1
Sector
Update
Marketplaces
Important disclosures appear at the back of this report
GP Bullhound LLP is authorised and regulated by the Financial Conduct Authority
GP Bullhound Inc is a member of FINRA
Q3 2020
2
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and
capital to category leaders.
Marketplaces perspectives
EXECUTIVE SUMMARY
Apax Partners
ACQUIRED BY
Baltic Classifieds Group
UNDISCLOSED
ACQUIRED BY
UNDISCLOSED
OLX (Naspers)
AutoTrader SA
Accel, Baring Vostok &
Vostok New Ventures
INVESTMENT BY
Avito.ru
$110M
GP Bullhound Fund IV,
Cathay, Atomico and others
INVESTMENT BY
Ontruck
€25M
GP Bullhound Fund IV,
Lakestar, Korelya and others
INVESTMENT BY
Glovo
€150M
GP Bullhound’s marketplaces sector comprises the broader internet ecosystem, including online marketplaces, online classifieds, online travel
and e-commerce. This reports aims to provide insights into public and private valuations across the transaction spectrum and qualitative
insights into broader market trends. We also feature interviews with many of the leading companies and CEOs who are currently transforming
the sector.
In Q3, we continued to see a recovery in performance and valuations in most verticals in the Marketplaces sector after the COVID-induced
shock. As we predicted in Q2, there has been a significant uptick in M&A and private placement activity. Even more significantly, the IPO
market saw a particularly strong quarter with several landmark listings and filings over the period.
Based in our London office, Alessandro Casartelli heads the marketplaces practice which has completed over 20 transactions. Several of GP
Bullhound’s marquee marketplaces advisory transactions and investments are showcased below:
3
Key sector takeaways
Recent marketplaces transaction trends
Public company analyses
Marketplaces CEO commentary
Key marketplaces metrics
Appendix A: Public comparables by category
1
3
4
5
6
Contents
2
Appendix B: GP Bullhound credentials and team
7
Appendix C: GP Bullhound corporate overview
8
4
Section 1
Key sector takeaways
5
GP Bullhound’s views on current trends in marketplaces
The future of travel landscape
2
1
What’s next in the never-ending search to discover the optimal customer acquisition
channels
Beauty and personal care innovation through direct-to-consumer (DTC)
3
6
1
GP Bullhound’s views on current trends in marketplaces
Source: Capital IQ, Pitchbook, Mergermarket as of 30 September 2020
 Since the advent of the internet, digital acquisition has evolved from email marketing
to search engine-driven channels. Initially, email was a new outbound marketing tool
and search engines catalogued vast inventories of websites.
− Marketers used PPC and early SEO techniques such as keyword stuffing,
excessive tagging and backlinks to generate high rankings and traffic.
− Since then, the introduction of social media sites and the implementation of
online personal data sharing has allowed marketeers to track patterns and
behavioral trends.
− This has been reinforced by smartphone adoption, with the speed and access
of search increasing SEO innovation has resulted in content and keyword
relevance a much more effective form of generating traffic. Using content
helps with storytelling, sharing and building consumer engagement.
− More recently, brands and online sellers have used content to demonstrate
authenticity and assurance. Content marketing has enabled storytelling and
‘word of mouth’ acceleration through sharing.
 Looking to the future, brands will need to create a brand ambassador programme
and rely less upon the old influencer model.
− Gymshark rapidly built a brand through influencer marketing. It consequently
accelerated the initial engagement through pop-up shops, celebrity
endorsements and content.

Third-party marketplaces and new selling channels offer a different model for
customer acquisition, which uses monetisation through conversion rather than just
click, view or visit.
− There is an ecosystem building around third-party sellers, with companies such
as Orca Pacific helping sellers to optimise customer acquisition, search and
engagement.
What’s next in the never-ending search on discovering the optimal customer
acquisition channels
DEAL DATE: JUL-20
EV: N/A
EV/ REV: N/A
DEAL DATE: AUG-20
TTV: $120M
TTV/ REV: N/A
DEAL DATE: AUG-20
TTV: £210M
EV/ REV: 5.7X
DEAL DATE: JUL-20
TTV: $75M
TTV/ REV: 0.75X
7
2
GP Bullhound’s views on current trends in marketplaces
Source: Capital IQ, Pitchbook, Mergermarket as of 30 September 2020

The vertical has enjoyed the strongest demand in DTC across male and female
consumer groups.

This product category resonates well with consumers because its characteristics suit
digital distribution and engagement – parcel size relative AOV/price, unit economics,
and purchase/usage frequency.
− Therefore, many DTC beauty and personal care brands have managed to
convince consumers to skip retail stores and pay a premium for deliveries of
sustainable and high-quality household goods such as soap, razers and
personal care items.

Innovation is another area where DTC brands in this segment have thrived.
− Categories such as shaving products, which have been traditionally hindered
due the Gillette monopoly – and more recently players such as Dollar Shave
Club and Estrid, disrupted the status quo through product development,
distribution enhancement, and higher engagement with consumers.
−
In makeup and haircare, brands such as Glossier and Gisou have further
demonstrated how, through product-led innovation, nascent entrants can
build a well-engaged consumer offering online, which can in return be
leveraged into a global brand.

The global pandemic and lockdowns naturally slowed sales, especially for brands
that also distribute through third-party retailers. However, with structurally low AOV
(amongst discretionary consumer categories) and relatively high consumer value
through health and wellness benefits, we expect this segment to continue to capture
a large share of wallet during these uncertain times.
Beauty and personal care innovation through direct-to-consumer (DTC)
DEAL DATE: JUL-20
TTV: $200M
EV/ REV: 10X
DEAL DATE: JAN-20
EV: N/A
EV/ REV: N/A
DEAL DATE: FEB-20
TTV: N/A
EV/ REV: N/A
DEAL DATE: AUG-20
TTV: $47M
EV/ REV: N/A
8
3
GP Bullhound’s views on current trends in marketplaces

The online travel sector has been decimated by COVID-19. As we have seen in past
major crises, in order to survive companies have been forced to re-invent and
innovate.
 Meanwhile, domestic travel has seen some positive effects as local tourism has
gained popularity as a result of the mobility restrictions. After initially being
impacted, platforms like Airbnb and Vacasa have seen a strong uptick in demand.
 Elsewhere, with the travel restrictions continually evolving, alternative transportation
methods have seen a surge in demand; e.g. bus and train. This is the case for Omio,
who recently raised $100m to grow its multi-mode search tool.
 Regarding accommodation, the pandemic has had a devastating effect on
traditional providers and online marketplaces. However, the latter are proving to be
more resilient:
− Hotels must work harder to integrate social-distancing requirements. In
addition, hotels concentrate large crowds, which customers are trying to
avoid.
− Online platforms have leaner structures and lower cost bases.
− Online platforms’ broader network allows online platforms to be more flexible
with their offering in terms of areas, accommodation types and length of
stay, which lowers the risk.

