Most Active Tech Investors in Europe

MOST ACTIVE TECH INVESTORS IN EUROPE

First half of 2015 INTRODUCTION

The European technology scene is hotting up. With By looking at who these firms are, we can get an record levels of investment, and a record number idea of who are the most likely to fund Europe’s of investors backing Europe’s next generation of companies, what geographies they are looking at, technology companies, it can be hard to keep up how early (or late) do they invest and what verticals with what’s going on. At Tech.eu, we aim to keep they are interested in. you on top of the ever-changing European tech landscape through analyses and data-driven content, Without further ado, read on to find out who the top providing you with an unfair advantage. 25 most active investors in H1 2015 are, and discover their investments. Following the countdown, you As more money flies into Europe’s tech companies, can find our analysis of the findings, as well as our it can be tricky to figure out who is actually backing methodology and disclaimers. Europe’s companies and who is just saying that they are. With this in mind, we analysed all of the investments that we tracked in the first half of 2015, in order to discover who the 25 most active tech investors are in Europe right now.

2 GEOGRAPHICAL LOCATION

1 Stockholm

Mülheim an der Ruhr 5 Berlin London 7 1 1 Warszawa 1 Bonn Paris 4 1 Munich

1 Madrid

1 Tel Aviv 2 Herzliya

3 25. Pitango (Israel) In their own words: “Our team sees innovation, technology, and entrepreneurship as a way to enable people to make the world a better place. Our commitment is to entrepreneurs who go far beyond the status quo and have a world-changing vision. Pitango invests in seed, expansion and late stage companies in core technologies, consumer, and Life Sciences. For more information go to As Israel’s largest venture capital fund, our team has the experience pitango.com needed to partner with entrepreneurs for expansion growth.”

Investments in H1 2015 (7)

EarlySense Israel $20M Series F Biotech AppsFlyer Israel $20M Series B Mobile Adtech Applicaster Israel $10.5M Series B Video Streaming Ninox Medical Israel $10M Series B Medtech TravelorsBox Turkey $4.5M Series A Travel Ubimo Israel $7.5M Series B Mobile Adtech Jethro Data Israel $8.1M Series B Big Data

4 24. HV Holtzbrink Ventures (Germany) In their own words: As one of the most successful European venture capital firms and with more than € 600m under management, we have been supporting exceptional founders in building market-leading internet companies for over 15 years. We seek entrepreneurs who share our passion for growth For more information go to and innovation, and business ideas with the potential to transform holtzbrinck-ventures.com important markets and build large and valuable companies.

Investments in H1 2015 (7)

Depop UK $8M Series A Mobile Marketplace Lecturio Germany Undisclosed Series B Edtech Lamudi Germany $18M Real Estate (Marketplace) Outfittery Germany $20M Series C Fashion (E-commerce) spOTCAP Germany $5M Debt financing Fintech Auctionata Germany $42M Series C Auctions (E-commerce) Thermondo Germany $6M Series B Energy

5 23. Tengelmann Ventures (Germany) In their own words: As one of Germany’s leading venture capital investors Tengelmann Ventures has invested in over 50 companies over the past five years, many of which have become global players and leaders in the market in their particular segment. We mainly focus on early and later stage investment in consumer internet companies, internet marketplace and For more information go to tev.de technology ventures.

Investments in H1 2015 (7)

Lamudi Germany $18M Venture Real Estate Carmudi Germany $25M Series B Cars (E-commerce) Shopwings Germany $13.6M Series A Groceries (E-commerce) Global Fashion Group Germany $35M Venture Fashion (E-commerce) CareerFoundry Germany $1M Seed Edtech EatFirst Germany Undisclosed Food (E-commerce) Bonativo Germany Undisclosed Food (E-commerce)

6 22. Felix Capital (UK) In their own words: We are a venture firm for the creative class, at the intersection of technology and creativity, focused on opportunities in digital lifestyle. Our mission is to support entrepreneurs with big ideas, to help them build strong brands that stand out and that move the world forward. We ambition to partner with the best entrepreneurs, the creative agents of change of digital lifestyle. Our world isn’t black and white, things are never obvious and making investment For more information go to decisions requires conviction. We are very clear on the type of companies felixcap.com and founders we want to back and will act fast when we find them.

