INVESTMENT UPDATE| AUTUMN 2017| WWW.BERINGEA.CO.UK

VENTURE & GROWTH

DEEPCRAWLNEW INVESTMENT

SMARTASSISTANT NEW INVESTMENT

APM HEALTHCAREINVESTMENT EXIT

THIRD BRIDGE INVESTMENT EXIT

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VENTURE & GROWTH

CHARGEMASTER LAUNCHES POWERCHARGEWe’re delighted to announce that portfolio companies dianomi, a native content marketing platform focusing exclusively on business and financial services, and Blis, the global pioneer in advanced location data technology, have both been featured in The Sunday Times Hiscox Tech Track 100. The prestigious league table ranks Britain’s top 100 private technology companies with the fastest-growing saales over their latest three financial years.

“It’s an honour to be named as one of Britain’s leading private tech companies,” commented Greg Isbister, Founder and CEO of Blis. “Blis has demonstrated an exceptional year-on-year top line revenue growth of over 90 percent, highlighting our position at the forefront of the industry.”

PORTFOLIO NEWS

TECH TRACK 100

Honeycomb has launched new broadcast services designed to dramatically improve broadcasters’ workflows, reduce overheads, and improve data collation: improving ad management today, and enabling a smooth and cost-effective transition to the programmatic advertising of the future.

Since summer 2015, Honeycomb has worked closely with Sky and Sky Media to syndicate their content. The company has also collaborated with other broadcasters - including content syndication and distribution for companies like ITV, Discovery, Ericsson, Viacom, Arqiva, SKY, NBCUniversal, and Channel 4.

“We have found the Honeycomb system easy to use, fast, reliable and robust, and built with the users in mind. It delivers our needs of today and is ready to meet our needs of tomorrow.”

Chris Aldous, Commercial Operations Controller, Sky.

Chargemaster has launched Powercharge, a new cost-effective and compact electric vehicle charging point, designed specifically for workplace charging. The new Powercharge unit can provide businesses with a simple solution for open access workplace charging, without the need for keys or RFID cards.

According to Chargemaster, the UK’s largest provider of electric vehicle

charging infrastructure, British roads will be home to more than one million electric cars by 2022.

Allowing for a modest increase in adoption, Chargemaster’s projection is based on a growth in electric vehicles to just over 7 per cent of new car registrations.

Portfolio company, My 1st Years - a children’s product personalisation site - has appointed ex-Moonpig Managing Director Iain Martin as Chairman, to help with the next phase of its growth strategy. Martin, who headed up Moonpig for nearly 10 years, will bring expertise to help My 1st Years scale its business in the UK as well as the U.S.

Martin has been appointed to the role of Chairman at My 1st Years by founding team Daniel Price and Jonny Sitton. Since starting My 1st Years in 2010, the duo have created an impressive range of personalised products for babies and children, winning celebrity fans including HRH Prince George (who wore his very own personalised bathrobe and slippers when he met Barack Obama).

MY 1ST YEARS

HONEYCOMB ANNOUNCES NEW BROADCAST SERVICES

We hope that 2017 has been a good year for you. It has certainly been an exciting one for us.

Beringea has made a number of profitable investment realisations in 2017. This summer’s exit from primary research company Third Bridge was particularly successful - resulting in the largest sale proceeds to date for investments made through our VCTs. We have also made successful realisations from APM Healthcare and MatsSoft.

We have made some great new investments, including £1.5million into DeepCrawl, a search marketing analytics and insights company, and led a €5million Series A funding round into SMARTASSISTANT. SMARTASSISTANT’s technology allows its clients to offer real time, interactive digital advice to their customers.

I hope you find the issue informative. If you would like any more information don’t hesitate to get in touch (contact details in panel below)

Stuart Veale

Managing Partner

WELCOME TO VENTURE & GROWTH

For more information please call us on: 020 7845 7820, or email info@beringea.co.uk or visit www.beringea.co.uk

This newsletter has been approved by Beringea LLP (“Beringea”). The information and opinions contained herein were prepared by Beringea. The information herein is believed by Beringea to be reliable and has been obtained, where possible, from public sources believed to be reliable. However, Beringea makes no representation as to the accuracy or completeness of such information. Copyright© November 2017 Beringea LLP. Beringea LLP is authorised and regulated by the Financial Conduct Authority (FRN496358). Beringea LLP’s registered office is 39 Earlham Street, London, WC2H 9LT

CONTENTS(Click to jump to article)

Selected news highlights from a few of our portfolio companies.

