European
Venture Report
2017 Annual
Contents
Key takeaways
2
Overview
3
Spotlight
7
Artificial Intelligence attracts record investment
Corporate VC
8
Regional Spotlight
9
UK/Ireland sees record venture activity in 2017
Exits
11
Fundraising
13
Healthy fundraising activity despite dwindling fund
count
4Q 2017 League Tables
15
16.9B
53
1.2B
2017 European VC
deal value
Key takeaways from the analysts
13% YoY
2017 European VC-
backed IPOs
2017 European VC
deal value in AI
Credits & Contact
PitchBook Data, Inc.
John Gabbert Founder, CEO
Adley Bowden Vice President, Market
Development & Analysis
Content
Cameron Stanfill Analyst
Joelle Sostheim Analyst
Masaun Nelson Data Analyst

Contact PitchBook
pitchbook.com
Research
reports@pitchbook.com
Editorial
editorial@pitchbook.com
The European venture industry
reached new highs in 2017, at least in
terms of overall deal value. Just under
17 billion was investedthe highest
figure tracked by PitchBookacross
3,306 completed transactions. Those
figures equate to changes of a year-
over-year (YoY) increase of 13% and
decrease of 25%, respectively.
The United Kingdom (UK) and
Ireland have cemented their status
as a VC stronghold with a record 7.1
billion invested across 1,221 deals.
This was partially a product of its
burgeoning fintech ecosystem, as
nearly half of the total fintech deals
across Europe were in the UK/Ireland
region.
Contrary to earlier indications, 2017
proved to be a rebound year for VC-
backed IPOs, which raised over 3
billion across 53 offerings. Assisted
by large offerings from Delivery Hero
and Rovio, 2017 was the strongest
showing since 2014, which retains
decade-highs values for both IPO
value and count.
PITCHBOOK 2017 ANNUAL EUROPEAN VENTURE REPORT
2
Overview
Strong VC investment despite sliding
deal count
2017 was a record year for Europe's
venture ecosystem, with 16.9 billion
in capital investedthe highest
number PitchBook has recorded. Deal
count, however, trended downward
for the third consecutive year. The
final number of closed deals came
in at just 3,306, a 24% decrease
from 2016 and the lowest number of
financings since 2012.
VC deal value reaches decade high in Europe
European VC activity
Source: PitchBook
5.44.26.96.88.28.512.016.514.916.91,585 1,590
2,151
2,682
3,268
4,197
4,982
4,936
4,360
3,306
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Deal Value (B)
# of Deals Closed
PITCHBOOK 2017 ANNUAL EUROPEAN VENTURE REPORT
3
4Q deal count falters to lowest level since 2011
European VC activity
OVERVIEW
Angel & seed deals see sharp decline
2017's low deal count was due in
part to a significant decline in the
number of angel & seed rounds,
which saw a 39% decrease from 2016.
One explanation for this trend is that
investors are increasingly investing
in more developed companies.
Another contributing factor could
be the increasing prevalence of
angel deal syndication resulting
from networks and governmental
support, which may be pushing what
would traditionally be angel & seed
rounds into larger echelons where
they are considered early stage deals
instead. The European Business
Angel Network (EBAN), for example,
reports growing membership and
assists angels in deal syndication
and cross-border deal making.
Additionally, the European
Investment Fund (EIF) recently
established the European Angel Fund
(EAF), which provides matching
equity investments and facilitates
networking and co-investment
Source: PitchBook
Source: PitchBook
Deal sizes continue to trend
larger
European VC activity (#) by size
0
200
400
600
800
1,000
1,200
1,400
1,600
0.0
1.0
2.0
3.0
4.0
5.0
6.0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2010
2011
2012
2013
2014
2015
2016
2017
Deal Value (B)
# of Deals Closed
Angel/Seed
Early VC
Late VC
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
25M+
10M-
25M
5M-
10M
1M-
5M
500K-
1M
Under
500K
PITCHBOOK 2017 ANNUAL EUROPEAN VENTURE REPORT
4
amongst angels. Whereas individual
angels might complete more
financings separately, syndicates
enable angels to pool resources to
participate in larger deals and share
risk.
