Venture Capital & Tech in Amsterdam

Venture capital & tech in Amsterdam: one year into the pandemic

Presented at Amsterdam Capital Week March 2021 Amsterdam’s tech ecosystem hit €100B in value (€187B if you include Booking). Snapshot of the Amsterdam tech ecosystem Combined enterprise value of tech companies created since 2000 +88% annually €100 billion

3,700+ 77K 130+ +49% annually €73 billion Verified startups & scaleups Tech startup jobs (1) Active VCs, accelerators, founded in Amsterdam after workspaces 2000

€10 billion €1.2B €100B Venture capital invested Combined value from Rest of ecosystem in 2020 startups founded after 2000 Rest of ecosystem Rest of ecosystem

2015 2020 Q3 2021 Q1

1. Sum of the valuations of all startups in the ecosystem founded after 2000. Using estimated valuations based on most recent VC rounds, public markets and publicly disclosed valuations as of September 1st, 2020.

1. Includes 34K jobs at foreign companies like Uber, Netflix and Amazon. As of mid 2020.

Page / 2 March 2021 | startupmap.iamsterdam.com Source: Dealroom.co Page / 2 March 2021 | startupmap.iamsterdam.com Source: Dealroom.co

€13.5B €42.8B €0.8B Amsterdam now counts 12 companies valued over $1B+, since Booking: almost one per year on average, but almost two every year since 2019.

Before 2010 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Year unicorn valuation reached

Page / 3 March 2021 | startupmap.iamsterdam.com Source: Dealroom.co Notably excluded: Elastic (Moved to U.S.), GlobalCollect (started as subsidiary of TNT), Bitfury (founded in Ukraine and ICO based valuation). Amsterdam is the #3 European hub by combined enterprise value of venture-backed companies founded since 2000.

London €306B Berlin €128B Amsterdam €100B Stockholm €82B Paris €72B Basel €24B Munich €19B Gent €19B Helsinki €17B Oslo €17B Amsterdam would be even #2 if Barcelona €17B Booking was included but it’s Manchester €13B before 2000. Dublin €11B Milan €10B Cambridge €9B Oxford €9B Madrid €9B Hamburg €8B Copenhagen €7B Leeds €7B Bristol €6B Zurich €6B Zug €5B Tallinn €5B Malmo €5B Lausanne €5B Vienna €5B Moscow €4B Espoo €3B Abingdon €2B

Page / 4 March 2021 | startupmap.iamsterdam.com Source: Dealroom.co

Unicorns 2021 perpahs we just compare based on unicorns alone ﬁrst https://app.dealroom.co/metrics/ecosystem/f/location/allof_Lond on_Berlin_Paris_Stockholm_Munich%20Metropolitan%20Area_Dubl in_Amsterdam%20region_Barcelona%20Area_Basel_Zurich_Madrid _Hamburg_Greater%20Helsinki%20Area_Copenhagen_Bristol_Buc harest_T%C3%BCbingen_Moscow_Milan_Mainz_Lausanne_Oslo_Z ug_Espoo_Vienna_Edinburgh_Gent_Malm%C3%B6_Grenoble_Lyon_ Rotterdam%20Metropolitan%20Area_Cologne%20Area/rows/anyof _startups_count%2Cunicorns_count%2Cfuture_unicorns_count%2C In Europe, Amsterdam ranks #4 by number of unicorns. years_funding_number%2Cyears_funding_amount%2Cyears_exits_ amount%2Cemployees_number%2Ccurrent_year_ecosystem_value %2Cyears_new_funds/year_min/anyof_2015?sort=-unicorns_count London 59 Berlin 16 140 Paris 15 Amsterdam 12 Stockholm 11 Munich 7 Cambridge 5 Hamburg 4 Helsinki 3 Basel 3 Dublin 3 Oslo 3 Malmo 2 Lausanne 2 Manchester 2 Gent 2 Leeds 2 Barcelona 2 Zurich 2 Madrid 2 Copenhagen 2 Bristol 2 Tallinn 1 Espoo 1 Vienna 1 Milan 1 Oxford 1 Abingdon 0 Moscow 0 Zug 0

Page / 5 March 2021 | startupmap.iamsterdam.com Source: Dealroom.co

Unicorns 2021 The visible unicorn pipeline is a little thinner, Amsterdam ranks “only” joint sixth of European hubs by number of future unicorns.

