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Venture Capital Investments in European & Israeli Startups

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Venture Capital in Europe & Israel Venture Investment Data: Third Quarter, 2015 Steinerne Brücke, Regensburg, Germany Oldest vaulted stone bridge in Germany (built 1135-1146) Prepared by Gil Dibner @gdibner blog: yankeesabralimey


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The data • Around the middle of last year, I decided I wasn’t happy with available data sources on VC rounds in Europe & Israel, and that I’d need to build my own • The data in this report consists entirely of data I’ve gathered manually based on publically available, free sources • No paid data sources or API calls were harmed in the making of this dataset, every investment was manually classified • This allows analysis of some aspects of the data I consider important – aspects that don’t appear in other data sources • Seed investment is still under-reported, but I got a bit better at capturing it in the fourth quarter. Rounds smaller than $500K are generally excluded from this analysis • The analysis is limited to ICT categories and excludes life sciences • The analysis excludes Turkey and FSU countries • I’m converting EUR and GBP into USD using monthly average exchange rates @gdibner blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies 2


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Monthly pace of venture investment • July’s investment volume was just under June’s in terms of total dollars invested, but it was a record-breaking month in terms of deals reported • August saw a massive slowdown in activity due most likely to summer vacations. Note, however, that while August 2015 was one third of the July 2015 volume, it was roughly even with August 2014. @gdibner blog: yankeesabralimey VC Investments in Europe & Israel, July 2014 - September 2015 1,800 1,600 1,555 1,517 1,400 1,200 Number of investments • During the third quarter of 2015, there were 286 venture investments in Europe & Israel totaling $3.2B 1,157 1,000 905 800 600 400 200 0 493 565 644 625 971 997 791 725 787 567 562 42 30 50 79 73 52 92 75 103 78 95 98 119 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Qtr3 Qtr4 2014 Invested amount (US $M) Syndicate for European & Israeli Enterprise Companies Qtr1 Qtr2 65 102 Aug Sep Qtr3 2015 Number of investments 3


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Quarterly pace of venture investment • Europe & Israel saw another record-breaking quarter in 3Q, with $3.252 billion flowing into 286 venture transactions 3,500 300 270 286 271 250 2,500 204 200 150 2,000 1,500 122 100 1,000 50 0 500 1,703 1,912 2,873 3,133 3,241 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 2014 0 2015 Invested amount (US $M) @gdibner blog: yankeesabralimey 3,000 Amount invested (US $M) 350 Number of investments • Since I started collecting this data in 3Q14, every quarter has set a new high VC Investments in Europe & Israel Syndicate for European & Israeli Enterprise Companies Number of investments 4


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Mega-rounds skew the investment totals • • • • • Seed (less than $2M) Early venture ($2-8M) Venture ($8-20M) Growth ($20-100M) Mega ($100M+) • Four mega-rounds took place in Europe this quarter: • Kreditech, a German-based lending platform, raised $110M in July • Fanduel, a Scottish-based fantasy sports gaming provider, raised $275M in July • Letgo, a Spanish mobile classifieds application, raised $100M in September • Blablacar, a French ride-sharing platform, raised $200M in September (following a $100M raise in 2014) • Adjusting for mega-rounds, 3Q15 was a record-breaking quarter, especially for growth rounds. @gdibner blog: yankeesabralimey Pace of VC Investment in Europe and Israel 3,500 3,000 2,500 Amount Invested (US $M) • This analysis breaks down VC investments into brackets by size: 2,000 1,509 1,154 1,500 1,000 500 0 792 935 539 556 312 345 565 343 Qtr3 285 354 369 Qtr4 248 Qtr1 Qtr2 Qtr3 2014 Mega (>100) 731 Growth (20-100) 2015 Venture (8-20) Syndicate for European & Israeli Enterprise Companies Early Venture (2-8) Seed (.5-2) 5


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Strong year-over-year growth • 3Q15 total investment volume in Europe & Israel was up 85% over 3Q14 (excluding seed deals, where data is more spotty) • Venture volume grew by 64% • Growth volume grew by 180%, nearly tripling from 3Q14 levels 3,500 3,000 685 2,500 Total VC investment (US $M) • Early venture volume grew by 49% VC investment volume in Europe and Israel by bracket 2,000 1,500 1,000 500 1,509 554 539 565 345 369 Qtr3 Qtr3 2014 0 248 2015 Mega (>100) Venture (8-20) @gdibner blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies Growth (20-100) Early Venture (2-8) 6


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Number of investments, by bracket • Despite the typical summer slowdown in August, the quarter showed no sign of a slowdown from the previous quarter VC investment volume in Europe and Israel by bracket 200 180 6 160 80 38 44 26 42 82 77 85 94 Qtr4 3 13 33 Qtr1 Qtr2 Qtr3 30 60 40 20 0 60 Qtr3 2014 Mega (>100) Venture (8-20) @gdibner blog: yankeesabralimey 25 1 26 120 100 4 63 6 140 Number of VC investments • Excluding seed deals, the total number of VC investments per quarter was 180 in 3Q15, roughly the same as last quarter (179) but nearly double that of one quarter ago (106) Syndicate for European & Israeli Enterprise Companies 2015 Growth (20-100) Early Venture (2-8) 7


