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Quarterly European Venture Capital report
10 October 2018
Q3 2018
1.
Europe & Israel
2.
Investment by country
3.
Investment by category
4.
Exits
Contents
2
6.1 billion invested in Q3, a slowdown compared to
previous quarters
Source: Dealroom.co. Includes Israel. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
Quarterly investment in European VC rounds
3
Top-10 Investment Rounds in Q3 2018
Location
Round
Letgo
Platform for buying and selling second hand goods
Spain
$ 500 m
SERIES E
$1.5B valuation
About You
Fast growing e-commerce retailer for fashion
Germany
$ 300 m
GROWTH EQUITY
$1.0B valuation
Greensill
Financial services firm specialising in Supply Chain Finance
United Kingdom
$ 250 m
GROWTH EQUITY
$1.6B valuation
Deezer
Online music streaming service available on any device
France
160 m
LATE VC
$1.0B valuation
Orchard Therapeutics
Treating rare disorders through innovative gene therapies
United Kingdom
$ 150 m
SERIES C
Glovo
On-demand mobile application connects customers with
independent local couriers
Spain
115 m
SERIES C
Talan
Business Analysis, Support, IT Engineering and IT Architecture
France
100 m
GROWTH EQUITY
Deposit Solutions
The open architecture platform for retail deposits
Germany
$ 100 m
SERIES D
OakNorth Bank
Surgical robotics company
United Kingdom
$ 100 m
SERIES B
SEBA Crypto
The gateway that facilitates movement of assets between the
crypto and traditional financial markets
Germany
88 m
EARLY VC
Top 3
Top 10
3.2B
3.4B
2.9B 2.9B
3.5B
3.9B
4.5B
4.8B
4.0B
5.8B
4.4B
4.8B
4.6B
3.9B
4.3B
4.5B
5.9B
7.0B
6.3B
6.0B
7.4B
6.1B
1.0B
2.0B
3.0B
4.0B
5.0B
6.0B
7.0B
8.0B
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2016
2017
2018
All other rounds
Top 10 largest rounds
Top 3 largest rounds
Show online data
17B
24B
19B
5B
10B
15B
20B
25B
Jan Feb Mar Apr May Jun
Jul Aug Sep Oct Nov Dec
2017
2018
1,245
1,663
1,285
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Jan Feb Mar Apr May Jun
Jul Aug Sep Oct Nov Dec
2017
2018
As a result, investment activity to date in 2018 is well
ahead of 2017 (which was a record year itself)
Source: Dealroom.co. Includes Israel. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
1. Rounds below $2M are often reported with a delay of several months. Therefore, only rounds above $2M are shown here for better like-for-like comparison.
4
Cumulative amount invested 2018 vs. 2017 (B)
Cumulative number of rounds 2018 vs. 2017 (>2M)
Excluding Israel and biotech, 5.0 billion invested in
Q3 2018, in line with previous quarters
Source: Dealroom.co. Includes Israel. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
Investment in Europe, Israel & Biotech
5
Investment in Europe by key geography
3.9B
3.6B
3.0B
3.3B
3.8B
4.9B
5.0B
4.7B 4.8B
5.8B
5.0B
0.4B
0.5B
0.2B
0.6B
0.4B
0.4B
1.3B
0.8B
0.6B
0.6B
0.6B
0.6B
0.5B
0.7B
0.3B
0.4B
0.6B
0.8B
0.8B
0.6B
1.0B
0.5B
4.8B
4.6B
3.9B
4.3B
4.5B
5.9B
7.0B
6.3B
6.0B
7.4B
6.1B
1.0B
2.0B
3.0B
4.0B
5.0B
6.0B
7.0B
8.0B
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2016
2017
2018
Europe
Biotech
Israel
Why do we break this out:
VC firms typically prefer to see data excluding
Israel & Biotech, whereas corporate firms (EMEA
teams) typically prefer to see the data including.
1.3B 1.3B
1.1B
0.9B
1.1B
2.1B 2.0B
2.3B
1.2B
1.9B 2.0B
0.5B
0.4B
0.4B
0.6B
0.6B
1.0B
0.6B
0.6B
1.8B
0.6B
0.7B
0.5B
0.5B
0.7B
0.9B
0.6B
0.7B
0.6B
0.6B
0.7B
1.3B
0.8B
0.6B
0.5B
0.7B
0.3B
0.4B
0.6B
0.8B
0.8B
0.6B
1.0B
0.5B
4.8B
4.6B
3.9B
4.3B
4.5B
5.9B
7.0B
6.3B
6.0B
7.4B
6.1B
1.0B
2.0B
3.0B
4.0B
5.0B
6.0B
7.0B
8.0B
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2016
2017
2018
United Kingdom
Germany
France
Israel
Other
Europe
1.
