia Capital #6 2 2 4 1 1 – – – – 2 – – – 1 – – 1
Accel Partners #7 9 – 3 5 4 – 3 1 2 3 – – 2 2 1 2 2
Insight Venture Partners #8 5 1 1 2 3 – 1 2 1 1 – – – 1 – 1 2
Rocket Internet SE #9 8 3 1 5 3 – – – – 8 – 2 2 1 – – 1
Intel Capital #10 3 5 3 2 1 – 1 1 – 1 – – 1 1 1 – –
83North #11 2 4 2 1 1 – 1 1 – – – – – 2 – – –
Atomico #12 4 2 3 2 2 – 3 1 – – – – – 3 – 1 –
Goldman Sachs #13 5 2 – 3 2 – – 1 1 3 – – – – 1 1 3
Bessemer Venture Partners #14 6 5 4 1 5 – 1 2 – 3 – – 2 – 2 2 –
IDInvest Partners #15 14 4 3 6 8 – 1 3 – 10 – – 4 4 4 – 2
Partech Ventures #16 11 2 8 6 5 – 3 3 – 5 – 2 4 – 4 1 –
Silicon Valley Bank #17 1 1 1 1 – – – – – 1 – – – – – – 1
Naspers #18 3 – – 1 2 – – – 1 2 – – – – – – 3
Greylock Partners #19 1 1 2 – 1 – – 1 – – – – – 1 – – –
Creandum #20 10 3 2 7 3 – 2 1 – 7 – – 2 4 4 – –
Benchmark #21 1 1 – 1 – – – – – 1 – – – – – 1 –
360 Capital Partners #22 4 6 4 3 1 – 2 – – 2 – 1 2 – 1 – –
DN Capital #23 8 3 2 4 4 – 2 2 1 3 – – 1 4 1 1 –
High-Tech Gründerfonds (HTGF) #24 24 8 12 12 12 – 4 2 2 16 – 2 5 3 1 – –
General Atlantic #25 – – 1 – – – – – – – – – – – – – –
Wellington Partners #26 1 4 2 1 – – 1 – – – – – – 1 – – –
Mangrove Capital Partners #27 1 5 2 1 – – – – 1 – – – – – – – 1
Acton Capital Partners #28 1 – 1 1 – – – – – 1 – – 1 – – – –
Octopus Investments #29 2 3 1 1 1 – – – – 2 – – – 1 1 – –
TA Associates #30 2 – – 1 1 – – – – 2 – – – – – – –
Tengelmann Ventures #31 2 1 2 1 1 – 1 1 – – – – – – 1 1 –
KKR #32 – 2 – – – – – – – – – – – – – – –
GIMV #33 4 3 1 3 1 – 1 1 – 2 – – – 1 2 1 –
Battery Ventures #34 4 2 1 3 1 – 2 – 1 1 – – 1 – 2 1 –
Dawn Capital #35 3 2 3 3 – – – 1 1 1 – – – – 1 2 –
Industrifonden #36 8 – 5 3 5 – 1 – – 7 – – 4 2 2 – –
Nokia Growth Partners #37 – 2 1 – – – – – – – – – – – – – –
Investment AB Kinnevik #38 2 1 – – 2 – – 1 – 1 – – – – 1 – 1
Carmel Ventures #39 1 5 1 1 – – – – – 1 – – – – 1 – –
e.ventures #40 3 3 4 – 3 – – – 1 2 – – – 1 2 – –
Ventech #41 3 4 1 2 1 – 1 1 – 1 – – – 3 – – –
1. Venture capital funding
2. Number of VC rounds
3. Mega rounds
4. Investments by industry
5. Top investors
6. Exits
Contents
VC-backed exits in H1 2017 reached €8 billion, mainly
driven by Delivery Hero’s €4.4 billion IPO
30Source: Dealroom.co. Excludes Mobileye which is not deemed VC-backed.
€ 1.2B
€ 2.3B
€ 1.2B
€ 5.2B
€ 7.7B€ 8.6B € 8.4B
€ 11.2B
€ 4.7B
€ 13.5B
€ 4.9B
€ 16.7B
€ 6.8B
€ 12.5B
€ 9.6B
€ 12.5B
€ 1.7B
€ 6.1B
85
–
10
20
30
40
50
60
70
80
90
100
€ 0.0B
€ 2.0B
€ 4.0B
€ 6.0B
€ 8.0B
€ 10.0B
€ 12.0B
€ 14.0B
€ 16.0B
€ 18.0B
€ 20.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2013 2014 2015 2016 2017
Firm value of exits (€ billions) Number of rounds
In H1 2017, the top-3 largest exits drove 68% of
capital returned, the top-10 drove 86%
31Source: Dealroom.co. Excludes Mobileye which is not deemed VC-backed.