The landscape is evolving rapidly and therefore companies are forced to re-think
their targeting strategy. Service providers in this segment will increasingly need to
use technology and data to effectively target consumers and plug-in the changing
dynamics of global travel and hospitality; e.g. pricing, demand, supply, transport
methods, flying restrictions, etc.
The future of travel landscape
Source: Capital IQ, Pitchbook, Mergermarket as of 30 September 2020
DEAL DATE: AUG-20
TTV: $99M
EV/ REV: N/A
DEAL DATE: SEP-20
TTV: $28M
EV/ REV: N/A
DEAL DATE: JUL-20
MARKET CAP: $250M
EV/ REV: N/A
DEAL DATE: JUN-20
TTV: $108M
EV/ REV: N/A
9
Section 2
Recent marketplaces transaction trends
10
0%
20%
40%
60%
80%
100%
2016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q3US and Canada
Europe
Asia
Other
0%
20%
40%
60%
80%
100%
2016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q3US and Canada
Europe
Asia
Other
0
100
200
300
400
$0B
$10B
$20B
$30B
$40B
$50B
2016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q3Total capital invested
Deal count
0
500
1,000
1,500
2,000
$0B
$10B
$20B
$30B
$40B
$50B
2016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q3Total capital invested
Deal count
Uptick in financing activity, as well as M&A deal volume
M&A deal value on a par with Q3 2019
Private placement deal value in Q3 2020 strongly growing YoY
North America’s M&A activity picked up in Q3 2020
Asia private placement volume lost shares in Q3 2020
Source: Pitchbook as of 30 September 2020
Note: Data includes all “Marketplaces” M&A, private placement deals, and IPOs as defined by Pitchbook regardless of
geography or transaction size.
GLOBAL MARKETPLACES TRANSACTION TRENDS
We expect an increase in fundraising activity due to the more stable situation versus Q2 and Q3, as well as an increase in M&A volume due to
consolidation.
11
Announcement date
Target
Buyer
Target description
Value ($m)
Implied EV/LTM Rev
Sep-20
Savings destination for online and in-store purchases
420.0
-
Sep-20
Online contact lens retailer
3,000.0
-
Sep-20
Operations of Glovo in Peru, Ecuador, Costa Rica,
Honduras and Guatemala; food delivery services
272.4
-
Sep-20
Travel booking platform
27.8
-
Sep-20
Online real estate advertising services in Italy
-
-
Sep-20
Platform to buy/rent real estate properties
1,569.6
-
Sep-20
Online marketplace for auto dealers
425.0
-
Aug-20
Parent to 7 dynamic e-commerce retail brands:
Appleseed’s, Blair, Haband, Gettington, etc.
250.0
-
Aug-20
Mobile application for ordering groceries in Dubai
360.0
-
Jul-20
Classifieds platforms to find job, real estate, products
among other
9,214.3
-
Jul-20
Online housing, car, and job advertising services
211.5
-
Jul-20
E-commerce platform for selling furniture in Turkey
130.0
-
Jul-20
Food and grocery delivery platform
2,124.0
5.3x
Marketplaces continue to attract buyout and strategic interest
NOTABLE MARKETPLACES M&A DEALS
Source: Capital IQ, Pitchbook, Mergermarket of 30 September 2020
Q3 2020 saw few deals that show consolidation in the mobility and food delivery sectors, as well as strong interest from buyout funds. We expect to
see further consolidation in Q4.
12
Food delivery and mobility funding traction continues
NOTABLE MARKETPLACES PRIVATE PLACEMENTS DEALS
Source: Capital IQ, Pitchbook, Mergermarket as of 30 September 2020
Announcement date
Issuer
Lead investor
Issuer description
Value ($m)
Sep-20
Online shipping and fulfilment software for small e-commerce
businesses
68.0
Sep-20
Online footwear marketplace intended to buy and sell sneakers
100.0
Sep-20
Commerce platform for selling, distributing, and managing
cloud-based products and services
185.0
Sep-20
Interactive fitness platform intended to transform indoor cycling
and running
450.0
Sep-20
Digital platform form home gym training
110.0
Sep-20
Online pharmacy delivery services in the US
75.0
Sep-20
Online real estate marketplace provider
220.1
Sep-20
Instant quoting platform intended to offer a marketplace for
custom manufacturing
75.0
Aug-20
D2C prescription eyewear designed to offer trendy aesthetics at
lower prices
120.0
Aug-20
Online platform to search and book for air, rail, bus, and car
rental across Europe
100.0
Aug-20
Fitness apparel and accessories brand designed to manufacture
clothes and outfits for athletes
270.9
Aug-20
Marketplace technology solutions for businesses
300.0
Jul-20
Online marketplace for health and beauty products
150.0
Jul-20
Online platform that allows patients to consult doctors,
psychologists, and healthcare providers
78.7
Q3 2020 saw strong momentum in mega rounds with multiple transactions completed over $100m, and with special interest in the fitness, real
estate and logistics sector.
13
Public company analyses
Section 3
14
Amazon continues to dominate the marketplaces universe
Source: Capital IQ as of 30 September 2020
(1) Prosus’ market capitalisation includes stake in Tencent (2) Shopify not included in trading comparables
21.8
22.0
22.6
22.7
22.8
23.4
25.9
27.4
28.3
40.3
52.5
64.3
66.7
72.0
83.1
112.2
120.8
146.1
777.5
1,597.2
Zillow Group, Inc.
Delivery Hero SE
Trip.com Group
Limited
Chewy, Inc.
Zalando SE
Pinterest, Inc.
Ocado Group plc
Peloton
Interactive, Inc.
Wayfair Inc.
eBay Inc.
MercadoLibre,
Inc.
Recruit Holdings
Co., Ltd.
Uber
Technologies, Inc.
Booking Holdings
Inc.
Pinduoduo Inc.
JD.com, Inc.
Shopify Inc.
Prosus N.V.
Alibaba Group
Holding Limited
Amazon.com, Inc.
SELECTED MARKETPLACES PUBLIC COMPANY VALUATIONS
Market cap values in $bn
(1)
(2)
15
Share price performance L5Y
Large caps are the best performing in the sector (LTM)
Source: Capital IQ as of 30 September 2020
Notes: GP Bullhound Marketplaces index constituents are aligned with trading comps found in Appendix A.
E-commerce
110.4%
Large cap
70.4%
Online marketplaces
46.1%
S&P 500
41.8%
Classifieds
37.0%
Online travel
(18.0%)
LTM performance
SHARE PRICE PERFORMANCE OF KEY MARKETPLACES INDICES
As the COVID-19 situation persists, we expect volatility to continue to particularly affect the online travel and classifieds segments.
Share price performance
L5Y
L3Y
LTM
L6M
Since 01/02
S&P 500 Technology Sector
197.8%
94.0%
41.8%
47.9%
14.7%
Large cap
359.0%
123.0%
70.4%
58.3%
42.2%
E-commerce
139.0%
84.3%
110.4%
135.0%
86.9%
Online marketplaces
216.0%
78.3%
46.1%
81.3%
14.8%
Classifieds
172.4%
67.2%
37.0%
82.7%
10.7%
Online travel
11.8%
(26.8%)
(18.0%)
40.2%
(15.2%)
-50%
0%
50%
100%
150%
200%
250%
300%
350%
400%
450%
30 Sep 15
31 Mar 16
30 Sep 16
31 Mar 17
30 Sep 17
31 Mar 18
30 Sep 18
31 Mar 19
30 Sep 19
31 Mar 20
30 Sep 20
16
Indicative trading valuation benchmarks
Source: Capital IQ as of 30 September 2020
(1) Average
LTM gross
margin (1)
EV / CY20E
revenue (1)
CY19-21 rev
growth (1)
Selected companies
Verticals
50%
6.5x
50%
Large cap
53%
5.8x
29%
Online marketplaces
66%
11.8x
3%
Classifieds
73%
4.6x
(14%)
Online travel
42%
2.4x
16%
E-commerce
17
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
10.0x
Sep-15
Mar-16
Sep-16
Mar-17
Sep-17
Mar-18
Sep-18
Mar-19
Sep-19
Mar-20
Sep-20
EV/NTM revenue trends L5Y
Indices trading in line with 5-year averages
Source: Capital IQ as of 30 September 2020
(1) Prosus excluded from Large cap, revenue multiple not meaningful for comparison (data skewed by Tencent stake)
3.9x
9.0x
2.4x
5.7x
5.4x
GP BULLHOUND MARKETPLACES INDEX VALUATIONS
The recent correction has moved valuations to below 5-year averages for most segments. Valuations in the Large cap index remain the most
stable due to their diversification.
EV/NTM revenue average
L5Y
L3Y
LTM
L6M
Since 01/02
Large cap (1)
6.6x
6.5x
7.1x
7.8x
8.6x
E-commerce
5.2x
5.6x
5.0x
5.3x
5.7x
Online marketplaces
4.0x
4.1x
4.5x
5.1x
5.7x
Classifieds
3.1x
2.8x
2.7x
3.3x
3.8x
Online travel
1.9x
1.9x
1.9x
2.2x
2.5x
18
(100%)
(50%)
0%
50%
100%
150%
200%
250%
300%
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
COVID-19 creating uncertainty for 2020 listed marketplace
companies
MARKETPLACES 2020 IPO ACTIVITY
Source: Capital IQ, Pitchbook, Mergermarket as of 30 September 2020
(1) Opendoor went public via merger with the listed special purpose acquisition company (SPAC) Social Capital Hedosophia II
(50.4%)
9 months
19.6%
<1 month
135.4%
4 months
Marketplaces stocks listed in 2020
19.4%
<1 month
(1)
 Description: Online retailer of mattresses
and other bedding products

