Venture Capital in Europe & Israel; 4Q 2014

Venture Capital in Europe & Israel Venture Investment Data: Fourth Quarter, 2014

Prepared by Gil Dibner @gdibner blog: yankeesabralimey Cabo da Roca, Westernmost point in mainland Europe

http://www.twitter.com/gdibner

http://yankeesabralimey.tumblr.com/

The data

• Back in June, 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 excluded from this analysis

• The analysis is limited to ICT categories and excludes life sciences • The analysis excludes Turkey and FSU countries

@gdibner blog: yankeesabralimey

2



Monthly pace of venture investment • During the seven months

ended December, 2014, there were 371 reported venture investments across Europe & Israel

• A total of $4.138B was invested in Europe & Israel during this period, an average of $591M per month

• Average pace seems to be just over 50 investments per month

• There was a summer slowdown in August in the number of transactions, but a significant rebound in 4Q

@gdibner blog: yankeesabralimey 3

519 491565

644 626567

727

4542

30

50

79

73

52

0

100

200

300

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500

600

700

800

900

1,000

0

10

20

30

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Jun Jul Aug Sep Oct Nov Dec

Amou

nt in

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S $M

)

Num

ber o

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VC Investments in Europe & Israel, June-December 2014

Invested amount (US $M) Number of investments




Quarterly pace of venture investment • The fourth quarter saw

more VC activity in Europe and Israel than the third quarter

• The number of VC rounds rose from 122 to 204

• The amount of VC investment rose from $1.7B to $1.9 billion


1,7001,919

122

204

0

500

1,000

1,500

2,000

2,500

0

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100

150

200

250

Qtr3 Qtr4

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Num

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VC Investments in Europe & Israel, 2nd half of 2014

Invested amount (US $M) Number of investments



Four mega-rounds skew the investment totals • This analysis breaks down VC

investments into brackets by size:

• Seed (less than $2M) • Early venture ($2-8M) • Venture ($8-20M) • Growth ($20-100M) • Mega ($100M+)

• Four mega-rounds took place in Europe in the past four months:

• French ride-sharing marketplace BlaBlaCar raised $100M

• Spanish voting software company Scytl raised $104M

• German food delivery company DeliveryHero raised $350M

• Dutch payments processor Adyen raised $250M

• Adjusting for mega-rounds, September was the lowest volume month in 3Q and December was the lowest volume month in 4Q


70 97 57 92121 121 103

108117

60

168 109 76 108

332171 342 26

366343

249

0

100

200

300

400

500

600

700

800


Qtr2 Qtr3 Qtr4

Amou

nt In

vest

ed (U

S $M

)

Pace of VC Investment in Europe and Israel, Jun-Dec 2014

Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (.5-2)




Number of investments, by bracket • On this slide, Europe’s

summer & Christmas holiday effect comes into sharpest relief

• Angel and venture investments, which take the least time to close, were at their lowest in August & December

• Deal volume peaked in October, with 79 investments

• Fourth quarter activity consistently surpassed third quarter activity


9 6 3 7

28 2615

17 2114

25

3129

2210 9

5

16

106

99 5

7

1

10

12

5

0

10

20

30

40

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70

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90


Num

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f VC

inve

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Number of investments in Europe and Israel by bracket, Jun-Dec 2014

Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (<2)




Average round size, by bracket • Within each bracket, round

sizes have remained relatively stable


4.1 4.6 4.1 3.7 3.9 4.2 4.7

10.813.0 11.9 10.5 10.9

12.7 12.0

36.934.2

48.9

26.0

36.6

28.5

49.9

0

10

20

30

40

50

60


Amou

nt In

vest

ed (U

S $M

)

Average investment size in Europe and Israel by bracket, Jun-Dec 2014

Seed (<2) Early Venture (2-8)Venture (8-20) Growth (20-100)




Total venture investment by country, 2H 2014

• Israel led Europe with the total amount of venture dollars invested in the second half of 2014