€ 4.4B
€ 500M
€ 396M
€ 300M
€ 291M
€ 277M
€ 230M
€ 134M
€ 100M
€ 96M
€ 91M
€ 91M
€ 83M
€ 68M
€ 67M
€ 67M
€ 64M
€ 51M
€ 51M
€ 44M
€ 39M
€ 30M
€ 20M
€ 0.0B € 0.5B € 1.0B € 1.5B € 2.0B € 2.5B € 3.0B € 3.5B € 4.0B € 4.5B € 5.0B
Delivery Hero
Momondo Group
Symetis
Teads
Zenly
Avantium Technologies
Social Point
Bancor
Contorion
LightCyber
Hexadite
ARGENX
InnoGames
Amminex
Circle Health
BillPay
Cloudyn
Space Ape Games
Prodways
Boozt Fashion
Eve Sleep
XMReality
Kerlink
Venture backed exits in H1 2017 (combined firm value)
Delivery Hero: has raised €1.6 billion in capital (some part of that secondary).
Date Company Firm Value at Exit Acquiror Sellers
Jun-17Delivery Hero
(Germany)€ 4.4B IPO
HV Holtzbrinck Ventures;Kite Ventures;Point Nine Capital;Team Europe;Kreos
Capital;Berlin Venture Partners;German Startups Group;Tengelmann
Ventures;Oleg Tscheltzoff;Insight Venture Partners;Target Global;Phenomen
Ventures;Rocket Internet SE, and more…
Feb-17Momondo Group
(UK)€ 500M Priceline Group Great Hill Partners, Silicon Valley Bank
Apr-17Symetis
(Switzerland)€ 396M Boston Scientific
Swisscom Ventures;Endeavour Vision;NBGI Ventures;Vinci Capital;Wellington
Partners;Banexi Ventures;Aravis Ventures;Truffle Capital;Novartis Venture Fund
Mar-17Teads
(France)€ 300M Altice
Elaia Partners;Partech Ventures;GIMV;Bpifrance;HSBC;SoftTech
VC;Redalpine;Viola Credit ;Jeff Clavier;Pierre Chappaz;Martin Varsavsky;Ouriel
Ohayon;BNP Paribas;Bank of China;Banque Palatine;BPI
Jun-17Zenly
(France)€ 291M Snapchat
IDInvest Partners;Xavier Niel;Benchmark;Jerry Murdock;Kima Ventures;Solomon
Hykes
Mar-17Avantium Technologies
(Netherlands)€ 277M IPO
Capricorn Venture Partners;Aster Capital;ING Bank Corporate
Finance;Aescap;Navitas Capital;Sofinnova Partners;Coca-Cola;Danone;PMV;De
Hoge Dennen Capital;ALPLA;SFPI-FPIM;FPIM
Feb-17Social Point
(Spain)€ 230M Take-Two Nauta Capital;IDInvest Partners;BBVA Ventures;83North;Highland Europe
Investors ranked by number of exits in H1 2017
32Source: Dealroom.co. Excludes Mobileye which is not deemed VC-backed.
8
5
4
4
4
4
4
3
3
3
3
3
3
3
3
3
2
2
2
0 1 2 3 4 5 6 7 8 9
High-Tech Gründerfonds (HTGF)
Wayra
HV Holtzbrinck Ventures
IDInvest Partners
Kima Ventures
Omnes Venture Capital
Industrifonden
Tengelmann Ventures
Fabrice Grinda
German Startups Group
NBGI Ventures
Aster Capital
Horizon 2020 SME instrument
Verdane Capital
SUP46
Digital Ventures
Rocket Internet SE
Point Nine Capital
Oleg Tscheltzoff
Germany also leads by number of exits, followed by
Sweden and the United Kingdom
33Source: Dealroom.co. Excludes Mobileye which is not deemed VC-backed.
€ 4.6B
€ 827M
€ 676M
€ 530M
€ 290M
€ 273M
€ 238M
€ 112M
€ 91M
€ 105M
Germany
France
United Kingdom
Switzerland
Netherlands
Israel
Spain
Sweden
Belgium
Other Europe
Total firm value of VC-backed exits in H1 2017
27
25
19
14
14
11
6
6
5
22
Germany
Sweden
United Kingdom
France
Israel
Spain
Netherlands
Switzerland
Italy
Other Europe
Number of VC-backed exits in H1 2017
Click to explore all individual European exits of 2017
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