Listing date: 6 February 2020
 Offering amount: $100m
 Offering price/share: $14.5
 Description: Online used-car
trading platform

Listing date: 9 June 2020
 Offering amount: $468m
 Offering price/share: $22
 Description: Online retailer of
fast-moving consumer goods

Listing date: 16 September 2020
 Offering amount: £1.9bn
 Offering price/share: £5
 Description: Online real estate
marketplace

Listing date: 16 September 2020
 Offering amount: N/A
 Offering price/share: N/A
19
Company
Headquarters
Total funding
Verticals
Description
$21.2bn
Mobility
Online mobility platform with operations for over 550m users
across Asia, Latin America and Australia
$5.4bn
Hospitality
Online property rental marketplace focused on short-term
travel stays
$3.3bn
Online marketplace
Operator of online auction portals
$2.5bn
Online delivery
On-demand food delivery services connecting customers with
local businesses
$2.2bn
Online delivery
Online grocery delivery services marketplace
$153m
Internet retail
Online social commerce marketplace intended to help users
buy, sell and share their personal style
$133m
Online marketplace
Online marketplace for automobiles. It also provides loans
and insurance services
Filings to look for in the next 12 months
Source: Capital IQ, Pitchbook, Mergermarket, Crunchnase
Note: Total funding refers to total debt and equity funding
Anticipation is building ahead of 2021 IPOs
MARKETPLACES FUTURE IPOS
20
Section 4
Marketplaces CEO commentary
21
CEO profile
OnBuy is the world's fastest-growing marketplace selling everything from pet
supplies, homeware to beauty and toys. Launched in November 2016, OnBuy
created a fairer, more transparent marketplace that puts its buyers and sellers first.
From household names to smaller independent retailers, OnBuy offers sellers the
same advantages as the leading marketplaces but in a new way that benefits
everyone. Moreover, we do not compete with sellers by offering own branded
products.
“The events of 2020 have dramatically accelerated the move
towards a digital economy. Consumer adoption of eCommerce was
steadily on the rise even before the pandemic struck, but the events
of this year have accelerated the inevitable uptick in online shopping
beyond what anyone could predict.
An increase in sales for online retailers was to be expected, however
this situation has naturally posed challenges, as retailers have been
forced to diversify supply chains to keep up with increased demand,
or expand their product ranges to ensure consistent income as
shopping habits change with the ever-evolving consumer landscape.
At OnBuy, we can certainly attest to the growth and diversification
trends - we've achieved 600% year-on-year growth for the second
consecutive year and we've seen monthly seller sign ups to our
marketplace triple as online retailers look to diversify their income
streams. We offer millions of products across thousands of categories,
and while we initially saw an expected increase in sales across
gaming and entertainment categories, as well as home workout and
office equipment, as we enter the biggest quarter of the year we’re
seeing increased interest in tech, beauty products and clothing.”
Cas Paton
FOUNDER & CEO
Poole,
UK
Investors
Marketplace
Merchant
Logistics 2020
Award
22
CEO profile
HURR is the smart way to rent your wardrobe, on-demand. The UK's leading wardrobe
rental platform allows members to share clothes and accessories, securely and in
seconds. HURR has been named the “Airbnb of Fashion”, disrupting fashion ownership
and paving the way towards a more sustainable future. Discover and rent curated
edits of contemporary and luxury brands, accessing trend led pieces and coveted
one offs. Welcome to a new way to wardrobe.
“Unlike the more traditional rental model, HURR members can both
rent and lend, allowing everyday women to play a role in both the
demand and supply side of a truly circular fashion model.
As a data-driven tech platform with over three years of information,
we have access to a highly targeted user group, their behaviours /
insight into top rented brands and pricing analytics.
Data informs every part of our decision-making process, from the
brands we choose to work with through to the products we feature.
Rather than building a highly complex platform, existing fashion
brands should utilise existing rental technologies to access the sharing
economy.
The newly launched HURR x Selfridges Rental Collection is the perfect
hybrid - providing the need for newness (that the fast fashion model
relies upon) in a more affordable, sustainable way.”
Victoria Prew
CO-FOUNDER & CEO
London,
UK
Investors
23
Section 5
Key marketplaces metrics
24
Tracking metric
Calculation
Description
GMV / (Take rate %)
 GMV = Total value of transactions

Take rate (%) = % * GMV
 GMV (Gross Merchandise Value) is the total value of merchandise sold through a
marketplace

Take rate is the commission that the company collects on sales
Net revenue / (growth %)
 Net revenue = Total revenue less sales tax,
returns and cancellations

Include growth metrics:
− YoY / MoM
− CAGR
− Organic vs. acquisition
Annual Run Rate Revenue
(ARRR)
 Annual Run Rate Revenue (ARRR)
 Calculation:
− ARRR = revenue in period / # of days in
period x 365

Indicator of financial performance which takes a company’s current revenue in a
certain period and converts to an annual figure to get the full-year equivalent

Implied assumption that present financial environment will not change significantly
and sensitive to seasonal fluctuations in revenue
Gross profit / (margin %)
Contribution margin I
(CM1)
 Net revenue = less COGS,
discounts/promotions

True calculation of gross profit includes any discounts
Contribution margin II /
(CMII margin %)
 CMII = CMI less logistics & packing, service
costs & payment fees
 Business profitability following customer/order servicing
Contribution margin III /
(CMIII margin %)
 CMIII = CMII less sales and marketing costs

Is the business profitable following customer acquisition and marketing efforts
EBITDA (EBITDA margin %)
 EBITDA = CMIII less HR overhead, HQ costs &
other general & administrative costs
 Underlying profitability of the business after all overheads and HQ costs

If currently not profitable, does EBITDA margin progression give an indication of when
the business could reach breakeven
Common marketplaces headline financial KPIs
25
Tracking metric
KPI
Description
Traffic statistics
 Visits (gross & unique)
 Sign-ups
 Organic vs. Paid traffic
 Application (mobile/tablet) vs. Desktop
 Conversion rates by channel

