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Meet Europe’s Super-Scale Ups TechTour

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Full company tables showing capital raised, funding rounds, and investors, individual proﬁles of all Tech Tour Growth 50 companies and news and views about, and from, all the companies

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Contents

04 Introduction 05 By the numbers 06 Tech Tour Growth 50 Companies 08 Selection Committee Visit www.techtourgrowth50.com for: 16 Key Facts 14 The Rise of Europe’s Super-Scale Ups 18 Can Tech Talent Keep Up? 21 Scaling for success Full company tables showing capital raised, funding 30 Statistics 31 Appendix rounds, and investors, individual proﬁles of all Tech Tour Growth 50 companies and news and views about, and from, all the companies

Publication

Tech Tour Growth 50 Cover Design Published by Tech Tour The cover consists of photos of Data the CEOs of the 2018 Tech Tour Growth 50 companies. This publication was created with the support of PitchBook as the Editor data provider. Unless otherwise James Burnham mentioned PitchBook is the primary source of information. The clas- Data Research sification of companies by sector Petar Buyukliev and geography is by Tech Tour. The concept of “super-scale ups” is by Copy Editor Tech Tour and the number of Euro- Stephanie de Verteuil pean “super-scale up” companies is an estimate based on PitchBook Design data, Tech Tour research and the Ivena Hlebarova insight of the selection commitee. Numbers for North America and ® Tech Tour 2018 Asia do not benefit from Tech Tour research and serve as a useful All rights reserved. No part of this comparison. Tech Tour takes all publication may be reproduced, responsibility for analysis, comment photocopied, stored in a retrieval and any numerical errors. system or transmitted in any form or by any means—for example, electronic, photocopy, audio recording —without the prior written permis- sion of the publisher.

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Welcome to the Tech Tour At Tech Tour we have long been Introduction Growth 50 – Europe’s most convinced of the strength of the promising growth equity “super- European ecosystem for high- scale up” companies. tech growth companies. This conviction is born out of the For the fourth year in succes- European tech entrepreneur sion, Tech Tour, together with a dynasties that are now emerging selection committee of interna- where the capital and expertise “At Tech Tour we tional investors, have researched created by unicorn success- and evaluated over 280 Europe- es such as Skype, has backed have long been an private tech companies at a companies that have gone on to sub-one billion US dollar valu- achieve unicorn status. convinced of the ation. The purpose of the Tech strength of the Tour Growth 50 is not to give a In this edition we also give voice ranking, or construct an index, to a number of founders and European ecosystem but to shine the brightest of lights CEOs of the 2018 Tech Tour on the companies yet to achieve Growth 50, to give an insight for high-tech growth unicorn status as a demonstra- into their personal motivation companies.” tion of the strength and depth and understand the challenge of technology companies in (and pleasure) of scaling-up tech Europe. companies.

The companies and their inves- We are proud to play our own tors will all gather at the Tech part in Europe’s success – Tour 2018 Growth Summit with many of Europe’s current taking place in Switzerland on unicorns and of course this the 22-23 of March. year’s Growth 50 companies having had their capital raises (27 The composition of the TTG50 in total) supported and acceler- has changed significantly from ated by meeting investors via our 2015 where almost 50% of the events and community platform. companies were defined as ‘B2C eCommerce’. This year that Please visit techtourgrowth50.com broad category only applies to for: just over 14% of the companies. Today we see major success • Data, including capital raised, stories emerging in B2B software funding rounds, and inves- and services, fintech and cyber- tors William Stevens, security. • Individual profiles of all Tech CEO, Tech Tour Tour Growth 50 companies The investor base in these • News and views about, and companies is also increasing from, all the companies and diversifying. In 2015 from 227 investors, 72% were venture We would like to thank all the capital fund managers, with just members of this year’s selection 6% coming from private equity/ committee, and our data partner asset management. Today there PitchBook, and hope you enjoy are 355 investors, with 14% clas- reading about this year’s Tech sified as private equity/asset Tour Growth 50. management and just over 50% coming from venture capital funds.

4 Meet Europe’s Super-Scale Ups 5

By the Numbers

Companies

Investors

Source: PitchBook, Tech Tour

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2018 Tech Tour Growth 50

COMPANY COUNTRY SECTOR COMPANY COUNTRY SECTOR

Actility IoT GridGain Systems AI/Big Data Acturis SaaS Happn E-Commerce Acumatica SaaS iZettle Fintech Alfresco Software SaaS Made.com E-Commerce Algomi Fintech M-Files SaaS AlienVault Cybersecurity N26 Fintech Ava Health/Biotech NewVoiceMedia SaaS Avecto Cybersecurity NFON SaaS Beqom SaaS Nutmeg Fintech Calastone Fintech Outfittery E-Commerce CarPrice E-Commerce PeopleDoc SaaS Chrono24 E-Commerce RapidMiner AI/Big Data Citymapper Other Software RELEX SaaS Collibra SaaS Scality SaaS CurrencyCloud Fintech Scytl Other Software Darktrace Cybersecurity Secret Escapes E-Commerce Doctolib Health/Biotech SigFox IoT eGym Hardware Socialbakers SaaS E-Leather Hardware Sophia Genetics Health/Biotech eToro Fintech SoundCloud Other Software Feedzai Cybersecurity Telensa IoT Fenergo SaaS Vivino E-Commerce Finanzcheck.de Fintech VuLog SaaS GetYourGuide E-Commerce WeTransfer SaaS GoodData SaaS WorldRemit Fintech

Shaded companies enter the Tech Tour Growth 50 for the first time in 2018

6 Meet Europe’s Super-Scale Ups 7

Belgium Netherlands

Czech Republic Portugal

Denmark Russia

Finland Spain

France Sweden

Switzerland

Germany

Ireland

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Tech Tour Growth Summit co-Presidents Selection

Committee Chris Wade Eric Archambeau Isomer Capital Wellington Partners

Matthias Allgaier Antonella Beltrame Alban Wyniecki Falk Müller-Veerse Summit Partners Intesa Sanpaolo Idinvest Partners Bryan, Garnier & Co

George Coelho Malcolm Ferguson Alexander Galitsky Anne Glover Good Energies AG Octopus Investments Almaz Capital Partners Amadeus Capital Partners

Alberto Gómez Ravi Kurani Sven Lingjaerde Dominique Megret Adara Venture Partners Earlybird Venture Capital Endeavour Vision Swisscom AG

Stephan Morais Jacob Pedersen Seth Pierrepont Mauro Pretolani Indico Capital Partners Vaekstfonden Accel Partners Fondo Italiano di Investimento

Helena Prokhorenko Morgan Seigler Patrick Sheehan Bruno Crémel Highland Capital TA Associates ETF Partners Partech Ventures Partners Europe 8 Meet Europe’s Super-Scale Ups 9

Key Facts

The Global Super-Scale Up North America: 833 Europe: 284 Asia: 181 Universe

We identified, globally, almost 1,300 super-scale up companies, the majority in North America.*

The Tech Tour Growth 50 was chosen by the selection committee from the European companies.

