Quarterly European Venture Capital report Q2 2018

Quarterly European Venture Capital report Q2 2018 17 July 2018

Contents 1. Europe & Israel venture capital 2. Investment by country 3. Investment by category 4. Update on unicorns and big exits 2

All-time investment record of 5.5 billion excl. biotech (including biotech and Israel 6.9 billion) Investment in European & Israeli rounds VC rounds Investment in European & Israeli rounds VC rounds 7.5B 7.2B 6.9B 1,250 6.0B 5.9B 5.9B 5.9B 1,000 4.5B 3.8B 3.8B 4.7B 3.7B 5.0B 4.1B 4.7B 4.0B 4.1B 4.6B 3.9B 4.8B 5.0B 4.5B 4.8B 5.5B 750 838 3.0B 3.1B 3.1B 3.4B 2.7B 3.3B 3.2B 3.2B 500 453 1.5B New investment record of 5.5 billion (excl. Israel and biotech) Our corporate clients typically want to see data incl. biotech & Israel while our VC clients typically prefer to see data Israel and biotech separately 250 Decline in number of rounds is mostly temporary, as rounds below 2 million are announced with delays. 283 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2015 2016 2017 2018 2015 2016 2017 2018 Europe Biotech Israel Total 0-2M 2M+ 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. 3

As a result, investment activity to date in 2018 is well ahead of 2017 (which was a record year itself) Cumulative amount invested 2018 vs. 2017 ( B) Cumulative number of rounds 2018 vs. 2017 (> 2M) 25B 2017 2018 1,800 2017 2018 20B 24B 1,600 1,400 1,618 15B 13B 1,200 1,000 833 10B 10B 800 600 786 5B 400 200 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 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

When excluding the top three or top-10 largest rounds Q2 still reached an all-time investment record Quarterly investment in European VC rounds Top-10 Investment Rounds in Q2 2018 Location Round 8.0B 7.0B 7.2B 6.9B OutSystems Platform to build software applications with minimal coding Revolut Platform to use and manage money around the world Portugal United Kingdom $ 360 m GROWTH EQUITY $1.0B valuation $ 250 m SERIES C $1.7B valuation 6.0B 5.9B 5.9B 5.9B Voodoo Casual games developer for mobile France $ 200 m GROWTH EQUITY 5.0B 4.0B 3.0B 2.0B 5.0B 4.7B 3.4B 3.5B 4.0B 4.1B 3.0B 2.7B 4.6B 3.6B 3.9B 4.7B 4.4B 3.9B 5.3B Taxify Leading ride-hailing app in Europe and Africa Nexteam Group Machining of complex & hard parts for aviation Freeline Therapeutics Development and commercialisation of gene therapies for bleeding and other debilitating disorders BenevolentAI Harnessing AI to enhance and accelerate scientific discovery Estonia France United Kingdom United Kingdom $ 175 m LATE VC $1.0B valuation 114m GROWTH EQUITY $ 116 m SERIES B $ 115 m LATE VC $2.1B valuation 1.0B HMD Global Owns the right to use the Nokia brand on phones Finland $ 100 m LATE VC Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 CMR Surgical Surgical robotics company United Kingdom $ 100 m SERIES B 2016 2017 2018 All other rounds (below top 10) Top 10 largest rounds Top 3 largest rounds Frontier Car Group Builds and runs marketplaces focused on emerging markets in the auto sector Germany $ 89 m SERIES C 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. 5

Increased investment across different types means the investor mix is relatively constant Venture funds Corporate Private equity Accelerators, angels, crowdfunding Most active in 2018: Investment (in billions) Number of rounds >$2M 4.0B 3.5B 3.0B 2.5B 2.0B 1.5B 1.0B 0.5B 2.8B 2.7B 2.1B 2.5B 3.1B 3.7B 3.6B 3.4B 2.7B 3.7B 368 1.7B 1.6B 1.4B 1.3B 1.1B 2.1B 2.2B 1.8B 1.8B 2.3B 148 0.2B 0.2B 0.5B 0.0B 0.0B 0.1B 1.2B 0.2B 1.1B 0.6B 19 104 0.1B 0.1B 0.1B 0.1B 0.1B 0.1B 0.1B 0.1B 0.2B 0.2B Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2017 2018. 2016 2017 2018. 2016 2017 2018. 2016 2017 2018 59% 60% 55% 34% Investment in as % of total 36% 34% 5% 9% 2% 2% 2% VCs Corporates Private equity Other 2% 400 350 300 250 200 150 100 50 Source: Dealroom.co. 6

