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Start-up-Barometer Germany
July 2019
Page 2
Design of the Study
Start-up-Barometer Germany
Berlin130Nord Rhine-Westphalia42
Bavaria50
Mecklenburg-
Vorpommern24
Baden-Württemberg 24
Hesse 15
Lower Saxony & Bremen 9
Sachsen9Rhineland-Palatinate4
Schleswig-Holstein 3
Brandenburg7
► The EY Start-up-Barometer
Germany is being issued since
2014, effective 2015 twice per
year
► Sources: Press releases of
Start-ups or Investors, Press
reporting, CB Insights
Number of start-ups that received financing in the first half
of 2019, by state
Peter Lennartz
Ernst & Young GmbH
Head EY Start-up-Initiative
GSA
Friedrichstraße 140
10117 Berlin
Phone +49 30 25471 20631
Hamburg 1
Saxony-Anhalt3
Saarland 1
Thuringia
3
Page 3
248264
279
332
1. HY2016
1. HY2017
1. HY2018
1. HY2019
972
2.5852.479
2.808
1. HY2016
1. HY2017
1. HY2018
1. HY2019
2019: Volume and number of deals increase significantly
Start-up financing in Germany,
2016 to 2019
First half of each year; number and value of
financing rounds in Germany
► Throughout Germany, the number of
financing rounds rose significantly in the first
half of 2019 compared with the same period
last year: by 19 percent to 332.
► The total value of these investments rose by
a good 13 percent, or 329 million euros, year-
on-year to around 2.8 billion euros, thus
surpassing the previous record of the first
half of 2017.
Number
Volume
in million euros
Start-up-Barometer Germany
+13%+19%
Page 4
And: deal volume also reaches a new half-year high of 2.8 billion euros
Start-up financing in Germany;
2015 to 2019
Number and value of financing rounds per
half-year
► There has never been a half-year in which as
much has been invested in German start-ups
as in the first half of 2019. At a good 2.8
billion euros, the financing volume exceeded
the previous record figure of the first half of
2017 by 223 million euros or almost nine
percent.
► The number of deals also remained at a high
level with 332 financing rounds and was only
slightly below the record figure of 342 deals
in the second half of the previous year.
Number and Volumes (in million euros)
2.082
1.224
972
1.304
2.585
1.691
2.479
2.112
2.808
157
262 248 237264
243279
342 332
1. HY2015
2. HY2015
1. HY2016
2. HY2016
1. HY2017
2. HY2017
1. HY2018
2. HY2018
1. HY2019
Volume (in million euros) Number
Start-up-Barometer Germany
Page 5
131
52
42
25
25
15
9
8
7
18
126
46
30
18
16
18
6
2
2
15
Berlin
Bavaria
North Rhine-Westphalia
Hamburg
Baden-Württemberg
Hesse
Saxony
Brandenburg
Lower Saxony
Other
Berlin still well ahead of Bavaria and North Rhine-Westphalia in number of deals
Start-up financing in Germany
2019 and 2018
First half of each year; number of financing
rounds by state
► Berlin will remain the hotspot of the German
start-up scene in 2019: a good 40 percent of
all financing rounds recorded here in
Germany were accounted for by start-ups in
the German capital.
► Start-ups from Bavaria achieved 52 financing
rounds in the first half of 2019, followed by
start-ups from North Rhine-Westphalia, which
recorded 42 deals.
► All top 5 states recorded an increase in
financing rounds in the first half of 2019.
20182019
Start-up-Barometer Germany
Page 6
2.141
204
150
133
81
29
21
12
12
9
15
1.667
355
46
130
116
21
103
13
0
7
20
Berlin
Bavaria
Baden-Württemberg
North Rhine-Westphalia
Hamburg
Saxony
Hesse
Rhineland-Palatinate
Saxony-Anhalt
Brandenburg
Other
Berlin start-ups receive three quarters of the total investment volume
Start-up financing in Germany
2019 and 2018
► In the first half of 2019, Berlin start-ups
received 76 percent of the total risk capital
invested in German start-ups. In 2018 as a
whole, the share was still 57 percent.
