Table of Contents

Program 6

Venture Capital 10

Growth 107

Buyout 124

Debt 137

Trading Comparables 143

2 Table of Contents

Venture Capital

3TS Capital Partners 11 Frog Capital 50 SevenVentures 90 Apax 125 83North 12 General Catalyst 51 Speedinvest 91 Ardian 126 Accel Partners 13 German Media Pool 52 SpeedUp Venture Capital 92 Bain Capital 127 Acton Capital Partners 14 German Startup Group 53 Group Capvis Equity Partners 128 Astutia Ventures 15 Global Founders Capital 54 STS Ventures 93 EQT Partners 129 Atlantic Labs 16 GPS Ventures 55 Swisscom Ventures 94 FSN Capital Partners 130 AVentures Capital 17 GR Capital 56 TA Ventures 95 GENUI 131 AXA Venture Partners 18 Griffon Capital 57 Target Partners 96 KKR 132 b10 I Venture Capital 19 High-Tech Gruenderfonds 58 Tengelmann Ventures 97 Macquarie Capital 133 BackBone Ventures 20 HV Holtzbrinck Ventures 59 Unternehmertum Venture 98 Maryland 134 Balderton Capital 21 IBB 60 Capital Partners Oakley Capital 135 Technologie Holding 22 Beteiligungsgesellschaft Vealerian Capital Partners 99 Permira 136 idinvest Partners 61 Ventech 100 Bessemer Venture 23 Partners InMotion Ventures 62 Via ID 101 BCG Digital Ventures 24 Innogy Ventures 63 Vito Ventures 102 BFB Brandenburg Kapital 25 Inovo.vc 64 Vorwerk Ventures 103 Intel Capital 65 W Ventures 104 BMW iVentures 26 Iris Capital 66 WestTech Ventures 105 Boerste Stuttgart - Digital 27 Kizoo Technology Capital 67 XAnge 106 Ventures Debt btov Partners 28 Kreos Capital 68 LeadX Capital Partners 69 Buildit Accelerator 29 Lakestar 70 CapHorn Invest 30 Bootstrap Europe 138 Levensohn Venture 71 Columbia Lake Partners 139 Capital300 31 Growth Partners Davidson Technology 140 Capnamic Ventures 32 M2P Consulting 72 Growth Debt Check24 Ventures 33 Mangrove Capital Partners 73 Activant Capital 108 Global 141 Cherry Ventures 34 Munich Venture Partners 74 BlackFin Capital Partners 109 Harbert European 142 Citi Ventures 35 Next Media Accelerator 75 Burda Principal 110 Growth Capital CommerzVentures 36 NWZ Digital 76 Investments Concentric 37 P101 77 CapitalD 111 Constantia New Business 38 Partech 78 General Atlantic 112 Coparion 39 Piton Capital 79 GPI Capital 113 Creandum 40 Project A 80 Horizon Capital 114 Creathor Ventures 41 ProSiebenSat.1 81 HPE Growth Capital 115 Curious Capital 42 Accelerator Insight Venture Partners 116 DN Capital 43 PropTech1 Ventures 82 LetterOne Technology 117 Deutsche Telekom Capital 44 Redalpine Venture 83 NGP Capital 118 Partners Partners Scottish Equity Partners 119 Earlybird 45 Redline Capital 84 (SEP) Eight Roads Ventures 46 Red-stars.com data 85 Summit Partners 120 Endeit Capital 47 Redstone 86 Target Global 121 FJ Labs 48 RTA Ventures 87 Top Tier Capital Partners 122 Fluxunit - 49 ru-Net 88 Vitruvian Partners 123 Ventures Seventure Partners 89 3 4 The NOAH Bible, an up-to-date valuation and industry KPI publication.

This is the most comprehensive set of valuation comps you'll find in the industry. Reach out to us if you spot any companies or deals we've missed!

March 2018 Edition (PDF)

Sign up Here

5 Program

6 SESSION TITLE COLOSSEUM -Day1 Breakfast

Lunch servedbetween 11:30 -15:00 Online Consumer Goods, NOAH Healthcare, Science Marketing Transportation & Mobility Travel & Tourism Tech Fashion Retail & Ecommerce Startups &

K K FC CP FC FC P CP CP FC FC CP A FC K CP K FC CP FC CP P CP FC CP FC CP FC FC FC CP FC CP K ® COMPANY ® CP Presentation Company 17:00 -17:10 12:55 -13:10 12:40 -12:55 12:30 -12:40 12:20 -12:30 12:10 -12:20 12:00 -12:10 16:50 -17:00 16:35 -16:50 16:25 -16:35 16:15 -16:25 16:05 -16:15 15:55 -16:05 15:45 -15:55 15:35 -15:45 15:25 -15:35 15:15 -15:25 15:05 -15:15 14:55 -15:05 14:45 -14:55 14:30 -14:45 14:20 -14:30 13:50 -14:00 13:40 -13:50 13:30 -13:40 13:20 -13:30 13:10 -13:20 10:40 -10:50 10:15 -10:40 10:05 -10:15 18:05 -18:10 17:35 -18:05 17:20 -17:35 17:10 -17:20 14:15 -14:20 14:10 -14:15 14:00 -14:10 11:50 -12:00 10:50 -1 11:40 -11:50 11:30 -11:40 11:20 -11:30 11:10 -11:20 11:00 -11:10 K 8:00 -10:00 9:55 -10:05 9:35 -9:45 9:25 -9:35 9:15 -9:25 9:00 -9:15 9:45 -9:55

22:00 TIME Keynote 1:00

Misterporter NOAH London2017StartupsWinners The W Egon Zehnder Digital McKinsey Corporate DigitalInnovation–fromShametoFame T BlaBlaCar Moovit hy Uber Axel Springer Revolution Precrafted GetYourGuide Insight Venture Partners HomeToGo Kiwi.com Evaneos AUTO1 Group NOAH Advisors Between Tradition andDigitisation:WhatOldNewEconomycanLearnfromOne Another? NUCOM GROUP General Atlantic Balderton Capital Balderton Capital Contentful Wooga Adtelligence RankAbove DCMN OUTFITTERY Permira BestSecret La Mania tado° Lalafo Lalafo Chronext Mister Spex Marley Spoon Target Global Target Global TargetGlobal Announcement AUTO1 Group NGP Capital eGym Babbel Prelude Top Doctors Doctolib EY - Bayer Volocopter BlaBlaCar BMW iVentures Movinga FlixBus GoOpti Blacklane Optibus Drivy Porsche COMPANY Party @Tempodrom withDJ Ken Abel NOAH Advisors Closing Note Generation IM Rocket Edge Technologies Deutsche Telekom axify 6 June2018 P ork Crowd Panel FC Chat Fireside Walter Masalin Philipp Roesch-Schlanderer Markus Witte Martin Varsavsky Alberto E.Porciani Stanislas Niox-Chateau Julie Teigland Simone Menne Saskia Steinacker Florian Reuter Chantal Ambord Sohaila Ouffata Hänsel Finn Age Jochen Engert Marko Guček Dr. JensWohltorf Amos Haggiag Paulin Dementhon Sebastian Wohlrapp Markus Villig Nicolas Brusson Nir Erez Christoph Keese Dara Khosrowshahi Dr. MathiasDöpfner Antonio Robbie Johannes Reck Harley Miller Dr.Patrick Andrae Oliver Dlouhý Eric LaBonnardière Mark Krymalowski Dr. BerndMontag Dr.Florian Tappeiner Jörn Nikolay Suranga Chandratillake Rob Moffat Sascha Konietzke Jens Begemann Michael Altendorf Mayer Reich Matthias Riedl Julia Boesch Stefan Dziarski Daniel Schustermann Joanna Przetakiewicz Toon Bouten Yuriy Mukhin Anna Polishchuk Philipp Man Dirk Graber Fabian Siegel Shmuel Chafets Alexander Frolov Hakan Koç Matthias Schmidt-Pfitzner Martin Ott Gerhard Cromme Marco Rodzynek Claudia Nemat Marco Rodzynek Al Gore Oliver Samwer Coen vanOostrom Tillan Barros Alice Weightman SPEAKER

A MR MR Announcement MR MR MR MR MR MR MR MR MR MR POSITION VP Chairman Founder &CEO Partner CEO CEO Founder Founder &CEO CEO Managing PartnerEY GSA Supervisory BoardMemberofBMW, DPDHL Global HeadofDigitalExcellence CEO General Manager, BlaBlaPro Director ofPlatform CEO Founder &MD Co-Founder &CEO Co-Founder &CEO Co-Founder &CEO CEO VP DigitalBusinessPlatform Founder &CEO Co-Founder &CEO Founder &CEO CEO CEO CEO CEO Co-Founder &CEO Vice President Co-Founder &CEO CEO CEO Co-CEO &ManagingDirector Managing Director Partner Partner CEO CEO Co-Founder &CEO Founder &CEO Co-Founder Founder &ManagingDirector Partner CEO Founder &CreativeDirector CEO Co-Founder Co-Founder CEO Founder &ManagingDirector Founder &CEO General Partner General Partner Founder &ManagingDirector Digital Partner Head ofEMEA DigitalPractice CEO CTO Chairman Founder &CEO Founder &CEO Founder &CEO Founder &CEO Founder &CEO , MDCentralEurope MR Rodzynek Interview /Panel withparticipation ofMarco , NOAH Advisors Founder &CEO, SESSION TITLE COLOSSEUM -Day2

Indus- Breakfast

Lunch servedbetween 11:30 -15:00 Lending Restaurants & B2B & trials & Fintech Payments Digital & TMT IoT Platforms Food Delivery K CP FC CP CP P CP FC CP CP FC CP FC CP CP FC CP FC FC FC CP FC CP K COMPANY ® ® CP Company Presentation 15:55 -16:05 15:00 -15:10 14:50 -15:00 14:40 -14:50 14:30 -14:40 14:20 -14:30 14:10 -14:20 14:00 -14:10 13:50 -14:00 13:40 -13:50 13:30 -13:40 13:20 -13:30 13:10 -13:20 13:00 -13:10 12:50 -13:00 12:40 -12:50 12:30 -12:40 12:00 -12:10 10:45 -10:55 10:35 -10:45 10:25 -10:35 10:15 -10:25 10:05 -10:15 9:55-10:05 17:35 -17:45 17:25 -17:35 17:15 -17:25 17:05 -17:15 16:55 -17:05 16:45 -16:55 16:35 -16:45 16:25 -16:35 16:15 -16:25 16.05 -16:15 12:20 -12:30 12:10 -12:20 17:45 -17:50 15:30 -15:55 15:20 -15:30 15:10 -15:20 11:50 -12:00 10:55 -11:05 11:35 -11:50 11:05 -11:15 11:15 -11:25 1 8:00 -10:00 9:45 -9:55 9:35 -9:45 9:30 -9:35 1:25 -11:35

TIME

Bloomberg Insight Venture Partners HelloFresh Softbank General Catalyst ClassPass App Annie Permira LegalZoom Unikrn MUBI Epidemic Sound Minute Media HuffPost Tamedia NOAH Advisors Day 1Summary Control€xpert Scytl Unmanned Life Kariyer.net Trustpilot Permira TeamViewer Dealroom.co Asana Hop DocuSign Holtzbrinck Ventures Thermondo auxmoney smava Spotcap Thasos Group Crowdhouse TenX Mastercard N26 Deposit Solutions ING Group Scalable Capital Allianz X Target Global wefox Group xbAV Zurich InsuranceGroup Hypoport Facile.it Raisin Fraugster SumUp Frog Capital Azimo Safecharge VISA COMPANY NOAH Advisors Closing Note Lakestar Affairs andEnergy Federal MinistryforEconomic Entrepreneur First Alpha Wayra Telefónica 7 June2018 K Keynote P Panel David Thevenon Adam Valkin Payal Kadakia Nicolas Beraudo Dipan Patel John Suh Rahul Sood Efe Cakarel Oscar Höglund Asaf Peled Jared Grusd Christoph Brand Max Laemmle Marc-Alexander Christ Shirin Dehghan Michael Kent David Avgi Paul Walsh Nicolas Witte TaubmannHolger Kumardev Chatterjee Fatih Uysal Peter Mühlmann Stefan Dziarski Oliver Steil Yoram Wijngaarde Chris Farinacci Dvir Ben-Aroya Ron Hirson Rainer Maerkle Philipp Pausder Raffael Johnen Artopé Alexander Jens Woloszczak Greg Skibiski Ardian Gjeloshi Dr. JulianHosp Peter Bakenecker Valentin Stalf Max vonBismarck Benoît Legrand Erik Podzuweit Nazim Cetim Yaron Valler TeickeJulian Malte Dummel Giovanni Giuliani Ronald Slabke Mauro Giacobbe Tamaz Georgadze Marco Rodzynek Stefan Nicola Niklas Östberg Harley Miller Dominik Richter Marco Rodzynek Klaus Hommels Peter Altmaier Alice Bentinck Pablo Rodríguez Christian Lindener Gonzalo Martín-Villa SPEAKER FC MR MR Fireside Chat MR MR MR MR MR MR MR MR POSITION Partner General Partner Founder &ExecutiveChairman Managing Director Partner CEO Co-Founder &CEO Founder &CEO Co-Founder &CEO Founder &CEO CEO Head ofClassifieds&Marketplaces Founder &CEO Founder &CEO Co-Founder Partner Co-Founder &CEO CEO SVP PlatformStrategyandInnovation CEO CEO Founder &CEO CEO Founder &CEO Partner CEO Founder &CEO Head ofBusiness Co-Founder &CEO Chief ProductOfficer Partner Founder &ManagingDirector Co-Founder &CEO Co-Founder &CEO Co-Founder &CEO Founder &CEO Co-Founder &Chairman Founder &CEO Division PresidentGermany& Founder &CEO CBO &ManagingDirector Chief InnovationOfficer Co-Founder &Co-CEO CEO General Partner CEO CFO Chief Strategy, &BusinessDevelopmentOfficer CEO CEO CEO German Telecoms, Tech andMediaReporter CEO Vice President CEO Founder &CEO Founder &CEO Federal MinisterforEconomic Affairs andEnergy Co-Founder &CPO CEO CEO Chief InnovationOfficer MR Rodzynek Interview /Panel withparticipation ofMarco , NOAH Advisors Founder &CEO, B2B & Software Consumer Travel & Tourism Goods, Retail & Ecommerce

Transportation Digital & TMT & Mobility

Restaurants & Fintech Food Delivery

The event is a unique platform for senior executives from old champions and new challengers to discuss disruption in 10+ industrial verticals. Payments Healthcare, Science & Education

Over 100 CEOs to tell the story of their Company!

Online Fashion Industrials & IoT

Marketing Tech Lending Platforms Venture Capital

10 3TS Capital Partners

KEY CORPORATE FACTS / KPIS DESCRIPTION

Budapest, Bucharest, Istanbul, Praque, 3TS Capital Partners is one of the leading European technology focused and venture capital firms. 3TS provides expansion capital and Offices Vienna, Warsaw buyout funding for small and medium-sized businesses in growth sectors including Technology & Internet, Media & Communications and Technology- Enabled Services. in the current and past 3TS funds totaling over €300 million include EIF, EBRD, Cisco, OTP, Sitra, 3i and KfW among Active Markets Central and Eastern Europe others.

Founded 1998

Employees 11 - 25 (of which 14 in Europe)

Current Fund Size > €100m SELECTED PORTFOLIO COMPANIES Use of Debt No

AUM > €300m

Target Investment Size €300k - €15m

Target Geographies Central and Eastern Europe

Technology & Internet, Communications & Target Sectors Media, Technology-enabled Services Full Portfolio • www.3tscapital.com

Investment Style Active KEY CONTACTS

Deal Structures Significant Minority, Majority

High growth Global Challengers, or Key Investment Criteria Local Leaders

Website www.3tscapital.com

Elbruz Yılmaz Contact Email [email protected] Pekka Maki Zbigniew Lapinski Svetoslav Stefanov Managing Partner Senior Partner Investment Director Investment Director [email protected] [email protected] [email protected] [email protected] m Contact Phone +43 1 4023679

INVESTOR BOOK 11 83North

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

83North (formerly Greylock IL) is a global venture capital firm with more than $550 million under management. They invest in European and Israeli Offices , Herzliya entrepreneurs creating global businesses, across all stages of consumer and enterprise companies. 83North is the sum of the latitudes of London and Tel Aviv.83North is committed to help build global leading companies, with more than half of its portfolio companies having - tions in the Active Markets UK, US.

Founded 2006

Employees 9

Current Fund Size n/a SELECTED PORTFOLIO COMPANIES Use of Debt n/a Actifio delivers Enterprise Data-as-a-Service to hundreds of global enterprise customers and service provider part- ners AUM $550m

iZettle, a mobile payments company, offers small businesses with portable point-of-sale solutions and free sales Target Investment Size $10m - $30m overview tools

Target Geographies Europe, Israel BlueVine allows small businesses to get paid immediately on their outstanding invoices

Target Sectors Curated Web, Enterprise Software, SaaS Full Portfolio • www.83north.com/companies

Investment Style n/a KEY CONTACTS

Deal Structures n/a Gil Goren David Buttress Teams of consumer and enterprise Key Investment Criteria companies across all stages Partner Partner

Website www.83north.com

Gil Goren Contact Email n/a Partner

Contact Phone n/a

INVESTOR BOOK 12 Accel Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Accel is a leading early and growth-stage venture capital firm, powering a global community of entrepreneurs. Accel backs entrepreneurs who have Offices Palo Alto, London what it takes to build a world-class, category-defining business. Founded in 1983, Accel brings more than three decades of experience buil- ding and supporting hundreds of companies. Accel’s vision for entrepreneurship and business enables it to identify and invest in the companies that will be Active Markets Global responsible for the growth of next-generation industries. Accel has backed a number of iconic global platforms, which are powering new experiences for mobile consumers and the modern enterprise, including Atlassian, BlaBlaCar, , Funding Circle, Etsy, Facebook, Fli- pkart, Funding Circle, Kayak, QlikTech, Simplivity, Spotify, Slack, Supercell, World Remit and others. Founded 1983

Employees 51 - 100 (of which 12 in Europe)

Current Fund Size $3.3bn SELECTED PORTFOLIO COMPANIES Use of Debt Flexible

Largest global AUM > $10bn

Largest global music subscription service Target Investment Size $1m - $100m

Target Geographies Global Game studio behind among others Clash of Clans, highest ever grossing mobile app

Target Sectors Technology, Technology-enabled services Full Portfolio • www.accel.com/companies

Investment Style Active KEY CONTACTS

Deal Structures Minority

Luxiana Lixandru • 10+ years technology investing, Georgetown University Exceptional entrepreneurs looking to build Key Investment Criteria • Companies: Deliveroo, Carwow, Avito, Wallapop, Algolia, Doctolib, Vinted category-defining businesses Partner

Website www.accel.com • 5+ years technology investing and trading, Harvard Business School and Andrei Brasoveanu Princeton Contact Email [email protected] • Companies: Celonis, Carto, JobToday Vice President

Contact Phone +44 2071701000

INVESTOR BOOK 13 Acton Capital Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Acton Capital Partners is a growth-stage venture capital firm, based in Munich. With investments in more than 70 companies since 1999, the Offices Munich Acton team brings a wealth of expertise and experience to the companies in which it invests, delivering superior capital returns. The ideal investment candidates are Internet companies in the consumer or B2B-SaaS space with proven and scalable business models, striving to take Active Markets Europe / North America their growth opportunities to the next level.

Acton’s current fund was initiated in 2014 with a volume of 170m€ and has so far invested amongst others in HomeToGo, Tictail, iwoca, Founded 1999 GetSafe, Mambu, Mobify, Eloquii, Comatch, Finanzcheck.de, Chefs Plate and Zenjob. With its previous fund (vintage 2008), Acton had invested in compa- nies such as Linas Matkasse, Windeln.de, MyOptique Group, mytheresa.com, Etsy, Audibene, Momox, KupiVIP and Clio. Before Employees 11-25 (of which 14 in Europe) 2008, the Acton team had invested through the Burda Digital Ventures fund I and II in companies like Ciao, HolidayCheck, Zooplus, OnVista, Cyberport, AbeBooks and Alando.

Current Fund Size €170m

SELECTED PORTFOLIO COMPANIES Use of Debt No

HomeToGo is the woirld’s largest independent search engine for vacation rentals combining the models of AUM €350m enquiry and immediate booking. Based in Berlin.

Target Investment Size €3m - €15m London-based iwoca provides short-term financing to SMEs. Launched in 2012, iwoca has already grown into one of Europe’s leading fintech lenders.

Target Geographies Europe Mambu offers an agile, flexible and affordable cloud banking platform that enables innovative banking providers to rapidly create, launch and service loan and deposit products. Based in Berlin. E-Commerce Technology, Marketplace, Media, Education, Travel & Target Sectors Transportation, FinTech, Analytics, Digital Services Full Portfolio • www.actoncapital.com/#Portfolio

Investment Style Active KEY CONTACTS

Deal Structures Minority, Lead Fritz Oidtmann Frank Seehaus Sebastian Wossagk Managing Partner Managing Partner Managing Partner [email protected] B2C or B2B-SaaS focus; cash generative, [email protected] [email protected] Key Investment Criteria growth stage, selectively early (no seed)

Website www.actoncapital.com Dominik Alvermann Aline Vedder Principal Director Communications Contact Email [email protected] [email protected] [email protected]

Contact Phone +49 89 24218870

INVESTOR BOOK 14 Astutia Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

ASTUTIA is an independent investment company focusing on innovative founders and companies with outstanding growth potential. Our Offices Munich, Berlin investments focus the areas of E-Commerce, Digital Media and Enterprise Solutions. We usually invest from early start-up to growth stages. Besides venture capital, we offer a truly international network and specialised know-how for entrepreneurs to support successful development Active Markets Seed, Early-Stage VC and sustainable growth. Our latest exits include Fashionette, InterNations and Joblift.

Founded 2006

Employees 5 of which 5 in Europe

Current Fund Size N/A SELECTED PORTFOLIO COMPANIES Use of Debt No With an integrated platform, an online shop for the community and the popular Asana Rebel app, Asanayoga has become a vital part of the Yoga movement. AUM N/A

Horizn Studios develops smart suitcases, bags and accessories for today´s urban, digital nomads - to make our Target Investment Size 100k – 1m travel even more exciting and pleasant.

With personalized search, integrated price comparison and shopping possibility, Stylelounge makes shopping your Target Geographies Germany, Europe favorite pieces even more convenient

E-Commerce, Digital Media, Enterprise Target Sectors Solutions Full Portfolio • www.astutia.de

Investment Style Hands on KEY CONTACTS

Deal Structures Minority stakes Benedict Rodenstock • Formerly at Hubert Burda Media, WEB.DE, Roland Berger Strategy Managing Partner Consultants; MBA, studied in Bologna, St.Gallen and New York Key Investment Criteria Team, market Email: [email protected] • Companies: Flaconi, Asanayoga, Stylelounge

Website www.astutia.de

Manuel Sprödhuber • Since 2014 part of the team. Formerly Marketing & Sales manager at MedTech Contact Email [email protected] [Photo] Investment Manager company nal von minden, studied Business Administration. Email: [email protected] • Companies: Horizn Studios, Coureon, Joblift Contact Phone +49 89 2302284 0

INVESTOR BOOK 15 Atlantic Labs

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Offices Berlin Atlantic Labs supports and invests in mission-driven founders working on transformative technology ventures. We partner with founders early, providing the capital, tools and network necessary to growing their companies and accompanying them on their entrepreneurial journey. Our current areas of focus include Digital Health, Future of Work, Machine Learning, , Mobility and Industrial Applications Active Markets Germany

Founded 2007

Employees 4-10 (all in Europe)

Current Fund Size undisclosed SELECTED PORTFOLIO COMPANIES Use of Debt No

World’s leading music creator platform AUM n/a

Full-stack car subscription provider Target Investment Size €200k - €1m

Target Geographies Europe (with focus on Germany) Automated full-service staffing platform

Digital Health, Future of work, Blockchain, Target Sectors Mobility, Industrial Tech Full Portfolio www.atlanticlabs.de

Investment Style Active KEY CONTACTS

Deal Structures Minority / Lead Christophe F. Maire Jens-Philipp Klein

Thesis driven investment approach, Founding Partner Partner Key Investment Criteria Early stage, strong founder team Email: [email protected] Email: [email protected]

Website www.atlanticlabs.de Dr. Marc-Olivier Lücke Daniel Niemi

Contact Email [email protected] Partner Principal Email: [email protected] Email: [email protected] Contact Phone n/a

INVESTOR BOOK 16 AVentures Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

AVentures Capital is the leading Ukrainian early-stage VC fund. We invest in global companies which utilize their R&D in . The fund's Offices , Ukraine investment focus spans across software tech, including such areas as machine learning, big data, AR, VR, SaaS, cloud, storage, enterprise, web, mobile, IoT and others. In addition, AVentures Capital advises IT businesses across all stages and other funds on strategy and execution. Active Markets Ukraine Currently, we are raising our second fund as well as helping our portfolio companies in IoT, ML, Cybersecurity, SaaS and Cleantech to raise follow-on rounds. Founded 2013

SELECTED PORTFOLIO COMPANIES Employees 6

Petcube - a global leader in Connected Pet market. Petcube manufactures interactive cameras that let its users Current Fund Size Current - $10m. Raising $30m communicate and play remotely with their pets as well as dispense treats using the Company`s mobile app. Moreover, recently the Company successfully launched subscription program and is going to launch e-commerce platform in partnership with the leading pet food manufacturers. Use of Debt No Spinbackup - a cloud cybersecurity and cloud-to-cloud backup solutions provider for G Suite and soon for Office 365. The Company`s solutions automatically protect organizations of all sizes against data leak and data loss in the AUM $10m cloud that mostly come from , insider threats, and human error. Spinbackup has over 400k users globally, more than 2000 organizations, and a partnership with .

Target Investment Size $250k – $500k SolarGaps is the manufacturer of Smart Solar Blinds that generate electricity and pay for themselves. Installed on just a third of a home’s windows, SolarGaps can cover up to 70% of an average home’s electricity needs. Extra energy can be easily sold to the city`s power grid. Apart from generating electricity, the Company`s smart blinds Target Geographies Ukraine, the USA also automatically track the sun to provide active shading or can be set to follow a predefined schedule. Smart blinds can be controlled by a smartphone, Google Home and Alexa. Target Sectors Opportunistic Full Portfolio www.aventurescapital.com/#portfolio

Investment Style Active KEY CONTACTS

Deal Structures Minority Andrey Kolodyuk, entrepreneur turned VC, started his entrepreneurial career in Andrey Kolodyuk New York in 1992 and eventually has founded and built over 10 companies in IT, [Photo] Managing Partner telecom, internet and media with $1 Billion total revenues. Andrey is the founder of Key Investment Criteria 1) Global focus . 2) R&D in Ukraine Divan.TV, an OTT service provider with 300 million Ukrainian and Russian- Email: [email protected] speaking audience living worldwide. Website www.aventurescapital.com Yevgen Sysoyev, a former successful investment banker, co-founded AVentures Yevgen Sysoyev Capital. Over the years, he’s been a Board Director of such tech companies as [Photo] Contact Email [email protected] Managing Partner Petcube, Augmented Pixels, Spinbackup, CoreValue, Depositphotos, and others. He is recognized as one of the most influential people in Ukrainian tech Email: [email protected] community. Contact Phone +38 0664679714

INVESTOR BOOK 17 AXA Venture Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

AVP is $275M venture capital firm investing in seed and early stage companies through AVP Early Stage, and in growth equity companies Offices Paris, London, New York, San Francisco through AVP Capital. Our checks range from $300K for seed investments to $20M for growth equity transactions.

Active Markets Global

Founded 2016

Employees 14 (of which 11 in Europe)

Current Fund Size $275m SELECTED PORTFOLIO COMPANIES Use of Debt No

US marketplace for financial products AUM $425m

Enterprise cyber-security rating platform Target Investment Size $0.3 - $20m

Target Geographies Global Mobile, AI-powered sales assistant for field sales teams

Target Sectors Technology Full Portfolio • www.axavp.com/companies/

Investment Style Active KEY CONTACTS

Deal Structures Minority Imran Akram [Photo] Early – traction General Partner • Companies: Auto1, ForceManager, Sonovate Key Investment Criteria Growth – clear unit economics [email protected]

Website www.axavp.com Francois Robinet [Photo] Contact Email [email protected] Managing Partner • Companies: Goji, Tanker [email protected] Contact Phone +44 2071930406

INVESTOR BOOK 18 b10 I Venture Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

b10 is a Berlin-based venture capital firm investing in seed and pre-seed startups. Offices Berlin

We look for "category killers" with a B2B focus. We invest and act as an operational investor, supporting the founders actively with a team of Active Markets Germany specialists in the areas of recruiting, UX/UI design, content, finance, fundraising, legal, etc.

In the last years b10 successfully exited for example Quandoo, the leading restaurant reservation system worldwide for 200.000.000 EUR to Recruit Founded 2014 Holdings and Free2Move (fka Carjump) to PSA (Peugeot) in 2016.

Employees 10 The combination of hands on support and entrepreneurial experience makes b10 a perfect partner for Startups to grow.

Current Fund Size €10m SELECTED PORTFOLIO COMPANIES Use of Debt No

Free2Move allows people to find and compare vehicles from a wide variety of carsharing providers AUM €10m

Target Investment Size €100k - €500k ENWAY is developing the technology platform for autonomous street sweepers and other specialty vehicles

Target Geographies Germany Thryve powers the individualization of health care by providing the only health API needed for health services to access sensible health data from more than 100 smartphones, smartwatches and fitness trackers B2B, Marketplaces, Communications, Target Sectors Health Financial Technology, Digital Services, Retail Full Portfolio www.b10.vc/portfolio

Investment Style Active KEY CONTACTS

Deal Structures Minority Daniel Hoepfner • Daniel Hoepfner is founder and MD of b10 Early Stage Venture Capital • Prior to that, Daniel was founder and CEO of PressMatrix, Founding Managing Director Business Angel at Sensorberg GmbH Key Investment Criteria Category Killer [email protected] • Focus on Fundraising, Sales and Legal

Website b10.vc • Henri Kuehnert is founder and MD of b10 Early Stage Venture Capital Henri Kuehnert • Prior to that, Henri was founder and CEO of SinnerSchrader Mobile, Managing Director Investor and Advisor at Quandoo, Founding Business Angel at Sensorberg Contact Email [email protected] GmbH [email protected] • Focus on Fundraising, Sales and Financial Planning Contact Phone n/a

INVESTOR BOOK 19 BackBone Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

BackBone Ventures stands for goal-oriented, value-adding and sustainable support for promising start-ups through network, capital and expertise. Offices Zurich Our aim as a Swiss Venture Capital Firm based in Zurich is to find the most promising deals in the market and to bring in added value. BackBone's focus is on seed and start-up investments, primarily in the area of innovative ICT and disruptive technology projects. Switzerland, Deutschland, Austria, Israel, Active Markets Liechtenstein

Founded 2018

Employees 5 (of which all in Europe)

Current Fund Size n/a SELECTED PORTFOLIO COMPANIES Use of Debt No ImmunOs Therapeutics AG is leading the next generation of immunotherapies by fast-tracking new discoveries to enhance combination therapies with novel human immunomodulatory proteins that have a role in both the innate and adaptive immune system for cancer treatment AUM €1m

By using stem cell research Supermeat produces synthetic poultry meat. Supermeat will revolutionize the poultry Target Investment Size €100k - €500k industry - clean, sustainable & pet friendly.

Target Geographies primarily DACH Lawoon is an online platform for the placement of mini-jobs with automated payment processing. The Start-up allows bringing together clients and contractors in just a few clicks.

Target Sectors ICT, Disruptive Technologies, Biotech Full Portfolio • www.backboneventures.ch/portfolio

Investment Style Active KEY CONTACTS

Deal Structures Minority Name Janic Frölicher [Photo] • B.B.A. Zurich University of Applied Science Title Investment Associate Key Investment Criteria Innovative & passionate • Rahn & Bodmer Co., VZ Vermögenszentrum, Credit Suisse AG Email: [email protected]

Website www.backboneventures.ch Name Philippe Bernet • M.A. HSG Accounting & Finance Title Investment Manager Contact Email [email protected] • UBS AG, HA&W, Truventuro, Hermes Capital Email: [email protected] Contact Phone +41 44 500 23 81

INVESTOR BOOK 20 Balderton Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

At Balderton we invest in European entrepreneurs with global ambitions. Offices London

Balderton is Europe’s largest early stage venture capital investor, focused on European technology companies at Series A, with funds totalling Active Markets Europe $2.6BN. We invest between $1M to $20M into companies with the potential to disrupt huge industries, and the ambition to scale globally. We have a track-record of backing breakthrough companies ranging from MySQL to Betfair, and The Hut Group to Yoox Net-a-Porter. We bring our deep experience and unrivalled professional and personal network to bear to support our companies from start to exit. Founded 2000 Our equal partnership includes two founders of $bn companies (Business Objects and Blinkx PLC) and senior execs from Goldman Sachs, Uber, Dropbox, Google and Yahoo. Employees 25 - 50 (of which all in Europe)

Current Fund Size $375m SELECTED PORTFOLIO COMPANIES Use of Debt No API-first content infrastructure that replaces legacy content management systems. Founded in Berlin, expanded successfully to US and have raised follow on funding from Benchmark and General Catalyst. AUM $2.6bn

Leading mobile casual games developer, based in Berlin Target Investment Size $1m - $20m

Target Geographies Europe The future of music publishing, ensuring that songwriters artists (representing ~40% of the top 100) are paid rapidly and fairly across all offline & online platforms

Target Sectors Technology Full Portfolio • www.balderton.com/portfolio

Investment Style Active KEY CONTACTS

Deal Structures Minority Suranga Chandratillake • Previously founder of Blinkx PLC and US CTO of Autonomy • Partner at Balderton since 2013 Partner Key Investment Criteria Team, disruptive • Companies: Contentful, Dalia research, Vivino, Banjo, Comply Advantage, Email: [email protected] Funnel, The Tab, Magic Pony, Mojiworks

Website www.balderton.com Rob Moffat • At Balderton since 2009. Previously at Google and Bain • Companies: Wooga, Carwow, Zego, Mojiworks, Dinghy, Prodigy Finance, Contact Email [email protected] Partner Nutmeg, Patients Know Best Email: [email protected] Contact Phone +44 20 70166800

INVESTOR BOOK 21 Berlin Technologie Holding

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Berlin Technologie Holding (“BTH”) is a German based Holding and growth investment firm focused exclusively on investments in technology and Offices Berlin technology-enabled businesses. BTH was founded by successful entrepreneurs and investors who invest in companies with significant growth potential. Active Markets Austria, Germany BTH provides growth capital, management know how and access to high caliber entrepreneurial partner network to companies facing strategic or operational challenges. Founded 2013 BTH strongly believes that entrepreneurs with character deserve capital with character and thus invests own equity and also provide their experience Employees 4 - 10 (of which all in Europe) and network to those that distinguish themselves and their business model through clarity.

They call it Augmented Capital. Current Fund Size n/a SELECTED PORTFOLIO COMPANIES Use of Debt Yes

Sensorberg provides Beacon-software based on-the-fly IoT networks AUM n/a

Target Investment Size €500k - €3m Digital front end platform that maximizes the quality, performance, and reach of customer interface

Target Geographies Austria, Germany Germany’s largest private cash payment infrastructure

Financial Services, Marketing, Analytics, Target Sectors Digital Services Full Portfolio • www.berlinholding.com/#portfolio-jump Investment Style Active KEY CONTACTS Deal Structures Flexible Joern-Carlos Kuntze • Seasoned Strategy, Company Builder and Corporate Finance expert. Serial Team with strong Execution Mindset, Entrepreneur. Previously Partner at OC&C and Oliver Wyman Key Investment Criteria disruptive B2B Business Model, Financial Managing Director • Companies: Sevenval, Minodes, Applause, PressMatrix Model with Recurring Revenues Email: [email protected]

Website www.berlinholding.com

Contact Email [email protected]

Contact Phone +49 30707190203

INVESTOR BOOK 22 Bessemer Venture Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Boston, , Westchester, San Offices Bessemer backs passionate and thoughtful founders as they turn exciting ideas into market leading businesses. They admire those who aren’t afraid Francisco, Silivon Valley, , Israel to break with convention and are driven to push the limits of what is possible with technology and product. They invest in all stages. From seed stage to growth, and across the technology and services stack, BVP invests in enterprise, consumer and healthcare technology startups around the world. Active Markets US, India, Israel

Founded 1911

Employees 40

Current Fund Size $1.6bn

Use of Debt Yes SELECTED PORTFOLIO COMPANIES

AUM n/a Intercom is a customer communication and support service for businesses

Target Investment Size $1m - $5m is a visual bookmarking tool that helps you discover and save creative ideas

Target Geographies Global CrowdFlower is the essential human-in-the-loop platform for data science teams , Consumer, Cybersecurity, Financial Services, Target Sectors Healthcare, Industry Software, Marketplaces, Mobile Full Portfolio • www.bvp.com/portfolio

Investment Style n/a KEY CONTACTS

Deal Structures Convertible Debt, Equity (Minority) • VC at Bessemer Venture Partners [Photo] Jordan Windmueller Passionate and thoughtful founders with • Previously: Private Equity Partners at BlackRock (2013 – 2013), Analyst at Key Investment Criteria exciting ideas into market leading VC Schooner Capital LLC (2011 – 2011), Office of Strategic Partnerships at U.S. businsses Department of Commerce (2011 – 2011)

Website www.bvp.com

Contact Email n/a

Contact Phone n/a

INVESTOR BOOK 23 BCG Digital Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Manhattan Beach, Berlin, Sydney, BCG Digital Ventures is a corporate investment and incubation firm. They invent, build and invest in startups with the world’s most influential Offices London, San Francisco, New York, Silicon companies. They share risk and invest alongside their corporate and startup partners via a range of collaborative options. Valley, Tokyo, Seattle Founded in 2014, they have major Innovation and Investment Centers in Manhattan Beach, Berlin, London, Sydney, San Francisco and New York, as well as DV Hatches in , Seattle and City, with more locations opening in the coming quarters. Active Markets Global Their Centers and Hatches are home to a diverse range of entrepreneurs, operators and investors who are building businesses, creating and expanding markets and developing new technologies that benefit millions of people across the globe. Founded 2014

Employees 350

Current Fund Size n/a SELECTED PORTFOLIO COMPANIES Use of Debt n/a FarePilot helps taxi and ride hailing drivers find more jobs using a predictive supply/demand model

AUM n/a

Takt distills customer data into uniquely tailored experiences; we orchestrate physical and digital exchanges into one seamless journey Target Investment Size n/a

Target Geographies Global Kaishi Pte - Connected device and app platform for pregnancy and early-stage parents

Target Sectors Digital Full Portfolio • www.bcgdv.com/portfolio

Investment Style Active KEY CONTACTS

Deal Structures n/a Claudia Armbruester Juergen Eckel Experience Design Venture Architect Director Director Key Investment Criteria n/a Urs Rahne Arndt Roller Managing Director Website htwww.bcgdv.com Partner and Managing Director

Contact Email [email protected] Katarina Ewert Learning and Development Coordinator

Contact Phone n/a

INVESTOR BOOK 24 BFB Brandenburg Kapital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

With a track record of over 20 years in venture capital and the experience from more than 200 investments in numerous companies, we are the most Offices Potsdam active equity investor in our region. We invest in fast-growing companies throughout the whole life-cycle while we want to be an active and reliable partner for our portfolio companies as well as our co-investors. Our current VC fund is financed by the European Regional Development Fund (ERDF) Active Markets n/a and Investitionsbank des Landes Brandneburg (ILB).

Founded 1993

Employees 11 (of which 11 in Europe)

Current Fund Size €70m SELECTED PORTFOLIO COMPANIES Use of Debt No

Leading sharing platform for private caravans AUM €110m

Target Investment Size €500k - €5m Leading medtech company in electromagnetic surgical navigations solutions

Target Geographies Germany - State of Brandenburg Manufacture and distributor of eco-friendly tea capsules

ICT/Digital Economy, Life Sciences / Target Sectors MedTech, Proptech, Industrial Applications Full Portfolio www.brandenburg-kapital.de

Investment Style Active KEY CONTACTS

Deal Structures Minority • Olav has been heading ILB’s venture and activities since Olav Wilms November 2010 and acts as managing director for all of ILB’s investment Open Participation or combination of CEO Key Investment Criteria subsidiaries. He also steers the strategic investments of the bank and open and silent represents ILB on, among others, the investment committee of the Hasso Email: [email protected] Plattner Venture II Fund. Website www.brandenburg-kapital.de • Thomas has been active in the venture capital business since 2001. During Thomas Krause this period, he was responsible for the equity investments in companies Contact Email [email protected] Member of management board such as gate5, PC-Soft and Berlin Heart. He heads the venture capital Email: [email protected] activities of ILB based in Potsdam. • Companies (current board positions): asgoodasnew, SMACC, Pentracor Contact Phone +49 331 660-1698

INVESTOR BOOK 25 BMW iVentures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Offices Silicon Valley, San Francisco, Munich BMW iVentures, BMW’s EUR 500 million venture capital fund, invests money and resources in startups in the fields of autonomous driving, digital car and automotive cloud, e-mobility, and data, industry 4.0, shared and on-demand mobility, customer digital life, and energy services. Active Markets Global The firm has already partnered with innovative companies such as Carbon3D, Chargepoint, DesktopMetal, JustPark, Life360, Moovit, Nauto, Scoop, Founded 2011 Stratim, Turo, Xometry and Zendrive.

