the state of venture capital in europe & spain - blog...rounds €0-10m: not growing in last...
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Presented at the EU-Startups Summit Barcelona, 3 May 2019
The state of Venture Capital in Europe & Spain
1. State of European venture capital
2. Spanish startup ecosystem
3. Barcelona startup ecosystem
4. Dealroom launching in Spain!
2
State of European venture capital
€ 3.4B € 4.5B € 5.2B € 6.8B € 7.2B € 6.5B
€ 8.9B
€ 12.9B
€ 18.5B € 19.9B
€ 25.8B € 27.8B
–
€ 5B
€ 10B
€ 15B
€ 20B
€ 25B
€ 30B
2013 2014 2015 2016 2017 2018
$ 0-10M $ 10-25M $ 25-50M $ 50-100M $ 100M+
Investment in € billions
Rounds €0-10M: not growing in last three years and growing by 11% CAGR since 2013
Rounds over €10M:growing by 25% CAGR since 2013
4Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
In 2018, a record €28 billion invested in Europe & Israel,driven by rounds larger than €10 million
Investment funds Corporate venturing Angels, crowdfunding, other
€ 17.7B
€ 7.5B
€ 1.6B
–
€ 4B
€ 8B
€ 12B
€ 16B
€ 20B
2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018
5Source: Dealroom.co
Growth driven by both investment funds and corporates
Europe USA Asia Rest of World
€ 14.4B
€ 6.6B
€ 2.2B€ 2.9B
–
€ 2B
€ 4B
€ 6B
€ 8B
€ 10B
€ 12B
€ 14B
€ 16B
2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018
6Source: Dealroom.co
Venture capital investment into Europe has been increasing from all sides
11% YoY growth
87%
17%
10%
(35%)
(10%)
(11%)
(17%)
10%
43%
2018 number of rounds2018 VC investment by country
1,034
615
552
298
294
265
230
208
154
128
126
97
93
77
65
43
43
34
32
United Kingdom
France
Germany
Spain
Sweden
Israel
Netherlands
Italy
Switzerland
Finland
Ireland
Russia
Norway
Denmark
Belgium
Austria
Poland
Estonia
Hungary
€ 7.7B
€ 4.4B
€ 3.7B
€ 3.3B
€ 1.4B
€ 1.2B
€ 1.2B
€ 0.6B
€ 0.6B
€ 0.5B
€ 0.5B
€ 0.5B
€ 0.5B
€ 0.4B
€ 0.3B
€ 0.2B
€ 0.2B
€ 0.1B
€ 0.1B
United Kingdom
Germany
France
Israel
Spain
Switzerland
Sweden
Ireland
Netherlands
Italy
Finland
Denmark
Belgium
Portugal
Russia
Norway
Estonia
Cyprus
Austria
7Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
The UK, Germany, France and Israel continue to account for 68% of total investment
The Spanish tech ecosystem
Rounds €0-10M: not growing in last three years and growing by 17% CAGR since 2013
Rounds over €10M:growing by 42% CAGR since 2013
Investment in € billions
€ 0.2B € 0.2B € 0.2B € 0.3B € 0.3B € 0.3B
€ 0.3B € 0.4B
€ 0.7B
€ 1.0B € 1.0B
€ 1.4B
–
€ 1B
€ 1B
€ 2B
2013 2014 2015 2016 2017 2018
$ 0-10M $ 10-25M $ 25-50M $ 50-100M $ 100M+
9Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
In 2018, a record €1.4 billion invested in Spain, growing faster than European average
Foreign capital flows into European countries
10Source: Dealroom.co
% of foreign investment
12%
14%
17%
15%
21%
20%
24%
20%
38%
38%
2%
1%
4%
8%
5%
8%
9%
5%
14%
10%
5%
13%
2%
26%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
France
Denmark
Sweden
Finland
Netherlands
Germany
United Kingdom
Spain
Switzerland
Israel
USA and Canada Asia Africa (Naspers)
Seed
Series A
United Kingdom Germany France Spain Sweden Netherlands
–
€ 0.2M
€ 0.4M
€ 0.6M
€ 0.8M
€ 1.0M
€ 1.2M
€ 1.4M
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Average Median
–
€ 1.0M
€ 2.0M
€ 3.0M
€ 4.0M
€ 5.0M
€ 6.0M
€ 7.0M
€ 8.0M
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Average Median
11Source: Dealroom.co
Spanish seed & series A round sizes are below European average
Spain leads Europe in % of startups founded by female
12
10%
11%
12%
13%
13%
14%
16%
France
Netherlands
Germany
Europe
United Kingdom
Sweden
Spain
Source: Dealroom.co
Barcelona Startup Ecosystem
14Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
VC investment (2014-2018)# of VC backed startups
Barcelona is the 5th largest European tech hub (by investment)
€ 17.2B
€ 7.1B
€ 8.3B
€ 4.0B
€ 2.4B
€ 1.8B
€ 1.3B
€ 1.2B
London
Paris
Berlin
Stockholm
Barcelona
Amsterdam
Munich
Madrid
3480
2100
1170
870
550
530
470
340
London
Paris
Berlin
Stockholm
Barcelona
Amsterdam
Madrid
Munich
1,100+ startups 150+ scaleups 30+ grownups & exits
Team size 2-50 Team size >51IPO-ed or exited
profitable companies
14,000+ employees 23,000+ employees 4,000+ employees
… … …
15Source: Dealroom.co
How big is Barcelona startup ecosystem?
16
$1B+
$250-1B
$0-250M
Proptech Fintech Health Enterprise SaaS Mobility Food Travel Marketplaces
Source: Dealroom.co
Barcelona’s rising stars are disrupting every vertical
17
INVESTOR FOCUS SELECTED INVESTMENTS
Ysios Capital Early stage
Inveready Seed, Early Stage
Antai Venture Builder Seed, Early Stage
Kibo Ventures Early Stage
Bonsai Venture Capital Seed, Early Stage
Encomenda Smart Capital Seed, Early Stage
Sabadell Venture Capital Early Stage
Caixa Capital Risc Seed to Series B
4Founders Capital Seed, Early Stage
Nero Ventures Early Stage
Nauta Capital Early Stage
Big Sur Ventures Seed
Wayra Seed
Cabiedes & Partners Seed
Barcelona’s selected venture investors
Source: Dealroom.co
Dealroom launching in Spain!
19
19
Rapidly expanding network of ecosystems
20
We are launching in Barcelona soon
blog.dealroom.co
Gligor Micajkov
Research Analyst
Ivan Draganov
Research Analyst
For questions or feedback about this report, or to see how Dealroom can help you, please feel free to contact us.
Lotf Belych
Research Analyst
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