Dow Jones 3Q15 Europe VentureSource Report Final

8/20/2019 Dow Jones 3Q15 Europe VentureSource Report Final

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V E N T U R

Venture Capital Report

Europe | 3Q | 2015


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V E N T U R

VENTURE CAPITAL REPORT

The following report presents Dow Jones VentureSource’s quarterly findings for European venture capital fundraising, investmen

and liquidity. The included charts and graphs offer a comprehensive view of the trends currently affecting the venture capital ma

Highlights for 3Q 2015 include:

• European venture capital fundraising falls from prior quarter;

•

Venture capital investment into European companies improves in consecutive quarters;• The number of initial public offerings ( IPOs) experienced a decrease from the prior quarter, while the number of mergers and

are on the rise.


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V E N T U R

EUROPEAN VENTURE CAPITAL FUNDRAISINGFALLS IN 3Q 2015FUNDRAISING

European VC FundraisingBased on multiple closings (2012–201513 European venture capital funds accumulated

€853 million during 3Q 2015, dropping 58% in capital raised

from 2Q 2015 with a 52% decrease in the number of fund

closings.

• Compared with the year ago period, euros raised improved

by 5%, despite a reduction in the number of

fund closing (from 20 to 13).

• The largest fund of the quarter was Lakestar II LP, which

raised €350 million, accounting for 41% of the total amount

raised for 3Q 2015.

3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14

Amount Raised (€B) € 0.76 € 1.38 € 0.76 € 1.03 € 0.64 € 2.06 € 0.55 € 1.26 € 0.81

Number of Funds 15 31 15 17 11 43 22 24 20

0

5

10

15

20

25

30

35

40

45

50


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LARGEST EUROPEAN VC FUNDS RAISED IN 3Q 2FUNDRAISING

Firm Name Fund Name Amount (€M) LocationOffering

StatusFund Type Fund Category

Lakestar LP Lakestar II LP € 350.00Zurich,

SwitzerlandClosed

Multi-stage venture

capitalVenture Capita

Notion Capital Notion Capital Fund III LP € 108.56London,

United KingdomOpen

Early-stage venture


Runa Capital Runa Capital II € 67.85Moscow,

RussiaOpen

Early-stage venture


b-to-v Partners AG b-to-v Partners Fund III € 63.00St. Gallen,

SwitzerlandOpen

Multi-stage venture


Nauta Capital Nauta Tech Invest IV € 61.87Barcelona,

SpainOpen

Early-stage venture



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INVESTMENT INTO EUROPEAN VENTURE-BACKECOMPANIES IMPROVES ONCE MORE IN 3Q 2015

European companies raised over €3 billion for 355 deals during 3Q

2015, a minimal increase in the amount raised from 2Q 2015 despite

a 5% slide in the number of deals completed.

• In contrast with the year ago period, both investment and

number of completed deals improved, respectively

by 31% and 1%.

• Consumer Services (€935 million) was the strongest sector of

the quarter in terms of attracting investment followed by

Healthcare (€929 million).

FINANCING

Equity Financings into EuropeVC-backed Companies (2012

3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q

Amount Raised (€B) € 1.15 € 1.26 € 1.22 € 1.54 € 1.78 € 1.84 € 1.64 € 2.42 €

Number of Deals 334 395 379 421 397 487 406 436 3

€ 0.00

€ 0.50

€ 1.00

€ 1.50

€ 2.00

€ 2.50

€ 3.00

€ 3.50


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V E N T U R

EQUITY FINANCINGS INTO EUROPE-BASED, VC-BCOMPANIES, BY ROUND CLASS (2012–2015) – NUOF DEALS FINANCING

3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15

Seed 56 65 38 37 51 73 37 31 22 29 15 26 23

First 162 196 199 205 208 218 217 219 181 197 196 169 175

Second 53 59 66 89 63 83 65 90 65 75 80 68 73

Later 47 45 54 64 51 83 60 77 62 60 77 96 68

Restart 0 0 0 0 0 0 0 0 0 0 0 0 0

0

40

80

120

160

200

240


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EQUITY FINANCINGS INTO EUROPE-BASED, VC-BCOMPANIES, BY ROUND CLASS (2012–2015) – AMRAISED (€M)FINANCING

3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15

Seed € 16 € 26 € 20 € 17 € 20 € 30 € 17 € 22 € 13 € 21 € 11 € 16 € 26

First € 299 € 453 € 395 € 422 € 537 € 354 € 514 € 617 € 458 € 444 € 611 € 484 € 806

