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€9.3B
€7.7B
€7.2B
€6.7B
€5.4B
€5.3B
€4.0B
€2.7B
€2.2B
€2.0B
€1.7B
€1.7B
€1.7B
€1.5B
€1.2B
€1.0B
€1.0B
€901M
€901M
€901M
€870M
€692M
€2.3B
€130M
€24M
€5M
€411M
€39M
€181M
€1M
€165M
€85M
€15M
€66M
€157M
€58M
€182M
€19M
€109M
€84M
€27M
€36M
€41M
Supercell
Skype
Yandex (IPO)
Rocket Internet (IPO)
King.com
Zalando (IPO)
Playtika
AVITO.ru
FleetMatics
Cambridge Silicon Radio
Just Eat (IPO)
Skyscanner
Betfair (IPO)
CRITEO (IPO)
AVG
Zoopla (IPO)
Takeaway.com (IPO)
BioVex
Hybris
MySQL
TeamViewer
Trivago
Value at exit Capital invested
1
Europe’s largest VC-backed exits
Note: Skype first sold to eBay for $2.6B, then another PE/VC buyout led to $8.5B exit. Most IPOs did not offer immediate exit. Just Eat IPO netted VCs €300M initial exit.Takeaway.com IPO netted €150M initial exit via secondary sale. Other IPOs were primary shares only.
… x
71x
317x
137x
16x
26x
133x
11x
27x
1496x
16x
29x
2933x
26x
n/a
7x
56x
9x
11x
33x
25x
Capital efficiency: multiple of exit value over capital invested (≠ fund return)
Notable partial exits via secondary sale:
- Spotify (€8B valuation)
- Vente Privee (€3B valuation)
- Delivery Hero (€3B valuation 1 year ago)
- Meuilleurtaux (unknown valuation)
- Blablacar (unknown valuation)
17x
n/a
2
Notable heavy hitting VCs in Europe9
6
4
4
3
3
3
3
3
2
2
2
2
2
Index Ventures
Insight Venture Partners
Accel Partners
Bessemer Venture Partners
Scottish Equity Partners
Institutional Venture Partners
Lakestar
Benchmark
HV Holtzbrinck Ventures
Vitruvian Partners
Baillie Gifford
Highland Capital Partners
Balderton
Baring Vostok
Supercell (€9.3B) Skype (€2.3B) King.com (€5.4B) Just Eat (€1.7B) Betfair (€1.7B) CRITEO (€1.5B) Privalia (€0.5B) Photobox (€0.5B) MySQL (€0.9B)
Supercell (€9.3B) Fleetmatics (€2.2B) MySQL (€0.9B)
King.com (€5.4B) Skype (€2.3B) Spotify
MySQL (€0.9B) Wix (€0.7B) Zipcar (€0.4B)
Zalando (€5.3B) Hellofresh CityDeal
Just Eat (€1.7B) Skyscanner (€1.7B)
Skyscanner (€1.7B) Hellofresh
Privalia (€0.5B) Photobox (€0.5B)
MySQL (€0.9B) Betfair (€1.7B)
Yandex (€7.3B) Avito.ru (€2.7B)
Note: Selected VCs and their biggest European exits. Other notables include Rocket Internet, Kinnevik and Tengelmann Ventures.
3
European tech acquisitions > €1 billion€42.8 B
€28.8 B€9.3 B
€7.7 B€5.4 B
€4.8 B€4.5 B€4.5 B
€4.0 B€3.9 B
€3.4 B€3.2 B
€3.1 B€3.0 B
€2.8 B€2.7 B
€2.5 B€2.4 B€2.3 B€2.2 B€2.1 B€2.0 B€2.0 B€1.9 B
€1.7 B€1.7 B€1.7 B
€1.5 B€1.5 B
€1.4 B€1.3 B€1.2 B€1.2 B€1.2 B€1.2 B€1.1 B€1.1 B€1.1 B
NXP SemiconductorsARM Group
SupercellSkype
King.comInformatica
KukaPokerStars
PlaytikaTravelport
JazztelTelecityGroup
Net-a-PorterAllegro
HEREAVITO.ru
Wood MackenzieSkype
MojangFleetMatics
VKontakte / vk.ruTrader Media Group
Cambridge Silicon RadioPace
SkypeHome Retail Group
SkyscannerMisys
Scout24 HoldingSupercell
Wood Mackenzie / WoodmacTeamSystem
Hotelbeds GroupAVG
R Cable and TelecommunicationsArgus Media
Airwave SolutionsSkrill
Note: excludes traditional telecom and satellites such as Virgin, Alcatel-Lucent, EE, Ziggo, E-plus, O3B.
Click here to review the data onlinehttps://app.dealroom.co/exits/f/fundings/anyof_0-1M_1-10M_10-25M_25-50M_50-100M_100-250M_%3E250M/industries/not_telecom/locations/Europe?sort=-total_ev