*See appendix for criteria, note our European list was augmented by the insight of our selection committee, Asia and North America is based on companies meeting the criteria in PitchBook. Source: PitchBook, Tech Tour

Market Orientation Distribution of Companies

As the internet evolves and industrializes we see B2B enabling technologies maintaining their prominence with TTG50 companies providing the backbone for widespread change in industries as diverse as fixed income trading (Algomi), asset management (Calastone), healthcare (Sophia Genetics), energy transition (Telensa) and mobility (Vulog).

Source: PitchBook, Tech Tour

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Key Facts

Number of Companies by Region The UK and Ireland continues to remain, in line with market trends, the single largest region for European super- scale ups, although we see a broader spread in general with increases in the DACH region (for the first time we have more than one Swiss- based company) and Russia, and a corresponding decrease in Spain and Portugal. Italy for the second year in succession has no Tech Tour Growth 50 companies, and 2018 sees the first Belgian company enter the list. Source: PitchBook, Tech Tour

Number of Companies by Industry Sector A per 2017, retail E-Commerce continues its downtrend (15% in 2017, 30% in 2016, 50% in 2015), accounting for just 14% of companies. This fits with an overall trend across Europe with just 19% of super-scale ups defined as eCommerce. * Fintech remains steady accounting for just under 20% of companies (19% in 2016) in the TTG50 and 14% of all European super-scale ups. North America has more fintech super-scale ups by number of companies (54) but in percentage terms fintech accounts for just 9% of companies.

This year we have introduced a new category with 8% of companies in cybersecurity* as their primary business, and a corresponding reduction in companies classified as IoT.

*There were three cybersecurity companies in 2017, classified by the industry sector they targeted, as software. In 2018 we introduce this as a new category.

Source: PitchBook, Tech Tour 10 Meet Europe’s Super-Scale Ups 11

Key Facts

Number of Companies by Country

Country Number

UK 16 1 Germany 9 1 France 7 1 1 1 3 Switzerland 4 1 Russia 3 16 Spain 2 9 Finland 2 1 7 Portugal 1 Netherlands 1 1 2 Sweden 1

Denmark 1 4 Czech Republic 1

Belgium 1

Ireland 1

Source: PitchBook, Tech Tour

Investor Type Tech Tour Growth 50 Total investors in Tech Tour Growth 50 companies increases this year to 355 (309 in 2017). Investment in TTG50 companies by private equity and asset managers has significantly increased in 2018 with these investors now accounting for 14% of all investors by number, echoing wider market trends of non-traditional tech investors deploying capital into later stage tech scale-ups.

Source: PitchBook, Tech Tour

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Key Facts

Number of Investors by Region, Tech Tour Growth 50 The geographical spread of investors is similar to 2017 with an uptick in investors by number from the US. 88% of the 50 companies now have at least one US investor (52% in 2017).

52% of the companies have at least one individual as an investor (48% in 2017) – these are typically serial entrepreneurs and partners in venture capital firms acting as “angel” investors.

Source: PitchBook, Tech Tour

Investors in 4 or more Tech Tour Growth 50 Companies The European investment ecosystem continues to deepen, with European investors repeating success, while we see a high participation of US investors in the list as a whole, Intel Capital and Sapphire Ventures are the only US firms invested in more than 4 TTG50 companies. While CVC participation in the TTG50 as a whole is lower than market trends (by number of CVC investors), two of the ten investors are CVCs (Swisscom, Intel) with Sapphire having a corporate heritage as the former CVC arm of SAP.

Source: PitchBook, Tech Tour

12 Meet Europe’s Super-Scale Ups 13

Tech Tour Tech TToourur

Photo: Liftoff of Ariane flight VA233, carrying four Galileo satellites, from Europe’s Spaceport in Kourou, French Gui- ana,14 on 17 November 2016, Source: esa.com Meet Europe’s Super-Scale Ups 15

The Rise of Europe’s “Super-Scale Ups” Making sure Europe can deliver, and benefit from, its super-scale up potential

William Stevens, James Burnham, CEO, Tech Tour Senior Adviser, Tech Tour

Since the start of the decade, and with little in the or individual “super angels” and unicorn found- way of public attention, something remarkable ers such as Charles Dunstone (Carphone Ware- has happened across Europe: a new generation of house) backing Nutmeg, William Reeve (Love Film) high impact, world leading innovative companies and Murray Salmon (Net-a-Porter) backing Secret has not just been born, but have grown rapidly into Escapes and Oleg Tscheltzoff (Fotolio) backing international businesses. CarPrice.

These companies, which cover a multitude of In the Tech Tour “super-scale ups” universe we sectors, backed by venture capital funds, are identified 284 European companies, versus 833 in powering a virtuous circle of growth that both North America. So Europe still lags, but consider- enables societal transformation and takes advan- ing venture backed companies as a whole in the US tage of it. Through the Tech Tour Growth 50 we raised 5x the amount of capital than their European shine a light on this success. counterparts in 2017, with the US having approximately 3x the number of “super-scale ups”, the Tech Tour Growth 50 companies are understand- outlook for European companies is strong. ably strong in areas where Europe excels, and where companies are becoming world leaders. These Europe, however, is actually creating less unicorns, include B2B software and services, the Internet of while the number of super-scale ups is increasing. Things, Cybersecurity, Healthtech and Fintech. In 2015 Tech Tour identified 121 European super- scale ups and in the same year 10 unicorns were These “super-scale ups”1 have the clear potential born, in 2017 with 284 European super-scale ups to become Europe’s next “unicorns” – private tech only 5 companies hit unicorn status. In the US 27 companies that have a valuation over $US 1 billion. unicorns came into existence in 2017, and in China And outside of their common financial metrics there were 22 unicorns from a base of just 181 many are backed by European venture capital firms super-scale ups2. And while being a unicorn isn’t that have already helped build unicorn companies always everything, their emergence can serve as a

1 See the Appendix for the super-scale up criteria. 2 Number of unicorn companies sourced from CB Insights, excluding majority owned companies, number of super-scale ups for US and China sourced from PitchBook, number of super-scale ups in Europe sourced from PitchBook supplemented by insight from the Tech Tour Growth 50 selection committee.

