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Europe & Israel: Venture Capital Data 2017

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A data-driven look at VC investment trends across Europe & Israel in 2017.

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Europe & Israel: Venture Capital Data 2017

  1. 1. Venture Capital in Europe & Israel Venture Investment Data: 2017 Prepared by Gil Dibner Rothschild Boulevard, Tel Aviv. Part of the original city plan dating to 1910 and named for the Baron Edmund de Rothschild (1845-1934), a French financier. blog
  2. 2. Notes & Promos • 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 • All currencies converted into USD using monthly average exchange rates • ICOs included on a selective basis; crypto companies are classified into verticals by their end value proposition Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me onblog 2 About this data: If you like this and want more: Click here to follow my blog on Click here to subscribe to my Weekly EU+IL Enterprise Tech Newsletter
  3. 3. Top 10 deals by region in 2017 (US $M) France & Benelux IsraelIberia UK & Ireland DACH Nordic Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 3 75 75 76 84 85 95 100 100 120 150 250 Kaminario WalkMe Vroom Trax Valens InfiniDat CyberReason Sirin Labs Lemonade Skybox Security Via 0 100 200 300 57 60 62 62 69 69 72 75 107 173 Shadow MessageBird Vestiaire Collective Tinubu Square Doctolib Oodrive Manomano Actility Picnic Showroomprivee 0 50 100 150 200 16 20 22 28 34 35 46 50 100 275 Spotahome Verse CornerJob Fintronic Glovo TypeForm Logtrust FeedZai Cabify LetGo 0 50 100 150 200 250 300 30 30 34 35 50 54 88 111 114 120 481 Natural Cycles Yubico Automile Lendify Collibra MariaDB ForgeRock iZettle Bima Snow Software Klarna 0 200 400 600 50 53 70 75 90 120 128 165 404 423 NewStore ResearchGate SoundCloud Get Your Guide Lilium Kreditech Lampenwelt.de Tricentis Auto1 Delivery Hero 0 100 200 300 400 500 89 100 102 111 118 190 280 397 480 502 Kobalt Funding Circle Atom Bank Secret Escapes Monzo Neyber Transferwise FarFetch Deliveroo Improbable 0 200 400 600 blog
  4. 4. Top 10 deals by type in 2017 (US $M) Systems SaaSEnterprise Consumer Financial Commerce Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 4 120 120 128 173 250 275 280 397 404 423 480 Lemonade Kreditech Lampenwelt.de Showroomprivee Via LetGo Transferwise FarFetch Auto1 Delivery Hero Deliveroo 0 200 400 600 62 66 100 102 114 118 120 120 190 280 Tinubu Square Revolut Funding Circle Atom Bank Bima Monzo Lemonade Kreditech Neyber Transferwise 0 100 200 300 53 62 75 76 107 111 128 173 397 480 Simba Vestiaire Collective Get Your Guide Vroom Picnic Secret Escapes Lampenwelt.de Showroomprivee FarFetch Deliveroo 0 200 400 600 88 95 97 100 120 150 165 190 481 502 ForgeRock InfiniDat Collibra CyberReason Snow Software Skybox Security Tricentis Neyber Klarna Improbable 0 200 400 600 33 34 35 50 53 64 75 90 95 100 Airobotics Automile Volocopter Rimac Arralis iZettle Kaminario Lilium InfiniDat Sirin Labs 0 50 100 150 51 53 53 69 75 75 97 120 165 481 Yotpo Salary Finance Algolia Oodrive Kobalt WalkMe Collibra Snow Software Tricentis Klarna 0 100 200 300 400 500 600 blog
  5. 5. A record year • 2017 was a record-setting year for European & Israel venture investing • Over $20.3 billion was invested across 1,941 transactions • Dollar investment volume was up 40%, but the number of investments rose by only 8% • These numbers, and the rest of this deck, do not reflect the $1B in debt raised by Spotify in March, 2017 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 5 12,121 14,486 20,354 1,186 1,796 1,941 0 500 1,000 1,500 2,000 2,500 0 5,000 10,000 15,000 20,000 25,000 2015 2016 2017 NumberofInvestments Amountinvested(US$M) VC Investments in Europe & Israel Invested amount (US $M) Number of investments blog
  6. 6. In 4Q, dollars were down but deals were up • In 4Q17, Europe & Israel saw $4.9 billion flowing into 484 venture transactions • 2Q17 was a record-setting quarter in terms of the amount invested, and 1Q17 was a record-setting quarter in terms of the number deals Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 6 835 1,703 1,916 2,873 3,139 3,252 2,857 3,730 4,114 3,122 3,520 4,072 5,763 5,609 4,910 0 100 200 300 400 500 600 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2014 2015 2016 2017 Amountinvested(US$M) VC Investments in Europe & Israel Invested amount (US $M) Number of investments blog
  7. 7. Monthly pace of venture investment • Looked at on a monthly basis, the strength of 2Q17 and 3Q17 are even more pronounced • May 2017 was a record- setting month in terms of investment volume • September 2017 was a record-setting month in terms of the number of deals • The impact of summer and winter holidays on deal volume is easy to spot Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 7 905 971 997 791 787 1,561 1,518 571 1,164 1,084 1,059 715 1,657 1,051 1,021 1,401 1,452 1,261 725 1,101 1,296 1,458 1,170 893 1,671 943 1,458 861 3,014 1,888 2,013 757 2,840 1,926 1,543 1,442 0 50 100 150 200 250 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2015 2016 2017 Amountinvested(US$M) VC Investments in Europe & Israel (January 2015 - December 2017) Invested amount (US $M) Number of investments blog
