EUROPEAN INNOVATION FINANCING
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1 In collaboration with EUROPEAN INNOVATION FINANCING 2017 UPDATE CONTRIBUTORS Thibaut Revel Partner Martin Vielle Vice President About Clipperton 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 15 years, the team has successfully completed more than 200 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 EDITORIAL xxxxxxx Headlines The party is not over in the European tech landscape as ended with a level of tech investment at $12B almost on par with record level, once currency effects are taken into account. Our report pointed out the increasing reliance on the UK growth engine, and the strength of the UK market is confirmed with 24% yearly growth for UK transactions in nominal terms (before a negative currency effect of (12%)). However, was a bit lower than in the UK, and the dynamics will have to be monitored closely as the real impact of the Brexit is still ahead of us. France enjoyed a great with a lion's share of the top deals (OVH, Sigfox, Devialet) and Q4 very close to the UK level ($870m vs. $970m). Beyond topline figures, a remarkable new driving force lies in the growing appetite of tier-one Private Equity platforms for the tech space. KKR has made landmark minority investments in OVH (hosting) and Darktrace (cyber), while several big players announced new significant funds dedicated to technology and growth equity (KKR Next Generation Technology Growth Fund, BridgePoint, EQT, etc.). On the other hand, our data highlights a real slow-down in large rounds in despite the strong activity by large PE and Corporates; potentially a healthy pause in the European 'unicorns' phenomenon. CONTENT Thibaut Revel Partner at Clipperton Strong at $6B investment value in EU Tech. Full Year at $12B+ is flattish in value vs. : slight decrease in absolute USD terms but fully flat once corrected from currency effects (lower GBP vs. USD in particular). Increasing volume of smaller deals (<$30m) offsetting a decline in large rounds. Resilience of the EU ecosystem confirmed so far, with mixed geographical dynamics: momentum in France and Spain / Portugal vs. slowdown in the Nordics. Pick-up of the activity of large traditional PE funds in Tech (KKR, Goldman...) raising their game to capture a significant share of the large deals, while corporates remain hot in sectors such as automotive tech and life sciences. 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 $2.0B $1.7B $1.9B $2.2B $2.7B $2.6B $3.6B $3.9B $1.0B $1.1B $1.8B $1.9B $3.2B $4.2B $2.3B $2.3B Clipperton European Innovation Financing Update January 2017 Following a record vintage in (especially ) the eco-system remained solid in with two semesters at c.$6b. While USD figures show a 6% decrease vs., this hides a less negative trend after taking into account currency effects (USD vs. GBP). The number of transactions is clearly on the rise (+40% yoy in ) suggesting fewer large deals but a handful of start-ups which will seek acceleration rounds in the next 12 to 18 months. TOTAL AMOUNT INVESTED IN EUROPE Deals equal or below $30m Deals above $30m $7.0B $5.9B $5.9B $6.2B Top 10 deals in OVH FR $279m Hosting Services Deliveroo UK $275m Food Delivery $3.7B $4.1B Sigfox FR $162m IoT Network $2.9B $2.8B Oxford Nanop. UK $126m DNA Sequencing Devialet FR $115m Audio Equipment ADC Therap. DACH $105m Cancer Therapies Kymab UK $100m Antibody Tech. Carrick Therap. IR $95m Cancer Therapies Hellofresh DACH $93m Food Delivery Sonnen DACH $85m Energy Storage Sources: Clipperton WhoGotFunded Confirmed trend: strong momentum for $1-10m rounds 943 deals between $1m and $10m announced in, an increase by more than 50% vs.. $3.6 billion were invested in this segment, i.e. the same amount as for deals between $10m and $30m. This phenomenon is particularly strong in for deals between $1m and $5m: +84% in volume and +91% in value vs., with $1.1 billion invested across 426 transactions. Acceleration rounds (between $10m and $30m) are also on a positive trend in : +19% in value vs., while the >$30m segment is decreasing. DISTRIBUTION BY ROUND SIZE - VOLUME MEDIAN DEAL VALUE 701 $4.2m $4.0m $3.6m $2.5m $2.8m $2.6m $2.8m $2.0m $3.2m $2.6m $3.3m $2.0m <= $1m $1-5m $5-10m $10-30m > $30m Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3
