Fast growth in Germany: Tech start-ups and investors setting new benchmarks Venture Capital and start-ups in Germany 2017 Welcome

2 | Venture Capital and start-ups in Germany 2017 Introduction

Fast growth in Germany: Tech start-ups and investors setting new benchmarks

In 2017, the German tech start-up industry was characterized by a record level of funding activity as well as successful exits in the course of IPOs and M&A deals.

We have seen strong interest from financial investors as well as corporates across the globe, which are keen to invest in German tech assets as part of their global investment strategies. International investors such as Naspers, Asian state funds or newly emerged tech investor SoftBank have enhanced the later-stage funding environment in Germany helping to make successful ventures big before being sold in relatively early stages of the development.

With M&A activity remaining at a high level, exits to international investors have significantly increased. Corporates remain the most relevant exit channel for German tech companies.

The German start-up ecosystem benefited from successful IPO exits, highlighted by the going public of Berlin-based unicorns Delivery Hero and HelloFresh who together raised USD 1.4b in the course of their IPOs.

Disruptive technologies enjoyed good momentum and created new business opportunities in Germany with innovations seen, in particular, in areas such as AI, e-health, e-mobility and smart logistics. Investments in start-ups offering blockchain-related technology are expected to follow.

Dr. Thomas Prüver Michael Weber Partner | EY Manager | EY Transaction Advisory Services Transaction Advisory Services

Venture Capital and start-ups in Germany 2017 | 3 Contents Executive summary

Top 100 German start-ups account for accumulated funding of USD 1 8.5b with most of the top start-ups based in Berlin. Top 10 fundings in 2017 significantly exceeded the prior-year level. Funding 8

Investments in German start-ups are at an all-time high whilst M&A activities leveled off in 2017. Whilst (some new) international 2 financial investors are key drivers of funding rounds, corporates M&A Overview 18 remain the most relevant exit channel for German tech companies.

2017 was a year of successful IPOs with Delivery Hero, HelloFresh 3 and Mynaric together raising USD 1.5b. IPOs 24

VC investors with investment activities in the German start-up 4 market set up new funds with a volume of more than USD 7.9b in 2017. Investors 26

Disruptive technologies enjoyed good momentum and created new 5 business opportunities in Germany with innovations seen in areas such as blockchain, AI, e-health, e-mobility and smart logistics. Trends 30

4 | Venture Capital and start-ups in Germany 2017 Dashboard

Top 100 Top 10 start-ups’ start-ups’ accumulated USD 8.5b funding volume USD 1.3b fundings 2017 2017 (vs. 2016) (+USD 2.6b) (vs. 2016) (+USD 1.0b)

Investments M&A deals 2017 481 2017 137 (vs. 2016) (+29) (vs. 2016) (–18)

Based on Money raised IPOs stock price in IPOs 2017 USD 1.5b development (vs. 2016) (+USD 1.5b) post IPO successful

Biggest New funds in fund raise of 2017 USD 7.9b German VC (vs. 2016) fund in USD 1.0b (+USD 1.7b) 2017

Trending Blockchain, ICOs, AI, e-health, Trending in business funding Big international players models e-mobility, smart logistics

Venture Capital and start-ups in Germany 2017 | 5 6 | Venture Capital and start-ups in Germany 2017 Explanation of key terms used in this publication

Investments

Funding M&A IPO

Exit

Investors Start-up

Corporate Financial

Investments Funding IPO

With investments we refer to fundings, We define fundings as equity or debt We define initial public offering (IPO) as a M&A deals and IPOs in connection with financing provided to a German-based public offering in which a German-based start-ups operating with a digital business start-up (with a change in ownership start-up sells stocks for the first time. model. Investments in start-ups falling below 50%) that operates with a digital into the life science sector or non-digital business model. business models have been excluded. This explains the difference between the The digital sector comprises companies Start-up number of deals presented in the EY Start- mainly focused on the sectors consumer up Barometer in 2017 (506) compared products and services, software, IT Start-ups are companies generally to the number of investments presented services, media and entertainment or younger than 10 years old that operate in this study (481). retailing/distribution. with a digital business model. Start-ups falling into the life science sector or non-digital business models have been excluded. Exceptions might apply for Investors M&A older companies that have digitally (Corporate and Financial) transformed their business model during M&A activity comprises transactions with We define investors as entities that are the last 10 years. a change in ownership of more than 50%. acquiring shares in a German-based start- up (>50% = M&A deal). A company is considered a corporate when its primary business is non-financing related, e.g., industry or service provision. We define an investor as a financial investor when its primary activities are investing or financing related.

Venture Capital and start-ups in Germany 2017 | 7 Funding Top 100 German start-ups account for accumulated funding of USD 8.5b

Structure of top 100 start-ups in terms of funding Business model across top 100 start-ups in terms of funding

Top 100 – Founding year Top 100 – Business model Variable Before 2003– 2011– 2014– Total Variable Fin- Ad- Soft- Total Food Retail Other 2002 2010 2013 2017 Tech Tech ware # Firms 5 35 38 22 100 # Firms 3 20 14 10 30 23 100 Funding 201 2,437 4,954 928 8,520 Funding 2,253 1,992 1,290 351 1,598 1,036 8,520 Average 40 70 130 42 85 Average 751 100 92 35 53 45 85

Remark: Outlined funding volumes and averages are in USDm

Key locations of top 100 start-ups in terms of funding

69.7% 8.1% 7.9% 2.3% 1.8% 0.6% 0.3%

Berlin Hamburg Munich Dusseldorf Karlsruhe Frankfurt Cologne

Source: Thomson One, Mergermarket, Crunchbase, press releases

In the last years, a few large-sized The top 100 start-ups (before exit or IPO) The business models are diverse but trend ventures have represented the German have attracted a funding volume of more patterns can be observed. Sectors such start-up scene in terms of funding volume, than USD 8.5b since their foundation. as food and e-commerce, which have such as Delivery Hero, HelloFresh, These start-ups range from global food- been very prominent in recent years, Soundcloud and Auto1. Meanwhile, in delivery player Delivery Hero with some provided the adressees of material the slipstream of these firms, a broad USD 1.9b in funding (before its IPO in fundings in 2017. Berlin remains the pulse fundament has evolved in the national June 2017) to start-ups such as Freight of the ecosystem. More than two thirds of ecosystem. Fast-growing and innovative Hub, Zeotap or Monoqi with around the top 100 start-ups in terms of funding companies operate successfully in mass- EUR 20m. The German market has seen are based in the capital of Germany due to markets but also in newly established a strong push in terms of venture creation the high density of digital success stories market niches. We have analyzed the tech and entrepreneurship since 2010. 60 of (e.g. Delivery Hero, Zalando, HelloFresh), start-up ecosystem and have ranked the the start-ups in our top 100 list were investors, talent and other stakeholders. largest ventures in terms of total funding founded after 2010 and managed to Hamburg, Munich and Düsseldorf are volume. The overview is based on public gain market relevance, 22 thereof were following. information. founded in 2014 or later.

Venture Capital and start-ups in Germany 2017 | 9 Top 10 start-ups

The market has gone through a transition 1 Delivery Hero: Established in 2011, 5 Westwing: Established in 2011, the phase over the course of the last five Delivery Hero is a worldwide network shopping club for home and living years. Funding volumes and individual of online food ordering sites, operating products has attracted millions of tickets have increased steadily, with a in 49 countries. It has received members. The firm operates globally, lot of fresh money flowing into seed and approximately USD 1.8b in funding has more than 1,500 employees and early-stage companies. Growth and later- since its foundation and before going total funding of USD 237m. stage financing rounds are still led by public. Prior to its IPO in June 2017, international investors (e.g., Naspers, Delivery Hero received a funding of 6 HelloFresh: Established in 2011, the Princeville Global, Temasek, 3i) indicating USD 421m led by South African media firm is a food subscription company future potential in terms of the group and technology investor Naspers. that sends pre-portioned ingredients development of the German growth for weekly meals to customers. With finance market. Auto1 Group: Established in 2012, a total funding of USD 370m and 2 Auto1 Group is Europe’s leading additional proceeds of EUR 318m The top list is characterized by portfolio used-car marketplace. The firm had from its IPO in November 2017, the firms linked to Rocket Internet, including been off the radar for most people company plans to grow further in Delivery Hero, Westwing and Home24. In in the national start-up scene but existing and new markets. recent years, the company builder acted received a lot of attention after the as the driver for marketable digital ideas announcement of a USD 118m 7 Auxmoney: Established in 2007, the and as a nucleus for the Berlin ecosystem funding in April 2015. In 2017, the firm is an online peer-to-peer loan in terms of digital education and business company received an equity and marketplace. The company assesses execution. Rocket Internet backed online debt financing of EUR 360m with the risk of borrowers by using its food ordering service Delivery Hero and Princeville Global as lead investor. own algorithms. The firm has a total food subscription company HelloFresh The firm was valued at more than funding of USD 198m and operates went successfully public in 2017, with USD 2b in the outlined financing in a market together with Smava in a valuation at IPO of USD 4.8b and round. A further major financing Germany or Lending Club from the US. USD 1.9b, respectively. round of EUR 460m was announced in early 2018 which, however, is not 8 Lampenwelt: Established in 2004, Other top ventures are backed by included in our top 100 list as of Lampenwelt.de is a German online renowned international venture capitalists December 2017. lighting shop that also operates or investors such as Kreos Capital, JP local websites in various European Morgan, Atomico, KKR, Goldman Sachs, Kreditech: Established in 2012, countries. In 2017, Lampenwelt Index Ventures, J.C. Flowers & Co., 3 the firm is a consumer finance received an equity funding of Morgan Stanley and Battery Ventures. technology group that uses machine- EUR 120m led by 3i along with an The outlined development is promising learning technologies. The FinTech additional EUR 56m in financing. and indicates that the German market venture has a total funding of continues to be in a leading position in USD 497m, with equity funding of 9 GetYourGuide: Established in 2009, Europe. This is supported by a study from EUR 110m received in 2017 led by GetYourGuide is a booking platform GP.Bullhound on European tech titans PayU and a EUR 200m debt injection for tours, offering a variety of travel according to which Germany is the led by Victory Park Capital received experiences through its global fastest growing tech market in terms of in 2015. supplier network. In 2017, it received cumulative valuation growth. Germany a funding of EUR 75m led by Boston- has numerous tech businesses with a SoundCloud: Established in 2007, based Battery Ventures. value of at least USD 1b including Rocket 4 the firm is a social networking service Internet, Delivery Hero, Zalando, Xing, for music. Over the course of the last 10 Home24: Established in 2009 and trivago, HelloFresh and Auto1 Group. few years, the venture has raised now with more than 1,100 employees, USD 468m, with the latest cash the firm has become one of the injection of USD 169.5m led by largest European online furniture Temasek and The Raine Group in stores. The venture has attracted Q3 2017. a total funding of USD 156m.