Europe & Israel
2.
Investment by country
3.
Investment by category
4.
Exits
Contents
6
The UK, Germany, France and Israel (the big four)
continue to receive 70% of total investment
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
7
11% YoY growth
87%
17%
10%
(35%)
(10%)
(11%)
(17%)
10%
43%
Number of rounds Jan-Sep '18
Investment by country (B) Jan-Sep '18
5.2B
3.1B
2.8B
2.1B
1.1B
0.8B
0.8B
0.4B
0.4B
0.4B
0.3B
0.3B
0.3B
0.3B
0.2B
0.2B
0.2B
0.1B
0.1B
United Kingdom
Germany
France
Israel
Spain
Switzerland
Sweden
Netherlands
Ireland
Portugal
Belgium
Finland
Denmark
Russia
Italy
Norway
Estonia
Cyprus
Austria
588
431
246
216
176
171
120
120
114
83
70
65
62
47
45
29
12
11
3
United Kingdom
France
Sweden
Germany
Israel
Netherlands
Italy
Spain
Switzerland
Norway
Russia
Denmark
Finland
Ireland
Belgium
Austria
Greece
Estonia
Romania
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
1. Rounds below $2M are included here.
8
The United Kingdom leads, followed by Germany (by
amount invested) and France (by number of rounds)
2018 cumulative number of rounds (1)
2018 cumulative amount invested by country
5.2B
3.1B
2.8B
2.1B
1.0B
2.0B
3.0B
4.0B
5.0B
6.0B
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
United Kingdom
Germany
France
Israel
588
216
431
176
100
200
300
400
500
600
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
United Kingdom
Germany
France
Israel
0.7B
1.0B
1.0B
0.6B
1.0B
1.2B
0.2B 0.2B
0.3B 0.3B 0.2B
0.4B
0.4B 0.4B 0.4B
0.4B
0.7B
0.3B
0.3B
0.4B
0.3B
0.2B
0.4B
0.2B
1.0B
1.0B
1.2B
1.1B
1.5B
1.1B
2.1B
2.0B
2.3B
1.2B
1.9B
2.0B
1.0B
0.6B 0.6B
1.8B
0.6B
0.7B
0.7B
0.6B 0.6B
0.7B
1.3B
0.8B
0.6B
0.8B 0.8B
0.6B
1.0B
0.5B
$ 1.5B
$ 3.0B
$ 1.9B
$ 1.7B
$ 2.6B
$ 2.0B
40
80
120
160
200
240
0.5B
1.0B
1.5B
2.0B
2.5B
3.0B
2017
Q2
2017
Q3
2017
Q4
2018
Q1
2018
Q2
2018
Q3
2017
Q2
2017
Q3
2017
Q4
2018
Q1
2018
Q2
2018
Q3
2017
Q2
2017
Q3
2017
Q4
2018
Q1
2018
Q2
2018
Q3
2017
Q2
2017
Q3
2017
Q4
2018
Q1
2018
Q2
2018
Q3
2017
Q2
2017
Q3
2017
Q4
2018
Q1
2018
Q2
2018
Q3
2017
2018
2017
2018
2017
2018
2017
2018
2017
2018
All other rounds (below top 10)
Top 10 largest rounds
Top 3 largest rounds
Number of rounds >$2M
In Q3, the impact of mega rounds is more significant
in France than in the UK, Germany and Israel
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
United Kingdom
Germany
France
Israel
Rest of Europe
9
In Q3, Germany showed
an increase in total
investments below top 10
largest rounds, surpassing
France and Israel.
1.
Europe & Israel
2.
Investment by country
3.
Investment by category
4.
Exits
Contents
10
Health, fintech and enterprise software continue to be
the most invested industries
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
Note: industries, business models and keywords can and do overlap.
