The European Internet Industry 2016 Funding Market Insights LONDON PARIS HAMBURG
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1 The European Internet Industry 216 Funding Market Insights
2 INTERNET FINANCING HAS CONTINUED TO PROGRESS BY DEAL VOLUME 6, VOLUME AND VALUE OF LARGE ( $1M) HTI INVESTMENTS IN INTERNET ( ) 2 5, Total Value of Funds Raised Volume of Internet Fundraisings 4,798m , 3,283m 3,5m , , , 8 214A 215A 216A 6 Top 3 Largest Fundraisings m m 3. 19m m 1. 3m m m m m Silverpeak LLP The European Internet Industry 216: Funding Market Insights 2
3 DECLINE IN VALUE IS DRIVEN BY TRANSACTIONS > 75M VOLUME AND VALUE OF LARGE ( $1M) HTI INVESTMENTS IN INTERNET BY SIZE ( ) 6, 5, 4,798m 4, 3,283m 1,885m 3,5m 3, 928m 1,148m 588m 267m 2, 325m 422m 413m 538m 96m 59m 1, 42m 851m 943m 1,33m 214A 215A 216A Silverpeak LLP The European Internet Industry 216: Funding Market Insights 3
4 FINTECH IS THE MOST POPULAR SUB-SECTOR, PARTICULARLY B2C VOLUME AND VALUE OF LARGE ( $1M) HTI INVESTMENTS IN INTERNET BY SUB-SECTOR IN Other Content Digital Media Adtech 8 Food 6 ehealth 5 12 ecommerce 8 HR Value by Sub-sector ( m) Fintech 43 Marketplace 1 17 B2B: 16 B2C: 27 Travel 11 1 Total Deals 3,5 Fintech B2B Fintech B2C Marketplace 448 Travel 498 HR 167 ecommerce 571 Content Digital Marketing 24 Adtech 88 Food 384 ehealth 73 Other B2B B2C 1 If a marketplace is considered vertical-specific, it has been categorised in that vertical Silverpeak LLP The European Internet Industry 216: Funding Market Insights 4
5 LARGE EUROPEAN TRANSACTIONS NOW CONSIST MOSTLY OF SERIES A & B VOLUME AND VALUE OF LARGE ( $1M) HTI INVESTMENTS IN INTERNET BY STAGE IN Max: 88m Average: 18m Median: 14m Min: 6m Max: 3m Average: 41m Median: 26m Min: 8m Series C 27% Max: 245m Average: 51m Median: 25m Min: 8m Late Stage 33% Max: 5m Average: 14m Median: 1m Min: 6m Series A 14% Series B 26% 49 Value by Stage ( m) Total Deals 3,5 Series A 497 Series B 896 Series C 942 Late Stage 1, % % of total value of funds raised 216A Series A Series B Series C Late Stage Silverpeak LLP The European Internet Industry 216: Funding Market Insights 5
6 THE UK IS BY FAR THE LARGEST DESTINATION FOR INTERNET FINANCING SHARE OF TOTAL VOLUME OF LARGE ( $1M) HTI INVESTMENTS IN INTERNET BY COUNTRY IN 216 SHARE OF TOTAL VALUE OF LARGE ( $1M) HTI INVESTMENTS IN INTERNET BY COUNTRY IN 216 Other Volume: 15 Share: 12% Sweden Volume: 3 Share: 2% Finland Volume: 4 Share: 3% Ireland Volume: 6 Share: 5% UK Volume: 45 Share: 35% Other Value : 249m Share: 7% Sweden Value : 27m Share: 1% Finland Value : 67m Share: 2% Ireland Value : 145m Share: 4% UK Value: 1,286m Share: 37% Spain Volume: 7 Share: 5% Germany Volume: 3 Share: 23% Spain Value : 324m Share: 9% Germany Value : 1,1m Share: 29% France Volume: 2 Share: 15% France Value : 42m Share: 11% Average deal size ( m) Top 7 countries by number of deals shown, other counties: Austria, Belgium, Cyprus, Denmark, Italy, Luxembourg, Netherlands, Norway, Poland, Russia and Switzerland Silverpeak LLP The European Internet Industry 216: Funding Market Insights 6
7 All Participating Investors Lead Investors NON-VC INVESTORS ARE KEY TO THE VENTURE FINANCING ECO-SYSTEM 8 VOLUME OF LARGE ( $1M) HTI INTERNET DEALS BY PARTICIPATION OF EACH INVESTOR TYPE IN c. 13 deals led by a Generalist Investor VC Growth Equity Corporate Venture Private Equity State Fund Other Financial Investor c. 13 deals featured a Generalist Investor VC Growth Equity Corporate Venture Private Equity State Fund Other Financial Investor 26 Silverpeak LLP The European Internet Industry 216: Funding Market Insights
