Israeli Internet Industry 2017

Changerepor t

Changerepor t Israeli Internet Industry 2017

Preface Change - global view Change - Israeli view Israeli industry maps• The $100M+ club• Largest public companies• Largest private companies• Largest exits• Largest financing rounds

Table of content46

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PrefaceIn busy Startup Land the activity rate can often seem dizzying. In an ever-evolving internet industry, we like to pause every couple of years, zoom-out and look at things in perspective.

Our investment platforms – and Frs – are are at the heart of this space. Our team, together with our advisors, partners, the investment community and of course – our entrepreneurs, have set out once again to feel the pulse of the industry. To map and analyze, to compare, count, cover and converse to build a clear picture describing the state of this incredibly vibrant ecosystem. Our vast and active network spans all industry spaces, shapes and sizes.

As we did in our 1st edition in 2012 and in our 2nd edition in 2014, we do not settle for merely covering innovation and trends, but focus our analysis on companies with annual revenues exceeding $10M. This allows us a more realistic and sober point of view about the tangible opportunities ahead.

Our report consists of a number of elements – global internet trends, local industry movements, startup financing and exit statistics and a map of leading Israeli companies from a revenue, capital raised and valuation perspectives. In order to accurately achieve that, we interviewed dozens of industry leaders, we quantified numerous trends, as we rely on publicly available data as well as internal analysis.

Wherever we looked we witnessed a profound change, but this time, change itself is changing. This change is increasingly driving larger parts of the global ecosystem into fewer hands.

76

4 5

The 5 big changes in global internet industry

Blended Reality

Automation economy

Change -global internet industry view

1Winner takes all 3Ecomm

killing retail2Mobile-only

98

Winner takes all The 6th Continent

The 6th Continent is the fastest growing, largest in number of connected people and most influential out of any other continent

The Big-6 tech companies are the fastest growing “continent” in the globe - growing in value by 13X in 10 years

Source: Nasdaq

1It's a physical fact that “what goes up - must come down”. It’s a rule of nature. It’s a part of how the universe around us works.

For the first time in modern-time economy, the rules of nature alongside micro-economics are being rewritten. A handful of companies exhibit a phenomena which defies common logic. The idea of “diminishing marginal benefit” is now completely overruled by a set of companies that the larger they are, the faster they grow, and the more value they yield.

Those exponential giants are controlling entire sectors, dwarfing any competition, at the same time as they venture into adjacent sectors threatening to swallow them up too.

It’s a winner takes all economy, and its only going to get worse (or better, depending on who you ask)

Bangladesh

$220B $650B $1.1T

Saudi Arabia

Mexico Italy United Kingdom

Combined market cap:

Equivalent to country's GDP:

2008 2011 2013 2016 2017

$1.8T $2.8T

1110

The tech sector is super-centralized, counterintuitively being a game dominated by a small number of companies

Source: Nasdaq, Dow-Jones, NYSE, Bloomberg, August 2017

The 5 leaders are worth

35% of the entire top 20

The Most Valuable U.S. "Non-Tech" Companies

Market Capitalization as of Aug. 23, 2017

0 50 100 150 200 250 300 350 400 450 bilion

Berkshire HathawayJohnson & Johnson

Exxon MobilJPMorgan Chase

Wells FargoWal-Mart

VisaProcter & GambleBank of America

AT&TGeneral Electric

ChevronPfizer

VerizonCoca - Cola

ComcastUnitedHealth

CitigroupPhillip MorrisHome Depot

The 5 leaders are worth

66% of the entire top 20

The Most Valuable U.S."Tech" Companies

Market Capitalization as of Aug. 23, 2017

0 100 200 300 400 500 600 700 800 900 bilion

AppleAlphbet

MicrosoftFacebook

Amazon.comOracle

IntelCisco Systems

IBMBroadcom

NvidiaProceline Group

Texas InsturmentsQualcom

Adobe SystemsNetflixPaypal

Salesforce.comTesla

Activision Blizzard

1312

In most major internet segments,1 or 2 players hold ever-tightening control numbers 3-4-5 in those markets are simply irrelevant and under extinction threat

Source: IAB, Business Insider, TechCrunch, Fortune, Top500Guide,Statista, Skift, DataNyze

