2018 european scaleups report - holland fintech...and vertical industries such as the fintech and...
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2018
EUROPEAN
SCALEUPS REPORT
OMAR MOHOUT
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03
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06
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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
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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)
COUNTRIES BIGGEST DEALS
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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)
COUNTRIES BIGGEST DEALS
18
2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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)
COUNTRIES BIGGEST DEALS
1. France (23%)
2. UK (15%)
3. Switzerland (13%)
4. Netherlands (13%)
5. Germany (10%)
6. Finland (8%)
7. Belgium (5%)
8. Denmark (5%)
9. Romania (5%)
10.Estonia (3%)
20
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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)
COUNTRIES BIGGEST DEALS
1. France (22%)
2. UK (14%)
3. Norway (14%)
4. Netherlands (14%)
5. Germany (7%)
6. Sweden (7%)
7. Switzerland (7%)
8. Ireland (7%)
9. Estonia (7%)
21
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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)
COUNTRIES BIGGEST DEALS
22
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
WHERE ARE BANKRUPTCIES TAKEN PLACE?
1. FinTech
2. Consumer Services
3. PropTech
4. MadTech
5. FoodTech
6. eCommerce
7. Travel & Hospitality
8. MediaTech
9. Retail
10.HealthTech
1. SaaS
2. App
3. Artificial Intelligence
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
30
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
1. Idinvest Partners
2. Balderton Capital
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
8. Balderton Capital
9. SFPI-FPIM
10. Cipio Partners
SERIES D
51
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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)
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
10. Travel & Hospitality
1. SaaS
2. App
3. Artificial Intelligence
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
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
Based on number of deals
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
60
UK: MOST ACTIVE INVESTORS
1. Index Ventures
2. Balderton Capital
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
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
COUNTRY PROFILES: FRANCE
2018 INVESTORS IN EUROPE
61
62
2018 MASTER REPORT INVESTORS IN EUROPE
FRANCE COUNTRY HIGHLIGHTS
385 investments
€ 3.1B investments
Average founding year: 2013
Average amount: € 7.9M
2 IPOs
17% corporate investments3% spinoffs
45% accelerator participation
26% has a foreign branch
63
2018 MASTER REPORT INVESTORS IN EUROPE
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
2018 MASTER REPORT INVESTORS IN EUROPE
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
3. Artificial Intelligence
4. IoT
5. Robotics
6. Drones
7. Virtual Reality
8. Autonomous Vehicles
9. Blockchain
10. 3D printing
FRANCE COUNTRY HIGHLIGHTS:
CITIES INDUSTRIES TECHNOLOGIES
Based on number of deals
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
2018 MASTER REPORT INVESTORS IN EUROPE
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
6. Interest charging
7. Pay-as-you-go
8. On demand economy
9. Crowdfunding
10. Open Source
FRANCE COUNTRY HIGHLIGHTS:
ACCELERATORS SPINOFFS BUSINESS MODELS
Based on number of deals
66
2018 MASTER REPORT INVESTORS IN EUROPE
FRANCE: MOST ACTIVE INVESTORS
1. Bpifrance
2. Partech Ventures
3. Kima Ventures
4. Idinvest Partners
5. 360 Capital Partners
6. Alven Capital
7. Isai
8. MAIF Avenir
9. XAnge
10. Seventure Partners
Deals of minimal € 750K
COUNTRY PROFILES: GERMANY
2018 INVESTORS IN EUROPE
67
68
2018 MASTER REPORT INVESTORS IN EUROPE
