Europe Venture Capital Review

FIRST HALF 2020 Europe Venture Capital First Half 2020 | Europe Venture Capital Review

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

€ 30 1,000 EUROPEAN VENTURE CAPITAL INVESTMENTS TOTAL €10.7 BILLION European venture capital activity totaled €10.7 billion invested across 817 rounds during the first six months 900 of 2020. This marked a 16% decline in values and an 11% decline in volumes from the same period the previous year. However this remained the second strongest opening half on record from a value perspective. € 25 800 The second quarter by itself saw €5.4 billion invested across 428 rounds, for year-over-year declines of 16% in values and 14% in volumes. 700 € 20

SEVENTEEN ROUNDS OVER €100 MILLION COMPLETED 600 Seventeen venture capital rounds worth over €100 million were completed in the first six months. Retaining

the top three spots in the half were deals closed in the first quarter, including the €462 million investment into € 15 500 UK-based digital bank Revolut led by Technology Crossover Ventures, the €240 million investment into

personal aviation company Lilium led by Tencent, and the €180 million funding into co-living startup, 400 Colonies, led by LBO France. The top round newly added during the second quarter was the €174 million € 10 investment into digital analytics platform, Contentsquare, led by BlackRock and with support from previous 300 investors.

200 EUROPE-BASED INVESTORS ACCOUNT FOR 62% OF TOTAL INVESTMENT € 5 Funds located within the borders of Europe invested €6.1 billion into domestic startups in the first two 100 quarters, accounting for 62% of total disclosed investment. This was down slightly from their 63% share in 2019 and resulted in a continuation of the downwards trend for domestic investment from the 84% share high € 0 in 2009. Funds based within the United States contributed a total of €2.9 billion, or 30%, up from a 25% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

share throughout the entirety of 2019. Asia-based investors saw their share drop from 8% to 6%, with €572 First Six Months Deal Value (€bil) Rest of Year (€bil) # of Deals, First Six Months million contributed.

VENTURE CAPITAL FUNDRAISING UP 18% YEAR-OVER-YEAR Venture Capital Deal Volumes (#) by Transaction Type A total of 49 European venture funds recorded closes between January and June, raising a combined €6.3 billion in commitments, an increase of 18% when compared to 2019 and the strongest first six month period 100% since 2001. Two of the top three closings for the period were from funds managed by Index Ventures, with the first place spot captured by their €1.1 billion Growth V fund and the third place spot for their €737 million 90% tenth early-stage venture capital fund, Index Ventures X. The second place position was held by the February closing of Atomico V, with €760 million in commitments. 80%

EUROPEAN VENTURE CAPITAL-BACKED EXITS TOTAL €10.9 BILLION 70% European venture-backed exits totaled €10.9 billion across 60 transactions in the first six months, a 183% increase in values and a 7% uptick by number of transactions when compared to the first half of 2019. The 60% top three newly announced exits in the half all occurred in the second quarter, including the €2.4 billion sale of a majority stake in Portuguese motorway operator, Brisa, to a consortium of pension funds, the €1.7 billion 50% acquisition of mobile gaming business Peak by Zynga, and the €294 million purchase of digital automation business Eggplant by Keysight Technologies. The top completed exit in the period was the acquisition of 40% venture-backed Just Eat by rival food delivery business Takeaway.com, valued at €7.3 billion. 30%

20%

10%

0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1H 2020 Seed Stage Early Stage Expansion Stage Later Stage

www.refinitiv.com/dealsintelligence Investments First Half 2020 | Europe Venture Capital Review

