19 March 2018
Unicorns and big exits:
Outlook on Europe's
most valuable companies
The intelligent global database to identify growth
opportunities and track innovative companies
Cover: Maui, Hawaii, January 16 2016. Professional surfer Joao Marco Maffini rides a giant wave at the legendary big wave surf break known as "Jaws" on one the largest swells of the year.
Does Europe produce enough big VC-backed exits?
Does Europe
produce big tech
companies?

Big tech goes beyond unicorn definition only: Europe counts at least 154 tech companies valued over $1 billion (roughly 0.8 billion)
-
31 tech companies are known European unicorns, here defined as private VC-backed companies over $1 billion
-
12 tech companies are private equity backed and may exit soon
-
35 tech companies are under corporate ownership, following an acquisition
-
76 tech companies are publicly traded, some of them never having gone through any institutional venture capital funding stages
UK, Germany, Sweden, Netherlands, Spain and Switzerland are generating the biggest returns in Europe, both historically and looking ahead.
Among those countries UK, Germany and Sweden are in the lead
Which VCs are
consistently backing
big tech?
Historically, Index Ventures most consistently delivers big exits, followed by Accel, HV Partners, and Insight Venture

Looking ahead, Accel Partners has the most unicorns in its portfolio (7 companies), followed by Index Ventures (6 companies). Late stage
firms like Baillie Gifford, Softbank and DST also have several unicorns in their portfolio
Other notable "heavy hitters" include Lakestar, Vitruvian, Scottish Equity Partners, Atomico, Bessemer, Insight VP, Institutional VP, Balderton,
83North, Northzone and Piton Capital
Outlook: does
Europe produce
enough VC-backed
exits?

Big exits really do matter: the ten biggest exits typically represent 70-80% of the returns, in most years

