Leading European eCommerce Investors

CONFIDENTIAL
Leading European
eCommerce Investors
1H 2018

CONFIDENTIAL
§ In the following slides, we have synthesized our views on key European eCommerce investors
§ ComCap is a premier boutique investment bank focused on the intersection of commerce and capital, with key focus
on B2B SaaS, B2C ecommerce (DNVBs, beauty, health, and wellness), B2B services for retail technologies (IT and
marketing services, in-store, fulfillment, logistics, call center, analytics, personalization), payments, mobile
commerce and marketplaces
§ Headquartered in San Francisco with an office in Singapore, our firm works with mid-cap public companies on
buyside initiatives and public and private growth companies on financing and strategic M&A
§ In addition to being the only boutique focused on disruptive commerce models, we differentiate by:
‒ Bringing bulge bracket techniques to emerging models;
‒ A strong and uncommon buyside/strategy practice;
‒ Deep understanding of industry drivers and synergy analyses;
‒ Deep relationships across the sector; and
‒ Worldwide coverage with closed transactions in the United States, Japan, China, the ASEAN region, Western
and Eastern Europe and Latin America
§ If you'd like to connect with us over the phone and / or meet in person to be included in this report or to discuss your
strategic initiatives, please contact us:
We are pleased to present our 2018 European eCommerce
investors overview
Aron Bohlig
Managing Partner
M: +1 415-235-8270
E: aron@comcapllc.com
Steve Terry
Managing Director
M: +1 415-971-3794
E: steve@comcapllc.com
Collin Rice
Associate
M: 612-578-7512
E: collin@comcapllc.com
Fermin Caro
Director
M: +1 650-743-7825
E: fermin@comcapllc.com
Chris Nealey
Analyst
M: 949-887-3846
E: chrisn@comcapllc.com
Swetha Vijay
Director
M: +65 9326-4726
E: swetha@comcapllc.com
2
Carlos Gonzalez
Director
M: +7 915-413-1911
E: carlos@comcapllc.com

CONFIDENTIAL
$672.0
$340.6
$99.4 $89.6 $61.8 $42.6 $38.9 $26.8 $19.5 $19.0 $18.9 $15.9 $14.0 $13.4 $10.5 $9.6 $9.4 $9.4 $8.5 $6.9 $5.7 $5.0 $3.2
C
hina
U
S
U
K
Japan
G
erm
any
FranceSouth
Korea
C
anada
Brazil
Australia
R
ussia
Spain
India
Italy
ASEAN
6
N
orw
ayN
etherlands
Sw
eden
D
enm
ark
Finland
M
exico
Argentina
Indonesia
Retail Ecommerce Sales Worldwide – 2015 (In $B)
3
ComCap – active in 13 countries, including 11 of the top 22 global
ecommerce markets
Source: eMarketer December 2015
M&A
Strategy
Financing
B2C
Services
SaaS
Fintech

CONFIDENTIAL
4
European eCommerce received €571m in investment in 2016
§ While FinTech dominated European investment, eCommerce placed second in amount invested
§ eCommerce remained an attractive sector for investors, despite increasing pressure from marketplaces due to their
lack of invetory
€ 3,500
€ 550
€ 836
€ 1,407
€ 2,353
€ 2,737
€ 2,977
€ 3,144 € 3,232 € 3,305
€ 286
€ 571
€ 498
€ 448
€ 384
€ 240
€ 167
€ 88 € 73
€ 196
€ -
€ 500
€ 1,000
€ 1,500
€ 2,000
€ 2,500
€ 3,000
€ 3,500
€ 4,000
Total Deals FinTech eCommerce Travel Marketplaces* Food Content /
Digital Media
HR AdTech eHealth Other
2016 Value of European Internet Investments above €10m by Sub-sector (€ millions)
€ 830
B2B
B2C
Note: * If a marketplace is considered to be vertical-specific, it has been categorised within that vertical
Source: Go4Venture
Volume: 130 16 / 43 10 11 17 6 8 10 8 5 12