BMW iVentures invests in all stages from seed and incubation to growth companies. Employees 10

Current Fund Size $616m

Use of Debt No SELECTED PORTFOLIO COMPANIES

AUM $716m Moovit is a transit data company that offers a transit app.

Target Investment Size N/A May Mobility develops autonomous vehicles from the chassis up with a focus on system level safety design.

Target Geographies Global

Full Portfolio • www.bmwiventures.com/portfolio-2/ Autonomous Driving, Digital Car & Automotive Cloud, E-Mobility, AI / Data / Target Sectors Cyber Security, Industry 4.0, Shared & On-Demand Mobility, Customer Digital Life, Energy Services

Investment Style Active KEY CONTACTS

Deal Structures n/a Tobias Jahn • With BMW iVentures since July 2015, previously Senior Manager New Principle Ventures at 3M Key Investment Criteria n/a Email: [email protected]

Website www.bmwiventures.com

Contact Email n/a

Contact Phone n/a

INVESTOR BOOK 26 Boerse Stuttgart – Digital Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Boerse Stuttgart Digital Ventures develops innovative business models for exchange trading and over-the-counter (OTC) trading in fungible products. Offices Stuttgart It also invests in promising startups and enters into partnerships with selected partners to implement its digitisation strategy. Boerse Stuttgart Digital Ventures GmbH is a wholly-owned subsidiary of Boerse Stuttgart. Active Markets Europe and Nordics

Founded 2017

Employees 2 (of which all in Europe)

Current Fund Size n/a SELECTED PORTFOLIO COMPANIES Use of Debt No Sowa Labs is a fintech startup specialized in predictive data analytics and disruptive applications in trading of financial assets and cryptocurrencies. AUM n/a

BISON is the first app for trading cryptocurrencies – Made in Germany. Target Investment Size n/a

Target Geographies n/a Full Portfolio • www.bsdv.vc/#portfolio

Target Sectors FinTech

Investment Style Active KEY CONTACTS

Deal Structures n/a

[Photo] Matthias Ick • Joined Boerse Stuttgart Digital Ventures in 2017, previously MD and Executive Committee Member at Maxmillan Digital Education and CEO and Key Investment Criteria n/a Venture Partner Founder of tutoria

Website www.bsdv.vc

Contact Email [email protected]

Contact Phone n/a

INVESTOR BOOK 27 btov Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

btov Partners is a European venture capital firm focused on early stage investments in digital and industrial technology companies. Offices St. Gallen, Berlin, Luxembourg btov Partners operates own funds, managed partner funds and offer direct investment opportunities to private investors. Across the three divisions, the team manages EUR 360m and looks at more than 3,000 companies each year. Focused on Europe and invest outside of Active Markets btov teams in St.Gallen, Berlin and Luxemburg jointly with seasoned entrepreneurs back Start-ups with teams willing to make the difference. Europe on a case-by-case basis

The digital tech fund invests in B2C- and B2B-oriented businesses in the fields of commerce, marketplaces, mobile and software. The industrial tech Founded 2000 fund places its focus on deep tech, e.g. in industry 4.0, resource efficiency, industrial AI, IoT, enterprise software, cyber security, as well as medtech.

Employees 11-25 (of which all in Europe) SELECTED PORTFOLIO COMPANIES

Current Fund Size €75m No. 1 marketplace for European term deposits

Use of Debt No

Leading financial comparision website AUM €360m

Target Investment Size €250k - €3.5m The first manned, fully electric and safe VTOLs in the world

Target Geographies Europe Blacklane is a Berlin-based global professional driver services company

B2C- and B2B oriented business in the Target Sectors field of commerce, marketplace, mobile and software Full Portfolio • www.btov.vc/portfolio/

Investment Style Active KEY CONTACTS

Deal Structures Minority • Dr. Jochen Gutbrod was CFO of Holtzbrinck Publishing Group and Deputy Dr. Jochen Gutbrod Chairman of the Executive Board. In addition, he was CEO of Holtzbrinck Digital. Prior to joining Holtzbrinck, he held leadership positions at Schroder Potential to tranform large industries, General Partner Key Investment Criteria unique market positioning, defedable Investment Management assets • Florian was one of the co-founders of btov in the year 2000. Since then he Florian Schweitzer has worked on btov’s private investor network and investment business. Website www.btov.vc Florian has graduated with a degree in management from the University of General Partner St. Gallen

Contact Email [email protected] • Luca studied International Business in Maastricht, Milan & London and holds Luca Martinelli a Masters Degree in Technology and Management orientated Business Administration from TU Munich. He founded two start-ups in the education & General Partner Contact Phone +49 30 346 55 84 00 recruiting space.

INVESTOR BOOK 28 Buildit Accelerator

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Buildit is the first accelerator in the Baltic States and Nordic countries with focus on physical devices, accepting hardware and creative industries Offices Estonia startups worldwide.

During the 3 month mentoring program teams can use their prototyping facilities, see list of available tools here. Startups are offered free open office Active Markets Baltic States and Nordics space at Tartu Science Park and can test their product with end-users in a Living Lab setting. Teams also get free and discounted services from partners – that includes development tools, design services, legal and accounting services + many more.

Founded 2013 €25,000 investment is offered in exchange for 12% shares. Teams can also go for €15,000 investment in return for 9% or choose €10,000 for 6%.

For self-sufficient companies that already have funding they offer to participate in program with no investment for 3% of company shares. Employees Approx. 35

Current Fund Size N/A SELECTED PORTFOLIO COMPANIES Use of Debt No The first window automation solution with a sleek design, affordable price and with just one-click installation on existing blinds. AUM N/A

Velmenni is developing Jugnu - a future technology which can transfer high speed data using visible light. Target Investment Size €10k – €25k

Target Geographies Baltic States and Nordics Huntloc is a solution for hunters to increase hunting efficiency and safety. Huntloc helps to collect, share and manage hunting related information and gives graphical view about hunt participants positioning in real time.

Target Sectors Physical Devices, Hardware Full Portfolio • www.buildit.ee/companies

Investment Style Active KEY CONTACTS

Deal Structures Accelerating Sven Illing • Manging Partner at Buildit Accelerator since 2014 Managing Partner Key Investment Criteria N/A • Previously founder of GameFounders a global game studio accerlator Email: [email protected]

Website www.buildit.ee

Contact Email [email protected]

Contact Phone +372 53 317 134

INVESTOR BOOK 29 CapHorn Invest

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

CapHorn Invest is an independent Venture Capital Firm launched in 2010. The company invests in B2B digital companies. CapHorn Invest currently Offices Paris, Lille, New York City manages 180 million across two funds and has a portfolio of more than 20 companies.

Active Markets Global

Founded 2010

Employees 20-30 (of which 25 in Europe)

Current Fund Size €180m SELECTED PORTFOLIO COMPANIES Use of Debt No Antvoice allows medias to better monetize their advertising space through a very efficient IA tool predicting customer behavior. AUM €180m Saagie (pronounced "sadgee") is the fastest way to deploy your big data projects into production and to embed AI into your business. As a ready-to-deploy and fully managed platform, Saagie is massively used in the Bank & Target Investment Size €1m - €20m industry.

Ledger allows individuals and corporates to safely stock their blockchain assets with a revolutionary cryptology Target Geographies n/a process

Target Sectors Digital B2B Full Portfolio • www.caphorninvest.com/portfolio

Investment Style Active KEY CONTACTS

Deal Structures Minority Laurent Dumas-Crouzillac • Joined CapHorn Invest in 2015, previously Partner at A Plus Finance and Partner Partner ad IDInvest. Key Investment Criteria n/a • Companies: Saagie, FINALCAD, AntVoice, Ledger Email: [email protected]

Website www.caphorninvest.com

Contact Email [email protected]

Contact Phone n/a

INVESTOR BOOK 30 Capital300

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

capital300 is backing disruptive European technology companies run by outstanding entrepreneurs who are willing to solve tough problems on a Offices Vienna, Linz global scale. Founded in 2017 by Peter Lasinger, an experienced VC investor and Roman Scharf, a serial entrepreneur and founder of Jajah, the first European company backed by Sequoia Capital.

Active Markets Europe We invest together with leading US and UK venture capital firms. Such partnerships provide portfolio companies with a substantial leverage for conquering international markets and building a significant global presence. We focus on Series A rounds (€ 2-10M), aiming to co-invest € 1+M in addition to our global fund partners. Founded 2017

Employees 3

Current Fund Size €25m SELECTED PORTFOLIO COMPANIES Use of Debt No

Previous Companies Jajah, Talenthouse, Hitbox, Crystalline Mirror Solutions,… AUM n/a

Full Portfolio www.capital300.com/#businesses Target Investment Size €1m - €10m

Target Geographies Europe

Target Sectors Technology (focus ICT)

Investment Style Active KEY CONTACTS

Deal Structures Minority

[Photo] Peter Lasinger Roman Scharf Key Investment Criteria Team, global ambitions, technology Partner [Photo] Partner

Website www.capital300.com

[Photo] Eva Arh Contact Email [email protected] Principal

Contact Phone n/a

INVESTOR BOOK 31 Capnamic Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Capnamic Ventures (www.capnamic.com) is one of Europe’s leading early-stage Venture Capital firms, with offices in Berlin and Cologne. The VC Offices Cologne, Berlin invests most of its funds in tech startups in the German-speaking region. Beyond that, Capnamic joins forces with international co-investors. All portfolio companies are supported through Capnamic’s global network of established industry partners. Active Markets Austria, Germany, Switzerland The vast expertise of the Capnamic team includes more than 70 investments, a high turnover of successful trade sales and IPOs, as well as a strong entrepreneurial track record within the investment team. Founded 2013 The general partners are Jörg Binnenbrücker (@bibrue), Olaf Jacobi (@olafjacobi) and Christian Siegele.

Employees 4 - 10 (of which 10 in Europe)

Current Fund Size n/a

SELECTED PORTFOLIO COMPANIES Use of Debt No

Mobile attribution provider of choice for thousands of app creators around the world AUM n/a

Target Investment Size €500k - €3m SaaS for Enterprise Architecture trusted by leading brands

Target Geographies Austria, Germany Switzerland Online platform for the sale and purchase of luxury watches Marketplaces, FinTech, Health, Marketing, Analytics, Digital Services, Digital Target Sectors Infrastructure, Digital Transformation, B2B Solutions Full Portfolio • www.capnamic.com/companies

Investment Style Active KEY CONTACTS

Deal Structures Minority Olaf Jacobi • Olaf carries over 20 years of experience as a manager, entrepreneur and inves- tor. Between 2007 and 2015, he was a partner and co-owner of Target Managing Partner Partners. From 1999 to 2007, he founded and established multiple Key Investment Criteria Team, Timing, Technology Email: [email protected] prosperous startups, which led to several successful exits

Website www.capnamic.com Jörg Binnenbrücker • Jörg is an attorney at law, studied Economics and has been active in the VC scene for more than 13 years. Before setting up Capnamic, Jörg was the Managing Partner Contact Email [email protected] founding partner and managing director of DuMont Venture and built up the Email: [email protected] investment business of the DuMont media group. Contact Phone +49 221 67781930

INVESTOR BOOK 32 Check24 Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

The CHECK24 Ventures team is made up of successful entrepreneurs and managers. Based on their experience and background CHECK24 Offices Frankfurt Ventures can support ambitious entrepreneurs throughout their journey in growing their business. In the past CHECK24 Ventures has guided numerous companies to their success and know the challenges that lie ahead. They are focused on early stage financing of young companies and Active Markets Austria, Germany, Switzerland invest earlier than most other VCs. The goal is, together with the founders, to generate value from day one and as such do not only provide capital. CHECK24 Ventures is successful when the backed founders are successful. They offer and combine the best of two worlds: they provide early venture capital financing and also offer access to the CHECK24 network, its employees and their know how in the fields of IT, product and online & Founded 2016 offline marketing.

Employees 1 - 3 (of which all in Europe)

Current Fund Size €60m SELECTED PORTFOLIO COMPANIES Use of Debt No

askCharlie is an online lead generation portal for local service providers AUM n/a

Gini extracts, structures and processes content from documents through artificial intelligence Target Investment Size €500k - €2.5m

Target Geographies Austria, Germany, Switzerland Medilove is a comparison portal for cosmetic surgery procedures, including breast implants and facelifts.

Marketplace, Media, Financial Target Sectors Technology, Fianncial Services Full Portfolio • www.check24.vc/en/#portfolio

Investment Style Active KEY CONTACTS

Deal Structures Minority, Flexible Matthias Orlopp • Scout 24 (FinanceScout, Autoscout) MD & CFO Managing Director • CHECK24 MD & CFO Key Investment Criteria Team, product • CHECK24 Ventures MD Email: [email protected]

Website www.check24.vc

Contact Email [email protected]

Contact Phone n/a

INVESTOR BOOK 33 Cherry Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

They are entrepreneurs, focusing on seed stage companies and investing across Europe. The goal is to add value from day one, not just capital. Offices Berlin They are successful if their founders are successful. Cherry Ventures will do anything in their power to make that happen. They provide advice for key strategic issues as well as day-to-day management tasks. They offer support to build-up strong functional units across the complete company Active Markets Europe, Israel value chain and provide access to personal network for the recruitment of key positions. They also coach entrepreneurs, connect founders (with key external partners especially in marketing, operations and IT) and support founders in preparing, running investor pitches, structuring deals (cash-for- equity, media-for-equity, etc.) and in negotiating future financing rounds. Founded 2012

Employees 11 - 25 (of which 12 in Europe)

Current Fund Size €150m

SELECTED PORTFOLIO COMPANIES Use of Debt No

AUTO1 Group is a used car purchaser based in Berlin AUM n/a

Target Investment Size €400k - €10m Caroobi is a vertical marketplace for instant booking of car repair and maintenance services

Target Geographies Europe, Israel, Enmacc aims to become the world’s leading OTC marketplace for energy trading by connecting all market participants via a highly scalable tech-platform Target Sectors Technology, Technology-enabled services

Full Portfolio • www.cherry.vc/portfolio Investment Style Active

KEY CONTACTS Deal Structures Flexible, Lead

Christian Meermann • After some years at The Boston Consulting Group, Christian joined Industry agnostic, early-stage, first as their first CMO. He then joined the Management Board of Peek&Clop and , disruptive Key Investment Criteria Founding Partner was responsible for the company’s online business technology, solve specific problem for consumer • After several years with McKinsey Daniel co-founded CityDeal and led the Daniel Glasner company as CEO until the acquisition through Groupon in 2010. Daniel is Website www.cherry.vc founder of Quandoo, a SaaS company for restaurants that was sold to Recruit Founding Partner Holdings in March’15

Contact Email [email protected] Filip Dames • Filip founded his first company in 2008, an online auction house for antiques and collectibles. He then joined the founding team of Zalando and held Founding Partner several executive positions. Contact Phone n/a

INVESTOR BOOK 34 Citi Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

4: San Francisco, Palo Alto, NY and Tel Offices Citi Ventures is the innovation engine of Citi, committed to conceiving, launching and scaling new initiatives with the potential to transform the future Aviv of financial services. We accelerate innovation at Citi by investing in startups, piloting new technologies, and testing new solutions and business models through our Citi Innovation Labs and Citi businesses. Active Markets North America, Europe, Israel

Based in Silicon Valley, close to the disruptive forces that are reinventing industries and upending traditional business models, Citi Ventures analyzes Founded 2010 market signals to bring the best from the outside into Citi, and fosters bold ideas that set the conditions for innovative action. We seek to deliver next-generation experiences for Citi’s customers by systematically exploring leading-edge topics from machine learning and Employees 10 in Venture Investing team blockchain technology to new lending platforms and marketplaces.

Citi Ventures’ investing model features three characteristics focused on helping maximize startups’ potential: (1) Timeliness and flexibility; (2) Value- Current Fund Size Balance sheet-funded add, leveraging Citi and its broader franchise for commercialization opportunities; and (3) Do-no-harm (e.g., no strings attached).

Use of Debt No SELECTED PORTFOLIO COMPANIES

AUM Not applicable Focus area: Financial Services & Technology • Digital transactions management provider that automates and digitizes documents & transactions Target Investment Size $1m - $10m • Publicly-traded. Focus area: Commerce & Payments Target Geographies North America, Europe, Israel • AI-powered Integrated Receivables SaaS platform. Optimizes cash flow through automation of receivables and payments processes across credit, collections, cash application, deductions, and electronic invoicing and 5 sectors: payments. Fintech (Financial Services & Technology); Commerce & Payments; Target Sectors Focus area: Data Analytics & Machine Learning Data Analytics & Machine Learning; Marketing Technology & Customer • Data science company that uses machine learning to prevent fraud in omnichannel commerce Experience; Security & Enterprise IT Full Portfolio • www.citi.com/ventures/portfolio.html Investment Style Passive KEY CONTACTS Deal Structures Standard VC terms • Joined Citi Ventures in 2015, previously Managing Director, Global Head of Luis Valdich Strategic Investments at J.P. Morgan and Consultant at McKinsey Fit within 5 focus areas (see above); Managing Director Strategic relevance (can bank be helpful); • Companies: ClarityMoney (acquired by Goldman Sachs); Contguard; Key Investment Criteria HighRadius; and two that have not been announced yet, a vertically-focused $2mm annualized product revenue; high Email: [email protected] growth POS lender and a provider of personal finance analytics

Website www.citi.com/ventures/focus.html

Contact Email [email protected]

Contact Phone +1 9174566046

INVESTOR BOOK 35 CommerzVentures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

CommerzVentures is the corporate VC arm of and invests in FinTech and InsurTech companies across Western Europe, Israel and Offices Frankfurt the US. The partners aspire to work with the best entrepreneurs who can articulate why they can dominate a given market segment. The team has >30 years of experience in venture capital. CommerzVentures invests in A-C round with a focus on B rounds. Active Markets Europe, Israel, and the US

Founded 2014

Employees 6 (of which all in Europe)

Current Fund Size €100m SELECTED PORTFOLIO COMPANIES Use of Debt No

Short-term loan provider to small businesses AUM €30m

Open API issuer processor platform Target Investment Size €2m - €10m

Target Geographies Europe, Israel, and the US Cloud banking technology platform provider

Target Sectors FinTech & Insurance Full Portfolio • www.commerzventures.com/Portfolio.html

Investment Style Passive KEY CONTACTS

Deal Structures Minority

Patrick Meisberger Stefan Tirtey Team, market potential, execution, Key Investment Criteria defedable USP Managing Director Managing Director

Website www.commerzventures.com

Heiko Schwender Paul Morgenthaler Contact Email [email protected] Senior Investment Manager Senior Investment Manager

Contact Phone n/a

INVESTOR BOOK 36 Concentric

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

We are an open technology investment partnership, not a stereotypical VC, and we do not see ourselves as just financial investors, more as business Offices London, UK & Copenhagen, partners and builders

Active Markets Europe Adding value by active management and working with companies before and after investing

Focus on investment opportunities born out of changing customer behaviour / demands across a number of core sectors / verticals: fintech, proptech, Founded 2013 marketplaces, B2B automation

Employees 6 c.50 investments undertaken over past 15 years

Supported by long-standing co-investors Current Fund Size €30m SELECTED PORTFOLIO COMPANIES Use of Debt Yes Launches and operates used-car marketplace in emerging markets, including Nigeria, , , and Indonesia AUM c. €40m

Target Investment Size Up to €5m over life of an investment Workspace and office services provider building sector-focused, curated communities

Target Geographies Key innovation hubs of Western Europe Platform for management of short term rentals that allows homeowners to maximize rental income Fintech, proptech, marketplaces, B2B Target Sectors automation Full Portfolio • www.concentricteam.com/investment-platforms/ Investment Style Active KEY CONTACTS Deal Structures Significant minority equity positions

• Denis Shafranik • 9 years in Original, scalable and defendable • Partner • 8 years in VC technology investment Key Investment Criteria Category leaders Post achieving product-market fit • Email: [email protected] • Companies: PayasUgym, PSM, Neteven, Billetto, ChargeMaster, etc.

Website www.concentricteam.com • Kjartan Rist • 18 years in technology (founder, advisor, investor, Board) • Partner Contact Email [email protected] • Companies: VOSS Solutions, Shazam, NetClean, Endeca, TopTable, etc. • Email: [email protected]

Contact Phone +44 (0) 20 7839 8143

INVESTOR BOOK 37 Constantia New Business

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Constantia New Business (CNB) is an independent sister company of Constantia Industries, headquartered in Vienna, Austria. The group is privately Offices Vienna owned and run, with a strong sense for diversification and international outlook. CNB is looking for outstanding and passionate teams working on high-tech products addressing B2B industries. CNB invests into companies from DACH and CEE region in Post-Seed rounds with a ticket starting at Active Markets DACH €500k.

Founded 2012

Employees 5 (of which 5 in Europe)

Current Fund Size Evergreen ltd co

SELECTED PORTFOLIO COMPANIES Use of Debt Exceptional

High quality video streaming technology over the web as Software-as-a-Service. AUM n.a.

Target Investment Size €500k - €2m Pioneers the development of radio-frequency (RF) antenna, waveguide and filter products based on additive manufacturing.

Target Geographies DACH, CEE Aircloak enables high-fidelity analytics of sensitive datasets while strongly protecting individuals’ privacy. Deep tech, SaaS, IoT, , Target Sectors Advanced Materials Full Portfolio • www.ciag-cnb.at/#portfolio Investment Style Active

KEY CONTACTS Deal Structures Various • Head of Constantia New Business & Member of the Board of Directors of Philipp Thurn und Taxis B2B, Innovative technology with strong CIAG with international experience as consultant, manager and entrepreneur Key Investment Criteria USP and high scalability, After market Managing Director in software and telecommunications among others. Executive Board at Efkon entry, First revenues AG and VP Global Corporate Development at SAP AG. Email: [email protected] • Companies: bitmovin, swissto12 Website www.ciag-cnb.at • Many years of working experience in IT, with main emphasis on software (e.g. Sabine Fleischmann , Sun, IBM), management tasks in consulting, sales and general Contact Email [email protected] Senior Investment Manager management. Coach and consultant. Experience with International Energy Management. Email: [email protected] Contact Phone +43 1 588 45-0 • Companies: BENEnergy, VirtualQ, Aircloak

INVESTOR BOOK 38 Coparion

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Coparion is a pragmatic investor with an eye for the essentials and persistence for the long-run. Offices Cologne, Berlin

Coparion helps young technology companies achieve swift and sustained growth. With of EUR 225 million their team has Active Markets Germany the means to do so. Coparion supports entrepreneurial vision with the know-how, but without intervening in daily business operations. Thanks to 25+ years of team experience in venture capital and in building companies, they discern potentials and open up new perspectives. They have the substance, tenacity and creativity required to mutually manage difficult situations successfully. They only invest with other co-investors. Founded 2016 The focus is on the start-up and early growth phase. They appreciate initial successes, such as the sales and key accounts developed or successful product launches. Per company they invest up to EUR 10 million, usually in several financing rounds of EUR 0.5-5 million each. Employees 13 (of which all in Europe)

Current Fund Size €225m SELECTED PORTFOLIO COMPANIES Use of Debt No

AI for robot autonomy AUM €225m

B2B marketplace for long-stay furnished appartements Target Investment Size €500k - €5m

Target Geographies Germany Electronic Fleet Manager based on connected car

Target Sectors IT, Internet, High-Tech, Life Science Full Portfolio • www.coparion.vc/en#tmpl-portfolio

Investment Style Active KEY CONTACTS

Deal Structures Minority, with co-investors Christian Stein • Managing Director at Coparion since launch. Previously Partner at Creathor Managing Director Key Investment Criteria „Traction“ – No seed funding Venture, CFO at Zadego , BCG, IBM Email: [email protected]

Website www.coparion.vc David Zimmer • Managing Director at Coparion since launch. Previously Director at Quadriga Contact Email [email protected] Managing Director Capital and CEO at Altira AG Email: [email protected] Contact Phone +49 30 58584400

INVESTOR BOOK 39 Creandum

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Creandum is a leading early-stage venture capital firm investing in innovative and fast-growing technology companies. The Creandum Advisory team Offices , Berlin, San Francisco is based in Stockholm, Berlin and San Francisco. The Creandum funds have invested in over 70 companies including being early investor in companies such as Spotify, iZettle, Vivino, Kry, Neo4j, 8fit, Billie, Epidemic Sound, Xeneta, Klarna and many more. Active Markets Europe and North America

Founded 2003

Employees 15

Current Fund Size €180m SELECTED PORTFOLIO COMPANIES Use of Debt No • World’s largest music streaming service. With Spotify, it’s easy to find the right music for every moment of your day and in your life AUM €435m

• Number one solution for retail mobile payments and point-of-sale solutions in Europe and Target Investment Size €500k - €10m per round

Target Geographies Europe and North America • Vivino is the world's largest online wine marketplace, powered by a community of 30 million who use Vivino to discover and buy wine

Target Sectors B2C and B2B, Software Full Portfolio • www.creandum.com/portfolio/

Investment Style Active KEY CONTACTS

Deal Structures Minority • Johan is one of Europe’s most experienced venture capital investors having Johan Brenner worked across a broad set of industries globally, built a number of successful [] General Partner businesses as an entrepreneur, and as Partner in leading venture capital Key Investment Criteria Possibility to scale globally firms [email protected] • Companies: i.a. iZettle, Klarna, Pleo, Bokio, Syft, Neo4j, Vivino, Planday Website www.creandum.com Simon Schmincke • Simon is a developer by heart and a venture capitalist by mind. German born, [Photo] Simon gained operational experience building three companies for Rocket Contact Email n/a Partner Internet, as well as investment experience with Earlybird Venture Capital [email protected] • Companies: i.a. Bllie, Comtravo, RFRSH, Tide, Taxfix

Contact Phone n/a

INVESTOR BOOK 40 Creathor Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Creathor Ventures invests in technology-oriented, fast-growing companies in all stages of their development, especially in the fields of Specialized Offices Frankfurt, Zurich Artificial Intelligence, Advanced Industry Tech and Enabling Platforms. The regional focus is on Germany, Switzerland, Austria, and the Nordics. From its offices in Bad Homburg (Frankfurt) and Zurich, the team of 17 staff actively supports more than 30 ICT and life science companies Active Markets Europe in development, growth and internationalization. Creathor Ventures’ management team consists of the Managing Partners Dr Gert Köhler, Karlheinz Schmelig and Cédric Köhler, and the Partners Christian Leikert, Dr Christian Weiss and Christian Weniger. The team has been investing successfully in start-ups for over 30 years and has conducted more than 20 international IPOs during that time. Creathor Ventures currently manages funds of Founded 2003 more than EUR 220 million. As the largest investor in its funds, the management underlines its entrepreneurial orientation.

Employees 17 (of which all in Europe)

Current Fund Size €220m SELECTED PORTFOLIO COMPANIES Use of Debt No

Software platform for residential & commercial property management AUM €220m

HeyJobs is a mobile marketplace for hourly jobs Target Investment Size Up to €10m

Germany, Switzerland, France, Austria, Target Geographies Nordics R3 Communications develops, produces ultra-reliable real-time wireless communication systems and solutions

Specialized Artificial Intelligence, Target Sectors Advanced Industry Tech and Blockchain Full Portfolio • www.creathor.com/en/portfolio/

Investment Style Active KEY CONTACTS

Deal Structures Control, joint control, minority Cédric Köhler [Photo] Managing Partner Key Investment Criteria [email protected]

Website www.creathor.com Christian Weniger

Contact Email [email protected] Partner [email protected] Contact Phone +49 6172 139720

INVESTOR BOOK 41 Curious Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Curious Capital is the corporate venture capital arm of Heinen-Verlag and was just established in 2017. Heinen-Verlag, founded in 1946, is a Offices Cologne Cologne-based publishing house with activities and history in regional print media.

Active Markets Germany Curious Capital is looking for seed and early stage investments in business models, products and/or markets, which anyhow fit to activities of a modern media company. Critical criteria for an investment is a technology-driven USP.

Founded 2017 We do minority investments (no strategic investments), but offer hands-on support in all business fields and provide access to the media industry.

Employees 2 (of which all in Europe)

Current Fund Size N/A SELECTED PORTFOLIO COMPANIES Use of Debt No

Joblift – Meta platform for jobs AUM N/A

Target Investment Size €50k - €250k Flits Music – Mobile streaming service with high definition sound

Target Geographies Germany, Europe StyleLounge – Meta platform for fashion

Marketplaces, Media, Communications, Target Sectors Education Technology, Analytics, Digital Services, Hardware Full Portfolio www.curiouscapital.vc

Investment Style Flexible KEY CONTACTS

Deal Structures Minority Johannes Heinen • Founder of StyleLounge

Technology-driven USP, Scalability, Managing Director • Management Positions at Dreamlines and Goodgame Studios Key Investment Criteria Seed/Early Stage, Team • Master’s degree in Business Engineering (RWTH Aachen) Email: [email protected]

Website www.curiouscapital.vc

Contact Email [email protected]

Contact Phone +49 221 1632208

INVESTOR BOOK 42 DN Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Offices London, Menlo Park, Berlin DN Capital is a global early-stage venture firm, with a focus on Seed, Series A and select series B investments in fintech, SaaS, digital media, e-commerce, marketplaces, digital health and software companies. DN Capital was founded in 2000 by Nenad Marovac and Steve Active Markets Europe; US Schlenker and has operations in London, Berlin and Silicon Valley. Its previous funds are top performers and the firm is one of the lead investors in companies such as Endeca (sold to Oracle for over $1bn), Shazam (acquisition offer from Apple), Auto1 (world's largest used- Founded 2000 car marketplace valued near €3 billion), Purplebricks (IPO London), Quandoo (acquired by Recruit), Apsmart (sold to Thomson Reuters), Datanomic (sold to Oracle), Mister Spex, OLX (sold to Naspers). Employees 21 (of which 18 in Europe) The professionals at DN Capital bring over 60 years of private equity experience to their investments, and actively work with portfolio companies to steward their growth through the various stages of development. Current Fund Size €200 million Additional information about the firm and its portfolio companies can be found at www.dncapital.com

Use of Debt No SELECTED PORTFOLIO COMPANIES

• C2B seller of used cars to dealerships using online to acquire inventory. AUM $500 million • One of the hottest unicorns of Europe. • Valuation of €2.9 billion as of Softbank’s €460 million investment in January 2018.

Target Investment Size €250,000 - €20 million • Leading search and business intelligence software company. • Acquired by Oracle in 2011 for $1.1 billion. 75% Europe (UK, Germany, France Target Geographies Nordics) 25% US & ROW • One of the most downloaded mobile applications of all time, over 100 million MAU. • Acquisition offer from Apple. Marketplaces, eCommerce, Fintech, Target Sectors Digital Health, Enterprise Software & SaaS; Digital Media; Mobile Full Portfolio • www.dncapital.com/portfolio.html Investment Style Active KEY CONTACTS Deal Structures NA • Chairman of the Venture Capital Board of Invest Europe (from July 2018). Nenad Marovac Partner at Advent International. MBA Harvard Business School. Focus on [Photo] marketplaces, SaaS, fintech, consumer mobile applications and digital Key Investment Criteria Team, Market, Product, Traction and Deal Founder and Managing Partner health Email: [email protected] • Companies: Auto1, Shazam, Datanomic, Tourlane, HomeToGo, Tbricks, Website www.dncapital.com Mister Spex, OLX, Purplebricks, Quandoo, Joblift.

Thomas Rubens • Barclays M&A. University of Bristol. Focus on ecommerce, Marketplaces, Contact Email [email protected] [Photo] Partner Software • Companies: Auto1, Book a Tiger, Caroobi, HomeToGo, Quandoo, Finiata. Contact Phone +44 (0) 207 340 1600 Email: [email protected]

INVESTOR BOOK 43 Deutsche Telekom Capital Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

DTCP provides venture capital, private equity, and advisory services to the technology, media and telecommunication sectors. Operating as a bridge Offices Hamburg, Herzeliya between Europe, Silicon Valley and Israel, the company connects people, capital, and ideas to accelerate innovation and provide value to its portfolio companies, its limited partners, and the connected world. Active Markets Europe, Israel, UK

Founded 2015

Employees 26 - 50 (of which 22 in Europe)

Current Fund Size €500m SELECTED PORTFOLIO COMPANIES Use of Debt No NGENA provides business with physical and virtual networks through hybrid VPN and its innovative cloud technology AUM €1.5bn

I-am-plus produces Dial, a voice-enabled smarcuff designed by i.am+, the tech company founded by musician and Target Investment Size €5m - €75m entrepreneur will.i.am

Target Geographies Europe, Israel, UK Networks was founded by a team of Stanford Universiry Professors and Ph.D graduates to commercialize research on Wireless Full Duplex, an innovative wireless transceiver design E-Commerce and Financial Technology, Target Sectors Communications, Marketing, Analytics, Digital Services Full Portfolio • www.telekom-capital.com/portfolio/

Investment Style Active KEY CONTACTS

Deal Structures Flexible Thomas Preuß • Thomas is a Partner at Deutsche Telekom Capital Partners in the Venture Capital team. He is responsible for the European activities of the fund. Partner Key Investment Criteria Predictability, product market fit Thomas studied at the University of Hamburg and holds a master’s degree in Email: [email protected] technical economics

Website www.telekom-capital.com • Till has 10 years of energy experience, working in the industry, finance and Till Stenzel policy-making. He has deep experience with investment due diligence, Contact Email [email protected] renewable energy project development, contract negotiations and business Vice President development. He has worked in emerging markets in North Africa and has been closely involved in raising finance and starting up new companies. Contact Phone +49 160 7171001

INVESTOR BOOK 44 Earlybird

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Earlybird is a venture capital investor focused on European technology companies. Founded in 1997, Earlybird invests in all growth and develop- Offices Berlin, Munich, Istanbul ment phases of a company. Amongst the most experienced venture investors in Europe, Earlybird offers its portfolio companies not only financial resources, but also strategic and operational support as well as access to an international network and capital markets. With over EUR 850 million Active Markets Europe, Turkey under management, six IPOs and 22 trade sales, Earlybird is one of the most successful venture capital firms in Europe.

Founded 1997

Employees 25-50 (of which 41 in Europe)

Earlybird Digital West Fund: €150m Current Fund Size Earlybird Health-Tech Fund: €100m SELECTED PORTFOLIO COMPANIES Use of Debt No

Shapeshift - Instant digital asset exchange supporting dozens of blockchain tokens AUM €850m

Target Investment Size €500k - €5m N26 - Banking product for smartphones

Target Geographies Europe, Turkey UiPath - Robotic software for business process automation

Target Sectors Technology, Technology-enabled services

Full Portfolio • www.earlybird.com/portfolio/ Investment Style Active

KEY CONTACTS Deal Structures Minority, Lead • Hendrik Brandis is co-founder and Partner at Earlybird. He was Co-Foun- der of Hendrik Brandis Disruptive business models or GMM and Project Manager at Messerschmitt-Boelkow-Blohm (now Daimler- technologies with forward looking lock-in Co-Founder and Managing Partner Chrysler Aerospace). Previously, Hendrik was Partner with McKinsey & Co. He Key Investment Criteria in large markets lead by an outstanding holds a Dipl.-Ing. (MSc equivalent) and PhD degree in Aerospace Engineering team Email: [email protected] • Companies: nfon, B2X, Videdressing, Medidate, Movinga, Onefootball, Simscale,

• Christian is Co-Founder and Partner of Earlybird. Prior to founding Earlybird, he co- Website www.earlybird.com Christian Nagel acquired various companies from the Treuhandanstalt and gained opera- tional Co-Founder and Managing Partner experience. Before that, he worked as an Engagement Manager with McKinsey & Contact Email [email protected] Co. He holds a Diplom-Wirtschaftsingenieur and a PhD degree Email: [email protected] • Companies: Cashboard, Crossengage, N26, Shapeshift, smava

Contact Phone +49 3046724700

INVESTOR BOOK 45 Eight Roads Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Eight Roads Ventures is a global venture capital firm that backs entrepreneurs with aspiration for greatness. Together with associated funds we Offices London manage $4BN of capital across offices in the UK, India, China, Japan and the US. A near 50-year history of investing includes partnerships with companies such as Alibaba, Appsflyer, CloudByte, Cúram, Future Advisor, InnoGames, iPipeline, Kensho, Made.com, Manthan Systems, Neo4j, Active Markets Global Nuance, Ping Identity, Prosper, Treatwell, Recurly, Wallapop and Xoom.

Founded 1998

Employees 51 - 100 (of which 10 in Europe)

Current Fund Size GBP 150m SELECTED PORTFOLIO COMPANIES Use of Debt No

Made is an online furniture retailer headquartered in London AUM n/a

Target Investment Size GBP 5m – GBP 25m Appsflyer is a mobile advertising attribution and analysis platform. Headquartered in Tel Aviv

Target Geographies Global NeoTechnology is a NoSQL graph database. Originally founded in Malmo, the company is currently headquartered in San Francisco E-Commerce, Marketplaces, EdTech, Target Sectors Travel & Transportation, FinTech, Gaming, Analytics, Digital Services Full Portfolio • www.eightroads.com/en/ventures/europe

Investment Style Active KEY CONTACTS

Deal Structures Majority, Minority Michael Treskow • Michael is a Partner at Eight Roads Ventures

Partner • Previously, he was at Accel in London and Warburg Pincus in Francisco. Key Investment Criteria n/a Michael received a BA from Yale University and an MBA from the Stanford Email: [email protected] Graduate School of Business

Website www.eightroads.com

Contact Email [email protected]

Contact Phone +44 20 70745400

INVESTOR BOOK 46 Endeit Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Endeit Capital is an independent investment firm based in Amsterdam (NL) and Hamburg (DE). Since 2006, Endeit Capital has invested in 25 com- Offices Amsterdam, Berlin panies in the Benelux, UK and Germany. Austria, Belgium, Denmark, , Active Markets Germany, Norway, Sweden, Switzerland, Endeit is backed by the founders amongst which serial entrepreneur Joop van den Ende, co-founder of Endemol, as well as by numerous founders of previous portfolio companies, other successful (internet) entrepreneurs and by large institutional funds. The team also welcome and work with experienced business angels to join as co-investors in individual companies. Entrepreneurship is at the core of Endeit Capital. Founded 2006

Employees 4-10 (of which 7 in Europe)

Current Fund Size €125m SELECTED PORTFOLIO COMPANIES Use of Debt No

Global leader in advanced location / movement data technology AUM €275m

Target Investment Size €3m - €10m Luxury watches platform

Austria, Belgium, Denmark, Finland, Target Geographies Germany, Norway, Sweden, Switzerland, Multi day travel tours booking platform United Kingdom

E-Commerce, Marketplaces, Media, Target Sectors Edutech, Travel & Transportation, Fintech, Financial Services Full Portfolio • www.endeit.com/#companies

Investment Style Active KEY CONTACTS

• Martijn joined Endeit Capital at the start as Partner in 2006. Today, he is Deal Structures Minority Martijn Hamann responsible for deals in DACH, UK, Nordics Partner • Until 2006 he was a member of the Executive Director team of Endemol Key Investment Criteria Growth Phase, Internationalisation Group, one of the world’s largest independent providers of content for Email: [email protected] television & all other screens.

Website www.endeit.com

Contact Email [email protected]

Contact Phone +31 653726743

INVESTOR BOOK 47 FJ Labs

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

FJ Labs is a New York-based investment firm that builds and invests in online marketplaces and ecommerce companies. Founded by serial Offices New York entrepreneurs and Jose Marin in 2015 as an extension of two decades of angel investing, FJ Labs been directly engaged in building companies such as AdoreMe, Instacarro, Letgo, OLX and Rebagg. FJ Labs invests $50M per year across 60-90 investments and currently has more Active Markets Global than 240 active portfolio companies including Caroobi, Clue, Raisin, Farfetch, Meero, Fanduel and Uber. Successful exits include Delivery Hero, Eve Mattress, Ticketbis, Alibaba and many others.

Founded 2015

Employees 15 (of which 1 in Europe)

Current Fund Size Evergreen, deploys ~$50M per year SELECTED PORTFOLIO COMPANIES Use of Debt no Car mechanic marketplace in Germany, with more tan 400 mechanics workshops throughout the country, servicing [ Logo ] all brands and models of cars AUM Evergreen

Pan-European online deposit marketplace, enabling European consumers to get the best deposit interest rate [ Logo ] Target Investment Size $250k - $1m available throughout the EU.

Photographer marketplace, enabling businesses like and Expedia to rapidly get high quality images for the Target Geographies US, Europe, Asia, South America [ Logo ] services they offer, while giving photographers a good and reliable income doing what they love.

Target Sectors Marketplaces, SaaS, D2C brands, Fintech Full Portfolio www.fjlabs.com/portfolio

Investment Style Passive KEY CONTACTS

Deal Structures Minority • Arne has been with FJ Labs for 2 years, and co-leads the investment arm. As Arne Halleraker a Norwegian transplant to New York, Arne has strong links to both the [Photo] European and North American tech ecosystems. Previously he was Director $1bn potential value, valid business Principal Key Investment Criteria of Global Partnership with ASA ($32bn market cap model, unit economics, strong team Email: [email protected] telecommunications company). Arne holds a MSc from the Norwegian University of Science and Technology. Website www.fjlabs.com

Contact Email [email protected]

Contact Phone n/a

INVESTOR BOOK 48 Fluxunit – OSRAM Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Offices Munich Fluxunit is the corporate venture capital unit of OSRAM.

Acting as early stage investor, our goal is to engage with startups that develop innovative, scalable business models and technologies shaping the Active Markets Global world we live in.

