EUROPEAN INNOVATION FINANCING
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1 In collaboration with EUROPEAN INNOVATION FINANCING H2 20 UPDATE CONTRIBUTORS Thibaut Revel Partner Martin Vielle Associate About Clipperton Finance Clipperton is a European independent corporate finance advisory firm exclusively dedicated to the Technology space, advising innovative companies on M&A transactions, debt financings and equity offerings. With offices in London, Berlin, and Paris and an international reach, Clipperton is a European leader in Technology financial advisory. Over the past years, the team has successfully completed more than 0 high profile transactions globally. About Digimind and WhoGotFunded Digimind is a SaaS intelligence software company based in Paris, Boston and Singapore, providing advanced information management platforms and technologies that perform massive data collection, automatic intelligence extraction and visualisation. Using its unique web mining expertise, Digimind developed WhoGotFunded.com, the world's most comprehensive funding database, discovering over 100 fresh funding deals every day in real time all across the world.
2 HEADLINES xxxxxxx We were wondering whether "trees grew to heaven in tech financing in our latest newsletter following the record 7bn$ invested in Europe in H1 20. The deceleration experienced in H2 might actually be positive for the ecosystem. Coupled with the contraction of the Tech IPO market, it already enables to reduce the over-heating that was sometimes affecting valuations in private funding rounds. On the other hand, vast amounts of capital are more than ever available for European tech companies as star VCs have raised larger funds (e.g. Index Ventures new $550m fund), new VCs have appeared (Mosaic, Daphni, Paua Ventures...) and Corporates of various industries, from Financial Services (Axa, Santander, Barclays...) to Hardware (eg. Foxconn with Ginko, Cisco) are investing in European innovators. The pace of the digital transformation in almost all industries is now widely seen as a secular trend which will not be fundamentally changed by a more bearish stockmarket. Valuations will adjust, but the need for corporates to partner with, and sometimes acquire, digital champions will not disappear. First signs of deceleration in H2: -16% in value vs. H1 20 But 20 is undoubtedly a record vintage: over 12B$ invested, +60% vs. 20! Fintech and Life sciences-biotech remain very strong while real slowdown in Consumer Internet CONTENT Introduction.. P.2 Innovation Financing Overview.. P.3 Geographical and Sectorial Views. P.4 Top Deals by Geography.. P.5 Top Deals by Sector.. P.6 Methodology & Disclaimer. P.7 2
3 $1,961m $1,664m $1,904m $2,186m $2,742m $2,630m $964m $1,103m $1,844m $1,911m $3,229m $4,228m Clipperton European Innovation Financing Update February 2016 European innovative companies received nearly $6 billion in financing during H2 20, an increase by 40% vs. last year. However, -16% vs. H1, the first sequential decrease since H2 20. Top 10 European Fundings H2 20 TOTAL AMOUNT INVESTED IN EUROPE Deals equal or below $30m $6,970m Deals above $30m $5,859m Immunocore UK $320m Biotechnologies Blablacar FR $210m Car sharing Global Fashion Gr. LU $200m Ecommerce $2,925m $2,767m $4,097m $3,748m Deliveroo UK $170m Food delivery Atom Bank UK $128m Digital banking Curevac CH $110m Biotechnologies Cequr CH Biotechnologies Catawiki NL Marketplace Adyen NL Payment Ebury UK $83m Fintech H1 20 H2 20 H1 20 H2 20 H1 20 H2 20 Investors continue to show a strong interest for $10-30m rounds We tracked 509 venture financing deals in total in H2 20, a slight 5% increase vs H2 20 While the number of deals above $10m remains high with 1 deals across Europe (vs 5 in H1 20), it is worth noticing the decreasing appetite of VCs for A and B-rounds after a buoyant first semester After a strong increase in Q2 20, median deal value returned to previous levels in H2 20 DISTRIBUTION BY ROUND SIZE - VOLUME MEDIAN DEAL VALUE H1 20 H2 20 H1 20 H2 20 $4.2m 176 $3.0m $2.8m$2.6m $3.2m $3.0m $3.3m $3.0m $2.2m $2.8m $2.5m $2.6m $2.0m <= $1m $1-5m $5-10m $10-30m > $30m 12 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 3
