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Smart Choice EUROPEAN VENTURE CAPITAL SMART CHOICE: THE CASE FOR INVESTING IN EUROPEAN VENTURE CAPITAL European Private Equity and Venture Capital Association The Case for Investing in European Venture Capital Contents WHAT’S INSIDE THIS REPORT? 02 Foreword Section One: Section Two: Europe: a compelling The European European investment story VC ecosystem entrepreneurs are By Dörte Höppner, 1 2 Secretary-General, EVCA has come of age building world- Page 03 Pages 04-08 leading companies Pages 09-16 To find out more about the Section Three: Section Four: European Private Equity and Venture Capital Association please visit: Europe’s venture Venture capital www.evca.eu capitalists are now boosts economic 3 highly experienced 4 growth Pages 17-26 Pages 27-29 Note to terminal server users: This report requires system compatiblity for playing embedded video in PDF. Note to tablet users: To view all the content in this report on your tablet please use a video-playing pdf reader from your app store. (We recommend ‘ezPDF Reader’ for iPad and Android). European Private Equity and Venture Capital Association The Case for Investing in European Venture Capital Foreword FOREWORD BY 03 DÖRTE HÖPPNER It is with pleasure that we at the European Private Equity and Venture Capital Association are able to present our report, Smart choice: The case for investing in European venture capital. If you thought you knew European venture capital, it’s time to look again. The combination of highly motivated entrepreneurs and experienced venture capital fund managers with the right skills to commercialise innovation on a global scale now make European venture capital a compelling investment Dörte Höppner story that investors should not miss. Secretary-General, EVCA The report explains why: it contains downloadable facts, figures and charts, together with interactive maps and videos. In it, we present the overall case first, explaining why the European venture capital ecosystem has truly come of age; we then explore how the region has become a hotbed of entrepreneurial activity; the following section examines how Europe’s venture capitalist fund managers are now equipped with all the right skills and conditions for generating out-sized returns and the last section takes a look at the substantial economic benefits venture capital is bringing Europe. PRIVATE EQUITY: THE CASE FOR EUROPE European venture capital really is the smart choice for investment. We hope you’ll agree after reading this report. WATCH THE SUMMARY FILM HERE> WATCH THE FULL FILM HERE > European Private Equity and Venture Capital Association The Case for Investing in European Venture Capital Section 1: European VC ecosystem comes of age SECTION 1: 04 THE EUROPEAN VC ECOSYSTEM HAS COME OF AGE European Private Equity and Venture Capital Association The Case for Investing in European Venture Capital Section 1: European VC ecosystem comes of age LOOK AGAIN AT EUROPEAN VENTURE CAPITAL 05 It’s time to look again at European venture capital managers have built on previous successes, such as Skype and Cambridge Silicon Radio, and are able to The ecosystem has also become richer The European venture capital ecosystem has come grow world-leading companies consistently. They are in two new ways: of age. It’s a bold statement, but one rooted in the now highly experienced and have the skills, ambition reality on the ground. The headlines may tell the and contacts necessary to commercialise disruptive world that Europe is struggling as the Eurozone crisis 1. The emergence of technologies and innovations to create successful p06 continues, but the truth is that Europe’s start-ups ‘super angels’ has significantly companies on a global stage. In addition, scarcity and the infrastructure supporting them have never improved seed finance. of capital in Europe means that these high quality been better. And... growth opportunities can not only be accessed at low Over the last few years, Europe has generated a valuations by global standards, but also that Europe’s 2. Corporate venturing wealth of success stories – world-leading companies entrepreneurs are achieving key milestones with a programmes now provide p07 that have generated stellar returns for many of fraction of the capital needed by their US peers. smart capital. Europe’s venture capital funds and their investors. Hubs and clusters have developed across Europe Europe is home to world-class entrepreneurs and from Dublin, London and Cambridge through to venture capitalists Berlin, Paris, and Helsinki, featuring exciting new As we will prove throughout this report, these start-ups, major global corporations and top class success stories are not the result of mere luck. academic institutions, all combined with sources of Europe’s entrepreneurs and