Enterprise & Deep Tech VC in Europe & Israel 2Q 2020

August 15, 2020
Enterprise/Deep Tech
Europe & Israel:
1H20 VC Investment Data

August 15, 2020 2
Gil Dibner
Partner
gil@angularventures.com
@gdibner
LON/TLV
Anne Blum
Head of Platform
anne@angularventures.com
@anneablum
NYC
Andrew Poesaste
Associate
andrew@angularventures.com
@poetential
LON
Angular Ventures is a venture capital fund based in London, Tel Aviv, and New
York that backs early-stage enterprise tech companies from Europe and Israel. We
typically invest between $250K and $1.5M anywhere from “day zero” to Series A.

August 15, 2020 3
• The data in this report consists entirely of data
we’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
we 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
A note on the data
Heatmap of enterprise and deep tech VC investment activity across Europe and Israel
(2018-2020, number of investment rounds)

August 15, 2020 4
• Previous versions of this report – released before Angular Ventures was
launched – covered the full spectrum of venture capital in Europe, including
consumer
• We continue to track all this data, and the first section of this report shows
overall venture capital activity in Europe and Israel, including consumer
investments
• We also show that venture activity in both Europe (ex-Israel) and Israel has
been reset to a “new normal” where enterprise and deep tech accounts for a
larger share of activity than a few years ago
I. An overview of venture capital in Europe & Israel

August 15, 2020 5
Europe & Israel
VC Investment Data 1H20
Overall VC investment
in Europe and Israel
• $18B in venture capital was
invested in European and
Israeli companies in 1H20
• 2019 was a record year, with
over $42B invested
$12,062
$14,471
$20,173
$26,381
$42,074
$18,294
0
500
1,000
1,500
2,000
2,500
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
2015 2016 2017 2018 2019 1H20
NumberofInvestments
AmountInvestedUs$M
VC Investments in Europe & Israel
VC Investment (US $M) Number of Investments

August 15, 2020 6
Europe & Israel
Quarterly investment
pace
• 2Q20 saw $8.1B in VC
investment across Europe
and Israel
• This was below the previous
four quarter, which were
each between $9.5B and
$12B, a record set in 2Q19
• 2Q20 was the quarter with
the lowest volume of VC
investment since 3Q18 $2,871
$3,120
$3,254
$2,818
$3,727
$4,114
$3,117
$3,512
$4,074
$5,668
$5,563
$4,868
$6,142
$6,880
$6,467
$6,892
$9,575
$12,039
$10,321
$10,140
$10,145
$8,149
0
100
200
300
400
500
600
700
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2
2015 2016 2017 2018 2019 2020
NumberofInvestments
AmountInvested(US$M)
VC Investment (US $M) Number of Investments

August 15, 2020 7
Europe & Israel
Enterprise & deep tech
(E&DT) vs. Consumer
• The last time that E&DT
venture investment was
larger than consumer
venture investment across
Europe and Israel was back
in 2015
• In 1H20, the volume of E&DT
investment ($11.9B) was
nearly double that of
consumer investment
($6.4B)
$5,874
$8,037
$11,198
$15,896
$29,500
$11,879
$6,188 $6,433
$8,975
$10,485
$12,574
$6,415
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
2015 2016 2017 2018 2019 1H20
E&DT Consumer

August 15, 2020 8
Europe & Israel
Breakdown of VC
investment in Europe and
Israel by target market
• In our analysis, enterprise and deep
tech actually consists of six target
markets:
• traditional enterprise
• SME
• OEM
• agriculture
• government, and
• telecom
• In this chart, we show these six
target markets alongside consumer
• Consumer was the largest single
target market for VC investment in
2015, 2016, and 2017
• Starting in 2018, enterprise became
the largest category for VC
investment in Europe and Israel
$6,188
$6,433
$8,975
$10,485
$12,574
$6,415
$4,337
$5,768
$8,223
$11,795
$23,865
$9,724
$834
$770
$1,259
$1,549
$1,894
$948
$460
$1,157
$1,462
$2,253
$3,317
$1,090
$13
$69
$159
$217
$350
$94
$34
$22
$69
$72
$73
$23
$196
$253
$26
$11
$1
$10
$100
$1,000
$10,000
$100,000
2015 2016 2017 2018 2019 1H20
AmountInvested(US$M),LogScale
Consumer Enterprise SME OEM Agriculture Government Telecom

August 15, 2020 9
Europe & Israel
leads in most countries
• Across Europe, enterprise
and deep tech accounted
for the bulk of VC activity in
1H20
• The Nordics were the only
region where this was not
true
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Israel
UnitedKingdom
France
Germany
Switzerland
Spain
Ireland
Sweden
Belgium
Norway
Finland
Netherlands
Austria
Italy
Denmark
Portugal
CzechRepublic
Poland
Estonia
Ukraine
VC Investment by Target Market (Top 20 countries, US $M,1H20)
Enterprise & Deep Tech Consumer

August 15, 2020 10
Europe & Israel
Europe shifts to
enterprise
• Enterprise & deep tech
investments have
accounted for about two-
thirds of VC activity in
Europe (excluding Israel)
since 2019.
• In 2015-2017, these two
categories were roughly
equal
50.4%
52.5% 52.3%
60.1%
65.7% 65.3% 65.5%
49.6%
47.5% 47.7%
39.9%
34.3% 34.7% 34.5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Qtr1
Qtr2
2015 2016 2017 2018 2019 2020
Enterprise & Deep Tech VC Investments in Europe (excluding Israel)
VC Investment by Target Market (% of investment rounds)

August 15, 2020 11
Europe & Israel
Israel shifts even further
away from consumer
• Despite some high-profile
successes in consumer
technology (Waze, Fiverr,
Lemonade, and Lightricks),
Israel shifted even further
towards enterprise & deep
tech, which accounted for
87.7% of investment rounds
in 2Q20
70.7%
80.2%
83.7%
81.8% 83.1%
79.0%
87.7%
29.3%
19.8%
16.3%
18.2% 16.9%
21.0%
12.3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Qtr1
Qtr2
2015 2016 2017 2018 2019 2020
Enterprise & Deep Tech VC Investments in Israel
VC Investment by Target Market (% of investment rounds)