10 | Venture Capital and start-ups in Germany 2017 Venture ideas are diverse with business Top 10 start-ups models mainly linked to food, retail, marketing, FinTech and social media

Top 100 start-ups located in Germany (based on total funding value up until December 2017 before exit or IPO) # Target name Location Target profile Founding year Total funding value in USD 1 Delivery Hero Berlin Food delivery service 2011 1,856 million 2 Auto1 Group1 Berlin Car retailing platform 2012 520 million 3 Kreditech Holding Hamburg Big data credit scoring 2012 497 million 4 SoundCloud Berlin Music streaming 2007 468 million 5 HelloFresh Berlin Food boxes 2011 370 million 6 WestWing Munich Retailer for furniture 2011 237 million 7 Auxmoney Dusseldorf Peer-to-peer lending 2007 198 million 8 Lampenwelt Schlitz Online lighting shop 2004 191 million 9 GetYourGuide Berlin Travel recommendations 2009 171 million 10 Home24 Berlin Retailer for furniture 2009 156 million 11 GoEuro Berlin Travel search engine 2012 146 million 12 Spotcap Berlin Lender for SME enterprises 2014 113 million 13 Lilium Aviation Gilching Electric vertical take-off and landing jet 2014 101 million 14 Sonnen Wildpoldsried Lithium-based energy storage 2008 98 million 15 ResearchGate Berlin Knowledge network 2008 88 million 16 Movinga Berlin Moving services 2015 76 million 17 Blue Yonder Karlsruhe Big data technology 2008 75 million 18 Helpling Berlin Household services 2014 73 million 19 Thermondo Berlin Heat and power technology 2012 70 million 20 Mister Spex Berlin Glasses retailer 2007 70 million 21 Open-Xchange Nuremberg Communication software 2005 68 million 22 Dreamlines Hamburg Platform for ship cruises 2012 68 million 23 Smava Berlin Social lending platform 2005 67 million 24 Ada Health Berlin Personalized health technology 2011 67 million 25 Raisin (Weltsparen) Berlin Deposit brokerage platform 2013 63 million 26 Lesara Berlin Online retailer 2013 61 million 27 eGym Munich Fitness products 2011 60 million 28 Outfittery Berlin Personal shopping service 2012 60 million 29 Huuuge Games Berlin Mobile games 2014 57 million 30 Lamudi Berlin Real estate platform 2013 56 million 31 Tado° Munich Heating application 2011 56 million 32 Hoccer Berlin Messenger app 2009 55 million 33 Native Instruments Berlin Audio production and DJing 1996 55 million 34 Arago Frankfurt Automation of IT operations 1995 55 million

Source: Thomson One, Mergermarket, Crunchbase, press releases 1 Excluding USD 506m funding from SoftBank’s Vision Fund announced in January 2018

Venture Capital and start-ups in Germany 2017 | 11 Most of the top 100 start-ups based on funding volume are based in Berlin, followed by Hamburg and Munich

Top 100 start-ups located in Germany (based on total funding value up until December 2017 before exit or IPO) # Target name Location Target profile Founding year Total funding value in USD 35 N26 Berlin Banking technology 2013 53 million 36 Market Logic Software Berlin Market research software 2006 51 million 37 FinanzCheck Hamburg Comparison platform 2010 51 million 38 Brillen.de Wildau Glasses retailer 2012 50 million 39 XOLUTION Munich Resealable can system 2006 50 million 40 Navabi Aachen Fashion e-commerce 2007 46 million 41 Scalable Capital Munich Digital investment service 2014 45 million 42 Contentful Berlin Content publishing technology 2013 45 million 43 Move24 Berlin Moving services 2015 45 million 44 Deposit Solutions Hamburg FinTech platform 2011 44 million 45 Blacklane Berlin Driver services 2011 42 million 46 SolarisBank AG Berlin Banking platform 2016 42 million 47 Searchmetrics Berlin Online marketing 2007 39 million 48 Global Savings Group Munich Commerce platform 2012 39 million 49 21sportsgroup Mannheim Multi-channel retail of sports goods 2006 39 million 50 Enfore (NumberFour) Berlin SaaS services 2009 38 million 51 Orderbird AG Berlin iPad POS system 2011 37 million 52 relayr Berlin Internet of Things platform 2013 37 million 53 Azubu Berlin Media sports company 2011 35 million 54 Carmudi Berlin Car classifieds platform 2013 35 million 55 Volocopter Bruchsal Manned electric & air taxis 2012 34 million 56 Signavio Berlin Business process software 2009 34 million 57 EnOcean Oberhaching Sensor solutions provider 2001 34 million 58 Wefox (FinanceFox) Berlin Insurance brokerage 2014 34 million 59 CupoNation Munich Coupons 2012 33 million 60 Babbel Berlin Language learning application 2007 33 million 61 AEVI International Paderborn Cross-border payments 2015 33 million 62 Simplesurance GmbH Berlin Insurance platform 2012 33 million 63 Wooga Berlin Mobile games 2009 32 million 64 Clue Berlin Female health app 2013 30 million 65 BrandMaker Karlsruhe Marketing resource management 1999 30 million 66 Finiata Berlin Automated micro-factoring 2016 30 million 67 SnapShot GmbH Berlin Hotel data and analytics 2013 29 million

Source: Thomson One, Mergermarket, Crunchbase, press releases

12 | Venture Capital and start-ups in Germany 2017 The tail of the top ventures – predominantly early-stage – has attracted at least a two-digit USD funding volume

Top 100 start-ups located in Germany (based on total funding value up until December 2017 before exit or IPO) # Target name Location Target profile Founding year Total funding value in USD 68 Adjust Berlin Analytics and BI platform 2012 29 million 69 Webtrekk Berlin Data intelligence solutions 2003 29 million 70 Marley Spoon Berlin Food-delivery boxes 2014 28 million 71 Dedrone GmbH Kassel/San Francisco Drone detection technology 2014 28 million 72 B2X Care Solutions Munich Customer care solutions 2007 28 million 73 Jimdo Hamburg Website creation platform 2007 28 million 74 ottonova Holding AG Munich Private health insurance 2015 28 million 75 Celonis Munich Process mining software 2014 28 million 76 Cynora Berlin TADF and OLED technology 2008 28 million 77 Netbiscuits Kaiserslautern Platform for app development 2000 27 million 78 McMakler GmbH Berlin Real estate agency 2015 27 million 79 HomeToGo GmbH Berlin Vacation rental platform 2014 27 million 80 Shopwings Berlin/Sidney Grocery delivery services 2014 26 million 81 Ecointense Berlin Environmental management software 2007 26 million 82 Zimory Berlin Cloud technology 2007 25 million 83 Bragi GmbH Munich Virtual audio assistant developer 2013 25 million 84 Bettermarks Berlin Online mathematics platform 2008 25 million 85 Shopgate Butzbach Online retailer technology 2009 24 million 86 EyeEm Berlin Photography community 2011 24 million 87 riskmethods Munich Supply chain risk management 2013 24 million 88 Gastrofix Berlin Cloud-based POS systems 2011 23 million 89 Chrono24.com Karlsruhe Luxury watches 2003 23 million 90 Simfy Cologne Music platform 2006 23 million 91 Travador Munich Travel platform 2013 23 million 92 FreightHub Berlin Digital freight forwarder 2016 23 million 93 Junique Berlin Art marketplace 2014 23 million 94 flaregames Karlsruhe Online games 2011 23 million 95 Frontier Car Group Berlin Used-car marketplace 2016 22 million 96 MONOQI Berlin Fashion platform 2011 21 million 97 zeotap Berlin Private data management 2014 21 million Treasury Intelligence 98 Walldorf Cloud solutions 2010 21 million Solutions 99 azeti Networks Berlin IoT and M2M 2006 21 million 100 Onefootball Berlin Football community 2008 20 million

