THE Q1 2015 EUROPEAN TECH REPORTA data-driven review of Q1 2015’s financing activity to VC-backed European Tech companies.

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TABLE OF CONTENTS

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Highlights 4Financing Trends 6Germany BreakdownUK Breakdown

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Q1 2015 EU TECH HIGHLIGHTS

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Q1 2015: $2.5B ON 264 DEALS - NEW HIGHS FOR DEALS AND DOLLARSVC-backed European Tech companies raised a whopping $2.5B on 264 deals, both 17-quarter highs. The quarter was headlined by Delivery Hero’s $563M financing. Overall, funding and deals were up 98% and 21% respectively versus the same quarter a year prior.

PARTECH, HOLTZBRINCK, & HIGH-TECH GRUENDERFONDS ARE MOST ACTIVEThree investors tied for the most active VCs in EU Tech in Q1’15. Paris-based Partech Ventures made a variety of early-stage investments in France, Holtzbrinck Ventures made multiple mid-stage investments, while High-Tech Gruenderfonds rounded out the top 3 with a slew of early-stage investments in Germany.

UK & GERMANY LEAD EUROPEAN TECHThe UK outpaced Germany in Q1’15 for VC-backed Tech investments, with 69 in Q1’15 versus Germany’s 58. Both the UK and Germany saw a dip from Q1’13 to Q1’14, but rebounded strongly with 28% and 76% deal growth respectively in Q1’15. Spain saw the largest deal growth of the top EU countries, with deals up 91% in Q1’15 versus the same quarter a year prior.

DELIVERY HERO IS LARGEST EU TECH DEAL IN Q1Delivery Hero, raised $563M from Rocket Internet in Q1, the highest round for any VC-backed EU Tech company. Food & grocery eCommerce company HelloFresh was second, raising $126M from Insight Venture Partners and Rocket Internet, among others. Overall 3 of the 5 largest deals went to German companies.

SEED DEAL SIZES STAY ABOVE $1M IN Q1’15Median seed deal sizes to VC-backed EU Tech startups were at $1M for the second quarter in a row. Average seed deal size also reached a five-quarter high at $1.17M.

UK GETS THREE NEW UNICORNS IN Q1’15London dominated both in deals and dollars, accounting for 86% of all funding and 70% of all deals to VC-backed UK tech companies. The UK also saw three new Tech companies join the $1B+ valuation club, as FarFetch’s $86M Series E, TransferWise’s $58M Series C, and Shazam’s $30M Series F valued each company at $1B or more.

GERMAN TECH FUNDING TOPS $1BInvestments into VC-backed German Tech companies topped $1B for the first quarter in over 4 years. Buoyed by nine-figure financings to Delivery Hero, HelloFresh, and Foodpanda, funding reached $1.1B, while deals also reached a quarterly high at 58. Overall deals and dollars were up 76% and 419% respectively versus the same quarter a year prior.

UK TECH FUNDING TOPS $700M, A MULTI-YEAR HIGHQuarterly investment into VC-backed UK Tech companies topped $700M in Q1’15, up 111% versus the same quarter a year prior. Deals also reached a multi-year high at 69, up 28% vs. Q1’14. Funding was buoyed by international payments companies WorldRemit and Transferwise, as well as data center company Verne Global.

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Q1 2015 EU TECH FINANCING TRENDS

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Q1 2015: $2.5B ON 264 DEALS - NEW HIGHS FOR DEALS AND DOLLARSVC-backed European Tech companies raised a whopping $2.5B on 264 deals, both 17-quarter highs. The quarter was buoyed by Delivery Hero’s $563M financing, as funding and deals were up 98% and 21% respectively versus the same quarter a year prior.

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PARTECH, HOLTZBRINCK, AND HIGH-TECH GRUENDERFONDS ARE MOST ACTIVEThree investors tied for the most active VC in EU Tech in Q1’15. Paris-based Partech Ventures made a variety of early-stage investments in France, Holtzbrinck Ventures made multiple mid-stage investments, while High-Tech Gruenderfonds rounded out the top 3 with a slew of early-stage investments in Germany.

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Rank Investor Rank Investor

1 Partech Ventures 6 Seventure Partners

1 Holtzbrinck Ventures 9 German Startups Group

1 High-Tech Gruenderfonds 9 Iris Capital

4 Index Ventures 9 Passion Capital

4 IBB Beteiligungsgesellschaft 9 Tengelmann Ventures

6 Accel Partners 9 Sitka Capital

6 Northzone Ventures

Most Active VC Investors in Europe Tech: Q1'15

UK & GERMANY LEAD EUROPEAN TECH ACTIVITYThe UK outpaced Germany in Q1’15 for VC-backed Tech investments, with 69 in Q1’15 versus Germany’s 58. Both the UK and Germany saw a dip from Q1’13 to Q1’14, but rebounded strongly with 28% and 76% deal growth respectively. Spain saw the largest deal growth of the top EU countries, with deals up 91% in Q1’15 versus the same quarter a year prior.

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Where is all this data from?The CB Insights platform has the details on each and

every deal in Q1 2015. That includes all of the 264 financings in this report.