US $M @gdibner blog: yankeesabralimey 8

882.6816.2

631.5306.4

294.8217.4

198.782.0

57.035.030.0

20.312.010.46.66.46.01.81.71.30.60.5

IsraelGermany

UKNetherlands

FranceSpain

SwedenFinland

HungaryNorwayIreland

DenmarkPoland

BelgiumSwitzerland

PortugalIcelandEstoniaGreeceAustria

LatviaItaly

0 100 200 300 400 500 600 700 800 900 1,000

Total VC investment volume by country, 2H 2014 (US $M)



Total venture investment by country, 3Q & 4Q 2014

• Investment volume in Israel nearly doubled in 4Q catapulting Israel to first place

• Investment volume in Germany increased by almost 50%, vaulting Germany over the UK to second place

• France & Sweden also saw meaningful increases

• Prezi’s $57M growth round put Hungary on the map in sixth place


Israel, 315.2

Israel, 567.5

UK, 368.2

UK, 263.4

Germany, 180.2

Germany, 286.0

Sweden, 74.4 Sweden, 124.3

France, 29.1

France, 165.7

Spain, 61.7

Spain, 51.7Finland, 35.7Finland, 46.3

Hungary, 57.0

Netherlands, 31.6

Netherlands, 24.8Norway, 35.0Ireland, 30.0

Qtr3 Qtr40

100

200

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500

600

Tota

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US

$M)

Total VC investment, 3Q & 4Q (excluding mega-rounds)



Average venture round sizes, by country • Looking across all VC deals

in the second half of 2014, it’s possible to draw some conclusions about the funding environments in various countries

• Across all stages, French companies seem to raise rounds of the smallest size in each bracket

• In the UK & Ireland venture rounds tend to be smaller, but growth rounds are, on average, the largest in Europe


Benelux, 4.0

Benelux, 11.9

DACH, 4.1

DACH, 11.9

DACH, 37.3

France, 3.7

France, 9.2

France, 24.2

Iberia, 4.5

Iberia, 13.8

Iberia, 30.0

Israel, 4.4

Israel, 12.8

Israel, 38.9

Nordic, 4.4

Nordic, 11.2

Nordic, 33.1

UK & Ireland, 4.1

UK & Ireland, 10.2

UK & Ireland, 40.4

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

Early Venture (2-8) Venture (8-20) Growth (20-100)

Aver

age

roun

d siz

e (U

S $M

)

Average investment size in Europe and Israel by bracket, 2H 2014



Total venture investment by region, June-September 2014

• When VC investments across Europe are aggregated into regions, Israel, DACH, UK & Ireland, the Nordics, and France are the clear and consistent leaders

• Benelux, Iberia, Southern Europe, and Eastern Europe do produce meaningful VC investments (Adyen, Prezi, and many others), but the volumes are still low

• Taken as a group, the Nordics (which includes the Baltics) saw a significant increase in 4Q over 3Q


Israel, 315.2Israel, 567.5

DACH, 532.2DACH, 291.9

UK & Ireland, 398.2UK & Ireland, 263.4

Nordic, 123.4Nordic, 221.1

Benelux, 285.2France, 129.1

France, 165.7Iberia, 167.2

0

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Qtr3 Qtr4

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Total VC investment by region, Q3 & Q4 2014

Israel DACH UK & Ireland Nordic BeneluxFrance Iberia East. Eur. South. Eur.




Rounds by bracket & country • Israel led in the total

number of VC deals, including an impressive 10 growth rounds

• Excluding growth and mega-rounds, the UK & Ireland saw the highest number of seed, early venture and venture investments

• DACH slipped from fourth place in 3Q to fifth place in 4Q


914 12 12

6 8 62

16

23

12 11

10 55

9

2

2 4

4

2

104

4 3

5

0

5

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30

35

40

45

50

Israel UK &Ireland

Nordic France DACH Iberia Benelux East. Eur. South. Eur.

Num

ber o

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Number of investments in Europe and Israel by bracket, 4Q 2014

Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (<.5-2)




Investment by region, by bracket • In 4Q, Israel led in terms of

total VC dollars invested, even with mega-rounds included

• DACH was in second place

• When growth and mega-rounds are excluded, UK & Ireland would come in second

• Note the impact of Adyen on Benelux and the impact of Prezi on Eastern Europe


270 40

9951 42

23 20

121

45

20

25 3728

366

199 132132

72

57

250

0

100

200

300

400

500

600

Israel DACH UK &Ireland

Nordic France East. Eur. Iberia Benelux South. Eur.

