Venture capital
investment flows
in Europe
May 2018
$ 3.8B
$ 6.3B
$ 9.7B
$ 11.3B
$ 12.0B
$ 2.8B
$ 4.1B
$ 6.1B $ 5.7B
$ 7.9B
$ 0.2B
$ 1.1B $ 1.3B
$ 1.9B
$ 4.5B
$ 0.2B $ 0.4B $ 0.2B
$ 0.7B $ 1.0B

500
1,000
1,500
2,000
2,500
3,000

$ 3.0B
$ 6.0B
$ 9.0B
$ 12.0B
$ 15.0B
2013 2014 2015 2016 2017
2013 2014 2015 2016 2017
2013 2014 2015 2016 2017
2013 2014 2015 2016 2017
Europe
USA
Asia
Rest of World
Investment
Number of rounds
Venture capital investment into Europe has been
increasing from all sides
Europe
USA
Asia
Rest of World
2
Source: Dealroom.co.
58%
38%
2%
2%
55%
32%
10%
4%
60%
33%
6%
1%
63%
24%
9%
4%
56%
26%
13%
5%

20%
40%
60%
80%
100%
Europe
USA and Canada
Asia
Rest of World
2013
2014
2015
2016
2017
Only Asia has increased its share of investment, both
by amount of capital and by number of rounds
3
Source: Dealroom.co.
Market share by number of European investment rounds
(by location of investor)
Market share by $ invested capital into Europe
(by location of investor)
Asian investment
grew from 2% to
13% in 5 years
82%
15%
1%
2%
80%
16%
2%
1%
80%
16%
3%
1%
82%
14%
3%
1%
80%
14%
4%
2%

20%
40%
60%
80%
100%
Europe
USA and Canada
Asia
Rest of World
2013
2014
2015
2016
2017
Asian investors focus on $20M+ rounds. Already 18%
of such rounds have an Asian investor
4
Source: Dealroom.co.
% of European investment rounds with an Asian investor
USA investment into Europe: no big change in approach
13%
8%
12%
17%
26%
40%
52%
4%
2%
4%
6%
9%
18%
19%

10%
20%
30%
40%
50%
60%
Total
$ 0-2M
$ 2-5M
$ 5-10M
$ 10-20M
$ 20-50M
$ 50M+
USA
Asia
As could be expected, larger rounds have a higher
participation rate from USA and Asian investors (2017)
1%
1%
2%
2%
3%
2%
7%
8%
10%
13%

3%
6%
9%
12%
15%
2013
2014
2015
2016
2017
$ 0-10M
$ 10M+
7%
9%
10%
9%
10%
37%
42%
36%
34%
34%

10%
20%
30%
40%
50%
2013
2014
2015
2016
2017
$ 0-10M
$ 10M+
52%
20%
14%
12%
9%
8%
8%

10%
20%
30%
40%
50%
60%
Israel
United Kingdom
Germany
Spain
France
Netherlands
Sweden
USA & Asian investors are mainly interested in the UK and
Germany (but they're even much more interested in Israel)
Source: Dealroom.co
28%
7%
4%
3%
2%
2%
1%

5%
10%
15%
20%
25%
30%
Israel
United Kingdom
Germany
Spain
France
Netherlands
Sweden
% of rounds with contribution from Asia
% of rounds with a USA investor
7% of UK investment
rounds have an Asian
investor
20% of UK investment
rounds have a USA
investor
5
Together, the UK and USA are responsible for nearly half of
all venture capital invested in Europe
Capital invested in Europe by investor HQ location (2017)
Source: Dealroom.co
26%
22%
13%
10%
9%
5%
4%
4%
3%
2%
2%
USA
United Kingdom
Asia
France
Germany
Rest of World
Sweden
Rest of Europe
Netherlands
Switzerland
Spain
817
591
468
454
433
241
224
155
148
141
99
United Kingdom
France
USA
Rest of Europe
Germany
Sweden
Rest of World
Netherlands
Spain
Asia
Switzerland
Number of European rounds by investor HQ location (2017)
6
UK
22%
Asia
13%
USA
26%
EU
34%
RoW
5%
European investors make roughly 30% of their
European investments internationally (non-domestic)
7
Source: Dealroom.co.
246
435
525
567
588
155
193
261
308
293
36
62
81
118
105
100
137
192
441
505
20
36
72
157
182
75
98
100
122
121
114
149
206
207
229
39
61
99
146
140
13
17
40
48
50
41
60
70
65
86
14
23
32
47
59
37
38
34
29
27
360
584
731
774
817
194
254
360
454
433
49
79
121
166 155
141
197
262
506
591
34
59
104
204
241
112
136 134
151 148

