2018 european scaleups report - holland fintech...and vertical industries such as the fintech and...

2018

EUROPEAN

SCALEUPS REPORT

OMAR MOHOUT

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Foreword

Highlights 2018

European (Venture) Capital

Country specific details

Methodology

About the author

About Sirris

Data sources

Disclaimer

TABLE OF CONTENTS

3

2018 was another great year for the European scaleup ecosystem.

While the number of investment was only a bit higher than 2017,

investment amount went 13% higher.

Despite the total increase in funding amount, both the number of IPOs

and ICOs dropped by nearly half compared to 2017. Yet, there are a

number of indications that Europe has a mature technology ecosystem.

With this report we want to provide a comprehensive review of

investment in scaleups and high-growth technology companies across

35 countries in Europe. Our aim is to provide data-driven guidance,

insights, perspective and inspiration to all stakeholders of the European

scaleup ecosystem.

Sincerely,

Omar Mohout

2018 EUROPEAN SCALE UP REPORT FOREWORD

PARTNERS

4

This report is part of a series of funding

reports that are published on a quarterly

basis. A yearly report will also summarize

quarterly findings. Other reports complement

the series, focusing on geographical markets

and vertical industries such as the FinTech

and Artificial Intelligence report.

2018 EUROPEAN SCALE UP REPORT ABOUT

This report is a snapshot in time, aimed at

analysing funding data, major trends within

the industry and the regions.

Only deals of at least $1M / € 750K are

considered for this report.

If you would like to provide your input for the

report, signal an omission of data or have any

other feedback, we would love to hear it. Just

pop an email to [email protected]

ABOUT THIS REPORT

http://eepurl.com/b-bu2T

HIGHLIGHTS 2018

5

2018 EUROPEAN SCALE UP REPORT HIGHLIGHTS

2016

€ 17.2B2017

€ 20.1B2018

€ 22.6B

+17% +13%

FUN

DIN

G

2016

1,8472017

1,8652018

1,917

+1% +3%

# O

F D

EALS

297

185

96

89

80

FinTech

HealthTech

MadTech

HRTech

PropTech

475

384

275

155

90

UK

France

Germany

Sweden

Netherlands

TOP

IND

UST

RIE

STO

P C

OU

NTR

IES

EUROPEAN

VENTURE CAPITAL

2018 EUROPEAN VENTURE CAPITAL

6

7

€ 6.694

€ 3.495

€ 3.066

€ 1.701

€ 1.054

€ 1.014

€ 861

€ 778

€ 653

€ 511

UK

Germany

France

Netherlands

Spain

Sweden

Ireland

Switzerland

Finland

Denmark

2018

2017

2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL

AMOUNT RAISED PER COUNTRY 2018*

*In millions

2016 was the year of Swedenthanks to a strong performingecosystem and a high number ofIPOs; Switzerland was the risingstar of 2017, thanks to ICOs. 2018is the year of the Netherlandsthanks to the IPOs of Adyen andElastic.

UK, despite the Brexit, is onceagain the strongest performer inEurope. The UK had at least 10deals of more than € 100M each –all of them based in London.

8


UNICORNS: COMPANIES VALUED AT +$1B*

BlaBlaCar

Deezer

FRANCE

Cabify

LetGo

SPAIN

Auto1

Celonis

About You

N26

GERMANY

Atom Bank

Oxford Nanopore

BenevolentAI

Revolut

Improbable

ACORN OakNorth

Darktrace

Monzo

Graphcore

Funding Circle

Farfetch

UKDENMARK

Intercom

IRELAND

UiPath

ROMANIA

Tradeshift

*And raising funding in 2018

Taxify

ESTONIA

Klarna

SWEDEN

OutSystems

PORTUGAL

9


CENTAURS: COMPANIES RAISING +100M EURO

Cabify

Glovo

LetGo

SPAIN FRANCE

Auto1

N26

About You

Westwing

GoEuro

GERMANY

Atom Bank

Oxford Nanopore

eToro

PurpleBricks

Revolut

Funding Circle

Farfetch

Team17

Nested

Graphcore

Moonbug

UKOTHER

Adyen

Elastic

NL

Intercom

GMI

IRELAND

UiPath

Avast

Taxify

OutSystems

Tradeshift

Nokia

THQ Nordic

In 2016, there have been 18 rounds of at least € 100M funding while in 2017 it increased to 25 rounds. In 201834 rounds took place, 36% more than last year. Another indication that Europe has a tech ecosystem of its own.

Voodoo

Deezer

BlaBlaCar

10

475

385

275

156

89

75

73

72

50

46

UK

France

Germany

Sweden

Netherlands

Belgium

Spain

Switzerland

Finland

Denmark

2018

2017


UK grew with 12% against 2017,Belgium with 10%. Among thebiggest drop: Sweden (-34%) andFinland (-31%).

Note that Italy, Ireland, Norway,Portugal and Austria didn’t makeit to the European top 10 in 2018.

DEALS PER COUNTRY 2018

11

5.062

2.215

1.990

1.024

958

861

779

776

710

677

FinTech

eCommerce

HealthTech

Software development

HRTech

Automotive

Mobility

Gaming

Cybersecurity

PropTech

2018

2017


The top 10 industries count for 69%of all capital raised. FinTech is stillhot and the funding champion ofboth 2016, 2017 and again 2018.However, it looks like it reached itshighest point.

HealthTech on the other hand isgrowing every year and jumped 56%against the previous year.

The biggest growing industry isMobility that grew with 130%against 2017. Also Cybersecuritymade it to the top 10 in 2018.

AMOUNT RAISED PER INDUSTRY 2018*

*In millions

12

285

172

91

87

74

73

64

63

63

63

FinTech

HealthTech

MadTech

HRTech

PropTech

eCommerce

Software…

MediaTech

Utilities

EdTech

2018

2017


The top 3 didn’t change Y2Y forthe 3rd year in a row: FinTech,HealthTech and MadTech(Marketing, Advertisement andSales) still dominating. Howeverall of them lost a bit of ground.

HRTech is one of the fewindustries in the top 10 that isgrowing (13%). SoftwareDevelopment entered the top 10in 2018 with a jump of 94%.

Didn’t make it the top 10 but alsoperforming strong are Mobilityand Cybersecurity.

DEALS PER INDUSTRY 2018

13


BREAKDOWN OF FINTECH

1. UK (38%)

2. Germany (13%)

3. France (12%)

4. Sweden (8%)

5. Switzerland (5%)

6. Belgium (4%)

7. Netherlands, Italy, Ireland, Denmark (3%)

8. Norway (2%)

9. Spain, Finland, Iceland, Estonia, Austria (1%)

FinTech24%

Lending17%

InsurTech17%

WealthTech17%

Payments 15%

Banking; 7%RegTech; 3%

14


BREAKDOWN OF HEALTHTECH

1. UK (28%)

2. France (19%)

3. Sweden (9%)

4. Belgium, Germany (8%)

5. Switzerland (6%)

6. Ireland (4%)

7. Netherlands (3%)

8. Spain, Finland, Denmark, Norway (2%)

9. Poland, Iceland, Austria, Italy (1%)

CareTech29%

HealthTech26%

Lifescience23%

MedTech21%

FemTech 1%

1. France (27%)

2. Germany (26%)

3. Netherlands (9%)

4. UK (8%)

5. Sweden (8%)

6. Belgium (7%)

7. Spain (4%)

8. Austria (4%)

15


EMERGING CATEGORY: SMART CITIES

The Smart Cities category raisedclose to € 779M in 2018. it includesmobility, autonomous vehicles,supply chain, utilities, urban farmingand waste management scaleups.

Autonomous vehicle scaleup Navyawent public on Euronext Paris

1. Cabify (ES)

2. Cityscoot (FR)

3. Navya (FR)

4. Blacklane (DE)

5. Aimotive (HU)

6. Wunder Mobility (DE)

7. TIER Mobility (DE)

8. Infarm (DE)

9. Wind Mobility (DE)

10.Heetch (FR)

COUNTRIES BIGGEST DEALS

1. Germany (30%)

2. France (17%)

3. UK (17%)

4. Belgium (13%)

5. Norway (4%)

6. Sweden (4%)

7. Italy (4%)

8. Switzerland (2%)

9. Netherlands (2%)

16


EMERGING CATEGORY: INDUSTRY 4.0

Industry 4.0 or Smart Factory is anumbrella for technology innovationapplied to manufacturing andfactoring. It includes robotics,internet of things, virtual andaugmented reality and artificialintelligence.

