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Barcelona, 10 June 2013
European Venture Investors Who are the Movers and Shakers?
Go4Venture Advisers LLP, June 2013 Page 1
CONFIDENTIAL
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Go4Venture Advisers LLP, June 2013 Page 2
CONFIDENTIAL
Corporate finance advisory firm dedicated to working with emerging European
and US technology companies and their investors
12 staff based in London, Paris, and US + sector / country advisors
International profiles
Financial expertise
Established reputation
Cross border capabilities
Both buy and sell-side
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About Go4Venture Advisers
Life Sciences
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Materials
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Services
Te
ch
no
log
y
Go4Venture Advisers LLP, June 2013 Page 3
CONFIDENTIAL
Just under 12,000 monthly subscribers, spanning
investors, trade buyers and finance professionals
Proprietary index capturing the level of activity in
European technology investment
Summary of M&A activity of European VC and PE-
backed companies
Authoritative editorial on private investments’ activity
and market trends
First published on October 4, 2004
Based on Go4Venture’s Headline Transactions Index (HTI)
Our European VC and Growth Equity Market Bulletin
Go4Venture Advisers LLP, June 2013 Page 4
CONFIDENTIAL
1. European Venture Investment Activity
2. Venture Capital Fund Investors
3. Other Investors
4. Q + A
Contents
Go4Venture Advisers LLP, June 2013 Page 5
CONFIDENTIAL
2012: most active year since 2008
Total investment 27% by value higher than 2011, at €3.2bn, a 96% increase since 2009.
More landmark (>= €20mn) transactions, 68% CAGR since low of 2009, to 38 deals in
2012 – representing 63% of all Large HTI transactions by value.
2013 continues this trend
Increasing Venture Funding Activity
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Tot
al V
alue
of H
TI T
rans
actio
ns (€m
n)
2009
2010
2011
2012
Source: Go4Venture Advisers LLP, HTI Database Source: Go4Venture Advisers LLP, HTI Database
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
To
tal V
alu
e o
f Tra
ns
ac
tio
ns
(€m
n)
Source: Go4Venture Advisers HTI Database
Go4Venture HTI Index by Cumulative Deal Value
2010 2011
2012 2013
Go4Venture Advisers LLP, June 2013 Page 6
CONFIDENTIAL
Supply
Internet Opportunities
Better Teams
Lack of IPO market
Market Driven by Larger Transactions
0
5
10
15
20
25
30
35
40
0
200
400
600
800
1,000
1,200
1,400
1,600
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Num
ber of Landmark D
eals
Val
ue o
f Lan
dmar
k D
eals
in €
mn
Landmark Deals by Value (€mn)
# LandmarkDeals
Source: Go4Venture Advisers LLP, HTI Database
Demand
Silicon Valley investment style spreading
More experienced GPs
LPS increasingly going direct (co-investments)
Go4Venture Advisers LLP, June 2013 Page 7
CONFIDENTIAL
Investor numbers up
From 421 in 2009 to 564 in 2012
For the first time, VCs’s market share of venture funding below 50%
Decrease in proportion of VCs amongst Large HTI investors from 56% in 2009 to 47% in 2012
Gap being filled by an increasing range of investors
Including corporate investors, PE funds and other investors.