Track overall visits funnel and conversion of traffic into leads, transactions and
revenue
Order statistics
 Orders / customer
 Product split (%) – e.g. private label vs. 3rd
party
 Return rate (%)
 Average order value (AOV)
 Further analyse traffic funnel and understand conversion into revenue
 Order metrics can help analyse and shape product strategy/segmentation
New vs. Repeat stats
 New vs. Repeat consumers / order / revenue
 New marketing spend
 Repeat marketing spend
 Consumers can be analysed by cohort e.g. by first purchase
 Run cohorts to look at customer retention over time to spot trends and ROI on sales
and marketing initiatives
Customer acquisition cost
(CAC)
 CAC = Sales & marketing spend / number of
new consumers
 Cost of acquiring one consumer/user
 All S&M expenses for new consumers. Sometimes excludes personnel management
S&M costs
 CAC strategy can typically vary on a seasonal basis as S&M efforts, e.g. ramp-up or
slowdown
Customer lifetime value
(CLV)
 CLV = Gross margin (%) x retention (%) x AOV
 Value a consumer contributes to a business over their lifetime
 Projected on a cohort basis e.g. 1-year, 2-year, 5-year etc.
CLV:CAC ratio
 CLV:CAC = CLV / CAC
 How much value is a business making from consumers in relation to how much it
cost to acquire them
 Good benchmark is 3:1. 1:1 or below suggests a business loses money as it scales. If
the ratio is too high (e.g. 5:1 or higher) this business could be under investing
Common marketplaces headline financial KPIs
26
Appendix A: Public comparables
by category
Section 6
27
Public comparables – Large cap
Source: Capital IQ as of 30 September 2020
Note: Prosus includes OLX, PayU, iFood, Delivery Hero, Swiggy, Tencent, Mail.ru and other smaller e-commerce companies
Market
cap
EV
EV / Revenues
EV / EBITDA
Gross margin (%)
EBITDA margin
2019-2021 CAGR
Company HQ
(USD)
(USD)
CY2020
CY2021
CY2022
CY2020
CY2021
CY2022
CY2019
CY2020
LTM
CY2020
CY2021
CY2022
Revenue
EBITDA
% of 52
week high
Perf. since
1 Feb 2020
Large cap
Large cap
Amazon
United States
89%
57%
1,577,166
1,597,176
4.3x
3.7x
3.1x
30.1x
24.1x
18.9x
41%
40%
40%
14%
15%
17%
24%
24%
Alibaba
China
98%
42%
795,403
777,545
8.4x
6.6x
5.3x
27.4x
21.0x
16.5x
46%
45%
45%
31%
32%
32%
28%
27%
Prosus
The Netherlands
87%
28%
150,466
146,135
5.9x
4.6x
3.8x
19.3x
15.5x
12.3x
n.a.
39%
35%
30%
30%
31%
219%
n.a.
JD.com
China
90%
106%
121,111
112,174
1.0x
0.9x
0.7x
34.9x
24.2x
18.0x
9%
15%
8%
3%
4%
4%
24%
51%
Pinduoduo
China
75%
111%
88,804
83,123
11.7x
7.6x
5.8x
n.m.
n.m.
42.7x
77%
78%
77%
(14%)
3%
14%
57%
n.m.
eBay
United States
85%
55%
36,464
40,252
3.7x
3.5x
3.3x
10.1x
9.6x
8.9x
77%
78%
77%
37%
37%
36%
3%
6%
Pinterest
United States
98%
88%
24,929
23,377
16.0x
12.0x
9.2x
n.m.
n.m.
60.9x
70%
69%
68%
2%
8%
15%
31%
200%
Rakuten
Japan
93%
36%
14,590
12,646
0.9x
0.8x
0.7x
13.3x
9.3x
6.0x
72%
76%
n.m.
7%
9%
12%
14%
(10%)
Mean
89%
65%
351,117
349,054
6.5x
5.0x
4.0x
22.5x
17.3x
23.0x
56%
55%
50%
14%
17%
20%
50%
49%
Median
89%
56%
104,957
97,649
5.1x
4.2x
3.5x
23.3x
18.2x
17.2x
70%
57%
45%
11%
12%
16%
26%
25%
28
Public comparables – E-commerce
Source: Capital IQ as of 30 September 2020
Market
cap
EV
EV / Revenues
EV / EBITDA
Gross margin (%)
EBITDA margin
2019-2021 CAGR
Company HQ
(USD)
(USD)
CY2020
CY2021
CY2022
CY2020
CY2021
CY2022
CY2019
CY2020
LTM
CY2020
CY2021
CY2022
Revenue
EBITDA
% of 52
week high
Perf. since
1 Feb 2020
E-commerce
Online fashion
Zalando
Germany
100%
95%
23,464
22,814
2.5x
2.1x
1.8x
38.0x
30.8x
24.2x
43%
42%
41%
7%
7%
8%
19%
23%
VIP Shop
China
64%
23%
10,572
9,363
0.7x
0.6x
0.5x
9.0x
7.0x
6.2x
22%
21%
22%
7%
8%
9%
11%
23%
Farfetch
United Kingdom
79%
106%
8,544
8,508
5.5x
4.2x
3.4x
n.m.
n.m.
60.1x
46%
45%
45%
(5%)
1%
6%
41%
n.m.
ASOS
United Kingdom
94%
64%
6,626
7,255
1.7x
1.5x
1.2x
24.2x
19.5x
16.1x
49%
48%
48%
7%
8%
8%
14%
65%
boohoo.com
United Kingdom
87%
22%
5,635
5,367
2.7x
2.2x
1.8x
27.7x
22.5x
18.2x
54%
54%
54%
10%
10%
10%
30%
32%
Stitch Fix
United States
86%
18%
2,829
2,707
1.5x
1.3x
1.1x
n.m.
n.m.
37.2x
44%
45%
44%
(3%)
(0%)
3%
11%
n.a.
Global Fashion Group
Luxembourg
85%
215%
1,276
1,101
0.7x
0.6x
0.5x
n.m.
17.7x
10.1x
41%
n.a.
41%
(0%)
4%
5%
6%
n.m.
The RealReal
United States
59%
-
1,268
1,135
3.6x
2.6x
2.1x
n.m.
n.m.
n.m.
65%
65%
64%
(35%)
(14%)
(5%)
17%
n.m.
Rev olv e
United States
67%
(8%)
1,142
1,015
1.7x
1.4x
1.2x
18.8x
13.9x
10.4x
54%
50%
51%
9%
10%
11%
10%
15%
Vertical E-commerce
Peloton
United States
97%
207%
28,649
27,440
9.8x
6.6x
4.8x
n.m.
n.m.
42.0x
42%
44%
46%
12%
7%
11%
85%
n.a.
Wayfair
United States
83%
211%
27,760
28,335
2.0x
1.8x
1.5x
45.6x
51.1x
32.9x
23%
28%
26%
4%
4%
5%
31%
n.m.
Ocado
United Kingdom
94%
120%
26,166
25,943
8.6x
7.5x
6.7x
n.m.
n.m.
n.m.
34%
37%
34%
2%
3%
6%
23%
46%
HelloFresh
Germany
89%
135%
9,697
9,292
2.4x
2.1x
1.9x
22.0x
19.6x
15.6x
62%
66%
65%
11%
11%
12%
44%
194%
Stamps
United States
74%
223%
4,235
4,004
5.6x
5.3x
n.a.
18.7x
18.3x
n.a.
72%
75%
74%
30%
29%
n.a.
15%
15%
1-800-flowers.com
United States
76%
64%
1,606
1,529
0.9x
0.9x
n.a.
9.5x
9.0x
n.a.
42%
42%
42%
9%
10%
n.a.
17%
36%
Zooplus
Germany
93%
102%
1,331
1,333
0.6x
0.6x
0.5x
29.2x
26.8x
20.3x
29%
30%
26%
2%
2%
3%
14%
90%
AO World
United Kingdom
99%
175%
1,318
1,445
0.9x
0.8x
0.8x
24.5x
18.9x
15.3x
16%
16%
17%
4%
4%
5%
16%
101%
Casper Sleep
United States
45%
n.a.
289
256
0.5x
0.4x
0.3x
n.m.
n.m.
12.8x
49%
51%
49%
(11%)
(3%)
3%
20%
n.m.
Blue Apron
United States
25%
85%
126
170
0.4x
0.4x
0.3x
n.m.
8.4x
5.9x
39%
38%
38%
0%
4%
6%
3%
n.m.
Oponeo
Poland
79%
30%
115
101
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
19%
n.a.
19%
n.a.
n.a.
n.a.
n.a.
n.a.
SRP Groupe
France
45%
(24%)
114
117
0.1x
0.2x
0.2x
6.7x
5.4x
4.8x
n.a.
n.a.
34%
2%
3%
3%
1%
n.m.
MySale Group
Australia
83%
31%
61
61
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
9%
n.a.
n.a.
n.a.
n.a.
n.a.
E-Commerce - Others