E-Commerce 50% of all global E-comm

Amazon

Uber

Alibaba

LyftMobility 35% of global profits

Entertainment 75% overNetflix

Cloud computing

57% market share and also fastest growing

AmazonMicrosoft

Smartphones 96% of global profits

AppleSamsung

Music streaming 67%

global subscribers market share

Spotify Apple

Travel 62% market share in US hotel booking

PricelineExpedia

Payments 74% of global ePayments

Paypal

Advertising 63% market share in US digital advertising

99% of all digital growth in US

Mobile OS 99.6% of global usersApple

Facebook

Google

Googleof US streaming

1514

From mobile-first to mobile-only

The mobile phone is not a gadget or a piece of technology. Its not an internet access point, a media, or a commerce platform. It’s not an app ecosystem, or an over glorified alarm clock.

It’s our life on a 5 inch screen.

We sleep with it, eat with it, we go to the bathroom with it, and we even make love with it. It’s a huge part of our family life, our work, our pastime, our friends, our shopping and travel.

In the past year, mobile usage hours per day grew so significantly that it deemed desktop to be a niche utility. Mobile commerce reached a tipping point, proving that 5 inches are enough for a shopping spree, and pointing towards the direction of the future.

A few years ago the marketing and startup communities coined the “Mobile-First” approach. We’ve now reached “Mobile-Only”.

Source: Zenith Optimedia, Recode

Desktop is the new landlineGlobal mobile usage is reaching 80%, dwarfing desktop and making it a niche utility

2Desktop versus mobile share of global internet use

2009 2010 2011 2012 2013 2014 2015 2016 2017

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Desktop Mobile

1716

The mobile bump Ad spend is fully caught upmobile usage adds (almost) "entire desktop” every year in the US

mobile ad spend reaching 63% of digital spend and expected to reach 90% in 2020

Since 2015, mobile added ~3/4 of an hour every year

Average time spent per adult (18+) per day (USA, Hours):

Mobile ad spend globally (Billion $):

Share of digital ad spend:

2015 2016

Mobile, 01:21 +0:49 +0:44Mobile, 02:10

Desktop,00:48 Desktop,00:58

Radio,01:51 Radio,01:52

TV,05:07 TV,05:04

Mobile, 02:54

Desktop,01:00

Radio,01:51

TV,05:55

2017 2013

19 42 69101

140

2014 2015 2016 2017

16 %

29 %

40 %

51 %

63 %

Source: eMarketerSource: Nielsen

1918

Mobile commerce reached the 20% tipping pointafter 3 years of stagnating between 9% and 11%, it doubled in less than 2 years

Mobile Commerce Share of Total Digital Dollar Spend

Source: ComScore

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

3Q16

0%

5%

10%

15%

20%

1.8% 2.4% 3.

6% 5.8% 6.6%

8.8%

9.0% 9.3%

8.1% 8.6%9.

8% 11.3

%

11.7

%

11.5

%

11.1

%

11.1

%

13.0

% 15.4

%

15.6

%

16.4

%

16.9

% 18.6

%

19.8

%

20%

10.5

%

10.8

%

2120

E-Commerce is killing retail

A lot had been said about it, and many doomsday prophesies were already made in the past, but evidently, retails kept growing and business seemed to be doing just fine. Then came 2017. For the very first time this year, in what seems to be a major break point, E-Commerce in the US has eaten up practically all of retail growth, bringing brick-and-mortar to a complete standstill.This happens at a time when macro indicators in the US are super strong – GDP is rising for 8 straight years, gas prices are low, unemployment is at a historic 4.2% and wage growth is excellent, especially for low and middle-income families (low-income wage growth is actually the fastest in 30 years).2017 is also on track to break retail bankruptcies records, leaving more space for E-Commerce’s unstoppable, unavoidable growth.

E-Commerce brought US retail to a standstill for the first time ever in 2017

11%

39%

83%

2015 2016 1Q2017 2Q2017

5 in every 6 new dollars in American retail went to E-Commerce companies

Source: Time analysis, US economy census data

3

E-Commerce share of entire retail revenue growth (US)

16%

“ The reports of my death have been greatly exaggerated”… (Mark Twain)

2322

E-Commerce grew most in retail’s cornerstone categories

US retail is about to break a bankruptcy record set in the peak of the financial crisis

Not just books and crafts anymore

Major retailers bankruptcies in the US:

The 3 highest growing categories - Beauty, Furniture and Fashion - are traditional brick-and-mortar retail anchors

