November 2018
Quarterly European Venture Capital report
Q2 2019
July 2019
Source: Dealroom.co
Q2 2019 broke the all-time record for tech investment in Europe, with €9.3 billion
invested, after Q1 2019 was the previous record.
Quarterly European Venture Capital report – Q2 2019
July 2019
Page / 1
Investment in Europe, Israel & Biotech
Impact of mega-rounds
€ 4.0B
€ 3.5B € 3.5B
€ 4.5B
€ 5.8B
€ 5.4B
€ 4.7B
€ 5.4B
€ 5.8B € 5.6B
€ 5.3B
€ 6.8B
€ 9.3B
€ 5.3B
€ 4.4B
€ 4.6B
€ 5.3B
€ 6.8B
€ 7.5B
€ 6.4B
€ 6.9B
€ 7.8B
€ 7.0B
€ 7.3B
€ 8.5B
€ 10.7B
–
€ 3.0B
€ 6.0B
€ 9.0B
€ 12.0B
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
Europe
Biotech
Israel
€ 4.1B
€ 3.4B € 3.2B
€ 4.3B
€ 4.8B
€ 5.0B € 4.9B € 4.9B
€ 6.2B
€ 5.3B
€ 6.0B
€ 6.3B
€ 6.7B
€ 5.3B
€ 4.4B
€ 4.6B
€ 5.3B
€ 6.8B
€ 7.5B
€ 6.4B
€ 6.9B
€ 7.8B
€ 7.0B
€ 7.3B
€ 8.5B
€ 10.7B
–
€ 3.0B
€ 6.0B
€ 9.0B
€ 12.0B
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2017
2018
2019
All other rounds
Top 10 largest rounds
Top 3 largest rounds
Source: Dealroom.co
Rounds above € 100 million are driving most of the the growth.
Quarterly European Venture Capital report – Q2 2019
July 2019
Page / 2
Investments in Europe & Israel by round size
€ 1.6B
€ 1.7B
€ 1.7B
€ 1.8B
€ 1.9B
€ 1.7B
€ 1.9B
€ 1.8B
€ 1.7B
€ 2.1B
€ 1.6B
€ 1.7B
€ 1.5B
€ 1.6B
€ 1.2B
€ 1.2B
€ 1.2B
€ 1.1B
€ 1.3B
€ 1.3B
€ 1.3B
€ 1.2B
€ 1.5B
€ 1.7B
€ 1.5B
€ 1.7B
€ 1.5B
€ 1.6B
€ 1.1B
€ 0.9B
€ 0.6B
€ 0.6B
€ 0.6B
€ 1.0B
€ 1.1B
€ 0.9B
€ 1.1B
€ 1.3B
€ 1.1B
€ 1.8B
€ 1.6B
€ 1.5B
€ 0.8B
€ 0.3B
€ 0.4B
€ 0.6B
€ 0.4B
€ 0.6B
€ 1.0B
€ 1.0B
€ 0.6B
€ 1.1B
€ 1.0B
€ 0.9B
€ 1.3B
€ 1.3B
€ 1.3B
€ 1.2B
€ 0.5B
€ 0.5B
€ 1.1B
€ 2.3B
€ 2.2B
€ 1.5B
€ 2.1B
€ 1.5B
€ 1.8B
€ 1.2B
€ 2.6B
€ 4.8B
€ 6.0B
€ 5.3B
€ 4.4B
€ 4.6B
€ 5.3B
€ 6.8B
€ 7.5B
€ 6.4B
€ 6.9B
€ 7.8B
€ 7.0B
€ 7.3B
€ 8.5B
€ 10.7B
–
€ 3.0B
€ 6.0B
€ 9.0B
€ 12.0B
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2016
2017
2018
2019
€ 0-10M
€ 10-25M
€ 25-50M
€ 50-100M
€ 100M+
The value of rounds above €100
million accounts for 45% of the
total investments in Q2 2019.
Source: Dealroom.co
The 10 largest rounds in Q2 accounted for €4 billion or 43% of total investment.