Leveraging our corporate OSRAM heritage, we focus our investments on startups, where we can contribute to a startup’s success and value creation. Founded 2016

Consequently, our investment fields include the areas of smart city, smart building and industrial applications (e.g. sensors, horticulture, mobility,…) Employees Approx. 10

Current Fund Size N/A

Use of Debt No SELECTED PORTFOLIO COMPANIES

Blickfeld develop and sell LiDAR sensors and provide the software to interpret complex 3d point clouds. AUM N/A

Agrilution offers a complete vertical farming ecosystem consisting of a smart plug’n’play home-growing appliance Target Investment Size N/A and consumables, as well as an App that eliminates the need for a green thumb. Thereby we enable you to grow the healthiest, freshest most taste intensive greens in your own home. Target Geographies N/A Beaconsmind is a software provider based in Zurich, Switzerland and Munich, Germany. The company helps in- store retailers digitalize their business models. As the first iBeacon full-service provider, the company use their software beaconsmind Suite to drive sales, customer loyalty and revenues for clients in brick-and-mortar business. Smart city, smart building and industrial Target Sectors applications Full Portfolio • https://www.fluxunit.eu/en/portfolio/index.jsp

Investment Style Active KEY CONTACTS

Deal Structures N/A Oliver Kahl

Investment & Portfolio Manager • With Fluxunit since 2017, previsouly Business Analyst at eCAPITAL Key Investment Criteria N/A Email: [email protected]

Website www.fluxunit.eu

Contact Email [email protected]

Contact Phone +49 89 6213 3646

INVESTOR BOOK 49 Frog Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Frog Capital is a leading scale-up VC, specialising in later Series A and Series B rounds, for software focused businesses across Europe. Frog is a Offices London committed long-term partner, investing in ambitious companies with revenues up to €30m and requiring up to €20m of growth capital.

As ‘The CEO’s VC’, Frog Capital has a team of both experienced investors and former entrepreneurs who understand the challenges and needs Active Markets Europe facing CEOs as they grow the business. By applying our developed ‘Scale-Up Methodology’ – informed from industry knowledge, entrepreneur understanding, operating expertise and an extensive relationship network – Frog actively supports exceptional company growth and builds significant shareholder value. Founded 2008 Frog’s experienced team has invested in over 100 companies, and in the last six years has exited companies with a total transaction value over €1 billion. Employees 13 (all in London) For further information, please visit www.frogcapital.com.

Current Fund Size €90m SELECTED PORTFOLIO COMPANIES Use of Debt No

Germany’s No. 1 online real estate agent AUM €180m

Target Investment Size €5m - €20m Leading European digital money transfer service provider

Target Geographies Europe Digital market leader in the €1bn after school tutoring market in Germany

Software enabled technology across Target Sectors multiple sectors

Investment Style Active KEY CONTACTS Deal Structures Minority • Mike Reid • Jens Düing • Managing Partner • Partner Key Investment Criteria Generating €3m-€30m of revenue

Website www.frogcapital.com • Shirin Dehghan • Conor Scanlan • Partner • Investor Contact Email [email protected]

Contact Phone +44 20 7833 0555

INVESTOR BOOK 50 General Catalyst

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Boston, New York, Palo Alto, San Offices General Catalyst is a venture capital firm that makes early-stage and transformational investments. We back fearless entrepreneurs who are building Francisco market leading technology companies like Airbnb, BigCommerce, ClassPass, Datalogix, Datto, Demandware, Gusto, The Honest Company, HubSpot, KAYAK, Oscar, Snap, Stripe, and Warby Parker. With offices in San Francisco, Palo Alto, New York City and Cambridge, MA, our portfolio companies benefit from a bicoastal network of talent, customers, and opportunity. For more: generalcatalyst.com. Active Markets , Europe, Israel

Founded 1999

Employees 75

Current Fund Size $1.375bn SELECTED PORTFOLIO COMPANIES Use of Debt No Airbnb is a community marketplace for people to list, discover, and book unique around the world online or from an iPhone device. AUM $5bn+

Deliveroo is an end-to-end food delivery service that brings high-quality local restaurant food to homes and offices Target Investment Size $500k - $100m through a proprietary technology and logistics platform.

Stripe processes billions of dollars a year for some of the most successful companies and marketplaces on the Target Geographies United States, Europe, Israel Internet, making it easier than ever to accept payments and manage an online business. Supporting startups to Fortune 500 companies, Stripe powers the sharing economy, top mobile applications, and global software services. Target Sectors Enterprise Technology, Consumer Internet Full Portfolio • www.generalcatalyst.com/portfolio/ Investment Style Active KEY CONTACTS

Deal Structures Minority / Lead • 20+ years technology investing in London and the U.S.; investor at General Adam Valkin Catalyst since 2013 (previously Accel and Arts Alliance); Harvard University We back fearless entrepreneurs who are B.A. Managing Director Key Investment Criteria building market leading technology • Select investments: Brainly, CCP, ClassPass, Deliveroo, Fundbox, Giphy, companies Email: [email protected] Super Evil Megacorp, Rebagg, Remesh, Shift Technology, Vroom, and WayUp Website www.generalcatalyst.com Addie Lerner • 7+ years technology investing; investor at General Catalyst since 2017 (previously General Atlantic and Goldman Sachs); Princeton University A.B. Contact Email [email protected] Principal • Companies: CoEdition, Remesh, Shift Technology Email: [email protected] Contact Phone 617-234-7000

INVESTOR BOOK 51 German Media Pool

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Founded in 2011, German Media Pool is a leading, independent media for equity fund. We align the interests of high-growth consumer companies Offices Berlin with owners of premium media, covering TV, radio, print and out-of-home. By providing massive cross-media campaigns via a single contract partner, consumer companies can accelerate their growth significantly. Media is provided at highly effective rates in exchange for equity. Next to Germany Active Markets Germany and Switzerland, we access media partnerships in The , Belgium, France and – via partners or directly.

Founded 2011

Employees 5

Current Fund Size Approx €50m gross media p.a. SELECTED PORTFOLIO COMPANIES Use of Debt No ABOUT YOU is Europe’s most inspiring and personalized fashion shop. Launched in 2014, it has achieved significant growth in the German, Swiss, Dutch and Belgian markets. AUM €150m gross media invested

Momox is Germany’s leading second hand platform, specialized on used media and entertainment. Target Investment Size €2m- 10m gross

Germany, Switzerland, Benelux, France, Target Geographies Spain Clark offers insurance services and the management of insurance contracts via mobile phone.

Target Sectors Consumer and ECommerce Full Portfolio • www.gmpvc.com

Investment Style Passive with active support in media KEY CONTACTS

Deal Structures Minority Aljoscha Kaplan • Senior Consultant at Ernst & Young, Senior Business Developer at mayato, [Photo] Managing Partner Entrepreneur in Residence at M10-Partners Key Investment Criteria Ability to grow with media • Companies: ABOUT YOU, Momox, Clark, Job Today Email: [email protected]

Website www.gmpvc.com Niko Waesche • Former Executive at GfK and IBM , VP and MD at Upfront Ventures, Angel [Photo] investor in company acquired by eBay Contact Email [email protected] Managing Partner • Companies: ABOUT YOU Email: [email protected] Contact Phone +49 30 609 847 838

INVESTOR BOOK 52 German Startups Group

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

German Startups Group, a Berlin-based investment company and venture capital provider for Germany’s flourishing startup scene, finances young Offices Berlin growth companies and also supports their set-up, funding acquisition, development, and – when the time is right – exit by providing them with business expertise. By analysing technology trends and market developments, the team of German Startups Group identifies, across a wide range of Active Markets Austria, Germany, Switzerland sectors, talented entrepreneurs with disruptive products or business models and high scalability, to which they have early access thanks to their close connections in the startup ecosystem. Their active investments, of which there are currently nearly 40, constitute a stage-agnostic cross- section of, in their view, promising “startups made in Germany Founded 2012

Employees 4 – 10 (of which all in Europe)

Current Fund Size n/a SELECTED PORTFOLIO COMPANIES Use of Debt No

Ayondo is an online platform that provides its users with stock trading and investment information AUM n/a

Chrono24 is an online marketplace connecting buyers and sellers of luxury watches Target Investment Size €100k - €1m

Target Geographies Austria, Germany, Switzerland Online store that sells various brands of glasses in Germany

E-Commerce, Software, Mobile, FinTech, Target Sectors German Engineering Full Portfolio • www.german-startups.com/index.php/about-us/#holdings

Investment Style Active KEY CONTACTS

Deal Structures Control, Joint Control, Minority

Christoph Gerlinger • Founder and former CEO of Frogster Interactive Pictures AG, which he took Entrepreneurial talent, scalability, pu- blic. Former Head of German operations Infogrames/Atari. Former CFO Key Investment Criteria disruptive potential CEO of CDV Software Entertainment. External expert for CDU on “Digitalization”

Website www.german-startups.com

Contact Email [email protected]

Contact Phone +49 30 609889080

INVESTOR BOOK 53 Global Founders Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Global Founders Capital is a fund ‘by entrepreneurs for entrepreneurs’. Our investment team consists of serial entrepreneurs, investment Offices Berlin, London, Paris, Munich professionals and operational experts with hands-on experience of founding dozens of companies globally. They love to invest in startups where they can add real value. Through a previous fund their founding partners have already backed a number of transformational companies such as eBay, Active Markets Global Linkedin, Facebook, and many other successful Internet ventures. Through this fund they invest all over the globe, from Seed to Growth.

Global Founders Capital contributes with on-demand execution support for entrepreneurs who want to build category defining companies. Building Founded 2013 on top of Rocket Internet’s global network of experts, companies and supplier relationships they can provide detailed functional knowledge in areas such as internationalisation, customer acquisition and the scaling of operations. Employees 11 - 25 (of which 11 in Europe)

Current Fund Size €1bn SELECTED PORTFOLIO COMPANIES Use of Debt Yes

The digital freight forwarder for the 21st century AUM n/a

Target Investment Size €200k - €10m Cloud-based platform that transforms the way real estate deals are done

Target Geographies Global A holistic HR management and recruiting solution for Startups and SMEs

Target Sectors Technology, Technology-enabled Services Full Portfolio • www.crunchbase.com/organization/global-founders-capital Investment Style Active KEY CONTACTS Deal Structures Minority, Lead Oliver Samwer Daniel Jones Matthias Müller Team, category defining companies, Partner Partner Key Investment Criteria business with attractive economics, Partner scalable acquisition channels daniel@global matthias@global founderscapital.com founderscapital.com Website www.globalfounderscapital.com Levin Bunz Hugues De Braucourt

Contact Email [email protected] Partner Principal levin@global hugues@global founderscapital.com founderscapital.com Contact Phone n/a

INVESTOR BOOK 54 GPS Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

GPS VENTURES is a venture capital firm, active since 2014. We invest with a long-term vision in tech startups in Germany and Europe, from seed Offices 2 stage and with a follow-on commitment towards growth. The investors and the investment team have a strong entrepreneurial and industrial background, and a hands-on culture with unbureaucratic decision making processes to support our founders. Our approach is to provide sufficient Active Markets 4 funding in the first rounds while generating strong network effects and value through synergies across our ventures. The current portfolio includes 24 companies in a diverse number of investment areas such as: big data, Iot, FinTech, InsurTech, E-commerce, enterprise cloud services, social software, biotech, e-mobility and investment funds, among others. Founded Active since 2014

Employees 8

Current Fund Size Currently 24 investments SELECTED PORTFOLIO COMPANIES Use of Debt n/a

Sinfosy – plug & play IoT solution for smart manufacturing and logistics AUM n/a

€1m - €1.5m first round Teraki – break-through data processing and data quality enhancement software technology that enables Target Investment Size Follow-ons with larger ticket size processing, storing and transmitting the growing data loads for (embedded) IoT applications.

Target Geographies Germany, Europe Tandem – peer to peer language training app

Target Sectors Various sectors, B2B, B2B2C Full Portfolio Upon request Project-specific Investment Style Active from 10% ownership KEY CONTACTS Deal Structures Minority. Lead or Co-investor

From seed stage Reinhold von Ungern Sternberg • Since 2017 Managing Director at GPS Ventures. Previously Head of JSC Key Investment Criteria Traction / proof of concept “Kirovsky Zovod” representatitve office in Germany. Managing Director Network references

Website n/a

Dr. Albrecht Bochow Contact Email [email protected] General Partner

Contact Phone +49 160 9956 7038

INVESTOR BOOK 55 GR Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Offices Riga (Latvia), Kyiv (Ukraine) GR Capital is a venture capital investor focused on tech companies at Series A-C stages from Europe, the UK and the USA. The size of our fund is $30M, which we plan to expand to $150M in several years. GR Capital’s main focus is on fintech, adtech, and various types of SaaS and marketplace models. Active Markets Europe, US

Thanks to its extensive contacts network the fund assists its portfolio companies in business development going beyond the financial support alone, Founded 2016 including among others in Baltics and Eastern European markets, setting up the cost-efficient R&D offices in Ukraine, access to the latest payment processing technologies. Employees 11-25 (of which all in Europe)

Current Fund Size $30m SELECTED PORTFOLIO COMPANIES Use of Debt No

One of the leading providers of online food delivery platforms designed to order restaurant meals AUM N/A

Online international money transfer company that challenges the old fashioned, expensive ways of moving your Target Investment Size $1m - $5m money around the world

Target Geographies Europe, US Provider of HD haptic technology for consumer , mobile, gaming and VR/AR

Fintech, Adtech, IoT, SaaS and Target Sectors marketplace models in different industries Full Portfolio www.gr.capital/investments Investment Style Active KEY CONTACTS Deal Structures Minority, Co-investment • 10+ years of experience in investment banking. Originated and closed 50+ Roma Ivanyuk deals both as a private entrepreneur and as the MD of the top Ukrainian Experienced team, strong traction, Managing Partner investment bank Key Investment Criteria defensible competitive advantage, clear to exit • At GR Capital sets the fund strategy, leads the fundraising and investor Email: [email protected] relations

Website www.gr.capital Max Filippov • 10 years of experience in corporate finance and investment management. 30+ various advisory engagements for the clients, including M&A, capital Principal Contact Email [email protected] raising, debt restructuring, strategic consulting Email: [email protected] • At GR Capital supervises day-to-day operations: manages investor relations, current investments and sourcing new projects Contact Phone N/A

INVESTOR BOOK 56 Griffon Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

MENA fund with a bit of a focus on unique opportunities in Iran post JCPOA. We've either invested in or helped key players in this market access Offices Tehran, Berlin international capital in the last 4 years.

Active Markets Germany

Founded 2014

Employees 11 - 25 (of which 3 in Europe)

Current Fund Size n/a SELECTED PORTFOLIO COMPANIES Use of Debt No

AUM n/a

Target Investment Size €1m - €3m

Target Geographies Germany

Marketplaces, Travel & Transportation, Target Sectors Financial Services

Investment Style Active KEY CONTACTS

Deal Structures Minority Xanyar Kamangar • Four years of EM tech investment track record on top of 8 years of TMT M&A Founding Partner and IPO (Deutsche Bank London) and 9 years of successful entrepreneurship Key Investment Criteria Emerging local winners experience. Iran 'Entrepreneur of year' award in 2003 Email: [email protected]

Website www.griffoncapital.com

Contact Email n/a

Contact Phone n/a

INVESTOR BOOK 57 High-Tech Gründerfonds

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

High-Tech Gründerfonds (HTGF) is Germany’s most active seed stage investor. With EUR 576 million under management in two funds we provide Offices Bonn. Berlin financing for technology-driven companies active in a wide range of fields, including robotics, IoT and energy, Medtech and Biotech, chemicals and software. Investors in this public-private partnership include the German Federal Ministry of Economics and Energy, the KfW Banking Group, and 18 Active Markets Germany strategic corporate investors.

Founded 2005

Employees 26 - 50 (of which all in Europe)

Current Fund Size €576m SELECTED PORTFOLIO COMPANIES Use of Debt No

Mein Recycling is developed by Resourcify GmbH from Hamburg. The app is the easiest solution AUM €576m

Bunch is a team management platform enabling companies to build, manage, and scale organizational culture Target Investment Size €600k - €2m

Target Geographies Germany After two years of development in secret, eBlocker, headquarted in Hamburg, Germany, was launched

Target Sectors Agnostic Full Portfolio • www.high-tech-gruenderfonds.de/de/#portfolio

Investment Style Active KEY CONTACTS

Deal Structures Lead Tanja Emmerling • With HTGF since 2014, previously Head of New Ventures & Incubation at Principal Key Investment Criteria Innovative hightech VNR Verlag für die Deutsche Wirtschaft AG Email: [email protected]

Website www.high-tech-gruenderfonds.de Kristin Mueller • With HTGF since 2016, previously Investment and Business Development at Contact Email [email protected] Investment Manager hub:raum Email: [email protected] Contact Phone +49 228 82300100

INVESTOR BOOK 58 HV Holtzbrinck Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

HV Holtzbrinck Ventures was founded in 2000 as the corporate venture arm of the Holtzbrinck Publishing Group. In 2010 HV Holtzbrinck Ventures Offices Munich, Berlin became an independent venture firm, raising funds from a strong network of international institutional investors.

Active Markets Europe Today, with more than € 1 billion under management, HV Holtzbrinck Ventures is one of the largest and most experienced independent European early stage venture funds. For over 17 years we have believed in the disruptive potential of the Internet. During this time, funds managed or advised by us have invested in over 160 companies, including great successes like Zalando, Delivery Hero, HelloFresh, Flixbus, SumUp, Scalable Capital, Founded 2000 and many others.

Employees 22 (of which all in Europe) As reliable long-term partners, we support the founders in developing their businesses into large and sustainable companies. Besides HV Holtzbrinck Ventures’ investment, we have a wealth of entrepreneurial, operational and financing experience. This approach has made HV Holtzbrinck Ventures one of the most successful European venture investors. Current Fund Size €306m SELECTED PORTFOLIO COMPANIES Use of Debt N/A

zalando - Europe’s largest online fashion company AUM > €1bn

Flixbus - Fastest growing European long-distance bus operator Target Investment Size €500k - €40m

Target Geographies Mainly Europe Scalable Capital - Fully licensed automated robo-advisor for private wealth management

Target Sectors Digital Companies Full Portfolio • www.hvventures.com/portfolio

Investment Style Active KEY CONTACTS

Deal Structures Minority David Kuczek Christoph Jung Rainer Maerkle Martin Weber General Partner General Partner General Partner General Partner Key Investment Criteria Market size, proposition, relevance david.kuczek christoph.jung rainer.maerkle martin.weber @hvventures.com @hvventures.com @ hvventures.com @ hvventures.com

Website www.hvventures.com Christian Saller Jan Miczaika Barbod Namini Jasper Masemann General Partner Partner Partner Principal Contact Email [email protected] christian.saller jan.miczaika barbod.namini jasper.masemann @hvventures.com @hvventures.com @ hvventures.com @ hvventures.com Contact Phone N/A

INVESTOR BOOK 59 IBB Beteiligungsgesellschaft

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

IBB Beteiligungsgesellschaft (www.ibb-bet.de) provides innovative Berlin-based companies with venture capital and has established itself in Berlin as Offices Berlin a market leader in early-stage financing. The funds are used primarily for developing and launching innovative products or services and creative business concepts. Currently, two funds managed by IBB Beteiligungsgesellschaft are in the investment phase: the VC Fonds Technologie Berlin, Active Markets Berlin with assets of 60 million EUR, and the VC Fonds Kreativwirtschaft Berlin, with assets of 40 million EUR. Both VC funds are subsidized by the Investitionsbank Berlin (IBB) and the European Regional Development Fund (ERDF), managed by the State of Berlin. Since 1997, in consortiums with partners, IBB Beteiligungsgesellschaft has provided more than 1.33 billion EUR to Berlin-based creative and technology companies, with IBB Founded 1997 Beteiligungsgesellschaft investing approximately 184 million EUR as the lead-, co-lead- or co-investor.

Employees 17 (of which 17 in Europe)

Current Fund Size €100m SELECTED PORTFOLIO COMPANIES Use of Debt No Since 2007, Babbel has made learning languages fun, easy and accessible to everyone. The market-leading app consists of high-quality courses available for iOS, Android and on the desktop. Babbel helps self-directed learners to [ Logo ] discover a new language, and motivates them to keep learning: the average customer continues with the app for more AUM €252m than 12 months.

Thermondo is a manufacturer-independent one-stop-shop for comparing and changing residential heating systems. Target Investment Size €500k – €1.5m [ Logo ] Instead of waiting weeks for a plumbers quote, the customer has only to enter some data and directly receives a quote with a fixed-price, thereby having the opportunity to compare a variety of manufacturers and service levels.

Target Geographies Berlin Outfittery (www.outfittery.de) is a new e-commerce concept for men who appreciate personal consultancy and stylish [ Logo ] clothes, without having to leave home. After registering, filling in a preferences profile and having a phone call with a personal style expert, the customer receives an individual, handpicked selection of clothes packed in an outfit . ICT, Life Science, Industrial Tech., Target Sectors Creative Industries Full Portfolio www.ibb-bet.de/en/portfolio.html Investment Style Active KEY CONTACTS

Deal Structures Minority Marco Zeller • Mr. Zeller is managing director of IBB Beteiligungsgesellschaft and of venture [Photo] capital fonds of IBB. He is also member of supervisory and advisory boards of highly scalable innovative technologies CEO Key Investment Criteria several Berlin based technology companies. and business models Email: [email protected] • Companies: Babbel, Outfittery, Thermondo, Blinkist

Website www.ibb-bet.de Roger Bendisch • Mr. Bendisch is managing director of IBB Beteiligungsgesellschaft and of [Photo] venture capital fonds of IBB. He is also member of supervisory and advisory Contact Email [email protected] CEO boards of several Berlin based technology companies. Email: [email protected] • Companies: Omeicos, Remerge, realbest, Dalia Research Contact Phone +49 30 2125 3201

INVESTOR BOOK 60 Idinvest Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Offices Paris, Frankfurt, Shanghai Idinvest Partners is a reputed European mid-market private equity and venture capital firm. With more than EUR 8 bn under management, the firm has developed several areas of expertise including venture capital transactions (more than EUR 2,4 bn u.m., >180 companies).

Active Markets Europe, US, Asia, Israel Our Venture Capital Smart City practice boasts 20 years of cumulative experience at Idinvest Partners in energy, mobility, real estate and digital technology companies. We focus on exciting growth opportunities disrupting the energy, the transportation and the building sectors and which are powered by the rapid adoption of data-driven services and digitalized solutions. Founded 1997 Amongst our strategic investors are EDF, PSA, SNCF, Total, Orange, Air Liquide, Michelin, Hager, Singapore Power et al.. Portfolio companies include e.g.: Actility, Campanda, Enlighted, Firstfuel, Forsee Power, Habx, Neurala, Off-grid Electric, Ontruck, Organica, Sunfire, Sunrun, TrustInSoft, Employees >100 etc..

Current Fund Size Approx. €300m (Idinvest Smart City Fund) SELECTED PORTFOLIO COMPANIES Use of Debt No End-to-end Internet of Things (IoT) and Machine to Machine (M2M) Services platform that enable mass scale deployments, notably in smart grids/ energy management. AUM >€8bn, thereof approx. €2,4 bn in VC

Artificial Intelligence-as-a-Service platform. Deep learning neural network software for non-connected devices (cars, Target Investment Size Approx. €1m - €15m in VC investments drones, toys, camera etc..): offers real-time learning, autonomous decision making and navigation.

Target Geographies Europe, US, Asia, Israel The TrustInSoft Analyzer is an advanced static source code analyzer that performs comprehensive mathematical analyses of software to find and resolve source code flaws.

Energy, Travel & Transportation, Real Target Sectors Estate, Financial Services, Analytics, Full Portfolio • www.idinvest.com/en/portfolio/tous-portefeuille Digital Services

Investment Style Active KEY CONTACTS • Tim joined Idinvest Partners in 2013 as Venture Partner. Specializing in Tim Jungblut Deal Structures Minority, Flexible, Lead German-speaking markets, Tim draws on more than 20 years' international experience in B2B business at industrial corporations, financial institutions Venture Partner and venture capital funds. His primary focus is on high-growth areas like People, performance, business model, Key Investment Criteria Email: [email protected] sustainable energy, new mobility, innovative real estate and digital technology, etc. technologies

Website www.idinvest.com/en

Contact Email [email protected]

Contact Phone n/a

INVESTOR BOOK 61 InMotion Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

InMotion Ventures, Jaguar Land Rover’s Venture Capital arm, invests in businesses in the mobility, transportation and travel sector. We invest Offices London globally from Seed to Series B.

Active Markets Worldwide

Founded 2016

Employees 10 (of which 10 in Europe)

Current Fund Size $100m SELECTED PORTFOLIO COMPANIES Use of Debt No The fastest-growing rideshare company in the US, available in more than 350 cities. Reconnecting people and communities through better transportation AUM n/a

Deploying self-driving cars in amazing communities. Voyage is building a world where anyone, anywhere can Target Investment Size $100k – €5m summon a car directly to their doorstep and travel safely to their destination.

Target Geographies Worldwide Innovative pay-by-mile car insurance. Rather than buy a traditional policy, sign up for a fixed cost to cover your car while it's parked, then pay-by-mile for any journeys you make.

Target Sectors Mobility, transportation and travel Full Portfolio • www.inmotionventures.com/portfolio/

Investment Style Active – Dependent on company stage KEY CONTACTS

Deal Structures Minority James Nettleton • With InMotion Ventures since 2016, previously Director at U+I Principal Sector relevance, future impact, size of • Companies:Wluper, Zeelo, By Miles, Voyage and FATMAP. Key Investment Criteria opportunity Email: [email protected] Website www.inmotionventures.com Sebastian Peck

Contact Email [email protected] Managing Director Email: [email protected] Contact Phone n/a

INVESTOR BOOK 62 Innogy Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

innogy Ventures is the EUR 130m venture capital investment arm related to the innogy Innovation Hub, participating or leading series A and beyond Offices Berlin, Essen venture capital deals. Investment focus is on innovative and digital business models in North America, Europe and Israel which aim at sustainable transformation in areas such as Energy, IoT as well as Smart City and Mobility. Active Markets Europe, Israel, North America Portfolio companies are supported with comprehensive market knowledge, assistance in business development and links to the widespread innogy network in order to support their competitiveness and accelerate their growth. Founded 2016 innogy Ventures and the innogy Innovation Hub are funded by innogy SE, a leading German energy company, with revenue of around €43 billion (2017), more than 42,000 employees and activities in 16 countries across Europe. Employees 9 (of which all in Europe)

Current Fund Size €130m SELECTED PORTFOLIO COMPANIES Use of Debt No

Secure cloud-based IoT platform for production authentication and supply chain visibility solutions AUM €130m

BigchainDB starts with a big data distributed database and then adds blockchain characteristics Target Investment Size €1m - €5m

Target Geographies Europe, Israel, North America Central platform for energy producers and consumers, combining energy management and monitoring

New Energy, Smart City & Mobility, IoT, Target Sectors Cyber Security Full Portfolio • www.innogy.ventures/#portfolio

Investment Style Flexible KEY CONTACTS

Deal Structures Minority, Lead Mischa Wetzel Matthias Engel Veronique Hördemann

software-based, data-driven, utility of the Investment Partner Managing Partner Investment Partner Key Investment Criteria future business models mischa.wetzel matthias.engel veronique.hoerdemann

Website www.innogy.ventures Thomas Labryga Felix Krause Thomas W. Thomas Director Investment Investment Partner Managing Partner Contact Email [email protected] Management felix.krause thomas.thomas thomas.labryga Contact Phone +49 30 12084945

INVESTOR BOOK 63 Inovo.vc

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Offices Warsaw Inovo invests in Polish companies of the small and medium-sized enterprises sector. The Fund was raised from private limited partners, mostly successful entrepreneurs, and was backed with the National Capital Fund’s financial resources.

Active Markets

Founded 2010

Employees 4 – 10 (of which all in Europe)

Current Fund Size €7m

Use of Debt No SELECTED PORTFOLIO COMPANIES

Booksy – a SaaS tool that allows the customers to book a health & beauty-related service through an application. It AUM n/a also allows the business owners to manage their businesses using the booksy.biz application. Booksy’s main selling point is a user-friendly calendar and software designed for smartphones – mobile first, tailored to the needs of the service providers. Target Investment Size €250k - €1m Brand24 offers its customers comprehensive services in online monitoring. This software allows for the analysis of trends related to a brand or to individual keywords, which lets you plan marketing campaigns, and it also allows for Target Geographies Poland measuring the results of such campaigns and activities. This advanced technology also allows for selecting the most influential and most effective (from the marketing point of view) authors who release information on a sector and brands. The users are also able to generate comparative analyses of the basic data on the E-Commerce Technology, Marketplaces, Target Sectors monitored brands. Gaming, Analytics, Digital Services

Investment Style Active Full Portfolio • www.inovo.vc/en/portfolio/

Deal Structures Flexible KEY CONTACTS We support entrepreneurs who know that sales are the most important step on the Tomasz Swieboda • Involved with the Inovo.vc fund since March 2014; the CEO of Inovo since road to success. We invest in companies Key Investment Criteria November 2014. He worked with major M&A transactions at Rothschild and that generate revenue. We choose Managing Partner as an analyst for Penta Investments in transactions involving Empik & Media companies with global, international Fashion. Former member of Empik’s Supervisory Board. outlook. Email: [email protected]

Website www.inovo.vc

Contact Email [email protected]

Contact Phone n/a

INVESTOR BOOK 64 Intel Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Berlin, London, Tel Aviv, Moscow, Santa Offices Intel Capital invests in innovative startups targeting artificial intelligence, autonomous driving, workload accelerators, 5G connectivity, Clara and a wide range of other disruptive technologies. Since 1991, Intel Capital has invested US $12.3 billion in 1,530 companies worldwide, and more Czech Republic, Finland, France, than 660 portfolio companies have gone public or been acquired. For more information, visit www.intelcapital.com or follow @Intelcapital Active Markets Germany, Israel, Netherlands, Poland, Russia, Sweden, United Kingdom

Founded 1991

Employees 51 - 100 (of which 10 in Europe)

Current Fund Size n/a SELECTED PORTFOLIO COMPANIES Use of Debt Yes

The company develops eighteen rotor electrically driven helicopters. AUM n/a

Target Investment Size €1m - €20m Full Portfolio • www.intelcapital.com/portfolio/

Finland, France, Germany, Israel, Russia, Target Geographies United Kingdom

E-Commerce Technology, Communications, Financial Technology, Target Sectors Health, Analytics, Digital Services, Hardware

Investment Style Active KEY CONTACTS

Deal Structures Minority, Lead, Other Chiara Sommer • Chiara Sommer is Investment Director of Intel Capital EMEA based in Berlin. [Photo] She identifies, evaluates, and leads strategic transactions in Central, Eastern Technologies & products; Market Investment Director and Northern European. Her investment focus includes Blockchain, IOT, Key Investment Criteria potentials; IP; Strategic alignment with Robotics, Big Data, Mobility and AI. Intel Email: [email protected]

Website www.intelcapital.com

Contact Email n/a

Contact Phone +49 16093991

INVESTOR BOOK 65 Iris Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Offices Paris, Berlin Iris Capital is a European venture capital funds’ manager specialized in the digital economy. It fuels entrepreneurs at various stages of maturity, from early-stage to growth equity. With its deep sector specialization and extensive experience acquired over 30+ years, as well as the backing of its corporate sponsors, Iris Capital provides active support to its portfolio companies, through its presence in Paris, Berlin, San Francisco, Tel Aviv, Active Markets Austria, France, Germany, Israel Tokyo and Dubai.

Founded 1986 IrisNext, Iris Capital’s new fund, includes for its first closing industry leaders such as Orange, Publicis and Valeo, joined by financial investors and institutions such as Bpifrance and BRED Banque Populaire. Iris Capital investments include, among others, companies such as Adjust, Careem, HappyCar, Kyriba, Open-Xchange, Mojio, Mopub, Netatmo, ReBuy, Scality, Searchmetrics, Shift Technology, Studitemps, Talend and Unu Motors. Employees 11 - 25 (of which 12 in Europe) For more information, visit www.iriscapital.com

Current Fund Size n/a

Use of Debt No SELECTED PORTFOLIO COMPANIES

AUM €700m A mobile marketing, leveraging a geolocation technology

Target Investment Size €500k - €20m Jedox is a business intelligence and corporate performance management solutions provider Target Geographies Austria, France, Germany, Israel

Marketplaces, Media, FinTech, Marketing, MOJIO is an open platform that enables users to connect their cars with other people, places, and things via Target Sectors Digital Services smartphone apps

Investment Style Active Full Portfolio • www.iriscapital.com/en/discover-our-investments

Deal Structures Minority KEY CONTACTS Fast growing companies that are reshaping entire industries: from Industry Key Investment Criteria 4.0, IoT, Cybersecurity and 5G networks Thorben Rothe to AI, Big Data, Cloud Computing and • Thorben is running Iris Capital's early-stage investment activities in the Software Design Principle German speaking countries Email: [email protected] Website www.iriscapital.com

Erkan Kilicaslan Contact Email [email protected] • Erkan is mainly responsible for late stage and growth capital investments Managing Partner across Europe, notably in the German speaking countries and Benelux, with a strong expertise in digital media, communications and IT Contact Phone n/a Email: [email protected]

INVESTOR BOOK 66 Kizoo Technology Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

KIZOO helps young start-up teams grow by providing mentoring, seed and early stage financing in SaaS, Internet & Mobile Services and a growing Offices Karlsruhe focus on Rejuvenation Biotech. Apart from the financial resources, KIZOO is happy to share their longtime experience in development, marketing and product management. Active Markets Germany Early Stage Financing KIZOO is looking for committed entrepreneurial teams with a clear focus to build high growth products. If you are looking for financing please feel Founded 2008 free to send a presentation, a prototype login or anything else you think might be appropriate to your venture to [email protected].

Employees 4 - 10 (of which all in Europe)

Current Fund Size €15m SELECTED PORTFOLIO COMPANIES Use of Debt No

Babbel is the world’s first language learning app-A leader in the online language learning industry AUM €200m

Mambu enables banking institutions to rapidly create, launch and service loan and deposit products through its Target Investment Size €500k - €1m agile cloud banking platform

Target Geographies Germany, Austria, Switzerland Staffbase - It supports industry leaders with their own branded app to engage their diverse, disconnected and dis- tributed workforce EdTech, Health, Digital Services, Financial Target Sectors Services Full Portfolio • www.kizoo.com Investment Style Active KEY CONTACTS

Deal Structures Minority, Flexible, Joint Control • Matthias is CFO of Kizoo. He has been part of the senior management team since the IPO of the AG in 2000. With his long-standing experience in the Committed entrepreneurial teams, clear Matthias Hornberger investment sector and his comprehensive knowledge of typical features of Key Investment Criteria focus to build high growth products, successful business models on the Internet, he is a competent reference CEO technical expertise product person for young founders. Matthias has extensive contacts in the high-tech industry and numerous local and national networks Website www.kizoo.com

Contact Email [email protected]

Contact Phone +49 721 51600

INVESTOR BOOK 67 Kreos Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

London, Stockholm, Herzliya Pituach, Kreos was founded 19 years ago with the single mission of pioneering unique financing solutions for high-growth companies across Europe and Offices St. Helier, Luxembourg Israel. Since then, Kreos has committed more than €1.8 billion in over 450 portfolio company transactions, in a variety of industry sectors and located in 14 countries. Kreos has been a success because, unlike traditional lenders, Kreos understands the needs of high-growth companies and the Active Markets Europe, USA, UK, Israel unique challenges that they face as global competitors.

The Kreos team has worked with companies at all stages of development offering everything from operational runway extensions through ac- Founded 1998 quisition financing. The common threads of the approach include operational flexibility, patience and commitment to creating value. Kreos takes both a credit and an equity view on each financing situation, offering quick feedback on any deal proposal – investing without the need for board seats, Employees 11-50 time-consuming audits, share revaluation, substantial equity dilution, deposits or personal guarantees. The Kreos team has the experien- ce to understand what companies across all stages require, and is able to provide debt funding facilities that meet the real-world demands of growing businesses and equity sponsors and investors. Current Fund Size €400m

SELECTED PORTFOLIO COMPANIES Use of Debt Yes Kreditech Group’s mission is to improve financial freedom for the underbanked with the use of technology. Com- bining non-traditional data sources and machine learning, the company is aiming to provide access to better credit AUM > €1.8bn and a higher convenience for digital banking services

Target Investment Size Up to €15m Abiquo is a leading developer of Cloud management solutions

Target Geographies Europe and Israel Adbrain is a London/US based big data company who have developed a sophisticated platform to harness big data giving marketers the ability to track consumers across multiple devices and as such can be utilised as a tool to Services, Cleantech, Communcation, drive marketing efficiency (both from a cost and performance point of view) Consumer, Life Sciences, Target Sectors Semiconductors, Software, Gaming, E- Commerce Full Portfolio • www.kreoscapital.com/portfolio/

Investment Style n/a KEY CONTACTS

• Mårten has more than 20 years of financial industry experience Deal Structures Minority Marten Vading • Previously: Director at UBS Warburg’s technology investment banking arm and Management Consultant at Ernst & Young International Key Investment Criteria High-growth companies Partner • M.Sc. from the Stockholm School of Economics and the Wharton School of the University of Pennsylvania

Website www.kreoscapital.com

Contact Email [email protected]

Contact Phone +44 20 77583450

INVESTOR BOOK 68 LeadX Capital Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Our mission is to accelerate digitalization of the hospitality, retail and food industries and their value chain by investing in fast-growing, disruptive Offices Munich, Düsseldorf, Paris, Berlin digital solutions. We invest in pioneering products and services, like: • PLATFORMS: Sector specific platforms/ drive efficiency gains Active Markets Europe • PROCESSES: Value chain optimisation/ significant cost reduction • TECHNOLOGY: Cutting edge digital solutions/ payment centric solutions

Founded 2015 WE LOOK FOR • companies that have the potential to become category leaders in their sectors Employees 10 (of which all in Europe) • proven business models with demonstrable traction and fast growth rates at investment • businesses that can scale in a capital efficient manner • focus on the European market Current Fund Size n/a WE FOCUS ON • investments into METRO Accelerator graduates as well as more mature investments with > €1 mio. revenue Use of Debt No • venture through to growth through to buyout opportunities with investments of up to €40m per company • high flexibility in terms of deal structures AUM n/a • financial returns and we are looking for situations where we can drive value through leveraging the relationship to METRO and HOSPITALITY digital and their customers €100k - €250k (HoReCa Innovation) • European based business growing internationally as well as non-European business looking to expand into Europe Target Investment Size €1m - €40m (HoReCa Investments) SELECTED PORTFOLIO COMPANIES Target Geographies Europe • We have ca. 50+ companies in the portfolio covering different segments of the value chain for food, retail and Hospitalitytech, Hoteltech, Foodtech, hospitality technologies. In particular: Orderbird, Shore, Yoyo Wallet, Planday, smunch, Lunchio, Impala, Target Sectors Full Portfolio Gastrotech and Retailtech Zenchef • Please see www.leadxcapital.com/portfolio/ Investment Style Active KEY CONTACTS Deal Structures Minority & Majority Sabine Flechet • Sabine is an experienced professional with background in strategy consulting, Digital transofmration in the target sectors; private equity and investment banking, targeting investment opportunities in Key Investment Criteria disruptive, scalable, fast growing Director Innovation Fund growth stage companies in Europe businesses with traction in Europe Email: [email protected]

Website www.leadxcapital.com

Contact Email [email protected]

Contact Phone +49 151 15116889

INVESTOR BOOK 69 Lakestar

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION DESCRIPTION

Lakestar makes early and growth stage investments in technology-enabled businesses predominantly in Europe and the United States driven by Offices Berlin, Zurich, New York, Guernsey exceptional entrepreneurs. We enjoy investing with a specific focus on business models that can achieve global scale quickly.

Active Markets US, Europe, Asia Lakestar and its General Partners have historically invested in facebook, Spotify, Skype, airBnB, klarna, and King.com, and more recent invest- ments include Oscar, Algomi, Teralytics, GoEuro, AngelList, Maker Studios, Taulia and Harry’s.

Founded 2012 The Lakestar team is on the ground in Berlin, London, Guernsey, New York City and Zurich.

Employees 14

Current Fund Size €350m SELECTED PORTFOLIO PORTFOLIOCOMPANIES COMPANIES Use of Debt Yes Spotify is a commercial music streaming, podcast, and video service that provides digital rights management–pro- tected content from record labels and media companies AUM €500m

Early Stage: €1m - €10m Oscar is a New York based technology-driven healthcare service and insurance provider for US citizens. It has been Target Investment Size Late Stage: >€10m created as a reaction to changes in the US healthcare environment, commonly known as the “Obamacare” program

Target Geographies US, Europe, Asia Harry’s business model is to design and produce high-quality razors and shaving equipment and sell them at a com- petitive price point despite high-quality design Internet and mobile technology enabled Target Sectors businesses Full Portfolio • www.lakestar.com Investment Style Active KEY CONTACTSCONTACTS

Deal Structures Minority Shareholder Klaus Hommels Michael Stuenkel Christoph Schuh Founder & CEO Partner Partner Outstanding Team / Entrepreneurs, global Key Investment Criteria [email protected] [email protected] scale

Website www.lakestar.com Magnus Graf Lambsdorff Nicolas Brand Mathias Haniel Partner Partner Investment Manager Contact Email N/A [email protected]

Contact Phone N/A

INVESTOR BOOK 70 Levensohn Venture Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

LVP currently advises and co-manages three early stage venture capital funds. These funds follow three prior venture funds that invested over $200 Offices San Francisco million in emerging companies since the firm's inception in 1996.

