Innovation and Growth Financing in Europe and Germany
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1 Arno Fuchs, FCF Fox Corporate Finance GmbH Innovation and Growth Financing in Europe and Germany Status Quo: Achievements, Competitive View & Forward Strategy March 22 nd, 218
2 Development of Venture Capital Financing in Technology and s Europe vs. US Number and Volume of European Technology Deals Number and Volume of European US Technology Deals Deals 5, 14, 8 4, 5, 3, 4 8, 45, 12, 4, 35, 1, 3, 8, Technology Deals 7 3,5 6 3, 5 2,5 45, 2,5 4, 35, 2, 3, Deals 35 7, 3 6, 25 5, 25, 4 2, 25, 1,5 2 4, 6, 2, 15, 4, 1, 2, 5, 3 1,5 2 1, 1 5 2, 1, 15, 1, 5 5, 15 3, 1 2, 5 1, European Deal Deal Volume European European Deal Deal Count Count European US Deal Deal Volume US European Deal Count Deal Count Source: PitchBook as of , FCF Equity Research 2
3 Development of Venture Capital Financing in s Europe vs. US Number and Volume of European Deals Number and Volume of US Deals 18, 3, 18, 16, 1 16, 1, 2,5 14, 12, Deals 14, 8 12, 8 1, 1,5 6 1, 6 8, 8, 1, 6, 4 6, 4 4, 5 4, 2 2 2, 2, European Deal Volume European Deal Count US Deal Volume US Deal Count Source: PitchBook as of , FCF Equity Research 3
4 Development of Venture Capital Financing in s Europe vs. Germany Number and Volume of European Deals Number and Volume of German Deals 3, 35 3, 35 2,5 3 2,5 3 2, 25 2, ,5 1, , 1 1, European Deal Volume European Deal Count German Deal Volume German Deal Count Source: PitchBook as of , FCF Equity Research 4
5 Fund Development Europe vs. US European VC Fund Launches (L5Y) US VC Fund Launches (L5Y) 12, 4, 3,5 1, 3, 8, 2,5 6, 2, 1,5 4, 1, 2, 5 3, , , ,863 3,65 1, , 1, 8, 6, 4, 2, ,222 3, , ,5 6, Fund Size Number of Funds Fund Size Number of Funds Top 5 European Funds Launched in 217* Top 5 US Funds Launched in 217* 2, LSP Health Economics Fund 2 Medicxi Growth I Seroba Life DFJ Esprit IV Rewired Fund Sciences Fund III Source: PitchBook as of , FCF Equity Research * Results might change with appearance of new funds not tracked by PitchBook New Enterprise Associates 16 Clarus IV Canaan XI Oak HC/FT Venrock Associates Partners II VIII 5
6 Most Active Investors EU Investors post-brexit in in Investors European in European Companies 1% 6% 3% EUR 67m EUR 148m EUR 43m 2. EUR 67m EUR 9m EUR 43m 3. EUR 67m EUR 63m EUR 43m 4. EUR 67m EUR 53m EUR 43m 5. EUR 67m EUR 5m Wild Family Office EUR 43m 6. EUR 55m EUR 42m EUR 42m 7. EUR 29m EUR 38m EUR 42m 8. EUR 28m EUR 38m EUR 41m 9. * EUR 28m EUR 37m EUR 34m 1. EUR 22m * EUR 36m EUR 31m Source: PitchBook as of , FCF Equity Research Note: Proportional attribution of deal values to investors participating in a transaction (transaction volume / # investors by financing round) * Horizon 22, the framework program of the European Commission, funds research, technological development and innovation 6
7 Top 1 VC-Backed European IPOs (L3Y) on European and Stock US Exchanges Stock Exchanges by Issuing by Volume Age at IPO: 7 years EUR 191m Age at IPO: 1 years Indication: Inflammatory diseases EUR 1m Age at IPO: 15 years EUR 165m Age at IPO: 5 years Indication: Genitourinary EUR 97m Euronext Brussels Age at IPO: 8 years Sector: Medical Technology EUR 19m Age at IPO: 13 years Indication: Orphan diseases EUR 95m Age at IPO: 8 years Indication: Rare diseases EUR 18m Age at IPO: 14 years Indication: Neurology EUR 87m Age at IPO: 12 years EUR 1m Age at IPO: 13 years EUR 75m Source: PitchBook as of , FCF Equity Research, Biotechgate, S&P Capital IQ as of
8 The image part with relationship ID rid15 was not found in the file. Top 1 VC-Backed European Exits (L3Y) 1) by Deal Volume and International EU domiciled post-brexit Acquirers domiciled Acquirers 1. 3,64 Deal Year: 216 Found. Year: Deal Year: 216 Found. Year: ,38 Deal Year: 215 Found. Year: 212 Indication: Cardiovascular Copenhagen Deal Year: 215 Found. Year: 21 Indication: Neurology 3. 1,282 Deal Year: 216 Found. Year: 21 Cambridge Sandwich Gosselies Naarden Oss 8. EUR m 558 Deal Year: 217 Found. Year: 21 Sector: Services Mainz Deal Year: 217 Found. Year: 212 Indication: Dermatology Munich Deal Year: 215 Found. Year: 1999 Indication: Musculoskeletal 5. 8 Deal Year: 217 Found. Year: 212 Indication: Inflammatory Marseille Deal Year: 217 Found. Year: 214 Source: PitchBook as of , Biotechgate, FCF Equity Research 1) Includes cash and stock considerations, milestone payments and other considerations 8
9 Venture Debt Financing Transactions in s (LY5) Europe vs. US European Venture Debt Volume* 3, 75 US Venture Debt Volume* 3, 2,993 2, ,5 2, ,5 1, , 1,574 1, , Number of European Venture Debt Transactions* Number of US Venture Debt Transactions* Source: VentureSource as of
10 Funding Gaps between Europe and the US 2x 3x 8x 23x 1x Funding Gap 1,8bn 2,491bn Funding Gap 1,469bn 2,148bn Funding Gap 13,513m 15,484bn Funding Gap 56m Funding Gap 521m 465m 546m 1,411bn Current Current 679m Current Current 1,971m m Market Capitalization AuM Volumes Venture Capital Volumes Venture Debt Volumes EURbn EURbn 1
11
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