More Investors but VC Dominance Being Challenged
Source: Go4Venture Advisers LLP, HTI Database
Number of Investors 2009 2010 2011 2012
VC Funds 56% 58% 57% 47%
Corporate VC 10% 13% 10% 11%
Growth / Private Equity 8% 5% 6% 11%
Family Offices / Hedge Funds 2% 1% 3% 5%
Other Investors 24% 23% 24% 26%
TOTAL 100% 100% 100% 100%
Go4Venture Advisers LLP, June 2013 Page 8
CONFIDENTIAL
1. European Venture Investment Activity
2. Venture Capital Fund Investors
3. Other Investors
4. Q + A
Contents
Go4Venture Advisers LLP, June 2013 Page 9
CONFIDENTIAL
UK/Ireland
3i
Aberdeen
Acacia Venture
ACT
Add Partners
Advent Venture
Alta Berkeley
Amadeus
Apax
Arts Alliance
Atlantic Bridge
Atlas Venture
Beer Partners
Close VCT
Delta Partners
DN Capital
Doughty Hanson
Elderstreet
Esprit Capital
EVP – Executive VP
Favonius
Frontiers Capital
Kennet Capital
Leo Capital
Lynx Ventures
Matrix Venture
MTI
NBGI
Pi Capital
Quester
Scottish Equity
Softbank
TLCom
Top Technology
TTP Ventures
Zouk Ventures
Benelux
ABN Amro
Alpinvest
Capricorn
E-Capital
EonTech Ventures
Gilde
GIMV
Holland Venture
Mangrove
Prime Tech Ventures
Proseed
Servifund
Stonefund
France
AGF
Apax France
Auriga
AXA
Banexi
CA Private Equity
CDC
Convergent Capital
Dassault Dev.
Elaia Partners
Emertec
Galileo
IDI
Innovacom
IRDI
Iris Capital
I-Source
NextFund
Odyssee
Partech International
Quilvest
Rothshild
SGAM
Siparex
Sofinnova Partners
SPEF
TechFund
Truffle Ventures
Ventech
VPSA
Xange Capital
Germany
AdAstra
Baytech
BrainsToVentures
BV Capital
Cipio
DVC
Earlybird
Polytechnos
Target Partners
TVM
Viewpoint
Wellington
Switzerland
Armada
Atila
BV Group
Endeavour
Index Ventures
Invision
LGT Capital
Logispring
Partners Group
Sandoz
Vision Capital
Nordic
BrainHeart
CapMan
Danish Inv Fund
Eqvitec
Ferd Venture
Four Seasons
InnFond
Investor Growth Cap
IT Provider
Nordic VP
Northzone
Olicom
Startupfactory
Symbion
Teknologisk
TeknoSeed
Italy
360 Capital
Partners
Corporates
Deutsche Post
GemVentures
Nokia Growth Partners
Nokia Ventures Org
Reed Elsevier Venture
SAP Ventures
Siemens VC
Sony Venture
T-Venture
Later Stage
Advent Intl
Alchemy
BC Partners
BNP PE
ECI Ventures
Firesteed Capital
GMT
Hg Capital
Investor AB
Lion Capital
Natexis
Palamon Capital
Permira
Phoenix Equity
Primary Capital
Rowland Capital
Key
Bold = affiliate or office in US
Portugal/Spain
Adara Ventures Espirito Santo Ventures (BES)
Bullnet Capital Nauta Capital
Change Partners
VC Investor in 2007
Go4Venture Advisers LLP, June 2013 Page 10
CONFIDENTIAL
UK/Ireland
3i
Aberdeen
Acacia Venture
ACT
Add Partners
Advent Venture
Alta Berkeley
Amadeus
Apax
Arts Alliance
Atlantic Bridge
Atlas Venture
Beer Partners
Close VCT
Delta Partners
DN Capital
Doughty Hanson
Elderstreet
Esprit Capital
EVP – Executive VP
Favonius
Frontiers Capital
Kennet Capital
Leo Capital
Lynx Ventures
Matrix Venture
MTI
NBGI
Pi Capital
Quester
Scottish Equity
Softbank
TLCom
Top Technology
TTP Ventures
Zouk Ventures
Benelux
ABN Amro
Alpinvest
Capricorn
E-Capital
EonTech Ventures
Gilde
GIMV
Holland Venture
Mangrove
Prime Tech Ventures
Proseed
Servifund
Stonefund
France
AGF
Apax France
Auriga
AXA
Banexi
CA Private Equity
CDC
Convergent Capital
Dassault Dev.