PORTFOLIO NEWS

New investment into a leading web crawler and analytics company.

DEEPCRAWL

Beringea sell investment in low-code specialists.

MATSSOFT

Pharmacy company realises a 3x return in sale to Day Lewis Pharmacy

APM HEALTHCARE

European start-up set to revolutionise purchasing decisions in the digital era.

SMARTASSISTANT

Beringea realised its investment in portfolio company Third Bridge after a four-and-a-half year holding period.

THIRD BRIDGE

<< >>

VENTURE & GROWTH

This summer Beringea invested £1.5m in DeepCrawl, a leading web crawler and search marketing analytics and insights company. A further £250k has also been provided by existing investors.

DeepCrawl provides ‘website crawler’ services to its clients. The company uses a range of automated programmes to analyse the architecture of its clients’ websites, providing detailed website analytics, whilst monitoring technical issues and reviewing the sites’ SEO performance.

These insights provide a comprehensive overview of the technical health of its client’s websites. This in turn provides in-house and agency search marketing teams with the information they need to make their website content more visible to users and help them turn web traffic into revenue.

DeepCrawl is a London-based company, founded in 2013 by Michal Magdziarz, Matt Jones, and Chris Evans. After struggling to find a tool that could give them the insights they needed, while working on the redevelopment of a property website with millions of pages, they decided to build one themselves. DeepCrawl now has a global team of 35, and grew revenues by 55 per cent year-on-year in 2016.

DeepCrawl currently counts six major global advertising and media agency groups , WPP, Omnicom, Publicis, Havas, IPG, and Dentsu Aegis as clients, and provides its services to more than half of the Fortune 500. Global brands using DeepCrawl include Microsoft, IBM, eBay, Salesforce, P&G, Home Depot, Sears and Walmart.

Optimising websites for search is vital for brands offering goods and services online. 81 per cent of shoppers perform an online search before they make a purchase, and 40 per cent of all global ecommerce traffic is driven by search.

DeepCrawl’s tools enable brands to audit their websites for any faults that may reduce search visibility and provide the actionable insights

required to correct those faults. They also provide ongoing performance monitoring, testing, and traffic optimisation capabilities.

Brands using DeepCrawl have seen an average increase in site visibility of 62 per cent within 12 months.

Beringea’s investment will support the company as it aims to continue the rapid growth of its development team and global customer base.

Jon Myers, Chief Growth Officer at DeepCrawl, said: “We’ve matured considerably as a company over the past 12 months. We completely overhauled the platform, rebuilding it from the ground up without reusing a single line of code from version 1.0. That’s set us up to provide our customers with even more innovative features – including a major release this month – which is a vital foundation for our own continued growth. Beringea’s investment provides the support we need to achieve that.”

Myers sees significant challenges on the horizon for brands as a result of Google’s move to mobile-first search indexing: “Google has been testing its mobile-first index since November 2016, and full

rollout could happen at any time. But with less than half of the most prominent websites having adopted responsive design or dynamic serving so far, there could be several brands that see their sites’ rankings – and, therefore, revenues – take a hit when the switch is flicked. Mobile is the new battleground for e-commerce and search marketing, and DeepCrawl is innovating to support customers with leading setup and analysis tools in this critical area,” he said.

Stuart Veale, Managing Partner at Beringea, said: “DeepCrawl has built a market-leading position over the past four years, with some impressive technical innovation and a roster of high-profile global clients. As the ecommerce market continues to grow, and as mobile becomes the primary online platform, brands will have to pay even more attention to optimising their sites for search performance to unlock additional revenues. DeepCrawl is well-placed to help them through this process. We’re pleased to support the team in its continued growth and success.”

For more information, visit DeepCrawl’s website:

www.deepcrawl.com

BERINGEA INVEST IN DEEPCRAWL

<< >>

Beringea realised its investment in Third Bridge,

resulting in the largest sale proceeds to date for a

investment made through its ProVen VCTs.

Beringea realised its investment

in portfolio company Third Bridge

after a four-and-a-half year holding

period. The realisation was part of a

transaction in which IK Investment

Partners acquired a minority stake

in the fast-growing primary research

provider.

Third Bridge provides its clients with unique insights into companies and markets through access to industry experts and market research. It currently serves a client bas e of over 300 customers, including private equity funds, consulting firms, hedge funds and corporates.

