Aug 6, 2018 - Series B. Secret Escapes. Exclusive, members-only discounted offers for hotels and luxury holidays. Old Mu
Monthly European Venture Capital report
July 2018 6 August 2018
July investment of €1.9 billion (including Israel and biotech) was just above of July 2017 level Investment in European & Israeli rounds VC rounds
Investment in European & Israeli rounds VC rounds
€ 3.5B
500
€ 3.0B € 2.7B
€ 2.8B
€ 2.7B € 2.4B
€ 2.5B
€ 2.4B
€ 2.3B € 2.1B
€ 2.3B
€ 2.0B € 2.0B
€ 1.8B
€ 1.8B
€ 1.9B
€ 1.8B € 1.9B
€ 1.9B
€ 2.1B
300
€ 2.0B
€ 1.7B
Decline in number of rounds is mostly temporary, as rounds below €2 million are announced with delays.
€ 1.7B
€ 1.5B € 1.4B
€ 1.0B
400
€ 1.4B
€ 1.2B
€ 1.5B
€ 1.4B
200
€ 1.3B
€ 1.1B
100 € 0.5B
Number of rounds above €2 million is stable
July investment of €1.5 billion excl. Israel and biotech was also just above of 2017
–
– Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
2017
Apr
2018 Europe excl. Israel
Biotech
Israel
May
Jun
Jul
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
2017
Mar
Apr
May
Jun
Jul
2018 >€2M
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.
€ 0-2M
2
By amount invested, 2018 is well ahead of 2017 so far (which was a record year itself) Cumulative amount invested – 2018 vs. 2017 (€B) 2017
Cumulative number of rounds – 2018 vs. 2017 (>€2M)
2018
2017
€ 30B
2018
1,800 1,600
1,662
€ 25B € 24B € 20B
1,400 1,200 988
€ 15B
1,000
€ 15B € 13B
€ 10B
970
800 600 400
€ 5B 200 –
– Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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
The 10 largest rounds in July accounted for €0.8B or 47% of total investment Show online data »
NAME
INVESTORS
INDUSTRY
LOCATION
ROUND
Greensill
General Atlantic
Fintech
UK
$ 250 m Growth Equity
Financial services firm specializing in Supply Chain Finance
Glovo On-demand mobile application connects customers with independent local couriers
Improbable A cloud-based platform for game developers to create AI-powered simulated worlds
Next Insurance Online insurance for entrepreneurs and SMEs
Secret Escapes Exclusive, members-only discounted offers for hotels and luxury holidays
UrbanVolt Energy-saving LED lighting firm
Mantis Vision 3D capturing technologies
Dynacure A biotechnology company developing new treatments for patients affected by serious orphan disorders
PPRO Cross-border payments specialist for merchants
Meero AI for image processing
Seaya Ventures, Idinvest Partners, Rakuten, Cathay Innovation, AmRest, GR Capital
Food / Transportation
Spain
€ 115 m SERIES C
NetEase
Enterprise Software
UK
$ 100 m LATE VC
Israel
$ 83 m Series B
Redpoint Ventures, Ribbit Capital, American Express Ventures, Nationwide Insurance, …
Top rounds Greensill (Fintech) ▪
▪ ▪
Fintech
Glovo (Food / Transportation) ▪
Old Mutual Global Investors
Travel
UK
£ 52 m Growth Equity
Low Carbon Innovation Fund
Energy
Ireland
$ 65 m Growth Equity
▪
▪
Samsung Catalyst Fund
Media
Israel
$ 55 m Late VC
Bpifrance, Idinvest Partners, Pontifax Funds, Kurma Partners, Andera Partners
Health
France
€ 47 m Series A
HPE Growth Capital, PayPal, Citi Ventures
Fintech
UK
$ 50 m Growth Equity
Alven, Idinvest Partners
Media
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
France
$ 45 m Series B
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 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
4
July saw over €5.2 billion in acquisitions of which €3.2 billion venture backed exits NAME
Suse Enterprise Linux, Openstack cloud, software-defined storage
Leumi Card Israeli credit card issuer
TiGenix Local treatments for damaged and osteoarthritic joints
Basefarm Specialises in operational and IT-related services on the net