Industry 4.0 is enabling the fourthindustrial revolution and crucial forEurope. Although only € 456Mraised it’s an increase of 64%against 2017

1. Materialise (BE)

2. Shapeways (NL)

3. Relayr (DE)

4. WaveOptics (UK)

5. Arundo Analytics (NO)

6. Magazino (DE)

7. Konux (DE)

8. Prophesee (FR)

9. Exotec Solutions (FR)

10.Braincube (FR)


1. UK (33%))

2. France (16%)

3. Switzerland (16%)

4. Sweden (11%)

5. Spain (4%)

6. Italy (4%)

7. Netherlands (4%)

8. Denmark (4%)

9. Germany (2%)

10.Finland (2%)

17


EMERGING CATEGORY: PRECISION HEALTH/MEDICINE

Precision Health is about preventingdisease before it strikes whilePrecision Medicine is about curing adisease after the fact. Both focus onhelping individuals getting betterand thrive. Patients become activemanagers of their own health.

The data explosion allows morespecific and custom therapies forpatients. Also the rise of 3D Printing,IoT, wearables and AI increasinglyhelps to put the “precision” inhealth and medicine. € 760Mfunding went into this category in2018, a 143% increase against 2017.

1. BenevolentAI (UK)

2. CMR Surgical (UK)

3. Impulse Dynamics (DE)

4. Ada Health (DE)

5. Seven Bridges (RS)

6. Owlstone Medical (UK)

7. SpineArt (CH)

8. Mainstay Medical (IE)

9. G-Therapeutics (CH)

10.Ava (CH)


18


EMERGING CATEGORY: (DIGITAL) CLEANTECH

CleanTech had 53 deals in 2018,worth almost € 355M in funding.

The majority of these scaleups areactive in energy related solutions aswell as in water treatment and e-mobility.

A number of corporations, includingRWE, Statoil, Shell and E.ON, areinvesting in this space.

1. sonnen Group (DE)

2. Aledia (FR)

3. Climeworks (CH)

4. Origami Energy (UK)

5. Kayrros (FR)

6. Orbital Systems (SE)

7. Tevva Motors (UK)

8. Otovo (NO)

9. Mitte (DE)

10.Oxford Photovoltaics (UK)

BIGGEST DEALS

1. France (25%))

2. UK (21%)

3. Germany (13%)

4. Sweden (11%)

5. Netherlands (9%)

6. Switzerland (6%)

7. Belgium (4%)

8. Finland (4%)

9. Portugal (4%)

10.Denmark (2%)

COUNTRIES

1. Germany (24%)

2. France (16%)

3. Belgium (16%)

4. UK (12%)

5. Netherlands (12%)

6. Switzerland (8%)

7. Spain (4%)

8. Sweden (4%)

9. Estonia (4%)

19


EMERGING CATEGORY: SMART BUILDINGS

The Smart Buildings and SmartHome category has a broad numberof scaleups and counts for € 118Minvestments in 2018. it includesutilities, security, property tech(PropTech), and CareTech scaleups.

Internet of Things is the most usedtechnology in this space.

1. Toda (DE)

2. Discovergy (DE)

3. Click & Grow (EE)

4. Birdie Care (UK)

5. Energisme (FR)

6. Senic (DE)

7. Solytic (DE)

8. Voltaware (UK)

9. Smappee (BE)

10.Lone Rooftop (NL)


1. France (23%)

2. UK (15%)

3. Switzerland (13%)


5. Germany (10%)

6. Finland (8%)

7. Belgium (5%)

8. Denmark (5%)

9. Romania (5%)

10.Estonia (3%)

20


EMERGING CATEGORY: DIGITAL WORKPLACE

Digital Workplace scaleups areactive in the domains of HRTech andIT Services. They help organizationsand employees with digital tools tocollaborate, automate, onboardemployees, improve employeehappiness and exchange ofinformation.

In 2018, € 762M in funding is raisedin this category, a 239% increasefrom 2017. Especially the RPA(Robotic process automation)scaleups are growing extremely fast.

1. UiPath (RO)

2. Nexthink (CH)

3. Front (FR)

4. Blue Prism (UK)

5. Jedox (DE)

6. Peakon (DK)

7. Starmind International (CH)

8. Speakap (NL)

9. Tray.io (UK)

10.Beekeeper (CH)


1. France (22%)

2. UK (14%)

3. Norway (14%)


5. Germany (7%)

6. Sweden (7%)

7. Switzerland (7%)

8. Ireland (7%)

9. Estonia (7%)

21


EMERGING CATEGORY: SMART FARMING

The core of Smart Farming is dataand the use of it in agricultureapplications. It impacts theagricultural domain usingtechnologies such as the Internet ofThings (IoT), geo-positioningsystems, satellites, drones, robotics,autonomous vehicles, AI etc.

In 2018, only € 42M in funding israised in this category, up from €36M in 2017.

1. ecoRobotix (CH)

2. LemnaTec (DE)

3. Wefarm (UK)

4. Vitibot (FR)

5. Aquabyte (NO)

6. Naio Technologies (FR)

7. Connecterra (NL)

8. Karnott (FR)

9. KisanHub (UK)

10.GrainSense (NO)


22


EMERGING CATEGORY: NEWSPACE / SPACE 2.0

NewSpace is associated with rocket companies funded by billionaires such as SpaceX(Elon Musk), Blue Origin (Jeff Bezos), Virgin Galactic (Richard Branson), VulcanAerospace (Paul Allen) and StarChip (Yuri Milner).

But it’s much more than that, it includes:• Rocket developers and space transporters• Satellite developers• Connectivity providers• Earth observation, image processing, climate change and other GeoTech activities• Organizers of space travel, tourism and training• Mining and exploitation of asteroids and planets• Applying space to a range of services such as space funerals…

1. Reaction Engines (UK)

2. ICEYE (FI)

3. PLD Space (ES)

4. KLEOS Space (LU)

5. Oxford Space Systems (UK)

6. Open Cosmos (UK)

7. Exotrail (FR)

8. Rezatec (UK)

9. Valispace (DE)

10.Isar Aerospace (DE)

BIGGEST DEALS

31%

69%

B2C B2B

39%61%

B2C B2B

23


B2B & B2C COMPARISON

NUMBEROF DEALS

AMOUNTRAISED

Contrary to Silicon Valley, where 2 outof 3 startups are consumer oriented,European scaleups are predominantlyB2B. Ireland and Belgium have thehighest number of B2B scaleups as apercentage of number of investments.

Spain is the only country in Europethat is dominant B2C oriented lastyear.

However some industries are moreB2C oriented such as gaming, mobility,SportsTech, MusicTech and EdTech.

24

98

97

93

90

89

73

62

61

58

57

53

49

44

Denmark

Spain

Sweden

UK

Germany

Netherlands

France

Finland

Norway

Ireland

Switzerland

Belgium

Italy


The average European scaleup has78 employees.

Denmark is leading once again butFinland, Sweden and theNetherlands are making thebiggest jump.

AVERAGE NUMBER OF EMPLOYEES PER COMPANY 2018

25

12.347 13.132

14.866

11.431

15.222 14.888

11.431

14.949

17.693

13.449

10.318 10.213

Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec.

2016

2017

2018


JOB CREATION BY 2016 FUNDED SCALEUPS

*In millions

12 months after receivingfunding, 26,844 jobs beingcreated by European scaleups. Anincrease in jobs by 28%. 24months later, 36,198 jobs arebeing created, a 37% increase.

26

19.602

8.567

13.021

10.102

13.900

19.522

12.194

8.177

13.023 13.171 14.637

10.806

Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec.

2017

2018


JOB CREATION BY 2017 FUNDED SCALEUPS

*In millions

12 months after receivingfunding, 45,320 jobs beingcreated by European scaleups. Anincrease in jobs by 41%

1. Deliveroo (+2,202)

2. Spotify (+1,649)

3. Farfetch (+1,471)

4. Microcred (+895)

5. Unity Technologies (+892)

6. Delivery Hero (+740)

7. Elastic (+663)

8. Glovo (+644)

9. Flixbus (+627)

10.Verve (+555)

1. Blippar (-282), bankrupt

2. BlaBlaCar (-218)

3. Cabify (-168)

4. Move24 (-145)

5. Luxendo (-121), acquired

6. Movinga (-92)

7. Ve Global (-87)

8. Jinn (-82)

9. Widespace (-79)

10.Shore (-79)

27


SHAKERS AND MOVERS BASED ON JOB CREATION

GAINERS LOSERS

On the gainers side, Deliveroo is theEuropean king in absolute jobcreation with a growth of 114% in 2years time. Also Spotify continues togrow with growth rates of over 60%since 2016. It’s striking that B2Cunicorns are the biggest job creatorsdespite Europe being a B2Becosystem.