August 15, 2020 12
• VC per capita
• VC as a percentage of GDP
II. Macro perspective

August 15, 2020 13
Europe & Israel

August 15, 2020 14
Europe & Israel
VC investment per
capita
• Israel saw over $1,100 of VC
per capita in 2019, roughly
three times the level in the
United States
• With the exception of
Sweden, no other European
country came close to the
US level of VC per capita
$1,131.21
$384.52
$348.54
$162.64
$161.49
$159.73
$131.39
$120.95
$105.32
$104.27
$90.39
$89.98
$74.60
$57.95
$56.69
$53.65
$52.36
$36.50
$33.87
$29.10
$28.63
$22.74
$14.27
$12.68
$6.61
$6.28
$5.63
$5.04
$4.87
$4.15
$2.64
$2.16
$2.03
Israel
United States
Sweden
Switzerland
Luxembourg
United Kingdom
Finland
Ireland
Estonia
Iceland
Norway
Denmark
Germany
France
Netherlands
Cyprus
Lithuania
Belgium
Czech Republic
Romania
Spain
Croatia
Austria
Portugal
Poland
Greece
Hungary
Latvia
Ukraine
Italy
Albania
Slovenia
Slovakia
Venture Capital per Capita (2019)

August 15, 2020 15
Europe & Israel
VC investment as a
percentage of GPP
• VC was 2.64% of the Israel’s
overall GDP
• Sweden, the highest in
Europe, tied with the US at
0.64% of overall GDP
• Estonia was next at 0.52%,
followed by the UK at 0.4%
2.64%
0.64%
0.64%
0.52%
0.40%
0.31%
0.29%
0.29%
0.27%
0.20%
0.19%
0.18%
0.17%
0.17%
0.17%
0.16%
0.15%
0.15%
0.14%
0.12%
0.12%
0.10%
0.08%
0.06%
0.06%
0.05%
0.04%
0.03%
0.03%
0.03%
0.01%
0.01%
0.01%
Israel
Sweden
United States
Estonia
United Kingdom
Lithuania
Finland
Cyprus
Romania
Switzerland
Ukraine
Czech Republic
Ireland
Croatia
Germany
Denmark
Luxembourg
France
Iceland
Norway
Netherlands
Spain
Belgium
Portugal
Albania
Poland
Hungary
Greece
Latvia
Austria
Italy
Slovakia
Slovenia
Venture Capital Investment as a Percentage of GDP
(2019 VC vs. 2017 GDP)

August 15, 2020 16
Europe & Israel
The European and
Israeli VC eco-system
• This chart plots each
country by the log of VC per
capita and the log of its
population
• The size of each bubble
represents the size of each
country’s VC market in
absolute terms

August 15, 2020 17
• Angular Ventures is focused on enterprise & deep tech and the rest of this
report will focus only on that part of the venture market
III. Zooming in on Enterprise & Deep Tech

August 15, 2020 18
Europe & Israel
Enterprise & deep tech VC
investment in Europe and
Israel by bracket
• We divide financing rounds
into five brackets, by sizes
• Earlier-stage investment
volume increased steadily
into 1Q20 and 2Q20, despite
the pandemic
• In fact, only megarounds
showed any decrease in
volume into 2020
$448 $450 $396 $417 $503 $631 $495 $621 $571 $630 $621 $693 $628 $718
$782
$532 $630 $758
$844
$1,255
$960 $842 $1,032
$1,122
$941
$1,124 $1,176
$1,258
$889
$924
$1,605 $1,259
$1,193
$1,512
$1,648
$2,367
$2,641
$3,026
$2,472
$2,416
$2,169
$2,675
$265 $722
$627
$150
$569
$665
$752
$686
$3,212
$3,295
$2,755 $2,522
$1,999
$1,006
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
$9,000
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2
2017 2018 2019 2020
Enterprise & Deep Tech VC Investments in Europe & Israel
Amount invested by quarter
Megaround (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (.5-2)

August 15, 2020 19
Europe & Israel
Number of VC
investments by bracket
• This chart shows the
number of rounds, broken
down by round size
• This view makes it clear that
the Coronavirus pandemic
and the resulting economic
slowdown has not impacted
the level of VC activity at all
103
70 57
77 71 83
61
82 80
114
87 100 109 117
114
109
95
97
130
152
120
156
135
152
145
161
157
173
61
43
53
58
66
99
76
68
80
89
69
90 89
95
22
24
42
33
36
39
44
69
65
77
64
58 52
67
2
3 3
1
4
3
6
5
17
10
14
14 14
8
0
50
100
150
200
250
300
350
400
450
500
2017 2018 2019 2020
NumberofInvestments
Number of investments by quarter

August 15, 2020 20
Europe & Israel
A weak year
• Despite the steady increase
in the number of deals,
investment volume in 1H20
was below that of 1H19 in
dollar terms
• 1H20, however, was still
substantially higher than
1H18
$1,134 $1,201 $1,347
$2,099 $2,154
$2,435
$2,704
$5,667 $4,845
$1,234
$6,507
$3,005
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
1H18 1H19 1H20
YoY comparison

August 15, 2020 21
Europe & Israel
Corporate VC activity
is holding steady
• Corporate VC activity across
Europe and Israel was down
slightly in 2Q20, but from a
strong 1Q
• Overall, corporate VC
activity seems steady
5
2 2
7
3 4
10
6
3
14
17 16 15
7
20
9
12
5
11
13
8
17
10
11
10
9
20
19
29
12
15
11
13
12
3
13
18
7
6 11
8
8
6
11
9
12
13
9
12
11
8
3
3
3
5
0
10
20
30
40
50
60
70
2017 2018 2019 2020
NumberofInvestments
Corporate VC Activity

