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8/20/2019 Dow Jones VentureSource 2Q15 EMEA Venture Capital Report
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Venture Capital Report
Europe | 2Q | 2015
8/20/2019 Dow Jones VentureSource 2Q15 EMEA Venture Capital Report
2/17
Venture Capital Report The following report presents Dow Jones VentureSource’s quarterly findings forEuropean venture capital fundraising, investment, valuation, and liquidity. The included
charts and graphs offer a comprehensive view of the trends currently affecting theventure capital market.
Highlights for 2Q 2015 include:
European venture capital fundraising doubles from prior quarter;
Venture capital investment into European companies improves in consecutive quarters;
Initial public offerings (IPOs) experienced an increase from the prior quarter, while the number of
mergers and acquisitions (M&As) fell to its lowest level since 1Q 2013.
!
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Venture Capital Report
FUNDRAISING
#
2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15
Amount Raised ( !B) ! 1.19 ! 0.76 ! 1.37 ! 0.76 ! 1.03 ! 0.51 ! 1.88 ! 0.63 ! 1.25 ! 0.71 ! 1.26 ! 0.93 ! 2.04
Number of Funds 22 15 30 15 17 10 39 23 23 19 27 17 25
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! 2.50European VC Fundraising (2012 – 2015)Based on multiple closings
European Venture Capital Fundraising Improves in 2Q 2015
25 European venture capital funds accumulated over !2 billion during 2Q 2015, more than double the eurosraised in 1Q 2015 with a 47% increase in the number of fund closings.
Compared with the year ago period, euros raised improved by 63% in two more fund closings.
The largest fund of the quarter was Index Ventures Growth Fund III, which raised !650 million, accounting for32% of the total amount raised for 2Q 2015.
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FUNDRAISING
$
Largest European VC Funds Raised in 2Q 2015
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Venture Capital Report
FINANCING
5
Equity Financings into Europe –based, VC-backed Companies
(2012 – 2015)
Investment into European Venture-backed Companies Improves Once More in 2Q 2015
European companies raised just over !3 billion for 357 deals during 2Q 2015, an increase of 12% in theamount raised from 1Q 2015 despite a 5% slide in the number of deals completed.
In contrast with the year ago period, investment improved by 31% despite a 15% reduction in the number ofcompleted deals.
Consumer Services was the strongest sector of the quarter in terms of attracting investment followed byBusiness and Financial Services. The sectors garnered 45% and 24% of all euros invested during 2Q 2015respectively.
2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15
Amount Raised ( !B) ! 1.55 ! 1.15 ! 1.25 ! 1.24 ! 1.53 ! 1.76 ! 1.82 ! 1.62 ! 2.34 ! 2.33 ! 2.00 ! 2.72 ! 3.05
Number of Deals 378 326 387 378 421 386 474 397 418 351 370 377 357
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FINANCING
4
Equity Financings into Europe-based, VC-backed Companies, by Round Class(2012 – 2015)
Number of Deals
2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15
Seed 38 53 63 37 37 49 71 32 28 22 25 16 21
First 191 156 192 198 206 201 212 212 211 180 185 194 162
Second 60 54 58 66 89 63 81 67 87 63 72 78 68
Later 58 46 45 54 64 51 83 59 74 64 60 75 92
Restart 0 0 0 0 0 0 0 0 0 0 0 0 0
0
40
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FINANCING
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2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15
Seed ! 23 ! 16 ! 25 ! 21 ! 16 ! 19 ! 30 ! 16 ! 18 ! 14 ! 18 ! 13 ! 12
First ! 532 ! 291 ! 446 ! 409 ! 421 ! 531 ! 353 ! 492 ! 601 ! 455 ! 432 ! 615 ! 466
Second ! 257 ! 288 ! 294 ! 254 ! 476 ! 695 ! 395 ! 319 ! 475 ! 212 ! 773 ! 433 ! 571
Later ! 687 ! 532 ! 457 ! 544 ! 600 ! 464 ! 985 ! 671 ! 1,067 ! 933 ! 743 ! 1,653 ! 1,844
Restart ! 0 ! 0 ! 0 ! 0 ! 0 ! 0 ! 0 ! 0 ! 0 ! 0 ! 0 ! 0 ! 0
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Equity Financings into Europe-based, VC-backed Companies, by Round Class(2012 – 2015)
Amount Raised ( !M)
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FINANCING
I
Equity Financings into Europe-based, VC-backed Companies, Median Equity Deal Size ( !M)(2012 – 2015)
2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15
Median Equity Deal Size ( !M) ! 1.80 ! 1.20 ! 1.22 ! 1.50 ! 1.52 ! 1.00 ! 1.40 ! 1.54 ! 2.00 ! 1.80 ! 2.30 ! 1.93 ! 2.50
! 0.00
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FINANCING
J
28%
2%
26%2%
15%
4%
23%
Business and Financial Services
Consumer Goods
Consumer Services
Energy & Utilities
Healthcare
Industrial Goods & Materials
Information Technology
2Q'15 Industry BreakdownBy Number of Deals
Equity Financings into Europe-based, VC-backed Companies, by Industry Group(2Q 2015)
Consumer Services received the largest allocation of investment during 2Q 2015 (45%), accumulating !1.4billion through 91 deals. Deal flow fell by 22% from the prior quarter, while sector investment dipped by 1%.