GERMANY COUNTRY HIGHLIGHTS
275 investments
€ 3.5B investments
Average founding year: 2013
Average amount: € 12.8M
2 IPOs
29% corporate investments6% spinoffs
24% accelerator participation
32% has a foreign branch
69
2018 MASTER REPORT INVESTORS IN EUROPE
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
2018 MASTER REPORT INVESTORS IN EUROPE
1. FinTech
2. Travel & Hospitality
3. Mobility
4. Software development
5. Utilities
6. HealthTech
7. Manufacturing
8. eCommerce
9. PropTech
10. HRTech
1. SaaS
2. App
3. Artificial Intelligence
4. IoT
5. Chatbot
6. Blockchain
7. Robotics
8. 3D printing
9. Computer Vision
10. Virtual Reality
GERMANY COUNTRY HIGHLIGHTS:
CITIES INDUSTRIES TECHNOLOGIES
Based on number of deals
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
2018 MASTER REPORT INVESTORS IN EUROPE
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
5. Interest charging
6. Open Source
7. Freemium
8. Ad funded
9. Content driven
10. Crowdfunding
GERMANY COUNTRY HIGHLIGHTS:
ACCELERATORS SPINOFFS BUSINESS MODELS
Based on number of deals
72
2018 MASTER REPORT INVESTORS IN EUROPE
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
Deals of minimal € 750K
COUNTRY PROFILES: SWEDEN
2018 INVESTORS IN EUROPE
73
74
2018 MASTER REPORT INVESTORS IN EUROPE
SWEDEN COUNTRY HIGHLIGHTS
155 investments
€ 1.0B investments
Average founding year: 2012
Average amount: € 6.6M
1 IPO
16% corporate investments5% spinoffs
13% accelerator participation
35% has a foreign branch
75
2018 MASTER REPORT INVESTORS IN EUROPE
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
2018 MASTER REPORT INVESTORS IN EUROPE
1. FinTech
2. HealthTech
3. Gaming
4. MediaTech
5. eCommerce
6. Utilities
7. SportsTech
8. PropTech
9. Retail
10. Cybersecurity
1. App
2. SaaS
3. Artificial Intelligence
4. IoT
5. Wearable
6. Computer Vision
7. Blockchain
8. 3D printing
9. Chatbot
10. Virtual Reality
SWEDEN COUNTRY HIGHLIGHTS:
CITIES INDUSTRIES TECHNOLOGIES
Based on number of deals
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
2018 MASTER REPORT INVESTORS IN EUROPE
1. Karolinska Institutet
2. Lund University
3. Linköping University
1. Subscription
2. Marketplace
3. Transactional
4. Commission
5. Freemium
6. Interest charging
7. Ad funded
8. Gambling
9. Community
10. Pay-as-you-go
SWEDEN COUNTRY HIGHLIGHTS:
ACCELERATORS SPINOFFS BUSINESS MODELS
Based on number of deals
78
2018 MASTER REPORT INVESTORS IN EUROPE
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
Deals of minimal € 750K
COUNTRY PROFILES: NETHERLANDS
2018 INVESTORS IN EUROPE
79
80
2018 MASTER REPORT INVESTORS IN EUROPE
NETHERLANDS COUNTRY HIGHLIGHTS
89 investments
€ 1.7B investments
Average founding year: 2014
Average amount: € 19M
2 IPOs
17% corporate investments12% spinoffs
19% accelerator participation
34% has a foreign branch
81
2018 MASTER REPORT INVESTORS IN EUROPE
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
2018 MASTER REPORT INVESTORS IN EUROPE
1. FinTech
2. HRTech
3. Utilities
4. eCommerce
5. Logistics & Supply Chain
6. HealthTech
7. MediaTech
8. Travel & Hospitality
9. Mobility
10. Consumer Electronics
1. SaaS
2. App
3. IoT
4. Blockchain
5. Artificial Intelligence
6. Wearable
7. 3D printing
8. Computer Vision
9. Chatbot
10. Drones
NETHERLANDS COUNTRY HIGHLIGHTS:
CITIES INDUSTRIES TECHNOLOGIES
Based on number of deals
83
1. YES!Delft
2. Startupbootcamp
3. HighTechXL
4. UtrechtInc
5. Euronext TechShare
6. Rockstart
7. Breed Reply
2018 MASTER REPORT INVESTORS IN EUROPE
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
6. Interest charging
7. Crowdsourcing
NETHERLANDS COUNTRY HIGHLIGHTS:
ACCELERATORS SPINOFFS BUSINESS MODELS
Based on number of deals
84
2018 MASTER REPORT INVESTORS IN EUROPE
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
Deals of minimal € 750K
COUNTRY PROFILES: BELGIUM
2018 INVESTORS IN EUROPE
85
86
2018 MASTER REPORT INVESTORS IN EUROPE
BELGIUM COUNTRY HIGHLIGHTS
75 investments