Deal sizes continue to grow
Though early and late stage deal
counts have also declined, capital
invested remained relatively
stable in 2017, thanks in part to
the proliferation of larger deals.
Improbable's 458 million SoftBank-
led Series B financing and Deliveroo's
417 million Series F round are both
examples of the large deals which,
though outliers, are part of the class
of increasingly common large deals
from recent years. More than half the
capital invested in 2017 was in deals
greater than 25 million, a segment
that saw a 35% YoY deal count
growth in 2017. Correspondingly,
median early and late stage deal sizes
reached heights of 2.3 million and
5.4 million, respectively.
OVERVIEW
Though domestic late stage capital
has historically been difficult to
access, the proportion of VC funds
in the 100 million-250 million
bucket increased from 15% of total
funds in 2014 to 35% in 2016. This
was likely helpful to startups aiming
for larger financings in 2017. Larger
deals have also been facilitated by
the participation of deep-pocketed
foreign investors, including US
VCs, who participated in over 17%
of European deals in 2017. Seven
out of 10 of the year's largest deals
had participation from a US VC,
and the median size of deals with
US investor participation was 5.5
million. European startups may
continue to look to US VCs for late
stage financing because they have
ample dry powder and can provide
mentorship in scaling abroad.
0.60
0.78
1.5
2.3
4.4
5.4
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009
2010
2011
2012
2013
2014
2015
2016
2017
Angel/Seed
Early VC
Late VC
Median deal size reaches decade-high at all stages
Median European VC deal size (M) by stage
12.8%
17.3%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
US VCs increase participation in Europe
US VC participation rate in European VC deals (#)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008200920102011201220132014201520162017HC Services &
Systems
Pharma &
Biotech
HC Devices &
Supplies
Other
So ware
Media
IT Hardware
Energy
Consumer Goods
& Recrea on
Commercial
Services
Software continues to dominate
European VC activity (#) by sector
Source: PitchBook
Source: PitchBook
Source: PitchBook
PITCHBOOK 2017 ANNUAL EUROPEAN VENTURE REPORT
5
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2010
2011
2012
2013
2014
2015
2016
2017
Israel
UK/Ireland
Southern Europe
Nordics
DACH
France/Benelux
Central & Eastern
Europe
OVERVIEW
The DACH region has increased its
proportion of deal flow in recent years
European VC activity (#) by region
1.71.22.12.42.72.22.02.72.71.8880
872
1,144
1,444
1,677
1,965
2,176
1,727
1,387
904
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Deal Value (B)
# of Deals Closed
First-financing deals on a steep
decline across Europe
European first-financing activity
Source: PitchBook
Source: PitchBook
Over the past five
years, total investment
in software companies
has grown from 1.2B
to nearly 7B annually
40%
proportion of 2017 European
VC deal value attributed to
investment in software
Source: PitchBook
PITCHBOOK 2017 ANNUAL EUROPEAN VENTURE REPORT
6
Spotlight
Artificial intelligence attracts record
investment
Artificial intelligence investment
reaches new deal value record
European VC activity in artificial intelligence & machine learning
Source: PitchBook
The broad potential applications of
artificial intelligence and machine
learning (AI/ML) have attracted
a stampede of VCs, who have
demonstrated their enthusiasm
through 30x growth in deal count
over the past decade. 2017 has been
a landmark year in that respect, as
annual VC investment topped
1 billion for the first time. Naturally,
VC interest in a space usually precedes
the entrance of strategic acquirers.
To that end, the exit market for these
companies is still developing on the
continent, as 2017 saw only 11 exits of
AI/ML startups.
The recent buzz around AI/ML as a
commercially viable technology began
around 2006 with the advancements
in Deep Learningprogress that was
made possible by huge leaps in the
three key areas of ML: new research
approaches, computing power and
data availability.
While AI has proliferated in many
consumer-facing products, the
field continues to be such a strong
investment due to its application
in the enterprise. Opportunities in
this market span from automation
in manufacturing and agriculture, to
smart power grids and new drug
discovery. A consistent shortcoming
for corporations across nearly
all industries is cybersecurity
another field AI/ML is working to
transform. On that front, Cambridge-
based Darktrace is implementing
unsupervised learning techniques
to identify unknown threats and
anomalies in a diverse set of enterprise
networks.