4 GEOGRAPHIES vs. Momentum in France: +26% in value vs. = record year: +22% vs., twice the amounts of deals in the European top 5: OVH, Sigfox and Devialet UK $3.7B +9% $4.1B Nordics -24% $1.4B $1.1B Solid semester in DACH: $1.3 billion invested in (+11% yoy growth) and +67% in transaction volume The UK seemed to pause in : Decrease by 1% in value vs. but -12% vs.. However deal volume is on the rise: +60% in vs. last year Strong activity in Spain and Portugal: 2.5 times the number of deals in vs. (see below) France +22% $2.2B $2.7B DACH $3.8B $2.5B -29%/+5%* $2.6B *Adjusted for Rocket Internet s $1.2B investments in Focus: take-off of technology investment in Spain & Portugal Spain is showing signs of a real uptake and might well be one of the hottest hubs for innovation in Europe. Volume of transactions is clearly on the rise: +150% in vs. according to our data. If traction in terms of amounts invested is yetto materialize, a handful of positive trends suggest that it will soon be the case: Macroeconomic environment: if the post-recession recovery remains fragile by some aspects, Spain s GDP grew by 3.3% in, above anticipations.. Start-ups creation is increasing, notably driven by the emergence of a new generation of entrepreneurs and by the high number of developers in the country. In, Barcelona and Madrid stood as #5 and #6 hubs in Europe in number of start-ups behind London, Berlin, Paris and Amsterdam according to a report from Mobile World Capital Barcelona. New VC funds have launched recently (e.g. Samaipata, KFund) and participate to a financing eco-system where business angels and accelerators are very active. Simultaneously, a growing number of Spanish start-ups have gained interest from international investors (e.g. Cornerjob, Source{d} or Verse). A group of start-ups have raised large amounts in the recent years such as Scytl, Wallapop, Cabify, Packlinck or Job & Talent and a handful of successful exits act as role models including Trovit (acquired by NextCo), La Nevera Roja (Rocket Internet) or more recently Privalia (Vente Privee) and Ticketbis (Ebay). On a less positive note, Spain still lacks a regulation framework favorable to start-ups. La Ley de Emprendedores enforced in 2013 has set the grounds of a legal environment fostering innovation but remains weak on tax incentives for entrepreneurs. Perhaps one of the biggest upsides for a full-fledged emergence of the Spanish startup scene 4
5 Top Deals per Geography UNITED-KINGDOM DACH COMPANY AMOUNT COMPANY AMOUNT Deliveroo $275m Oxford Nanopore $126m Kymab $100m Darktrace $65m ByBox $49m Artios Pharma $33m Nutmeg $32m Graphcore $30m General Catalyst, DST Global, Bridgepoint, Greenoaks Capital IP Group, Woodford IM, GT Healthcare Woodford, Malin Corp., Shenzen Hepalink, Ori Healthcare, other KKR, Summit Partners, TenEleven Ventures Exclaimer $27m Livingbridge Transferwise $26m Lloyds Development Capital Imperial Innovations, Merck Ventures, Abbvie Ventures, others Pentech Ventures, Balderton, Schroders, Armada IG, Convoy IS Amadeus, Robert Bosch, Samsung Catalyst, C4 Ventures, Draper Esprit Andreessen Horowitz, Valar Ventures ADC Therap. $105m Hellofresh $93m Sonnen $85m GoEuro $70m Silent Circle $50m Heliatek $46m Sonarsource $45m Lifewatch $44m Iomx Therap. $42m Smava $34m Auven Therapeutics, The Wild Family Office, AstraZeneca Rocket Internet, Baillie Gifford ecapital, MVP Managament, SET Ventures, GE Ventures, Inven, other KPCB, Silver Lake, Kraftwerk Santander Bank Innogy SE, Engie, BNP Paribas, CEE Group, existing investors Insight Venture Partners Aevis Victoria MPM Capital, Sofinnova, Wellington Ventures, Merck Ventures Runa Capital, Verdane Capital, Mojo Capital FRANCE OTHER COUNTRIES COMPANY AMOUNT COMPANY AMOUNT OVH $279m Sigfox $135m Devialet $115m Linkbynet $56m Navya $33m Wynd $32m Ecovadis $32m Partech Blablacar $24m Molotov $23m Alkemics $23m Sources: Clipperton WhoGotFunded KKR, Towerbrook Salesforce Ventures, Total, Alto Invest, Swen CP, existing investors Ginko Ventures, Renault, Sharp Corp, Korelya, Roc