Tech Tour TechTour useful proxy to look across the relative success of A perfect partnership regions. Analysis from Global Corporate Venturing showed So why is this the case – and does it matter? that in 2016 investment in tech companies from Tech Tour Growth Summit large corporations measured up to 67% of all capi- Geneva & Lausanne - 22 - 23 March 2018 Governments, and to a certain extent large interna- tal invested globally, yet only accounted for 20% tional corporations across Europe, all fund a myriad of the number of investments – or in other words of programmes – from tech incubators and accel- corporates can write large checks. erators, to putting millions of euros (and pounds, and krona, and zlotys) every year into venture capi- However in the last 5 years US corporates have tal funds and programmes. The European Union been twice as active in tech investment compared also has many programmes aimed at supporting to their European counterparts. European venture tech start-ups. backed companies as a whole received €6.5 billion4 in global corporate venture capital investment in But if these companies fail to become world lead- 2017 and US corporates with an active venture ers we all miss out and as the analysis by the UK’s capital unit outperformed their respective stock National Endowment for Science, Technology and market indices by over 30% over the last ten years5. the Arts (“NESTA”) points out “the majority [of start- ups] don’t survive ten years (62 per cent), and of Meanwhile only 4% of investors by number in those that do, most stay small. Only 10 per cent of the Tech Tour Growth 50 were either European those that survived had more than ten employees corporates or CVCs, although European corpo- ten years later”. This early stage “valley of death” is, rate venturing as a whole is on the increase with Every year on the shores of Lake Geneva the Tech Tour Growth Summit brings however, well understood and the “super-scale 120 active European CVCs in 2017 – up from 47 in together Europe’s boldest CEOs and their investors to celebrate the success of ups” have well passed this point, what is little talked 20116. entrepreneurs with the vision and drive to build game changing businesses – about is a second equity gap where growth compa- those “born to be unicorns”. nies have lower valuations than the US and lack the Innovation of course is difficult and unpredictable, availability of European growth investment capital. but large corporations are acutely aware that digi- Or in other words the finance and support to get tal disruption is here to stay. Just look at all the The event is completed by the Tech Tour Growth 50 – a selection of Europe’s really big. corporate accelerator programmes and incubators most promising growth companies with the very best potential to become backed by the world’s largest banks. $1BN+ companies. According to figures from GP Bullhound US unicorns have valuation to revenue multiples 2.5 As Julia Pratts, Head of Entrepreneurship, at IESE times greater than European unicorns. In the US Business School says: “We are moving toward Co-Presidents - Chris Wade, Isomer Capital & Eric Archambeau, Wellington traditional asset managers have also invested in a hybrid model in which innovation – from the Partners super-scale ups pushing them to unicorn status. combination of the best features of the corporate In Europe this has not been the case and while and the start-up world – provides new solutions What to expect: the concern of a tech bubble, which will leave the for the complex problems we face in business and market littered with “unicorpses” may have some society at large”. foundation in the US – the reverse seems the case Game changing Discussions: Global mega Tech Tour Growth & in Europe. Europe has over 20 years of substantial and signifi- companies trends in disruptive tech Innovation Awards cant start-up programmes and investment – in fact In fact US investors have been quick, perhaps unsur- the super-scale ups we see today are the rewards prisingly given the amounts of capital available, to for this effort, and while no one is dismissing new invest in Europe’s super-scale ups. In this year’s Tech start-up initiatives, matching the balance sheet Tour Growth 50 US investors accounted for over power and international connections of Europe’s 35% of investors (by number of investors) with 88% multinationals with the proven disruptive (and of companies having at least one US investor. 2017 undervalued) power of Europe’s super-scale ups has also been a bumper year for European venture promises much for both. At Tech Tour, as always, backed companies fundraising efforts raising €16.9 we look on market developments with an interest- billion, yet while European VC funds enjoyed a third ed eye, and are ready to play our part in supporting successive year of capital raises above €7 billion3, the European tech ecosystem. this is less than half the amount of capital invested “The reason I’m here is Young Sohn, President & CSO “Winning the Innovation Award in European venture backed companies in 2017. because I keep running into Samsung on European tech was very gratifying after 15 years good companies.” of hard work.”

So the challenge is twofold: getting European ³ Source: PitchBook Avery Wang, Founder, Shazam super-scale ups to get really big, and perhaps more ⁴ Source: PitchBook Mike Lynch, CEO, Invoke ⁵ Source: Global Corporate Venturing Capital politically, ensuring Europe benefits from their ⁶ Source: PitchBook success. 16 www.techtour.com/TTGS18 Meet Europe’s Super-Scale Ups 17

Tech Tour Growth Summit Geneva & Lausanne - 22 - 23 March 2018

Every year on the shores of Lake Geneva the Tech Tour Growth Summit brings together Europe’s boldest CEOs and their investors to celebrate the success of entrepreneurs with the vision and drive to build game changing businesses – those “born to be unicorns”.

The event is completed by the Tech Tour Growth 50 – a selection of Europe’s most promising growth companies with the very best potential to become $1BN+ companies.

Co-Presidents - Chris Wade, Isomer Capital & Eric Archambeau, Wellington Partners What to expect:

Game changing Discussions: Global mega Tech Tour Growth & companies trends in disruptive tech Innovation Awards

“The reason I’m here is Young Sohn, President & CSO “Winning the Innovation Award because I keep running into Samsung on European tech was very gratifying after 15 years good companies.” of hard work.”