  8. 8. 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+) • 6 mega-rounds took place in Europe in 4Q17 • Transferwise ($280M, UK) • Lemonade ($120M, Israel) • Skybox Security ($150M, Israel) • Secret Escapes ($111M, UK) • Sirin Labs ($100M, Israel) • Letgo ($100M, Spain) • Adjusting for mega-rounds, 4Q17 was down slightly from 3Q Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 8 708 759 733 710 730 650 921 950 873 1,010 1,196 1,395 1,567 2,507 2,126 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2016 2017 AmountInvested(US$M) Pace of VC Investment in Europe and Israel Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (.5-2) blog
  9. 9. Strong year-over-year growth in all brackets • All size brackets saw YoY increased from 2016 to 2017 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 9 726 738 2,538 2,931 2,828 3,755 5,860 7,594 2,534 5,336 0 5,000 10,000 15,000 20,000 2016 2017 TotalVCinvestment(US$M) VC investmentvolume in Europe and Israel by bracket (2017 vs 2016) Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (<2) blog
  10. 10. Number of investments, by bracket • Excluding seed deals, the total number of VC investments per quarter was very constant for the past four quarters: 318 in 1Q, 315 in 2Q, 317 in 3Q, and 327 in 4Q • 4Q saw a slight uptick in the number of earlier-stage rounds Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 10 77 85 94 140 153 157 144 182 195 185 171 18042 62 44 46 61 57 64 53 77 77 75 84 33 26 38 35 44 52 40 35 40 44 66 57 6 6 4 3 4 4 1 6 6 9 5 6 0 50 100 150 200 250 300 350 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2015 2016 2017 NumberofVCinvestments VC investmentvolume in Europe and Israel by bracket Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) blog
  11. 11. No impact of Brexit on deal volume… • 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 45 VC deals per quarter in the 18 months before the referendum • There were an average of 69 VC deals per quarter since the referendum Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 11 0 10 20 30 40 50 60 70 80 90 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2015 2016 2017 NumberofVCinvestments VC investmentvolume in the UK by bracket Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Pre- Brexit avg = 45 Post-Brexit avg = 69 blog
  12. 12. …and no impact on dollars invested in the UK • An average of $819M per quarter was invested in the UK in the 18 months before the referendum • An average of $1,145M per quarter was invested in the UK since the referendum Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 12 74 70 98 79 136 108 133 150 189 162 180 151 165 166 96 128 172 148 181 113 159 247 224 184 459 180 405 209 532 273 202 191 149 514 755 586 210 150 275 478 192 110 275 202 899 633 391 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2015 2016 2017 NumberofVCinvestments VC investmentvolume in the UK by bracket Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Pre-Brexit avg = $819M Post-Brexit avg = $1,145M blog
  13. 13. Corporate VC activity, by bracket • Excluding seed deals, the total number of corporate VC investments rose to 63 in 4Q17, a new record • Corporate VC investments continue to trend towards later stage Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 13 6 4 5 16 7 22 19 23 19 27 25 26 23 25 4 3 9 12 7 12 6 16 19 5 17 17 18 20 4 4 7 8 7 7 20 18 6 9 12 11 18 18 3 1 3 3 3 2 3 1 0 10 20 30 40 50 60 70 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2014 2015 2016 2017 NumberofVCinvestments CorporateVC investmentvolume in Europe and Israel by bracket Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) blog
  14. 14. Corporate VC activity, by country • During 2017, Israel saw the highest number of corporate VC investments, with 65 • The UK saw 54 corporate VC investments, followed by Germany with 35 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 14 19 20 20 8 7 24 16 7 7 6 21 16 7 5 0 10 20 30 40 50 60 70 Israel UK Germany France Sweden Netherlands Switzerland Spain Finland Belgium Ireland Norway Poland Estonia Denmark Lithuania Croatia Malta Austria Italy Numberofinvestments Number of corporate VC investments in Europeand Israel by bracket (2017) Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) blog
  15. 15. Average round size • 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 $10-12M and there is seems to be little pattern other than mean reversion • Early 2015 saw higher-than- average deal sizes • Late 2016 and early 2017 saw lower-than-average deal sizes • Late 2017 seemed to be characterized by higher-than average deal sizes Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 15 4 6 8 10 12 14 16 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2014 2015 2016 2017 AmountInvested(US$M) Average investmentsize in Europe and Israel (Round sizes of 2-100M, and 6-month trailingaverage) blog
  16. 16. Total venture investment by country, 2017 • The UK saw the most VC investment in 2017, with $5.78B raised • Israel came in second place, with $3.93B raised • Germany saw the third- highest amount of venture investment, with $2.88B • France was a close fourth, with $2.44B Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 16 5,780 3,932 2,877 2,442 1,744 790 557 312 302 254 214 210 183 177 104 100 62 58 57 50 38 36 17 15 12 7 7 6 4 3 3 2 1 UK Israel Germany France Sweden Spain Netherlands Ireland Finland Switzerland Austria Belgium Norway Denmark Poland Italy Portugal Luxembourg Estonia Croatia Cyprus Romania Iceland Hungary Czech Malta Slovakia Greece Bulgaria Slovenia Serbia Lithuania Latvia Total VC investmentvolumeby country, 2017 (US $M) blog