€ 439M investments
Average founding year: 2013
Average amount: € 5.9M
1 IPO
19% corporate investments20% spinoffs
53% accelerator participation
45% has a foreign branch
87
2018 MASTER REPORT INVESTORS IN EUROPE
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
2018 MASTER REPORT INVESTORS IN EUROPE
1. HealthTech
2. FinTech
3. Manufacturing
4. MadTech
5. Utilities
6. MediaTech
7. Mobility
8. PropTech
9. EdTech
10. Cybersecurity
1. SaaS
2. App
3. Artificial Intelligence
4. IoT
5. 3D printing
6. Virtual Reality
7. Computer Vision
8. Wearable
9. Blockchain
10. Drones
BELGIUM COUNTRY HIGHLIGHTS:
CITIES INDUSTRIES TECHNOLOGIES
Based on number of deals
89
1. imec.iStart
2. Euronext TechShare
3. Startit @KBC
4. Scaleup Vlaanderen
5. BEyond
6. B-Hive
7. WSL
8. LeanSquare
9. Microsoft Accelerator
10. Startathlon
2018 MASTER REPORT INVESTORS IN EUROPE
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:
ACCELERATORS SPINOFFS BUSINESS MODELS
Based on number of deals
90
2018 MASTER REPORT INVESTORS IN EUROPE
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
Deals of minimal € 750K
COUNTRY PROFILES: SPAIN
2018 INVESTORS IN EUROPE
91
92
2018 MASTER REPORT INVESTORS IN EUROPE
SPAIN COUNTRY HIGHLIGHTS
73 investments
€ 1B investments
Average founding year: 2014
Average amount: € 14.4M
0 IPOs
27% corporate investments0% spinoffs
29% accelerator participation
36% has a foreign branch
93
2018 MASTER REPORT INVESTORS IN EUROPE
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
2018 MASTER REPORT INVESTORS IN EUROPE
1. PropTech
2. Travel & Hospitality
3. eCommerce
4. Mobility
5. EdTech
6. HealthTech
7. Cybersecurity
8. Software development
9. Logistics & Supply Chain
10. FinTech
1. SaaS
2. App
3. Artificial Intelligence
4. IoT
5. Computer Vision
6. Speech Recognition
7. Blockchain
8. Satellites
9. Chatbot
10. Virtual Reality
SPAIN COUNTRY HIGHLIGHTS:
CITIES INDUSTRIES TECHNOLOGIES
Based on number of deals
95
1. Wayra
2. SeedRocket
3. Plug and Play
4. NUMA
5. Conector
6. Venture Hive
7. FICHe
8. BIC BERRRILAN
9. Lanzadera Accelerator
2018 MASTER REPORT INVESTORS IN EUROPE
1. Marketplace
2. Subscription
3. Commission
4. Crowdfunding
5. Pay-as-you-go
6. Freemium
7. Transactional
8. Interest charging
9. Gamification
SPAIN COUNTRY HIGHLIGHTS:
ACCELERATORS SPINOFFS BUSINESS MODELS
Based on number of deals
96
2018 MASTER REPORT INVESTORS IN EUROPE
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
Deals of minimal € 750K
COUNTRY PROFILES: SWITZERLAND
2018 INVESTORS IN EUROPE
97
98
2018 MASTER REPORT INVESTORS IN EUROPE
SWITZERLAND COUNTRY HIGHLIGHTS
73 investments
€ 779M investments
Average founding year: 2014
Average amount: € 10.7M
0 IPO
30% corporate investments21% spinoffs
18% accelerator participation
38% has a foreign branch
99
2018 MASTER REPORT INVESTORS IN EUROPE
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
2018 MASTER REPORT INVESTORS IN EUROPE
1. FinTech
2. HealthTech
3. HRTech
4. Cybersecurity
5. Utilities
6. MadTech
7. Logistics & Supply Chain
8. Aerospace
9. PropTech
10. Automotive
1. SaaS
2. Blockchain
3. App
4. Artificial Intelligence
5. Drones
6. IoT
7. Robotics
8. Virtual Reality
9. Wearable
10. Computer Vision
SWITZERLAND COUNTRY HIGHLIGHTS:
CITIES INDUSTRIES TECHNOLOGIES
Based on number of deals
101
1. Innovaud
2. FONGIT
3. Sandbox
4. Rancilio Cube
5. Climate-KIC
6. Samsung NEXT
7. Venture Kick
2018 MASTER REPORT INVESTORS IN EUROPE
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
9. Interest charging
10. Crowdsourcing
SWITZERLAND COUNTRY HIGHLIGHTS:
ACCELERATORS SPINOFFS BUSINESS MODELS
Based on number of deals
102
2018 MASTER REPORT INVESTORS IN EUROPE
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
Deals of minimal € 750K
COUNTRY PROFILES: FINLAND
2018 INVESTORS IN EUROPE
103
104
2018 MASTER REPORT INVESTORS IN EUROPE
FINLAND COUNTRY HIGHLIGHTS
50 investments
€ 653M investments
Average founding year: 2009
Average amount: € 13.0M
0 IPO