venture capital fund smart capital. COMPANY RETURNS AND EXITS: ACROSS EUROPE VIEW THE EXITS AND RETURNS MAPS HERE > European Private Equity and Venture Capital Association The Case for Investing in European Venture Capital Section 1: European VC ecosystem comes of age LOOK AGAIN AT EUROPEAN VENTURE CAPITAL 05 COMPANY RETURNS AND EXITS: DENMARK SWEDEN COMPANY RETURNS AND EXITS: 5-10X GERMANY It’s time to look again at EuropeanTHE NETHERLANDS ventureNORWAY capital have built on previous successes, such as Vodafone, $1BN+ Skype and Cambridge Silicon Radio,THE NETHERLANDSand are able to The ecosystem has also become richer The European venture capital ecosystem has come grow world-leadingSWEDEN companies consistently. They are in two new ways: of age. It’s a bold statement, but one rooted in the now highly experienced and have the skills, ambition reality on the ground. The headlines may tell the UK and contacts necessary to commercialiseUK disruptive world that Europe is struggling as the Eurozone crisis 1. The Emergence of technologies and innovations to create successful p06 continues, but the truth is that Europe’s start-ups ‘Super angels’ has significantly AUSTRIA companies on a global stage. In addition, scarcity and the infrastructure supporting them have never RUSSIA improved seed finance. of capital in Europe means that thesePORTUGAL high quality FRANCE SWITZERLAND been better. And... growth opportunities can not only be accessed at low Over the last few years, Europe has generated a FRANCE SWITZERLAND GERMANYvaluations by global standards, but also that Europe’s 2. Corporate venturing wealth of success stories – world-leading companies entrepreneurs are achieving key milestones with a programmes now provide p07 that have generated stellar returns for many of fraction of the capital needed by their US peers. smart capital. Europe’s venture capital funds and their investors. Hubs and clusters have developed across Europe Europe is home to world-class entrepreneurs and from Dublin, London and Cambridge through to COMPANY RETURNS venture capitalists ANDBerlin, EXITS: Paris, and Helsinki, featuring exciting new start-ups, major global corporations and top class HIDE ALL As we will prove throughout this report, these success THE NETHERLANDS NORWAY FINLAND GERMANY MAPS stories are not the result of mere luck. Europe’s >10Xacademic institutions, all combined with sources of entrepreneurs and venture capital fund managers smart capital. UK COMPANY RETURNS AND EXITS: AUSTRIA ACROSS EUROPE VIEW THE EXITS AND RETURNS MAPS SPAIN FRANCE ITALY HERE > European Private Equity and Venture Capital Association The Case for Investing in European Venture Capital Section 1: European VC ecosystem comes of age THE EMERGENCE OF ‘SUPER ANGELS’ HAS 06 SIGNIFICANTLY IMPROVED SEED FINANCE... Super Angels Figure 1. Examples of European ‘super angel’ funds Just as in the US, many of Europe’s most successful entrepreneurs have now established ‘super angel’ funds and highly ambitious entrepreneur-led venture capital funds, using their capital, insight and contacts. These are just a few examples, and there are many Seedcamp Set up in 2007 by Startupbootcamp Provides Notion Capital Created by more, of how Europe’s VC ecosystem has developed Index Ventures partner Saul seed funding, mentoring MessageLabs founders Jos over the space of a few years. By providing seed Klein and Reshma Sohoni, and free co-working space, and Ben White. formerly of 3i, Vodafone and software and services. stage finance and mentoring, these super angels are eVentures India. An early-stage improving the quality and quantity of deal flow for mentoring and investment European VCs. fund, it is backed by an almost equal mix of 27 angel investors and venture capitalists. We now have a liquid seed-stage funding structure in Europe. We didn’t have this before and so now the first €1m roadblock for Venture Cup Runs the largest HackFwd A pre-seed Atomico Created in 2006 entrepreneurs has been removed. business plan competition in investment company by Niklas Zennström (Skype, the world and has so far helped established by XING founder Kazaa) and has invested in 40 Hendrik Brandis Partner, Earlybird create over 80 start-ups. Lars Hinrichs. companies. European Private Equity and Venture Capital Association The Case for Investing in European Venture Capital Section 1: European VC ecosystem comes of age AND CorporAtE VEntUring progrAmmes 07 NOW PROVIDE SmArt CApitAl Corporate venturing programmes says project leader, Matthias Ummenhofer, the EIF’s head of venture capital. “They want to be part of the Alongside the development of seed funding from ecosystem so they can stay ahead of competitors. seasoned VCs and entrepreneurs, the region is now They are looking for innovation and disruptive
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