11
By industry vertical
Business model
By keyword
Number of
rounds 2018
Jan - Sep
Amount (B)
invested 2018
Jan - Sep
551
437 405
218 206 196
142 155 148 114 101
80
74
58
53
45
35
1,131
617
339
192 164
610
365
132
80
42
4.0B 3.9B
3.2B
2.1B 2.0B
1.2B 1.1B 1.0B 0.9B 0.9B 0.6B 0.6B 0.4B 0.4B 0.3B 0.3B 0.3B
7.1B
4.8B
3.7B
2.5B
2.1B
3.9B
2.1B
0.7B 0.6B
0.2B
Noticeable increase in focus on deep tech related
areas such as robotics and blockchain
12
Absolute
change
vs. last
year (in
B)
% change
vs. last
year
(number
of
rounds)
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
Note: industries, business models and keywords can and do overlap.
By industry vertical
Business model
By keyword
1.0B
0.7B
0.3B 0.3B 0.3B 0.2B 0.1B 0.1B 0.0B
( 0.0B)
( 0.1B) ( 0.2B) ( 0.2B)
( 0.4B) ( 0.4B)
( 0.5B)
( 0.7B)
1.0B 0.9B
0.5B
( 0.4B)
( 0.7B)
0.5B
0.0B
( 0.1B)
( 0.5B)
( 0.9B)
69%
35%
33%
15%
14%
14%
12%
9%
7%
(5%)
(6%)
(6%)
(6%)
(8%)
(8%)
(29%)
(31%)
43%
23%
13%
(21%)
(22%)
75%
39%
12%
(35%)
Industry vertical investment heatmap
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
13
Number of rounds in 2018 to date by country
Europe & Israel total
United
Kingdom
Germany
France
Israel
Sweden
Netherlands
Spain
Russia
Switzerland
Ireland
Number of
rounds
% of total
Investment
(B)
% of total
Industry vertical
Enterprise software
126
51
82
44
29
26
33
7
15
12
551
20%
3.2B
17%
Health
101
24
60
34
49
34
12
2
37
9
437
16%
4.0B
21%
Fintech
134
33
38
26
29
10
18
6
17
8
405
15%
3.9B
20%
Transportation
33
26
36
16
18
18
12
19
12
1
218
8%
2.1B
11%
Marketing
43
21
37
10
10
11
16
6
4
4
206
8%
0.9B
5%
Energy
36
12
48
12
20
25
3
11
4
196
7%
1.2B
6%
Food
24
6
25
12
13
3
6
3
6
3
142
5%
0.6B
3%
Biotech
35
5
21
17
14
10
5
20
155
6%
2.0B
10%
Security
33
7
10
55
12
3
5
1
6
2
148
5%
1.0B
5%
Home
19
8
20
12
13
8
8
5
3
114
4%
1.1B
6%
Travel
21
10
13
2
5
8
15
4
1
101
4%
0.9B
5%
Fashion
12
9
7
3
18
3
7
4
2
1
80
3%
0.6B
3%
Robotics
13
3
18
7
2
6
1
6
8
74
3%
0.4B
2%
Gaming
9
4
3
2
11
1
1
3
1
58
2%
0.4B
2%
Semiconductors
10
7
9
6
4
4
2
5
2
53
2%
0.3B
2%
Insurance
21
7
5
3
3
3
45
2%
0.3B
1%
Telecom
8
1
7
7
6
2
1
1
35
1%
0.3B
2%
Business model
SaaS
240
103
179
109
72
55
52
24
39
18
1,131
42%
7.1B
37%
Manufacturing
119
32
108
51
50
73
14
6
46
14
617
23%
4.8B
25%
Marketplace
74
35
59
8
30
11
27
14
11
2
339
12%
3.7B
19%
eCommerce
35
23
30
13
25
6
10
6
5
1
192
7%
2.1B
11%
Mobile app
32
5
19
11
27
5
12
10
8
3
164
6%
2.5B
13%
Keywords
Deep Tech
144
38
81
85
28
40
24
16
30
7
610
22%
3.9B
20%
Artificial intelligence
101
16
42
55
20
24
15
7
8
1
365
13%
2.1B
11%
InternetOfThings
18
15
32
20
7
3
3
1
8
5
132
5%
0.7B
3%
Blockchain
17
8
3
6
5
5
4
12
2
80
3%
0.6B
3%
Virtual reality
12
2
3
4
4
5
1
3
4
42
2%
0.2B
1%
Total
588
216
431
176
246
171
120
70
114
47
2,721
100%
19.5B
100%
1.