CONFIDENTIAL
5
Largest European eCommerce funding rounds since 2016 (1 of 2)
German companies have become the main recipients of growth investment
InvestorsCompany Country Description Round Details
Source: Press releases, Go4Venture, Crunchbase
Online fashion marketplace with
over 700 boutiques and brands
from around the world
June 2017
Late Stage: $397m
JD.com
Online supermarket for groceries
at the lowest price with free
delivery service
Mar 2017
Series B: $108.6m
NPM Capital, De Hoge Dennen Capital,
Finci, Hoyberg
Online retailer of own brand and
third party lighting products
Mar 2017
Late Stage: €66.0m
3i Group, Individual Investor(s)
A food subscription company
delivering pre-portioned
ingredients to homes, enabling
people to quickly cook meals
Dec 2016
Late Stage: $88.8m
Baillie Gifford, Undisclosed Investor(s)
Online fashion retailer for
emerging markets
Apr 2016
Series C: €300.0m
Access Industries, Investment AB Kinnevik,
Rocket Internet
Online fashion marketplace with
over 700 boutiques and brands
from around the world
May 2016
Eurazeo, IDG Capital Partners, Temasek,
Vitruvian Partners
Digital-first sunglasses company Oct 2016
Individual Investor(s)
Manufacturer and online seller of
prescription eyewear
Jul 2016
Late Stage: $49.8m
Technology Crossover Ventures
Mobile commerce platform for
digital subscription services
Feb 2017
Series A: $26.5m
European Investment Bank

CONFIDENTIAL
6
Largest European eCommerce funding rounds since 2016 (2 of 2)
Germany companies have become the main recipients of growth investment
InvestorsCompany Country Description Round Details
Source: Press releases, Go4Venture, Crunchbase
Online-only memory foam
mattress retailer
Jul 2016
Series B: €8.2m
Channel 4, DN Capital, Octopus Ventures
Online marketplace for curated
art
Jun 2016
Redalpine, Highland Europe, High-Tech
Gruenderfonds, Vorwerk Ventures
Mobile app for making payments
to restaurants for food delivery
and takeouts
Apr 2016
Series B: €14.0m
EQT Partners, Individual Investor(s)
Online retailer of men's apparel
and personal shopping services
Aug 2016
Late Stage: $22.0m
Highland Europe, Holtzbrinck Ventures,
Mangrove Capital, Northzone, Octopus
Ventures, U-Start
Online retailer of customisable
furniture
Mar 2017
Series A: $10.6m
Global Founders Capital, TriPos, Individual
Investor(s)
Online fashion retail business Jan 2017
Series A: €14.0m
eEquity, Northzone
Online store analytics solutions Dec 2016
Late Stage: $9.9m
Draper Esprit
Operator of online ecommerce
platforms selling premium pet
food and accessories
May 2017
Series B: $11.2m
Heliad Equity Partners, Mountain Partners,
Reimann Investors, Venture Stars

CONFIDENTIAL
European eCommerce M&A activity
eCommerce continues to experience M&A activity
Company DateIndustry Acquirers ValuationSellers
eCommerce store
analytics solutions
NA Ascential $220.0m Dec 2017Clavis
Technology
Online hotel booking
platform
iAlbatros Group SA Sodexo Mobility and
Expense Limited
$47.5m Mar 2017iAlbatros
Poland S.A
Online travel package
booking portals
ProSiebenSat.1 Media
SE
lastminute.com N.V. $14.3m Dec 2017Comvel
GmbH
Offers online retailers
payment options
Wonga Group Limited Klarna Bank AB $75.0m Feb 2017Billpay
GmbH
Source: Press releases, CapitalIQ
7
Retails toys online Qliro Group AB Babyshop Sthlm
Holding AB
$14.7m
EV / LTM Revenue: 0.3x
Apr 2017Lekmer AB
An online platform
that enables users
to swap their homes
MMC Enterprise Capital
Fund; MMC London Fund
& MMC Ventures
RCI Affiliates $47.5m Jul 2017
The Social
Travel Club
Limited
An online travel agency
for flights
ProSiebenSat.1 Media
SE
CVC European Equity
Partners
$565.0m
EV / LTM EBITDA: 14.0x
Jun 2017eTRAVELi
Holding AB
Online food ordering
marketplace
Falcon Edge Capital,
Goldman Sachs Asset
Management, Insight Venture
Partners, Phenomen
Ventures; Rocket Internet
Delivery Hero AG $426.0m Dec 2016Foodpanda
GmbH
Online video
advertising platform
NA RTL Group SA $141.0m
(36.4% stake)
Aug 2017SpotX

