europe & israel 2016 vc year in review
TRANSCRIPT
Venture Capital in Europe & IsraelVenture Investment Data: 2016 Year in Review
Prepared by Gil Dibner
Millau Viaduct, France – Highest bridge in EuropeLength: 2.5 km; Maximum clearance: 270 meters blog
The data• The data in this report consists entirely of data I’ve gathered manually based on
publicly available, free sources• No paid data sources or API calls were harmed in the making of this dataset, every
investment was manually classified• This allows analysis of some aspects of the data I consider important – aspects that
don’t appear in other data sources. More importantly, it allows me to exclude deals that are really not “venture capital” rounds but tend to get included by others
• Seed investment is under-reported and adds a lot of noise to the data set, so I exclude deals under $500K
• The analysis is limited to ICT categories and excludes life sciences• The analysis excludes Turkey and FSU countries• I’m converting all currencies into USD using monthly average exchange rates
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Top 10 deals by region in 2016 (US $M)
France & Benelux IsraelIberia
UK & Ireland DACH Nordic
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35
35
37
38
47
50
75
108
109
150
Drivy
Zenly
Finanzcheck
Navya
Teads
Showpad
Tradeshift
Devialet
Deezer
SigFox
0 50 100 150 200
60
70
70
72
76
89
96
100
180
300
Lumus
Via
Zerto
Sirin
ForeScout
BlueVine
Skybox Security
Voyager Labs
Payoneer
Gett
0 100 200 300 400
20
21
21
25
33
35
36
38
49
88
The Future…
Swap.com
Visedo
Vivino
AlphaSense
Klarna
Neo4j
M-Files
StarBreeze
Apptus
0 20 40 60 80 100
49
54
70
85
90
90
100
100
216
374
Movinga
Brillen.de
SoundCloud
Sonnen Group
Hello Fresh
Heliatek
Innogames
MindMaze
GoEuro
Global Fashion Group
0 100 200 300 400
5050505254
606570
110170
192275
MUBIIntercom
HighQNutmegBlippar
Student.comDarktrace
StarlingFarFetch
FutureFinanceSkyscanner
Deliveroo
0 50 100 150 200 250 300
7
8
8
12
22
38
42
55
56
120
TravelPerk
Coverwallet
Verse
ABA English
Veniam
CornerJob
Jobandtalent
OutSystems
Hawkers
Cabify
0 50 100 150
Top 10 deals by type 2016 (US $M)
Systems SemiconductorEnterprise
Consumer Financial Commerce
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54
55
65
70
75
76
88
96
100
180
Blippar
OutSystems
Darktrace
Zerto
Tradeshift
ForeScout
Apptus
Skybox Security
Voyager Labs
Payoneer
0 50 100 150 200
108
109
110
120
170
192
216
275
300
374
Devialet
Deezer
FarFetch
Cabify
FutureFinance
Skyscanner
GoEuro
Deliveroo
Gett
Global Fashion Group
0 100 200 300 400
36
37
40
43
45
52
70
75
89
170
Tandem
Finanzcheck
Number26
EZBob
World Remit
Nutmeg
Starling
Tradeshift
BlueVine
FutureFinance
0 50 100 150 200
29
35
38
45
50
50
72
85
100
108
Airobotics
Formlabs
Navya
Egym
Phinergy
Roboteam
Sirin
Sonnen Group
MindMaze
Devialet
0 20 40 60 80 100 120
45
50
54
56
90
110
192
216
275
374
Home24
Vroom
Brillen.de
Hawkers
Hello Fresh
FarFetch
Skyscanner
GoEuro
Deliveroo
Global Fashion Group
0 100 200 300 400
15
17
17
20
20
25
25
30
35
38
Kandou Bus
Oryx
MultiPhy
ColorChip
Valens
Autotalks
Satixfy
GraphCore
Acco
Celeno
0 10 20 30 40
Quarterly pace of venture investment• In 4Q16, Europe & Israel saw
$3.5 billion flowing into 450 venture transactions
• This represents a slight improvement from 3Q16 and 4Q15 levels, but well below 2Q16
• In total, there was $14.5B of venture investment into Europe & Israel in 2016 in 1,795 transactions
• These numbers, and the rest of this deck, do not reflect the $1B in debt raised by Spotify in March
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3,139
3,252
2,857
3,730
4,114
3,122
3,519
0
100
200
300
400
500
600
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016
Amou
nt in
vest
ed (U
S $M
)
VC Investments in Europe & Israel
Invested amount (US $M) Number of investments
Monthly pace of venture investment
• Looked at on a monthly basis, the slight pick up in 4Q was due mostly to a strong October
• December was seasonally weak in 2015 and 2016
• As would be expected, European & Israeli VC investment trends show seasonal slowdowns in summer (July, August) and winter (December)
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905
971
997
791
787
1,561
1,518
571
1,164
1,084
1,059
715
1,657
1,051
1,021
1,401
1,452
1,261
725
1,101
1,296
1,457
1,170
893
0
20
40
60
80
100
120
140
160
180
200
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Jan
Feb
Mar
Apr
May Jun Jul
Aug
Sep
Oct
Nov De
c
Jan
Feb
Mar
Apr
May Jun Jul
Aug
Sep
Oct
Nov De
c
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016
Amou
nt in
vest
ed (U
S $M
)
VC Investments in Europe & Israel(January 2015 - December 2016)
Invested amount (US $M) Number of investments
Mega-rounds skew the investment totals• This analysis breaks down VC
investments into brackets by size:
• Seed (less than $2M)• Early venture ($2-8M)• Venture ($8-20M)• Growth ($20-100M)• Mega ($100M+)
• Six mega-rounds took place in Europe in 4Q16
• Devialet (France, $108M)• GoEuro (Germany, $146M)• Innogames (Germany, $100M)• Sigfox (France, $150M)• Payoneer (Israel. $180M)• Voyager Labs (Israel, $100M)
• Adjusting for mega-rounds, 4Q16 was about $110M less than 3Q16, the second quarterly decline in a row
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354 371 510 602 635 592 707716 567
559730 695 752 651
8131,513 1,187
1,650 1,6791,336 1,197
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016
Amou
nt In
vest
ed (U
S $M
)
Pace of VC Investment in Europe and Israel
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (.5-2)
Strong year-over-year growth
• 2016 saw 20% more venture investment than 2015
• Early venture deal volume increased 67%, venture volume increased 18%, growth volume increased 26%.
