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Europe Venture Capital Review Europe Venture Capital Review FIRST QUARTER 2021 An LSEG Business Europe Venture Capital First Quarter 2021 | Europe Venture Capital Review Europe Venture Capital Deals Intelligence Venture Capital Investment Activity in European Companies € 30 700 EUROPEAN VENTURE CAPITAL INVESTMENT TOTALS €11.7 BILLION European venture capital activity totaled €11.7 billion invested across 644 rounds in the first three months of 2021. This marked a 128% increase in values and a 61% increase in volumes from the same period in 2020 600 and overtook the recently set record of €7.5 billion in Q4 2020 as the strongest individual quarter from a value € 25 perspective. In volume terms, the quarter was the most active since the 746 set in Q4 2006. 500 € 20 THIRTY-ONE ROUNDS OVER €100 MILLION COMPLETED Thirty-one venture capital rounds in the nine-figure range were completed during the period, more than any 400 previous quarter. The top deal was the €830 million investment into Sweden-based digital payments € 15 company, Klarna, making it Europe’s largest private fintech with a post-round valuation of €25.7 billion. Finland-based food-delivery platform, Wolt, also raised €437 million in a round led by ICONIQ Growth with 300 support from existing backers and a host of new investors including Tiger Global, KKR, DST Global, Prosus, and Coatue. Rounding out the top three was the €369 million investment into Checkout.com, a UK-based € 10 digital payments business. The Series C round was led by Tiger Global, joined by Greenoaks Capital 200 Management, DST Global, Insight Venture Partners, GIC, Endeavor Catalyst, Blossom Capital, and Coatue, and more than tripled the company’s valuation to €12.3 billion. € 5 100 EUROPE-BASED INVESTORS ACCOUNT FOR 52% OF VENTURE FINANCING € 0 Funds located within the borders of Europe invested €5.9 billion into domestic startups in Q1, accounting for 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 52% of total disclosed investment, down from a 61% share in 2020 and their lowest level since the 46% in First Three Months Deal Value (€bil) Rest of Year (€bil) # of Deals, First Three Months 1997. Funds based within the United States contributed a total of €4.3 billion, a 39% share, up from 31% a year ago. Asia-based investors contributed €870 million resulting in their share increasing to 8%, up from 6% throughout the entirety of 2020. Venture Capital Deal Volumes (#) by Transaction Type 100% VENTURE CAPITAL FUNDRAISING DOWN 4% YEAR-OVER-YEAR A total of 21 European venture funds recorded closes between January and March, raising a combined €2.3 90% billion in commitments, a decrease of 4% when compared to Q1 2020. Nine funds raised €100 million or more during the period. The top fundraise was the €300 million closing for France-based Serena’s third fund 80% which will focus on making Series A investments between €5 and €15 million across a wide range of tech startup sectors. UK-based life sciences investor Abingworth also recorded an additional €277 million close for 70% its Bioventures 8 fund, bringing total fund commitments to €386 million. 60% EUROPEAN VENTURE CAPITAL-BACKED EXITS TOTAL €8.5 BILLION 50% European venture-backed exits totaled €8.5 billion across 62 transactions in the quarter, a 19% decrease in disclosed values but a 63% uptick by number of transactions compared to the same period last year. The top 40% newly announced exit for the quarter was the reverse takeover transaction to take Germany-based personal aviation business Lilium public via SPAC. The transaction valued the company at €2.1 billion prior to deal 30% proceeds. The top exit completed in the fourth quarter was the previously announced €1.9 billion purchase of golf and entertainment business, Topgolf, by pre-exisiting investor Callaway. 