Deliverable 6: Network of private investors

Background material for AAL project participants

March 2014 (updated NHG 15.1.2016) Copyright statement

AAL2Business - Report titled “Network of private investors - Background material for AAL project participants“

Report for Ambient Assisted Living Association, Brussels Date April 2014

Author(s) Nordic Healthcare Group

Responsible Administrator: AAL Association Brussels Project name: AAL2Business

Publisher: Ambient Assisted Living Association Rue de Luxembourg, 3, 2nd floor B-1000 Brussels, Belgium Phone +32 (0)2 219 92 25 email: [email protected]

About Ambient Assisted Living Association: The Ambient Assisted Living Association (AALA) is organizing the Ambient Assisted Living Joint Programme (AAL JP). The AAL JP aims at enhancing the quality of life of older people and strengthening the industrial base in Europe through the use of Information and Communication Technologies (ICT). Therefore, the AAL JP is an activity that operates in the field of services and actions to enable the active ageing among the population. The programme is financed by the European Commission and the 22 countries that constitute the Partner States of this Joint Programme. See more at: http://www.aal-europe.eu/

The information and views set out in this report are those of the author(s) and do not necessarily reflect the official opinion of the AALA. The AALA does not guarantee the accuracy of the data included in this study. Neither the AALA nor any person acting on the AALA’s behalf may beheld responsible for the use which may be made of the information contained therein.

All rights reserved by AALA. © 2014 Ambient Assisted Living Association, Brussels

2 Contents

1 Introduction and content overview

2 Funding opportunities and availability in Europe

3 Considerations before seeking funding

4 Choosing the right type of funding

5 Investor contacts and event listings • Accelerator Programs & Business angels • • Events • Other useful sources

3 Introduction to material

. This material has been prepared to aid potential projects in choosing and seeking out the most suitable funding options

. First, different sources of equity funding are introduced. Second, different criteria are presented to help choose the best suiting source of funding for each project

. Lastly, central Venture Capital companies, local Business Angel networks and organizations, relevant events in Europe and other resources are shortlisted − The shortlist is not exhaustive and serves instead as a potential first place and guideline to start searching for suitable investors − More information and more investors can be found through online searches to complement the provided material − Individual business angels can be targeted efficiently through national or local business angel networks

. The material targets startups and early-stage companies

. The material concentrates on different forms of equity financing. Debt financing is left out of the scope

. All of the companies and organizations presented in the material are based in Europe

4 Overview of material

1. Introduction and overview 3. Considerations before 4. Choosing the right type of 5. Investor contacts and event seeking funding funding listings

Introduction to material

European Business Angel Networks 5 key Angel Networks shortlisted, in alphabetical order Overview of material

The appropriate source of funding depends on the maturity of the Network Region Description Website Phone Email company and the amount of funding required AngelList is a platform connecting startups and AngelList Europe https://angel.co/ [email protected] 1. Introduction and overview 2. Funding opportunities and 3. Choosing the right type of 4. Investor contacts and event investors with country-specific sites availability in Europe funding listings

Introduction to material > 10 000 000€1,2

Overview of material The European Trade Association for Business Angels, http://www.eban.or (+32) 2 626 20 Eban Europe [email protected] 1. Introduction and overview The Life sciences sector is the most common target for Venture Introduction to material Seed Funds and other Early Stage Market Players g/ 62 Capital investments in EU countries

Venture Capital Investments in Europe by Sector 5 1 Life sciences 28,4

Computer & consumer electronics 19,0

Communications 18,2

Energy & environment 11,0 5 Consumer goods & retail 5,7 Venture Capital Companies, Consumer services 4,8

Financial services 4,1

Business & industrial products 3,5 Business & industrial services 1,7 A network of 400+ business angels looking to invest http://www.envesto +44 (0)20 7240 [email protected]. Chemicals & materials 1,5 Companies Transportation 1,1 Envestors UK Construction 0,3

Agriculture 0,3 7 between £20k to £2m in early stage companies rs.co.uk/ 0202 uk Real estate 0,2

Unclassified 0,1

0,0 5,0 10,0 15,0 20,0 25,0 30,0 0,8 % of total VC investments

11 Gust is a global platform for the sourcing and Gust International http://gust.com/ [email protected] Short introduction to management of early-stage investments Descriptions of funder types presentation and overview of Discussion of available 0,6 Venture Capital Companies, contents. funding and short statistical and suggestions on when each type is appropriate Business Angels The StartAngels Network is a platform for business overview. angel investors StartAngels http://en.startangel Switzerland Our mission is to offer our members access to [email protected] Network s.ch/ 0,4 attractive investment opportunities in early-stage Accelerator Programs, Swiss companies. 5 Amountof funding required , It should be kept in mind that Business Angels operate more locally than Venture Capital companies, and thus each Listing of key investor 0,2 Early-stage team/entrepreneur interested in Angel Investors should look up their local Angels from AngelList/Eban or the respective networks, funding events and Business Angels other useful resources portals in their home country

< 10 000€ 0 29 0Startup 0,5 1 Maturity1,5 of the company2 2,5Established company3 with revenue3,5

7

19 Short introduction to presentation and overview of European Venture Capital companies in the health tech market contents. 20 major VC companies shortlisted, in alphabetical order (1/4) Company Country Description Website Phone Email

Advent Venture Partners is one of Europe's most http://www.adventv +44 (0)20 7932 Descriptions of funder types Descriptions of funder types Advent Ventures UK successful growth and venture capital investors in [email protected] entures.com/ 2100 market-leading tech and life sciences businesses.