On the losers side, London basedvirtual reality scaleup Blippar wentbankrupt; French Blablacarcontinues to reduce its workforcesince 2016.

Overall, the top 10 gainers creating amagnitude more jobs than thebiggest losers shred.

28


WHERE ARE ACQUISITIONS TAKEN PLACE?

1. FinTech

2. MadTech

3. Travel & Hospitality

4. Mobility

5. HealthTech

6. Manufacturing

7. Gaming

8. Software development

9. Consumer Services

10.Customer Experience

1. SaaS

2. Data Analytics

3. IoT

4. Artificial Intelligence

5. App

6. API

7. Robotics

8. Connected Hardware

9. GeoTech

10.Wearable

BY INDUSTRY BY TECHNOLOGY

1. Germany

2. UK

3. France

4. Sweden

5. Netherlands

6. Switzerland

7. Finland

8. Spain

9. Belgium

10.Iceland

BY COUNTRY

29


WHERE ARE BANKRUPTCIES TAKEN PLACE?

1. FinTech

2. Consumer Services

3. PropTech

4. MadTech

5. FoodTech

6. eCommerce


8. MediaTech

9. Retail

10.HealthTech

1. SaaS

2. App


4. Blockchain

5. Virtual Reality

6. Wearable

7. IoT

8. GeoTech

BY INDUSTRY BY TECHNOLOGY

1. UK

2. Sweden

3. France

4. Portugal

5. Finland

6. Switzerland

7. Germany

8. Belgium

9. Spain

10.Ireland

BY COUNTRY

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AVERAGE FOUNDING YEAR TO RAISE ‘SERIES A’ ROUNDS

Portugal

2013

Finland

Sweden

France

Austria

UK

Ireland

2014

Denmark

Spain

Norway

Belgium

Switzerland

Netherlands

Germany

Italy

2015

To raise a series A in Europe, acompany needs to be founded in2014. It takes a long 4 years for astartup to become a scaleup andraise funds.

For an IPO, the average foundingis 2007 (11 years). For an ICO it is2016 (2 years).

31

41%

21%

20%

7%

3%

2%

2%

1%

1%

1%

1%

1%

A

B

Seed

C

D

Crowdfunding

Debt financing

IPO

Post IPO Equity

E

Grant

Initial Coin Offering


Given the threshold of € 750K, it’snot surprising that the majority ofdeals are series A.

DEAL TYPE 2018

32

TYPE OF TECHNOLOGYLooking to cumulative investmentsper year, the only game changer intown is Artificial Intelligence.Blockchain is still a hype for thetime being.

33

49%

19%

11%

10%

2%

2%

0

Subscription

Marketplace

Transactional

Commission

Freemium

Interest charging

Open Source


The subscription based model andthe marketplace approach are theleading business models fortechnology companies, countingtogether for 68% of the total.

TYPE OF BUSINESS MODELS

34

€ 1.841

€ 1.065

€ 1.761

€ 1.447

€ 2.309

€ 3.045

€ 1.718

€ 1.467

€ 2.558

€ 1.656

€ 2.049

€ 1.661

Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec.

2017 2018


CAPITAL RAISED PER MONTH 2017 VS 2018*

*In millions

European scaleups raised around €1.9B per month in 2018, up 12%against 2017 and even 31% against2016.

35

163152 156

169 173

217

144

110

172 167 169

116

Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec.

2017 2018


Around 159 deals are closed inEurope every month. There is aslow down during summer, howeverit gets compensated in the month ofSeptember.

The number of deals is 3% higher in2018 versus 2017.

NUMBER OF DEALS 2018

1. London

2. Paris

3. Berlin

4. Stockholm

5. Munich

6. Amsterdam

7. Copenhagen

8. Barcelona

9. Zurich

10. Oslo

1. London

2. Paris

3. Berlin

4. Amsterdam

5. Dublin

6. Stockholm

7. Barcelona

8. Munich

9. Copenhagen

10. Hamburg

36


SCALEUP CITIES 2018

NUMBER OF DEALS AMOUNT RAISED

The top 4 of scaleup cities didn’tchange over the last 3 years makingLondon, Paris, Berlin and Stockholmthe Tier 1 cities of Europe.

Dublin and Helsinki dropped out ofthe top 10. Barcelona, despite thepolitical instability, remains in thetop 10 ahead of Madrid.

Germany is the only country thathas multiple cities in the top 10.

37


THE IMPORTANCE OF TECH HUBS WITHIN COUNTRIES

The percentage shows theconcentration of scaleups in a singlecity per country.

In principle, the higher theconcentration the better becauseproximity still counts in ecosystems.

80%

73%

71%

71%

63%

59%

57%

49%

49%

47%

DK, Copenhagen

IRL, Dublin

UK, London

SE, Stockholm

FR, Paris

NL, Amsterdam

FI, Helsinki

IT, Milan

ES, Barcelona

DE, Berlin

38


The gap between London and Parisis widening while Stockholm andBerlin are still in a dog fight for thebronze.

Note the summer slowdown everyyear in France

THE BIG FOUR CITIES 2016-18 (# DEALS)

39


TOP 5 BIGGEST FUNDING DEALS*

€ 950M € 752M € 440M€ 460M € 350M#01 #02 #03 #04 #05

*In amount raised in a single transaction

40

25%

11%

7%

4%

4%

3%

3%

3%

3%

2%

US

UK

DE

ES

FR

NL

AU

SG

IT

JP


LOCATION OF INTERNATIONAL BRANCHES

40% of all scaleups have a branchoutside their home country. 25% ofthese branches are located in theUSA. UK is second with around 10%.

The primary springboard for theAsian market is Singapore.

41


NUMBER OF INTERNATIONAL BRANCHES

More than half of scaleups with abranch have only 1 foreign office.

Taxify (29 branches), auto1 (27branches) and Darktrace (23branches) have the highest numberof branches. Not surprising, all ofthem are unicorns.

Only Delivery Hero did better in2017 with 49 branches making it theEuropean scaleup with the biggestglobal footprint.

56%

18%

12%

6%

2%

2%

1%

1%

0%

1%

1

2

3

4

5

6

7

8

9

10

71%

4%

3%

3%3%

16%

com io de uk fr other

42


BREAKDOWN BY DOMAIN NAME EXTENSION

2016

68%

5%

3%

3%

3%

18%

com io fr uk de other

2017

67%

5%

4%

3%

3%

18%

com io de fr uk other

2018

The domain name is often an indication of the ambition of a scaleup: national, regional or international. The .comdomain extension is losing ground, while .io, .tech and especially .ai domains are growing. The .tv domain disappeared.

7%

93%

Female Male

31%

38%

31%

1 2 > 3

43


FOUNDING TEAM

GENDERNUMBER

OF FOUNDERS

The percentage of female founderswent down from 10% (2016) to 8%(2017) to 7% in 2018. It’s a worryingtrend. Ireland had the highest score(22%), followed by the UK (10%) andAustria (7%) Norway (3%) andDenmark (2%) are worst in class.

It’s a myth in the startup scene thatsingle founders don’t get funded. Thedata shows otherwise: 31% of allfounders that raise funding is a singlefounder. Ireland and Spain have thehighest percentage of single founders.Austria and Denmark have the lowestpercentage.

44


Only 7% of European scaleups arespin-offs or spin-outs. And dropping(2016 = 9%). While it’s true thatspin-offs are not the only way thatuniversities can monetize research,it’s nevertheless an indication thatinnovation is mainly happeningoutside campuses & academic labs.

However, universities do play a rolein patentable hard and deep tech inspecific technology areas such asMedtech, BioTech Life Sciences, dataencryption and security, materialsscience, robotics, nanotechnology,semiconductors, and the like.