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8
Active financial investors in European eCommerce
Investor Representative InvestmentsFund Overview
Note: *Has a office in Europe
Source: CapitalIQ
HQ: London, UK
Founded: 2000, Funds raised: $2.6bn
# of eCommerce investments: 18
HQ: Berlin, Germany
HQ: Palo Alto, CA*
HQ: Paris, France
Founded: 1988, Funds raised: €24.7bn
HQ: Luxembourg City, Luxembourg
HQ: London, UK
HQ: Berlin, Germany
Founded: 2011, Funds raised: $200.0m
HQ: Munich, Germany
Founded: 2000, Funds raised: €1bn+
HQ: London, UK
Founded: 2000, Funds raised: NA
HQ: West Midlands, UK
Founded: 2011, Funds raised: £2.5bn
HQ: Oslo, Norway
Founded: 1996, Funds raised: €1bn+

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9
Acquirer Targets
Acquired in: Dec’16
Implied EV: $297.9m
Acquired in: May’15
Implied EV: $687.3m
HQ: London, UK
Founded: 2001, Status: Public
HQ: Unterföhring, Germany
Founded:, Status: Private
Acquired in: May’16
Implied EV: $89.6m
Acquired in: Oct’15
Implied EV: $267.0m
HQ: London, UK
Acquired in: Jan’15
Implied EV: $53.1m
Acquired in: Jan’16
Implied EV: $20.9m
HQ: Cologne, Germany
Acquired in: Mar’16
Implied EV: $15.7m
Acquired in: Jun’15
Implied EV: $17.6m
HQ: Berlin, Germany
Implied EV: $449.1m
Acquired in: Sep’15
Implied EV: $14.9m
HQ: La Plaine Saint Denis, France
Founded: 2001, Status: Private
Acquired in: Apr’17
Implied EV: NA
Implied EV: NA
Active strategic investors in European eCommerce (1 of 2)
Acquired in: Nov’16
Implied EV: NA
Acquired in: Aug’14
Implied EV: $237.8
HQ: Brande, Denmark
Implied EV: NA
Implied EV: NA
Implied EV: NA
HQ: Venlo, the Netherlands
Implied EV: $3.3bn
Implied EV: $3.3bn
(Combined with Allegro)
HQ: London, UK
Acquired in: Dec‘17
Implied EV: $219.0m
Acquired in: Aug‘16
Implied EV: $225.0m

CONFIDENTIAL
10
Acquirer Targets
Source: Crunchbase, CapitalIQ
HQ: Saint-Denis, France
Implied EV: €28.0m
HQ: Charenton-le-Pont, France
Implied EV: NA
HQ: Toulouse, France
Acquired in: Feb’16
Implied EV: NA
HQ: Swansea, UK
Acquired in: Mar’16
Implied EV: NA
HQ: Berlin, Germany
Founded:2011, Status: Private
Acquired in: Feb’16
Implied EV: NA
Active strategic investors in European eCommerce (2 of 2)
HQ: Bucharest, Romania
Implied EV: NA
HQ: West Midlands, UK
Implied EV: NA
HQ: Venlo, the Netherlands
Acquired in: Sep‘17
Implied EV: €126.0m
HQ: Berlin, Germany
Founded:2009, Status: Private
Implied EV: NA
Implied EV: NA
HQ: Sliema, Malta
Implied EV: $16.6m
Implied EV: $11.3m
HQ: Chiasso, Switzerland
Implied EV: $14.3m
Acquired in: Sep’16
Implied EV: NA

