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The Acceleration Point: Why Now Is the Time for European Venture Capital Invest Europe the Acceleration Point: Why Now Is the Time for European Venture Capital

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The Acceleration Point: Why Now Is the Time for European Venture Capital Invest Europe the Acceleration Point: Why Now Is the Time for European Venture Capital EUROPEAN VENTURE CAPITAL The Acceleration Point: Why Now is the Time for European Venture Capital Invest Europe The Acceleration Point: Why Now is the Time for European Venture Capital C Invest Europe The Acceleration Point: Why Now is the Time for European Venture Capital Contents What’s in this report 01 Foreword Section One: Section Two: Why Now is the Time Why Europe? Europe’s Innovation for European Venture Capital Why Now? Pages 04-15 Economy Pages 16-22 By Nenad Marovac Invest Europe Vice-Chair 1 2 Page 02 Page 04 Page 17 A strong economy committed European tech cities to growth Page 18 Page 05 Benelux European VC is experienced Page 19 Page 07 France, Spain & Switzerland Proven ability to create global leaders To find out more about Invest Europe please visit: Page 20 Page 09 Germany Increased exit options www.investeurope.eu Page 21 Page 11 UK & Ireland Outsized returns in a low-yield environment Page 22 Scandinavia Page 13 Robust fundraising Page 15 Page 23 Europe’s hottest sectors In conclusion For PDF download to your computer: Page 24 Please visit our website at www.investeurope.eu if you would like to download this report as References and data methodology a standalone PDF. Invest Europe The Acceleration Point: Why Now is the Time for European Venture Capital Foreword Foreword by Nenad Marovac 02 Why now is the time for European venture capital The European venture capital (VC) industry has reached an acceleration point. Europe’s prospering economies, the unprecedented rise of the European tech industry and the region’s experienced fund managers make it the right time to invest in European venture capital. Fundraising has hit its highest level since 2007, including nearly a tenth of capital coming from North American investors, thanks to Europe’s thriving ecosystem and talented entrepreneurs creating world-class companies. These pioneering businesses are cost-effective investments and valuations remain low by global standards, meaning Nenad Marovac Invest Europe Vice-Chair, Founder & Managing Partner of DN Capital European VC funds can rival the best in the world for returns to investors. Europe is home to the largest single market in the world and every one of the 28 European Union (EU) countries is forecast to enjoy economic growth in 2017 and 2018. New EU initiatives are set to boost VC fund sizes and attract larger private investors. Entrepreneurs and VCs are returning from other parts of the world. Now is the time for global investors to look to Europe and harness the opportunities on offer. Invest Europe The Acceleration Point: Why Now is the Time for European Venture Capital Section 1: Why Europe? Why Now? SECTION 03 Why Europe? Why Now? Page 04 A strong economy committed to growth Page 05 European VC is experienced 1 Page 07 Proven ability to create global leaders Page 09 Increased exit options Page 11 Outsized returns in a low-yield environment Page 13 Robust fundraising Page 15 Europe’s hottest sectors Invest Europe The Acceleration Point: Why Now is the Time for European Venture Capital Section 1: Why Europe? Why Now? A strong economy 04 committed to growth Viewpoint Europe remains the world’s largest This is underpinned by sound economic policy. “Innovation and technological One of the key tasks, both for EU policymakers and single market with an open economy, national governments, is to identify and promote development have always been at stable political system, long-term opportunities for growth. VC will continue the heart of the European economy. a proud history of innovation and to benefit from regulatory tailwinds because of its Continued government investment role in helping to fuel innovation and growth across a highly educated workforce. the continent. in research and science as well as the EU-wide growth is expected to reach 1.7% in 2017, involvement of high quality academic The European Commission, as part of its ambitions according to European Commission figures, to develop a single market and Capital Markets Union institutions have created a highly skilled suggesting that continued monetary easing and (CMU), is working to make investment easier and positive economic sentiment is putting the region workforce and provide Europe’s VCs remove barriers to the cross-border distribution on a solid path to further growth. with a wealth of investment opportunity.” of funds. With forecasts for further growth in 2018 and beyond, Christoph Jung General Partner, Holtzbrinck Ventures Recent initiatives include the amendment of the which factor in the Brexit effect and other potential EU VC regulation (EuVECA) allowing more fund political developments, economic prospects for the managers to use its marketing passport, the launch region are promising. of a pan-European VC fund-of-funds to grow larger VC funds using public and private capital, as well as the publication of a study on VC tax incentives. As the market continues to grow, this will crucially allow larger institutional investors to access Eight of the world’s ten most innovative VC funds in Europe. economies are in Europe, according to the 2016 Global Innovation Index, with the top three spots occupied by European nations. 