Quarterly European Venture Capital report – Q2 2019
July 2019
Page / 3
NAME
INVESTORS
LOCATION
ROUND
Northvolt
Lithium-ion batteries
Goldman Sachs,
Volkswagen Group
Sweden
$1.0B
GROWTH EQUITY
Greensill
Supply chain finance
SoftBank
UK
$800M
GROWTH EQUITY
Deliveroo
Delivering premium restaurant meals
Amazon, Greenoaks, Fidelity, …
UK
$575M
SERIES G
UiPath
Robotic process automation software
Accel, Sequoia, Wellington Management, …
Romania / US
$568M @ $7B
SERIES D
GetYourGuide
Booking platform for attractions
Lakestar, Heartcore Capital, Temasek, …
Germany
$ 484M @ $1B
SERIES E
Checkout.com
International online payment solutions for fast-growing businesses
Insight VP, DST Global, GIC, Endeavor
Catalyst, …
UK
$230M @ $2B
SERIES A
Meero
AI for image processing
Alven, Global Founders Capital, White Star
Capital, …
France
$230M @ $1B
SERIES C
Adjust
Mobile intelligence platform for app marketers
Sofina, Highland Europe, Eurazeo, …
Germany
$227M
GROWTH EQUITY
WorldRemit
Online money transfer
Accel Partners, Technology Crossover
Ventures, LeapFrog Investments
UK
$175M
SERIES D
Glovo
Connects customers with independent local couriers
Lakestar, Idinvest Partners, Drake Star, …
Spain
$170M
SERIES D
0
20
40
60
80
100
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2014
2015
2016
2017
2018
2019
Source: Dealroom.co
Quarterly European Venture Capital report – Q2 2019
July 2019
Page / 4
Mega rounds (>$100M) in North America, Europe and Asia
16
32
71 North America
Asia
Europe
The evolution of mega rounds: a new record set in Europe and a slow down in North
America and Asia.
Quarterly European Venture Capital report – Q2 2019
July 2019
Page / 5
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
Notable rounds
Q2 2019
$1.0B
Growth Equity
$800M
Growth Equity
$575M
Series G
$568M
Series D
$484M
Series E
$230M
Series A
Quarterly
Investment
Europe
$1.0B
Series A
$750M
Series D
$447M
Growth Equity
$363.6M
Growth Equity
$298M
Series A
$420M
Late VC
Asia
$1.5B
Late VC
$1.2B
Growth Equity
$600M
Series G
$500M
Growth Equity
$420M
Growth Equity
$500M
Growth Equity
North America
Compared to Asia and North America, Europe is the only region showing a significant
VC investment growth in 2019 to date.
$ 6.3B $ 6.0B $ 5.2B $ 5.9B $ 6.4B $ 6.2B $ 5.8B
$ 7.5B
$ 10.3B
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2017
2018
2019
$ 18.9B
$ 26.5B
$ 29.0B
$ 18.8B
$ 41.2B
$ 30.5B $ 29.7B
$ 18.2B
$ 15.1B
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2017
2018
2019
$ 21.8B
$ 24.5B
$ 22.0B
$ 28.5B
$ 34.1B
$ 37.8B
$ 34.1B $ 35.2B
$ 30.3B
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2017
2018
2019
Source: Dealroom.co
At the same time, investment from the USA and Asia into Europe has shifted quite
dramatically in 2019 to date, reaching more than 40% of total investment.
Quarterly European Venture Capital report – Q2 2019
July 2019
Page / 6
Investment in Europe by source, in € amounts
% of European rounds with at least one USA or Asian investor
10%
16%
21%
2013
2014
2015
2016
2017
2018
2019E
27%
27%
25%
20%
26%
26%
29%
2%
6%
4%
6%
11%
8%
17%
6%
5%
3%
3%
4%
5%
3%
22%
21%
25%
24%
18%
22%
22%
43%
41%
43%
46%
41%
38%
30%
0%
25%
50%
75%
100%
'13
'14
'15
'16
'17
'18
'19 YTD
Domestic
Europe cross-border
Rest of World (incl Africa)
Asia
USA
Source: Dealroom.co
Year to date, already €19 billion was invested in Europe & Israel in 2019 compared
with €15 billion same time last year.