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Corporate VC activity, by bracket • Excluding seed deals, the total number of corporate VC investments was 21 in 3Q15, down significantly from a peak of 36 in 2Q15 Corporate VC investment volume in Europe and Israel by bracket 40 35 8 Number of VC investments 30 25 3 20 7 15 10 5 0 4 4 4 9 3 6 4 Qtr4 Qtr3 Qtr1 7 16 Mega (>100) Venture (8-20) Syndicate for European & Israeli Enterprise Companies 7 7 5 2014 @gdibner blog: yankeesabralimey 12 Qtr2 Qtr3 2015 Growth (20-100) Early Venture (2-8) 8


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Corporate VC activity, by country • During the first three quarters of 2015, Israel saw the highest number of corporate VC investments, with 33 1 30 8 25 1 Mega (>100) @gdibner blog: yankeesabralimey 2 2 Growth (20-100) Syndicate for European & Israeli Enterprise Companies 1 1 2 Venture (8-20) 1 1 1 1 Belgium UK Israel 0 4 1 3 1 1 Estonia 7 Switzerland 10 1 4 Norway 5 5 Ireland 10 8 Spain 14 Sweden 15 France 20 Germany • Nine other countries saw corporate VC activity across Europe, but at much lower levels 35 Number of investments • The UK saw 21 corporate VC investments during that period Number of corporate VC investments in Europe and Israel by bracket (1Q15-3Q15) Early Venture (2-8) 9


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Average round size • Previously, I presented this broken down by bracket, but I think the data is more meaningful when taken in aggregate. • Since February, average round sizes across all venture rounds were hovering between $10M and $12M • The third quarter saw consistently higher average round sizes – between $13M and $14.5M on average 20 18 17.6 16 Amount Invested (US $M) • This average excludes seed rounds and mega rounds, so it reflects all rounds done in Europe & Israel between $2M and $100M Average investment size in Europe and Israel (Round sizes of 2-100M) 15.8 14 13.9 12 10 12.7 11.7 11.1 11.4 11.2 13.2 11.4 11.1 10.1 8 6 4 6.8 Jul Aug Sep Oct Qtr3 Nov Dec Jan Qtr4 2014 @gdibner blog: yankeesabralimey 11.9 14.3 Syndicate for European & Israeli Enterprise Companies Feb Qtr1 Mar Apr May Qtr2 Jun Jul Aug Sep Qtr3 2015 10


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Total venture investment by country, 3H 2015 • The UK took the top spot in 3Q15 with nearly $900M in total capital invested • Israel took second place with $628M in venture capital investment • France (boosted by Blablacar) nearly eclipsed Germany (which was helped by Kreditech) – both countries saw just under $500M of capital invested in the quarter Total VC investment volume by country, 3Q15 (US $M) 896.8 UK Israel Germany France Spain Sweden Netherlands Ireland Finland Belgium Greece Norway Italy Slovenia Poland Switzerland Denmark Czech Latvia Estonia 627.8 484.7 477.9 181.0 139.9 109.5 87.1 81.0 46.6 33.5 15.2 13.3 12.0 9.9 9.1 7.5 6.8 1.4 0.6 0 @gdibner blog: yankeesabralimey 100 200 300 400 Syndicate for European & Israeli Enterprise Companies 500 600 700 800 900 1,000 11


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Total venture investment by country, 3H 2015 (excluding mega rounds) • Once again, when megarounds ($100M+) are excluded, Israel takes the top slot, with the UK coming in just behind it • Excluding mega-round, Germany is a solid third place at $375M, with France at $278M Total VC investment volume by country, 3Q15 (Excludes mega-rounds, US $M) Israel UK Germany France Sweden Netherlands Ireland Spain Finland Belgium Greece Norway Italy Slovenia Poland Switzerland Denmark Czech Latvia Estonia 374.7 277.9 139.9 109.5 87.1 81.0 81.0 46.6 33.5 15.2 13.3 12.0 9.9 9.1 7.5 6.8 1.4 0.6 0 @gdibner blog: yankeesabralimey 627.8 621.8 100 200 300 Syndicate for European & Israeli Enterprise Companies 400 500 600 700 12


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Total venture investment by country, 3Q14 to 3Q15 • To get a better sense of VC volumes in various countries, this analysis excludes megarounds • Israel retained it’s top spot, but just barely • Germany bounced back up to third place 719 Israel 700 UK 628 Germany 600 Total VC investment (US $M) • Investment volumes increase in all of the top five markets 800 Total VC investment, 3Q14 - 3Q15 (top 5 countries, excluding mega-rounds) France 567 Sweden 475 500 400 300 315 389 369 200 180 0 @gdibner blog: yankeesabralimey 74 29 Qtr3 437 284 232 263 163 123 Qtr4 Syndicate for European & Israeli Enterprise Companies 375 278 118 100 622 543 209 112 140 Qtr2 Qtr3 89 Qtr1 13