Contents 1. Europe & Israel venture capital 2. Investment by country 3. Investment by category 4. Update on unicorns and big exits 7

The big four (UK, Germany, France, and Israel) continue to be highly active in 2018 to date Investment by country ( B) Jan-June 18 Number of rounds (>$2M size) Jan-June 18 United Kingdom Germany France Israel Sweden Spain Portugal Finland Netherlands Russia Belgium Estonia Switzerland Denmark Italy Austria Romania Cyprus Ireland Norway 0.4B 0.7B 0.4B 0.5B 0.4B 0.0B 0.3B 0.2B 0.3B 0.4B 0.3B 0.1B 0.2B 0.2B 0.2B 0.0B 0.2B 0.2B 0.2B 0.1B 0.2B 0.1B 0.1B 0.1B 0.1B 0.0B 0.1B 0.1B 0.2B 0.1B 0.1B 1.7B 1.3B 1.6B 1.2B 2.0B 2.4B 3.1B 3.2B United Kingdom France Israel Germany Sweden Switzerland Netherlands Spain Finland Belgium Italy Russia Denmark Ireland Norway Austria Portugal Estonia Greece Romania 44 33 21 30 30 23 32 18 16 18 23 14 6 13 22 11 14 10 16 10 7 7 3 5 1 3 2 3 1 2 2 82 83 91 73 108 135 188 174 210 The big four (UK, Germany, France, Israel) continue to account for ~70% of investment by rounds and amount invested YTD '18 YTD '17 YTD '18 YTD '17 Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. 8

The United Kingdom leads, followed by Germany (by amount invested) and France (by number of rounds) 2018 cumulative amount invested by country 2018 cumulative number of rounds (1) 3.5B 500 3.0B 3.1B 400 390 2.5B 2.4B 2.0B 2.0B 300 291 1.5B 1.6B 200 1.0B 0.5B 100 151 122 Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun United Kingdom Germany France Israel United Kingdom Germany France Israel Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. 1. Rounds below $2M are included here. 9

The impact of mega rounds is more significant in Germany than in the UK, France and Israel All other rounds (below top 10) Top 10 largest rounds Top 3 largest rounds Number of rounds >$2M 3.0B 2.8B 250 2.5B 2.0B 1.5B 1.0B 0.5B 1.2B 0.7B 2.0B 0.6B 2.1B 2.1B 1.1B 0.9B 1.3B 0.6B 1.8B 0.9B 0.7B 0.3B 0.9B 0.2B 0.2B 0.6B 0.7B 0.3B 1.8B 0.7B 0.2B 0.3B While Germany has more total investment, this is driven by more mega-rounds. France leads over Germany when looking below the top 3 or top 10 largest rounds. 0.7B 0.7B 0.6B 0.6B 0.8B 0.4B 0.3B 0.4B 0.4B United Kingdom Germany France Israel Rest of Europe 0.4B 1.3B 0.6B 0.4B 0.2B 0.8B 0.4B 1.0B 0.6B 0.8B 0.3B 0.5B 0.2B 1.1B 0.5B 1.7B 1.0B 1.5B 0.9B 0.9B 1.7B 1.6B Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 2017 2018. 2017 2018. 2017 2018. 2017 2018 2017 2018 1.0B 1.0B 2.1B 1.2B 200 150 100 50 Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. 10