Future Unicorns (companies valued over €200 million but less than €800 million). London 81 London 59 Paris 38 15 38 Paris Berlin 30 16 30 Berlin Munich 12 11 8 19 Stockholm Oxford 10 Munich 7 12 19 Amsterdam 8 Amsterdam 11 7 18 Dublin 8 Cambridge 5 7 12 Stockholm 8 Dublin 3 8 11 1 7 Oxford 10 11 Cambridge 2 7 Barcelona 7 9 Barcelona 2 Zurich 5 7 Zurich 5 2 Madrid 5 7 Madrid 5 Helsinki 3 4 7 Zug 5 Basel 3 3 6 Helsinki 4 Hamburg 4 2 6 Basel 3 Copenhagen 2 3 5 Milan 3 Zug 5 5 Moscow 3 2 2 Bristol 4 Copenhagen 3 1 Milan 3 4 Bristol 2 2 2 Lausanne 6 4 Hamburg 2 2 2 Manchester 4 2 2 2 Lausanne Gent 4 2 2 2 Manchester Leeds 4 Gent 2 Moscow 3 3 Leeds 2

Page / 6 March 2021 | startupmap.iamsterdam.com Source: Dealroom.co Source: Dealroom.co.

Amsterdam has been ranking between #5 and #8 in Europe by VC investment. But investment has not grown at the same rate as many other tech hubs.

2015-2020 CAGR VC funding 2015-2020 CAGR London 26% Berlin 8% Bucharest 168% Paris 18% Zurich 60% Stockholm 26% Bristol 59% Munich 36% Amsterdam 24% Helsinki 32% Dublin 26% Tübingen 32% Munich 36% Oxford 31% Barcelona 8% Basel 29% Basel 29% Dublin 26% Zurich 60% Stockholm 26% Madrid 9% London 26% 24% Oxford 31% Amsterdam Paris 18% Cambridge 6% Madrid 9% Hamburg -1% Barcelona 8% Helsinki 32% Berlin 8% Copenhagen -8% Cambridge 6% Bristol 59% Milan 2% Bucharest 168% Hamburg ] -1% Tübingen 32% Copenhagen -8% Milan 2%

Analyze the data

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VC investment by startup HQ

2015 2016 2017 2018 2019 2020 2015-2020 CAGR London €3.1B €3.2B €5.7B €5.0B €9.5B €9.7B 26% Berlin €1.8B €1.1B €1.9B €2.2B €3.9B €2.7B 8% Paris €1.3B €1.2B €1.6B €2.3B €3.0B €3.0B 18% Stockholm €0.7B €0.9B €0.5B €0.7B €2.2B €2.2B 26% Amsterdam €0.4B €0.2B €0.4B €0.5B €0.6B €1.2B 24% Dublin €0.3B €1.0B €0.2B €0.7B €0.7B €1.0B 26% Munich €0.2B €0.3B €0.4B €0.5B €1.3B €1.1B 36% Barcelona €0.2B €0.3B €0.3B €0.4B €0.7B €0.3B 8% Basel €0.1B €0.1B €1.1B €0.3B €0.1B €0.4B 29% Zurich €0.0B €0.0B €0.5B €0.3B €0.5B €0.4B 60% Madrid €0.1B €0.2B €0.3B €0.3B €0.5B €0.2B 9% Oxford €0.1B €0.2B €0.2B €0.5B €0.1B €0.5B 31% Cambridge €0.2B €0.2B €0.2B €0.4B €0.4B €0.2B 6% Hamburg €0.1B €0.2B €0.4B €0.5B €0.2B €0.1B -1% Helsinki €0.1B €0.1B €0.1B €0.3B €0.3B €0.4B 32% Copenhagen €0.2B €0.1B €0.1B €0.3B €0.3B €0.2B -8% Bristol €0.0B €0.0B €0.1B €0.2B €0.4B €0.4B 59% Number of rounds in HQ healthtech in 2019-2020 Bucharest €0.0B €0.0B €0.0B €0.4B €0.5B €0.2B 168% €0.1B €0.0B €0.1B €0.0B €0.1B €0.6B Tübingen 32% London 10 Milan €0.1B €0.1B €0.1B €0.2B €0.2B €0.1B 2%