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Average venture round sizes, by country • This analysis excludes megarounds and rounds less than $2M • When we compare 3Q15 to 3Q14, all regions saw increased round sizes, except DACH and Iberia • DACH round sizes contracted to bring them in line with the rest of the leading markets • Round sizes in France increased, bringing France in line with other leading markets. @gdibner blog: yankeesabralimey 20.0 18.0 DACH, 18.0 UK & Ireland, 16.3 Israel, 15.2 DACH, 14.8 France, 13.5 Benelux, 13.1 16.0 Average round size (US $M) • UK & Ireland companies raised the largest round sizes on average in 3Q, just as they did in 2Q Average investment size in Europe and Israel (rounds of $2-20M) 14.0 12.0 10.0 8.0 UK & Ireland, 11.9 Israel, 11.6 Benelux, 10.6 Iberia, 10.4 Nordic, 7.7 Nordic, 10.4 Iberia, 8.6 6.0 4.0 France, 3.7 2.0 0.0 Qtr3 Qtr3 2014 2015 Syndicate for European & Israeli Enterprise Companies 14


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Total venture investment by region, 3Q14 to 3Q15 • Benelux, Iberia, Southern Europe, and Eastern Europe do produce meaningful VC investments (Adyen, Prezi, and many others), but the volumes are still low Total VC investment by region 3,500 3,000 Total VC investment (US $M) • When VC investments across Europe are aggregated into regions, Israel, DACH, UK & Ireland, the Nordics, and France are the clear and consistent leaders 2,500 UK & Ireland DACH France Iberia South. Eur. Israel Nordic Benelux East. Eur. Nordic, 775.7 DACH, 493.8 Iberia, 56.5 Benelux, 284.9 Iberia, 168.1 Benelux, 31.9 France, 129.3 Nordic, 124.0 France, 163.3 Nordic, 219.3 1,000 DACH, 532.2 Israel, 315.2 Israel, 567.5 DACH, 565.8 Israel, 834.6 DACH, 290.2 UK & Ireland, 399.0 0 Nordic, 245.5 DACH, 573.3 2,000 1,500 Iberia, 181.0 Benelux, 156.1 France, 477.9 Nordic, 190.1 500 Israel, 627.8 Israel, 625.2 UK & Ireland, 932.2 UK & Ireland, 680.7 UK & Ireland, 983.9 UK & Ireland, 262.9 Qtr3 Qtr4 2014 @gdibner blog: yankeesabralimey Iberia, 53.7 Benelux, 46.7 France, 233.0 Iberia, 137.2 Benelux, 98.3 France, 231.6 Syndicate for European & Israeli Enterprise Companies Qtr1 Qtr2 Qtr3 2015 15


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Rounds by bracket & region • To get a better sense of deal volume, this analysis excludes seed deals which are often poorly reported • Israel took second place with 40 • DACH took third place with 26 50 45 40 Number of investments • Excluding seed deals, UK & Ireland led in the number of announced deals, with 43 investments announced Number of investments in Europe and Israel by bracket, 3Q 2015 35 1 11 11 30 25 8 11 20 23 UK & Ireland 18 Israel Mega (>100) @gdibner blog: yankeesabralimey 5 1 4 7 5 0 4 7 15 10 1 4 14 DACH 13 Nordic Growth (20-100) Syndicate for European & Israeli Enterprise Companies 9 France 2 2 7 Benelux Venture (8-20) 1 1 2 5 Iberia 1 2 2 3 South. Eur. East. Eur. Early Venture (2-8) 16


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Investment by region, by bracket • In 3Q, UK & Ireland led in terms of total VC dollars invested, even with Fanduel mega-round excluded Investment in Europe and Israel by bracket by region, 3Q 2015 (ranked excluding mega-rounds) 1,200 1,000 Total amount invested (US $M) • Israel was in second place 800 275 600 400 200 0 490 217 96 146 98 62 92 61 UK & Ireland Israel DACH Mega (>100) @gdibner blog: yankeesabralimey 110 400 Growth (20-100) 200 136 111 92 41 69 49 105 France Nordic Benelux Venture (8-20) Syndicate for European & Israeli Enterprise Companies 100 Iberia Early Venture (2-8) South. Eur. East. Eur. Seed (<2) 17


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Participation rate of US VC firms, by bracket • US VC firms are increasingly active in the European and Israeli VC markets • US VCs participated in only 5% of seed rounds, 11% of early venture rounds, and 21% of venture rounds • As a company moves from bracket to bracket, the chance of US VC participation doubles with each bracket change 100% 90% Percentage of rounds • Year to date, US VC firms participated in 15% of the venture rounds in Europe Did US VC firms participate in European VC rounds? (1Q15-3Q15) 25% 80% 70% 64% 60% 50% 95% 79% 89% 40% 75% 30% 20% 36% 10% 0% 5% Seed (.5-2) 21% 11% Early Venture (2-8) Venture (8-20) No @gdibner blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies Growth (20-100) Mega (>100) Yes 18