Investments in H1 2015 (7)

Farfetch UK $86M Series E Fashion (E-commerce) Rad France $10.8M Series A Fashion (E-commerce) The Business of Fashion UK Undisclosed Series A Fashion La Ruche qui dit Oui France $9M Series B Groceries (E-commerce) Knyttan UK $3.2M seed Fashion (E-commerce) Urban Massage UK $1.5M seed Heath and Wellness Olapic UK $15M Series B Visual Marketing

7 21. IBB (Germany) In their own words: IBB Beteiligungsgesellschaft mbH provides equity financing to young Berlin-based companies from the creative industries or with a technology background. For more information go to ibb-bet.de

Investments in H1 2015 (8) qlearning Germany Undisclosed Series A Edtech Tausenkind Germany Undisclosed Fashion (E-commerce) Thermondo Germany $6M Series B Energy Dalia Research Germany Undisclosed Seed Mobile Marketing Emio Germany Undisclosed Electric Vehicles pfledgebox Germany Undisclosed Heath and Wellness Flexperto Germany Undisclosed Enterprise SaaS Machtfit Germany Undisclosed Health and Wellness

8 20. Cabiedes and Partners (Spain) In their own words: Cabiedes & Partners is a Spanish venture capital firm that provides seed funding and early-stage and later-stage investment services. Cabiedes & Partners was founded in 2009 and is headquartered in For more information go to Madrid, Spain. radar.tech.eu

Investments in H1 2015 (8)

Cocunut Spain €420K Seed Cosmetics (E-commerce) Suop Spain €125K Seed Mobile HeYOU Games Spain €232.5K Gaming SocialCar Spain €800K Transport (Sharing economy) Dietox Spain €550K Seed Health and Wellness Aplazame Spain Undisclosed Seed Fintech Kantox UK €10M Series B Fintech Clinicpoint Spain €1M Health and Wellness

9 19. Point Nine Capital (Germany) In their own words: From an entrepreneur’s perspective, both venture capital firms and angel investors have their own advantages and disadvantages. We’re trying to bring you the best of both worlds. Like all good angel investors, we are a friendly source of capital with lots of additional value-add. We strive to become your mentors, someone who you can trust and who you’re happy to call in good AND For more information go to in bad times. At the same time you benefit from our ability to invest much larger pointninecap.com amounts of capital, as well as the extensive expertise and network of our team.

Investments in H1 2015 (8)

ChartMogul Germany $600K Seed Enterprise SaaS Kitchen Stories Germany $1.8M Seed Food Xeneta Norway $5.3M Shipping (Logistics) StarOfService France €1.1M Series A Professionals (Marketplace) Savedo Germany Undisclosed Seed Fintech Automile Sweden $5M Series A Automotive Bitbond Germany $675K Fintech docplanner Poland $10M Health and Wellness

10 18. b-to-v Partners (Germany) In their own words: b-to-v is both venture capital firm and a leading investor network. To our members, we provide an incomparable deal flow, in the form of lead- and co-investment-opportunities, collaborative investment processes and access to a unique network of like-minded entrepreneurs. To companies we are a reliable partner when it comes to capital access, For more information go to entrepreneurial intelligence and professional support. b-to-v.com

Investments in H1 2015 (8)

Effect Photonics Netherlands Undisclosed Series A Semiconductors WebData Solutions Germany €4M Series A Big Data Wine In Black Germany Undisclosed Series C Wine (E-commerce) Campanda Germany €5M Series A Automotive (Marketplace) Equippo Switzerland Undisclosed Seed Construction (Marketplace) WISE s.r.l Italy $3.4M Series A Hardware Studitemps Germany $13.6M Series C Recruitment GNA Biosolutions Germany €6M Series B Biotech

11 17. Partech Ventures (France) In their own words: Our mission is to help outstanding entrepreneurs build companies that will be remembered. We like to invest in companies that are able to transform the structure of significant markets. We look for startups with a substantial technology or innovation leverage, both in consumer internet and information technology. We manage seed, venture and For more information go to partechventures.com growth funds, allowing ourselves to invest from $250,000 to $40 million in the early and later institutional rounds of high growth companies.

Investments in H1 2015 (8)

ISKN France $2M Seed Internet of Things Teads France €12M Series C Video Advertising Lucky Cart France $1.8M Seed E-commerce PriceMatch France €8M Series A Hospitality (SaaS) Alkemics France €5M Series A Enterprise (SaaS) Pleek France $600K Seed Photo Sharing Kantox UK €10M Series B Fintech Klara Germany €2M Health and Wellness

12 16. Blumberg Capital (Israel) In their own words: Blumberg Capital is an early-stage venture capital firm that specializes in providing the seed or series A round funding to technology companies in the software, digital and social media, mobile and For more information go to consumer Internet industries. blumbergcapital.com

Investments in H1 2015 (8)

Namogoo Israel $5M Venture Security Zeek Israel $3M Series A Mobile Commerce SQream Technologies Israel $7.4M Venture Big Data Analytics Wunder Germany Undisclosed Series A Transport (Shared Economy) Yotpo Israel $15M Series B Social Commerce Fairfly Israel $2M Travel Fundbox Israel $40M Enterprise SaaS MentAd Israel €4.7M Adtech

13 15. Earlybird VC (Germany) In their own words: Earlybird VC is a European venture investment firm. It manages around US$1 billion in assets for an international investor base and is currently in its fourth fund generation, focusing mainly on the technology and health technology sectors. For more information go to earlybird.com