Tota

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ount

inve

sted

(US

$M)

Investment in Europe and Israel by bracket by region, 4Q 2014(ranked excluding mega-rounds)

Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (<2)




Participation rate of US VC firms, by bracket • US VC firms are increasingly

active in the European and Israeli VC markets

• US VC firms participated in 17.4% of the rounds that took place in the fourth quarter

• US VCs participated in only 3% of seed rounds, and 20% of early venture and venture rounds

• US VCs get far more active in the later stages: almost half of growth rounds had US investors, as did Adyen’s mega-round


94% 97% 92%80% 80% 80%

54% 52%

33%

6% 3% 8%20% 20% 20%

46% 48%

67%

100%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Qtr3 Qtr4 Qtr3 Qtr4 Qtr3 Qtr4 Qtr3 Qtr4 Qtr3 Qtr4

Seed (.5-2) Early Venture (2-8) Venture (8-20) Growth (20-100) Mega (>100)

Tota

l am

ount

inve

sted

(US

$M)

Did US VC firms participate in European & Israeli VC rounds?

Yes No




Participation of US VC firms by country • In 4Q, US VCs firms were

active in 12 different European countries, up from 10 in 3Q

• US VC firms were most active in Israel, where they participated in 14 investment rounds


145 3 3 3 2 2

30

38

19

7 5

28

11 134

2 3 2 20

5

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15

20

25

30

35

40

45

50

Isra

el UK

Germ

any

Net

herla

nds

Swed

en

Fran

ce

Finl

and

Spai

n

Denm

ark

Port

ugal

Pola

nd

Hung

ary

Nor

way

Belg

ium

Switz

erla

nd

Gree

ce

Aust

ria

Latv

ia

Esto

nia

Num

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f VC

inve

stm

ents

In which countries are US VCs most active?4Q, 2014

No US VC involved US VC involved




Participation of US VC firms by country • Relative to the number of

VC rounds, the UK, Spain, and France remain surprisingly under-penetrated by US VC firms

• Hungary, Portugal, and Poland saw one VC investment each during 4Q, with US VC firms participating in each of them


38% 32% 30%20% 15% 14% 12% 7% 7%0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Hung

ary

Port

ugal

Pola

nd

Swed

en

Isra

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Net

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Denm

ark

Finl

and

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ound

s with

US

VC p

artic

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Which countries are the most penetrated by US VCs?

No Yes




As a reminder, I am using a 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?

Combined segment descriptor Consumer + Travel + Marketplace AirBnB has built a travel-related marketplace for consumers 17

What target markets are attracting the most VC investment in Europe & Israel? • All target markets saw an

increase in investment activity across Europe & Israel in 4Q compared to 3Q


474 599

493

79678

133

77

114

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$M)

European & Israeli venture financing by target market3Q & 4Q, 2014 (in US $M)

Government

Telecom

OEM

SMB

Enterprise

Consumer




What target markets are attracting the most VC investment in Europe & Israel? • In terms of dollars invested,

consumer-oriented companies accounted for just over a third of VC investment in the 4Q, down slightly from previous months

• In December, over 57% of VC dollars invested went to enterprise-oriented companies


45%28%

53%42% 34% 39% 34%

46%

45%

40%45%

47% 40% 57%

7%

18% 6% 17%9% 5% 6% 12% 8%

0%

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100%


Tota

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(US

$M)

European & Israeli venture financing by target market3Q & 4Q, 2014 (in US $M)

Government Telecom OEM SMB Enterprise Consumer




Breakdown by region & target market • Interesting (and as

suggested by last quarter’s report), the DACH region saw a shift in investment focus in 4Q from consumer to enterprise

• The Israeli VC landscape continued to be dominated by non-consumer companies

• Other European markets such as the UK, the Nordics, and France were heavily weighted towards consumer investments in 4Q


116 88136 129 89

17

393

171270

11054

30

17

18

27

57 18

56

23

3520

0

100

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300

400

500

600

Israel DACH Benelux UK &Ireland

Nordic France East. Eur. Iberia South.Eur.