Source: Thomson One, Mergermarket, Crunchbase, press releases

Venture Capital and start-ups in Germany 2017 | 13 Various tech ventures managed to raise • Lesara: Established in 2013, the Berlin- • Cynora: Established in 2008, the large-scale capital in 2017. The top 3 based start-up is a trend, fashion and Baden-Wuerttemberg-based firm fundings amount to USD 421m (Delivery lifestyle product retailer selling in 24 develops OLED emitter systems which Hero), USD 396m (Auto1) and USD 239m markets. Data-driven selection reduce the power consumption of OLED (Soundcloud) which significantly exceed processes enable the firm to offer its devices, a technology which is used for the top 3 tickets of 2016, when Sound- customers a wide variety of SKUs bendable smart phones, for example. cloud and GoEuro raised USD 70m, each, (>100,000) at low prices which are Cynora received a total funding of and Lamudi raised USD 31m. The top 5 directly sourced from the manufacturers. EUR 25m in 2017 led by corporate fundings in 2017 total USD 1,309m It received a EUR 33m funding in 2017. investors LG and Samsung Electronics. compared to USD 324m in 2016. • Volocopter: Established in 2012, the • Thermondo: Established in 2012, the Selected fundings in 2017 Baden-Wuerttemberg based company start-up is an online platform offering designs and builds manned electric solutions for the installation and • Spotcap: Established in 2014, the Rocket air taxis for autonomous flights. renewal of residential heating and Internet backed firm is an online credit Volocopter received a total funding of power systems. The firm received a platform that provides short-term loans USD 33m in 2017 led by corporate total funding of EUR 30.5m in 2017 for SME companies. The firm is located investors Daimler, Intel as well as including a debt financing of EUR 9.5m. in Berlin but its operations focus on the financial investor b-to-v Partners. Spanish, Dutch, Australian and UK • Moeco: Established in 2016, Berlin- markets. The firm received a total funding • Ada Health: Ada offers a conversational based Moeco is a decentralized of approximately EUR 35m in 2017. health app empowering people with platform designed to provide global personalized medical insights. The app Internet of Things (IoT) connectivity • eGYM: Established in 2011, the Munich- identifies appropriate next steps based based on blockchain technology. The based start-up offers cloud-connected on an AI engine and a curated medical firm received an initial USD 5m funding gym equipment and supporting cloud knowledge base. The firm received a in 2017 led by BitFury Group, a San software and apps for the fitness total funding of EUR 40m in 2017. Francisco-based Bitcoin blockchain training floor. It received a debt security and infrastructure provider. financing of EUR 25m in 2017 led by the European Investment Bank.

14 | Venture Capital and start-ups in Germany 2017 Top fundings in 2017 significantly above prior-year level, driven by international investors

Top 10 funding volumes (disclosed funding volumes in 2017; before exit or IPO)

USD USD 421m 396m (May 2017) (May 2017)

USD 239m (March/Aug. 2017)

USD USD 132m USD 121m USD (March 2017) 90m (May 2017) USD USD 75m USD (Sep. 2017) 49m 53m 55m (Nov. 2017) (Oct. 2017) (Feb. 2017) (Oct. 2017)

Huuuge Research Native GetYour Lilium Kreditech Lampen- SoundCloud Auto12 Delivery Games Gate instruments Guide Aviation welt.de Hero Venture • Seoul • Goldman • EMH • Battery • Tencent • PayU (paid • 3i Group • Ares Capital • Princeville • Naspers Investment Sachs Ventures Holdings of media • Kreos Global Partners • Benchmark, • Spark • Obvious conglo- Capital • Target • Woori Founders Capital Ventures merate Global Naspers) • Davidson Key investors Technology Fund • Sunstone • LGT Capital Technology • JP Morgan Investment • Tenaya Capital Partners • The Raine • Goldman • Kiwoom Capital • KKR • Atomico Group Sachs Investment • Wellcome • NGP Capital • Temasek • Barclays • Korea Trust Holdings Investment • Highland • BHF Bank • A-Grade Capital Partners Investment • BNP Paribas • Groupe • Baillie Arnault Gifford • Four Rivers • Citigroup Group

Source: Thomson One, Mergermarket, Crunchbase, press releases 2 Excluding USD 506m funding from SoftBank’s Vision Fund announced in January 2018

Venture Capital and start-ups in Germany 2017 | 15 Top 5 fundings

Comparison of top 5 funding volumes – 2016 vs. 2017

2016 2017 ∑= USD 324m ∑= USD 1,309m USD USD 421m 396m

USD 239m

USD USD 132m USD 121m USD USD 88m USD USD 70m 70m 46m 50m

Spotcap Brillen.de SoundCloud GoEuro HelloFresh Kreditech Lampen- SoundCloud Auto13 Delivery welt.de Hero

Note: FX conversion rate of EUR/USD 1.1| Source: Thomson One, Mergermarket, Crunchbase, press releases 3 Excluding USD 506m funding from SoftBank’s Vision Fund announced in January 2018

2017 significantly exceeded the top 10 Each of the top 5 fundings in 2017 shows Delivery Hero is ranked 1st in terms of top funding volume in 2016, which was a three-digit million funding volume funding volumes in 2017 as it raised USD primarily driven by international investors totalling USD 1.3b. This compares with 421m prior to its IPO from South African such as Naspers, Princeville Global or USD 0.3b in 2016 where no single funding media group Naspers. Temasek Holdings. This trend is underlined exceeded the three-digit million threshold. by the EUR 460m (USD 506m) Auto1 is ranked 2nd as it raised USD 396m investment of Japanese SoftBank's Vision from a consortium of investors and debt Fund in Auto1, which was announced in lenders with Princeville Global as lead January 2018. investor.

16 | Venture Capital and start-ups in Germany 2017 Top 5 fundings

Venture Capital and start-ups in Germany 2017 | 17 M&A Overview M&A activities level off in 2017 while investments are at all time high

Number of investments and M&A deals (German-based start-ups, based on disclosed deals)

481 452 395

173 155 138

– Investments

– Whereof M&A deals 2015 2016 2017

34% 25% 33% 13% 32% 15% – Media

19% 22% 19% 35% 4% 49% – Technology

– CPR

Target sectorTarget distribution – Other

Source: Thomson One, Mergermarket, Crunchbase, press releases

Investment activities in the German tech Whilst financial investors are the key Billpay, a Berlin-based payment solutions start-up market reached an all-time high driver of the observed increase in funding provider to online retailers founded by in 2017. There is a strong interest from rounds, corporates remain the most Rocket Internet in 2009, was acquired financial investors across the globe that relevant exit channel for German tech by its Swedish competitor Klarna at a are keen to invest in German tech assets companies. Approximately 88% of the rumoured deal value of EUR 70m, as part of their global investment (non-IPO) exits observed in 2017 were underlining the continued consolidation strategy. attributable to national and international of the payment provider market. corporates investing primarily in M&A activity has slightly levelled off with technology sector-related start-ups Contorion, a Berlin-based B2B online more focused deal activity and a trend (49% of exits). marketplace for maintenance, repair and towards industry consolidation in certain operations (MRO) products was sold to areas of the start-up landscape. The following exit examples can be German Hoffmann Group for more than considered as representative for this EUR 100m. The firm was incubated and development: funded by incubator and early-stage investor Project A Ventures.

Venture Capital and start-ups in Germany 2016 | 19 Exits to international investors have significantly increased in recent years

Percentage of exits by origin of investor from 2014-2017 (based on disclosed M&A deals)

German investors International investors

2014 61% 39%

2015 61% 39%

2016 43% 57%

2017 46% 54%

Distribution of German investors 2017 Distribution of international investors 2017

Europe Hamburg 8%

35% 64% 21% Berlin 1% North America China Frankfurt 10%

44% refer Stuttgart 6% Munich to various 11% German cities

Source: Thomson One, Mergermarket, Crunchbase, press releases

Exits to international investors Almost two thirds of international Domestic investors are spread all over (corporates and financial) have investors come from Europe with the the country with around one fifth of them significantly increased over the last two remainder being primarily attributable being attributable to Berlin followed by years. In 2015, international investors to Northern America. Asia doesn’t play a Munich and Frankfurt. accounted for around 39% of exits. Until material role yet when it comes to exits of 2017, this percentage increased to 54%. German tech start-ups but is expected to follow short-term.

20 | Venture Capital and start-ups in Germany 2017 Corporate trade sales remain by far the most important exit channel

The M&A market is clearly dominated by In our view, German entrepreneurs might Taking a broader view, this trend is also corporate investors, which represent by not have fully realized the value potential related to the fact that the German tech far the most relevant exit channel for of a professional financial investor. The start-up market is still lacking a sufficient German tech entrepreneurs and their VC market for digital business models is still number of later-stage VC funds, apart partners. We also note a strong interest very young and offers huge potential from from a hand-full of German players and from private equity investors in young proactive consolidation initiatives in a selected VC funds from the UK and US, tech companies. The spotlight is on and variety of sectors. such as Index Ventures, TCV or Scottish we expect a considerable increase in deal Equity Partners. activity from financial investors in the We continue to observe a trend of selling next few years. businesses to corporate investors rather Given the limited supply of later-stage VC early than making it really big with the financing and the fact that especially the So far, however, there are only a few financial firepower of a private equity large PE funds are struggling to engage in financial investors active in takeovers partner. Combining different tech lower two-digit EUR m trade sales, there of young German tech companies, in businesses through a well defined buy is room for corporate investors to invest particular, mid-cap PE funds from the UK and build strategy is something we do not in relatively early stages at favorable and the US with buy and build strategies yet see on a larger scale. One of the few valuations. and a remarkable entrepreneurial back- exceptions is the acquisition of payment ground. provider Ratepay by Advent International and Bain Capital which they intend to integrate into their Concardis’ payments platform.