• Mega-deal volume was down 18%
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437 7261,520
2,536
2,397
2,828
4,667
5,862
3,100
2,534
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
2015 2016
Tota
l VC
inve
stm
ent (
US $
M)
VC investment volume in Europe and Israel by bracket(2015 vs 2016)
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (<2)
Number of investments, by bracket
• Excluding seed deals, the total number of VC investments per quarter was 275 in 4Q16, a new record level since I started tracking this data
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77 85 94
140 153 157 14418142
62 44
4661 57
64
53
33
26 38
35
44 5240
35
66 4
3
4 41
6
0
50
100
150
200
250
300
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016
Num
ber o
f VC
inve
stm
ents
VC investment volume in Europe and Israel by bracket
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8)
No evidence of a Brexit effect on deal volume
• The biggest story in the UK in 2016 was, undoubtedly, the Brexit referendum on June 23
• Looking just at UK VC deal volume, there’s so far no evidence that Brexit caused any slowdown whatsoever in VC activity
• There were an average of 14 VC deals per month in 2H15 (pre-Brexit referendum)
• There were an average of 19 VC deals per months in 2H16 (post-Bredit referendum)
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0
5
10
15
20
25
30
Jul
Aug
Sep
Oct
Nov De
cJa
nFe
bM
ar Apr
May Jun Jul
Aug
Sep
Oct
Nov De
cJa
nFe
bM
ar Apr
May Jun Jul
Aug
Sep
Oct
Nov De
c
Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016
Num
ber o
f VC
inve
stm
ents
VC investment volume in the UK by bracket
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8)
Corporate VC activity, by bracket
• Excluding seed deals, the total number of corporate VC investments stayed flat at 44 in 4Q16 compared to 3Q16
• Overall, there were 196 corporate VC investments in Europe & Israel in 2016 compared to 123 in 2015, an increase of 59%
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6 4 516
7
22 19 23 1927
43
9
12
7
12
6
1619 5
44
7
8
7
720
18
69
3
13
3
3
0
10
20
30
40
50
60
70
Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016
Num
ber o
f VC
inve
stm
ents
Corporate VC investment volume in Europe and Israel by bracket
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8)
Corporate VC activity, by country
• During 2016, Israel saw the highest number of corporate VC investments, with 70
• The UK saw 39 corporate VC investments during the year
• France and Germany each saw 21 corporate VC investments in 2016
• 13 other countries saw corporate VC activity across Europe, but at much lower levels
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22 1910 8 6 5
22
9
25
10
7 6
0
10
20
30
40
50
60
70
80
Isra
el UK
Ger
man
y
Fran
ce
Swed
en
Switz
erla
nd
Spai
n
Italy
Belg
ium
Finl
and
Denm
ark
Nor
way
Icel
and
Esto
nia
Net
herla
nds
Pola
nd
Port
ugal
Num
ber o
f inv
estm
ents
Number of corporate VC investments in Europe and Israel by bracket(2016)
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8)
Average round size• Previously, I presented this
broken down by bracket, but I think the data is more meaningful when taken in aggregate.