Utrecht 8 Specialises in health

Munich 7

Amsterdam 6 Specialises in health

Edinburgh 5

Basel 4 Specialises in health In Europe, London and Paris stand out by growth and size.

7.0x

6.0x Paris

5.0x

Hamburg Growth of number 4.0x Basel of unicorns and Zurich Dublin future unicorns * Copenhagen Stockholm London (2016 – today) 3.0x Munich Malmo Berlin Gent Madrid Manchester Helsinki Tallinn/Espoo Amsterdam 2.0x Barcelona Vienna Milan Leeds/Lausanne Zug Moscow Oxford Cambridge 1.0x

0 1 10 100 Size (total number of unicorns and future unicorns, log scale)*

Page / 8 * 1 unicorn and 4 future unicorns have the same weighting. While major capitals produce the most unicorns, smaller academic hubs like Oxford, Basel and Cambridge represent the highest unicorn density by population.

100 Mostly academic tech hubs Cambridge Oxford

10 Basel Lausanne Stockholm Oslo Amsterdam London Gent Dublin Berlin TallinnMalmo Bristol Helsinki Density Zurich Paris Munich (unicorns and future Copenhagen unicorns per 1M 0 1 Espoo Leeds Hamburg Zug Manchester 10 100 inhabitants, log scale) * Vienna Barcelona Milan Madrid

0.1

Moscow

0.01 Size (total number of unicorns and future unicorns, log scale) *

Page / 9 * 1 unicorn and 4 future unicorns have the same weighting.

1000

Cambridge

Abingdon Oxford 100 Basel LausanneOslo Stockholm London Gent Amsterdam Malmo Dublin Helsinki Berlin Paris Copenhagen Munich 10 Espoo Leeds Hamburg Zug Manchester Vienna Barcelona Madrid Milan

Moscow

0 1 10 100 1,000 https://app.dealroom.co/transactions.rounds/f/regions/anyof_New%20Palo%20Alto/years/anyof_2020?showStat s=yearly&sort=-amount

Tech is a resilient sector. Despite the pandemic, 2020 had the highest level of investment yet. Largest rounds in 2020

Combined venture capital investment into Amsterdam

€200M ? €185M €150M Private Placement Series C Growth Equity (SPAC) €1.2B

€1.0B €100M €100M €36M Series A Series B Series B €0.7B

€0.5B €0.5B €0.5B €24M €22M €22M Series B Late VC Late VC

€0.2B

€20M €20M €15M Series C Series B Early VC 2016 2017 2018 2019 2020 2021 Jan-Mar

Page / 10 March 2021 | startupmap.iamsterdam.com €196M

€55M €123M

€55M €375M €-M €316M €303M

€218M €170M

€77M €62M €47M €56M €48M

2016 2017 2018 2019 2020

€100M+ Series As, innovative raising routes like SPACs and a rapidly evolving VC landscape mean standardized rather that self-reported rounds reveal true ecosystem dynamics.