Mike Lynch, CEO, Invoke Avery Wang, Founder, Shazam Capital

www.tecTechhto Tourur.com/TTGS18 TechTour

I have been specialising in people consulting for Can Tech 20 years, helping my clients unlock their potential through organisational dynamics, leadership and talent. I focus on the technology sector, with my Talent Keep Up? remit spanning from fast growing scale up businesses to large global legacy technology organisations.

I am particularly fascinated by transitions. Being a mother of teenagers is probably the trigger for this passion, but I have also been fortunate enough to witness, support and guide many individuals as they transitioned into real leaders - and this equal- ly feeds my passion. Similarly, I find the scale up transition moment for a business fascinating to observe. I admire organisations that are entrepreneurs at heart, have passed the first stages of expansion and financing cycles, and have a true ambition to scale up rapidly, disrupt and unlock their potential to fulfil a unique purpose.

Last year, I was invited to attend London Tech Week and participate on a panel at the Leaders in Tech Summit. My fellow panellists were executives from such organisations and the discussion explored some of the key leadership and talent challenges involved with scaling up. The main themes that arose were as follows:

Entrepreneurs are shaping the future of work

As technology disrupts more and more industries, the world is seeing growing inequality, discontent, and anxiety about the future. Businesses need to be engaging in, and owning, an active debate on humans’ role in the future of work. Employment is critical for a human-centric society and a central part of human development. In the London tech ecosystem, there are more skills needed than can be filled, and projections from London Tech Week Berengere Peter indicate that the gap is widening. Technology Market Leader, EMEA, Korn Ferry Advisory Growth is not linear. It is made of transitions Business growth has never been linear. Rather like with human beings, it’s a series of transitions, often with regression just before a major growth spurt, akin to a child becoming a teenager. Leadership transitions are also well known. We know that what has made you successful at a certain phase of your career can hold you back in the next phase. This phenomenon is similar for organizational growth and common across digital and traditional organisations, however digital companies by their nature 18 Meet Europe’s Super-Scale Ups 19

Source: Korn Ferry website are able to grow extremely fast, accentuating options and ping pong tables in the talent market. growing pains. Growth in these businesses does not always mean large increases in the workforce; It is vital for a growing business to have a brand in however, the growth is always enabled by talent. the talent market that is authentic and aligned to its strengths as a company. Going through such transitions involve making some choices, creating focus as opposed to frag- Amazon and Google are clear on their messages mentation of initiatives. Leaders have to mature around innovation to attract talent; Apple through individually and, at the same time, collectively lift its emphasis on building a career for employees; the organisation to a platform for growth. Lead- Microsoft talks about “empower your future”; ers at the top need to align, and collectively own a Facebook is big on culture. Purpose can be a stron- focused growth agenda, separating what is trans- ger attractor than stock options or other financial formational from incremental growth. They must factors. But in any case, a well-defined and authen- proactively grasp the development of their orga- tic employer brand is critical. nization’s culture, keeping their operating model aligned with the relationships the business is look- Being loyal to your values is a key factor in whether ing to drive with customers, and anticipating the companies are being able to maintain their cultures capabilities (skills and cultural traits) that they will during periods of rapid expansion. need. All these questions involve difficult trade- offs (such as customer-centricity with short-term When companies are loyal to their values, their profitability). If these trade-offs are not explicitly leaders collectively learn to make their culture agreed to and owned, the organisation will grow evolve. They manage the inherent paradox of on an unstable base. growth: how to put some structure in the business and stay entrepreneurial. They don’t confuse The competition for talent is a critical one to win. entrepreneurship with chaos. It is hard to differentiate oneself beyond stock Tech Tour Tech TToourur

Source: Ava website 20 Meet Europe’s Super-Scale Ups 21

I’m one of four co-founders at culture. In our sector, getting Ava Ava, and an economist by train- the right balance to allocate ing and former McKinsey consul- resources between healthcare Scaling for Success: tant. Ava is my third start-up and and consumer is crucial. I’ve been in the wearable health- Healthtech care space for over a decade. Raising capital is never easy, and every funding round is tough. All of us had very personal Initially healthcare investors reasons why we wanted to start considered Ava too consumer the company. In my case when focused, while some consum- we were trying to get preg- er tech investors saw us as too nant my wife used the standard healthcare focused, but our temperature method, and I was large sales traction means it is convinced that there must be a getting easier, particularly now much better way to know when we have reached break-even in you are fertile than just taking the US, our core market. Inves- your temperature at the same tors understand us now, and the time every morning. So, working frequent exchange of ideas with with physiologists we worked our current investors has made a out a new concept and start- real difference. ed clinical tests at the University “Building Hospital of Zurich. And Ava was What I enjoy the most is work- organisational born. ing with super smart, motivated people from all over the world, strength for growth, Based on self-learning algo- and the fact that we can make a while keeping strong rithms we are able to personal- real difference in the lives of our ize and constantly improve the customers – having children. company culture” algorithms, or in other words let a woman know, precisely and To be successful in moving from conveniently, when she has her a start-up to scale-up you need fertile days – just by wearing a to bring a lean product to market bracelet during the night. as quickly as possible, and then repeat and repeat again. Good While I’m not allowed to share technology is not enough – sales figures, the last 18 months significant marketing resources since the launch of Ava in the US are absolutely crucial. My final have been truly incredible. And advice to other entrepreneurs we believe this is only the begin- is to remember it’s about the ning. journey, not the exit. Building a start-up should not only be hard As we scale the business the work, and it is believe me, but challenges change constantly. also something you truly like to My key challenge at the moment do. is building the organizational strength to keep growing strongly, and to make sure we can keep our strong company Pascal Koenig, CEO & Co-Founder, Ava DATA Founded: 2011 EuroUS Ventures, Global Sources, Country: Switzerland Polytech Ecosystem Ventures, Investors: BlueOcean Ventures, Swisscom Ventures