4 MEDIAN DEAL VALUES OTHER COUNTRIES* Clipperton European Innovation Financing Update February 2016 Nearly $10B (75%) invested in 20 in the three main European venture markets The UK, DACH and France attracted 75% of innovation money in 20, with respectively $3.8B, $3.7B and $2.2B but showed different trends during the second semester; The UK remains the number 1 destination for innovation financing with close to $2B invested over H2, up by 50% vs. last year; Strong H2 in France with $1.3B invested (+32% vs. H1 and twice as much as in H2 20), across 9 transactions. Following Blablacar s $200m round, a handful of large venture rounds in various sectors: Pret d Union ($41m), Netatmo (), Vestiaire Collective ($37m), Talentsoft and Qwant ($33m each); After a buoyant H1 notably driven by Rocket Internet portfolio companies which received $1B, investment in DACH dropped by 50% in H2 ($1.2B) but remains characterized by large rounds (avg. deal value of $17m, vs. $m and $8m inthe UK and France respectively); Two mega deals worth mentioning in the Netherlands: auction platform Catawiki grabbed from Lead Edge Capital along with historic investors while payment start-up Adyen closed a round valuing the company $2.5B. H2 20: growth of investments in IT paused while Life Science is on the rise Strong uptake of private investment in Life Science companies which attracted $1.3B in Q3 20 alone, more 3x times the amount invested in the same period last year; Three + rounds in the segment - Immunocore in the UK for $320m, Germany-based Curevac for $110m and Swiss medtech Cequr for followed by a large number of big rounds (26 deals over $20m i.e. 30% of the total); Investment in IT start-ups remains at high levels vs. last year (+35% vs. H2 20) but decelerated in H2 vs. H1 (- 30%); Internet and New Media largely contributes to this trend: $2.5B invested vs. $4B in H1 and a volume of transactions slightly decreasing (-8%); Business Cloud and Software followed an opposite trend: +8% in volume (2 deals) and +23% in value at $1.1B; Cleantech investment is now almost negligible in the overall picture: $535m invested in 20 or 4% of the total money placed in European innovative start-ups. Volume H2 20 Volume H2 20 Value H2 20 Value H2 20 Geographies * Italy, Spain, Portugal, Benelux, Ireland, Southern Europe, Eastern Europe Sectors Value, H2-20 Life Science 32% Cons. Elect. 2% Hard/Telecom 5% Internet & New Media $5.9B IT 66% $3.9B Bus. Cloud & Software 29% Bus. Cloud & Software Hardware, Telecom Cleantech 2% Internet & New Media 63% Consumer Electronics $2.5m $2.8m $2.7m $2.4m 4
5 Top Deals per Geography H2 20 UNITED-KINGDOM DACH COMPANY AMOUNT COMPANY AMOUNT Immunocore Deliveroo $320m $70+100m Malin Corp, Woodford Inv., Eli Lilly, Rtw Investment Greenoaks Capital, DST Global, Index Ventures Curevac Cequr $110m Baillie Gifford, Gates Foundation, Chartwave, Dievini Hopp Biotech Arthurian Life Sci., Woodford, Endeavour Vision, Schroders Atom Bank $128m Banco Bilbao, Vizcaya Argentina Hellofresh $85m Baillie Gifford, Rocket Internet, Insight Venture Ebury $83m Vitruvian Partners Adc Therapeutics $80m AstraZeneca, Auven Therapeutics Oxford Nanopore $70m Undisclosed Obseva $59m Rock Springs, NEA, Ms Ventures, Bm Healthcare, Sofinnova, Novo Secret Escapes Made Atlas Venture, Index Ventures, Google Ventures, Octopus Inv. Partech Ventures, Fidelity Growth Partners, Level Equity Getyourguide Younicos KKR, Highland Cap., Sunstone Cap., Nokia Growth, Spark Cap. First Solar Sportradar $44m Revolution Growth Goeuro $45m Goldman Sachs, Atomico EasyProperty $38m Toscafund AM Asceneuron $36m Sofinnova Partners Nightstarx $35m New Enterprise Associates Molecular Health $33m Dievini Hopp Biotech Holding FRANCE OTHER COUNTRIES COMPANY AMOUNT COMPANY AMOUNT Blablacar Vestiaire Collective $212m $44m Insight Venture, Lead Edge, Isai, Accel, Index Ventures Eurazeo, Balderton, Condé Nast, Idinvest, Ventech Global Fashion Gr. (LU) Adyen (NL) $199m Kinnevik, Rocket Internet Iconiq Capital Biom up $41m Lundbeckfond Ventures, Gimv, Bpifrance Catawiki (NL) $99m Lead Edge Capital, Project A, Accel, Fabrice Grinda, Jose Marin Prêt d Union $41m Eurazeo, Webeer Inv., Kima, Crédit Mutuel Arkea, Ag2r Merus (NL) $82m Sofinnova Ventures, Novo As, Bay City, Aglaia Oncology, Tekla Netatmo Legrand, Iris Capital, Bpifrance Izettle (SE) $67m Intel Capital, Zouk Capital, 83North, Index, Dawn, SEB Therachon $35m Orbimed, Inserm Transfert Initiative, NEA, Versant Siteimprove (DK) $55m Summit Partners Erytech Pharma $34m Undisclosed Laboratoris Sanifit (ES) $41m Ysios Capital, Lundbeckfond, Forbion, Gilde, Edrip, Baxter Talentsoft $33m Goldman Sachs Carprice (RU) Almaz Capital, Baring Vostok Qwant $33m European Investment Bank 2GIS (RU) runet Holdings Limited, Baring Vostok Stuart $29m Geopost Bima (SE) $38m LeapFrog Investments Most active funds US funds have been particularly involved in European large rounds over H2. French ride-sharing platform Blablacar received $200m of fresh money last summer in a round that saw two additional US Tier-1 coming on-board: Insight Venture and Lead Edge Capital joined historic investors Accel and Index Ventures. European offices of US funds proved particularly active: Highland Capital Partners participated in 4 transactions in Europe including Lovecrafts Collective ($20m), Brandwatch ($33m) and Getyourguide () while Accel closed 4 deals. After a very active H1, Bpifrance and High-Tech Gründerfonds continued on the same pace in H2. The French public investment arm participated in 16 transactions across sectors: Life Sciences with Biom up ($41m), hardware with Netatmo (), or software with Lengow ($10m) or iadvize ($16m) Also worth highlighting is the strong activity of Alven Capital in France with follow-on investments (Mailjet, iadvize, Peopledoc ) as well as Series A (Genymobile, Tinyclues or Frichti). 5