Europe & Israel
2.
Investment by country
3.
Investment by category
4.
Exits
Contents
14
The third quarter included high profile exits like
Farfetch, Funding Circle and Mendix
Source: Dealroom.co
NOTABLE EXITS IN Q3 2018
INDUSTRY
LOCATION
ACQUIROR
SELLER
VC BACKED
ROUND
Farfetch
Global community that unites independent boutiques around the world with
fashion lovers
Fashion
UK
Advent , e.ventures
Index Ventures
$ 5.8B
IPO
SodaStream
Home-Made Sparkling Water and Soda Beverages
Food
Israel
PepsiCo
Aggregate Media
$ 3.2B
ACQUISITION
Linxens
Design and manufacture of smart card connectors
Electronics
France
Tsinghua Unigroup
Astorg
CVC Capital Partners
2.2B
ACQUISITION
Funding Circle
Peer-to-peer business loans
Fintech
UK
Index Ventures
Accel Partners
Ribbit Capital
1.5B
IPO
Esure Group
One of UK's leading providers of insurance products
Insurance
UK
Bain Capital
Private Equity
Penta Capital
Souter Investments
Lloyds Bank
1.2B
BUYOUT
Mazor Robotics
Robotic-based technology for Healthcare
Robotics
Israel
Medtronic
IHCV
$ 1.3B
ACQUISITION
CRF Health
Technology solutions for the assessment of clinical trial outcomes
Health
UK
Finland
Genstar Capital
Vitruvian Partners
1B
ACQUISITION
Tusk Therapeutics
Immunotherapies to ignite the immune system against cancer
Health
UK
Roche Holding
Innovate UK
$ 655M
ACQUISITION
Mendix
Complete platform to build, integrate and deploy enterprise apps faster
Enterprise Software
Netherlands
Siemens
HENQ Invest
Prime Ventures
Battery Ventures
$ 628M
ACQUISITION
CCP Games
An independent developer of massively multiplayer online (MMO) games
Gaming
Iceland
Pearl Abyss
New Enterprise Associates,
Novator
$ 425M
ACQUISITION
15
Go to online data
34B
41B
85B
10B
20B
30B
40B
50B
60B
70B
80B
90B
Jan Feb Mar Apr May Jun
Jul Aug Sep Oct Nov Dec
2017
2018
With 85 billion in VC-backed exits including Spotify,
Adyen and Farfetch, 2018 is far ahead of 2017
Source: Dealroom.co
1. Market Cap of 10/10/2018
16
Cumulative value of VC-backed exits 2018 vs. 2017
EXITS IN 2018
VALUE AT EXIT
VALUE TODAY (1)
Spotify
Music streaming service
$ 26.5B
$ 29.1B
Adyen
Leading next generation global payments company
7.1B
17.5B
Farfetch
Online luxury fashion retail platform
$ 5.8B
$ 6.2B
Yoox Net-a-Porter
Global Internet retailing partner for leading fashion & design brands
5.0B
-
Sky Betting & Gaming
The leading operator in the UK's online betting and gaming market
$ 4.7B
-
Ablynx
Development of Nanobodies, proprietary therapeutic proteins
3.9B
-
Zoopla
Property website for the British residential market
2.2B
-
iZettle
Mobile payments company
$ 2.2B
-
Funding Circle
Peer-to-peer business loans
1.5B
1.3B
Mazor Robotics
Robotic-based technology for healthcare
$ 1.3B
-
27.8B
24.9B
8.6B
5.0B
4.0B
3.9B
3.6B
0.9B
0.4B
0.4B
0.2B
0.2B
0.1B
0.1B
Sweden
United Kingdom
Netherlands
Italy
France
Belgium
Germany
Turkey
Switzerland
Iceland
Austria
Ireland
Poland
Finland
Sweden and the UK are leading by VC-backed exits
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
17
Acquisitions & IPOs of venture-backed
companies (B) Jan-Sep '18
Acquisitions & IPOs of venture-backed
companies (B) Jan-Sep '18
(Yoox)
(mainly Adyen)
(mainly Spotify)
50
23
23
17
13
10
9
7
6
4
4
3
3
2
United Kingdom
France
Germany
Sweden
Spain
Netherlands
Switzerland
Ireland
Italy
Belgium
Poland
Denmark
Russia
Turkey
The global database to identify & track growth
opportunities and innovative companies
10 October 2018
Q3 2018
1.