Aescap invests in companies using technologies that The are sufficiently mature to yield realistic product- http://www.aescap. + 31 20 570 29 [email protected] / Aescap Venture and suggestions on when and suggestions on when Netherlands opportunities in combination with the ability to com/ 40 [email protected] 2. Funding opportunities and generate non dilutive financing from licensing deals.

Early-stage investor with a focus on enabling technologies and tools which are transforming http://www.ariadne +44 (0)20 3356 Ariadne Capital UK each type is appropriate each type is appropriate established businesses and creating the digital capital.com/ 9690 availability in Europe ecosystem of health and lifestyle BB BIOTECH VENTURES is a healthcare-dedicated venture capital firm. We manage funds (limited http://www.bbbiote +41 44 267 67 BB Biotech Ventures Switzerland partnerships) that invest in private companies [email protected] chventures.com/en/ 00 developing and marketing drugs and medical devices or providing healthcare services.

Earlybird invests €200k to €15m in technology Earlybird Venture http://www.earlybir Germany companies that have the potential to impact large +493046724700 [email protected] Capital d.com/ markets.

35

The Life sciences sector is the most common target for Venture Capital investments in EU countries

Venture Capital Investments in Europe by Sector

Life sciences 28,4

Computer & consumer electronics 19,0

Communications 18,2

Energy & environment 11,0

Consumer goods & retail 5,7

Consumer services 4,8 Listing of key investor

Financial services 4,1

Business & industrial products 3,5

Business & industrial services 1,7

Chemicals & materials 1,5 networks, funding events and

Transportation 1,1

Construction 0,3

Agriculture 0,3

Real estate 0,2 other useful resources

Unclassified 0,1

0,0 5,0 10,0 15,0 20,0 25,0 30,0 % of total VC investments

11 Discussion of available funding and short statistical overview.

5 Contents

1 Introduction and content overview

2 Funding opportunities and availability in Europe

3 Considerations before seeking funding

4 Choosing the right type of funding

5 Investor contacts and event listings • Accelerator Programs & Business angels • Venture capital • Events • Other useful sources

6 The Life sciences sector is the most common target for Venture Capital investments in EU countries

Venture Capital Investments in Europe by Sector

Life sciences 28,4

Computer & consumer electronics 19,0

Communications 18,2

Energy & environment 11,0

Consumer goods & retail 5,7

Consumer services 4,8

Financial services 4,1

Business & industrial products 3,5

Business & industrial services 1,7

Chemicals & materials 1,5

Transportation 1,1

Construction 0,3

Agriculture 0,3

Real estate 0,2

Unclassified 0,1

0,0 5,0 10,0 15,0 20,0 25,0 30,0 % of total VC investments

Source: European Commission 7 European venture capital investments in recent years

In 2012, the total VC investments made in the EU summed There are notable differences between VC investments per up to 1,78€bn GDP in EU countries

Total investment, €B (bars) Investment as % of GDP (line) VC investment as share of GDP (%) 3,00 0,025 %

2,50 0,020 %

2,00 0,015 %

1,50

2,47 0,010 % 2,24 1,00 1,78 1,75 1,73 1,78 1,75

0,005 % 0,50

0,00 0,000 % 2007 2008 2009 2010 2011 2012 2013 Total VC investment (€M, log scale)

Source: European Commission 8 Contents

1 Introduction and content overview

2 Funding opportunities and availability in Europe

3 Considerations before seeking funding

4 Choosing the right type of funding

5 Investor contacts and event listings • Accelerator Programs & Business angels • Venture capital • Events • Other useful sources

9 Investors looking for targets assess opportunities in multiple ways

Example framework for assessing investment attractiveness

OPPORTUNITY Small market Multi-billion € market Low growth Stellar growth

ASSETS (Team and product / service) Weak product / service Proven product / service Weak team Great team

ROI POTENTIAL (ROI = Return on investment) Large investment Small investment Long time lag Quick payback Low return High return

10 For a business to be investment ready, multiple angles have to be considered

Assets Opportunity ROI potential Product & service Team

• Sufficient market size • Addresses customer • Clear project ownership • Suitable investment • Attractive growth (if size need • Balanced team setup requirement small) • Clear competitive • Sufficient experience • Exit opportunity identified • Global market advantage (including board) • Sufficient ROI (return on • Clear customer need • Strength of technology • Motivated team investment) addressed • Reasonable IP • Personal risk / • Transformational service / protection commitment product • Research done on competing products

Business coaching available through the AAL2Business support action to improve investment readiness

11 The final material must be well thought out and presented in an understandable way

Clear and concise Realistic business plan assumptions

Access to finance training available through the Sufficient facts Compelling pitch AAL2Business support action to develop presentation and business plan

12 Contents

1 Introduction and content overview

2 Funding opportunities and availability in Europe

3 Considerations before seeking funding

4 Choosing the right type of funding

5 Investor contacts and event listings • Accelerator Programs & Business angels • Venture capital • Events • Other useful sources

13 The appropriate source of funding depends on the maturity of the company and the required amount

> 10 000 000€1,2

1 Venture Capital Companies, Private Equity Companies 0,8

0,6 Venture Capital Companies, Business Angels

0,4 Family offices, Accelerator & Amount of funding required fundingof Amount Incubator Programs (e.g. 0,2 Samsung), Crowdfunding, Early-stage Business Angels < 10 000€ 0 0Startup 0,5 1 Maturity1,5 of the company2 2,5Established company3 with revenue3,5

Source: expert & business angel interviews 14 Accelerator & Incubator programs Seed-level programs include mentorship and educational components

Accelerator & Incubator programs

. Fixed-term programs (usually a few months) that often include a physical working space, educational elements and seed-level funding

. A seed investment of 10 000€ - 50 000€ is usually made in exchange for equity

. The biggest contribution is usually achieved from the learning experience and the connections to potential investors

