NOAH Disruptor List 2015

NOAH Disruptor List

2

The NOAH Conference Berlin

Disruptor Financing by Segment

Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors. Note: Data only includes the 10 largest funding in the segment considered. 3

0.6

1.9

4.2

1.4

0.2

0.1

0.9

0.2

0.5

0.1

8.6

5.7

1.9

3.7

2.1

2.2

1.4

1.5

1

1.2

Mobility

Insurance & Finance

Retail

Media, Telecom & Gaming

Healthcare & Science

Fitness, Wearables & Sports

Advertising

Home Automation

Travel & Tourism

Education Europe US

The amount invested in the leading European disruptors is only around a third of that in the US

6%

12%

39%

5%

9%

27%

68%

26%

8%

33%

% EU Share

Capital Invested in Leading Disruptors by Sector ($m)

9.2

7.6

6.1

5.1

2.3

2.3

2.3

1.7

1.5

1.2

Only segment where the European raised more funds than the US disruptors

26%

74%

Total Capital Invested by Region

Largest Disruptors by Funding

Europe - Capital Raised ($m) / HQ / Year Founded US - Capital Raised ($m) / HQ / Year Founded

Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors. 4

1,300

781

689

538

502

313

300

282

273

271

263

207

205

195

194

179

177

172

151

148

Retail

Retail

Retail

Media Telecom & Gaming

Retail

Advertising

Insurance & Finance

Insurance & Finance

Insurance & Finance

Retail

Insurance & Finance

Mobility

Retail

Retail

Retail

Retail

Insurance & Finance

Insurance & Finance

Home Automation

Insurance & Finance

2011

2011

2009

2006

2001

2006

2005

2006

2009

1998

2012

2010

2012

2005

2009

2009

2009

2009

2009

2012

2012

2007

2010

2003

2012

2008

2007

2011

2009

2000

2006

1999

2003

2013

2005

2002

2010

5,900

1,600

1,300

1,262

1,058

863

795

766

715

628

592

591

583

580

519

500

454

362

340

334

Uber

Avant

Pinterest

Lending Club

Tesla

Lyft

Airbnb

Sofi

Gopro

Ondeck

Magic Leap

Square

ability

Vice

jawbone

Tinder

Sonos

wework

slack

Etsy

Mobility

Insurance & Finance


Insurance & Finance

Mobility

Mobility

Travel & Tourism

Insurance & Finance


Insurance & Finance

Fitness Wearables & Sports

Insurance & Finance

Healthcare & Science




Home Automation

Mobility


Retail

Presenting at

The Unicorns revealed!

2010

2008

2011

Ç√

Ç√ 5,900

1,058

863

362

143

63

61

58

50

43

Uber

Tesla

Lyft

WeWork

INRIX

RelayRides

Handy

Postmates

Streetline

Getaround

207

101

101

82

25

23

15

11

10

10

gett

BlaBlaCar

Hailo

Moovit

mytaxi

Blacklane

Cabify

Drivy

Citymapper

Carma

The most well-funded segment, fueled by soaring appetite for on demand taxi services

Mobility ($9.2bn)

2006

2010

2011

2011

2011

2009

2010

2011

2007

2009

2003

2012

2010

2004

2008

2009

2010

2012

Presenting at

On demand taxi

Peer-to-peer ride sharing

On demand taxi

Travel information

On demand taxi

On demand taxi

On demand taxi

Peer-to-peer car rental

Travel information

Peer-to-peer ride sharing

On demand taxi

Smart car manufacturer

On demand taxi

Shared workspace

Travel information


On demand services

Online logistics

Travel information


6% $0.6bn

94% $8.6bn

Europe

US

5 Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors. Note: Data only includes the 10 largest funding in the segment considered.


Funding - Europe vs. US Most Active Investors in Europe Most Active Investors in the US

2010

Online payments and credit are on rise and so is the capital injected

Insurance & Finance ($7.6bn)

2006 300

282

273

263

177

172

148

145

115

90

Adyen

Klarna

Funding Circle

Kreditech

Powa Technologies

Borro

WorldRemit

Wonga

iZettle

eToro

2005

2009

2012

2007

2008

2010

2007

2010

2010

2012 1,600

1,262

766

628

591

307

200

130

91

89

Avant

Lending Club

Sofi

Ondeck

Square

Mozido

Stripe

Wealthfront

Taulia

Coupa Software

2007

2007

2009

2008

2010

2011

2009

2009


Online Payments

Online Payments

Peer-to-peer financing

Online credit

Mobile payment

Online loans

Money transfer

Online credit

Mobile payment

Money transfer

Online loan

Online loan

Online loan

Business loan

Mobile payment

Mobile payment

Online & mobile payment

Wealth management

Invoicing and payments

Payment software

26% $1.9bn

74% $5.7bn

Europe

US



Presenting at

2011

Retail ($6.1bn)

2010

68% $4.2bn

32% $1.9bn

US

Europe

1,300

781

689

502

271

205

195

194

179

118

Zalando

Just Eat

Privalia

ozon.ru

Farfetch

HelloFresh

WestWing

Takeaway.com

2011

2011

2001

2006

1998

2009

2000

2012

2005 334

275

254

225

225

211

122

116

112

65

Etsy

Instacart

JustFab

Jet

One Kings Lane

HARRY'S

Honest Co.

