France Startup Valuation Report 2016

Venture Transaction Multiples – France 2016 Edition© 2016 Avolta Partners // www.avoltapartners.com
Venture Transaction Multiples
France 2016 Edition
How Much Is Your Startup Worth ?

Venture Transaction Multiples – France 2016 Edition© 2016 Avolta Partners // www.avoltapartners.com 2
Edito
Startup valuation: the secret sauce
is the median EV/Sales multiple observed in France in 2015, based on all the fundraising
transactions in Venture Capital.
How much value is your startup worth? Every entrepreneur will be asking himself this question at least once
in his lifetime. Obviously, the answer is far from being simple.
In Venture Capital there is no « transparency » about startups valuation. Neither from startups nor funds. It's like
being constantly in the haze. Only a few rumours and indiscretions sometimes feed the FrenchTech fantasies.
Under such conditions, it is not easy for an entrepreneur to calmly consider one of the most complex stages of
his adventure: fundraising.
Venture Capital is facing a total asymmetry concerning the available market information. On one hand, funds
hold a substantial amount of information, inherited from their past experiences and their precise knowledge of
the fundraising market; on the other hand startups have none.
In practice, the method ruling Venture Capital is the famous "2/3 1/3" method. 2/3 Pre-Money - 1/3 New
Money. In other words, if you want to raise €1m, your fundraising valuation basis will be close to €2m, and your
dilution for this round will represent 33% of your capital. This theory is correlated to what we have observed in
our study where we found a 27.9% median dilution in France in 2015.This method can be explained by the will
of the Venture Capital funds to make minority but substantial enough investments to hold a controlling stake in
startups they are investing in: that’s why we call it the "2/3 1/3" method.
Having this in mind and thanks to a data driven experience, Avolta Partners decided to reflect a little bit further
upon the metrics that are underlying startups valuation. This is what we endeavoured to do in this study which
aims to allow each startup to get a better (and fair) idea of its own valuation, to know how much it may claim as
part of its fundraising adventure and to « fluidity » the relationship between Venture Capitalists and
entrepreneurs.
6.38x

Companies belonging to the eCommerce, Hardware and Retail sections
have a business based on stock management and margin between
supplier prices and selling prices. Each of these 3 categories has its own
key metrics, that’s the reason why we differentiated them. Performance
model is built around the constitution of a recurring user community while
Audience one is based on traffic. Service business incomes come from
margin between labor cost and service invoice price.
Focusing on Transaction Multiples.
Methodology
Data. Data. Data.
1000 startups. 650investors. 497deals in 2015.
We are continuously tracking over 1000 startups, 650 investors and we’ve
monitored around 500 deals in 2015. We’ve built a method to categorise
startups according to their sector and business model and to estimate
their transaction multiple. Here’s some insightsabout our approach.
The French startup landscape mapped into 11 main sectors.
We segmented the French startup landscape into 11 categories
depending on fields of application. The 9 first are directly related to the
disruptive tech environment while the 2 last gather non-tech companies.
The AdTech and FinTech segments include respectively advertising and
financial technology companies. The Digital Media section clusters media,
social media and gaming-related companies. We put into the IoT segment
companies positioned on combined software/hardware solutions. Online
sellers go into eCommerce. Business Services and Consumer Services
sections cover respectively B2B and C2C service technology startups.
Companies focused on energy & environment on the one hand, and on
medical, pharmaceutical & biological on the other hand go respectively
into CleanTech and MedTech / BioTech groups. Eventually, we classified
non-tech startups into Retail and Consulting according to their distribution
or service-provider specialty.
9 business models to approach startup valuation.
To focus on companies’ core business, we mapped the French startup
environment through 9 business models (BM). The subscription model is
based on recurring revenue (SaaS) or more traditional licensing. The
commission model basically relies on a debit from the Gross Merchandise
Volume (GMV) flowing through the platform according to a defined
commission rate (such as a marketplace).
497 startup
fundraisings monitored
286 fundraisings > to €1m
217 startups with legal
information disclosed
171 Transaction
Multiples
We tracked over 286
fundraising rounds superior
to €1m by extracting
information from several
sources
We tracked legal information
from BODACC to calculate
217 Equity Values
We mapped the ecosystem
and consolidated datato
calculate171 Transaction
Multiples