Share of corporates and financials investors 2014 versus 2017 (based on disclosed deals)

2014 2017

10% 12% Financial investors Financial investors 90% 88% Corporates Corporates

Source: Thomson One, Mergermarket, Crunchbase, press releases

Venture Capital and start-ups in Germany 2017 | 21 Strong trend towards acquisitions by technology corporates

Industrial sector distribution of corporates 2014 until 2017 (based on disclosed M&A deals)

129 146 144 121 Corporate investor Target 22% 18% 31% 43% TomTom Autonomos Technology Klarna Billpay 16% 12% Basefarm The unbelievable Machine CPR 14% 33% 37% Hoffmann Group Contorion 13% 19% Wiggle Bike24 Media 12% Axel Springer Teaser Ad Ad Up Technology 36% 33% 32% transactions Selected 29% Stillfront Goodgame

Other Hogg Robinson Group eWings

2014 2015 2016 2017

Source: Thomson One, Mergermarket, Crunchbase, press releases

Technology Media CPR

In terms of industry sectors of corporate National media houses such as Consumer products and retail (CPR) investors, we have observed a strong Axel Springer, Funke Mediengruppe, shows steady M&A activity, albeit at a trend towards acquisitions by technology Gruner+Jahr and ProSiebenSat1 are still slightly lower level in 2017 as most of corporates since 2016. Tech takeovers important players in the M&A market. the large CPR players have already are predominantly driven by takeovers The level of digital transformation differs implemented digital sales channels of competitors (e.g., payment service considerably within the German media and enabling technologies. However, provider Billpay acquired by Swedish landscape and we expect further especially the further enhancement of competitor Klarna), the add-on of investment activity, albeit at a lower e-commerce technologies with same-day- additional technological features (e.g., level than in prior years as indicated delivery and IoT development will further autonomous driving technology start- by the numbers for 2016 and 2017. drive investment activities in this sector. up Autonomous acquired by Dutch A major transaction in this sector in GPS provider TomTom) or a strategic 2017 was the acquisition of Contorion, broadening of the service portfolio a Berlin-based B2B online marketplace of existing tech companies (e.g., big for maintenance, repair and operations data and cloud service provider The (MRO) products which was acquired by unbelievable Machine acquired by German industrial and trade supply IT service provider Basefarm). company Hoffmann Group. The firm was incubated and funded by incubator and early-stage investor Project A Ventures.

22 | Venture Capital and start-ups in Germany 2017 M&A activities remain at a high level in 2017

Selected M&A deals in Germany (2017)

Target name Location Target profile Buyer name Country Buyer profile

Goodgame Hamburg Online gaming Stillfront Group Sweden Online gaming

aboalarm Munich Cancellation services Verivox Germany Comparison portal

Bike24 Dresden Online shop for bicycles Wiggle UK Online shop for sport articles

Billpay Berlin Payment-service provider Klarna Sweden Payment-service provider

Bloomy Days Berlin Flower delivery service Fleurop Switzerland Flower services Marketing of internet advertising Ad Up Technology AG Hamburg Marketing of online portals Axel Springer Teaser Ad Germany space

Stanwood Berlin Mobile app developer Funke Mediengruppe Germany Newspaper and magazine publisher

Contorion Berlin Tools shop Hoffmann Group Germany Tools specialist

eWings Berlin Travel provider Hogg Robinson Group UK Travel provider

Lendico Berlin P2P lending platform Arrowgrass UK Hedge fund

Kitchen Stories Berlin Recipe site Bosch Germany Automotive supplier

Lovoo Dresden Dating platform The Meet Group USA Social network

Source: Thomson One, Mergermarket, Crunchbase, press releases

For 2018, we see major trends supporting the M&A and funding development

Continuing Increasing Trend from high share of interest of industry 1 international 2 international 3 sectors corporates willing to financial investors media and CPR acquire innovative such as SoftBank and towards acquisitions technologies Temasek attracted in the technology by innovative German sector tech businesses

Venture Capital and start-ups in Germany 2017 | 23 IPOs

24 | Venture Capital and start-ups in Germany 2017 Delivery Hero, HelloFresh and Mynaric raised a total of USD 1.5b through successful IPOs in 2017

Raised money in USDm 1.200 1,096 Valuation at IPO: USD 4,840m Delivery Hero 900 546 600 Founding date: 2 0 1 1 350 421 300 50 88 85 57 110 Employees: +6,000 and n.i. 4 12 28 33

thousands of drivers 0 IPO Seed Jul13 Oct11 Feb15 Apr14 Jan14 Sep14 Jun17 Dec10 Mar11 Jun15 Mar15 Headquarters: Berlin, Germany Mar12 May17 Aug12 Series F Series Series E Series Series B Series Series C Series Series D Series Series D Series Series G Series Series A Series Series H Series PE Round PE Round PE Round

Raised money in USDm 500 Valuation at IPO: Hello Fresh USD 1,870m 352

250 Founding date: 2 0 1 1 126 82 94 50 Employees: +2,000 n.i. 10 8

0 Headquarters: Berlin, Germany IPO Seed Feb15 Sep15 Jun14 Sep13 Dec16 Nov17 Dec12 Aug12 Series F Series Series E Series Series B Series Series C Series Series D Series Series G Series

Raised money in USDm 40 Valuation at IPO: 30 Mynaric USD 161m

Founding date: 2 0 0 9 20 Employees: +40 3

0 Headquarters: Gilching, Germany IPO Feb17 Oct17 VC Round

Source: Thomson One, Mergermarket, Crunchbase, press releases

Delivery Hero HelloFresh Mynaric

• Rocket Internet backed online food • Food subscription company and Rocket • Mynaric (formerly ViaLight ordering service Delivery Hero went Internet backed HelloFresh went public Communications) was founded in public in June 2017 and set Germany’s in November 2017, representing the 2009 and offers laser communication biggest tech listing in three years when second largest IPO of a German tech solutions allowing high data rate and Zalando and Rocket Internet went start-up in 2017. long distance wireless data trans- public. mission between moving objects. It is • With an IPO valuation of USD 1.9b, primarily used in the aerospace sector. • With an IPO valuation of USD 4.8b, HelloFresh raised some USD 0.35b. Delivery Hero raised some USD 1.1b to • Mynaric raised USD 30m at its IPO repay loans and to finance the growth • Unlike its US rival Blue Apron, in October 2017, reflecting an IPO strategy of its business. HelloFresh demonstrated a successful valuation of USD 161m. IPO with its stock price trading in • Following the listing, Delivery Hero’s January 2018 at around 10% above stock price increased considerably its November 2017 issue price. resulting in a market capitalization of USD 6.6b as of January 2018.

Venture Capital and start-ups in Germany 2017 | 25 Investors

26 | Venture Capital and start-ups in Germany 2017 Germany remains highly attractive for the national and international VC scene

In the last 12 months, several new funds the biggest VC tech fund to date in Selected foreign players with existing have been announced by German and Europe. The company has a strong or envisaged VC operations in the international VCs that are committed to portfolio and is currently managing German market young and dynamic technology companies European ventures such as Westwing in Germany. The volumes of funds or or Home 24. The funds will be used for • Y Combinator, a start-up start-up fund-of-funds total up to ten-digit USD the existing portfolio companies as well accelerator based in California, raised amounts, as can be seen for key players as new investments in start-ups. USD 1b to to invest in start-ups through- such as Rocket Internet Capital Partners out all stages of growth. Y Combinator Fund (RICP), Y Combinator and state- • Project A, a Berlin-based VC firm, has is one of the most influential start-up owned KfW bank. Other key players with announced the closure of its second entities in the Silicon Valley, having significant nine-digit-funds include fund, totaling EUR 140m, to be invested incubated companies such as Airbnb Atomico, Global Growth Capital and in early-stage European technology and Dropbox. Partech. start-ups. Project A is focusing on consumer internet, digital infrastructure • Atomico, the venture capital firm Selected national VC players and B2B-centered marketplaces and started by Skype co-founder Niklas provides start-ups with operational Zennström, raised USD 765m in 2017, • KfW, the German state-owned support. Project A has previously earmarked for investment in promising development bank, announced that it invested in companies such as European start-ups. The firm is already plans to invest up to EUR 2b in start-ups Contorion, which successfully exited invested in German players such as over the next 10 years via an investment in 2017, or WorldRemit and ZenMate. GoEuro or Hem. vehicle which will be founded in early 2018. Operations will commence in • Henkel Ventures, the venture • Global Growth Capital, a newly set up mid-2018. The new KfW subsidiary will capital arm of Henkel AG & Co. KGaA, venture capital fund based in London focus on investments in venture capital announced that it will invest a total and linked to Berlin’s Rocket Internet, funds with a focus on young technology- of up to EUR 150m in early-stage raised EUR 500m in 2017. The fund is oriented businesses in Germany. start-ups and funds with a digital primarily focused on venture debt background. funding for European start-ups. • High-Tech Gründerfonds (HTGF), a German-based public-private seed • NRW bank, the state development bank • Partech Ventures, a global VC firm, investor, has closed its third fund of North Rhine-Westphalia, announced completed the final closing of its “HTGF III” with a total volume of an increase in its venture capital fund Partech Growth fund, with a total of EUR 245m. The seed financing by EUR 214m which will be directly EUR 400 million in 2017. The firm is provided is designed to enable ventures invested in start-ups as well as venture based in France with offices in Berlin to take an idea through prototyping capital funds. and San Francisco. The portfolio and to market launch. HTGF portfolio includes Auxmoney and CHRONEXT. companies include German online • Digital + Partners, a Munich and glasses retailer Mister Spex and fitness Frankfurt-based venture capital firm, • Balderton Capital, a London-based start-up eGym. closed its Digital Growth Fund I at venture capital firm, has raised EUR 132m. The funds will be directly USD 375m to invest in series A-stage • Rocket Internet Capital Partners invested in companies with established European start-ups. Portfolio start-ups (RICP), the Berlin based financial business models with a target value include German Frontier Car Group and investor, has closed a new USD 1b fund, between EUR 20-30m. UK banking app Revolut.

