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The Future of Marketplaces

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The Future of Marketplaces Powered & crunched by Here some notes and tentative next steps regarding your proposal: General org / timetables: ● We should fix tentative dates for the first and second report release --> to be shared with our internal comms team ● Would be great to set up a second kickoff meeting, ideally on Mon the 22th at 15,30h ● To follow up the project, we should set initially weekly calls: every Thu at 11 works? Regarding reports and webinars, our view: ● 2021 - Global approach: The future of marketplaces ○ From "digital adoption" -- to "full digital" (past report) ○ to "how fintech will give superpowers to marketplaces" Initiating a series of reports on marketplaces (check marketplaces.dealroom.co for more info) ○ + Sustainability angle ● Need to define formats: ○ Large: Number of pages and format. We'd like to see examples from previous reports or other topics ○ Short report: Number of pages and format. Examples too. 12 May 2021 ● Reports (Priority) - Adevinta ventures POV --> We need to have a clear message/goal per report --> kind of media Headline ○ Launch report: refresh + introducing fintech angle ○ RE: global RE approach, not only ibuyers but also new ownership models and new rental models: Build2rent, rent2own and End2end rental platforms ○ Mobility: asset-light vs asset-heavy models + fintech connection ○ B2B marketplaces + fintech ○ Future of work + fintech ○ Ranking ● Webinars: ○ Global game: consolidation in marketplaces 1234 5678 9101 1121 Mark E.T. Places Valid thru 12 MAY 2021 Investing in the future of marketplaces. Game-changing support for early-stage Global startup & venture capital tech founders. intelligence platform. Adevinta Ventures is the VC arm of the Adevinta Speedinvest is a European venture capital fund Dealroom.co is the foremost data provider on startup, group, a global online classifieds specialist with more than €400M AUM and 40 investors early-stage and growth company ecosystems in operating leading digital marketplaces in 11 working from Berlin, London, Munich, Paris, Europe and around the globe. countries. We invest in fast- growing European Vienna and San Francisco. Employing a focused startups (Series A and B rounds) that can shape investment team structure, we fund innovative Founded in Amsterdam in 2013, we now work with the future of mobility, real estate, work and early-stage technology startups in the areas of many of the world's most prominent investors, fintech. We also foster collaboration Deep Tech, Fintech, Industrial Tech, Network entrepreneurs and government organizations to opportunities between our portfolio companies Effects, Digital Health and Subscriptions. provide transparency, analysis and insights on and Adevinta brands. venture capital activity. Page / 2 Marketplace unicorns have Record investment for the most New startups are building more grown 70% in value since Jan ambitious generation of vertically integrated models, to 2020 to more than $5 trillion, marketplace startups ever. unlock lucrative new markets. outperforming tech overall. Global online marketplaces (public companies Online marketplace startups continue to raise As of April 2021, more than 370 marketplace and private unicorns) have seen their valuations billions in funding, across every sector. unicorns have been created globally, yet the grow 70% since Jan 2020 (50% for Nasdaq). future and models of online marketplaces Marketplaces Global VC investment Q1 2021 investment tripled year on year to an continue to evolve. $132B ▊ Actual Fashion (+142% value), Food Delivery (+132%) all-time high of $28B, with $12B more already raised in the first 5 weeks of Q2. Some of the largest consumer spending ▊ 2021 annualized based on Jan-April and Digital Health (+120%) have been the highest performing segments in 2020/21. categories, like homes, cars and jobs went digital in 2000s, but only on the discovery side - through search and comparison sites. Valuation of marketplaces (public + unicorns) VC funding into marketplace startups +70% $5.0T $28B With vertical integration, embedded finance, 2.8x and increased consumer online penetration, these segments are about to be transformed by new models of “full stack” online marketplaces, $2.9T $2.2T unlocking huge new markets and growth opportunities. $9.9B The biggest opportunities for online marketplace still lie ahead. Q1 Q1 Q1 Q1 Q1 Jan Jan May 2019 2020 2021 2017 2018 2019 2020 2021 Page / 3 2010 2021 Introducing the new home for eCommerce & Marketplaces: marketplaces.dealroom.co Access now Over 32,000+ eCommerce & Marketplaces startups & more Powered by Table of contents. 