5%
10%
15%
20%
25%
30%
35%
40%
45%
50%

100
200
300
400
500
600
700
800
900
1,000
2013 2014 2015 2016 2017
2013 2014 2015 2016 2017
2013 2014 2015 2016 2017
2013 2014 2015 2016 2017
2013 2014 2015 2016 2017
2013 2014 2015 2016 2017
United Kingdom
.
Germany
Netherlands
France
Sweden
Spain
Domestic investments
International investments (in Europe)
% invested internationally
France, Sweden and Spain have
become (relatively!) more
domestically focused
Germany and Netherlands have
become more international
Number of investment rounds, by investor location
The United Kingdom is Europe's the most important source
of non-domestic capital
Number of non-domestic rounds, by investor location
Source: Dealroom.co
The UK invests more capital
outside its own country than
any other European country
229
140
86
69
59
50
27
United Kingdom
Germany
France
Switzerland
Sweden
Netherlands
Spain
8
Source: Dealroom.co.
Note: Index Ventures counted as UK fund, instead of Swiss.
9
However, the balance may shift, as French VC firms raised
more capital than UK-based VC firms in 2017 for the first time
$ capital raised by European VC funds
$ 2.3B
$ 0.4B
$ 0.2B
$ 4.0B
$ 1.6B
$ 1.0B
$ 4.0B
$ 2.0B
$ 1.9B
$ 3.0B
$ 3.2B
$ 1.3B

$ 1.0B
$ 2.0B
$ 3.0B
$ 4.0B
$ 5.0B
United Kingdom
France
Germany
2014
2015
2016
2017
Investment flows into and within Europe
Source: Dealroom.co
10
Origin of funds (investor location)
From Europe
From Worldwide
2017
United
Kingdom Germany
France
Sweden
Netherlan
ds
Switzerlan
d
Spain
Rest of
Europe
Europe
USA and
Canada
Asia
Rest of
World
Total
Worldwide
Investment into
(company location)
United Kingdom
828
588
50
26
9
5
12
9
26
657
157
54
14
828
Germany
417
51
293
24
14
11
35
5
6
345
59
18
5
417
France
705
36
23
505
3
5
5
5
8
531
64
12
9
705
Sweden
359
23
7

182
3
2
1
16
213
28
4
2
359
Netherlands
215
16
13
3
1
105
1
1
3
130
18
4
1
215
Switzerland
85
3
6
3
1
2
30
3
2
45
13
7
1
85
Spain
217
37
8
11
3
6

121
9
164
27
6
8
217
Other European destinations
855
63
33
19
28
18
14
3
384
565
102
36
184
855
Total europe
3,681
817
433
591
241
155
99
148
454
2,650
468
141
224
3,681
Origin of funds (investor location)
From Europe
From Worldwide
By $ invested
2017
United
Kingdom Germany
France
Sweden
Netherlan
ds
Switzerlan
d
Spain
Rest of
Europe
Europe
USA and
Canada
Asia
Rest of
World
Total
Worldwide
$ 4.2B
$ 1.7B
$ 2.0B
$ 0.7B
$ 0.6B
$ 0.5B
$ 0.4B
$ 0.7B
$ 10.9B
$ 5.1B
$ 2.5B
$ 1.0B
$ 19.4B
Investment into
(company location)
United Kingdom
$ 7.4B
36%
4%
3%
1%
0%
2%
1%
0%
48%
30%
20%
2%
100%
Germany
$ 3.1B
13%
23%
6%
2%
2%
5%
1%
0%
51%
24%
11%
14%
100%
France
$ 2.6B
13%
6%
51%
0%
4%
2%
0%
0%
77%
19%
4%
1%
100%
Sweden
$ 1.3B
12%
9%

40%
2%
0%
0%
5%
68%
27%
3%
2%
100%
Netherlands
$ 0.6B
11%
10%
5%
0%
48%
0%
4%

78%
20%
2%
0%
100%
Switzerland
$ 0.3B
7%
7%
9%
3%
2%
20%
1%

48%
38%
13%

100%
Spain
$ 0.9B
15%
4%
4%
6%
3%

21%
0%
53%
26%
8%
13%
100%
Other European destinations
$ 3.1B
12%
7%
4%
4%
4%
2%
0%
27%
60%
26%
9%
5%
100%
Total europe
$ 19.4B
22%
9%
10%
4%
3%
2%
2%
4%
56%
26%
13%
5%
100%