In 2017, fewer big exits in 2017 resulted in a 60% drop in total realised exit value
However, the visible pipeline of big exits is strong at 60 billion. That figure still excludes high-potential companies such as (GoEurope,
GetYourGuide, Monzo, Trustpilot, Atom Bank, Made.com, Ozon, Kreditech and many others) and companies under-the-radar
3
104B
85B
75B
40B
36B
27B
25B
24B
21B
18B
11B
10B
8B
8B
8B
6B
5B
SAP SE
Booking
ASML
NXP
ARM Group
Amadeus
Infineon
Nokia
STMicroelectronics
IHS Markit
Zalando
Supercell
Asos
Just Eat
Skype
Delivery Hero
King.com
Big tech goes beyond unicorns only: many of Europe's
most valuable tech companies are publicly traded
Source: public market prices or last known transaction value.
Note: Adyen, Farfetch and Check24 are indicative Dealroom estimates. Booking is US company, but main profit center (Booking.com) is founded and based in Amsterdam.
Market value or last transaction value of European big tech companies
4
Selected European Unicorns
11B
~ 5B
~ 4B
3B
~ 3B
2.8B
2.5B
2.3B
1.6B
~ 1.5B
1.5B
1.4B
1.3B
1B
1B
1B
1B
1B
Spotify
Adyen
Farfetch
Auto1 Group
Telegram
The Hut Group
Klarna
BioNTech
Deliveroo
Check24
BenevolentAI
CureVac
TransferWise
Oxford Nanopore Tech
Cabify
MindMaze
Letgo
Improbable
Strategic Exit
Skype (6.9B)
Biovex (1.0B)
CityDeal (0.8B)
Autonomy (10B)
Trivago (0.7B)
PokerStars (4.5B)
CSR (2.0B)
Mojang (2.0B)
VKontakte (1.8B)
King.com (4.8B)
AVITO (2.5B)
Airwave (1.0B)
Wood Mackenzie (2.3B)
Skrill (1.1B)
Supercell (7.9B)
AcertaPharma (6.4B)
Fleetmatics (2.2B)
Skyscanner (1.7B)
NXP (43B)
ARM (27B)
Outfit7 (0.8B)
Bambora (1.5B)
Bureau van Dijk (2.7B)
WorldPay (11B)
MobilEye (14B, Israel)
Hybris (0.8B)
IPO
Yandex (8B)
Fleetmatics (0.6B)
CRITEO (1.5B)
Rocket (6.7B)
Zalando (5.3B)
Markit (4.1B)
Zoopla (1.0B)
King.com (5.7B)
Just-Eat (1.7B)
Scout24 (3.2B)
WorldPay (7.1B)
Auto Trader (3.1B)
Trivago (2.3B)
Takeaway.com (1.0B)
Delivery Hero (4.4B)
Alfa (1.1B)
Rovio (0.9B)
HelloFresh (1.8B)
Spotify (11B)
Farfetch (4B)
Buyout
Markit (3.0B)
Wood Mackenzie (1.2B)
Supercell (2.8B)
Scout24 (2.0B)
Vkontakte (1.3B)
TeamViewer (0.9B)
Avast (0.8B)
TeamSystem (1.2B)
1&1 Internet (2.6B)
Sitecore (1.0B)
Allegro (3.0B)
Allfunds Bank (1.8B)
Klarna (2B) (1)
Matchesfashion (0.8B)
Investment
@ $1 billion+
Spotify (1.0B)
Rovio (2.3B)
Zalando (1.0B)
Ulmart (5.7B)
Klarna (1.0B)
Scout24 (2.0B)
Rocket (6.7B)
Powa (2.5B)
Mojang (2.2B)
BlaBlaCar (1.5B)
Adyen (1.2B)
AVITO (1.0B)
DeliveryHero (1.0B)
HelloFresh (2.6B)
CureVac (1.5B)
Blippar (1.2B)
FanDuel (1.1B)
Farfetch (1.0B)
TransferWise (1.0B)
Shazam (1.0B)
BenevolentAI(1.0B)
GlobalFashion (1.0B)
Auto1Group (1.0B)
AcertaPharma (6.5B)
Trivago (2.7B)
Deliveroo (1.0B)
Home24 (1.0B)
OxfordNano (1.0B)
MindMaze (1.0B)
Funding Circle (1.0B)
OVH (1.0B)
Roivant (~2B+)
TheHutGroup (2.8B)
Bambora (1.5B)
Improbable (1.0B)
Letgo (1.0B)
UIPath (1.0B)
Cabify (1.0B)
Telegram
Year
2010-11
2012
2013
2014
2015
2016
2017
2018 YTD
Dipped below
$1 billion
Conduit (Israel)
Wonga
Powa (Bankruptcy)
Ironsource (Israel)
Shazam (still 0.4B exit)
VE Interactive (2M sale)
Blippar
Blablacar
Ulmart
Home24
Rovio (valued 0.4B)
Evolution of Europe's leading tech companies:
Nearly 100 transactions valued > $1 billion since 2011
Note: Includes some landmark Israeli companies. Amounts represent total firm value. Excludes telecom & cable.
1. Minority secondary transaction.
= reached $1B later
= value increase
= decline in value later
= reached $1B later
= value increase
5
Current state of affairs in Europe: Venture-backed
companies valued over $1 billion (aka Unicorns)
6
Company
Location
Industry vertical
Founding
Year
Unicorn
Year
Years to
Unicorn
Valuation Momentum Ownership
#1
Spotify
Sweden
Music streaming
2006
2011
5
11B

Venture capital
#2
Adyen
Netherlands
Payment platform
2006
2014
8
5B*

Venture capital
#3
Farfetch
UK
Fashion marketplace
2008
2015
7
4B*

Venture capital, corporate
#4
Auto1 Group
Germany
Automotive marketplace
2012
2015
3
3B

Venture capital
#5
Telegram
UK/Dubai
Encrypted messaging
2013
2018
5
3B*

Private
#6
Vente Privee
France
Fashion eCommerce
2001
2013
12
2.7B

Growth equity
#7
The Hut Group
UK
eCommerce
2004
2017
13
2.8B

Venture capital, growth equity
#8
Klarna
Sweden
Payment platform
2005
2013
8
2.5B

Venture capital
#9
BioNTech
Germany
Cancer immunotherapies
2008
2018
10
2.3B

Venture capital
#10 Roivant
Switzerland
Drug development
2014
2017
3
2B*

Venture capital
#11 Deliveroo
UK
Food delivery
2012
2016
4
1.6B

Venture capital
#12 Check24
Germany
Price comparison
1999
--
--
1.5B

Venture capital
#13 BenevolentAI
UK
AI for science
2013
2015
2
1.5B

Venture capital
#14 BlaBlaCar
France
Ride sharing platform
2006
2014
8
1.5B

Venture capital
#15 CureVac
Germany
Drug development
2000
2015
15
1.4B

Venture capital
#16 TransferWise
UK
Money transfer
2010
2016
6
1.3B

Venture capital
#17 Blippar
UK
Augmented Reality
2011
2015
4
1.2B

Venture capital
#18 Oxford Nanopore Tech
UK
Molecular analysis technology
2005
2016
11
1.2B

