Europe Venture Capital Review

FULL YEAR 2020 Europe Venture Capital Full Year 2020 | Europe Venture Capital Review

Europe Venture Capital Deals Intelligence Venture Capital Investment Activity in European Companies

€ 30 2,000 EUROPEAN VENTURE CAPITAL INVESTMENT TOTALS €24.0 BILLION European venture capital activity totaled €24.0 billion invested across 1,697 rounds in 2020. While this 1,800 marked a 2% decline in values and a 7% decline in volumes from 2019 it remained the second strongest year ever from a value perspective. The fourth quarter alone was the strongest individual quarter on record € 25 1,600 with €7.0 billion invested across 422 rounds, for year-over-year increases of 45% in values and 2% in volumes. 1,400 € 20

FORTY-FIVE ROUNDS OVER €100 MILLION COMPLETED 1,200 Forty-five venture capital rounds worth over €100 million were completed throughout the entirety of 2020.

Included in the list of top deals newly added during the fourth quarter was the extension of France-based € 15 1,000 insect farming startup Ÿnsect’s Series C, bringing total funding for the round to €317 million. Investors in the

extension included round lead Astanor Ventures along with Upfront Ventures, Footprint Coalition, Happiness 800 Capital, Supernova Invest, and Armat Group. UK-based digital mortgage lender Molo also raised €293 million € 10 in a round led by Macquarie Group, Patron Capital, and Yabeo, and joined by previous backers Andenes 600 Investments and GPS Ventures. Rounding out the top three for the quarter was the €263 million investment

into Cazoo, a UK-based used car sales platform. The round was led by General Catalyst, D1 Capital 400 Partners, BlackRock, and Fidelity Investments, and was joined by L Catterton, Durable Capital Partners, The € 5

Spruce House Partnership, Novator, Mubadala Capital, and dmg ventures. 200

EUROPE-BASED INVESTORS ACCOUNT FOR 60% OF VENTURE FINANCING € 0 Funds located within the borders of Europe invested €13.5 billion into domestic startups in 2020, accounting 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 for 60% of total disclosed investment, down from a 63% share in 2019. Funds based within the United States Full Year Deal Value (€bil) # of Deals contributed a total of €7.2 billion, a 30% share, up from 23% a year ago. Asia-based investors contributed €1.4 billion resulting in their share declining to 6% from 8%, their lowest level since 2015. Venture Capital Deal Volumes (#) by Transaction Type VENTURE CAPITAL FUNDRAISING UP 15% YEAR-OVER-YEAR A total of 98 European venture funds recorded closes between January and December, raising a combined 100% €12.0 billion in commitments, an increase of 15% when compared to 2019 and the third strongest year on record following the €29.4 billion and €14.5 billion raises in 2000 and 2001. Two of the top three closings for 90% the period were from funds managed by Index Ventures, with the first place spot held by the €1.1 billion Growth V fund and the third by the €737 million raised for its tenth early-stage venture capital fund, Index 80% Ventures X. The second largest spot was captured by the February closing for Atomico V, with €760 million in commitments. Top closings in the fourth quarter were the €535 million raise for HV Capital’s Fund VIII, and 70% the €460 million raise for Forbion’s oversubscribed Fund V. 60% EUROPEAN VENTURE CAPITAL-BACKED EXITS TOTAL €20.1 BILLION European venture-backed exits totaled €20.1 billion across 138 transactions in the year, a 163% increase in 50% values and a 19% uptick by number of transactions when compared to 2019. The top announced exit in the period was the €2.4 billion sale of a majority stake in Portuguese motorway operator, Brisa, to a consortium of 40% pension funds. The top completed exit was the acquisition of venture-backed Just Eat by rival food delivery business Takeaway.com, valued at €7.3 billion. The top exit newly announced in the fourth quarter was the 30% €1.9 billion purchase of golf and entertainment business, Topgolf, by pre-exisiting investor Callaway. 20%