Third Bridge has a global footprint, with six offices covering America, Asia and Europe. Since inception in 2007, the company has doubled its turnover every two years and now employs more than 550 people.

Beringea invested in Third Bridge in 2012, through its ProVen VCTs. Between 2012 and 2016 the company’s

revenues grew from £8.7 million to $67.4 million, an increase of c. 6x. Over the four-and-a-half-year life of Beringea’s investment, the number of employees has grown from c. 100 to over 550.

Stuart Veale, Managing Partner of Beringea commented: “The calibre of the management team at Third Bridge is exceptional and, from the start of our relationship, inspired us with confidence that the company would be successful. The experience across the founding team, and those that have been appointed to senior roles over the years, has driven strong and consistent growth for Third Bridge. I’ve enjoyed my time working with the company and supporting this growth as a director immensely. This deal is an exciting step for the founders and I look forward to seeing Third Bridge continue its success in the future.”

Emmanuel Tahar, CEO and co-founder of Third Bridge, said: “We are grateful for Beringea’s support over the last four-and-a-half years as we continued to expand Third Bridge’s global footprint and develop our primary research offering. The new investment from IK will enable us to maintain this strong performance, and bring us closer to our vision of being the first port of call for investors seeking the best intelligence.”

100 EMPLOYEES

200 EMPLOYEES

500 EMPLOYEES

2012 2013 2014 2015 2016 2017

HONG KONG OFFICE OPENS

LAUNCH OF INTELLIGENCE

PRODUCT

DELHI OFFICE MOVES TO

MUMBAI

COGNOLINK REBRANDS AS THIRD BRIDGE

INTERNATIONAL TRACK AWARD

FAST TRACK AWARD

BERINGEA EXIT

SOME OF THIRD BRIDGE’S GROWTH MILESTONES SINCE THE PROVEN VCTs INVESTED IN 2012

THIRDBRIDGE

VENTURE & GROWTH << >>

VENTURE & GROWTH

This summer the ProVen VCTs invested £1.5m in DeepCrawl, a leading web crawler and search marketing analytics and insights company. A further £250k has also been provided by existing investors.

DeepCrawl provides ‘website crawler’ services to its clients. The company uses a range of automated programmes to analyse the architecture of its clients’ websites, providing detailed website analytics, whilst monitoring technical issues and reviewing the sites’ SEO performance.

These insights provide a comprehensive overview of the technical health of its client’s websites. This in turn provides in-house and agency search marketing teams with the information they need to make their website content more visible to users and help them turn web traffic into revenue.

DeepCrawl is a London-based company, founded in 2013 by Michal Magdziarz, Matt Jones, and Chris Evans. After struggling to find a tool that

could give them the insights they needed, while working on the redevelopment of a property website with millions of pages, they decided to build one themselves. DeepCrawl now has a global team of 35, and grew revenues by 55 per cent year-on-year in 2016.

DeepCrawl currently counts six major global advertising and media agency groups , WPP, Omnicom, Publicis, Havas, IPG, and Dentsu Aegis as clients, and provides its services to more than half of the Fortune 500. Global brands using DeepCrawl include Microsoft, IBM, eBay, Salesforce, P&G, Home Depot, Sears and Walmart.

Optimising websites for search is vital for brands offering goods and services online. 81 per cent of shoppers perform an online search before they make a purchase, and 40 per cent of all global ecommerce traffic is driven by search.

DeepCrawl’s tools enable brands to audit their websites for any faults that may reduce search visibility and provide the actionable insights required to correct those faults. They also provide ongoing performance monitoring, testing, and traffic optimisation capabilities.

Brands using DeepCrawl have seen an average increase in site visibility of 62 per cent within 12 months.

The ProVen VCTs’ investment will support the company as it aims to continue the rapid growth of its development team and global customer base.

Jon Myers, Chief Growth Officer at DeepCrawl, said: “We’ve matured considerably as a company over the past 12 months. We completely overhauled the platform, rebuilding it from the ground up without reusing a single line of code from version 1.0. That’s set us up to provide our customers with even more innovative features – including a major release this month – which is a vital foundation for our own continued growth. Beringea’s investment provides the support we need to achieve that.”