Investments in H1 2015 (8)

Miracor Austria €4.5M Series B Medtech EyeEm Germany $18M Series B Photo Sharing Smava Germany $16M Series B Fintech DCS Plus Romania Undisclosed Travel ascribe Germany $2M Seed IP Enevo Finland €15.8M Series B Waste Management Auctionata Germany €42M Series C Auctions (E-commerce) Number26 Germany €10M Series A Fintech

14 14. XAnge Private Equity (France) In their own words: XAnge Private Equity is a Private Equity and Venture Capital Fund management company regulated by the French Financial Markets Authority (AMF) and the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) For more information go to xange.biz

Investments in H1 2015 (8)

MisterSpex Germany $40M Series E Eyewear (E-commerce) SimpleMail France $1.3M Seed Enterprise SaaS Ledger France $1.5M Seed Security (Bitcoin) Sculpteo France €5M 3D Printing Believe Digital France $60M PE Music Studitemps Germany $13.6M Series C Recruitment La Ruche Qui Dit Oui France $9M Series B Groceries (E-commerce) Currency Cloud UK $18M Series C Fintech

15 13. Passion Capital (UK) In their own words: Passion Capital is a partnership of entrepreneurs and operators applying their experiences to helping founders and early-stage teams build great digital media/technology companies. They are Stefan Glaenzer, Eileen Burbidge and Robert Dighero. For more information go to passioncapital.com Investments in H1 2015 (9)

Car Throttle UK $2.4M Seed Automotive (Media) Digital Shadows UK $8M Series A Security (Fintech) Ravelin UK Undisclosed Seed Security Vicampo Germany $4M Series A Wine (E-commerce) EyeEm Germany $18M Series B Photo Sharing Wine In Black Germany Undisclosed Series C Wine (E-commerce) Urban Message UK $1.5M Seed Health and Wellness Adzuna UK $3.2M Recruitment (Search engine) Mondo UK $1.3M Seed Fintech

16 12. Octopus Investments (UK) In their own words: Octopus is an investment company unlike any other. We offer innovative investment solutions to UK investors based on our expertise in smaller company investing, plus a wide range of funding options for exceptional companies. And we think differently, always putting our customers first. Now find out for yourself how we can help you. For more information go to octopusinvestments.com Investments in H1 2015 (9)

Trialreach UK $13.5M Series B Medtech Shopa UK $1M Series A Social Commerce Michelson Diagnostics UK €2.5M Series B Biotech Property Partner UK £5.2M Real Estate Ampliance UK $10.5M Series B Enterprise SaaS Currency Fair Ireland $10.7M Series A Fintech Eve Mattress UK £930K Seed Furniture Trafi Lithuania $6.5M Series A Transport Artesian Solutions UK $8M Series B Enterprise SaaS

17 11. Carmel Ventures (Israel) In their own words: Carmel Ventures, established in 2000, is an Israeli venture capital fund with over $800 million under management. Carmel is focused on early stage companies in the fields of Software, Internet, Media, Communications, Semiconductors, and Consumer Electronics. Carmel Ventures is an member of the Viola Group, a private equity investment group with over $2B under For more information go to management, focused on technology-based investment opportunities in Israel. viola-group.com Investments in H1 2015 (9)

Tradair Israel $15M Fintech Yallo Israel $4M Series A Mobile App Playbuzz Israel $16M Series B Digital Media Tonara Israel $5M Series B Music Evercompliant Israel $3.5M Series A Security enSIlo Israel $10M Series A Security Splacer Israel $1.4M Events RealMatch Israel $8M Recruitment Credify Israel $8M Fintech

18 10. Accel Partners (UK) In their own words: Accel Partners is a venture and growth equity firm. Accel funds companies from inception through the growth stage. The company manages over $8.8 billion from offices in Palo Alto, California, New York City, London, India and China. For more information go to accel.com Investments in H1 2015 (9)

Deliveroo UK $25M Series B, $70M Series B Food (Delivery) KnCMiner Sweden $15M Series B Bitcoin (Fintech) ClusterHQ UK $12M Series A Development Tools WorldRemit UK $100M Series B Fintech Circle Ireland $50M Fintech Campanda Germany $5M Series A Automotive (Marketplace) Fever Spain $8.3M Series A Social Events Lyst UK $40M Series C Fashion (E-commerce)

19 9. Northzone (UK/Nordics) In their own words: Northzone is a technology investment partnership. Over the past 19 years we have been chosen by exceptional entrepreneurs as a long-term partner for growth. We have thus far invested in over 100 For more information go to companies, injecting some 200 years of collective operational and northzone.com investment experience into businesses that truly make a difference.