Chewy
United States
73%
107%
22,575
22,699
3.3x
2.7x
2.3x
n.m.
n.m.
77.1x
23%
25%
24%
0%
2%
3%
31%
n.m.
B2W
Brazil
70%
(4%)
8,963
9,031
5.3x
4.9x
4.1x
61.7x
43.0x
30.6x
30%
33%
30%
9%
11%
13%
24%
40%
Ov ertstock.com
United States
57%
795%
3,106
2,921
1.3x
1.2x
1.0x
58.1x
37.4x
25.3x
20%
22%
22%
2%
3%
4%
30%
n.m.
Cimpress
Ireland
52%
(37%)
1,954
3,610
1.5x
1.3x
1.3x
9.0x
7.7x
7.4x
n.a.
n.a.
50%
17%
17%
17%
(1%)
(0%)
Shutterstock
United States
88%
20%
1,904
1,637
2.5x
2.3x
2.2x
15.3x
13.3x
11.9x
58%
58%
58%
16%
18%
18%
4%
13%
Yelp
United States
54%
(38%)
1,469
1,164
1.4x
1.3x
1.1x
16.7x
8.1x
6.2x
94%
93%
93%
8%
16%
18%
(4%)
(18%)
CEWE
Germany
82%
(6%)
791
841
1.0x
1.0x
0.9x
6.6x
6.1x
5.6x
73%
73%
76%
16%
16%
16%
2%
2%
Quotient Technology
United States
65%
(27%)
668
647
1.5x
1.3x
1.2x
13.6x
9.2x
8.1x
43%
47%
39%
11%
14%
14%
8%
25%
Jumia Technologies
Nigeria
33%
33%
637
450
2.5x
1.9x
1.4x
n.m.
n.m.
n.m.
46%
64%
55%
(90%)
(62%)
(36%)
12%
n.m.
Groupon
United States
32%
(65%)
586
363
0.2x
0.3x
0.3x
14.6x
3.0x
2.7x
53%
48%
49%
2%
11%
12%
(29%)
(27%)
Boqii
China
69%
n.a.
213
458
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
19%
n.a.
n.a.
n.a.
n.a.
n.a.
Qliro Group
Sweden
60%
(7%)
122
153
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
24%
n.a.
n.a.
n.a.
n.a.
n.a.
Delticom
Germany
68%
(10%)
55
152
0.2x
0.2x
0.2x
8.8x
6.4x
n.a.
27%
27%
23%
2%
3%
n.a.
7%
n.m.
Mean
72%
80%
5,882
5,812
2.4x
2.0x
1.6x
22.8x
17.5x
20.3x
44%
46%
42%
2%
5%
7%
16%
37%
Median
74%
31%
1,469
1,445
1.5x
1.3x
1.2x
18.7x
13.9x
15.3x
43%
45%
41%
4%
7%
7%
14%
24%
29
Public comparables – Online marketplaces
Market
cap
EV
EV / Revenues
EV / EBITDA
Gross margin (%)
EBITDA margin
2019-2021 CAGR
Company HQ
(USD)
(USD)
CY2020
CY2021
CY2022
CY2020
CY2021
CY2022
CY2019
CY2020
LTM
CY2020
CY2021
CY2022
Revenue
EBITDA
% of 52
week high
Perf. since
1 Feb 2020
Source: Capital IQ as of 30 September 2020
Online marketplaces
Uber
United States
87%
1%
63,936
66,712
5.2x
3.7x
2.9x
n.m.
n.m.
56.3x
51%
53%
35%
(20%)
(2%)
5%
13%
n.m.
Mercado Libre
Argentina
85%
63%
53,810
52,541
14.8x
11.1x
8.2x
n.m.
n.m.
n.m.
48%
48%
54%
6%
5%
8%
44%
n.m.
Deliv ery Hero
Germany
90%
47%
22,946
21,976
7.7x
4.8x
3.3x
n.m.
n.m.
n.m.
30%
20%
18%
(22%)
(6%)
(0%)
78%
n.m.
Takeaway.com
Netherlands
93%
19%
16,725
16,782
6.7x
5.6x
4.7x
48.6x
36.9x
25.0x
73%
66%
65%
14%
15%
19%
147%
n.a.
Carv ana
United States
95%
181%
15,488
16,896
3.1x
2.2x
1.6x
n.m.
n.m.
n.m.
13%
14%
13%
(5%)
(0%)
2%
41%
n.m.
Etsy
United States
86%
149%
14,514
14,331
9.5x
8.4x
6.9x
32.3x
29.9x
22.9x
68%
71%
69%
29%
28%
30%
45%
60%
Lyft
United States
51%
(42%)
8,598
6,874
2.8x
1.8x
1.4x
n.m.
n.m.
40.6x
43%
46%
43%
(32%)
(8%)
3%
2%
n.m.
GrubHub
United States
91%
34%
6,674
6,761
4.1x
3.6x
3.0x
n.m.
44.7x
29.7x
48%
34%
32%
5%
8%
10%
20%
(10%)
Kakaku.com
Japan
89%
(1%)
5,401
5,258
10.7x
9.1x
8.1x
23.5x
21.3x
17.7x
n.a.
n.a.
101%
46%
43%
46%
1%
(8%)
CarGurus
United States
53%
(39%)
2,444
2,344
4.5x
3.7x
3.2x
22.5x
18.1x
12.9x
94%
92%
93%
20%
20%
25%
4%
30%
Moneysupermarket.com United Kingdom
66%
(20%)
1,854
1,890
4.1x
3.8x
3.5x
13.0x
11.0x
10.0x
70%
66%
67%
31%
34%
35%
(0%)
(3%)
Gruppo MutuiOnline
Italy
92%
25%
1,047
1,137
4.5x
4.4x
4.1x
15.6x
14.8x
12.7x
44%
n.a.
47%
29%
30%
32%
(1%)
1%
Redbubble
Australia
88%
330%
794
759
2.2x
2.1x
1.8x
31.9x
19.5x
15.9x
15%
n.a.
19%
7%
11%
11%
21%
139%
TrueCar
United States
77%
35%
540
406
1.4x
1.6x
1.5x
11.8x
45.8x
22.7x
91%
91%
91%
12%
3%
7%
(14%)
(32%)
Mean
82%
56%
15,341
15,334
5.8x
4.7x
3.9x
24.9x
26.9x
24.2x
53%
55%
53%
9%
13%
17%
29%
22%
Median
88%
29%
7,636
6,818
4.5x
3.7x
3.3x
23.0x
21.3x
22.7x
48%
53%
50%
10%
9%
11%
17%
(1%)
30
Public comparables – Classifieds
Source: Capital IQ as of 30 September 2020
Market
cap
EV
EV / Revenues
EV / EBITDA
Gross margin (%)
EBITDA margin
2019-2021 CAGR
Company HQ
(USD)
(USD)
CY2020
CY2021
CY2022
CY2020
CY2021
CY2022
CY2019
CY2020
LTM
CY2020
CY2021
CY2022
Revenue
EBITDA
% of 52
week high
Perf. since
1 Feb 2020
Classifieds
Property, cars, general
Zillow
United States
98%
120%
23,056
21,764
6.8x
4.5x
3.0x
n.m.
n.m.
66.4x
n.a.
n.a.
n.a.
4%
4%
5%
34%
121%
Adev inta
Norway
95%
40%
11,721
11,871
14.7x
12.5x
11.4x
58.1x
42.4x
35.8x
62%
n.a.
62%
25%
30%
32%
9%
9%
Autohome
China
98%
26%
11,431
9,584
7.6x
6.8x
6.0x
17.8x
15.3x
13.4x
91%
89%
91%
43%
44%
45%
7%
7%
REA Group
Australia
90%
3%
10,383
10,458
19.2x
15.3x
13.3x
32.6x
23.7x
20.9x
71%
91%
71%
59%
65%
64%
2%
13%
Scout24
Germany
93%
26%
8,772
6,676
16.2x
14.6x
13.0x
27.4x
23.9x
20.9x
76%
n.a.
76%
59%
61%
62%
4%
(14%)
Rightmov e
United Kingdom
88%
(7%)
7,054
7,004
27.0x
18.8x
17.5x
40.4x
25.1x
23.2x
77%
67%
77%
67%
75%
76%
(0%)
(2%)
Auto Trader
United Kingdom
92%
(2%)
7,029
7,394
17.0x
18.4x
14.6x
27.1x
23.3x
20.3x
n.a.
n.a.
n.a.
63%
79%
72%
(8%)
(4%)
Info Edge
India
98%
32%
6,344
6,155
39.0x
33.0x
27.7x
n.m.
n.m.
75.2x
53%
n.a.
53%
33%
35%
37%
3%
9%
Redfin
United States
90%
105%
4,967
4,788
5.7x
4.3x
3.4x
n.m.
n.m.
71.8x
19%
22%
17%
1%
2%
5%
19%
n.m.
carsales.com
Australia
96%
28%
3,646
3,962
13.2x
11.8x
10.8x
23.3x
21.5x
19.4x
84%
n.a.
84%
57%
55%
56%
5%
8%
Bitauto
China
99%
4%
1,122
2,557
2.2x
1.8x
1.7x
n.m.
18.9x
18.2x
60%
61%
63%
(27%)
9%
9%
(5%)
111%
Purplebricks
United Kingdom
55%
(33%)
292
254
2.2x
2.1x
1.8x
n.m.
28.6x
15.4x
58%
n.a.
61%
1%
7%
12%
(9%)
n.m.
Jobs
Recruit Holdings
Japan
90%
(1%)
65,037
64,331
3.2x
3.0x
2.7x
27.3x
22.4x
18.4x
53%
n.a.
53%
12%
13%
15%
(2%)
(3%)
SEEK
Australia
88%
0%
5,369
6,599
6.0x
5.6x
4.8x
27.2x
23.6x
16.9x
44%
n.a.
44%
22%
24%
28%
(1%)
(8%)
51job
China
84%
8%
5,238
3,765
7.3x
6.6x
5.8x
21.5x
19.3x
17.3x
70%
66%
69%
34%
34%
34%
(2%)
2%
Freelancer
Australia
59%
6%
154
146
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
83%
n.a.
83%
n.a.
n.a.
n.a.
n.a.
n.a.
DHI Group
United States
59%
(19%)
110
137
1.0x
0.9x
n.a.
4.8x
4.1x
n.a.
89%
89%
88%
21%
23%