Elaia Partners
Emertec
Galileo
IDI
Innovacom
IRDI
Iris Capital
I-Source
NextFund
Odyssee
Partech International
Quilvest
Rothshild
SGAM
Siparex
Sofinnova Partners
SPEF
TechFund
Truffle Ventures
Ventech
VPSA
Xange Capital
Germany
AdAstra
Baytech
BrainsToVentures
BV Capital
Cipio
DVC
Earlybird
Polytechnos
Target Partners
TVM
Viewpoint
Wellington
Switzerland
Armada
Atila
BV Group
Endeavour
Index Ventures
Invision
LGT Capital
Logispring
Partners Group
Sandoz
Vision Capital
Nordic
BrainHeart
CapMan
Danish Inv Fund
Eqvitec
Ferd Venture
Four Seasons
InnFond
Investor Growth Cap
IT Provider
Nordic VP
Northzone
Olicom
Startupfactory
Symbion
Teknologisk
TeknoSeed
Italy
360 Capital
Partners
Corporates
Deutsche Post
GemVentures
Nokia Growth Partners
Nokia Ventures Org
Reed Elsevier Venture
SAP Ventures
Siemens VC
Sony Venture
T-Venture
Later Stage
Advent Intl
Alchemy
BC Partners
BNP PE
ECI Ventures
Firesteed Capital
GMT
Hg Capital
Investor AB
Lion Capital
Natexis
Palamon Capital
Permira
Phoenix Equity
Primary Capital
Rowland Capital
Key
Bold = affiliate or office in US
Portugal/Spain
Adara Ventures Espirito Santo Ventures (BES)
Bullnet Capital Nauta Capital
Change Partners
What Happened Since Then ?
Go4Venture Advisers LLP, June 2013 Page 11
CONFIDENTIAL
Spain
Active Venture Partners
Adara Ventures
Bullnet Capital
Caixa Capital
Highgrowth Capital
Nauta Capital
Veddis Ventures
Portugal
Change Partners
Caixa Capital
ES Ventures
Pathena
Portugal Ventures
Switzerland
Endeavour Vision
Highland Capital
Index Ventures
Nanodimension
Partners Group
Vinci Capital
VI Partners
Italy
360 Capital
Partners
Principa
United Ventures
Key
Bold= affiliate or office in US
Russia
Almaz Capital Partners
Baring Vostok
DST
Kite Ventures
Ru-Net
Runa Capital
Rusnano
CleanTech
Aloe Private Equity
Ambienta
Atmos
Carbon Trust
Climate Change Capital
Conduit Ventures
DEMETER Partners
Emerald Technology Ventures
ETF
Good Energies
I2BF
Impax
Ludgate
Masdar Cleantech Investments
Mountain Cleantech
Nth Power
SAM Private Equity
SET Venture Partners
Virgin Green Fund
WHEB Ventures
Yellow&Blue
Zouk Ventures
France
A Plus Finance
Alven Capital
Amundi
Auriga
Aurinvest
CDC – FSN / FSI
CM-CIC Capital Prive
Elaia Partners
Emertec
I-Source
IDInvest
Innovacom
Innovation Capital
Iris Capital
ISAI Gestion
NewFund
NextStage
Odyssee
Omnes Capital
Orkos Capital
OTC
Partech International
Quilvest
R Capital
Rhone- Alpes Creation
Serena Capital
Seventure
Sofinnova Partners
TIME Equity Partners
Truffle Ventures
Turenne Capital
UFG Siparex
Ventech
Xange Capital
Benelux
Capital-E
Capricorn
GIMV
Hummingbird
Korys
Mangrove Capital Partners
Prime Ventures
Van den Ende & Deitmers
VIVES
UK/Ireland
Advent Venture Partners
Albion Ventures
Amadeus Capital Partners
Atlantic Bridge
Atomico Investment
Balderton Capital
Braveheart Ventures
Business Growth Fund
Dawn Capital
Delta Partners
DFJ Esprit
Disruptive Capital Finance
DN Capital
Doughty Hanson
Eden Ventures
Fidelity Growth
Frog Capital
Imperial Innovations
IP Group
Kennet Capital
Kernel Capital
Lansdowne Capital
MMC Ventures
NESTA
Octopus Ventures
Oxford Capital
Oxford Technology Mgmt
Pentech
Scottish Enterprise
SEP
Seraphim Capital
Nordic
Conor Venture Capital
Creandum
Ferd Venture
Industrifonden
Investinor
Investor Growth
