The Journey to Series A in Europe - Part 2
The Series A Landscape in Europe 2014-2018
Fundraising benchmarks for founders of early-stage companies
in partnership with
1. The total number and value of European Series A rounds led by the 20 most active lead VCs
has roughly doubled between 2014-2018.
2. New ($7-15m) and Mega (>$15m) Series A have become notably more common in Europe
relative to Old ($4-7m) Series A, across most geographies and categories.
3. The 5-year data offers founders (and their Seed investors) clear guidance on the profile of
candidate VCs to lead their Series A, based on round size, geography, and category.
4. London is the capital of lead VCs in European Series A as home to at least half of them.
5. There are no (!) US-based VCs among the 20 most active lead VCs in European Series A...
What you need to know
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Rationale & Methodology
1. 9 months ago we published Part 1 of The Journey to Series A in Europe, offering actionable
benchmarks on Seed funding - round sizes, conversion rates and time to Series A, and more.
2. That analysis was based on a systematic relabelling of rounds by their size to enable reliable
like-for-like comparisons.
3. This time we endeavoured to derive actionable benchmarks and historic VC profiles
to inform founders and investors about the dynamics of the European Series A landscape.
4. This was done based on a dataset of 257 thoroughly validated and qualified Series A rounds,
led by the most active lead VCs in Europe between 2014-2018 (“the dataset”).
Why have we created this analysis?
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1. We focused on VCs who led Series A rounds, rather than just participated in them, because
securing the lead investor is typically the primary fundraising priority for founders.
2. We focused on the 20 most active lead VCs in European Series A because it is a sizeable
sample that covers about a third of the initial qualified dataset, and since it would’ve been
impracticable to directly engage with more VCs on a round-by-round basis.
3. This analysis isn’t meant to suggest by any means that a higher volume of investments
indicates higher quality, focus, or relevance, but only aims to provide a thoroughly validated
historic account of the European Series A landscape between 2014-2018.
4. The landscape keeps evolving with existing investors changing strategy and new investors
joining. Just because a VC hasn’t historically been very active in a certain sector, geography,
or round size range, doesn’t mean that it won’t be in the future. The profiles in this analysis
are meant to provide a robust reference framework, to be contextualised as appropriate.
(Obvious but still) Important clarifications
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The methodology for constructing the qualified dataset
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● 2,288 funding rounds were recorded on Dealroom as European Series A rounds that took place between 2014-2018.
● Of those, 716 rounds were $4m-$15m and occurred <=5 years since the company’s founding.
● Of those, 681 rounds were the first recorded Series A rounds for the corresponding companies.
● Based on those, we ranked the most active VCs in European Series A rounds, excluding self-proclaimed Seed VCs
(which often follow on but don’t lead Series A rounds).
● For each of those VCs, each of the rounds associated with it was checked against public sources to ascertain whether it
definitely led the round, potentially led the round, or didn’t lead the round.
● 21 VCs that had definitely led at least 3 vetted (per above) Series A rounds, and definitely or potentially led at least 6
vetted Series A rounds, were shortlisted.
● We reached out directly to each of the 21 shortlisted VCs asking them to:
○ confirm whether they had led each of the associated Series A rounds (invested >30% of the round)
○ confirm the actual round size, which often differed from the one publicly reported
○ provide data on other qualified (also allowing for rounds of >$15m, and for rounds that occurred <=7 years since the
company’s founding) and disclosed (directly or indirectly) Series A rounds they had led
● Only 1 VC (which in any case wasn’t among the 10 most active VCs on the initial ranking) declined to participate.
● The final dataset of fully validated and qualified European Series A rounds between 2014-2018 included 257 rounds, and
the tagging of their category was revalidated. All FX rates were taken contemporaneously with the corresponding rounds.
● All analyses and VC rankings in this report were conducted only based on this dataset.
Distribution of qualified Series A rounds with/without validation
A qualified Series A is a disclosed round of >$4m, that was labelled as a Series A or at least not
labelled otherwise, and occurred within 7 years from the company’s founding.
2014
2015
2016
2017
2018
Sample size
39
33
39
64
69
Median ($m)
7.0
7.8
7.0
8.5
8.0
Mean ($m)
8.5
8.8
8.4
10.6
10.6
2014
2015
2016
2017
2018
Sample size
121
142
189
208
213
Median ($m)
7.0
7.0
6.7
7.7
7.7
Mean ($m)
8.9
9.1
10.4
11.4
10.7
7
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Findings 1:
Volume and distribution of Series A rounds
The dataset: 257 validated and qualified European Series A rounds
led by the 20 most active lead VCs between 2014-2018
A qualified Series A is a disclosed round of >$4m, that was labelled as a Series A or at least not
labelled otherwise, and occurred within 7 years from the company’s founding.
9
Qualified Series A rounds have doubled in total value since 2016
A qualified Series A is a disclosed round of >$4m, that was labelled as a Series A or at least not
labelled otherwise, and occurred within 7 years from the company’s founding.
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The rise of the New and Mega Series A in Europe over time
A qualified Series A is a disclosed round of >$4m, that was labelled as a Series A or at least not
labelled otherwise, and occurred within 7 years from the company’s founding.
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New and Mega Series A are now >80% of $$$ in European Series A
A qualified Series A is a disclosed round of >$4m, that was labelled as a Series A or at least not
labelled otherwise, and occurred within 7 years from the company’s founding.
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Clear rise of New and Mega Series A in the UK and Germany
% of New and Mega Series A rounds out of all qualified European Series A rounds in the dataset,
across time and geographies
United Kingdom