Investments in H1 2015 (9)

Fuse Norway $2.8M Seed Development Tools Vionlabs Sweden $3M Seed Digital Media Sqore Sweden $3.5M Series A Recruitment Outfittery Germany $20M Series C Fashion (E-commerce) Sticky Sweden $5M Series A Adtech Cryex Sweden $10M Venture Fintech Trustpilot Denmark $73.5M Series D Social Reviews Spotify Sweden $526M Series G Music Soundtrack Your Brand Sweden $10.9M Series B Music

20 8. MCI Management (Poland) In their own words: MCI Management SA is a private equity fund listed on the Warsaw Stock Exchange active in Central and Eastern Europe. According to the Wall Street Journal MCI is one of Poland’s leading venture capital and private equity companies. For more information go to Investments in H1 2015 (11) mci.pl

WindeIn Germany €45M Series E E-commerce asgoodasnew electronics Germany €11M Series C Electronics (E-commerce) 4Screens Poland Undisclosed Seed Multi screens Ganymede Poland $6.5M Social Gaming Oktogo Russia $5M Hospitality Spark Software Poland $793K Enterprise SaaS Auctionata Germany €42M Series C Auctions (E-commerce) Gett Germany $20M Series C Transport (on-demand) Lifebrain Austria €10.1M Diagnostics Pigu Lithuania Undisclosed E-commerce Azimo UK $20M Series B Fintech

21 7. DN Capital (UK) part 1 In their own words: We are a young dynamic team, passionate about technology and building great long-term companies. We are a global early and growth stage investor with operations in London, Menlo Park and Berlin, focusing on market places, e-commerce, software, mobile apps and digital media. For more information go to dncapital.com We ourselves operate like a start-up, and through our own experiences, global network and sector expertise support entrepreneurs to build and grow their own businesses.

Investments in H1 2015 (12)

Mister Spex Germany $40M Series D Eyewear (E-commerce) WindeIn.de Germany €45M Series E E-commerce ClusterHQ UK $12M Series A Development tools Sharkpunch Finland $1.4M Seed Gaming Shazam UK $30M Series F Media Discovery Happiour UK Undisclosed Seed Food (Daily Deals)

22 7. DN Capital (UK) part 2 In their own words: We are a young dynamic team, passionate about technology and building great long-term companies. We are a global early and growth stage investor with operations in London, Menlo Park and Berlin, focusing on market places, e-commerce, software, mobile apps and digital media. For more information go to dncapital.com We ourselves operate like a start-up, and through our own experiences, global network and sector expertise support entrepreneurs to build and grow their own businesses.

Investments in H1 2015 (12)

Reedsy UK Undisclosed Seed Self-Publishing Take Eat Easy Belgium $11.2M Series B Food (Delivery) Peak UK $7M Series A Edtech AUTO1Group Germany $117.6M Series D Automotive (E-commerce) Eve Mattress UK $930K Seed Furniture (E-commerce) Dojo Madness Germany $2.3M Seed eSports

23 6. Bpifrance (France) part 1 In their own words: Bpifrance invest in strategic sectors of the future (digital conversion, ecological and energy industry, biotechnology or social economy).

For more information go to bpifrance.fr Investments in H1 2015 (13)

Qivivo France $1M Seed Energy Gecko Biomedical France $1.5M Series B Biotech EZ Wheel France €5M Innovative Engineering THERAVECTYS France €1.9M Biotech SIGFOX France $115M Series D Internet of Things Unilend France $8.6M Fintech Augure France €15M Series E Enterprise SaaS Drivy France $8.6M Series B Automotive (Sharing Economy) S4M France $8M Series A Adtech Entertainment Learning France $1M Series A Energy

24 6. Bpifrance (France) part 2 In their own words: Bpifrance invest in strategic sectors of the future (digital conversion, ecological and energy industry, biotechnology or social economy).

For more information go to bpifrance.fr Investments in H1 2015 (13)

Actility France $25M Series A Fintech Snips France $6.3M Seed AI (Internet of Things) Teads France $30M Video Advertising

25 5. Index Ventures (UK) part 1 In their own words: We back the best and most ambitious entrepreneurs and help them make their ideas real and lasting. The entrepreneurs we team up with were born to build their businesses -- it is their life’s mission. Working side-by-side with these visionaries makes us incredibly optimistic about For more information go to the future. indexventures.com Investments in H1 2015 (14)

Navabi Germany €25M Series D Fashion (E-commerce) Transferwise UK $58M Series C Fintech Deliveroo UK $25M Series B Food (Delivery) Peoplevox UK $6M Series A Enterprise SaaS Alkemics France $5.4M Series A, Adtech Property Partner UK $7.7M Series A Real Estate Drivy France $8.6M Series B Transport (On Demand) Trustpilot Denmark $73.5M Series D Social Reviews Songkick France $15M Series C Music Ministry of Games Finland $2M seed Gaming