Cap
Nexit Ventures
Northzone
Sitra
SEB Ventures
Sunstone Capital
Teknoinvest
Vaekstfonden
Verdane Capital
Viking Venture
Active Funds Today – Europe
Germany
Acton Capital
Aeris Capital
Cipio
Creathor
e.Ventures Europe
Earlybird
EuropeanFounders
Grazia Equity
High-Tech Gründerfonds
Holtzbrinck
Hasso Plattners Ventures
IBG
IBB Beteiligungsgesellschaft
Neuhaus Partners
Rocket Internet
Target Partners
Team Europe Ventures
Tengelmann Ventures
TVM Capital
Viewpoint
Wellington
Go4Venture Advisers LLP, June 2013 Page 12
CONFIDENTIAL
US West Coast
Accel Partners
Benchmark Capital
Bluerun Ventures
Blumberg Capital
Crescendo Ventures
Crosslink Capital
DAG Ventures
DFJ
Doll Capital
e.Ventures
Felicis Ventures
Focus Ventures
GGV Capital
GRP
JAFCO Ventures
Khosla Ventures
Kleiner Perkins
Lightspeed Ventures
Matrix Partners
Mayfield
Meritage Funds
Meritech Capital Partners
Mohr Davidow Ventures
Norwest Venture Partners
Redpoint Ventures
Scale Venture Partners
Sequoia Capital
Sofinnova Ventures
Sutter Hill Ventures
Technology Crossover Ventures
Triangle Peak Partners
Trident Capital
Trinity Ventures
Vantagepoint
Venrock
Walden International
WI Harper
US East Coast
Atlas Venture
Battery
Bessemer
Bluemountain Capital
Charles River Ventures
D.E. Shaw Ventures
Goldman Sachs
Greycroft Partners
Greylock
Highland Capital
Insight VP
NEA
Oak Investment Partners
Pequot
Polaris Venture
Rho Ventures
Spark Capital
The Invus group
TL Ventures
Tudor Ventures
Union Square Ventures
China
Gobi Partners
Li Ka Shing Foundation
Japan
Yasuda
Singapore
3V SourceOne
EDB
iGlobe
SingTel Ventures
UOB
SingTel Innov8
Temasek
Vertex
Key
Bold = affiliate or office in Europe
Active Funds Today – US and Asia
Go4Venture Advisers LLP, June 2013 Page 13
CONFIDENTIAL
Growing Internationalisation of VCs
Source: Go4Venture Advisers LLP, HTI Database
Rank Investor Country # Investments €mn invested**
1 Index Ventures Sw itzerland 11 197.8
2 Accel USA 9 190.4
3 Balderton Capital UK 7 147.4
4 Greylock USA 5 105.5
5 Northzone Ventures Sw eden 4 102.7
6 Partech International USA 4 43.0
7 IdInvest France 3 142.0
8 Kleiner Perkins Caufield & Byers USA 3 88.2
9 Wellington Partners Germany 3 45.7
10 Creandum Sw eden 3 42.2
TOTAL* 52 1105.1
% of Large HTI Transactions* 48% 48%
*Note may include overlap if more than one of the above investors participated in
the same deals
**Total value of investments participated in, including contribution from co-investorsSource: Go4Venture Advisers LLP, HTI Database
Rank Investor Country # Investments €mn invested**
1 Index Ventures Sw itzerland 11 197.8
2 Accel USA 9 190.4
3 Balderton Capital UK 7 147.4
4 Greylock USA 5 105.5
5 Northzone Ventures Sw eden 4 102.7
6 Partech International USA 4 43.0
7 IdInvest France 3 142.0
8 Kleiner Perkins Caufield & Byers USA 3 88.2
9 Wellington Partners Germany 3 45.7
10 Creandum Sw eden 3 42.2
TOTAL* 52 1105.1
% of Large HTI Transactions* 48% 48%
*Note may include overlap if more than one of the above investors participated in
the same deals
**Total value of investments participated in, including contribution from co-investors
More cross-border transactions occurring
Number of HTI transactions having no foreign investors has dropped from ~50% in 2009 to
become a minority at 38% in 2012.