CONFIDENTIAL
Index Ventures
Fund Overview Selected investors
Key Facts Portfolio Companies
Founded: 1996 Status: Private
Employees: 11-50 HQ: London, UK
Company Overview: Index Ventures is a multi-stage international
venture capital firm specialising in the fintech sector. It backs the
best and most ambitious entrepreneurs
The firm seeks to take a minority stake, have a board seat, and does
not seek control its portfolio companies through ownership. It also
invests into rounds for companies already in its portfolio but still
young. It also has an office in San Francisco, Jersey and Geneva
The company has invested in 160 companies across 24 countries.
The firm can co-invest with local venture capitalists outside of
Europe. It may also invest $1-$2m in very-early stages. The firm
seeks to invest between $5-$20m in a company over the life of an
investment.
Target Geographies Global
Target Sectors Fintech, IT, life sciences, healthcare,
education; commerce; marketplace;
financial services and others
Fund Index Ventures I, II, III, IV, V, VI, VII; Index
Life VI, Index Ventures Life VII (Jersey) LP;
Index Seed; Index Ventures Growth I, II and
III; Index Ventures V Parallel Entrepreneur
Fund (Jersey)
Company Stages Incubation to late stage
Investment Size $0.05-$72.6m
AUM $5.8bn
Source: Company website, CapIQ, LinkedIn
Gloria
Baeuerlein
Venture Partner
§ Baeuerlein focuses on growth
stage investments across all
sectors in Europe and Australia
§ Previously she worked at
Technology Crossover Ventures
Guzman Diaz
Partner
§ Diaz focuses on focuses on
both early and growth stage
deals within the SaaS,
marketplaces and consumer
mobile app sectors
Jan Hammer
Principal
§ Hammer focuses on financial
and information/data services
§ Previously he worked at
General Atlantic in London
11

CONFIDENTIAL
Rocket Internet
Founded: 2007 Status: Public (XTRA: RKET)
Employees: 101-250 HQ: Berlin, Germany
Company Overview: Rocket Internet incubates and invests in
technology companies with proven business models. It offers deep
operational support to entrepreneurs and help them build market-
leading companies.
The company leverage proprietary processes to build market-leading
companies. Its active portfolio spans more than 100 companies on
six continents. The company’s key shareholders are Global
Founders, United Internet, Baillie Gifford & Co. and others. The
company focuses on proven online business models that satisfy
basic consumer requirements across four sectors: e-Commerce,
marketplaces, financial technology and travel. The firm's target
regions include Europe, Africa and Middle East, Russia and CIS,
Asia and Pacific (excluding China), Latin America.
Target Sectors Technology and Internet-based companies
with a focus on financial technology,
software, food and groceries
Fashion which includes emerging markets
online fashion, general merchandise which
includes emerging markets online
Fund Rocket Emerging Markets Internet Fund and
Rocket Internet Capital Partners
Investment Size Invest up to $50m
AUM $1.9bn
Oliver Samwer
Co-founder and
CEO
§ Samwer has previously made
several investments including
Facebook, LinkedIn, Groupon,
Zalando, Funding Circle,
Lazada
Peter Kimpel
CFO
§ Kimpel previously served as
Partner at Goldman Sachs
International London
§ Prior, he was Managing Director
at Goldman Sachs
Alexander
Kudlich
Group Managing
Director
§ Kudlich is responsible for
operations, product
development, technology and
resources
12