Warby Parker

GrubHub

Nasty Gal

2012

2010

2014

2006

2009

2011

2010

2004

Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors. Note: Data only includes the 10 largest funding in the segment considered.

A competitive, fragmented space driven by strong vertical champions

Food delivery

E-commerce

Food delivery

E-commerce

E-commerce

E-commerce

E-commerce

Food delivery

E-commerce

Food delivery

E-commerce

Food delivery

E-commerce

E-commerce

E-commerce

E-commerce

E-commerce

E-commerce

Food delivery

E-commerce

7



Presenting at

2008

2011

Media, Telecom & Gaming ($5.1bn)

2006

28% $1.4bn

72% $3.7bn

Europe

US

538

149

140

125

123

80

80

72

50

32

Spotify

Deezeer

Kobalt

Shazam

SoundCloud

Truecaller

Silent Circle

Fon

LiveU

Wooga

2006

2009

2000

2002

2007

2009

2012

2006

2006

2010 1,300

580

500

340

245

210

153

116

108

104

Pinterest

Vice Media

Tinder

Slack

Mode Media

Nextdoor

Roku

Kaltura

Vox Media

Twilio

2006

2012

2013

2011

2010

2009

2007

2002

2006

Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors. Note: Data only includes the 10 largest funding in the segment considered.

The oldest, largest internet segment with the most multi-billion dollar companies

Online music

Online music

Online music

Online music

Online music

Telecom

Telecom

Telecom

Online video

Gaming

Social network

Online media

Social network

Connectivity

Online media

Social network

Online video

Online video

Online media

Cloud services

8



Presenting at

US received most of the funding – EU promising, but at toddler stage

Healthcare & Science ($2.3bn)

2008

72

35

32

27

11

10

10

9

9

3

2001

2006

2010

2010

2004

2013

2011

2013

2000 583

295

292

153

141

139

136

128

125

98

2013

2001

2012

2006

2011

2013

2007

Cloud-based services

Health insurance

Lead generation

Analytics

Disease monitoring

Analytics

Lead generation

Analytics

Analytics

Lead generation

10% $0.2bn

9% $2.1bn

Europe US

2008

2012

2012

Gesture capture

Social network

Disease monitoring

Disease monitoring

Lead generation

Disease monitoring

Analytics

Lead generation

Disease monitoring

Lead generation

9 Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors. Notes: Data only includes the 10 largest funding in the segment considered. 1. Acquired by MedImmune.



Presenting at

The new frontier is backed by prominent investors and… strong consumer sentiment

Fitness, Wearables & Sports ($2.3bn)

2008 34

33

15

15

12

7

6

5

4

4

2008

2010

2010

2012

2008

2010

2013

2011

2012

2003 715

592

519

84

77

63

54

44

39

35

2011

1999

1996

2012

2007

2007

2010

2011

2012

Health tracking device

Sports information

Visual information

Sports analytics

Sports video

Health tracking app

Marketplace


Motion detection

Sports analytics

Sports video

Augmented reality



Sports analytics


Marketplace

Motion detection

Sports analytics

Sports Analytics

5% $0.1bn

95% $2.2bn

Europe US




Presenting at

Advertising ($2.3bn)

2005

38% $0.9bn

62% $1.4bn

Europe US

313

105

87

81

77

75

45

44

35

35

2010

2010

2000

2011

2008

2008

2011

2010

2002

2008 330

288

143

134

124

97

94

89

77

74

New Relic

AppNexus

INRIX

Videology

Sprinklr

Return Path

App Annie

AdRoll

Urban Airship

xAd

2007

2002

2007

2009

2009

1999

2007

2010

2009

A highly competitive space with large corporations holding strong industry positions

Retargeter

App Delivery

Ad Network

Ad Network

Mobile Advertising

Analytics

Augmented Reality

Analytics

Marketing Software

Analytics

Analytics

Ad Platform

Marketing Software

Ad Network

Marketing Software

Email Marketing

Analytics

Retargeter

Marketing Software

Mobile Advertising




Presenting at

Home Automation ($1.8bn)

2009

14% $0.2bn

86% $1.5bn

Europe US

151

23

19

16

8

6

6

6

2

SIGFOX

Electric Imp

Neul

tado°

orderbird AG

yetu

Humavox

Scypho

Netatmo

coodo 1

2011

2010

2010

2011

2011

2010

2010

2010

2011

2002 454

214

205

157

119

94

87

80

57

56

2009

2004

2003

2006

2008

2003

2009

2009

2010

Surging investment activity, as homes are getting smarter

M2M communication

Smart home platform

M2M communication

Smart home devices

Smart home platform

Smart home platform

Smart home device

Smart home devices

Smart home devices

Smart home devices

Smart home devices

Marketplace

Smart home platform

Smart home platform

M2M communication

Smart home platform

Smart home platform

Smart home devices

Home security

Smart home devices




Presenting at

795

81

44

39

25

9

8

7

7

7

Pinterest

Vice Media

Tinder

Slack

Mode Media

Nextdoor

Roku

Kaltura

Vox Media

BookingPal

Travel & Tourism ($1.5bn)