August 15, 2020 22
Europe & Israel
Corporate VC activity
by country
• Israel and the UK are
drawing the most corporate
VC activity by a wide
margin
• Corporate VCs were active
in 19 countries in the region
in 1H20
5
1 1 1 1
2
6
2
2
2 2
3 3
1 1 1 1 1
17
6
1
1
2
1
1 1 1
5
6
3
3
1 1
1
1
3
1
0
5
10
15
20
25
30
Israel
UnitedKingdom
France
Germany
Switzerland
Spain
Sweden
Belgium
Lithuania
Ireland
Romania
Italy
Luxembourg
Iceland
Netherlands
Denmark
Poland
Hungary
Portugal
NumberofInvestments
Corporate VC Activity by Country (1H20)
Megaround (>$100M) Growth ($20M-$100M) Venture ($8M-$20M) Early Venture ($2M-$8M) Seed (<$2M)

August 15, 2020 23
Europe & Israel
Average round sizes are
drifting upwards
• Since 2016, round sizes have
been gradually drifting
upwards
8
9
10
11
12
13
14
15
16
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2
2015 2016 2017 2018 2019 2020
AverageRoundSize(US$M)
Average Round Size (rounds of $2M to $100M)

August 15, 2020 24
Europe & Israel
investment by country
• During 1H20, Israel led the
pack with $3.1B of VC
investment in enterprise &
deep tech
• The UK was a close second
at $2.9B
• France was third with $1.8B
followed by Germany with
$1.1B
$3,100
$2,931
$1,829
$1,095
$454
$393
$358
$351
$310
$203
$180
$157
$84
$81
$68
$65
$50
$46
$29
$25
$14
$12
$10
$9
$7
$0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500
Israel
United Kingdom
France
Germany
Switzerland
Spain
Ireland
Sweden
Belgium
Norway
Finland
Netherlands
Austria
Italy
Denmark
Portugal
Czech Republic
Poland
Cyprus
Hungary
Lithuania
Estonia
Romania
Iceland
Bulgaria
Total VC Investment in 1H20 (US $M, top 25 countries)

August 15, 2020 25
Europe & Israel
Number of investments
by country
• In terms of the number of
investment rounds, the UK
led with 225 investment
rounds
• Israel was second with 157,
followed by France with 102
225
157
102
76
53
52
32
31
23
21
18
15
14
11
7
6
5
4
4
3
3
3
3
3
2
2
2
1
1
1
1
0 50 100 150 200 250
United Kingdom
Israel
France
Germany
Spain
Sweden
Belgium
Switzerland
Ireland
Netherlands
Finland
Poland
Italy
Denmark
Estonia
Norway
Austria
Czech Republic
Portugal
Lithuania
Luxembourg
Hungary
Bulgaria
Romania
Slovakia
Cyprus
Greece
Belarus
Ukraine
Iceland
Latvia
Number of VC Investments in 1H20

August 15, 2020 26
Europe & Israel
Keep an eye on
Switzerland
• Switzerland appears poised
to break into the top five
countries by VC deal volume
in enterprise & deep tech
$0
$500
$1,000
$1,500
$2,000
$2,500
2017 2018 2019 2020
(top 6 countries, excludes mega-rounds)
Israel United Kingdom France Germany Sweden Switzerland

August 15, 2020 27
Europe & Israel
VC investment by
region
• Powered by Germany and
Switzerland, DACH is
emerging as the clear #3
region for VC investment
right behind the UK and
Israel
1,594
1,892
1,735
2,116
1,455
1,645
2,052
1,458
2,493
2,157
1,755
1,534
1,510
658
1,145
1,281
696
937
1,036
800
568
640
1,182
647
985
2,021
344
216
508
329
216
311
161
271
183
290
106
136
248
133
206
252
44
797
97
26
91
55
7
124
95
25
25
89
0
500
1,000
1,500
2,000
2,500
3,000
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2
2019 2020
Regional VC investment by quarter (excludes mega-rounds)
Israel UK and Ireland DACH France Nordics
BeNeLux Iberia Eastern Europe Southern Europe

August 15, 2020 28
Europe & Israel
UK is seeing very high
deal volume
• The UK & Ireland saw 248
investments, including 66
seed deals and 90 early
venture deals
• Israel was far behind with
157 investments
• DACH was third with 112
66
17 13
28
37
27
19 15
90
49 53
34
41
17
23
14
9
55
56
22
21
10
7 6
31
29
23
14 8
5 7
6
6
5
0
50
100
150
200
250
UK and
Ireland
Israel DACH France Nordics Iberia BeNeLux Eastern
Europe
Southern
Europe
NumberofInvestments
Number of VC Investments by Region (1H20)
Megaround (>100) Growth (20-100) Ventures (8-20) Early Ventures (2-8) Seed (.5-2)

August 15, 2020 29
• Participation rates of US VCs in European and Israeli investments
• Distribution of US VC activity by country
• League tables of the most active US VCs in Europe and Israel
IV. US VC activity in Europe and Israel

August 15, 2020 30
Europe & Israel
US VC participation is
holding steady at 12%
• US VCs are participating in
about 12% of all rounds in
Europe and Israel, a level
that has remained steady
for the past several years 13.7%
10.6%
11.4%
12.0% 12.3% 12.1%
Qtr1 Qtr2
2016 2017 2018 2019 2020
US VC Participation (% of rounds)

August 15, 2020 31
Europe & Israel
US VC participation in
early rounds remains rare
• US VCs participated in
about a third of all rounds
over $20M
• US VCs participated in only
7% of early venture rounds
and only 3% of seed rounds
3%
7%
18%
31% 32%
Seed (.5-2) Early Venture (2-8) Venture (8-20) Growth (20-100) Megaround (>100)
US VC Participation (% of rounds, 1H20)