Global Trends

Global Trends
€1.8bn deals value. 497 startups.
French tech startups booming activity.
With more than €1.8bn raised in 497 transactions in 2015, investments have more than doubled compared to 2014 and reached a new milestone in France.
€810m were raised during the first semester and €1.02bn during the second one. France remains at the 3rd place in Europe in terms of total amounts raised
behind the United Kingdom and Germany.
0
10
20
30
40
50
60
70
80
0
100
200
300
400
500
600
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15
No. of dealsAmount (€m)

Global Trends
FrenchTech mapping
2622
1179286
57
286
169
4310
35
1617
14115 7414
3116
5613
9321
6424
No. of deals
Total amount raised
Paris. Toulouse. Grenoble. Montpellier. Lyon.
The FrenchTech initiative has promoted the creation of regional startup ecosystems. There are 14 different FrenchTech metropolis (Paris included). In 2015,
almost 93.6% startups which raised funds (and 96.5% of total volume raised) were located within the French Tech metropolis network (Paris included). Paris
hegemony is tremendous: 58.2% of startups funded in 2015 (64.3% of volume raised) have their headquarter located in Paris area. PACA, Auvergne Rhône-
Alpes and Occitanie are the next 3 main startup home places, weighting for 22.2% in total.

Global Trends
Inside the VCs’ mind
Will the rich always get richer ?
VCs’ investment activity has more than doubled this year. But what about money allocation through the different funding stages ? Is there a real move towards a
bigger place for Seed Series ? Well yes, but there’s still room for improvement. Series A and B have seen their median ticket and global volume doubled but
Seed tours - which concern almost half of the total 2015 deals - are still craving for more institutional financings. For now, alternative financing actors such as
crowd equity platforms,crowd lendingplatformsand businessangels remain the main source of fund inflows to Seed stages.
The « 2/3 pre-money, 1/3 new money » law, a reality ?
One of the VCs’ rules acting as a law when entering in startup’s capital is: 1/3 of the valuation is injected in new money. Even if the global dilution median is
28%, we observed that almost 50% of Series A and 45% of Series B this year have been structured with a dilution below 25%. One constant metric is that VCs
hardly ever invest with a dilution above 35%.
< 15%
15-25%
25-35%
> 35%
C
Seed
€157m
Series B
€539m
Series D €262m
Series C
€327m
Series A
€548m
Injected money
0-50
+200
+50
+100
+150
No. of deals
Startup distribution by Series
19.1%
13.2%
26.2%
31.6%
28.6%
33.3% 28.9% 57.1%
21.4% 26.3%
14.3%
0%
25%
50%
75%
100%
A Series B Series C Series
Startup dilution by Series
Dilution
Series A Series B Series C

Global Trends
The long journey of an entrepreneur
Startup lifetime and average waiting period at each stage of funding story.
53 months is the average waiting period between creation date and the Series A. Once you’ve reached this point, the typical delay until Series B is about 26
months. At this point, you can start thinking about quicker development and easier access to funds. But as you can see on the red curve, only few startups
survive to this obstacle course.
0
50
100
150
200
250
0
5
10
15
20
25
30
0 20 40 60 80 100
No. of months
53-months « no man’s land» before
finding your first institutional VC
Just 26 more to
see the light at the
end of the tunnel
Med. amount raised (€m)
No. of startup
Median time to
reach Series A
Median time to
reach Series B

