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EUROPEAN INNOVATION FINANCING
H2 2015 UPDATE
CONTRIBUTORS
In collaboration with
Thibaut Revel
Partner
Martin Vielle
Associate
About Clipperton Finance
Clipperton is a European independent corporate finance advisory firm
exclusively dedicated to the Technology space, advising innovative companies
on M&A transactions, debt financings and equity offerings. With offices in
London, Berlin, and Paris and an international reach, Clipperton is a European
leader in Technology financial advisory. Over the past 15 years, the team has
successfully completed more than 150 high profile transactions globally.
About Digimind and WhoGotFunded
Digimind is a SaaS intelligence software company based in Paris, Boston and
Singapore, providing advanced information management platforms and
technologies that perform massive data collection, automatic intelligence
extraction and visualisation. Using its unique web mining expertise, Digimind
developed WhoGotFunded.com, the world's most comprehensive funding
database, discovering over 100 fresh funding deals every day in real time all
across the world.
Clipperton European Innovation Financing Update –February 2016
2www.clipperton.net©2016 Clipperton Finance Limited – All Rights Reserved
First signs of
deceleration in H2: -16%
in value vs. H1 2015
But 2015 is undoubtedly
a record vintage: over
12B$ invested, +60% vs.
2014 !
Fintech and Life
sciences-Biotech remain
very strong while real
slowdown in Consumer
Internet
xxxxxxx
Introduction ………………………………………………………..Innovation Financing Overview ………………………….. Geographical and Sectorial Views ……………………….Top Deals by Geography ……………………………………..Top Deals by Sector ……………………………………………..Methodology & Disclaimer ………………………………….
P.2P.3P.4P.5P.6P.7
HEADLINES
We were wondering whether "trees grew to heaven”
in tech financing in our latest newsletter following the
record 7bn$ invested in Europe in H1 2015. The
deceleration experienced in H2 might actually be
positive for the ecosystem. Coupled with the
contraction of the Tech IPO market, it already enables
to reduce the over-heating that was sometimes
affecting valuations in private funding rounds.
On the other hand, vast amounts of capital are more
than ever available for European tech companies as
star VCs have raised larger funds (e.g. Index Ventures
new $550m fund), new VCs have appeared (Mosaic,
Daphni, Paua Ventures...) and Corporates of various
industries, from Financial Services (Axa, Santander,
Barclays...) to Hardware (eg. Foxconn with Ginko,
Cisco) are investing in European innovators. The pace
of the digital transformation in almost all industries is
now widely seen as a secular trend which will not be
fundamentally changed by a more bearish stock-
market. Valuations will adjust, but the need for
corporates to partner with, and sometimes acquire,
digital champions will not disappear.
CONTENT
Clipperton European Innovation Financing Update –February 2016
3www.clipperton.net©2016 Clipperton Finance Limited – All Rights Reserved
Immunocore UK $320m Biotechnologies
Blablacar FR $210m Car sharing
Global Fashion Gr. LU $200m Ecommerce
Deliveroo UK $170m Food delivery
Atom Bank UK $128m Digital banking
Curevac CH $110m Biotechnologies
Cequr CH $100m Biotechnologies
Catawiki NL $100m Marketplace
Adyen NL $100m Payment
Ebury UK $83m Fintech
European innovative companies received
nearly $6 billion in financing during H2
2015, an increase by 40% vs. last year.
However, -16% vs. H1, the first
sequential decrease since H2 2013.