Tota

l am

ount

inve

sted

(US

$M)

Investment in Europe and Israel by target market by country4Q, 2014 (US $M)

Government Telecom OEM SMB Enterprise Consumer




Distribution of investment rounds by country • Across Europe & Israel, 41%

of VC investment rounds were in consumer companies in 4Q, roughly the same as 3Q

• In the DACH region, consumer companies took a back seat in 4Q, in a marked difference from 3Q

• The Nordic region saw the most emphasis on consumer investments

• Israel was heavily weighted towards enterprise investments, even more so than in 3Q


60%

50%

50%

50%

44%

40%

38%

36%

23%

27%

37%

50%

40%

33%

62%

56%

66%

3%

50%

10%

16%

20%

4%

5%

7%

0%

4%

7%

3%

3%

7%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Nordic

East. Eur.

France

South. Eur.

UK & Ireland

Iberia

Benelux

DACH

Israel

Investment in Europe and Israel by target market by country4Q 2014 (Number of investments)

Consumer Enterprise SMB OEM Telecom Government




Is Europe’s “consumer exuberance” over? • The majority of rounds

across all stages were in non-consumer oriented companies, a contrast from the 3rd quarter

• Interestingly, this was true for seed investments as well, which seem to be roughly balanced with later stages in terms

• Over half of early venture rounds in Europe were in enterprise-oriented companies

• These findings are made more significant by the exclusion of Israel, which has long had an enterprise focus.


47%

55%

39%

40%

44%

36%

39%

36%

9%

6%

15%

14%

7%

8% 3%

3%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Seed (<2)

Early Venture (2-8)

Venture (8-20)

Growth (20-100)

Investment in Europe (excluding Israel) by target market by stage bracket 4Q 2014 (Number of investments)

Consumer Enterprise SMB




DACH moves toward the enterprise • DACH is clearly a region

with a record of strong consumer-oriented investment

• In 4Q this began to change

• It’s too early to tell if this will turn into a long-term trend, but I expect that Berlin will – like London – emerge as a key hub for a wide variety of startups


100% 100%94%

56%

13%

64%

34%

2%

35%

57%

36%

66%

9%

9%

5%

20%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Investment in DACH by target market by stage bracket4Q 2014 (Number of investments)

OEM SMB Enterprise Consumer




Investment rounds by vertical • Financial (“fintech”)

startups drove the highest number of VC rounds, followed by marketing, and infrastructure

• Deep diversity across Europe


Financial, 17

Marketing, 15

Infrastructure, 15 Lifestyle, 13

Adtech, 11

Data, 10

Health, 9

Productivity, 8

Education, 8

Employment, 8

Payments, 8

Travel, 7Logistics, 7

Communications, 7Gaming, 7Electronics, 7Development, 7

Fashion, 6

Media, 6

European & Israeli venture financing by target market4Q 2014 (number of investments)




Which verticals for which markets? • Financial companies saw

the most investment activity in 4Q, split between enterprise, SMB, and consumer companies

• In 4Q, SMB-focused companies were funded across many verticals, compared to only two verticals in 3Q

• Many verticals saw investment into both consumer- and enterprise-oriented businesses


IndustrialSCM

InformaticsSports

StorageAgtech

Real EstateFood

SocialDurables

ERPSecurity

EnergyFashion

MediaDevelopment

ElectronicsLogistics

CommunicationsGaming

TravelEmployment

PaymentsEducation

ProductivityHealth

DataAdtech

LifestyleInfrastructure

MarketingFinancial

0 2 4 6 8 10 12 14 16 18

European & Israeli venture financing by target market4Q, 2014 (number of investments)

ConsumerEnterpriseSMBOEMTelecomGovernment




Software & SaaS models led the pack in 4Q • In terms of dollars invested

during 4Q, software (26%) and SaaS (23%) were the leaders

• Services came in third, with 16% (this excludes Adyen, a services company)

• Marketplace business models took fourth place, with 10% of invested capital

• Physical products (systems, components, and semiconductors) accounted for only 14% of total investment combined