Accelerator vs. Incubator Programs

. Incubators are often publicly-funded and take no equity, whereas accelerator programs are run and funded by companies or other private entities (see e.g. Samsung Accelerator – www.samsungaccelerator.com)

. Incubators commonly serve a social purpose, investing in industries such as biotech, clean tech and health tech, whereas Accelerators are less industry-oriented

Things to take into account when considering Accelerator & Incubator programs

. Accelerator & Incubator programs often operate locally – find out more about your local Accelerator programs at http://tech.eu/research/29/there-are-roughly-100-active-startup-accelerators-europe/

. The programs are mainly aimed at early-level project teams and include classes and mentoring. For companies with more experienced entrepreneurs and a clear business plan, other sources of funding should be considered

. Startups and teams are accepted in the programs in batches (the accelerator isn’t an on-demand resource like other forms of funding) and must “graduate” from the program in a given time limit. The programs generally end in a “Demo Day” where the product or idea is pitched to investors

. The programs are intensive and iterative in character, and full-time commitment is usually expected

15 Crowdfunding as a source of funding Crowdfunding platforms offer a new alternative for the traditional forms

Crowdfunding

. A way to seek funding from the public: the goal is often to gather a large sum of small investments from individuals

. The company may promise to deliver products/services in exchange for investments if the venture is successful

. Usually arranged through online platforms such as or Rockethub (see later slides for further references)

Crowdfunding vs. Angel Investments

. The risk is shared between a larger number of investors: hence, individual investors usually have lower requirements for return on investment

. In crowdfunding, there can be different types of investors (e.g. accredited and non-accredited) depending on the invested amount. Business Angels may act as accredited investors in some crowd funded projects

. Crowdfunding may also be donation-based, i.e. the investors are not promised anything in return

Things to take into account when considering crowdfunding

. The product/service has to be one that appeals to a large number of people to gain attention among potential buyers/investors

. The idea has to be unique to differentiate itself from the mass of projects seeking crowdfunding

. How to build up hype around the crowdfunding project – unlike with other ways of funding, a team should have a ready Business- to-Consumer marketing strategy in order to get their idea viral

. The concept has to be difficult to copy – once an idea has gone viral it might receive also unwanted attention from potential competitors. Things to consider: intellectual property rights, differentiated aspects of the product/service that are hard to imitate

16 Angel Investment as a source of funding How to choose the right Business Angel

Angel Investors/Business Angels

. Angel Investors provide financial backing for small startups or entrepreneurs. They are focused on helping the business succeed, and may be less demanding towards future profits

. Business Angels often have experience from a certain business or industry, and many of them have experience as serial entrepreneurs themselves

. Business Angels usually partake in business decisions and guide the team on how to run their operations. They usually become board members or advisers of the company

Angel investment vs. Venture Capital

. Business Angels often wish to have an even more controlling part at the company than Venture Capitalists

. Business Angels operate more locally than VCs, and are typically focused solely on their home region

. Angel investments are often even smaller than VC investments. It might be easier to obtain grass-roots, pre-revenue investment from Business Angels than Venture Capital companies

Things to consider when choosing the right Business Angel

. An entrepreneur should look up the angels in their area and pick the one(s) whose previous expertise area best suits their product

. The personal relationship between the angel and the company is much more intimate than with VC or PE firms. Companies shouldn’t consider a business angel they will not be able to get along with

. Like other investors, Business Angels also have their track record of previous investments, which can include failures or successes

17 Venture Capital as a source of funding How to choose a suitable Venture Capital investor

Venture Capital companies

. Venture Capital is a form of raising capital, popular among new companies or ventures with limited operating history, which cannot raise funds by issuing debt. Venture capitalists usually get a say in company decisions, in addition to a portion of the equity − Hence, an entrepreneur has to be prepared to hand over a part of the ownership of the company to receive financing

. A Venture Capital Fund is an investment fund that manages money from investors seeking private equity stakes in startup and small- and medium-size enterprises with strong growth potential

. VC companies expect that many of their investments may fail, but that at least 1 investment will generate huge returns to recompense for the losses. In other words, VC business is high risk, high reward

Venture Capital vs. Private Equity

. As opposed to PE (who almost always buy 100% of a company), VCs only acquire a minority stake (less than 50%)

. VC investments are also generally smaller than Private Equity. PE firms invest €100 million or more, VCs often below €10 million for early-stage companies

. PE firms buy mature, public companies whereas VCs invest in early-stage, even pre-revenue firms

Things to consider when choosing a suitable VC investor to approach

. VC companies have different preferences regarding geographical location, stage of development preference, investment level parameters, industry focus and whether the firm prefers to lead investment − An entrepreneur should do their research regarding the VC companies in their area and choose the one whose preferences best fit their company profile

. In addition to the monetary stake, the terms & conditions that different VC companies offer can vary significantly. One should always familiarize themselves with the agreement thoroughly

18 Contents

1 Introduction and content overview

2 Funding opportunities and availability in Europe

3 Considerations before seeking funding

4 Choosing the right type of funding

5 Investor contacts and event listings • Accelerator Programs & Business angels • Venture capital • Events • Other useful sources

19 European Accelerator & Incubator Programs 5 key Accelerator & Incubator Programs operating in Europe

Network Region Description Website Email

Launched in 2007, Seedcamp is one of the most connected http://www.seedcamp.c Seedcamp Europe [email protected] seed investors in the world om/

Techstars is one of world’s leading accelerators. http://www.techstars.c Techstars Global Formerly known as Sprinboard, their Europe offices are om/program/locations/l located in London ondon/

The Founder Institute is the world’s largest entrepreneur Founder Institute Global http://fi.co/ training and startup launch program