August 15, 2020 32
Europe & Israel
US VCs activity by
country in 1H20
• US VCs were most active in
Israel, making 44
investments
• US VCs made 21
investments in the UK, and
11 in Germany
• There was a long tail to US
VC activity in Europe –with
investments in 19 different
countries
2 2
3
8
4
2
2
17
6
2
2
2
17
5
5
2
5
0
5
10
15
20
25
30
35
40
45
50
Israel
UnitedKingdom
Germany
Spain
France
Poland
Norway
Estonia
Switzerland
CzechRepublic
Portugal
Denmark
Latvia
Romania
Netherlands
Ireland
Belgium
Austria
Italy
NumberofInvestments
US VC Activity by Country (1H20)

August 15, 2020 33
Europe & Israel
League Table:
US VC activity in Europe
(by region)
• This chart shows the top 20 most active
US VCs in Europe and Israel in the 18
months ended June 2020
• We include Accel and Index as US VC
funds due to their significant US
operations and clear status as global
funds
• Numbers refer to all investment rounds
during the period, not strictly “new”
investments
• Our data is based on rounds that are
publicly announced –we are
undoubtedly missing rounds that are
kept confidential
• We include Techstars and YC but
suspect that our data set is significantly
under-counting their activity – as we are
only capturing rounds where their
involvement is picked up by the press
16
2
17
11
13
3
3
9
2
9
3
8
3
3
5
2
5
1
6
14
14
3
4
1
5
3
1
4
2
3
1
3
1
4
3
6
9
5
1
1
3
2
2
1
1
2
1
1
1
1
2
7
6
2
2
1
2
1
1
2
2
1
2
2
3
2
1
1
1
1
5
3
1
1
2
1
2
1
1
2
3
1
1
1
1
1
1
2
1
Insight Partners
Accel
Index Ventures
Lightspeed
Sequoia
Bessemer
Y Combinator
Techstars
Battery Ventures
General Catalyst
Blumberg
Kleiner Perkins
Zeev Ventures
Battery
Bain
Andreessen Horowitz
500 Startups
Canaan
Benchmark
Coatue Management
Enterprise & Deep Tech in Europe & Israel
League Table of US VC Activity by Region
(number of investments, 2019-1H20)
Israel
UK and Ireland
DACH
France
Eastern Europe
Nordics
BeNeLux
Iberia
Southern Europe

August 15, 2020 34
Europe & Israel
League Table:
US VC activity in Europe
(by stage)
• This chart shows the top 20 most active
US VCs in Europe and Israel in the 18
months ended June 2020
• We include Accel and Index as US VC
funds due to their significant US
operations and clear status as global
funds
• Numbers refer to all investment rounds
during the period, not strictly “new”
investments
• Our data is based on rounds that are
publicly announced –we are
undoubtedly missing rounds that are
kept confidential
• We include Techstars and YC but
suspect that our data set is significantly
under-counting their activity – as we are
only capturing rounds where their
involvement is picked up by the press
1
6
1
7
5
1
3
2
5
6
1
1
2
3
1
3
1
1
4
7
9
5
4
5
7
3
1
5
5
2
1
2
1
1
1
23
15
18
15
13
11
3
6
9
3
1
4
6
5
4
2
4
3
1
11
6
2
2
2
3
2
1
2
1
1
1
5
Insight Partners
Accel
Index Ventures
Lightspeed
Sequoia
Bessemer
Y Combinator
Techstars
Battery Ventures
General Catalyst
Blumberg
Kleiner Perkins
Zeev Ventures
Battery
Bain
Andreessen Horowitz
500 Startups
Canaan
Benchmark
Coatue Management
Enterprise & Deep Tech in Europe & Israel
League Table of US VC Activity
(number of investments, 2019-1H20)
Seed (.5-2)
Early Venture (2-8)
Venture (8-20)
Growth (20-100)
Megaround (>100)

August 15, 2020 35
• Our data set is unique because we review every company and categorize it in
three dimensions
• The first dimension, which we have touched on, is the “target market:”
enterprise, SME, OEM, consumer, government, agriculture, or telecom
• The second dimension captures the vertical market: fintech, security, IT
infrastructure, ML tooling, etc.
• The third dimension captures the business model: SaaS, software, services,
HW system, components, semiconductors, etc.
• The charts that follow leverage this segmentation data to provide deeper
insight into where VCs are investing
V. A deeper dive based on company categorization

August 15, 2020 36
Europe & Israel
VC investment by
vertical market
• Fintech was (yet again) the
dominant category with 131
investments in 1H20
• Security was a distant
second with 73
• Starting with this report, we
have gone back to 2015 and
reclassified all the SW
development, data tooling,
and ML tooling companies
into three new categories to
capture distinctions
between these three
important area
16
11
18
10
17
10
7
10
2
7
7
4
9
5
9
5
9
8
4
6
56
27
23
21
19
14
12
7
11
8
10
6
5
10
4
10
7
9
9
7
35
19
9
16
9
12
6
6
5
4
5
4
6
5
4
2
4
1
2
2
20
12
7
9
5
2
5
3
4
5
2
9
3
2
4
3
2
1
4
4
1
3
1
1
Financial
Security
Industrial
Health
Marketing
SW Development
Logistics
Employment
Data Tooling
Productivity
Electronics
ML Tooling
Communications
Energy
Food
Retail
Agtech
HR
Adtech
Real Estate
VC Investment by Vertical Market (number of investments, 1H20)
Seed (.5-2)
Early Ventures (2-8)
Venture (8-20)
Growth (20-100)
Megaround (>100)
New Category
New Category
New Category

August 15, 2020 37
Europe & Israel
Shifting VC attention
• This chart compares the
level of VC activity in 1H20
with 1H19, broken down by
vertical market
• HR and, surprisingly, retail
tech show the strongest
growth
• The pace of investment in
SW development tech (“dev
tools”) has doubled relative
to last year
300%
163%
100%
75%
67%
55%
31%
30%
28%
26%
19%
15%
14%
11%
8%
6%
0%
-11%
-15%
-19%
-19%
-20%
-29%
-35%
-42%
HR
Retail
SW Development
Industrial
Ecommerce Tooling
Adtech
Agtech
Payments
ML Tooling
Electronics
Data Tooling
Communications
Financial
Food
Employment
Marketing
Legal
Security
IT Infrastructure
Health
Logistics
Productivity
Automotive
Real Estate
Energy
Enterprise and Deep Tech in Europe & Israel
Change in the number of venture investments
(1H20 vs. 1H19, 25 most frequent categories)