Increased presence of US-based VCs investing in Europe
Driven by more location-agnostic/scalable internet businesses, with US investors helping to
drive more ambitious international expansion.
Supported by London financial centre acting as link between US and Europe.
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
No Foreign Investors Single Foreign Investor Multiple Foreign Investors
2009
2010
2011
2012
Go4Venture Advisers LLP, June 2013 Page 14
CONFIDENTIAL
1. European Venture Investment Activity
2. Venture Capital Fund Investors
3. Other Investors
4. Q + A
Contents
Go4Venture Advisers LLP, June 2013 Page 15
CONFIDENTIAL
Rank Corporate Investor # Investments €mn invested*
1 Intel Capital 4 75.6
2 Holtzbrinck Ventures 3 109.5
3 T-Mobile 3 42.2
4 Tengelmann Ventures 2 27.8
5 Coca Cola 1 78.0
6 Demcon Tw ente 1 65.0
7 Technolution 1 65.0
8 Walsin Lihw a 1 40.0
9 Illumina 1 39.0
10 Johnson & Johnson Development 1 34.5
*Total value of investments participated in, including contribution from co-investors
0
100
200
300
400
500
600
700
800
-
5
10
15
20
25
30
35
2009 2010 2011 2012
Total V
alue of Corporate-B
acked Large H
TI T
ransactions (€mn)
Num
ber
of L
arge
HT
I Tra
nsac
tions
w
ith A
t Lea
st O
ne C
orpo
rate
Inve
stor
Value of Deals (€mn) Number ofDeals
Source: Go4Venture Advisers LLP, HTI Database
Source: Go4Venture Advisers LLP, HTI Database
Corporate Investors Are Here to Stay
Corporates are increasingly active
Large HTI transactions including at least one corporate increased from 14 in 2009 to 29 in 2012,
representing 27% by number of all transactions.
Significant traditional sectorial preference, with Medical Technology, Hardware, Cleantech and Telecoms
heavily invested, at expense of ‘hot’ internet-related sectors.
Not just cyclical, also a structural change:
Internet is making innovation ubiquitous – corporate cannot cover the whole front
Humongous cost base in developed countries is feeding outsourcing – including innovation
Corporate increasingly limited to applied innovation and distribution: packaging, branding, distributing
Go4Venture Advisers LLP, June 2013 Page 16
CONFIDENTIAL
UK / Ireland
British Gas *
ESB Novusmodus
ICAP
Imagination Technologies
Reed Elsevier Venture *
Samsung Ventures Europe*
SAP Ventures *
Shell Technology Ventures
SSE Ventures
Unilever Ventures
World Gold Council *
WPP
USA
West Coast
Cisco Ventures
Google Ventures
Illumina
Intel Capital
Juniper Networks
Qualcomm Ventures
Steamboat Ventures
Xilinx
Yahoo!
East Coast
Coca Cola
GE Ventures
Johnson & Johnson
Mastercard
Motorola Solutions VC
SoftBank Capital
Switzerland
ABB Technology Ventures
Inventages VC
Roche Venture Fund
Swisscom *
Finland
Ilmarinen Mutual Pension Insurance
Nokia Growth Partners *
Germany
BASF Venture Capital *
DuMont Venture
Hubert Burda
Robert Bosch VC *
RWE Innogy Ventures
Siemens VC *
T-Venture Holding
Belgium
Belgacom
France
Aster Capital *
Merieux Développement
Total Energy Ventures International
Key
* = affiliate or office in US / Europe
CVC Active Today
Go4Venture Advisers LLP, June 2013 Page 17
CONFIDENTIAL
Growth/Private Investors Increasingly Present
Large HTI transactions including at least one PE fund increased from 14 in 2009 (21% of
total number) to 32 in 2012 (30% of total number).