  17. 17. Venture dollars per capita Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 17blog $0.35 $0.46 $0.51 $0.57 $0.84 $1.16 $1.21 $1.40 $1.51 $1.66 $1.84 $2.70 $6.02 $12.04 $15.57 $16.97 $18.44 $24.31 $29.99 $30.58 $32.42 $34.57 $34.75 $36.34 $42.06 $44.90 $49.02 $54.82 $65.02 $88.04 $98.55 $172.59 $447.17 Serbia Latvia Greece Bulgaria Lithuania Czech Slovakia Slovenia Hungary Italy Romania Poland Portugal Croatia Malta Spain Belgium Austria Switzerland Denmark Netherlands Norway Germany France Estonia Cyprus Iceland Finland Ireland UK Luxembourg Sweden Israel VC dollars per capita in 2017 (US$) USA(2016)=$213.96 $1.00 $10.00 $100.00 $1,000.00 0 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 70,000,000 80,000,000 90,000,000 100,000,000 VCDollarsperCapita(LogScale) Population Venture Capital Investment per Capita (bubble size indicates total VC investment) Israel Sweden UK France Germany Holland Italy Spain Belgium Switz. Ireland Finland Lux. Estonia Norway Cyprus Iceland Denmark Croatia Portugal Romania HungarySlovenia Slovakia Poland Czech Austria Malta
  18. 18. Venture dollars as a percentage of GDP Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 18blog • This graph shows 2017 venture dollars invested as a percentage of GDP • Israel leads at 1.16% of GDP followed by Sweden at 0.34%, Estonia at 0.24%, and the UK at 0.23% • All of the other countries at below 0.20% • Latvia and Greece are the lowest, with VC at 0.003% of GDP • In US, by comparison, VC was 0.37% of GDP in 2016, slightly higher than Sweden Serbia Latvia Greece Bulgaria Lithuania Czech Slovakia Slovenia Hungary Italy Romania Poland Portugal Croatia Malta Spain Belgium Austria SwitzerlandDenmark Netherlands Norway Germany France Estonia Cyprus Iceland Finland Ireland UK Luxembourg Sweden US 2016 Israel 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 0 20,000 40,000 60,000 80,000 100,000 120,000 VCasapercentageofGDP GDP per Capita
  19. 19. Rule Britannia! Total venture investment by country, 4Q15 to 4Q17 • 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 UK overtook Israel in 2Q17 and has maintained the lead since • French VC volume finally slowed down, enough to allow Germany to leap into third place • Swedish VC investment volume grew dramatically in 4Q, but it remained in fifth place Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 19 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2015 2016 2017 0 200 400 600 800 1000 1200 1400 TotalVCinvestment(US$M) TotalVC investment,4Q15 - 4Q17 (top 5 countries, excluding mega-rounds) Israel UK France Germany Sweden blog
  20. 20. Total venture investment by country, 4Q15 to 4Q17 • 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 Spain, Ireland, the Netherlands, Finland, and Switzerland • Ireland ranked sixth and set a record in 3Q17, but collapsed to tenth place in 4Q17 • Both the Netherlands and Spain hit record levels in 4Q17 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 20 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2015 2016 2017 0 50 100 150 200 250 TotalVCinvestment(US$M) TotalVC investment,4Q15 - 4Q17 (countries ranked 6-10, excluding mega-rounds) Spain Ireland Netherlands Switzerland Finland blog
  21. 21. Total venture investment by region • When VC investments across Europe are aggregated into regions, UK & Ireland, Israel, the Nordics, France, and DACH are the clear and consistent leaders • The UK and Ireland account for 30% of total investment volume, Israel 19%, Germany 17%, and the Nordics and France 12% each • Other regions do produce meaningful VC investments, but the volumes are still low Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 21 UK & Ireland, 6,091.1, 30% Israel,3,931.9, 19% DACH, 3,345.4, 17% Nordic,2,482.7, 12% France, 2,441.6, 12% Iberia,852.2, 4% Benelux,825.3, 4% South.Eur., 206.5, 1% East.Eur., 177.7, 1% TotalVC investmentby region, 2017 (US $M, includes megarounds) blog
  22. 22. Rounds by bracket & region • Including seed deals, the UK and Ireland saw 457 venture deals in 2017 • France came in second with 393 • The Nordics were third with 342 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 22 136 176 162 57 16 33 41 32 11 179 145 113 104 82 40 37 21 73 48 42 53 65 16 61 23 22 27 55 0 50 100 150 200 250 300 350 400 450 500 UK & Ireland France Nordic DACH Israel Benelux Iberia South. Eur. East. Eur. Numberofinvestments Number of investments in Europe and Israel by bracket, 2017 Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (<.5-2) blog
  23. 23. Participation rate of US VC firms, by bracket • During 2017, US VCs participated in 9% of the VC financing rounds in EU and Israel • As usual, US VCs are much more likely to participate in later rounds Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 23 2% 5% 15% 33% 35% 98% 95% 85% 67% 65% 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) Percentageofrounds Did US VC firms participatein EuropeanVC rounds? (2017) No Yes blog
  24. 24. US VC firm participation rate was lower in 2017 • For most of 2017, US VC firms participated in 8-9% of European & Israeli VC deals • In 4Q17, this rose to 10% Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 24 15% 17% 13% 17% 16% 11% 9% 11% 14% 8% 8% 8% 9% 10% 85% 83% 87% 83% 84% 89% 91% 89% 86% 92% 92% 92% 91% 90% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2014 2015 2016 2017 PercentageofRounds Did US VC firms participatein EuropeanVC rounds? (3Q14-4Q17) No Yes blog