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In 2007, while working at SAP We now have approximately 100 Beqom (who had acquired our previ- large organizations using beqom ous company – Outlooksoft), across the globe - in individu- Scaling for Success: we (myself and my co-found- al terms that’s about 3 million ers) realized SAP itself – despite people that have their compen- Business Productivity having over 60 solutions – was sation processes with beqom. not able to automate the defi- nition, calculation, processing Prior to beqom, I’d worked for 2 and communication of its own companies – most of the time employees’ bonuses. living in the US. The first was Hyperion (acquired by Oracle). Considering the bonus It allowed me to learn every- programme was both a key thing about deploying great management tool, aligning enterprise software in the largest “We wanted to prove employee performance with companies in the world. In 1999 I we could establish company strategy, and a signif- became one of the first employ- icant company cost, and that ees of Outlooksoft. As the only a global enterprise most SAP customers globally European, I was keen from the were just using spreadsheets (or beginning to make Outlooksoft a software leader in a custom built tool), we realised global success, not just in the US. Europe without that we were facing the biggest In 2003 I moved back to Europe market opportunity we had ever to start all the company opera- transferring to North seen during our 15+ years in busi- tions here and in Asia. By the time America” ness. Just as importantly most of of its acquisition the “Internation- the former Outlooksoft team was al” part of Outlooksoft (non-US), eager to get back together, so we represented exactly half of the had the perfect timing of market revenues. Outlooksoft allowed opportunity together with the me to develop entrepreneurship availability of a proven team. and leadership.

Before we started we (the former Outlooksoft team) took two decisions based on our past “We were facing the experience, which I believe has biggest market helped us scale-up quickly: think globally from day 1 and manage opportunity we had the company as a 300+ people ever seen during our business from day 1. On a simple level this means, for example, 15+ years in business” everything is in English inter- nally (even an email between 2 Fabio Ronga, French-speaking employees). At CEO, Beqom

22 Meet Europe’s Super-Scale Ups 23

Source: Provided by Beqom

a business model level we can er, when they were looking at 13 start a subsidiary in any coun- “Always act globally, alternatives (including some of try: the product can be localized the largest software companies in any language, the product even if you are only in the world) was also fairly satis- complies with the local regula- executing in your fying! tions of any country in the world and we comply with global data local market, it’s the In 2018 we’ll increase the beqom privacy regulations. best favour you can presence in our existing markets, look to new regions such as We chose Switzerland as our do yourself” Japan, Australia and Singapore base because the “domestic” and explore how we can use A.I. market is too small to sustain an Thanks to our previous success to reach full automation. enterprise software company, we bootstrapped beqom for even at an early stage, this forced several years. This made us auto- My advice would be to start us to act globally from the start matically smart about managing with defining the “why” of your and Switzerland is a place where cash. As a result we ensured a company and how to implement it’s easy to hire “global” people, positive or at least neutral opera- it. Always act globally, even if you or relocate them. A side of us tional cash flow. This enabled us are only executing in your local also wanted to prove we could to get our priorities in the correct market, it’s the best favour you establish a global enterprise soft- order and let the co-founders can do yourself in the mid-term. ware leader in Europe without control the capital. When we And of course persevere - don’t transferring the headquarters to did look for external investors give up - but analyse what went North America. we were able to handpick who wrong, adjust and go back at it. we wanted to partner with, and Again and again. As a result, we were able to just as importantly, push back on investor requests for exclusivity quickly start in 12 countries DATA (including the US) on the same during the due diligence process. Founded: 2009 global beqom model. The US Country: Switzerland now generates 50% of our reve- When I’m asked about what I find Investors: Goldman Sachs Private, nues and we have nine differ- the most satisfying about my job Capital Investing, Renaissance ent passports in the ten person the answer is always: people – KMU, Vinci Capital and Swisscom management team. Defining the it’s the source, or the cause, of Ventures “why” of beqom early and then everything beqom is and does. putting in place all the internal Defining the people we want structure that derives from it has (the culture), finding and hiring meant that our growth from 50 these people, and then making to 150 employees, while exciting, them work happily together will has been quite straightforward. always be the most challeng- And we’ve been able to manage ing and most satisfying thing in growth over the last three years beqom, at least for me. Although at 76% while maintaining a client of course having Microsoft sign retention rate of over 98%. in 2012 as our first US custom-

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Healthcare has three main chal- The most challenging part of our Doctolib lenges: professionals are over- journey has been to build the whelmed, access is complicated, best team, with the right people, Scaling for Success: and innovation is limited. That’s across two different countries. why we created Doctolib in We have recruited 400 people, Healthtech 2013. Simply we help solve these including 50 in Germany, with challenges by improving medi- various profiles: tech, sales, cal professionals’ organization, operations and so on. And we’re reinforcing communications planning to recruit another 200 between patient and practitioner people in 2018. and strengthening communication between practitioners and As far as getting investors onboard allowing health management by you need a solid business model, the patients themselves. with proven results, and an ambi- tious plan. And our plan is ambi- For professionals and health- tious: we want to transform the care centres, Doctolib offers healthcare sector in Europe, an appointment management and we have been working on it SaaS tool, as well as services to alongside healthcare profession- manage consultations, commu- als for many years. nicate with their patients and “Since 2013 we’ve work with other healthcare For me personally the most recruited 400 people, professionals. For patients, enjoyable part about running Doctolib eases their healthcare Doctolib is the feedback we get we’ll add 200 more in experience: the search for infor- from healthcare professionals, 2018” mation and booking of appoint- who tell how we made their daily ments is freely available online, work easier, and from patients 24/7, alongside an online consul- telling us how much quicker they tation booklet. now get access to a professional.

I’m an HEC Alumni, serial entre- In 2018, we will keep improving preneur and venture capitaIist. the service, build new features, I helped launch Lafourchette and work with even more and (bought by TripAdvisor), Week- more healthcare professionals. endesk and Balinea, through We’ll continue to make health- Otium Capital, the venture capi- care access easier than ever in tal fund I co-founded. France and Germany.

Doctolib is now the European leader in healthcare, it’s used by more than 40,000 practitioners (we got our first doctor onboard in autumn 2013) and 900 healthcare facilities (for example we now work with AP-HP, Europe’s biggest hospital). 12 million people search for an appointment on Doctolib every month.