Source: Time analysis Source L2 research, Business Insider

E-Commerce revenue growth by category in the US, 2010-2016, Billion $

Main bankruptcies in 2017 so far:

Toys r Us Gymboree

Radio ShackVitamin World

Payless True Religion

AerosolesBCGC

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

9

10

8

6

3

11

18

20

7 7

5

1Q-3Q2017

16

Forecast: 21

Food

4 4

78

10

18

28

Books Sporting Electronics Beauty Furniture Fashion

30

25

20

15

10

5

0

2524

Malls are in a downward spiral as more anchor stores are closing This further aggravates the already documented 50% decline in mall traffic since 2010

How a mall dies?Malls are massive retail spaces, so high traffic levels are crucial.When an “Anchor” chain is closing down, most other stores in the mall can break the contract without penalty, leading to further closures and secondary decrease in traffic.

This points to a highly predictable death of the entire mall.

NUMBER OF RETAIL STORES CLOSING IN 2017

0 300 600 900 1200 1500

Radio Shack*Payless

**Ascena Retail GroupRue21

GymboreeThe Limited

Family ChristianKmart

Hhgregg Bebe

Wet SealCrocs

Gamestop JCPenny

Michael KorsBCBG

American ApparelGordmans Stores

Sears Staples

CVSMacy’s

Abercrombie & FitchGuess

Gender MountainEMS

American EagleBob’s Stores

Tailored Brands

1430808

667400

350250

240238

220180

171160

150138

125120

110106

987070

686060

3027

2521

11

Mall anchor chains

* Includes 408 potential closures announced in bankruptcy filing ** Includes 339 potential closures (Ascena Retail Group owns Ann Taylor, Lane Bryant & others)

Source: L2 research, Cushman and Wakefield, Business Insider

2726

Amazon is the big winner…

… and brick-and-mortar retail isn’t even built to compete

Why is retail doomed? Amazon is chasing a market cap of 1 trillion dollars, as the entire US retail sector is worth 1.6 trillion.

Amazon has 52% of US households with Amazon prime. That’s more than the percentile of households owning a gun (44%) or going to church (51%).

Walmart warned Wall-Street in August 2017 that revenue is up but profits will be low mainly due to E-Commerce growth

Source: L2 research, Morgan Stanley 2017 retail study

By trying to battle with E-Commerce’s pure-players, brick-and-mortar retailers are only making things worse and losing more money, according to Morgan Stanley.

1%

0.5% Change in Operating margin

Change in E-Commerce's share of revenue

2928

AR and VR are starting to go from buzz to business

People’s “realities” used to follow clear definitions - if it’s in your computer than it’s digital, and if it’s in your hand - it’s physical.

Nothing seems so simple anymore.

The mobile revolution has led to a complete blurring of all lines separating the two. We use our mobile to access, enhance and enable so many real-life things - AR and VR technologies are the perfect blender, but not only them. Any app that is used as another organ of our physical existence (think Uber) is further bending and blending our grasp of what’s real and what’s not.

Look at money. We used to get “tokens” digitally and use it as money in real life, now we spend real money on “virtual” life, pay with our mobile or invest in a virtual coin. A real blend.

Once you stop seeing 2 playing fields alongside each other, and recognize a single, blended, new one - far more compelling and complicated - new opportunities emerge.

Over 10M VR devices shipped in 2016

Pokémon Go brought in ~$0.8B in revenue, the fasted revenue generating game ever

4 Blended Reality

Source: TechCrunch

2.7

1.21

2016

4X in 1 Year

2015

AR VR

growing 4X in revenue in 2016

Revenue from AR and VR content and devices, billion $:

3130

“Real-life apps” have become the most needed ones for Millennials

“Real-life apps” have grown to be the 2nd largest app categoryWhat’s the app

Millenials “can’t go without” the most?it’s not google,or a game,or anything social,its not messaging,or music streaming,or pictures,or the alarm clock

It’s - AMAZON!

App categories out of the top 50 US apps, October 2017:

Source: Time analysis, ApannieSource: Forbes, ComScore

The top 11 Real-Life apps:

Uber

Wish

Yelp

Amazon

OfferUp

McDonald's

Cash app

Uber-eats

Lyft

Venmo

LetgoFitness Photos Streaming Utility Real - life Games Social +

Messaging

12

6

89

1112

3332

The automation economyAll economies, industries, even industrial revolutions, had one thing in common – humans. The human effort taken to produce and provide goods has taken on many shapes throughout the generations, but still stayed at the center of all our value-creating activities. People in general and more specifically in the investment industry are fascinated by the potential of autonomous vehicles, and the promise in robotics, or drones, or perfect voice recognition, and 3D printing is of course exciting as much as virtual agents and bots.