Venture capital
#19 OakNorth Bank
UK
Business banking
2013
2017
4
1.1B

Financial institutions
#20 Cabify
Spain
Ride-hailing app
2011
2018
7
1.1B

Venture capital, corporate
#21
Jumia Group
France/Africa African online marketplaces
2012
2016
4
1.0B

Venture capital, corporate
#22 Global Fashion Group
Germany
Fashion eCommerce
2011
2015
4
1.0B

Venture capital, corporate
#23 Funding Circle
UK
Lending marketplace
2010
2016
6
1.0B

Venture capital
#24 OVH
France
Hosting
1999
2018
19
1.0B

Growth equity
#25 Fanduel
UK/US
Fantasy sports
2009
2015
6
0.9B

Venture capital, private equity, corporate
#26
Immunocore
Switzerland
Drug development
2008
2015
7
0.9B

Venture Capital
#27 UiPath
Romania
Industrial robotics
2012
2018
6
0.9B

Venture Capital
#28 MindMaze
Switzerland
Neurotechnology
2012
2016
4
0.9B

Venture Capital
#29 Letgo
Spain
Marketplace
2015
2017
2
0.9B

Venture capital
#30
Improbable
UK
Game developer software
2012
2017
5
0.9B

Venture capital
#31 Tricentis
Austria
Software testing solutions
2008
2018
10
0.9B

Venture capital
Note: BrewDog is valued over 1 billion but not a tech company.
7
The ten biggest exits make 70-80% of venture capital
returns. Fewer big exits in 2017 meant a 60% drop in
realised exit value
Source: Dealroom.co. Excludes Israel.
Note: Realised value is based on % sold. Unrealised value is based on remaining % unsold.
Supercell (1.4B)
Cambridge Silicon Radio (CSR) (2.0B)
King.com (5.4B)
Supercell (7.8B)
Allfunds Bank (1.8B)
Hybris (0.9B)
Rocket Internet SE (1.6B)
Axis Communications (2.5B)
Acerta Pharma (5B)
Delivery Hero (0.9B)
Skrill (0.7B)
Markit (1.0B)
TeamSystem (1.2B)
Allegro (3.6B)
Rovio (0.9B)
Neolane (0.5B)
Advanced Computer Software (0.9B)
Skrill (1.1B)
FleetMatics (3B)
Delivery Hero (0.7B)
G4S (0.5B)
TeamViewer (0.9B)
AVITO (1.1B)
Skyscanner (2.2B)
Imagination Technologies (0.7B)
Acuris (0.5B)
Fotolia (0.7B)
Supercell (1.1B)
AVG (1.7B)
Momondo Group (0.5B)
Zipcar (0.4B)
Zalando (0.6B)
360T (0.7B)
Sisal (1.2B)
Ogeda (0.5B)
Devgen (0.4B)
Google DeepMind (0.5B)
Rocket Internet SE (0.6B)
Heptagon (1B)
Rigontec (0.5B)
Ogone (0.4B)
NaturalMotion (0.5B)
Yemeksepeti (0.5B)
Arcam (0.8B)
euNetworks (0.5B)
CRITEO (0.2B)
Zoopla (0.4B)
Auto Trader UK (0.5B)
Hibernia Networks (0.6B)
Symetis (0.4B)
1.1B
5.5B
7.1B
7.6B
5.2B
7.0B
14.5B
21.8B
30.0B
12.0B
2013
2014
2015
2016
2017
Top-10
VC backed
exits
7B
15B
22B
30B
12B
4B
24B
16B
21B
18B
11B
38B
37B
56B
30B
59B+
83
122
230
274
294