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Rate of participation by US firms has recovered • US VC firm participation in European & Israeli venture rounds held steady at just over 20% Did US VC firms participate in European VC rounds? (Excludes seed rounds, 3Q14-3Q15) 100% 90% Percentage of Rounds 80% 70% 60% 76% 80% 78% 79% 24% 20% 22% 21% Qtr4 84% Qtr1 Qtr2 Qtr3 50% 40% 30% 20% 10% 0% 16% Qtr3 2014 2015 No @gdibner blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies Yes 19


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Participation of US VC firms by country • In 3Q, US VCs firms were active in 15 different European countries, up from 10 in 2Q 50 40 30 No US VC involved @gdibner blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies Czech Norway Poland Switzerland Belgium Spain Greece 3 Ireland 4 Finland 7 Sweden 0 France 14 Germany 10 Netherlands 20 UK • In the Netherlands, 4 of a total of 15 investments saw US VC participation (27%) 60 Israel • The UK saw 7 investments with US VC participation, down from 11 in 2Q 70 Number of VC investments • US VC firms were most active in Israel, where they participated in 14 investment rounds out of 57 (26%) In which countries are US VCs most active? 3Q, 2015 US VC involved 20


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Three-dimensional approach to sector mapping Dimension Categories Explanation/Example 1. Target market Consumer, SMB, Enterprise, Government, Telecom, OEM What sort of customer does the company target? 2. Vertical market Adtech, Communications, Data, Development, Durables, Education, Electronics, Employment, Energy, Fashion, Financial, Food, Gaming, Health, HMI, Industrial, Infrastructure, Lifestyle, Logistics, Marketing, Media, Productivity, Real Estate, Security, Sports, Storage, Transportation, Travel, Water What type of problem does the company solve? 3. Business model Commerce, Components, Content, Marketplace, SaaS, Semiconductors, Services, Software, Systems, How does the company make money? What are customers paying for? Consumer + Travel + Marketplace AirBnB has built a travel-related marketplace for consumers Segment descriptor


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What target markets are attracting the most VC investment in Europe & Israel? • Excluding mega-rounds, investment activity decreased in both consumer and enterprise over 2Q • SMB-oriented and OEMoriented investment volume both increased 3,000 2,500 Total VC investments (US $M) • Consumer-oriented investments hit a new high of $1.1B in 3Q European & Israeli venture financing by target market 3Q14 to 3Q15 (excluding mega-rounds, US $M) 182 275 2,000 121 114 133 1,500 953 Government 905 1,000 Enterprise 494 0 SMB 794 980 475 Qtr4 850 Qtr1 Qtr2 595 Qtr3 Telecom OEM 808 500 2014 @gdibner blog: yankeesabralimey 106 153 Syndicate for European & Israeli Enterprise Companies 1,172 Consumer Qtr3 2015 22


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Consumer investment leads Europe • When Israel is excluded from the sample, 62% of all VC dollars in Europe went to consumer-oriented companies • Enterprise dropped from 48% in 4Q14 to 24% in 3Q15 European venture financing by target market 3Q14 to 3Q15 (excluding Israel, percent of US $M) 100% 80% 70% 6% 4% 18% 90% 4% 10% 60% 2% 12% 4% 8% 34% 8% 5% 6% 22% 24% 63% 62% Qtr2 Qtr3 48% 50% 40% 30% 62% 56% 20% 36% 10% 0% Qtr3 Qtr4 Qtr1 2014 Government @gdibner blog: yankeesabralimey 2015 Telecom OEM Syndicate for European & Israeli Enterprise Companies SMB Enterprise Consumer 23


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Consumer accounts for half of early rounds • When the sample set is limited to rounds under $20M, the ratio of consumer to enterprise investments looks a bit more balanced – and steadier over time European venture financing by target market 3Q14 to 3Q15 (excluding Israel, rounds up to $20M, percent of US $M) 100% 2% 90% 11% 3% 80% 2% 10% 36% 60% 50% 51% Qtr4 70% 0% 2% 2% 7% 3% 9% 48% 39% 46% 41% 46% Qtr1 Qtr2 Qtr3 41% 50% 40% 30% 20% 39% 10% 0% Qtr3 2014 Government @gdibner blog: yankeesabralimey 2015 Telecom OEM Syndicate for European & Israeli Enterprise Companies SMB Enterprise Consumer 24


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Breakdown by region & target market • All regions except Israel saw more consumer investment than enterprise/SMB investment • UK & Ireland, France, and the Nordics showed a healthy balance 1,200 1,000 Total amount invested (US $M) • Investments across DACH were dominated by consumer-oriented companies Investment in Europe and Israel by target market by region 3Q, 2015 (US $M) 800 600 87 133 218 400 200 71 275 546 150 435 0 UK & Ireland Israel Government @gdibner blog: yankeesabralimey 66 DACH Telecom Syndicate for European & Israeli Enterprise Companies OEM SMB 119 104 Nordic France 57 135 276 225 Iberia Benelux Enterprise Consumer 25