  25. 25. Participation of US VC firms by country • In 2017, US VCs firms were active in 19 different European countries • US VC firms were most active in Israel, where they participated in 62 investment rounds • The UK saw 41 US investments • US VCs invested in 17 German companies and 10 French companies Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 25 62 41 17 10 7 7 6 4 3 30 10 20 30 40 50 60 70 Israel UK Germany France Sweden Spain Finland Ireland Netherlands Denmark Poland Belgium Estonia Switzerland Italy Portugal Austria Iceland Norway NumberofVCinvestments Rounds with a US VC involved (2017) blog
  26. 26. Participation of US VC firms by country • This chart shows US VC activity within Europe • The overwhelming bulk of US VC activity is generally in Israel, the UK & Ireland, DACH, and the Nordics Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 26 0 10 20 30 40 50 60 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2015 2016 2017 NumberofVCinvestments Investments with US VC participation Israel UK & Ireland DACH Nordic France Iberia Benelux East. Eur. South. Eur. blog
  27. 27. Dimension Categories Explanation/Example 1. Target market Consumer, SMB, Enterprise, Government, Telecom, OEM What sort of customer does the company target? 2. Vertical market Adtech, 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 model Commerce, Components, Content, Marketplace, SaaS, Semiconductors, Services, Software, Systems, How does the company make money? How is value delivered to customers? What are customers paying for? For example: Consumer + Travel + Marketplace AirBnB is a travel-related marketplace for consumers Three-dimensional approach to sector mapping Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 27blog
  28. 28. • Excluding mega-rounds, investment activity in 4Q17 was consistent was 3Q17 across target markets What target markets are attracting the most VC investment in Europe & Israel? Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 28 931 1,076 1,244 1,097 1,002 1,056 1,369 1,551 1,492 1,110 1,654 1,640 1,269 962 1,650 1,345 1,820 1,879 224 270 283 220 264 377 150 163 187 219 447 255 406 545 241 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2015 2016 2017 TotalVCinvestments(US$M) European& Israeli venture financing by target market 4Q15 to 4Q17 (excluding mega-rounds, US $M) Agriculture Government Telecom OEM SMB Enterprise Consumer blog
  29. 29. • When Israel is excluded from the sample, 51% of all VC dollars in Europe went to consumer-oriented companies in 4Q17 The enterprise/consumer tug-of-war continues Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 29 36% 56% 63% 62% 57% 53% 58% 53% 45% 46% 58% 42% 51% 48% 34% 22% 24% 31% 36% 33% 32% 29% 36% 32% 44% 37% 10% 4% 12% 8% 6% 5% 3% 7% 8% 12% 3% 6% 8% 4% 2% 4% 5% 6% 5% 8% 10% 5% 5% 7% 4%6% 6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2014 2015 2016 2017 Europeanventure financing by target market 4Q14 to 4Q17 (excluding Israel, percent of US $M) Agriculture Government Telecom OEM SMB Enterprise Consumer blog
  30. 30. Breakdown by region & target market • Regional differences are apparent when VC investment are categorized by target market Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 30 3,037 849 2,076 823 1,167 580 2,340 2,299 882 1,307 796 394 381 305 595 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 UK & Ireland Israel DACH Nordic France Iberia Benelux South. Eur. East. Eur. Totalamountinvested(US$M) Investment in Europe and Israel by target market by region 2017 (US $M) Agriculture Government Telecom OEM SMB Enterprise Consumer blog
  31. 31. Distribution of investment rounds by country • Across Europe & Israel, 44% of VC investment rounds were in consumer companies in 2017 • Nearly two-thirds of Israeli venture investments were into enterprise companies • The Nordics, DACH, and France were 50% consumer Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 31 16% 35% 43% 49% 50% 50% 58% 63% 62% 40% 40% 32% 30% 32% 28% 24% 11% 10% 13% 13% 9% 8% 8% 15% 7% 6% 4% 7% 7% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Israel Benelux UK & Ireland France DACH Nordic Iberia South. Eur. Investment in Europe and Israel by target market by country 2017 (Number of investments) Consumer Enterprise SMB OEM Telecom Government Agriculture blog
  32. 32. Growth rounds by target market • Enterprise companies accounted for over half of the later-stage market in Europe & Israel in 4Q17 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 32 56% 37% 46% 56% 43% 39% 38% 43% 44% 34% 37% 45% 32% 35% 25% 41% 46% 25% 38% 50% 50% 50% 44% 32% 50% 36% 48% 56% 6% 7% 5% 9% 12% 6% 5% 12% 7% 4% 6% 6% 6% 11% 6% 7% 5% 6% 5% 5% 20% 7% 13% 14% 6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2014 2015 2016 2017 Investment in Europe and Israel by target market (Rounds over $20M, number of investments) Agriculture Government Telecom OEM SMB Enterprise Consumer blog
  33. 33. • Fintech was the most popular vertical across Europe & Israel, with 223 investments in the category in 2017 • Lifestyle (a catch-all category for consumer commerce) was second, with 119 • Electronics (109) and marketing tech (107) took third and fourth Finance still leads, electronics are strong Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 33 22 24 26 28 29 30 33 39 41 43 47 47 47 51 53 54 58 58 61 61 68 69 76 85 92 98 107 109 119 223 Agtech Communications ERP Social CRM Legal Productivity Development Adtech Gaming Fashion Energy Food Payments Entertainment Education Real Estate Travel Industrial Automotive Logistics Data Security Infrastructure Employment Health Marketing Electronics Lifestyle Financial European& Israeli venture financing by target market 2017 (top 30 categories, number of investments) blog