Nation, other Keensight Capital Valeo, Keolis, Group8 Sodexo, Orange Digital Ventures Baring Vostok LetterOne, Sky Group, TDF, Idinvest, Business Angels Index Ventures, Serena Capital, Partech, SEB Alliance, Cathay Carrick Ther. (IR) $95m Genomics M. (IR) $40m Nova Lumos (NL) $40m Oxthera (SE) $33m Global Fash. (LX) $33m Urbanvolt (IR) $32m Cornerjob (SP) $25m Aqua Comms (IR) $25m 7 Pharma (DK) $23m Netwatch (IR) $21m Lightstone V., Google V., Cambridge Innovation, Woodford Investment ARCH Ventures, Google Ventures, Polaris, Ireland Strategic Fund Pembani Remgro Infrastructure, VLTCM, ICV Kurma Partners, Sunstone Capital, Idinvest, Flerie, other Rocket Internet, Kinnevik Susi Partners eventures, Northzone, TV Azteca National Pensions Reserve Fund, Cartesian Capital SR One BDO Development Capital, Bank of Ireland The universe of investors in innovation is diversifying 1 2 Direct investment by Corporates is on the rise: a handful of rounds involved strategic investors in, particularly in France where notable examples include Sigfox (Total and Salesforce), Devialet (Renault, Foxconn and Sharp), Navya (Valeo, Keolis), Wynd (Sodexo, Orange) or Molotov (Sky Group, TDF). Private Equity shows vivid interest for technology: a few landmarks deals saw large PE firms investing in mature technology assets: KKR and Towerbrook in OVH, BridgePoint in Deliveroo, or Lloyds Development Capital in ByBox and Micrefinch. 3 New VCs are joining the race while existing ones are raising new vintages NEW VCs NEW VINTAGES 5
6 IT Top 15 LIFE SCIENCE Top 5 COMPANY AMOUNT COMPANY AMOUNT OVH $279m Deliveroo $275m Sigfox $135m Devialet $115m Hellofresh $93m Sonnen $85m GoEuro $70m Darktrace $65m Linkbynet $56m Silent Circle $50m ByBox $49m Sonarsource $45m Smava $34m Global Fashion G. $33m Navya $33m KKR, Towerbrook General Catalyst, DST Global, Bridgepoint, Greenoaks Capital Salesforce Ventures, Total, Alto Invest, Swen CP, existing investors Ginko Ventures, Renault, Sharp Corp, Korelya, Roc Nation, other Rocket Internet, Baillie Gifford ecapital, MVP Managament, SET Ventures, GE Ventures, Inven, other KPCB, Silver Lake, Kraftwerk KKR, Summit Partners, TenEleven Ventures Keensight Capital Santander Bank Lloyds Development Capital Insight Venture Partners Runa Capital, Verdane Capital, Mojo Capital Rocket Internet, Kinnevik Valeo, Keolis, Group8 Oxford Nanopore $126m ADC Therap. $105m Kymab $100m Carrick Therap. $95m Lifewatch $44m COMPANY IP Group, Woodford IM, GT Healthcare Auven Therapeutics, The Wild Family Office, AstraZeneca Woodford, Malin Corp., Shenzen Hepalink, Ori Healthcare, others Lightstone V., Google V., Cambridge Innovation, Woodford Investment Aevis Victoria CLEANTECH Top 5 AMOUNT Heliatek $46m Nova Lumos $40m BBoxx $20m Visedo $16m Skeleton Tech $15m Innogy SE, Engie, BNP Paribas, CEE Group, existing investors Pembani Remgro Infrastructure, VLTCM, ICV Khosla Ventures, Bamboo Finance, Doen Foundation, Engie, Other Suffice International, Sinituote, Emerald Technology, other Firstfloor Capital Sources: Clipperton WhoGotFunded Sectors AMOUNTS INVESTED IN IT 2013 to x IT SEGMENTS SPLIT - $2.0B $1.8B $2.8B $2.9B $5.5B $3.9B $4.2B $4.7B 14% 42% 5% 9% $9B 30% Internet & New Media Business Cloud & Software Hard/Telecom Consumer Electronics Fintech Since we started publishing this report in 2013, the amount invested in IT kept increasing at a sound pace: +13% CGR per semester, approaching the $5 billion mark on a half year basis in. Investments in IT start-ups totaled $9 billion in, i.e. ¾ of investments in innovation in Europe (same as in ). Within the sector, the Business Cloud and Software segment increased its share vs. (30% of IT investments vs. 23% in ) while Fintech start-ups continues to attract significant amount of VC money (14% of IT investments in ). Over the same period, Life Science grew by 9%, while Cleantech decreased by 4%. 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 Kirby Street, LONDON, EC1N 8TE Neue Schönhauser Str BERLIN 66 avenue des Champs-Elysées PARIS Thibaut REVEL Partner trevel@clipperton.net Martin VIELLE Vice President mvielle@clipperton.net 7
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