Venture Capital and start-ups in Germany 2017 | 27 Funds with envisaged investment activities in the German start-up market set up funds with a volume of more than USD 7.9b in 2017

New institutional funds identified from Q1 2017 to Q4 2017 (alphabetical order)

# Investor Fund name Location Volume Announced

1 Atomico Atomico IV London USD 765 million February 2017

2 Balderton Capital Balderton VI London USD 375 million November 2017

3 Bitkraft Esports Ventures Bitkraft Esports Specific Fund Berlin USD 20 million April 2017

4 Capnamic Ventures Capnamic Ventures Fund II Cologne USD 127 million June 2017

5 Digital + Partners Digital Growth Fund I Munich USD 145 million March 2017

6 Digital Engineering Center Digital Engineering Center Berlin undisclosed November 2017

7 Finconomy – Munich undisclosed October 2017

8 Finleap – Berlin USD 43 million July 2017

9 Global Growth Capital – London USD 550 million December 2017

10 Heartbeat Labs – Berlin undisclosed July 2017

11 Henkel Ventures – Dusseldorf USD 165 million March 2017

12 High-Tech Gründerfonds HTGF III Bonn USD 270 million May 2017

13 Initiativkreis Ruhr Gründerfonds Ruhr Essen USD 33 million March 2017

14 June Fund June Fund Berlin undisclosed October 2017

15 Katjesgreenfood – Berlin undisclosed February 2017

16 KfW – Frankfurt USD 2,200 million June 2017

17 Mangrove Mangrove V Luxembourg USD 170 million July 2017

18 Neufund – Berlin USD 12 million November 2017 Various funds (e.g.,NRW.BANK. 19 NRW.Bank Seed Fonds 3, NRW.BANK.Venture Dusseldorf USD 235 million December 2017 Fonds 3 & NRW.StartUp-Kapital) 20 Oetker Digital – Berlin undisclosed August 2017

21 Partech Partech International Ventures VII Paris USD 440 million July 2017

22 Point Nine Point Nine Capital IV Berlin USD 83 million June 2017

23 Project A Project A Ventures Fund II Berlin USD 154 million February 2017

24 Project A Project A Co-Invest Fund Berlin USD 44 million February 2017

25 Rocket Internet Capital Partners Rocket Internet Capital Partners Fund Berlin USD 1,000 million January 2017

26 SamsungNext Ventures Samsung NEXT Fund Mountain View undisclosed January 2017

27 Signals VC – Berlin undisclosed December 2017

28 Target Global Target Global Early-Stage Fund I Berlin USD 110 million September 2017

29 Tengelmann Ventures – Mülheim an der Ruhr undisclosed March 2017

30 Vito One – Munich undisclosed May 2017

31 Y Combinator Y Combinator Continuity Fund II, L.P Mountain View USD 1,000 million July 2017

Source: Thomson One, Mergermarket, Crunchbase, press releases

28 | Venture Capital and start-ups in Germany 2017 The investor landscape has become more diverse with highly-capitalized players across the different development stages

German investors categorized by typical funding size (selected examples)

Incubators/Accelerators Seed – Series A Series B and later

• Finleap • b-to-v Partners • Paua Ventures • Acton Capital Partners • GTEC • BlueYard Capital • Point Nine Capital • Deutsche Telekom Capital • HitFox Group • Capnamic Ventures • Project A Ventures Partners • Hub:Raum • Cavalry Ventures • Redstone Digital • Global Founders Capital • Project A Ventures • Cherry Ventures • Rheingau Founders • MOVe Capital • Rheingau Ventures • Creathor Venture • SevenVentures • Rocket Internet Capital • Rocket Internet • Earlybird Venture Capital • Target Partners Partners Fund • SAP.iO Foundry • Fly Ventures • UnternehmerTUM • Target Global • Techstars Metro Accelerator • German Startups Group • Tengelmann Ventures • Venture Stars • HV Holtzbrinck Ventures • Warspeed Ventures • HTGF • IBB

Source: Thomson One, Mergermarket, Crunchbase, press releases

The national venture capital landscape recent EUR 460m investment by in Germany developed further in 2017, Japenese SoftBank's Vision fund in Auto1 and the market saw intense activities which was announced in January 2018. from established but also new players. Alternative funding includes private In the early-stage area, the frequency of equity or family offices, who engage in fundings increased significantly, partly early-stage but also late-stage fueled by state-controlled or private investments. accelerator programs or specialized investment arms of banks. Despite the In addition to the established firms that solid availability of funding in the seed focus on start-ups across the different phase, only a few national funds are financing stages, there are new vehicles able to make investments greater than that have tapped into the market. EUR 5m. This applies to the vehicles of Among them are corporates and serial Rocket Internet that control billions of entrepreneurs that have institutionalized assets and have participated in the their investment activities. majority of the largest national fundings over the last few years. Other investors New VC players in 2017 with similar strength are Axel Springer, (selected examples) Earlybird or Partech. Funding rounds of over EUR 10m are usually led by foreign • Henkel Ventures investors who are increasingly allocating • Signals VC time and resources to the German scene. • June Fund This development is underlined by the • Katjesgreenfood

Venture Capital and start-ups in Germany 2017 | 29 Trends

30 | Venture Capital and start-ups in Germany 2017 In 2017, disruptive technologies enjoyed momentum and created new business opportunities in Germany

Over the past year, German start-ups have developed solutions within trending Artificial intelligence E-mobility topics such as blockchain and artificial intelligence but also focused on enduring AI has also become a hot topic in Germany Start-ups in the German mobility sector trends such as e-health or e-mobility. In and a wide range of industries from are increasingly attracting investments, 2017, it was demonstrated that smart automotive to business intelligence, while German automotive manufacturers solutions can disrupt every industry and customer support and software are raising their profile as investors. we are finding more innovative ideas development are seeing new start-ups Primary solutions are built to increase again in Germany. and new use cases for AI-concepts. comfort, safety and efficiency, with Activities range from robot advisors for products and services ranging from investment decisions to chat bots that the development of connected and partly automate customer service, or autonomous vehicles and drones, smart Blockchain and ICOs digital assistants which can recognize searches for parking spaces or traffic jam natural speech as well as data analysis forecasts to digital solutions for Blockchain was one of the buzz words applications for various business uses. aftersales. of 2017 and the industry became more However, since AI is one of the most structured with the foundation of the complex areas in informatics, not every German Federal Blockchain Association company that lists AI as a part of their (“Blockchain Bundesverband”) in solution actually applies AI. Huge data Smart logistics summer, which serves as an umbrella volumes are required for AI development, organization for the industry. Blockchain which is the major challenge for most of Numerous start-ups try to digitalize cargo technology offers disrupting solutions for the young AI companies. logistics and connect freight forwarders different business areas and societal with clients. The logistics market is issues and many start-ups try to benefit fragmented and many entrepreneurs, in from this technology of the future. some cases with identical digital concepts, Activities are diverse and range from E-health are trying to shorten supply chains or crypto currencies or cloud security to improve utilization rates of carriers. With transparent donations and peer-to-peer Digital healthcare saw much activity in regards to business models, we mostly energy transactions. Many German 2017. Since the new e-health law in 2016 see broker models that place orders and start-ups are focusing on the Bitcoin allowed treatments via video chat for the do not bear liability to third parties. phenomenon. The sudden popularity and first time, many start-ups are focusing increased valuation of crypto currencies on further digitalizing the relationship and in particular Bitcoins was surprising between patients and doctors. Moreover, to many people in 2017. Another recent new technologies allow patients with Co-working trend have been initial coin offerings chronic disease to cope better with their (ICO), which also arrived as a means of illness. The range of activities spans from Another continuously growing trend is funding in Germany. Whether ICOs will online courses, digital assistants for co-working. Fueled by ongoing rising become relevant for start-ups that are chronic diseases to medical advice from demand by start-ups as well as corporates outside of the blockchain eco-system will doctors via app as well as smart solutions for flexible space, many new locations depend on the extent to which the venture to improve documentation processes and have been set up across Germany. capital and banking industry can be save costs and time for patients. Besides their specialization, co-working disrupted. business models often combine complementing services such as business and workshop events, outsourcing of office functions, mentoring, creativity consulting or accelerator activities.

Venture Capital and start-ups in Germany 2017 | 31 A significant share of business models is inspired by international peer models while a few are very innovative

Overview of start-up trends in Germany 2017

1: Blockchain and ICOs 2: Artificial intelligence 3: E-health

Technology and services linked to blockchain Digital products focusing on artificial Digital offerings for the field of healthcare intelligence technology Selected national ventures Selected national ventures Selected national ventures • BlockchainHub • Buddyguard • Ada Health • Jolocom • German Auto Labs • Teleclinic • Lisk • Inspirient • Temedica • Monax • Mapegy • Kaia Health • Satoshipay • Scalable Capital

4: E-mobility 5: Smart logistics 6: Co-working

Start-ups working in the mobility sector Online platforms that innovate cargo logistics Online platforms delivering co-working spaces and supply chain or related services Selected national ventures Selected national ventures Selected national ventures • High Mobility • FreightHub • Betahaus • Lilium Aviation • InstaFreight • Collab & Couch • Volocopter • Frachtraum • Idea Kitchen • Dedrone • Sennder • The Factory • Cargonexx • Rent24

Source: Thomson One, Mergermarket, Crunchbase, press releases

Outlook for the national start-up scene 2018

Blockchain technology will likely become much stronger with regards to foundation as well as funding activity. There is good reason to believe that the technology is heading down the path of disruptive innovation. We will see the generation below the age of 30 as the first movers to adopt blockchain products and to put a big question mark over many traditional business models.