We tracked 509 venture financing deals in total in H2 2015, a slight 5% increase vs H2 2014
While the number of deals above $10m remains high with 131 deals across Europe (vs 135 in H1 2015), it is
worth noticing the decreasing appetite of VCs for A and B-rounds after a buoyant first semester
After a strong increase in Q2 2015, median deal value returned to previous levels in H2 2015
TOTAL AMOUNT INVESTED IN EUROPE
MEDIAN DEAL VALUEDISTRIBUTION BY ROUND SIZE - VOLUME
Investors continue to show a strong interest for $10-30m rounds
Sources: Clipperton – WhoGotFunded
Top 10 European Fundings H2 2015
72
176
72
4727
94
233
79
5226
96
233
7787
48
75
236
67 82 49
<= $1m $1-5m $5-10m $10-30m > $30m
H1 2014 H2 2014
H1 2015 H2 2015
$2.2m
$2.5m
$2.8m$2.6m
$2.0m
$3.0m$2.8m
$2.6m
$3.2m$3.0m
$4.2m
$3.3m
$3.0m
Q412
Q113
Q213
Q313
Q413
Q114
Q214
Q314
Q414
Q115
Q215
Q315
Q415
$1
,96
1m
$1
,66
4m
$1
,90
4m
$2
,18
6m
$2
,74
2m
$2
,63
0m
$9
64
m
$1
,10
3m
$1
,84
4m
$1
,91
1m
$4
,22
8m
$3
,22
9m
$2,925m$2,767m
$3,748m$4,097m
$6,970m
$5,859m
H1 2013 H2 2013 H1 2014 H2 2014 H1 2015 H2 2015
Deals equal or below $30m
Deals above $30m
Clipperton European Innovation Financing Update –February 2016
4www.clipperton.net©2016 Clipperton Finance Limited – All Rights Reserved
GeographiesNearly $10B (75%) invested in 2015 in the three main European venture markets
H2 2015: growth of investments in IT paused while Life Science is on the rise
The UK, DACH and France attracted 75% of innovationmoney in 2015, with respectively $3.8B, $3.7B and $2.2Bbut showed different trends during the second semester;
The UK remains the number 1 destination for innovationfinancing with close to $2B invested over H2, up by 50%vs. last year;
Strong H2 in France with $1.3B invested (+32% vs. H1and twice as much as in H2 2014), across 159transactions. Following Blablacar’s $200m round, ahandful of large venture rounds in various sectors: Pretd’Union ($41m), Netatmo ($40m), Vestiaire Collective($37m), Talentsoft and Qwant ($33m each);
After a buoyant H1 notably driven by Rocket Internetportfolio companies which received $1B, investment inDACH dropped by 50% in H2 ($1.2B) but remainscharacterized by large rounds (avg. deal value of $17m,vs. $13m and $8m in the UK and France respectively);
Two mega deals worth mentioning in the Netherlands:auction platform Catawiki grabbed $100m from LeadEdge Capital along with historic investors while paymentstart-up Adyen closed a round valuing the company$2.5B.
Strong uptake of private investment in Life Sciencecompanies which attracted $1.3B in Q3 2015 alone, more3x times the amount invested in the same period lastyear;
Three $100m+ rounds in the segment - Immunocore inthe UK for $320m, Germany-based Curevac for $110mand Swiss medtech Cequr for $100m – followed by alarge number of big rounds (26 deals over $20m i.e. 30%of the total);
Investment in IT start-ups remains at high levels vs. lastyear (+35% vs. H2 2015) but decelerated in H2 vs. H1 (-30%);
Internet and New Media largely contributes to this trend:$2.5B invested vs. $4B in H1 and a volume oftransactions slightly decreasing (-8%);
Business Cloud and Software followed an opposite trend:+8% in volume (142 deals) and +23% in value at $1.1B;
Cleantech investment is now almost negligible in theoverall picture: $535m invested in 2015 or 4% of the totalmoney placed in European innovative start-ups.
Sectors – Value, H2-2015
Internet & New Media
Bus. Cloud & Software
Hardware, Telecom
Consumer Electronics
ME
DIA
N D
EA
L
VA
LU
ES
$5.9B
$3.9B
$2.5m $2.8m $2.7m $2.4m
Internet & New
Media
63%
Cons. Elect.
2%
Hard/Telecom
5%
Bus. Cloud & Software
29%
Cleantech2%
Life Science32%
IT 66%
OT
HE
R
CO
UN
TR
IES
*
Volume H2 2014
Volume H2 2015
Value H2 2014
Value H2 2015
* Italy, Spain, Portugal, Benelux, Ireland, Southern Europe, Eastern Europe
Sources: Clipperton – WhoGotFunded
Clipperton European Innovation Financing Update –February 2016
5www.clipperton.net©2016 Clipperton Finance Limited – All Rights Reserved
Most active funds
FRANCE
UNITED-KINGDOM
OTHER COUNTRIES
DACH
Top Deals per Geography – H2 2015
Sources: Clipperton – WhoGotFunded
Immunocore
Deliveroo
Atom Bank
Ebury
Oxford Nanopore
Secret Escapes
Made
Sportradar
EasyProperty
Nightstarx
$320m
$70+100m
$128m
$83m
$70m
$60m
$60m
$44m
$38m
$35m
Malin Corp, Woodford Inv., Eli Lilly, Rtw Investment
Banco Bilbao, Vizcaya Argentina
Vitruvian Partners
Undisclosed
Atlas Venture, Index Ventures, Google Ventures, Octopus Inv.