Myers sees significant challenges on the horizon for brands as a result of Google’s move to mobile-first search indexing: “Google has been testing its mobile-first index since November 2016, and full rollout could happen at any time. But with less than half of the most prominent websites having adopted responsive design or dynamic serving so far, there could be several brands that see their sites’ rankings – and, therefore, revenues – take a hit when the switch is flicked. Mobile is the new battleground for e-commerce and search marketing, and DeepCrawl is innovating to support customers with leading setup and

analysis tools in this critical area,” he said.

Stuart Veale, Managing Partner at Beringea, said: “DeepCrawl has built a market-leading position over the past four years, with some impressive technical innovation and a roster of high-profile global clients. As the ecommerce market continues to grow, and as mobile becomes the primary online platform, brands will have to pay even more attention to optimising their sites for search performance to unlock additional revenues. DeepCrawl is well-placed to help them through this process. We’re pleased to support the team in its continued growth and success.”

For more information, visit DeepCrawl’s website:

www.deepcrawl.com

SMARTASSISTANT Beringea has invested in SMARTASSISTANT, a European start-up set to revolutionise purchasing decisions in the digital era by

providing real-time, interactive advice across all channels.

‘Smart’ and artificially intelligent devices and services are increasingly becoming part of our everyday reality. Digitally advised or guided shopping, virtual assistants, and digital curated media experiences are designed to guide users through the myriad of choices offered by online retailers and services – helping them find what they are looking for more efficiently.

Many services, that once seemed to belong only within the realms of science fiction, are rapidly becoming helpful tools in our everyday lives.

Many theorise that this technology is proving so successful because it taps into a human desire to interact – to communicate – as well as tailoring our online experiences to make them efficient and pleasant.

SMARTASSISTANT’s cloud-based technology allows retailers and service providers to create personalised Digital Advisors, which can be integrated within a website, an app or feature on devices at physical points of sale, to support users in the decision-making process.

The Digital Advisors engage users in a personal dialogue, making appropriate recommendations based on the user’s preferences.

Whether buying a laptop, a kayak or a mobile data plan, SMARTASSISTANT Digital Advisors recommend products, services, and content based on their needs. This can reduce feelings of choice overload, confusion, and indecision which may occur when browsing the vast amount of options offered by many online marketplaces.

The technology incorporates insights from crowdsourced data, automation features, and machine learning capabilities to optimise the process and improve accuracy. The innovative Software as a Service (SaaS) solution operates in virtually any language and has proven a success in hundreds of product areas. It is used by retailers, brands and service providers of all sizes, among them Microsoft, Canon, and T-Mobile.

The latest product developments include the implementation of interfaces to make SMARTASSISTANT’s advice capabilities available via rising technologies such as chatbots and voice-enabled assistants.

This summer Beringea led a €5million Series A funding round into SMARTASSISTANT. The investment will be

used to continue the company’s global expansion and further growth of the U.S.-based team.

Founded in 2006 by Markus Linder, Svetlana Hollerer and Martin Schliefnig, with the mission to revolutionise and simplify decision-making, SMARTASSISTANT received early backing from a group of angel investors including Ariel Luedi, the former CEO of Hybris, an e-commerce software technology company acquired by SAP in 2013 - who is now Chairman of the company.

“As consumers and buyers, we appreciate the accessibility of information that digitisation has provided. But it has also brought with it an overwhelming amount of choice, which is already transforming how people make decisions,” said Markus Linder, CEO, and Co-Founder at SMARTASSISTANT.

“Our technology simplifies decision-making and makes sure consumers and buyers get the best product or solution according to their specific needs. This personalised and needs-based approach ultimately helps our clients to become the go-to destination for expert advice within their domain of expertise.”

“The success we’ve had to date is a strong testament to the market’s growing need for intelligent Digital Advice solutions, and the last quarter was another record period, which resulted in a doubling of year over year annual recurring revenues. With further international expansion one of our key goals, Beringea is the perfect partner to help us on the next part of our journey. The team has significant experience in working with businesses like ours and combined with its presence in the U.S., Beringea is perfectly placed to help us further increase our footprint in our largest market.”

SMARTASSISTANT is now actively expanding its U.S.-based sales team in New York. It will continue to strengthen its ‘freemium’ offering, zuvoo.com, and its global solution partner network.

Eyal Malinger, Investment Director at Beringea, said: “SMARTASSISTANT’s universal appeal to companies across a broad set of industries, its proven track record in expanding internationally, and its already impressive client portfolio, are all clear indicators that C-suites are recognising the strong need to be more than just product or service providers in competitive and consolidation-prone markets.