Finanzcheck.de Consumer loans marketplace
PeopleDoc Provides HR service delivery solutions
Banking Circle Enabling global payments and settlements
MetaPack Delivery management solutions that enable online retailers to increase user engagement and sales conversions
TenBis #1 online platform in the Israeli restaurant and food ordering market
TxCell Develops cell-based immuno-therapies for the treatment of severe chronic inflammatory diseases
Source: Dealroom.co
ACQUIROR
SELLER
EQT Private Equity
Micro Focus
Warburg Pincus
Azrieli Group Bank Leumi
VC BACKED
INDUSTRY
LOCATION
ROUND
Enterprise Software
Germany
$ 2.5b ACQUISITION
Fintech
Israel
$ 684 m BUYOUT
Takeda
Healthcare
Belgium
€ 520 m ACQUISITION
Orange
Enterprise Software
Norway
€ 350 m ACQUISITION
✓
Scout24 Holding
Highland Europe, Acton Capital Partners, HarbourVest Partners
✓
Fintech
Germany
€ 285 m ACQUISITION
Ultimate Software
Accel Partners, Alven, Kernel Capital, Eurazo
✓
Jobs Recruitment
France
$ 300 m ACQUISITION
EQT Private Equity
Saxo Bank
Fintech
Denmark
$ 300 m ACQUISITION
Stamps.com
Index Ventures, Brainspark, WPP Ventures
Transportation
UK
€ 197 m ACQUISITION
Takeaway.com
TA Associates
Food
Israel
€ 135 m ACQUISITION
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 Cumulative value of VC-backed exits – 2018 vs. 2017 2017
Cumulative number of VC backed exits – 2018 vs. 2017
2018
2017
€ 60B
2018
450 € 54B 400
€ 50B
382
350 € 40B
300 250
€ 30B 200 € 24B
€ 20B
221 170
150
€ 16B 100 € 10B 50 –
– Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Source: Dealroom.co
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
6
The UK, Germany, France and Israel (the big four) continue to receive 70% of total investment Investment by country (€B) Jan-July ‘18 United Kingdom Germany
€ 3.8B
€ 1.9B
87%
€ 0.6B 17%
Sweden Netherlands
10%
Portugal Finland
(35%)
Italy Estonia Denmark
Cyprus Austria Norway
Israel
126
Germany
89
Sweden
49
€ 0.5B
Netherlands
42
€ 0.5B
Switzerland
42
€ 0.4B
Spain
€ 0.4B
Belgium
31 23
Finland
20
€ 0.3B
Italy
19
€ 0.3B
Russia
15
€ 0.2B
Ireland
13
€ 0.2B
Denmark
13
€ 0.2B
Norway
€ 0.2B
Austria
6
€ 0.1B
Portugal
5
€ 0.1B
Estonia
3
0.1B
Greece
3
€ 0.1B
Romania
2
(10%)
(11%)
(17%)
Russia Romania
194
€ 0.3B
Belgium Ireland
238
France
€ 2.2B
Spain Switzerland
United Kingdom
€ 2.5B
11% YoY growth
France Israel
Number of rounds (>$2M size) Jan-July ‘18
10%
43% €
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
10
7
The big four (UK, Germany, France, and Israel) continue to be highly active in 2018 to date Absolute change vs. last year (in €B) France
% change vs. last year (number of rounds) Portugal
€ 0.7B
Portugal
Italy
€ 0.4B
Germany
150% 138%
Austria
€ 0.3B
100%
Israel
€ 0.2B
Estonia
50%
Switzerland
€ 0.2B
Greece
50%
Finland Estonia Cyprus
€ 0.2B
Switzerland
€ 0.2B
Finland
25%
Netherlands
24%
€ 0.1B
Italy
€ 0.1B
France
Romania
€ 0.1B
Norway
Belgium
€ 0.1B
Israel
Denmark
€ 0.1B
United Kingdom
Ireland Norway
€ 0.0B
Belgium
Russia
€ 0.0B
Germany
Netherlands Sweden (€ 0.5B)
9% 1% – (4%)
(17%) (24%)
Denmark
(€ 0.0B)
Austria
11%
Ireland
(€ 0.0B)
Spain
20%
Romania
€ 0.0B
United Kingdom
45%
Spain
(€ 0.1B)
Sweden
(€ 0.1B)
Russia
(€ 0.2B) –
€ 0.5B
€ 1.0B
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
(100%)
(24%) (28%) (39%) (42%) (50%)
–
50%
100%
150%
200%
8
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 € 4.0B
500 € 3.8B 450
€ 3.5B
436
400 € 3.0B 350 331
€ 2.5B
€ 2.5B
300
€ 2.2B
€ 2.0B
€ 1.9B
250 200
€ 1.5B
163 143
150 € 1.0B 100 € 0.5B
50 –
– Jan
Feb
United Kingdom
Mar
Apr Germany
May France
Jun
Jul
Israel
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. 1. Rounds below $2M are included here.