Global Trends
The French startup cosmos
11 Sectors. 9 Business Models.
Our vision of the French startup landscape is a dual one. On one side, we focus on fields of application – what we called sector – and on the other side, we think
in terms of core earning model of the business – or business model. We spaced the 497 transactions over 11 sectors (11 verticals from AdTech to Consulting)
and 9 business models (9 horizontalsfrom Subscription to Research).
Deal size (€m)
Logarithmic scale
AdTech FinTech Digital Media IoT eCommerce
Business
Services
Consumer
Services
CleanTech
MedTech /
BioTech
Retail Consulting
Subscription
Commission
Performance eCommerce
Hardware
Retail
Audience
Research
Service
Business Model

Global Trends
Fundraising opportunities split by sector
Are there sector investment patterns ?
Depending on average revenue and average deal size positioning, 4 main sector trends have been spotted. The first one covers startups generating low revenue
and getting high deal size such as FinTech – highly VC attractive but mainly based on low commission revenue. VCs also strongly believe in disruptive hardware
companies. Demanding time and fund to validate their proof of concept and set up the production line, the IoT sector is consolidating and once revenues are
generated, access to financing is significantly facilitated. eCommerce position in the matrix is rather indicative: based on non-recurring revenue and high
marketing expenses, the break-even point is rarely reached below €8m revenue. Reaching a critical size is compulsory to pretend to a VC-backed fundraising.
We will analyse the impact on valuation further in the study.
AdTech
FinTech
Digital Media
IoT
eCommerce
Business Services
Consumer Services
CleanTech
MedTech / BioTech
Retail
Consulting
0,00
2,00
4,00
6,00
8,00
10,00
12,00
0 1 2 3 4 5 6 7 8 9 10
Avg. Revenues (€m)
Avg. deal size (€m)
€4.9m
€4.8m
Spray & Pray
Hedge the risk
All-In
Consolidate the
monopoly
< 10
10 - 25
>25
No. deals
Based on 171 investments with available2015 revenues and newmoney between €0.5m and €40m

Transaction Multiples

The secret sauce unveiled
Valuation(startup) = a{sector ; business_model} + b{team ; product ; competition ; equity_story}
with “a” based on revenue & ecosystem analysis (Transaction Multiple approach)
with “b” based on other driver analysis (qualitative approach)
How do Venture Capitalists (VCs) valuate Tech companies?
That’s what we want to explain with the formula above. The ultimate way to drive startups valuation on a more rational way than
existing VC methods. “Pre-Money = 2x New Money” as VC partners say for early stage startups is no longer a viable valuation
method.
a = 80%. b = 20%. Our main postulate.
We assume 80% of the value is driven by revenues, i.e. that we can obtain a consistent range of transaction multiples by {Sector;BM}
subgroup and then, when it comes to value a new venture, to leverage the startup revenue by the median multiple of its {Sector;BM}
subgroup.
Other more qualitative considerations such as team expertise, product, competition, equity story or market opportunities could be
used to improve the value and explain why startups outperform their {Sector;BM} median multiple.
Understand startup earnings. Map startup ecosystem. Modelise Transaction Multiples. Valuate.

Tech valuation snapshot
A splash ofrational in the worldofstartupvaluation.
At first sight, startup valuation seems to depend on both quantified and unquantified variables. Global momentum, market reaction, VCs’
predictions and policies or management team profiles are all influencing startup perceived value. Getting a fair and objective view on the
valuation of a business might be a tricky task. But we did try to bring some rational into it and we strongly believe that each sector and
revenue generating model reveals its own trend. Here’s a snapshot of our study.
Subscription
Commission
Performance
eCommerce
Hardware
Audience
Research 7.95x
19.26x
26.58x
4.20x
12.20x
27.10x
8.72x
5.45
4.16x
6.39x
1.24x
4.44x
3.38x
2.32x
0,00x 10,00x 20,00x 30,00x
2015 EV/SALES by BusinessModels
1st quartile 3rd quartile
19.65x
10.06x
52.31x
8.54x
4.09x
23.08x
13.18x
28.68x
5.06x
3.93x
2.09x
6.56x
2.99x
1.26x
5.82x
3.29x
9.83x
2.16x
0,00x 10,00x 20,00x 30,00x 40,00x 50,00x
2015 EV/SALES by Sectors
AdTech
FinTech
Digital Media
IoT
eCommerce
Business Services
Consumer Services
CleanTech
MedTech / BioTech