Active Markets n/a In one of these direct venture capital investing roles, Pascal Levensohn joined Dolby Family Ventures in 2014 as a Managing Director. Andrew Krowne is a Principal at Levensohn Venture Partners who joined the firm in 2014. He is an active member of the investment team across all of the direct investing and advisory activities of the firm. Founded 1996 In addition to direct investing, Levensohn Venture Partners advises a select group of family offices in the roles of Chief Investment Officer and Strategic Advisor, overseeing a wide range of direct investments ranging from the wine industry to . Employees 5 - 10 (of which 0 in Europe)

LVP is no longer making new investments but continues to actively support its existing companies. Current Fund Size $200m SELECTED PORTFOLIO COMPANIES Use of Debt No Akros Silicon is a fabless semiconductor company developing power management ICs that facilitate remote network-based energy management. AUM $200m

ShotSpotter, a public company, pioneers in gunfire detection and location technology and is used by more than 90 Target Investment Size n/a cities.

Target Geographies n/a Full Portfolio • www.levp.com/news/portfolio/

Target Sectors n/a

Investment Style Active KEY CONTACTS

Deal Structures n/a Pascal Levensohn • Pascal is the founder Levensohn Venture Partners (LVP) and the CEO of Generation Strategic Advisors LLC (GSA); he has held both positions since Managing Partner 1996. Pascal joined Dolby Family Ventures, L.P. as a Managing Director in Key Investment Criteria n/a 2014 after advising the Dolby family on its direct technology investment Email: [email protected] portfolio since 2012.

Website www.levp.com

Contact Email n/a

Contact Phone +1 415 4491005

INVESTOR BOOK 71 M2P Venture Capital Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

M2P Consulting has been recognized as the "Hidden Champion of Consulting" in the Logistics & Transportation Industry, the "Best Of Consulting Offices 6 2016" in the category Digitization and IT Management for mid-sized consultancies and the "Best Of Consulting 2017" in the category Public Sector for mid-sized consultancies. Active Markets 6 M2P Consulting is a venture partner and innovation scout for large corporates and investment funds within the TT&L space. Building on 19 years of consulting expertise, as an award winning strategy consulting firm with a strong focus on logistics and aviation, the Venture & Capital Partners unit Founded 1999 identifies exciting investment opportunities and is a holistic end-to-end value creation partner for venture investments. Due to the combination of Investment Advisory, Management Consulting and Asset Management we can provide our clients with seamlessly integrated targeted, efficient and professional solutions. Employees 100 (of which 80 in Europe)

Current Fund Size - SELECTED PORTFOLIO COMPANIES Use of Debt Yes

AUM n/a

Target Investment Size Various

Target Geographies Europe

Target Sectors TT&L

Investment Style Active KEY CONTACTS

Deal Structures Majority/Minority

• Former VP at Deutsche Telekom Capital Partners Key Investment Criteria Post-revenue, early-stage Name: Dr. Christoph Lymbersky Photo • Serial Entrepreneur (ITMG, COMODEX, MLP) Title: Partner • 13 years of consulting experience Website www.m2p.net Email: [email protected]

Contact Email [email protected]

Contact Phone +49 173 729 0019

INVESTOR BOOK 72 Mangrove Capital Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Founded in 2000, Mangrove Capital Partners is an investment firm dedicated to finding and helping passionate, innovative entrepreneurs start Offices Luxembourg, Barcelona, Berlin, Tel Aviv and grow global, disruptive companies. With successes such as Brands4Friends (sold to eBay),Skype (sold to eBay), Wix (IPO in October 2013), KupiVip (Russia's leading luxury e-commerce company) and FreedomPop (the leading free mobile internet provider in the US), the firm Active Markets Europe, Israel, US, India has established itself as one of the pre-eminent early stage investment firms in Europe.

Mangrove chases bold, transformational ideas around Europe and Israel at he earliest stages and invests across a variety of sectors, with an Founded 2000 emphasis on business models and technologies that leverage the internet to address pervasive business or consumer problems.

Employees 13 SELECTED PORTFOLIO COMPANIES

Wix. world leading website creation platform. IPO in 2013. Current Fund Size €200m

Use of Debt No Walkme. pioneer of a digital adoption platform to simplify the online experience through user insights, engagement and guidance.

AUM €800m Kang, the personal health assistant. Using big data and AI, Kang is taking diagnosis to a new, more accurate level for patients and doctors. Target Investment €500k - €15m Size RedPoints, the Smart Solution for Brand Protection. Target Europe, Israel Advanced algorithms detect, monitor and remove piracy and counterfeits. Geographies

Target Sectors Software and Internet KEY CONTACTS

Hans-Jürgen Schmitz • Mangrove Co-Founder Investment Style Active [Photo] Managing Partner • 18 years of VC investing

Email: [email protected] • Current Portfolio: Helpling, Outfittery, Storeking, Travelnest Deal Structures Minority

Category defining technologies, Mark Tluszcz • Mangrove Co-Founder Key Investment Disruptive product or service, [Photo] Managing Partner • 18 years of VC investing Criteria Exceptional and ambitious founders Seed and Early Stage Email: [email protected] • Current Portfolio: FreedomPop, JobToday, Kang, Tailorbrands, Wix

Website www.mangrove.vc Nikolas Krawinkel • Berlin representative

Principal • 3 years of VC investing and former entrepreneur Contact Email [email protected] Email: [email protected] • Current Portfolio: Badiapp, Adverity

Contact Phone (+352) 26 25 34 1

INVESTOR BOOK 73 Munich Venture Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Munich Venture Partners is the high-tech venture capital specialist based in Munich, and one of Germany's largest. As an independent venture fund, Offices Munich HQ MVP concentrates on investments for leading-edge start-up companies with Transformative Technologies, which will fundamentally transform established value chains. The investment focus is in Europe and on a select basis, beyond. Relevant sectors include: Cleantech, IoT, Mobility, Active Markets Europe & North America Energy, Advanced Materials, AI, and Robotics. MVP was founded in 2005 and is part-funded by the European Union and its Competitiveness and Innovation Framework Programme (CIP).

Founded 2005

Employees 10 (of which 10 in Europe)

Current Fund Size €130m

SELECTED PORTFOLIO COMPANIES Use of Debt No relayr is a rapidly-growing IoT company providing enterprise middleware and IoT solutions (e.g. Equipment ) for the digital transformation of industries. As a thought leader in enterprise IoT, relayr enables AUM €190m interoperability through industrial grade platforms.

sonnen is worldwide market leader for residential battery storage and operator of the largest energy sharing €1m - €5m initial investments Target Investment Size platforms. The sonnenCommunity is a peer-to-peer network based on the blockchain idea for sharing self- €1m - €15m follow-on investments generated energy. Sonnen already supplies over 120,000 people globally with energy.

Target Geographies Europe & selectively North America Luxexcel developed a turn key 3D printing solution for ophthalmic laboratories. The company offers a revolutionary new approach to lens manufacturing and opens up new opportunities to differentiate and creates unique Transformative Technologies: Cleantech, customized ophthalmic products for VR & AR glasses. Target Sectors IoT, Mobility, Energy, Advanced Materials, AI, and Robotics Full Portfolio • www.munichvp.com/portfolio.html

Investment Style Active & Passive KEY CONTACTS Deal Structures Joint control & Minority Dr. Martin Kröner • MVP; Linde Group; agnion; thermotec Scalability; Team Fit; Managing Director Key Investment Criteria Transformative Technologies incl. 2nd • Investment Manager for sonnen, Luxexcel, Electrochaea, Kebony, and COBI Story Email: [email protected]

Website munichvp.com Daniel Vukovic • MVP; Horvath & Partners; Reichmuth & Co; Siemens Investment Associate Contact Email [email protected] • Investment Associate for Electrochaea and Prolupin Email: [email protected] Contact Phone +49 89 200012329

INVESTOR BOOK 74 Next Media Accelerator

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Next Media Accelerator is an independent accelerator funded by more than 30 media outlets in Germany and Austria. NMA invests in early stage Offices 1 mediatech startups from Europe and Israel providing innovative solutions to disrupt the media.

Active Markets Europe, Israel

Founded 2015

Employees 7

Current Fund Size €8m SELECTED PORTFOLIO COMPANIES Use of Debt No

Spectrm Is the easiest way to create powerful chatbots people love. AUM n/a

Video-livestreaming your event in flawless quality to multiple platforms like Facebook, Youtube, website, etc. Target Investment Size €50k

Target Geographies Europe, Israel AdTriba allows advertisers to track, control and optimize their marketing activities across all digital marketing channels.

Target Sectors Media, Publisher, Ad-Tech Full Portfolio • www.nma.vc/portfolio

Investment Style active KEY CONTACTS

Deal Structures n/a Nico Lumma

Managing Partner Key Investment Criteria Great team [email protected]

Website www.nma.vc Sabela Garcia

Contact Email [email protected] Program Manager [email protected] Contact Phone n/a

INVESTOR BOOK 75 NWZ Digital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Venture Capital and Private Equity for Digital Winners Offices Oldenburg

NWZ Digital is the corporate venture arm of NWZ Media Group. We view ourselves primarily as strategic investors. Every day we are driven by three Active Markets Media, Digital Media & Publishing Tech motives: increasing our digital know-how, leveraging the synergetic potential of our VC and PE investments and financial prospects. First and foremost, we are not looking for fast exits, but for sustainably growing companies with a long-term perspective.

Founded 2010

Employees 4 (of which all in Europe)

Current Fund Size N/A SELECTED PORTFOLIO COMPANIES Use of Debt No

[ Logo ] • FINANZCHECK.de is the independent online comparison site for personal loans and private financial products. AUM N/A

• Meetrics provides real-time data on ad impressions across all delivery channels, for Viewability, Ad Fraud, Brand [ Logo ] Target Investment Size €1m - €7m+ Safety and Audience Matching.

Target Geographies Germany [ Logo ] • Nebenan.de offers neighbors a useful and secure platform for building and maintaining neighborly relations.

Digital Media, Classifieds, Content, Target Sectors Platforms, eCommerce, AdTech Full Portfolio • www.nwzonline.de/intern/nwz-digital/portfolio Investment Style Active KEY CONTACTS Deal Structures Minority, Flexible Marc Del Din Digital media-related business model, [Photo] Key Investment Criteria exceptional and ambitious team, proven Managing Partner traction, defendable assets, series A+ [email protected]

Website www.nwz-digital.de Dr. Christian Horneber [Photo] Contact Email [email protected] Sn. Investment Manager [email protected] Contact Phone +49 441 9988 9621

INVESTOR BOOK 76 P101

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

P101 is a leading Venture Capital fund investing into Series A and B early stage companies operating in sectors like Digital, Fintech, Big Data, Offices Milan Consumer, Media, Cybersecurity, Proptech, Regtech

France, Germany, , Netherlands, Active Markets Spain, UK

Founded 2013

Employees 4 - 10 (of which 10 in Europe)

Current Fund Size €100m

SELECTED PORTFOLIO COMPANIES Use of Debt No

BeMyEye is a European crowdsourced in-store (DAAS) provider AUM €130m

Target Investment Size €1m - €7m Cortilia is the leading fresh food online retailer in Italy, offering the best products from local and other excellent producers

France, Germany, Italy, Netherlands, Target Geographies Spain, UK BorsadelCredito.it is a online SME lending marketlpace E-Commerce Technology, Marketplaces, Media, EdTech, Travel & Transportation, Target Sectors FinTech, Financial Services, Analytics, Digital Services Full Portfolio • www.p101.it/en/portfolio/

Investment Style Active KEY CONTACTS

Deal Structures Minority Giuseppe Donvito

Partner • Technology investor Key Investment Criteria Minimum monthly revenues run rate €60k Email: [email protected]

Website www.p101.it/en/

Contact Email [email protected]

Contact Phone +393 4406182

INVESTOR BOOK 77 Partech

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Partech is a transatlantic investment platform for tech and digital companies, dedicating capital and resources to support entrepreneurs from seed to Offices Paris, Berlin growth on four continents.

Active Markets USA, Europe The Partech Ventures team of 45 professionals / 12 partners in San Francisco, Paris and Berlin leads 50 to 70 investments per year across the whole tech spectrum, from digital services, software and security to hardware, electronics and advanced tech. Since 2012, Partech Ventures has built a unique business development capacity to foster synergies and business relationships between entrepreneurs, strategic industry partners and a Founded 1982 large network of angels and tech executives. Companies backed by Partech Ventures have completed 21 initial public offerings and more than 50 exits above €100m. Employees 45 (of which 24 in Europe)

Current Fund Size €950m SELECTED PORTFOLIO COMPANIES Use of Debt No

Leading DIY products and services marketplace in Europe AUM €1.2bn

Visionary entreprise information management software Target Investment Size €200k - €40m

Target Geographies USA, Europe Leading cross-border direct business lending marketplace in continental Europe

Target Sectors IT & Digital Full Portfolio • www.partechpartners.com/companies/

Investment Style Active KEY CONTACTS Majority, Minority, Flexible, Joint Control, Deal Structures Lead Omri Benayoun Olivier Schuepbach

Key Investment Criteria Team, Market, Model, Momentum General Partner General Partner [email protected] [email protected]

Website www.partechpartners.com Bruno Cremel Otto Birnbaum

Contact Email [email protected] General Partner Principal [email protected] [email protected]

Contact Phone n/a

INVESTOR BOOK 78 Piton Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Piton Capital is a venture capital and growth equity firm based in London. It focuses on investments in online companies with network effects, such as Offices London marketplaces and exchanges. Its founding partners have deep entrepreneurial and investment experience, and have been instrumental investors in Betfair and QXL Ricardo, amongst others. Piton’s current portfolio includes companies such as Auto1, Fanduel, ManoMano, McMakler, RedBubble, Active Markets Worldwide Watchfinder, BullionVault, Watchfinder, Docplanner and Booksy.

Piton invests from EUR 200k – 20m in network effects businesses across all stages. Founded 2010

Employees 6 (of which 6 in Europe)

Current Fund Size N/A SELECTED PORTFOLIO COMPANIES Use of Debt No

• AUTO1.com is an end-to-end marketplace for used cars AUM N/A

• FanDuel is the leading daily fantasy sports platform in the US Target Investment Size €200k - €20m

Target Geographies Worldwide • DocPlanner enables patients to find great, local physicians online and book an appointment

Target Sectors Any Full Portfolio • www.crunchbase.com/organization/piton-capital

Investment Style Active KEY CONTACTS

Deal Structures Any • Instrumental investor in QXL Ricardo Andrin Bachmann [Photo] • Co-founder Glocalnet of (Swedish telco) Partner Key Investment Criteria Online companies with network effects • Companies: Auto1, FanDuel, ManoMano, DocPlanner, Videdressing, Email: [email protected] etc.

Website www.pitoncap.com Natasha Ratanshi [Photo] Contact Email [email protected] Principal • 2+ Years at Piton Capital, Previously M&A at Goldman Sachs Email: [email protected]

Contact Phone +44 207 408 0451

INVESTOR BOOK 79 Project A

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

The Berlin-based investor makes use of €260m in assets under management to back early-stage companies in the digital technology space. Project A Offices Berlin is pursuing a unique operational VC approach that provides its ventures with capital, an extensive network and exclusive access to a wide range of operational expertise. With its unique organizational structure featuring 100 operational experts, Project A offers its portfolio companies hands-on Active Markets n/a support in the areas of Software Engineering, Digital Marketing, Design, Communications, Business Intelligence, Sales and Recruiting.

The portfolio includes companies such as KRY, Catawiki, WorldRemit, Spryker, Contorion, uberall and eyeota. Founded 2011 You can find more information at www.project-a.com and on the blog insights.project-a.com/. Employees 100 SELECTED PORTFOLIO COMPANIES Current Fund Size €140m Catawiki is a global online auction platform which unites buyers and sellers of special objects and collectibles in a unique way. The company was founded in 2008, since 2011, Catawiki has been hosting weekly auctions for special Use of Debt No objects, from comic books to classic cars and everything in between. With millions of visitors from across the world every month, Catawiki is the most trusted place for selling high-quality and hard-to-find objects online. KRY is a digital health startup, providing its users a modern care experience by offering a digital healthcare center AUM €260m where patients can meet a doctor via video. The app is developed for patients who need healthcare for medical concerns that do not require a physical examination for diagnosis. KRY is an approved healthcare provider and is therefore subject to the same rules and regulations as all other providers of healthcare in Sweden. Target Investment Size €500k - €5m WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet. It is a convenient, low-cost alternative to traditional money transfer companies that use high street agents and charge unreasonable fees. Money can be received as a bank deposit, cash pick-up, Mobile Target Geographies Europe Money, or mobile airtime top-up. WorldRemit’s service is available to senders in 50 countries. It offers transfers to more than 140 destinations across Europe, Asia, Africa, Australia and the Americas. Target Sectors Digital Technology Full Portfolio www.project-a.com/en/portfolio

Investment Style Venture Capital KEY CONTACTS

Thies Sander Deal Structures Seed / Series A Thies is a founding partner at Project A. In this role, Thies is a trusted advisor to Project A portfolio companies and oversees Project A's investor relations and Founding Partner talent management activities. Thies is serving on the board of companies as for example KRY, Spryker, uberall and Contorion. Key Investment Criteria n/a Email: [email protected]

Florian Heinemann is a founding partner at Project A, where he is responsible Website www.project-a.com Dr. Florian Heinemann for marketing, CRM and business intelligence. Prior to his current role, he was a managing director at Rocket Internet (2007-2012). At Rocket, he was Founding Partner instrumental in building Zalando, Global Fashion Group and eDarling/Affinitas. Contact Email [email protected] Email: [email protected] Florian is serving on the board of companies as for example WorldRemit, Eyeota, Opinary and CrossEngage.

Contact Phone +49 30 340606301

INVESTOR BOOK 80 ProSiebenSat.1 Accelerator

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

We invest in B2C start-ups offering mass market relevant products or services, established a market proven business model and already gained Offices Unterföhring, Berlin traction and revenues. We enable these start-ups to reach the mass market with a EUR 1.3m advertising volume (TV, Online Video, Digital-Out- of-Home, and influencer campaigns) consequently accelerate their business to the next level. Active Markets Austria, Germany, Switzerland Besides media volume, we also provide our start-ups with growth-related mentoring, office space in Berlin, as well as access to the extensive network of the ProSiebenSat.1 Group – one of the largest media corporations in Europe. Founded 2013

Employees 4 - 10 (of which 5 in Europe)

Current Fund Size n/a

SELECTED PORTFOLIO COMPANIES Use of Debt No

Fascinating company for food & beverage AUM n/a

Target Investment Size €500k - €1m Urban sportswear

Target Geographies Austria, Germany, Switzerland Metasearch for designer deals and vintage goods Retail, E-Commerce Technology, Marketplaces, Travel & Transportation, Target Sectors FinTech, Financial Services, Health, Digital Services Full Portfolio • www.p7s1accelerator.com/portfolio/

Investment Style Active KEY CONTACTS

Deal Structures Minority Jens Pippig • Jens is the Founder and Managing Director. Before that he was leading the Group's strategy department. Prior to that, Jens spent eight years at Managing Director McKinsey & Company in Berlin and specialized in e-commerce, private Key Investment Criteria B2C, EUR 0.25m to 2.5m revenue p.a. Email: [email protected] equity, and retail businesses. He also founded two succesful startups.

Website www.p7s1accelerator.com Peter Lauerbach • Peter is responsible for running and developing the ProSiebenSat.1 Accelerator Program. Before Peter joined the Accelerator team, he gained Investment Manager Contact Email [email protected] experience in business consultancy and Startups like recently at OptioPay, as Email: [email protected] well as in several international corporations like BMW and Walt Disney.

Contact Phone n/a

INVESTOR BOOK 81 PropTech1 Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

PropTech1 Ventures is the first venture capital fund focused on PropTech startups in Germany. For decades, the real estate industry has shied away Offices Berlin from true innovation, but now faces drastic change because of the advancing digitalization. This creates enormous opportunities for PropTech startups that focus on the optimization, digitalization, and disruption of the real estate industry. PropTech1 Ventures is a joint project of the real estate Active Markets Austria, Germany, Switzerland entrepreneur Marius Marschall and the COOPERATIVA Venture Group, thereby combining the expertise and access to market of leading experts of the traditional real estate industry, the PropTech scene, as well as the venture capital sector.

Founded 2018

Employees 4 – 10 (of which 9 in Europe)

Current Fund Size n/a SELECTED PORTFOLIO COMPANIES Use of Debt No

Full Portfolio • www.proptech1.ventures AUM n/a

Target Investment Size €500k - €2.5m

Target Geographies Austria, Germany, Switzerland

Target Sectors Real Estate

Investment Style Active KEY CONTACTS

Deal Structures Majority, Minority, Lead Nikolas Samios • Nikolas Samios is Founding Partner of PropTech1 Ventures & Managing Partner of COOPERATIVA Venture Group. He has participated in >100 PropTech startups that optimize, digitalize, Founding Partner venture transactions on both sides of the table & is author of the VC book Key Investment Criteria and disrupt the real estate industry DEALTERMS.VC that has garnered overwhelmingly positive reviews by the Email: [email protected] startup press.

Website www.proptech1.ventures

Contact Email [email protected]

Contact Phone n/a

INVESTOR BOOK 82 Redalpine Venture Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Redalpine provides Venture Capital to highly scalable European start-ups. Our mission is to help talented entrepreneurs turn an ambitious vision into Offices Zurich reality by providing money, experience, coaching and door opening. Redalpine was established in 2007 by a group of successful serial entre- preneurs, business angels and start-up coaches. Since the mid-eighties, they have co-founded and supported some of the most disruptive and successful European high-tech start-up companies, including Xing, SoundCloud and Plazes. The three funds currently in operation have invested in Active Markets n/a over 40 ICT and Health Tech companies with more than 20 exits.

Founded 2007

Employees 8 (of which all in Europe)

Current Fund Size CHF 150m SELECTED PORTFOLIO COMPANIES Use of Debt No

Europe’s Most Modern and Entirely Smartphone-Based Bank AUM CHF 150m

Art. Everywhere. Online Shop for Art, Apparel and Accessories Target Investment Size CHF 500k – CHF 3m

Europe (with focus on Switzerland & Target Geographies Germany) Fully Automated Data Driven SME Financing

Target Sectors ICT, Health Tech Full Portfolio • www.redalpine.com/portfolio/

Investment Style Active KEY CONTACTS

Deal Structures Minority Peter Niederhauser • Serial entrepreneur since 1986, co-founder of Miracle Software, Business Founder, Partner Angel Eartly stage, highly scalable technology / Key Investment Criteria Email: [email protected] • Companies: N26, Juniqe, Trekksoft, Blackbill, Taxfix, Bexio product, convincing founders Michael Sidler • PhD in Life Sciences, Consultant at BCG, Business developer at Prionics, CTI- startup coach Website www.redalpine.com Founder, Partner • Companies: Redbiotec, Medmira, Versantis, Lunaphore, Memo Therapeutics, Email: [email protected] Genialis Contact Email [email protected] Harald Nieder • PhD in Physics, Corporate Risk Advisory at BNP Paribas, FX Structuring at Partner Merrill Lynch, Business Angel Contact Phone +41 442711530 Email: [email protected] • Companies: Jodel, CarThrottle, Home, Zenjob, Morressier, Lemon One

INVESTOR BOOK 83 Redline Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Redline invests in fast-growing companies with differentiated technologies across North America, Europe and Israel. Offices London, Luxembourg

Redline’s funds originate from Vladimir Evtushenkov, the majority shareholder and principal founder of Sistema, listed on the LSE. Sistema is one of Active Markets North America, Europe & Israel Russia’s largest publicly listed investment companies and has been investing in various technology segments for over twenty years.

Sistema is the majority shareholder of Mobile TeleSystems (MTS), listed on the NYSE. MTS is the leading telecommunications group in Eastern Founded 2014 Europe, offering mobile and fixed voice, broadband, pay TV as well as content and entertainment services. MTS services over 100 million mobile subscribers. In addition, through its many portfolio companies Sistema also holds leading positions in a range of other sectors, including Media, Radio, Security, Microelectronics, Healthcare, Retail, Pharmaceuticals, and Transportation. Employees 11 - 25 (of which 7 in Europe)

Current Fund Size $350m SELECTED PORTFOLIO COMPANIES Use of Debt No

iwoca offers flexible credit to small businesses across Europe AUM N/A

Weave Cloud simplifies deployment, monitoring and management for containers and microservices Target Investment Size $5m - $40m

North America, Europe & Israel Target Geographies Touch Surgery offers a mobile app to teach procedures digitally to the global surgical community

Enterprise Software, FinTech, AI and Target Sectors Robotics, Life Science Technologies Full Portfolio • www.redline-capital.com/portfolio/

Investment Style Active KEY CONTACTS

Deal Structures Minority • Benno is a Principal at Redline based in London Benno Jering • He previously worked at two Tech-focused investment banks in London. Prior Team, IP, Growth, Track Record, to that he was with Credit Suisse, where he focused on M&A, Equity and Key Investment Criteria Principal Market Potential Leveraged Finance transactions in the TMT sectors. Benno holds a Business [email protected] degree from Warwick Business School • Companies: iwoca, Anodot Website www.redline-capital.com

Contact Email [email protected]

Contact Phone +44 207 499 1725

INVESTOR BOOK 84 red-stars.com data

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

We are an operative holding company, foussed on software in the spaces of B2B digitalization. Offices Vienna, Hamburg Aeras of interest: • IoT Active Markets n/a • EDI • Processes, design and analyses • Fast Prototyping Founded 2000 • Smart Contracts • Social Media Analyses • Industrial Platforms Employees 10 (of which 8 in Europe) • Copliance/Cloud

Current Fund Size n/a SELECTED PORTFOLIO COMPANIES Use of Debt No

Global IoT SIM management solution, integrated billing, cloudbased AUM €200m

Managed EDI services in the cloud Target Investment Size > €1m

Target Geographies global Ultra fast prototyping, Instant development of business application software

B2B Software, IoT, Connectivity, Target Sectors Processes Full Portfolio • www.red-stars.com

Investment Style Active KEY CONTACTS

Deal Structures whatever works Thomas Streimelweger • CEO & Founder red-stars.com data AG CEO • Chairman MAVOCO Key Investment Criteria Scalablility, USP in technology • CEO, Chairman & Founder S&T AG, (IPO 1998, today TecDAX) [email protected]

Website www.red-stars.com • COO red-stars.com data AG

Wolfgang Fritz • CIO Tchibo Group Contact Email [email protected] • IT Director Eduscho COO • SAP Key Project Leader [email protected] • IT Consultant & Developer Contact Phone +43 6643402678

INVESTOR BOOK 85 Redstone

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Redstone is a Berlin-based Venture Capital firm working with multiple corporate venture funds. We have reinvented corporate Venture Capital Offices Berlin (HQ), Helsinki, Zurich through our VC-as-a-Service model, which connects industry leaders with ambitious founders. Together with our industry partners, we activate corporate capital, knowledge and network to support our entrepreneurs in growing their businesses. Active Markets Global Additionally to our investment service we provide tailored intelligence that empowers partners to make better-informed strategic decisions and stay informed about future digital trends. Redstone is run by experienced entrepreneurs and investors with deep roots in the German and European technology ecosystem. Our founding Founded 2014 partners have built and advised some of Europe's largest technology companies over the last two decades.

Employees 25

Current Fund Size Managing Multiple Funds SELECTED PORTFOLIO COMPANIES Use of Debt No

AUM Managing Multiple Funds

Target Investment Size €250k – €5m

Target Geographies Global with focus on Europe & DACH

FinTech, PropTech, Mobility, Logistics, Target Sectors Industrial IoT

Investment Style Active KEY CONTACTS

Deal Structures Minority Investments Marcus Schroeder • Director Investment Banking, Merrill Lynch; Global Head of Automotive M&A, Partner Societe General; Global Head of Industrials and Automotive M&A, Santander Key Investment Criteria Seed – Series B Bank; Director Investment Banking, Merrill Lynch [email protected]

Website www.redstone.vc Bastian Faulhaber • Business Development, Rocket Internet Venture; Research Consultant, Contact Email [email protected] Investment Manager goetzpartners; Entrepreneur [email protected] Contact Phone +49 30 2759 2650

INVESTOR BOOK 86 RTA Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

RTAventures VC is an early stage venture capital firm investing in online and healthcare undertakings. Apart from doing direct investments RTA.vc Offices Warsaw, Berlin invests also in other venture capital funds. RTAventures VC did 29 new investments in last 6 years, plus over twenty of follow-ons. They made 8 investments in Germany, 5 in the U.S., 8 in Austria, France, Germany, Poland, Spain, Active Markets Poland, 1 in Spain, 2 in Slovenia, 1 in Austria, 1 in Ukraine and 3 in France. They are committed to supporting the entrepreneurs wholeheartedly United Kingdom alongside other investors, in particular, Point Nine Capital from Berlin. RTAventures VC is managed by Piotr Kulesza and Lubomir Jurczak. Founded 2011

Employees 1 - 3 (of which all in Europe)

Current Fund Size €10m SELECTED PORTFOLIO COMPANIES Use of Debt No Typeform - cloud-based application for users to create and respond to surveys and other types of forms on any device AUM €25m

Docplanner - online healthcare platform enabling patients to find local physicians online and book appointments Target Investment Size €100k - €1.5m

Target Geographies Europe GoOpti is a long distance dynamic shuttle platform connecting passengers and transportation company between small cities and airports

Target Sectors Marketplaces, Health, Digital Services Full Portfolio • www.rtaventures.com/

Investment Style Active KEY CONTACTS

Deal Structures Minority, Flexible Piotr Kulesza

[ Cofounding Partner • General partner and founder of RTAventures VC Key Investment Criteria Working product with great engagement Email: [email protected]

Website www.rtaventures.com

Contact Email [email protected]

Contact Phone n/a

INVESTOR BOOK 87 ru-Net

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Founded in 1999 in Moscow, Russia and initially best known for its early stage investment in Yandex.ru (YNDX) and OZON.ru, ru-Net currently Offices Moscow supports over 30 active portfolio investments across Russia, India, SEA and Europe. The strategy is to find leading high-growth companies disrupting the market and work closely with the teams to help with necessary aspects of growing the company – fund-raising, recruiting and business Active Markets Europe, India, South East Asia, Russia expansion. The ru-net team uses a flexible investment approach with investments both in early and growth stage companies with diffe- rent check sizes depending on the company needs.

Founded 1999

Employees 4 - 10 (of which 4 in Europe)

Current Fund Size $700m SELECTED PORTFOLIO COMPANIES Use of Debt No DeliveryHero - network of online food ordering sites with over 100 restaurant partners worldwide AUM n/a

Dawanda - online marketplace that trades handmade products from professional artisans, artists, designers, and Target Investment Size $1m - $30m individuals

Target Geographies Europe, India, SEA, Russia Tradeshift - Global network and platform that helps companies innovate the way they buy, pay and work together

Marketplace, E-Commerce, Mobile, Target Sectors Entertainment, Social Full Portfolio • www.ru-net.ru

Investment Style Active KEY CONTACTS

Deal Structures Minority Alexander Pavlov • Joined ru-Net in 2008 Early or growth disruptive tech companies Investment Partner Key Investment Criteria • Companies: Dawanda, Esky, GFH backed by top-tier teams Email: [email protected]

Website www.ru-net.ru

Galina Chifina • Joined ru-Net in 2008 Contact Email [email protected] Investment Director • Companies: Dawanda, Esky, GFH

Contact Phone n/a

INVESTOR BOOK 88 Seventure Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Seventure Partners finance innovation and participate in the entrepreneurial adventure alongside our entrepreneurs. The Seventure team shares the Offices Paris, Munich passion to succeed. Established in 1997, Seventure Partners is a key player in European venture capital with more than €600m under manage- ment. As an active partner of French and European technology firms with strong growth potential, Seventure Partners finances the development of Active Markets France, Germany innovative companies. Seventure is an established European lead investor. With more than twenty employees, including about fifteen in the investment team, Seventure Partners has demonstrable in-depth expertise in many areas of technology, entrepreneurship, fund raising and corporate finance. Seventure has built an impressive investment track record over more than 10 years. The team has completed over 50 exits, 15 of Founded 1997 which were IPOs. Seventure Partners supports wealth creation and technological development in Europe: our active support has enabled the creation of over 3500 jobs directly. Employees 25 (of which all in Europe)

Current Fund Size n/a SELECTED PORTFOLIO COMPANIES Use of Debt No

Enables businesses to accept mobile payments with all major credit cards on their smartphone and tablet. AUM n/a

Tesbirds provides mobile apps and websites crowdtesting (bug and usability testing). Target Investment Size €1m - €5m

Target Geographies Germany Customers are able to compare and book trains, flights, long distance buses and ride shares in one search.

Target Sectors FinTech, SaaS, Innovative services Full Portfolio • www.seventure.fr/en/our-expertise/

Investment Style Active, Passive KEY CONTACTS

Deal Structures Control, joint control, minority • MBA and PhD degree from University of Munich Wolfgang Krause • 15 years experience in the information and telecom industry, both in business Proven business model – no seed Key Investment Criteria development functions and as an early stage investor investments Venture Partner • Companies: Payleven, Testbirds, From A to B. Webdata

Website www.seventure.fr/en

Contact Email [email protected]

Contact Phone +49 89 87806860

INVESTOR BOOK 89 SevenVentures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

SevenVentures is the leading TV media investor worldwide. As the investment arm of the ProSiebenSat.1 Group, SevenVentures is the ideal partner Offices Munich for fast-growing B2C companies, particularly in the consumer goods, retail, and services sector, with the potential to achieve sustainable success through the use of TV advertising. The example of Zalando has shown how a company can rapidly become a market leader or familiar brand. Active Markets Global SevenVentures also supports companies seeking international growth with media power, capital, and all the other services of the ProSiebenSat.1 Group. Together with the group network consisting of leading European media companies, they always find the right path to growth.

Founded 2009

Employees 26 - 50 (of which all in Europe)

Current Fund Size n/a SELECTED PORTFOLIO COMPANIES Use of Debt No

lieferando - Market leader in the field of home food delivery services AUM n/a

shopkick - Shopping app for smartphones and tablets that offers customers rewards for walking into stores Target Investment Size €5m - €50m

Global (companies entering the German Target Geographies Market) justfab - Online subscription fashion retailer that carries selections of shoes, handbags, jewelry and denim

Target Sectors Consumer Goods Full Portfolio • www.sevenventures.de/en/portfolio-en

Investment Style Flexible KEY CONTACTS

Deal Structures Minority Florian Pauthner • Florian Pauthner is Managing Director of SevenVentures. Previous he served as an M&A advisor for one of the biggest financial institutions of Northern Managing Director Europe and worked for a leading consultancy. Key Investment Criteria B2C, Scalable, clear way to monezization • Philip Fischer is Senior Manager Equity at SevenVentures. He gained industry Philip Fischer expertise in the M&A division of a top-tier US investment bank in London and Website www.sevenventures.de Senior Manager Equity Africa. Further practical experience include a role as Associate Partner at a Fintech start-up and management consulting.

Florian Weber • Florian Weber is Director Media Investments. Prior to SevenVentures he Contact Email [email protected] worked, among others, for a leading publisher & media group as well as a Director Media Investments leading international bank. He is a specialist for media impact analysis.

Contact Phone +49 8995078699

INVESTOR BOOK 90 Speedinvest

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Speedinvest lays its focus on European early stage technology. Besides financial investments, the fund actively deploys its network and know-how to Offices Vienna, Berlin, Munich, Silicon Valley support its portfolio companies in their everyday challenges, offering operational resources and business development in the US. Speedinvest’s office in Silicon Valley supports portfolio companies entering the US market. Active Markets Europe

Founded 2011

Employees 30 – 35

Current Fund Size €120m SELECTED PORTFOLIO COMPANIES Use of Debt No ClauseMatch is a real-time document editing and collaboration platform for teams working in highly regulated industries. AUM €120m

Payworks is the provider of Pulse, a next generation Point of Sale payment gateway technology for merchants. Target Investment Size €200k - €500k

Target Geographies Europe TourRadar is the world’s trusted online marketplace to compare and book group travel, with its headquarters in Vienna and regional service centers in Sydney and San Francisco.

Marketplace, DeepTech, FinTech, Target Sectors Consumer Full Portfolio • www.speedinvest.com/portfolio/

Investment Style Active KEY CONTACTS

Deal Structures Significant minority Oliver Holle • 20+ years in technology, Serial Founder, Founder of Speedinvest CEO • Companies: Wikifolio, Sipwise, Shpock, Adverity Key Investment Criteria Seed Stage, First Traction, MVP

Michael Schuster • 15+ years in IT and enterprise software, Co-founder of Speedinvest Website www.speedinvest.com Partner • Companies: Flaviar, Bitmovin, ClauseMatch, Tourradar

Contact Email [email protected] Daniel Keiper-Knorr • 15+ years in investor relations and business development, Co-founder of Speedinvest Partner • Companies: Storyclash, Enbritely Contact Phone n/a

INVESTOR BOOK 91 SpeedUp Venture Capital Group

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

SpeedUp Venture Capital Group is a leading group of venture funds, investing in enterprises in an early stage of development (seed, pre-revenue, Offices Poznan, Warsaw early growth). Areas of fund’s interest include enterprises and entrepreneurs in CEE, who want to conquer the global market by utilizing their self-developed solutions. We're looking for innovations from areas such as: consumer internet, fintech, martech, adtech, medtech, IoT Active Markets CEE and hardware. We're interested in technologies like Machine Learning,Picture recognition, Artificial Intelligence, Augmented Reality, VR and Blockchain.

Founded 2009 Why us? We are founder friendly fund We’ve long experience in business Employees 11 We've learned what we shouldn't do by doing it ;) We are well-connected with big business Current Fund Size €8.25m SELECTED PORTFOLIO COMPANIES Use of Debt Yes The world’s first stethoscope with body temperature measurement functionality and self-diagnosis system for home use. AUM €25m

ACR Systems does research, design, production and sales of highly sophisticated and advanced camera stabilisers Target Investment Size €100k - €1m based on brushless motor direct drive technology.

Legimi is an innovative , whose main focus is on delivering complete solutions for distributing Target Geographies CEE, Poland electronic content, including protection systems for e-books.

Consumer internet, FinTech, MarTech, Target Sectors IoT and hardware, MedTech Full Portfolio • www.speedupgroup.com/pl/companies

Investment Style Active KEY CONTACTS

Deal Structures minority equity shares Bartłomiej Gola Bartek is a general partner of SpeedUp Group. He’s involved in early-stage project implementation in the areas associated with martech, marketplace, IoT Founding Partner and hardware. He has a wealth of experience in the marketing & advertising Key Investment Criteria team, technology, market, product industry – he went through all the career positions all the way up to managing [email protected] partner of the BLT Group (co-founder and shareholder) and TEQUILA\ Poland.

Website www.speedupgroup.com Marcin handles SpeedUp Group investments in ventures in the areas of Marcin Fejfer martech, marketplace, finch, medtech, saas and gaming. As an investment manager, his responsibilities include: conducting investment processes, building Investment Manager Contact Email [email protected] value of portfolio companies and relations with foreign investors. Prior to joining [email protected] SpeedUp Group, he had worked for tech companies in Poland, , Denmark and India. Contact Phone +48 61 827 09 99

INVESTOR BOOK 92 STS Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Offices Cologne STS Ventures concentrates all business angel activities of Cologne-based serial-entrepreneur and successful investor Stephan Schubert. Having founded and exited 4 companies, Stephan is a serial entrepreneur in the German internet industry. Since the rise of the internet in Europe in the late 90s he has been investing in numerous technology driven startups and has an outstanding track record in seed investing in successful ideas and Active Markets Austria, Germany, Switzerland teams. He is one of the most active, connected and experienced business angels in Germany. If you are looking for a genuine entrepreneur who has overcome a vast bunch of obstacles that you may face in the future, and seek honest and timely feedback, we are the right partner for you. Founded 2010

Employees 4 (of which all in Europe)

Current Fund Size n/a

Use of Debt No SELECTED PORTFOLIO COMPANIES

AUM n/a sourc-e is a cloud-based procurement tool, that digitizes the procurement process for printed products. The software is based on an algorithm, that identifies the most efficient production path, thereby maximizing cost savings for companies Target Investment Size €100k - €500k hypcloud is a B2B marketplace for real estate financing. Their goal is to bring more geographical reach to both Target Geographies Austria, Germany, Switzerland sides and ease the commmunication between borrowers and lenders

Retail, E-Commerce Technology, JustWatch is a streaming search enginge so the enduser can easily find out where to watch favorite movies & TV Marketplaces, Media, Communications, shows on his favorite providers and see what’s new on Netflix and Co EdTech, Travel & Transportation, Target Sectors FinTech, Financial Services, Gaming, Gambling & Betting, Marketing, Analytics, Digital Services, Offline Services, Full Portfolio • www.sts-ventures.de/#portfolio Hardware

Investment Style Active KEY CONTACTS

Deal Structures Flexible, Lead Daniel Perthes • Daniel has a background in financial services as well as with consulting companies in Germany and abroad. He holds a masters degree in Investment Manager management from EBS University of Business and Law and is responsible for Key Investment Criteria Pre-seed and Seed investments Email: [email protected] deal sourcing and portfoliomanagement at STS Ventures.

Website www.sts-ventures.de

Contact Email [email protected]

Contact Phone n/a

INVESTOR BOOK 93 Swisscom Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Swisscom Ventures is the venture capital arm of Swisscom AG, the leading telecommunications and IT provider in Switzerland. Since our inception in Offices Zurich, Lausanne, Palo Alto 2007, we have invested in over 50 IT, digital media and telecommunication companies from our offices in Switzerland (Zurich and Lausanne) and the USA (Silicon Valley). As a strategic investor, we offer entrepreneurs access to our technical infrastructure and market channels in addition to financial Active Markets Switzerland, Europe, USA, Israel support. We focus on sectors of domain expertise such as Telco & IT Cloud, DeepTech and Cybersecurity as well as Big Data & AI related new business models where we leverage our access to Swisscom’s technology and market experts.