Big four: the number of rounds by size category. The UK has the most rounds except 2-5M category United Kingdom Germany France Israel Investment rounds > 2M Investment rounds 2-5M 140 46 60 112 43 44 43 120 39 40 37 37 3850 39 100 91 33 35 81 29 40 27 29 80 23 23 29 30 60 17 19 15 16 16 15 17 18 14 15 20 12 13 40 8 7 4 20 10 54 54 38 23 13 8 Q2 2016 Q2 2017 Q2 2018 Q2 2016 Q2 2017 Q2 2018 Q2 2016 Q2 2017 Q2 2018 Investment rounds 5-20M 60 56 Investment rounds 20M+ 30 50 40 30 30 40 25 20 15 12 13 18 20 10 10 5 Q2 2016 Q2 2017 Q2 2018 Q2 2016 Q2 2017 Q2 2018 Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. 11

Contents 1. Europe & Israel venture capital 2. Investment by country 3. Investment by category 4. Update on unicorns and big exits 12

Health, fintech and enterprise software continue to be the most invested industries Number of rounds Amount invested ( B) 2018 YTD 2017 YTD Series1 Series2 By industry vertical Enterprise software Health Fintech Security Biotech Transportation Energy Food Home Robotics Travel Semiconductors Insurance Telecom Fashion Gaming 68 63 61 53 46 35 35 31 25 16 16 16 15 122 152 186 Health Fintech Enterprise software Transportation Biotech Security Travel Energy Robotics Food Home Gaming Telecom Semiconductors Fashion Insurance 1.2B 0.8B 0.8B 0.6B 0.5B 0.4B 0.4B 0.3B 0.3B 0.3B 0.2B 0.2B 1.7B 2.7B 2.5B 2.3B By business model SaaS Manufacturing Marketplace ecommerce Mobile app 40 61 93 177 328 SaaS Manufacturing Marketplace Mobile app ecommerce 1.3B 0.9B 1.9B 2.4B 4.8B By keyword Deep Tech Artificial intelligence InternetOfThings Blockchain Virtual reality 17 7 42 143 50 100 150 200 250 300 350 223 Deep Tech Artificial intelligence InternetOfThings Blockchain Virtual reality 0.5B 0.3B 0.0B 1.8B 2.8B 1.0B 2.0B 3.0B 4.0B 5.0B Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. 13

Increased focus on deep tech related areas (robotics, AI, semiconductors) is noticeable in investment data % YoY change in number of rounds % YoY change in amount invested ( B) By industry vertical Robotics Semiconductors Food Security Transportation Biotech Health Telecom Energy Enterprise software Travel Fintech Insurance Fashion Home Gaming (11%) (15%) (16%) (16%) (27%) (29%) 20% 19% 9% 7% 4% 2% 67% 59% 55% 169% Robotics Transportation Travel Health Telecom Security Biotech Semiconductors Energy Fintech Enterprise software Home Food Gaming Insurance Fashion (15%) (28%) (42%) (51%) (53%) (57%) 170% 111% 59% 57% 56% 51% 32% 26% 24% 493% By business model Manufacturing Mobile app SaaS ecommerce Marketplace (19%) (24%) 4% 37% 25% Mobile app Manufacturing SaaS Marketplace ecommerce (23%) (38%) 5% 96% 61% By keyword Artificial intelligence Blockchain Deep Tech InternetOfThings Virtual reality (13%) 5% 31% 29% (50%) 50% 100% 150% 200% 77% Blockchain Artificial intelligence InternetOfThings Deep Tech Virtual reality (92%) 22% 21% 13% 170% (200%) (100%) 100% 200% 300% 400% 500% 600% Source: Dealroom.co. Only includes rounds above 2M. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. 14