Quarterly European Venture Capital report – Q2 2019
July 2019
Page / 7
Cumulative amount invested – 2019 vs. 2018 (€B)
Cumulative number of rounds – 2019 vs. 2018 (>€2M)
832
2,061
807
–
500
1,000
1,500
2,000
2,500
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2018
2019
€ 15B
€ 29B
€ 19B
–
€ 5.0B
€ 10.0B
€ 15.0B
€ 20.0B
€ 25.0B
€ 30.0B
€ 35.0B
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2018
2019
Source: Dealroom.co
The UK, Germany, France and Sweden received more than 70% of total VC
investment in Q2 2019.
Quarterly European Venture Capital report – Q2 2019
July 2019
Page / 8
Investment by country Q2 ‘19
Number of rounds Q2 ’19
234
131
119
73
58
57
56
26
25
23
18
17
16
14
14
United Kingdom
France
Germany
Israel
Sweden
Spain
Netherlands
Italy
Switzerland
Finland
Belgium
Norway
Ireland
Denmark
Portugal
€ 3.2B
€ 1.4B
€ 1.3B
€ 1.3B
€ 1.1B
€ 0.5B
€ 0.4B
€ 0.2B
€ 0.2B
€ 0.2B
€ 0.1B
€ 0.1B
€ 0.1B
$ 0.1B
€ 0.1B
United Kingdom
France
Sweden
Germany
Israel
Romania
Spain
Netherlands
Belgium
Finland
Switzerland
Italy
Denmark
Poland
Norway
Source: Dealroom.co
Q2 was one of the most active quarter for UK and France and also for the rest of
Europe excluding the big three.
Quarterly European Venture Capital report – Q2 2019
July 2019
Page / 9
Quarterly Investments in UK, Germany, France
€ 2.4B
€ 2.3B
€ 2.4B
€ 1.5B
€ 2.0B
€ 2.2B € 2.2B € 2.1B
€ 3.2B
€ 0.8B
€ 0.6B € 0.7B
€ 0.8B
€ 1.4B
€ 0.8B € 0.8B
€ 1.3B
€ 1.4B
€ 1.1B
€ 0.8B
€ 0.6B
€ 2.0B
€ 0.8B € 0.8B
€ 1.0B
€ 1.2B
€ 1.3B
€ 1.8B
€ 3.1B
€ 2.0B
€ 2.0B
€ 2.6B € 2.6B
€ 2.2B
€ 2.9B
€ 3.8B
–
€ 1.0B
€ 2.0B
€ 3.0B
€ 4.0B
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2017
2018
2019
2017
2018
2019
2017
2018
2019
2017
2018
2019
United Kingdom
France
Germany
The rest of Europe
Q2 2019 Investment By Industry
YoY change (%)
+134%
+ 40%
+277%
(34%)
+156%
+156%
+10%
+69%
+132%
+56%
(73%)
€ 3.2B
€ 2.3B
€ 1.4B
€ 1.2B
€ 1.2B
€ 1.1B
€ 0.9B
€ 0.7B
€ 0.6B
€ 0.6B
€ 0.1B
Fintech
Enterprise software
Energy
Health
Food
Marketing
Transportation
Security
Robotics
Travel
Gaming
Q2 2019 Investment By business model
YoY change (%)
+56%
+81%
(4%)
+231%
(31%)
€ 4.6B
€ 2.5B
€ 2.3B
€ 1.5B
€ 0.7B
SaaS
Marketplace
Manufacturing
eCommerce
Mobile app
Source: Dealroom.co. industries, business models and can and do overlap.
Increased focus on SaaS and marketplace business models along with fintech
industry compared to Q2 2018.
Quarterly European Venture Capital report – Q2 2019
July 2019
Page / 10
Source: Dealroom.co
European VC and Corporate VC funds continue to raise money to invest in startups: 70+ new
funds announced in the first half of 2018.