This is very much the wrong perspective.

None of those “industries” are really a standalone idea, but all are merely parts of a single, deeply innovative concept – the automation economy. The economy where a consumer buys and receives precious goods without anyone’s physical, human effort. Businesses around the world are already asking for it.

The good news is that it’s finally happening. The bad news is that its happening inside huge companies that don’t intend to share.

“It’s the (automation) economy, stupid”As the political world focused on the damage globalization had done to middle-income Americans, Obama admitted 5 weeks after the 2016 elections that the real jobs-killer was actually automation.

5- Barack Obama

Source: MIT Technology Review

3534

The economy is based on both “brains” and “muscles”

Brains (science):

Speech recognition, language

processing

AI and machine learning

Computer vision

Muscles (mechanics):

Autonomous mobility Drones 3D

printing Robots

Investment by VC’s is mainly focused on the Brains part

Machine learning5.0-7.0

Computer vision2.5-3.5

Virtual agents0.1-0.2

Natural language0.6-0.9

Autonomous vehicles0.3-0.5

Smart robotics0.3-0.5

Source: McKinsey

External investment in AI-focused companies by technology catagory, 2016 ($ billion)

Source: McKinsey

3736

Adoption of automation and AI has reached the 20% tipping pointbut many companies are searching fruitlessly for more solutions

“In our survey of 3,000 C-level executives, across 10 countries and 14 sectors, 20 percent said they currently use any AI-related technology at scale or in a core part of their businesses”

McKinsey study, June 2017:

Investment in automation grew 4X in 6 years but the non-corporate share of it is much too small to make an impact

Investment level reached $26B-$39B in 2016

“The 6th Continent” - a small number of tech companies account for a massive share

External (non-corporate) investment in the automation economy can’t keep up

Where can non-tech companies (e.g. Nike) buy AI products and services?

~90% came from Google, Amazon, Apple and Baidu

Alibaba just decided to invest $15B in next 3 years

VC’s invest only 2-3% of their capital

Since 2010, in over 100 M&A deals: Google – 24 Apple - 9

$18B-$27B $6B-$9B

$2B-$3B

Source: McKinsey

AI adoption is occuring faster in more digitized sectors and

across the value chain

High tech and telecom

Automotive and assembly

Financial services

Resources and utilities

Media and entertainment

Consumer packaged goods

Transportation and logistics

Retail

Education

Professional services

Health care

Building material and construction

Travel and touris

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Assets Usage Labor Relatively low Relatively high

Leading sectos and use cases

M&A

Internal corporate investment

VC, PE and other external

funding

Source: McKinsey

3938

Global changes quick summary

Winner takes all reality across the internet, and it will only get worse

Mobile is the only platform that really matters, and will matter

Retail is strangled by E-Commerce, and the more retail tries the more it loses

Blended reality (AR, VR and Real-life apps) is a new playing field

Automation economy is here already but still needs to be recognized and invested in

1.2.3.4.5.

4140

Mazal Tov! After years of trying, playing, testing and building – the Israeli internet industry has reached it’s “Bar Mitzva moment” in 2017 – becoming a responsible adult that is doing serious things, systematically, and successfully.

It was June 2013 when Waze was sold to Google for over a billion dollars. We all stood there, proud, but deep inside we were trying to make up our minds – was this a glitch, an exception, our first and only internet unicorn (that is not an online gambling company)? Or are we capable of repeating it?

Change -Israeli internet industr y view

4342

1 2 3IsraCorn factory

Growing winners

B2C success

4 5Money moves

Categories shifting

Our 3rd edition of the Israeli Internet report uncovered an unbelievable picture of growth and a new sense of maturity. We have many unicorns (12 of them), global B2C brands, super-bowl ads and a confident ecosystem not afraid to dream big, raise big and win bigger.

The Israeli internet industry has been changed by the world, be it the “winner takes all” phenomena or the E-commerce race. Now it’s strong enough to change the world.