The {Sector;BM} matrix convergence points
Subscription
Commission
Performance
eCommerce
Hardware
Retail
Audience
Research
Service
Deal size (€m)
Logarithmic scale
AdTech FinTech Digital Media IoT eCommerce
Business
Services
Consumer
Services
CleanTech
MedTech /
BioTech
Retail Consulting
AdTech X Subscription
Business Services X Subscription
95 startups
€280m total funding
FinTech X Commission
eCommerce X Commission
Consumer Services X Commission
77 startups
IoT X Hardware
CleanTech X Hardware
MedTech / BioTech X Hardware
76 startups
MedTech / BioTech X Research
30 startups

AdTech
0.0x 5.0x 10.0x
5.06x2.16x
AdTech
Subscription
Performance
6.55x2.55x
4.15x2.32x
Global Sector
Global BM
Sector x BM
No. deals
Med. Amount
raised
Share of pre
revenue deals
Med.
Revenue
Med. dillution
23
€1.09m
33%
€4.97m
24.8%
€2.5m
Med.
gap1
Sector median
All in all median
Reaching the critical mass.
Mainly structured around subscription and performance models (CPC/CPM/CPA/etc.) linked to the advertising ecosystem, AdTech ventures
are valued on relatively discounted multiples. VCs focus on mature startups (€5m median revenue) with a proven business model and an
established network of publishers. Reaching a critical mass is crucial in view of AdTech ecosystem complexity and offers/technologies
fragmentation.
1Gap between amount disclose and amount effectively raised

FinTech
20 €3.1m
14%
30.3%
No. deals
Share of pre
revenue deals
Med.
Revenue
Med. dillution
Med.
gap1
€0.55m€1.32m
Sector median
All in all median
Global Sector
Global BM
Sector x BM
FinTech
Commission
25.63x10.02x
0.0x 5.0x 10.0x 15.0x 20.0x 25.0x
28.68x9.83x
30.0x
A huge seductive power.
VCs’ craze for FinTech startups is real. While still fragmented and immature, potential booming and disruptive FinTech technology market is
currently attracting financing from almost any kind of VC. Commission business model is prevailing and the average debit percentage is pretty
low: close to 5%. Therefore, although the median revenue of FinTech startup is the lowest one, all bets are off and this trend pushes up
EV/Sales multiples.
Med.
Amount
raised

Digital Media
Digital Media
Audience
0.0x 5.0x 10.0x 15.0x 20.0x 25.0x
5.90x2.42x
13.18x3.29x
Global Sector
Global BM
Sector x BM
15
€3.1m
€2m
11%
€4.47m
28.1%
No. deals
Med. Amount
raised
Share of pre
revenue deals
Med.
Revenue
Med. dillution
Med.
gap1
Sector median
All in all median
Concentration trend.
Few deals, but high ones. Digital Media sector is consolidating around big actors. Cross media, cross canal and cross audience: the
perspectives are promising and VCs are valuing that on consistent transaction multiples basis. Mainly based on audience model, expectations
in terms of revenue and media exposure are high.