Quarterly investment trends by key business models 2-5M rounds 5-20M rounds 20M+ rounds Total funding Slite ( 3.7M) Pitch ( 3M) more Lunchr ( 11M) Tessian ( 9M) Scality ( 48.5M) Concentra ( 41M) SaaS 60 64 65 45 61 76 13 14 24 1.1B 2.7B 2.2B Q2 16 Q2 17 Q2 18 Q2 16 Q2 17 Q2 18 Q2 16 Q2 17 Q2 18 Q2 16 Q2 17 Q2 18 Marketplaces & ecommerce 26 Click & Boat ( 4M) Zadaa ( 2.3M) 21 16 Campings.com ( 10M) PerfectStay ( 15M) 23 23 22 7 6 Gett ($80M) Kry ( 53M) 8 1.1B 1.5B 1.0B Q2 16 Q2 17 Q2 18 Hardware & Manufacturing 39 DualSun ( 3.4M) Ride Vision ($2.5M) 26 34 30 Elichens ( 7M) ecorobotix ( 9M) 19 43 14 Sonnen GmbH ( 60M) Ava ($30M) 11 15 1.0B 0.8B 1.4B Q2 16 Q2 17 Q2 18 Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. 15

Quarterly investment trends by key industry verticals 2-5M rounds 5-20M rounds 20M+ rounds Total funding Fintech 28 Cashpresso ( 3.5M) Spiir ( 3.3M) 18 22 20 Stocard ($20M) Pleo ( 13M) 29 23 16 Revolut ($250M) MoneyFarm ( 46M) 12 11 0.8B 1.1B 1.3B Q2 16 Q2 17 Q2 18 Q2 16 Q2 17 Q2 18 Q2 16 Q2 17 Q2 18 Q2 16 Q2 17 Q2 18 Health SWORD Health ($4.6M) Invivox ( 2.8M) 25 27 22 PhoreMost ( 15M) Nutrino ($8M) 29 31 39 12 BenevolentAI ($115M) Caresyntax ($31.9M) 15 17 0.8B 1.0B 1.6B Q2 16 Q2 17 Q2 18 Travel & Transportation 11 Karos ( 4.2M) Sn-ap ( 3.4) 22 22 15 Abracar ( 11.5M) Cluno ( 7M) 22 16 Taxify ($175M) Spotahome ($40M) 2 2 8 0.8B 0.6B 1.2B Q2 16 Q2 17 Q2 18 Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. 16

Industry vertical investment heatmap Number of rounds in 2018 to date by country United Kingdom Germany France Israel Sweden Netherlands Spain Russia Switzerland Ireland Number of rounds Europe total % YoY growth Investment ( B) Industry vertical Fintech 83 20 27 17 15 7 14 2 6 4 122 (15%) 2.5B 24% Health 61 16 39 21 15 23 8 2 21 5 152 9% 2.7B 59% Enterprise software 83 37 65 26 8 16 22 7 8 6 186 2% 2.3B (15%) Energy 26 9 26 6 7 20 1 9 3 53 4% 0.6B 26% Transportation 24 20 25 8 5 11 6 10 6 61 20% 1.7B 170% Security 23 3 8 40 4 3 5 1 3 1 68 55% 0.8B 56% Food 19 6 22 5 5 3 5 3 5 2 46 59% 0.4B (42%) Biotech 21 3 14 8 2 5 3 12 63 19% 1.2B 51% Travel 18 9 9 1 5 10 1 31 (11%) 0.8B 111% Home 13 5 11 4 5 7 5 2 2 35 (27%) 0.4B (28%) Insurance 15 7 4 2 2 2 16 (16%) 0.2B (53%) Telecom 6 1 6 5 2 1 1 1 16 7% 0.3B 57% Fashion 7 5 5 8 3 5 3 1 1 16 (16%) 0.2B (57%) Semiconductors 8 5 8 6 2 2 2 4 2 25 67% 0.3B 32% Robotics 9 2 12 6 5 1 4 6 35 169% 0.5B 493% Gaming 6 3 3 2 3 1 1 2 15 (29%) 0.3B (51%) Business model SaaS 139 67 115 53 21 35 30 17 12 6 328 4% 4.8B 5% Manufacturing 74 18 57 33 19 57 11 3 30 7 177 37% 2.4B 61% Marketplace 50 31 36 5 10 11 17 6 5 93 (24%) 1.9B (23%) ecommerce 21 16 20 7 16 6 4 5 3 2 61 (19%) 0.9B (38%) Mobile app 16 2 10 6 6 4 7 6 4 40 25% 1.3B 96% Keywords Deep Tech 106 29 60 50 13 33 15 9 22 4 223 29% 2.8B 13% Artificial intelligence 72 15 31 34 8 15 9 7 6 1 143 77% 1.8B 22% InternetOfThings 10 13 18 18 4 3 2 1 4 42 5% 0.5B 21% Blockchain 15 2 1 4 1 4 3 4 1 17 31% 0.3B 170% Virtual reality 8 2 2 1 5 3 7 (13%) 0.0B (92%) Total 394 153 296 127 85 123 83 47 67 22 833 6% 12.8B 23% % YoY growth Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. 17