Founded 2007

Employees 10

Current Fund Size CHF 200m SELECTED PORTFOLIO COMPANIES Use of Debt No Beekeeper is a digital workplace app that digitizes the non-desk workforce by connecting operational systems and [ Logo ] communication channels. AUM CHF 300m

Target Investment CHF 1m – CHF 3m initial commitment at [ Logo ] Ava is a patented multi-sensor bracelet, which allows women to precisely and conveniently predict fertile days. Size seed / early stage

Target Geographies Switzerland, Europe, USA, Israel Sophia Genetics is a tech company that created an artificial intelligence to help healthcare professionals better diagnose and treat patients

ICT & DeepTech, IoT, Enterprise Solutions, Target Sectors Security, Fintech, Media & Ads, eHealth Full Portfolio www.swisscom.ch/en/ventures.html

Investment Style Active KEY CONTACTS

Deal Structures 5-25% equity stake, minority Dominique Mégret • 15 years VC experience, Head of Strategy Swisscom, CEO kickstart [Photo] Key Investment Strategic fit to SC Group, team quality, Head of Venturing Ventures, Oliver Wyman, MBA Insead Criteria market maturity & growth potential • Companies: AVA Women, Sophia Genetics, Geosatis Email: [email protected]

Website www.swisscom.ch/en/ventures Pär Lange • 16 years VC experience, CEO Miranet Advisors, var. Management positions [Photo] at Ericsson, MBA Insead & MSc. Physics Contact Email [email protected] Investment Director • Companies: Bring!, Instabridge, Insightness, Actlight Email: [email protected]

Contact Phone n/a

INVESTOR BOOK 94 TA Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

TA Ventures is an international early-stage VC focusing on SaaS, Marketplaces and DeepTech in FinTech, Digital Health, Mobility and other sectors. Offices Kiev, Frankfurt We have been supporting tech companies since 2010 and were privileged to invest in Azimo, Dreamlines, FinanzCheck, SumUp, Wallapop and many other successful startups. So far, we have backed 120 companies and have achieved 39 exits. Austria, Finland, France, Germany, Israel, Active Markets We offer our proactive support, a broad international network and we actively help our portfolio companies and partners with setting up R&D centers Italy, Poland, Spain, Turkey, UK in Ukraine & Europe.

Founded 2010

Employees 4 - 10 (of which all in Europe)

Current Fund Size $50m

SELECTED PORTFOLIO COMPANIES Use of Debt Yes

Azimo offers a better way to transfer money worldwide. AUM $50m

Target Investment Size $250k - $1.5m Wallapop is a hyper-local mobile marketplace for buying and selling secondhand goods

Austria, Finland, France, Germany, Israel, Target Geographies Italy, Poland, Spain, Turkey, UK Dreamlines is an online travel company that specializes in selling cruises. Marketplaces, Education Technology, Target Sectors Travel & Transportation, Health, Marketing, Analytics Full Portfolio • www.taventures.vc/portfolio Investment Style Flexible KEY CONTACTS Deal Structures Minority, Flexible Viktoriya Tigipko • Viktoriya is the managing partner of TA Ventures, having founded the firm in Key Investment Criteria Team, innovative product, scalability Founding Partner late 2010. Viktoriya also is a President of Odesa International Film Festival, and Chairman of the Supervisory Board of Ukrainian Film Academy. Email: [email protected] Website www.taventures.vc

Pawel Schapiro • Pawel is a Partner at TA Ventures and mainly responsible for our activity in Contact Email [email protected] DACH & Western Europe. Before joining TA in early 2017 he has worked in Partner operational and VC roles at Rocket Internet and Creathor Ventures. His Email: [email protected] background is in Media Management and Digital Marketing. Contact Phone n/a

INVESTOR BOOK 95 Target Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Target Partners is one of the leading early-stage venture capital firms in Germany. Target Partners invests in new startup and early-stage companies, Offices Munich and supports them with venture capital during their build-out and expansion phases.

Active Markets DACH With many years of experience as managers, entrepreneurs and venture capitalists, the team at Target Partners supports entrepreneurs in developing and marketing products and services, building organizations, raising money and taking companies public in Europe and the United States.

Founded 1999

Employees 8 (of which all in Europe)

Current Fund Size €68m SELECTED PORTFOLIO COMPANIES Use of Debt No

Instana provides AI powered enterprise software for monitoring application and infrastructure performance AUM €300m

tado° makes a smart home climate control system for consumers, increasing the operating efficiency of home and Target Investment Size €500k - €4m apartment heating systems by up to 30 percent

Target Geographies DACH Falcon.io provides a SaaS software platform which allows marketing departments to create, launch and measure social media campaigns in real time across multiple social media types

Target Sectors B2B, SaaS, Infrastrucutre, Hard Full Portfolio • www.targetpartners.de/en/#companies

Investment Style Active KEY CONTACTS

Deal Structures Minority Dr. Berthold von Freyberg • Software Engineer, Program Manager at Microsoft, PhD in Physics Partner Key Investment Criteria Disruptive technologies • Companies: German Autolabs, Instana, Simplaex, So1, Suitepad, TIS Email: [email protected]

Website www.targetpartners.de Dr. Michael Münnix • Software Engineer, Entrepreneur, PhD in Physics Partner Contact Email [email protected] • Companies: Adsquare, Datapath.io, Swarm64, Senic Email: [email protected] Contact Phone +49 892070490

INVESTOR BOOK 96 Tengelmann Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

As one of Germany’s leading venture capital investors Tengelmann Ventures has invested in over 50 companies over the past 10 years, many of Offices Berlin, Mühlheim an der Ruhr which have become global players and leaders in the market in their particular segment.

Active Markets Global, focus on Europe The focus is early and growth stage investment in consumer internet companies, internet marketplace and technology ventures. Started as a full subsidiary of multi-retailer Tengelmann Group, in transformation to classical Fund structure.

Founded 2009 Non-strategic investments since day 1, initial focus on eCommerce and subsequent shift into broader topics Consumer Internet Transaction Models, Digital Services and Enabling Software & Technologies. Employees 10 – 15 (of which all in Europe) Key past investments include Zalando (Series A), Delivery Hero (Seed), Stylight (Seed), Scalable (Series A) as well as later stage investments such as Uber, Wish and Klarna. Current Fund Size n/a SELECTED PORTFOLIO COMPANIES Use of Debt Yes Delivery Hero - The Food-Delivery-Service operates online platforms in 14 countries across 4 continents to bring better food to the people everyday. The company was founded in 2010 in Berlin AUM n/a

Scalable Capital is a personalised Investment Management., providing the most convenient form of investment and Target Investment Size $3m - $5m initial, up to $30m total taking care of all investment decisions

Target Geographies Global data Artisans are the makers of Apache Flink, a leading open-source Stream Processing solution used by companies such as Netflix, Alibaba, Uber and many more

Consumer internet companies, internet Target Sectors marketplace and technology ventures Full Portfolio • www.tev.de/#portfoliobg

Investment Style n/a KEY CONTACTS

Deal Structures Equity (minority)

Christian Winter • Over 15 years of experience in internet start-ups and e-commerce companies Rapidly growing, innovative internet and • Previously: Douglas Holding AG, co-founded Berlin’s gastrixx AG, IBM, Key Investment Criteria technology companies General Partner Pironet NDH, responsible for e-commerce and non-store retail at Karstadt

Website www.tev.de • Over 10 years of experience in technology and startups, education in Information Technology Jan Sessenhausen Contact Email [email protected] • Previously: Senior Investment Manager at HTGF, Manager at Sapient and General Partner various roles at Capgemini; as well as Hewlett-Packard

Contact Phone +49 2085830

INVESTOR BOOK 97 Unternehmertum Venture Capital Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Unternehmertum Venture Capital Partners (UVC Partners) is a Munich-based private early-stage venture capital firm that invests in technology-based Offices Munich startups in Germany, Austria, and Switzerland. UVC Partners focuses on B2B business models in the areas of Industrial Technologies, Enterprise Software/SaaS and Mobility. We typically invest between € 0.5-3m initially and up to € 12m in total. That means that we invest in the Seed, Active Markets Germany Series A and early Series B phase. Currently, we manage two funds with a total of about € 110m under management. Portfolio companies benefit from the extensive experience of the management team as well as from the close cooperation with UnternehmerTUM, Europe's leading innovation and business creation center. With over 180 employees and more than 100 industry partners, UnternehmerTUM can draw from many years of Founded 2011 experience in establishing young companies. This enables UVC Partners to offer startups unique access to talent, industry customers, and other financial partners. Employees 10

Current Fund Size € 83m SELECTED PORTFOLIO COMPANIES Use of Debt No FlixMobility is a young mobility provider that offers under its brands FlixBus and FlixTrain new ways of travelling comfortably, cheaply and environmentally friendly. The startup developed within a short time into Europe’s largest long-distance bus network and launched the first long-distance trains in early 2018. AUM € 110m IIoT company KONUX integrates smart sensor systems and AI-based analytics to deliver asset insights in real time and to enable its customers to switch to predictive maintenance. The end-to-end solution uses artificial intelligence Target Investment Size €500k - €3m, in aggregate up to €12m to help clients continuously monitor their infrastructure, identify maintenance needs ahead of time and improve operational efficiency. KONUX empowers industrial and rail companies to reach a new level of asset performance. Vimcar is a holistic software provider for logbooks and fleet management. With its innovative technology, the Target Geographies Germany, Austria and Switzerland company is digitizing processes for the company car of the future. More than 30,000 users, including Allianz, Deutsche Bahn, Zalando and Hertha BSC, rely on the Vimcar SaaS solution to efficiently manage company cars B2B (esp. Industrial Technologies, and transport vehicles. Target Sectors Enterprise Software/SaaS, Mobility) Full Portfolio • www.uvcpartners.com/#portfolio Investment Style Active KEY CONTACTS

Deal Structures Venture Capital (minority) Alexander Kiltz [Photo] Investment Associate Key Investment Criteria Seed, Series A, early Series B Email: [email protected]

Website www.uvcpartners.com Dr. Ingo Potthof [Photo] Contact Email [email protected] Managing Partner Email: [email protected] Contact Phone +49 89 189 469 0

INVESTOR BOOK 98 Valerian Capital Partners LUCATIS Family Office Group

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

As a new owner operated, independent private equity firm, VALERIAN invests in fast-growing E-Commerce Technology, Marketplaces, Offices Berlin, Munich Communications, FinTech, Financial Services, Analytics, Digital Services, Hardware, Health, Blockchain, Consumer Products companies.

Active Markets Austria, Germany, Switzerland We offer start-ups in the starting phases access to venture capital, 25 years of experience in the venture capital sector and an international network to ensure their successful development.

Founded 2017 Our investors want to preserve wealth and at the same time systematically seize new investment opportunities. For this reason, we optimize the portfolio regarding the long-term objectives and avoid undesired market movements. With our fundamental Know-how, direct access to attractive Employees 4 - 10 (of which 5 in Europe) investments and integrated risk management we always manage the entrusted assets in a personalized manner and with full commitment. We stick to this philosophy since our founding.

Current Fund Size n/a

SELECTED PORTFOLIO COMPANIES Use of Debt No

Delivery Hero is the leading online food ordering and delivery marketplace globally AUM n/a

Target Investment Size €500k - €2.5m Mister Spex is Europe’s leading online eyewear retailer - Over 3000 branded glasses

Target Geographies Germany, Europe Dreamlines is an online travel company that specializes in selling cruises E-Commerce Technology, Marketplaces, Communications, FinTech, Financial Target Sectors Services, Analytics, Digital Services, Hardware, Health, Blockchain, Consumer Full Portfolio • www.valerian.one Products

Investment Style Active, Flexible KEY CONTACTS

Bernd Schrüfer • Bernd Schrüfer looks back on more than 25 years of investment experience in Deal Structures Minority, Majority [Photo] alternative asset classes. He is an acknowledged expert in managing Managing Partner professional investment portfolios with a special focus on the digital economy, Blockchain, hedge funds, investment in art and cryptocurrencies... Key Investment Criteria Team & Technology Email: [email protected]

Website www.valerian.one

Contact Email [email protected]

Contact Phone n/a INVESTOR BOOK 99 Ventech

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Ventech is an early-stage VC fund created in 1998 in Paris. Since then, we have developed internationally, with the openings of offices in Munich in Offices Paris, Munich, Helsinki, Shanghai 2013 and Helsinki in 2018 and the launch of a sister company in China in 2008. Our motto is “Global reach, local touch”, meaning that we can provide internationalisation support to our start-ups through our local networks in various geographies. We are a team of 9 investment professionals in Active Markets Europe, Asia Europe, with General Partners having two fund lifecycles behind them and meaningful exits (>60). We are “entrepreneurs first” meaning we back entrepreneurs in all sectors of the digital economy, from marketplaces to semiconductors.

Founded 1998

Employees 13 in Europe

Current Fund Size €140m SELECTED PORTFOLIO COMPANIES Use of Debt No

Picanova is the leading company in the field of mass customized wall- and lifestyle decoration. AUM €400m

Speexx is the only SaaS language platform that combines assessment, learning and continuous performance Target Investment Size €2 - €4m support for international corporations

Target Geographies France, Germany, Nordics FinTecSystems provides banks, financial services companies, and payment processors with real-time data to make financial decisions.

Target Sectors Digital economy Full Portfolio www.ventechvc.com/companies/

Investment Style Active KEY CONTACTS

Deal Structures Minority • Christian has been a General Partner with Ventech since 2013 and brings his Christian Claussen 20-year experience as an investor in innovation. Based in Munich and Paris, [Photo] General Partner he leads Ventech investment activities in the DACH region. Key Investment Criteria Team, Market, Traction • Invested in CoreOptics (acquired by Cisco), Silicon Hive B.V. (acquired by [email protected] Intel), Netviewer AG (acquired by Citrix), Arteris Inc. (acquired by Qualcomm)

Website www.ventechvc.com/ • Stephan works hand-in-hand with Christian to develop the Firm’s footprint in Stephan Wirries the DACH region [Photo] • Completed several Seed deals such as Realbest and Crossengage in Contact Email [email protected] Principal Germany, and in 2016 led Ventech Capital F’s investment in European [email protected] Games Group’s Series B round Contact Phone +33 1 83 79 81 90

INVESTOR BOOK 100 Via ID

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Via ID is the Corporate Venture Capital arm of Mobivia, the European leader for automobile services and mobility solutions (brands include ATU, Offices Paris, Berlin, San Francisco, Singapore Norauto, Midas, etc.).

Active Markets EU, USA, Asia We invest with a long term view in early stage companies in the field of mobility. Current portfolio includes Go-Jek, Drivy, Heetch, Swiftly, Smoove, Xee and many more.

Founded 2009

Employees 18 (of which 16 in Europe)

Current Fund Size NA SELECTED PORTFOLIO COMPANIES Use of Debt No

[ Logo ] digital platform for on-demand transportation and services AUM NA

[ Logo ] The n°1 peer-to-peer car rental service in Europe Target Investment Size €250k - €5m

Target Geographies EU, USA, Asia [ Logo ] Urban ride-sharing at night between private individuals

Target Sectors Mobility Full Portfolio www.via-id.com/en/startups/

Investment Style Active KEY CONTACTS

Deal Structures Minority Alexis Hue [Photo] Mobility Focus (sustainable, smart, daily) Partner, Central and Northern Europe • 15+ years experience in driving growth strategies. INSEAD Key Investment Criteria Exceptional Team Email: [email protected]

Website www.via-id.com

Contact Email NA

Contact Phone NA

INVESTOR BOOK 101 Vito Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Vito Ventures is a European early-stage investor in B2B deep-tech technologies and business models. The focus is on AI, Robotics, Internet of Things Offices Munich as well as autonomous systems. Vito Ventures offers portfolio companies unique access to industrial markets and networks in German leading SMEs. Vitos portfolio is home to companies including Crate.io, micropsi industries, Simscale, Wirepas and Artisense. Active Markets Austria, Finland, Germany, UK

Founded 2015

Employees 4 - 10 (of which all in Europe)

Current Fund Size n/a SELECTED PORTFOLIO COMPANIES Use of Debt No

Machine learning and cloud technology enable efficient 3D mapping and real-time localization AUM n/a

Soley combines Big Data Technology with Workflow Automation for tangible value in engineering Target Investment Size €500k - €3m

Austria, Finland, France, Germany, Israel, Target Geographies Netherlands, Portugal, Switzerland A startup for professional Virtual Reality collaboration

Analytics, Hardware, Deep-Tech, IoT, AI, Target Sectors Robotics, Cyber Security, Industry SaaS Full Portfolio • www.vito.vc/portfolio/

Investment Style Active KEY CONTACTS

Deal Structures Minority, Flexible, Lead Thomas Oehl • Tommy founded his first company in university and successfully exited it in 2013. His entrepreneurial mindset made him join Uber as one of the first Managing Partner employees in Germany. He developed a native attraction to innovative ideas Key Investment Criteria Game changing B2B deep-tech and business models and has been an active business angel for the past Email: [email protected] years

Website www.vito.vc

Contact Email [email protected]

Contact Phone n/a

INVESTOR BOOK 102 Vorwerk Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Vorwerk Ventures is the corporate venture fund of Vorwerk Group. Our investment focus is global and sector-wise on direct-to-consumer business Offices Wuppertal, Germany models and on enabling technologies. We are proud to have invested in and worked with companies like Ringana, MeinAuto, HelloFresh, DaWanda, Lillydoo, Lesara, Ottonova, Thermondo, Flaschenpost, neato robotics and many others. Active Markets Europe, US

Founded 2008

Employees 3

Current Fund Size €150m SELECTED PORTFOLIO COMPANIES Use of Debt No

First digital health insurance in Germany AUM €250m

Last mile beverage logistics Target Investment Size €1m - €10m

Target Geographies primarily Europe First European digitally native vertical baby care brand

direct to consumer business models & Target Sectors enabling technologies Full Portfolio www.corporate.vorwerk.com/en/vorwerk-direct-selling-ventures/portfolio/

Investment Style passive KEY CONTACTS Joint control, minority, board Deal Structures representation Dirk Meurer • Founding partner of Vorwerk Ventures with 22 years of international ] investment management experience Managing Director Key Investment Criteria Sizeable market, scalability, team • Companies: meinauto, DaWanda, Ottonova, Hellofresh, Juniqe, neato [email protected] robotics, Thermondo, Mädchenflohmarkt www.corporate.vorwerk.com/en/vorwerk- Website direct-selling-ventures/home/

Contact Email [email protected]

Contact Phone +49 202 564 1923

INVESTOR BOOK 103 W Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

W Ventures is a Berlin based Venture Design and Venture Capital company that offers a complete framework for the acceleration of digital business Offices Berlin ideas for leading international companies in key B2B and B2C sectors.

Active Markets Europe & USA We are an operational VC, technology provider and innovation hub together with our industry and technology partners. We support start ups from seed to growth and are able to combine the best assets of established companies with the speed, agile processes and mindset of start ups to accelerate growth. We deliver mergers & acquisitions advice, advice for digital transformation strategies and co-accountability in digital business Founded 2014 creation.

Employees 5 (3 in Europe) With our knowledge about transactions, industry experts and extensive network from long-standing service in top management positions, we execute best practice and objective advisory services for our clients. Furthermore, we offer advisory services to assure the execution of well-ordered succession plans. Current Fund Size N/A SELECTED PORTFOLIO COMPANIES Use of Debt - Osaro is a deep reinforcement learning technology company specializing in AI software for industrial robotics automation. AUM N/A

Target Investment Size Depends Lampenwelt is the #1 specialty online retailer of lighting products in Europe.

Target Geographies Europe, USA ThinAir is a security company whose mission is to allow organizations to detect and investigate insider threats in seconds. E-Commerce, Media, Digital Services, Target Sectors Connected Home, Cyber Security, Digital Health Bloom Farms is a socially responsible medical cannabis company.

Investment Style Flexible KEY CONTACTS

Deal Structures Minority • Jochen M. Wilms is a business leader with 25+ years of industry, consulting and investor experience. He started his career in retail and spent 10 years as Jochen M. Wilms a General Manager at the Media Group Bertelsmann as MD Marketing & Team. B2C and B2B SaaS Focus, Cash Key Investment Criteria [Photo] Sales during the company's transition phase to digital. Thereafter he took the Generative Stage, Selectively Early Managing Partner responsibility for Schüco, a circa €1.5 bn. turnover provider of aluminum curtain wall systems. He later worked with Grohe, a circa €1.5 bn. bathroom [email protected] fittings business. Jochen is senior advisor and chairman to numerous Website www.wventures.de international leading companies, notable private equity investors and family offices in Europe, Asia and the USA. Contact Email [email protected]

Contact Phone +49 30 31 80 04 43

INVESTOR BOOK 104 WestTech Ventures

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Offices Berlin WestTech Ventures is a Berlin-based VC firm focused on pre-seed & seed investments in Germany in the fields of B2B SaaS in different verticals, Developer Tools, and Enterprise Software. We have a portfolio of more than 30 companies as of today and notable investments are Delivery Hero (IPOed), Dalia Research, Remerge and TestObject (acquired by Sauce Labs). Active Markets Europe

Founded 2013

Employees 3 in Europe

Current Fund Size n/a SELECTED PORTFOLIO COMPANIES Use of Debt No Dalia uses mobile technology to engage with people in a more natural environment, providing instant, relevant, global insights. Their goal is to be known as the platform and methodology of choice for global consumer understanding AUM n/a

LANA enables the simple analysis and visualization of complex events in business processes by using process Target Investment Size €50k - €250k mining techniques & enables the automated analysis of process deviations

Jovo is the first open source framework for developers to build cross-platform voice apps for Alexa and Target Geographies Germany Google Home

Target Sectors B2B Software Full Portfolio www.westtechventures.de/#portfolio Investment Style Flexible KEY CONTACTS

Deal Structures Minority Masoud Kamali

CEO & Founder Key Investment Criteria Team & strong core technology Email: [email protected]

Website www.westtechventures.de Alexander Kölpin

Contact Email [email protected] Partner & MD Email: [email protected] Contact Phone n/a

INVESTOR BOOK 105 XAnge

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

With €400m under management and a portfolio of 75 startups, XAnge has been a key investor in Europe for 15 years. Offices Paris, Munich

SPECIALIZED IN EARLY STAGE - The XAnge team has specific knowledge and truly understand your business challenges to back you. Austria, Belgium, France, Germany, Active Markets Netherlands, Switzerland, UK SHARED PASSION AND AMBITION WITH ENTREPRENEURS - XAnge strongly believes that both sides of the table must be driven by the same enthusiasm Founded 2003 INTERNATIONAL REACH AND PROVEN TRACK RECORD - XAnge boosts entrepreneurs on a global scale Employees 11 - 25 (of which 16 in Europe) A DYNAMIC COMMUNITY OF ENTREPRENEURS - XAnge is an active player in a community where entrepreneurs share best practices

Current Fund Size n/a SELECTED PORTFOLIO COMPANIES Use of Debt No

Mister Spex is Europe’s leading online eyewear retailer AUM €400m

Believe is a smart distribution and marketing services for artists and labels worldwide Target Investment Size €1m - €5m

Austria, Belgium, France, Germany, Target Geographies Netherlands, Switzerland, UK Studitemps is a temp agency for students

Technology, Technology-Enabled Target Sectors Services Full Portfolio • www.xange.fr/who-we-rock/

Investment Style Active KEY CONTACTS

Deal Structures Minority, Lead, Co-Investor Bernhard Schmid • Bernhard is Partner at XAnge, where he is heading the German operations. Prior Bernhard was with Deutsche Venture Capital, the venture arm of Team, growth potential, market size, Partner Deutsche Bank. He started his VC life at Atlas Venture, a Boston based early Key Investment Criteria technology, business model stage venture fund. Bernhard serves on the Board of various technology Email: [email protected] companies

Website www.xange.fr

Contact Email [email protected]

Contact Phone n/a

INVESTOR BOOK 106 Growth

107 Activant Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Activant is a growth equity firm that invests globally in commerce infrastructure and IoT technology companies. Our team of investors, entrepreneurs, Offices Greenwich, Connecticut and operators bring their expertise to a concentrated portfolio. By developing a deep understanding of our target sectors, we are able to identify and invest in companies with breakout potential before they reach an inflection point. We utilize a deep ecosystem of software buyers and provide extensive operational support to create a distinctive growth platform for our portfolio companies. Active Markets Global

Founded 2010

Employees 8 (of which 1 in Europe)

Current Fund Size $130m SELECTED PORTFOLIO COMPANIES Use of Debt No NewStore is a mobile-first commerce platform that enables retailers to have omni-channel capabilities. With offices in Berlin, NewStore was founded by Stephan Schambach who previously founded Demandware (acquired by AUM $246m for $2.8 billion) and Intershop (publicly traded)

Turvo is a project management software platform for the logistics market. Turvo provides global supply chain Target Investment Size $10m – $40m visibility to shippers, brokers and carriers through its platform

Target Geographies Global Indigo is an ag-tech platform that partners with growers through a revenue-share model to significantly increase crop yields, improve farmer profitability, and align agricultural practices with consumer demand

Target Sectors Commerce Infrastructure, IoT Full Portfolio • www.activantcapital.com/ Investment Style Active KEY CONTACTS Deal Structures Minority, Equity Steve Sarracino

Key Investment Criteria Growth Founding Partner Email: [email protected] Website www.activantcapital.com Andrew Steele

Contact Email [email protected] Investment Team (Europe)

Email: [email protected] Contact Phone n/a

INVESTOR BOOK 108 BlackFin Capital Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

As the VC arm of BlackFin Capital Partners, BlackFin Tech invests solely in fintechs, insurtechs and regtechs having reached series A & B maturity Offices Paris, Brussels, Frankfurt across Europe. We leverage our pan-European networks and expertise across all subsegments (payments, banking, insurance, regulatory compliance, ECM/DCM) to support entrepreneurs in becoming European champions. Active Markets European Economic Area We aim to become the go-to platform for fintech, insurtech & regtech entrepreneurs as we provide solid regulatory knowledge across national jurisdictions, superior understanding of value chains as well as access to C-level decision-makers at large financial institutions. You have come to the Founded 2010 right place if you’re looking to take the long journey in transforming the financial services industry!

Employees 25 (all of which in Europe) Looking forward to hearing from you, The BlackFin Tech Team

Current Fund Size € 150m+ SELECTED PORTFOLIO COMPANIES Use of Debt No Friss is a Dutch insurtech providing tools leveraging AI for fraud investigators at insurance companies to be better equipped to detect fraud as well as to better assess risk and adapt quotes accordingly during the underwriting process. AUM € 700m+ NewAccess is a provider of front-office and middle-office software for Swiss and international private banks. Its software offering is made of Equalizer (Portfolio Management System), Branch (Customer Data Management) and Logical Target Investment Size €1m - €10m Access (Confidential Document Management). These products are adapted to meet the specific needs of the private banking industry.

Target Geographies European Economic Area Finanzen.de is the leading real-time marketplace for financial leads in Europe, with operations in Germany, France, Switzerland and the UK. Target Sectors Fintech, Insurtech & Regtech • https://blackfin-tech.com/portfolio Full Portfolio Investment Style Active • http://www.blackfincp.com/portfolio KEY CONTACTS Deal Structures Influential minority Julien Creuzé Maxime Mandin Team with knowledge of financial [Photo] Senior Investment Director Key Investment Criteria services, looking to become EU/world Investment Director Previously VC at Aster Capital & entrepreneur at champions Previously VC at Seventure Agoranov Website www.blackfin-tech.com Romain Grimal Gabrielle Thomas [Photo] Associate Contact Email @blackfincp.com Investment Manager Previously VC at XAnge & M&A at Invest Corporate Previously VC at Siparex/XAnge Finance Contact Phone +33 1 83 79 17 14

INVESTOR BOOK 109 Burda Principal Investments

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Burda Principal Investments (BPI), a division of Hubert Burda Media, provides long term growth equity for fast growing digital technology and media Offices Munich, London, Singapore companies. Hubert Burda Media is one of Europe’s largest media and technology conglomerates with a strong investment track record in internet- centric businesses since 1998. Europe including Germany, UK, Nordics Active Markets and France; USA; South East Asia We have been partners for visionary entrepreneurs, leveraging Burda’s capital, brands and sector expertise, particularly in the areas of business expansion, internationalisation and localisation. Founded 2015 BPI is invested in a portfolio of highly successful consumer internet companies in Europe, the U.S. and Asia. In the past, Hubert Burda Media has invested in internet platforms such as Etsy, zooplus, HolidayCheck, or Xing AG. Employees 4 - 10 (of which 6 in Europe) BPI is run by a dedicated team of investment professionals based in Munich, London and Singapore.

Current Fund Size n/a SELECTED PORTFOLIO COMPANIES Use of Debt No

International market place for second hand fashion AUM n/a

Online fresh flower delivery company through letterboxes in the UK Target Investment Size €5 - €25m

Europe including Germany, UK, Nordics Target Geographies and France; USA; South East Asia Digital network for neighborhoods

E-Commerce, Marketplace, Media, Travel Target Sectors & Transportation, Health Full Portfolio • www.burdaprincipalinvestments.com/investments/

Investment Style Active KEY CONTACTS

Deal Structures Minority Martin Weiss Christian Teichmann Proven business model, scalability, right Managing Director Key Investment Criteria CEO & Managing Director vertical and team

Website www.burdaprincipalinvestments.com Benita Krahforst Thomas Kulcsar

Contact Email [email protected] Investment Manager Investment Manager [email protected] [email protected]

Contact Phone n/a

INVESTOR BOOK 110 Capital D

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Offices London, Luxembourg Capital D is a pan-European private equity fund manager focused on investing in companies that show clear evidence of transforming legacy business models or have demonstrable potential to do so. Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Change is accelerating and in every sector innovative, fast-moving companies are disrupting their industries. Capital D seeks to be their partner of Germany, Greece, Ireland, Israel, Italy, Active Markets Latvia, Lithuania, Netherlands, Norway, choice. A new model is necessary to identify and accompany these winners in their journey. Our distinctive approach integrates three competencies: Poland, Portugal, Spain, Sweden, intelligence, investment and impact. Our senior team combines skills in private equity, corporate and digital transformation, innovation and Switzerland entrepreneurship.

Founded 2017

Employees 11 - 25 (of which 16 in Europe)

Current Fund Size n/a SELECTED PORTFOLIO COMPANIES Use of Debt Yes

Full Portfolio • www.capitald.com/investment-portfolio/ AUM n/a

Target Investment Size €10m - €60m

Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Israel, Italy, Target Geographies Latvia, Lithuania, Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland E-Commerce Technology, Marketplaces, EdTech, Travel & Transportation, Target Sectors FinTech, Gaming, Health, Marketing, Analytics, Digital Services KEY CONTACTS

Investment Style Active • Co-founded Capital D to invest in disruptive businesses Jean-Marc Jabre • Started investment career in early-stage healthcare and technology in Menlo Deal Structures Majority, Minority, Lead [Photo] Park, CA Partner • Last role as Head of Morgan Stanley Private Equity in Europe High growth, disrutive business, platform Key Investment Criteria potential, profitable company, ambitious Email: [email protected] • Leads Capital D's investment in business services, fintech, edtech, e-health team and mobility • Co-founded Capital D to invest in disruptive businesses Website www,capitald.com Stephan Lobmeyr • Started investment career at Hicks, Muse, Tate and Furst [Photo] Contact Email n/a Partner • Last role as Partner at Change Capital Partners Email: [email protected] • Leads Capital D's investment in consumer, retail, sustainability, TIC and Contact Phone n/a tourism

INVESTOR BOOK 111 General Atlantic

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

New York, Munich, London General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Offices (+10 other offices globally) Atlantic combines collaborative global approach, sector-specific expertise, long-term investment horizon, and deep understanding of growth drivers and partners with great management to build exceptional businesses worldwide. Active Markets Global The three main differentiators are (i) the exclusive focus on growth investing, (ii) a patient capital base and (iii) a global, collaborative team con- sisting of investment professionals, our Resources Group and a Special Advisors network of current and former senior executives. Founded 1980 While most of our investments are minorities, General Atlantic is an active investor that steadily adds value by leveraging our global resources, helping our companies with growth acceleration, performance improvement, global access, human capital and capital markets topics. Employees 100 – 1,000 (of which 30 in Europe)

Current Fund Size > $13bn SELECTED PORTFOLIO COMPANIES Use of Debt Selectively Leading consumer internet portfolio in the segments of price comparison, experience gift vouchers, matchmaking, beauty and well-being in Germany that is a carve-out of ProSiebenSat.1, one of the largest European TV AUM > $24bn … conglomerates

Tech-enabled mobility provider in Germany, offering travelers a comprehensive range of bus routes across the EU Target Investment Size $25m - $500m and the U.S. through its online platform

Target Geographies Global Adyen is a technology company that provides businesses with a single solution to accept payments anywhere in the world and delivers frictionless payments across online, mobile, and in-store

Target Sectors Technology, Technology-enabled services Full Portfolio • www.generalatlantic.com/portfolio Investment Style Active KEY CONTACTS Deal Structures Flexible Joern Nikolay • Joined General Atlantic in 2008 Market position, management, market • Previously at TA Associates, Bain & Company and Morgan Stanley Managing Director, Head of DACH Key Investment Criteria dynamics, competitive advantage with • Board Memberships: Axel Springer Digital Classifieds (previous), FlixBus, intellectual property, barriers to entry Email: [email protected] KäuferPortal, Hemnet (previous), ControlExpert, NuCom Group

Website www.generalatlantic.com Christian Figge • Joined General Atlantic in 2012

Contact Email [email protected] Principal • Previously at BC Partners and L.E.K. Consulting • Board Memberships: Käuferportal, Flixbus, NuCom Group Email: [email protected] Contact Phone +49 89 558 932 710

INVESTOR BOOK 112 GPI Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

GPI Capital is a growth-oriented private-equity firm dedicated to non-controlling investments. GPI leads equity and equity-like financings, typically Offices London, New York investing US$50 million to $300 million for stakes of up to 20% in privately-held late-stage businesses or through negotiated investments in listed companies. GPI’s investment team has extensive experience structuring equity capital solutions in Western Europe, North America, China, SEA, and Active Markets North America, SEA focuses on the consumer, technology and industrials sectors. The firm is partner-owned and operated with offices in London and New York.

Our mission is to be the minority partner of choice to high quality businesses, serving as a management and strategy-supportive, core, stable, long- Founded 2016 term partner. We engage closely at a strategic level with the companies in which we invest, while ensuring our partners have the operating and strategic freedom to execute on their vision. Employees 10-20

Current Fund Size n/a SELECTED PORTFOLIO COMPANIES Use of Debt No

Social Finance (“SoFi”) is an online personal finance company that provides student loan refinancing, mortgages AUM n/a and personal loans

Zeta Global is customer lifecycle management marketing company helping Fortune 1000 brands and large middle- Target Investment Size $50m - $300m market companies create, maintain and monetize customers, using “people-based, precision marketing” to provide customers with enhanced multi-channel marketing solutions to help them manage the full customer life-cycle Western Europe, North America, Target Geographies Grab is a Singapore-based technology company that offers ride-hailing, ride sharing and logistics services through China, SEA its app in Singapore and neighbouring Southeast Asian nations such as Malaysia, Indonesia, , Vietnam, Thailand, Myanmar, and Cambodia Target Sectors Consumer, Technology, Industrials

Investment Style Strategy and management-supportive KEY CONTACTS Deal Structures Structured minority equity Alex Migon • Partner of GPI Capital and a member of the Investment Committee Partner Backing late stage growth businesses • Previously Portfolio Manager at Ontario Teachers Pension Plan (“OTTP”) Key Investment Criteria offering innovative products in sizeable [email protected] addressable markets Francois Poulin • Partner of GPI Capital and a member of the Investment Committee Website www.gpicap.com Partner • Previously Partner and Portfolio Manager at BTG Pactual [email protected] Contact Email [email protected] Pavel Prokofiev • Joined GPI Capital in 2014, from Capital Group Investment Professional Contact Phone +44 (0) 203 198 1645 (Francois Poulin) • Previously at KPMG [email protected]

INVESTOR BOOK 113 Horizon Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Horizon Capital is a leading private equity firm in Ukraine, managing over $700 million in AUM. We invest in fast-growing, export-oriented companies Offices Kiev, Chicago that generate global revenues and have a presence in Ukraine, usually an R&D center. Horizon Capital invested in a number of highly successful internet and e-commerce companies, including Rozetka, Jooble, Ciklum (exited) and several other technology companies. Active Markets Global

Founded 2005

Employees 11 - 25 (of which 25 in Europe)

Current Fund Size n/a SELECTED PORTFOLIO COMPANIES Use of Debt No

Online Retail AUM $750m

Full Portfolio • www.horizoncapital.com.ua/portfolio/ Target Investment Size $5m - $25m

Target Geographies n/a KEY CONTACTS

• Denis Tafintsev is a Senior Partner and a member of the Investment Target Sectors Opportunistic Denis Tafintsev Committee. Denis led several notable technology deals, including investments Senior Partner in Rozetka, Jooble and Ciklum (exited). Denis joined Horizon Capital in 2010 after graduating from Stanford Business School previosuly working for Investment Style Active Email: [email protected] McKinsey. Vasile Tofan • Vasile Tofan is a Partner at Horizon Capital in charge of investments in the Deal Structures Minority, flexible Technology and FMCG sectors. Vasile joined Horizon Capital in 2012, Partner bringing over five years of management consulting and industry experience. Email: [email protected] Vasile received an MBA from Harvard Business School. Key Investment Criteria Opportunistic • Dmytro is an Investment Director covering Technology sector. Dmytro is Dmytro Boroday managing Horizon's portfolio companies in e-commerce, IT product and Investment Director telecom sectors. Dmytro joined Horizon Capital from McKinsey, where he Website www.horizoncapital.com.ua advised clients in the Middle East. Dmytro received an MBA from Harvard Email: [email protected] Business School

Contact Email [email protected] Hanna Shuvalova • Hanna is an Investment Associate covering Technology sector. Dmytro is involved in portfolio management of companies in e-commerce, IT product Associate sectors. Hanna joined Horizon Capital from Genesis, leading global IT product Contact Phone n/a Email: [email protected] company

INVESTOR BOOK 114 HPE Growth Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

HPE Growth Capital (“HPE”) is a technology growth equity specialist targeting investments in high-growth firms (c. 50 – 250 employees) in Northern Offices Amsterdam, Düsseldorf, San Francisco Europe, with an emphasis on Germany and the Benelux.

Active Markets Belgium, Germany, Netherlands Through the investments in fast growing profitable technology companies HPE seeks to become active partners of the portfolio companies with the objective to accelerate growth and create future market leaders through internationalization, expansion of sales and marketing, operational excellence and buy-and-build. Founded 2010

The HPE team typically invests between EUR 10 and 30 million per investment in exchange for a significant minority stake with a strong preference Employees 11-25 (of which 14 in Europe) for primary capital to be used as catalyst for expansion. The skillset of HPE spans across capital markets, lower mid-market technology advisory, operational corporate development and growth investing in both the US and Europe.

Current Fund Size €230m

SELECTED PORTFOLIO COMPANIES Use of Debt No

SaaS based digital location marketing platform AUM €400m

Target Investment Size €10m - €30m Develops connected fitness equipment and software solutions that enable a fully digitalized gym training

Austria, Belgium, Denmark, Germany, Target Geographies Netherlands, Norway, Sweden Payment processing solution for Alternative Payment Methods E-Commerce Technology, Media, Target Sectors Financial Technology, Financial Services, Hardware Full Portfolio • www.hpegrowthcapital.com/companies/ Investment Style Active KEY CONTACTS Deal Structures Minority Manfred Krikke • 16 years of technology experience in Silicon Valley, incl. investment banking, Partner growth equity investing and operations. Technology & business model, traction & • HPE portfolio companies: eGym, Kreditech, NGdata, uberall Key Investment Criteria growth potential, management team, min. [email protected] €500k MRR or €10m revenue Tim van Delden • Co-Founder and Chief Investment Officer at HPE. Formerly at Morgan Partner Stanley, General Atlantic and Avenue Capital Group. Website www.hpegrowthcapital.com [email protected] • HPE portfolio companies: Aevi, PPRO, AOG, SFC Energy, Airborne

Martin Karschkes Contact Email [email protected] • Martin is responsible for the identification and evaluation of investment Senior Associate opportunities, due diligence and portfolio support. [email protected] • HPE portfolio companies involvement: eGym, uberall, SFC Energy, PPRO Contact Phone +31 20 714 3400

INVESTOR BOOK 115 LetterOne Technology

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

L1 Technology looks for investment opportunities within the global technology space with a strong focus on the software and data sectors. We seek to Offices London invest in technology businesses which can be leveraged as platforms to expand internationally, through acquisitions or broadening the product set Our permanent capital and long term operational focus, provides L1 Technology with the ability to underwrite hold periods longer than a typical private Active Markets Europe, Israel, Emerging Markets equity fund. In addition, we have the flexibility to own majority control positions or large minority stakes. We have appointed an Advisory Board of internationally renowned Industry leaders and specialists. They are deeply involved in supporting the investment team. L1 Technology’s Advisory Board includes Nadeem Syed (CEO of Finastra and former group VP at Oracle), Jos White (Founder of Founded 2015 MessageLabs), Brent Hoberman (Founder of Lastminute.com and Made.com), Osama Bedier (former Vice President of Payments at Google and head of Google Wallet, current Founder/CEO of Poynt), and Denis O’Brien (Founder of Digicel and ESAT Telecom Group). Based in London, L1 Technology has recruited a strong team of deal professionals from Blackstone, Summit Partners, Morgan Stanley and McKinsey Employees 10-20

Permanent capital; part of $24bn Current Fund Size investment group SELECTED PORTFOLIO COMPANIES Use of Debt Depending on investment profile With +235m subscribers, Veon is #8 largest telecom operator globally. Veon operates across 12 markets (key markets: Italy, Russia, Pakistan, Bangladesh, Ukraine and CIS). Veon is headquarted in Amsterdam and listed on Nasdaq and Amsterdam stock exchanges AUM ~$5bn

Largest converged telecom operator in Turkey with 50m subscribers. With its extensive digital app portfolio, Turkcell leads digital revolution in the telecom sector globally. Turkcell is listed on Istanbul and New York stock exchanges Target Investment Size > $100m per investment

$200m investment. L1T strategic partner for Russia Target Geographies Europe, Israel, Emerging Markets

Telco Billing & CRM system, strategic partnership with Ericsson, Helsinki headquartered Software, B2B data, marketplaces, Target Sectors telecom Data based MVNO, model, headquartered Investment Style Active KEY CONTACTS

Deal Structures Control, joint control, large minority Leif Lindback [Photo] • Head of New Investments team Platforms with international expansion Senior Partner Key Investment Criteria • Previous experience: Partner at Charterhouse, Blackstone, Morgan Stanley potential Email: [email protected] www.letterone.com/our-businesses/l1- Website technology Nicolas Slim [Photo] • Previous experience: Summit Partners, Goldman Sachs Contact Email [email protected] Partner Email: [email protected] Contact Phone +44 20 7046 6150

INVESTOR BOOK 116 NGP Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Providing deep industry expertise and an extensive network, NGP Capital helps entrepreneurs accelerate company growth. With offices in the US, Offices Palo Alto, Helsinki, Beijing Europe, India and China, NGP capital extends the reach of companies making their products and services local everywhere. The active portfolio includes companies such as Deliveroo, Moovit, GetYourGuide, Clue, Babbel and more. Among NGP Capital’s portfolio exits are China’s largest M&A Active Markets Global exits of all time; Ganji and Ucweb and one of the largest exits in Europe 2017; heptagon. Visit www.nokiagrowthpartners.com for more information.