6 IT Top LIFE SCIENCE Top 5 COMPANY AMOUNT COMPANY AMOUNT Blablacar Global Fashion Gr. Deliveroo Atom Bank Adyen $212m $199m $70+100m $128m Insight Venture, Lead Edge, Isai, Accel, Index Ventures Kinnevik, Rocket Internet Greenoaks Capital, DST Global, Index Ventures Banco Bilbao, Vizcaya Argentina Iconiq Capital Immunocore Curevac Cequr Merus Adc Therapeutics $320m $110m $82m $80m Malin Corp, Woodford Inv., Eli Lilly, Rtw Investment Baillie Gifford, Gates Foundation, Chartwave, Dievini Hopp Biotech Arthurian Life Sci., Woodford, Endeavour Vision, Schroders Sofinnova Ventures, Novo As, Bay City, Aglaia Oncology, Tekla AstraZeneca, Auven Therapeutics Catawiki $99m Lead Edge Cap., Project A, Accel, F. Grinda, J. Marin Hellofresh Ebury $85m $83m Baillie Gifford, Rocket Internet, Insight Venture Vitruvian Partners CLEANTECH Top 5 Izettle Secrete Escapes Made Siteimprove Getyourguide Goeuro Vestiaire Collective $67m $55m $45m $44m Intel Capital, Zouk Capital, 83North, Index, Dawn, SEB Atlas Venture, Index Ventures, Google Ventures, Octopus Inv. Partech Ventures, Fidelity Growth Partners, Level Equity Summit Partners KKR, Highland Cap., Sunstone Cap., Nokia Growth, Spark Cap. Goldman Sachs, Atomico Eurazeo, Balderton, Condé Nast, Idinvest, Ventech COMPANY Younicos Organica Water Leclanché Ergosup Voltea AMOUNT $9m $7m $7m $7m First Solar Idinvest, Gamma Capital Partners, IFC, Xpv Capital ACE & Company Aliad, Go Capital, Arkea, Demeter 3 Amorçage Unilever Ventures, Anterra Cap., Pentair Infographics: Fintech xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx $1.4B Invested in 20 60% $ % 7% 21% Other 8 % of the total investment in IT 3Fintechs in the Top 10 deals of 20 5Mega-rounds* Investors in Fintech Top Fintech deals - 20 $200m $0m $0m $80m $70m Fintech Unicorns in Europe * Deals above 6
7 METHODOLOGY This report is based on collaborative work and research performed by Digimind and Clipperton Finance. Based on Digimind s WhoGotFunded comprehensive financing deals database which is built in real-time through textmining technologies, the analysis is focused on European deals with the following characteristics: - Investments completed in a European company (Russia included/ Israel excluded) - The company is considered innovative i.e. with a clear technology or business model innovation which excludes companies who operate technologies that they have not developed - Investments higher than $500k, in order to exclude friends & family seed rounds - Secondary deals (i.e. minority sales of shares to private funds) are included, majority deals are excluded. - Fundraisings through public markets (IPO or public equity financing) are excluded This represents a list of about deals per quarter, which are then allocated to an innovation universe (IT / Life Science / Cleantech) and to a sub-segment (e.g. Consumer Internet within IT). DISCLAIMER This document has been prepared by Clipperton in collaboration with Digimind. It is communicated solely for the purpose of information and should not be construed as a sollication or an offer to buy or sell any security or related financial instrument. This publication is based of data and information made available to the public and other sources deemed reliable. While efforts have been made to guarantee maximum exactitude and reliability, neither Clipperton nor Digimind can be held responsible for omission or errors. The information and analysis accessible in this publication highlight industry trends in general, and should not be construed as providing any particular recommendations or analysis for any specific company that is mentioned in the publication. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein and, accordingly, none of Clipperton s or Digimind s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Clipperton Finance Limited is authorised and regulated by the Financial Conduct Authority. Registered No CONTACTS 8, place de l Opéra PARIS One Euston Square 40 Melton Street NW1 2FD LONDON Neue Schönhauser Str BERLIN 66 avenue des Champs- Elysées PARIS Thibaut REVEL Partner trevel@clipperton.net Martin VIELLE Associate mvielle@clipperton.net 7
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