10%

0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Seed Stage Early Stage Expansion Stage Later Stage

www.refinitiv.com/dealsintelligence Investments Full Year 2020 | Europe Venture Capital Review

Top European Venture Capital Deals Venture Capital Investment by Nation Deal Value 01/01/2020 - 31/12/2020 01/01/2019 - 31/12/2019 YoY % YoY % Company Name Deal Date (€mil) Sector Location Nation Value (€mil) # of Deals Value (€mil) # of Deals Chg. (€) Chg. (#) United Kingdom € 8,420.4 575 € 8,774.2 580 -4% ▼ -1% ▼ Northvolt 29/09/20 € 515.4 Electronics Equipment Stockholm, SE France € 4,640.1 245 € 4,427.5 439 5% ▲ -44% ▼ Germany € 4,037.9 299 € 4,294.6 276 -6% ▼ 8% ▲ Altitude Infrastructure 15/09/20 € 500.0 Internet Communications Val de Reuil, FR Sweden € 1,552.4 45 € 495.3 43 213% ▲ 5% ▲ Switzerland € 1,286.0 101 € 1,947.9 78 -34% ▼ 29% ▲ Revolut 25/02/20 € 462.3 Computer Software London, UK Netherlands € 825.6 36 € 737.8 43 12% ▲ -16% ▼ Finland € 802.4 33 € 500.0 27 60% ▲ 22% ▲ Ÿnsect 06/10/20 € 317.0 Biotech-Industrial Evry, FR Belgium € 468.4 38 € 627.1 30 -25% ▼ 27% ▲ Spain € 355.8 55 € 833.5 45 -57% ▼ 22% ▲ Molo 05/10/20 € 293.0 Internet Ecommerce London, UK Denmark € 322.0 32 € 315.2 31 2% ▲ 3% ▲ Republic of Ireland € 320.0 37 € 334.6 49 -4% ▼ -24% ▼ Cazoo 01/10/20 € 263.3 Internet Ecommerce London, UK Italy € 258.3 48 € 472.5 56 -45% ▼ -14% ▼ Turkey € 181.0 32 € 7.0 6 2496% ▲ 433% ▲ Mirakl 22/09/20 € 257.3 Computer Software Paris, FR Austria € 158.3 23 € 66.0 10 140% ▲ 130% ▲ Estonia € 76.1 15 € 67.1 10 13% ▲ 50% ▲ Lilium 23/03/20 € 240.0 Transportation Gilching, DE Norway € 54.6 10 € 138.1 15 -60% ▼ -33% ▼ Hungary € 47.1 6 € 10.7 5 340% ▲ 20% ▲ TIER Mobility 10/11/20 € 211.6 Computer Software Berlin, DE Iceland € 39.5 5 € 18.2 3 118% ▲ 67% ▲ Poland € 39.5 16 € 122.6 14 -68% ▼ 14% ▲ HMD Global 11/08/20 € 195.9 Wireless Communications Espoo, FI Cyprus € 20.3 4 € 13.4 1 52% ▲ 300% ▲ Portugal € 14.7 7 € 35.7 16 -59% ▼ -56% ▼ Graphcore 29/12/20 € 181.3 Computer Software Bristol, UK Russian Federation € 10.9 6 € 24.7 9 -56% ▼ -33% ▼ Greece € 10.0 1 € 7.8 4 28% ▲ -75% ▼ Colonies 04/03/20 € 180.0 Consumer Products Paris, FR Lithuania € 6.5 13 € 138.4 12 -95% ▼ 8% ▲