August 15, 2020 38
Europe & Israel
Gradual shifts in
emphasis
• This chart shows the top 15
vertical markets for VC
activity in Europe and Israel
since 2018
51
32
25 27
65 53 50
60 62
69
36
24
40
36
45
32
37
28 46 27
16
14
10
13
38
28
31
22
32
24
24
18
14
24
16
30
16
27
28
29
25
33 18
12
22 22
26 24
22 29
17
11
10
19
14 18 5 12
21 1712
11
10
9
22 12 15
13
16 14
5 9
9
15
8 10 13 13
14 11
19 11
13 17
13 17 11 11
11 1513
8
11 21
21
22
9
15
9
1518
13 15
17 9
7
10
13 14
106
9 7
5
8
12
12
9
15 812 11 12
18
20
11 18
10
11 1111 7 11
8
15
11 11 13 8 9
13 13 8 7 14 10 7 6 8 7
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Qtr4 Qtr3 Qtr1 Qtr2 Qtr2 Qtr4 Qtr1 Qtr3 Qtr2 Qtr1
2018 2019 2020
NumberofInvestments(Percent)
VC Investment by Vertical Market
(number of investments, top 15 verticals)
Automotive
Real Estate
Energy
Communications
Electronics
Productivity
Employment
Data Tooling
Logistics
SW Development
Marketing
Industrial
Health
Security
Financial

August 15, 2020 39
Europe & Israel
Business models
(number of investments)
• SaaS and software are the two most
dominant categories for business
models in the enterprise and deep tech
landscape – and they appear to be
growing even more dominant over time
• Admittedly, the distinction between
these business models is blurring: SaaS
pricing models are dominating, but
open source and freemium models are
confusing the picture and a fair amount
of “traditional” software remains – so it’s
probably best to look at these
categories together
• Marketplaces seem to be decreasing in
frequency slightly
• HW systems are declining more rapidly
• Components, semiconductors, and
materials are vanishingly rare
142 168
129
123
138 165 139 165 170 184
65
82
68
116
123 129 114
137 128
171
36
40
61
59
46
53 45
45 53
4011
18
10
17
11
15 18
14
17
30 38
34
51
53
66
55 52 37 37
15 19
15
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2018 2019 2020
NumberofInvestments(Perfect)
VC Investment by Business Model(number of investments)
Media
Materials
Semiconductors
Components
Systems
Marketplace
Services
Software
SaaS

August 15, 2020 40
Europe & Israel
Business models
(invested capital)
• Much of the decline in VC
investment over the past six
quarters has been due to
services and systems
• SaaS and software remain
robust
1,274 1,351
1,578 1,639
2,652
1,687 1,813
2,090 2,054 1,967
622
878
878
1,325
2,431
2,364
2,681
1,771 1,740
2,441
509
855
861
636
1,396
1,486
964 2,030
997
614
369
747 480
454
694 2,100
1,223
676
868 409
348
305
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
2018 2019 2020
VCInvestment(US$M)
VC Investment by Business Model
Media
Materials
Semiconductors
Components
Systems
Marketplace
Services
Software
SaaS

August 15, 2020 41
Europe & Israel
The top 20 segments in
European and Israeli
enterprise & deep tech
• Our three-dimensional
categorization matrix allows
us to assign each company to
a segment consisting of:
• A target market (i.e. “enterprise”)
• A vertical market (i.e. “security”)
• A business model (i.e. “software”)
• The most commonly funded
segment across Europe and
Israel is enterprise security
software, followed by
enterprise marketing SaaS
7
15
3
4
9
4
8
5
7
5
1
1
2
5
5
5
1
2
1
15
17
14
20
11
10
6
8
8
6
4
4
7
4
5
6
4
5
5
5
15
6
10
9
5
3
2
2
1
3
6
4
5
3
1
2
3
3
2
9
5
7
1
6
3
3
3
2
3
4
4
1
3
2
1
1
2
2
1
1
2
2
1
2
1
Enterprise Security Software
Enterprise Marketing SaaS
Enterprise Financial Software
Enterprise Financial SaaS
Enterprise Health Software
Enterprise Security SaaS
Enterprise Industrial SaaS
SME Financial SaaS
Enterprise HR SaaS
Enterprise Productivity SaaS
SME Financial Services
Enterprise Financial Services
Enterprise SW Development Software
Enterprise SW Development SaaS
Enterprise Industrial Software
Enterprise Legal SaaS
Enterprise Data Tooling SaaS
Enterprise Industrial Systems
Enterprise Employment SaaS
Enterprise Data Tooling Software
VC Investment by Segment
(number of investments, 1H20, top 20)
Seed (.5-2)
Early Venture (2-8)
Venture (8-20)
Growth (20-100)
Megaround (>100)

August 15, 2020 42
Europe & Israel
Top 20 enterprise and deep
tech segments over the past
three years in Europe and
Israel
• The pattern of 1H20 is very
similar to the overall pattern
of VC investment over the
past 3 years
22
55
29
27
15
22
24
23
11
16
19
31
27
8
15
6
16
19
10
14
81
85
45
55
41
44
48
35
29
34
31
25
30
36
25
29
18
20
19
27
75
36
29
23
31
18
21
22
26
19
18
13
8
12
10
15
10
7
15
7
53
19
23
19
19
22
10
15
24
13
11
9
7
6
9
5
7
7
8
5
6
4
3
7
7
3
Enterprise Security Software
Enterprise Marketing SaaS
Enterprise Financial Software
Enterprise Financial SaaS
Enterprise Security SaaS
Enterprise Health Software
Enterprise Productivity SaaS
SME Financial Services
Enterprise Financial Services
Enterprise Health SaaS
Enterprise SW Development SaaS
Enterprise Industrial SaaS
Enterprise Employment SaaS
Enterprise Data Tooling SaaS
Enterprise Sales Enablement SaaS
OEM Electronics Systems
Enterprise SW Development Software
Enterprise Industrial Software
Enterprise ML Tooling SaaS
Enterprise Legal SaaS
VC Investment by Segment
(number of investments, July 2017 to June 2020, top 20)
Seed (.5-2)
Early Venture (2-8)
Venture (8-20)
Growth (20-100)
Megaround (>100)