Jan
Feb
United Kingdom
Mar
Apr
Germany
May
France
Jun
Jul
Israel
9
Health, fintech and enterprise software continue to be the most invested industries Amount invested (€B)
By industry vertical
Fintech Health Enterprise software Transportation Biotech Security Travel Energy Food Home Robotics Gaming Insurance Semiconductors Fashion Telecom
By business model
SaaS Manufacturing Marketplace Mobile app eCommerce
By keyword
Deep Tech Artificial intelligence InternetOfThings Blockchain Virtual reality
Number of rounds Enterprise software Fintech Health Transportation Energy Security Food Biotech Travel Home Fashion Robotics Semiconductors Insurance Gaming Telecom
€ 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
€ 0.5B € 0.4B € 0.1B € 1.0B
€ 2.0B
€ 3.0B
€ 4.0B
145 130 106 106 97 71 71 57 51 45 39 37 25
SaaS Manufacturing Marketplace eCommerce Mobile app
711 407 234 136 101
Deep Tech Artificial intelligence InternetOfThings Blockchain Virtual reality
€ 3.5B € 2.0B
–
384 292 290
€ 5.0B
€ 6.0B
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
432 257 92 53 26 –
100
200
300
400
500
600
700
800
10
Increased focus on deep tech related areas (robotics, AI, semiconductors) is noticeable in investment data Absolute change vs. last year (in €B)
By industry vertical
Transportation Health Fintech Travel Biotech Robotics Energy Security Telecom Semiconductors Insurance Home Gaming Fashion Food Enterprise software
By business model
Manufacturing Mobile app SaaS eCommerce Marketplace
By keyword
Deep Tech Artificial intelligence Blockchain InternetOfThings Virtual reality
% change vs. last year (number of rounds) € 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)
(€ 0.1B) (€ 0.4B) (€ 1.0B)
(€ 0.5B)
–
€ 0.5B
€ 1.0B
Mobile app Manufacturing SaaS eCommerce Marketplace
100% 56% 33% 30%
17% 16% 6% 5% – (5%) (7%) (10%) (14%) (20%) (24%) (25%)
38% 34% (0%) (24%) (29%)
Artificial intelligence Blockchain Deep Tech InternetOfThings Virtual reality (33%)
€ 0.7B € 0.2B € 0.2B
(€ 1.5B)
Robotics Semiconductors Security Food Biotech Transportation Health Energy Insurance Fashion Enterprise software Travel Fintech Telecom Gaming Home
€ 1.5B
(50%)
Source: Dealroom.co. Only includes rounds above €2M. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
51% 27% 17% (4%) –
50%
100%
150%
11
Heatmap of 2018 venture capital investment by country and industry Number of rounds in 2018 to date by country United Kingdom
Germany
France
Israel
Sweden
Netherlands
Spain
Russia
Europe total Switzerland
Ireland
Number of rounds
% YoY growth
Investment (€B)
% YoY growth
Industry vertical Fintech Health Enterprise software Energy Transportation Security Food Biotech Travel Home Insurance Telecom Fashion Semiconductors Robotics Gaming
101 69 95 28 25 24 17 24 21 15 19 7 6 8 9 7
20 16 38 9 20 4 6 4 9 6 7 1 7 6 2 4
32 49 70 29 28 9 24 19 10 13 5 6 6 8 12 3
20 23 31 6 10 43 6 9 1 6 3 5 1 6 7 2
25 32 15 17 11 8 8 12 3 8 3 4 11 3 1 11
9 30 25 24 15 3 3 9 8 8 3 1 4 3 6 1
16 10 24 3 9 5 5 3 12 5 – 1 7 2 1 1
6 2 7 – 10 1 3 – 2 2 – 1 4 – 4 2
12 23 9 8 9 5 5 12 – 3 – – 2 5 7 –
7 5 7 4 – 1 2 – – – – – 1 2 – –
155 188 212 66 70 76 50 82 37 41 22 17 23 28 36 20
8% 29% 15% 25% 32% 65% 61% 28% 6% (16%) 22% – 21% 75% 177% (5%)
€ 2.6B € 2.7B € 2.4B € 0.6B € 1.7B € 0.8B € 0.4B € 1.3B € 0.8B € 0.4B € 0.2B € 0.3B € 0.2B € 0.3B € 0.5B € 0.3B
27% 57% (15%) 27% 169% 32% (63%) 44% 111% (39%) (51%) 54% (55%) 31% 447% (49%)
Business model SaaS Manufacturing Marketplace eCommerce Mobile app
163 84 58 22 23
74 21 32 19 2
130 73 43 23 15
69 41 5 7 7
51 28 18 17 7
46 66 11 8 5
37 11 22 8 8
19 4 9 6 7
18 35 6 4 7
10 7 – 2 1
406 232 110 73 54
24% 60% (13%) (4%) 54%
€ 4.9B € 2.8B € 2.0B € 0.9B € 1.3B
6% 69% (36%) (51%) 96%
Keywords Deep Tech Artificial intelligence InternetOfThings Blockchain Virtual reality
114 78 13 15 9
29 15 13 3 2
61 31 20 1 2
59 39 20 4 –
25 18 5 4 4
37 19 3 5 5
17 11 2 – –
11 7 1 5 –
24 6 6 8 4
4 1 – 2 –
256 165 50 19 8
46% 101% 19% 36% (20%)
€ 3.2B € 1.8B € 0.5B € 0.4B € 0.0B
34% 27% (3%) 184% (92%)
Total
440
163
334
145
200
152
96
54
83
28
988
22%
€ 13.1B
18%
Source: Dealroom.co.