Most Active Investors - United Kingdom Most Active Investors - France Most Active Investors - Germany Estimated Estimated Estimated Firm Name Rank # of Deals Investment (€mil) Firm Name Rank # of Deals Investment (€mil) Firm Name Rank # of Deals Investment (€mil) Index Ventures 1 66 € 643.5 Bpifrance 1 67 € 456.6 Global Founders Capital 1 59 € 151.2 SoftBank Investment Advisers 2* 33 € 2,153.8 Cathay Capital Private Equity 2 30 € 148.5 HTGF 2 47 € 39.4 Mercia Fund Managers 2* 33 € 26.1 Idinvest Partners 3 29 € 219.7 HV Holtzbrinck Ventures 3 31 € 114.9 Henderson Global Investors 4 26 € 197.3 Alven 4 17 € 79.9 Point Nine Capital 4 18 € 31.1 LocalGlobe 5 25 € 75.2 AXA Venture Partners 5* 13 € 87.4 Earlybird Venture Capital 5 16 € 60.0 Octopus Ventures 6 24 € 147.8 Sofinnova Partners 5* 13 € 76.8 Boehringer Ingelheim Venture Fund 6* 14 € 59.2 BGF 7 23 € 81.8 BNP Paribas Developpement 5* 13 € 50.8 Atlantic Labs 6* 14 € 37.4 Balderton Capital 8 22 € 147.8 Seventure Partners 5* 13 € 49.7 Picus Capital 6* 14 € 32.3 Eight Roads 9* 20 € 117.7 M Capital Partners 9 12 € 1.7 Robert Bosch Venture Capital 9 13 € 31.7 Seedcamp 9* 20 € 42.4 Elaia 10 10 € 78.4 Next47 10* 12 € 112.9 Amadeus Capital Partners 11 18 € 79.9 IRDI SORIDEC 11* 9 € 27.4 IBB Ventures 10* 12 € 5.8 IP Group 12* 17 € 39.6 Kima Ventures 11* 9 € 14.1 Deutsche Telekom Capital Partners 12* 11 € 130.9 Scottish Enterprise 12* 17 € 8.5 Iris Capital 13* 8 € 67.2 Project A 12* 11 € 93.2 Entrepreneur First 12* 17 € 7.5 Groupe Arnault 13* 8 € 18.2 Cherry Ventures 12* 11 € 45.4 Atomico 15 16 € 195.6 Kurma Partners 15 7 € 18.2 Iris Capnamic Partnership 15 10 € 32.7 Maven Capital Partners 16 15 € 24.7 Breega 16* 6 € 39.7 Bayern Kapital 16* 9 € 19.2 Draper Esprit 17* 13 € 116.2 Supernova Invest 16* 6 € 28.3 UnternehmerTUM 16* 9 € 15.2 Dawn Capital 17* 13 € 115.6 BlackFin Capital Partners 16* 6 € 21.3 BITKRAFT 16* 9 € 14.1 Notion Capital 17* 13 € 46.9 Five Seasons Ventures 16* 6 € 21.1 Porsche Ventures 16* 9 € 11.5 Highland Europe 20* 12 € 156.0 Kreaxi 16* 6 € 8.0 468 Capital 16* 9 € 6.4 IQ Capital 20* 12 € 35.8 SOFIMAC Innovation 16* 6 € 5.2 coparion 21* 8 € 20.9 MMC Ventures 20* 12 € 33.3 CREADEV 22* 5 € 55.4 SAP.iO 21* 8 € 19.5 Felix Capital 23* 11 € 151.0 Future Positive Capital 22* 5 € 42.7 FinLab 21* 8 € 5.1 CPT Capital 23* 11 € 45.9 Andera Partners 22* 5 € 34.9 Yabeo 24* 7 € 77.4 Kindred Capital 23* 11 € 40.6 Demeter 22* 5 € 14.4 Wellington Partners 24* 7 € 38.2

www.refinitiv.com/dealsintelligence Investments Full Year 2020 | Europe Venture Capital Review