► Bavaria, with a market share of a good seven
percent, ranks second ahead of Baden-
Württemberg, which achieved a market share
of a good five percent in the first half of 2019.
Start-up-Barometer Germany
20182019
First half of each year; financing amounts per
state (in million euros)
Page 7
32
46
64
10
74
75
80
28
54
1.046
58
386
130
396
13
6
23
26
27
37
44
79
89
207
208
303
385
659
704
Other
Education
Media & Entertainment
Hardware
Recruitment
Professional Services
Energy
PropTech
AgTech
AdTech
e-commerce
Health
Software & Analytics
Mobility
FinTech / InsurTech
Industries: Most of the investment capital is invested in the FinTech/InsurTech and Mobility sectors.
Start-up financing in Germany
2019 and 2018
► Most of the money, 704 million euros, was
invested in the FinTech/InsurTech sector in
the first half of 2019, closely followed by the
mobility sector, where 659 million euros
flowed into. Both sectors received
significantly more investment capital than in
the same period last year. The Health
segment also made substantial gains.
► By contrast, the leader of previous years, e-
commerce, recorded a sharp decline in
investment capital: from more than one billion
euros to just 208 million euros.
20182019
Start-up-Barometer Germany
First half of each year; financing totals per
sector (in million euros)
Page 8
0
2
8
12
10
14
7
9
8
14
15
28
28
49
75
6
3
5
5
6
8
9
10
12
16
26
30
47
49
100
Other
AgTech
Education
AdTech
Hardware
Media & Entertainment
Recruitment
Professional Services
Energy
PropTech
Mobility
FinTech / InsurTech
Health
e-commerce
Software & Analytics
Most financing rounds again in the Software & Analytics segment
Start-up financing in Germany
2019 and 2018
► As in the previous year, the Software &
Analytics division accounted for the largest
number of financing rounds in 2019:
Compared with the first half of 2018, the
number of financing rounds even increased
significantly once again - despite the sharp
decline in the financing volume. This
segment includes SaaS, Artificial Intelligence,
Virtual Reality, Blockchain, Cloud, Cyber
Security and Data Analytics start-ups with
new technologies.
► The e-commerce segment ranks second,
followed by the health segment.
Start-up-Barometer Germany
20182019
First half of each year; number of financing
rounds by sector
Page 9
264
197
30
34
28
39
2019, HY12018, HY1
Significantly more small and very large financings
Start-up financing in Germany
By size class, number of financing rounds in
the specified size class
► The number of small deals (up to 5 million
euros) rose by a third year-on-year from 197
to 264, and the number of large deals by 133
percent from 3 to 7.
► On the other hand, the number of medium-
sized financings in the range of 5.1 to 100
million euros fell from 79 to 61 deals.
33
Start-up-Barometer Germany
331
279
>100 million euros50,1 to 100 million euros
5,1 to 10 million euros≤ 5 million euros 10,1 to 50 million euros
7
6
Page 10
Company Month Financing amount in million euros State
GetYourGuide May Berlin
N26 January Berlin
Adjust June Berlin
Doctolib* March Berlin
Friday March Berlin
428
266
201
150
114
GetYourGuide with the largest financing round
Top 5 financings in Germany in the first half of 2019
Start-up-Barometer Germany
* Doctolib is a French-German company based in Paris and Berlin.
Page 11
Focus on sectors and states
Page 12
1 (1)
2 (1)
7 (7)
8 (4)
34 (4)
43 (1)
102 (3)
225 (2)
267 (5)
Savings
Blockchain
Lending
Payments
Trading
Crowdfunding
Saving
Insurance
Banking
FinTech/Insurtech: Banking attracts most investment capital - before Insurance
Venture capital investments in
FinTech; 1st half of 2019
Financing totals per sub-sector (in million
euros); in brackets: Amount of financing
rounds
► In FinTech, the Banking segment recorded
the largest inflow of investment capital,
followed by Insurance.
► In the Banking segment, however, a single
deal was responsible for almost the entire
financing volume (N26 with 266 million
euros), in the Insurance segment two deals
(Friday, Wefox) combined the entire sum.