August 15, 2020 43
Europe & Israel
Our cheat sheet
• This chart takes the top ten segments
and maps them across the top ten
countries for those segments
• While entrepreneurship is a business of
exceptions, we think this chart is a
helpful “cheat sheet” summary of
what’s going on in this region
• Notice the large concentrations of
Israeli enterprise security software
and Israeli enterprise security SaaS
• Notice also the large concentrations of
UK enterprise financial software, UK
enterprise financial SaaS, and UK
enterprise health software
• There is also a very significant
concentration of German enterprise
industrial SaaS

August 15, 2020 44
Europe & Israel
Our cheat sheet
(excluding fintech and security)
• Given the dominance of fintech and
security, we thought it would be
interesting to recut our cheat sheet
without these segments
• This view highlights the importance of
the UK and Israel in enterprise SW
development software & SaaS and
enterprise data tooling SaaS
• This view also highlights the importance
of the UK and France in enterprise HR
SaaS and enterprise productivity SaaS

August 15, 2020 45
VI. A deep dive into selected verticals

August 15, 2020 46
Europe & Israel
SaaS & software
investing, by vertical
• This chart zooms in on
enterprise and deep tech
software and SaaS, showing
the top twenty most
frequently funded verticals
across Europe and Israel in
1H20
• Health and industrial saw a
lot of activity
• It’s also interesting to note
the frequency of SW
development, ML tooling,
data tooling, and DevOps – all
of which were in the top
twenty
14
11
17
10
13
9
7
1
8
5
6
3
4
4
7
4
5
2
3
1
45
25
17
15
11
11
8
10
9
9
5
6
5
8
4
6
6
7
5
3
25
18
8
9
2
9
4
5
1
2
5
4
5
1
1
2
1
3
1
4
12
12
5
7
6
1
5
4
2
3
3
5
2
1
2
1
1
2
1
4
1
3
1
Financial
Security
Marketing
Health
Industrial
SW Development
Productivity
Data Tooling
HR
Retail
Communications
ML Tooling
Employment
Adtech
Ecommerce Tooling
Real Estate
Legal
Logistics
Automotive
DevOps
SaaS & Software Investment by Vertical (Top 20, 1H20)
Seed (.5-2)
Early Venture (2-8)
Venture (8-20)
Growth (20-100)
Megaround (>100)

August 15, 2020 47
Europe & Israel
Services investing, by
vertical
• Alongside software and
SaaS, services is another
important business model
for enterprise and deep tech
companies
• Unsurprisingly, financial
services was the most
frequently funded category
• There were, however,
services businesses funded
across a number of verticals
2
5
3
1
1
2
1
1
1
1
8
2
2
3
2
1
2
1
1
1
10
3
1
2
1
1
1
1
8
4
1
2
1
1
1
1
1
3
1
Financial
Logistics
Industrial
Health
Payments
SW Development
IT Infrastructure
Food
Marketing
Real Estate
Employment
Security
Data Tooling
Adtech
ML Tooling
Services Investment by Vertical (1H20)
Seed (.5-2)
Early Venture (2-8)
Venture (8-20)
Growth (20-100)
Megaround (>100)

August 15, 2020 48
Europe & Israel
Investing in the physical
world, by stage
• This chart shows
investments in physical
business models including
systems, components,
semiconductors, and
materials
• Electronics (a catchall
category for anything
related to the electronics
OEM value chain) was first,
followed closely by industrial
• Energy, agriculture, food,
and health were also well
represented
4
2
2
4
4
2
2
2
9
10
6
3
3
2
3
1
1
1
1
4
5
4
3
3
5
3
2
1
2
1
2
1
2
1
3
1
1
1
1
Electronics
Industrial
Energy
Agtech
Food
Health
Automotive
Logistics
ML Tooling
SW Development
Space
Environmental
Communications
Retail
Financial
Investments in Physical Technology by Vertical (1H20)
Seed (.5-2)
Early Venture (2-8)
Venture (8-20)
Growth (20-100)
Megaround (>100)

August 15, 2020 49
Europe & Israel
Investing in the physical
world, by business model
• This chart shows the breakdown
of “physical” investments in by
business model and vertical
• As value gets sucks out of the
semiconductor business model,
the only real ray of light for
semiconductors is in the ML
tooling category
• HW systems remain a fairly
active area for investment, with
a concentration in electronics,
industrial, energy, and health
• There is considerable activity in
food materials (mostly
alternative proteins) and
agricultural materials
13
13
10
4
2
7
5
4
4
6
2
1
2
4
3
2
6
8
Electronics
Industrial
Energy
Agtech
Food
Health
Automotive
ML Tooling
SW Development
Logistics
Investments in Physical Technology by Vertical (1H20)
Systems
Components
Semiconductors
Materials

August 15, 2020 50
Europe & Israel
The fintech explosion
• The number of investments
in fintech continues to
expand – even hitting a new
record in 1Q10
• This analysis excludes
consumer fintech
8
3
6
12
8 6 7
14
9
17
14
8 8 8
12
14 8
7
8
15
10
17
15
21 25
19
31
25
5
6
3
6
3
4 10
14
7
10 9
11
16
19
3
2
3
7
5
2
3
5
15
16
10
9
11
9
1
1
1
2
1
4
1
2
6
3
1
0
10
20
30
40
50
60
70
80
2017 2018 2019 2020
NumberofInvestmets
Investments in Financial Technology