20% 10% 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 2021 Seed Stage Early Stage Expansion Stage Later Stage An LSEG Business Investments First Quarter 2021 | Europe Venture Capital Review Top European Venture Capital Deals Venture Capital Investment by Nation Deal Value 01/01/2021 - 31/03/2021 01/01/2020 - 31/03/2020 YoY % YoY % Company Name Deal Date (€mil) Sector Location Nation Value (€mil) # of Deals Value (€mil) # of Deals Chg. (€) Chg. (#) United Kingdom € 4,010.4 206 € 2,324.8 145 73% ▲ 42% ▲ Klarna 01/03/21 € 830.1 Internet Specific Stockholm, SE Germany € 2,216.1 165 € 690.0 67 221% ▲ 146% ▲ France € 1,146.5 99 € 1,027.4 74 12% ▲ 34% ▲ Wolt 25/01/21 € 436.7 Internet Specific Helsinki, FI Sweden € 1,031.6 14 € 366.1 13 182% ▲ 8% ▲ Finland € 551.8 10 € 128.5 7 329% ▲ 43% ▲ Checkout.com 12/01/21 € 368.6 Internet Specific London, UK Spain € 415.3 13 € 45.5 9 813% ▲ 44% ▲ Turkey € 403.5 10 € 38.9 4 939% ▲ 150% ▲ Blockchain.com 24/03/21 € 355.6 Internet Specific London, UK Netherlands € 387.8 19 € 91.0 5 326% ▲ 280% ▲ Denmark € 383.6 14 € 18.3 4 1991% ▲ 250% ▲ Hopin 04/03/21 € 334.3 Internet Specific London, UK Austria € 220.9 7 € 51.3 8 331% ▲ -13% ▼ Italy € 204.5 16 € 24.6 7 731% ▲ 129% ▲ Starling 08/03/21 € 317.5 Computer Software London, UK Czech Republic € 190.3 1 - - - ▲ - ▲ Republic of Ireland € 158.0 7 € 18.0 8 779% ▲ -13% ▼ Getir 26/03/21 € 254.3 Computer Hardware Istanbul, TR Belgium € 101.0 10 € 108.6 9 -7% ▼ 11% ▲ Croatia € 70.0 1 - - - ▲ - ▲ Rapyd 13/01/21 € 246.8 Internet Specific London, UK Switzerland € 62.5 24 € 157.8 14 -60% ▼ 71% ▲ Estonia € 44.8 5 € 6.2 5 623% ▲ 0% - Gorillas 25/03/21 € 245.0 Computer Software Berlin, DE Poland € 27.5 2 € 16.1 8 71% ▲ -75% ▼ Bulgaria € 24.7 1 € 5.2 3 375% ▲ -67% ▼ PPRO 25/03/21 € 229.5 Internet Specific London, UK Hungary € 22.7 3 € 23.2 2 -2% ▼ 50% ▲ Luxembourg € 18.3 2 - - - ▲ - ▲ Volocopter 03/03/21 € 200.0 Transportation Bruchsal, DE Russian Federation € 17.2 4 - - - ▲ - ▲ Lithuania € 14.8 4 € 1.6 2 825% ▲ 100% ▲ Rohlik.cz 02/03/21 € 190.3 Internet Specific Prague, CZ Norway € 10.0 1 € 15.8 3 -37% ▼ -67% ▼ Gibraltar € 4.2 1 - - - ▲ - ▲ 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 27 € 688.8 Bpifrance 1 27 € 153.5 Global Founders Capital 1 22 € 98.2 Henderson Global Investors 2 19 € 149.9 Cathay Capital Private Equity 2 10 € 149.1 HTGF 2 15 € 6.2 SoftBank Investment Advisers 3 16 € 597.9 Idinvest Partners 3* 8 € 119.7 HV Holtzbrinck Ventures 3 12 € 51.9 Future Fund 4 10 € 34.6 M Capital Partners 3* 8 € 0.6 IBB Ventures 4 10 € 0.7 Entrée Capital 5* 9 € 60.8 BNP Paribas Developpement 5 7 € 15.9 Picus Capital 5* 9 € 37.5 Entrepreneur First 5* 9 € 3.1 Seventure Partners 6 6 € 19.1 Cherry Ventures 5* 9 € 29.3 DN Capital 7* 7 € 54.4 Investisseurs & Partenaires 7 5 - Leaps by Bayer 7 6 € 50.5 Octopus Ventures 7* 7 € 18.6 Sofinnova Partners 8* 4 € 48.7 Atlantic Labs 8* 5 € 64.0 IP Group 9* 6 € 60.1 AXA Venture Partners 8* 4 € 22.0 MIG 8* 5 € 24.3 Eight Roads 9* 6 € 39.1 Kurma Partners 8* 4 € 19.7 Bayern Kapital 8* 5 € 10.7 RTP Global 9* 6 € 15.2 Serena Capital 8* 4 € 19.3 Point Nine Capital 8* 5 € 7.0 Foresight Group 9* 6 € 8.4 Kima Ventures 8* 4 € 13.1 468 Capital 8* 5 € 3.9 Maven Capital Partners 9* 6 € 3.8 SOFIMAC Innovation 8* 4 € 3.2 Allianz X 13* 4 € 131.1 Seedcamp 9* 6 € 3.4 Iris Capital 14* 3 € 29.0 Next47 13* 4 € 41.0 Newable Ventures 9* 6 € 1.4 Omnes 14* 3 € 11.1 Project A 13* 4 € 29.7 Deepbridge Capital 9* 6 - Andera Partners 14* 3 € 10.3 eCAPITAL 13* 4 € 21.5 Atomico 17* 5 € 101.3 IRDI Capital 14* 3 € 8.4 Iris Capnamic Partnership 13* 4 € 9.8 Steadview Capital 17* 5 € 73.3 Demeter 14* 3 € 7.2 Vorwerk Ventures 13* 4 € 7.8 Balderton Capital 17* 5 € 42.9 Elaia 14* 3 € 5.8 NRW.BANK 13* 4 € 4.5 BGF 17* 5 € 27.6 MAIF Avenir 14* 3 € 5.7 BayBG 13* 4 € 4.1 LocalGlobe 17* 5 € 12.0 isai 14* 3 € 3.3 TVM Capital 21* 3 € 26.1 MMC Ventures 17* 5 € 10.8 Total Carbon Neutrality Ventures 14* 3 € 2.2 Earlybird Venture Capital 21* 3 € 22.5 Enterprise Ventures 17* 5 € 8.9 Quadrille Capital 23* 2 € 54.2 Wellington Partners 21* 3 € 14.8 Skymind Global Ventures 17* 5 - Korelya Capital 23* 2 € 42.4 Robert Bosch Venture Capital 21* 3 € 13.0 Highland Europe 25 4 € 70.7 Eiffel Investment Group 23* 2 € 25.0 VSquared Ventures 21* 3 € 4.0 An LSEG Business Investments First Quarter 2021 | 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% 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 2021 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 2021 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% Robinhood 01/02/21 € 2,819.5 Computer Software United States of America United States of America 80% GoPuff 23/03/21 € 970.6 Internet Ecommerce Nice Tuan 31/03/21 € 635.8 Internet Ecommerce China 70% Stripe 14/03/21 € 502.0 Internet Ecommerce United States of America 60% EQRx 11/01/21 € 469.2 Pharmaceutical United States of America 50% SVOLT 25/02/21 € 445.4 Batteries China 40% ElevateBio 15/03/21 € 440.1 Biotechnology United States of America 30% ServiceTitan 26/03/21 € 423.9 Computer Software United States of America 20% Momenta 19/03/21 € 420.1 Computer Software China 10% Loft 23/03/21 € 358.7 Internet Content
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