Founded 2005

Employees c. 12

Current Fund Size $500m SELECTED PORTFOLIO COMPANIES Use of Debt No

Babbel is the market-leading app for language learning AUM $1.2bn

Deliveroo is a technology company that focuses on marketing, selling, and delivering restaurant meals to the Target Investment Size $5m - $15m household or office

Target Geographies Global GetYourGuide is a booking platform for tours and activities, offering a variety of travel experiences through their global supplier network E-Commerce Technology, EdTech, Travel Target Sectors & Transportation, Analytics Full Portfolio • www.ngpcap.com/companies Investment Style Active KEY CONTACTS Deal Structures Minority

Shipping product or service, a few million Bo Ilsoe Jacob Fellman Key Investment Criteria in revenue and expereinced management Partner Associate team

Website www.ngpcap.com

Walter Masalin Ossi Tiainen Contact Email n/a Partner Associate

Contact Phone n/a

INVESTOR BOOK 117 Scottish Equity Partners (SEP)

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Scottish Equity Partners (SEP) backs growth-stage technology businesses across Europe. The company has €1 billion under management and one Offices London, Glasgow, Edinburgh of the longest and strongest track records in Europe having invested in over 150 technology companies over the last 20 years. The SEP team makes growth equity investments across a range of sectors, with a particular interest in software, internet and tech-enabled service businesses. Active Markets Europe SEP builds value by playing an active and supportive role in the growth and development of portfolio companies. Global travel search business Skyscanner is one of four SEP investments to have secured an exit of over $1bn in recent years and its current portfolio contains some of Europe’s Founded 2000 most exciting and innovative companies including luxury fashion retailer Matchesfashion.com, scientific informatics software provider Dotmatics, cloud contact centre software provider Content Guru, language learning business Babbel, online eyewear retailer Mister Spex and insurance software Employees 45 (of which all in Europe) specialist SSP.

Current Fund Size €300m SELECTED PORTFOLIO COMPANIES Use of Debt No More than 1 million customers use Babbel for online language learning and its products cover 8,500 hours of content in 14 languages. Babbel has a team of more than 400 people in Berlin and New York. AUM €1bn

Content Guru provides cloud-based contact centre software to large enterprise customers across a diverse range Target Investment Size €10m - €30m of sectors. The business is focussed on international expansion, especially in Asia Pacific having recently signed a large partnership deal with the Japanese technology conglomerate Rakuten.

Founded in 2005, Dotmatics’ cloud-based informatics software is used by scientific researchers within large Target Geographies UK, Ireland, Europe pharmaceutical and biotech companies. More than 50% of revenue is generated in the US with ambitious expansion plans in Europe and Asia. Software, internet and tech-enabled Target Sectors services Full Portfolio • www.sep.co.uk/companies/ Investment Style Active KEY CONTACTS Minority positions in B rounds and later will Deal Structures consider Secondary alongside Primary Investment Stuart Paterson • A founding Partner of SEP, Stuart has been investing in technology companies for over 20 years. He focuses on investment opportunities in Equity for growth stage technology Partner software, internet and digital media. Key Investment Criteria companies (>€10m run-rate revenue) Email: [email protected] • Companies: Babbel, Mister Spex, Peppermint Technology, SportPursuit

Website www.sep.co.uk Tim Ankers • Tim focuses on investments in software and consumer internet businesses. Associate Contact Email [email protected] • Companies: Content Guru, Babbel, Mister Spex, Lovecrafts Email: [email protected]

Contact Phone +44 207 758 5900

INVESTOR BOOK 118 Summit Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Summit Partners is a leading global growth equity firm. They work with owners and management teams to maximize the long-term value of their Offices London, Boston (HQ), Menlo Park companies. Since their inception in 1984, Summit has raised over $21bn of capital on behalf of a prestigious group of institutional investors. They have invested in more than 460 companies in technology, healthcare and other growth sectors. These companies have completed more than 150 Active Markets Global public offerings, and in excess of 180 have been acquired through strategic mergers and sales. Summit opened its European office in 2001 and has since invested more than €2bn in capital across 12 European countries.

Founded 1984 Recent news worth highlighting: Avast, a Summit portfolio company, recently completed a $5bn IPO on the London Stock Exchange, representing the largest ever software IPO in European history. Summit was the first institutional investor into Avast and helped grow the company from $29 million in revenue and $21 million in EBITDA in CY 2009, the first full year before Summit invested, to $780 million in revenue and $451 million in EBITDA for Employees 85 (of which 18 in Europe) CY 2017.

Current Fund Size €700m in Europe ($9.5bn globally) SELECTED PORTFOLIO COMPANIES Use of Debt In certain situations Provider of cyber security technology. Darktrace’s solution represents a new class of cyber defense software that helps large enterprises and governments detect advanced threats and anomalous behavior within their networks. AUM $21bn

Provider of enterprise SaaS process and decision management systems Target Investment Size $10m - $150m

Target Geographies Global Provider of enterprise SaaS marketing information systems

Technology, Internet, Enterprise Software, Target Sectors Mobile, Telecommunications Full Portfolio • www.summitpartners.com/companies Active (with on demand operational Investment Style resources) KEY CONTACTS

Deal Structures Flexible • Steffan first joined Summit Partners as an Associate in 2007. Today, he Steffan Peyer focuses on the technology sector in Europe Key Investment Criteria Growth and capital efficiency Investment Professional • Prior to rejoining Summit in 2013, Steffan was a member of the management team of Turbulenz Limited. Before that, he worked for UBS Investment Bank

Website www.summitpartners.com • Shaun focuses primarily on the technology sector in Europe Shaun Dunlop • Prior to Summit, Shaun worked for Goldman Sachs in London, where he was Contact Email [email protected] Investment Professional a member of the TMT & Industrials M&A team and subsequently the Fundamental Strategies Group, covering TMT on the proprietary trading desk

Contact Phone +44 2076597528

INVESTOR BOOK 119 Target Global

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Target Global is an international Venture Capital firm headquartered in Berlin, with over EUR 600 million in assets under management. Connecting Offices Berlin, Moscow, Tel Aviv, San Francisco the key European startup ecosystems we leverage the unique DNA of each of our target geographies, across our global network. Building on our experienced team with substantial operational and investment experience, we help exceptional entrepreneurs to build market leaders. Target Global Active Markets Europe, Israel, US follows a lifecycle approach, investing in fast-growing online platforms, targeting trillion $ markets. Our partners have been investing for more than 15 years in the digital technology space, backing some of the European success . The Target Global portfolio includes companies such as Auto1, Delivery Hero, GoEuro, Dreamlines and WeFox. Founded 2012 More about Target Global: www.targetglobal.vc

Employees c. 40

Current Fund Size $300m SELECTED PORTFOLIO COMPANIES Use of Debt Yes AUTO1.com – The online marketplace for efficient buying and selling of inspected used cars. It is exclusively for car dealers AUM $533m

BAT is a Facility Management platform . It connects customers with cleaning services as well as additional services Target Investment Size $5m - $30m through its network

Target Geographies Europe, Israel, US DocPlanner is an online healthcare platform enabling patients to find local physicians online and book appointments

B2C and B2 SMB companies in E- Target Sectors Commerce, FinTech, Travel, Software, Mobile Full Portfolio • www.targetglobal.vc/portfolio/

Investment Style Active KEY CONTACTS

Deal Structures Minority [Photo] Yoran Valler [Photo] Shmuel Chafets Digital transformation, scalable Key Investment Criteria international businesses General Partner General Partner

Website www.targetglobal.vc

[Photo] Alex Frolov Contact Email [email protected] General Partner

Contact Phone n/a

INVESTOR BOOK 120 Top Tier Capital Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Top Tier Capital Partners is a San Francisco based registered investment adviser building customized venture capital portfolios. With $7.3 billion Offices San Francisco, California capital commitments, Top Tier offers funds and customized solutions by investing in primary and secondary investments in venture capital and growth equity funds and co-investments in select portfolio companies.

Active Markets Global Top Tier’s value-add lies in the experience, deep networks, industry insights and superior client service accumulated over two decades in Silicon Valley. When selecting managers, Top Tier uses both quantitative and qualitative data, including their proprietary database (The Mine), which holds extensive data regarding market dynamics for potential exits. Using this balanced approach to due diligence and access, the team seeks to create Founded 1999 diverse portfolios that are built to spot emerging trends early and to deliver optimal venture returns.

Employees 25-35

Current Fund Size SELECTED PORTFOLIO COMPANIES Use of Debt No Zuora is an enterprise software company that designs and sells SaaS applications for companies with a subscription business model. Zuora's applications are designed to automate billing, commerce, and finance operations. AUM $7.6b capital committed Smartsheet is a collaborative, cloud‐based project management and workflow tool which utilizes a grid‐like interface that resembles Excel. The software platform is used by individuals and companies of all sizes to manage projects and Target Investment $5m - $25m get work done from any device or browser. The online application combines the ease of use of a spreadsheet with Size collaborative and discussions, visual timeline management and automated workflow capabilities. Carbon Black provides a complete solution against advanced threats that target organizations’ endpoints and servers, Target Geographies Global making it easier to see and stop those threats. Carbon Black enables organizations to arm their endpoints by combining continuous, real-time visibility into what’s happening on every computer; real-time signature-less threat detection; incident response that combines a recorded history with live remediation; and prevention that is proactive Target Sectors Technology and Healthcare and customizable.

Full Portfolio www.ttcp.com/#portfolio Investment Style KEY CONTACTS

Deal Structures Flexible • Jessica is a Managing Director and member of the Investment Committee at Top Tier Capital Partners. She is dedicated to the fund Investment Team and Thoughtful venture capitalists and passionate Jessica Archibald currently leads the capital formation efforts for the Firm. She was the driving Key Investment entrepreneurs looking to evolve the European force behind establishing the Investment Team’s database, The Mine. It was Criteria Managing Director ecosystem with a global partner Jessica’s analytical vision to leverage data to enhance the risk-adjusted Email: [email protected] returns for Top Tier’s investors. Her focus on data has helped the Investment Website www.ttcp.com Team balance the promise frontier technologies offer with the financial returns LPs desire/.

Contact Email [email protected]

Contact Phone +1 415 835 7500

INVESTOR BOOK 121 Vitruvian Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

London, Munich, Stockholm, Vitruvian is an independent private equity firm specialising in growth capital investments, growth and middle-market buyouts in Offices San Francisco, Luxembourg Europe. The firm focuses on investing in ‘dynamic situations’ – fast growing businesses in industries characterised by growth and change such as digital, software, media, telecoms, healthcare, financial services, business services and leisure. Active Markets Europe & US Vitruvian is currently investing its third fund of €2.4 billion, one of the largest pool of capital supporting higher growth companies in Europe. It has offices in London, Munich, Stockholm, San Francisco and Luxembourg Founded 2007

Employees 51-100 (of which over 50 in Europe)

Current Fund Size €2.4bn SELECTED PORTFOLIO COMPANIES Use of Debt Yes World’s leading online and mobile marketplace for takeaway food. Proprietary technology benefiting over 21 million [ Logo ] users and over 80,000 takeaway restaurants. Listed on the LSE since 2014 AUM €5bn

Online marketplace platform enabling high end fashion boutiques to sell branded luxury apparel and accessories Target Investment Size €30m - €250m to consumers in more than 150 countries

Target Geographies Europe & US Germany's largest independent consumer loan portal originating c. €1.5bn in loans in 2017

Technology & Internet, Life Science & Target Sectors Healthcare, Travel & Transportation, Financial Services, Business Services Full Portfolio www.vitruvianpartners.com/investments

Investment Style Active KEY CONTACTS

• At Vitruvian since 2009, responsible for the firm’s activities in DACH and focused on Technology and Life Deal Structures Majority, Minority, Flexible Torsten Winkler Sciences & Healthcare sectors Partner • Companies include Smava, Technogroup, Verastar and Linimed Strong growth supported by Key Investment Criteria sustainable business model Thomas Studd • At Vitruvian since 2009, focused on the Media and Technology, Telecoms & Internet sectors Partner • Companies include , Farfetch, Ebury, Trustpilot, Vestiaire Collective and Carwow Website www.vitruvianpartners.com Fabian Wasmus • At Vitruvian since 2017, heading Vitruvian’s German office in Munich Managing Director • Companies include Technogroup Contact Email [email protected] Michael Mitterlehner • At Vitruvian since 2014, focused on Internet and Software across verticals as well as Business Services Vice President • Companies include Smava, Bitdefender, Snaplogic, Unifaun, Farfetch, Just Eat, Solvinity Contact Phone +44 20 7518 2883

INVESTOR BOOK 122 Buyout

123

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

London, Barcelona, New York, Hong Kong, With over $40 billion raised over the last 30 years, Apax Funds have a proven strategy of sector focused investing, looking for opportunities where Offices Munich, Mumbai, Sao Paolo, Shanghai, Tel capital, experience and insight can release the potential of businesses and lead to significant growth. Our sector focus, combined with an established Aviv network of local offices and a global platform, represents the foundation of Apax Partners' strategy. Currently, the portfolio companies in which our funds invest employ in excess of 270,000 and have an enterprise value in excess of €72 billion. Active Markets Global

Founded 1969

Employees Approx. 100

Current Fund Size $7.5bn SELECTED PORTFOLIO COMPANIES

Use of Debt Yes SoYoung: The largest online marketplace for aesthetic medical treatments in China

AUM $40bn

Leading B2B travel technology and service provider Target Investment Size €200m - €500m

North America, Europe, , India, The leading consumer internet business in Israel with the largest digital yellow pages, largest online price Target Geographies China comparison and several other leading specialized websites including Rest, Doctors and Mitchatnim.

Consumer. Healthcare, Services, Tech & Target Sectors Telco Full Portfolio • www.apax.com/investments/all-investments/

Investment Style Active KEY CONTACTS

Deal Structures Control • Mark Beith is Managing Director of Apax Digital and leads the team in Europe. Mark Beith He focuses on minority and buyout investments in high-growth software, internet and tech-enabled services businesses. He joined Apax in 2017 and Key Investment Criteria Sector focus Managing Director has over 13 years of experience. He is based in London.

Website www.apax.com

Nicolas Dupuis • Nicolas Dupuis joined Apax Digital in 2017 as part of the team covering Europe. He focuses on minority and buyout investments in high-growth Contact Email N/A Associate software, consumer internet and tech-enabled services businesses.

Contact Phone +44 207 872 6380

INVESTOR BOOK 124 Ardian

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Paris, London, Frankfurt, Milan, Madrid, Ardian, founded in 1996 and led by Dominique Senequier, is an independent private investment company with assets of US$62bn managed or Offices Zurich, New York, San Francisco, Beijing, advised in Europe, North America and Asia. The company, which is majority-owned by its employees, keeps entrepreneurship at its heart and Singapore, Jersey and Luxembourg delivers investment performance to its global investors while fuelling growth in economies across the world. Ardian’s investment process embodies three values: excellence, loyalty and entrepreneurship. Active Markets Global

Founded 1996

Employees >490

Current Fund Size Direct Fund: $16bn SELECTED PORTFOLIO COMPANIES

Use of Debt Yes T2O media is a Digital Media Agency founded in 2004, that designs and manages marketing and communication strategies with a results orientated approach (Paid, Owned, Earned Media, relying always on Technology). AUM $67bn Sarbacane Software was founded in 2001 and has established itself over the past 15 years as a leader in email and digital marketing in France and Europe. Target Investment Size n/a

Founded in 1985 by French architects, Abvent is a group currently based in Paris, the leader in software and Target Geographies Global services for architects and construction professionals (ARCHICAD, ClimaBIM, Rhino 3D, BIMoffice), and a key player in the imaging segment (Twinmotion, Artlantis, iVIsit360, RenderIn). Consumer Goods & Services, Energy, Target Sectors Business Services and TMT Full Portfolio • www.ardian.com/en/companies-list

Investment Style Active KEY CONTACTS

Deal Structures Control Yannic Metzger • Yannic Metzger joined Ardian in Frankfurt in 2015 as an Analyst within the Expansion team. Previously, he worked in the private equity practice of Investment Manager Deutsche Beteiligungs AG and in Commerzbank’s leveraged finance Key Investment Criteria n/a Email: [email protected] department.

Website www.ardian.com

Contact Email [email protected]

Contact Phone +1 212 641 8604

INVESTOR BOOK 125 Bain Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Bain Capital, LP is one of the world’s leading private multi-asset alternative investment firms that creates lasting impact for investors, teams, Offices 14 offices worldwide businesses, and communities. Since the founding in 1984, Bain Capital has applied their insight and experience to organically expand into several asset classes including private equity, credit, public equity and venture capital. Bain Capital leverages its shared platform to capture cross-asset class Active Markets Global opportunities in strategic areas of focus. With offices on four continents, the global team aligns Bain Capital’s interests with those of the investors for lasting impact.

Founded 1984

Employees >900

Current Fund Size > $75bn SELECTED PORTFOLIO COMPANIES Use of Debt Yes

SurveyMonkey is the world’s leading online survey platfrom AUM > $75bn

DocuSign is the global standard for Digital Transaction Management (DTM) Target Investment Size n/a

Target Geographies Global Flywire is a leading provider of international payment solutions, connecting their clients with other businesses and consumers on six continents

Target Sectors Across sectors Full Portfolio • www.baincapitalventures.com/portfolio/

Investment Style n/a KEY CONTACTS

Deal Structures n/a

Tobias Weidner • Previously: Wittur Board Director, Minxli Board Director Key Investment Criteria n/a Principal

Website www.baincapital.com

Contact Email n/a

Contact Phone n/a

INVESTOR BOOK 126 Capvis Equity Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Capvis Equity Partners AG is the exclusive advisor to the Capvis Funds and is domiciled in Baar, Switzerland, with a subsidiary in Frankfurt and a Offices Baar, Frankfurt, Shanghai representative office in Shanghai. The team is supported by a broad network of industry sector specialists. The primary point of contact for companies, investors, management and the public is Capvis Equity Partners AG. Active Markets Switzerland, Germany and Austria The Management Team of Capvis Equity Partners AG looks back on a success story of over 15 years. The team established the Capvis I Fund in 1999 and founded the management company Capvis Equity Partners AG. Capvis is the successor organization of SBC Equity Partners. From 1995 Founded 1990 until the merger of UBS and Swiss Bank Corporation SBC in 1998, SBC Equity Partners was the Private Equity investment division of Swiss Bank Corporation. Before 1995, the investments were made by the equity banking division of Swiss Bank Corporation. Employees 11 - 50 Capvis has been fully independent since 2003. The Capvis Management team has been working together for many years and looks back on a track record that spans over two decades. Since 1990, Capvis has concluded 52 transactions with a total volume of more that EUR 5 billion. Current Fund Size €720m SELECTED PORTFOLIO COMPANIES Use of Debt Yes arena is one of the world’s reference brands in aquatic sports. For over 40 years, arena has equipped the world’s Olympic gold medallists and watersport lovers with racing, training and leisure swimwear built on a foundation of AUM €1.9bn technology and innovation. (Fund Capvis III)

VAT Holding AG is the global market leader in the development, manufacture and sale of vacuum valves for the Target Investment Size €50m - €500m semiconductor and vacuum coating industries. (Fund Capvis IV)

Target Geographies Switzerland, Germany and Austria RENA is a global leading supplier of production equipment for wet chemical surface treatment. RENA products are used in the areas of application Renewable Energy, Medical and Electronics. (Fund Capvis IV) Service/Trading, Engineering, Consumer Target Sectors Goods, Industrial Goods, Electronics, Automotive Supplier, Chemicals Full Portfolio • www.capvis.ch/en/capvis-funds/structure-capvis-funds-overview.html

Investment Style Active KEY CONTACTS

Deal Structures Majority, Minority Jens Abend • Jens has been working with Capvis since 2016. Jens was previously CEO of LR-Health & Beauty Systems GmbH, Ahlen and spent over 15 years at Dynamic entrepreneurialism focused on Market Advisor Key Investment Criteria McKinsey & Company. Inc. Jens was a member of the board at Fielmann AG. achieving ambitious targets Email: [email protected] Jens holds a Dr. rer. pol., from the University of Augsburg.

Website www.capvis.ch

Contact Email n/a

Contact Phone +44 1534780789

INVESTOR BOOK 127 EQT Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

EQT seeks high-quality, market-leading, medium-sized to large companies in Northern and Central Europe with significant value-creation Offices In 14 countries over three continents opportunities. Targeted companies should have the potential for value creation by investing in growth, in performance improvement, and e.g. active participation in industry consolidation through add-on acquisitions. The typical equity investment opportunity ranges between EUR 50 million and EUR 600 million. Active Markets Europe, Asia, US

SELECTED PORTFOLIO COMPANIES Founded EQT Partners AB 1994

• Largest Secure SD-WAN Provider in Europe which unites network operations, data analytics, and security Employees In total: ~540 operations as a service

EQT VIII: EUR 10.75bn, raised in 2018 Current Fund Size • Market leading provider of live sports information and services, operating at the interface between sports and EQT MM Europe: EUR 1.6bn, raised 2017 entertainment

Use of Debt Yes • Global leading provider of customer experience mgmt., digital marketing and e-commerce software enabling customers to drive performance via personalized content, increasingly facilitated by machine learning / artificial intelligence AUM ~ EUR 49bn capital raised in 26 funds

• Leading global hotel B2B wholesale platform Mid – to Large-Cap companies, Equity Target Investment Size investments will typically range between EUR 50 – 600 million • Music-tech company offering high-quality music, primarily targeting video content production clients, in-store music and streaming platforms Target Geographies Europe • Germany’s largest online retailer for automotive spare parts & accessories Software, IT Services, Data Monetization, Target Sectors Fiber, FinTech, Classifieds / Market Full Portfolio • www.eqt.se/Portfolio-Companies/Current-Portfolio/ Places

Investment Style Buyout Investments KEY CONTACTS

Deal Structures Control, joint control • Dominik Stein • Florian Funk • Partner, Head of TMT Sector • Partner, Head EQT Mid Market DACH & BeNeLux Growth opportunities, leading market • Joined EQT in September 2006 • Joined EQT in May 2008 Key Investment Criteria position, performance improv. potential • Email: [email protected] • Email: [email protected] • Jens Zuber • Hajo Krösche Website www.eqt.se • Director, Deputy Head of TMT Sector • Director • Joined EQT in April 2011 • Joined EQT in August 2013 Contact Email [email protected] • Email: [email protected] • Email: [email protected]

Contact Phone +46850655300

INVESTOR BOOK 128 FSN Capital Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

FSN Capital is a leading Nordic private equity investment company focused on the middle-market segment. Originally established in 2000, FSN Offices Oslo, Copenhagen, Stockholm, Munich Capital seeks to make control investments in Nordic companies with significant potential to become international leaders.

Active Markets Nordics

Founded 2000

Employees 30 - 40 (of which all in Europe)

Current Fund Size €1bn SELECTED PORTFOLIO COMPANIES Use of Debt Yes Mørenot Group consists of companies with leading positions in the international market as suppliers to customers in fisheries, aquaculture and marine seismic AUM €2.1bn

Gram Equipment is a global market leader within advanced ice cream processing equipment Target Investment Size n/a

Target Geographies Nordics Holmbergs Safety System is a leading global supplier of mission critical safety systems to the child safety seat industry

Industrial, Business Services, Consumer Target Sectors & Retail, Healthcare & Education and TMT Full Portfolio • www.fsncapital.com/index.php/investments

Investment Style Active KEY CONTACTS

Deal Structures n/a Justin Kent • Justin joined FSN Capital in 2018. Prior to joining FSN, Justin spent nearly four years at Capvis Equity Partners, where he was responsible for Partner investments in the Consumer sector. Before that, Justin spent nearly eight Key Investment Criteria n/a years at The Riverside Company, focusing on investments throughout Email: [email protected] Europe.

Website www.fsncapital.com

Contact Email [email protected]

Contact Phone +45 33134800

INVESTOR BOOK 129 GENUI

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

GENUI is a private investment firm established by a group of exceptional entrepreneurs and investment professionals. What sets GENUI apart is a Offices Hamburg unique combination of entrepreneurial ability, a strong network, and expertise in processes and governance. The GENUI entrepreneurs have built up larger businesses successfully and have also added value to enterprises by taking active ownership roles as non-executive board members when Active Markets Austria, Germany, Switzerland making substantial investments in the respective companies.

Founded 2014

Employees 4-10 (of which all in Europe)

Current Fund Size €407m

SELECTED PORTFOLIO COMPANIES Use of Debt No

Leading food manufacturer for premium mass customised muesli in Germany AUM n/a

Target Investment Size €15m - €75m Leading German market online boutique for luxury and premium handbags and related accessories

Target Geographies Austria, Germany, Switzerland Fast growing B2B e-commerce player Retail, E-Commerce Technology, Media, Target Sectors Health, Marketing, Analytics, Digital Services, Software

Investment Style Active KEY CONTACTS

Deal Structures Majority, Minority, Joint Control, Control Sumeet Gulati Partner • Previously: Partner at EQT Partners, Angermann & Partner Consulting Strong management, profitable growth- Key Investment Criteria Email: [email protected] oriented business, established business Patrick Gehlen • Previously: Investment Director at EQT Partners, Senior Banker at Deutsche Partner Website www.genui.de Bank Email: [email protected] Oliver Serg Contact Email [email protected] Partner • Previously: Investment Director at EQT Partners, CFC Industriebeteiligungen Email: [email protected] (small/mid cap special situations fund) Contact Phone +49 40 32086690

INVESTOR BOOK 130 Insight Venture Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that Offices New York are driving transformative change in their industries. Founded in 1995, Insight has raised more than $8bn and invested in more than 200 companies worldwide. Its mission is to find, fund and work successfully with visionary executives providing them with practical, hands-on growth expertise to Active Markets Global foster long-term success.

Founded 1995

Employees 51 - 100 (of which 0 in Europe)

Current Fund Size $3bn SELECTED PORTFOLIO COMPANIES Use of Debt Yes Europe’s largest hotel meta-search destination, where visitors can easily find the best deal by comparing prices from over 500,000 hotels and over 100 booking sites worldwide AUM $8bn

Every week HelloFresh sends fresh ingredients needed to prepare delicious recipes at home Target Investment Size $20m - $200m

Target Geographies Global Worldwide network of online food ordering sites with over 55,000 restaurants connected to its service

Software, Internet & Tech-enabled Target Sectors Services Full Portfolio • www.insightpartners.com/portfolio/

Investment Style Active KEY CONTACTS

Deal Structures Flexible Harley Miller • Harley Miller joined Insight in 2011. He previously worked as an analyst at Vice President Lubert Adler Real Estate Funds in Philadelphia, focusing on acquisition and Key Investment Criteria Growth asset management Email: [email protected]

Website www.insightpartners.com

Contact Email [email protected]

Contact Phone +1 212 2309200

INVESTOR BOOK 131 KKR

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

New York, London, Menlo Park, Hong Offices Global Presence: 22 offices in 16 countries and a unique network for global roll-outs. Kong, Tokyo, Sao Paulo and others Focus on Operational Value Creation: KKR’s average holding period is 7 years and over 50 Operating Partners (KKR Capstone) support companies with operational expertise. Active Markets Global Large portfolio: With 98 portfolio companies globally with more than 800,000 employees, KKR offers a unique roll-out opportunity to B2B com- panies. Highly Experienced in Partnership Transactions: BMG, Fotolia, Scout24 Schweiz, Ping Identity, and many others. Deep Sector Knowledge: >50 TMT Founded 1976 deals with aggregate deal value in excess of $100bn. Dedicated Growth Fund: Targeting tech-enabled growth investments ranging from $10m-$100m. 190 Investment Professionals Employees 50 Operational Professionals

Current Fund Size €6bn (Europe III)

Use of Debt Flexible SELECTED PORTFOLIO COMPANIES

AUM €131bn globally Leading provider of wireless audio and home theatre products for the connected home

Growth Equity: $10m - $100m Target Investment Size Private Equity: $100m - $2bn equity Community and e-commerce sites in the automotive, careers, home, shopping, and travel and leisure verticals

Target Geographies Global Leading multi-vertical eRetailer focused on health & fitness, beauty & apparel Media, Technology, Consumer, Retail, Target Sectors Energy, Financial Services, Healthcare, Infrastructure and others Growth Portfolio Investment Style Active

Flexible deal structuring, including minority KEY CONTACTS Deal Structures positions or partnerships • With KKR since 2007, responsible for European growth equity. Previously Best-in-class Management team, Lucian Schoenfelder Associate at J.P. Morgan operational & technology excellence, Key Investment Criteria growth potential, profitability or clear path Director • Companies: trainline.com, Scout24 Switzerland, arago, Clicktale, Optimal+ to profitability and GetYourGuide

Website www.kkr.com

Contact Email n/a

Contact Phone n/a

INVESTOR BOOK 132 Macquarie Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Sydney, New York, London, San Macquarie Group Ltd. is a leading provider of banking, financial, advisory, investment and funds management services through its six core Offices Francisco, Hong Kong and others segments: Macquarie Funds Group, Corporate and Asset Finance, Banking and Financial Services Group, Macquarie Securities Group, Macquarie Capital; and Fixed Income, Currencies and Commodities. Active Markets Global Macquarie Capital is the merchant banking segment of Macquarie and provides M&A and restructuring advisory and debt and equity capital raising services to corporate and government clients. In addition, Macquarie Capital deploys a principal / merchant banking strategy and invests debt, Founded 2000 structured debt and equity and common equity capital in companies in its focus sectors of TMT, industrials, infrastructure, financial institutions, gaming and leisure, real estate, and resources. Employees 1,136 (as of March 2017)

Current Fund Size n/a

SELECTED PORTFOLIO COMPANIES Use of Debt Yes

Takeaway.com is an online food delivery marketplace AUM n/a

Target Investment Size $20m - $200m IO.com provides modular technology and services for enterprises, governments and service providers.

Target Geographies Global CommonBond is an online lending platform that connects borrowers and investors to make education finance better Infrastructure, Utilities and Reneables, Target Sectors Real Estate, TMT, Media, Entertainment & Tech, Resources, Industrials Full Portfolio • www.macquarie.com

Investment Style Active & Passive KEY CONTACTS Deal Structures Flexible

Ben Bailey Elmar Broscheit Market Leading, High Growth, Best-In- Key Investment Criteria Class, Management, Mature Companies, Head of EMEA TMT Senior Vice President Cash Flow Characteristics, Late Growth

Website www.macquarie.com

Stephan Feilhauer Constantine Manos Contact Email n/a Senior Vice President Senior Vice President

Contact Phone +1 212 2310409

INVESTOR BOOK 133 Maryland

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Offices Hamburg Maryland GmbH is the direct investment division of Mayfair SE, the private family office of Günter and Daniela Herz, former owners of the Tchibo Group. Maryland aims to establish a portfolio of long-term direct investments. The focus is on companies with a strong business model and long-term growth prospects preferably in branded consumer & retail, online/digital media, or the services sector. Transaction structures may Active Markets Global range from minority to majority holdings, private or public companies, typically on an all-equity basis.

Founded 2004

Employees 7

Current Fund Size N/A

Use of Debt Yes SELECTED PORTFOLIO COMPANIES Global leader in Testing, Inspection & Certification (ship classification, oil & gas, energy and business assurance/ISO certification) AUM N/A

#3 global TIC services company, €2.5bn revenues, 13,500 employees Target Investment Size €50m - €1bn Innovative, Italian fast-casual restaurant concept 180 restaurants in 32 countries worldwide (€0.5bn system-wide revenues) Mayfair acquired 44% holding in 2011 Target Geographies Europe, Americas Support for global roll-out of the business

Digital, Media, Consumer, Target Sectors #3 global sporting goods brand leading in the sport lifestyle segment Business Services Mayfair acquired 27% holding in 2005; sold to PPR in 2007

Investment Style N/A

Deal Structures control, joint control, minority, etc. KEY CONTACTS

long-term growth prospects unique assets Hinrich Stahl • Responsible for Mayfair’s direct investments since 2004 [Photo] Key Investment Criteria global business model Managing Director • Previously Apax Partners and McKinsey & Co. low capital intensity Email: [email protected] • MBA INSEAD (Fontainebleau) strong management team

Website N/A Helge Lützen • Joined Maryland in 2008 [Photo] Director • Previously Citigroup Global Markets Contact Email [email protected] Email: [email protected] • EBS Oestrich-Winkel

Contact Phone N/A

INVESTOR BOOK 134 Oakley Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

London, UK Oakley Capital is a leading mid-market private growth investor with over €1.6 billion under management. We invest primarily in Western Europe and Offices Munich, Germany have a particular focus on the Digital Consumer, TMT and Education sectors. The firm was founded by serial entrepreneur Peter Dubens to be the kind of partner he would have wanted to work with when growing his own businesses: straightforward, decisive, and focussed on building lasting partnerships with entrepreneurs over many years. Oakley targets mid-market companies with EVs in the €100 – €300 million range and seeks to Active Markets Western Europe, North America deploy capital of €50 – €100 million in each deal.

Founded 2001 Oakley has a strong track record of investing in DACH markets (with many household names such as ParshipEliteGroup, Verivox and Schülerhilfe), Italy (Facile, Casa.it) and the UK (Inspired, Host Europe Group, Daisy)

Employees 30 – 50 We are able to cultivate a pipeline of interesting opportunities with our network of long-term partners which helps us to unlock proprietary situations. Our main value levers are organic revenue and EBITDA growth, buy & build platform strategies, as well as leveraging our deep sector expertise to realise operational improvements. Current Fund Size €800m SELECTED PORTFOLIO COMPANIES Use of Debt Yes • Founded in 2008, Facile is Italy’s leading online destination for consumers to compare prices for motor [ Logo ] insurance, energy, telecoms and personal finance AUM €1.6bn

• TechInsights is a global leader in the intellectual property and technology intelligence services market. The Target Investment Size €50m – €100m business specialises in reverse engineering, used to prove patent infringement and track innovation in the semi-conductor industry

Target Geographies Western Europe, North America • Plesk is one of the most widely used control panels and software platforms for simplifying the lives of [ Logo ] developers and Web Professionals

Target Sectors Digital Consumer, TMT, Education Full Portfolio • www.oakleycapital.com/portfolio/ Investment Style Active KEY CONTACTS Deal Structures Primarily majority Arthur Mornington • Arthur has 15 years of private equity experience. He was previously a Growth investments [Photo] partner at Charterhouse, where he was involved in origiination, execution Key Investment Criteria (carve-outs, buy & build, often founder- Partner and Management – especially in the media, education and business led) Email: [email protected] services sectors.

Website www.oakleycapital.com Ralf Schremper • Ralf has more than 15 years of M&A and investment experience. He [Photo] previously served as a Member of the Executive Board and CIO at Contact Email [email protected] Partner ProSiebenSat.1 SE. His sector experience includes media, digital, Email: [email protected] marketing services, commerce and healthcare. Contact Phone +44 (0)207 766 6900

INVESTOR BOOK 135 Permira

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Frankfurt, London, Luxembourg, Madrid, Permira is a global investment firm that finds and backs successful businesses with ambition. Founded in 1985, the firm advises funds with a total Offices Milan, Paris, Stockholm, New York, Menlo committed capital of approximately €32 billion. Park, Hong Kong, and others

The Permira funds make long-term investments in companies with the ambition of transforming their performance and driving sustainable growth. Active Markets Global

In the past 30 years, the Permira funds have made over 200 private equity investments in five key sectors: Consumer, Financial Services, Healthcare, Founded 1985 Industrials and Technology.

Permira employs over 200 people including 130 investment professionals in 14 offices across North America, Europe and Asia. Employees 240

Current Fund Size €7.5bn SELECTED PORTFOLIO COMPANIES Use of Debt Yes Klarna provides e-commerce payment solutions for merchants and shoppers

AUM €32bn

TeamViewer is an all-in-one solution for remote access, support, collaboration and desktop sharing over the internet Target Investment Size n/a

Target Geographies Europe, North America and Asia Magento is the leading platform for open commerce innovation

Consumer, Financial Services, Target Sectors Healthcare, Industrials, Technology Full Portfolio • www.permira.com/portfolio/

Investment Style Active KEY CONTACTS

Deal Structures n/a Dipan Patel Andrew Young

Key Investment Criteria n/a Partner Principal

Website www.permira.com

Stefan Dziarski Contact Email n/a Partner

Contact Phone n/a

INVESTOR BOOK 136 Debt

137 Bootstrap Europe

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Fast growth companies often require additional money to fuel scale, yet their founders and their investors do not want to be diluted. is a Offices Luxembourg, Zurich, London, Paris way to postpone the next valuation event, and to provide a company with additional time to increase its value prior to a future funding round or an acquisition. The Bootstrap Europe team has supported entrepreneurs and their investors in more than 200 European transactions. Active Markets Western Europe, Turkey The Venture Debt fund is backed by successful entrepreneurs who in turn are providing a stable source of capital to the next generation of innovators.

Founded 2014

Employees 4-10 (of which all in Europe)

Current Fund Size €80m SELECTED PORTFOLIO COMPANIES Use of Debt Yes

Full Portfolio • www.bootstrap-europe.com/transactions AUM €100m

Target Investment Size €1m - 10m

Target Geographies Western Europe, Turkey

Target Sectors Technology, Life Sciences

Investment Style Active KEY CONTACTS

Deal Structures Venture Debt Stephanie Heller • Stephanie is a partner and co-founder at Bootstrap, based in Zurich and Lon- Innovative, fast growing, can sustain don, where she focuses on the sourcing, risk evaluation, negotiation and due Key Investment Criteria Managing Partner monthly reimbursements diligence of new investment opportunities [email protected]

Website bootstrap-Europe.com

Fatou Diagne • Fatou is a partner and co-founder at Bootstrap, based in Zurich, where she Contact Email [email protected] Managing Partner focuses on the sourcing, risk evaluation, negotiation and due diligence of new investment opportunities [email protected] Contact Phone +41 79 310 6978

INVESTOR BOOK 138 Columbia Lake Partners

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Offices London Columbia Lake Partners is an experienced team of investors providing growth loans to European technology companies. CLP is backed by a knowledgeable group of investors, including partners at Bessemer Venture Partners. We have the capacity to invest up to $250 Belgium, Denmark, Finland, France, million from our fund. Transactions are $1 to $10 million and we will partner with other providers to write larger cheques. Our experience through the Active Markets Germany, Ireland, Norway, Spain, ups and downs of the past decade has taught us that no company has a straight path to success. Because of this, our approach is to take a "light Sweden, Switzerland, UK touch" with no board seats, light covenants and standard reporting. Since 2014, we have invested in over 20 companies across Europe and are actively seeking to meet new companies and other investors within the ecosystem. Founded 2014

Employees 4 - 10 (of which 8 in Europe)

Current Fund Size $120m SELECTED PORTFOLIO COMPANIES Use of Debt Yes

EyeEm is a mobile app for amateur photographers with >20 million users worldwide (Berlin-based). AUM $120m

Target Investment Size $1m - $10m Amplience delivers rich content production, analytics and publishing, enabling more than 200 leading brands to improve content performance

Belgium, Denmark, Finland, France, Target Geographies Germany, Ireland, Norway, Spain, Sweden, Switzerland, UK Machine learning data transformation and analytics solution for insurance professionals

E-Commerce Technology, Marketplaces, Target Sectors Travel & Transportation, FinTech, Marketing, Analytics Full Portfolio • www.crunchbase.com/organization/columbia-lake-partners

Investment Style Active KEY CONTACTS

Deal Structures Growth finance George Bartlett • George is an Investment Manager at Columbia Lake Partners, a European debt fund based in London with $250 million in deal capacity. George focuses High growth cash burning technology Investment Manager on investing in enterprise software and consumer businesses. He is Key Investment Criteria companies, typically working alongside an responsible for deal sourcing, due diligence and working with portfolio equity sponsor Email: [email protected] companies.