CONFIDENTIAL
Accel Partners
Employees: 101-250 HQ: Palo Alto, CA
Company Overview: Accel is a early and growth-stage venture
capital firm that backs entrepreneurs who have what it takes to build
a world-class, category-defining business
It has offices Bay Area, New York, London and Banglore. It seeks to
take minority stake in portfolio companies. It prefers to invest globally
with a focus on Europe, including Finland, Germany, Ireland,
Switzerland, & UK, Asia with a focus on China, India, & Israel, and
the US. Also seeks to invest in Brazil and Latin America.
In 2016, the company raised $500m through Accel London V, a fund
that focused on Series A and B investments in Europe and Israel. It
aimed to invest in start-ups varying from marketplaces to fintech
start-ups and enterprise software solutions.
Target Sectors Enterprise & SaaS, Cloud & IT, Internet &
consumer, services and healthcare
Fund Accel India I, II, III & IV; Accel Partners III,
IV, V, VI, VII, VIII, IX & X; Accel London II, III
& IV; Accel Big Data Fund, Big Data Fund 2;
Accel Telecom, Accel Europe Fund, Accel
Capital, Accel Kelretsu and others
Investment Size Invest up to $50m
AUM $10.01B
Nir Blumberger
Venture Partner
§ Blumberger previously served
as corporate development
executive at Facebook.
§ Prior, he worked with McKinsey
& Company
Philippe Botteri
Partner
§ Botteri previously worked for
SaaS and Ad Tech investments
§ He focuses on SaaS, enterprise
and marketplace businesses
Andrei
Brasoveanu
Principal
§ Brasoveanu focuses on
software, data and fintech
businesses
§ Previously he worked with
Foundation Capital and KCG
13

CONFIDENTIAL
Balderton Capital
Company Overview: Balderton Capital is a venture capital firm
specializing in early stages and late venture investments of a
company and start-ups in the Fintech sector. The firm seeks to make
growth capital investments. It does not invest in life sciences and
cleantech sectors.
It considers investments between $3-5m in start-ups. The firm
prefers a board seat and a minority stake in its portfolio companies.
It continues to support its investments throughout its growth phases
till maturity.
It primarily invests in European companies with a focus on France,
Spain, and Portugal. However, the firm is opportunistic about
investing outside Europe.
Target Geographies Europe
Target Sectors Technology companies: consumer,
healthcare, mobile and software
Fund Balderton Capital I ($500.0m); Balderton
Capital II ($375.0m), Balderton Capital III
($550m), Balderton Capital IV ($500.0m),
Balderton Capital V ($305.0m), Balderton
Capital VI ($375.0m)
Company Stages Early stage mainly Series A
Investment Size $1-20m
AUM $2.6bn
Tim Bunting
General Partner
§ Bunting previously served as
Partner of Goldman Sachs. He
held held various roles including
Global Head of Equity Capital
Markets and Vice-Chairman of
Goldman Sachs International
Suranga
Chandratillake
General Partner
§ Chandratillake previously
founded blinkx in 2004
§ Prior, he served at Autonomy
corp.
Nicolas Debock
Principal
§ Debock focuses on France,
Spain, and Portugal; and
specialises in Fintech, SaaS,
and C2C marketplaces
14

CONFIDENTIAL
Point Nine Capital
Employees: 11-50 HQ: Berlin, Germany
Company Overview: Point Nine Capital is an early-stage venture
capital firm primarily focused on SaaS and online marketplaces.
It can invest upto €3 million over the lifetime of its holding. The firm
co-invests with business angels and venture capital firms. The
company invests across 16 countries in the World
It also focuses on themes such as SaaS, internationalization,
marketplaces or tech. The company invest based on criteria related
to the product, the market size and the market segment, the
business model, the company’s early traction and team. It is also
attracted to original, innovative uses of web technology – but also to
online business models. Point Nine mainly invests in “0.9 stage” of a
company.
Target Geographies North America and Europe
Target Sectors SaaS, mobile and online marketplaces
Fund Point Nine Capital I ($7.2m)
Point Nine Capital II ($47.1m)
Point Nine Capital III ($60.0m)
Point Nine Capital IV ($84.6m)
Company Stages Early stage
Investment Size €0.1-1.5m
AUM ~$200.0m
Pawel
Chudzinski
Co-founder and
Partner
§ Chundzinski previously co-
founded and served as a
Partner at Team Europe
§ Prior he served as an
investment banker at Greenhill
& Co.
Christoph Janz
Co-founder and
Partner
§ Janz previously co-founded two
Internet start-ups: DealPilot.com
and Pageflakes
Rodrigo
Martinez
Partner
§ Martinez previously served as
Summer Associate at Index
Ventures and as a Senior
Strategy Consultant at PwC
15