Self reported Standardized ▊ Seed ▊ Series A ▊ Series B ▊ Series C ▊Growth Equity ▊ €0-1m ▊ €1-4m ▊ €4-15m ▊€15-40m ▊€40-100m ▊€100m+ ▊ Private placement ▊ Not labelled

€1.5b €1.5b

€1.0b €1.0b

€500m €500m

0 0 2015 2016 2017 2018 2019 2020 2021YTD* 2015 2016 2017 2018 2019 2020 2021YTD*

Page / 11 March 2021 | startupmap.iamsterdam.com Source: Dealroom.co

Seed Series A+B Series C

€375M

€303M €316M

€218M €196M €170M €123M

€77M €62M €55M €47M €56M €48M €55M €-M

2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Venture capital funding in 2021 started strong. Largest rounds in 2021

Monthly venture capital investment in Amsterdam

€160M €108M Series A Series B

€45M €30M Late VC Series B

€26M €25M Blended Financing Series A

€24M €13M Series A Seed

Page / 12 March 2021 | startupmap.iamsterdam.com Source: Dealroom.co Venture capital investment into Amsterdam by industry per year ▉ Low ▉ High

2015 2016 2017 2018 2019 2020 2021 Enterprise Software Mobility eCommerce Energy Fintech Marketing Spot emerging categories and investment trends. Healthtech Foodtech

INDUSTRIES SUB-INDUSTRIES Edtech Fintech Banking Travel Music Business travel Fashion Cloud & infra Semiconductors Health Data protection Food Fitness Event Tech +25 more… +150 more...

INCOME STREAMS BUSINESS MODELS Subscription Manufacturing Commission SaaS Advertising Marketplace & Selling own inventory eCommerce

TECHNOLOGIES SDGs Deep tech Quality education AI & ML Reduced inequalities 3D printing No poverty Blockchain +14 more... Hardware IOT +13 more...

Page / 13 Source: Dealroom.co. 2020 showed a very low domestic participation in funding rounds, as a number of megarounds were dominated by international investors.

Investment in Amsterdam startups by source of capital (2016-2020)

100% 1% 3% 1% 3% 6% 6% 3% 19% 12% 17% 1% 14% 18% Funding from 75% 18% 52% ▉ RoW ▉ Asia 29% 14% ▉ USA & Canada 50% 27% ▉ Europe ▉ Domestic 68%

49% 25% 45% 31% 35%

11% 0% 2016 2017 2018 2019 2020

Page / 14 March 2021 | startupmap.iamsterdam.com Source: Dealroom.co Lack of domestic late-stage participation. €100M+ domestic driven by Picnic.

% of investment in Amsterdam (2015-2020) by source and round size

100%

44% 75% 55% 63% Funding from 68% ▉ Foreign Capital ▉ 94% Dutch Capital 50%

56% 25% 45% 37% 32% Picnic Series B & C which had Dutch 6% 0% investors €1-4M €4-15M €15-40M €40-100M €100M+

Page / 15 March 2021 | startupmap.iamsterdam.com Source: Dealroom.co https://health.dealroom.co/investors/f/investor_type/anyof_venture%20capital/locations/anyof_Europe?investorNumberOfRoundsIndustry=industry_health_rounds_count_12_mo nths&sort=-industry_health_rounds_count_12_months 29

VCs: submit your investment data Dutch VC landscape.

Ordered from seed to series B+ stage Finch capital x Endeit x Unkown Group x Holland Venture Capital x INKEF x

Newion x Velocity x Fortino > belgium

Synergia x Keen Venture Partners x Connected Capital x Committed capital x Main Capital x

Airbridge Capital x

Page / 16 Source: Dealroom.co.

Number of rounds in HQ healthtech in 2019-2020 Page / 16 Seed stage Series A Series B+ London 9 Berlin 8

Vienna 7 investments in investments in investments in Selected European health Selected European health Selected European health Investor healthtech Investor healthtech Investor healthtech London 4 investments investments investments 2019-2020 2019-2020 2019-2020 Paris 3

High-Tech Doctolib, CarioLogs, FeetMe, Freeline Therapeutics, Exscientia, London 3 13 Qnami, Mercuris, IATROS Idinvest Partners 8 Novo Holdings 21 Gründerfonds Sophia Genetics ReViral