1 The global acceleration of marketplaces 2 Record venture capital investment 3 Vertical integration and software/finance enablement A Appendix: Learn more about marketplaces Page / 5 1 The global acceleration of marketplaces There are 30 known marketplaces worth $20 billion What’s happened or more. These 30 companies have a total value of The role of online marketplaces has The world’s most valuable marketplaces $3.7 trillion. Since January 2020 (the pre-Covid Tech-driven bull market (Nasdaq $19T), up _% benchmark) they together increased in value by $1.6 been amplified. ▊ Public companies * ▊ Private companies trillion. Tech seen as safe asset, aided by low interest Amazon $1.6T rates. Resulting in higher multiples Back in June 2020, Adevinta, Dealroom and Speedinvest released a Alibaba $620B There are _ unicorns worth _ Meituan $240B report on marketplaces, during the early stages of Covid pandemic. Pinduoduo $170B One year later, it’s time to take stock. Shopify $136B Refer back to the report from June 2020 Accelerated digital adoption during pandemic Uber $110B created tailwinds, resulting in companies In the last ~15 months there’s been a tech-driven bull market, the Airbnb $104B 373 marketplace unicorns, with a combined value of beating expectations. Especially in Food, Booking $89B direction of which was anticipated by many, but the scale by few. The $5.0 trillion Health Tech, eCommerce. MercadoLibre $78B Nasdaq is up 50% since January 2020, now worth $19 trillion. Coupang $78B Tech’s not just outgrowing other sectors; Didi Chuxing $62B [Accelerated adoption during pandemic created Several marketplaces reaching profitability. DoorDash $49B it’s starting to become (highly) profitable. In parallel, venture capital is seeing investment records smashed. Carvana $48B tailwinds, resulting in companies beating This even applies to full-stack models, which Tech is now seen as safe asset. Low interest rates result in an JD Health $47B expectations. ] are here to stay. abundance of risk seeking capital. But more fundamentally, eBay $42B Technology companies’ share of S&P 500 net earnings LinkedIn accelerated digital adoption during the pandemic created tailwinds, $40B (taken from Heartcore.com 2021 report) 80% of adult population is now online Grab $39B resulting in companies beating expectations. And here, marketplaces Instacart Marketplaces going after bigger opportunities $39B have benefitted strongly; especially in areas like Food, Digital Health, Delivery Hero $39B and getting a bigger piece of the pie through Wayfair and eCommerce. $38B full-stack models Chewy $34B Zillow $33B As a result of this acceleration, there are now 30 known Epic Games $29B marketplaces worth $20 billion or more, with the world’s top Teladoc $28B Zalando $28B marketplaces (public companies and and private unicorns) worth a Etsy $27B combined $5 trillion. * Market capitalization of the entire business. Some cases like Flipkart $25B Amazon and Alibaba include also other non-marketplace businesses. Expedia $25B Prosus not included as it’s mostly Tencent’s valuation while OLX This report looks at which models are winning, where global growth Ocado $22B Goup is estimated below $20B. Lyft $21B is happening, and what trends are coming down the road. Page / 7 Source: Dealroom.co. Analysis of Google Finance data. 27% 2% 2000 March 2021 Public and private unicorn marketplaces have accelerated, growing by 70% in What’s happened value since Jan 2020 from $2.9 to $5.0 trillion, outpacing even the Nasdaq. Tech-driven bull market (Nasdaq $19T), up _% Combined valuation of public and private unicorn marketplaces ($B) ▊ Private marketplaces unicorns Examples: Growth since Tech seen as safe asset, aided by low interest ▊ Public marketplaces founded since 2005 $5.0T March ‘19 rates. Resulting in higher multiples ▊ Public marketplaces founded before 2005 ▊ Amazon $0.7T +62% Accelerated adoption during pandemic +70% Private 1.6x created tailwinds, resulting in companies since beating expectations. Especially in Food, Jan 2020 $2.9T $1.2T +160% Health Tech, eCommerce. +28% $2.5T $2.7T Jan 2019 to $0.4T Several marketplaces reaching profitability. $2.2T Jan 2020 This even applies to full-stack models, which $0.4T $1.5T +36% Public $0.5T are here to stay. $0.3T 1.7x $0.4T $1.6B $0.3T Marketplaces going after bigger opportunities $1.2T $1.3T $1.1T and getting a bigger piece of the pie through $0.9T $0.9T full-stack models $1.6T +82% 1.8x growth $706B $871B $775B since Jan 2021 Jan Jan March May 2019 2020 2020 2021 Source: Dealroom.co. Analysis of Google Finance data. Page / 8 Market capitalization $32T Global markets Fragmented markets ▊ S&P 500 ▊ Nasdaq 100 Travel Food delivery Airbnb, Booking, Expedia Delivery Hero, UberEats, 69% of the increase is TakeAway, Grab, Swiggy driven by Nasdaq Mobility (semi-fragmented) Property Uber, Lyft, Bolt, Grab, Wolt Zillow, Opendoor, Kodit, Tech now represents the majority of stock 59% Homeloop market capitalization. Fashion Groceries Tech’s not just outgrowing other sectors; it’s Farfetch, Zalando Getir, Gorillas, Justo, $11.7T starting to become (highly) profitable. $9.0T Instacart, Ocado $19T Technology companies’ share of S&P 500 net 47% Job search Digital health earnings $2.6T 36% LinkedIn, Indeed Teladoc, WeDoctor, ZocDoc, (taken from Heartcore.com 2021 report). [...] KRY, Doctolib 24% 3.2 Several marketplaces reaching profitability 1990 2000 2010 March 2021 (even full-stack models). Nasdaq +59% MSCI +28% Marketplaces also outperformed the wider tech sector, with food and grocery delivery, health and fashion driving this growth.
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