► Most of the deals were in the lending
segment.
Start-up-Barometer Germany
Page 13
0 (1)
2 (3)
3 (4)
6 (1)
48 (6)
631 (14)
North Rhine-Westphalia
Baden-Württemberg
Hesse
Bavaria
Hamburg
Berlin
FinTech/InsurTech: Berlin still the hotspot -Hamburg left behind in second place
Venture capital investments in
FinTech; 1st half of 2019
Financing totals per state (in million euros); in
brackets: Amount of financing rounds
► In the FinTech/InsurTech area, Berlin start-
ups received by far the most money in the
first half of 2019: in 14 financing rounds, a
total of 631 million euros in fresh capital
flowed to capital city start-ups.
► Hamburg follows with a clear lead, whose
FinTech/InsurTech start-ups collected 48
million euros in six financing rounds.
Start-up-Barometer Germany
Page 14
1 (1)
1 (1)
41 (5)
63 (3)
82 (12)
471 (4)
Aviation
IoT
Automotive
Scooter
Logistics
Travel & Leisure
Mobility: Travel & Leisure far ahead of Logistics, Scooter and Automotive
Venture capital investments in
Mobility in Germany; 1st half of
2019
Financing totals per sub-sector in Germany
(in million euros); in brackets: Amount of
financing rounds
► In the Mobility segment, 72 percent of the
total invested capital was accounted for by
the Travel & Leisure sub-sector, which also
recorded the top deal of the first half of the
year with 428 million euros (GetYourGuide).
► Second place went to Logistics, which
accounted for the largest number of financing
rounds with 12 deals.
► For the first time, the Scooter sub-sector
received more investment capital than the
Automotive sector in the first half of the year.
Start-up-Barometer Germany
Page 15
0 (2)
1 (1)
1 (1)
8 (4)
26 (3)
622 (15)
Hesse
Saxony
North Rhine-Westphalia
Hamburg
Bavaria
Berlin
Mobility: 94 percent of investment capital goes to Berlin start-ups
Venture capital investments in
Mobility in Germany; 1st half of
2019
Financing totals per state (in million euros); in
brackets: Amount of financing rounds
► Berlin start-ups received 622 million euros in
15 financing rounds in the first half of 2019,
representing 94 percent of the risk capital
invested in Germany in the Mobility segment
in the first half of 2019.
► Bavarian start-ups in second place achieved
a market share of around four percent in
three financing rounds with 26 million euros.
Start-up-Barometer Germany
Page 16
1 (1)
2 (2)
3 (4)
8 (2)
8 (5)
15 (6)
76 (9)
273 (58)
IoT
Virtual Reality
Augmented Reality
Cloud
Blockchain
Data Analytics
Artificial Intelligence
SaaS (Software as a Service)
Software & Analytics:Software as a Service ahead of AI
Venture capital investments in
Software & Analytics;1st HY
2019
Financing totals per sub-sector in Germany
(in million euros); in brackets: Amount of
financing rounds
► Within the Software & Analytics segment, the
Software as a Service segment recorded by
far the highest number of deals, the highest
investment volume and also the top deal
within the sector (Powercloud,100 million
euros) in the first half of 2019 with 58 deals
and 273 million euros.
► Second place is taken by Artificial
Intelligence, which has nine deals and 76
million euros.
Start-up-Barometer Germany
Page 17
0 (1)
1 (2)
1 (1)
1 (2)
2 (1)
3 (3)
3 (5)
11 (2)
12 (5)
23 (18)
82 (19)
105 (8)
142 (33)
Thuringia
Lower Saxony
Schleswig-Holstein
Saxony
Saarland
Brandenburg
Hamburg
Saxony-Anhalt
Hesse
North Rhine-…
Bavaria
Baden-Württemberg
Berlin
Software & Analytics: Berlin start-ups with competition from the South/Southwest region
Venture capital investments in
Software & Analytics;1st HY
2019
Financing totals per state (in million euros); in
brackets: Amount of financing rounds
► Berlin start-ups also recorded the highest
inflow of investment capital and the highest
number of financing rounds in the Software &
Analytics segment in the first half of 2019.