August 15, 2020 51
Europe & Israel
VC investment in the new
stack (number of
investments)
• VCs in Europe and Israel
have been actively investing
across the new stack of
infrastructure, DevOps, dev
tools, data tooling, and ML
tooling
• For the first time, we’ve
broken investments down
into these categories, so the
trends become more visible
• More of the growth is
coming from dev tools
2 2
6 6 8
5 3
9
4
73 4
4 3
7
5
1
7
6
410
19 11
17 5 14
12
18
17
21
9
15
9
5
13
8
13
10
11
14
4
7
8 5
9 9
6
12
10
14
0
10
20
30
40
50
60
70
2018 2019 2020
NumberofInvestments
Investments across the stack
ML Tooling Data Tooling SW Development DevOps IT Infrastructure

August 15, 2020 52
Europe & Israel
VC investment in the
new stack (US $M)
108 109
214
116
171
225
45 9052
42
49
172
558
146
40
77
4155 100
313
350
148
131
514
285
122
205
71
148
126
117
220
220
117
74
211
352
71
62
393
92
93
81
178
373
232
0
200
400
600
800
1,000
1,200
1,400
2018 2019 2020
Investments across the stack (US $M)

August 15, 2020 53
Europe & Israel
New stack investments
by size bracket
• There is an acceleration in
ML tooling investments at
the growth stage
• At the early stage, investor
attention seems to be
shifting in favor of
infrastructure and dev tools
• DevOps seems to be slowing
down 0
10
20
30
40
50
60
70
2018 2019 1H20 2018 2019 1H20 2018 2019 1H20 2018 2019 1H20 2018 2019 1H20
Seed (.5-2) Early Venture (2-8) Venture (8-20) Growth (20-100) Megaround (>100)
NumberofInvestments
Investments across the stack (number of investments)

August 15, 2020 54
Europe & Israel
Keep an eye on
industrial tech
• Industrial tech continues to
see increased levels of
investment, no surprise
given Europe’s deep
industrial roots, especially in
DACH
2
4 3
12
4
7 6 5 4 4
10
8 7
11
5
6
2
12
5
10
5
8
8
5
9
12 14
9
1
2
4
2
5
5
6
3
6
3
10
4
5
2
1
3
2
2
5
1 1
5
4
3
0
5
10
15
20
25
30
35
2017 2018 2019 2020
NumberofInvestmets
Investments in Industrial Technology
Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (.5-2)

August 15, 2020 55
Europe & Israel
Industrial tech
investments, by business
model
• Industrial tech startups are
raising capital across a
range of business models,
from marketplaces to
systems and everything in
between
• In dollar terms, software
and SaaS are taking the
majority of the investment
volume
• Total investment volume in
the space is approximately
$250M per quarter across
the region
24 33
54
23
61
45
126
42 51
147
55
23
68
17
53
20
101
18 9
17
15
25
12
37
30
14 26
13
74
40
58
37
41
147
25
22
69
24
47
62
34
33
50
48
124
19
19
22
20
22
15
15
0
50
100
150
200
250
300
2017 2018 2019 2020
AmountofInvestment(US$M)
Investments in Industrial Technology
Marketplace Services SaaS Software Materials Semiconductors Components Systems

August 15, 2020 56
• The following slides show investments in the 12 countries with the highest
number of enterprise and deep tech VC investments in 1H20, broken down by
size bracket and vertical
VII. A tour through 12 countries

August 15, 2020 57
Europe & Israel
VC in the UK, 1H20
• Financial technology was far
and away the leading
segment for VC investment
in the UK in 1H20 (worth
noting that this analysis
excludes consumer fintech)
• Health and industrial took
second and third place
5
2
5
3
4
3
2
2
1
3
4
1
3
3
2
3
1
2
21
5
7
5
3
2
3
3
3
5
2
1
4
2
3
1
1
3
1
14
4
2
2
2
1
1
3
2
1
1
1
1
1
1
1
1
9
5
1
2
1
2
1
1
1
1
1
1
2
1
Financial
Health
Industrial
SW Development
Marketing
Payments
Security
Communications
Logistics
Data Tooling
Employment
Agtech
Electronics
Productivity
HR
Energy
Ecommerce Tooling
ML Tooling
Adtech
Real Estate
Enterprise & Deep Tech VC Investments in the UK
VC Investment by Vertical (1H20, top verticals)
Seed (.5-2)
Early Venture (2-8)
Venture (8-20)
Growth (20-100)
Megaround (>100)

August 15, 2020 58
Europe & Israel
VC in Israel, 1H20
• Security accounted for 40
investments in Israel in
1H20, four times the second
most frequently funded
category
1
1
1
1
2
1
2
1
1
1
1
2
12
2
2
5
2
1
1
3
4
2
3
1
1
2
1
1
16
4
6
3
1
2
1
2
3
1
3
1
1
1
3
1
9
2
5
2
2
1
1
1
1
2
1
2
1
2
1
Security
Financial
SW Development
Health
ML Tooling
Food
Data Tooling
Industrial
DevOps
Agtech
Automotive
Marketing
Electronics
IT Infrastructure
Retail
Ecommerce Tooling
Energy
Employment
Logistics
Adtech
Enterprise & Deep Tech VC Investments in Israel
Seed (.5-2)
Early Venture (2-8)
Venture (8-20)
Growth (20-100)
Megaround (>100)

August 15, 2020 59
Europe & Israel
VC in France, 1H20
• As in the UK, financial
technology was the most
frequently funded category
in France, but by a less
significant margin
• Marketing was second,
followed by productivity and
security
2
3
1
5
3
1
2
1
1
2
1
1
2
2
4
1
2
3
3
2
1
1
2
2
1
1
2
4
3
3
1
2
1
1
1
1
2
1
2
1
1
1
1
1
1
1
1
1
1
1
1
1
Financial
Marketing
Productivity
Security
Industrial
Agtech
Energy
HR
Health
Retail
Legal
Adtech
SW Development
Environmental
Data Tooling
Ecommerce Tooling
Logistics
Product Management
Real Estate
Employment
Enterprise & Deep Tech VC Investments in France
Seed (.5-2)
Early Venture (2-8)
Venture (8-20)
Growth (20-100)
Megaround (>100)