One of Europe’s biggest, three-month accelerator program http://www.startupboot [email protected] Startupbootcamp Europe with eight offices camp.org/ g

The idea of Garage 48 is to turn an idea into a working Garage 48 Europe http://garage48.org/ [email protected] service or prototype within just 48 hours

It should be kept in mind that Accelerator programs and Business Angels operate more locally than Venture Capital companies, and thus each team/entrepreneur interested in Angel Investors or Accelerator programs should look up their local Angels from AngelList/Eban or the respective portals in their home country

A more comprehensive list of best start-up accelerator programs in Europe1 can be found in: http://www.alphagamma.eu/entrepreneurship/best-startup-accelerator-programs-in-europe/

1List created by StartupFactories and revised and updated by AplhaGamma (leading online portal for information about entrepreneurship and finance) 20 European Business Angel Networks 5 key Angel Networks shortlisted, in alphabetical order

Network Region Description Website Phone Email

AngelList is a platform connecting startups and AngelList Europe https://angel.co/ [email protected] investors with country-specific sites

The European Trade Association for Business Angels, http://www.eban.or (+32) 2 626 20 Eban Europe [email protected] Seed Funds and other Early Stage Market Players g/ 62

A network of 400+ business angels looking to invest http://www.envesto +44 (0)20 7240 [email protected]. Envestors UK between £20k to £2m in early stage companies rs.co.uk/ 0202 uk

Gust is a global platform for the sourcing and Gust International http://gust.com/ [email protected] management of early-stage investments

The StartAngels Network is a platform for business angel investors StartAngels http://en.startangel Switzerland Our mission is to offer our members access to [email protected] Network s.ch/ attractive investment opportunities in early-stage Swiss companies.

It should be kept in mind that Accelerator programs and Business Angels operate more locally than Venture Capital companies, and thus each team/entrepreneur interested in Angel Investors or Accelerator programs should look up their local Angels from AngelList/Eban or the respective portals in their home country

A comprehensive list of European angel networks by EBAN available at: http://www.eban.org/eban-directory-of-business-angel-networks-2014/#.VpirW_mLRpg 21 Local Business Angel Networks More information concerning business angel events close to you at http://www.eban.org/events/category/events/

Country Business Angel Network Website Austria ABAN http://www.awsg.at Belgium BeBan http://www.beangels.eu Cyprus CYBAN http://www.cyban.com.cy Czech Republic, The Business Angels Czech http://www.bacz.cz/www Denmark Business Angel Denmark http://www.businessangel.dk Estonia EstBAN http://www.estban.ee Finland FiBAN http://www.fiban.org France France Angels http://www.franceangels.org Germany BAND http://www.business-angels.de Greece Hellenic Angels http://www.hellenicangels.gr Hungary Day One Capital http://www.dayonecapital.com Ireland HBAN http://www.hban.org Italy IBAN http://www.iban.it Luxembourg LBAN http://www.lban.lu Netherlands, The BANN http://www.bannederland.nl Norway NORBAN http://www.norban.no Poland Lewiatan Business Angels http://www.lba.pl Portugal APBA http://www.abpa.pt Romania TechAngels http://www.techangels.ro Russia Rus Angels http://www.rusangels.ru Scotland LINC http://www.linscot.co.uk Serbia SBAN http://www.sban.eu Slovakia SBAN http://www.sban.sk Spain AEBAN http://www.aeban.es Sweden SVCA http://www.svca.se

Switzerland Business Angels Switzerland http://www.businessangels.ch/

Turkey TBAA http://www.melekyatirmcilardenegi.org UK, The UK Business Angels Association http://www.ukbusinessangelsassociation.org.uk/

Please note that some countries may have more than one business angel network 22 Contents

1 Introduction and content overview

2 Funding opportunities and availability in Europe

3 Considerations before seeking funding

4 Choosing the right type of funding

5 Investor contacts and event listings • Accelerator Programs & Business angels • Venture capital • Events • Other useful sources

23 European Venture Capital companies in the health tech market 25 major VC companies shortlisted, in alphabetical order (1/4)

Company Country Description Website Phone Email “For almost 30 years, Abingworth has been working http://www.abingw + 44 (0)20 7534 Abingworth UK alongside entrepreneurs to develop their ideas into orth.com/ 1500 products that have a dramatic impact on health.” “Advent Venture Partners is one of Europe's most http://www.adventl +44 (0)20 7932 Advent Life Sciences UK successful growth and venture capital investors in [email protected] s.com 2100 market-leading tech and life sciences businesses.”

“Aescap invests in companies using technologies that The are sufficiently mature to yield realistic product- http://www.aescap. + 31 20 570 29 Aescap Venture [email protected] Netherlands opportunities in combination with the ability to com/ 40 generate non dilutive financing from licensing deals.”

“Early-stage investor with a focus on enabling technologies and tools which are transforming http://www.ariadne Tel: +44 (0)20 Ariadne Capital UK established businesses and creating the digital capital.com/ 3021 1641 ecosystem of health and lifestyle.” “BB BIOTECH VENTURES is a healthcare-dedicated venture capital firm. We manage funds (limited http://www.bbbiote +41 44 267 67 BB Biotech Ventures Switzerland partnerships) that invest in private companies [email protected] chventures.com/en/ 00 developing and marketing drugs and medical devices or providing healthcare services.”

Business Growth “A British fund with a broad portfolio ranging from www.businessgrowt https://www.businessgrowt UK Fund healthcare to construction and business services” hfund.co.uk hfund.co.uk/contact/

“Earlybird invests €200k to €15m in technology Earlybird Venture http://www.earlybir Germany companies that have the potential to impact large +493046724700 [email protected] Capital d.com/ markets.”