CONFIDENTIAL
Global Founders Capital
Employees: 11-50 HQ: Luxembourg City, Luxembourg
Company Overview: GFC is a globally oriented, stage agnostic
venture capital firm that empowers gifted entrepreneurs world-wide
It operates as a subsidiary of Rocket Internet AG. The firm focuses
on investing in the equity of young technology companies. It prefers
to invest in internet, software, e-commerce and wireless projects.
The company focuses on Southeast Asia, Middle East, North Africa,
Vietnam, Colombia, Europe, the United States, and China. The firm
invests between €0.1-€1.0m during the seed stage, €1.0-€3.0m
during the early stage, and €3.0-€8.0m during the growth stage.
It prefers to be the lead investor and have a board seat in its portfolio
companies.
Target Sectors Fintech
Fund Global Founders Capital Fund I (€500m)
Global Founders Capital Fund II ($1bn)
Company Stages Start stage to late stage
Investment Size €0.01 - €10m
AUM $1.6bn
Marc Samwer
Partner
§ Samwer previously founded
Jamba! AG
§ Prior, he served as Managing
Director of eBay.He also
founded Alando.de
Daniel Jones
Partner
§ Jones is an Investor
Matchmade, OpenRent,
Instacarro.com and others
§ Previously, he served at Fidelity
Ludwig
Ensthaler
Partner
§ Ensthaler currently serves as
Investor at Slack, SpotHero,
HomeToGo, Capsule, Away,
SidelineSwap, Suiteness, and
ReachHero
16

CONFIDENTIAL
HV Holtzbrinck Ventures
Employees: 11-50 HQ: Munich, Germany
Company Overview: HV Holtzbrinck Ventures is an independent
European early stage venture funds
The firm prefers to be a lead investor but can also co-investor in its
portfolio companies. It exits its investments between 3-7 years
through an IPO or acquisition. The firm prefers to take a minority
stake. It has 2 offices across Germany.
It has invested in over 160 companies. In 2000, the company was
established as a corporate venture arm of the Holtzbrinck Publishing
Group. In 2010 HV Holtzbrinck Ventures became an independent
venture firm, raising funds from a strong network of international
institutional investors. It seeks to invest in Europe with a focus on
Germany, Austria, and Switzerland
Target Sectors Consumer, education, enterprise, fintech,
healthcare, mobility and retail
Fund HV Holtzbrinck Ventures Fund IV ($329.8m)
HV Holtzbrinck Ventures Fund V ($197.6m)
HV Holtzbrinck Ventures Fund VI ($321.8m)
HV Holtzbrinck Ventures Fund VII ($375m)
Company Stages Early stage
Investment Size Initial investment between $0.5 - $2.7m
Can grow up to a total investment of $50m
over several rounds and stages of maturity
AUM €1.0bn+
Nawid Ali-
Abbassi
Principal
§ Abbassi joined the company in
2016
§ Started his career as brand
builder at Proctor & Gamble
Christoph Jung
Partner
§ Jung previously served for 2
years at Deutsche Bank
§ He played a leading role in the
setup and financing of Ottonova
David Kuczek
General Partner
§ Kuczek joined the company in
2006
§ Previously, he worked on e-
learning implementation project
at the Sloan School of
Management
17