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Distribution of investment rounds by country • Across Europe & Israel, 44% of VC investment rounds were in consumer companies in 3Q • In DACH, 62% of rounds were into consumer companies, the highest proportion of any region • In UK, the number of consumer rounds was equal to the number of enterprise rounds Investment in Europe and Israel by target market by country 3Q 2015 (Number of investments) DACH 62% Iberia 55% Nordic Benelux 30% 41% France 29% 10% 5% 17% 9% 14% 54% 30% 0% 12% 41% 36% Israel 15% 28% 43% UK & Ireland 11% 30% 53% South. Eur. 5% 7% 51% 5% 4% 14% 71% 20% Consumer @gdibner blog: yankeesabralimey 22% 30% Enterprise 40% SMB Syndicate for European & Israeli Enterprise Companies 50% 60% OEM Telecom 70% 80% 90% 100% Government 26


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Early rounds trending away from consumer • This graph shows the percentage of seed ($0-$2M) and early venture ($2M-$8M) rounds by target market • These early rounds provide a leading indicator of things to come • The percentage of rounds into consumer companies peaked in 1Q15 at 50% and has been trending downward since Investment in Europe and Israel by target market (Rounds of up to $8M, number of investments) 100% 90% 8% 4% 9% 8% 12% 80% 70% 60% 39% 47% 38% 50% 48% 44% Qtr1 44% Qtr2 Qtr3 40% 50% 40% 30% 20% 39% 44% Qtr3 Qtr4 10% 0% 2014 Government @gdibner blog: yankeesabralimey 2015 Telecom Syndicate for European & Israeli Enterprise Companies OEM SMB Enterprise Consumer 27


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Growth rounds by target market • Looking at rounds over $20M, it’s hard to draw a clear trend • From 4Q14 to 2Q15, there was an upward trend towards consumer-oriented companies in growth investing, but this trend reversed itself in 3Q15 Investment in Europe and Israel by target market (Rounds over $20M, number of investments) 100% 90% 70% 46% 25% 60% 12% 10% 7% 80% 7% 6% 11% 6% 23% 38% 41% 50% 40% 30% 56% 20% 46% 37% 58% 43% 10% 0% Qtr3 Qtr4 Qtr1 2014 Government @gdibner blog: yankeesabralimey Qtr2 Qtr3 2015 Telecom Syndicate for European & Israeli Enterprise Companies OEM SMB Enterprise Consumer 28


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DACH investors shift back to consumer • DACH is clearly a region with a record of strong consumeroriented investment • In 4Q14 this began to change, but it wasn’t clear if the trend would be longlived. • In 3Q15, consumer-oriented investments accounted for 64% of rounds in DACH Investment in DACH by target market (Number of investments) 100% 90% 80% 7% 9% 7% 14% 41% 70% 11% 31% 22% 56% 60% 50% 40% 30% 71% 57% 20% 57% Qtr1 Qtr2 Enterprise 64% 2015 Consumer 36% 10% 0% Qtr3 Qtr4 2014 OEM @gdibner blog: yankeesabralimey SMB Syndicate for European & Israeli Enterprise Companies Qtr3 29


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The Nordics shift back to the consumer • Investment patterns in the Nordics seem to be shifting away from enterprise and towards the consumer Investment in the Nordics by target market (Number of investments) 100% 90% 7% 13% 9% 9% 80% 70% 7% 28% 40% 47% 60% 43% 12% 29% 50% 40% 62% 30% 20% 56% 47% 37% 43% 10% 0% Qtr3 Qtr4 Qtr1 2014 OEM @gdibner blog: yankeesabralimey Qtr2 Qtr3 2015 SMB Syndicate for European & Israeli Enterprise Companies Enterprise Consumer 30


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…especially in terms of dollars invested • When we look at dollars investment as opposed to the number of investments, 3Q15 saw a sharp rise in consumeroriented investing • Spotify’s massive round in 2Q has been removed from this graph Investment in the Nordics by target market (Percentage of total US $M invested) 100% 90% 4% 16% 22% 6% 12% 80% 60% 29% 25% 70% 65% 37% 64% 50% 40% 30% 20% 59% 59% 42% 29% 0% Qtr3 Qtr4 29% Qtr1 10% Qtr2 2014 OEM @gdibner blog: yankeesabralimey Qtr3 2015 SMB Syndicate for European & Israeli Enterprise Companies Enterprise Consumer 31


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France shifts even further towards enterprise • In France, only 33% of investments in 3Q15 were consumer-oriented • Enterprise investments accounted for 56% of rounds in France VC Investment in France by target market (Number of investments) 100% 90% 80% 70% 10% 6% 10% 30% 12% 7% 39% 38% 44% 60% 56% 50% 40% 30% 60% 55% 52% 20% 44% 33% 10% 0% Qtr3 Qtr4 Qtr1 2014 OEM @gdibner blog: yankeesabralimey Qtr2 Qtr3 2015 SMB Syndicate for European & Israeli Enterprise Companies Enterprise Consumer 32