n.a.
(1%)
(2%)
JcbNext
Malaysia
92%
(3%)
46
14
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
60%
n.a.
60%
n.a.
n.a.
n.a.
n.a.
n.a.
Mean
87%
19%
9,543
9,303
11.8x
10.0x
9.2x
27.9x
22.5x
30.2x
66%
69%
66%
30%
35%
37%
3%
18%
Median
91%
5%
5,856
6,377
7.5x
6.7x
6.0x
27.2x
23.3x
20.3x
66%
67%
66%
29%
32%
34%
1%
5%
31
Public comparables – Online travel
Source: Capital IQ as of 30 September 2020
Market
cap
EV
EV / Revenues
EV / EBITDA
Gross margin (%)
EBITDA margin
2019-2021 CAGR
Company HQ
(USD)
(USD)
CY2020
CY2021
CY2022
CY2020
CY2021
CY2022
CY2019
CY2020
LTM
CY2020
CY2021
CY2022
Revenue
EBITDA
% of 52
week high
Perf. since
1 Feb 2020
Online travel
Booking.com
United States
82%
(7%)
70,050
71,958
9.4x
6.2x
5.0x
48.5x
17.5x
12.7x
100%
100%
102%
19%
36%
39%
(13%)
(16%)
Trip.com
China
80%
(3%)
18,323
22,563
8.4x
5.1x
4.1x
n.m.
23.7x
16.4x
79%
74%
78%
8%
21%
25%
(5%)
(8%)
Expedia
United States
66%
(15%)
12,949
20,061
3.6x
2.4x
1.9x
n.m.
14.4x
9.1x
83%
68%
76%
(2%)
17%
20%
(17%)
(19%)
MakeMyTrip
India
51%
(33%)
1,586
1,435
6.1x
2.8x
1.9x
n.m.
n.m.
61.0x
n.a.
n.a.
38%
(37%)
(6%)
3%
3%
n.m.
Webjet
Australia
27%
(65%)
945
946
13.0x
6.8x
4.0x
n.m.
57.1x
11.1x
70%
73%
58%
(69%)
12%
36%
(31%)
(61%)
Triv ago
Germany
39%
(41%)
548
397
1.1x
0.7x
0.5x
n.m.
18.4x
6.2x
99%
96%
98%
(11%)
4%
9%
(23%)
(49%)
On The Beach
United Kingdom
49%
(39%)
497
519
5.6x
2.9x
2.5x
n.m.
10.2x
8.2x
n.a.
n.a.
53%
6%
28%
31%
8%
2%
Despegar.com
Argentina
41%
(57%)
445
262
1.8x
0.5x
0.5x
n.m.
11.2x
3.1x
66%
33%
59%
(78%)
5%
15%
(4%)
(4%)
Edreams Odigeo
Luxembourg
42%
(45%)
319
873
2.4x
2.2x
1.7x
16.9x
13.0x
7.8x
n.a.
n.a.
83%
14%
17%
21%
(24%)
(30%)
Lastminute.Com
Netherlands
39%
(55%)
229
195
0.9x
0.7x
0.5x
33.2x
5.0x
3.3x
19%
n.a.
74%
3%
13%
17%
(15%)
(28%)
Holidaycheck
Germany
52%
(34%)
101
90
3.6x
0.9x
0.7x
n.m.
9.6x
7.0x
72%
n.a.
44%
(190%)
9%
11%
(24%)
12%
Hostelworld
Ireland
36%
(64%)
83
54
2.8x
1.0x
0.6x
n.m.
19.7x
2.5x
n.a.
n.a.
100%
(113%)
5%
22%
(23%)
(66%)
Trav elzoo
United States
52%
(37%)
73
73
1.3x
1.0x
0.8x
n.m.
6.1x
6.8x
89%
85%
87%
(1%)
16%
12%
(17%)
6%
Mean
50%
(38%)
8,165
9,187
4.6x
2.5x
1.9x
32.9x
17.2x
11.9x
75%
75%
73%
(35%)
14%
20%
(14%)
(22%)
Median
49%
(39%)
497
519
3.6x
2.2x
1.7x
33.2x
13.7x
7.8x
79%
74%
76%
(2%)
13%
20%
(17%)
(18%)
32
Section 7
Appendix B: GP Bullhound credentials & team
33
ACQUIRED BY
SALE OF EQUITY
STAKE BY
GP Bullhound’s recent advisory activity in the marketplaces
space
INVESTMENT BY
INVESTMENT BY
ACQUIRED BY
INVESTMENT BY
INVESTMENT BY
ACQUIRED BY
ACQUIRED BY
INVESTMENT BY
ACQUIRED BY
ACQUIRED BY
INVESTMENT BY
ACQUIRED BY
ACQUIRED BY
INVESTMENT BY
ACQUIRED BY
ACQUIRED BY
34
GP Bullhound’s recent investing activity in the marketplaces
space
INVESTMENT BY
INVESTMENT BY
INVESTMENT BY
INVESTMENT BY
INVESTMENT BY
INVESTMENT BY
INVESTMENT BY
INVESTMENT BY
INVESTMENT BY
INVESTMENT BY
CIBELES
Angels
Fund III
Fund IV
Fund III
Fund IV
Fund III
Fund IV
Fund III
Fund IV
Fund IV
Fund I
35
Authors
Alessandro Casartelli
EXECUTIVE DIRECTOR
Alessandro.Casartelli@gpbullhound.com
Dipam Patel
VICE PRESIDENT
Dipam.Patel@gpbullhound.com
Joaquin del Rio
ANALYST
Joaquin.Delrio@gpbullhound.com
36
Section 8
Appendix C: GP Bullhound corporate overview
37
We partner with global tech
leaders to build the future
38
GP BULLHOUND
FUND III
GP BULLHOUND
FUND IV
GP BULLHOUND
FUND V
GP BULLHOUND
FUND IV
GP BULLHOUND
FUND IV
A leading technology advisory and investment firm
ABOUT GP BULLHOUND
(1) League table data represents selected transaction advisors. Time period is 2016-Q4 2019. Global M&A transactions
between $10m and $300m
ESSENCE
BALTIC CLASSIFIEDS
GROUP
FALCON.IO
JELLYFISH
SPOTIFY
SLACK
UNITY
GLOVO
INNOGAMES
DELIVERY HERO
SIGNAVIO
PRODIGY FINANCE
TECHNOLOGY
PREDICTIONS
TITANS
OF TECH
SUMMIT
MARBELLA
INVESTOR
ALLSTARS
Mergers & Acquisitions
Investments
Capital Transactions
Insights & Events
We are the no. 1 global advisor (1) to leading technology
companies in competitive international sale and acquisition
processes.
The firm has completed 420 successful M&A transactions to date,
worldwide, with a total value of over $18bn.
Through our investment team, we provide investors with access to
category leading technology companies.
Our five closed-end funds have a total value of more than €280m
and our limited partners include institutions, family offices and
entrepreneurs.
We are a leading global advisor to companies and their owners
on capital related transactions including venture capital, growth
capital, acquisition funding, secondary block trades and initial
public offerings.
The firm has completed 120 rounds of financing for technology
companies to date, with a total value of $2bn.
Our events and speaking activities bring together thousands of
leading digital entrepreneurs and technology investors
throughout the year.
Our thought-leading research is read by thousands of decision-
makers globally and is regularly cited in leading newspapers and
publications.
MARIADB
FILTER
ECOVADIS
NORTHERN
TECH AWARDS
39
39
Our focus sectors
DIGITAL
MEDIA
DIGITAL
SERVICES
SOFTWARE
MARKETPLACES
FINTECH
Confidential
40
Natalie Dean
VP FINANCE
Reda Ben Larbi
ANALYST
Per Roman
MANAGING PARTNER
Adam Birnbaum
DIRECTOR
Olivia Hornstein
OFFICE MANAGER
Vincent Wei
ASSOCIATE
Gaia Cibrario
ANALYST
Candice Mostisser
ANALYST
Alon Kuperman
EXECUTIVE
DIRECTOR
Eddie Tam
DIRECTOR
Manon Rodier
ANALYST
Jaime Moreno
DIRECTOR STRATEGY
Julian Riedlbauer
PARTNER
Gioia Cerbelli
ASSOCIATE
Susanna Andersson
OFFICE MANAGER
Maria Sosna
OFFICE MANAGER
Hampus Hellermark
ASSOCIATE
Alessandro Casartelli
EXECUTIVE
DIRECTOR
Miguel Kindelán
EXECUTIVE
DIRECTOR
Erik Andershed
DATA SCIENTIST
Joel-Oskar Raisanen
ANALYST
Ian Carroll
DIRECTOR FINANCE
Ravi Ghedia
DIRECTOR
Sven Raeymaekers
PARTNER
Claudio Alvarez
PARTNER
Victoria Martin
PERSONAL
ASSISTANT
Greg Smith
PARTNER