1 Switzerland 6 Singapore 2 Sweden 7 Ireland 3 United Kingdom 8 Denmark 4 USA 9 Netherlands 5 Finland 10 Germany Invest Europe The Acceleration Point: Why Now is the Time for European Venture Capital Section 1: Why Europe? Why Now? European VC is experienced 05 European VC is experienced. We are seeing technological breakthroughs and Since the 2000s, Europe’s VC value chain has Many of its leading firms have business successes hailing from across Europe, become richer. The emergence of experienced with cities such as Berlin, London and Stockholm ‘super angels’ has significantly improved seed lived through multiple economic leading the way in different sub-sectors. financing, while corporate venturing programmes cycles and know the US markets well. Around half of the VC firms in Europe today have now provide another source of smart capital. It is a rich ecosystem, with European now been in operation for more than 12 years, Super angels VCs fully equipped to grow start-ups have been through at least two economic cycles, and understand the challenges inherent in sourcing highly Just as in the US, many of Europe’s most successful into global leaders. promising businesses and building them into global entrepreneurs have now established ‘super angel’ leaders through good times and bad. funds and entrepreneur-led VC funds. There are now over 100 start-up accelerators across Europe. While many leading firms have also been successful By providing seed stage financing and mentoring, investors in the US VC market, the most attractive these programmes are improving the quality and opportunities for them are in Europe. quantity of deal flow for European VCs. “Europe has a long history Long-running European VC firms are creating Corporate venturing programmes of scientific discovery and experienced fund managers The region is now attracting serious interest from innovation. That is backed up with Share of European VC firms by founding period considered a new breed of corporate venturers, providing active as of end of 2015 Source: Invest Europe valuable contacts, expertise and potential exit a pool of repeat entrepreneurs and 35 31% routes for Europe’s brightest prospects. According an increasingly available seed and 30 to Invest Europe figures, almost a third of 25% 25 corporate venturing programmes in Europe early stage funding scene.” 22% 20 have been established since 2010, a development 16% Ekaterina Smirnyagina Partner, Capricorn Venture Partners 15 that has boosted the ecosystem. Over the last few years, these investors have recruited experienced 10 5% teams that work together with VC firms to build 5 great companies. 0 1990 1995 2000 2005 2010 -1994 -1999 -2004 -2009 -2015 Invest Europe The Acceleration Point: Why Now is the Time for European Venture Capital Section 1: Why Europe? Why Now? European VC is experienced 06 Viewpoint “Europe’s uniquely differentiated “Europe’s entrepreneurial VC ecosystem taps into landscape has transformed exceptional, local talent that over the last 20 years. The enables founders to build viable, talent pool has increased in both vibrant businesses and access depth and quality. Start-ups are a highly skilled venture firms to highly attractive career choice for maximise their reach and potential.” executives from large corporations.” Helen Steers Partner, Pantheon Max Bautin Managing Partner, IQ Capital “Europe’s VCs now have the “Europe is home to some of the world’s firepower to provide larger leading innovation in sustainability rounds of capital to support – indeed, the majority of our corporate entrepreneurs’ ambitions to venturing portfolio is based here.” Christian Ehrenborg Managing Director, IKEA GreenTech expand on a global stage.” Jan-Gisbert Schultze Managing Partner, Acton Capital Invest Europe The Acceleration Point: Why Now is the Time for European Venture Capital Section 1: Why Europe? Why Now? Proven ability 07 to create global leaders Since the financial crisis, European unicorns by country in 2016 European VC has gained traction, investment is rising and European VCs have demonstrated their ability to help build global leaders. We have already witnessed the creation of over 50 venture-backed unicorns (companies valued at $1bn+) since 2000, with many of these now set to reach to the $10bn mark. This is a significant development. As we have seen from earlier “poster children” in
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