Europe & Israel
2.
Investment by country
3.
Investment by category
4.
Exits
Contents
2
6.1 billion invested in Q3, a slowdown compared to
previous quarters
Source: Dealroom.co. Includes Israel. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
Quarterly investment in European VC rounds
3
Top-10 Investment Rounds in Q3 2018
Location
Round
Letgo
Platform for buying and selling second hand goods
Spain
$ 500 m
SERIES E
$1.5B valuation
About You
Fast growing e-commerce retailer for fashion
Germany
$ 300 m
GROWTH EQUITY
$1.0B valuation
Greensill
Financial services firm specialising in Supply Chain Finance
United Kingdom
$ 250 m
GROWTH EQUITY
$1.6B valuation
Deezer
Online music streaming service available on any device
France
160 m
LATE VC
$1.0B valuation
Orchard Therapeutics
Treating rare disorders through innovative gene therapies
United Kingdom
$ 150 m
SERIES C
Glovo
On-demand mobile application connects customers with
independent local couriers
Spain
115 m
SERIES C
Talan
Business Analysis, Support, IT Engineering and IT Architecture
France
100 m
GROWTH EQUITY
Deposit Solutions
The open architecture platform for retail deposits
Germany
$ 100 m
SERIES D
OakNorth Bank
Surgical robotics company
United Kingdom
$ 100 m
SERIES B
SEBA Crypto
The gateway that facilitates movement of assets between the
crypto and traditional financial markets
Germany
88 m
EARLY VC
Top 3
Top 10
3.2B
3.4B
2.9B 2.9B
3.5B
3.9B
4.5B
4.8B
4.0B
5.8B
4.4B
4.8B
4.6B
3.9B
4.3B
4.5B
5.9B
7.0B
6.3B
6.0B
7.4B
6.1B
1.0B
2.0B
3.0B
4.0B
5.0B
6.0B
7.0B
8.0B
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2016
2017
2018
All other rounds
Top 10 largest rounds
Top 3 largest rounds
Show online data
17B
24B
19B
5B
10B
15B
20B
25B
Jan Feb Mar Apr May Jun
Jul Aug Sep Oct Nov Dec
2017
2018
1,245
1,663
1,285
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Jan Feb Mar Apr May Jun
Jul Aug Sep Oct Nov Dec
2017
2018
As a result, investment activity to date in 2018 is well
ahead of 2017 (which was a record year itself)
Source: Dealroom.co. Includes Israel. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
1. Rounds below $2M are often reported with a delay of several months. Therefore, only rounds above $2M are shown here for better like-for-like comparison.
4
Cumulative amount invested 2018 vs. 2017 (B)
Cumulative number of rounds 2018 vs. 2017 (>2M)
Excluding Israel and biotech, 5.0 billion invested in
Q3 2018, in line with previous quarters
Source: Dealroom.co. Includes Israel. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
Investment in Europe, Israel & Biotech
5
Investment in Europe by key geography
3.9B
3.6B
3.0B
3.3B
3.8B
4.9B
5.0B
4.7B 4.8B
5.8B
5.0B
0.4B
0.5B
0.2B
0.6B
0.4B
0.4B
1.3B
0.8B
0.6B
0.6B
0.6B
0.6B
0.5B
0.7B
0.3B
0.4B
0.6B
0.8B
0.8B
0.6B
1.0B
0.5B
4.8B
4.6B
3.9B
4.3B
4.5B
5.9B
7.0B
6.3B
6.0B
7.4B
6.1B
1.0B
2.0B
3.0B
4.0B
5.0B
6.0B
7.0B
8.0B
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2016
2017
2018
Europe
Biotech
Israel
Why do we break this out:
VC firms typically prefer to see data excluding
Israel & Biotech, whereas corporate firms (EMEA
teams) typically prefer to see the data including.
1.3B 1.3B
1.1B
0.9B
1.1B
2.1B 2.0B
2.3B
1.2B
1.9B 2.0B
0.5B
0.4B
0.4B
0.6B
0.6B
1.0B
0.6B
0.6B
1.8B
0.6B
0.7B
0.5B
0.5B
0.7B
0.9B
0.6B
0.7B
0.6B
0.6B
0.7B
1.3B
0.8B
0.6B
0.5B
0.7B
0.3B
0.4B
0.6B
0.8B
0.8B
0.6B
1.0B
0.5B
4.8B
4.6B
3.9B
4.3B
4.5B
5.9B
7.0B
6.3B
6.0B
7.4B
6.1B
1.0B
2.0B
3.0B
4.0B
5.0B
6.0B
7.0B
8.0B
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
2016
2017
2018
United Kingdom
Germany
France
Israel
Other
Europe
1.