“Becoming a customer’s trusted advisor is one of the few remaining key areas to compete and differentiate, as total digitisation is only a matter of time. We’re delighted to be supporting SMARTASSISTANT in the next phase of its promising journey, and to be working alongside a group of fantastic angel investors.”

For more information visit SMARTASSISTANT’S website: www.smartassistant.com

<< >>

APM HEALTHCARE EXIT ACHIEVES 3X RETURN

Beringea has realised its investment in APM Healthcare, following Day Lewis Pharmacy’s acquisition of the business and resulting in a 3x return.

The sale saw Day Lewis Pharmacy, a national pharmacy chain, take over APM Healthcare’s 18 UK pharmacies, which run in Joint Venture Partnerships with GP practices across the country.

Trading under the name Community Pharmacies, APM Healthcare was founded in 2009. Beringea initially invested in the company in 2011, when APM was on the verge of expanding its network from just one pharmacy, having secured a number of deals with local doctors. The expertise of Andrew Murray – who previously founded and built Assura Pharmacy, part of the FTSE listed Assura Group – helped to extend the network to what it is today. Beringea made a number of follow on investments to support the growth, totalling £2m in equity and debt financing.

The investment realisation has generated a 3x return for Beringea, and will help Day Lewis to extend its network to over three hundred pharmacies across the UK.

“We’ve seen APM Healthcare grow into an incredibly successful business over the course of our six-year relationship,” said Steven Tuckley, Chief Financial Officer at Beringea. “Andrew’s experience has been invaluable

to the business, making for a strong and well-researched proposition, tight control on operational costs, and the ability to secure partnerships with the NHS. This, combined with having a clear exit strategy from the beginning, has made APM Healthcare an excellent investment for Beringea.

“As part of Day Lewis, APM can continue delivering a first class service to patients and we’re excited to see how they develop together going forward.”

Day Lewis is an independent, family-owned business that has been operating in the pharmaceutical sector for over forty years. The acquisition of APM will help the business reach more health centres and GP surgeries, working to improve pharmacy facilities for more NHS patients.

Andrew Murray, Managing Director of APM Healthcare, said: “This deal will give our pharmacies broader operational expertise, and the alignment in our cultures and business goals will also ensure our people get the support they need to continue offering exemplary service to patients. We’re incredibly grateful to Beringea for its support in our growth so far, which would have been simply unachievable without them, and we look forward to the journey ahead with Day Lewis.”

MatsSoft’s MATs provides all the components its clients need to

build, deploy and improve business applications without coding. It’s designed to be quick to learn and easy to use and give its clients the

freedom to create, deploy and improve digital applications faster

and cheaper than ‘hard code’

options.

WHAT IS MATS?

MATSSOFTBeringea has sold its investment in MatsSoft, a ‘low-code’ software company that enables brands like Vodafone, Nationwide, ITV and the Department for Education to build web and mobile applications with minimal coding.

The exit occurred as Netcall – a multichannel customer engagement solutions provider – acquired 100per cent of the equity in MatsSoft.

Founded in 2008, MatsSoft has built up an impressive roster of clients, and is named one of “The 14 Providers That Matter Most” in the Low-code Wave published by Forrester Research. According to Forrester, companies report that their Low-code platforms helped them accelerate development by five to 10 times.

MatsSoft’s low-code software development platform (MATs) enables rapid delivery of enterprise-grade business applications with a minimum of hard coding and upfront investment. This addresses the growing gap between the demands of organisations for business applications and the resources available to deliver these solutions.

Beringea has supported the growth of MatsSoft over the last six years, investing over £2m in 2011 and 2012. The acquisition, by Netcall, allows Beringea to realise its investment, delivering healthy returns for VCT shareholders. It will allow Netcall to extend its offering to clients in the public and private sectors, as well as access the rapidly growing low-code market, which Forrester predicts will grow to over $21billion in the next five years.

Commenting on the realisation, Rob Dagger, Investment Manager at Beringea, said:

“MatsSoft was one of the first providers in the now rapidly expanding low-code market. The impressive management team and flexibility of the MATs platform to support a wide range of business applications has allowed the company to secure big name clients across a range of industries. It’s been great to work alongside them and Beringea is delighted to have been able to support the growth of the company over the last six years.”

VENTURE & GROWTH << >>