August 15, 2020 60
Europe & Israel
VC in Germany, 1H20
• Financial technology led in
Germany as well, but was
closely followed by
industrial, which actually
saw more early stage
activity than financial
2
1
1
2
4
4
5
5
3
1
2
1
2
2
1
1
1
1
1
1
3
3
1
1
2
1
1
4
2
1
1
2
1
1
1
1Financial
Industrial
Health
Marketing
Electronics
Logistics
SW Development
ML Tooling
Education
Employment
Real Estate
Security
HR
Energy
DevOps
Automotive
Agtech
Adtech
Communications
Data Tooling
Enterprise & Deep Tech VC Investments in Germany
VC Investment by Vertical (1H20)
Seed (.5-2)
Early Venture (2-8)
Venture (8-20)
Growth (20-100)
Megaround (>100)

August 15, 2020 61
Europe & Israel
VC in Spain, 1H20
• Spanish VC activity spanned
a wide range of areas
1
4
2
1
2
1
2
2
2
2
1
1
1
1
3
1
3
1
1
1
1
2
1
1
1
1
1
2
2
1
1
1
1
Financial
Security
Retail
HR
Adtech
Food
Travel
Real Estate
SW Development
Communications
ML Tooling
Marketing
Productivity
Logistics
Industrial
Employment
IT Infrastructure
Data Tooling
Ecommerce Tooling
Health
Enterprise & Deep Tech VC Investments in Spain
Seed (.5-2)
Early Venture (2-8)
Growth (20-100)
Venture (8-20)

August 15, 2020 62
Europe & Israel
VC in Sweden, 1H20
• Marketing and industrial
tech were the two most
frequently funded verticals
in Sweden
1
2
2
2
1
1
2
1
2
1
1
1
1
2
3
1
2
2
1
2
1
2
1
1
2
1
1
1
1
2
1
1
1
1
1
Marketing
Industrial
Health
Food
Legal
Logistics
Financial
Retail
Entertainment
Security
Real Estate
Communications
Energy
Adtech
Collaboration
Data Tooling
Automotive
Electronics
Employment
Environmental
Enterprise & Deep Tech VC Investments in Sweden
Seed (.5-2)
Early Venture (2-8)
Venture (8-20)
Growth (20-100)
Megaround (>100)

August 15, 2020 63
Europe & Israel
VC in Switzerland, 1H20
• In Switzerland, financial and
industrial technologies took
the top spots
1
2
2
1
1
2
4
2
2
1
1
1
4
1
1
2
1
1
1
Financial
Industrial
Real Estate
Electronics
Security
Energy
Communications
DevOps
Sports
SW Development
Marketing
Entertainment
ML Tooling
Health
Enterprise & Deep Tech VC Investments in Switzerland
Seed (.5-2)
Early Venture (2-8)
Venture (8-20)
Growth (20-100)

August 15, 2020 64
Europe & Israel
VC in Belgium, 1H20
• Health and finance were the
two most commonly funded
verticals in Belgium,
followed closely by data
tooling and marketing tech
1
1
1
1
1
1
1
1
1
1
1
2
2
1
2
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Health
Financial
Marketing
Data Tooling
Logistics
Security
Payments
Ecommerce Tooling
Electronics
Employment
Education
Retail
Productivity
Social
Automotive
Space
Communications
SW Development
Adtech
Food
Enterprise & Deep Tech VC Investments in Belgium
Seed (.5-2)
Early Venture (2-8)
Venture (8-20)
Growth (20-100)
Megaround (>100)

August 15, 2020 65
Europe & Israel
VC in Ireland, 1H20
• Irish VC activity was heavily
concentrated in financial
tech, healthcare, and
security
2
1
1
1
1
1
2
1
1
2
2
1
1
1
1
1
1
1
1
Financial
Health
Security
IT Infrastructure
ML Tooling
Education
Travel
Energy
Logistics
ERP
Retail
Communications
SW Development
Agtech
Data Tooling
Industrial
Enterprise & Deep Tech VC Investments in Ireland
Seed (.5-2)
Early Venture (2-8)
Venture (8-20)
Growth (20-100)
Megaround (>100)

August 15, 2020 66
Europe & Israel
Enterprise & deep tech VC
in The Netherlands, 1H20
• Finance was the only
segment in the Netherlands
with more than two
investments in 1H20
2
1
1
1
1
1
3
1
1
1
1
2
1
1
1
1
1
Financial
Productivity
Employment
Health
Travel
Media
Marketing
Agtech
Energy
HR
Data Tooling
Logistics
Enterprise & Deep Tech VC Investments in The Netherlands
Seed (.5-2)
Early Venture (2-8)
Venture (8-20)
Growth (20-100)

August 15, 2020 67
Europe & Israel
VC in Finland, 1H20
• Logistics was the most
commonly funded vertical
in Finland
2
1
1
1
1
1
1
1
1
1
1
1
1
1
2
1
Logistics
Communications
Electronics
Data Tooling
IT Infrastructure
Ecommerce Tooling
Education
Legal
Sales Enablement
Product Management
SW Development
Environmental
Automotive
Employment
Enterprise & Deep Tech VC Investments in Finland
Seed (.5-2)
Early Venture (2-8)
Venture (8-20)
Growth (20-100)

August 15, 2020 68
Europe & Israel
VC in Poland, 1H20
• Poland broke into the top
twelve countries in Europe in
terms of the number of VC
investments in 1H20
• These investments were
spread across several
categories
1
1
2
2
1
1
1
1
2
1
1
1
Health
Productivity
Marketing
Financial
Food
Employment
Retail
Industrial
Electronics
Gaming
Enterprise & Deep Tech VC Investments in Poland
Seed (.5-2)
Early Venture (2-8)
Venture (8-20)

August 15, 2020
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©2020 by Angular UK Opco Ltd.
In compliance with applicable UK regulations,
Angular Ventures is an Appointed Representative of
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regulated by the Financial Conduct Authority (FCA).

Enterprise & Deep Tech VC in Europe & Israel 2Q 2020

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