12
Investment activity by selected leading investors Number of rounds in 2018 YTD by industry vertical
Number of rounds in 2018 YTD by country Index Ventures HV Holtzbrinck Ventures Balderton Capital Northzone Lakestar Sequoia Capital Accel Partners Insight Venture Partners Bpifrance Rocket Internet SE Intel Capital 83North Atomico LocalGlobe IDInvest Partners Point Nine Capital EQT Ventures Global Founders Capital Partech Greylock Partners Creandum Benchmark 360 Capital Partners DN Capital Mangrove Capital Partners Acton Capital Partners Octopus Investments Intel Capital Softbank Naspers Tengelmann Ventures Nokia Growth Partners Tencent Qualcomm Ventures Axel Springer Salesforce Ventures Microsoft ProSiebenSat1 Media SE GV Iris Capital Barclays BNP Paribas Orange Rakuten
United Kingdom 3 1 3 – 1 2 1 1 – – 1 – 3 12 – 1 – – 3 1 1 – 1 1 – – 1 1 – – 1 – – 1 – – – – 3 – – – – 2
Germany 1 6 2 – 3 – 1 – – 1 2 – – 1 – – 1 5 – – 1 – – 2 – 3 – 2 1 – 2 – 1 – 2 – – – – 1 – – – 1
France 3 – 3 – – 1 1 – 35 – 2 – – – 10 – 1 2 9 – – – 3 – – – – 2 – – – – – – – – – – 1 3 – 6 – –
Source: Dealroom.co.
Israel – 1 – – – 4 – 1 – – 1 – – – – – – – – – – – – – 1 – – 1 1 – – – – – – 1 – – – – – – 1 –
Sweden – – 1 3 1 1 1 1 – – – – 1 – – – 1 1 1 – 1 – – – – – – – 1 – – – – – – – – – – – – – – –
Netherlands – – – – – – 1 1 – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –
SaaS
Deep Tech
Manufacturing Marketplace
Enterprise software
Transportation
Fintech
Artificial intelligence
Energy
Health
Travel
2 4 4 4 1 5 5 5 13 – 2 – 2 6 7 1 3 2 4 – 1 – 1 1 3 1 1
– 2 1 4 – 3 3 2 8 – 4 – 1 4 – 1 2 2 1 1 – – 2 – 2 – –
– – 1 – – 1 – – 10 – 5 – – 2 – – – 1 3 – – – 1 – – – –
1 5 4 – 1 – – – 4 – – – 2 5 3 1 – 3 1 – 3 – – 2 – 2 1
2 2 4 4 – – 4 3 7 – 2 – 1 3 4 1 3 1 5 – – – 1 – 3 – 1
1 1 1 – – 1 – – 4 – 1 – 2 1 4 1 – 1 3 – – – – – – 1 –
4 1 2 2 2 1 2 2 – – – – 1 – 2 – – 1 2 1 2 – 1 – – – –
– 3 – 3 – 3 3 2 6 – 2 – 2 4 – 1 2 2 1 1 – – 2 – 2 – –
1 – – – – – – 1 3 – – – – 2 – – – – – – – – 1 1 – – –
1 – – – – 2 – – 6 1 – – – – 1 – – 1 1 – 1 – – – – – –
– 2 – – – – – – 2 – – – – 2 – – – 1 – – – – – 1 – – –
2 3 – – – – – 1 1 – – 3 2 – 4 – 2
4 1 – – – 1 1 – 1 – – 2 1 – 1 – 1
5 – – – – – 1 – – – – 1 – – 1 – –
– 1 – 3 – – – 2 – – – – – – – – –
2 2 – – – – – – 1 – – 2 2 – 1 – 2
1 1 – 1 – – – – – – – – – – – – 1
– – – 1 – 1 – – 1 – – – – – – – 3
2 – – – – 1 1 – 1 – – 2 1 – 2 – –
– – – – – – – – – – – – – – – – –
– – – 1 – – – 2 – – – 3 – – 1 – –
– – – – – – – – – – – – – – – – 1
13
Intelligent global database to identify & track growth opportunities and innovative companies
