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European Venture Investors Who are the Movers and Shakers?

Go4Venture Advisers LLP, June 2013 Page 1

CONFIDENTIAL

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This communication has been approved and issued by Go4Venture Advisers LLP., which is authorised and regulated

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be placed on the information and opinions contained in this document.

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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

Vast network

About Go4Venture Advisers

Life Sciences

Cleantech &

Materials

TMT

Information

Technology

Media &

Internet

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Services

Te

ch

no

log

y


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


CONFIDENTIAL

1. European Venture Investment Activity

2. Venture Capital Fund Investors

3. Other Investors

4. Q + A

Contents


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


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)


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


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%


CONFIDENTIAL



3. Other Investors

4. Q + A

Contents


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


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


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 ?


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


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


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


CONFIDENTIAL

Growing Internationalisation of VCs


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


CONFIDENTIAL



3. Other Investors

4. Q + A

Contents


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



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


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


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


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


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)


CONFIDENTIAL



3. Other Investors

4. Q + A

Contents


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?


CONFIDENTIAL

Go4Venture

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W: www.go4venture.com

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London

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London

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San Francisco, CA 94111

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