60
120
180
240
300
360

10B
20B
30B
40B
50B
60B
2013
2014
2015
2016
2017
2018-2019
VC-backed exits: realised exit value (B)
Unrealized value (B)
Number of exits
8
.. however, the pipeline of big exits is worth 60 billion. That
still excludes < $1bn exits and companies below-the-radar
Source: Dealroom.co. Excludes Israel.
Note: Realised value is based on % sold. Unrealised value is based on remaining % unsold.
Increasing number of
VC-backed exits
Unrealised, meaning:
If 75% of a company is
sold for 750M then the
remaining 25% is counted
as 250M unrealised
Pipeline of
unicorns in VC
portfolios.
Excludes
companies such
as GoEurope,
GetYourGuide,
Atom Bank and
many others.
Also excludes
under-the-radar
companies
Excludes ARM IPO
9
Earlier
2013
2014
2015
2016
2017
Potential 2018-2020 exits
Index Ventures
Asos (3.5B), Betfair (1.7B),
MySQL(0.8B), Skype (3.3B)
CRITEO (1.5B IPO)
Supercell (2.8B)
Just-Eat (1.7B IPO)
King.com (5.7B IPO)
Photobox (0.5B)
Mimecast (0.5B)
Privalia (0.5B)
SwiftKey (0.2B)
Adyen (~5B), Farfetch (~4B), Deliveroo (1.6B), Funding Circle (1B),
BlaBlaCar (1.5B), TransferWise (1.3B), Ozon (0.6B)
Accel Partners
Supercell (2.8B)
Avito.ru (2.5B)
Showroomprivee (0.7B)
SwiftKey (0.2B)
Rovio (0.9B)
Spotify (11B), Deliveroo (1.6B), Funding Circle (1B), BlaBlaCar (1.5B),
Letgo (1B), Check24 (1.5B), UiPath (1B)
Insight Venture Partners
Trivago (0.7B)
TeamViewer (0.9B)
Photobox (0.5B)
Mimecast (0.5B)
Privalia (0.5B)
Delivery Hero (4.4B IPO),
HelloFresh (1.8B IPO)
Letgo (1B), BlaBlaCar (1.5B), Tricentis (0.8B)
HV Holtzbrinck Ventures
CityDeal (0.8B)
Rocket (6.7B IPO)
Zalando (5.3B IPO)
Delivery Hero (4.4B IPO)
HelloFresh (1.7B IPO)
Home24 (0.4B), Ozon (0.6B)
Balderton Capital
Betfair (1.7B), MySQL (0.9B),
Yoox (1.8B), Bebo (0.7B)
NaturalMotion (0.4B)
Talend (0.6B IPO USA)
The Hut Group (2.8B)
Institutional Venture Partners MySQL (0.8B), Fleetmatics (2.2B)
Supercell (2.8B)
Shazam (0.4B)
Klarna (2.5B), TransferWise (1.3B)
Highland Europe
Photobox (0.5B)
Privalia (0.5B)
Matchesfashion (0.8B)
Social Point (0.3B)
Rocket Internet SE
CityDeal (0.8B)
Zalando (5.3B IPO)
Delivery Hero (4.4B IPO)
HelloFresh (1.7B IPO)
Global Fashion (1B), Funding Circle (1B), Jumia (1B)
Scottish Equity Partners
BioVex (0.8B)
CSR (2.0B)
Skyscanner (1.7B)
Matchesfashion (0.8B)
83North
Hybris (0.8B)
Just-Eat (1.7B IPO)
Social Point (0.3B)
Bessemer Venture Partners
Skype (3.3B)
CRITEO (1.5B IPO)
TeamViewer (0.9B)
Baring Vostok
Yandex (7.3B IPO)
Avito.ru (2.5B)
Ozon (0.6B), BlaBlaCar (1.5B)
Lakestar
Skype (3.3B)
King.com (5.7B IPO)
Spotify (11B), Klarna (2.5B)
Vitruvian Partners
Just-Eat (1.7B IPO)
Skyscanner (1.7B)
Farfetch (3-4B)
Baillie Gifford
Skyscanner (1.7B)
HelloFresh (1.7B IPO)
Spotify (11B),Auto1 (3B), Funding Circle (1B),
TransferWise (1.3B), Home24 (0.4B), CureVac (1.4B)
Northzone
Avito.ru (2.5B)
Letgo (1B), Spotify (11B), Klarna (2.5B)
DST Global
Zalando (5.3B IPO)
Spotify (11B), Klarna (2.5B), Auto1 (3B), Funding Circle (1B),
Deliveroo (1.6B), Farfetch (4B)
Atomico
Skype (3.3B)