Stanislas Niox-Chateau, DATA CEO, Doctolib Founded: 2013 Investors: Accel Partners, Country: France Bpifrance, Eurazeo, Kerala Ventures

24 Meet Europe’s Super-Scale Ups 25

Source: vulog.com

Vulog all started with a simple My biggest challenge is managing (but crazy) idea: to drastical- growth – we launch a new proj- VuLog ly reduce the number of cars in ect every month – so making sure cities while making it easier and we keep a high level of custom- Scaling for Success: more affordable for people to er satisfaction is demanding, but move around. undoubtedly the toughest part of Mobility this is adding the right people to I’d spent 10 years in the automo- the company in an increasingly tive industry working in a variety competitive market for talent. of senior management positions at Valeo, one of the largest and By way of example this January most innovative automotive (2018) alone we’ve launched two suppliers. I then went on to run major projects: a 350 car scheme Miyowa, a VC backed start-up, in Antwerp for Poppy, a subsidi- which was sold to a NASDAQ ary of D’leteren, one of Europe’s “Having fun while listed company. largest automobile distributors and a programme called Mol contributing to save Vulog’s technology is a custom- Limo in Budapest which uses the planet” isable SaaS solution that enables 300 VW e-Ups in what is Hunga- mobility operators — such as car ry’s first free-float car-sharing rental companies, car manufac- service. In the coming months turers or any other corporation, we’ll support further roll outs in whether a start-up or multina- North America, Asia and Europe. tional to launch and operate shared mobility services. These My advice to other entrepreneurs can include free-float car shar- scaling-up their firms is it’s all ing schemes, one-way station- about customer satisfaction, and based car-hire, or round-trip have fun, and if you can have fun car-sharing. Vulog’s technolo- while contributing to saving the gy currently powers car-sharing planet even better. services on five different continents accounting currently for over 10 million trips per year.

DATA Grégory Ducongé, Founded: 2006 Investors: Frog Capital, Inven CEO, Vulog Country: France Capital, Bpifrance, ETF Partners

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Back in 2013, when I found- Happn ed happn, dating websites and mobile apps already existed, but “We now have 45 Scaling for Success: they offered an experience that was far too virtual, “matching” million users Social Dating people based on mutual inter- ests and “objective” preferences. worldwide across 40 But who wants to be objective countries and when it comes to love or in the quest for a partner? Don’t you 50 cities.” want Lady Luck to smile on you instead? In real life, especially in By the end of 2017, we moved big cities, we encounter dozens from an in-app purchase model of people every day, without to a subscription based model actually meeting or getting to allowing recurring revenue. This, know them. This is where happn combined with a full advertising comes in: through a combina- serving platform, will allow us to “Thousands of dating tion of real time and hyper-geo- reach profitability in 2018. Prod- location, users connect with their uct-wise, we recently launched apps are objective, direct environment, because a playful new feature - called everything starts in real-life. On “CrushTime”- and a totally but who wants to the street, at work, at a party... new version of happn is being be objective in love, it could happen anywhere or tested right now with a probable anytime. deployment in Q2 2018. happn lets Lady Luck I started my first internation- smile on you” al trading company prior to the internet and in the 90s discovered the digital world, creating one of the first B2B platforms for services devoted to the international textile trade. I then set up another platform, SourcesIT, this time devoted to IT professionals, before I co-founded Dailymo- tion in 2005. In 2008, I joined Nomao, a personalized social network using geolocation, and then co-founded and launched happn in 2013. Some call me an internet pioneer, I’d actually describe myself as a serial entrepreneur.

2017 has been a decisive year for us. We strengthened our pres- Didier Rappaport, ence in existing markets and CEO, happn grew our user base by 60%.

26 Meet Europe’s Super-Scale Ups 27

Our biggest challenge is grow- million users. good data management, stor- ing the team. There were just We’ve already raised three fund- age, protection and optimisation. four of us in 2013, now we’re ing rounds. The last was compli- I believe you should never think at over 100! And to grow and cated because we had just to yourself ‘this is it, I’ve made manage the team is one thing, changed our business model, it’. As soon as you do, you stop but to keep agile and flexible at moving from pure B2C to a B2C innovating and progressing. My the same time is quite another. and B2B mix. We had to find advice to others scaling at speed The dating sector is also highly investors confident in our new is: to not fear mistakes, avoid competitive: there are thousands proposal. repeating them of course, but of apps operating out there, and test and learn as fast as possible; the biggest operators have huge We are now about to raise surround yourself with talented budgets that don’t compare to money for the fourth time but people and delegate; and when a young and about to be prof- the context is today very differ- it comes to financing lean on the itable company. So we need to ent in that we are so close advice and knowledge of experts constantly innovate and improve from break-even. We have now – this can not be improvised. - not only to attract newcom- demonstrated our great poten- ers but to retain those who tial for profitability and we “only” already use our product. Our need support to accelerate our DATA launch in India in April 2017 has development. Founded: 2013 been particularly exciting and Country: France our rapid growth in this market In 2018 we aim to launch in China Investors: IDInvest Partners, Al, has been particularly enjoyable. and kick-start the implementa- ven Capital Partners, DN Capital, FoundersGuild, Raine Ventures, We’ve achieved taking the lead- tion in our daily process of Arti- Flight Ventures ing position in the dating sector ficial Intelligence and machine - in less than a year with over 8 learning while not forgetting

Source: Provided by happn

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WeTransfer was founded in 2009 so competition is intense. We’re WeTransfer based on the simple need for well known of course which an easy platform to send big makes it easier, but because we Scaling for Success: files without any sign-up. It’s a have invested so much in making combination of a great idea for our service appear simple, we File Sharing a simple file-transfer service have to spend time explaining to from co-founder Bas Beerens, engineers that making it simple combined with the innovative for the user is hugely challeng- full-screen wallpaper backing. grounds from fellow co-founder Nalden. Most importantly, it was And we’re still growing fast, all about solving a real problem. we peaked at over 45 million monthly users last year, with As many people offer ways the US, India, Mexico, and Brazil to transfer files we had to be as our fastest growth markets, different. The foundation for our European core continues to our success (over 40 million “We’re squarely in users per month) has been the creation of the platform based the ‘scale-up’ phase; on simple guidelines: no banner advertising, a lean data policy, no building both sign-up, no software install and organizational beautifully crafted advertising. We use a dual income business infrastructure and model monetising free users through advertising, combined capability are the with a ‘trade-up’ SaaS business. main challenges” This keeps acquisition costs low without the need for expensive enterprise sales teams.