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…with enterprise taking share from SMB • When the data is presented by the amount of dollars, it becomes clear that more and more of French VC dollars are flowing towards enterpriseoriented companies • 3Q15 saw a shift from SMB towards enterprise VC Investment in France by target market (Percentage of total US $M) 100% 90% 80% 4% 13% 18% 30% 20% 68% 60% 50% 30% 14% 17% 70% 40% 5% 43% 69% 54% 61% 20% 28% 0% Qtr3 Qtr4 27% 27% Qtr1 10% Qtr2 Qtr3 2014 OEM @gdibner blog: yankeesabralimey 2015 SMB Syndicate for European & Israeli Enterprise Companies Enterprise Consumer 33


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Finance returned to being the top vertical • Once again, Finance and Marketing were the first and second most commonly funded verticals • Lifestyle (which is a catch-all consumer category) took the third slot • IT Infrastructure and security took the fourth and fifth slots European & Israeli venture financing by target market 3Q 2015 (number of investments) Lifestyle, 15 Infrastructure, 14 Marketing, 31 Security, 13 Social, 12 Productivity, 11 Financial, 36 Employment, 11 Fashion, 11 Data, 10 Electronics, 10 Travel, 5 Development, 9 Real Estate, 5 Health, 8 Industrial, 5 Durables, 5 Education, 6 @gdibner blog: yankeesabralimey CRM, 6 Adtech, 6 Gaming, 6 Syndicate for European & Israeli Enterprise Companies Logistics, 8 Payments, 7 Entertainment, 7 34


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How have the most popular verticals grown? • This graph shows number of investments in the top 12 verticals across 3Q14 and 3Q15 • All verticals increased in frequency except Adtech, which declined from 8 investments in 3Q14 to 6 in 3Q15 • The number of financerelated investments more than tripled from 11 in 3Q14 to 36 in 3Q15 • Marketing-related investments increased from 6 in 3Q14 to 31 in 3Q15. @gdibner blog: yankeesabralimey European & Israeli venture financing by vertical market (top 12 verticals, number of investments) 200 180 Fashion, 11 Adtech, 6 Development, 9 Productivity, 11 160 140 Employment, 11 Data, 10 120 Security, 13 Electronics, 10 100 80 60 40 20 0 Lifestyle, 15 Fashion, 3 Adtech, 8 Development, 5 Productivity, 4 Employment, 5 Data, 7 Security, 6 Electronics, 10 Lifestyle, 5 Infrastructure, 10 Marketing, 6 Financial, 11 Infrastructure, 14 Marketing, 31 Financial, 36 Qtr3 Qtr3 2014 2015 Syndicate for European & Israeli Enterprise Companies 35


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Which verticals for which segments? • Once again, financial startups were the most commonly funded category in 3Q, including consumer, enterprise, and SMB-oriented companies • The single most common category was enterprise marketing, also unchanged from last quarter • Consumer lifestyle, social, and fashion startups were particularly active as well • In contrast with last quarter, gaming and health startups didn’t crack the top ten segments @gdibner blog: yankeesabralimey European & Israeli venture financing by target market 3Q, 2015 (number of investments, top 10 verticals) Financial Marketing Lifestyle Infrastructure Consumer Security Enterprise Social SMB Productivity OEM Employment Government Fashion Electronics Data 0 5 10 15 Syndicate for European & Israeli Enterprise Companies 20 25 30 35 40 36


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The most popular verticals in the past 12 months • This chart shows the ten most commonly funded verticals across Europe & Israel by quarter • Financial, marketing, and security show increasing strength over time • Adtech and health are declining European & Israeli venture financing by vertical market (number of investments, top 10 verticals) 180 160 140 Financial Marketing 120 Lifestyle 100 Infrastructure Adtech 80 Electronics 60 Health Security 40 Employment Data 20 0 Qtr3 Qtr4 Qtr1 2014 @gdibner blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies Qtr2 Qtr3 2015 37


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Consumer VC investment trends • Lifestyle, which is admittedly a bit of a catch-all consumer category, continues to show tremendous strength in terms of VC volume • Finance took the second place overall, and first place in 3Q15 European & Israeli venture financing by consumer verticals (number of investments, top 10 verticals) 100 90 Lifestyle Financial 80 • Electronics (which typically means consumer electronics systems companies) has shown increasing strength through 1Q, but little investment in 2Q & 3Q • Gaming, travel, and foodrelated categories seem to be declining 30 • Consumer-oriented logistics plays seem to be emerging as an important category for VC investment Fashion 70 10 @gdibner blog: yankeesabralimey Travel 60 Gaming Social 50 Health 40 Logistics Electronics Education 20 0 Food Qtr3 Qtr4 Qtr1 2014 Syndicate for European & Israeli Enterprise Companies Qtr2 Qtr3 2015 38