Supercell (2.8B)
Rovio (0.9B)
Klarna (2.5B)
Softbank
Betfair (1.7B)
CRITEO (1.5B IPO)
Supercell (7.9B)
Auto1 (3B), Improbable (1B), OneWeb (2.3B), ARM (26B),
Roivant (~2B)
Piton Capital
Betfair (1.7B)
Auto1 (3B), Fanduel (1.1B)
Index Ventures has the most consistently delivered big exits,
followed by Accel, HV Partners, and Insight VP
Accel Partners and Index Ventures have the most unicorns
in their portfolio, followed by late stage firm DST
10
Source: Dealroom.co.
1. As per Dealroom's investor prominence ranking.
Softbank also plans to
re-list ARM (36B+)
Dealroom Prominence Rank
(1)
#7
#1
#117
#98
#267
#8
#9
#14
#95
#4
#34
#189
#50
#145
#5
#21
#27
#126
#55
#131
Accel
Partners
Index
Ventures DST Global
Baillie
Gifford
Fidelity
Insight
Venture
Partners
Rocket
Internet
Goldman
Sachs
Temasek Northzone
KKR
Softbank
Summit
Partners
IVP
Lakestar Creandum
General
Atlantic
LocalGlobe
Piton
Capital Woodford
Investments in portfolio
7
6
6
5
4
3
3
3
3
3
3
3
2
2
2
2
2
2
2
2
Spotify 11.0B
V
V
V
V
V
V
V
V
Spotify
Adyen
5B*
V
V
V
Adyen
Farfetch
4B*
V
V
V
Farfetch
Auto1 Group
3.0B
V
V
V
V
V
Auto1 Group
Telegram
3B*
Telegram
Vente Privee
2.7B
V
Vente Privee
The Hut Group
2.8B
V
The Hut Group
Klarna
2.5B
V
V
V
V
V
V
Klarna
BioNTech
2.3B
V
BioNTech
Roivant
2.0B
V
Roivant
Deliveroo
1.6B
V
V
V
V
Deliveroo
Check24 1.5B*
V
Check24
BenevolentAI
1.5B
V
BenevolentAI
BlaBlaCar
1.5B
V
V
V
BlaBlaCar
CureVac
1.4B
V
CureVac
TransferWise
1.3B
V
V
V
V
TransferWise
Blippar
1.2B
Blippar
Oxford Nanopore Tech
1.2B
V
Oxford Nanopore Tech
OakNorth Bank
1.1B
OakNorth Bank
Cabify
1.1B
Cabify
Jumia Group
1.0B
V
V
V
Jumia Group
Global Fashion Group
1.0B
V
Global Fashion Group
Funding Circle
1.0B
V
V
V
V
V
V
Funding Circle
OVH 1.0B*
V
OVH
Fanduel
0.9B
V
V
Fanduel
Immunocore
0.9B
Immunocore
UiPath
0.9B
V
UiPath
MindMaze
0.9B
MindMaze
Letgo
0.9B
V
V
V
V
Letgo
Improbable
0.9B
V
V
Improbable
Tricentis
0.9B
V
Tricentis
Leaderboard: notable heavy hitting venture capital investors
into big European (potential) exits
Source: Dealroom.co
Notable mention: like HV Ventures, Kinnevik invested in Rocket, Zalando, HelloFresh, Avito
Realised exits > $1B
(Potential) Unicorns still in portfolio
11
MySQL
CRITEO
Betfair
Just Eat
Skype
Asos
Supercell
King.com
Adyen
Deliveroo
Funding Circle
BlaBlaCar
TransferWise
Farfetch
6 unicorns worth 14B
21B
0.8B
1.5B
1.7B
1.7B
3.3B
3.5B
2.8B
5.4B
5B
1.6B
1.0B
1.5B
1.3B
4.0B
Potential unicorns: Ozon
CityDeal
HelloFresh
Delivery Hero
Zalando
Rocket Internet
Global Fashion 1 unicorns worth 1B
2 unicorns worth 1B
19B
0.8B
1.7B
4.4B
5.3B
6.7B
1.0B
Potential unicorns: Home24, Ozon
CityDeal
HelloFresh
Delivery Hero
Zalando
Global Fashion
Funding Circle
Jumia Group
3 unicorns worth 3B
12B
0.8B
1.7B
4.4B
5.3B
1.0B
1.0B
1.0B
Potential unicorn: Home24
Matchesfashion
BioVex
Skyscanner
CSR
promising portfolio
5B
0.8B
0.8B
1.6B
2.0B
Rocket Internet
HelloFresh
Zalando
Avito.ru
Global Fashion 1 unicorns worth 1B
16B
6.7B
1.7B
5.3B
2.5B
1.0B
Rovio
Showroomprivee
Avito.ru
Supercell
Spotify
Letgo
Check24
Funding Circle
