2018: the Rise of Europe's Super-Scale
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2018 | www.techtourgrowth50.com TechTour Meet Europe’s Super-Scale Ups TechTour Visit www.techtourgrowth50.com for: Full company tables showing capital raised, funding rounds, and investors, individual profiles of all Tech Tour Growth 50 companies and news and views about, and from, all the companies #2TTG50 www.techtourgrowth50.com TechTour Meet Europe’s Super-Scale Ups 3 Contents 04 Introduction 05 By the numbers 06 Tech Tour Growth 50 Companies 08 Selection Committee Visit www.techtourgrowth50.com for: 16 Key Facts 14 The Rise of Europe’s Super-Scale Ups 18 Can Tech Talent Keep Up? 21 Scaling for success Full company tables showing capital raised, funding 30 Statistics 31 Appendix rounds, and investors, individual profiles of all Tech Tour Growth 50 companies and news and views about, and from, all the companies Publication Tech Tour Growth 50 Cover Design Published by Tech Tour The cover consists of photos of Data the CEOs of the 2018 Tech Tour Growth 50 companies. This publication was created with the support of PitchBook as the Editor data provider. Unless otherwise James Burnham mentioned PitchBook is the prima- ry source of information. The clas- Data Research sification of companies by sector Petar Buyukliev and geography is by Tech Tour. The concept of “super-scale ups” is by Copy Editor Tech Tour and the number of Euro- Stephanie de Verteuil pean “super-scale up” companies is an estimate based on PitchBook Design data, Tech Tour research and the Ivena Hlebarova insight of the selection commitee. Numbers for North America and ® Tech Tour 2018 Asia do not benefit from Tech Tour research and serve as a useful All rights reserved. No part of this comparison. Tech Tour takes all publication may be reproduced, responsibility for analysis, comment photocopied, stored in a retrieval and any numerical errors. system or transmitted in any form or by any means—for example, elec- tronic, photocopy, audio recording —without the prior written permis- sion of the publisher. #TTG50 www.techtourgrowth50.com Tech Tour TechTour Welcome to the Tech Tour At Tech Tour we have long been Introduction Growth 50 – Europe’s most convinced of the strength of the promising growth equity “super- European ecosystem for high- scale up” companies. tech growth companies. This conviction is born out of the For the fourth year in succes- European tech entrepreneur sion, Tech Tour, together with a dynasties that are now emerging selection committee of interna- where the capital and expertise “At Tech Tour we tional investors, have researched created by unicorn success- and evaluated over 280 Europe- es such as Skype, has backed have long been an private tech companies at a companies that have gone on to sub-one billion US dollar valu- achieve unicorn status. convinced of the ation. The purpose of the Tech strength of the Tour Growth 50 is not to give a In this edition we also give voice ranking, or construct an index, to a number of founders and European ecosystem but to shine the brightest of lights CEOs of the 2018 Tech Tour on the companies yet to achieve Growth 50, to give an insight for high-tech growth unicorn status as a demonstra- into their personal motivation companies.” tion of the strength and depth and understand the challenge of technology companies in (and pleasure) of scaling-up tech Europe. companies. The companies and their inves- We are proud to play our own tors will all gather at the Tech part in Europe’s success – Tour 2018 Growth Summit with many of Europe’s current taking place in Switzerland on unicorns and of course this the 22-23 of March. year’s Growth 50 companies having had their capital raises (27 The composition of the TTG50 in total) supported and acceler- has changed significantly from ated by meeting investors via our 2015 where almost 50% of the events and community platform. companies were defined as ‘B2C eCommerce’. This year that Please visit techtourgrowth50.com broad category only applies to for: just over 14% of the companies. Today we see major success • Data, including capital raised, stories emerging in B2B software funding rounds, and inves- and services, fintech and cyber- tors William Stevens, security. • Individual profiles of all Tech CEO, Tech Tour Tour Growth 50 companies The investor base in these • News and views about, and companies is also increasing from, all the companies and diversifying. In 2015 from 227 investors, 72% were venture We would like to thank all the capital fund managers, with just members of this year’s selection 6% coming from private equity/ committee, and our data partner asset management. Today there PitchBook, and hope you enjoy are 355 investors, with 14% clas- reading about this year’s Tech sified as private equity/asset Tour Growth 50. management and just over 50% coming from venture capital funds. 