Contents 1. Europe & Israel venture capital 2. Investment by country 3. Investment by category 4. Update on unicorns and big exits 18

2018 will be a record year for European VC-backed exits, with already 50 billion realised year to date VC BACKED EXITS IN Q2 2018 exits (1) ACQUIROR SELLER VC BACKED INDUSTRY LOCATION ROUND Value of VC-backed exits Spotify Music streaming service GP Bullhound Northzome more Music Sweden $ 27B IPO 2017 revenue of 4.2B 54B Adyen Leading next generation global payments company ICONIQ Capital Index Ventures more Fintech Netherlands 7.1B IPO 2017 revenue of 1.0B 50B Avast Software Cybersecurity products for businesses and consumers Zoopla (1) Property website for the British residential market Silver Lake Partners CVC Capital Partners Summit Partners De-listing (prior to listing) Cybersecurity Real estate classified search Czech Republic UK 2.4B IPO 2.2B ACQUISITION 7x 2018E revenues 18x 2018E EBITDA 34B 36B izettle Payment services and apps Paypal Zouk Capital Index Ventures 83North more Fintech Sweden $ 2.2B ACQUISITION 13x 2018E revenue of $165M 11x 2019E revenue of $200M 23B Exclusive Group Innovative cybersecurity, networking and infrastructure technologies Permira Omnes Venture Capital more Security France 1.3B BUYOUT 2017 revenue of 1.8B 14B Gram Games Global mobile entertainment studio Zynga Hummingbird Ventures Gaming Turkey $ 250M ACQUISITION Chargemaster Provider of electric vehicle charging solutions Autolus A leader in cutting-edge T-cell therapies Mitula Group Search engine for classified ads BP Global Beringea BMW i Ventures more Woodford Investment Management more Energy UK Health UK Lifull Co De-listing Marketing Spain 130M ACQUISITION 130M IPO ACQUISITION $ 118M ACQUISITION 2013 2014 2015 2016 2017 2018 YTD Show online data» Source: Dealroom.co 1. Zoopla is not counted in value of VC-backed exits as VCs already exited by the time of the acquisition. 19

An extremely eventful 2018 so far: 18 new unicorns and the two largest-ever European VC exits Valuation Spotify (Sweden) Music streaming $23B IPO Adyen (Netherlands) Payment platform $8B IPO BioNTech (Germany) Cancer immunotherapies $250M investment $2.5B valuation NuCom (Germany) Group of consumer brands $500M investment $2B valuation Telegram (UK) Encrypted Messaging $4.8B ICO Farfetch (UK) Fashion $5B IPO (pending) Revolut (UK) Online bank $250M investment $1.7B valuation Avast (Czech Republic) Security software $4B IPO (pending) izettle (Sweden) Retail payments ebay acquisition $2.2B valuation Darktrace (UK) AI driven cyber security Secondary deal $1.3B valuation Zoopla (UK) Property search Silver Lake acquisition $2. 9B valuation OutSystems (Portugal) Software development $360M investment $1.0B valuation Number26 (Germany) Online Bank Implied unicorn status Cabify (Spain) Online bank $160M investment $1.4B valuation Tricentis (Austria) Robotics $153M investment $1.0B valuation UiPath (Romania) Robotics $153M investment $1.1B valuation Flixbus (Germany) Bus booking company Likely reached unicorn status Taxify (Estonia) Ride Hailing App $175M Investment $1.0B valuation Celonis (Germany) Big data analytics $50M Investment $1.0B Valuation SumUp (UK/Germany) Implied unicorn status with $100M gross revenues, after izettle sale Jan Feb March April May June 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. 20