Europe & Israel
2.
Investment by country
3.
Investment by category
4.
Exits
Contents
6
The UK, Germany, France and Israel (the big four)
continue to receive 70% of total investment
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
7
11% YoY growth
87%
17%
10%
(35%)
(10%)
(11%)
(17%)
10%
43%
Number of rounds Jan-Sep '18
Investment by country (B) Jan-Sep '18
5.2B
3.1B
2.8B
2.1B
1.1B
0.8B
0.8B
0.4B
0.4B
0.4B
0.3B
0.3B
0.3B
0.3B
0.2B
0.2B
0.2B
0.1B
0.1B
United Kingdom
Germany
France
Israel
Spain
Switzerland
Sweden
Netherlands
Ireland
Portugal
Belgium
Finland
Denmark
Russia
Italy
Norway
Estonia
Cyprus
Austria
588
431
246
216
176
171
120
120
114
83
70
65
62
47
45
29
12
11
3
United Kingdom
France
Sweden
Germany
Israel
Netherlands
Italy
Spain
Switzerland
Norway
Russia
Denmark
Finland
Ireland
Belgium
Austria
Greece
Estonia
Romania
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
1. Rounds below $2M are included here.
8
The United Kingdom leads, followed by Germany (by
amount invested) and France (by number of rounds)
2018 cumulative number of rounds (1)
2018 cumulative amount invested by country
5.2B
3.1B
2.8B
2.1B
1.0B
2.0B
3.0B
4.0B
5.0B
6.0B
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
United Kingdom
Germany
France
Israel
588
216
431
176
100
200
300
400
500
600
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
United Kingdom
Germany
France
Israel
0.7B
1.0B
1.0B
0.6B
1.0B
1.2B
0.2B 0.2B
0.3B 0.3B 0.2B
0.4B
0.4B 0.4B 0.4B
0.4B
0.7B
0.3B
0.3B
0.4B
0.3B
0.2B
0.4B
0.2B
1.0B
1.0B
1.2B
1.1B
1.5B
1.1B
2.1B
2.0B
2.3B
1.2B
1.9B
2.0B
1.0B
0.6B 0.6B
1.8B
0.6B
0.7B
0.7B
0.6B 0.6B
0.7B
1.3B
0.8B
0.6B
0.8B 0.8B
0.6B
1.0B
0.5B
$ 1.5B
$ 3.0B
$ 1.9B
$ 1.7B
$ 2.6B
$ 2.0B
40
80
120
160
200
240
0.5B
1.0B
1.5B
2.0B
2.5B
3.0B
2017
Q2
2017
Q3
2017
Q4
2018
Q1
2018
Q2
2018
Q3
2017
Q2
2017
Q3
2017
Q4
2018
Q1
2018
Q2
2018
Q3
2017
Q2
2017
Q3
2017
Q4
2018
Q1
2018
Q2
2018
Q3
2017
Q2
2017
Q3
2017
Q4
2018
Q1
2018
Q2
2018
Q3
2017
Q2
2017
Q3
2017
Q4
2018
Q1
2018
Q2
2018
Q3
2017
2018
2017
2018
2017
2018
2017
2018
2017
2018
All other rounds (below top 10)
Top 10 largest rounds
Top 3 largest rounds
Number of rounds >$2M
In Q3, the impact of mega rounds is more significant
in France than in the UK, Germany and Israel
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
United Kingdom
Germany
France
Israel
Rest of Europe
9
In Q3, Germany showed
an increase in total
investments below top 10
largest rounds, surpassing
France and Israel.
1.
Europe & Israel
2.
Investment by country
3.
Investment by category
4.
Exits
Contents
10
Health, fintech and enterprise software continue to be
the most invested industries
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
Note: industries, business models and keywords can and do overlap.