France
Germany

Nordics
(9)
(22)
(24)
(9)
(13)
(16)
(Sample size)
(10)
( 13)
(17)
(8)
(11)
(6)
A qualified Series A is a disclosed round of >$4m, that was labelled as a Series A or at least not
labelled otherwise, and occurred within 7 years from the company’s founding.
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New and Mega Series A are more prevalent across categories
% of New and Mega Series A rounds out of all qualified European Series A rounds in the dataset,
across time and business types
Enterprise

Marketplace
(9)
(22)
(24)
(9)
(13)
(16)
(Sample size)
(10)
( 13)
(17)
(8)
(11)
(6)
B2B


B2C
Enterprise

Marketplaces / Aggregators
(12)
(8)
(16)
(23)
(24)
(11)
(10
(10)
(13)
(11)
(20)
(15)
(27)
(43)
(45)
(23)
(25)
(19)
(27)
(31)
A qualified Series A is a disclosed round of >$4m, that was labelled as a Series A or at least not
labelled otherwise, and occurred within 7 years from the company’s founding.
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Findings 2:
Profiles of VCs leading Series A rounds in Europe
The 20 most active lead Series A VC funds in Europe, 2014-2018
A qualified Series A is a disclosed round of >$4m, that was labelled as a Series A or at least not
labelled otherwise, and occurred within 7 years from the company’s founding.
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The 20 most active lead Series A VC funds in Europe, 2014-2018
Profile by round size and local focus
A qualified Series A is a disclosed round of >$4m, that was labelled as a Series A or at least not
labelled otherwise, and occurred within 7 years from the company’s founding.
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The 20 most active lead Series A VC funds in Europe, 2014-2018
Profile by category
(rankings in each category include only VCs which led at least 5 qualified rounds in that category)
Clarification: the four categories are not mutually exclusive.
A qualified Series A is a disclosed round of >$4m, that was labelled as a Series A or at least not
labelled otherwise, and occurred within 7 years from the company’s founding.
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The 20 most active lead Series A VC funds in Europe, 2014-2018
Profile by geography
(in each geography, only VCs funds which led at least 3 qualified rounds in that geography were ranked)
A qualified Series A is a disclosed round of >$4m, that was labelled as a Series A or at least not
labelled otherwise, and occurred within 7 years from the company’s founding.
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Selected publishers of Dealroom data
About Dealroom.co
Source: Dealroom.co
1. Verified rounds excluding secondary, ICOs, debt and other non-equity rounds.
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Number of European VC rounds tracked in 2018 (1)
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Yoram Wijngaarde
Founder & CEO
yoram@dealroom.co
Julien Puls
Data Scientist
julien@dealroom.co