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SERIES A DEAL SHARE FALLS OFF HIGHEarly-stage deal share continued to dominate, however Series A deals reached a five-quarter low in deal share at 22%. Other deal types including corporate minorities jumped to 12% deal share.

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DELIVERY HERO’S CORPORATE MINORITY INVESTMENT MUDDIES FUNDING TRENDEuropean Tech investment dollars were evenly spread across Series A – Series E+ rounds, with no rounds capturing more than 15% of dollar share in Q1’15. Other rounds took the bulk of the dollar share, due to Delivery Hero’s $563M corporate minority investment by Rocket Internet.

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SEED DEAL SIZES STAY AT $1M IN Q1’15Median seed deal sizes to VC-backed EU Tech startups were at $1M for the second quarter in a row. Average seed deal size also reached a five-quarter high at $1.17M.

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AVERAGE SERIES A DEAL SIZE TOPS $7MSeries A deal sizes fell slightly on a median basis in Q1’15, reaching $4.5M. Alternatively, the average Series A to VC-backed EU Tech startups in Q1’15 reached $7.16M, due to multiple $20M+ financings, including augmented reality platform startup Blippar’s $45M Series A.

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DELIVERY HERO IS LARGEST EU TECH DEAL IN Q1Delivery Hero, raised $563M from Rocket Internet in Q1, the largest round for any VC-backed EU Tech company. Food & grocery eCommerce company HelloFresh was second, raising $126M from Insight Venture Partners and Rocket Internet, among others. Overall 3 of the 5 largest deals went to German companies.

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Company Country Amount ($M) Round Select Investors

Delivery Hero Germany 563 Corporate Minority Rocket Internet

HelloFresh Germany 126 Series E Insight Venture Partners, Rocket Internet

SigFox France 115 Series C Partech Ventures, Intel Capital, SK Telecom Ventures

Foodpanda Germany 110 Series D Rocket Internet, Falcon Edge Capital

WorldRemit United Kingdom 100 Series B Accel Partners, Technology Crossover Ventures

Verne Global United Kingdom 98 Series D General Catalyst Partners, Novator, Stefnir

FarFetch United Kingdom 86 Series E Digital Sky Technologies, Conde Nast, Vitruvian Partners

TransferWise United Kingdom 58 Series C Andreessen Horowitz, IA Ventures, Valar Ventures

TTTech Computertechnik Austria 54.89 Venture Capital Audi, GE Ventures, Infineon Technologies

Windeln.de Germany 52.31 Series E Goldman Sachs, DN Capital, 360 Capital Partners

Top VC-Backed EU Tech Deals: Q1'15

Q1 2015 COUNTRY BREAKDOWN -GERMANY

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GERMAN TECH FUNDING TOPS $1B IN Q1Investments into VC-backed German Tech companies topped $1B for the first quarter in over 4 years. Buoyed by nine-figure financings to Delivery Hero, HelloFresh, and Foodpanda, funding reached $1.15B, while deals also reached a quarterly high at 58. Overall deals and dollars were up 76% and 419% respectively versus the same quarter a year prior.

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SILICON ALLEE LEADS GERMANYBerlin dominated German Tech, as 4 of the 5 largest deals were all to companies based in the capital. Munich was second with Rocket Internet-backed Westwing Home & Living raising a $29.7M Series C at a $532M valuation. Notably 4 of the 5 largest deals featured Rocket Internet as an investor.

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Cities Deals Dollars ($M) Company Amount ($M) Round

Berlin 33 962.03 Delivery Hero 563 Corporate Minority

Munich 5 38.9 HelloFresh 126 Series E

Hamburg 5 31.34 Foodpanda 110 Series D

Aachen 2 34.54 Windeln.de 52.31 Series E

Leipzig 2 4.5 Helpling 47 Series B

Top German Tech Cities: Q1'15 Top German Tech Deals: Q1'15

HIGH-TECH GRUENDERFONDS IS MOST ACTIVEEarly-stage investor High-Tech Gruenderfonds was the most active VC in German Tech companies in Q1’15. The top 3 was rounded out by IBB Beteiligungsgesellschaft and German Startups Group as all three investors focused largely on the seed stage.

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Rank Investor Rank Investor

1 High-Tech Gruenderfonds 8 Senovo

2 IBB Beteiligungsgesellschaft 8 Creathor Venture

3 German Startups Group 8 Kite Ventures

4 Capnamic Ventures 8 DN Capital

4 Seventure Partners 8 Point Nine Capital

4 Holtzbrinck Ventures 8 e.ventures

4 Iris Capital 8 Tengelmann Ventures

8 Munich Venture Partners 8 Global Founders Capital

8 Highland Capital Partners 8 Yabeo Capital

Most Active VC Investors in German Tech: Q1'15

Q1 2015 COUNTRY BREAKDOWN - UK

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UK TECH FUNDING TOPS $700M, A MULTI-YEAR HIGHQuarterly investment into VC-backed UK Tech companies topped $700M in Q1’15, up 111% versus the same quarter a year prior. Deals also reached a multi-year high at 69, up 28% vs. Q1’14. Funding was buoyed by international payments companies WorldRemit and Transferwise, as well as data center company Verne Global.