MOST ACTIVE SPIN OFF INSTITUTES 2018

1. University of Oxford

2. University of Cambridge

3. ETH Zurich

4. University College London

5. École Polytechnique Fédérale de Lausanne, TU Delft, University of Ghent

6. RWTH Aachen University

7. Lund University, University of Bristol, VTT

8. KU Leuven, University of Edinburgh, École Polytechnique, Eindhoven University ofTechnology, Université catholique de Louvain, Karolinska Institutet, Technical University ofMunich, University of Antwerp, Imperial College, University of Southern Denmark, CEA-Leti,Karlsruhe Institute of Technology

45


7% of European scaleups protecttheir technology using patents.

HealthTech, and more specifically,MedTech is the industry with thehighest number of patentedtechnology in the digital space.

PATENTS

1. HealthTech

2. Semiconductors

3. Manufacturing

4. Utilities

5. Aerospace

6. Automotive

7. Consumer Electronics

8. Cybersecurity

9. Mining & Environmental services

10. AgriTech

46


29% (!) of the European scaleupsgraduated from an accelerationprogram. That’s up from 19% in2017.

Paris&Co is the fastest growingacceleration program jumping to the#1 position from position #10 in2017

ACCELERATORS, BY NUMBER OF FUNDED SCALEUPS 2018

1. Paris&Co

2. Techstars

3. Seedcamp

4. Agoranov

5. Wayra, Plug and Play

6. 500 Startups

7. Euronext TechShare

8. Y Combinator

9. Microsoft Accelerator, Axeleo, Startupbootcamp

10. imec.iStart, EIT Digital, NUMA

47


Corporate Venture Capital isinvolved in 21% of all Europeandeals, becoming the second mostimportant source of finance forscaleups (up from 20% in 2017).

Corporate investment activitycontinued to rise, both via corporateventuring and balance sheetinvestments.

MOST ACTIVE CORPORATE VC 2018

1. BNP Paribas, AXA

2. Crédit Agricole

3. Google, Microsoft

4. ABN AMRO, Allianz, ING, Axel Springer, Bonnier

5. Salesforce, Rakuten, Samsung, Telefónica, Tengelmann Group,CommerzBank, Zürcher Kantonal Bank

6. Vorwerk Group, Swisscom, Robert Bosch, BP, Daimler, Intel, DeutscheTelekom

48

RECOMMENDED READING: WWW.CORPORATEVENTURING.CO

49


The most active venture investor inEurope, for the 3rd consecutiveyear, is the French government withBpifrance.

MOST ACTIVE INVESTORS BREAKDOWN OF INVESTORS

1. Bpifrance (France)

2. LocalGlobe (UK)

3. Kima Ventures (France)

4. Idinvest Partners (France)

5. Balderton Capital (UK)

6. Index Ventures (UK)

7. High-Tech Gründerfonds (Germany)

8. Speedinvest (Austria)

9. Accel (US)

10.Octopus Ventures (UK)

VC54%CVC

10%

PE10%

Government5%

Family Office4%

50


MOST ACTIVE INVESTORS BY TYPE OF ROUND

1. Bpifrance

2. Kima Ventures

3. Localglobe

4. Partech Ventures

5. Downing Ventures

6. Crédit Agricole

7. Speedinvest

8. Parkwalk Advisors

9. Index Ventures

10. High-Tech Gründerfonds

1. Bpifrance

2. Idinvest Partners

3. Atomico

4. Insight Venture Partners

5. Octopus Ventures

6. EQT Ventures

7. Index Ventures

8. Serena Capital

9. Northzone

10. Balderton Capital

SERIES A SERIES B



3. Endeavor Catalyst

4. Index Ventures

5. Northzone

6. Creandum

7. Atomico

8. Partech Ventures

9. Accel

10. Bpifrance

SERIES C

1. Insight Venture Partners

2. Kinnevik

3. Sequoia Capital

4. Accel

5. Level Equity

6. Atomico

7. Partech Ventures


9. SFPI-FPIM

10. Cipio Partners

SERIES D

51


SUPER ANGELS

1. Xavier Niel (Free)

2. Taavet Hinrikus (TransferWise)

3. Charlie Songhurst (Microsoft)

4. Thibaud Elziere (eFounders)

5. Michael Benabou (vente-privee)

6. David Helgason (Unity Technologies)

7. Preben Damgaard (Navision)

8. Louis Jonckheere & Pieterjan Bouten (Showpad)

9. Michael Pennington (Gumtree)

10. Julien Codorniou (Facebook)

52


Europe saw 22 IPOs of technologycompanies in 2018 totaling € 7.5B.

Sweden, the IPO champion of 2016and 2017 came to a total standstillin 2018.

Contrary to 2017, a number of techcompanies went public on WallStreet: Farfetch, Spotify, Elastic andOpera.

Euronext is the most popularplatform for IPOs in Europe,followed by AIM and Nasdaq FirstNorth.

18% of all IPOs are in FinTech.

IPO PER COUNTRY 2018

1. UK (6)

2. Germany (2)

3. Netherlands (2)

4. Denmark (2)

5. France (2)

6. Ireland (2)

7. Belgium, Sweden, Czech Republic, Luxembourg, Norway, Portugal (1)

53


While 2017 was the year of theInitial Coin Offering (ICO) with +26investments totaling for € 863M.2018 saw a big drop in ICOs to only11 deals totaling € 144M.

ICO PER COUNTRY 2018

1. Switzerland (4)

2. Germany (2)

3. Netherlands (2)

4. Belgium (1)

5. Romania (1)

6. UK (1)

54


TOP 5 BIGGEST ICO DEALS*

€ 41M € 27M € 11M€ 24M € 10M#01 #02 #03 #04 #05

*In amount raised

COUNTRY PROFILES: UK

55

2018 European scale up report European venture capital

56

UK COUNTRY HIGHLIGHTS

475 investments

€ 6.7B investments

Average founding year: 2013

Average amount: € 14.1M

6 IPOs

19% corporate investments11% spinoffs

27% accelerator participation

36% has a foreign branch


57

UK SCALEUPS DASHBOARD

Farfetch€ 752

Funding Circle€ 337

Revolut€ 203

Graphcore€ 176

eToro € 128

Female10%

Male90%

134%

240%

+327%

FOUNDERSGENDER

NUMBER OFFOUNDERS

B2B66%

B2C34%

ACTIVITY

1-10 employees:

13%

11-50 employees:46%

51-100 employees:

20%

+100 employees:21%

NUMBER OFEMPLOYEES

HIGHESTROUNDS

(MILLIONS)


58

1. London

2. Cambridge

3. Oxford

4. Edinburgh

5. Manchester

6. Bristol

7. Reading

8. Exeter

9. Brighton

10. Belfast

1. FinTech

2. HealthTech

3. EdTech

4. PropTech

5. MadTech

6. Cybersecurity

7. HRTech

8. MediaTech

9. eCommerce


1. SaaS

2. App


4. Blockchain

5. IoT

6. Virtual Reality

7. Computer Vision

8. Chatbot

9. Speech Recognition

10. Robotics

UK COUNTRY HIGHLIGHTS:

CITIES INDUSTRIES TECHNOLOGIES

Based on number of deals


59

1. Techstars

2. Seedcamp

3. Wayra

4. Entrepreneur First

5. Pitch@Palace

6. 500 Startups

7. Founders Factory

8. Upscale Tech City UK

9. Level39

10. Foundrs

1. University of Oxford

2. University of Cambridge

3. University College London

4. University of Bristol

5. University of Edinburgh

6. Imperial College

7. University of Leeds

8. Queen’s University Belfast

9. Royal College of Art

10. University of East Anglia

1. Subscription

2. Marketplace

3. Commission

4. Transactional

5. Interest charging

6. Freemium

7. Open Source

8. Licensing

9. Pay-as-you-go

10. Studio

UK COUNTRY HIGHLIGHTS:

ACCELERATORS SPINOFFS BUSINESS MODELS



60

UK: MOST ACTIVE INVESTORS

1. Index Ventures


3. LocalGlobe

4. Octopus Ventures

5. Notion Capital

6. Atomico

7. Passion Capital

8. DN Capital

9. Amadeus Capital Partners

10. Scottish Investment Bank

Deals of minimal € 750K


COUNTRY PROFILES: FRANCE

2018 INVESTORS IN EUROPE

61

62

2018 MASTER REPORT INVESTORS IN EUROPE

FRANCE COUNTRY HIGHLIGHTS

385 investments




2 IPOs




63


FRANCE SCALEUPS DASHBOARD

Voodoo€ 171

Deezer€ 160

BlaBlaCar€ 101

Dataiku€ 89

Evaneos € 69

Female4%

Male96%

135%

239%

+326%

FOUNDERGENDER

NUMBER OFFOUNDERS

HIGHESTROUNDS

(MILLIONS)