Partech Ventures, Fidelity GrowthPartners, Level Equity
Revolution Growth
Toscafund AM
New Enterprise Associates
Greenoaks Capital, DST Global, Index Ventures
Curevac
Cequr
Hellofresh
Adc Therapeutics
Obseva
Getyourguide
Younicos
Goeuro
Asceneuron
Molecular Health
$110m
$100m
$85m
$80m
$59m
$50m
$50m
$45m
$36m
$33m
Baillie Gifford, Gates Foundation, Chartwave, Dievini Hopp Biotech
Baillie Gifford, Rocket Internet, Insight Venture
AstraZeneca, Auven Therapeutics
Rock Springs, NEA, Ms Ventures, BmHealthcare, Sofinnova, Novo
KKR, Highland Cap., Sunstone Cap., Nokia Growth, Spark Cap.
First Solar
Goldman Sachs, Atomico
Sofinnova Partners
Dievini Hopp Biotech Holding
Arthurian Life Sci., Woodford, Endeavour Vision, Schroders
Blablacar
Vestiaire Collective
Biom’up
Prêt d’Union
Netatmo
Therachon
Erytech Pharma
Talentsoft
Qwant
Stuart
$212m
$44m
$41m
$41m
$40m
$35m
$34m
$33m
$33m
$29m
Insight Venture, Lead Edge, Isai, Accel, Index Ventures
Lundbeckfond Ventures, Gimv, Bpifrance
Eurazeo, Webeer Inv., Kima, CréditMutuel Arkea, Ag2r
Legrand, Iris Capital, Bpifrance
Orbimed, Inserm Transfert Initiative, NEA, Versant
Undisclosed
Goldman Sachs
European Investment Bank
Geopost
Eurazeo, Balderton, Condé Nast, Idinvest, Ventech
Global Fashion Gr. (LU)
Adyen (NL)
Catawiki (NL)
Merus (NL)
Izettle (SE)
Siteimprove (DK)
Laboratoris Sanifit (ES)
Carprice (RU)
2GIS (RU)
Bima (SE)
$199m
$100m
$99m
$82m
$67m
$55m
$41m
$40m
$40m
$38m
Kinnevik, Rocket Internet
Lead Edge Capital, Project A, Accel, Fabrice Grinda, Jose Marin
Sofinnova Ventures, Novo As, Bay City, Aglaia Oncology, Tekla
Intel Capital, Zouk Capital, 83North, Index, Dawn, SEB
Summit Partners
Ysios Capital, Lundbeckfond, Forbion, Gilde, Edrip, Baxter
Almaz Capital, Baring Vostok
ruNet Holdings Limited, Baring Vostok
LeapFrog Investments
Iconiq Capital
US funds have been particularly involved in European large rounds over H2. French ride-sharing platform Blablacarreceived $200m of fresh money last summer in a round that saw two additional US Tier-1 coming on-board:Insight Venture and Lead Edge Capital joined historic investors Accel and Index Ventures.
European offices of US funds proved particularly active: Highland Capital Partners participated in 4 transactions inEurope including Lovecrafts Collective ($20m), Brandwatch ($33m) and Getyourguide ($50m) while Accel closed 4deals.
After a very active H1, Bpifrance and High-Tech Gründerfonds continued on the same pace in H2. The Frenchpublic investment arm participated in 16 transactions across sectors: Life Sciences with Biom’up ($41m), hardwarewith Netatmo ($40m), or software with Lengow ($10m) or iAdvize ($16m)
Also worth highlighting is the strong activity of Alven Capital in France with follow-on investments (Mailjet,iAdvize, Peopledoc…) as well as Series A (Genymobile, Tinyclues or Frichti).
AMOUNTCOMPANY INVESTORS AMOUNTCOMPANY INVESTORS
AMOUNTCOMPANY INVESTORS AMOUNTCOMPANY INVESTORS
Clipperton European Innovation Financing Update –February 2016
6www.clipperton.net©2016 Clipperton Finance Limited – All Rights Reserved
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
AMOUNTCOMPANY INVESTORS
IT – Top 15 LIFE SCIENCE – Top 5
CLEANTECH – Top 5
Infographics: Fintech
Sources: Clipperton – WhoGotFunded
Insight Venture, Lead Edge, Isai, Accel, Index Ventures
Banco Bilbao, Vizcaya Argentina
Iconiq Capital
Greenoaks Capital, DST Global, Index Ventures
Lead Edge Cap., Project A, Accel, F. Grinda, J. Marin
Baillie Gifford, Rocket Internet, Insight Venture
Vitruvian Partners
Intel Capital, Zouk Capital, 83North, Index, Dawn, SEB
Atlas Venture, Index Ventures, Google Ventures, Octopus Inv.