• This average excludes seed rounds and mega rounds, so it reflects all rounds done in Europe & Israel between $2M and $100M
• With very few exceptions, most months saw average round sizes of $10-12M and there is seems to be little pattern other than mean reversion
• 3Q15 is the only systematic outlier to this trend, with average round sizes of $12-15M throughout the quarter
• Round sizes seemed to dip in 4Q16, with November seeing the lowest average round size since September 2014
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4
6
8
10
12
14
16
18
20
Jul
Aug
Sep
Oct
Nov De
cJa
nFe
bM
ar Apr
May Jun Jul
Aug
Sep
Oct
Nov De
cJa
nFe
bM
ar Apr
May Jun Jul
Aug
Sep
Oct
Nov De
c
Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016
Amou
nt In
vest
ed (U
S $M
)
Average investment size in Europe and Israel(Round sizes of 2-100M)
Total venture investment by country, 4Q 2016
• Israel saw the most VC investment in 2016, with $3.9B raised
• The UK came in second place, with $3B raised
• Germany saw the third-highest amount of venture investment, with $2.3B
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3,9743,033
2,2701,795
712419
382305300
280199
128122107103
835647453635
187555442111
IsraelUK
GermanyFrance
SwedenSpain
IrelandNetherlandsSwitzerland
FinlandBelgium
DenmarkNorway
ItalyPortugal
PolandAustriaSerbia
LuxembourgIcelandEstonia
BulgariaCzech
SloveniaGreece
LatviaLithuaniaSlovakiaAlbania
HungaryRomania
Croatia
Total VC investment volume by country, 2016 (US $M)
Total venture investment by country, 3Q14 to 4Q16• To get a better sense of VC
volumes in various countries, this analysis excludes mega-rounds
• With this filter, volumes and rankings are more consistent
• The biggest change in 4Q16 was a dramatic decline in Israeli VC volume, down to the lowest quarterly level in the past two years, but still just clinging to its first-place rank
• What is most notable important about this chart is the consistent gradual growth in Germany, France, and Sweden
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315
567 543475
628699
963
1,064
877
490
369
267
719
437
625 444
871
553 544
487
180
284
389
209
379340 335
392460
463
29
163118
232 279224 279
367339 443
74123 89 112
14084
139 151198 224
Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr40
200
400
600
800
1000
1200
Tota
l VC
inve
stm
ent (
US $
M)
Total VC investment, 3Q14 - 4Q16 (top 5 countries, excluding mega-rounds)
IsraelUKGermanyFranceSweden
Total venture investment by country, 3Q14 to 4Q16
• To get a better sense of VC volumes in various countries, this analysis excludes mega-rounds
• The “second five” countries for VC investment in 2016 were Finland, Ireland, the Netherlands, Spain, and –somewhat surprisingly -Switzerland
• After two very solid quarters, the Netherlands seemed to revert back to lower levels
• Switzerland edged out Denmark to round out the top ten
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Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016
0
20
40
60
80
100
120
140
160
180
Tota
l VC
inve
stm
ent (
US $
M)
Total VC investment, 3Q14 - 4Q16(countries ranked 6-10 in 2016, excluding mega-rounds)
Spain
Ireland
Netherlands
Switzerland
Finland
Average venture round sizes, by region
• For a while, I had been seeing a trend towards convergence in the sizes of rounds across the geography
• In 2016, this trend seems to be holding
• Most regions saw average round sizes flat or slightly down
• The DACH region saw a significant increase in average round size in 4Q16 compared to 4Q15
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Benelux, 4.7
Benelux, 7.5
DACH, 14.9
DACH, 16.2
France, 8.2France, 7.6Iberia, 7.2
Iberia, 9.1
Israel, 15.9
Israel, 11.8Nordic, 11.5
Nordic, 7.0
UK & Ireland, 8.5UK & Ireland, 8.6
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
Qtr4 Qtr4 Qtr4
2014 2015 2016
Aver
age
roun
d si
ze (U
S $M
)
Average investment size in Europe and Israel (rounds of $2-100M)
Total venture investment by region
• When VC investments across Europe are aggregated into regions, UK & Ireland, Israel, DACH, France, and the Nordics are the clear and consistent leaders
• Benelux, Iberia, Southern Europe, and Eastern Europe do produce meaningful VC investments, but the volumes are still low
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Israel, 3,974
UK & Ireland, 3,415
DACH, 2,626
France, 1,795
Nordic, 1,322Benelux, 549
Iberia, 523
South. Eur., 167
East. Eur., 114
Total VC investment by region, 2016
Rounds by bracket & region
• To get a better sense of deal volume, this analysis excludes seed deals which are often poorly reported
• Excluding seed deals, the UK and Ireland saw 63 venture deals in the fourth quarter
• France took second place, with 55
• The Nordics had a very busy quarter, with 49 deals, up from 30 in 3Q
• Israel dropped to fourth place, with only 43 deals, down from 62 in 3Q
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42 38 39
23 199 5 3 3
1210 6
11
7
13
1
9
54
7
8
1 1
2
2
2
0
10
20
30
40
50
60
70
UK &Ireland
France Nordic Israel DACH Iberia Benelux East. Eur. South. Eur.
