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Venture Capital Report Venture Capital Report Europe | 3Q | 2017 VENTURE CAPITAL REPORT VENTURE CAPITAL REPORT The following report presents Dow Jones VentureSource’s quarterly findings for European venture capital fundraising, investment, valuation, and liquidity. The included charts and graphs offer a comprehensive view of the trends currently affecting the venture capital market. Highlights for 3Q 2017 include: • Both the number of funds and amount raised by European venture capital funds decreased compared to the previous quarter. • Venture capital investment into European companies fell by 25% from 2Q 2017 in terms of amount raised, but was up 48% year-on-year. • The number of and amount raised through M&As fell 30% and 43%, respectively, compared with the previous quarter. • Exits via IPOs saw a steep drop in the third quarter compared to 2Q 2017, both in terms of amount raised and number of IPOs. VENTURE CAPITAL REPORT 2 EUROPEAN VENTURE CAPITAL FUNDRAISING EXPERIENCES SIGNIFICANT DROP IN 3Q 2017 FUNDRAISING European VC Fundraising 20 European venture capital funds raised Based on multiple closings (2014–2017) €1.58 billion during 3Q 2017. Compared with 2Q 2017, total 40 € 3.50 capital raised experienced a 48% drop, and the number of € 3.04 35 € 2.85 € 3.00 fund closings decreased by 41%. € 2.57 30 Compared with the same quarter last year, amount raised € 2.23 € 2.50 € 2.08 25 increased by 24%, despite closing 13% fewer funds. € 2.03 € 1.58 € 2.00 € 1.70 20 Partech International Ventures VII, which raised €400 million, € 1.40 € 1.30 € 1.20 € 1.27 € 1.50 was the largest fund of the quarter, accounting for 25% of the 15 total amount raised in 3Q 2017. € 0.83 € 1.00 10 5 € 0.50 0 € 0.00 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 Amount Raised (€B) € 0.83 € 1.40 € 1.30 € 2.03 € 1.20 € 1.70 € 2.85 € 2.57 € 1.27 € 2.08 € 2.23 € 3.04 € 1.58 Number of Funds 22 29 24 27 19 27 29 25 23 24 19 34 20 VENTURE CAPITAL REPORT 3 LARGEST EUROPEAN VC FUNDS RAISED IN 3Q 2017 FUNDRAISING Offering Firm Name Fund Name Amount (€M) Location Fund Type Fund Category Closing Type Status Partech International Early-stage Partech Ventures €400.00 Paris, France Closed Venture Capital Final Ventures VII Venture Capital Multi-stage Cathay Innovation Cathay Innovation Fund €280.05 Paris, France Closed Venture Capital Final Venture Capital Luxembourg City, Early-stage Mangrove Capital Partners Mangrove V Fund €148.78 Closed Venture Capital Final Luxembourg Venture Capital Multi-stage BlackFin Capital Partners SAS BlackFin Tech Fund 1 €100.00 Paris, France Open Venture Capital Venture Capital First London, Multi-stage Abingworth LLP Abingworth Bioventures VII LP €88.11 Open Venture Capital Interim United Kingdom Venture Capital VENTURE CAPITAL REPORT 4 INVESTMENT INTO EUROPEAN VENTURE-BACKED COMPANIES PARES BACK GAINS IN 3Q 2017 FINANCING Equity Financings into Europe-based, European companies raised approximately €3.29 billion through VC-backed Companies (2014–2017) 513 deals in 3Q 2017. € 4.50 700 650 In comparison to the same quarter last year, the amount € 4.00 600 companies raised increased by 48%, while the total number of € 3.50 550 deals closed fell by some 5%. 500 € 3.00 Quarter-over-quarter figures show both the amount raised and 450 number deals declining by 25% and 7%, respectively. € 2.50 400 350 The quarter’s decline in the number of deals continued the year-to- € 2.00 300 date downward trend in this area. Moreover, the correction in the 250 € 1.50 amount raised by European venture-backed companies in 3Q 2017 200 might suggest last quarter’s spike was more of an anomaly and € 1.00 150 100 not fully representative of how the rest of the year’s equity € 0.50 financings could develop. 50 € 0.00 0 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 Amount Raised (€B) € 2.39 € 2.09 € 2.92 € 4.11 € 3.43 € 3.56 € 2.85 € 3.21 € 2.23 € 3.51 € 2.97 € 4.39 € 3.29 Number of Deals 402 473 497 516 471 591 543 598 539 608 610 554 513 VENTURE CAPITAL REPORT 5 EQUITY FINANCINGS INTO EUROPE-BASED, VC-BACKED COMPANIES, BY ROUND CLASS (2014–2017) FINANCING 320 Number of Deals 280 240 200 160 120 80 40 0 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 Seed 43 51 43 61 47 56 58 55 51 63 71 80 79 First 193 230 244 225 219 300 241 292 261 272 253 225 186 Second 72 83 87 82 89 102 106 105 103 121 146 110 118 Later 58 58 81 110 75 78 84 91 74 94 76 80 84 Restart 1 1 1 VENTURE CAPITAL REPORT 6 EQUITY FINANCINGS INTO EUROPE-BASED, VC-BACKED COMPANIES, BY ROUND CLASS (3Q 2014–3Q 2017) FINANCING € 2,500 Amount Raised (€M) € 2,000 € 1,500 € 1,000 € 500 € 0 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 Seed € 19 € 32 € 36 € 43 € 38 € 43 € 48 € 46 € 42 € 65 € 79 € 83 € 113 First € 495 € 500 € 654 € 683 € 721 € 803 € 757 € 902 € 740 € 1,116 € 961 € 1,007 € 584 Second € 247 € 830 € 446 € 937 € 643 € 811 € 800 € 580 € 455 € 597 € 755 € 730 € 827 Later € 886 € 681 € 1,690 € 2,295 € 1,981 € 1,452 € 1,053 € 1,607 € 902 € 1,615 € 846 € 1,559 € 1,556 Restart € 2 € 1 € 2 VENTURE CAPITAL REPORT 7 EQUITY FINANCINGS INTO EUROPE-BASED, VC-BACKED COMPANIES (3Q 2014–3Q 2017) FINANCING € 2.50 Median Equity Deal Size [€M] € 2.00 € 1.50 € 1.00 € 0.50 € 0.00 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 Median Equity Deal Size (€M) € 1.48 € 1.60 € 1.59 € 1.86 € 1.78 € 1.86 € 1.90 € 1.56 € 1.81 € 2.05 € 2.20 € 1.96 € 2.36 VENTURE CAPITAL REPORT 8 EQUITY FINANCINGS INTO EUROPE-BASED, VC-BACKED COMPANIES, BY INDUSTRY GROUP (3Q 2017) FINANCING 3Q 2017 Industry Breakdown Business and Financial Services By Number 26% 26% Consumer Goods Consumer Services received the largest allocation of investment during 3Q 2017, of Deals raising €996 million through 121 deals. The sector attracted 30% of capital raised Consumer Services by European VC-backed companies in the quarter, and a 24% share of all deals Energy & Utilities 3% 4% completed in the quarter. Healthcare Business and Financial Services ranked second, raising some €904 million 14% Industrial Goods & Materials 24% 3% through 134 deals. The sector attracted 27% of the total amount invested into Information Technology European VC-backed companies as well as a 26% share of all deals completed in the quarter. 3Q 2017 Industry Breakdown Business and Financial Services Information Technology (IT) placed third in terms of euros invested, raising €641 20% By Amount 27% Consumer Goods million, or some 20% of the total amount invested into European VC-backed Raised Consumer Services companies for the quarter. Additionally, IT, with 136 financing rounds, was 4% Energy & Utilities Europe’s most active industry, beating out Business and Financial Services by 3% Healthcare two deals. 14% Industrial Goods & Materials 2% 30% Information Technology VENTURE CAPITAL REPORT 9 TOP 5 DEALS INTO EUROPEAN VC-BACKED COMPANIES (3Q 2017) FINANCING Industry Industry Industry Brief Close Round Raised Round Investors Co. Name Location Code Segment Group Description Date Type (€M) (* denotes lead) Accel Partners, Digital Sky Technologies Ltd., London, Roofoods Ltd. Shopping Consumer Provider of a food delivery Later Fidelity Management & Research Co.*, General United Consumer Services 24/09/2017 €301.79 (Deliveroo) Facilitators Information Services platform. Stage Catalyst Partners, Index Ventures, T. Rowe Price Kingdom Group Inc.* Movie / Music Operator of an online platform to Atlantic Labs Manager GmbH, Doughty Hanson, Berlin, Later SoundCloud Ltd. Producers and Media & Content Consumer Services send, receive, and distribute 11/08/2017 €142.94 Temasek Holdings Pvt. Ltd.*, The Raine Group Germany Stage Distributors music. LLC*, Union Square Ventures Lilium GmbH Gilching, Commercial Aerospace Industrial Goods Developer of small-scale electric Second Atomico, LGT Group, Obvious Ventures 05/09/2017 €75.87 (Lilium Aviation) Germany Aircraft & Defense & Materials aircrafts. Round Management LLC, Tencent Holdings Ltd. TTTech Software Vienna, Information Provider of time-triggered Later Computer- Development Software 14/09/2017 €75.00 Samsung Strategy & Innovation Center* Austria Technology systems. Stage technik AG Tools Arix Bioscience Investments Ltd., Cormorant Asset London, Biotechnology Provider of biopharmaceutical Later Management LLC*, Nextech Invest Ltd., Syncona Autolus Ltd. United Biopharmaceuticals Healthcare 26/09/2017 €64.42 Therapeutics solutions. Stage Partners LLP, Woodford Investment Management Kingdom LLP VENTURE CAPITAL REPORT 10 MOST ACTIVE INVESTORS FOR EUROPE-BASED, VC-BACKED COMPANIES (3Q 2017) FINANCING 16 Deals Completed 14 14 13 12 12 11 10 10 10 9 9 8 6 4 2 0 Force Over Mass Bpifrance Partech Ventures High-Tech Kima Ventures Sunstone Capital Balderton Capital Global Founders Capital LLP Investissement Gruenderfonds A/S Management LLP Capital SAS Management GmbH VENTURE CAPITAL REPORT 11 EQUITY FINANCINGS INTO EUROPE-BASED, VC-BACKED COMPANIES BY COUNTRY (3Q 2017) FINANCING Number of Deals in 3Q 2017 United Kingdom The United Kingdom remained the most favored destination for equity by Country 28% financings in 3Q 2017, attaining some 41% of amount raised and 28% of all (Top 4) 37% France deals.
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