Business and Financial Services placed second in terms of equity financing, taking a 24% share of all 2Q 2015investment. The sector raised !716 million across 99 deals, an improvement of 53% in capital raised and 16%in deals completed from the previous quarter.
Healthcare placed in third, with companies in the sector gathering 15% of the total amount invested for thequarter. The sector received !458 million across 52 deals; a rise of 48% in capital invested from 1Q 2015despite a 10% decline in deal flow.
24%
45%
1%
15%
1%
14% Business and Financial Services
Consumer Goods (0.2%)
Consumer Services
Energy & Utilities
Healthcare
Industrial Goods & Materials
Information Technology
2Q’15 Industry BreakdownBy Amount Raised
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FINANCING
Q6
2-A &'$( 7-8'9-* B*+)4.#?C#-)@
B*+)4.#?=(
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Venture Capital Report
FINANCING
12
10
8 8
7
0
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Bpifrance Investment SEED CapitalManagement I/S
Rocket Internet AG High-TechGruenderfonds
Management GmbH
Mercia FundManagement
Most Active Investors for Europe-based, VC-backed Companies by Deals Completed(2Q 2015)
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FINANCING
Q!
Amount Raised in 2Q 2015 by Country(Top 4)
21%
19%
17%
15%
28%United Kingdom
Sweden
Germany
France
Rest of Europe
25%
23%
13%
6%
33% United Kingdom
FranceGermany
Italy
Rest of Europe
Number of Deals in 2Q 2015 by Country(Top 4)
Equity Financings into Europe-based, VC-backed Companies, byCountry (2Q 2015)
The United Kingdom was the most favoured destination for equity financing during 2Q2015, receiving !645 million across 89 deals. The country took 21% of all equityfinancing for the quarter, despite a 28% fall in investment from 1Q 2015.
Sweden placed second, attracting a 19% share of European financing. Investmentreached a total !596 million, bolstered in large part by Spotify Technology’s mostrecent round of financing in April.
Germany occupies third position raising !508 million, 17% of the total for the quarter.France placed fourth with a 15% share, raising !449 million during 2Q 2015.
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LIQUIDITY
Q#
Exit Opportunities for EuropeanVC – backed Companies
(2012 – 2015)
Europe 2Q 2015 Venture Exit Activity
37 venture-backed M&As took place in Europe during 2Q 2015, a drop of 27% from 1Q 2015 and 12% from 2Q2014.
The largest M&A for 2Q 2015 was Yemek Sepeti Elektronik Iletisim Tanitim, a provider of online food ordering
services in Turkey, which was acquired by Delivery Hero Holding AG for !526 million.
15 venture-backed IPOs took place during 2Q 2015, a 25% rise from the prior quarter but a 29% decline inlistings for VC-backed companies from the year ago period.
0 10 20 30 40 50 60 70
2Q'12
3Q'12
4Q'121Q'13
2Q'13
3Q'13
4Q'13
1Q'14
2Q'14
3Q'14
4Q'14
1Q'15
2Q'15
2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15
IPOs 3 2 5 1 5 3 9 8 21 16 10 12 15
M&As 43 31 46 36 39 42 42 55 42 47 47 51 37
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LIQUIDITY
Q$
Top 3 M&As in Europe (2Q 2015)
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LIQUIDITY
Q5
European VC-backed IPO Activity(2012 - 2015)
European VC-backed IPOs (2012-2015)
15 venture-backed IPOs took place during 2Q 2015, an increase of three from the prior quarter but six fewerthan in the year ago period.
IPOs raised !533 million during 2Q 2015, an uptick of 28% from the $417 million raised in 1Q 2015. VC-backed
companies raised an almost identical amount through IPOs compared with the year ago period ( !530 million).
The largest European VC-backed IPO of 2Q 2015 was the windeln.de GmbH listing in May. The companyraised !183 million for its offering on the Deutsche Boerse.
2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15
Raised ( !M) through IPO ! 26.76 ! 52.08 ! 142.99 ! 19.22 ! 89.24 ! 25.51 ! 366.10 ! 448.63 ! 529.53 ! 447.47 ! 2,250 ! 417.40 ! 533.10
Number of IPOs 3 2 5 1 5 3 9 8 21 16 10 12 15
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LIQUIDITY
Q4
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ABOUT US
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