26 5. Index Ventures (UK) part 2 In their own words: We back the best and most ambitious entrepreneurs and help them make their ideas real and lasting. The entrepreneurs we team up with were born to build their businesses -- it is their life’s mission. Working side-by-side with these visionaries makes us incredibly optimistic about For more information go to the future. indexventures.com Investments in H1 2015 (14)

Adzuna UK $3.2M Recruitment (Search Engine) Onefinestay UK $40M Series D Hospitality Adallom Israel €26.8M Series C Security Funding Circle UK $150M Series E Fintech

27 4. Kima Ventures (France) part 1 In their own words: Kima Ventures is one of the world’s most active early-stage investors, investing in 2 to 3 startups per week all over the world; providing founders with funding, network and support for them to reach the next steps of their journey. We invest from seed to Series A, mostly as lead investor but also working alongside other investors; backing ambitious founders who work hard to build awesome things that more and more people use everyday. For more information go to kimaventures.com Investments in H1 2015 (15)

ISKN France $2M Internet of Things Quattrocento Italy $250K Seed Eyewear (E-commerce) SimpleMail France $1.3M Seed Enterprise SaaS Lucky Cart France $1.6M E-commerce Squirrel UK £250K Fintech Reedsy UK Undisclosed Seed Self-Publishing Heetch France Undisclosed Transport (Sharing Economy) Sevenhugs France $1.6M Health and Wellness

28 4. Kima Ventures (France) part 2 In their own words: Kima Ventures is one of the world’s most active early-stage investors, investing in 2 to 3 startups per week all over the world; providing founders with funding, network and support for them to reach the next steps of their journey. We invest from seed to Series A, mostly as lead investor but also working alongside other investors; backing ambitious founders who work hard to build awesome things that more and more people use everyday. For more information go to kimaventures.com Investments in H1 2015 (15)

StarOfService France $1.2M Series CA Professionals (Marketplace) ewings.com Germany €1.1M Series A Travel (Search) Mapme Israel $1M Seed Maps PopChef France Undisclosed Seed Food Processing Modti Finland Undisclosed Seed Hardware Kiwup France €1.3M Seed Enterprise SaaS Rivalfox Germany Undisclosed Marketing (Enterprise SaaS)

29 3. Seedcamp (UK) part 1 In their own words: Seedcamp is a Founder’s First Round Fund. We invest smart capital into pre-seed and seed stage startups, providing up to €200k and a lifelong platform of Learning, Network and Capital to support the most ambitious Founders. Established in 2007, Seedcamp has invested in For more information go to almost 200 companies from around the world. seedcamp.com

Investments in H1 2015 (17)

Transferwise UK $58M Series C Fintech Trussle UK Undisclosed Seed Fintech (Property) Pronto UK $1.6M Seed Food Spoke UK Undisclosed Seed E-commerce Kukimi Germany Undisclosed Seed Food Land Insight UK £350K Seed Proptech Edgefolio Norway Undisclosed Seed Fintech Marcopolo Learning US Undisclosed Seed Gaming Pointy Ireland Undisclosed Seed E-commerce

30 3. Seedcamp (UK) part 2 In their own words: Seedcamp is a Founder’s First Round Fund. We invest smart capital into pre-seed and seed stage startups, providing up to €200k and a lifelong platform of Learning, Network and Capital to support the most ambitious Founders. Established in 2007, Seedcamp has invested in For more information go to almost 200 companies from around the world. seedcamp.com

Investments in H1 2015 (17)

Property Partner UK £5.2M Series A Real Estate Findify Sweden Undisclosed Seed E-commerce (Search) Incrediblue UK $1.8M Seed Boat Rentals (Marketplace) Cymmetria US $1.5M Seed Security Monese UK $1.8M Seed Fintech Revolut UK $2.34M Seed Fintech Rialto UK Undisclosed Seed Proptech Fishbrain Sweden $8M Series A Social Network

31 2. Rocket Internet (Germany) part 1 In their own words: Our mission is to become the world’s largest Internet platform outside of the United States and China. We identify and build proven business models and transfer them to new, underserved or untapped markets where we seek to scale them into market leading online companies. For more information go to rocket-internet.com

Investments in H1 2015 (18)

Westwing Germany €25M Private Equity Retail (E-commerce) Delivery Hero Germany $568M Series H Food (On Demand) Hello Fresh Germany $126M Series E Food (Delivery) Borro UK $19M Series E Fintech ShopWings Germany €12M Series A Groceries (E-commerce/Delivery) Delivery Hero Germany €52M Venture Food (On Demand) Foodpanda Germany $110M Series E Food (Delivery) Spotcap Germany €5M Debt Financing Fintech Helpling Germany $45M Series B Household Services (Marketplace)

32 2. Rocket Internet (Germany) part 2 In their own words: Our mission is to become the world’s largest Internet platform outside of the United States and China. We identify and build proven business models and transfer them to new, underserved or untapped markets where we seek to scale them into market leading online companies. For more information go to rocket-internet.com