Top European Venture Capital Deals Venture Capital Investment by Nation Deal Value 01/01/2020 - 6/30/2020 01/01/2019 - 6/30/2019 YoY % YoY % Company Name Deal Date (€mil) Sector Location Nation Value (€mil) # of Deals Value (€mil) # of Deals Chg. (€) Chg. (#) United Kingdom € 4,340.2 293 € 4,700.6 300 -8% ▼ -2% ▼ Revolut 25/02/20 € 462.3 Computer Software London, UK France € 2,152.1 130 € 2,578.7 224 -17% ▼ -42% ▼ Germany € 1,563.1 117 € 1,929.2 140 -19% ▼ -16% ▼ Lilium 23/03/20 € 240.0 Transportation Gilching, DE Switzerland € 490.3 39 € 1,199.7 33 -59% ▼ 18% ▲ Sweden € 438.8 24 € 275.5 25 59% ▲ -4% ▼ Colonies 04/03/20 € 180.0 Consumer Products Paris, FR Finland € 307.2 19 € 149.6 9 105% ▲ 111% ▲ Belgium € 279.2 15 € 363.9 19 -23% ▼ -21% ▼ Contentsquare 19/05/20 € 174.0 Computer Software Paris, FR Spain € 224.1 32 € 446.2 20 -50% ▼ 60% ▲ Netherlands € 217.9 12 € 150.8 19 44% ▲ -37% ▼ Purely Capital 12/03/20 € 168.6 Turnkey Integrated Systems and Solutions London, UK Republic of Ireland € 206.3 25 € 178.4 24 16% ▲ 4% ▲ Denmark € 104.4 13 € 206.8 17 -50% ▼ -24% ▼ KRY 07/01/20 € 140.0 Internet Ecommerce Stockholm, SE Italy € 97.8 25 € 222.9 24 -56% ▼ 4% ▲ Austria € 87.2 10 € 26.0 6 236% ▲ 67% ▲ Graphcore 25/02/20 € 137.9 Computer Software Bristol, UK Hungary € 43.0 4 € 4.8 2 800% ▲ 100% ▲ Turkey € 40.8 12 € 0.0 1 - ▲ 1100% ▲ Snyk 21/01/20 € 135.4 Computer Software London, UK Poland € 25.0 12 € 96.0 9 -74% ▼ 33% ▲ Iceland € 24.0 1 € 18.2 2 32% ▲ -50% ▼ Checkout.com 22/06/20 € 133.2 Internet Ecommerce London, UK Estonia € 23.5 6 € 15.0 3 57% ▲ 100% ▲ Norway € 20.8 5 € 103.3 7 -80% ▼ -29% ▼ ManoMano 28/01/20 € 125.0 Internet Ecommerce Paris, FR Portugal € 7.3 5 € 27.6 14 -74% ▼ -64% ▼ Lithuania € 5.3 6 € 1.6 4 239% ▲ 50% ▲ Immunocore 02/03/20 € 116.8 Biotech-Human Abingdon, UK Bulgaria € 5.2 4 € 0.0 0 - ▲ - ▲ Czech Republic € 2.0 2 € 33.1 3 -94% ▼ -33% ▼ Back Market 05/05/20 € 110.0 Internet Ecommerce Paris, FR Romania € 0.3 3 € 1.1 1 -70% ▼ 200% ▲

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 34 € 426.4 Bpifrance 1 33 € 262.5 Global Founders Capital 1 30 € 103.9 Mercia Fund Managers 2 18 € 14.2 Idinvest Partners 2 16 € 106.8 HTGF 2 22 € 16.3 Octopus Ventures 3 13 € 85.6 Cathay Capital Private Equity 3 12 € 69.7 HV Holtzbrinck Ventures 3 12 € 53.7 LocalGlobe 4 12 € 34.7 AXA Venture Partners 4 11 € 83.2 Earlybird Venture Capital 4 10 € 42.4 SoftBank Investment Advisers 5 11 € 1,243.6 Sofinnova Partners 5 9 € 44.3 Point Nine Capital 5 9 € 13.6 Henderson Global Investors 6 11 € 95.3 BNP Paribas Developpement 6 8 € 18.4 Boehringer Ingelheim Venture Fund 6 8 € 28.7 Eight Roads 7 11 € 59.3 Seventure Partners 7 7 € 25.8 Next47 7 6 € 46.4 Seedcamp 8 11 € 13.9 Alven 8 7 € 19.9 Project A 8 6 € 39.1 BGF 9 10 € 34.9 Elaia 9 6 € 21.9 Atlantic Labs 9 6 € 23.2 Balderton Capital 10 9 € 60.7 Five Seasons Ventures 10 5 € 12.1 Picus Capital 10 6 € 21.9 Amadeus Capital Partners 11 9 € 33.7 Kima Ventures 11 5 € 11.9 Robert Bosch Venture Capital 11 6 € 10.0 MMC Ventures 12 9 € 30.1 M Capital Partners 12 5 € 0.4 Deutsche Telekom Capital Partners 12 5 € 49.1 Scottish Enterprise 13 9 € 7.5 IRDI SORIDEC 13 4 € 18.8 Yabeo 13 5 € 28.1 Atomico 14 8 € 118.5 isai 14 4 € 17.3 SAP.iO 14 5 € 11.4 Notion Capital 15 8 € 26.5 Kurma Partners 15 4 € 15.0 DEG 15 5 € 9.8 IP Group 16 8 € 22.4 Demeter 16 4 € 13.8 Bayern Kapital 16 5 € 4.7 Maven Capital Partners 17 8 € 11.9 Kreaxi 17 4 € 6.4 IBB Ventures 17 5 € 1.5 Dawn Capital 18 7 € 66.2 Turenne Group 18 4 € 3.1 BayBG 18 5 € 1.0 CPT Capital 19 7 € 25.4 Eurazeo 19 3 € 47.9 Cherry Ventures 19 4 € 13.8 Hambro Perks 20 7 € 6.4 LBO France 20 3 € 47.9 Think.Health 20 4 € 11.4 Entrepreneur First 21 7 € 2.4 Iris Capital 21 3 € 15.8 BITKRAFT 21 4 € 6.2 Foresight Group 22 6 € 11.2 Andera Partners 22 3 € 13.8 UnternehmerTUM 22 4 € 5.4 DN Capital 23 6 € 8.3 BlackFin Capital Partners 23 3 € 12.7 Porsche Ventures 23 4 € 3.6 Better Capital 24 6 € 2.7 Alliance Entreprendre 24 3 € 6.3 FinLab 24 4 € 2.2 Highland Europe 25 5 € 64.5 Breega 25 3 € 5.9 Acton Capital 25 3 € 19.3

www.refinitiv.com/dealsintelligence Investments First Half 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 1H 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1H 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% Oyo Rooms 18/03/20 € 739.5 Internet Ecommerce India