Deliveroo
BlaBlaCar
UiPath
7 unicorns worth 18B
Other notable exits below $1 billion:
7B
0.9B
0.8B
2.2B
2.8B
11.0B
0.9B
1.5B
1.0B
1.6
1.5B
0.9B
Index: Privalia, Photobox, Mimecast, Swiftkey
Supercell
Criteo
Betfair
Auto1
Improbable
OneWeb
ARM
Roivant
5 unicorns worth 34B
Balderton: Bebo, Talend (US), NaturalMotion
11B
7.9B
1.5B
1.9B
3.0B
0.9B
2.3B
26.0B
2B
Accel: SwiftKey
TeamViewer
CRITEO
Skype
promising portfolio
Bessemer: Wix
6B
0.9B
1.5B
3.3B
Insight: Wix, Photobox, Mimecast
Trivago
HelloFresh
Delivery Hero
Letgo
BlaBlaCar
Tricentis
3 unicorns worth 3B
83 North: Social Point
7B
0.8B
1.7B
4.4B
0.9B
1.5B
0.9B
MySQL
Fleetmatics
Supercell
Klarna
TransferWise
2 unicorns worth 4B
6B
0.8B
2.2B
2.8B
2.5B
1.3B
MySQL
Yoox
Betfair
The Hut
1 unicorns worth 3B
4B
0.8B
1.8B
1.7B
2.8B
Rovio
Supercell
Skype
Klarna
1 unicorns worth 3B
7B
0.9B
2.8B
3.3B
2.5B
Avito.ru
Yandex
BlaBlaCar
1 unicorns worth 2B
10B
2.5B
7.3B
1.5B
Potential unicorns: Ozon
Skype
King.com
Spotify
Klarna
2 unicorns worth 14B
9B
3.3B
5.4B
11.0B
2.5B
Skyscanner
Just Eat
Farfetch
1 unicorns worth 4B
3B
1.7B
1.7B
4.0B
Hybris
Just Eat
promising portfolio
3B
0.8B
1.7B
HelloFresh
Skyscanner
Spotify
Auto1
CureVac
TransferWise
Funding Circle 5 unicorns worth 18B
3B
1.7B
1.7B
11.0B
3.0B
1.4B
1.3B
1.0B
Avito.ru
Spotify
Klarna
Letgo
3 unicorns worth 14B
3B
2.5B
11.0B
2.5B
0.9B
Zalando
Spotify
Auto1
Klarna
Deliveroo
Funding Circle
Farfetch
6 unicorns worth 23B
5B
5.3B
11.0B
3.0B
2.5B
1.6B
1.0B
4.0B
83North
Softbank
Scottish
Equity
Rocket
Internet
DST Global
Northzone
Kinnevik
Baillie
Gifford
Vitruvian
Lakestar
Baring
Vostok
Bessemer
Atomico
Balderton
Insight VP
Index
Ventures
Institutional
VP
HV Ventures
Accel
Partners
UK, Germany and Sweden are in the lead in terms of
generating big exits for investors
Venture backed exits 2013-2017
Total firm value at transaction
Source: Dealroom.co
Total value of known unicorns
Market value or last transaction value
12
57B
35B
25B
11B
8B
4B
4B
UK
Germany
Sweden
Netherlands
France
Spain
Switzerland
17B
9B
14B
5B
5B
2B
4B
UK
Germany
Sweden
Netherlands
France
Spain
Switzerland
10 companies
5
2
1
3
2
3
Acquired tech companies valued over $1 billion
13
Company
Location
Industry vertical
Valuation
Ownership
Parent Company
#1
ARM Group
United Kingdom
semiconductors
24B
Private equity
SoftBank
#2
Avio Aero
Italy
transportation
4B
Private equity
Cinven
#3
Allegro
Poland
fashion, home
3B
Private equity
Cinven, Permira, Mid Europa Partners
#4
1&1 Internet
Germany
hosting
3B
Private equity
United Internet AG, Warburg Pincus
#5
Anticimex
Sweden
agritech
2B
Private equity
EQT Private Equity
#6
Cambridge Silicon Radio (CSR)
United Kingdom
semiconductors
2B
Private equity
Qualcomm
#7
Allfunds Bank
Spain
fintech
2B
Private equity
Hellman & Friedman, Singapore GIC
#8
Hotelbeds Group
Spain
travel, back office
1B
Private equity
Cinven
#9
Argus Media
United Kingdom
analytics, energy
1B
Private equity
General Atlantic
#10
Sisal
Italy
poker gambling
1B
Private equity
Apax Partners, Permira, CVC Capital Partners