In the first six months of 2018, already 25 companies reached $billion+ valuations, as many in any other full year Valuation Company Location Founded $B+ reached EUR USD VC Backed (1) Unicorn (3) #1 Telegram Dubai (2) 2013 2018 4.4B $4.8B v v #2 BioNTech Germany 2008 2018 2.3B $2.5B v v #3 Revolut United Kingdom 2014 2018 1.5B $1.7B v v #4 Cabify Spain 2011 2018 1.3B $1.4B v v #5 Darktrace United Kingdom 2013 2018 1.2B $1.3B v v #6 Intercom US / Ireland 2011 2018 1.1B $1.3B v v #7 Flixbus Germany 2011 2018 1.0B $1.1B v v #8 OVH France 1999 2018 1.0B $1.1B v v #9 UiPath Romania 2012 2018 1.0B $1.1B v v #10 Tradeshift UK / United States 2009 2018 1.0B $1.1B v v #11 SumUp UK / Germany 2011 2018 0.9B $1.0B v v #12 Celonis Germany 2011 2018 0.9B $1.0B v v #13 OrCam Israel 2010 2018 0.9B $1.0B v v #14 Tricentis Austria 2008 2018 0.9B $1.0B v v #15 Taxify Estonia 2013 2018 0.9B $1.0B v v #16 N26 Germany 2013 2018 0.9B $1.0B v v #17 OutSystems Portugal 2001 2018 0.9B $1.0B v v #18 Speechmatics (4) United Kingdom 2009 2018 3.5B $4.0B v v #19 izettle Sweden 2010 2018 2.0B $2.2B v #20 NuCom Group Germany 2018 2018 1.8B $2.1B v #21 Callcredit United Kingdom 2000 2018 1.6B $1.9B v #22 Exclusive Group France 2003 2018 1.3B $1.5B v #23 THQ Nordic Austria 1999 2018 1.0B $1.1B #24 On The Beach Holidays United Kingdom 2004 2018 0.9B $1.1B #25 Prexton therapeutics Switzerland / NL 2012 2018 0.9B $1.0B v 3 3 6 6 4 4 10 2 8 22 3 19 2010 2011 2012 2013 2014 2015 2016 2017 2018 H1 Europe Source: Dealroom.co 1. VC backed here includes early funding from professional angel investors and late stage growth equity investment. 2. Telegram has Russian founders but has been based in London but has since moved to different jurisdictions. 3. Unicorn here means the startup is still private and not yet acquired. 4. Speechmatics based on GP Bullhound report. Year in which $billion+ valuation reached Israel 23 1 22 25 2 23 24 4 20 25 1 24

Since 1998, 152 companies in Europe & Israel reached $billion+ valuations, of which 63% were venture backed Companies valued over $1 billion 152 Of the 25 companies that reached $B+ valuations in 2018, as many as 23 (92%) were venture backed 127 103 78 European Venture Capital industry started to scale around 2011 1 1 1 2 2 2 3 5 6 9 10 10 13 19 23 33 55 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 H1 Note: companies founded since 1990 and that reached $B+ valuation after. Does not include companies which have dipped below $B since: Rovio Home24, ironsource, Fanduel, Ulmart, Conduit, Wonga. Also does not include VE Interactive, Powa. 22

The United Kingdom leads with 60 companies (42% of total), followed by Germany (13%) and Israel (9%) Companies valued over $1 billion 53 60 United Kingdom 44 34 21 Rest of Europe 6 6 8 11 11 13 Germany Israel 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 H1 United Kingdom Germany Israel Netherlands Sweden France Switzerland Russia Rest of Europe Note: companies founded since 1990 and that reached $B+ valuation after. Does not include companies which have dipped below $B since: Rovio Home24, ironsource, Fanduel, Ulmart, Conduit, Wonga. Also does not include VE Interactive, Powa. 23

The global database to identify & track growth opportunities and innovative companies