Website www..clpgrowth.com Craig Netterfield • Craig is the Founding Partner at Columbia Lake Partners, a European growth fund based in London with $250 million in deal capacity. He originally set up Managing Partner Contact Email [email protected] the fund in 2014, having previously worked as a Partner for 9 years at Email: [email protected] Wellington, a North American venture debt fund.

Contact Phone n/a

INVESTOR BOOK 139 Davidson Technology Growth Debt

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Growth Debt facility of 2 to 10m to companies with min 10m of annual revenues Offices Berlin

Active Markets Germany

Founded 2015

Employees 4 - 10 (of which all in Europe)

Current Fund Size €100m SELECTED PORTFOLIO COMPANIES Use of Debt Yes

Tausendkind operates as an e-commerce one-stop shop for infants up to the age of eight AUM €25m

MONOQI is all about passion for design, bringing amazing products from great international designers to their Target Investment Size €2m - €10m exclusive members, every day

Target Geographies Germany, Israel, Switzerland, UK SoundCloud is a social sound platform where anyone can create and share sounds

E-Commerce Technology, Marketplaces, Target Sectors Media, Financial Services, B2B, Mobile Full Portfolio • www.davidson-capital.com

Investment Style Active KEY CONTACTS

Deal Structures Lead Eran Davidson • Raising and managing six Venture Capital funds since 1996, this is Eran’s fund #7m, first German Venture Debt fund and market leader, with already Min. €10m annual revenues, loan facility Managing Partner Key Investment Criteria five por- tfolio companies in one year. Eran founded Hasso Plattner Ventures should bring the company to break-even Email: [email protected] Germany, Europe and South Africa and was in charge of HP’s Family Office

Website www.davidson-capital.com

Contact Email [email protected]

Contact Phone +49 30 2360767

INVESTOR BOOK 140 Global Growth Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

• Global Growth Capital arranges innovative debt solutions enabling growth companies to develop in a sustainable manner. Offices London, Berlin • Our flexibility with regard to structures and terms make us an ideal partner to technology and fintech business. • Customised solutions driven by business model, cash flow profile and use of capital Active Markets Global, focus Europe • Focus on technology-enabled businesses (no medtech / pharma) • Offer structuring know-how across multiple jurisdictions, speed of execution and efficient decision-making process • Our network of relationships allow us to have a trully global reach while offering you knowledge of local law Founded 2017

Employees 5 (of which all in Europe)

Target Fund Size €500m SELECTED PORTFOLIO COMPANIES Use of Debt Yes

SIZE: €3 – 50 million AUM €300m

Target Investment Size €3m - €50m TENOR: 3 – 48 months

Target Geographies Global RETURN: Flexibility on interest payments (cash /PIK),fees and/or equity upside

Target Sectors Agnostic (except biotech) USE OF PROCEEDS: Growth, acquisition financing, refinancing, shareholder events Investment Style n/a KEY CONTACTS

Deal Structures Working capital lines, fintech, term loans OlyaKlueppel Harsh Patel Partner Partner Key Investment Criteria Proven business model +41 79 297 4153 +44 7903 888 632 [email protected] [email protected]

Website www.globalgrowthcap.com Malte Rau Principal Contact Email [email protected] +49 174 245 1178 [email protected] Contact Phone +41 79 297 4153

INVESTOR BOOK 141 Harbert European Growth Capital

KEY CORPORATE FACTS / KPIS INVESTOR DESCRIPTION

Harbert European Growth Capital Fund (“HEGCF”) is an investment partner to high growth entrepreneurial businesses across Europe in the Offices London technology and life sciences sectors. Led by an experienced team with a 10+ track record of investing across Europe and over €120m in capital committed from institutional and private investors, HEGCF is one of the leading European debt funds in Europe with a strong USA and European Active Markets Europe network.

The fund is based in London and is corner sponsored by Harbert Management Corporation, a US headquartered independent investment firm, with Founded 2013 $4.3bn in assets and committed capital under management as at 01 February 2015. The fund looks for investment opportunities in high growth businesses and has a growing portfolio of 28 companies. Key focus is on proven management teams in need of capital to fuel organic growth, working capital requirements, acquisitions, equipment purchases, bridge loans and various forms of recapitalization. Employees 4 - 10 (of which 9 in Europe)

Current Fund Size €120m SELECTED PORTFOLIO COMPANIES Use of Debt Yes Gets videos seen, shared and loved across the open web for brands that want to move people, not just reach people AUM €120m

Offers designer eyewear for men and women Target Investment Size €2m - €30m

Target Geographies Pan-European UK-based online retailer of furniture and homewares

Target Sectors Technology, Life Sciences Full Portfolio • www.harbert.net/investment-strategies/private-capital/european-growth-capital/

Investment Style Flexible KEY CONTACTS

Deal Structures Venture Debt David Bateman • Co-Founder and Co-Managing Partner of HEGC, David has been investing in Managing Director Key Investment Criteria Growth Stage Business European growth stage businesses for over 10 years Email: [email protected]

Website www.harbert.net Johan Kampe • Co-Founder and Co-Managing Partner of HEGC, Johan has been investing in European growth stage businesses for over 10 years Contact Email [email protected] Managing Director Email: [email protected] Contact Phone n/a

INVESTOR BOOK 142 Trading Comparables

143 Trading Comparables

29-May-18 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019 Advertising / Marketing Ad Networks Criteo (Europe) 1,002 44% 1.2x 1.1x 1.0x 11% 3.9x 3.8x 3.3x 10% 30% 9.9x 10.3x 8.6x Taptica (Middle East) 236 58% 1.0x 0.6x 0.6x 31% 6.2x 5.3x 4.7x 14% 12% 7.8x 7.1x 6.3x Matomy (Middle East) 48 41% 0.2x n/a n/a (100%) 1.8x n/a n/a (100%) n/a n/a n/a n/a Mean 0.8x 0.9x 0.8x (19%) 4.0x 4.6x 4.0x (25%) 21% 8.8x 8.7x 7.4x Intermediaries Trade Desk (US) 2,896 94% 10.9x 7.7x 6.1x 34% 36.7x 24.9x 19.4x 37% 31% 52.9x 38.8x 30.5x QuinStreet (US) 488 89% 1.7x 1.3x 1.2x 20% 27.5x 15.4x 11.5x 55% 8% 63.1x 20.4x 16.9x FreakOut (AsiaPac) 281 53% 2.8x 2.5x 1.6x 32% 53.1x 50.3x 22.7x 53% 5% n/a n/a n/a RhythmOne (US) 159 48% 0.6x 0.3x 0.3x 44% 12.8x 3.1x 2.1x 144% 11% n/a n/a n/a SeaChange (US) 48 72% 0.7x 0.7x 0.6x 6% 10.0x 6.9x 5.4x 36% 10% 33.1x 18.5x 13.3x Weborama (Europe) 47 90% n/a 1.2x 1.0x n/a 7.9x 6.2x 4.8x 29% 20% 57.0x 18.3x 17.5x Cxense (Europe) 35 48% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Marin Software (US) 13 38% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Netccentric (AsiaPac) (1) 24% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a The Rubicon Project (US) (2) 41% n/m n/m n/m (9%) 0.6x 0.1x 0.2x 72% (23%) n/m n/m n/m Mean 3.3x 2.3x 1.8x 21% 21.2x 15.3x 9.4x 61% 9% 51.6x 24.0x 19.6x Data and Loyalty HubSpot (US) 3,760 96% 11.7x 8.8x 7.1x 28% n/m 95.5x 65.6x 74% 9% n/m n/m 99.7x Acxiom (US) 1,992 87% 2.6x 2.4x 2.3x 6% 13.4x 12.4x 11.9x 6% 20% 36.3x 28.4x 24.2x Quotient Technology (US) 888 75% 3.2x 2.7x 2.3x 19% 21.9x 14.8x 10.9x 42% 18% 56.8x 36.3x 20.6x Aimia (Canada) 243 52% 0.2x 0.2x 0.2x (14%) 1.5x 1.6x 1.6x (4%) 15% 2.9x 2.8x 3.2x 1000mercis (Europe) 81 59% 1.4x 1.2x 1.1x 14% 6.5x 7.3x 6.3x 2% 17% n/a n/a n/a Marchex (US) 26 72% 0.3x 0.3x 0.3x (1%) 42.4x 24.7x 16.5x 60% 1% n/m n/m n/m Somoto (Middle East) 22 51% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 3.2x 2.6x 2.2x 9% 17.1x 26.1x 18.8x 30% 13% 32.0x 22.5x 36.9x Market Research Nielsen (Europe) 16,426 68% 2.9x 2.8x 2.7x 4% 9.3x 9.2x 8.5x 5% 30% 11.2x 11.8x 10.5x Gartner (US) 12,760 92% 4.5x 3.7x 3.3x 16% 21.1x 19.9x 17.6x 10% 19% 38.3x 34.3x 28.6x Ipsos (Europe) 1,681 82% 0.9x 1.0x 0.9x 1% 8.2x 8.3x 7.8x 3% 12% 10.2x 9.7x 9.0x comScore (US) 1,198 79% 2.3x 3.3x 3.3x (16%) 8.7x n/m 40.7x (54%) (1%) 12.5x n/a n/a National Research Corporation (US) 698 81% 6.8x n/a n/a (100%) 20.8x n/a n/a (100%) n/a 38.1x n/a n/a Forrester Research (US) 537 88% 1.9x 1.8x 1.7x 6% 16.2x 13.9x 12.0x 16% 13% 33.4x n/a n/a YouGov (Europe) 505 97% 3.9x 3.6x 3.3x 10% 24.6x 20.8x 17.7x 18% 17% 35.5x 30.7x n/a Intage (AsiaPac) 308 76% 0.8x 0.7x 0.7x 5% 6.9x 6.9x 6.6x 3% 11% n/a n/a n/a Mean 3.0x 2.4x 2.3x (9%) 14.5x 13.2x 15.8x (12%) 14% 25.6x 21.7x 16.0x Agencies WPP (Europe) 23,384 70% 1.3x 1.3x 1.3x 1% 7.9x 8.2x 8.0x (1%) 16% 10.1x 10.5x 10.1x Omnicom (US) 16,542 82% 1.2x 1.2x 1.2x 3% 8.2x 7.9x 7.5x 5% 15% 13.3x 12.4x 12.0x Publicis Group (Europe) 14,114 86% 1.5x 1.5x 1.4x 0% 8.4x 8.4x 8.0x 2% 18% 12.9x 12.6x 11.8x Dentsu (AsiaPac) 13,996 90% 1.9x 1.8x 1.6x 7% 9.9x 10.2x 8.8x 6% 17% n/a n/a n/a Interpublic Group of Companies (US) 9,087 87% 1.3x 1.2x 1.2x 7% 9.3x 8.5x 8.3x 6% 14% 15.7x 13.0x 12.4x JCDecaux (Europe) 6,137 72% 1.8x 1.7x 1.7x 3% 10.3x 10.1x 9.4x 4% 17% 24.9x 24.8x 21.2x MDC Partners (US) 1,178 34% 0.9x 0.9x 0.8x 3% 6.7x 6.6x 6.1x 5% 14% 8.4x 13.7x 6.0x Asatsu-DK (AsiaPac) - 92% n/m n/a n/a (100%) n/m n/a n/a (100%) n/a n/a n/a n/a Mean 1.4x 1.4x 1.3x (10%) 8.6x 8.6x 8.0x (9%) 16% 14.2x 14.5x 12.2x Classifieds Diversified Next Co (US) 97,044 99% 6.5x 6.2x 5.9x 4% 12.2x 12.3x 11.2x 4% 51% 24.3x 21.0x 19.2x Naspers (Africa) 92,978 75% 15.6x 14.8x 12.9x 10% n/m n/m 90.4x 90% 10% 41.5x 29.7x 21.0x Recruit Holdings (AsiaPac) 37,837 97% 2.3x 2.1x 1.9x 9% 18.2x 17.1x 14.5x 12% 12% n/a n/a n/a MercadoLibre (LatAm) 11,326 71% 9.6x 8.3x 5.3x 35% 69.5x n/m 59.2x 8% 5% n/m n/m n/m 58.com (AsiaPac) 9,685 88% 7.3x 5.8x 4.8x 24% 37.1x 26.1x 17.9x 44% 22% 49.2x 30.6x 21.5x Schibsted (Europe) 5,808 87% 3.3x 3.0x 2.8x 7% 21.6x 16.9x 13.8x 25% 18% 53.3x 34.6x 23.9x Scout24 (Europe) 5,190 94% 10.8x 9.9x 9.0x 9% 20.9x 18.1x 16.2x 14% 55% 31.2x 27.0x 23.7x Info Edge India (AsiaPac) 1,756 85% 15.7x 13.4x 11.5x 17% 46.4x 37.3x 31.0x 22% 36% 61.3x 47.8x 40.1x Trade Me (AsiaPac) 1,197 86% 8.2x 7.7x 7.2x 7% 12.5x 11.9x 11.3x 5% 65% 20.1x 19.2x 18.1x Just Dial (AsiaPac) 522 93% 5.4x 4.9x 4.4x 10% 27.3x 22.6x 20.0x 17% 21% 30.6x 26.1x 22.8x Mean 8.5x 7.6x 6.6x 13% 29.5x 20.3x 28.6x 24% 30% 38.9x 29.5x 23.8x Real Estate Zillow (US) 8,790 92% 9.5x 6.8x 4.9x 40% 43.1x 36.7x 26.9x 27% 19% n/m 76.8x 50.2x REA Group (AsiaPac) 7,894 99% 16.5x 14.0x 12.4x 15% 28.9x 24.0x 20.9x 18% 58% 46.8x 38.3x 32.6x Rightmove (Europe) 5,136 100% 18.4x 16.8x 15.5x 9% 24.4x 22.1x 20.5x 9% 76% 30.8x 27.7x 25.7x ZPG (Europe) 2,794 97% 10.2x 7.7x 7.1x 20% 23.7x 19.6x 17.8x 16% 39% 32.0x 29.0x 24.7x Fang Holdings (AsiaPac) 2,341 93% 5.9x 5.8x 5.0x 9% 50.7x 16.0x 11.6x 109% 36% n/m 20.5x 14.9x Redfin (US) 1,413 66% 4.5x 3.4x 2.7x 29% n/m n/m 60.6x 972% 0% n/m n/m n/m Mitula (Europe) 90 66% 4.0x 3.4x 3.0x 15% 11.2x 10.0x 9.1x 11% 34% 19.5x 17.5x 15.9x Leju (AsiaPac) 42 49% 0.1x 0.1x 0.1x 24% n/m n/m n/a (100%) (6%) n/m 18.8x 58.7x Mean 8.6x 7.2x 6.3x 20% 30.3x 21.4x 23.9x 133% 32% 32.3x 32.7x 31.8x

Source: CapitalIQ (as of 29 May 2018). 1 View Our Internet Trading Comps Trading Comparables

29-May-18 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019 Classifieds (Cont'd) Automotive Autohome (AsiaPac) 9,327 95% 11.4x 9.5x 7.9x 20% 33.0x 22.7x 18.6x 33% 42% 40.6x 28.8x 23.8x Bitauto (AsiaPac) 4,700 41% 4.1x 3.1x 2.5x 29% 26.8x 41.1x 14.6x 36% 8% 13.0x 12.7x 7.6x Auto Trader (Europe) 4,353 82% 11.8x 11.0x 10.6x 5% 16.8x 15.7x 14.7x 7% 70% 20.7x 19.1x 17.7x Cargurus (US) 2,879 79% 10.6x 7.9x 6.7x 26% n/m n/m 74.5x 46% 8% n/m n/m n/m Carsales.com (AsiaPac) 2,385 92% 9.4x 7.8x 7.0x 16% 19.1x 16.3x 14.6x 14% 48% 27.8x 24.9x 22.3x BCA Marketplace (Europe) 2,174 84% 0.8x 0.8x 0.7x 9% 12.9x 11.8x 10.8x 9% 6% 18.7x 16.7x 15.0x Carvana (US) 1,183 86% 1.6x 0.8x 0.4x 94% n/m n/m n/m (77%) (8%) n/m n/m n/m TrueCar (US) 688 44% 2.5x 2.2x 1.9x 14% 28.5x 21.2x 14.7x 39% 10% n/m 63.8x 33.9x Mean 6.5x 5.4x 4.7x 27% 22.9x 21.4x 23.2x (10%) 23% 24.2x 27.7x 20.0x Recruitment Axel Springer (Europe) 8,638 84% 2.5x 2.7x 2.6x (2%) 13.3x 11.6x 10.6x 12% 23% 22.8x 21.1x 19.1x Seek (AsiaPac) 5,415 97% 7.2x 6.1x 5.5x 14% 20.6x 18.2x 16.2x 13% 34% 36.0x 31.7x 27.8x 51job (AsiaPac) 5,044 97% 2.0x 1.5x 1.3x 28% 5.8x 4.4x 3.4x 31% 35% 7.4x 5.3x 4.1x Dice Holdings (US) 119 74% 0.7x 0.8x 0.8x (9%) 3.5x 3.8x 4.5x (12%) 21% 17.4x 9.8x 15.1x Mean 3.1x 2.8x 2.5x 8% 10.8x 9.5x 8.7x 11% 28% 20.9x 17.0x 16.5x Content Providers IAC (US) 11,772 91% 4.2x 3.3x 2.9x 20% 23.5x 14.1x 11.6x 42% 23% 59.0x 22.7x 17.8x TechTarget (US) 621 100% 6.6x 5.8x 5.1x 14% 33.2x 23.7x 18.5x 34% 24% 65.9x 35.2x 26.2x XO Group (US) 606 100% 4.4x 4.2x 3.8x 7% 25.1x 19.0x 16.8x 22% 22% 92.9x 51.0x 43.0x Mean 5.1x 4.4x 4.0x 14% 27.3x 19.0x 15.6x 33% 23% 72.6x 36.3x 29.0x Digital Entertainment Netflix (US) 134,995 99% 13.3x 9.7x 7.8x 31% n/m 74.5x 48.3x 73% 13% n/m n/m 72.0x Spotify (Europe) 23,540 90% n/a 5.3x 4.1x n/a n/a n/m n/m n/a (4%) n/a n/m n/m Freenet (Europe) 4,222 73% 1.2x 1.3x 1.3x (5%) 8.8x 9.6x 9.3x (3%) 14% 10.4x 12.8x 11.8x Bilibili (AsiaPac) 4,009 97% n/a 1.1x 0.7x n/a n/a 8.5x 2.9x n/a 12% n/a 84.1x 4.5x Roku (US) 3,255 66% 7.4x 5.4x 4.1x 35% n/m n/m 93.6x n/a (0%) n/a n/m n/m Pandora (US) 1,754 70% 1.4x 1.3x 1.2x 8% n/m n/m n/m (67%) (6%) n/m n/m n/m Pandora Media (US) 1,754 70% 1.4x 1.3x 1.2x 8% n/m n/m n/m (67%) (6%) n/m n/m n/m Xunlei (AsiaPac) 382 44% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Brave Bison (Europe) 5 33% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 5.0x 3.6x 2.9x 15% 8.8x 30.9x 38.6x (16%) 3% 10.4x 48.5x 29.5x E-Commerce Diversified Amazon (US) 694,245 98% 4.5x 3.4x 2.8x 28% 41.9x 26.9x 20.4x 43% 13% n/m n/m 80.5x Alibaba (AsiaPac) 438,392 96% 15.0x 8.9x 6.3x 54% 33.0x 25.1x 17.9x 36% 36% 40.9x 32.3x 23.3x Rakuten (AsiaPac) 11,298 52% 1.5x 1.3x 1.2x 14% 7.2x 8.0x 7.1x 0% 17% n/a n/a n/a Investment AB Kinnevik (Europe) 8,207 93% 83.9x 79.7x 79.7x 3% n/m n/m n/m 12% (21%) 37.7x 47.9x 39.0x Liberty Ventures (US) 6,049 77% n/a 7.4x 7.3x n/a n/a 26.1x 24.9x n/a 28% n/a n/m n/m B2W (LatAm) 2,976 73% 1.7x 1.7x 1.6x 4% 19.1x 14.9x 11.2x 30% 12% n/m n/m n/m Vostok New Ventures (AsiaPac) 658 97% 3.1x 2.5x 2.1x 23% 5.4x 4.2x 3.3x 28% 61% 6.5x 6.0x 4.9x Rocket Internet (Europe) 588 87% 8.6x 9.1x 8.3x 2% n/m n/m n/m 21% (125%) n/m n/m n/m Netshoes (LatAm) 140 11% 0.3x 0.3x 0.3x 2% n/m n/m 22.0x n/a (0%) n/m n/m n/m Mean 14.8x 12.7x 12.2x 16% 21.3x 17.5x 15.3x 24% 2% 28.4x 28.7x 36.9x Personalized Cimpress (Europe) 4,501 80% 2.2x 1.9x 1.7x 13% 17.9x 14.8x 11.5x 24% 13% 62.3x n/a n/a Stamps.com (US) 3,780 99% 9.5x 8.0x 6.9x 18% 19.2x 17.2x 14.3x 16% 46% 26.0x 23.7x 21.0x Shutterfly (US) 2,788 95% 2.8x 1.6x 1.4x 40% 14.5x 8.2x 7.5x 39% 19% n/m 29.9x 26.8x CEWE Stiftung (Europe) 640 93% 1.1x 1.0x 0.9x 6% 7.0x 6.7x 6.4x 5% 15% 18.3x 16.8x 15.6x Eve Sleep (Europe) 105 59% 3.3x 1.6x 0.9x 94% n/m n/m n/m n/a (25%) n/m n/m n/m Oponeo.pl (Europe) 122 77% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Cafepress Inc. (US) 1 52% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 3.8x 2.8x 2.4x 34% 14.6x 11.7x 9.9x 21% 14% 35.5x 23.5x 21.1x Online Food & Restaurants Delivery Hero (Europe) 6,615 96% 12.0x 8.6x 6.3x 39% n/m n/m n/m n/a (8%) n/m n/m n/m Just Eat (Europe) 6,233 92% 10.3x 7.6x 6.3x 28% 33.5x 29.6x 21.9x 24% 26% 50.5x 46.1x 33.9x Takeaway.com (Europe) 1,972 87% 11.9x 8.5x 6.6x 34% n/m n/m 69.1x n/a (4%) n/m n/m 95.6x Hellofresh (Europe) 1,521 78% 1.7x 1.2x 1.0x 31% n/m n/m 35.1x n/a (4%) n/m n/m n/m Blue Apron (US) 479 27% 0.6x 0.7x 0.6x 2% n/m n/m n/m (83%) (7%) n/m n/m n/m Mean 7.3x 5.3x 4.2x 27% 33.5x 29.6x 42.0x (30%) 1% 50.5x 46.1x 64.7x Marketplaces eBay (US) 36,138 80% 4.4x 3.8x 3.5x 12% 12.1x 11.4x 10.6x 7% 34% 17.2x 16.2x 14.8x GrubHub (US) 7,776 90% 13.2x 9.4x 7.5x 33% 49.6x 34.9x 26.8x 36% 27% 91.2x 57.3x 44.3x Kakaku (AsiaPac) 3,764 100% n/a 9.3x 8.4x n/a n/a 18.2x 16.5x n/a 51% n/a n/a n/a Etsy (US) 2,861 96% 7.6x 6.1x 5.1x 21% 44.5x 26.8x 21.3x 45% 23% 52.0x 45.3x 34.9x Shutterstock (US) 1,141 87% 2.4x 2.1x 1.9x 13% 14.5x 12.6x 10.5x 18% 17% 38.8x 33.1x 24.7x Care.com (US) 494 97% 3.3x 3.0x 2.6x 12% 26.1x 18.0x 15.0x 32% 16% 31.7x 23.3x 20.2x Liquidity Services (US) 69 70% 0.3x 0.4x n/a (100%) n/m n/m n/a (100%) (7%) n/m n/m n/a MyHammer (Europe) 45 93% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 5.2x 4.8x 4.8x (2%) 29.4x 20.3x 16.8x 6% 23% 46.2x 35.0x 27.8x

Source: CapitalIQ (as of 29 May 2018). 2 View Our Internet Trading Comps Trading Comparables

29-May-18 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019 E-Commerce (Cont'd) Verticals / Players JD.com (AsiaPac) 43,515 72% 0.1x 0.1x 0.1x 28% 8.4x 5.9x 3.0x 67% 2% 10.2x 8.0x 4.6x Ocado (Europe) 6,976 87% 4.2x 3.8x 3.3x 12% 66.7x 67.8x 55.7x 9% 6% n/m n/m n/m Wayfair (US) 6,873 91% 1.7x 1.2x 1.0x 34% n/m n/m n/m (12%) (2%) n/m n/m n/m Monotaro (AsiaPac) 4,192 96% 6.0x 4.9x 4.0x 22% 40.8x 33.3x 27.8x 21% 15% n/a n/a n/a CTS Eventim (Europe) 3,356 93% 3.4x 3.0x 2.9x 9% 15.7x 14.1x 12.8x 11% 21% 33.1x 31.9x 27.4x Proto Labs (US) 2,733 94% 9.2x 7.1x 6.2x 21% 32.4x 25.7x 22.5x 20% 27% 57.3x 40.9x 35.5x Abcam (Europe) 2,709 91% 10.5x 9.6x 8.7x 10% 31.5x 24.1x 21.8x 20% 40% 41.7x 35.5x 32.1x Zooplus (Europe) 1,217 90% 1.1x 0.9x 0.7x 22% n/m n/m 58.8x 47% 0% n/m n/m n/m AO World (Europe) 799 91% 0.9x 0.8x 0.7x 13% n/m n/m 32.3x n/a 1% n/a n/m 57.5x Overstock.com (US) 710 37% 0.5x 0.4x 0.4x 7% n/m n/m n/m n/a (7%) n/m n/m n/m 1-800-Flowers.com (US) 665 97% 0.7x 0.7x 0.6x 2% 9.3x 8.7x 8.3x 6% 8% 30.6x 22.7x 20.7x PetMed Express (US) 594 65% 2.6x 2.4x 2.2x 8% 14.2x 12.0x n/a (100%) 20% 24.0x 17.1x 14.8x Zur Rose Group (Europe) 588 79% 0.7x 0.6x 0.5x 20% n/m n/m 40.7x n/a (1%) n/m n/m n/m Cogobuy (AsiaPac) 503 46% 0.4x 0.2x 0.2x 47% 5.9x 4.1x 3.2x 36% 5% 10.0x 6.1x 4.7x Shop Apotheke Europe (Europe) 489 66% 1.7x 0.9x 0.7x 55% n/m n/m 68.1x n/a 0% n/m n/m n/m LDLC.com (Europe) 132 52% 0.3x 0.2x 0.2x 13% 9.1x 7.7x 6.2x 21% 3% 17.6x 14.9x 10.7x Delticom (Europe) 121 49% 0.2x 0.2x 0.2x 8% 9.4x 7.8x 6.7x 18% 2% 32.0x 21.3x 14.8x U.S. Auto Parts Network (US) 51 50% 0.2x 0.2x 0.2x 2% 4.3x 4.3x 3.5x 10% 4% n/a n/m 19.6x Mean 2.5x 2.1x 1.8x 19% 20.6x 18.0x 24.8x 13% 8% 28.5x 22.1x 22.0x Fashion and Flash Sales Zalando (Europe) 10,025 89% 2.2x 1.8x 1.5x 22% 37.2x 30.0x 23.2x 27% 6% 85.1x 75.0x 56.5x Start Today (AsiaPac) 9,256 97% 12.5x 9.5x 7.1x 33% 36.1x 29.8x 24.1x 23% 32% n/a n/a n/a ASOS (Europe) 6,265 85% 2.8x 2.2x 1.7x 29% 41.3x 31.1x 23.9x 31% 7% 80.4x 63.8x 51.0x Vipshop (AsiaPac) 6,119 61% 0.1x 0.1x 0.1x 25% 2.1x 1.8x 1.3x 29% 4% 2.7x 2.3x 1.7x Yoox Net-A-Porter (Europe) 5,107 100% 2.4x 2.1x 1.8x 17% 30.0x 24.9x 18.5x 27% 9% 90.4x 73.2x 48.0x Boohoo.com (Europe) 2,563 75% 5.3x 2.9x 2.2x 55% 52.2x 31.8x 24.5x 46% 9% 80.2x 55.6x 46.6x Stitch Fix (US) 1,450 66% n/a 1.3x 1.0x n/a n/a 36.9x 33.2x n/a 3% n/a n/m 99.0x MySale Group (AsiaPac) 150 73% 0.5x 0.4x n/a (100%) 12.8x 9.9x n/a (100%) 4% 35.8x 29.7x n/a LightInTheBox (AsiaPac) 60 58% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Windeln.de (Europe) 31 43% 0.1x 0.2x 0.1x 2% n/m n/m n/m (75%) (9%) n/m n/m n/m Jumei (AsiaPac) 6 57% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 3.3x 2.3x 1.9x 10% 30.3x 24.5x 21.2x 1% 7% 62.4x 49.9x 50.5x Finance and Price Comparison Moneysupermarket (Europe) 1,893 85% 4.9x 4.8x 4.5x 4% 12.8x 13.0x 12.3x 2% 37% 18.7x 18.8x 17.3x Hypoport (Europe) 902 91% 4.6x 3.8x 3.4x 17% 28.6x 23.6x 20.1x 19% 16% 47.0x 37.2x 32.2x Jianpu Tech (AsiaPac) 644 61% 0.5x 0.4x 0.2x 75% n/m n/m 2.8x n/a (6%) n/m n/m 4.1x Gruppo MutuiOnline (Europe) 463 73% 3.0x 2.6x 2.3x 13% 10.2x 8.9x 8.1x 12% 29% 18.9x 17.6x 15.7x iSelect (AsiaPac) 67 28% 0.5x 0.5x 0.5x 7% 4.2x 4.4x 3.6x 7% 12% 9.8x 9.8x 7.6x Comperia (Europe) 4 100% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a HubStyle (Grupa Nokaut) (Europe) 2 23% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a LendingClub (US) - 51% n/m n/m n/m 19% n/m n/m n/m 74% 12% n/m 35.8x 18.4x Ferratum (Europe) - 72% n/m n/m n/m 30% n/m n/m n/m 36% 16% 24.2x 16.3x 12.3x On Deck Capital (US) - 93% n/m n/m n/m 11% n/m n/m n/m 191% 7% n/m 18.7x 13.6x Mean 2.7x 2.4x 2.2x 22% 13.9x 12.4x 9.4x 49% 15% 23.7x 22.0x 15.2x Other LendingTree (US) 2,706 64% 5.1x 4.0x 3.2x 27% 27.7x 21.0x 15.8x 32% 19% 60.0x 39.9x 27.0x Yelp (US) 2,379 88% 3.3x 2.9x 2.5x 15% 17.5x 14.9x 11.5x 23% 19% 40.4x 30.4x 23.6x Groupon (US) 1,879 79% 0.8x 0.8x 0.8x (2%) 9.1x 7.6x 7.1x 14% 11% 35.9x 19.2x 16.8x Gocompare.com (Europe) 637 90% 3.7x 3.2x 3.1x 10% 14.9x 11.8x 10.7x 18% 27% 19.0x 14.7x 13.2x eHealth (US) 294 69% 2.0x 1.5x 1.3x 22% n/m 13.8x 9.5x n/a 11% n/m 24.3x 14.4x Gurunavi (AsiaPac) 279 45% 1.0x 1.0x 1.0x (1%) 4.4x 5.0x 5.5x (11%) 20% n/a n/a n/a Mean 2.6x 2.2x 2.0x 12% 14.7x 12.3x 10.0x 15% 18% 38.8x 25.7x 19.0x Education New Oriental Education (AsiaPac) 11,310 91% 6.4x 4.7x 3.5x 35% 38.7x 31.1x 20.9x 36% 15% 48.8x 37.9x 27.3x Pearson (Europe) 8,919 97% 1.7x 1.9x 1.9x (5%) 11.0x 11.3x 10.5x 2% 17% 16.7x 18.1x 16.1x 2U (US) 4,402 94% 17.8x 12.4x 9.4x 38% n/m n/m n/m 62% 4% n/m n/m n/m Chegg (US) 2,485 100% 11.4x 9.4x 7.8x 21% 63.7x 36.8x 27.4x 53% 26% n/m 63.0x 47.2x Pluralsight (US) 1,638 99% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Instructure (US) 1,128 90% 8.3x 6.3x 5.0x 29% n/m n/m n/m (36%) (10%) n/m n/m n/m Capella Education (US) 806 95% 2.1x 2.1x 2.0x 2% 10.8x 10.6x 9.9x 5% 20% 25.7x 20.9x 19.4x Cambium Learning Group (US) 455 73% n/a 3.3x 3.1x n/a n/a 11.1x 9.9x n/a 30% n/a 25.0x 20.5x American Public Education (US) 444 93% 1.7x 1.7x 1.6x 2% 10.1x 9.5x 8.8x 7% 18% 38.7x 25.8x 23.1x K12 (US) 374 81% 0.5x 0.5x n/a (100%) 3.8x 3.7x n/a (100%) 13% 29.0x 51.1x n/a Boxlight (US) 57 38% 2.4x 1.9x n/a (100%) n/a n/a n/a n/a - n/a n/a n/a Mean 5.8x 4.4x 4.3x (9%) 23.0x 16.3x 14.6x 4% 13% 31.8x 34.5x 25.6x

Source: CapitalIQ (as of 29 May 2018). 3 View Our Internet Trading Comps Trading Comparables

29-May-18 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019 Fitness & Wearbles Under Armour (US) 8,097 88% 1.9x 1.8x 1.7x 6% 29.1x 27.6x 21.9x 15% 7% 99.3x n/m 62.9x GoPro (US) 653 47% 0.6x 0.7x 0.7x (2%) n/m n/m 14.6x n/a (0%) n/m n/m n/m Fitbit (US) 558 74% 0.4x 0.4x 0.4x (4%) n/m n/m n/m (4%) (4%) n/m n/m n/m Huami Corporation (AsiaPac) 426 88% 0.2x 0.2x 0.1x 49% 3.2x 3.8x 1.2x 62% 4% 3.8x 2.1x 1.5x Mean 0.8x 0.8x 0.7x 12% 16.1x 15.7x 12.5x 25% 1% 51.6x 2.1x 32.2x Gambling Paddy Power Betfair (Europe) 8,567 100% 4.4x 4.0x 3.8x 8% 16.4x 15.5x 14.7x 6% 26% 23.8x 22.5x 21.3x Amaya (Canada) 6,748 93% 7.8x 6.1x 4.9x 25% 16.7x 14.6x 11.7x 19% 42% 14.9x 13.1x 11.5x GVC Holdings (Europe) 6,677 98% 6.0x 1.6x 1.5x 99% 21.5x 7.3x 6.7x 79% 22% 30.6x 12.4x 11.1x Playtech (Europe) 2,757 77% 2.9x 2.8x 2.3x 13% 7.5x 7.1x 5.5x 16% 40% 10.0x 9.8x 8.1x Net Entertainment (Europe) 1,121 63% 7.1x 6.4x 5.8x 11% 15.5x 13.6x 12.4x 12% 47% 22.5x 19.4x 18.6x 888 Holdings (Europe) 1,092 92% 1.7x 1.7x 1.6x 5% 9.8x 8.8x 8.2x 10% 19% 16.4x 15.3x 13.4x Bet-at-home.com (Europe) 419 50% 3.5x 3.4x 3.3x 3% 11.6x 11.7x 10.9x 3% 29% 16.2x 16.5x 15.2x Sportech (Europe) 158 77% 1.7x 1.9x 1.8x (5%) 11.1x 14.5x 13.7x (10%) 13% 26.2x n/a n/a ZEAL Network (Europe) 101 93% 0.7x 0.6x 0.6x 9% 4.3x 2.9x 2.3x 37% 22% 14.1x 9.8x 7.6x Mean 4.0x 3.2x 2.8x 19% 12.7x 10.7x 9.6x 19% 29% 19.4x 14.9x 13.4x Gaming MMO NetEase (AsiaPac) 21,647 61% 3.0x 2.3x 1.8x 30% 12.3x 15.8x 12.0x 1% 15% 14.6x 18.5x 15.0x Nexon (AsiaPac) 9,597 89% 5.3x 4.5x 4.1x 13% 12.1x 9.6x 8.8x 17% 46% n/a n/a n/a Sea Limited (US) 8,877 89% 2.3x 2.2x 2.1x 5% 12.4x 11.3x 10.8x 7% 19% 21.0x 17.7x 16.3x NCsoft (AsiaPac) 4,745 71% 3.3x 3.4x 2.6x 13% 9.4x 8.4x 6.5x 21% 40% 15.5x 15.6x 11.2x HUYA (AsiaPac) 3,989 96% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a NetDragon (AsiaPac) 1,028 59% 2.4x 2.0x 1.6x 22% 29.0x 18.1x 15.4x 37% 11% n/m 80.0x 33.3x WeMade (AsiaPac) 489 81% 5.7x 3.8x 3.1x 37% 70.5x 15.3x 11.6x 147% 25% 66.1x 26.3x 19.4x Rovio (Europe) 334 43% 1.1x 1.2x 1.1x (1%) 5.0x 7.7x 6.9x (15%) 16% 13.3x 20.7x 13.7x Changyou (AsiaPac) (108) 40% n/m n/m n/m (7%) n/m n/m n/m (18%) 23% 6.0x 18.1x 8.6x Mean 3.3x 2.7x 2.3x 14% 21.5x 12.3x 10.3x 25% 24% 22.8x 28.1x 16.8x Mobile and Casual Colopl (Europe) 17,680 98% 8.3x 7.8x 7.2x 8% 22.8x 22.2x 20.6x 5% 35% 33.3x 32.1x 29.4x CyberAgent (AsiaPac) 5,692 92% 1.9x 1.6x 1.3x 18% 17.8x 15.6x 13.0x 17% 10% n/a n/a n/a Youzu (AsiaPac) 2,629 63% 5.6x 4.4x 3.4x 28% 20.7x 19.8x 13.5x 24% 22% 23.8x 16.9x 13.3x (US) 2,554 96% 3.5x 3.3x 2.9x 9% 22.9x 17.6x 13.9x 28% 19% 41.4x 28.6x 22.1x GREE (Europe) 2,084 70% 0.8x 0.7x 0.7x 4% 9.4x 8.6x 8.1x 8% 8% 12.6x 12.1x 11.4x DeNA (AsiaPac) 1,819 73% 1.6x 1.6x 1.5x 4% 6.8x 8.6x 6.2x 5% 18% n/a n/a n/a GungHo Online (AsiaPac) 1,199 71% 1.6x 1.8x 1.9x (7%) 3.9x 5.9x 6.2x (21%) 30% n/a n/a n/a NHN Entertainment (AsiaPac) 800 78% 1.1x 1.0x 0.9x 9% 13.6x 9.3x 8.0x 30% 11% 29.2x 11.9x 15.5x Glu Mobile (US) 619 95% 2.3x 1.9x 1.7x 14% n/m 20.8x 14.6x n/a 9% n/m 23.2x 15.9x Gumi (AsiaPac) 171 56% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a IGNIS (AsiaPac) 162 44% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Focus Home Interactive (Europe) 144 65% 1.7x 1.3x 1.2x 19% 14.3x 9.7x 8.9x 27% 14% 24.3x 14.0x 13.8x Ourgame (AsiaPac) 90 39% 1.4x 1.0x 1.0x 18% n/a n/a n/a n/a - n/m 11.8x 7.0x Boyaa Interactive (AsiaPac) (38) 73% n/m n/m n/m 3% n/a n/a n/a n/a - 6.5x 7.1x 5.9x Mean 2.7x 2.4x 2.2x 11% 14.7x 13.8x 11.3x 14% 15% 24.4x 17.5x 14.9x Console & PC Activision Blizzard (US) 45,760 89% 7.5x 7.0x 6.5x 7% 20.4x 18.7x 16.2x 12% 38% 30.9x 26.8x 23.0x Electronic Arts (US) 31,100 98% 7.1x 6.6x 6.0x 9% 21.2x 18.5x 15.3x 18% 36% 32.5x 27.4x 23.1x Take-Two Interactive (US) 9,741 86% 5.6x 4.4x 4.2x 16% 21.3x 17.0x 12.4x 31% 26% 32.7x 26.3x 19.1x Ubisoft Entertainment (Europe) 9,671 98% 5.3x 4.6x 4.2x 13% 14.5x 10.9x 10.1x 20% 42% 51.8x 31.0x 31.3x Bandai Namco (AsiaPac) 6,286 99% 1.2x 1.1x 1.1x 4% 9.1x 8.4x 8.0x 7% 13% n/a n/a n/a Konami (AsiaPac) 4,626 78% 2.3x 2.3x 2.3x 2% 9.6x 9.0x 7.9x 10% 25% n/a n/a n/a Square Enix (AsiaPac) 3,903 91% 1.8x 1.8x 1.7x 4% 11.6x 10.0x 8.5x 16% 19% n/a n/a n/a CD Projekt (Europe) 3,047 97% 29.1x 26.1x 8.1x 90% 54.1x 66.7x 13.1x 103% 39% 72.4x 80.8x 21.0x Sega Sammy (AsiaPac) 2,736 96% 1.0x 1.0x 0.9x 2% 7.8x 7.8x 6.4x 10% 13% n/a n/a n/a Paradox Interactive (Europe) 2,099 99% 27.0x 18.5x 14.6x 36% 45.4x 29.9x 22.4x 42% 62% 87.0x 51.9x 40.4x Capcom (AsiaPac) 1,977 96% 2.8x 2.4x 2.5x 6% 10.6x 10.4x 9.3x 6% 23% n/a n/a n/a Marvelous (AsiaPac) 280 75% 1.4x 1.3x 1.2x 7% n/a n/a n/a n/a - n/a n/a n/a Mean 7.7x 6.4x 4.4x 16% 20.5x 18.8x 11.8x 25% 28% 51.2x 40.7x 26.3x