#11
Avaloq
Switzerland
fintech
1B
Private equity
Warburg Pincus
#12 MATCHESFASHION.COM
United Kingdom
fashion
1B
Private equity
Apax Partners
Company
Location
Industry vertical
Valuation
Ownership
Parent Company
#1
Booking.com
Netherlands
travel
85B
Corporate
Booking Holdings
#2
Supercell
Finland
gaming
10B
Corporate
Tencent
#3
Drillisch
Germany
telecom
8B
Corporate
United Internet AG
#4
Skype
Sweden
telecom
9B
Corporate
Microsoft
#5 Misys
United Kingdom
fintech
7B
Corporate
Finastra
#6
Global Switch
United Kingdom
hosting
5B
Corporate
Consortium
#7
PokerStars
Isle of Man
poker gambling
5B
Corporate
The Stars Group - Amaya
#8
Business Objects
France
back office
5B
Corporate
SAP SE
#9
Acerta Pharma
Netherlands
health
4B
Corporate
AstraZeneca
#10
TelecityGroup
United Kingdom
hosting
3B
Corporate
Equinix
#11
AVITO
Russia
real estate, transportation
3B
Corporate
Naspers
#12
Bureau van Dijk
Belgium
fintech, analytics
3B
Corporate
Moody's
#13
VKontakte
Russia
content
3B
Corporate
Mail.ru Group
#14 Wood Mackenzie
United Kingdom
analytics, energy
3B
Corporate
Verisk Analytics
#15 Mojang
Sweden
gaming
3B
Corporate
Microsoft
#16
Interoute Communications Ltd
United Kingdom
telecom, hosting
2B
Corporate
Global Telecom & Technology - GTT
#17
Skyscanner
United Kingdom
travel, deal comparison
2B
Corporate
Ctrip
#18
Bambora
Sweden
fintech
2B
Corporate
Ingenico Group
#19
LM Wind Power
Denmark
energy
2B
Corporate
General Electric (GE)
#20
bwin
Gibraltar
sports, poker gambling
1B
Corporate
GVC Holdings
#21
Bol.com
Netherlands
home
1B
Corporate
Ahold
#22
Airwave Solutions
United Kingdom
telecom
1B
Corporate
Motorola Solutions
#23
Skrill
United Kingdom
fintech
1B
Corporate
Optimal Payments
#24
Premier Farnell
United Kingdom
semiconductors
1B
Corporate
Avnet
#25
BioVex
United Kingdom
health
1B
Corporate
Amgen
#26
Hybris
Germany
merchant tools, marketing
1B
Corporate
SAP SE
#27 MySQL
Sweden
developer tools, back office
1B
Corporate
Oracle
#28
Outfit7
Cyprus
gaming
1B
Corporate
United Luck Group Holdings
#29
Prexton therapeutics
Switzerland
health
1B
Corporate
Lundbeck
#30
Advanced Computer Software
United Kingdom
agency, back office
1B
Corporate
Vista Equity Partners
#31
Heptagon
Switzerland
micro-optics products
1B
Corporate
Ams AG
#32
VocaLink
United Kingdom
fintech
1B
Corporate
MasterCard
#33
GlobalCollect
Netherlands
fintech
1B
Corporate
Ingenico Group
#34
Ogeda
Belgium
health
1B
Corporate
Astellas Pharma
#35
E-shelter Berlin
Germany
hosting, back office
1B
Corporate
NTT communications
Private
equity
Corporate
ownership
Publicly traded tech companies valued >$1bn (many of
which are less widely known than their private counterparts)
Company
Location
Industry vertical
Valuation
Company
Location
Industry vertical
Valuation
#1
SAP SE
Germany
marketing, back office
104B
#39
GVC Holdings
Isle of Man
gaming, poker gambling
3B
#2
ASML
Netherlands
semiconductors
68B
#40
IG Group
United Kingdom
fintech
3B
#3
NXP Semiconductors
Netherlands
semiconductors
40B
#41
Abcam
United Kingdom