The 5 big changes in Israeli Internet Industry

4544

IsraCorn FactoryThe Israeli ecosystem is producing Internet Unicorns at growing speed

One by one, it had been able to grow an amazing number of Internet Unicorns - companies with a valuation of $1B or more (private or public)

The number of Internet IsraCorns stands at no less than 12 companies - the highest Unicorns per capita rate in the world!

A combined estimated value of over $47B

$ 3.1B

*

*

*

$ 3.5B

$ 20B

$ 1.5B

$ 3B

$ 4B

$ 1.6B

$ 1B

$ 6B

$ 1.5B

$ 1B

$1.1B

ironSource

Source: TechCrunch, Bloomberg* Public company

1

4746

60% more $100M+ revenue companies than in previous report

Growing winners Israeli Internet companies with over $100M revenues

Source: Time analysis

”Keep Calm And Keep Growing“.

Taking direct inspiration from the global “winner takes all” trend, and supported by a stronger ecosystem of knowledge, capital and experience, Israeli entrepreneurs today are going all-in.

Examples like Taboola, Payoneer and Walkme to name a few, exhibit perfectly how our industry has moved from a pure “Innovation Nation” towards “Execution Nation”, as more and more companies are being built not merely on the knees of DNA-cracking, deep technological breakthroughs but more so on the power to build a global organization, fueled with aggressiveness and vision to become a growing winner.

Not so long ago, entrepreneurs used to pay lip-service when pitching a VC – “i want to build a real business instead of exit fast”. Today, it has become a realistic requirement.

2

2012

1015

24

2014 2017

4948

B2C powerhouse,It used to be a very common claim, that “we should stick with enterprise sales” and not try to market directly to the global consumer.

But today, entrepreneurs and talent which have managed to gain strong B2C experience, some in the Gaming, Forex and Toolbar industries, are standing behind emerging global B2C success stories.

We’ve mapped over 20 successful B2C internet companies, with over $3 Billion in revenues.

with over $3B in revenue combined3

Source: Time analysis* Public company

>$500M Revenue

Sold for $500M

>$100M Revenue

>$50M Revenue

>$300M Revenue

>$1B Revenue

>$50M Revenue

>$10M Revenue

Sold for $200M

>$30M Revenue

>$30M Revenue

>$100M Revenue

>$50M Revenue

>$30M Revenue

Promisinglaunch

>$100M Revenue

>$500M Revenue

>$30M Revenue

>$10M Revenue

*>$300M Revenue

*

5150

Categories Shiftingups and downs

Fintech Mobility E-Commerce Cloud SaaS Video Technologies

Real-Life apps (B2C)

Ad-Tech and “Downloads”

Forex and Binary

5

Source: Time analysis

Money MovesLarger rounds –

Asian interest – large players from Asia, both investing platforms and corporates, have made “Aliya” and are becoming more and more active in financing Israeli VCs and Internet companies.

Less IPOs - building bigger companies means fewer mid-range exits and longer paths to IPOs.

4X more $50M+ rounds than previous report, more money from more sources is further building the industry

We’ve counted over 23 financing rounds of $50M or more since 2016 – 4X more than in previous report! We’ve witnessed local VCs investing larger sums in larger rounds than ever. New type of VCs – growth funds and late-stage funds have emerged and are doing exactly what they are set out to do. Israeli VCs are partnering with foreign players to build consortiums. VCs also learned how to help the founders also take small fortunes home in those large rounds to help extend the journey.

4

5352

No more “50 shades of grey” only 12% in a gray type business, down from 70% in 2012

In the past, Israel’s largest internet companies where, how to put this, playing an opportunistic game with the somewhat darker corners of the internet.

In 2012’s report – 70% of the >$100M revenue companies were in the “grey” spaces like gambling, forex or porn. In 2014 the picture evened out, with less then 50% “grey".

In today’s report, no only did we double the 2012 number of >$100M revenue companies, but it happened with the “shades of grey” companies accounting for only ~12%.

Only 3 out of 24 leading Israeli internet companiesare grouped by "grey" industries

Source: Time analysis Source: Time analysis

7 73

3

8

21

"Grey" "Clean"

2012 2014 2017

5554

ICOIncubating Industry

Trend or Trash?

The Israeli ecosystem has competitive advantages in AI fields, such as computer vision, machine leaning, algorithms, big data and more.

Notwithstanding that, the technological depth required to build AI-based revenue generating companies and the fact that it’s still a global game of tech giants, means the road is still long.