Due to the complexity of the problems
and the computation power that they
require, many AI/ML applications
will take time to come to fruition. In
response to these issues, advances
are also being pursued in supporting
hardware like quantum or high-
performance computing as well as
the associated chips (GPUs/CPUs/
FPGAs/TPUs). This is a niche the
startup Graphcore, headquartered
in Bristol, is looking to exploit with
their proprietary computer processor
built specifically for machine learning
applications. We expect deal and exit
activity will continue to increase in the
vertical through 2018, as automation
through AI/ML becomes a
widespread trend and the technology
penetrates on an enterprise level
across a more diverse set of industries.
343.9 556.9 1,205.314
12
19
32
54
87
110
176
197
309
0
50
100
150
200
250
300
350
0
200
400
600
800
1,000
1,200
1,400
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Deal Value (M)
# of Deals Closed
PITCHBOOK 2017 ANNUAL EUROPEAN VENTURE REPORT
7
CVC
Corporate VC sees increased
participation
Corporate VC remains popular
investment type
European VC activity with CVC participation
1.51.12.21.73.23.33.54.55.46.5202
190
281
385
426
501
546
590
634
612
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Deal Value (B)
# of Deals Closed
Deal value with Corporate VC
(CVC) participation posted a sixth
consecutive year of increases in
2017, recording 6.5 billion of closed
transactions. However, the deal count
trend flattened out on a YoY basis as
CVC starts to follow the pervasive
tendency toward larger deals. We
attribute a large portion of this
increase to the 66% YoY increase in
the median size of early stage deals,
which comprised nearly 60% of CVC
deals in 2017.
The number of participants in the
CVC market over the past five years
shows a clear picture of growth.
Starting in 2012, we recorded 68
unique European CVC investors that
completed a deal, with the most active
investor, Almi Invest, participating in
47 deals. Just five years later, Almi
Invest remains the most active investor,
but the number of active investors
has reached 120 in total, an increase
of over 75%. As large corporations
continue to search for flexibility and
efficiency when allocating capital,
CVC as a strategy should gain traction.
The further adoption of CVC speaks
to the effectiveness of the strategy
for sourcing innovative ideas that can
reduce expenses in the prolonged
low-growth environment across most
of the developed world. As the CVC
market has developed, it has become
an increasingly popular strategy to
invest and as an augmentation to
traditional R&D. In comparison to full
in-house R&D, the CVC approach
offers a few advantages: potential
financial returns, intellectual property
sharing, lower upfront cost of both
capital and time, and acquisition
optionality.
The median late-stage
CVC deal size is nearly
double the size of
traditional late-stage
deals across Europe
10M
median late-stage deal size
with CVC participation
Source: PitchBook
Source: PitchBook
PITCHBOOK 2017 ANNUAL EUROPEAN VENTURE REPORT
8
UK and Ireland saw record deal value in
2017
The UK and Ireland has long been
regarded as the stronghold of
Europe's venture ecosystem. 2017
data further cemented this sentiment,
showing a record year for venture
financings, with approximately 7.1
billion invested across 1,221 dealsa
high-water mark for capital invested
despite a decline in deal count. This
growth may be attributed to ample
funding for startups encouraged by
various government initiatives, which
have subsequently contributed to an
entrepreneurial ecosystem of mature
companies ready for larger, late stage
investment. Additionally, London's
long-time status as a financial hub and
its friendly regulatory environment
have encouraged the region's
blossoming fintech scene.
Historically, deals in the UK/Ireland
region have taken place more in the
earlier stage, but the UK's maturing
venture ecosystem has propelled
startups to the point where they
are now raising larger rounds. The
region saw a record volume and value
of large deals, with over 4 billion
invested in 53 rounds greater than
25 million. The UK government has
in place several venture investment
schemes that incentivize seed and
early stage investment through tax
breaks to high net worth investors.