Num
ber o
f inv
estm
ents
Number of investments in Europe and Israel by bracket, 4Q 2016
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8)
Participation rate of US VC firms, by bracket
• In the fourth quarter, US VCs participated in 8% of the VC financing rounds in EU and Israel
• As usual, US VCs are much more likely to participate in later rounds
• US VCs participated in only 1 of 6 mega-rounds in 4Q16
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0% 9%17%
23%17%
100%91%
83%77%
83%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Seed (.5-2) Early Venture (2-8) Venture (8-20) Growth (20-100) Mega (>100)
Perc
enta
ge o
f rou
nds
Did US VC firms participate in European VC rounds? (4Q16)
No Yes
US VC firm participation rate drops in 4Q
• In 4Q, US VCs participated in about 12% of the rounds that took place in Europe
• This rate is the lowest since I’ve been tracking the data
• This analysis excludes seed and mega-rounds
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15%23% 17% 20% 20% 16% 16% 21% 21%
12%0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016
Perc
enta
ge o
f Rou
nds
Did US VC firms participate in European VC rounds?(Rounds of $2M-$100M, 3Q14-4Q16)
No US VC in the round US VC in the round
US VC firm participation rate vary widely by country
• Rates of US VC participation vary wide across different countries
• On this metric, in 2016, Estonia, Israel, and Portugal leap to the top of the list, with 60%, 34%, and 29% respectively
• Italy and France bring up the rear, with only 6% and 5%
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100%
60%
34% 29% 26% 24% 24% 23% 22%13% 11% 10% 10% 8% 6% 6% 5%0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Bulgaria
Estonia
Israel
Portugal
Switzerland
Ireland
Netherlands
Germ
any
Poland
UK
Sweden
Finland
Spain
Norw
ay
Belgium
Italy
France
Perc
enta
ge o
f Dol
lars
Inve
sted
Did US VC firms participate in European VC rounds?(2016)
No US VC in the round US VC in the round
Participation of US VC firms by country
• In 2016, US VCs firms were active in 17 different European countries
• US VC firms were most active in Israel, where they participated in 80 investment rounds
• The UK saw 31 US investments
• US VCs invested in 26 German companies
• France and Sweden both saw 9 US VC investments in 2016
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80
31 26
9 9 7 50
10
20
30
40
50
60
70
80
90
Isra
el UK
Ger
man
y
Fran
ce
Swed
en
Switz
erla
nd
Net
herla
nds
Irela
nd
Spai
n
Esto
nia
Finl
and
Port
ugal
Pola
nd
Bulg
aria
Belg
ium
Italy
Nor
way
Num
ber o
f VC
inve
stm
ents
Rounds with a US VC involved(2016)
Participation of US VC firms by country
• This chart shows US VC activity within Europe throughout 2015 and 2016
• The overwhelming bulk of US VC activity is generally in Israel, the UK & Ireland, DACH
• In 4Q, there was only 1 US VC investment in the UK & Ireland
• The Nordics, however, continued to show strength –rising to 6 US VC investments in 4Q16
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Israel, 12 Israel, 14 Israel, 14 Israel, 14 Israel, 16
Israel, 27 Israel, 25
Israel, 12
UK & Ireland, 10
UK & Ireland, 14UK & Ireland, 10 UK & Ireland, 8
UK & Ireland, 11
UK & Ireland, 11UK & Ireland, 12
UK & Ireland, 1
DACH, 8
DACH, 6
DACH, 4 DACH, 9DACH, 6
DACH, 8 DACH, 8
DACH, 11
Nordic, 2
Nordic, 3
Nordic, 5Nordic, 5
Nordic, 5
Nordic, 4
Nordic, 6
Iberia, 3
Iberia, 4 Iberia, 3
Iberia, 2
France, 3
France, 2
France, 2
France, 3 France, 3
Benelux, 5
Benelux, 3 Benelux, 3
0
10
20
30
40
50
60
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016
Num
ber o
f VC
inve
stm
ents
Investments with US VC participation
Israel UK & Ireland DACH Nordic Iberia France Benelux East. Eur. South. Eur.
Dimension Categories Explanation/Example
1. Target market Consumer, SMB, Enterprise, Government, Telecom, OEM
What sort of customer does the company target?
2. Vertical marketAdtech, Communications, Data, Development, Durables, Education, Electronics, Employment, Energy, Fashion, Financial, Food, Gaming, Health, HMI, Industrial, Infrastructure, Lifestyle, Logistics, Marketing, Media, Productivity, Real Estate, Security, Sports, Storage, Transportation, Travel, Water
What type of problem does the company solve?
3. Business modelCommerce, Components, Content, Marketplace, SaaS, Semiconductors, Services, Software, Systems,
How does the company makemoney? How is value delivered to customers? What are customers paying for?
For example: Consumer + Travel + Marketplace AirBnB has built a travel-related marketplace for consumers
Three-dimensional approach to sector mapping
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• Excluding mega-rounds, investment activity decreased in both consumer and enterprise, continuing a trend from 3Q
• Investment activity has been continued to trend up in OEM-oriented companies –with volumes nearly doubling in 4Q compared to 3Q
What target markets are attracting the most VC investment in Europe & Israel?