B2B70%

B2C30%

ACTIVITY

1-10 employees:

18%

11-50 employees:55%

51-100 employees:

15%

+100 employees:12%

NUMBER OFEMPLOYEES

64

1. Paris

2. Lyon

3. Grenoble

4. Toulouse

5. Rennes

6. Nantes

7. Bordeaux

8. Lille

9. Marseille

10. Aix-en-provence


1. FinTech

2. MadTech

3. HealthTech

4. HRTech

5. PropTech

6. Utilities

7. EdTech

8. Mobility

9. eCommerce

10. Travel &

Hospitality

1. SaaS

2. App


4. IoT

5. Robotics

6. Drones

7. Virtual Reality

8. Autonomous Vehicles

9. Blockchain

10. 3D printing

FRANCE COUNTRY HIGHLIGHTS:



65

1. Paris&Co

2. Agoranov

3. Axeleo

4. NUMA

5. eFounders

6. EIT Digital

7. Impulse Labs

8. Plug and Play

9. Via ID

10. TheFamily


1. École Polytechnique

2. CEA-Leti

3. University of Bordeaux

4. Université Paris Saclay

5. ESPCI

6. University Hospital of Lille

7. CEA

8. Georges Pompidou Hospital

9. Inserm

10. Vision Institute, Université

Pierre et Marie Curie

1. Subscription

2. Marketplace

3. Transactional

4. Commission

5. Freemium


7. Pay-as-you-go

8. On demand economy

9. Crowdfunding

10. Open Source

FRANCE COUNTRY HIGHLIGHTS:



66


FRANCE: MOST ACTIVE INVESTORS

1. Bpifrance

2. Partech Ventures

3. Kima Ventures


5. 360 Capital Partners

6. Alven Capital

7. Isai

8. MAIF Avenir

9. XAnge

10. Seventure Partners


COUNTRY PROFILES: GERMANY


67

68


GERMANY COUNTRY HIGHLIGHTS

275 investments




2 IPOs




69


GERMANY SCALEUPS DASHBOARD

Auto1€ 460

About You€ 257

N26€ 136

Westwing€ 132

GoEuro € 131

Female6%

Male94%

127%

236%

+337%

FOUNDERGENDER

NUMBER OFFOUNDERS

B2B65%

B2C35%

ACTIVITY

1-10 employees:

16%

11-50 employees:45%

51-100 employees:

18%

+100 employees:21%

NUMBER OFEMPLOYEES

HIGHESTROUNDS

(MILLIONS)

70

1. Berlin

2. Munich

3. Hamburg

4. Cologne

5. Frankfurt

6. Karlsruhe

7. Aachen

8. Düsseldorf

9. Leipzig

10. Freiburg


1. FinTech


3. Mobility


5. Utilities

6. HealthTech

7. Manufacturing

8. eCommerce

9. PropTech

10. HRTech

1. SaaS

2. App


4. IoT

5. Chatbot

6. Blockchain

7. Robotics

8. 3D printing

9. Computer Vision

10. Virtual Reality

GERMANY COUNTRY HIGHLIGHTS:



71

1. German Accelerator

2. Startupbootcamp

3. Techstars

4. FinLab

5. Climate-KIC

6. main incubator

7. EIT Digital

8. Seedcamp

9. Plug and Play

10. FinLeap


1. RWTH Aachen University

2. Karlsruhe Institute of Technology

3. Technical University of Munich

4. Hasso Plattner Institute

5. Ludwig-Maximilians University

6. University of Freiburg

7. TU Dresden

8. University of Rostock

9. Hahn-Schickard

10. University of Technologies Chemnitz

1. Subscription

2. Marketplace

3. Transactional

4. Commission


6. Open Source

7. Freemium

8. Ad funded

9. Content driven

10. Crowdfunding

GERMANY COUNTRY HIGHLIGHTS:



72


GERMANY: MOST ACTIVE INVESTORS

1. Global Founders Capital

2. High-Tech Gründerfonds

3. Holtzbrinck Ventures

4. Point Nine Capital

5. Bayern Kapital

6. Earlybird

7. Project A Ventures

8. Atlantic Labs

9. Target Global

10. Cherry Ventures


COUNTRY PROFILES: SWEDEN


73

74


SWEDEN COUNTRY HIGHLIGHTS

155 investments




1 IPO




75


SWEDEN SCALEUPS DASHBOARD

Syncron€ 58

KRY€ 53

Voi Technology€ 44

Lendify€ 41

NA-KD € 37

Female7%

Male93%

139%

233%

+328%

FOUNDERGENDER

NUMBER OFFOUNDERS

B2B52%B2C

48%

ACTIVITY

1-10 employees:

19%

11-50 employees:55%

51-100 employees:

13%

+100 employees:13%

NUMBER OFEMPLOYEES

HIGHESTROUNDS

(MILLIONS)

76

1. Stockholm

2. Malmö

3. Gothenburg

4. Lund

5. Örebro

6. Helsingborg

7. Linköping

8. Skerike

9. Frölunda

10. Uppsala


1. FinTech

2. HealthTech

3. Gaming

4. MediaTech

5. eCommerce

6. Utilities

7. SportsTech

8. PropTech

9. Retail

10. Cybersecurity

1. App

2. SaaS


4. IoT

5. Wearable

6. Computer Vision

7. Blockchain

8. 3D printing

9. Chatbot

10. Virtual Reality

SWEDEN COUNTRY HIGHLIGHTS:



77

1. SUP46

2. Minc

3. Norrsken Foundation

4. SOSV

5. Ideon Innovation

6. Chalmers Innovation

7. THINK Accelerate

8. STING Accelerate

9. Chalmers Ventures inkubator

10. PwC Accelerator


1. Karolinska Institutet

2. Lund University

3. Linköping University

1. Subscription

2. Marketplace

3. Transactional

4. Commission

5. Freemium


7. Ad funded

8. Gambling

9. Community

10. Pay-as-you-go

SWEDEN COUNTRY HIGHLIGHTS:



78


SWEDEN: MOST ACTIVE INVESTORS

1. Northzone

2. Creandum

3. EQT Ventures

4. Industrifonden

5. Almi Invest

6. Inbox Capital

7. Kinnevik

8. Spintop Ventures

9. NFT Ventures

10. eEquity


COUNTRY PROFILES: NETHERLANDS


79

80


NETHERLANDS COUNTRY HIGHLIGHTS

89 investments



Average amount: € 19M

2 IPOs




81


NETHERLANDS SCALEUPS DASHBOARD

Adyen€ 950

Elastic€ 218

Bitfury€ 70

Dutch Finance Lab€ 30

Shapeways € 26 Female

3%

Male97%

126%

244%

+330%

FOUNDERGENDER

NUMBER OFFOUNDERS

B2B70%

B2C30%

ACTIVITY

1-10 employees:

17%

11-50 employees:43%

51-100 employees:

24%

+100 employees:16%

NUMBER OFEMPLOYEES

HIGHESTROUNDS

(MILLIONS)

82

1. Amsterdam

2. Delft

3. Utrecht

4. Eindhoven

5. The Hague

6. Rotterdam

7. Leiden

8. Capelle Aan Den Ijssel

9. Helmond

10. Breda


1. FinTech

2. HRTech

3. Utilities

4. eCommerce

5. Logistics & Supply Chain

6. HealthTech

7. MediaTech


9. Mobility


1. SaaS

2. App

3. IoT

4. Blockchain


6. Wearable

7. 3D printing

8. Computer Vision

9. Chatbot

10. Drones

NETHERLANDS COUNTRY HIGHLIGHTS:



83

1. YES!Delft

2. Startupbootcamp

3. HighTechXL

4. UtrechtInc


6. Rockstart

7. Breed Reply


1. TU Delft

2. Eindhoven University of Technology

3. UMC Utrecht

4. University of Twente

5. Energy research Centre of the Netherlands

1. Subscription

2. Transactional

3. Marketplace

4. Commission

5. Open Source


7. Crowdsourcing

NETHERLANDS COUNTRY HIGHLIGHTS:



84


NETHERLANDS: MOST ACTIVE INVESTORS

1. Newion Investments

2. henQ

3. INKEF Capital

4. KPN Ventures

5. HPE Growth Capital

6. Endeit Capital

7. Peak Capital

8. InnovationQuarter

9. Brabant Development Agency

10. 5square


COUNTRY PROFILES: BELGIUM


85

86


BELGIUM COUNTRY HIGHLIGHTS

75 investments

€ 439M investments



1 IPO




87


BELGIUM SCALEUPS DASHBOARD

Materialise€ 75

Collibra€ 40

UnifiedPost€ 25

DataCamp€ 22

Showpad € 20

Female7%

Male93%

125%

240%

+335%

FOUNDERGENDER

NUMBER OFFOUNDERS

B2B77%

B2C23%

ACTIVITY

1-10 employees:

23%

11-50 employees:56%

51-100 employees:

11%

+100 employees:10%

NUMBER OFEMPLOYEES

HIGHESTROUNDS

(MILLIONS)

88

1. Ghent

2. Brussels

3. Antwerp

4. Louvain-La-Neuve

5. Leuven

6. Liège

7. Hasselt

8. Diegem

9. Kortrijk

10. Mechelen


1. HealthTech

2. FinTech

3. Manufacturing

4. MadTech

5. Utilities

6. MediaTech

7. Mobility

8. PropTech

9. EdTech

10. Cybersecurity

1. SaaS

2. App


4. IoT

5. 3D printing

6. Virtual Reality

7. Computer Vision

8. Wearable

9. Blockchain

10. Drones

BELGIUM COUNTRY HIGHLIGHTS:



89

1. imec.iStart


3. Startit @KBC

4. Scaleup Vlaanderen

5. BEyond

6. B-Hive

7. WSL

8. LeanSquare

9. Microsoft Accelerator

10. Startathlon


1. University of Ghent

2. Université catholique de Louvain

3. KU Leuven

4. University of Antwerp

5. University of Hasselt

6. VITO

7. Vrije Universiteit Brussel

1. Subscription

2. Transactional

3. Commission

4. Marketplace

5. Data monetization

6. Freemium

BELGIUM COUNTRY HIGHLIGHTS:



90


BELGIUM: MOST ACTIVE INVESTORS

1. PMV

2. Fortino

3. Pamica

4. Volta Ventures

5. LRM

6. Capricorn Venture Partners

7. SRIW

8. Qbic

9. GIMV

10. MeusInvest


COUNTRY PROFILES: SPAIN


91

92


SPAIN COUNTRY HIGHLIGHTS

73 investments

€ 1B investments



0 IPOs




93


SPAIN SCALEUPS DASHBOARD

LetGo€ 440

Cabify€ 129

Glovo€ 115

TravelPerk€ 38

Spotahome € 34

Female4%

Male96%

143%

240%

+317%

FOUNDERGENDER

NUMBER OFFOUNDERS

B2B49%

B2C51%

ACTIVITY

1-10 employees:

11%

11-50 employees:49%

51-100 employees:

19%

+100 employees:21%

NUMBER OFEMPLOYEES

HIGHESTROUNDS

(MILLIONS)

94

1. Barcelona

2. Madrid

3. Valencia

4. San Sebastian

5. Seville

6. Bilbao

7. Girona

8. Murcia

9. Erandio

10. Elche


1. PropTech


3. eCommerce

4. Mobility

5. EdTech

6. HealthTech

7. Cybersecurity



10. FinTech

1. SaaS

2. App


4. IoT

5. Computer Vision

6. Speech Recognition

7. Blockchain

8. Satellites

9. Chatbot

10. Virtual Reality

SPAIN COUNTRY HIGHLIGHTS:



95

1. Wayra

2. SeedRocket

3. Plug and Play

4. NUMA

5. Conector

6. Venture Hive

7. FICHe

8. BIC BERRRILAN

9. Lanzadera Accelerator


1. Marketplace

2. Subscription

3. Commission

4. Crowdfunding

5. Pay-as-you-go

6. Freemium

7. Transactional


9. Gamification

SPAIN COUNTRY HIGHLIGHTS:



96


SPAIN: MOST ACTIVE INVESTORS

1. Caixa Capital Risc

2. Nauta Capital

3. Samaipata Ventures

4. Inveready

5. Seaya Ventures

6. Faraday Venture Partners

7. Kibo Ventures

8. K Fund

9. Cabiedes & Partners

10. Media Digital Ventures


COUNTRY PROFILES: SWITZERLAND


97

98


SWITZERLAND COUNTRY HIGHLIGHTS

73 investments




0 IPO




99


SWITZERLAND SCALEUPS DASHBOARD

SEBA Crypto€ 88

Nexthink€ 75

WayRay€ 74

WISeKey€ 43

Chronext € 27

Female4%

Male96%

125%

232%

+343%FOUNDER

GENDERNUMBER OFFOUNDERS

B2B78%

B2C22%

ACTIVITY

1-10 employees:

18%

11-50 employees:51%

51-100 employees:

19%

+100 employees:12%

NUMBER OFEMPLOYEES

HIGHESTROUNDS

(MILLIONS)

100

1. Zurich

2. Zug

3. Lausanne

4. Geneva

5. Luzern

6. Vaud

7. Neuchatel

8. Saint Gallen

9. Bern

10. Basel


1. FinTech

2. HealthTech

3. HRTech

4. Cybersecurity

5. Utilities

6. MadTech


8. Aerospace

9. PropTech

10. Automotive

1. SaaS

2. Blockchain

3. App


5. Drones

6. IoT

7. Robotics

8. Virtual Reality

9. Wearable

10. Computer Vision

SWITZERLAND COUNTRY HIGHLIGHTS:



101

1. Innovaud

2. FONGIT

3. Sandbox

4. Rancilio Cube

5. Climate-KIC

6. Samsung NEXT

7. Venture Kick


1. ETH Zurich

2. École Polytechnique Fédérale de Lausanne

1. Subscription

2. Marketplace

3. Transactional

4. Commission

5. Open Source

6. Licensing

7. Freemium

8. Crowdfunding


10. Crowdsourcing

SWITZERLAND COUNTRY HIGHLIGHTS:



102


SWITZERLAND: MOST ACTIVE INVESTORS

1. b-to-v Partners

2. Highland Europe

3. investiere

4. Lakestar

5. Redalpine Venture Partners

6. Swisscom Ventures

7. LGT Capital Partners

8. Go Beyond Investing

9. Ginko Ventures

10. Quadia


COUNTRY PROFILES: FINLAND


103

104


FINLAND COUNTRY HIGHLIGHTS

50 investments




0 IPO




105


FINLAND SCALEUPS DASHBOARD

Nokia€ 250 HMD

€ 85

Small Giant Games

€ 33

ICEYE€ 29

M-Files € 27

Female4%

Male96%

126%

242%

+332%

FOUNDERGENDER

NUMBER OFFOUNDERS

B2B68%

B2C32%

ACTIVITY

1-10 employees:

12%

11-50 employees:53%

51-100 employees:

19%

+100 employees:16%

NUMBER OFEMPLOYEES

HIGHESTROUNDS

(MILLIONS)

106

1. Helsinki

2. Espoo

3. Oulu

4. Tampere

5. Turku



2. HealthTech

3. FinTech

4. HRTech

5. MadTech

6. Gaming

7. Softwaredevelopment

8. eCommerce

9. Utilities

10. Aerospace

1. SaaS

2. App


4. Virtual Reality

5. Satellites

6. RPA

7. IoT

8. 3D printing

9. Blockchain

FINLAND COUNTRY HIGHLIGHTS:



107

1. NewCo Helsinki Accelerator

2. EIT Digital

3. Founders Factory

4. Techstars


1. VTT 1. Subscription

2. Transactional

3. Marketplace

4. Freemium

5. Commission

6. Ad funded

7. Crowdfunding

8. On demand economy

9. Open Source

FINLAND COUNTRY HIGHLIGHTS:



108


FINLAND: MOST ACTIVE INVESTORS

1. Inventure

2. Tekes

3. Lifeline Ventures

4. OpenOcean

5. Conor Venture Partners

6. Finnish Industry Investment

7. VTT Ventures

8. First Fellow Partners

9. Finnvera

10. Reaktor Ventures


COUNTRY PROFILES: IRELAND


109

110


IRELAND COUNTRY HIGHLIGHTS

37 investments




2 IPOs




111


IRELAND SCALEUPS DASHBOARD

Genomics Medicine

Ireland€ 350

Intercom€ 106

Circle€ 93

Linked Finance€ 50

Fire1 € 40

Future Finance; 40

Female22%

Male78%

1 founder51%

2 founders38%

3 founders6%

4 founders5%

FOUNDERGENDER

NUMBER OFFOUNDERS

B2B89%

B2C11%

ACTIVITY

1-10 employees:

27%

11-50 employees:49%

51-100 employees:

14%

+100 employees:10%

NUMBER OFEMPLOYEES

HIGHESTROUNDS

(MILLIONS)

112

1. Dublin

2. Galway

3. Dundalk

4. Waterford

5. Kildare

6. Cork

7. Mayo


1. FinTech

2. HealthTech

3. Cybersecurity

4. Semiconductors

5. FoodTech

6. MediaTech

7. EdTech

8. LegalTech

9. Retail

10. MadTech

1. SaaS

2. App

3. Data Analytics

4. Blockchain


6. IoT


8. Hardware

9. Virtual Reality

IRELAND COUNTRY HIGHLIGHTS:



113

1. The Foundry

2. 500 Startups

3. Wayra

4. SOSV

5. Y Combinator

6. The Yield Lab

7. THRIVE AgTech

8. Acceleprise San Francisco


1. Dublin City University

2. NUI Galway

3. National University of Ireland

1. Subscription

2. Commission

3. Transactional


5. Freemium

6. Licensing

7. Studio

8. Crowdsourcing

9. Crowdfunding

IRELAND COUNTRY HIGHLIGHTS:



114


IRELAND: MOST ACTIVE INVESTORS

1. Enterprise Ireland

2. Elkstone Capital Partners

3. Atlantic Bridge

4. Frontline Ventures

5. Kernel Capital

6. Western Development Commission

7. Polaris Partners

8. Fenway Summer Ventures

9. Vulcan Capital


COUNTRY PROFILES: DENMARK


115

116


DENMARK COUNTRY HIGHLIGHTS

46 investments




2 IPOs




117


DENMARK SCALEUPS DASHBOARD

Tradeshift€ 200

Planday€ 35

Area9 Lyceum€ 24

Peakon€ 18

Blackwood Seven€ 17

Female2%

Male98%

1 founder20%

2 founders35%

3 founders26%

4 founders19%

FOUNDERGENDER

NUMBER OFFOUNDERS

B2B76%

B2C24%

ACTIVITY

1-10 employees:

27%

11-50 employees:49%

51-100 employees:

14%

+100 employees:10%

NUMBER OFEMPLOYEES

HIGHESTROUNDS

(MILLIONS)

118

1. Copenhagen

2. Odense

3. Aarhus

4. Kongens Lyngb

5. Hoersholm

6. Taastrup

7. Aalborg


1. FinTech

2. HRTech

3. MadTech

4. HealthTech

5. FoodTech

6. EdTech

7. DocumentManagement

8. eCommerce

9. Manufacturing

10. PropTech

1. SaaS

2. App



5. Blockchain

6. IoT

7. Computer Vision

8. Data Analytics

9. Hardware

10. API

DENMARK COUNTRY HIGHLIGHTS:



119

1. 500 Startups

2. Techstars

3. Plug and Play

4. Seedcamp

5. Lemonsqueeze

6. Techstars

7. Startup Sauna

8. DG Incubation

9. Founders accelerator


1. University of Southern Denmark 1. Subscription

2. Transactional

3. Marketplace

4. Commission

5. Data monetization

6. Crowdsourcing

7. Pay-as-you-go

8. Ad funded

9. Freemium

DENMARK COUNTRY HIGHLIGHTS:



120


DENMARK: MOST ACTIVE INVESTORS

1. Seed Capital

2. Sunstone Capital

3. Creandum

4. Vækstfonden

5. Seed Capital Denmark

6. Preben Damgaard


8. byFounders

9. Innovation Fund Denmark

10. Jolt Capital


121

OTHER IN-DEPTH REPORTS IN THIS SERIES

2018 MASTER REPORT ABOUT

METHODOLOGY

2018 EUROPEAN SCALE UP REPORT METHODOLOGY

122

123

Companies includes web, app, mobile, digital productsand services, software, marketplace, connectedhardware, data-driven and HardTech companies.Companies that have their HQ or launched in Europe areconsidered. LifeScience and BioTech (except digitalsolutions targeting this industry), non-digital CleanTech,eCommerce (such as Hallofresh, Zalando etc), traditionaltelco operators, research institutes, co-working spacesand consultancy companies are excluded.

We encourage you to review the methodology to betterunderstand the numbers presented in this report.


Scaleups, not startups, are generating added value,create jobs, expand international and create economicvalue for stakeholders and society. This group isattracting the lion share of (venture) capital, in somecountries of up to 90% of all capital. In other words, weuse the Pareto distribution rule to create an accurateview on the venturing landscape. Only deals of at least$1M / € 750K are considered.

We use a data-driven approach to track financing activityfor European tech companies.

124

Deals with a non-disclosed value or lacking value indication are not counted. If an amount is

described as a seven-figure number, the lowest possible value has been counted. Funding is

registered based on announcement date. All currencies (USD, GBP, CHF, SEK etc) are converted to

Euro using aonda.com. The number of employees is captured on the moment of fund raising and

based on the press release, LinkedIn, Xing, Viadeo or the company’s website.

The founding year and location is based on information in press releases, company website,

Crunchbase, LinkedIn or Xing. If deal information is being detected or corrected after closing the

month, quarter or year, it will be included in future reports. Funding of both private and public

companies are considered. Debt financing, IPOs, media for equity, crowdfunding, Initial Coin

Offering, private placements, post IPO equity, private equity, grants and convertible loans are

included.


125

THE CATEGORIES ARE:

Accountancy, Aerospace, AgriTech, Automotive, Business Intelligence, Business Services,

CivicTech, Consumer Electronics, Consumer Services, Customer Experience, Cybersecurity,

Document Management, eCommerce, EdTech, FinTech, FoodTech, Gaming, HealthTech, HRTech,

IoT, IT services, LegalTech, Logistics & Supply Chain, MadTech, Manufacturing, MediaTech, MICE,

Mining & Environmental services, Mobility, MusicTech, PropTech, Retail, Security,

Semiconductors, Software development, SportsTech, Telecom, Travel & Hospitality, Utilities and

Virtual Reality

THE COUNTRIES ARE:

Albania, Armenia, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia,

Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania,

Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Serbia, Slovakia, Slovenia,

Spain, Sweden, Switzerland and UK. Data of Turkey and Israel is being used as a benchmark for

Europe.


126

Omar Mohout, currently Entrepreneurship Fellow at Sirris, is a former technology entrepreneur, a

widely published technology author, C-level advisor to high growth startups as well as Fortune

500 companies and Professor of Entrepreneurship at the Antwerp Management School and

Solvay Brussels School of Economics and Management.

He is author of 'Pricing Strategies for Startups', 'The Belgian Startup Landscape', ‘Crowdfunding in

Belgium’, ’99 reasons why startups fail’, ‘Corporate Venturing’ and the popular 'Startup Master

Class series'. A contributing author to the ‘100 Days Digital Marketing Plan’ and ‘The Future of

Business’ books.

Mohout writes for VentureBeat, SaaScribe, Data News, Bloovi, StartUs and is academic

contributor to the European Startup Monitor.

He delivers the following workshops for startups and scaleups: Community Engineering; Pricing

strategies for startups; Lean Marketing; Setting-up and managing an Advisory board; Growth

Strategies; How to go from idea to scaleup; Going international; Subscription based business

models and; Cash Flow models for startups.

2018 EUROPEAN SCALE UP REPORT ABOUT THE AUTHOR

ABOUT THE AUTHOR

127

He is Co-chair of the Circle Of Growth; Community host for Corporate Venturing Europe;

Organizer of the Growth Hacking Meetup, Co-founder of the #BeTech Community and keeps track

of European funding and scaleups on scaleups.sirris.be.

Mohout is Chairman of the Strategy Advisory Board of VITO, a research and technology

organization in the areas of cleantech and sustainable development; Chairman of BeCentral, the

new focal point for everything digital in Belgium and; Advisory Board member of the Euronext

TechShare Program.

He served at the board of high growth technology companies Aproplan.com and Teamleader.eu.

He joined recently the Board of Directors of venture capital fund imec.iStart. CTO of Digicono.my

and co-founder of MyAdvisoryBoard.be

He is also a mentor at Nexxworks, Founder Institute, imec.iStart, Startit @KBC, Startathlon,

Belgium Ambassador at World Startup Report, Innovator Community Ambassador for Belgium,

Ambassador for MIT Innovators Under 35 Europe and Country Ambassador for UBI Global.

