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  • V E N T U R E C A P I T A L R E P O R T

    Venture Capital Report Europe | 4Q | 2016

  • V E N T U R E C A P I T A L R E P O R T

    VENTURE CAPITAL REPORT

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

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

    Highlights for 4Q 2016 include: 

    •  European venture capital fundraising increased slightly both compared to the prior quarter and to the same quarter in 2015;

    •  Venture capital investment into European companies increased significantly from 3Q 2016;

    •  The number of mergers and acquisitions (M&As) was one deal lower, but the total amount raised in M&As increased from the previous quarter;

    •  While the number of initial public offerings (IPOs) increased slightly, the total amount raised decreased noticeably from 3Q 2016.

    2

  • V E N T U R E C A P I T A L R E P O R T

    EUROPEAN VENTURE CAPITAL FUNDRAISING REBOUNDS IN 4Q 2016

    3

    FUNDRAISING

    European VC Fundraising Based on multiple closings (2013–2016) 19 European venture capital funds raised

    €1.60 billion during 4Q 2016. Compared with 3Q 2016, total

    capital raised experienced a slight increase, while the

    number of fund closings decreased by 21%.

    •  Compared with the same quarter last year, euros raised remained stable, while the number of fund closings

    decreased by 17%.

    •  Scottish Equity Partners LLP’s SEP V fund, which raised €307 million, was the largest fund of the quarter,

    accounting for 19% of the total amount raised in 4Q 2016.

    4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16

    Amount Raised (€B) € 2.74 € 1.09 € 1.73 € 1.10 € 1.97 € 1.37 € 2.14 € 1.33 € 1.54 € 2.79 € 2.71 € 1.42 € 1.60

    Number of Funds 46 25 24 20 29 24 26 17 23 25 24 24 19

    € 2.74

    € 1.09

    € 1.73

    € 1.10

    € 1.97

    € 1.37

    € 2.14

    € 1.33

    € 1.54

    € 2.79 € 2.71

    € 1.42 € 1.60

    0

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  • V E N T U R E C A P I T A L R E P O R T

    LARGEST EUROPEAN VC FUNDS RAISED IN 4Q 2016

    4

    FUNDRAISING

    Firm Name Fund Name Amount (€M) Location Offering Status

    Fund Type Fund Category Closing Type

    Scottish Equity Partners LLP SEP V € 307.06 Glasgow,

    United Kingdom Closed

    Multi-stage venture capital

    Venture Capital Final

    Alven Capital SA Alven Capital V € 250.00 Paris, France Closed Multi-stage venture

    capital Venture Capital Final

    Statoil ASA Statoil Energy Ventures € 186.25 Stavanger, Norway Closed Multi-stage venture

    capital Venture Capital

    Final

    daphni SAS Daphni Purple € 150.00 Paris, France Closed Early-stage venture

    capital Venture Capital

    Final

    Abingworth Management Inc. Abingworth Bioventures VII LP €109.08 London, United Kingdom Open Multi-stage venture

    capital Venture Capital First

  • V E N T U R E C A P I T A L R E P O R T

    INVESTMENT INTO EUROPEAN VENTURE-BACKED COMPANIES INCREASED IN 4Q 2016

    European companies raised approximately €2.93 billion from 539

    deals in 4Q 2016, a 35% increase in the amount raised as well as a

    9% rise in the number of deals when compared to the previous

    quarter.

    •  Compared with the same period last year, the amount companies raised decreased by 16%, whereas the number of

    deals grew by 1%.

    •  Information Technology, netting €866.41 million, was the strongest sector of the quarter in terms of amount raised,

    while Business and Financial Services, with 143 transactions,

    completed the largest number of deals.