  34. 34. • This graph shows the change in the number of investments by vertical from 2016 to 2017 • Automotive, health, and real estate saw the biggest increases in funding frequency • Adtech, food, and travel saw the biggest decreases Growth rates by vertical Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 34 Adtech,-36% Food, -11% Travel, -11% Security,-6% Industrial,-5% Fashion,-2% Marketing, -2% Logistics,5% Infrastructure, 5% Lifestyle,20% Entertainment,20% Data, 23% Payments,24% Financial,25% Education, 26% Electronics,28% Employment,31% Real Estate, 45% Health,56% Automotive,144% -60% -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% Change in the number of venture investments (2017 vs 2016, 20 most popular categories) blog
  35. 35. • Consumer finance was once again the most frequently funded vertical, with 120 investments • A close second was consumer lifestyle with 119 investments • Enterprise marketing, with 90 investments, was third Which verticals for which segments? Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 35 Logistics Data Security Infrastructure Employment Health Marketing Electronics Lifestyle Financial 0 50 100 150 200 250 European& Israeli venture financing by target market 2017 (number of investments,top 10 verticals) Consumer Enterprise SMB OEM Telecom Government Agriculture blog
  36. 36. • This chart shows the ten most commonly funded verticals across Europe & Israel by quarter The most popular verticals in the past 3 years Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 36 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2015 2016 2017 0 50 100 150 200 250 300 350 European& Israeli venture financing by vertical market (number of investments, top 10 verticals) Data Health Logistics Electronics Lifestyle Employment Security Infrastructure Marketing Financial blog
  37. 37. • Investors continue to favor consumer fintech, lifestyle, and consumer electronics • From 2016 to 2017, most segments stayed consistent, with the majority of growth concentrated in financial, lifestyle, health, and electronics Consumer VC investment trends Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 37 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2015 2016 2017 0 20 40 60 80 100 120 140 160 180 European& Israeli venture financing by consumer verticals (number of investments, top 10 verticals) Entertainment Travel Health Fashion Food Electronics Logistics Gaming Lifestyle Financial blog
  38. 38. • Marketing and security showed continued strength • Most of the growth from 2016 to 2017 was in infrastructure, fintech, and data • CRM and Adtech declined from 2016 to 2017 Enterprise VC investment trends Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 38 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2015 2016 2017 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 blog
  39. 39. • Services displaced SaaS as the most funded business model in 2017, representing 29% of all VC dollars • SaaS took 27% of the venture dollars invested in Europe & Israel • Systems – complete physical products – took fourth place at 8% of all venture dollars Services displace SaaS Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 39 Services, 4,309, 29% SaaS, 4,023, 27% Software, 1,988, 13% Systems, 1,233, 8% Commerce, 1,051, 7% Marketplace, 977, 6% Components, 542, 4% Media, 459, 3% Semiconductors, 342, 2% Materials, 90, 1% Data, 3, 0% European & Israeli venture financing by target market 2017 (in US $M) (excluding mega-rounds) blog
  40. 40. • Services and SaaS remained the top two business models by funding volume • Systems rose to third place in 4Q, as software collapsed • Commerce investment levels seem to have stabilized Services and SaaS are dominant Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 40 0 200 400 600 800 1000 1200 1400 1600 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2015 2016 2017 European& Israeli venture financing by business model (top seven, in US $M, excluding mega-rounds) Services SaaS Software Commerce Marketplace Systems Media blog
  41. 41. • This graph provides a quick overview of the ten most commonly funded segments across the top ten countries for those segments • In a nutshell: • Consumer financial services (Everywhere, but especially in the UK, Sweden, and Germany) • Marketing SaaS in the UK, France, and Israel • Consumer lifestyle commerce in the UK, France, and Sweden • Israeli enterprise security software • French and Swedish consumer electronics • German SMB fintech • French, British, and Swedish fashion • Swedish, Finnish, and UK gaming • And some other stuff….  EU+IL VC Cheat Sheet (2017) Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 41 0 20 40 60 80 100 120 Consumer Gaming Services Enterprise Employment SaaS Consumer Fashion Commerce Enterprise Infrastructure SaaS SMB Financial Services Enterprise Data SaaS 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 country 2017 (top 10 segments, top 10 countries*) UK France Sweden Israel Germany Finland Spain Netherlands Italy Denmark Poland *Denmark and Poland were tied for tenth placewith 8 investments each across thetop segments. *Enterprise Employment SaaS and Consumer Gaming Services were tied for tenth placewith 33 investments each. blog