► However, the German states of Baden-
Württemberg, whose start-ups were able to
raise as much as 105 million euros in
investment capital, and Bavaria, whose start-
ups generated a financing volume of 82
million euros, followed closely behind.
Start-up-Barometer Germany
Page 18
1 (3)
3 (3)
18 (5)
33 (14)
40 (3)
42 (11)
167 (8)
Fitness
Care
Cannabis
BioTech
Life Science
MedTech
Digital Health
Health: Digital Health ahead of MedTech and Life Science
Venture capital investments in
Software & Analytics;1st HY
2019
Financing totals per sub-sector in Germany
(in million euros); in brackets: Amount of
financing rounds
► Within the Health segment, the Digital Health
segment recorded the highest investment
volume and the top deal in the first half of
2019 at 167 million euros (Doctolib, 150
million euros).
► Most of the financing rounds were counted in
the BioTech sub-sector.
► In the still young cannabis sub-sector, five
deals were recorded with a financing volume
of around 18 million euros.
Start-up-Barometer Germany
Page 19
1 (1)
1 (1)
1 (1)
1 (1)
1 (1)
1 (1)
1 (2)
2 (3)
2 (2)
2 (1)
11 (5)
12 (1)
33 (6)
59 (7)
178 (14)
Hamburg
Lower Saxony
Mecklenbug-Vorpommern
Saxony-Anhalt
Bremen
Schleswig-Holstein
Saxony
Brandenburg
Hesse
Thuringia
Baden-Württemberg
Rhineland Palatinate
North Rhine-Westphalia
Bavaria
Berlin
Health: Berlin start-ups receive the most - wide regional distribution of start-ups
Venture capital investments in
Software & Analytics;1st HY
2019
Financing totals per state (in million euros); in
brackets: Amount of financing rounds
► In the health sector, Berlin start-ups also
received by far the highest inflow of
investment capital in the first half of 2019, at
178 million euros, and recorded the highest
number of deals.
► However, start-ups in Bavaria, North Rhine-
Westphalia, Rhineland-Palatinate and Baden-
Württemberg also received double-digit
million sums. With the exception of Saarland,
financing rounds were also counted in all
states.
Start-up-Barometer Germany
Page 20
27 (11)
0 (1)
1 (2)
1 (2)
1 (1)
1 (1)
2 (4)
7 (3)
11 (2)
20 (1)
136 (21)
Other
Sport
Watches
Fashion
Furniture
Pets
Services
Automotive
General Store
Technology
Food
E-Commerce: Food receives the most investment capital
Venture capital investments in e-
commerce;1st half of 2019
Financing totals per sub-sector in Germany
(in million euros); in brackets: Amount of
financing rounds
► In the e-commerce segment, most of the
money flowed into food start-ups in the first
half of 2019: 136 million euros were invested
in 21 financing rounds. The two top deals in
e-commerce (Flaschenpost, MarleySpoon)
alone accounted for 77 million euros.
► Second place went to the Technology sub-
sector, in which only one deal was recorded
(Grover).
Start-up-Barometer Germany
Page 21
0 (1)
0 (1)
0 (1)
0 (1)
1 (1)
1 (3)
5 (2)
5 (1)
6 (3)
17 (9)
61 (8)
111 (18)
Rhineland Palatinate
Thuringia
Hamburg
Schleswig-Holstein
Saxony
Lower Saxony
Brandenburg
Bremen
Baden-Württemberg
Bavaria
North Rhine-Westphalia
Berlin
E-Commerce: More than half of the investment capital goes to Berlin start-ups
Venture capital investments in e-
commerce;1st half of 2019
Financing totals per state (in million euros); in
brackets: Amount of financing rounds
Start-up-Barometer Germany
► Berlin again recorded the highest number of
deals and the highest financing volume in the
e-commerce sector in the first half of 2019: at
111 million euros, around 54 percent of the
total 208 million euros invested in e-
commerce went to capital city start-ups.
► In addition to Berlin, only the start-up scene
in North Rhine-Westphalia achieved a
double-digit market share of around 30
percent.
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