24 European Venture Capital companies in the health tech market 25 major VC companies shortlisted, in alphabetical order (2/4)

Company Country Description Website Phone Email “A venture and firm providing expertise and funding to entrepreneurs and http://www.endeav Endeavour Vision Switzerland +41 22 544 6000 [email protected] companies with global ambitions in life sciences and ourvision.com/ information technologies.” “Forbion invests in life science and biomedical technology companies that are developing world- Forbion Capital The http://www.forbion. +31 (0) 35 699 class drugs and technologies. They focus in late stage [email protected] Partners Netherlands com/ 30 00 preclinical and early stage clinical product development programs.”

“We aim to build a portfolio of 10 to 15 life science Fountain http://www.fh- UK companies, allocating between €0.5M to €7M per +353 1 5225100 [email protected] Healthcare Partners partners.com/ company over the life of the investment.”

“Gilde Healthcare is a transatlantic investor in fast growing healthcare technology and healthcare Glide Healthcare The http://gildehealthca +31 30 219 25 healthcare@gildehealthcare. services companies. Target companies are active in Partners Neatherlands re.com/ 65 com Primary Care, Medical Clinics, Elderly Care, Mental Care, Service Providers, Suppliers and Outsourcing.”

“Invests in life science, medtech, health and care http://www.gimv.co Gimv Belgium services companies operating in European market. +32 3 290 21 00 [email protected] m/ Offices are in Antwerpen, Paris, Munich and Hague.”

“HealthCap is a family of multi stage venture capital http://www.healthc Healthcap Sweden funds, investing globally in life sciences. About 1/3 +46 8 442 58 50 [email protected] ap.se/ companies of invested companies are startups.”

25 European Venture Capital companies in the health tech market 25 major VC companies shortlisted, in alphabetical order (3/4)

Company Country Description Website Phone Email “Index Ventures has been dedicated to building world- class information technology and life sciences UK/ http://www.inde Index Ventures companies. As one of the early venture firms in Europe, (+44) 20 7154 2020 Switzerland xventures.com/ we are committed to the development of the venture capital industry across the continent and UK.” “LSP is one of Europe’s largest and most experienced healthcare investment firms. With a track record going back more than 25 years, we have built up an [email protected] Life Science The http://www.lspvc +31 (0) 20 664 55 investment house that is dedicated to only one task: m / Partners Netherlands .com/ 00 seeking, nurturing and growing healthcare investment [email protected] opportunities with the potential to have a positive impact on society.” “Team of serial entrepreneurs and investors focused in http://lifelineven [email protected] Lifeline Ventures Finland health, web and games.” tures.com/ m http://www.lund Lundbeckfond “Lundbeckfond Ventures invests in medtech companies [email protected] Denmark beckfoundation.c +45 39 12 80 00 Ventures as they are approaching commercialization. “ om om/ MVM manages three funds totaling $500 million. “MVM invests in both early stage and late stage companies, platforms and products, discovery and development, http://www.mvm +44 (0)20 7557 MVM UK devices and drugs. MVM has invested in [email protected] .com/ 7500 biopharmaceuticals, diagnostics, drug delivery, gene therapy, healthcare IT, healthcare services, medical devices, OTC medicines, research tools and vaccines. “ “NBGI Ventures is a venture capital fund investing in http://www.nbgi NBGI Ventures UK +44 20 7661 5678 outstanding medical technology companies.” pe.com/

26 European Venture Capital companies in the health tech market 25 major VC companies shortlisted, in alphabetical order (4/4)

Company Country Description / Investment Focus Website Phone Email “We invest in innovative high growth companies with Scottish Equity http://www.sep.co. +44 (0)20 7758 UK world class potential across the technology, [email protected] Partners uk/ 5900 healthcare and energy sectors.” “Seroba Kernel is a European life sciences venture capital firm, focused on investing in breakthrough http://seroba- +353 (0)1 633 Seroba Kernel UK venture capital healthcare technologies that promise kernel.com/ 4028 to improve lives and make a difference worldwide.” “We invest in start-ups, early-stage companies, corporate spin-offs and occasionally turnaround http://www.sofinno +33 (0)1 5305- Sofinnova France situations. We invest in Life Sciences [email protected] va.fr/ 4100 (Biopharmaceuticals / Biotech, Medical Devices, Industrial Biotechnology).” “Our point of entry differs depending on the type of Life Science opportunity. In the areas of medical technology and diagnostics, we tend to invest in http://www.sunston reception@sunstonecapital. Sunstone Ventures Denmark +45 2012 6000 companies just before the pivotal clinical trials e.eu/ com required to support the intended use and marketing claims.” “a group of independent investment advisories and fund managers for Venture Capital funds, investing TVM Capital Life http://www.tvm- +49 (89) 998 Germany into innovative biotech, pharmaceutical, and Science lifescience.com/ 992-0 medtech companies in Europe, Canada the USA and Asia, with teams based in Munich and Montreal.” “Wellington Partners’ investment strategy spans all munich@wellington- stages of company development. From early stage to http://www.wellingt +49 (0) 89 / 21 partners.com / Wellington Partners Germany expansion stage to maturity, we fund companies on-partners.com/ 99 41 0 zurich@wellington- based on their sector, technology, anticipated partners.com development timelines, and growth rates.”