Global Founders Calypso Biotech, iOnctura, Castor LSP Life Sciences VarmX, Lumeon, ViCentra, 8 Echo, Mybacs, Hometouch INKEF Capital 7 11 Capital EDC, Aidence Partners Atlantic Therapeutics

Qnami, Comhya, Sympatient, BOM Brabant Number of rounds in Investiere 7 6 Citryll, Onera, Enpicom, MedEye Eight Roads Ventures 10 Oviva, DoctorLink HQ Nagi Bioscience Ventures healthtech in 2019-2020

Doctorly, Elephant Healthcare, MedEye, FeetMe, Keen Eye, Kaia Health, Healx, Sophia London 10 Seedcamp 6 Seventure Partners 5 Balderton Capital 6 Peppy, Veratrack PushDoctor Genetics, myTomorrows

Utrecht 8 Vine Health, Kiroku, AccuRx, HV Holtzbrinck PlusDental, Ottonova, Aurora Specialises in health Entrepreneur First 5 4 Maaind btov Partners 4 Ottonova, Healx, Ava Ventures Health, Heartbeat medical Munich 7 Doctorly, Elephant Healthcare, Quanta Dialysis Technologies, Partech 4 MTIP 3 PushDoctor, Alan Target Global 4 Thriva, BestDoctor, MediQuo Lumeon, Oviva, TrialBee Amsterdam 6 Specialises in health

Edinburgh 5

Basel 4 Specialises in health https://health.dealroom.co/investors/f/investor_type/anyof_venture%20capital/locations/anyof_Europe?investorNumberOfRoundsIndustry=industry_health_rounds_count_12_mo nths&sort=-industry_health_rounds_count_12_months

Where the data comes from. The number of startups has grown 13x to over 6,300. Trade register Tech stack

AGGREGATING PUBLIC DATA 6.3K Machine learning, research

2.6K not verified LOCAL APIs & PARTNERSHIPS Local data, knowledge & sources in the Netherlands 3.2K

2.1K COMMUNITY SOURCED 3.7K Data submitted by startups, verified angels, VC, accelerators, universities, regional 0.5K development banks, etc

2015 Dec Dec Mar Launch 2019 2020 2021

Page / 17 Source: Dealroom.co. 3D hubs

The amount of information per startup has grown significantly.

Similar companies & Jobs & hiring data strategic landscapes

6.3K

3.6K verified

Tech stack 3.2K

2.1K Founder score 3.7K verified

0.5K

Page / 18 2015 Dec 2019 Dec 2020 Mar 2021 (launch)

2M+ ORGANISATIONS Startups, scaleups, grownups, funding rounds, investors, teams, valuations, job openings, employees, revenues, team, tech stack, descriptions, diversity

2,000+ MARKET SEGMENTS Detailed taxonomy, (sub-)verticals, technologies, business models, niche markets, industry maps

INTELLIGENCE & DISCOVERY Early detection of founders and new startups, traction signal data, team strength, predictive algorithms, rankings, benchmarks, recommendations, similar companies, diversity, social impact

KNOWLEDGE & INSIGHTS Macro insights, bigger picture, industry benchmarks, industry landscapes, data curated by our intelligence unit https://health.dealroom.co/investors/f/investor_type/anyof_venture%20capital/locations/anyof_Europe?investorNumberOfRoundsIndustry=industry_health_rounds_count_12_mo nths&sort=-industry_health_rounds_count_12_months 29

8,500 jobs at startups listed with detailed search possibilities.

