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The Road to IPO and Beyond Private and Public Growth Companies in DACH

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The Road to IPO and Beyond Private and Public Growth Companies in DACH Deutsche Börse Venture Network The road to IPO and beyond Private and public growth companies in DACH January 2021 Key takeaways The DACH’s tech ecosystem is DACH is home to promising exit European public markets offer worth a combined €264 potential (IPO and M&A), both deep pools of liquidity, largely billion, half publicly listed. tech unicorns and SMEs. untapped potential. This includes only startups & scaleups Positive snowball effects are building in There is still largely untapped potential founded since 2000, and has seen DACH’s maturing tech ecosystem. A in public markets. This route has combined value grow 4.4x since 2015. larger than ever new cohort of rising become much more accessible to tech Valuations on public markets have stars is emerging, run by more companies, and not just unicorns. The grown by 7.5x. This includes not only experienced operators, backed by more historically siloed private and public large caps like Delivery Hero but also experienced VC firms, with access to markets are starting to converge. publicly listed SMEs. more sophisticated capital markets. Deutsche Börse Page / 2 Venture Network Table of contents 1 Funding landscape DACH 2 Private high-growth companies 3 Tech exit landscape DACH 4 VC-backed public companies 5 Tech IPO potentials Deutsche Börse Page / 3 Venture Network 1 Funding landscape DACH https://docs.google.com/spreadsheets/d/1snRPAxaiAsaAMLXsugyMMEpovd74dPm-hESvn3qXIfI/edit?usp=sharing The DACH tech ecosystem is now worth a combined €264 billion, fuelled by venture capital and an accumulation of tech talent. €264B Combined enterprise value of DACH tech companies founded after 2000 Top 5 private companies: €15B █ Public █ Private Private companies €140B combined value 3.1x Top 5 public companies: €89B €62B Public companies 7.5x €124B combined value €45B €17B 2015 2020 Deutsche Börse Page / 5 Source: Dealroom.co. Public valuations based on Bloomberg data. Private valuations based on press statements during last round. Valuations taken 31st December 2015 & 2020. Venture Network Positive snowball effect: a much larger new cohort of rising stars is emerging, fuelled by past ecosystem success, and with access to Recycled capital, talent DACH. larger public capital markets. Stronger public and private capital markets New pools of experienced operator talent Important early exits for Abc the ecosystem Abc and angels building new companies identify and realise select the Successful exits minimal strongest Current unicorns IPOs and M&A form forces Rising stars [Capital [Capital Abc Supply] Demand] Abc New pools of venture capital with access to more late-stage capital and IPO market Anc Abc More VC and generate explore the Growth Capital forms at human multiple context boundaries Deutsche Börse Page / 6 Venture Network High profile exits Current unicorns Potential future unicorns Rising stars Skills, talent, capital Conversion rates - 2010 to 2015 Seed rounds: minimum of eur 4m for the first round following the seed Seed-funded European Graduation rates between rounds ▊ U.S. ▊ Europe startups are just as likely Europe 49% 50% to reach a billion dollar USA 48% status as their US peers. 40% Seed to unicorn conversion rate 30% 30% 25% 20% 15% Over 1% of seed funded companies 1.2% 1.2% 1.1% achieve $1B+ 9% valuation 10% 10% 3% 1.1% 6% 1.2% 3% 2nd 3rd 4th 5th 6th Unicorn DACH EU USA round round round round round Round after Seed round (which is considered 1st round) Deutsche Börse Page / 7 Source: Dealroom.co for DACH and Europe. CB Insights for USA. Cohort analysis, qualifying Seed round between 2010 and 2013. Venture Network Conversion rates # Round after Seed First round mini in eur m # Companies Cohort 1 2 3 4 5 1 2443 tech 49% 24% 11% 4.9% 2.0% 1 672 deep 58% 30% 13% 5.5% 1.8% 1 158 bio 57% 22% 8% 1.9% 2 2063 tech 40% 20% 9% 3.8% 1.7% 2 546 deep 49% 23% 9% 3.7% 1.5% 2 136 bio 50% 19% 6% 1.5% 24.0% 11.6% 5.9% 2.5% 1.3% 4 1692 tech 27.0% 12.5% 5.7% 2.4% 1.2% 4 415 deep 32% 15% 6% 2.4% 1.0% 4 113 bio 40% 13% 3% 0.9% 2016 2017 2018 2019 2020E European VC investment reached near record levels in 2020 despite challenging macro conditions, as investors bet on pandemic-accelerated digital adoption. European annual venture capital investment Largest European deals in 2020 (round size) █ DACH █ Europe €38.3B €38.0B €26.3B €650M €600M €500M €22.0B €16.9B €500M €400M £300M €9.0B €7.9B £252M $310M $300M €5.4B €3.2B €4.8B 2016 2017 2018 2019 2020 Deutsche Börse Page / 8 Source: Dealroom.co. Individual round currencies as reported. Venture Network https://app.dealroom.co/transactions.rounds/f/locations/anyof_Germany?showStats=yearly