27 Contents

1 Introduction and content overview

2 Funding opportunities and availability in Europe

3 Considerations before seeking funding

4 Choosing the right type of funding

5 Investor contacts and event listings • Accelerator Programs & Business angels • Venture capital • Events • Other useful sources

28 Health Tech investor & networking events in Europe Major events for healthcare startups for the next 12 months, 2016

January February March April

H2020 Health European brokerage Digital Health & Wellness summit @ Health 2.0 Europe Med-e-Tel event Mobile World Congress 10th – 12th, Barcelona 6th – 8th, Luxembourg 13th, Paris 22nd – 25th, Barcelona Swiss eHealth Forum Medtec Europe Nordic Health Technology & eHealth 10th – 11th, Bern 12th – 14th, Stuttgart Forum 2016 Hacking Health Camp BioTrinity 13th – 15th, Helsinki 17th – 20th, Strasbourg 25th - 27th, London eHealth Symposium Doctors 2.0 & You MedTech Investing Europe Conference 18th, London 26th – 27th, Paris 26th – 27th, Lausanne Unlocking the potential of mobile health Wired Health in Europe 29th, TBA (London 2015) 20th, Brussels

May June September November

Health Fairs Autonomy Digital Health Summit & Exhibition NHS Health and Care Innovation Expo Medica TradeFair 24th – 26th, Paris 5th, Manchester 7th – 8th, Manchester 14th – 17th, Düsseldorf eHealth week 2016 Biohacker Summit ’16 8th – 10th, Amsterdam 17th – 18th Helsinki EAI International Conference on HIMSS Europe World of Health Ambient Assisted Living Technologies Conference & Exhibition 14th, Budapest 21st – 22nd, Barcelona eHealth 360 15th – 16th, Budapest FT Digital Health Summit Europe 16th, London Smart Home World 21st – 22nd, London Techtour Heathtech Summit 21st – 22nd, Lausanne

Months with no events have been left out. For more specific details on each event (web link, target audience etc.) and additional relevant events, please see the following slides 31-34 29 Major general investor & networking events in Europe Major events for healthcare startups for the next 12 months, 2016

March April June Nov-Dec

Digital K Swiss PE Conference Arctic15 – 2016 Edition Pirate Summit 19th – 20th, TBA (Sofia 2015) 5th, Zürich 2nd – 3rd, Helsinki 6th – 7th Nov, Cologne Pioneers Festival Startup Camp Berlin Startup Village Web Summit 24th – 25th, Vienna 8th – 9th, Berlin 2nd – 3rd, Moscow 7th – 10th Nov, Lisbon TNW Conference Europe Startup Day 2016 Heureka Conference Slush 26th – 27th, Amsterdam 23rd, Stockholm 7th, Berlin 28th Nov – 2nd Dec, Helsinki

Months with no events have been left out. For more specific details on each event (web link, target audience etc.) and additional relevant events, please see the following slides 35-36 30 Event descriptions: Health Tech events, 2016 More information concerning Business Angel events close to you at http://www.eban.org/events/category/events/

Date Event Description

H2020 Health European brokerage “Get the chance to present your innovative project to the participants Meet Jan 13th event potential partners from Europe and beyond and start building your consortium” http://www. b2match.eu/BEHealthParis/

Nordic Technology & eHealth Forum “Nordic Health Technology & eHealth Forum 2016 offers tens of lectures and speeches in the field of Health Technology and eHealth. Nordic Health Jan 13th – 15th http://www.easyfairs.com/events_216/nordic-health- technology-2016_75677/nordic-health-technology-e- Technology & eHealth Forum 2016 trade show is organized parallel with brand health-summit-2016_75678/ new ehealth 2016.” “This Symposium will assist health professionals, industry, policy makers and eHealth Symposium users to learn about some of the best practices and innovations currently Jan 18th http://www.ewma2015.org/scientific/ehealth- symposium.html under way across Europe and facilitate the implementation of appropriate initiatives in their own area.”

Unlocking the potential of mobile “This international symposium provides an opportunity for practitioners and Jan 20th health in Europe stakeholders across Europe to discuss the challenges and latest http://www.publicpolicyexchange.co.uk/events/GA20 -PPE2 developments that mHealth services in the EU are currently facing.” “For the first year the DHWS2016 has partnered with 4YFN (4 years from Digital Health & Wellness summit @ now) for a conference dedicated to innovative start-ups/SMEs and investors. Feb 22nd Mobile World Congress Main Topics of the programme: Mobile Health, Internet of Things (IoT), http://www.mobileworldcongress.com/ Wearables, Remote monitoring, Active & Healthy Ageing, Wellbeing, Fitness & Sport, Smart Cities, Connected Living, Health IT”

For event calendar please see slide 29 31 Event descriptions: Health Tech events, 2016 More information concerning Business Angel events close to you at http://www.eban.org/events/category/events/

Date Event Description “The 7th annual Health 2.0 Europe Conference travels back to Barcelona for 2 Health 2.0 Europe 2016 full days of content that will explore international innovation in patient-provider Mar 10th – 12th http://www.health2con.com/events/conferences/heal communication, consumer health, data analytics and more. Over 100 speakers th-2-0-europe-2016/ and 600 attendees from across the world will gather to experience over 50 live product demos health care innovation disrupts EU markets.” ”The presentations will show what is possible today and tomorrow in healthcare, give practical examples and allow an outlook on the prospects for Mar 10th – 11th Swiss eHealth Forum http://www.infosocietydays.ch/eHealth the future.” The themes for 2016 include corporate strategy implications and concrete operationalization and implementation of health technologies. “

Hacking Health Camp “Hacking Health Camp is a 4 day international event dedicated to breaking Mar 17th – 20th http://hackinghealth.ca/event/eventhacking-health- down the barriers of innovation in healthcare including the largest european camp/ hackathon on healthcare.” “This event showcases products like equipment, solutions and strategies for Mar 24th – 26th Health Fairs Autonomy operating and transforming healthcare institutions etc. in the Wellness, Health & Fitness industry.” “The only international digital health congress devoted to improving life for patients through a better understanding of digital. Topics include online Mar 26th – 27th Doctors 2.0 & You http://www.doctors20.com/ communities, mobile applications, connected objects, wearables, big data, ereputation…the patient-physician relationship, artificial intelligene…” “Med-e-Tel 2016 will feature, in collaboration with our partner organizations, Apr 6th – 8th Med-e-Tel international experts and users who will present their experiences with current http://www.medetel.eu/index.php telemedicine and eHealth applications and future developments.” “The event provides suppliers with the opportunity to meet with over 6,000 Apr 12th – 14th Medtec Europe industry specific professionals, it hosts cutting-edge conference quality http://www.medteceurope.com/ education and displays dozens of interactive features.”