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980 8501,177
931 1,076 1,244 1,097 1,004
953804
9101,110
1,6541,640
1,269962
275
224
270
182150
163 187
219423
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016
Tota
l VC
inve
stm
ents
(US $
M)
European & Israeli venture financing by target market3Q14 to 4Q16 (excluding mega-rounds, US $M)
Agriculture
Government
Telecom
OEM
SMB
Enterprise
Consumer
• When Israel is excluded from the sample, 45% of all VC dollars in Europe went to consumer-oriented companies – the lowest level in two years
• OEM-oriented companies continued their rise, accounting for 10% of all VC dollars in Europe in 4Q
• Telecom also showed a resurgence, at 6% in 4Q
• It’s nearly invisible in the graph, but Agtech accounted for 1.5% of total volume in 4Q
Consumer investment leads Europe
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62%
36%
56% 63% 62% 57% 53% 58% 52%45%
18%
48%
34% 22% 24% 31% 35%33%
32%
29%
6%10% 4% 12% 8% 6% 5% 3%
7%
8%
5%4% 2% 4% 5% 6% 5% 8%
10%
6% 6%8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016
European venture financing by target market3Q14 to 4Q16 (excluding Israel, percent of US $M)
Agriculture Government Telecom OEM SMB Enterprise Consumer
• When the sample set is limited to rounds under $20M, the ratio of consumer to enterprise investments shifted a bit towards enterprise
• Consumer investments as a percentage of rounds accounted for 41% of early rounds compared to 40% for enterprise
Early-stage consumer deals come back
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39%50% 46% 41% 46% 50%
38%46% 46% 41%
41%36% 50%
47% 39% 35%46%
40%32% 40%
9% 7% 9% 6% 9% 5%11% 7%
11%7% 5% 5% 9% 7%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016
European venture financing by target market3Q14 to 4Q16 (excluding Israel, rounds up to $20M, percent of US $M)
Agriculture Government Telecom OEM SMB Enterprise Consumer
Breakdown by region & target market
• In 2016, consumer companies represented the plurality of investments in all regions except for Israel and Benelux
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945
1,847 1,709
831537 304
2,4071,179
431
564526
349Enterprise, Iberia,
194
192
343
165
304
182
160
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Israel UK &Ireland
DACH France Nordic Benelux Iberia South.Eur.
East. Eur.
Tota
l am
ount
inve
sted
(US $
M)
Investment in Europe and Israel by target market by region2016 (US $M)
Agriculture Government Telecom OEM SMB Enterprise Consumer
Distribution of investment rounds by country
• Across Europe & Israel, 44% of VC investment rounds were in consumer companies in 2016
• Agtech accounted for 3% of investments in South Europe, and 2% in DACH and Israel
• Nearly two-thirds of Israeli venture investments were into enterprise companies
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67%
54%
52%
48%
47%
43%
32%
19%
21%
32%
32%
31%
36%
41%
48%
63%
5%
10%
10%
9%
11%
9%
14%
5%
9%
5%
6%
9%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
South. Eur.
Iberia
France
Nordic
DACH
UK & Ireland
Benelux
Israel
Investment in Europe and Israel by target market by country2016 (Number of investments)
Consumer Enterprise SMB OEM Telecom Government Agriculture
Growth rounds by target market
• The later-stage market in Europe & Israel diversified in 4Q16, with increased focus on OEM companies (20%) and SMB-oriented businesses (12%)
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56%
37%46%
56%43% 39% 38% 43% 44%
34%
25%
41%
46% 25%38% 50% 50%
50% 44%
32%
6% 7%
5%
9% 12%3% 6% 5%
12%
6% 11% 6% 7% 5% 6% 5% 5%20%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016
Investment in Europe and Israel by target market(Rounds over $20M, number of investments)
Government Telecom OEM SMB Enterprise Consumer
• Fintech was the most popular vertical across Europe & Israel, with 178 investments in the category
• Marketing-related startups were the second most popular category with 109 investments in 2016
• Lifestyle (a catchall category for consumer commerce) was the third most popular vertical, with 99
Finance returned to being the top vertical
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1414
232324
343839404142434445
4748
5253
566364646565
708181
8699
109178
SCMERPHMI
AgtechAutomotive
SocialEnergy
DevelopmentReal Estate
PaymentsGaming
EducationEntertainment
CommunicationsProductivity
FashionCRMFoodData
HealthIndustrial
AdtechTravel
LogisticsEmployment
InfrastructureSecurity
ElectronicsLifestyle
MarketingFinancial
European & Israeli venture financing by target market2016 (top 30 categories, number of investments)
• This graph shows number of investments in the top 16 verticals across 2015 and 2016
• Most categories showed significant increases, in line with the overall trend
How have the most popular verticals grown?