    5

    FINANCING Equity Financings into Europe-based,

    VC-backed Companies (2013–2016)

    4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16

    Amount Raised (€B) € 2.03 € 1.55 € 2.43 € 2.37 € 2.11 € 2.86 € 3.99 € 3.50 € 3.48 € 2.65 € 3.20 € 2.17 € 2.93

    Number of Deals 530 433 471 385 453 459 468 432 535 473 527 494 539

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  • V E N T U R E C A P I T A L R E P O R T

    EQUITY FINANCINGS INTO EUROPE-BASED, VC-BACKED COMPANIES, BY ROUND CLASS (2013–2016) – NUMBER OF DEALS

    6

    FINANCING

    4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16

    Seed 82 45 38 34 46 34 50 38 45 45 30 36 40

    First 238 229 235 191 221 231 201 209 274 221 273 242 234

    Second 92 64 94 67 76 81 80 83 96 101 96 100 106

    Later 80 61 78 62 61 80 106 78 78 85 91 73 88

    Restart 0 0 0 1 0 0 1 0 0 0 1 0 1

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  • V E N T U R E C A P I T A L R E P O R T

    EQUITY FINANCINGS INTO EUROPE-BASED, VC-BACKED COMPANIES, BY ROUND CLASS (2013–2016) – AMOUNT RAISED (€M)

    7

    FINANCING

    4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16

    Seed € 32 € 25 € 24 € 17 € 32 € 31 € 39 € 31 € 35 € 39 € 22 € 47 € 47

    First € 515 € 483 € 621 € 495 € 482 € 636 € 575 € 939 € 782 € 730 € 894 € 665 € 1,037

    Second € 432 € 307 € 479 € 223 € 773 € 442 € 921 € 609 € 603 € 771 € 660 € 444 € 533

    Later € 986 € 696 € 1,124 € 902 € 780 € 1,682 € 2,289 € 1,874 € 1,604 € 1,076 € 1,572 € 902 € 1,178

    Restart € 0 € 0 € 0 € 1 € 0 € 0 € 1 € 0 € 0 € 0 € 2 € 0 € 1

    € 0

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  • V E N T U R E C A P I T A L R E P O R T

    EQUITY FINANCINGS INTO EUROPE-BASED, VC-BACKED COMPANIES (2013–2016) – MEDIAN EQUITY DEAL SIZE (€M)

    8

    FINANCING

    4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16

    Median Equity Deal Size (€M) € 1.31 € 1.45 € 1.70 € 1.55 € 1.88 € 1.80 € 2.09 € 2.10 € 2.00 € 2.09 € 2.00 € 2.00 € 2.50

    € 0.00

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  • V E N T U R E C A P I T A L R E P O R T

    EQUITY FINANCINGS INTO EUROPE-BASED, VC-BACKED COMPANIES, BY INDUSTRY GROUP (4Q 2016)

    Information Technology received the largest allocation of investment during 4Q

    2016, raising €866.41 million through 135 deals. The sector attracted 30% of the

    total amount invested and a 25% share of all deals completed in the quarter.

    Healthcare ranked second in terms of euros invested. The sector garnered

    €745.97 million across 81 deals. This deal flow represented 15% of all transactions

    and 25% of the total amount invested into European VC-backed companies for

    the quarter.

    Business and Financial Services placed third, receiving €567.80 million via 143

    deals. The sector’s investment figure represents 19% of the total equity financing

    into European VC-backed companies for 4Q 2016.

    9

    FINANCING 4Q'16 Industry Breakdown By Number of Deals

    4Q’16 Industry Breakdown By Amount Raised

    27%

    4%

    24% 3%

    15%

    1%

    25%

    Business and Financial Services

    Consumer Goods

    Consumer Services

    Energy & Utilities

    Healthcare

    Industrial Goods & Materials

    Information Technology

    19%

    3%

    16%

    5%

    25%

    2%

    30%

    Business and Financial Services

    Consumer Goods

    Consumer Services

    Energy & Utilities

    Healthcare

    Industrial Goods & Materials

    Information Technology

  • V E N T U R E C A P I T A L R E P O R T

    TOP 5 DEALS INTO EUROPEAN VC-BACKED COMPANIES (4Q 2016)

    1 0

    Co. Name Location Industry

    Code Industry Segment

    Industry Group

    Brief Description

    Close Date

    Round Type

    Raised (€M)

    Round Investors (* denotes lead)

    Sigfox SA Labège, France

    Wireless Communications

    Equipment

    Communications and Networking

    Information Technology

    Operator of a cellular network. 18/11/2016 5th € 150.00

    Air Liquide, Alto Invest, Bpifrance Investissement SAS, Elliott Associates LP, Idinv

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