Dealroom.co provides an investment update for Europe & Israel, including major investments, exits, industry trends, country comparisons and much more. In the third quarter of 2018, €6.1 billion was invested, including four rounds valued $1 billion or more.

1. Quarterly European Venture Capital report
10 October 2018
Q3 2018

2. 1. Europe & Israel
2. Investment by country
3. Investment by category
4. Exits
Contents
2

3. €6.1 billion invested in Q3, a slowdown compared to
previous quarters
Source: Dealroom.co. Includes Israel. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
Quarterly investment in European VC rounds
3
Top-10 Investment Rounds in Q3 2018 Location Round
Letgo
Platform for buying and selling second hand goods
Spain
$ 500 m
SERIES E
$1.5B valuation
About You
Fast growing e-commerce retailer for fashion
Germany
$ 300 m
GROWTH EQUITY
$1.0B valuation
Greensill
Financial services firm specialising in Supply Chain Finance
United Kingdom
$ 250 m
GROWTH EQUITY
$1.6B valuation
Deezer
Online music streaming service available on any device
France
€ 160 m
LATE VC
$1.0B valuation
Orchard Therapeutics
Treating rare disorders through innovative gene therapies
United Kingdom
$ 150 m
SERIES C
Glovo
On-demand mobile application connects customers with
independent local couriers
Spain
€ 115 m
SERIES C
Talan
Business Analysis, Support, IT Engineering and IT Architecture
France
€ 100 m
GROWTH EQUITY
Deposit Solutions
The open architecture platform for retail deposits
Germany
$ 100 m
SERIES D
OakNorth Bank
Surgical robotics company
United Kingdom
$ 100 m
SERIES B
SEBA Crypto
The gateway that facilitates movement of assets between the
crypto and traditional financial markets
Germany
€ 88 m
EARLY VC
Top 3
Top 10
€ 3.2B
€ 3.4B
€ 2.9B € 2.9B
€ 3.5B
€ 3.9B
€ 4.5B
€ 4.8B
€ 4.0B
€ 5.8B
€ 4.4B
€ 4.8B
€ 4.6B
€ 3.9B
€ 4.3B
€ 4.5B
€ 5.9B
€ 7.0B
€ 6.3B
€ 6.0B
€ 7.4B
€ 6.1B
–
€ 1.0B
€ 2.0B
€ 3.0B
€ 4.0B
€ 5.0B
€ 6.0B
€ 7.0B
€ 8.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018
All other rounds Top 10 largest rounds Top 3 largest rounds
Show online data »

4. € 17B
€ 24B
€ 19B
–
€ 5B
€ 10B
€ 15B
€ 20B
€ 25B
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2017 2018
1,245
1,663
1,285
–
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2017 2018
As a result, investment activity to date in 2018 is well
ahead of 2017 (which was a record year itself)
Source: Dealroom.co. Includes Israel. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
1. Rounds below $2M are often reported with a delay of several months. Therefore, only rounds above $2M are shown here for better like-for-like comparison. 4
Cumulative amount invested – 2018 vs. 2017 (€B) Cumulative number of rounds – 2018 vs. 2017 (>€2M)

5. Excluding Israel and biotech, €5.0 billion invested in
Q3 2018, in line with previous quarters
Source: Dealroom.co. Includes Israel. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
Investment in Europe, Israel & Biotech
5
Investment in Europe by key geography
€ 3.9B
€ 3.6B
€ 3.0B
€ 3.3B
€ 3.8B
€ 4.9B
€ 5.0B
€ 4.7B € 4.8B
€ 5.8B
€ 5.0B
€ 0.4B
€ 0.5B
€ 0.2B
€ 0.6B
€ 0.4B
€ 0.4B
€ 1.3B
€ 0.8B € 0.6B
€ 0.6B
€ 0.6B
€ 0.6B
€ 0.5B
€ 0.7B
€ 0.3B
€ 0.4B
€ 0.6B
€ 0.8B
€ 0.8B
€ 0.6B
€ 1.0B
€ 0.5B
€ 4.8B
€ 4.6B
€ 3.9B
€ 4.3B
€ 4.5B
€ 5.9B
€ 7.0B
€ 6.3B
€ 6.0B
€ 7.4B
€ 6.1B
–
€ 1.0B
€ 2.0B
€ 3.0B
€ 4.0B
€ 5.0B
€ 6.0B
€ 7.0B
€ 8.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018
Europe Biotech Israel
Why do we break this out:
VC firms typically prefer to see data excluding
Israel & Biotech, whereas corporate firms (EMEA
teams) typically prefer to see the data including. € 1.3B € 1.3B
€ 1.1B
€ 0.9B
€ 1.1B
€ 2.1B € 2.0B
€ 2.3B
€ 1.2B
€ 1.9B € 2.0B
€ 0.5B € 0.4B
€ 0.4B
€ 0.6B
€ 0.6B
€ 1.0B
€ 0.6B
€ 0.6B
€ 1.8B
€ 0.6B
€ 0.7B
€ 0.5B € 0.5B
€ 0.7B € 0.9B
€ 0.6B
€ 0.7B
€ 0.6B
€ 0.6B
€ 0.7B
€ 1.3B € 0.8B
€ 0.6B € 0.5B € 0.7B
€ 0.3B € 0.4B
€ 0.6B
€ 0.8B
€ 0.8B
€ 0.6B € 1.0B
€ 0.5B
€ 4.8B
€ 4.6B
€ 3.9B
€ 4.3B
€ 4.5B
€ 5.9B
€ 7.0B
€ 6.3B
€ 6.0B
€ 7.4B
€ 6.1B
–
€ 1.0B
€ 2.0B
€ 3.0B
€ 4.0B
€ 5.0B
€ 6.0B
€ 7.0B
€ 8.0B
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2016 2017 2018
United Kingdom Germany France Israel Other Europe