Quarterly European Venture Capital report – Q2 2019
July 2019
Page / 11
NAME
LOCATION
FUND SIZE
Accel partners
London / Palo Alto
€500M
Creandum
Stockholm
€265M
LocalGlobe (Seed & Latitude)
London
$295M
Cherry ventures
Berlin
€175M
Dawn Capital
London
$125M
NAME
LOCATION
FUND SIZE
Deutsche Telekom Capital
Hamburg
€308M
574 Invest (SNCF)
Paris
€160M
Salesforce (Europe)
London / San Francisco
€125M
Rabobank Brainport
Utrecht
€100M
Capgemini
Paris
€90M
Notable funds
raised in
Q2 2019
VC funds announced since Q2 2018
Corporate VC funds announced since Q2 2018
€ 2.7B
€ 3.7B
€ 1.4B
€ 2.1B
€ 3.3B
32
51
30
30
35
0
5
10
15
20
25
30
35
40
45
50
55
–
€ 2.0B
€ 4.0B
€ 6.0B
Q2
Q3
Q4
Q1
Q2
2018
2019
€ 0.1B
€ 0.2B
€ 0.6B
€ 1.0B
€ 0.8B
1
3
4
5
6
0
1
2
3
4
5
6
7
–
€ 0.5B
€ 1.0B
€ 1.5B
€ 2.0B
Q2
Q3
Q4
Q1
Q2
2018
2019
Source: Dealroom.co
One third of the VC funds announced in Q2 2019 were funds larger than $100M and more
concentrated in UK, France, Germany and Nordics.
Quarterly European Venture Capital report – Q2 2019
Investor
Location
Fund size
Date
Focus
Accel partners
London / Palo Alto
€ 500M
May 2019
Series A
Cathay Innovation
Paris
€ 320M
Jun 2019
Series B
Creandum
Stockholm
€265M
Jun 2019
Series A
Cherry Ventures
Berlin
€175M
Jun 2019
Seed
Latitude (by LocalGLobe)
London
$180M
Jun 2019
Series B
Vesalius Biocapital
Luxembourg
€120M
Jun 2019
Series A
Dawn Capital
London
€113M
Jun 2019
Series A
GP Bullhound
London
€113M
Jun 2019
Early VC
Velocity Capital Fintech Ventures
Driebergen- Rijsenburg
€105M
Jun 2019
Series A
LocalGlobe
London
$115M
Jun 2019
Seed
ByFounders
Copenhagen
€100M
Apr 2019
Seed
July 2019
Page / 12
GetYourGuide (Germany)
Travel
$484M Series E
$1B Valuation
Therachon (Switzerland)
Health
Pfizer Acquisition
€304M
Nexi (Italy)
Fintech
€2B IPO
An eventful quarter so far: 4 new unicorns and 8 large European VC exits.
Quarterly European Venture Capital report – Q2 2019
July 2019
Page / 13
Valuation
Monzo (UK)
Fintech
£113M Series F
£2B Valuation
Greensill (UK)
Fintech
$800M Growth Equity
$3.5B Valuation
Drivy (France)
Transportation
GetAround Acquisition
€267M
Transferwise (UK)
Fintech
$292M Secondary
$3.5B Valuation
Kiwi.com (Czechia)
Travel
General Atlantic
Acquisition
UiPath (Romania)
Robotics
$568M Series D
$7B Valuation
Klarna (Sweden)
Fintech
$93M
$3.5B Valuation
Doc Generici (Italy)
Pharmaceuticals
$1.2B Buyout
Acuris (UK)
Fintech
ION Group Acquisition
£1.4B
Checkout.com (UK)
Fintech
$230M Series A
$2B Valuation
SecureLink (NL)
Security
Orange Acquisition
€515M
April
May
June
Meero (France)
Media
$230M Series C
$1B Valuation
Ivalua (France)
Fintech
$60M Growth Equity
$1B Valuation
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