Source: CapitalIQ (as of 29 May 2018). 4 View Our Internet Trading Comps Trading Comparables

29-May-18 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019 Hardware & Semiconductors Apple (US) 828,677 99% 4.0x 3.6x 3.5x 7% 13.0x 11.8x 11.4x 7% 31% 18.4x 15.2x 15.1x Samsung (AsiaPac) 243,011 89% 1.3x 1.2x 1.1x 5% 3.9x 3.3x 3.2x 10% 36% 9.0x 7.5x 7.6x IBM (US) 141,408 83% 2.1x 2.0x 2.0x 1% 8.5x 8.8x 8.3x 1% 23% 10.0x 10.2x 10.2x Sony (AsiaPac) 46,359 90% 0.7x 0.7x 0.7x 1% 5.4x 5.4x 5.0x 4% 12% n/a n/a n/a Hitachi (AsiaPac) 40,941 86% 0.6x 0.5x 0.5x 2% 4.6x 4.8x 4.5x 1% 11% n/a n/a n/a Philips (Europe) 35,618 96% 2.0x 2.0x 1.9x 3% 12.5x 11.7x 10.8x 8% 17% 23.9x 21.0x 18.7x HP (US) 26,275 79% 0.9x 1.0x 1.0x (3%) 5.4x 5.7x 5.6x (2%) 18% 12.1x 10.3x 10.2x Hewlett Packard Enterprise (US) 26,275 79% 0.9x 1.0x 1.0x (3%) 5.4x 5.7x 5.6x (2%) 18% 12.1x 10.3x 10.2x Nokia (Europe) 24,024 86% 1.0x 1.1x 1.1x (1%) 8.0x 8.3x 7.2x 5% 13% 16.1x 21.6x 16.2x Motorola (US) 19,733 98% 3.6x 3.1x 3.0x 9% 13.0x 11.4x 10.5x 11% 27% 19.5x 15.2x 14.1x Toshiba (AsiaPac) 19,261 88% 0.5x 0.8x 0.6x (10%) 1.8x 10.8x 13.1x (63%) 7% n/a n/a n/a Sharp (AsiaPac) 13,425 69% 0.7x 0.7x 0.6x 4% 9.2x 8.9x 8.7x 3% 8% n/a n/a n/a Fujitsu (AsiaPac) 11,487 73% 0.3x 0.4x 0.4x (4%) 4.5x 3.8x 4.2x 4% 10% n/a n/a n/a Unisplendour (AsiaPac) 9,900 83% 1.9x 1.7x 1.4x 16% n/a n/a n/a n/a - 71.6x 60.2x 52.1x Lenovo (AsiaPac) 8,178 79% 1.7x 1.6x 1.5x 5% 68.8x 53.5x 46.1x 22% 3% n/m n/m 79.6x LG (US) 6,286 65% 1.7x 1.9x 1.7x (0%) 11.5x 13.2x 11.1x 2% 14% 12.6x 22.3x 19.5x Quanta Computer (AsiaPac) 5,550 67% 0.2x 0.2x 0.2x 3% 7.6x 7.4x 6.4x 9% 3% 13.4x 12.5x 10.7x Pegatron Corporation (AsiaPac) 4,865 66% 0.1x 0.1x 0.1x 7% 4.6x 4.6x 3.8x 11% 3% 10.3x 10.6x 8.5x ASUSTeK Computer (AsiaPac) 3,796 94% 0.3x 0.3x 0.3x 1% 9.2x 7.3x 7.0x 15% 5% 13.8x 13.1x 12.1x Foxconn (AsiaPac) 1,643 74% 0.4x 0.4x 0.4x 1% 4.5x 4.3x 4.0x 6% 9% 10.3x 10.8x 10.0x Acer (AsiaPac) 1,444 73% 0.2x 0.2x 0.2x 3% 10.4x 8.9x 7.9x 15% 2% 27.0x 18.9x 17.4x nLIGHT (US) 1,127 96% n/a 6.9x 5.5x n/a n/a 44.7x 31.4x n/a 15% n/a 85.4x 56.1x One Stop Systems (US) 41 70% 1.7x 1.3x 0.9x 34% 29.6x 29.6x 11.6x 60% 4% n/m 56.6x 18.2x Mean 1.2x 1.4x 1.3x 4% 11.5x 12.4x 10.3x 6% 13% 18.7x 23.6x 21.5x Computer Peripherals & Storage Hon Hai Precision Industry (AsiaPac) 42,462 72% 0.3x 0.3x 0.3x 2% 7.0x 7.2x 6.2x 6% 4% 11.3x 11.8x 10.0x Western Digital (US) 27,769 81% 1.6x 1.5x 1.5x 3% 4.5x 4.5x 5.1x (6%) 34% 6.7x 5.8x 6.1x Seagate (Europe) 15,865 91% 1.7x 1.6x 1.7x 2% 8.4x 7.4x 7.8x 4% 22% 13.9x 9.7x 10.6x NetApp (US) 12,528 92% 2.5x 2.4x 2.3x 6% 11.1x 10.2x 8.8x 12% 23% 20.3x 17.1x 15.4x Zebra Technologies (US) 8,912 98% 2.8x 2.6x 2.5x 6% 15.2x 12.8x 12.3x 11% 20% 22.4x 15.3x 14.7x Logitech (Europe) 5,224 97% 2.5x 2.2x 2.0x 11% 20.8x 17.0x 15.9x 14% 13% 27.6x 23.2x 20.5x Shenzen Huiding (AsiaPac) 3,796 94% 0.3x 0.3x 0.3x 1% 9.2x 7.3x 7.0x 15% 5% 13.8x 13.1x 12.1x Pure Storage (US) 3,487 84% 4.0x 3.0x 2.4x 30% n/m 33.7x 20.9x 198% 9% n/m n/m 44.4x Lite-On (AsiaPac) 1,895 74% 0.3x 0.3x 0.3x (1%) 4.3x 4.3x 3.9x 4% 7% 32.6x 11.4x 10.2x PCI-Suntek (AsiaPac) 1,636 65% 2.8x 1.9x 1.4x 43% n/a n/a n/a n/a - 61.6x 33.1x 18.5x Chicony (AsiaPac) 1,462 88% 0.6x 0.6x 0.6x 8% 6.7x 7.1x 5.9x 7% 9% 12.8x 13.2x 10.3x Synaptics (US) 1,413 66% 0.9x 1.0x 0.9x 2% 7.3x 7.4x 7.3x (0%) 13% 9.3x 9.2x 7.9x Phison Electronics (AsiaPac) 1,092 62% 0.9x 0.9x 0.8x 4% 5.3x 6.3x 7.0x (13%) 14% 9.4x 12.1x 11.8x Mean 1.6x 1.4x 1.3x 9% 9.1x 10.4x 9.0x 21% 13% 20.1x 14.6x 14.8x Semiconductors Intel (US) 233,863 99% 4.4x 4.0x 3.9x 6% 10.5x 9.4x 8.7x 10% 42% 16.4x 14.0x 13.4x Taiwan Semiconductor (AsiaPac) 153,204 85% 5.5x 5.1x 4.6x 9% 8.3x 7.7x 6.9x 9% 67% 17.1x 16.1x 14.2x (US) 126,012 95% 15.3x 11.2x 10.0x 24% 44.7x 28.0x 25.7x 32% 40% 53.1x 31.1x 28.9x Broadcom (US) 100,563 99% 6.2x 5.6x 5.3x 8% 8.6x 8.9x 8.6x 0% 63% 12.9x 11.7x 10.9x Texas Instruments (US) 94,262 92% 7.3x 6.8x 6.5x 5% 15.7x 14.4x 13.8x 6% 47% 23.6x 19.4x 17.6x ASML (Europe) 72,439 97% 8.4x 6.9x 6.4x 14% 26.6x 22.0x 19.1x 18% 32% 37.3x 29.5x 24.5x Micron (US) 64,723 99% 3.3x 2.4x 2.4x 18% 5.9x 3.7x 3.6x 29% 65% 9.1x 4.9x 5.1x Qualcomm (US) 60,460 84% 3.0x 3.2x 3.0x (0%) 8.5x 10.6x 7.3x 8% 30% 14.5x 18.5x 15.0x SK hynix (AsiaPac) 50,029 97% 2.1x 1.6x 1.5x 17% 3.3x 2.3x 2.4x 18% 67% 6.2x 4.5x 4.9x Applied Materials (US) 45,346 83% 3.4x 2.9x 2.8x 10% 10.9x 9.1x 9.0x 10% 32% 13.6x 10.9x 10.9x Analog Devices (US) 35,930 96% 7.3x 6.9x 6.6x 5% 14.3x 15.0x 13.6x 3% 46% 18.9x 16.7x 16.0x Infineon (Europe) 26,030 93% 3.6x 3.4x 3.2x 7% 13.7x 11.7x 11.0x 12% 29% 27.0x 22.8x 20.7x Microchip Technology (US) 20,127 94% 6.0x 5.6x 5.3x 6% 13.5x 11.5x 11.4x 9% 48% 17.6x 15.1x 14.2x STMicroelectronics (Europe) 17,804 94% 2.2x 1.9x 1.7x 12% 10.7x 8.0x 7.2x 22% 23% 22.0x 15.1x 13.5x Renesas Electronics (AsiaPac) 15,099 70% 2.5x 2.4x 2.2x 5% 10.7x 9.4x 8.5x 12% 25% n/a n/a n/a Skyworks Solutions (US) 14,042 85% 4.3x 4.2x 3.9x 5% 9.7x 9.5x 8.7x 6% 44% 14.4x 13.8x 12.4x Xilinx (US) 13,489 87% 6.3x 5.7x 5.4x 8% 20.0x 17.2x 16.7x 9% 33% 26.6x 22.8x 21.4x Maxim Integrated Products (US) 13,182 79% 6.4x 6.0x 5.7x 6% 15.5x 14.6x 13.9x 6% 41% 23.7x 20.6x 19.2x AMD (US) 11,505 85% 2.5x 2.0x 1.9x 16% 33.2x 17.1x 16.0x 44% 12% 87.6x 25.0x 19.0x MediaTek (AsiaPac) 11,336 84% 1.6x 1.6x 1.4x 8% 21.5x 14.2x 9.9x 47% 11% 23.1x 19.5x 15.0x Sanan Optoelectronics (AsiaPac) 11,197 70% 9.5x 7.3x 5.7x 29% 17.4x 13.7x 11.2x 24% 53% 28.8x 19.9x 16.8x ON Semiconductor (US) 11,096 94% 2.4x 2.2x 2.2x 5% 10.3x 9.3x 8.6x 9% 24% 17.9x 14.2x 12.7x ASE Group (AsiaPac) 10,636 92% 1.3x 1.0x 0.9x 21% 6.9x 4.8x 4.2x 28% 20% 14.7x 13.9x 11.0x Microsemi (US) 8,454 100% 5.3x 4.8x 4.6x 8% 15.2x 14.2x 12.9x 9% 34% 17.3x 17.7x 13.9x Marvell Technology Group (AsiaPac) 7,834 87% 3.8x 3.6x 3.5x 4% 12.9x 11.8x 11.1x 8% 31% 17.8x 15.8x 14.7x SMIC (AsiaPac) 7,775 69% 22.7x 20.6x 18.6x 10% 68.8x 64.2x 55.0x 12% 32% n/m n/m n/m ROHM (AsiaPac) 6,149 77% 2.0x 1.9x 1.7x 7% 8.3x 6.9x 6.0x 18% 27% n/a n/a n/a United Microelectronics (AsiaPac) 6,084 98% 1.4x 1.4x 1.3x 4% 3.6x 3.6x 3.5x 2% 38% 21.3x 20.0x 17.5x Mean 5.0x 4.5x 4.1x 10% 15.4x 13.1x 11.7x 15% 36% 22.5x 16.9x 14.9x

Source: CapitalIQ (as of 29 May 2018). 5 View Our Internet Trading Comps Trading Comparables

29-May-18 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019 Healthcare & Science Quintiles (US) 25,965 90% 3.7x 3.0x 2.8x 15% 14.8x 13.7x 12.7x 8% 21% 19.7x 17.9x 16.1x Cerner (US) 16,667 81% 3.7x 3.6x 3.3x 6% 11.5x 11.8x 10.8x 3% 30% 24.1x 23.4x 20.8x ResMed (US) 12,581 96% 6.7x 6.0x 5.5x 10% 24.0x 20.3x 18.9x 13% 29% 34.8x 28.6x 26.3x M3 (AsiaPac) 11,885 94% 16.8x 13.8x 11.8x 19% 49.3x 43.7x 37.1x 15% 32% n/a n/a n/a Athenahealth (US) 5,433 96% 5.2x 4.6x 4.2x 11% 23.8x 16.8x 14.7x 27% 28% 75.7x 34.5x 29.5x Allscripts (US) 3,762 79% 2.4x 2.0x 1.9x 12% 11.9x 10.0x 9.3x 13% 20% 20.0x 16.1x 14.1x Cotiviti (US) 3,204 73% 5.4x 4.9x 4.5x 10% 13.9x 12.1x 11.2x 11% 40% 21.4x 17.3x 15.5x Teladoc (US) 2,819 99% 14.0x 9.1x 7.2x 40% n/m n/m 90.6x n/a 2% n/m n/m n/m Evolent Health (US) 1,286 73% 3.4x 2.6x 2.2x 25% n/m 69.7x 35.3x n/a 4% n/m n/m n/m HealthStream (US) 632 91% 3.0x 3.2x 3.1x (2%) 19.5x 18.6x 17.0x 7% 17% n/m 95.0x 78.2x CPSI (US) 508 92% 2.2x 2.0x 2.0x 6% 12.2x 11.2x 11.5x 3% 18% 20.7x 14.1x 14.3x Mean 6.1x 5.0x 4.4x 14% 20.1x 22.8x 24.5x 11% 22% 30.9x 30.9x 26.9x Internet of Things (IoT) Forescout Technologies (US) 866 79% 4.6x 3.6x 3.0x 23% n/m n/m n/m (62%) (11%) n/m n/m n/m Impinj (US) 321 31% 2.9x 3.3x 2.8x 1% n/m n/m n/m 112% (22%) n/m n/m n/m ShotSpotter (US) 249 86% 12.4x 8.6x 6.5x 39% n/m n/m 33.1x 163% 9% n/m n/m 99.1x Internet of Things (Canada) 9 47% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 6.6x 5.2x 4.1x 18% - - 33.1x 39% 5% - - 99.1x Online Brokerage Charles Schwab (US) 46,092 92% n/m n/m n/m 15% n/m n/m n/m 21% 49% 33.9x 22.5x 19.0x TD Ameritrade (US) 23,927 93% n/m n/m n/m 22% n/m n/m n/m 30% 43% 33.3x 17.6x 14.7x E*TRADE (US) 17,105 94% n/m n/m n/m 14% n/m n/m n/m 17% 52% 25.4x 17.5x 16.1x IG Group (Europe) 3,430 95% n/m n/m n/m 2% n/m n/m n/m 1% 49% 16.7x n/a n/a Plus500 (Middle East) 1,921 95% n/m n/m n/m 17% n/m n/m n/m 17% 56% 10.2x 7.4x 7.2x Alfa Financial Software (Europe) 1,051 58% 10.4x 9.8x 8.7x 9% 22.5x 20.8x 18.7x 10% 47% 30.2x 28.0x 25.3x SwissQuote (Europe) n/m 97% n/m n/m n/m 10% n/a n/a n/a n/a - n/a 20.3x 17.6x Interactive Brokers (US) n/m 92% n/m n/m n/m 18% n/m n/m n/m 43% 94% 48.0x 31.7x 27.9x Mean 10.4x 9.8x 8.7x 13% 22.5x 20.8x 18.7x 20% 49% 28.2x 20.7x 18.2x Online Travel OTAs Priceline Group (US) 88,398 93% 8.1x 7.0x 6.2x 15% 21.6x 17.9x 15.9x 17% 39% 26.9x 23.2x 20.5x Ctrip.com (AsiaPac) 21,501 75% 5.9x 5.0x 4.0x 21% 29.8x 25.6x 17.7x 30% 20% 42.1x 31.7x 22.8x Expedia (US) 16,495 73% 1.9x 1.7x 1.5x 12% 10.9x 10.3x 8.9x 11% 16% 24.1x 22.1x 18.7x TripAdvisor (US) 5,377 98% 4.0x 3.8x 3.5x 7% 19.4x 17.4x 15.8x 11% 22% 43.6x 36.3x 31.9x MakeMyTrip (AsiaPac) 2,693 92% 6.1x 4.8x 4.1x 22% n/m n/m n/m (29%) (21%) n/m n/m n/m Trivago (Europe) 1,266 19% 1.4x 1.4x 1.2x 7% n/m n/m n/m n/a (4%) n/m n/m n/m Despegar.com (LatAm) 1,045 62% 2.3x 1.9x 1.6x 22% 14.6x 11.4x 9.4x 24% 17% 39.3x 26.4x 20.3x Webjet (AsiaPac) 978 94% 5.8x 4.9x 4.0x 20% 19.5x 15.3x 11.5x 30% 32% 35.1x 24.2x 17.4x eDreams ODIGEO (Europe) 828 75% 1.6x 1.6x 1.5x 5% 7.1x 6.9x 6.4x 5% 22% 12.3x 10.2x 8.6x On The Beach (Europe) 668 74% 6.6x 5.6x 4.8x 18% 18.4x 14.9x 12.2x 23% 37% 26.0x 21.4x 17.6x Hostelworld (Europe) 376 85% 3.8x 3.7x 3.4x 6% 12.8x 13.5x 11.4x 6% 27% 17.1x 18.4x 15.4x Tuniu (AsiaPac) 328 67% 0.2x 0.1x 0.1x 21% n/m n/m 29.2x n/a (8%) n/m 59.2x 8.8x HolidayCheck (Europe) 157 93% 1.3x 1.2x 1.1x 10% 82.2x 21.9x 14.3x 140% 6% n/m n/m 69.5x Travelzoo (US) 155 97% 1.7x 1.6x 1.5x 9% 28.4x 18.8x 14.1x 42% 8% n/m 38.6x 29.4x Lastminute.com (Europe) 113 82% 0.5x 0.5x 0.5x 4% 7.4x 5.9x 5.8x 13% 8% n/a n/a n/a Asiatravel (AsiaPac) 9 41% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 3.4x 3.0x 2.6x 13% 22.7x 15.0x 13.3x 25% 15% 29.6x 28.3x 23.4x GDS Amadeus IT (Europe) 31,695 99% 6.5x 6.3x 5.9x 5% 17.0x 15.8x 14.6x 8% 40% 28.6x 27.1x 25.4x Sabre Corp (US) 8,438 97% 2.7x 2.6x 2.4x 6% 9.1x 8.9x 8.4x 4% 29% 17.5x 16.4x 14.9x Travelport (Europe) 3,709 96% 1.8x 1.7x 1.6x 5% 7.3x 7.2x 6.8x 4% 23% 13.1x 12.1x 10.9x Mean 3.7x 3.5x 3.3x 9% 11.1x 10.6x 9.9x 34% 15% 19.7x 18.6x 17.1x Payments PayPal (US) 74,733 94% 6.7x 5.6x 4.9x 17% 25.6x 21.5x 18.2x 19% 26% 42.0x 33.9x 28.4x First Data (US) 33,773 96% 3.2x 4.5x 4.3x (13%) 12.8x 11.7x 11.0x 8% 38% 12.5x 12.8x 11.5x Worldpay (US) 27,327 91% 14.9x 8.1x 7.4x 42% 31.1x 17.1x 14.8x 45% 48% 36.2x 19.6x 16.3x Square (US) 19,242 97% 23.0x 15.5x 11.8x 40% n/m 88.1x 51.7x 78% 18% n/m n/m 61.1x Wirecard (Europe) 14,969 97% 10.1x 7.6x 6.2x 27% 36.4x 27.5x 21.4x 30% 28% 63.5x 45.9x 34.3x Shopify (Canada) 11,741 93% 20.5x 13.3x 9.7x 45% n/m n/m n/m 121% 4% n/m n/m n/m Ingenico (Europe) 5,716 72% 2.3x 2.1x 2.0x 8% 11.3x 10.7x 9.7x 8% 20% 14.4x 13.4x 11.9x Q2 Holdings (US) 2,016 98% 12.0x 9.8x 7.9x 23% n/m n/m 66.7x 89% 10% n/m n/m n/m Qiwi (Europe) 609 63% 0.1x 0.0x 0.0x 19% 0.1x 0.1x 0.1x 28% 33% 0.3x 0.2x 0.2x Boku (US) 232 91% 8.4x 6.3x 5.0x 29% n/m 44.0x 17.2x n/a 14% n/m n/m 27.5x Intershop Communications (Europe) 55 78% 1.5x 1.5x 1.3x 8% 18.0x 21.7x 14.4x 12% 7% n/m n/m 54.8x Seamless Distribution (Europe) 4 7% 0.2x 0.3x 0.3x (6%) n/m n/m 2.5x n/a (10%) n/a n/m 9.2x Mean 8.6x 6.2x 5.1x 20% 19.3x 26.9x 20.7x 44% 20% 28.1x 21.0x 25.5x Search / Portals Alphabet (US) 555,252 89% 5.8x 4.7x 4.0x 21% 14.6x 12.8x 10.8x 16% 37% 32.3x 23.6x 21.5x (AsiaPac) 423,612 84% 16.0x 11.3x 8.4x 38% 41.1x 30.4x 23.9x 31% 37% 57.6x 44.3x 33.6x (AsiaPac) 66,750 85% 5.9x 4.8x 4.0x 22% 22.7x 16.7x 13.9x 28% 29% 25.9x 23.1x 19.2x Naver (AsiaPac) 13,497 69% 3.6x 3.1x 2.7x 16% 12.1x 11.8x 9.9x 10% 26% 23.6x 22.8x 18.9x Yahoo! Japan (AsiaPac) 13,282 72% 1.9x 1.8x 1.6x 7% 5.9x 6.9x 6.7x (6%) 25% n/a n/a n/a Yandex (Europe) 8,502 73% 0.1x 0.1x 0.1x 28% 0.4x 0.3x 0.2x 36% 31% 0.7x 0.5x 0.3x Sogou (AsiaPac) 2,283 65% 2.9x 2.0x 1.5x 37% 17.2x 14.6x 9.3x 36% 14% 36.2x 25.5x 16.6x Wirtualna Polska (Europe) 418 94% 3.9x 3.4x 3.1x 11% 12.9x 11.2x 10.3x 12% 30% 39.4x 25.4x 18.3x Sohu.com (AsiaPac) 415 52% 0.3x 0.2x 0.2x 15% 4.1x 5.2x 2.1x 39% 4% n/m n/m n/m Phoenix New Media (AsiaPac) 271 69% 1.3x 1.3x 1.1x 9% 30.1x 30.0x 17.5x 31% 4% 45.3x 53.2x 24.1x Mean 4.2x 3.3x 2.7x 21% 16.1x 14.0x 10.5x 23% 24% 32.6x 27.3x 19.1x

Source: CapitalIQ (as of 29 May 2018). 6 View Our Internet Trading Comps Trading Comparables

29-May-18 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019 Social Networking Facebook (US) 427,291 95% 12.3x 8.7x 6.9x 33% 18.7x 14.2x 11.4x 28% 62% 30.8x 24.2x 20.3x (US) 19,739 93% 9.5x 7.8x 7.0x 17% 28.8x 20.4x 17.4x 29% 38% 88.2x 45.1x 39.1x Weibo (AsiaPac) 18,808 72% 19.1x 12.0x 8.7x 48% 48.8x 30.1x 19.7x 57% 40% 59.4x 35.7x 24.6x Match Group (US) 10,652 84% 9.4x 7.3x 6.4x 21% 26.4x 19.2x 16.4x 27% 38% 49.5x 28.0x 22.7x Snap (US) 9,926 49% 14.5x 9.7x 6.7x 47% n/m n/m n/m (21%) (60%) n/m n/m n/m Momo (AsiaPac) 7,131 96% 6.3x 4.1x 3.5x 33% 22.7x 14.4x 12.3x 36% 28% 26.1x 17.3x 15.0x LINE (AsiaPac) 6,704 72% 4.9x 4.2x 3.6x 16% 23.9x 36.5x 20.1x 9% 11% n/a n/a n/a Daum Kakao (AsiaPac) 5,365 64% 3.4x 2.8x 2.5x 17% 22.2x 24.7x 17.5x 13% 11% 61.1x 61.2x 41.5x Mail.ru (Europe) 4,989 73% 0.1x 0.1x 0.1x 25% 0.3x 0.3x 0.2x 25% 31% 0.4x 0.4x 0.3x YY (AsiaPac) 4,855 75% 3.2x 2.3x 1.9x 28% 12.3x 9.6x 7.8x 26% 24% 17.4x 13.2x 10.9x SINA (AsiaPac) 4,283 72% 3.2x 2.2x 1.7x 38% 9.3x 7.3x 4.9x 39% 29% 31.0x 25.4x 16.8x Meitu (AsiaPac) 3,346 61% 6.8x 3.8x 2.5x 66% n/m 40.5x 19.5x n/a 9% n/m 54.0x 27.6x XING (Europe) 1,415 87% 7.7x 6.1x 5.3x 20% 24.7x 18.8x 16.4x 23% 33% 55.0x 43.4x 34.2x (AsiaPac) 977 49% 0.6x 0.7x 0.7x (11%) 1.6x 1.7x 2.1x (13%) 40% n/a n/a n/a (AsiaPac) 588 47% 3.4x 1.3x n/a (100%) n/m n/m n/a (100%) (8%) n/m n/m n/a MeetMe (US) 230 61% 2.2x 1.7x 1.7x 14% 8.7x 11.9x 9.6x (5%) 15% 8.7x 13.6x 9.9x Mean 6.6x 4.7x 3.9x 20% 19.1x 17.8x 12.5x 11% 21% 38.9x 30.1x 21.9x Software Cloud Infrastructure, Hosting & VoIP VeriSign (US) 13,780 100% 13.7x 13.1x 12.6x 4% 19.8x 18.4x 17.8x 6% 71% 32.2x 28.5x 26.5x (Europe) 12,537 89% 3.0x 2.5x 2.3x 14% 12.1x 10.4x 9.4x 13% 24% 22.8x 24.3x 19.4x GoDaddy (US) 11,369 99% 5.9x 5.0x 4.5x 15% 22.6x 17.7x 16.3x 18% 28% 28.7x 21.6x 16.9x Akamai Technologies (US) 11,074 97% 5.1x 4.7x 4.3x 9% 13.9x 12.1x 10.9x 13% 39% 29.3x 23.1x 20.5x Nutanix (US) 6,951 87% 8.2x 6.6x 5.5x 23% n/m n/m 61.1x n/a (7%) n/m n/m n/m RingCentral (US) 4,927 92% 11.4x 8.9x 7.2x 26% n/m 74.4x 57.4x 75% 12% n/m n/m 83.8x New Relic (US) 4,577 100% 16.2x 12.2x 9.7x 29% n/m n/m 81.2x 297% 11% n/m n/m n/m Twilio (US) 4,207 95% 12.5x 9.0x 7.3x 31% n/m n/m n/m n/a 2% n/m n/m n/m j2 Global (US) 4,200 94% 4.3x 3.9x 3.7x 9% 10.4x 9.8x 8.7x 9% 40% 15.0x 13.9x 12.3x Endurance International (US) 2,665 95% 2.6x 2.7x 2.6x (0%) 9.0x 9.8x 9.6x (3%) 27% 9.2x 10.8x 11.4x FireEye (US) 2,593 85% 4.0x 3.6x 3.4x 9% 34.2x 28.5x 25.4x 16% 13% n/m n/m 88.1x Vonage (US) 2,510 95% 2.9x 2.8x 2.7x 4% 16.1x 14.9x 14.0x 7% 19% 37.2x 26.4x 26.6x Qualys (US) 2,303 90% 11.6x 9.6x 8.2x 19% 31.5x 26.3x 22.2x 19% 36% 71.5x 48.9x 40.7x Presidio (US) 1,822 68% 0.7x 0.7x 0.7x 3% 8.8x 9.5x 8.6x 1% 8% 10.3x 9.4x 8.1x Econocom Group (Europe) 1,617 66% 0.6x 0.5x 0.5x 4% 9.4x 8.6x 7.7x 10% 6% 12.7x 12.5x 10.8x Switch (US) 1,424 51% 4.4x 3.8x 3.2x 16% 8.5x 7.6x 6.4x 16% 51% n/m 37.9x 13.2x 8x8 (US) 1,308 78% 5.4x 4.5x 3.8x 19% 71.7x n/m n/m (57%) (1%) n/m n/m n/m Carbonite (US) 1,052 100% 4.9x 4.0x 3.5x 18% 25.7x 15.0x 13.0x 41% 26% 48.1x 22.3x 18.1x Acacia Communications (US) 897 67% 2.7x 3.6x 3.0x (6%) 13.4x 45.2x 19.6x (17%) 8% 18.8x n/m 39.3x SendGrid (US) 881 82% 9.3x 7.2x 5.8x 27% 94.7x 64.7x 49.3x 39% 11% n/m n/m n/m SecureWorks (US) 636 79% 1.6x 1.4x 1.3x 10% n/m n/m 51.7x n/a (1%) n/m n/m n/m Tucows Inc. (Canada) 621 87% 2.2x 1.9x 1.8x 10% 18.4x 14.1x 11.4x 27% 13% n/a n/a n/a Bandwith (US) 498 94% 3.5x 3.0x 2.6x 16% 27.3x n/m n/m n/a 2% 74.6x n/m n/m Sonus Networks (US) 488 64% 1.7x 1.0x 1.0x 33% 16.6x 7.6x 5.5x 73% 13% 24.5x 15.0x 10.2x Aquantia (US) 296 65% 3.3x 2.7x 2.2x 23% n/m 43.5x 16.0x 186% 6% n/m n/m 29.2x Tintri (US) 44 6% 0.4x 0.5x 0.4x (3%) n/m n/m n/m (50%) (36%) n/m n/m n/m Mean 5.5x 4.6x 4.0x 14% 24.4x 23.0x 23.8x 33% 16% 31.1x 22.6x 27.9x Applications Microsoft (US) 613,967 99% 7.0x 6.2x 5.7x 11% 17.8x 14.8x 13.2x 16% 42% 28.2x 24.4x 22.8x Oracle (US) 155,509 86% 4.6x 4.4x 4.3x 4% 10.0x 9.5x 9.1x 5% 47% 15.4x 13.7x 13.2x SAP (Europe) 113,414 95% 4.8x 4.7x 4.3x 5% 13.8x 13.5x 12.7x 4% 34% 22.5x 22.0x 20.0x Adobe (US) 99,538 98% 15.9x 13.0x 11.0x 20% 37.8x 28.5x 23.6x 27% 46% 56.5x 37.0x 32.8x Intuit (US) 42,396 99% 9.0x 7.9x 7.2x 12% 24.6x 21.9x 19.7x 12% 36% 42.6x 34.1x 28.6x VMware (US) 41,425 83% 6.1x 5.5x 5.1x 9% 16.4x 15.2x 14.0x 8% 36% 26.1x 22.4x 20.5x Autodesk (US) 24,835 92% 14.0x 11.5x 9.0x 25% n/m 78.8x 29.6x n/a 15% n/m n/m 40.8x Constellation Software (Canada) 13,973 96% 8.6x 6.8x 6.0x 19% 32.9x 27.0x 23.1x 19% 25% 46.1x 35.0x 31.0x Symantec (US) 13,786 61% 3.2x 3.3x 3.2x 1% 7.0x 7.6x 6.9x 1% 44% 13.5x 12.2x 11.0x Citrix (US) 13,014 98% 5.3x 5.2x 5.0x 3% 14.8x 15.2x 15.6x (3%) 34% 19.5x 19.5x 18.7x Check Point Software Technologies (Middle11,974 East) 81% 7.4x 7.3x 7.0x 3% 13.3x 13.5x 13.0x 1% 54% 17.5x 17.2x 16.6x Sage Group (Europe) 9,000 80% 4.6x 4.2x 4.0x 7% 15.4x 14.5x 13.3x 8% 29% 21.6x 20.3x 18.6x Tableau (US) 6,167 98% 8.2x 7.3x 6.4x 13% n/m n/m 89.8x 18% 2% n/m n/m n/m Trend Micro (AsiaPac) 5,541 91% 4.7x 4.3x 4.0x 8% 13.8x 13.3x 12.4x 5% 32% n/a n/a n/a Ceridian HCM Holding (US) 5,164 88% n/a 8.1x 7.6x n/a n/a 39.9x 33.6x n/a 20% n/a n/m 66.1x LogMeIn (US) 4,569 80% 5.2x 4.3x 4.0x 14% 14.3x 11.8x 10.6x 16% 37% 26.0x 20.2x 17.9x (Europe) 3,886 92% 9.8x 8.6x 7.5x 14% 37.0x 32.7x 28.1x 15% 26% 61.6x 53.0x 46.0x Teradata (US) 3,701 90% 2.0x 2.0x 1.9x 2% 11.5x 11.5x 10.3x 6% 17% 28.7x 27.3x 22.4x MongoDB (US) 1,764 98% 13.4x 9.5x 7.1x 38% n/m n/m n/m (16%) (32%) n/m n/m n/m Appian (US) 1,615 73% 11.1x 9.1x 7.8x 20% n/m n/m n/m 11% (18%) n/m n/m n/m Carbon Black (US) 1,571 89% n/a 9.0x 7.3x n/a n/a n/m n/m n/a (27%) n/a n/m n/m MicroStrategy (US) 679 66% 1.6x 1.5x 1.5x 2% 7.6x 16.8x 13.8x (26%) 9% 26.8x 46.4x 37.5x Rosetta Stone (US) 290 98% 1.8x 1.9x 1.7x 2% 30.3x n/m 35.3x (7%) (4%) n/m n/a n/a Gridsum (AsiaPac) 168 45% 0.3x 0.2x 0.1x 48% n/m 1.5x 0.5x n/a 13% n/m 1.9x 0.6x Perion (Middle East) 91 61% 0.4x 0.4x n/a (100%) 4.1x 3.7x n/a (100%) 10% 5.0x 5.0x n/a MuleSoft (US) - 100% n/m n/a n/a (100%) n/m n/a n/a (100%) n/a n/m n/a n/a NIC (Africa) - 85% n/m n/m n/m 3% n/a n/a n/a n/a - 6.1x 4.8x 5.6x Mean 6.5x 5.9x 5.4x 3% 17.9x 19.6x 20.4x (4%) 20% 27.3x 23.1x 24.8x

Source: CapitalIQ (as of 29 May 2018). 7 View Our Internet Trading Comps Trading Comparables

29-May-18 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019 Software (Cont'd) (SaaS) Salesforce.com (US) 79,602 97% 8.8x 7.2x 6.0x 21% 40.9x 31.2x 25.0x 28% 23% 96.1x 56.7x 44.5x Workday (US) 22,744 93% 12.3x 9.8x 7.9x 24% 75.6x 52.5x 38.6x 40% 19% n/m 96.4x 67.4x Xero (US) 10,066 74% 1.1x 1.2x 1.2x (2%) 6.8x 6.3x 6.3x 4% 18% 8.0x 7.5x 7.3x Dropbox (US) 9,735 86% n/a 8.3x 7.1x n/a n/a 39.0x 33.0x n/a 21% n/a n/m 69.7x Veeva Systems (US) 8,598 95% 14.6x 12.0x 10.2x 20% 43.7x 35.9x 30.4x 20% 33% 77.2x 50.8x 42.8x Ultimate Software Group (US) 6,839 98% 8.5x 7.1x 6.0x 18% 36.8x 28.6x 23.6x 25% 25% 72.5x 46.5x 38.1x DocuSign (US) 6,764 99% n/a 12.5x 10.3x n/a n/a n/m n/m n/a 3% n/a n/m n/m Paycom (US) 5,291 88% 14.1x 11.2x 9.1x 25% 46.0x 27.4x 22.4x 43% 41% 83.1x 41.7x 33.8x Pivotal Software (US) 5,053 92% n/a 9.4x 7.5x n/a n/a n/m n/m n/a (14%) n/a n/m n/m Zendesk (US) 4,837 98% 13.1x 9.8x 7.6x 31% n/m n/m 83.7x 120% 7% n/m n/m n/m Okta (US) 4,747 100% 21.1x 15.8x 12.0x 33% n/m n/m n/m (33%) (17%) n/m n/m n/m RealPage (US) 4,611 96% 7.9x 6.2x 5.5x 20% 32.8x 23.5x 19.8x 29% 26% 62.9x 37.5x 30.3x Blackbaud (US) 4,397 85% 6.4x 5.8x 5.3x 10% 26.1x 23.1x 20.7x 12% 25% 44.9x 34.0x 29.5x Medidata Solutions (US) 3,746 88% 7.9x 6.8x 5.8x 17% 32.9x 26.5x 21.3x 24% 26% 58.5x 43.1x 34.4x Wix.com (Middle East) 3,225 95% 8.8x 6.2x 5.0x 33% 55.4x 34.3x 22.1x 58% 18% n/m n/m 53.0x Box (US) 3,194 95% 7.3x 6.1x 5.0x 21% n/m n/m 80.5x n/a 2% n/m n/m n/m Ellie Mae (US) 2,980 93% 8.3x 6.9x 5.9x 19% 28.8x 26.3x 20.5x 19% 26% 67.0x 56.1x 39.4x Zscaler (US) 2,719 74% 20.6x 15.4x 11.6x 33% n/a n/m n/m n/a (10%) n/a n/m n/m Paylocity (US) 2,612 99% 9.1x 7.3x 6.0x 23% 45.6x 33.6x 25.4x 34% 22% 75.6x 42.3x 45.8x Cornerstone Ondemand (US) 2,368 98% 5.7x 5.4x 4.9x 8% 41.9x 29.8x 21.0x 41% 18% n/m 63.8x 39.4x Coupa (US) 2,316 94% 14.7x 11.6x 9.3x 26% n/m n/m n/m n/a (2%) n/m n/m n/m SmartSheet (US) 2,038 96% n/a 15.2x 10.8x n/a n/a n/m n/m n/a (32%) n/a n/m n/m Altair Engineering (US) 1,885 94% 6.6x 5.8x 5.2x 13% 97.8x 64.6x 40.6x 55% 9% n/m n/m 58.6x Zuora (US) 1,853 93% n/a 10.0x 7.9x n/a n/a n/m n/m n/a (24%) n/a n/m n/m SailPoint (US) 1,838 93% 12.2x 9.3x 7.6x 27% 99.9x n/m 80.4x 12% 8% n/m n/m n/m Blucora (US) 1,779 100% 4.1x 3.7x 3.5x 9% 20.6x 17.8x 15.6x 15% 21% 28.7x 20.0x 17.4x BlackLine (US) 1,769 89% 11.7x 9.1x 7.3x 27% n/m n/m n/m 246% 5% n/m n/m n/m Cloudera (US) 1,713 68% 5.5x 4.5x 3.8x 20% n/m n/m n/m (21%) (19%) n/m n/m n/m Five9 (US) 1,661 97% 9.7x 8.1x 6.9x 19% n/m 66.1x 48.4x 57% 12% n/m n/m 73.1x Alteryx (US) 1,560 83% 14.1x 9.7x 7.4x 38% n/m n/m n/m (32%) (6%) n/m n/m n/m Talend (Europe) 1,410 97% 11.0x 8.0x 6.3x 32% n/m n/m n/m (91%) (5%) n/m n/m n/m Yext (US) 1,121 95% 7.6x 5.8x 4.4x 32% n/m n/m n/m (7%) (17%) n/m n/m n/m Apptio (US) 1,089 96% 6.8x 5.5x 4.7x 20% n/m n/m 75.9x n/a 3% n/m n/m n/m Everbridge (US) 1,072 99% 11.9x 8.9x 7.1x 30% n/m n/m n/m n/a (2%) n/m n/m n/m Benefitfocus (US) 988 91% 4.5x 4.5x 4.0x 6% 60.3x n/m 55.0x 5% 3% n/m n/m n/m SPS Commerce (US) 975 100% 5.1x 4.6x 4.2x 10% 35.3x 25.5x 21.3x 29% 18% 81.0x 51.6x 43.5x LivePerson (US) 967 100% 5.1x 4.6x 4.1x 11% 61.4x 49.4x 38.0x 27% 9% n/m n/m n/m Synchronoss (US) 358 35% 0.9x 1.0x 1.0x (7%) 3.6x 5.1x 6.7x (27%) 19% 8.2x 46.5x n/m Cardlytics (US) 340 93% 3.0x 2.5x 1.6x 37% n/m n/m 45.7x n/a (10%) n/m n/m n/m ChannelAdvisor (US) 292 96% 2.7x 2.6x 2.4x 7% 72.2x 41.9x 31.6x 51% 6% n/m n/m n/m Veritone (US) 246 28% 18.5x 13.4x 7.2x 60% n/m n/m n/m 13% (190%) n/m n/m n/m EQS Group (Europe) 122 95% 3.8x 3.3x 2.9x 16% 36.0x 75.9x 35.5x 1% 4% n/m n/m n/m Callidus (US) - 88% n/m n/a n/a (100%) n/m n/a n/a (100%) n/a n/m n/a n/a Mean 9.1x 7.7x 6.2x 18% 45.5x 34.7x 35.3x 22% 3% 58.7x 46.3x 42.7x

Source: CapitalIQ (as of 29 May 2018). 8 View Our Internet Trading Comps www.noah-conference.com

www.noah-advisors.com