1996

32% $0.5bn

68% $1.0bn

Europe US

137

90

69

60

56

44

31

13

5

5

2011

2003

2009

2010

2009

2012

2009

2010

2008

2010

2010

2010

2012

2007

2012

2013

2012

2011

Expedia and Priceline consolidating the industry while VCs have funded players in niches

Online Travel Agent

Peer-to-peer rental

Travel Technology

Peer-to-peer rental

Peer-to-peer rental

Social Network

Online Travel Agent

Online Travel Agent

Travel operator

Travel Metasearch

Peer-to-peer rental

Online Travel Agent

Online Travel Agent

Social Network

Lead Generation

Online Travel Agent

Social Network

Social Network

Lead Generation

Peer-to-peer rental

2011




Presenting at

216

169

165

106

105

100

95

88

85

79

Education ($1.3bn)

2008 30

11

10

10

10

10

10

7

6

6

Lecturio

Babbel

Peak

Quipper

Tonara

Brainly

iversity

Memrise

Docebo

2007

2012

2010

2008

2009

2011

2010

2005

2008

2000

2007

2013

2001

2012

2008

2007

2012

2006

2011

Academic education

Content Distribution

Foreign language

Training app

Education management

Specialty education

Social network

Content distribution

Foreign language

Training management


IT courses


Specialty


Social network


Social network


Training management

8% $0.1bn

92% $1.2bn

Europe US

Pearson managed to move digital while the industry is still looking for a strong disruptor




Presenting at

NOAH Berlin Concept Presenting Companies by Industry Verticals

Healthcare

& Science Fitness,

Wearables

& Sport Advertising

Insurance &

Finance Education

Travel &

Tourism Mobility

Media,

Telecom &

Gaming

Retail

Home

Automation

Co-Hosted by

Strategic

Partners

15

Presenting Companies by Industry Verticals Keynotes & Other Sessions

http://www.noah-advisors.com/

Main Stage Program

Latest Online Program >> 16

https://www.noah-conference.com/noah-berlin-2015/program-berlin-2015/

The NOAH Ecosystem

17 Includes only a small sample of companies regularly attending NOAH Conferences.

Corporates

Inte

rnet

Inves

tors

“Where Business Gets Done!”!

Venture'Capital'

Growth'Capital'

Buyout'

Recrui5ng' PR' Legal'

Accoun5ng' Banking' Press'

Media' Large'Cap'Internet' Other'

Earl

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tag

e

Late

Sta

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The$graphic$reflects$only$a$small$selec3on$of$current/past$a7ending$companies$

Service Providers

Oct-14 (2013) Germany IPO 7,600

Sep-14 (2013) Germany IPO 7,500

Mar-14 (2011) UK IPO 7,400

Oct-10 (2009) UK IPO 3,700

Oct-13 (2011) France IPO 2,700

Jan-12 (2009) Czech Republic IPO 1,200

Nov-13 (2012) Israel IPO 895

Apr-14 (2013) Spain IPO 440

Apr-14 (2012) Switzerland IPO 280

Jul-14 (2012) Israel IPO 194

May-11 (2009) Luxembourg 8,000

Nov-13 (2009) Sweden Multiple Mega Fund Raises 5,000

Jan-14 (2011) UK 2,800

Nov-13 (2012) Germany 2,500

Feb-14 (2013) Russia Multiple Mega Fund Raises 1,800

Nov-12 (2010) USA 1,800

Mar-15 (2009) UK 1,550

Jan-14 (2010) France 1,500+

Dec-14 (2011) Netherlands Mega Multiple Fund Raises 1,500

Jun-13 (2011) USA 1,100

Dec-12 (2011) Germany 1,050

Sep-14 (2011) Germany 1,000

Sep-14 (2009) UK 1,000

Mar-14 (2013) Sweden Multiple Mega Fund Raises 1,000

Mar-14 (2012) Czech Republic 1,000

Jan-11 (2011) France 846

Oct-13 (2012) UK 800

Dec-14 (2009) France 800

Jan-15 (2011) UK 680

May-15 (2013) Turkey 665

Apr-11 (2011) Germany 600

Feb-13 (2009) Spain 345

Jan-11 (2010) UK 320

Oct-12 (2010) Germany 311

Jul-12 (2012) Czech Republic 250

May-14 (2012) Israel 228

Mar-15 (2013) Germany 215

Oct-14 (2011) Denmark 210

Jul-14 (2013) Switzerland Multiple Mega Fund Raises 200

May-14 (2010) Turkey 200


Sep-14 (2012) Italy 100+

Oct-14 (2010) Spain 100

Jun-14 (2013) Israel 100

Oct-13 (2012) Israel 100


Date Company (First on Stage) Buyer Valuation ($m)

M&A

IPO Current Market Cap ($m)

Headquarters

(60%)

(undisclosed %)

(undisclosed %)

(minority)

18

Winners on Stage

19

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