The opportunity is clear but so is the challenge – to help this incubating industry recognize the most promising use cases, connect with global players and leverage the local knowledge and talent to build global winning companies in the fields of AI and automation.

ICOs are all the rave at the moment. The promise of access to capital without the complexities of stock markets or VCs has resonated with many companies which chose to offer a virtual coin in the market hoping to raise funds from believers. Also, the underlying technology platforms supporting it are fully in place, scalable and accessible.

More than 10 ICOs in the past year took place in Israel, with the most successful one (Bancor) raising no less then $150M in a matter of hours! Yet, none of the experts we interviewed were willing to be the ranch on this trend, but they were all “riding the wave”.

Will it become a sustainable method for tapping into global capital, or will it bet held to SEC-type regulation and die in its infancy? The verdict is till out.

Source: Time analysis Source: Time analysis

focus on AI

5756

Israeli Industr y maps

The $100+ club24 public and private companies with revenues over $100M in 2017

ironSource

5958

Largest publiccompanies by market cap, Oct. 2017

Source: Time analysis – October 2017, Companies’ Stock market reports

Online gaming 925.3M3.9B

Online gaming 679M1.1B

Internet 290M3.1B

FinTech 135.9M563M

FinTech 428M1.3B

MarTech 135.2M406M

Company Industry Market Cap (in $) Revenues (in $)

Company Industry Market Cap (in $) Revenues (in $)

AdTech 164.4M363M

AdTech 55M182M

Cloud 370.3M307M

AdTech 276M119M

AdTech 312.8M90.4M

Online Gaming 85.6M180M

e-health n/a99.5M

AdTech 55.9M55.9M

Social Apps 5.1M3.6M

Video 0.8M12.4M

E-commerce 014.2M

Enterprise Software 16.2M11.6M

SportTech 0.1M3.1M

6160

Largest private companies

Over 100 companies withmore then $10M in revenues –a 28% jump from previous report

OVER $100M

6362

$30M- $50M$50M- $100M

Source: Time analysis

$10M- $30M

6564

Largest exists2016-2017YTD

In this report we cover 18 internet exits above $50M, which is a 20% increase from 2014 report

What is more interesting is what isn’t in this exit map – the 35 private companies we mapped with revenues above $50M – this group in most cases could have exited this way or the other, but chose to continue building and growing

680MSmart mobility

350MAdTech

430MCloud, IT

240MMarTech

500MGaming

329MEcommerce

400MBroadcast

Management

200MAdTech

380MCloud, IT, NA

200M MarTech + Network

Security

200MSmart mobility

95M Cloud Enterprise

Software

170MVideo

72MAdTech

72MAdTech

53MFashion Tech

50MAdTech

50MCloud, IT

6766

Largest capital raising rounds In this map we cover over 70 capital raising rounds of over $10M, which shows a 133% increase from 2014 report (calculated on a running 12 months basis)

The entire amount raised is also a record – $10.5B raised by the Israeli internet industry in the less than 2 years our report covers (calculated in 7 last quarters)

2016-2017YTD

4.4B 793.5M 400M 300M 250M

75M 56M 52M 50M 50M

153M (ICO)

50M

45M 44M 40M 40M 40M 35M

32M 31M 30M 30M 30M

76M 75M95M 90M100M 76M

47M 45M50M 50M50M 49M

33M

32M

34M 34M (ICO)35M 33M35M

Source: Time analysis, IVC, Calcalist, TheMarker, Globes, VC’s, Geektime, Mapped-In-NY

6968

22M

20M

25M

20M

22M

20M

22M

20M

22.3M

20M

16M

25M28M 27M29M 27M

22M

20M

15M 15M 15M

15M 14M 13.5M

13M 12.5M

10M 10M

15M

15M 15M

18M 17.5M 17.5M 17M

20M 20M 20M 20M 20M

17M

20M

16M

25M 25M 25M 24M

22.5M

30M

18.5M

13.1M

13M

14M14.5M

10M

14M

15M

13M

12.5M13M 12M

13.5M14.6M

12M13M 12M

14M

25M

15M

12M 12M13M

10M 10M 10M 10M 10M11M 11M 10.5M

11.2M

10M 10M

15M15.4M16M

Source: Time analysis, IVC, Calcalist, TheMarker, Globes, VC’s, Geektime, Mapped-In-NY

Frs

Frs The leading early-stage investment group focused on world-changinginternet companies