This short presentation shows European blockchain VC investments, companies and barriers for growth of European blockchain VC deals

1. European Blockchain Investments
Presentation
25.05.2020
Viktor Fischer

2. Page 2 | January 2020
Executive summary
1. Globally, around $2.9bn is invested into roughly 800 blockchain companies. Although the total value has decreased
by -30% (from $4.3bn) in 2018, the number of deals held relatively steady at ~800 per year.
2. In 2019, around 30% of deals were in EMEA, up from 27% in 2018.
3. In Europe, blockchain companies received ~$700m in funding, which is a decrease of -18% (from $851m) in 2018.
4. In Europe, UK still dominates, although Switzerland, Germany, Spain, Netherlands, France and CEE follow.
5. Main blockchain companies in Europe are Bitfury, Ledger, Blockchain.com.
6. Europe has numerous universities, which have blockchain-focused research teams.
7. There is a lack of a large European blockchain VC; US-based funds have raised ~$2bn, Asia-based funds have raised
~1bn and European funds have collectively raised ~$200m.
8. Consistent regulations in EU are lacking, although there is an initiative / consultation to improve the regulatory
situation (albeit with unclear deadlines)

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In 2019 blockchain funding fell but # of deals stayed
SOURCE: CB Insights Blockchain Report 2020
Worldwide

4. Page 4 | January 2020
Share of deals in EMEA increased from 27% to 30%
SOURCE: PWC – 2nd global crypto M&A and fundraising report April 2020
• 30% of deals are
in EMEA
• Assuming 800 is
the total number
of deals in 2019,
then 30%
accounts for
~240 deals

5. Page 5 | January 2020
In 2019, European blockchain co’s received $700m
1 Same assumption as for all tech verticals, where UK receives 1/3 of the overall funding ($10bn out of $34bn in 2019)
SOURCE: Atomico – State of European Tech 2019
• Blockchain is the 6th largest tech vertical in Europe, with $700m invested / year
• Assuming 1/3 of total invested amount is in UK1, then the Europe 27 account for ~450m invested per year

6. Page 6 | January 2020
UK represents ~20% of European blockchain co’s
SOURCE: Crunchbase “blockchain” companies in “Europe” region in 2018 and 2019; Etienne Brunet newsletter on European crypto ecosystem
Count of Organization Location Column Labels
Row Labels 2018 2019 Grand Total
UK 35 22 57
Switzerland 22 10 32
Germany 17 13 30
Spain 7 15 22
Netherlands 8 5 13
France 6 5 11
Estonia 6 5 11
Malta 7 1 8
Sweden 5 3 8
Ireland 6 2 8
Belgium 2 5 7
Gibraltar 5 5
Lithuania 3 2 5
Russia 4 1 5
Luxembourg 2 3 5
Norway 1 3 4
Austria 2 1 3
Poland 2 1 3
Slovenia 1 2 3
Serbia 2 1 3
Italy 3 3
Greece 1 1 2
Cyprus 1 1 2
Finland 1 1 2
Hungary 1 1 2
Iceland 1 1 2
Belarus 1 1 2
Czech Republic 1 1
Portugal 1 1
Man 1 1
Bulgaria 1 1
Ukraine 1 1
Liechtenstein 1 1
Grand Total 156 108 264

7. Page 7 | January 2020
Examples of blockchain companies in Europe
Company Country Total raised (m USD)
Bitfury Netherlands 170
Ledger France 88
Blockchain UK 70
Fnality UK 63
SETL UK 39
Crypto Finance AG Switzerland 37
Arweave UK 22
Bitwala Germany 22
Bitstamp UK 12
Binance Labs Malta 10
Consensys Switzerland 10
Liquidity Network Switzerland 8
Decent Switzerland 6
Lisk Switzerland 6
Polkadot UK 6
Vega protocol Gibraltar 5
Wirex UK 3
DappRadar Lithuania 2
Mt Pelerin Switzerland 2
Nexus Mutual UK 1
Cryptocompare UK 1
IOTA Germany 1
Deribit Netherlands N/A
Equity
Company Country Total raised (m USD)
TaTaTu Enterprises UK 575
Waves Platform Russia 142
Envion Switzerland 101
Bankera Lithuania 100
Cardano Switzerland 62
Monetha UK 37
Jibrel Network Switzerland 33
Universa Blockchain Lithuania 28
Gibraltar Blockchain ExchangeGibraltar 27
Aragon Germany 26
Proxeus Liechtenstein 25
DAV Switzerland 24
Aeternity Liechtenstein 24
OriginTrail Slovenia 22
Aventus Systems London, England, United Kingdom, Europe20
CoinMetro Estonia 15
modum Switzerland 13
iExec France 12
Quant Network UK 11
Native Video Box Russia 10
PickcioChain Switzerland 9
Hive Project Slovenia 9
Bubbletone Ireland 9
ICOs
SOURCE: Crunchbase “blockchain” companies in “Europe” region

8. Page 8 | January 2020
Main European universities with blockchain research
1 Same assumption as for all tech verticals, where UK receives 1/3 of the overall funding ($10bn out of $34bn in 2019)
SOURCE: Atomico – State of European Tech 2019

9. Page 9 | January 2020
Lack of large European blockchain VCs
Note: Not 1 European VC present in the list of top 50 blockchain investors: https://www.blockchain-council.org/blockchain/top-50-venture-capital-investors-in-blockchain/
SOURCE: https://101blockchains.com/top-blockchain-investors/
USA
• Polychain: $550m hedge
fund, $175m VC fund 1,
$200m VC fund 2
• A16Z: $350m VC fund 1,
$515m VC fund 2
• Paradigm: $400m VC fund
• Pantera: $200m hedge fund,
$125m VC fund 1, $175m VC
fund 2
Asia
• Fenbushi: $200m fund
• Dragonfly: $100m fund
• DHVC: $Xm fund

10. Page 10 | January 2020
Regulation is still an issue in Europe
SOURCE: Atomico – State of European Tech 2019; http://Ec.Europa.Eu
• 20% of surveyed entrepreneurs mention blockchain as a priority for regulators
• European Commission has launched a consultation document on how to improve regulatory environment:
https://ec.europa.eu/info/sites/info/files/business_economy_euro/banking_and_finance/documents/2019-
crypto-assets-consultation-document_en.pdf

11. Page 11 | January 2020
BACKUP

12. Page 12 | January 2020
In 2019, Europe had EUR 32.4B in funding of 5000 co’s
SOURCE: Pitchbook – 2019 Annual European Venture Report
• Out of EUR 32.4bn of VC funding in Europe, UK & Ireland received ~30%

13. Page 13 | January 2020
Majority of deals are still in Seed phase
SOURCE: PWC – 2nd global crypto M&A and fundraising report April 2020
• The blockchain industry is
still in the Seed / Series A
phase
• 70% of deals are in Seed
and Series A