Second € 286 € 295 € 253 € 475 € 699 € 398 € 311 € 478 € 218 € 776 € 446 € 481 € 630

Later € 532 € 458 € 541 € 602 € 464 € 1,000 € 677 € 1,122 € 898 € 743 € 1,680 € 1,898 € 1,520

Restart € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0

€ 0

€ 200

€ 400

€ 600

€ 800

€ 1,000

€ 1,200

€ 1,400

€ 1,600

€ 1,800

€ 2,000


8/18

V E N T U R

EQUITY FINANCINGS INTO EUROPE-BASED,VC-BACKED COMPANIES (2012–2015) –MEDIAN EQUITY DEAL SIZE (€M)FINANCING

3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15

Median Equity Deal Size (€M) € 1.15 € 1.20 € 1.50 € 1.52 € 1.00 € 1.37 € 1.50 € 1.91 € 1.77 € 2.10 € 2.00 € 2.41 € 2.40

€ 0.00

€ 0.50

€ 1.00

€ 1.50

€ 2.00

€ 2.50

€ 3.00


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EQUITY FINANCINGS INTO EUROPE-BASED,VC-BACKED COMPANIES, BY INDUSTRY GROUP

Consumer Services received the largest allocation of investment during 3Q 2015

(31%), accumulating €935 million through 103 deals. Deal flow rose by 5% from

the prior quarter, despite a 33% drop in capital invested.

Healthcare placed second in terms of equity financing raising €929 million across

62 deals, an improvement of 101% in capital raised and 13% in deals completed

from the previous quarter.

Business and Financial services placed third, with companies in the sector

gathering 25% of the total amount invested for the quarter. The sector received€746 million across 112 deals; a rise of 12% in capital invested and of 8% in deal

flow from 2Q 2015.

FINANCING 3Q'15 Industry

BreakdownBy Number

of Deals

3Q’15 IndustryBreakdown

By Amount

Raised

32%

3%

29%

2%

17%

1%

16%

25%

1%

31%6%

31%

6%


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V E N T U R

TOP 5 DEALS INTO EUROPEAN VC-BACKEDCOMPANIES (3Q 2015)

Co. Name LocationIndustry

Code

Industry

Segment

Industry

Group

Brief

Description

Close

Date

Round

Type

Raised

(€M)

Comuto SA FranceTransportation

ServicesTravel and Leisure Consumer Services

Provider of a car journey-sharing

platform.31/07/2015 Later €180.00

Individual Inv

Lead Edge C

Mereo

BioPharma

Group Ltd.

United

Kingdom

Drug

Development

TechnologiesBiopharmaceuticals Healthcare

Provider of specialty

biopharmaceutical services.29/07/2015 First Round € 108.08

Invesco Pe

Inves

OxfordNanopore

Technologies

Ltd.

United

Kingdom

Drug

Development

TechnologiesBiopharmaceuticals Healthcare Provider of nanopore technology. 21/07/2015 Later € 98.90

EREN SA LuxembourgRenewable

Energy: OtherRenewable Energy Energy and Utilities

Provider of natural resource

efficiency.30/09/2015 First Round €97.50

Bpifrance Inve

CeQur SA Switzerland

Therapeutic

Devices

(Invasive)

Medical Devices and

EquipmentHealthcare

Provider of an insulin infuser

device for people with type 2

diabetes.1/09/2015 Later € 88.38

Arthurian Life S

Schroders, V

FINANCING


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MOST ACTIVE INVESTORS FOR EUROPE-BASED,VC-BACKED COMPANIES (3Q 2015) BY DEALS COFINANCING

13

12

8 8

7

6

0

2

4

6

8

10

12

14

16

Bpifrance Investment High-Tech Gruenderfonds

Management GmbH

Balderton Capital

Management LLP

Index Ventures Alven Capital Inveready Technology

Investment Group


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EQUITY FINANCINGS INTO EUROPE-BASED,VC-BACKED COMPANIES BY COUNTRY (3Q 2015)

The United Kingdom was the most favoured destination for equity financing

during 3Q 2015, receiving €947 million across 87 deals. The country took

31% of all equity financing for the quarter, despite a 9% decrease in deal flow

from 2Q 2015.

France placed second, attracting a 19% share of European financing.

Investment reached a total €567 million, a 29% rise in capital invested, despite

a 22% drop in number of deals.

Germany occupies third position raising €428 million, 14% of the total for the

quarter. Switzerland placed fourth with a 6% share, raising €194 million during

3Q 2015.