Investments in H1 2015 (18)

GetSafe Germany Undisclosed Seed Fintech Thermondo Germany €6M Series B Energy Take Eat Easy Belgium €6M Series A Food (Delivery) Dealerdirect Netherlands €8M Venture Automotive (Marketplace) Foodpanda Germany $100M Series E Food (Delivery) Home24 Germany $120M Private Equity Furniture (E-commerce) Bonativo Germany Undisclosed Food (Delivery) EatFirst Germany Undisclosed Food (Delivery) Safe Germany Undisclosed Fintech

33 1. High-Tech Gruenderfonds (Germany) part 1 In their own words: The High-Tech Gründerfonds is a public-private venture capital investment firm based in Bonn, Germany. High-Tech Gründerfonds is an early stage seed investor, focused on high potential high-tech start-ups. For more information go to high-tech-gruenderfonds.de

Investments in H1 2015 (31)

MisterSpex Germany $40M Series E Eyewear (E-commerce) WPX Faserkeramik Germany Undisclosed Series A Hardware Kimeta Germany Undisclosed Seed Recruitment bookingkit Germany Undisclosed Seed Enterprise SaaS OneShore Energy Germany Undisclosed Energy fodjan Germany Undisclosed Agritech oncgnostics Germany Undisclosed Series A Biotech Implisense Germany $500K Seed Analytics (Marketing) Graylog US $2.5M Seed Enterprise SaaS Immunservice Germany Undisclosed Series C Biotech

34 1. High-Tech Gruenderfonds (Germany) part 2 In their own words: The High-Tech Gründerfonds is a public-private venture capital investment firm based in Bonn, Germany. High-Tech Gründerfonds is an early stage seed investor, focused on high potential high-tech start-ups. For more information go to high-tech-gruenderfonds.de

Investments in H1 2015 (31) altusinsight Germany Undisclosed Seed Big Data 99Chairs Germany Undisclosed Seed Interior Design Automatic Logistic Solution Germany Undisclosed Seed Logistics REBELLE Germany Undisclosed Series B Fashion (E-commerce) fos4X Germany €2.3M Series B Manufacturing Sonormed Germany Undisclosed Series A Medtech OMEICOS Germany €6.2M Series A Medtech Enshape Germany Undisclosed Seed 3D sensors qlearning Germany Undisclosed Series A Edtech Solandeo Germany Undisclosed Seed Energy

35 1. High-Tech Gruenderfonds (Germany) part 3 In their own words: The High-Tech Gründerfonds is a public-private venture capital investment firm based in Bonn, Germany. High-Tech Gründerfonds is an early stage seed investor, focused on high potential high-tech start-ups. For more information go to high-tech-gruenderfonds.de

Investments in H1 2015 (31)

Comodule Germany €500K Seed Electric Vehicles Payever Germany Undisclosed Seed Fintech ewings.com Germany €1.1M Series A Travel (E-commerce) Kukimi Germany Undisclosed Seed Food Bionic Robotics Germany Undisclosed Series A Hardware (Robotics) Rigontec Germany €14.25M Series A Biotech Cytena Germany €1.1M Seed Medtech Fazua Germany Undisclosed Series A Hardware (Bicycles) Synoste Oy Finland €2.2M Series A Medtech Wise srl Italy €3M Series A Medtech Junique Germany €5M Series A E-commerce 36 SUMMARY

Name Country HQ Founded Median round size Top 3 investments H1 (disclosed)

1. Mister Spex (DE) - $40M 1. High-Tech Gruenderfonds Germany 2005 €2.65M 2. Rigontec (DE) - €14.25M 3. OMEICOS (DE) - €6.2M

1. Delivery Hero (DE) - $568M 2. Rocket Internet Germany 2007 €32.5M 2. Hello Fresh (DE) - $126M 3. Home24 (DE) - $120M

1. Transferwise (UK) - $58M 3. Seedcamp UK 2007 $1.8M 2. Fishbrain (SE) - $8M 3. Property Partner (UK) - £5.2M

1. ISKN (FR) - $2M 2. Lucky Cart (FR) - $1.6M 4. Kima Ventures France 2010 €1.2M = Sevenhugs (FR) - $1.6M 3. Kiwup (FR) - €1.3M 1. Funding Circle (UK) - $150M 5. Index Ventures UK 1996 $20M 2. Trustpilot (DK) - $73.5M 2. TransferWise (UK) - $58M

37 SUMMARY

Name Country HQ Founded Median round size Top 3 investments H1 (disclosed)