IoT
IoT
Hardware
4.12x
0.0x 5.0x 10.0x 15.0x 20.0x 25.0x
21.65x
23.08x5.82x
Global Sector
Global BM
Sector x BM
29
€2.1m
€1m
17
%
€1.79m
32.3%
No. deals
Med. Amount
raised
Share of pre
revenue deals
Med.
Revenue
Med. dillution
Med.
gap1
Sector median
All in all median
Take time to develop yourproduct,VCs are patient.
When investing in IoT, VCs generally expect startups to generate revenue (only 17% of pre revenue deals). Most of the time, average €2m
ticket size is to go for market distribution. Yet, as any CAPEX incentive models, prototyping and industrialisation are crucial financing steps and
some VCs size opportunities while hedging theirrisk with relatively high dilution.

eCommerce
eCommerce
Commission
eCommerce
0.0x 2.0x 4.0x 6.0x 8.0x
3.59x1.29x
6.09x3.51x
10.0x
1.26x 4.09x
Global Sector
Global BM
Sector x BM
19
€2.5m
€0.51m
13%
€3.6m
27%
No. deals
Med. Amount
raised
Share of pre
revenue deals
Med.
Revenue
Med. dillution
Med.
gap1
Sector median
All in all median
Critical size reachingis… highly critical.
eCommerce actors experience fierce competition from global players and suffer from low technological barrieres and a high level of OPEX
expenses. It explains that VCs’ expectations in terms of revenue and profitability are higher than in other sectors. Reaching a critical mass to
prove the viability of the model is a must-have to access to Series A.

Business Services
0.0x 4.0x 6.0x 8.0x 10.0x 12.0x
8.54x2.99xBusiness Services
Performance
2.0x
Subscription
8.03x2.93x
7.93x6x
Global Sector
Global BM
Sector x BM
70
€2m
€0.95m13%
€2.5m
24.8%
No. deals
Med. Amount
raised
Share of pre
revenue deals
Med.
Revenue
Med. dillution
Med.
gap1
Sector median
All in all median
B2B reduces hazards and explainslowmultiplesdispersion.
Business services represent the biggest sector when considering the number and the volume of deals in French venture capital: fundraisings
of startup ventures from this subgroup are a benchmark to all others sectors since they give consistent medians to compare with. It is all the
more interesting to notice differences between the sector’s medians and general trends, such as outstandingly low percentage of pre-revenue
deals. In the whole, the group is a dispersed investment market with relatively small deals for low-revenues startups and 25% market-practice
dilution. Subscription is the classic business model, yet performance promises better valuation, which explains the rush to revenue-indexed
SaaS plans.

Consumer Services
24
€1.7m
€0.47m
19%
€1.25m
21.9%
No. deals
Med. Amount
raised
Share of pre
revenue deals
Med.
Revenue
Med. dillution
Med.
gap1
Sector median
All in all median
Global Sector
Global BM
Sector x BM
Consumer Services
Commission
0.0x 10.0x 20.0x 30.0x 40.0x 50.0x
52.31x6.56x
185.94x2.93x
Money does not make « Winner-Takes-All» markets.
The observed median deal size in consumer services is relatively low. It appears conterintuitive in regards to the journalistic “Winner-Takes-All”
speech but investors’ reality is that B2C venture capital is a dispersed market formed by startups with outstanding small revenues of which
19% are considered pre-revenue. Investments are hazardous with high dispersion in valuation multiple: venture capitalists commit small
amounts of money and wait for product-market fit and growth before massively injecting cash in later rounds. It is worth noticing that
consumerservices outperform global commission business model multiples thanks to high margins (around 20%).

CleanTech
CleanTech
Hardware
Subscription
0.0x 5.0x 10.0x 15.0x 20.0x 25.0x
12.23x2.99x
21.87x6.61x
2.14x1.93x
Global Sector
Global BM
Sector x BM
25 €2.5m
€1.5m
36%
€3.31m
27%
No. deals
Med.
Amount
raised
Share of pre
revenue deals
Med.
Revenue
Med. dillution
Med.
gap1
Sector median
All in all median
Investors in cleantech focus on revenue growth.
The median deal size in cleantech is relatively high and the median operation rather dilutive. It is not surprising when considering that hardware
is the most common business model of the subgroup. Cleantech ventures need high investments to develop their products and investors
hedge technology uncertainties, industrial risks and operational delays by heavily acquiring preferred equity stocks. Yet, the median revenue of
VC-backed ventures is +€3.3m and this tells an other counterintuitive story: venture capitalists expect cleantech startups to commercialise
and earn money quickly aftertheirseries A otherwise they won’t participate in the next round.