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UK GETS THREE NEW UNICORNS IN Q1’15London dominated both in deals and dollars, accounting for 86% of all funding and 70% of all deals to VC-backed UK tech companies. The UK also saw three new Tech companies join the $1B+ valuation club, as FarFetch’s $86M Series E, TransferWise’s $58M Series C, and Shazam’s $30M Series F valued each company at $1B.

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Cities Deals Dollars ($M) Company Amount ($M) Round

London 48 672.03 WorldRemit 100 Series B

Berkshire 2 3 Verne Global 98 Series D

Essex 2 12.77 FarFetch 86 Series E

TransferWise 58 Series C

Blippar 45 Series A

Top UK Tech Cities: Q1'15 Top UK Tech Deals: Q1'15

ACCEL & INDEX TOP MOST ACTIVE UK VCSAccel Partners and Index Ventures were the most active VCs in UK Tech in Q1’15. Both invested in Deliveroo’s$25M Series B, while Accel’s largest deal was WorldRemit’s $100M Series B.

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Rank Investor Rank Investor

1 Accel Partners 7 Eden Ventures

1 Index Ventures 7 MMC Ventures

3 Passion Capital 7 Episode 1 Partners

3 Octopus Ventures 7 Notion Capital

3 Balderton Capital 7 Sussex Place Ventures

3 Forward Partners 7 Amadeus Capital Partners

7 Andreessen Horowitz 7 Holtzbrinck Ventures

7 North West Fund for VC 7 Business Growth Fund

7 Canaan Partners 7 Hoxton Ventures

7 Playfair Capital 7 83North

Most Active VC Investors in UK Tech: Q1'15

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Where is all this data from?The CB Insights platform has the details on each and

every deal in Q1 2015. That includes all of the 264 financings in this report.

Some of our happy customers

25

“Designed by a VC insider who truly knows the space and understands end-user needs.”

Greg BaeInvestments & Biz DevComcast Ventures

Jack LeeneyPortfolio ManagerTelefonica Ventures

“CB Insights are changing the way investors access private company information.”

Kevin DiestelInvestorSapphire Ventures

“We've found CBI to have the best data for the most accurate market view.”

“They have the best quality data in the market for anyone looking to get an inside look at private company financings.”

Ian SigalowPartnerGreycroft Partners

“CB Insights' intuitive user interface, analytical capabilities, and detailed investment information create a very powerful tool for our team's research needs.”

Nate D’AnnaCorporate DevelopmentCisco

“We track dealflow, understand valuation multiples, analyze industry trends and identify comparable companies. It is great to see CB Insights innovating in the venture capital data space.

Will PorteousGeneral PartnerRRE Ventures

25

The most publicly reference’able customers of anyone in the industry. Read more at www.cbinsights.com/customer-love

METHODOLOGY – WHAT’S INCLUDED? WHAT’S NOT?We encourage you to review the methodology and definitions employed by us to better understand the numbers presented in this report. If you have any questions about our definitions or methodological principles, we encourage you to reach out to us directly.

What is included?• Equity financings into Europe-based VC-backed Tech companies. • Fundings of only private companies. Public companies of any kind on any

exchange (including Pink Sheets) are excluded from our numbers even if they received investment by a venture firm(s)

• Companies must be headquartered in Europe (including Russia). Our geographic data is based on the country where the company receiving investment is headquartered. If a company has a satellite office/presence in multiple cities or was founded in a particular city but has moved its HQ, our results reflect only this HQ address.

• Only include the investment made in the quarter for tranched investments. If a company does a second closing of its Series B round for $5M and previously had closed $2M in a prior quarter, only the $5M is reflected in our results.

• Round #s reflect what has closed –not what is intended. If a company indicates the closing of $5M out of a desired raise of $15M, our numbers reflect only the amount which has closed.

• Only verifiable fundings are included. Fundings are verified via (1) various federal & state regulatory filings (2) direct confirmation with firm or investor or (3) press release.

• Funding close date matters. Fundings are provided based on funding close date and not on announcement date.

What is not?• No contingent funding. If a company receives a commitment for $20M subject to

hitting certain milestones but first gets $8M, only the $8M is included in our data.• No business development/R&D arrangements whether transferable into equity now,

later or never. If a company signs a $300M R&D partnership with a larger corporation, this is not equity financing nor is it from venture capital firms. As a result, it is not included.

• Buyouts, Consolidations and Recapitalizations. All three of these of transaction types are commonly employed by private equity firms and are tracked by CB Insights. However, they are excluded for the purposes of this report.

• Private placements. These investments also known as PIPEs (Private Investment in Public Equities) even if made by a venture capital firm(s) are not included.

• Debt/loans of any kind (excluding convertible notes). Venture debt or any kind of debt/loan issued to emerging, startup companies even if included as an additional part of an equity financing is not included. If a company receives $3M with $2M from venture investors and $1M in debt, only the $2M is included in these statistics.

• Government funding. Grants, loans, equity financings by the federal government, state agencies or public -private partnerships to emerging, startup companies are not included.

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