28% corporate investments6% spinoffs
14% accelerator participation
62% has a foreign branch
105
2018 MASTER REPORT INVESTORS IN EUROPE
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
2018 MASTER REPORT INVESTORS IN EUROPE
1. Consumer Electronics
2. HealthTech
3. FinTech
4. HRTech
5. MadTech
6. Gaming
7. Softwaredevelopment
8. eCommerce
9. Utilities
10. Aerospace
1. SaaS
2. App
3. Artificial Intelligence
4. Virtual Reality
5. Satellites
6. RPA
7. IoT
8. 3D printing
9. Blockchain
FINLAND COUNTRY HIGHLIGHTS:
CITIES INDUSTRIES TECHNOLOGIES
Based on number of deals
107
1. NewCo Helsinki Accelerator
2. EIT Digital
3. Founders Factory
4. Techstars
2018 MASTER REPORT INVESTORS IN EUROPE
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:
ACCELERATORS SPINOFFS BUSINESS MODELS
Based on number of deals
108
2018 MASTER REPORT INVESTORS IN EUROPE
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
Deals of minimal € 750K
COUNTRY PROFILES: IRELAND
2018 INVESTORS IN EUROPE
109
110
2018 MASTER REPORT INVESTORS IN EUROPE
IRELAND COUNTRY HIGHLIGHTS
37 investments
€ 861M investments
Average founding year: 2013
Average amount: € 23M
2 IPOs
27% corporate investments8% spinoffs
22% accelerator participation
54% has a foreign branch
111
2018 MASTER REPORT INVESTORS IN EUROPE
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
2018 MASTER REPORT INVESTORS IN EUROPE
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
5. Connected Hardware
6. IoT
7. Artificial Intelligence
8. Hardware
9. Virtual Reality
IRELAND COUNTRY HIGHLIGHTS:
CITIES INDUSTRIES TECHNOLOGIES
Based on number of deals
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
2018 MASTER REPORT INVESTORS IN EUROPE
1. Dublin City University
2. NUI Galway
3. National University of Ireland
1. Subscription
2. Commission
3. Transactional
4. Interest charging
5. Freemium
6. Licensing
7. Studio
8. Crowdsourcing
9. Crowdfunding
IRELAND COUNTRY HIGHLIGHTS:
ACCELERATORS SPINOFFS BUSINESS MODELS
Based on number of deals
114
2018 MASTER REPORT INVESTORS IN EUROPE
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
Deals of minimal € 750K
COUNTRY PROFILES: DENMARK
2018 INVESTORS IN EUROPE
115
116
2018 MASTER REPORT INVESTORS IN EUROPE
DENMARK COUNTRY HIGHLIGHTS
46 investments
€ 511M investments
Average founding year: 2012
Average amount: € 11M
2 IPOs
20% corporate investments4% spinoffs
15% accelerator participation
52% has a foreign branch
117
2018 MASTER REPORT INVESTORS IN EUROPE
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
2018 MASTER REPORT INVESTORS IN EUROPE
1. FinTech
2. HRTech
3. MadTech
4. HealthTech
5. FoodTech
6. EdTech
7. DocumentManagement
8. eCommerce
9. Manufacturing
10. PropTech
1. SaaS
2. App
3. Artificial Intelligence
4. Connected Hardware
5. Blockchain
6. IoT
7. Computer Vision
8. Data Analytics
9. Hardware
10. API
DENMARK COUNTRY HIGHLIGHTS:
CITIES INDUSTRIES TECHNOLOGIES
Based on number of deals
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
2018 MASTER REPORT INVESTORS IN EUROPE
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:
ACCELERATORS SPINOFFS BUSINESS MODELS
Based on number of deals
120
2018 MASTER REPORT INVESTORS IN EUROPE
DENMARK: MOST ACTIVE INVESTORS
1. Seed Capital
2. Sunstone Capital
3. Creandum
4. Vækstfonden
5. Seed Capital Denmark
6. Preben Damgaard
7. Balderton Capital
8. byFounders
9. Innovation Fund Denmark
10. Jolt Capital
Deals of minimal € 750K
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.
2018 EUROPEAN SCALE UP REPORT METHODOLOGY
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.
2018 EUROPEAN SCALE UP REPORT METHODOLOGY
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.
2018 EUROPEAN SCALE UP REPORT METHODOLOGY
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
MY BOOKS
128
eBooks Contributing AuthorBooks
© Omar Mohout, 2018
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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