Increase in the total deal value contribution from 23% to 40%
Private Equity is Enriching the Venture Ecosystem DNA
Away from the VC “Hero culture” (I know better”), in: the power of money
No point is working small
Money is a competitive advantage per se (buy and built, scare away, etc)
Talent and executive experience are key
Of course primarily applies to expansion capital on
Possible exit for early investors
Rank Investor Country # Investments €mn invested*
1 Hermes GPE UK 3 51.4
2 Fidelity Grow th Partners Europe UK 3 29.3
3 Access Industries USA 2 139.2
4 Goldman Sachs USA 2 112.6
5 Baring Vostok Capital Partners Russia 2 90.0
6 Insight Venture Partners USA 2 83.3
7 Digital Sky Technologies (DST) Russia 2 72.1
8 JP Morgan USA 2 59.6
9 Augmentum Capital UK 2 28.9
10 Parcom Capital Management Netherlands 1 65.0
*Total value of investments participated in, including contribution from co-investorsSource: Go4Venture Advisers LLP, HTI Database
Go4Venture Advisers LLP, June 2013 Page 18
CONFIDENTIAL
UK / Ireland
Advent International *
Alchemy
Augmentum Capital
BC Partners
ECI Ventures
GMT
Hermes GPE
Hg Capital
Invesco Perpetual
Investcorp *
ISIS Equity Partners
Lion Capital
Lyceum Capital
Oakley Capital Private Equity
Palamon Capital
Penta Capital
Permira
Phoenix Equity
Primary Capital
Sirius Equity
TowerBrook *
Valiance
Vitruvian Partners
Wellcome Trust
USA
West Coast
Elevation Partners
Silver Lake Sumeru
The Gores Group
East Coast
Access Industries
Carlyle
Fidelity *
General Atlantic
HarbourVest *
JP Morgan
Morgan Stanley*
Summit *
TA Associates *
Texas Pacific Group *
TH Lee Putnam *
Updata Partners
Warburg Pincus *
Sweden
Ekstranda
Investment AB Kinnevik
Investor AB
France
Apax France
BNP PE
Cathay Capital
L Capital
Nixen Capital
Switzerland
Invision
LGT Capital
Key
* affiliate or office in US / Europe
Growth Private Equity Funds Active Today
Go4Venture Advisers LLP, June 2013 Page 19
CONFIDENTIAL
A Growing Number of Opportunistic Investors
Wider Ecosystem of Other Investors
“Business Angel investing”
Retail investors (FF&F, crowd funding)
Business Angels (and Super Angels)
Super HNWIs (family offices, hedge funds)
Other funds
Sovereign funds
Pre-IPO funds
Reasons Behind These Changes
Demand
Lots of cash around – and nowhere to go
Tax incentives – lots of them (except cross-border!)
Growing number of rich, bored executives
Pent up supply of great investment opportunities
Lower entry cost of internet (everybody is an expert; little money goes a long way)
Greater predictability of outcome thanks to better inputs (serial entrepreneurs, etc)
Equity gap (from seed to Series A)
Go4Venture Advisers LLP, June 2013 Page 20
CONFIDENTIAL
1. European Venture Investment Activity
2. Venture Capital Fund Investors
3. Other Investors
4. Q + A
Contents
Go4Venture Advisers LLP, June 2013 Page 21
CONFIDENTIAL
Questions Previously Raised
How have VCs’ investment criteria changed?
What are the emerging investment areas?
What is the investment climate for cleantech?
Are European funds forced to follow the US model? Or are they evolving their own model?
How about crowd funding? And business angel networks? And super angel funds?
Go4Venture Advisers LLP, June 2013 Page 22
CONFIDENTIAL
Go4Venture
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