11
By industry vertical
Business model
By keyword
Number of
rounds 2018
Jan - Sep
Amount (B)
invested 2018
Jan - Sep
551
437 405
218 206 196
142 155 148 114 101
80
74
58
53
45
35
1,131
617
339
192 164
610
365
132
80
42
4.0B 3.9B
3.2B
2.1B 2.0B
1.2B 1.1B 1.0B 0.9B 0.9B 0.6B 0.6B 0.4B 0.4B 0.3B 0.3B 0.3B
7.1B
4.8B
3.7B
2.5B
2.1B
3.9B
2.1B
0.7B 0.6B
0.2B
Noticeable increase in focus on deep tech related
areas such as robotics and blockchain
12
Absolute
change
vs. last
year (in
B)
% change
vs. last
year
(number
of
rounds)
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
Note: industries, business models and keywords can and do overlap.
By industry vertical
Business model
By keyword
1.0B
0.7B
0.3B 0.3B 0.3B 0.2B 0.1B 0.1B 0.0B
( 0.0B)
( 0.1B) ( 0.2B) ( 0.2B)
( 0.4B) ( 0.4B)
( 0.5B)
( 0.7B)
1.0B 0.9B
0.5B
( 0.4B)
( 0.7B)
0.5B
0.0B
( 0.1B)
( 0.5B)
( 0.9B)
69%
35%
33%
15%
14%
14%
12%
9%
7%
(5%)
(6%)
(6%)
(6%)
(8%)
(8%)
(29%)
(31%)
43%
23%
13%
(21%)
(22%)
75%
39%
12%
(35%)
Industry vertical investment heatmap
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
13
Number of rounds in 2018 to date by country
Europe & Israel total
United
Kingdom
Germany
France
Israel
Sweden
Netherlands
Spain
Russia
Switzerland
Ireland
Number of
rounds
% of total
Investment
(B)
% of total
Industry vertical
Enterprise software
126
51
82
44
29
26
33
7
15
12
551
20%
3.2B
17%
Health
101
24
60
34
49
34
12
2
37
9
437
16%
4.0B
21%
Fintech
134
33
38
26
29
10
18
6
17
8
405
15%
3.9B
20%
Transportation
33
26
36
16
18
18
12
19
12
1
218
8%
2.1B
11%
Marketing
43
21
37
10
10
11
16
6
4
4
206
8%
0.9B
5%
Energy
36
12
48
12
20
25
3
11
4
196
7%
1.2B
6%
Food
24
6
25
12
13
3
6
3
6
3
142
5%
0.6B
3%
Biotech
35
5
21
17
14
10
5
20
155
6%
2.0B
10%
Security
33
7
10
55
12
3
5
1
6
2
148
5%
1.0B
5%
Home
19
8
20
12
13
8
8
5
3
114
4%
1.1B
6%
Travel
21
10
13
2
5
8
15
4
1
101
4%
0.9B
5%
Fashion
12
9
7
3
18
3
7
4
2
1
80
3%
0.6B
3%
Robotics
13
3
18
7
2
6
1
6
8
74
3%
0.4B
2%
Gaming
9
4
3
2
11
1
1
3
1
58
2%
0.4B
2%
Semiconductors
10
7
9
6
4
4
2
5
2
53
2%
0.3B
2%
Insurance
21
7
5
3
3
3
45
2%
0.3B
1%
Telecom
8
1
7
7
6
2
1
1
35
1%
0.3B
2%
Business model
SaaS
240
103
179
109
72
55
52
24
39
18
1,131
42%
7.1B
37%
Manufacturing
119
32
108
51
50
73
14
6
46
14
617
23%
4.8B
25%
Marketplace
74
35
59
8
30
11
27
14
11
2
339
12%
3.7B
19%
eCommerce
35
23
30
13
25
6
10
6
5
1
192
7%
2.1B
11%
Mobile app
32
5
19
11
27
5
12
10
8
3
164
6%
2.5B
13%
Keywords
Deep Tech
144
38
81
85
28
40
24
16
30
7
610
22%
3.9B
20%
Artificial intelligence
101
16
42
55
20
24
15
7
8
1
365
13%
2.1B
11%
InternetOfThings
18
15
32
20
7
3
3
1
8
5
132
5%
0.7B
3%
Blockchain
17
8
3
6
5
5
4
12
2
80
3%
0.6B
3%
Virtual reality
12
2
3
4
4
5
1
3
4
42
2%
0.2B
1%
Total
588
216
431
176
246
171
120
70
114
47
2,721
100%
19.5B
100%
1.