Investments by Sector, Number of Deals Investments by Sector, Amount Invested

100% 100%

90% 90%

80% 80%

70% 70%

60% 60%

50% 50%

40% 40%

30% 30%

20% 20%

10% 10%

0% 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Computer Software & Hardware Internet Specific Medical/Health Industrial/Energy Consumer Related Other Computer Software & Hardware Internet Specific Medical/Health Industrial/Energy Consumer Related Other

Investment by Origin of Capital Top VC Deals by European Firms Investing Abroad

100% Deal Value Company Name Deal Date (€mil) Sector Location

90% Epic Games 06/08/20 € 1,499.0 Computer Software United States of America

China 80% Manbang 24/11/20 € 1,430.0 Transportation

Zuoyebang 28/12/20 € 1,310.0 Computer Software China 70% Yuanfudao 21/10/20 € 843.1 Computer Software China 60% Oyo Rooms 18/03/20 € 739.5 Internet Ecommerce India 50% Sana Biotechnology 26/06/20 € 732.0 Biotech-Human United States of America 40% Zuoyebang 29/06/20 € 667.3 Computer Software China 30% Robinhood 30/09/20 € 573.0 Computer Software United States of America

20% Joby Aviation 15/01/20 € 529.2 Transportation United States of America

10% Didi Chuxing 29/05/20 € 450.5 Transportation China

0% Affirm 16/09/20 € 431.7 Internet Ecommerce United States of America 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Europe Americas Asia Other BYJU'S 23/09/20 € 428.9 Computer Software India

www.refinitiv.com/dealsintelligence Fundraising Full Year 2020 | Europe Venture Capital Review

Europe Venture Capital Fundraising Activity Venture Capital Fundraising by Fund Size, Number of Funds

€ 14 120 100%

90% € 12 100 80%

€ 10 70% 80 60% € 8

60 50%

€ 6 40%

40 30% € 4

20% 20 € 2 10%

0% € 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 0 to €30 Mil €30 to €50 Mil €50 to €100 Mil €100 to €200 Mil €200 to €500 Mil Greater than €500 Mil Full Year VC Fundraising (€bil) # of Funds

Venture Capital Fundraising by Fund Stage (€mil) Largest Venture Capital Funds Raised in Europe Latest Amount Raised Total Fund Size Fund Name Closing Date in Period (€mil) (€mil) Fund Stage € 499 € 824 Index Ventures Growth Fund V 09/04/20 € 1,108.2 € 1,108.2 Balanced Stage

Atomico V 18/02/20 € 759.9 € 759.9 Early Stage

Index Ventures X 09/04/20 € 736.9 € 736.9 Balanced Stage

HV Capital Fund VIII 29/10/20 € 535.0 € 535.0 Balanced Stage Seed Stage Forbion V 09/12/20 € 460.0 € 460.0 Balanced Stage Early Stage TVM Life Science Innovation II 27/10/20 € 405.3 € 405.3 Early Stage € 5,453 Balanced Stage € 5,195 Dawn Capital IV SCSp 09/09/20 € 338.9 € 338.9 Balanced Stage Later Stage Target Global Growth II 02/12/20 € 300.0 € 300.0 Early Stage

Future Fund 20/05/20 € 278.7 € 278.7 Early Stage

Astanor Ventures Impact Fund 20/11/20 € 273.0 € 2,730.0 Balanced Stage

A/O PropTech Fund 07/02/20 € 250.0 € 250.0 Balanced Stage

Felix Capital Fund III LP 15/01/20 € 233.8 € 269.1 Balanced Stage

www.refinitiv.com/dealsintelligence Exits Full Year 2020 | Europe Venture Capital Review

Europe Venture Capital Exit Activity Exits by Sector, Number of Deals

€ 35 300

€ 30 250 14%

€ 25 200 4% Computer Software & Hardware 38% € 20 7% Internet Specific 150 Medical/Health € 15 Consumer Related

100 Industrial/Energy € 10 Other 15%

50 € 5

22% € 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Full Year Exit Value (€bil) # of Exits