Additionally, the British Business
Bank's Enterprise Capital Funds
program has deployed capital
across 26 UK VC funds, fostering
emerging fund managers investing in
growing businesses. Accommodative
1.61.12.61.52.42.83.66.05.97.1472
489
695
862
1143
1459
1984
1786
1448
1221
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Deal Value (B)
# of Deals Closed
Deal count continues to slide,
despite uptick in deal value
UK/Ireland VC activity
US firms participated
in the highest
percentage of UK/
Ireland deals since
2007
18.9%
percentage of UK/Ireland
VC deals with US investor
participation
Just 312 first
financings were
completed in 2017,
the lowest in eight
years
63%
percentage decline in the
number of first financings in
the UK/Ireland since 2014
Source: PitchBook
Source: PitchBook
Source: PitchBook
Regional Spotlight
PITCHBOOK 2017 ANNUAL EUROPEAN VENTURE REPORT
9
governmental policies seem to have
contributed to early stage investment
which, in turn, has helped companies
reach milestones and score larger
deals.
The region's strong activity in 2017
was also partially a product of its
burgeoning fintech ecosystem. Of
2017's 297 fintech deals in Europe,
137 were closed by companies
operating out of the UK and Ireland,
which garnered 1.65 billion in VC
investment. The region's fintech
ecosystem has flourished in recent
years thanks in part to the UK's
established financial sector and
supportive regulatory environment. In
2014, the UK government's Financial
Conduct Authority (FCA) initiated
Project Innovate to help fintech
startups get their products approved
and provide a "sandbox" to test their
products in a live environment. The
FCA reports that 75% of Project
Innovate's first cohort had their testing
plans approved, and in 2017 the FCA
began work with a second cohort of
24 fintech companies. Though traction
in fintech is strong, the UK will need
to keep an open labor market to
attract and maintain the international
engineering talent that keeps its tech
startups afloat.
0
100
200
300
400
500
600
0.0
0.5
1.0
1.5
2.0
2.5
3.0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2010
2011
2012
2013
2014
2015
2016
2017
Capital Invested (B)
# of Deals Closed
Angel/Seed
Early VC
Late VC
Deal value surged in 4Q due to several large deals
UK/Ireland VC activity
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Angel/Seed
Early VC
Late VC
3.4
3.3
2.1
1.1
0.7
0.6
UK/Ireland deal sizes increases
Median UK/Ireland VC deal size (M)
Region leads in fintech investment
European fintech activity
1.11.51.32.7 1.65112
173
256
295
316
297
2012
2013
2014
2015
2016
2017
Deal Value (B)
UK/Ireland Deal Value (B)
# of Deals Closed
Source: PitchBook
Source: PitchBook
Source: PitchBook
Regional Spotlight
PITCHBOOK 2017 ANNUAL EUROPEAN VENTURE REPORT
10
Exits
VC-backed exits remain
relatively strong
IPOs and buyouts show
relative strength
European VC-backed exits (#) by type
Source: PitchBook
Exit value remains historically high
European VC-backed exits
2017 saw exit counts and value in line
with those of the past five years, as
11.6 billion was exited across 426
deals. While this represents a two-year
slide in exit activity from the peak in
2015, 2017 marks the fifth consecutive
year of over 11.5 billion exited. Worth
noting is the strength of the exit
market despite the absence of any
billion-euro exits closing in 2017. These
deals can significantly underpin exit
value but also skew the underlying
trends of the total market. Robust exit
value despite lower volume and mega-
deals seems to indicate a stabilization
of the market around a new standard
of exit value.
Contrary to earlier indications, 2017
proved to be a rebound year for VC-
backed IPOs, raising over 3 billion
across 53 offerings. Assisted by larger
offerings from Delivery Hero and
Rovio, this year was the strongest
showing since 2014, which retains
decade-highs values for both IPO
value and count.
Looking forward in 2018, one
of the most anticipated exits is
Spotify's pursuit of a direct listing.