Our relative maturity (we’re both profitable and cash-flow positive) combined with rapid growth mean we are squarely in the ‘scale-up’ phase. My back- ground is in growing and scaling businesses internationally (I launched Kindle in Europe and after that led the Amazon advertising business across Europe where I worked with some great people) so I’m enjoying applying that pervious situational experience to WeTransfer.

Like most successful scale-ups Gordon Willoughby, building both organizational CEO, WeTransfer infrastructure and organizational capability are the main challenges. And this means talent acquisition. We’re based in Amsterdam, which is now quite the tech-hub, Source: bnr.nl 28 Meet Europe’s Super-Scale Ups 29

grow in healthy double digits. with our main focus on the US. up phase is timing. You scale- The advantage of WeTransfer We haven’t had to raise any more up when you have discovered a being bootstrapped and profit- capital – which is a real luxury. sustainable business model. As able meant that we could look Regionally the US is a priority you move into that phase you for an investor that really was a for the next 12 months and we’ll have to focus on user revenue at great fit. When Highland Europe keep developing the product. the same time as looking to the approached Bas and Nalden, We launched our mobile app in underlying infrastructure (tech- there was an instant connection. October which has millions of nical, people, etc.). As part of that In addition to supporting us with users and just last week (Janu- you need to hire and build for funding, they are very hands- ary 2018) launched our editorial what the business will be in 3-5 on, offering us advice, their platform WePresent. I am also years not the next 12 months. network and expertise to help us proud that we donated more achieve our goals. We are using than 5 billion ad impressions, for the investment to continue to free, to the creative community DATA innovate and develop our prod- in the last 12 months. Founded: 2009 Country: Netherlands uct and build the brand further, My advice to others in the scale- Investors: Highland Europe

Source: bnr.nl

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Statistics1

Growth & Financing

• 29 of the TTG50 companies were founded in the last 10 years (38) • The median year of company foundation is 2008 (2008) with the most recent in 2014 • The average time from company foundation to first funding round is 1 year 2 months (2 years and 8 months) • The average time from first funding round to most recent funding round is 7 years 7 months (4 years 4 months) • The mean number of funding rounds is 4.5 (4)

Growth & Investors

• The average number of active investors per company is 10 (8). There are 359 (309) investors in total • 88% of the 50 companies have at least one US investor (52%) • 52% of the companies have at least one individual as investor (48%) • The average first funding round size is $5.6 million ($5.7 million) • The average latest funding round size is $41.9 million ($65.7 million) • The average valuation is $294 million ($338 million) compared to an average valuation of $147 million of all super-scale ups. • 3 companies had just one active investor, and 3 others had more than 20

Impact

• Companies have raised an estimated $4.3 ($3.7) billion of funding • The average raised amount is $85.5 million • There is an estimated total valuation of $14.7 billion • The TTG50 companies have created over 9,600 jobs (9,000) • Over half (27/50) are Tech Tour “alumni” having presented at past Tech Tour events to investors

Figures in parentheses are from the 2017 Tech Tour Growth 50. Source:publicdomainpictures.net

30 Meet Europe’s Super-Scale Ups 31

Financial criteria for inclusion Tech Tour identifies a long list of Appendix in the Tech Tour Growth 50 companies that potentially qual- “Super-Scale Up” Universe: ify for the Tech Tour Growth 50.

Methodology Companies should be private Voting Procedure with at least one independent investor and meet three of the Selection committee members four criteria: get 50 votes (i.e. one per company for the final 50). During voting • >€10 mil in revenue the four factors below were • >€20 mil in total funding taken into account: • >€100mil valuation • Achievement: Capital effi- • >min revenue growth pa on ciency, growth in last 3 years, average over the last 3 years business plan execution, • 80% for companies with market penetration, barrier to €10-30mil in revenues competition/IP • 50% for companies with • Impact: Addressable market, €30-100mil in revenues scalability/international expansion, disruptive busi- Tech Tour identifies a long list ness model/value proposi- of companies that potentially tion/innovation potential qualify for the Tech Tour Growth • Momentum: Project- 50 using publicly available data ed growth, financial back- sources, notably PitchBook. The ing/future requirements, selection committee members commercial partnerships are asked to add or remove • Management team pedigree: companies from this list using Past awards won/success of their own market insight. previous companies founded

Tech Tour then reaches out to Companies that verified that they the individual companies asking meet 3 of the financial criteria are if they meet three of the four, or automatically awarded one vote. all four of the financial criteria for Companies that respond meet- inclusion. Supplementary infor- ing 4 of the financial criteria are mation is requested during the awarded two votes. process to aid in the final voting decision based on: Award Selection

• Achievement: Capital effi Two awards are given each year: ciency, growth in last 3 years, The Tech Tour Growth Award and business plan execution, The Tech Tour Innovation Award. market penetration, barrier to The Growth Award is judged on competition/IP the same criteria that the selec- • Impact: Addressable market, tion committee are asked to take scalability/international expan- into consideration when voting sion, disruptive business for companies. The Innovation model/value proposition/ Award focuses on technological innovation potential or business model innovation • Momentum: Projected growth, and its market application. financial backing/future requirements, commercial partnerships

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Tech Tour is a commu- early to late stage entre- Our online platform ties Appendix nity with strong posi- preneurs and investors all of these connections tions in the venture realise their full journey together. Our merit- capital market. We of innovation, from the based membership Tech Tour promote innovative initial concept through community allows our companies and their to success. users to search for new projects through our potential partners, and online platform and at The business sectors to be searchable them- 25 business events each we operate in are digi- selves by publishing year. We were found- tal, financial, health and their experiences and ed in 1998 by venture sustainability technolo- expertise on the plat- capitalists who realised gy. Each of our events form. the need for a network focuses on either one in which experts could core sector, showcas- We have become one share their best practic- ing entrepreneurs from of Europe’s most vibrant es and transfer knowl- across the continent, innovation communi- edge. Tech Tour is today or one core region. We ties connecting entre- facilitating a trustworthy work with leading best preneurs, investors and and transparent envi- practice profession- corporate partners from ronment for identifying als who have a strong across the world. Over and supporting the best reputation within their the past three years emergent technologies region and industry. By 10,000 unique partic- in Europe. hosting events with a ipants have attended geographical focus, we our events, over 400 We have accumulated are able to help govern- companies have been 20 years of experience ments feature their funded after present- across Europe and the industrial clusters to a ing their business ideas, Middle East, providing broader audience. This 7 companies are now a unique cross-bor- enables them to discov- unicorns, and € 8.5 der platform for grow- er brilliant innovations billion have been investing and emerging tech across the continent. ed in the last 8 years. companies. We help