Kinnevik, Rocket Internet
Partech Ventures, FidelityGrowth Partners, Level Equity
Summit Partners
KKR, Highland Cap., SunstoneCap., Nokia Growth, Spark Cap.
Goldman Sachs, Atomico
Eurazeo, Balderton, Condé Nast, Idinvest, Ventech
Blablacar
Global Fashion Gr.
Atom Bank
Adyen
Deliveroo
Catawiki
Hellofresh
Ebury
Izettle
Secrete Escapes
Made
Siteimprove
Getyourguide
Immunocore
Curevac
Cequr
Merus
Adc Therapeutics
Younicos
Organica Water
Leclanché
Ergosup
Voltea
$212m
$199m
$128m
$100m
$70+100m
$99m
$85m
$83m
$67m
$60m
$60m
$55m
$50m
$45mGoeuro
$44m
Malin Corp, Woodford Inv., Eli Lilly, Rtw Investment
$320m
$110m
$100m
$82m
$80m
$50m
$9m
$7m
$7m
$7m
Baillie Gifford, Gates Foundation, Chartwave, Dievini Hopp Biotech
Arthurian Life Sci., Woodford, Endeavour Vision, Schroders
AstraZeneca, Auven Therapeutics
Sofinnova Ventures, Novo As, Bay City, Aglaia Oncology, Tekla
First Solar
Idinvest, Gamma Capital Partners, IFC, Xpv Capital
ACE & Company
Unilever Ventures, Anterra Cap., Pentair
Aliad, Go Capital, Arkea, Demeter 3 Amorçage
Vestiaire Collective
AMOUNTCOMPANY INVESTORS
AMOUNTCOMPANY INVESTORS
$1.4BInvested in 2015
15%of the total
investment in IT
8* Deals above $100m
3 Fintechs in the Top 10 deals of 2015
$200m
$150m
$40m
$50m
$60m
$70m
$80m
$100m
$100m
$130m
5Mega-rounds*
$
7%
60%
14%
21%Other
Investors in Fintech
To
p F
inte
ch d
eal
s -
20
15
Sources: Clipperton – WhoGotFunded
Fintech Unicorns in Europe
Clipperton European Innovation Financing Update –February 2016
7www.clipperton.net©2016 Clipperton Finance Limited – All Rights Reserved
This report is based on collaborative work and research performed by Digimind and Clipperton Finance. Based
on Digimind’s WhoGotFunded comprehensive financing deals database which is built in real-time through text-
mining technologies, the analysis is focused on European deals with the following characteristics:
- Investments completed in a European company (Russia included/ Israel excluded)- The company is considered innovative i.e. with a clear technology or business model innovation –which excludes companies who operate technologies that they have not developed- Investments higher than $500k, in order to exclude “friends & family” seed rounds- Secondary deals (i.e. minority sales of shares to private funds) are included, majority deals are excluded.- Fundraisings through public markets (IPO or public equity financing) are excluded
This represents a list of about 200-400 deals per quarter, which are then allocated to an innovation universe (IT
/ Life Science / Cleantech) and to a sub-segment (e.g. Consumer Internet within IT).
This document has been prepared by Clipperton in collaboration with Digimind. It is communicated solely for the
purpose of information and should not be construed as a sollication or an offer to buy or sell any security or
related financial instrument.
This publication is based of data and information made available to the public and other sources deemed reliable.
While efforts have been made to guarantee maximum exactitude and reliability, neither Clipperton nor Digimind
can be held responsible for omission or errors. The information and analysis accessible in this publication
highlight industry trends in general, and should not be construed as providing any particular recommendations or
analysis for any specific company that is mentioned in the publication. No representation or warranty (expressed
or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the
information contained herein and, accordingly, none of Clipperton’s or Digimind’s officers or employees accepts
any liability whatsoever arising directly or indirectly from the use of this document.
Clipperton Finance Limited is authorised and regulated by the Financial Conduct Authority. Registered No.
570700
Thibaut REVELPartner
trevel@clipperton.net
Martin VIELLEAssociate
mvielle@clipperton.net
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