health
3B
#4
Amadeus
Spain
travel
27B
#42
Nemetschek Group
Germany
construction
3B
#5 WPP
United Kingdom
marketing
26B
#43
CRITEO
France
marketing
3B
#6
Infineon Technologies
Germany
semiconductors
25B
#44
Avio
Italy
transportation
3B
#7
Nokia
Finland
telecom
24B
#45
Boohoo.com
United Kingdom
fashion
2B
#8
IHS Markit
United Kingdom
fintech, analytics
20B
#46
Trivago
Germany
travel, deal comparison
2B
#9
STMicroelectronics
Switzerland
semiconductors
18B
#47
FleetMatics
Ireland
analytics, transportation
2B
#10
United Internet AG
Germany
telecom, hosting
13B
#48
Rocket Internet SE
Germany
fashion, food
2B
#11
IGT
United Kingdom
gaming
12B
#49
Takeaway.com
Netherlands
directory, food
2B
#12 WireCard
Germany
fintech
12B
#50
Zoopla
United Kingdom
real estate
2B
#13
RTL Group
Luxembourg
content
11B
#51 MoneySupermarket
United Kingdom
fintech, deal comparison
2B
#14
Zalando
Germany
fashion
11B
#52
Play Communications
Poland
telecom
2B
#15
Sage Group
United Kingdom
fintech, back office
10B
#53
Evolution Gaming
Sweden
poker gambling
2B
#16
Axel Springer
Germany
Classifieds, content
9B
#54
BCA Marketplace
United Kingdom
transportation
2B
#17
Asos
United Kingdom
fashion
7B
#55
TomTom
Netherlands
iot internetofthings, transportation
2B
#18
Just Eat
United Kingdom
directory, food
7B
#56
HelloFresh
Germany
food
2B
#19
Admiral Group
United Kingdom
fintech
7B
#57 Mimecast
United Kingdom
security, back office
2B
#20
King.com
United Kingdom
gaming
6B
#58
Alfa
United Kingdom
fintech, transportation
2B
#21
Delivery Hero
Germany
directory, food
6B
#59
ARGENX
Belgium
health
2B
#22
Schibsted Media Group
Norway
content
6B
#60
Equniti
United Kingdom
fintech, back office
2B
#23 Markit
United Kingdom
fintech, analytics
6B
#61
XING AG
Germany
jobs recruitment
1B
#24
Gemalto
Netherlands
security
5B
#62
PurpleBricks
United Kingdom
real estate
1B
#25
Rightmove
United Kingdom
real estate
5B
#63
AVG
Netherlands
security
1B
#26
Auto Trader UK
United Kingdom
transportation
5B
#64
Luxoft
Russia
fintech, back office
1B
#27
Scout24 Holding
Germany
real estate, transportation
4B
#65
Blue Prism Group PLC
United Kingdom
robotics
1B
#28
Ocado
United Kingdom
food
4B
#66
Zooplus
Germany
pets
1B
#29
Interxion
United Kingdom
hosting
4B
#67
SoLocal Group
France
directory, marketing
1B
#30
Kuka
Germany
robotics, semiconductors
4B
#68
888 Holdings
Gibraltar
gambling
1B
#31
Stroeer Media
Germany
marketing
4B
#69
Leovegas
Malta
gambling
1B
#32 William Hill Online
United Kingdom
gaming
4B
#70
Net Entertainment
Sweden
gambling
1B
#33
Ablynx
Belgium
health
4B
#71
Rank Group
United Kingdom
gambling
1B
#34
CTS EVENTIM
Germany
events
4B
#72
THQ Nordic
Austria
gaming
1B
#35
Yoox Net-a-Porter
Italy
fashion
3B
#73
On The Beach Holidays
United Kingdom
travel
1B
#36
Travelport
United Kingdom
travel, marketing
3B
#74
eDreams ODIGEO
Spain
travel
1B
#37
Kindred Group
United Kingdom
gaming, poker gambling
3B
#75
Catena Media
Malta
marketing
1B
#38
Unibet Group
United Kingdom
poker gambling
3B
#76
Sophos
United Kingdom
security
1B
14