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Financial, 97 Financial, 145
Marketing, 106Marketing, 95
Lifestyle, 65Lifestyle, 84Security, 60Security, 73Electronics, 49
Electronics, 75Infrastructure, 55
Infrastructure, 66Employment, 42
Employment, 64
Logistics, 45
Logistics, 58
Adtech, 48
Adtech, 55
Health, 51
Health, 45
Travel, 33
Travel, 58
Fashion, 42
Fashion, 43
Data, 37
Data, 43
Productivity, 38
Productivity, 40
Industrial, 23
Industrial, 55
Development, 44
Development, 30
Education, 32
Education, 40
Food, 28
Food, 44
Gaming, 31
Gaming, 36
Communications, 25
Communications, 41
0
200
400
600
800
1,000
1,200
2015 2016
European & Israeli venture financing by vertical market(top 15 verticals, number of investments)
• This graph shows the change in the number of investments by vertical across 2015 and 2016
• Automotive, agtech, and imaging skyrocketed in frequency
• Strong growth was seen in CRM, industrial, energy, storage
• Sport, dating, and music saw substantial declines
Growth rates by vertical
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Music, -80%Dating, -75%
Sports, -50%Development, -11%
Durables, -7%Social, -6%
Legal, 0%Marketing, 3%
Fashion, 14%Health, 24%Productivity, 24%ERP, 27%Adtech, 33%Education, 34%Security, 35%Gaming, 35%Logistics, 44%Infrastructure, 47%Data, 51%Payments, 52%Lifestyle, 52%
Employment, 67%Entertainment, 69%Electronics, 76%Communications, 80%Financial, 84%Food, 89%Travel, 97%SCM, 100%Water, 100%
Real Estate, 111%HMI, 130%
Storage, 150%Energy, 171%Industrial, 178%
CRM, 189%Imaging, 400%
Agtech, 475%Automotive, 1100%
Change in number of VC investments by vertical (2016 vs. 2015)
• Finance was once again the most frequently funded vertical
• Consumer lifestyle companies took second place
• Marketing was the third most frequently funded vertical, with enterprise-oriented marketing taking the lion’s share within that category
Which verticals for which segments?
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Employment
Industrial
CRM
Food
Data
Logistics
Electronics
Infrastructure
Health
Marketing
Lifestyle
Financial
0 10 20 30 40 50 60
European & Israeli venture financing by target market4Q, 2016 (number of investments, top 10 verticals)
Consumer
Enterprise
SMB
OEM
Telecom
Government
• This chart shows the ten most commonly funded verticals across Europe & Israel by quarter
The most popular verticals in the past 2 years
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Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016
0
50
100
150
200
250
300
European & Israeli venture financing by vertical market(number of investments, top 10 verticals)
Adtech
Health
Logistics
Electronics
Lifestyle
Employment
Security
Infrastructure
Marketing
Financial
• Investors continue to favor financial and health investments
• Fashion and gaming showed declines
Consumer VC investment trends
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Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016
0
20
40
60
80
100
120
140
160
180
European & Israeli venture financing by consumer verticals(number of investments, top 10 verticals)
Social
Travel
Health
Fashion
Food
Electronics
Logistics
Gaming
Lifestyle
Financial
• Enterprise marketing seems to have levelled off as an area for VC investment
• There was a marked decrease in security investments in 4Q
• Most other enterprise segments were largely stable
Enterprise VC investment trends
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Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016
0
20
40
60
80
100
120
140
160
180
European & Israeli venture financing by enterprise verticals(number of investments, top 10 verticals)
CRM
Financial
Industrial
Employment
Development
Data
Infrastructure
Adtech
Security
Marketing
• Security was the most commonly funded category in Israel, with 43 investments in 2016
• Infrastructure, marketing, and finance were next
A closer look at Israeli venture in 2016
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Data
Industrial
Development
Adtech
Communications
Electronics
Financial
Marketing
Infrastructure
Security
0 5 10 15 20 25 30 35 40 45 50
Israeli venture financing by target market2016 (number of investments, top 10 verticals)
Consumer
Enterprise
SMB
OEM
Telecom
Government
• Israeli deal volume declined in 4Q relative to record-setting quarters earlier in the year
• Much of this decline seems to be attributable to the Jewish high holidays which occurred this year in 4Q compared to 3Q in 2015
Pace of Israeli venture in 2016
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0
5
10
15
20
25
30
35
Jul
Aug
Sep
Oct
Nov De
cJa
nFe
bM
ar Apr
May Jun Jul
Aug
Sep
Oct
Nov De
cJa
nFe
bM
ar Apr
May Jun Jul
Aug
Sep
Oct
Nov De
c
Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016
Num
ber o
f VC
inve
stm
ents
VC investment volume in Israel by bracket
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8)
2015-2016 monthlyaverage = 18
2015-2016 monthlyaverage = 18
Jewish holy days
Jewish holy days
• Over the past 24 months, Israeli VC investment volume averaged $277M per month
• 4Q trended below that level, but just slightly
Pace of Israeli venture in 2016
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0
100
200
300
400
500
600
700
Jul
Aug
Sep
Oct
Nov De
cJa
nFe
bM
ar Apr
May Jun Jul
Aug
Sep
Oct
Nov De
cJa
nFe
bM
ar Apr
May Jun Jul
Aug
Sep
Oct
Nov De
c
Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016
Amou
nt o
f VC
inve
stm
ents
(US $
M)
VC investment volume in Israel by bracket
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8)
2015-2016 monthlyaverage = $277
• The UK venture landscape was dominated by fintech, and consumer fintech in particular