CONFIDENTIAL
Bpifrance Investissement
Employees: 1,000-5,000 HQ: Paris, France
Company Overview: Bpifrance Investissement is a private equity
and venture capital firm specializing in fund of funds and direct
investments.
It usually takes a minority stake in the companies and the funds in
which it invests. The company operates as a subsidiary of Bpifrance
Participations SA. Within growth capital it seeks to invest greater
than €1.5m. The firm invest in companies headquartered in France
with revenues starting at €5.0m. Its venture capital investments
range between €1.5-10.0m, which it invests in small and medium-
sized companies. For fund investments, the firm invests between
€3.0-60.0m. As of June 2017, the company has AUM of €24.7bn out
of which 59% was invested in mid & large cap; 29% in funds of funds
and remaining in SMEs & venture
Target Geographies France, Germany, Switzerland, Turkey,
Morocco, Australia, Japan, South Korea,
New Zealand, Mexico, Canada, and the US
Target Sectors Industry, real estate, construction, business
services, IT, transport and others
Fund Avenir Entreprises 1 & 2; AIRFI; Averroès
Finance; Averroès Finance II, III; Avenir
Entreprises Développement; & others
Company Stages Start stage to mature stage
Investment Size €0.4-10.0m in growth capital and leveraged
buyout transactions
AUM €24.7bn
Nicolas
Dufourcq
Executive
Director
§ Dufourcq serves as the CEO at
Bpifrance Financement and
Managing Director at BPI
France
Pascal Lagarde
Managing
Director & CEO
§ Lagarde also serves as
Executive Director in charge of
Strategy, Research and
Development at Bpifrance
Sébastien
Moynot
Investment
Director
§ Moynot serves as Investment
Director of Bpifrance
Participations
§ Previously, he worked at
Agence des participations de
l’Etat
18

CONFIDENTIAL
Northzone Ventures
Employees: 11-50 HQ: Oslo, Norway
Company Overview: Northzone Ventures is a private equity and
venture capital firm specializing in investments in growth capital in
the Fintech sector. It is a technology investment partnership
The company has four offices across London, Stockholm, New York
and Norway. It has made over 120 investments till date and 9 IPOs
through 8 funds.
It usually takes a minority stake in its portfolio companies. The firm
prefers to take between three and six investments per person.
Northzone prefers to co-invest with venture capital investors or
strategic partners during early stages of a company life cycle. It
seeks to take Chairman of the Board position in its portfolio
companies during the first 6 to 12 months of investment.
Target Geographies US, Northern Europe, Western Europe and
Nordic countries
Target Sectors AI, communication & infrastructure, e-
commerce, ed-tech, enterprise platforms,
fintech, gaming, hardware & semiconductors
and media
Fund Nothzone I, Northzone II, Northzone III,
Northzone IV, Northzone V, Northzone VI,
Northzone VII, Nothzone VIII
Company Stages Seed stage to late stage
Investment Size $1.0-19.0m
AUM €1.0bn+
Jessica Schultz
Partner
§ Schultz focuses on e-commerce
and consumer internet
§ Previously, she co-founded
HelloFresh
Jeppe Zink
Partner
§ Zink focus on mobile, fintech,
SaaS and marketplaces
§ He has also invested in
companies such as Space Ape
Games, Sticky, and others
Michiel Kotting
Partner
§ Kotting areas of interest are
mobile, marketplaces, fintech,
AI and data analytics
§ Previously he served at Accel
London
19

CONFIDENTIAL
DN Capital
Company Overview: DN Capital is a global early stage and growth
capital investor. It offers financial support for the company as it finds
product-market fit, expands internationally, and becomes a global
leader.
It seeks to invest in companies primarily based in Europe with a
focus on Northern Europe, Scandinavia, UK, Germany, France, and
Nordics. It also invests in North America with a focus on Silicon
Valley. It has made 59 investments so far across 9 countries.
It also seeks to make co-investments. The firm prefers to take a
minority stake or joint control and a board seat in its portfolio
companies. The company has additional offices in Menlo Park,
California and Berlin, Germany.
Target Geographies Globally
Target Sectors Market places, e-commerce, software,
mobile apps and digital media
Fund Global Venture Capital I ($61.0m)
Global Venture Capital II ($73.8m)
Global Venture Capital III LP ($200.0m)
DN Capital - Global Venture Capital IV
($161.0m)
Company Stages seed stage, Series A and Series B rounds
Investment Size €0.1-€20.0m per company
can invest up to €15.0m in syndication
AUM NA
Nenad Marovac
Co-founder &
CEO
§ Marovac oversees the global
operations with day to day
responsibility for operations in
the UK and Germany
Steve
Schlenker
Co-founder &
Managing
Partner
§ Schlenker has investment
experience in software and
software related businesses
§ Previously he served at SUN
Capital Partners
Thomas
Rubens
Partner
§ Rubens focuses on
marketplaces, ecommerce and
software
§ Previously he served at
Barclays Capital
20