This unconventional transaction
will not raise any new capital and
will be completed without formal
underwriting support from investment
banks. We believe this approach has
potential disruptive power on the
3.22.15.44.74.011.812.013.812.611.6241
196
286
314
358
393
537
538
471
426
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Exit Value (B)
# of Exits Closed
traditional IPO process, since Spotify
is going through this process with
only a handful of advisors and paying
them a fraction of the normal IPO fee.
Because of Spotify's size and unique
a-la-carte attitude toward investment
banking services, its IPO will be
closely watched by many of the other
large late-stage companies that have
postponed IPOs over the last couple
years.
0
100
200
300
400
500
600
2013
2014
2015
2016
2017
Acquisi on
IPO
Buyout
Source: PitchBook
PITCHBOOK 2017 ANNUAL EUROPEAN VENTURE REPORT
11
In 2017, the median
valuation for VC-
backed exits fell
to its lowest point
since 2012
EXITS
$33.0M
median post-money
valuation for VC-backed
exits in 2017
Median acquisition/buyout exit
size declined to decade low
Median VC-backed exit size (M) by type
Source: PitchBook
Exit count fell to a four-year low in 4Q
European VC-backed exit activity
Source: PitchBook
1.31.41.81.00.81.81.51.21.00.90.95.42.31.32.82.52.02.94.64.22.52.74.56.12.52.21.93.63.61.82.60
20
40
60
80
100
120
140
160
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2010
2011
2012
2013
2014
2015
2016
2017
Exit Value (B)
# of Exits Closed
32.4
17.0
14.3
23.8
0
5
10
15
20
25
30
35
2010
2011
2012
2013
2014
2015
2016
2017
Acquisi on/Buyout
IPO
Source: PitchBook
PITCHBOOK 2017 ANNUAL EUROPEAN VENTURE REPORT
12
Fundraising
Healthy fundraising activity
despite dwindling fund count
Fundraising totals decline
despite uptick in fund sizes
European VC fundraising activity
Source: PitchBook
9.13.85.95.95.55.35.29.49.97.4151
118
119
132
113
109
93
87
75
54
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Capital Raised (B)
# of Funds Closed
Fundraising saw a 25% decrease in
volume in 2017, with 7.4 billion raised
across only 54 vehicles. Although
2017 is the third consecutive year to
see more than 7 billion in capital
raised by European VCs, fund count
continued a six-year slide leading to
the lowest level in 10 years. Reflecting
recent venture market dynamics, the
presence of seed and early stage
funds has diminished significantly,
with only 10 micro-funds (less than
50 million) raised in 2017. The data
suggest that early stage investors may
be targeting larger funds sizes, as 2017
saw an uptick of funds raised in the
50 million 100 million range.
Fund count dwindles as VCs raise
larger funds
Three years ago, micro-funds made
up 49% of funds raised in Europe.
In 2017, however, the proportion of
micro-funds has shrunk to 19% of the
total, while 62% of funds raised were
in the 50 million 250 million range.
Perhaps in response to the more than
doubling of early-stage deal sizes over
the past three years, it appears VCs
are raising larger funds to meet the
growing prices of venture deals and
maintain sufficient follow-on reserves.
In 2017, more than half of funds in 50
million100 million range were at
least twice the size of their previous
fund.
2017's low fund count may also be
a result of LPs committing larger
sums to fewer managers. Established
fund managers may have an easier
time raising larger funds as LPs
look to commit more capital to
fewer, historically high-performing
managers. LPs frequently cite two
reasons for writing larger checks and
consolidating to proven managers.
First, cementing relationships with
GPs that can deliver consistent returns
is valuable, as there are considerable
opportunity costs to allocating to an
unsuccessful manager. Fewer manager
relationships also makes portfolio
management easier for LPs, some of
which have limited staff to manage
alternative investments.