80% Sana Biotechnology 26/06/20 € 732.0 Biotech-Human United States of America

Zuoyebang 29/06/20 € 667.3 Computer Software China 70%

Joby Aviation 15/01/20 € 529.2 Transportation United States of America 60% Didi Chuxing 29/05/20 € 450.5 Transportation China 50% Ninja Van 05/05/20 € 338.4 Internet Ecommerce Singapore 40% ClassPass 08/01/20 € 256.7 Internet Ecommerce United States of America 30% Confluent 21/04/20 € 230.3 Computer Software United States of America 20% SambaNova Systems 25/02/20 € 229.8 Computer Software United States of America

10% Everest Medicines 04/06/20 € 229.4 Pharmaceutical China

0% Oscar 26/06/20 € 200.6 Financial Services United States of America 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1H 2020 Europe Americas Asia Other Instacart 11/06/20 € 199.2 Internet Ecommerce United States of America

www.refinitiv.com/dealsintelligence Fundraising First Half 2020 | Europe Venture Capital Review

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

€ 12 60 100%

90%

€ 10 50 80%

70% € 8 40 60%

€ 6 30 50%

40%

€ 4 20 30%

20% € 2 10 10%

0% € 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1H 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 First Six Months Fundraising (€bil) Rest of Year (€bil) # of Funds, First Six Months

Venture Capital Fundraising by Fund Stage (€mil) Largest Venture Capital Funds Raised in Europe Latest Amount Raised Total Fund Size € 17 Fund Name Closing Date in Period (€mil) (€mil) Fund Stage € 379 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

Future Fund 20/05/20 € 278.7 € 278.7 Early Stage Seed Stage A/O PropTech Fund 07/02/20 € 250.0 € 250.0 Balanced Stage € 2,844 Early Stage Felix Capital Fund III LP 15/01/20 € 233.8 € 269.1 Balanced Stage Balanced Stage Speedinvest III 24/02/20 € 190.0 € 190.0 Early Stage Later Stage € 3,053 Cathay Innovation II 14/05/20 € 180.0 € 500.0 Early Stage

Blossom Capital II 23/01/20 € 166.8 € 166.8 Early Stage

MVM V 08/01/20 € 165.3 € 292.7 Early Stage

Ysios BioFund III 10/06/20 € 155.0 € 155.0 Balanced Stage

Abingworth Bioventures 8 LP 18/05/20 € 121.2 € 121.2 Balanced Stage

www.refinitiv.com/dealsintelligence Exits First Half 2020 | Europe Venture Capital Review

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

€ 35 160

140 € 30 10%

120 3% € 25 5% 100 Computer Software & Hardware € 20 Internet Specific 80 47% 12% Medical/Health € 15 Consumer Related 60 Industrial/Energy

€ 10 Other 40

€ 5 20 23%

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

First Six Months Exit Value (€bil) Rest of Year (€bil) # of Exits, First Six Months

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 5% 8% Peak 01/06/20 € 1,737.0 Computer Software Trade Sale 5% Eggplant 25/06/20 € 294.2 Computer Software Trade Sale

MaSTherCell 03/02/20 € 284.9 Medical Therapeutics Trade Sale Over 15 Years Curevac 15/06/20 € 207.7 Biotech-Human IPO 11 -15 Years 37% 5-10 Years Gastrofix 07/01/20 € 102.4 Computer Software Trade Sale

2-4 Years OSG Records Management 09/01/20 € 88.6 Computer Software Trade Sale

Under 2 Years Fortumo 17/06/20 € 36.5 E-Commerce Technology Trade Sale

Feedr 26/05/20 € 26.6 Internet Ecommerce Trade Sale 45% LivingLens 06/02/20 € 23.7 Computer Software Trade Sale

Tannico 05/06/20 € 23.5 Internet Ecommerce Trade Sale

Clustree 16/01/20 € 16.6 Computer Software Trade Sale

www.refinitiv.com/dealsintelligence Europe Venture Capital Criteria First Half 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: 416-687-7510 [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 six-month period from January 1st, 2020 to June 30th, 2020.

All current and previous years data is as of Wednesday, November 11, 2020. Data is continuously updated and is therefore subj ect 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.