Software, 443, 26%

SaaS, 389, 23%

Services, 264, 16%

Marketplace, 169, 10%

Commerce, 149, 9%

Systems, 149, 9%

Components, 46, 3%

Semiconductors, 34, 2%

Media, 26, 2%

European & Israeli venture financing by target market4Q, 2014 (in US $M) (excluding mega-rounds)




More software, SaaS, & services in 4Q • As a percentage of VC

investment, software, SaaS, and services all increased in 4Q relative to 3Q

• Marketplaces and commerce models declined in terms of relative share, from 38% of VC investment to only 19% in 4Q


19% 27%

19%23%

11%

16%23%

10%15% 9%

9% 9%

0%10%20%30%40%50%60%70%80%90%

100%

Qtr3 Qtr4

European & Israeli venture financing by business model3Q vs 4Q, 2014 (in US $M)

Media Systems Components Semiconductors CommerceMarketplace Services SaaS Software




US VC interest is concentrated in specific business models • US VC firms investing in

Europe & Israel continued to focus mainly on SaaS, software, and services

• While commerce companies continued to attract attention from local investors, no US VC firms participated in a commerce investment during 4Q

• Components, and semiconductors attracted little interest from local VCs, and no interest at all from US VCs


14 10 7 3 2

44

3330

27

11

2

15

3 20

10

20

30

40

50

60

70

SaaS Software Services Marketplace Systems Media Commerce Semiconductors Components

VC Investments in Europe & Israel4Q, 2014

No US VC involved US VC involved




The most popular segments in Europe • During 4Q the 204

investments in Europe & Israel fell into 110 distinct segments

• Of these, 98 fell into 23 segments of 3 or more companies

• The Nordics dominated gaming software and consumer communications services

• The UK was particularly strong in consumer financial services, consumer financial marketplaces, and enterprise adtech software

• Israel was particularly strong in enterprise marketing SaaS, enterprise infrastructure software, enterprise payments services, and enterprise security software


0 1 2 3 4 5 6 7 8 9 10

Enterprise Data SoftwareConsumer Media SaaS

Enterprise Development SaaSEnterprise Adtech Services

Enterprise Development SoftwareConsumer Financial Marketplace

SMB Financial MarketplaceConsumer Communications Services

SMB Marketing SaaSEnterprise Adtech SoftwareEnterprise Productivity SaaS

Consumer Education ServicesEnterprise Security SoftwareConsumer Financial Services

Consumer Lifestyle CommerceEnterprise Payments Services

Consumer Electronics SystemsConsumer Fashion Commerce

Consumer Gaming SoftwareEnterprise Data SaaS

Enterprise Infrastructure SoftwareConsumer Lifestyle Marketplace

Enterprise Marketing SaaS

Investment in Europe & Israel by segment by country4Q 2014 (segments with 3 or more investments)

UK & Ireland

Nordic

Israel

France

DACH

Iberia

Benelux

South. Eur.

East. Eur.




The most popular segments in Europe & Israel for US VC firms • Across Europe & Israel, US

VC firms invested in 21 enterprise companies, 12 consumer companies, 2 SMB companies, 1 OEM, and 1 government-oriented company


0 2 4 6 8 10 12

Systems

Services

SaaS

Media

SaaS

Marketplace

Services

Software

Systems

Marketplace

Services

Software

SaaS

OEM

Govt

SMB

Cons

umer

Ente

rpris

e

US VC Investments in Europe and Israel by end market, business model, country, 4Q 2014

Israel

Nordic

UK & Ireland

DACH

Benelux

Iberia

East. Eur.

France




Average investment size by target market • Growth rounds involving US

firms are significantly larger than rounds that do not

• This effect was especially pronounced for enterprise companies

• Enterprise companies seem to raise larger growth rounds than consumer comapnies

• At the early venture and venture stages, the involvement of US firms does not imply a larger round


812

37

5357

11 128

14 13 15

29 2926

44

20

0

10

20

30

40

50

60

Cons

umer

Ente

rpris

e

Gove

rnm

ent

OEM SM

B

Tele

com

Cons

umer

Ente

rpris

e

OEM SM

B

Tele

com

Venture (8-20) Growth (20-100)