8 REST OF WORLD EUROPE LARGER VENTURE FUNDS DOMINATE THE MARKET TOP VC INVESTORS BY VOLUME OF LARGE ( $1M) HTI INTERNET DEALS PARTICIPATED IN 216 Note: Ordered by number of deals, then by deals led, then alphabetically 1 9 KEY deals participated in deals led Silverpeak LLP The European Internet Industry 216: Funding Market Insights 8
9 USA EUROPE THERE IS A HEALTHY, EUROPE-CENTRIC GROWTH EQUITY SEGMENT TOP GROWTH EQUITY INVESTORS BY VOLUME OF LARGE ( $1M) HTI INTERNET DEALS PARTICIPATED IN 216 Note: Ordered by number of deals, then by deals led, then alphabetically 5 4 KEY deals participated in deals led Silverpeak LLP The European Internet Industry 216: Funding Market Insights 9
10 GLOBAL EVERY CORPORATE INVESTOR IS GETTING INVOLVED TOP CORPORATE INVESTORS BY VOLUME OF LARGE ( $1M) HTI INTERNET DEALS PARTICIPATED IN 216 Note: Ordered by number of deals, then by deals led, then alphabetically 6 KEY deals participated in 4 deals led THERE IS A LONG TAIL OF CORPORATE INVESTORS PARTICIPATING IN ONE LARGE ( $1M) HTI DEAL IN 216 Europe Rest of World USA LEAD FOLLOWER Silverpeak LLP The European Internet Industry 216: Funding Market Insights 1
11 GLOBAL FOLLOWER LEAD OTHER FINANCIAL INVESTORS ARE INCREASINGLY PRESENT PRIVATE EQUITY INVESTORS PARTICIPATING IN ONE LARGE ( $1M) HTI INTERNET DEAL IN 216 Europe Rest of World TOP OTHER FINANCIAL INVESTORS BY VOLUME OF LARGE ( $1M) HTI INTERNET DEALS PARTICIPATED IN 216 Note: Ordered by number of deals, then by deals led, then alphabetically KEY deals participated in deals led O Hara Financial Participants of one Large HTI deal Micheli Associati Participated in two Large HTI deals in 216 DIG Investments Decaux Frères Investissements Silverpeak LLP The European Internet Industry 216: Funding Market Insights 11 KCK MAIF Weber Investissements LEAD FOLLOWER
12 EUROPEAN INTERNET FUNDRAISING METHODOLOGY Go4Venture is the leading European deal syndication and venturegrowth information platform. It publishes the market renowned Go4Venture s European Tech Headline Transactions Index ( HTI ), which is based on the number and value of transactions reported in professional publications. The HTI is used to measure investment activity in this presentation, as an early indicator of the progression of the private market cycle for European technology companies. Go4Venture s HTI index follows the methodology outlined below: Investment Size Coverage This report only considers Large HTI transactions, defined as any fundraising $1.m 7.5m 5.m, referred to throughout this presentation as Large ( $1.m) HTI Investments Investment Stage Coverage Transactions at all stages of the private market, from Series A to Late Stage are included in this analysis. This encompasses venture capital, growth equity and private equity transactions, as well as financing rounds with single secondaries components (recapitalisations). Other types of transaction, that are not typically minority investments, have been excluded (e.g. Management Buyouts Management Buy-ins Private Investment in Public Equity Public to Private) Sector Coverage This analysis only includes fundraisings for companies which operate in the internet sector 4 Source: Go4Venture Geographical Coverage Europe is defined as Western, Central and Eastern Europe, excluding Israel. Companies which originated in Europe but have since moved their HQ to another geography are included, provided they have a substantial part of their activity in Europe (typically R&D) Silverpeak LLP The European Internet Industry 216: Funding Market Insights 12
13 Thank you. Silverpeak LLP 23 Hanover Square London W1S 1JB United Kingdom page 13 CONFIDENTIAL Silverpeak LLP The European Internet Industry 216: Funding Market Insights 13
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