1. AUTO1Group (DE) - $117.6M 6. DN Capital UK 2000 $11.6M 2. WindeIn (DE) - €45M 3. Mister Spex (DE) - $40M

1. SIGFOX (FR) - $115M 7. Bpifrance France 2012 $8M 2. Teads (FR) - $30M 3. Actility (FR) - $25M

1. WindeIn (DE) - €45M 2. Auctionata (DE) - €42M 8. MCI Management Poland 1999 €11M 3. Gett (DE) - $20M = Azimo (UK) - $20M

1. Spotify (SE) - $526M UK 9. Northzone 1996 $10M 2. Trustpilot (DK) - $73.5M Nordics 3. Outfittery (DE) - $20M

1. Worldremit (UK) - $100M 10. Accel Partners UK 1983 $15M 2. Circle (IE) - $50M 3. Lyst (UK) - $40M

38 SUMMARY

Name Country HQ Founded Median round size Top 3 investments H1 (disclosed)

1. Playbuzz (IS) - $16M 11. Carmel Ventures Israel 2000 $5M 2. Tradair (IS) - $15M 3. Ensilo (IS) - $10M

1. Trialreach (UK) - $13.5M 12. Octopus Invesments UK 1999 $8M 2. Shopa (UK) - $11M 3. Ampliance (UK) - $10.5M

1. EyeEm (DE) - $18M 13. Passion Capital UK 2011 $3.2M 2. Digital Shadows (UK) - $8M 3. Vicampo (DE) - $4M

1. Believe Digital (France) - $60M 14. XAnge Private France 2004 $11.15M 2. MisterSpex (DE) - $40M 3. StudiTemps (DE) - $13.6M

1. Auctionata (DE) - €42M 15. Earlybird VC Germany 1997 €15.8M 2. EyeEm (DE) - €18M 3. Smava (DE) - €16€

39 SUMMARY

Name Country HQ Founded Median round size Top 3 investments H1 (disclosed)

1. Fundbox (IS) - €40M 16. Blumberg Capital Israel 1991 $5M 2. Yotpo (IS) - €15M Capital 3. SQream Technologies (IS) - €7,4M

1. Teads (FR) - €12M 17. Partech Ventures France 1982 €3.5M 2. Kantox (UK) - €10M 3. PriceMatch (FR) - €8M

1. Studitemps (DE) - €13,6M 18. b-to-v Partners Germany 2000 €5M 2. GNA Biosolutions (DE) - €6M 3. Campanda (DE) - €5M

1. docplanner (Poland) - $10M 19. Point Nine Capital Germany 2011 $1.8M 2. Xeneta (Norway) - $5.3M 3. Automile (Sweden) - $5M

1. Kantox (UK) - €10M 20. Cabiedes and Spain 2009 €550K 2. Clinicpoint (Spain) - €1M Partners 3. SocialCar (Spain) - €800K

40 SUMMARY

Name Country HQ Founded Median round size Top 3 investments H1 (disclosed)

€6M Mostly Undisclosed except 21. IBB Germany 1997 (all undisclosed but Thermondo (DE) - €6M one)

1. Farfetch (UK) - $86M 22. Felix Capital UK 2014 $9.9M 2. Olapic (UK) - $15M 3. Rad (France) - $10.8M

1. Global Fashion Group (DE) - $35M 23. Tengelmann Ventures Germany 2001 $18M 2. Carmudi (DE) - $25M 3. Lamudi (DE) - $18M

1. Auctionata (DE) - €42M 24. HV Holtzbrink Germany 2000 $13M 2. Outfittery (DE) - $20M Ventures 3. Lamudi (DE) - $18M

1. EarlySense (Israel) - $20M 25. Pitango Israel 1993 $10M 2. AppsFlyer (Israel) - $20M 3. Applicaster (Israel) - $10.5M

41 ANALYSIS

In total, the 25 most active investors in Europe made All of the investors are European, with no US-based 264 investments in the first half of 2015. or Asian investors present in the 25 most active, however it is worth noting that Goldman Sachs Geographical spread and Sequoia Capital didn’t miss out by too much, German companies saw the biggest amount of with 6 and 5 investments respectively. Also worth investments head their way, with 37.5% of them (99), pointing out is that of all of the investments made the UK taking 19.7% (52) and France 15.15% (40). It’s by the 25 all were within Europe bar three, with no surprise then that Germany is also home to the Seedcamp investing twice in the US and High-Tech highest number of active investors, with 8 of the 25 Gruenderfonds once. based there. The UK is next up with 7, followed by France (4), Israel (3) and Spain, Sweden and Poland Age correlation all with one apiece. 10 of the 25 investors were founded pre-2000, demonstrating that those that have been around for The correlation is clear, especially when you consider longer perhaps have better resources for investing Israel followed Germany, the UK and France both in more prolifically both in terms of network and capital. number of active investors and investments received However, 5 of the 25 most active tech investors by the most active investors. The country who in Europe were founded only in the last five years, received the most investments from the most active proving that it is also possible to be a new fund and investors but didn’t have one based in it, was Finland still be very active, especially if you are an early- with 5, representing just 1.89% of the investments, stage focused fund such as Kima Ventures or Point again pointedly demonstrating the correlation. Nine Capital.