  42. 42. • Finance was the most commonly funded category in the UK, with 70 investments in 2017 • Real estate, marketing, and lifestyle were next A closer look at UK venture in 2017 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 42 Payments Education Health Employment Data Infrastructure Lifestyle Marketing Real Estate Financial 0 10 20 30 40 50 60 70 80 UK venture financing by target market 2017 YTD (number of investments, top verticals) Consumer Enterprise SMB OEM Telecom Government blog
  43. 43. • Security was the most commonly funded category in Israel, with 37 investments in 2017 • Automotive jumped to third place, just behind marketing • Electronics made a strong showing, including consumer A closer look at Israeli venture in 2017 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 43 Logistics Development Financial Health Infrastructure Data Electronics Automotive Marketing Security 0 5 10 15 20 25 30 35 40 Israeli venture financing by target market 2017 (number of investments,top verticals) Consumer Enterprise SMB OEM Government Agriculture blog
  44. 44. • Finance was the by far most commonly funded category in Germany, with 15 consumer investments and 15 SMB investments in 2017 • Consumer lifestyle was next, also with 15 investments • Health, food, and travel rounded out the top five A closer look at German venture in 2017 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 44 Employment Industrial Automotive Electronics Infrastructure Food Travel Health Lifestyle Financial 0 5 10 15 20 25 30 35 German venture financing by target market 2017 (number of investments,top verticals) Consumer Enterprise SMB OEM blog
  45. 45. • Lifestyle was the most commonly funded category in France, with 34 investments in 2017 • Finance and electronics were next • Interestingly, adtech cracked the top ten A closer look at French venture in 2017 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 45 Infrastructure Adtech Food Logistics Health Marketing Employment Electronics Financial Lifestyle 0 5 10 15 20 25 30 35 40 French venture financingby target market 2017 (number of investments,top verticals) Consumer Enterprise SMB OEM Telecom blog
  46. 46. • Fintech was the most commonly funded category in Sweden, with 32 investments in 2017 • Electronics and entertainment were next • Gaming and lifestyle were also significant areas of investment A closer look at Swedish venture in 2017 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 46 Employment Payments Marketing Health Industrial Lifestyle Gaming Entertainment Electronics Financial 0 5 10 15 20 25 30 35 Swedish venture financing by target market 2017 (number of investments,top verticals) Consumer Enterprise SMB OEM blog
  47. 47. • Consumer lifestyle was the most commonly funded category in Spain, with 12 investments in 2017 • Financial was second, with 10 A closer look at Spanish venture in 2017 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 47 Education Social Marketing Infrastructure Employment Health Travel Logistics Financial Lifestyle 0 1 2 3 4 5 6 7 8 9 10 11 12 13 Spanish venture financingby target market 2017 (number of investments,top verticals) Consumer Enterprise SMB Telecom Government blog
  48. 48. • Fintech was the most commonly funded category in The Netherlands, with 6 investments in 2017 • Logistics, employment, travel, and lifestyle tied for second A closer look at Dutch venture in 2017 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 48 Health Development Electronics Food Security Automotive Entertainment Lifestyle Travel Employment Logistics Financial 0 1 2 3 4 5 6 7 Dutch venture financing by target market 2017 (number of investments,top verticals) Consumer Enterprise SMB OEM Government blog
  49. 49. • Education was the most commonly funded category in Ireland, with 3 investments in 2017 A closer look at Irish venture in 2017 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 49 Financial Communications Health Development Infrastructure Employment Logistics Data Payments Marketing Education 0 1 2 3 4 Irish venture financing by target market 2017 (number of investments,top verticals) Consumer Enterprise SMB OEM blog
  50. 50. • Electronics tied with gaming as the most commonly funded category in Finland, with 9 investments each in 2017 • Industrial took third with 6 Funnily, Finns fully failed to finance fintech Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 50 Energy HMI Fashion Entertainment Data Education Marketing Health Industrial Gaming Electronics 0 1 2 3 4 5 6 7 8 9 10 Finnish venture financingby target market 2017 (number of investments,top verticals) Consumer Enterprise SMB OEM blog
  51. 51. • Financial was by far the most commonly funded category in Switzerland, with 7 investments in 2017 • Data and Electronics tied for second with 3 investments each • Interestingly, there were two space-related investments in Switzerland A closer look at Swiss venture in 2017 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 51 Communications Lifestyle Employment Real Estate Food Agtech POS SCM Industrial Legal ERP CRM Infrastructure Automotive Health Space Payments Electronics Data Financial 0 1 2 3 4 5 6 7 8 Swiss venture financingby target market 2017 (number of investments,top verticals) Consumer Enterprise SMB OEM Agriculture blog
  52. 52. • Like elsewhere in Europe, the Nordics were focused on fintech • Electronics and gaming have always been strong in the Nordics, and this was true in 2017 as well • Entertainment took fourth place with 18 investments The Nordic VC market in 2017 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 52 Fashion Energy Lifestyle Employment Health Marketing Industrial Entertainment Gaming Electronics Financial 0 5 10 15 20 25 30 35 40 Nordic venture financingby target market 2017 (number of investments,top verticals) Consumer Enterprise SMB OEM blog