32 Meet Europe’s Super-Scale Ups 33

Appendix

Tech Tour Global Partners Founded in 1805 in Geneva, Pictet & Cie is today one of Switzer- Growth Summit land’s largest private banks, and the leading independent asset Partners management specialist in Europe, with CHF 492 billion (EUR 430 billion) in assets under management and custody at September 2017. Pictet & Cie is a partnership owned and managed by eight general partners with unlimited liability for the bank’s commit- The Tech Tour Growth ments. The Pictet Group, based in Geneva, employs more than 4100 staff. The group has offices in the following finan- 50 companies gather cial centres: Amsterdam, Barcelona, Basel, Dubai, Florence, every year at the Tech Frankfurt, Hong Kong, Lausanne, London, Luxembourg, Madrid, Tour Growth Summit. Milan, Montreal, Nassau, Osaka, Paris, Rome, Singapore, Stutt- gart, Taipei, Turin, Tokyo and Zurich.

With more than 1,800 technology clients, Orrick is a leading global law firm renowned for its experience as a specialist adviser to high-growth technology companies and lead investors in the industry. We regularly advise industry leaders, from incu- bation through their strategic exit and other growth opportunities. We are able to offer diverse resources, including expert knowledge accrued from years of intimate work with founders, deep-rooted relationships with venture capitalists and angel investors, as well as critical insight into this rapidly evolving and increasingly competitive marketplace.

Our dominant presence in London and Silicon Valley as well as other leading technology markets such as Los Angeles, New York, Paris, San Francisco and the Far East, sets us apart from our peer firms. With 25 offices throughout Europe, Asia and the US, and an affiliated office in Abidjan, Côte d’Ivoire, our global footprint enables us to scale with our local emerging technology clients and offer seamless service as they grow and expand. We put our network to work for our clients - wherever they are in the world.

Hosting Partner The mission of the Department for Economic Affairs of the State of Vaud is to put in place the framework conditions required to promote economic growth. Its objectives are designed to high- light the know-how of companies and to make the canton an attractive and competitive environment. The vitality of economy in the Canton of Vaud is particularly remarkable in state-of- the-art industries with high added value such as life sciences, information technology, micro- and nanotechnology, environ- mental and agri-food technologies. Strong political support and many concrete state support and incentives serve to reinforce growth in these sectors.

Gold Partner

Korn Ferry is the preeminent global people and organisational advisory firm. We help you align your people and your organisation to your strategy – developing, engaging and rewarding your employees to reach new heights. We provide broad spec- trum talent management solutions, including executive and non-executive search, recruitment process outsourcing, leadership development and talent solutions.

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Appendix

Tech Tour Silver Partners

Growth Summit Bryan, Garnier & Co is a European, full service growth-focused independent investment banking partnership founded in 1996. Partners The firm provides equity research, sales and trading, private and public capital raising as well as M&A services to growth companies and their investors. It focuses on key growth sectors of the economy including Technology, Media & Telecoms, Health- The Tech Tour Growth care, Smart Industries & Energy, Consumer, Brands & Retail 50 companies gather and Business Services. Bryan, Garnier & Co is a fully registered every year at the Tech broker dealer authorized and regulated by the FCA in Europe and the FINRA in the U.S. Bryan, Garnier & Co is headquartered Tour Growth Summit. in London, with additional offices in Paris, Munich and New York. The firm is a member of the London Stock Exchange and Euronext.

Nasdaq (Nasdaq: NDAQ) is a leading provider of trading, clear- ing, exchange technology, listing, information and public company services across six continents. Through its diverse portfolio of solutions, Nasdaq enables clients to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigat- ing today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 85 marketplaces in 50 countries, and 1 in 10 of the world’s securities transactions. Nasdaq is home to approximately 3,800 listed companies with a market value of $10.1 trillion and nearly 18,000 corporate clients. To learn more, visit: business.nasdaq. com.

Euronext is the leading pan-European exchange in the Euro- zone with nearly 1,300 listed issuers worth close to €3.6 trillion in market capitalisation as of end December 2017, an unmatched blue chip franchise consisting of 24 issuers in the Morningstar® Eurozone 50 Index and a strong diverse domestic and international client base. Euronext operates regulated and transparent equity and derivatives markets. Its total product offering includes Equities, Exchange Traded Funds, Warrants & Certificates, Bonds, Derivatives, Commodities and Indices. Euronext also leverages its expertise in running markets by providing technology and managed services to third parties. In addition to its main regulated market, Euronext also operates Euronext GrowthTM (formerly known as Alternext) and Euronext AccessTM (formerly known as the Free Market). For the latest news, find us on Twitter (www.twitter.com/euronext) and LinkedIn (www.linkedin.com/company/euronext). Bronze Partner

Silverpeak provides independent advice on M&A and financing transactions to innovative, fast-growing technology companies. Our nine partners have close to 150 years combined experience and over 300 completed deals in technology investment banking with a vast network of relationships and deep domain expertise in Internet & Digital Media, Enterprise Software/SaaS, IT Services, Enabling Technologies and Healthtech.

Data Partner

PitchBook is the premier provider of data on the public and private equity markets. We arm our clients with unprecedented insight into the flow of capital across the entire venture capital, private equity and M&A landscape to help them capitalize on opportunities in the private markets. 34 Visit www.techtourgrowth50.com for:

Full company tables showing capital raised, funding rounds, and investors, individual proﬁles of all Tech Tour Growth 50 companies and news and views about, and from, all the companies

#TTG50 www.techtourgrowth50.com 2018 | www.techtourgrowth50.com

Tech Tour Growth Summit Partners Global Partners Host Partner Gold Partner

Silver Partners Bronze Partner Data Partner