32 | Venture Capital and start-ups in Germany 2017 Venture Capital and start-ups in Germany 2017 | 33 Appendix

34 | Venture Capital and Start-upsstart-ups inin GermanyGermany 20172016 Key players that are active in the German start-up scene (1/4)

Area: Berlin and Potsdam • EuropeanPioneers Accelerator • Peppermint Venture Partners • eValue Group • Plutos Group • 32nd Floor • EyeFocus Accelerator • Point Nine Capital • Apollo Beteiligungsgesellschaft • Fantastic Mr. Fox Ventures • Portus Corporate Finance • Asgard Capital • FinLeap • Project A Ventures • Atlantic Food Labs • Flutz Ventures • Project Flying Elephant • Atlantic Ventures • Fly Ventures • Redstone Digital • Avala Capital • Found Fair Ventures • Rheingau Founders • Axel Springer Digital Ventures • FoundersLink • RI Digital Ventures • Axel Springer Plug and Play Accel. • German Startups Group • Richmond View Ventures • b10 Venture Capital • GMPVC German Media Pool • Rocket Internet • BC Brandenburg Capital • GO:INcubator • Saarbruecker21 • Bergfürst AG • Grants4Apps • Seedcamp Berlin • Berlin Hardware Accelerator • GTEC • Signals VC • Berlin Partner für Wirtschaft und • Hasso Plattner Ventures • Sky & Sand Technologie GmbH • Heartbeat labs • Sobera Capital • Berlin Startup Academy • Heilemann Ventures • Spreefactory • Berlin Technologie Holding • helios.hub • Spree-Media.Net • Berlin Venture Partners • hub:raum • Springstar • Berlin Ventures • Hype Ventures • Startup Autobahn (Daimler) • BeYond GmbH • IBB Beteiligungsgesellschaft • Startupbootcamp Berlin • BFB BeteiligungsFonds • IEG (Deutschland) • Target Global • BFB Wachstumsfonds Brandenburg • June Fund • Team Europe • Bitkraft eSports Ventures • K – New Media • Techstars METRO Accelerator • BlueYard Capital • Kamran Capital • UnitedArts Ventures • bmp media investors • Katjesgreenfood • Vattenfall Europe Innovation • Brandenburg Ventures • K-Invest Beteiligungs GmbH • VB-Business-Group • BridgeMaker • KMB1 Beteiligung • Vogel Ventures • Bsy Invest • Königsindisch Venture • Warspeed Ventures • b-to-v Partners • Lakestar • Wattx • building10 Servicegesellschaft • Leverate Media • WestTech Ventures • Business Angels Club • Linden Capital • XLHEALTH Berlin-Brandenburg • Locadi • Yamas Ventures • CALDONA Vermögensverwaltungs • MAMA • You is Now GmbH • MCUBATE Growth Experts • capiton • Microsoft Ventures Accelerator • Catagonia Capital • MINE Innovation Engineering • Cavalry Ventures • Mittelständische Beteiligungsgesell- • CCC Seed schaft Berlin-Brandenburg GmbH • Cherry Ventures • MoTu Ventures • CoLaborator • MOVe Capital • Companisto • Mvc Unternehmensbeteiligungsg. • Conde Naste Germany • Neufund • Covus • Newten Ventures • DB Accelerator • Next station • Earlybird Venture Capital • Odeon Management-Partners • ECONA • Oetker Digital • Epic Companies • Paua Ventures

Venture Capital and start-ups in Germany 2017 | 35 Key players that are active in the German start-up scene (2/4)

Area: Bochum, Dortmund, • Menden Ventures Area: Greater Munich Duisburg, Düsseldorf, • netSTART Venture Leverkusen and Mühlheim • Pecunalta • 42 Capital I Holding GmbH • Schwetje Invest GmbH • 7Travel • agile Accelerator • Startplatz • Acton Capital Partners • Business Angels Agentur Ruhr • The Angel Club • Allgeier Gruppe • Cresces • TS Ventures • Alternative Strategic Investments • Devario Assets • Venista Ventures • Ananda Ventures • Devexo • Arcus Capital • EnjoyVenture • Astutia Ventures • Henkel Ventures Area: Frankfurt • Aurelius AG • Innogy Venture Capital • BambooVentures • Littlerock • Accelerator Frankfurt • BayBG Bayerische Beteiligungsg. • Madou Early Ventures • alpha beta asset management • BayTech Venture Capital • NRW Bank Kreativwirtschaftsfonds • Beyond Capital Partners • BMW Ventures • SeedCapital Dortmund • Brockhaus Private Equity • BonVenture Management • Seven Miles • CommerzVentures • Breed Reply • Statkraft Ventures • DB Lab • Burda Digital Ventures • S-VentureCapital Dortmund • DB1 Ventures • Castik Capital Partners • TakeOff VC Management • Deutsche Bank AG • Cipio Partners • Tengelmann Ventures • Deutsche Beteiligungs AG • Clover Venture • Triginta Capital • ECM Equity Capital Management GmbH • Clusterfonds Innovation • Vodafone Uplift • Econnoa • Cutback ventures • FS Vencube • Deutsche Handelsbank • HCS Beteiligungsgesellschaft • Deutsche Private Equity Area: Bonn and Cologne • Heliad Equity Partners • Deutsche Venture Capital • HEP Beteiligungs • Digital + Partners • Betafabrik • HQ Trust • DLD Ventures • Burgey Business Group • HR Alpha Venture Partners • Ecommerce Alliance • Capnamic Ventures • KfW Bankengruppe • Emeram Private Equity • CologneInvest • KP TECH Corporate Finance • Equistone Partners • Colonia Private Equity • Main Incubator • Equity Gate • Coparion • ODDO BHF Aktiengesellschaft • Extorel GmbH • Crossventures • Omnis Mundi • Finconomy • DEG Dt. Investitions - und • P2C Private to Corporate • Fraunhofer Venture Entwicklungsgesellschaft • Steadfast Capital • Gimv • Deutsche Post Ventures • Tempus Capital • Global Founders Capital • Dieter von Holtzbrinck Ventures • VCDE Venture Partners • Grey Corp • Flossbach von Storch • VR Equitypartner • Holtzbrinck Digital • Founders Capital • Whitestone Communication Networks • HV Holtzbrinck Ventures • Greven Medien • Wirtschafts- und Infrastrukturbank • HW Capital • Guano Hessen • Jochen Schweizer Ventures • High-Tech Gründerfonds • Kites Industriebeteiligungen • Hitmeister • La Famiglia • InsurTech.vc • Maxburg Capital Partners • KlickVentures • Mercura Capital • Media Investment • Mic AG • Media Ventures • Munich Venture Partners

36 | Venture Capital and start-ups in Germany 2017 • Muzungu Capital • Next 47 (Siemens) • NFQ Ventures • Nordwind Capital • OHB Venture Capital • Paragon Partners • PINOVA Capita • Prince Invest • ProSiebenSat.1 Accelerator • ProSiebenSat.1 Media • Puccini Germany • Reimann Investors • Retailtech-Hub • Safia Corporate Finance • Senovo Capital Management GmbH • Seven Ventures • SevenOne Intermedia • Siemens Venture Capital • Sixt e-ventures • Smac partners • Smart digits • SpaceNet AG • Star Ventures Management • Target Capital • Target Partners • Tech. Beteiligungsfonds Bayern • TechFounders Accelerator • Think.Health Ventures • Tiburon Unternehmensaufbau • Tomorrow Focus AG • TVM Capital • UnternehmerTUM Fonds • V+ Beteiligungs • VIO Management • Vito One • Vito Ventures • W1 Forward InsurTech Accelerator • Wayra Accelerator • Wellington Partners • XAnge Private Equity

Venture Capital and start-ups in Germany 2017 | 37 Area: Hamburg

• 20 Scoops Venture Capital • Attia Ventures • Bauer Venture Partner • BTG Beteiligungsgesellschaft Hamburg mbH • Cleanventure • Deutsche Telekom Capital Partners • Digital Pioneers Germany • dpa-infocom • e.ventures • Equity Seven Beteiligungsg. • eVentures Capital Partners • Fat Locust Invest • Fielmann Ventures • FTR Ventures • FundersClub • Genui Partners • GLG Green Lifestyle • Gruner + Jahr AG • H2 Investments • HackFWD Capital • Hanse Ventures • IFB Innovationsstarter • Innovationsstarter Hamburg • iVentureCapital • J.C.M.B. Beteiligungs GmbH • J.F. Müller & Sohn AG • Jahr Assetmanagement • Neuhaus Partners • Next Commerce Accelerator • Next Media Accelerator • Pacama • Parklane Capital • Quotas Beteiligungs • SCG Beteiligungs • SchmidtvonAhlen Capital • SGLB Beteiligungs- & Beratungsg. • Shortcut Ventures • Start 2 Ventures • Stroer Digital • Tivola Ventures • TruVenturo • VCmed AG

38 | Venture Capital and start-ups in Germany 2017 Key players that are active in the German start-up scene (3/4)