For event calendar please see slide 29 32 Event descriptions: Health Tech events, 2016 More information concerning Business Angel events close to you at http://www.eban.org/events/category/events/

Date Event Description “As Europe’s leading investment and biopartnering conference, BioTrinity is the nexus of a booming life sciences innovation ecosystem and provides a Apr 25th – 27th BioTrinity unique platform for R&D, global pharma and investor companies across the http://biotrinity.com/ life sciences industry to achieve their business objectives; to secure funding, seek acquisition and in-licensing deals and grow their network.” “MedTech Investing Europe Conference (MTI), firmly cements the event as MedTech Investing Europe Europe’s longest-running investing and partnering event bringing together the Apr 26th – 27th Conference most pro-active and ambitious investors and the most cutting-edge http://www.medtechinvesting.com/ entrepreneurs and technologies.” “WIRED Health is designed to introduce, explain and predict trends in the Apr 29th Wired Health medical and personal healthcare industries. It is a showcase for the http://www.wiredevent.co.uk/ extraordinary innovators using technology to re-imagine the health sector.”

Health Fairs Autonomy “This event showcases products like equipment, solutions and strategies for May 24th – 26th http://10times.com/health-and-independence-trade- operating and transforming healthcare institutions etc. in the Wellness, Health shows & Fitness industry.”

Digital Health Summit & Exhibition “Delegates at last year’s summit and exhibition enjoyed wide ranging Jun 5th http://www.salford.ac.uk/onecpd/courses/digital- presentations from high level government and industry speakers on the health-conference-and-exhibition advantages digital healthcare technology can offer carers and patients. “ “Over 2,000 international experts in IT and healthcare, public institutions, eHealth week 2016 professional and patient organisations are expected to attend the three day Jun 8th – 10th http://www.ehealthweek.org/ehome/index.php?event id=128630& event in June. The themes of eHealth Week 2016 in Amsterdam will be Empowering People, Trust & Standards and Social Innovation & Transition.”

EAI International Conference on “The Ambient Assisted Living domain offers the perfect setup for IoT-based technologies since it touches on the very important social issue of the ageing Jun 14th Ambient Assisted Living Technologies based on IOT population while offering the ability to really test telecare services for home- http://aal-iot.org/2016/show/home based setups.” Co-located with eHealth 360 For event calendar please see slide 29 33 Event descriptions: Health Tech events, 2016 More information concerning Business Angel events close to you at http://www.eban.org/events/category/events/

Date Event Description eHealth 360 “eHealth 360° Summit 2016 is a unique event bringing a 360 degree Jun 15th – 16th perspective on mobile and electronic health.”

Financial Times Digital Health Summit “The FT Digital Health Summit Europe will bring you a top-level speaker roster Jun 16th Europe and agenda, formulated to give you the latest insights into the healthcare https://live.ft.com/Events/2016/FT-Digital-Health- Summit-Europe sector.”

Jun 21st – 22nd Smart Home World "An excellent snapshot in today’s smart home market." http://smarthomeworld2016.com/

Techtour Healthtech Summit “For its 7th edition, the Healthtech Summit will once again focus on Jun 21st – 22nd http://www.techtour.com/events/view.aspx?events_p showcasing the top 20 medtech and top 20 digital health companies in Europe ages_id=7384 at the IMD campus. ”

NHS Health and Care Innovation “Health and Care Innovation Expo is a unique event that showcases Sep 7th – 8th Expo innovation and celebrates the people who are changing the NHS.” https://www.england.nhs.uk/expo/support/ “The MEDICA is the world‘s largest medical marketplace annually organised in Nov 14th – 17th Medica TradeFair http://www.medica-tradefair.com/ November in Düsseldorf. ” "If you want to know what is mainstream tomorrow, this is where it's at. Nov 17th – 18th Biohacker summit ‘16 Themes include digital health, wearables & IOT, lifehacking, nutrition & fitness, http://biohackersummit.com/ quantified self, biohacking and digital health. “ HIMSS Europe World of Health “The event will gather top European healthcare stakeholders and will be the Nov 21st – 22nd Conference & Exhibition http://www.worldofhealthit.org/ehome/index.php?eve meeting point for the entire eHealth ecosystem.” ntid=141909&

For event calendar please see slide 29 34 Event descriptions: General events, 2016 More information concerning Business Angel events close to you at http://www.eban.org/events/category/events/