CONFIDENTIAL
Business Growth Fund
Employees: 150+ HQ: West Midlands, UK
Company Overview: BGF is the most active and influential investor
in small and mid-sized businesses in the UK. It has backed 200
companies and has invested £1.4bn. The company has invested
73% outside London and South East. BGF has 11 offices and has
offered £330m as follow-on
The company funds different growth strategies including acquisitions,
R&D, sales & marketing, rollouts, exporting and fixed assets. The
firm seeks to invest between £1.0-£10.0m in companies with sales
between £5.0-£100.0m. It typically acquires a majority or minority
stakes of between 10-40% in companies and prefers to take a board
seat. The firm seeks to co-invest alongside other investors. The firm
seeks to exit its investments in around 10 years, wherein typically all
shareholders exit together.
Target Geographies Midlands, UK with a focus on North of
England, North East & Cambria, North
West, London, South East, South West
England, Hampshire, Berkshire, Wiltshire,
the Thames Valley, South and North Wales,
the Yorkshire & Humber, & others
Target Sectors technology, hospitality, healthcare,
manufacturing, retail and others
Fund BGF Ventures, BGF Growth, BGF Quoted
Company Stages Growth
Investment Size £1.0-£10.0m
AUM £2.5bn
Aaron Baker
Investor
§ Baker previously served as
Associate Director in the
Structured Finance team at
RBS
Alex Garfitt
Investor
§ Garfitt has over 15 years of
experience and joined the
company in 2012
§ Previously he served at KPMG
Alex Snodgrass
Investor
§ Snodgrass joined the company
in 2016
§ He has more than 10 years of
experience and previously
served at Lloyds Development
Capital
21

CONFIDENTIAL
Frog Capital
Company Overview: Frog Capital is a private equity and venture
capital firm specializing in direct and secondary investments.
It seeks to invest in companies generating revenue between €3m-
€30m. It also makes minority and majority purchases. Its strategy is
to invest in companies which are in scale-up phase and to empower
technology CEOs.
The portfolio witnesses approx. 40% revenue growth per annum.
Frog’s experienced team has invested in over 100 companies, and in
the last five years has exited companies with a total transaction
value over €1 billion. By applying industry knowledge, a network of
relationships and operating expertise, Frog actively supports
exceptional company growth and builds shareholder value.
Target Sectors Consumer, financial and businesses
services: cleantech, fintech, healthtech, e-
commerce, information technology, edtech,
proptech, resource efficiency, software
company, and media sectors
Company Stages Mid Venture, Late Venture, Middle Market,
Turnaround
Investment Size €5m-€20m
AUM NA
Mike Reid
Managing
Partner
§ Reid previously served for 12
years as Director at 3i investing
in a range of technology
businesses
§ He started his career at British
Gas
Steven Dunne
Partner & CFO
§ Dunne previously served 4
years at Syscap
§ Prior, he served as as a
Portfolio Director at Livingbridge
Joe Krancki
Partner
§ Krancki previously served at
Jefferies’ Technology
Investment Banking and EY’s
Consulting team
22

CONFIDENTIAL
23
Selected leading marketplace and ecommerce focused financial and
corporate venture investors
US
Stage
agnostic
Buyout /
Alternate
Early
stage
Late
stage
Corp.
VC
International

CONFIDENTIAL
ComCap’s perspectives on leading European eCommerce
investors is shared with 250+ financial and 100+ strategic
investors
§ Thank you for reading our research on trends in European eCommerce investors
§ ComCap’s perspectives on various industries, including European eCommerce investors, are being shared with our
large network of strategic and financial investors globally
§ This facilitates a better understanding of sweet spots for these investors; and ultimately helps to better position a
mandated client with selected players
§ Unique disruptors are gaining additional global coverage via ComCap’s reach – please contact Aron Bohlig
(aron@comcapllc.com) or Carlos Gonzalez (carlos@comcapllc.com) for inclusion or for comment
24

Leading European eCommerce Investors

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