Area: Other areas • Genius Venture Capital (Schwerin) • Saarländische Wagnisfinanzierungsg. • getInvest24 (Cottbus) (Saarbrücken) • Albatros Capital (Stuttgart) • Grazia Equity (Stuttgart) • SAP Startup Focus (Walldorf) • Alstin (Hanover) • Grenke Bank AG (Baden-Baden) • SASPO Holding (Dreieich) • AM Ventures (Krailing) • Gründerfonds Bielefeld (Bielefeld) • SBG Sachsen-Anhalt (Barleben) • Armato GmbH & Co KG (Stuttgart) • Haas New Media (Mannheim) • Schlütersche Verlagsg. (Hanover) • AS Vantage Holding (Rohrbach) • Hannover Beteiligungsf. (Hanover) • Schober Holding (Ditzingen) • Axa Innovation Campus (Stuttgart) • Heidelberg Innovation Fonds Manage- • Seed & Speed (Hanover) • BCM Bruker Capital (Bietigheim) ment GmbH (Heidelberg) • Seed Fonds Aachen (Aachen) • Bertelsmann (Gütersloh) • HeidelbergCapital Private Equity Fund • Seedmatch (Dresden) • Beteiligungs GmbH (Steinfeld) (Heidelberg) • Semper fi Investment (Bremen) • Beteiligungsmanagement Thuringen • IBG Beteiligungsg. (Magdeburg) • SHS (Tübingen) (Erfurt) • Ideenschaft Invest (Taunusstein) • SIB Innov.-Beteilig. (Dresden) • Bilfinger Venture Capital (Mannheim) • Initiativekreis Ruhr (Essen) • Sirius Venture Partn. (Wiesbaden) • BIP Investment Partners (LU) • InnoWerft (Walldorf) • S-REFIT (Regensburg) • Black Forest Accelerator (Lahr) • Investitions- und Strukturbank Rhein- • Strategon (Lahnstein) • bm-t Beteiligungsm. (Erfurt) land-Pfalz (Mainz) • Stuttgart Internet (Stuttgart) • Boehringer Ingelheim Venture Fund • ISB Rheinland-Pfalz (Mainz) • S-UBG (Aachen) (Ingelheim) • Jaja Investment (Pogeez) • Sympasis Innovation C. (Ettlingen) • Born2grow (Heilbronn) • Kabs Venture (Seevetal) • TAKKT Beteiligungsgesellschaft • Breakthrough-Accelerator (Walldorf) • KBBV (Oldenburg) (Stuttgart) • Centuere Beteiligungs-AG (Hanover) • Klingel-Gruppe (Pforzheim) • TechnologieContor (Gera) • CEWE Stiftung (Oldenburg) • Kraut Capital (Stuttgart) • Technologiefonds MV (Schwerin) • CFH Beteiligungsgesellschaft mbH • KSH Capital Partners (Lübeck) • TGES - Technologiegründerfonds (Leipzig) • LBBW Venture Capital (Stuttgart) Sachsen (Leipzig) • Chancenkapitalfonds der Kreisspar- • LEA Partners (Karlsruhe) • Timpenhof Invest (Holzwickede) kasse Biberach (Biberach) • Leonardo Venture (Mannheim) • TowerVenture (Jena) • Corporate Counsellors (Melle) • Lidl Stiftung & Co. KG (Neckarsulm) • TRUMPF Venture (Ditzingen) • Creathor Venture (Bad Homburg) • MairDuMont Ventures (Ostfildern) • United Internet Ventures (Montabaur) • Crossinvest Venture (Boechingen) • MBG Baden-Württemberg (Stuttgart) • VC Fonds BW (Stuttgart) • Crowd-Angel Venture • Media + more venture (Heilbronn) • VcW Venture Capital Westpfalz (Henstedt-Ulzburg) • Mediatum International (Heidelberg) (Kaiserslautern) • Deutsche Balaton (Heidelberg) • Mediengruppe Klambt (Baden-Baden) • VentureVilla Accelerator (Hanover) • Diehl Ventures (Nuremberg) • Metacrew Ventures (Osnabrück) • VNG Innovation (Leipzig) • Don Ventures (Heilbronn) • MGO Digital Ventures (Bamberg) • Vogel Business Media (Würzburg) • DS Invest (Stapelfeld) • Moacon Ventures (Neuss) • Vorwerk Ventures (Wuppertal) • eCAPITAL (Munster) • MS Ventures (Darmstadt) • WagnisKapitalg. der Kreissparkasse • Egora Holding (Planegg) • Müller Medien (Nuremberg) Reutlingen (Reutlingen) • EMBL Ventures (Heidelberg) • NABRU Ventures (Mettingen) • WOLFMAN.ONE (Stuttgart) • Engage Key Tech V. (Karlsruhe) • Nextfatbusiness (Gröbenzell) • YOSH Invest (Gerford) • Engelhardt Kaupp Kiefer (Stuttgart) • Nord L/B (Hanover) • ZFHN (Heilbronn) • Evonik VC (Hanau) • NWZ Digital (Oldenburg) • Familie Gräf Holding GmbH (Hürth) • OVDL Vermögensv. (Dresden) • FIB Fonds für Innovation und • Priority AG (Herford) Beschäftigung Rheinland-Pfalz (Mainz) • Publishers Partners (Edenkoben) • Forum Media Ventures (Merching) • Robert Bosch Venture Capital • Freudenberg VC (Weinheim) (Stuttgart) • Fundsters VC (Meerbusch) • Röder & Uhl (Stuttgart)

Venture Capital and start-ups in Germany 2017 | 39 Key players that are active in the German start-up scene (4/4)

Area: International investors • Creandum (SE) • Groupe Arnault (FR) • CSVJ Ventures Holding (CH) • Groupe BPCE (FR) • 17Capital LLP (UK) • Dawn Capital (UK) • Grupo Intercom Berlin • 3i Group (UK) • Demeter Partners (FR) • Harbert European Growth Capital (UK) • 500 Startups (US) • DeNA (JP) • HarbourVest Partners (US) • 83North (UK) • DH Private Equity Partners (UK) • Hartford Steam Boiler (US) • ACCEL (US) • Digital Currency Group (US) • Helvetia Venture Fund (CH) • Accel Partners (US) • Digital Leaders Ventures (LX) • Highland Capital Partners (US) • Access Industries (US) • Dima Ventures (US) • HOWZAT Partners (UK) • Advancit Capital (US) • Discovery Ventures (US) • Hoxton Venture (UK) • Advent Venture Partners (UK) • DN Capital (UK) • HPE Growth Capital (NL) • A-Grade Investment (US) • Dragoneer Investment Group (US) • Hummingbird Ventures (UK) • Allen & Company (US) • Draper Esprit (UK) • i5invest (AT) • Altpoint Capital (US) • DST Global (RU) • iEurope Capital (HU) • Alven Capital (FR) • EchoVC Partners (NI) • IFJ Institut für Jungunternehmen AG (CH) • AME Cloud Ventures (US) • Ecomobility Ventures (FR) • Index Ventures (US) • Arkley (PL) • Eight Roads Ventures (BD) • Insight Venture Partners (US) • Arrowgrass (UK) • Emerald Technology Ventures (CH) • Institional Venture Partners (US) • Asia Pacific internet Group (SG) • enchant.vc (SG) • Intel Capital (US) • Atlantic Bridge (US) • Endeit Capital (NL) • Inven Capital (CZ) • Atlas Venture (US) • ENIAC Ventures (US) • InVenture Partners (RU) • ATMOS (IT) • Entrée Capital (UK) • J.P. Morgan Digital Growth Fund (US) • Atomico (UK) • EQT Ventures (SE) • Jadeberg Partners (CH) • Auden Capital (UK) • ESO Capital Group (UK) • K5 Ventures (US) • Austria Wirtschaftsservice (AT) • Everest Group (US) • Kennet Partners (UK) • aws Gründerfonds (AT) • Excellion Investment (LU) • Kima Ventures (FR) • Axivate Capital (NL) • Exoscale (CH) • Kinnevik (SE) • Baillie Gifford (UK) • Felix Capital (UK) • Kite Ventures (RU) • Balderton Capital (UK) • Finstar Financial Group (RU) • KK Incube (AT) • Battery Ventures (US) • First Love Capital (AT) • KKR (US) • BBVA Ventures (US) • FJ Labs (US) • Kleiner Perkins Caufiled & Byers (US) • BDMI Bertelsmann Digital Media • FLOODGATE (US) • KPN Ventures (NL) Investments (US) • Fosun Group (CN) • Kreos Capital (UK) • Benchmark Ventures (US) • Four Rivers Group (US) • Kulczyk Investments (PL) • Bessemer Venture Partners (US) • Frog Capital (UK) • Larnabel Enterprises (RU) • BlackRock (US) • Frontline Ventures (IR) • leAD International Sports Accelerator (BF) • Blumberg Capital (US) • GE Ventures (US) • Life.SREDA (SG) • Boundary Holding (LU) • General Atlantic (US) • Lilli Ventures (US) • Bridgepoint (UK) • General Catalyst (US) • Logan Capital AG (CH) • Bright Capital Digital (RU) • Generis Capital Partners (FR) • London Venture Partners (UK) • CareVentures (LU) • Gettylab (US) • LOWERCASE Ventures (US) • Cascara Ventures (BE) • Global Growth Capital (UK) • Luxor Capital Group (US) • Chernin Group (US) • GMT Capital (US) • Macquarie Group (AU) • Cheyne Capital (UK) • Goldman Sachs (US) • Mangrove Capital Partners (LU) • CL Ventures (CN) • Google Ventures (US) • March Capital Partners (US) • CME Ventures (US) • Grey Corporate Investments AG (CH) • Marlin Equity Partners (UK) • Coller Capital (UK) • Greycroft Partners (US) • MCI Capital SA (PL) • Columbia Lake Partners (UK) • Greylock Partners (US) • Menlo Ventures (US)