MedTech / BioTech
MedTech / BioTech
Research
Hardware
0.0x 5.0x 10.0x 15.0x 20.0x 25.0x
7.95x5.45x
19.65x3.93x
8.38x 24.2x
Global Sector
Global BM
Sector x BM
No. deals
Med.
Amount
raised
Share of pre
revenue deals
Med.
Revenue
Med. dillution
Med.
gap1
37
€2.5m
€1m
59%
€1.01m
30%
Sector median
All in all median
7 years before commercialisation.
Medtech/biotech startups have €1m median revenue and 59% are considered pre-revenue. Ventures in this sector are financially hazardous
since the main business model is research. Yet, investors cannot hedge their risks by committing small tickets and diversifying because
Medtech/Biotech may need +3 rounds of financing before generating revenues. So venture capitalists ask for high dilutions and value
intangible assets such as patents for guarantee. Nonetheless, when a startup starts earning revenues, its market monopolistic position explain
x7 median revenue multiple with low range dispersion.

Bonus

Bonus
SaaS model insights
R² = 0,45993
R² = 0,66017
2,00x
3,00x
4,00x
5,00x
6,00x
7,00x
8,00x
9,00x
10,00x
-20% 30% 80% 130% 180% 230%
EV/Sales
EV/ARR
Sales 2015
EV/Sales and EV/ARR vs. growth rate
EV/ARR, the true multiple for SaaS model valuation.
SaaS models from Subscription sub model are based on same financial characteristics: Recurringrevenues. In most of time, annual Sales are not relevant
to appreciate the recurrence of the flows and an other indicator EV/ARR* has to be determined toimprove the fairness of the valuation. As we say below on
the Transaction Multiples part, subscription modelsare not linked to pre-revenue models and SaaS Transaction Multiples are substantially linkedto growth
rate.
In our statistical analysis, we note that linear regression on EV/ARR vs. Growth Rate is higher than on Sales basis to prove the better correlation with
recurring valuation approach. VCs are in mind some critical MRR (Monthly RecurringRevenues) size determiningthe ability ofthe startup to access type of
Series. €80k to be comfortable at A Series level. €400k to goat B+ Series level.
ARR (Annual Recurring Revenue) = MRR(Monthly Recurring Revenue) x12
-1,00
4,00
9,00
14,00
19,00
0,00 100,00 200,00 300,00 400,00 500,00 600,00 700,00 800,00
-1,00
1,00
3,00
5,00
7,00
9,00
11,00
0,00 50,00 100,00 150,00
Critical size:
€50k-€100k
MRR
Seed & Series A
Series B
Sales 2015
General trend
Median
Monthly Recurring Revenue (MRR) vs. amount raised

Bonus
What about pre-revenue Tech companies valuation?
40%
9%13%
13%
9%
9%
6%
1%
Research
30%
Hardwar
e
32%
Critical
Mass
38%
MedTech / BioTech
IoT
Clean Tech
Consumer Services
Business Services
FinTech
Digital Media
AdTech
0
10
20
30
40
50
60
70
80
Research
Hardware
Critical size
Seed A Series B+ Series
Amount raised by pre
revenue startups (€m)
VCs’ appetite for pre-revenue Tech companies is substantially linked to sector combining with business model.
There are 3 reasons VCs invest in startups who have not yet generated revenue. Either it is research-focus, in its hardware proof of concept period, or on its
way to reach a critical size.
Research category gathers exclusively MedTech / BioTech sector companies. VCs have no specific commercial considerations and are present at each funding
stage from seed to B+ series. Hardware companies (in MedTech, IoT and CleanTech) have to make viable prototype to test the market before consolidate a
structured revenue, that is the reason why they are VC backed mainly until the A Series round. After that stage, commercial VC’s expectations are getting
serious. Same logic with a even higher expectation level for startups who have to make investment to build a first viable audience to access a market on a
profitable way.