4 Meet Europe’s Super-Scale Ups 5 By the Numbers Companies Investors Source: PitchBook, Tech Tour Tech Tour TechTour 2018 Tech Tour Growth 50 COMPANY COUNTRY SECTOR COMPANY COUNTRY SECTOR Actility IoT GridGain Systems AI/Big Data Acturis SaaS Happn E-Commerce Acumatica SaaS iZettle Fintech Alfresco Software SaaS Made.com E-Commerce Algomi Fintech M-Files SaaS AlienVault Cybersecurity N26 Fintech Ava Health/Biotech NewVoiceMedia SaaS Avecto Cybersecurity NFON SaaS Beqom SaaS Nutmeg Fintech Calastone Fintech Outfittery E-Commerce CarPrice E-Commerce PeopleDoc SaaS Chrono24 E-Commerce RapidMiner AI/Big Data Citymapper Other Software RELEX SaaS Collibra SaaS Scality SaaS CurrencyCloud Fintech Scytl Other Software Darktrace Cybersecurity Secret Escapes E-Commerce Doctolib Health/Biotech SigFox IoT eGym Hardware Socialbakers SaaS E-Leather Hardware Sophia Genetics Health/Biotech eToro Fintech SoundCloud Other Software Feedzai Cybersecurity Telensa IoT Fenergo SaaS Vivino E-Commerce Finanzcheck.de Fintech VuLog SaaS GetYourGuide E-Commerce WeTransfer SaaS GoodData SaaS WorldRemit Fintech Shaded companies enter the Tech Tour Growth 50 for the first time in 2018 6 Meet Europe’s Super-Scale Ups 7 Belgium Netherlands Czech Republic Portugal Denmark Russia Finland Spain France Sweden Switzerland Germany UK Ireland Tech Tour TechTour Tech Tour Growth Summit co-Presidents Selection Committee Chris Wade Eric Archambeau Isomer Capital Wellington Partners Matthias Allgaier Antonella Beltrame Alban Wyniecki Falk Müller-Veerse Summit Partners Intesa Sanpaolo Idinvest Partners Bryan, Garnier & Co George Coelho Malcolm Ferguson Alexander Galitsky Anne Glover Good Energies AG Octopus Investments Almaz Capital Partners Amadeus Capital Partners Alberto Gómez Ravi Kurani Sven Lingjaerde Dominique Megret Adara Venture Partners Earlybird Venture Capital Endeavour Vision Swisscom AG Stephan Morais Jacob Pedersen Seth Pierrepont Mauro Pretolani Indico Capital Partners Vaekstfonden Accel Partners Fondo Italiano di Investimento Helena Prokhorenko Morgan Seigler Patrick Sheehan Bruno Crémel Highland Europe TA Associates ETF Partners Partech Ventures 8 Meet Europe’s Super-Scale Ups 9 Key Facts The Global Super-Scale Up North America: 833 Europe: 284 Asia: 181 Universe We identified, globally, almost 1,300 super-scale up companies, the majority in North America.* The Tech Tour Growth 50 was chosen by the selection committee from the European companies. *See appendix for criteria, note our European list was augmented by the insight of our selection committee, Asia and North America is based on companies meeting the criteria in PitchBook. Source: PitchBook, Tech Tour Market Orientation Distribution of Companies As the internet evolves and industrializes we see B2B enabling technologies maintaining their prominence with TTG50 companies providing the backbone for widespread change in industries as diverse as fixed income trading (Algomi), asset management (Calastone), healthcare (Sophia Genetics), energy transition (Telensa) and mobility (Vulog). Source: PitchBook, Tech Tour Tech Tour TechTour Key Facts Number of Companies by Region The UK and Ireland continues to remain, in line with market trends, the single largest region for European super- scale ups, although we see a broader spread in general with increases in the DACH region (for the first time we have more than one Swiss- based company) and Russia, and a corresponding decrease in Spain and Portugal. Italy for the second year in succession has no Tech Tour Growth 50 companies, and 2018 sees the first Belgian company enter the list. Source: PitchBook, Tech Tour Number of Companies by Industry Sector A per 2017, retail E-Commerce continues its downtrend (15% in 2017, 30% in 2016, 50% in 2015), accounting for just 14% of companies. This fits with an overall trend across Europe with just 19% of super-scale ups defined as eCommerce. * Fintech remains steady accounting for just under 20% of companies (19% in 2016) in the TTG50 and 14% of all European super-scale ups. North America has more fintech super-scale ups by number of companies (54) but in percentage terms fintech accounts for just 9% of companies. This year we have introduced a new category with 8% of companies in cybersecurity* as their primary business, and a corresponding reduction in companies classified as IoT. *There were three cybersecurity companies in 2017, classified by the industry sector they targeted, as software. In 2018 we introduce this as a new category. Source: PitchBook, Tech Tour 10 Meet Europe’s Super-Scale Ups 11 Key Facts Number of Companies by Country Country Number UK 16 1 Germany 9 1 France 7 1 1 1 3 Switzerland 4 1 Russia 3 16 Spain 2 9 Finland 2 1 7 Portugal 1 Netherlands 1 1 2 Sweden 1 Denmark 1 4 Czech Republic 1 Belgium 1 Ireland 1 Source: PitchBook, Tech Tour Investor Type Tech Tour Growth 50 Total investors in Tech Tour Growth 50 companies increases this year to 355 (309 in 2017). Investment in TTG50 companies by private equity and asset managers has significantly increased in 2018 with these investors now accounting for 14% of all investors by number, echoing wider market trends of non-traditional tech investors deploying capital into later stage tech scale-ups.