For instance: “Jobs at VC-backed impact startups at Series A stage”

Search jobs

Page / 19

Number of rounds in HQ healthtech in 2019-2020 Page / 19 Seed stage Series A Series B+ London 9 Berlin 8

High-Tech Doctolib, CarioLogs, FeetMe, Freeline Therapeutics, Exscientia, London 3 13 Qnami, Mercuris, IATROS Idinvest Partners 8 Novo Holdings 21 Gründerfonds Sophia Genetics ReViral

Global Founders Calypso Biotech, iOnctura, Castor LSP Life Sciences VarmX, Lumeon, ViCentra, 8 Echo, Mybacs, Hometouch INKEF Capital 7 11 Capital EDC, Aidence Partners Atlantic Therapeutics

Qnami, Comhya, Sympatient, BOM Brabant Number of rounds in Investiere 7 6 Citryll, Onera, Enpicom, MedEye Eight Roads Ventures 10 Oviva, DoctorLink HQ Nagi Bioscience Ventures healthtech in 2019-2020

Doctorly, Elephant Healthcare, MedEye, FeetMe, Keen Eye, Kaia Health, Healx, Sophia London 10 Seedcamp 6 Seventure Partners 5 Balderton Capital 6 Peppy, Veratrack PushDoctor Genetics, myTomorrows

Edinburgh 5

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Number of rounds in HQ healthtech in 2019-2020 Page / 20 Seed stage Series A Series B+ London 9 Berlin 8

High-Tech Doctolib, CarioLogs, FeetMe, Freeline Therapeutics, Exscientia, London 3 13 Qnami, Mercuris, IATROS Idinvest Partners 8 Novo Holdings 21 Gründerfonds Sophia Genetics ReViral

Global Founders Calypso Biotech, iOnctura, Castor LSP Life Sciences VarmX, Lumeon, ViCentra, 8 Echo, Mybacs, Hometouch INKEF Capital 7 11 Capital EDC, Aidence Partners Atlantic Therapeutics

Qnami, Comhya, Sympatient, BOM Brabant Number of rounds in Investiere 7 6 Citryll, Onera, Enpicom, MedEye Eight Roads Ventures 10 Oviva, DoctorLink HQ Nagi Bioscience Ventures healthtech in 2019-2020

Doctorly, Elephant Healthcare, MedEye, FeetMe, Keen Eye, Kaia Health, Healx, Sophia London 10 Seedcamp 6 Seventure Partners 5 Balderton Capital 6 Peppy, Veratrack PushDoctor Genetics, myTomorrows

Edinburgh 5

Basel 4 Specialises in health Methodology & definitions.

Startups, scaleups, Venture capital Valuation Data source grownups and tech investment The combined valuation of the tech Dealroom’s proprietary database and A startup is a company designed to Investment numbers refer to rounds ecosystem is based on their market cap software aggregate data from multiple grow fast. Generally, such companies such as seed, series A, B, C, …. late or latest transaction value. Market share sources: harvesting public information, are VC-investable businesses. stage, and growth equity rounds price taken on March 20th, 2021. user-generated data verified by Sometimes they can become very big Dealroom, data engineering. All data is (e.g. $1B+ valuation). Venture capital investment figures Transaction value is realised from exit verified and curated manually. exclude debt or other non-equity or implied unrealised valuation from When startups are successful, they funding, lending capital, grants and the latest VC round, which is either Most underlying data from the report is develop into scaleups (>50 people), ICOs announced or estimated by Dealroom available online via grownups (>500 people) and result in based on benchmarks. https://startupmap.iamsterdam.com/ big companies, like Adyen or Takeaway. Buyouts, M&A, secondary rounds, and IPOs are treated as exits: excluded from For Dealroom’s Unicorn Club we include Amsterdam region includes Amsterdam In this report, the term “tech funding data tech companies founded since 1990, Zuid-oost, Schiphol, Amstelveen, ecosystem” refers to startups, scaleups that are current valued at over $1B. We Haarlem, Hoofddorp grownups from diﬀerent Investment rounds are sourced from exclude companies that passed $1B as a vintages/cohorts. Only companies public disclosures including press subsidiary, but we include companies For more info please visit dealroom.co founded after 2000 are included in this releases, news, filings and verified that may now be worth less than $1B, or contact [email protected] report (which excludes Booking.com). user-submitted information but exited at $1B+. More information on the methodology can be found here.

Future unicorns are companies valued over €200 million but less than €800 million.

Page / 21 March 2021 | startupmap.iamsterdam.com March 2021