Bonus
New Money Bullshit Gap
21%
17%
18%
23%
5%
20%
15%
17%
32%
0% 5% 10% 15% 20% 25% 30% 35%
AdTech
FinTech
Digital Media
IoT
eCommerce
Business Services
Consumer Services
CleanTech
MedTech / BioTech
New money amount announced / Equity really raised
Median
20% Bullshit gap between the amounts announced in the press and real equity raised.
This gap can be partly explained by the leverage some startups use on top of the equity they raise: Convertible bonds, BPI loans, etc. Moreover, the
amounts announced in the press sometimes includes cash in + cash out witch is not disclosed into BODACC Legal information. Nevertheless, we note that
even if we take leverage and cash out apart amounts announced are still inflated due to the positive impact it has on the market. Everyone wants to invest
on the biggest.

Bonus
Top Tech companies valuation by sector
AdTech FinTech Digital
Media IoT eCommerce Business
Services Consumer
Services CleanTech MedTech
/
BioTech
#1 Holimetrix 6.55x Lendix 109.24x Happn 21.21x Sigfox 47.97x La
ruche
qui
dit
oui 17.88x Videodesk 72.30x GuestToGuest 247.94x
SunPartner

Technologies
54.06x Theraclion 42.79x
#2 AdotMob 5.00x Finsquare 25.63x Amplement 13.26x Actility 47.18x Sculpteo 6.32x Hopwork 56.87x Zenpark 114.40x Enertime 21.87x Poietis 34.50x
#3 Netwave 4.57x Compte-‐Nickel 21.03x Kudoz 12.94x Multix 29.88x 1001pharmacies.com 6.09x Doctolib 24.37x Blablacar 62.67x APR2 10.26x Defymed 24.22x
Med. 3.36x 18.18x 9.42x 8.56x 3.28x 6.03x 22.74x 4.25x 8.38x

Disclaimer
The information contained in this report has been produced by Avolta Partners, based on Diane+ data,
BODACC legal data and third party information. While Avolta Partners has made every effort to ensure the
reliability of the data included in this report, Avolta Partners cannot guarantee the accuracy of the information
collected and presented. Therefore, the Avolta Partners cannot accept responsibility for any decision made or
action taken based upon this report or the information provided herein.
This presentation is for the exclusive use of the people to whom it is addressed and is intended for general
information purposes only. It is not intended to constitute legal or other professional advice and should not be
treated as such.
Appropriate legal advice must be sought before making any decision, taking any action or refraining from
taking any action in reliance on the information contained in this presentation. does not assume any
responsibility for any person’s reliance upon the information contained herein.
© Copyright Avolta Partners September 2016
Avolta Partners
With more than 30 deals closed in 3 years, Avolta Partners has proven to be one of the most active M&A
boutique in Europe in the Tech Industry. As a result, our team of 11 people has learned how to maximise the
value of a deal – both valuation and legal conditions – thanks to a proven methodology and hard-nosed
negotiations.
Dedicated team to Valuation Transaction Multiples – France 2016 Edition
FOR MORE INFORMATION EMAIL US AT
CORPORATE@AVOLTAPARTNERS.COM
VISIT US AT
WWW.AVOLTAPARTNERS.COM
Arthur Porré
Managing Partner
arthur.porre@avoltapartners.com
Pascal Farrugia
Associate
pascal.farrugia@avoltapartners.com
Claire Coste
Analyst
claire.coste@avoltapartners.com
Thomas Reygagne
Analyst
thomas.reygagne@avoltapartners.com

France Startup Valuation Report 2016

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