  53. 53. • Not surprisingly, Sweden saw the most actively among Nordic nations across most verticals – with particular strength in financial, electronics, gaming, and entertainment • Finland was notably absent from the fintech boom, but was very active in electronics, gaming, and industrial • Norway showed strength in electronics and energy The Nordic VC market by country Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 53 Fashion Energy Lifestyle Employment Health Marketing Industrial Entertainment Gaming Electronics Financial 0 5 10 15 20 25 30 35 40 Nordic venture financingby target market 2017 (number of investments,top verticals) Sweden Finland Denmark Norway Estonia Iceland Lithuania Latvia blog
  54. 54. • Fintech was the most financed vertical in Southern and Eastern Europe • Italy showed strength across a range of consumer categories (food, fashion, lifestyle, education, travel) • Both Italy and Poland showed strength in marketing and fintech Venture capital in Southern & Eastern Europe in 2017 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 54 CRM Automotive Productivity Gaming Fashion Development Employment Health Food Infrastructure Travel Payments Education Marketing Lifestyle Financial 0 2 4 6 8 10 12 14 16 Venture financingby target market (S. Eur & E. Eur) 2017 (number of investments,top verticals) Italy Poland Hungary Malta Czech Cyprus Bulgaria Romania Slovakia Slovenia Serbia Croatia Greece blog
  55. 55. Focus on Services • The lion’s share of the services investment landscape is financial services • There are, however, many more verticals were “services” companies are emerging Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 55 0 20 40 60 80 100 120 140 160 180 Entertainment Lifestyle Real Estate Adtech Payments Health Logistics Education Gaming Financial Services VC investment in Europe and Israel by vertical and target market, 2017 (top 10 verticals) Consumer Enterprise SMB blog
  56. 56. Focus on SaaS • Marketing was the most frequently funded SaaS vertical in 2017, with 83 investments • Data was second with 46 • Infrastructure (IT) and employment (HR) were tied for third place, with 42 investments each Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 56 0 10 20 30 40 50 60 70 80 90 Productivity ERP Health CRM Development Financial Infrastructure Employment Data Marketing SaaS VC investmentin Europe and Israel by vertical and target market, 2017 (top 10 verticals) Consumer Enterprise Government SMB blog
  57. 57. Focus on Marketplaces • The most frequently funded marketplace category in 2017 was employment marketplaces, mostly aimed at the consumer (i.e. employee) or the SMB employer • Lifestyle, real estate, and travel were also important marketplace categories Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 57blog 0 10 20 30 40 50 Education Automotive Adtech Fashion Health Financial Logistics Travel Real Estate Lifestyle Employment MarketplacesVCinvestmentin Europe and Israel by vertical and target market, 2017 (top 10 verticals) Consumer Enterprise SMB
  58. 58. Focus on Systems • The vast majority of “systems” investments in Europe & Israel were into consumer electronics • The second-most funded category was automotive systems (which includes land vehicles as well as aircraft such as Lillium and watercraft such as SeaBubbles). • Industrial systems, energy systems, and health systems were also important areas of investment Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 58 0 10 20 30 40 50 60 70 Entertainment HMI Communications Storage Space Payments Food Security Health Energy Agtech Industrial Automotive Electronics Systems VC investmentin Europe and Israel by vertical and target market, 2017 (top 10 verticals) Consumer Enterprise Government OEM SMB Agriculture blog
  59. 59. Focus on Components • Across Europe & Israel, components investments were focused on general electronics, automotive, energy, and industrial Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 59 0 5 10 15 20 25 30 Health HMI Imaging Storage Security Communications Industrial Energy Automotive Electronics Components VC investment in Europe and Israel by vertical market, 2017 (top 10 verticals) blog
  60. 60. Focus on Fintech • In 4Q17, over $1.1B was invested into fintech • In 2017, over $3B was invested into the space, nearly double the $1.6B invested in 2016 and the $1.4B invested in 2015 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 60 0 200 400 600 800 1,000 1,200 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2015 2016 2017 Fintech - VC investment in Europe and Israel (US $M) SMB Enterprise Consumer blog
  61. 61. Focus on Fintech • Fintech investment pace has accelerated across all brackets • Mega-rounds accounted for most of the dramatic increase in 4Q17, but “venture” rounds also doubled from 3Q to 4Q Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 61 0 200 400 600 800 1,000 1,200 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2015 2016 2017 Fintech - VC investment in Europe and Israel (US $M) Mega Growth Venture Early Venture Seed blog
  62. 62. Focus on Automotive • 12 countries saw investments into the automotive tech space in 2016-2017 • Israel led with 22 • France and the UK each saw 17 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 62 0 5 10 15 20 25 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2016 2017 Numnberofinvestments Automotive- VC investmentin Europe and Israel Italy Croatia Estonia Ireland Finland Slovakia Spain Switzerland Netherlands Sweden Germany UK blog