42 ANALYSIS

Stage setting size above this, which shows that there are not so Naturally, you’d expect early-stage investors to many actively investing at the later stages in Europe, be the most active due to making lots of small although of course, fewer later stage rounds occur investments, however, it’s notable that only 5 of the than early ones overall. 25 could be considered truly early-stage focused, as only High-Tech Gruenderfonds, Seedcamp, Popular verticals Kima Ventures, Point Nine Capital and Cabiedes The verticals that the most active investors backed and Partners had median round sizes €3 million the most is undoubtedly financial technology and below (IBB should probably also be included (fintech), with 12.5% of the investments going there, here, although they only disclosed one round of €6 while food and groceries (8.71%), e-commerce million). (6.06%), enterprise SaaS (5.68%) and fashion startups (4.55%) also very popular amongst the 25. Verticals Due to there being a widely acknowledged funding that Europe are considered to typically do well in gap between European funds and venture capital but that the 25 most active European investors required from European companies at Series A and seemingly weren’t so interested in include hardware beyond, it appears that of the funds that are actively (1.89%), gaming (1.89%) and data and analytics investing at these stages, it’s the same firms that (1.52%). are picking up the majority of the slack; 15 of the 25 have median round sizes between €5-15M. Only In further proof that fintech was the most popular Earlybird (€15.2M), Tengelmann ($18M), Index ($20M) amongst the most active investors: a staggering 72% and Rocket Internet ($32.5M) have a median round of them (18) made a fintech investment, followed

43 ANALYSIS by groceries and food and enterprise SaaS (44%), is very positive for the European ecosystem, fashion (36%) and e-commerce (32%). however it is worth pointing out that beyond these active investors, there are not too many who Conclusion regularly invest at this stage. Late-stage funding also Although the investors are only based in seven appears to be an issue, with only Index Ventures and European countries (including Israel), the good news Rocket Internet involved in median round sizes of is, that they have invested in a total of 18 different $20 million and above. European countries, demonstrating that Europe’s most active investors are looking beyond their Fintech is Europe’s hottest vertical right now. own locations, although clearly the capital is still When 18 of the 25 most active investors make an concentrated in Germany, UK, Israel, Sweden and investment in an area, then you know that area is France. hot. It’s also not surprising to see groceries and food, enterprise SaaS and e-commerce fare well too. Europe benefits from both older and newer funds, and as long as they are active it doesn’t really matter All in all, by looking at the 25 most active investors how long they have been around; age is no barrier to we get a very healthy snapshot of the European prolific investing it appears. venture scene right now, as there’s a strong mix of stages being invested in, verticals being backed, Europe has a plethora of funds who actively and companies located in a wide variety of countries invest between €5-15 million, an amount which is receiving investment. traditionally considered tricky to raise, and therefore

44 METHODOLOGY AND DISCLAIMERS

From November 2013 onwards, we’ve continuously size was positioned higher. It should be noted that monitored approximately 100 sources of news and Sunstone, Redalphine, Wellington and TA Ventures information across multiple European regions and just fell short of the top 25 because of this criteria languages. despite all making 7 investments in H1 2015.

All of the investment activity in the first half of 2015 We have opted to include non-European Union we tracked this way has been listed and analysed member states such as Russia, Turkey, Israel, by the Tech.eu team for the purpose of this report, Norway, Switzerland and others in this analysis, as along with additional investments that were not we consider them an integral part of the European reported by any of the aforementioned sources but technology industry as such. This is in line with Tech. flagged by people from our collective networks. eu’s overall editorial policy. We have also cross-referenced all of our data using Crunchbase. Considering the vastness, fragmentation and breadth of different languages that defines Europe, it is We have used both dollars and euro’s when possible that certain investments were not included disclosing the size of funding rounds, to ensure in our analysis. We believe, however, that this is as maximum accuracy as to the size of the round, which comprehensive a report as possible. could be lost when converting currencies later than the round was reported. When investors had made We have included investments based on the date an equal number of investments, the firm that was that they were initially reported by an authoritative involved in the higher number of average transaction source, not necessarily the inking of the agreements

45 METHODOLOGY AND DISCLAIMERS or listings in question. Hence, investments that were also included investments involving companies sealed at the end of 2014 may be included in the that are active in the fields of biotechnology and data for 2015. medtech.

We’ve included investments involving small and large Please subscribe to our newsletter to be kept up-to- technology corporations, and everything in between. date on future reports, which will dive into specific ‘Technology’ in this case encompasses digital, Web, verticals, geographies and other groups. mobile, infrastructure and hardware, and we have

Robin Wauters Neil Murray (Founding editor, Tech.eu) (Founder, The Nordic Web)