15  juin  2015  

FRANCE  DIGITALE  pour        xxxxxx  

 -­‐-­‐  

Xavier  Lorphelin  

15  juin  2015  

Performance  économique  et  sociale  des  startups  numériques  

15  juin  2015  

Méthodologie  

• Barometer  based  on  data  from  VC-­‐backed  digital  start-­‐ups

• Survey  sent  by  venture  capitalists  to  their  participations

• EY,  as  a  third-­‐party,  analyzed  data  in  order  to  consolidate  and  guarantee  its  confidentiality.

1165  

years  old

€4,8m2012  &  2013

start-­‐ups Average  age Raised  since  their  creation  (median)

Key  figures  from  financial  data

15  juin  2015  

Montants  levés  

• Average  and  median  of  fund  raised  (in  €m)Analysis  by  revenue  segment

• International  VCPercentage  of  foreign  venture  capitalists  investing  in  French  digital  business  start-­‐ups.  Analysis  achieved  by  revenue  segment.

5

16

29

2

10

18

0

5

10

15

20

25

30

35

0  to  5  M€ 5  to  50  M€ +  50  M€

Average Median

13%

23%

43%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

0  to  5  M€ 5  to  50  M€ +  50  M€

15  juin  2015  

Croissance  des  revenus  

• Total  revenues  (in  €m)

1,598

2,279

0

500

1  000

1  500

2  000

2  500

2012 2013

+  43%of  revenues  vs  2012

€

15  juin  2015  

RéparKKon  géographique  des  revenus  

• Worldwide  revenues

72%61%

17%21%

11% 18%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2012 2013

France Europe International

ROW*revenues

X2(from  €445m  to  €881m)

*  ROW  :  rest  of  the  world  includes  Europe  and  International.

39%

15  juin  2015  

UKlisaKon  des  aides  fiscales:  JEI  et  CIR    

*  Sample  of  83  companies  created  after  2005.

46%No

54%Yes

• Did  you  use  the  label  «Young  Innovative  Company»  (JEI)?*

23%No

77%Yes

• Did  you  use  the    French  research  and  development  tax  credit    (CIR)?**

**  Sample  of  86  companies  having  R&D  expenses.

15  juin  2015  

UKlisaKon  des  aides  fiscales:  CICE  et  CII  

25%No

75%Yes

83%No

17%Yes

Tax  credit  for  encouraging  competitiveness  and  jobs(CICE) Innovation  Tax  Credit (CII)

• Did  you  use  the  new  tax  credits  launched  in  2013?

15  juin  2015  

Croissance  des  effecKfs  

• People

6  190

7  566

0

1  000

2  000

3  000

4  000

5  000

6  000

7  000

8  000

2012 2013

1376  jobs

created

15  juin  2015  

Typologie  des  effecKfs  

91%

4%3%

1%

Permanent  contract  ("CDI")

Temporary  contract  ("CDD"  and  "Interim")

Professional  training  contract

Internship

• Type  of  work  contracts  (2013)

32  years  old  is  the  average  age  of  

employees

15  juin  2015  

Partage  de  la  valeur:  intéressement  au  capital  

90%Yes

10%No

*  Analysis  based  on  a  sample  of  101  start-­‐ups.

• Are  you  using  equity  instruments  to  motivate  your  team?*

60%

27%13%

**  Analysis  based  on  a  sample  of  105  start-­‐ups.

Free  shares  (actions  gratuites)

Stock-­‐options  &  commonshares(BSA)

• Types  of  equity  instruments**

Warrants  (BSPCE)

15  juin  2015  

Partage  de  la  valeur:  intéressement  au  capital  &  salaire  

54% 46%

%  of  shares  held  by  owners  and  employees

%  of  shares  held  by  external  shareholders  (VC,  business  angels  … )

• Percentage  of  capital  shares  held  by  owners  and  employees

Twois  the  average  ratio  between  management  and  staff  salaries

30%of  employees  owningequity  instruments

15  juin  2015  

Synthèse  

Hyper growth & Born global+43% of revenues vs 201239% of revenues are generated abroad in 2013+ 100% of ROW revenues vs 201224% of respondents have a foreign VC that already invests in the firm

People+22% of employees in one year91% of permanent contracts32 years old is the average age of employees68% of employees have from Bachelor to Master Degree6% of entrepreneurs are womenInnovation support Value sharing

46% of the sample did not use « Young Innovative Company » tax incentive77% use French research and development Tax Credit (CIR)French research and development Tax Credit remains the preferred state incentive

30% of employees owning equity instruments90% of start-ups use equity instruments2 is the average ratio between management and staff salaries96% never distributed dividends

15  juin  2015  

MERCI        

XAVIER  LORPHELIN  xlorphelin@serenacapital.com  

0678424486