  63. 63. Focus on Marketing • VCs invested $844M into marketing tech in Europe & Israel in 2017, up dramatically form $196M in 2016 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 63 0 5 10 15 20 25 0 100 200 300 400 500 600 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2015 2016 2017 Numberofinvestments Amountinvested(US$M) Marketing tech - VC investmentin Europe and Israel Amount Number blog
  64. 64. Focus on Employment • In 2017, there were 92 investments into employment (HR) companies, totaling $559M • This is up dramatically from 2016, which saw only $330M invested across 70 investments in the space Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 64 0 5 10 15 20 25 30 0 50 100 150 200 250 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2015 2016 2017 Numberofinvestments Amountinvested(US$M) Employment(HR) tech - VC investmentin Europe and Israel Amount Number blog
  65. 65. Focus on Health (1 of 3) • The UK led in the digital health space, with 29 investments • France was next, with 27 • Sweden took third, with 21, just ahead of Israel with 20 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 65 0 5 10 15 20 25 30 35 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2016 2017 Numnberofinvestments Health - VC investment in Europe and Israel Iceland Malta Serbia Slovenia Denmark Norway Austria Poland Italy Ireland Belgium Switzerland Netherlands Finland Spain Germany Israel Sweden France UK blog
  66. 66. Focus on Health (2 of 3) • The most frequently funded category in health tech was consumer health services • Enterprise SaaS was second, followed by enterprise software • Consumer health systems (devices) and consumer health marketplaces were also significant Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 66 0 5 10 15 20 25 30 35 40 Materials Components Data Commerce Media Marketplace Systems Software SaaS Services Number of investments HealthtechVC investmentin Europe and Israel by business model and target market, 2017 Enterprise OEM Consumer blog
  67. 67. Focus on Health (3 of 3) • In 2017, over $850M was invested across 98 rounds into digital health companies, up significantly from 2016 Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 67 0 5 10 15 20 25 30 35 0 50 100 150 200 250 300 350 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2015 2016 2017 Numberofinvestments Amountinvested(US$M) Health tech - VC investment in Europe and Israel Amount Number blog
  68. 68. Focus on Real Estate (“proptech”) • Proptech investment appears to be largely a British and French phenomenon Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 68 0 2 4 6 8 10 12 14 16 18 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2016 2017 Numnberofinvestments Proptech - VC investmentin Europe and Israel Belgium Luxembourg Ireland Serbia Netherlands Norway Switzerland Israel Spain Sweden Germany France UK blog
  69. 69. Focus on Electronics (components, systems, & semis) • The majority of “electronics” investments are into consumer systems companies • OEM suppliers for components and semis are also significant Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 69 0 10 20 30 40 50 60 70 Marketplace Software Commerce Services Semiconductors Components Systems Number of investments Electronics VC investmentin Europe and Israel by business model and target market, 2017 Agriculture Enterprise SMB OEM Consumer blog
  70. 70. Focus on Developer Tools • The developer tools investment landscape is highly fragmented, but the pace appears to be slowing Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 70 0 2 4 6 8 10 12 14 16 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2016 2017 Numnberofinvestments Developer tools - VC investment in Europe and Israel Portugal Belgium Poland Switzerland Finland Estonia Ireland Hungary Austria Denmark Norway Sweden Netherlands Germany France UK Israel blog
  71. 71. Focus on Infrastructure • There were 85 investments into infrastructure companies in 2017 • 40 of these were in Israel, 36 in the UK, and 27 in France Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 71 0 5 10 15 20 25 30 35 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2016 2017 Numnberofinvestments Infrastructure - VC investmentin Europe and Israel Italy Romania Portugal Denmark Poland Iceland Luxembourg Czech Belgium Ireland Switzerland Norway Netherlands Finland Spain Sweden Germany France UK Israel blog
  72. 72. Focus on Data • Data-oriented investments have been increasing through 2016 and 2017 • Just over $700M was invested across 69 funding rounds into data-oriented companies in 2017 • The “data” category captures companies whose primary value proposition revives around (big) data, AI/ML/BI tooling, databases, and/or analytics Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 72 0 5 10 15 20 25 30 0 50 100 150 200 250 300 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2015 2016 2017 Numberofinvestments Amountinvested(US$M) Data - VC investment in Europe and Israel Amount Number blog
  73. 73. 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 follow my blog and/or subscribe to my weekly email. 73 Gil Dibner To invest in the best European & Israeli enterprise startups, consider backing me on here. Lots of exciting stuff in the pipeline – and you’ll be in pretty good company.
  74. 74. Thank you blog

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