Date Event Description

” The DigitalK conference had four successful editions and expanded its May 19th – 20th Digital K audience across the world. We now are the most important digital technology http://digitalk.capital.bg/2015/ event in Southeast Europe, in terms of diversity and speaker profiles.” “Pioneers Festival is the major event for future technologies and entrepreneurship. Join the juried and strictly limited community of 2,500 like- May 24th – 25th Pioneers Festival http://pioneers.io/festival2016/ minded pioneers and build relationships that matter with startup founders, executives, investors, and international media in a unique setting.” ” TNW Conference brings together 20,000 of the world's technology leaders, May 26th – 27th TNW Conference Europe http://thenextweb.com/conference/europe/ venture capitalists and entrepreneurs” “The Swiss Private Equity Conference is a one-day event, joining top notch keynotes and highly experienced panelists from Switzerland, Germany, southern Apr 5th The Swiss PE Conference http://pe-conference.org/swiss/ and northern Europe with well-rounded global professionals from different financial backgrounds.” “Bringing together founders, entrepreneurs, investors, and students from all Apr 8th – 9th Startup Camp Berlin around the world, the Startup Camp serves as the largest early stage startup http://startupcamp.co/ event in Berlin.” “Startup Day gathers the startup ecosystem in an annual all-day event focusing Apr 23rd Startup Day 2016 http://startupday.se/ on eclectic early-stage inspiration and networking.“ “Largest startup event in Finland in the spring time, heavily focused on Jun 2nd – 3rd Arctic 15 – 2016 Edition http://2015.arctic15.com/ matchmaking and business connections.” "The flash of inspiration that fosters new technologies, changes mindsets, and Jun 2nd – 3rd Startup Village https://startupvillage.ru/en/ transforms economies."

For event calendar please see slide 30 35 Event descriptions: General events, 2016 More information concerning Business Angel events close to you at http://www.eban.org/events/category/events/

Date Event Description “HEUREKA is the conference for founders who want to bring their business to Jun 7th Heureka Conference the next level. Learn about the key factors of success, get inspired by like-minded http://heureka-conference.com/ entrepreneurs and meet high level investors and media representatives.” “Meet founders, VCs and business angels at Odonien, a scrapyard in Cologne Nov 6th – 3rd PirateSummit which, together with our selected participants and speakers, creates the very http://piratesummit.com/en/piratesummit-2016 special atmosphere the Pirate Summit is known for.” "In 5 years, Web Summit has grown from 400 attendees to over 42,000 from more than 134 countries. It’s been called “the best technology conference on the November 7th – 10th Web Summit planet”. But we just think it‘s different. And that difference works for our http://websummit.net/ attendees, ranging from Fortune 500 companies to the world’s most exciting startups." “Slush is a non-profit event organized by a community of entrepreneurs, investors, students and festival organizers. Although Slush has grown from a Nov 28th – Dec 2nd Slush 300-person event to become one of the leading events of its kind in the world, the http://www.slush.org/ philosophy behind it has remained the same: to help the next generation of great, world-conquering companies forward.”

For event calendar please see slide 30 36 Contents

1 Introduction and content overview

2 Funding opportunities and availability in Europe

3 Considerations before seeking funding

4 Choosing the right type of funding

5 Investor contacts and event listings • Accelerator Programs & Business angels • Venture capital • Events • Other useful sources

37 Other useful resources

Resource Description

Tech.eu’s list of active startup accelerators – http://tech.eu/research/29/there-are-roughly-100-active-startup-accelerators- An article with 94 different Startup accelerators mapped out around Europe europe/

“The European Connected Health Alliance (ECHAlliance) is an initiative designed European Connected Health Alliance - http://www.echalliance.com/about/ to support and promote the wider adoption of healthcare and wellbeing (including sports and fitness) products, services, applications and innovation”

Capital network connecting PE investors, investment banks and companies Mycapital.com - https://www.mycapital.com/index.php looking for capital

Microventures - http://www.microventures.com/ Platform connecting angel investors and startups

FundedByMe - https://www.fundedbyme.com/ Crowd funding platform, connecting investors and startups

“Venture Fund’s primary objective is to mentor and fund quality ideas and start VentureFund - http://www.venturefund.com/ ups by introducing them to qualified investors from around the world.”

StartupValley - http://www.startupvalley.com/ portal and platform

“One of the leading platforms in crowdfunding and connecting startups with - https://www.kickstarter.com/ investors”

Indiegogo - http://www.indiegogo.com/ A crowdfunding platform connecting startup entrepreneurs and investors

For further information on business accelerators in Europe, please see http://www.ibusinessangel.com/2012/07/business-accelerators-uk-europe-france-germany-spain/ 38 Other useful resources

Resource Description Crowdfunding.com - http://crowdfunding.com/ One of the most popular crowdfunding platforms online Rockethub - http://www.rockethub.com/ Online crowdfunding platform, similar to Crowdfunding.com “Invesdor is a pioneering open equity-based crowdfunding platform in - https://www.invesdor.com/en Northern Europe” “Eucomed represents the medical technology industry in Europe. Our mission Eucomed - http://www.eucomed.be/ is to make modern, innovative and reliable medical technology available to more people.” “Our central mission is to support Europe's small and medium-sized European Investment Fund - http://www.eif.org/ businesses (SMEs) by helping them to access finance.” “Our goal is to create a more hospitable environment for health startups by HealthStartup Europe - http://healthstartup.eu/about/ creating connections between the burgeoning digital startups scene and the health sectors.” “We drive company growth through our Accelerator and expedite their market entry through Solutions providing access to an early-adopter community of industry customers. We take our Foundry inside healthcare HealthBox - https://www.healthbox.com/ organizations, developing their capability to scale internal concepts, and we meet organizations’ emerging strategic needs through our collaborative Innovation Funds.”

” Clinica Medtech Intelligence is the leading source of regulatory, market and Clinica Medtech Intelligence - http://www.clinica.co.uk/ competitor information for the medical devices and diagnostics industries.”

“The GET Funded service is designed to provide health SMEs looking for Series GET Funded - http://www.get-ehealth.eu/get-funded/ B or follow up funding (typically between 0.5-2M€) with training, resources and networking opportunities with investors at the European level.”

For further information on business accelerators in Europe, please see http://www.ibusinessangel.com/2012/07/business-accelerators-uk-europe-france-germany-spain/ 39