FINANCING

Number of

Deals in 3Q 2015by Country

(Top 4)

Amount Raisedin 3Q 2015

by Country

(Top 4)

23%

19%

24%

19

18%

10%

29%

31%

19%14%

6%

30%


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V E N T U R

EUROPE 3Q 2015 VENTURE EXIT ACTIVITY

43 venture-backed M&As took place in Europe

during 3Q 2015, a 2% increase from 2Q 2015 but a

12% drop from 3Q 2014.

A total of €2.7 billion were raised through VC-backed

M&As in 3Q 2015, a decrease of 27% from the previous

quarter and a 9% drop compared to 3Q 2014.

8 venture-backed IPOs took place during 3Q 2015, a

47% decrease from the prior quarter and a 50%

decrease in listings for VC-backed companies from the

year ago period.

LIQUIDITY

Exit Opportunities for European VC–backed Compani

0 10 20 30 40

3Q'12

4Q'12

1Q'13

2Q'13

3Q'13

4Q'13

1Q'14

2Q'14

3Q'14

4Q'14

1Q'15

2Q'15

3Q'15

3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14

IPOs 2 5 1 5 3 9 8 2 1 16

M&As 34 46 37 39 42 44 56 41 49


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TOP 3 M&As IN EUROPE (3Q 2015)

Company Name LocationBrief

Description

Industry

CodeIndustry Segment Industry Group

Close

Date

Round

Type

Am

Idealista S.A. Madrid, SpainOperator of a real estate website

in Spain, Italy, and Portugal.Search Portals

Consumer

Information Services

Consumer

Services24/07/2015 Buyout

Oxitec Ltd.

Abingdon,

UnitedKingdom

Provider of biotechnology for

tackling dengue fever anddamaging agricultural pests.

Genetically Modified

AgriculturalProducts

Agriculture and

Forestry

Industrial Goods and

Materials 04/09/2015 Acquisition

Powervation Ltd.Blackrock,

Ireland

Provider of fabless

semiconductor solutions.

Application-Specific

Integrated CircuitsSemiconductors

Information

Technology23/07/2015 Acquisition

LIQUIDITY


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V E N T U R

EUROPEAN VC-BACKED IPOs (2012-2015)LIQUIDITY

8 venture-backed IPOs took place during 3Q 2015, a

decrease in number of deals both to the prior quarter and

the previous year.

• IPOs raised almost €700 million during 3Q 2015, an

increase of 31% from the €533 million raised in 2Q 2015.

VC-backed companies also raised an higher amount

through IPOs when compared with the year ago period

(€447 million).

• The largest European VC-backed IPO of 3Q 2015

was the Flow Traders listing in July. The company raised

€521 million for i ts offering on the Amsterdam Exchange

Index.3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q' 14 2Q'14 3Q'14

Raised (€M) through IPO € 52.08 € 142.99 € 19.22 € 89.24 € 25.51 € 366.10 € 448.63 € 529.53 € 447.47

Number of IPOs 2 5 1 5 3 9 8 21 16

€ 0.00

€ 500.00

€ 1,000.00

€ 1,500.00

€ 2,000.00

€ 2,500.00


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TOP 3 IPOs IN EUROPE (3Q 2015)LIQUIDITY

Company Name LocationBrief

Description

Industry

CodeIndustry Segment Industry Group

Close

Date

Raised

IPO

Flow Traders NetherlandsProvider of electronic trading

services.

Institutional

Investment Services

Financial Institutions

and Services

Business and Financial

Services10/07/2015 € 52

Nabriva

Therapeutics AGAustria

Developer of pleuromutilin

antibiotics.

Biotechnology

TherapeuticsBiopharmaceuticals Healthcare 18/09/2015 € 8

Kiadis Pharma BV NetherlandsDeveloper of oncology-related

therapeutics.

Biotechnology

TherapeuticsBiopharmaceuticals Healthcare 02/07/2015 € 3


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ABOUT US

Dow Jones VentureSource helps venture capitalists, corporate development executives, investment bankers and service provide

partnership opportunities, perform comprehensive due diligence and examine trends in venture capital investment, fund-raising

accurate, comprehensive data on venture-backed companies – including their investors and executives – in every region, indust

development throughout the world.

The investment figures included in this release are based on aggregate findings of Dow Jones’ proprietary research and are cont

This data was collected through survey of professional firms, interviews with company executives, and from secondary sources.

statistics cover equity investments into early stage, innovative companies and do not include companies receiving funding solel

individual, and/or government investors. Figures contained throughout the report current at time of editorial but are subject to ch

No statement herein is to be construed as a recommendation to buy or sell securities or to provide investment advice.


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Dow Jones 3Q15 Europe VentureSource Report Final

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