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Enterprise VC investment trends • Enterprise marketing continues to show strength as an area for VC investment • Adtech, while it has been the second most popular category for investment over the past 15 months, faded significantly over the past two quarters • Investment in developer tools has picked up • Health industry-related enterprise investment disappeared in 3Q15 European & Israeli venture financing by enterprise verticals (number of investments, top 10 verticals) 100 90 Marketing 80 Adtech 70 Infrastructure 60 Security Data 50 Development 40 Financial Employment 30 Health 20 CRM 10 0 Qtr3 Qtr4 Qtr1 2014 @gdibner blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies Qtr2 Qtr3 2015 39


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A closer look at Israeli venture in 1Q15 • After a diverse 2Q, investment trends in Israel returned to form in 3Q with enterprise, SMB, and OEM investments dominating • Security jumped to the top spot, including one consumer-oriented company • Enterprise marketing tech was a very strong category for Israeli VC investment • Financial companies took the third place slot • Enterprise infrastructure was back in the top ten • Developer tooling was nowhere to be seen Israeli venture financing by target market 3Q, 2015 (number of investments, top 10 verticals) Security Marketing Financial Electronics Communications Consumer Infrastructure Enterprise Productivity SMB Logistics OEM Entertainment Information Industrial 0 @gdibner blog: yankeesabralimey 1 2 3 Syndicate for European & Israeli Enterprise Companies 4 5 6 7 8 9 10 40


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UK VCs continue to bet heavily on fintech • For the third quarter running, Fintech was the dominant category of investment in the UK • Enterprise marketing, security, and infrastructure were important categories • Consumer-oriented companies dominated most categories of VC funding across the UK • UK investors still seem willing to bet on Adtech UK venture financing by target market 3Q, 2015 (number of investments, top verticals) Financial Infrastructure Marketing Security Payments Employment Consumer Education Enterprise Adtech SMB Food OEM Logistics Social Data Fashion Energy 0 @gdibner blog: yankeesabralimey 2 4 6 Syndicate for European & Israeli Enterprise Companies 8 10 12 14 16 41


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The German consumer party continues • The top three categories in German VC investment in 3Q15 were consumer lifestyle, consumer finance, and consumer social applications • Enterprise marketing and enterprise data companies emerged as important categories as wel • In total, the top 10 categories in Germany generated 32 investments, 22 of which were in consumer companies German venture financing by target market 3Q, 2015 (number of investments, top 10 verticals) Lifestyle Financial Social Marketing Data Fashion Consumer Durables Enterprise Real Estate SMB Food OEM Logistics Telecom Travel Education CRM Adtech Infrastructure Health 0 @gdibner blog: yankeesabralimey 1 2 Syndicate for European & Israeli Enterprise Companies 3 4 5 6 42


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As usual, Nordic VC was unconventional • While Nordic investment swung back towards consumer, the mix was interesting • Electronics were the most frequently funded vertical – mostly consumer but also one OEM play and one government-oriented investment • Productivity software took second place Nordic venture financing by target market 3Q, 2015 (number of investments, top 10 verticals) Electronics Productivity Employment Social Consumer Financial Enterprise Lifestyle SMB Gaming OEM Government Entertainment Marketing ERP Infrastructure 0 @gdibner blog: yankeesabralimey 1 2 Syndicate for European & Israeli Enterprise Companies 3 4 5 6 43


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Services & commerce dominated 3Q15 • As software eats the world, services will become an increasingly important business model for venturebacked startups European & Israeli venture financing by target market 3Q, 2015 (in US $M) (excluding mega-rounds) Services, 748, 29% • This was certainly the case in 3Q15, with services taking 29% of the venture dollars invested in Europe & Israel • Commerce continues to be important, with 20% • SaaS and software were neckand-neck at 17% and 15% • Marketplaces – business that serve a price discovery function – declined to just 7% @gdibner blog: yankeesabralimey Commerce, 516, 20% Components, 68, 3% Systems, 96, 4% SaaS, 439, 17% Media, 123, 5% Marketplace, 170, 7% Software, 394, 15% Syndicate for European & Israeli Enterprise Companies 44


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In 3Q, services recovered their lead • Services jumped to first place with $748M invested European & Israeli venture financing by business model (top five, in US $M, excluding mega-rounds) • Commerce leaped over SaaS to take second place with $516M invested 800 • Marketplaces seem to be slowly declining 600 700 Services 500 SaaS Software 400 Commerce 300 Marketplace 200 100 0 Qtr3 Qtr4 Qtr1 2014 @gdibner blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies Qtr2 Qtr3 2015 45


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US VCs focused on SaaS & services • US VC interest was skewed heavily towards SaaS, Software & Services models • Markets, commerce, and media investments also attracted US VC interest, but at much lower levels VC Investments in Europe & Israel 3Q, 2015 (number of investments) 80 70 60 50 40 64 63 30 29 20 10 0 33 18 12 11 9 SaaS Software Services 12 4 3 3 Marketplace Commerce Media No US VC involved @gdibner blog: yankeesabralimey 18 Syndicate for European & Israeli Enterprise Companies Components Systems US VC involved 46