• Marketing (mostly for the enterprise) was the second-most funded category in the UK
• Consumer lifestyle companies were the third most funded category in the UK
The UK VC market in 2016
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CRM
Development
Education
Productivity
Real Estate
Infrastructure
Adtech
Employment
Lifestyle
Marketing
Financial
0 5 10 15 20 25 30 35 40 45
UK venture financing by target market2016 (number of investments, top verticals)
Consumer
Enterprise
SMB
OEM
Telecom
• Fintech led the German VC eco-system in 2016, with 24 investments
• Consumer travel was next, with 11
• Logistics and fashion (mostly but not exclusively for the consumer) were tied at 9 each
• Enterprise industrial also made a strong showing, with 7 investments in 2016
The German VC market in 2016
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Lifestyle
Data
Employment
CRM
Marketing
Real Estate
Industrial
Logistics
Fashion
Travel
Financial
0 5 10 15 20 25 30
German venture financing by target market2016 (number of investments, top verticals)
Consumer
Enterprise
SMB
• As with the UK and Germany, the Nordics also saw more fintech companies funded than any other vertical
• Surprisingly, electronics tied with gaming for second place – split evenly between consumer electronics and OEM-oriented companies
• Health took fourth place with 19 rounds
The Nordic VC market in 2016
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Employment
Entertainment
Infrastructure
Industrial
Energy
Lifestyle
Health
Gaming
Electronics
Financial
0 5 10 15 20 25 30 35 40 45
Nordic venture financing by target market2016 (number of investments, top verticals)
Consumer
Enterprise
SMB
OEM
Telecom
Government
• Not surprisingly, Sweden saw the most actively among Nordic nations across most verticals – with particular strength in financial, gaming, energy and entertainment
• Finland showed particular strength in gaming, health and infrastructure
The Nordic VC market by country
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Employment
Entertainment
Infrastructure
Industrial
Energy
Lifestyle
Health
Gaming
Electronics
Financial
0 5 10 15 20 25 30 35 40 45
Nordic venture financing by target market2016 (number of investments, top verticals)
Sweden FinlandDenmark NorwayEstonia IcelandLatvia Lithuania
• Sweden is by far the most active venture market in the Nordics
• Gaming was the single most funded category in Sweden, followed closely by consumer finance and consumer lifestyle
The Swedish VC market in 2016
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Food
Adtech
Communications
CRM
Productivity
Logistics
Industrial
Marketing
Entertainment
Health
Energy
Lifestyle
Electronics
Gaming
Financial
0 5 10 15 20 25 30
Swedish venture financing by target market2016 (number of investments, top verticals)
Consumer
Enterprise
SMB
OEM
Telecom
• Across France, consumer lifestyle, consumer electronics, and consumer travel were the most frequently funded categories
• Enterprise marketing was also significant
The French VC market in 2016
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Education
Data
Real Estate
Financial
Food
Logistics
Marketing
Travel
Electronics
Lifestyle
0 5 10 15 20 25 30
French venture financing by target market2016 (number of investments, top verticals)
Consumer
Enterprise
SMB
OEM
Telecom
Government
• Italy dominated the consumer lifestyle and adtechcategories
• Poland and Italy each saw three electronics investments in 2016
Venture capital in Southern & Eastern Europe in 2016
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EmploymentDurables
DataAgtech
ProductivityERP
SocialHealth
FoodFinancial
TravelFashionSecurityLogistics
MarketingElectronics
AdtechLifestyle
0 2 4 6 8 10
Venture financing by target market (S. Eur & E. Eur)2016 (number of investments, top verticals)
ItalyPolandGreeceCzechSloveniaSlovakiaSerbiaCroatiaRomaniaBulgariaAlbaniaHungary
• SaaS was the most funded business model in 2016, representing 27% of all VC dollars
• As software eats the world, services are becoming an increasingly important business model for venture-backed startups
• This continued into 2016, with services taking 24% of the venture dollars invested in Europe & Israel
• Systems – complete physical products – took fourth place at 9% of all venture dollars
• Marketplaces – businesses that serve a price discovery function – were just 6%
SaaS above all (but keep an eye on systems)
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SaaS, 3,202, 27%
Services, 2,825, 24%
Software, 1,680, 14%
Commerce, 1,194, 10%
Systems, 1,129, 9%
Marketplace, 742, 6%
Media, 533, 5%
Components, 398, 3%
Semiconductors, 242, 2% Materials, 6, 0%
European & Israeli venture financing by target market2016 (in US $M) (excluding mega-rounds)
• SaaS and Services remained the top two business models by funding volume
• Commerce rose throughout 2016, taking third place in 4Q
• Systems moved up from last place in early 2015 to fourth place in 4Q16
• Marketplaces hit a new low and were in last place for the first time
Commerce resurgent and systems rising
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0
200
400
600
800
1000
1200
Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016
European & Israeli venture financing by business model(top seven, in US $M, excluding mega-rounds)
Services
SaaS
Software
CommerceMarketplace
• This graph provides a quick overview of the ten most commonly funded segments across the top ten countries for those segments
• In a nutshell:• UK consumer financial services• Israeli enterprise security
software• French consumer electronics• Swedish, Finnish, and British
games• French food commerce• And some other stuff….