40 | Venture Capital and start-ups in Germany 2017 • Merus Capital (US) • Shell Techn. Ventures (NL) • Morgan Stanley Expansion Capital (US) • Sherpa Capital (US) • Mosaic Ventures (UK) • Signa Retail (AT) • Mountain Partners AG (CH) • Silver Lake Kraftwerk (US) • MPGI (UK) • SoftBank (JP) • Mutschler Ventures AG (CH) • Spark Capital (US) • Naspers (SA) • Speedinvest (AT) • NEO (NL) • St.Galler Swiss Founders Fund (CH) • New Enterprise Associates (US) • startup300 (AT) • Nokia Growth Partners (FI) • Summit Partners (US) • North-East Venture (DK) • Sycamore Partners (US) • Northzone (SE) • Target Ventures (RU) • Numa (FR) • TCV (US) • Octupus Ventures (UK) • Technology and Business Consulting • Odey Asset Management (UK) Group (US) • Omnes Capital (FR) • Technology Crossover Ventures (US) • OnePeak Partners (UK) • Tenaya Capital (US) • OpenOcean (FI) • Tenderloin Ventures (CH) • Otium Venture (FR) • Texas Atlantic Capital (US) • Partech Ventures • Thrive Capital (US) • Permira (UK) • Tiller Partners (US) • Pine Hill Capital (US) • Time Equity Partners (FR) • PostFinance (CH) • Time for Growth (FR) • Princeville Global (US) • Transamerica Ventures (US) • PROfounders Capital (UK) • Trinity Ventures (US) • Promus Ventures (US) • Troy Capital Partners (US) • Radical Ventures (UK) • Twitter Ventures (US) • Raine Ventures (US) • Uncork Capital (US) • Randstad Innovation Fund (NL) • Union Square Ventures (US) • Recruit (UK) • UNIQA Insurance Group (AT) • Redalpine Venture Partners (CH) • Up to Eleven (BL) • Redpoint Ventures (US) • Vækstfonden (DK) • Ringier Digital AG (CH) • Valessa Tech Holdings (CY) • Rocket Internet Capital Partners (LX) • Värde Partners (US) • Round Hill Capital (UK) • Ventech (FR) • Route66 Ventures (US) • Version One Ventures (CA) • RTA Ventures (PL) • Vert Capital (US) • Runa Capital (RU) • Victory Park Capital (US) • ru-Net (RU) • VM Digital (AT) • Russmedia (AT) • Vostok New Ventures (SE) • Salesforce Ventures (US) • VP Capital (RU) • Sapinda Group • Warburg Pincus (US) • Scentan Ventures (SG) • Warsaw Equity Group (PL) • Schlegel & Friends (UK) • Wellcome Trust (UK) • Scottish Equity Partners (UK) • Westcott (UK) • Sequoia Capital (US) • Y Combinator (US) • SET Ventures (NL) • Yuan Capital (HK) • Seventure Partners (FR) • ZKB Start-up Finance (CH) 42 | Venture Capital and start-ups in Germany 2017 Methodology and Disclaimer

This study has been prepared by future developments is not binding and We define investors as entities that are Ernst & Young GmbH Wirtschaftsprüfungs- merely represents an expectation. Stating acquiring shares in a German-based start- gesellschaft (“ EY“) with the purpose a value does not constitute a valuation as up (>50% = M&A deal). A company is of providing the public with information defined by the Institute of Public Auditors considered a corporate when its primary about developments in the venture capital in Germany (“IDW”) in the generally business is non-financing related, e.g., and start-up sector. accepted standards for valuation industry or service provision. We define engagements. an investor as a financial investor when EY points out that the study does not its primary activities are investing or represent an adequate basis for a final We define fundings as equity or debt financing related. decision about the information shown in financing provided to a German-based the study. The study is not comprehensive start-up (with a change in ownership Start-ups are companies generally or complete in the sense of containing all below 50%) that operates with a digital younger than 10 years old that operate the facts which might be of interest in business model. The digital sector with a digital business model. Start-ups connection with the information described. comprises companies mainly focused falling into the life science sector or on the sectors consumer products and non-digital business models have been The study has been prepared with the services, software, IT services, media and excluded. Exceptions might apply for usual care required for such studies. entertainment or retailing/distribution. older companies that have digitally Unless referring to EY itself, the transformed their business model during information presented has not been With investments we refer to fundings, the last 10 years. reviewed by EY with regard to its accuracy M&A deals and IPOs in connection with or completeness. The information has start-ups operating with a digital business Information related to previous periods is been gathered by desktop research (incl. model. Investments in start-ups falling updated periodically, based on new data public sources, disclosed information into the life science sector or non-digital collected for deals closed during previous and acknowledged databases) and business models have been excluded. periods but not reflected in previous data complemented by our own market This explains the difference between the sets. knowledge (but includes no confidential number of deals presented in the EY Start- information in any sense), as well as up Barometer in 2017 (506) compared Accordingly, the digital sector comprises qualitative and quantitative research. to the number of investments presented companies and information mainly focused in this study (481) on consumer products and services, EY is not responsible for incomplete or computer software, IT services, media and false information. Thus, readers are M&A activity comprises transactions with entertainment, and retailing/distribution. recommended to examine all information a change in ownership of more than 50%. prior to making any decision. EY is not Specifically, values and volumes used The activities according to which we liable for any missing or false information throughout this report are based on sector clustered investors are as follows: and statements in this study or other oral completion dates for transactions with a or written remarks made in connection disclosed deal value and supplemented • Media: (digital) marketing; (online) with the study. by additional independent research – television; (online) advertising; sometimes based on rumors stated in (electronic) entertainment. The information in the study has been public sources. We have used a standard • Technology: software; (mobile) prepared for a certain target date, prior to exchange rate for EUR to USD of 1:1.1 applications; new (digital) technologies the presentation. The main cut–off point for all conversions in this document if for industries or services. for the research is 31 December 2017, performed. • CPR: (online) B2C retailers; with some exceptions relating to research e-commerce. and deals mentioned. Thus, the accuracy We define initial public offering (IPO) as a • Other: any (tech-related) business at the date of the presentation cannot be public offering in which a German-based activity not covered by the above guaranteed. Any statement regarding start-up sells stocks for the first time. classifications.

Venture Capital and start-ups in Germany 2017 | 43 Insights

Global IPO trends: EY Start-up Barometer EY FinTech Adoption Digital business models Q1–Q4 (2017) (2017) Index (2017) in the utility sector

EY Global IPO trends report EY and a market research Launched in 2015, the EY EY and BDEW, the German is released every quarter and institute ran a survey with FinTech Adoption Index is Association of Energy and looks at the IPO markets, a large number of start- designed to look past the Water Industries, published trends and outlook for the up companies to gain hype and determine actual a comprehensive overview Americas, Asia-Pacific, representative insights into consumer usage of FinTech of digital business models Japan and EMEIA regions. the current state of the services over time. The 2017 with relevance for Germany, The report provides insights, German founders’ scene. The study is based on more than Switzerland and Austria. facts and figures on the 2017 publication includes insights 22,000 online interviews of The review includes detailed IPO market year-to-date and on funding volumes as well as digitally active consumers in descriptions of the drivers and analyzes the implications for regional distribution and focus 20 markets around the world. the market potential linked to companies planning to go areas of investments. The methodology applies the ongoing transformation. public in the short and medium an unweighted averaging For more information, please term. of results and uses a “one contact market, one vote” approach to [email protected]. provide a global, cross-market perspective on themes and trends.

44 | Venture Capital and start-ups in Germany 2017 Events

2017 Finalist

EY VC Trends Get Bits & Pretzels EY Start-Up-Initiative/ EY Entrepreneur of Together (Germany) (Germany) EYnovation™ the Year (Global) (Germany) Each year, we host an inspiring Bits & Pretzels is a 3-day Meet EYnovation™ is a The EY Entrepreneur of the and value-adding evening event for founders, start- partnership program to guide Year awards are a global offering the opportunity to up enthusiasts, investors founders from the foundation competition that encourages interact and delivering insights and business incubators. of a business to market entrepreneurship, and brings into the venture capital and The event is considered the leadership. EYnovation™ is a together EY EOY country start-up scene in Germany. Up largest founders’ breakfast tailor-made subscription, with winners, game changers and to 100 participants from start- in the world, with more than all EY services a founder needs government leaders. The up companies, venture capital 5,000 participants, and guest to grow its business. And it program helps and supports firms, corporate investors and speakers from Amazon, Uber offers direct access to EY’s entrepreneurs in building relevant business associations and Delivery Hero in 2017. worldwide network. successful and sustainable consider this event a great businesses in over 60 For more information, please For more information, please success. countries. contact contact Prominent keynote speakers [email protected]. [email protected]. give exclusive insights and share experiences. For more information, please contact [email protected].

Venture Capital and start-ups in Germany 2017 | 45 46 | Venture Capital and start-ups in Germany 2017 Contacts

Editor

Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft Friedrichstrasse 140 | 10117 Berlin | Germany

Dr. Thomas Prüver | Partner | [email protected] Michael Weber | Manager | [email protected]

www.de.ey.com

Editorial responsibility (alphabetically)

Dr. Thomas Prüver Michael Weber

Research and overall study team (alphabetically)

Viktor Björnfot Thomas Nowatzky Dr. Thomas Prüver Ahmed Sultan Max Turner Michael Weber Franziska Wunderlich

Venture Capital and start-ups in Germany 2017 | 47 EY | Assurance | Tax | Transactions | Advisory

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