Number of Years from Investment to Exit Top Announced European Venture Capital-Backed Exits Deal Value Company Name Ann. Date (€mil) Sector Exit Type Brisa 28/04/20 € 2,435.2 Transportation Trade Sale 4% 10% The Hut Group 27/08/20 € 2,064.7 Internet Ecommerce IPO

10% Topgolf 27/10/20 € 1,860.1 Entertainment and Leisure Trade Sale

Peak 01/06/20 € 1,737.0 Computer Software Trade Sale 30% Over 15 Years Visma 21/08/20 € 1,228.9 Computer Software Secondary Sale 11 -15 Years

5-10 Years NBE-Therapeutics 10/12/20 € 1,174.7 Biotech-Human Trade Sale

2-4 Years MYR 10/12/20 € 1,144.8 Biotech-Human Trade Sale

Under 2 Years OneWeb 03/07/20 € 933.5 Satellite Comm Trade Sale

KaNDy Therapeutics 11/08/20 € 745.4 Pharmaceutical Trade Sale

Kotkamills 09/12/20 € 425.7 Manufacturing Trade Sale 46% Eggplant 25/06/20 € 294.2 Computer Software Trade Sale

MaSTherCell 03/02/20 € 284.9 Medical Therapeutics Trade Sale

www.refinitiv.com/dealsintelligence Europe Venture Capital Criteria Full Year 2020

If you would like to participate in the submission process, receive quarterly Data collected and analyzed by Refinitiv for this statistical report were drawn from a variety of sources including Refinitiv M&A databases, regulatory filings, press releases, and press releases, or have questions proprietary reports from European and non-resident venture capital firms, private equity firms, law firms, and other service providers. about our full league table criteria please contact: The Refinitiv European venture capital report measures cash for equity and quasi-equity investments by the professional venture capital community in emerging companies in Europe.

EMEA The report includes the investment activity of professional venture capital firms, whether European -based or not, including private independent funds, venture arms of corporations, institutions, government funds, angel funds, and similar entities whose primary activity is financial investing. Where there are additional participants such as angels, corporations, Greg Beaman governments, or company officers in a qualified and verified financing round, the entire amount of the round is included. Tel: 647-500-4586 [email protected] The report excludes venture debt, buyouts, recapitalizations, secondary purchases, IPO exits, and other forms of private equi ty that do not involve cash such as services-in-kind. Investments in capital pool companies (CPCs & JCPs) are not eligible. Companies whose primary activity is the extraction of n atural resources (agriculture, forestry, mining, and oil & gas exploration) without a specific focus on technology are not eligible.

Rounds are tracked based on company headquarter location.

Rankings of top VC investors include investment activity made into any portfolio companies, including those based outside of Europe. Estimated investment activity is based on the actual syndicate breakdown, where available, and is split equally among disclosed investors where actual breakdowns are not a vailable. Rankings capture the twelve-month period from January 1st, 2020 to December 31st, 2020.

All current and previous years' data is as of Wednesday, February 3rd, 2021. Data is continuously updated and is therefore su bject to change. All figures are in Euros unless otherwise noted.

While Refinitiv has used reasonable endeavors to ensure that the information provided in this document is accurate and up to date as at the time of issue, neither Refinitiv nor its third party content providers shall be liable for any errors, inaccuracies or delays in the information, nor for any actions taken in reliance thereon, nor does it endorse any views or opinions of any third party content provider. Refinitiv disclaims all warranties, express or implied, as to the accuracy or c ompleteness of any of the content provided, or as to the fitness of the content for any purpose to the extent permitted by law. The content herein is not appropriate for the purposes of making a decision to carry out a transaction or trade and does not provide any form of advice (investment, tax, legal) amounting to investment advice, nor make any recommendations or solicitations regarding particular financial instruments, investments or products, including the buying or selling of securities. Refinitiv has not undertaken any liabili ty or obligation relating to the purchase or sale of securities for or by any person in connection with this document.