PITCHBOOK 2017 ANNUAL EUROPEAN VENTURE REPORT
13
Micro-funds less prominent as European VCs raise
larger funds
European VC fundraising (#) by size
Average European VC fund size has plateaued
Median and average European VC fund size (M)
Source: PitchBook
Source: PitchBook
Fundraising
Nearly as much
has been raised by
European VC funds
since 2015 as had
been raised during the
previous five years
26.7B
amount raised for
European VC funds over
the past three years
107
93
145
143
0
20
40
60
80
100
120
140
160
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Median
Average
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
20082009201020112012201320142015201620171B+
500M -
1B
250M-
500M
100M-
250M
50M-
100M
Under
50M
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008200920102011201220132014201520162017$1B+
500M -
1B
250M -
500M
100M -
250M
50M -
100M
Under
50M
Source: PitchBook
European VC fundraising () by size
PITCHBOOK 2017 ANNUAL EUROPEAN VENTURE REPORT
14
Company
Deal size (M)
Series/stage
Date
HQ
Country
Industry
Deliveroo
417.5
Series F
17/11/2017
London
UK
Software
Truphone
286.3
Late Stage
3/10/2017
London
UK
IT Hardware
TransferWise
238.7
Series E
1/11/2017
London
UK
Other
OakNorth
172.9
Late Stage
12/10/2017
London
UK
Other
ADC Therapeutics
170.1
Late Stage
23/10/2017
Epalinges
Switzerland
Pharma & Biotech
The Ink Factory
153.4
Late Stage
16/11/2017
London
UK
Media
Insightec
126.7
Series E
14/12/2017
Tirat Carmel
Israel
HC Devices &
Supplies
Orchard Therapeutics
96.3
Series B
20/12/2017
London
UK
Pharma & Biotech
Secret Escapes
93.1
Series D
5/10/2017
London
UK
Consumer Goods &
Recreation
BIMA
90.4
Late Stage
19/12/2017
Stockholm
Sweden
Other
Top 10 largest European VC deals in 4Q 2017
Top 10 largest European VC funds closed in 4Q 2017
Fund name
Investor
Fund size (M)
Close date
HQ
Country
Balderton Capital Fund VI
Balderton Capital
319.6
26/11/2017
London
London
LSP Health Economics Fund 2
Life Sciences Partners
280.0
12/12/2017
Amsterdam
Amsterdam
CapHorn Invest II
CapHorn Invest
130.0
23/10/2017
Paris
Paris
Sunstone Technology Ventures Fund IV
Sunstone Capital
112.0
2/11/2017
Copenhagen
Copenhagen
Italia Venture I
Invitalia Ventures
87.0
24/10/2017
Rome
Rome
BioGeneration Ventures III
BioGeneration Ventures
82.0
31/10/2017
Naarden
Naarden
Episode 1 Enterprise Capital Fund II
Episode 1 Ventures
68.0
1/12/2017
London
London
Brighteye Ventures Fund I
Brighteye Ventures
50.0
1/11/2017
Paris
Paris
GMG Ventures
GMG Ventures
47.2
18/10/2017
London
London
Fly Ventures Fund I
Fly Ventures
34.6
21/12/2017
Berlin
Berlin
Source: PitchBook
4Q 2017 League Tables
Top 10 European VC-backed exits in 4Q 2017
Company
Exit size (M)
Exit type
Date
HQ
Country
Industry
Rigontec
464.0
Acquisition
26/10/2017
Munich
Germany
Pharma & Biotech
Argus Cyber Security
340.2
Acquisition
30/10/2017
Tel Aviv
Israel
Software
Shazam
337.9
Acquisition
11/12/2017
London
United
Kingdom
Media
Goodgame
270.0
Acquisition
6/12/2017
Hamburg
Germany
IT Hardware
Invendo Medical
225.0
Acquisition
25/10/2017
Weinheim
Germany
HC Devices &
Supplies
Skagen Funds
203.2
Acquisition
11/12/2017
Stavanger
Norway
Other
JustGiving
108.0
Acquisition
2/10/2017
London
United
Kingdom
Other
InflaRx
85.2
IPO
8/11/2017
Jena
Germany
Pharma & Biotech
Orphazyme
80.6
IPO
16/11/2017
Copenhagen
Denmark
Pharma & Biotech
BioArctic
72.9
IPO
12/10/2017
Stockholm
Sweden
Pharma & Biotech
Source: PitchBook
Source: PitchBook
PITCHBOOK 2017 ANNUAL EUROPEAN VENTURE REPORT
15
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