Excluding mega-rounds, DACH venture capital reached another record in 2020, more than doubling investment in five years. DACH venture capital investment Notable DACH deals in 2020 (round size) █ Rounds <€250M █ Rounds >€250M €9.0B €7.9B €2.9B* €0.5B €255M $250M $240M €5.4B Auto1 €255M €4.8B €0.7B Tier €250M €0.7B Lilium €240M €3.2B €150M €133M $130M €7.4B Auxmoney €150M €6.1B GetYourGuide €133M €4.7B €4.1B €3.2B Spryker €130M $107M $100M $100M Joynext €107 Omnio €100M 2016 2017 2018 2019 2020 N26 €100M Deutsche Börse Page / 9 Source: Dealroom.co. *Flixbus, GetYourGuide and Frontier Car Group together amounted to €1.5B. Individual round currencies as reported. Venture Network Rounds larger than €50M DACH is home to some of Europe’s most prominent VC investors for early and growth capital. 60% of rounds by these investors back DACH startups. Most prominent DACH VCs by typical investment entry point, and top 5 DACH companies in portfolio by valuation Seed Series A Dach/total Point nine: 35/116 GFC 65/303, Rocket 56/140 HV 140/192 Lakestar 29/72 Delivery Hero, Mambu , TIER, Marley Zalando, HelloFresh, Personio, Delivery Hero, Zalando, HelloFresh, XING, GetYourGuide, Sennder, Spoons, Contentful Citydeal, Westwing Rocket Internet, Flixbus Omio, Marley Spoon Cherry: 48/79 Speedinvest: 62/140 TargetGlobal: 26/95 Acton: 43/75 Project A: 41/73 HTG: 462/522 AUTO1 Group, FlixBus, wefox, TIER, Bitpanda, Delivery Hero, AUTO1 Group, Mytheresa, Mambu, Zooplus, Earlybird: 81/167 Flaschenpost, Spryker, Infarm TourRadar, Billie wefox, Omio, Clark Finanzcheck, HomeToGo TEV: 41/64 1019/1735 Sennder, Lampenwelt, Spryker Commercetools, Rigontec, Amal N26 group, Interhyp, nfon, Isar Delivery Hero, Zalando, Westwing, Systems, Trade Republic, Homeday Therapeutics, nfon, Mister Spex Aerospace, Forto Scalable Capital, Ottonova Deutsche Börse Page / 10 Source: Dealroom.co prominence rank 2021. Venture Network Berlin has raised the second highest levels of investment of any European city since 2016, with 5 DACH cities amongst the top 20. VC investment since 2016 per European city London €33B Berlin €12B Paris €12B Stockholm €6.6B Germany Munich €3.0B €22B Amsterdam €2.8B Dublin €2.2B Zurich €1.8B Barcelona €1.8B Madrid €1.5B Hamburg €1.4B DACH Oxford €1.4B €30B Austria Cambridge €1.4B Switzerland €0.9B Helsinki €1.4B €7.0B Bucharest €1.2B Bristol €1.1B Milan €0.8B Oslo €0.7B Tallinn €0.7B Zug €0.7B Manchester €0.7B Espoo €0.7B Deutsche Börse Page / 11 Source: Dealroom.co. European venture capital investment since 2016. Venture Network 2 Private high-growth companies Public DACH is a distributed tech ecosystem, with over 40 unicorn tech companies born across the entire region. Hamburg Public Bremen Munster Berlin Public Public Public Public Mainz Dusseldorf Public Tubingen Göppingen Munich Public Schaffhausen Sankt Gallen Rüschlikon Vienna Lausanne Hünenberg Zug Zurich Deutsche Börse Page / 13 Venture Network Source: Dealroom.co. Unicorn companies, founded since 1990 that reached USD $1 billion valuation. Rounds larger than €50M Four DACH cities rank in the European top 10 hubs for creating potential future unicorns, and Switzerland ranks fourth in Europe. Number of potential future unicorns (company valued €200M-€800M) per country and city United Kingdom 135 London 82 France 63 Paris 40 Germany 61 Berlin 31 Switzerland 23 Munich 11 Spain 15 Dublin 10 Netherlands 13 Cambridge 9 Ireland 12 Amsterdam 7 Sweden 9 Barcelona 7 Finland 9 Stockholm 6 Belgium 8 Zug 5 Denmark 8 Zurich 5 Deutsche Börse Page / 14 Source: Dealroom.co. Venture Network Three DACH cities are among the European top 10 hubs by potential future unicorns, Switzerland punches well above its weight Late-stage capital is still a challenge in DACH and in Europe. Unicorns are highly dependent on international investors as they scale. Investor split for DACH unicorns by private round (2000-2020)* 5% 6% 11% 21% 28% Asia 30% 23% 30% 3% 42% 28% 25% USA and Canada 35% 31% 67% 26% Cross-border European 35% 47% 23% 33% 25%** Domestic 12% 13% Seed Series A Series B Series C Megarounds Megarounds plus €1-4M €4-15M €15-40M €40-100M €100-250M €250M+ Source: Dealroom.co. Rest of the world negligible - 1% for megarounds. *>75% invested in 2015-2020, timeframe extended to capture seed rounds Deutsche Börse Page / 15 **Flixbus Series F, About You Growth Equity, N26 Series C, BioNtech Series B, Tricentis Series B Venture Network Investor split for DACH unicorns by private round size (2015-2020) 8% 10% 15% 21% Asia 30% 29% 28% 42% 35% USA and Canada 30% 15% 100% 27% 26% Cross-border European 48% 34% 24% 33% 20% 14% Domestic 8% Seed Series A Series B Series C Megarounds Megarounds plus €1-4M €4-15M €15-40M €40-100M €100-250M €250M+ European VCs continue to raise record levels of new funds, but still cannot keep up with demand.
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