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Enterprise marketing & consumer social media • Enterprise marketing SaaS was again the most popular segment for VC investment in 3Q15 with 20 investments across the region • Consumer social media again took the second slot, with 12 investments • Consumer financial services were tied for second place, with 12 investments • SMB financial services were a close third, with 11 investments Investment in Europe & Israel by segment by country 3Q15 (segments with 5 or more investments) Enterprise Marketing SaaS Consumer Social Media Consumer Financial Services SMB Financial Services Consumer Fashion Commerce Consumer Lifestyle Commerce UK & Ireland DACH Nordic Benelux East. Eur. Enterprise Security Software Enterprise Development SaaS Enterprise Data Software Israel France Iberia South. Eur. SMB Marketing SaaS 0 5 10 15 20 25 Number of VC investments @gdibner blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies 47


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What business models attract US VC investments? • Enterprise SaaS & Software attracted by far more US VC interest than any other space Enterprise US VC Investments in Europe and Israel by end market, business model, & country, 3Q 2015 (excludes seed & mega-rounds) SaaS Software Services Israel Marketplace Consumer • Across Europe & Israel, US VC firms invested in 18 enterprise companies, 14 consumer companies, 2 SMB companies, and 1 OEMoriented companies UK & Ireland Commerce Nordic Services DACH Media South. Eur. East. Eur. OEM SMB Software Benelux Services France SaaS Systems 0 @gdibner blog: yankeesabralimey 2 4 Syndicate for European & Israeli Enterprise Companies 6 8 10 12 48


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SMB fintech is a UK-dominated segment • Over the past 15 months, 26 SMB fintech companies raised VC financing SMB Fintech VC investment in Europe and Israel Number of investments 14 • 14 of these companies were based in the UK • France and Israel saw 3 companies each in the space Numnber of investments • 12 of these investments took place in 3Q15, up from 5 in 2Q15 12 10 8 6 4 2 0 Qtr3 Qtr4 Qtr1 Qtr2 2014 Germany @gdibner blog: yankeesabralimey Qtr3 2015 Belgium Finland Syndicate for European & Israeli Enterprise Companies Estonia Spain France Israel UK 49


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Consumer electronics systems – farewell? • Over the past 15 months, 23 consumer electronics systems companies (consumer IoT devices) raised venture finance in Europe & Israel 10 Numnber of investments • Only 6 raised in the past six months, down from a record breaking 11 in 1Q15 alone 12 Consumer electronics systems - VC investment in Europe and Israel Number of investments 8 6 4 2 0 Qtr3 Qtr4 Qtr1 2014 Germany Israel UK @gdibner blog: yankeesabralimey Qtr2 Qtr3 2015 Norway Netherlands France Syndicate for European & Israeli Enterprise Companies Poland Finland Sweden Belgium Denmark Latvia Spain 50


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Security, strong as ever • 3Q15 saw a record-setting number of security investments 14 12 Numnber of investments • Within the security space, Israel and UK are the biggest sources of companies, with Sweden and Spain close behind Consumer gaming - VC investment in Europe and Israel Number of investments 10 8 6 4 2 0 Qtr3 Qtr4 Qtr1 Qtr2 2014 Netherlands @gdibner blog: yankeesabralimey Qtr3 2015 Finland Germany Syndicate for European & Israeli Enterprise Companies Spain Sweden UK Israel 51


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Show me the SaaS • The most popular category by far for SaaS investments across the geography was marketing • Productivity SaaS applications came in second, with a focus on consumer and SMB offerings • SaaS-based development tools and CRM SaaS products are also important categories SaaS VC investment in Europe and Israel by vertical and target market, 3Q 2015 (top 10 verticals) Marketing Productivity Development CRM Collaboration Employment Data Security Infrastructure Financial 0 5 10 Consumer @gdibner blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies 15 Enterprise 20 25 30 SMB 52


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Services, diverse & dominated • This graph shows the top ten verticals within the services category • Not surprisingly, the category is dominated by financial services and payments – two services types that are relatively easy to deliver digitally • But the there is a huge diversity of the types of services being delivered by venture-backed startups, including educations, marketing, communications, and logistics Services VC investment in Europe and Israel by vertical and target market, 3Q 2015 (top 10 verticals) Financial Payments Infrastructure Marketing Employment Adtech Lifestyle Logistics Education Communications 0 5 10 Consumer @gdibner blog: yankeesabralimey Syndicate for European & Israeli Enterprise Companies 15 Enterprise 20 25 30 SMB 53


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Gil Dibner To invest in the best European & Israeli enterprise startups, consider backing me on here. Lots of exciting stuff in the pipeline – and you’ll be in pretty good company. Based in , I was previously a partner at European seed program for during which I worked as a VC with . Before that, I helped run the . I moved to London after seven years in and . I’m originally from . and and many more. . My VC investments include Angel investments include If you found this useful, I hope you’ll subscribe to my blog. 54


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Thank you Steinerne Brücke, Regensburg, Germany Oldest vaulted stone bridge in Germany (built 1135-1146) Prepared by Gil Dibner @gdibner blog: yankeesabralimey


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