Fraenze Gade
VP EVENTS
Charlotte Carew-Gibbs
HR MANAGER
Ed Prior
ASSOCIATE
Bulat Mardanov
ASSOCIATE
Sir Martin Smith
CHAIRMAN
Seth Alpert
SENIOR ADVISOR
Joy Sioufi
EXECUTIVE
DIRECTOR
Jon Cantwell
PARTNER
Ben Prade
EXECUTIVE
DIRECTOR
Alexis Majos
ANALYST
Staffan Ingeborn
NON-EXECUTIVE
DIRECTOR
Johannes Akermark
DIRECTOR
Victoria Palma Ehrichs
PERSONAL
ASSISTANT
Marvin Maerz
VICE PRESIDENT
Hugh Campbell
MANAGING PARTNER
Robert Ahldin
SENIOR ADVISOR
Kevin Siagam
ASSOCIATE
Okan Inaltay
ASSOCIATE
Javed Huq
DIRECTOR
Manish Madhvani
MANAGING PARTNER
Geneshe Edelman
OFFICE MANAGER
Joyce Byrne
OFFICE MANAGER
Joy Abiola
VICE PRESIDENT
Dipam Patel
VICE PRESIDENT
Elsa Hu
EXECUTIVE
DIRECTOR
Iman Crisby
EXECUTIVE
DIRECTOR MARKETING
Nikolas Westphal
EXECUTIVE
DIRECTOR
Karl Blomsterwall
ASSOCIATE
Johan Roslund
VICE PRESIDENT
Sandra Núñez
GRAPHIC DESIGNER
Brandon Overmyer
VICE PRESIDENT
Simon Nicholls
PARTNER
Joakim Dal
PARTNER
Alec Dafferner
PARTNER
Guillaume Bonneton
PARTNER
Alexis Scorer
EXECUTIVE
DIRECTOR
Oliver Schweitzer
EXECUTIVE
DIRECTOR
Felix Bratell
VICE PRESIDENT
Evgeny Yakovlev
ANALYST
Bev Boettcher
OFFICE MANAGER
Ashleigh MacDonald
FINANCE MANAGER
Caoimhe Bradley
OFFICE MANAGER
Jade Williams
PERSONAL
ASSISTANT
Maria Lazareva
PERSONAL
ASSISTANT
Joaquin del Rio Briones
ANALYST
Pierce Lewis-Oakes
ASSOCIATE
Minya Shidhaye
ANALYST
Andrea López
DESIGN COORDINATOR
Carl Wessberg
PARTNER
Freddie Dodge
ANALYST
Cecilia Roman
SENIOR ADVISOR
Praveena Muthukumar
VP FINANCE
Adam Page
VICE PRESIDENT
Matthew Young
ANALYST
Eric Crowley
DIRECTOR
Carolin Drewes
ASSOCIATE
Felix Lutjen
ANALYST
Dave Nish
VP TECHNOLOGY
Jaime Sendagorta
VICE PRESIDENT
Carlos de la Esperanza
ANALYST
David Travis
GENERAL COUNSEL
Jennifer Eller
RESEARCH EDITOR
Daniel Roberts
ANALYST
Jesper Rothe
ANALYST
Inge Heydorn
PARTNER
Anna Arce-Leplau
FUND OPERATIONS
MANAGER
Jason Nordlicht
ASSOCIATE
Joe Tabberer
VICE PRESIDENT
41
Global marquee transactions
Baltic Classifieds Group
ACQUIRED BY
GP Bullhound Fund III
EcoVadis
GP Bullhound Fund III
Innogames
INVESTED IN
INVESTMENT BY
INVESTED IN
INVESTMENT BY
UNDISCLOSED
REALISED
(DIRECT LISTING)
$200M
ACTIVE
€260M VALUATION
Apax Partners
Spotify
CVC Growth Partners
Klarna
Modern Times Group
GP Bullhound Fund IV
INVESTED IN
Jellyfish
GP Bullhound Fund I
Filter
13th Lab
INVESTMENT BY
INVESTED IN
ACQUIRED BY
ACQUIRED BY
Slack
Fimalac Group
Avito
Merkle
Facebook
REALISED
(DIRECT LISTING)
£500M
REALISED
(ACQUIRED BY NASPERS)
UNDISCLOSED
UNDISCLOSED
42
Thought-leading independent technology research –
connecting people in the tech industry
GP BULLHOUND INSIGHTS & EVENTS
Titans of Tech
PANDEMIC PROOF?
Technology
Software
Digital Services
Fintech
PREDICTIONS
GLOBAL MARKET
PERSPECTIVES
GLOBAL MARKET
PERSPECTIVES
GLOBAL MARKET
PERSPECTIVES
Summit
MARBELLA
Northern Tech
Investor
Conference
Market Update
AWARDS
ALLSTARS
RECEPTIONS
WEBINARS
43
Disclaimer
No information set out or referred to in this research report shall form the basis of any
contract. The issue of this research report shall not be deemed to be any form of binding offer
or commitment on the part of GP Bullhound LLP. This research report is provided for use by the
intended recipient for information purposes only. It is prepared on the basis that the
recipients are sophisticated investors with a high degree of financial sophistication and
knowledge. This research report and any of its information is not intended for use by private or
retail investors in the UK or any other jurisdiction.
This research report does not provide personalized advice or recommendations of any kind. You,
as the recipient of this research report, acknowledge and agree that no person has nor is held
out as having any authority to give any statement, warranty, representation, or undertaking on
behalf of GP Bullhound LLP in connection with the contents of this research report. Although the
information contained in this research report has been prepared in good faith, no representation
or warranty, express or implied, is or will be made and no responsibility or liability is or
will be accepted by GP Bullhound LLP. In particular, but without prejudice to the generality of
the foregoing, no representation or warranty is given as to the accuracy, completeness or
reasonableness of any projections, targets, estimates or forecasts contained in this research
report or in such other written or oral information that may be provided by GP Bullhound LLP.
The information in this research report may be subject to change at any time without notice.
GP Bullhound LLP is under no obligation to provide you with any such updated information. All
liability is expressly excluded to the fullest extent permitted by law. Without prejudice to the
generality of the foregoing, no party shall have any claim for innocent or negligent
misrepresentation based upon any statement in this research report or any representation made in
relation thereto. Liability (if it would otherwise but for this paragraph have arisen) for death
or personal injury caused by the negligence (as defined in Section 65 of the Consumer Rights Act
2015) of GP Bullhound LLP, or any of its respective affiliates, agents or employees, is not
hereby excluded nor is damage caused by their fraud or fraudulent misrepresentation.
This research report should not be construed in any circumstances as an offer to sell or
solicitation of any offer to buy any security or other financial instrument, nor shall they, or
the fact of the distribution, form the basis of, or be relied upon in connection with, any
contract relating to such action. The information contained in this research report has no
regard for the specific investment objectives, financial situation or needs of any specific
entity and is not a personal recommendation to anyone. Persons reading this research report