Europe & Israel
2.
Investment by country
3.
Investment by category
4.
Exits
Contents
14
The third quarter included high profile exits like
Farfetch, Funding Circle and Mendix
Source: Dealroom.co
NOTABLE EXITS IN Q3 2018
INDUSTRY
LOCATION
ACQUIROR
SELLER
VC BACKED
ROUND
Farfetch
Global community that unites independent boutiques around the world with
fashion lovers
Fashion
UK
Advent , e.ventures
Index Ventures
$ 5.8B
IPO
SodaStream
Home-Made Sparkling Water and Soda Beverages
Food
Israel
PepsiCo
Aggregate Media
$ 3.2B
ACQUISITION
Linxens
Design and manufacture of smart card connectors
Electronics
France
Tsinghua Unigroup
Astorg
CVC Capital Partners
2.2B
ACQUISITION
Funding Circle
Peer-to-peer business loans
Fintech
UK
Index Ventures
Accel Partners
Ribbit Capital
1.5B
IPO
Esure Group
One of UK's leading providers of insurance products
Insurance
UK
Bain Capital
Private Equity
Penta Capital
Souter Investments
Lloyds Bank
1.2B
BUYOUT
Mazor Robotics
Robotic-based technology for Healthcare
Robotics
Israel
Medtronic
IHCV
$ 1.3B
ACQUISITION
CRF Health
Technology solutions for the assessment of clinical trial outcomes
Health
UK
Finland
Genstar Capital
Vitruvian Partners
1B
ACQUISITION
Tusk Therapeutics
Immunotherapies to ignite the immune system against cancer
Health
UK
Roche Holding
Innovate UK
$ 655M
ACQUISITION
Mendix
Complete platform to build, integrate and deploy enterprise apps faster
Enterprise Software
Netherlands
Siemens
HENQ Invest
Prime Ventures
Battery Ventures
$ 628M
ACQUISITION
CCP Games
An independent developer of massively multiplayer online (MMO) games
Gaming
Iceland
Pearl Abyss
New Enterprise Associates,
Novator
$ 425M
ACQUISITION
15
Go to online data
34B
41B
85B
10B
20B
30B
40B
50B
60B
70B
80B
90B
Jan Feb Mar Apr May Jun
Jul Aug Sep Oct Nov Dec
2017
2018
With 85 billion in VC-backed exits including Spotify,
Adyen and Farfetch, 2018 is far ahead of 2017
Source: Dealroom.co
1. Market Cap of 10/10/2018
16
Cumulative value of VC-backed exits 2018 vs. 2017
EXITS IN 2018
VALUE AT EXIT
VALUE TODAY (1)
Spotify
Music streaming service
$ 26.5B
$ 29.1B
Adyen
Leading next generation global payments company
7.1B
17.5B
Farfetch
Online luxury fashion retail platform
$ 5.8B
$ 6.2B
Yoox Net-a-Porter
Global Internet retailing partner for leading fashion & design brands
5.0B
-
Sky Betting & Gaming
The leading operator in the UK's online betting and gaming market
$ 4.7B
-
Ablynx
Development of Nanobodies, proprietary therapeutic proteins
3.9B
-
Zoopla
Property website for the British residential market
2.2B
-
iZettle
Mobile payments company
$ 2.2B
-
Funding Circle
Peer-to-peer business loans
1.5B
1.3B
Mazor Robotics
Robotic-based technology for healthcare
$ 1.3B
-
27.8B
24.9B
8.6B
5.0B
4.0B
3.9B
3.6B
0.9B
0.4B
0.4B
0.2B
0.2B
0.1B
0.1B
Sweden
United Kingdom
Netherlands
Italy
France
Belgium
Germany
Turkey
Switzerland
Iceland
Austria
Ireland
Poland
Finland
Sweden and the UK are leading by VC-backed exits
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
17
Acquisitions & IPOs of venture-backed
companies (B) Jan-Sep '18
Acquisitions & IPOs of venture-backed
companies (B) Jan-Sep '18
(Yoox)
(mainly Adyen)
(mainly Spotify)
50
23
23
17
13
10
9
7
6
4
4
3
3
2
United Kingdom
France
Germany
Sweden
Spain
Netherlands
Switzerland
Ireland
Italy
Belgium
Poland
Denmark
Russia
Turkey
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