Mohout is a keynote speaker and panelist on technology, entrepreneurship and innovation topics

at leading conferences.

2018 EUROPEAN SCALE UP REPORT ABOUT THE AUTHOR

ABOUT THE AUTHOR

129

Sirris, the collective centre of the Belgian technology industry, helps companies with the

implementation of technological innovations, enabling them to strengthen their competitive

position over the long-term. Sirris helps you make the best technological choice and rapidly turn

your innovations into marketable products and services. The Sirris experts visit companies on site,

offer technological advice, launch innovation paths, and provide guidance to reach the

implementation phase. The aim is to find applicable solutions to the real challenges faced by

technology entrepreneurs and startups.

Sirris guides technology companies to a higher level of know-how and expertise in a wide range of

domains. The in-house experts provide a broad range of technological and go-to-market

knowledge. Where necessary, Sirris relies also on external knowledge partners, including

specialized companies, universities, knowledge centres, and research institutions.

For more information on how Sirris can help your company success, please visit www.sirris.be.

2018 EUROPEAN SCALE UP REPORT ABOUT SIRRIS

130

2018 EUROPEAN SCALE UP REPORT SOURCES

SPECIAL THANKS

Serkan Ünsal, startups.watch for covering Turkey and Tech.eu for the most detailed coverage of Europe

WEBSITES & NEWSLETTERS

150sec, agfundernews.com, allbrain.org, alliancy.fr, alloweb.org, angellist, arcticstartup, avoltapartners, barcinno, beauhurst, bitcoinsuisse.ch, breakit.se,

businessinsider.com, calaofinance.com, capital-e.com, cbinsights, cityam.com, cofmag.com, cmuportugal.org, coindesk, companisto.com, computable.nl, computable.be,

datafox, datanews.be, dealroom, derbrutkasten, deutsche-startups.de, digital.di.se, dn.no, dublinglobe.com, e52.nl, economyup.it, emeastartups.com, enterprise.cam.ac.uk,

eu-startups, feedsquared.com, finanznachrichten.de, finsmes, fora.ie, frenchweb.fr, funderbeam.com, geektime.com, gigaom.com, GIMV, globalcorporateventuring.com,

noah conference, go4venture.com, goaleurope.com, goodnewsfinland.com, gruenderszene.de, high-tech-gruenderfonds.de, ideaspace.cam.ac.uk, index.co,

irishtechnews.ie, itespresso.fr, ivca.ie, ivc-online.com, journaldunet.com, jvpvc.com, labsoflatvia.com, lesechos.fr, lightwaveonline, linkis.com, loogic, maddyness.com,

marketwatch, mattermark, myfrenchstartup.com, nocamels.com, nordurskautid.is, oresundstartups.com, oulo.com, palico.com, pando.com, parisandco.com,

parkwalkadvisors.com, pehub, pitchbook, portugalstartups.com, privateequitywire.co.uk, prnewswire, regional-it.be, rudebaguette.com, scotsman.com, seedrs.com,

shifter.no, siliconcanals, siliconrepublic.com, spotfolio.com, sprout.nl, startablish.at, startupitalia.eu, startupjuncture, startups.be, startups.co.uk, startups.watch,

startupticker, swedishstartupspace.com, syncni.com, syndicateroom.com, tech.eu, techberlin.com, techcitynews, techCrunch.com, techsite.io, theheureka.com,

thetechportal.com, toftecompany.com, trendingtopics.at, trendsonline.dk, unquote, usine-digitale, vc-europe, voltassocies.com, wall-street.ro, webcapitalriesgo.com,

webrazzi, websummit, whogotfunded.com, widoobiz

SOCIAL MEDIA

Abyssinia, amaigre, atizo, AudingaJa, AudingaJar, austrianstartup, Barcinno, BeTech_, blpoland, boostturku, bot_innovation, Brainport_regio, breakit_se,

BridgeBudapest, cdixon, chrysalisleap, chulu, ClujHub, CowboyGamedevBt, cphftw, csdeptucy, CyprusInno, davidcohen, Digital_Magics, dinaistwitting, DStartups,

dublin_startups, dziennik, El_Startupero, Emerce, EndeavorGr, ericries, etohum, festivaluprise, frontiersci, goodnewsfinland, growthfunders, gruenderszene,

health_xl, HelloPirates, hightechcampus, how_to_web, HUB13_Helsinki, hubvilnius, ICTSpring, ID_GC, ImpactHubBA, ImpactHubRO, impacthubzurich, ineshaeufler,

InkubatorStart, inkubatorypl, Innovaspain, InnovAthens, InternetWeekLJ, istanbulstartup, iTXFROM, joonathan, JouveSud, Kbinkubators, KBinkubators, keskkyla,

131

2018 EUROPEAN SCALE UP REPORT SOURCES

SOCIAL MEDIA (CONT.)

labsoflatvia, LAUNCHub, Leapfunder, LeumiTech, LisbonChallenge, LOFFICEbudapest, louishavri, LuceyFund, Lupacz, MadeinJLM, marketerslu, MassChallengeUK,

masteringrowth, metavallon, miniforetak, MMKlaszter, MusicHackFest, NCBR_pl, nestholma, NeulogyVC, NewTrendBG, NoCamels, NorthstarVent, OsloInnoEmbassy,

placeprint_mktg, ppmessengerpp, ProgramaMinerva, pt_startups, rp_teknoloji, Rubixlab, sama, saminnovatorene, sbcCopenhagen, SDigestCork, SeedstarsWorld,

sektorfuenf, SICampNorway, SiliconLux, siliconvikings, SkatteFUNN, Smart_Ireland, SmartCity4Italy, socialbakers, sprout_nl, STAkrog, StarCubeCZ, startitup_sk,

startup_italia, Startup_Kingdom, Startup_Podcast, StartUpBraga, startupbrett, StartupCampSK, startupestonia, startupgrind_LU, startupiceland, startupireland,

startupjobsite, STARTUPLISBOA, StartupRVK, StartupsBe, startupturkey, startupvcnews, startupyard, StartUscc, stefanlundell, STHLMTech, summitdesignatx,

swluxembourg, SwPrivateequity, Tech_Acad_Fin, tech_eu, TechBritannia, TechHubBuc, TechHubRiga, Technoport_, thecoulroom, thinkubator_dk, timwcap,

tyinternety, VC_watcher, venturelab_ch, version2dk, Vienna_CM, VirginStartUp, webcampzg, webrazzi, whiteboardmag, WHMeanor, ZIPZg, KairosSocietyHU,

SitraFund, ForumVirium, Tech_Acad_Fin, ReloadGreece, colabathens, bitspiration, NCBR_pl, blpoland, dziennik, CyberparkTGB, rp_teknoloji, sosyalmedyaco, IATurkije,

czechcrunch, PerpetuumZg, helgosson, StartupGrindSWE, ZuoraEMEA, nyteknik, CampusLondon, growthfunders, VirginStartUp, MassChallengeUK, CognicityCW, INiTS_at,

austrianstartup, IPNunes, SDigestCork, RyanAcademy, , LuceyFund, CrowdfundSpirit, kurtfinance, JouveSud, FuenteLatina, Silicon_wadi, BuildStuffLT, hightechcampus,

HollandFinTech, Leapfunder, IMPACT_acc, ProgramaMinerva, playinglean, , Teknisk, NorskVenture, StartupLabNo, rp_teknoloji, sosyalmedyaco, sbcIstanbul,

DLDConference, VC_watcher, startupradioDE, HTGF_, Lupacz, tyinternety, EconomyUp, SmartCity4Italy, Puglia_Startup, how_to_web, SeedstarsWorld, JeanneMazuret,

ParkwalkAdvisor

132

No dataset is complete and this report provides an indication of reality only. Comparing to reports

of other providers on similar subjects is partly possible when taking into account the different

methodologies.

This report has been compiled for informational purpose only and should not be regarded as a

solicitation to invest in any entity.

This report relies on data and insights from a wide range of public and private sources and we

can’t be hold responsible for the completeness and accuracy of the information provided.

This report may freely be distributed, republished and posted as long as the content is not

modified, decompiled or reference to the source is being removed.

2018 EUROPEAN SCALE UP REPORT DISCLAIMER

OmarMohout

omohout

@omohout

Omar-Mohout

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