should make their own investment decisions based upon their own financial objectives and
financial resources and, if in any doubt, should seek advice from an investment advisor.
Past performance of securities is not necessarily a guide to future performance and the value of
securities may fall as well as rise. In particular, investments in the technology sector may be
subject to frequent fluctuations. The information contained in this research report is based on
materials and sources that are believed to be reliable; however, they have not been
independently verified and are not guaranteed as being accurate. The information contained in
this research report is not intended to be a complete statement or summary of any securities,
markets, reports or developments referred to herein.
This research report may contain forward-looking statements, which involve risks and
uncertainties. Forward-looking information is provided for illustrative purposes only and is not
intended to serve as, and must not be relied upon as a guarantee, an assurance, a prediction or
a definitive statement of fact or probability. Actual events and circumstances are difficult or
impossible to predict and may differ from assumptions.
Any and all opinions expressed are current opinions as of the date appearing on the documents
included in this research report.
The information contained in this research report should not be relied upon as being an
independent or impartial view of the subject matter and for the purposes of the rules and
guidance of the Financial Conduct Authority (“the FCA”) this research report is a marketing
communication and a financial promotion. Accordingly, its contents have not been prepared in
accordance with legal requirements designed to promote the independence of investment research
and it is not subject to any prohibition on dealing ahead of the dissemination of investment
research. The individuals who prepared the information contained in this research report may be
involved in providing other financial services to the company or companies referenced in this
research report or to other companies who might be said to be competitors of the company or
companies referenced in this research report. As a result, both GP Bullhound LLP and the
individual members, directors, officers and/ or employees who prepared the information contained
in this research report may have responsibilities that conflict with the interests of the
persons who access this research report.
GP Bullhound LLP and/or connected persons may, from time to time, have positions in, make a
market in and/ or effect transactions in any investment or related investment mentioned in this
research report and may provide financial services to the issuers of such investments. The
information contained in this research report or any copy of part thereof should not be accessed
by a person in any jurisdictions where its access may be restricted by law and persons into
whose possession the information in this research report comes should inform themselves about,
and observe, any such restrictions. Access of the information contained in this research report
in any such jurisdictions may constitute a violation of UK or US securities law, or the law of
any such other jurisdictions. Neither the whole nor any part of the information contained in
this research report may be duplicated in any form or by any means. Neither should the
information contained in this research report, or any part thereof, be redistributed or
disclosed to anyone without the prior consent of GP Bullhound LLP. GP Bullhound LLP and/or its
associated undertakings may from time-to-time provide investment advice or other services to, or
solicit such business from, any of the companies referred to in the information contained in
this research report.
Accordingly, information may be available to GP Bullhound LLP that is not reflected in this
material and GP Bullhound LLP may have acted upon or used the information prior to or
immediately following its publication. In addition, GP Bullhound LLP, the members, directors,
officers and/or employees thereof and/or any connected persons may have an interest in the
securities, warrants, futures, options, derivatives or other financial instrument of any of the
companies referred to in this research report and may from time-to-time add or dispose of such
interests. GP Bullhound LLP is a limited liability partnership registered in England and Wales,
registered number OC352636, and is authorised and regulated by the Financial Conduct Authority.
Any reference to a partner in relation to GP Bullhound LLP is to a member of GP Bullhound LLP or
an employee with equivalent standing and qualifications. A list of the members of GP Bullhound
LLP is available for inspection at its registered office, 52 Jermyn Street, London SW1Y 6LX.
For US Persons: This research report is distributed to US persons by GP Bullhound Inc. a broker-
dealer registered with the SEC and a member of the FINRA. GP Bullhound Inc. is an affiliate of
GP Bullhound LLP. All investments bear certain material risks that should be considered in
consultation with an investors financial, legal and tax advisors. GP Bullhound Inc. engages in
private
placement
and
mergers
and
acquisitions
advisory
activities
with
clients
and
counterparties in the Technology and CleanTech sectors.
In the last twelve months, GP Bullhound LLP or an affiliate is or has been engaged as an advisor
to and received compensation from, or has invested in the following companies mentioned in this
report: Accel Partners, Alibaba, Amazon, Glovo, Orca Pacific, Playtomic, Prosus, The Hut Group,
and Uber.
LONDON
SAN FRANCISCO
STOCKHOLM
BERLIN
PARIS
MANCHESTER
HONG KONG
MADRID
NEW YORK
Follow us on
Register to receive
GP Bullhound news