EU+IL VC Cheat Sheet
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0 10 20 30 40 50 60 70 80 90
Enterprise CRM SaaS
Consumer Food Commerce
Consumer Gaming Media
Consumer Fashion Commerce
SMB Financial Services
Consumer Electronics Systems
Enterprise Security Software
Consumer Lifestyle Commerce
Enterprise Marketing SaaS
Consumer Financial Services
Number of VC investments
Investment in Europe & Israel by segment by country2016 (top 10 segments, top 10 countries)
UK FranceIsrael SwedenGermany SpainItaly NetherlandsFinland Belgium
Once again, but this time more SaaS!
• During 2016, the most popular vertical by far for SaaS investments across the geography was marketing
• CRM (which includes sales tooling) was a distant second
• Productivity and developer tools were tied for third
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0 10 20 30 40 50 60 70 80 90 100
Security
Financial
Adtech
Employment
Infrastructure
Data
Development
Productivity
CRM
Marketing
SaaS VC investment in Europe and Israelby vertical and target market, 2016 (top 10 verticals)
Consumer Enterprise Government SMB Telecom
Services investing in 2016
• This graph shows the top ten verticals within the services category in 2016 across Europe & Israel
• Financial services were far and away the most frequently funded vertical – mostly for consumers and SMBs
• Education services (edtech) was in (distant) second place, followed by logistics and adtech
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0 20 40 60 80 100 120 140 160
Infrastructure
Marketing
Communications
Health
Entertainment
Payments
Adtech
Logistics
Education
Financial
Services VC investment in Europe and Israelby vertical and target market, 2016 (top 10 verticals)
Consumer Enterprise Government SMB Telecom
Focus on Industrial
• 2016 saw a dramatic rise in the number of industrial-oriented investments across Europe and Israel
• These investments concentrated in Israel (16), France (13), the UK (11), Germany (10), and Sweden (9)
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0
2
4
6
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2014 2015 2016
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nves
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ts
Industrial - VC investment in Europe and Israel
Lithuania Poland Iceland Norway Finland IrelandSpain Denmark Switzerland Belgium Netherlands SwedenGermany UK France Israel
Focus on consumer systems
• 2016 also saw a substantial rise in the volume of consumer systems investments across Europe and Israel
• $564M was invested into this category in 2016 across 74 rounds, up from $189M across 39 rounds in 2015
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0
5
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2014 2015 2016
Num
ber of investmentsAm
ount
inve
sted
(US $
M)
Consumer Systems - VC investment in Europe and Israel
Amount
Number
Focus on agtech
• 2016 also saw growth in the number of agtechinvestments across Europe and Israel
• There were 23 deals in the space in 2016, up from 4 in 2015
• In 2016, there were 5 agtechdeals in Israel and 3 in each of the UK, France, and Switzerland
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0
1
2
3
4
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Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016
Num
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of i
nves
tmen
ts
Agtech - VC investment in Europe and Israel
Austria Croatia Ireland Estonia GreeceSpain Netherlands Sweden Norway SwitzerlandUK France Israel
Focus on agtech
• $86M was invested into agtech startups across Europe and Israel in 2016, up from $13 in 2015
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0
1
2
3
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ber of investmentsAm
ount
inve
sted
(US $
M)
Agtech - VC investment in Europe and Israel
Amount
Number
Focus on automotive
• 2016 also saw 23 automotive deals across Europe & Israel, up from 2 in 2015
• France led in this category, with 6 investments, all in 2016
• The UK was second, with 5
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0
2
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ts
Automotive - VC investment in Europe and Israel
Italy Finland Switzerland Sweden NetherlandsGermany Israel UK France
Focus on automotive
• $187M was invested into automotive startups across Europe and Israel in 2016, up from $27 in 2015
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0
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6
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ber of investmentsAm
ount
inve
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(US $
M)
Automotive tech - VC investment in Europe and Israel
Amount
Number
Based in , I was previously a partner at . Before that, I helped run the
European seed program for . I moved to London after seven years in
during which I worked as a VC with and . I’m originally from .
My VC investments include and . Angel investments include and many more.
If you found this useful, I hope you’ll subscribe to my blog.60
Gil Dibner
To invest in the best European & Israeli enterprise startups,
consider backing me on here. Lots of exciting stuff in thepipeline – and you’ll be in pretty good company.