Average round size by target market during 2H 2014, (US $M)

US VC involved No US VC involved




Average investment size by business model • Growth rounds involving US

VC firms were larger across the board

• This was especially true for services, software, and systems companies

• Commerce companies were the exception: commerce companies with US backers tended to raise slightly smaller growth rounds

• US participation didn’t impact round size for venture investments


812

912

8

26

46

20

46

53 53 53

12 12 1215

9 1013

32

23

37

3126 26 27

32

0

10

20

30

40

50

60

Com

mer

ce

Mar

ketp

lace

SaaS

Sem

icon

duct

ors

Serv

ices

Soft

war

e

Syst

ems

Com

mer

ce

Com

pone

nts

Mar

ketp

lace

Med

ia

SaaS

Sem

icon

duct

ors

Serv

ices

Soft

war

e

Syst

ems

Venture (8-20) Growth (20-100)

Average round size during 2H 2014, (US $M)

US VC involved No US VC involved




Focus on fintech: investment volume • $135M was invested across

Europe & Israel into 17 fintech companies

• The UK was far and away the leader in terms of dollars invested in fintech startups

• Other regions, however, are attracting similar levels of investment in early venture and venture stages


27

3 5 3

915

17

31

23

0

10

20

30

40

50

60

70

UK France Israel Spain Germany Sweden

Tota

l am

ount

inve

sted

(US

$M)

Fintech VC investment in Europe and Israel by bracket by country,4Q 2014

Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (<2)




Focus on fintech: target markets • The UK lead in terms of the

number of fintech companies raising finance

• Overall fintech investment activity was down in 4Q compared to 3Q, with handful of investments scattered across France, Israel, Spain, Germany and Sweden


5

1 1 1

2

12

1

2

10

1

2

3

4

5

6

7

8

9

UK France Israel Spain Germany Sweden

Num

ber o

f inv

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ents

Fintech VC investment in Europe and Israel by bracket by country, 4Q 2014

SMB Enterprise Consumer




Focus on enterprise SaaS: investment volume • 39 enterprise SaaS

companies raised $264M during 4Q

• The biggest investment volume was in Israel, followed by the UK

• Growth investments were limited to the UK and Israel


136 10 9

8 7

73

88

11 9

35

51

0

20

40

60

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100

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Israel UK France Germany Spain Belgium Netherlands Finland Austria Switzerland Greece

Tota

l am

ount

inve

sted

(US

$M)

Enterprise SaaS VC investment in Europe and Israelby bracket by country 4Q 2014

Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (<2)




Focus on enterprise SaaS: verticals by country • Little change from 3Q, with

Marketing and Data remaining the two most popular vertical segments within enterprise SaaS

• Developer tooling saw three investments, two of which was based in the Netherlands

• Nine verticals saw one investment each, demonstrating the broad applicability of enterprise SaaS


0 2 4 6 8 10

FinancialHealth

InfrastructureEnergy

LogisticsSCM

PaymentsCommunications

AgtechAdtech

EmploymentERP

EducationDevelopment

ProductivityData

Marketing

Enterprise SaaS VC investment in Europe and Israel by vertical by country, 4Q 2014 (number of investments)

Israel GermanyFrance NetherlandsUK BelgiumGreece SwitzerlandFinland SpainAustria




Focus on enterprise SaaS: verticals 3Q vs 4Q • The volume of enterprise

SaaS VC investment increased in 4Q compared to 3Q

• Marketing and productivity, the two most active verticals, saw an increase in 4Q


0

50

100

150

200

250

300

Qtr3 Qtr4

Amou

nt in

vest

ed (U

S $M

)

Enterprise SaaS VC investment volume by vertical3Q & 4Q (US $M)

HealthLogisticsCommunicationsEnergySCMAgtechMediaERPEducationPaymentsFinancialDevelopmentAdtechEmploymentInfrastructureDataMarketingProductivity




About the author

Partner at based in Previously helped run European seed program for Worked seven years as a VC in Investments include If you found this useful, I hope you’ll subscribe to my blog.

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http://yankeesabralimeysignup.myinstapage.com/

Investor Relations

Venture Capital in Europe & Israel; 4Q 2014