6. 1. Europe & Israel
2. Investment by country
3. Investment by category
4. Exits
Contents
6

7. The UK, Germany, France and Israel (the big four)
continue to receive 70% of total investment
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. 7
11% YoY growth
87%
17%
10%
(35%)
(10%)
(11%)
(17%)
10%
43%
Number of rounds Jan-Sep ‘18Investment by country (€B) Jan-Sep ‘18
€ 5.2B
€ 3.1B
€ 2.8B
€ 2.1B
€ 1.1B
€ 0.8B
€ 0.8B
€ 0.4B
€ 0.4B
€ 0.4B
€ 0.3B
€ 0.3B
€ 0.3B
€ 0.3B
€ 0.2B
€ 0.2B
€ 0.2B
€ 0.1B
€ 0.1B
United Kingdom
Germany
France
Israel
Spain
Switzerland
Sweden
Netherlands
Ireland
Portugal
Belgium
Finland
Denmark
Russia
Italy
Norway
Estonia
Cyprus
Austria
588
431
246
216
176
171
120
120
114
83
70
65
62
47
45
29
12
11
3
United Kingdom
France
Sweden
Germany
Israel
Netherlands
Italy
Spain
Switzerland
Norway
Russia
Denmark
Finland
Ireland
Belgium
Austria
Greece
Estonia
Romania

8. Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
1. Rounds below $2M are included here. 8
The United Kingdom leads, followed by Germany (by
amount invested) and France (by number of rounds)
2018 cumulative number of rounds (1)2018 cumulative amount invested by country
€ 5.2B
€ 3.1B
€ 2.8B
€ 2.1B
–
€ 1.0B
€ 2.0B
€ 3.0B
€ 4.0B
€ 5.0B
€ 6.0B
Jan Feb Mar Apr May Jun Jul Aug Sep
United Kingdom Germany France Israel
588
216
431
176
–
100
200
300
400
500
600
Jan Feb Mar Apr May Jun Jul Aug Sep
United Kingdom Germany France Israel

9. €0.7B
€1.0B
€1.0B
€0.6B
€1.0B
€1.2B
€0.2B €0.2B
€0.3B €0.3B €0.2B
€0.4B
€0.4B €0.4B €0.4B
€0.4B
€0.7B
€0.3B €0.3B
€0.4B
€0.3B
€0.2B
€0.4B
€0.2B
€1.0B
€1.0B
€1.2B
€1.1B
€1.5B
€1.1B
€ 2.1B
€ 2.0B
€ 2.3B
€ 1.2B
€ 1.9B
€ 2.0B
€ 1.0B
€ 0.6B€ 0.6B
€ 1.8B
€ 0.6B
€ 0.7B € 0.7B
€ 0.6B€ 0.6B
€ 0.7B
€ 1.3B
€ 0.8B
€ 0.6B
€ 0.8B€ 0.8B
€ 0.6B
€ 1.0B
€ 0.5B
$ 1.5B
$ 3.0B
$ 1.9B
$ 1.7B
$ 2.6B
$ 2.0B
–
40
80
120
160
200
240
–
€ 0.5B
€ 1.0B
€ 1.5B
€ 2.0B
€ 2.5B
€ 3.0B
2017
Q2
2017
Q3
2017
Q4
2018
Q1
2018
Q2
2018
Q3
2017
Q2
2017
Q3
2017
Q4
2018
Q1
2018
Q2
2018
Q3
2017
Q2
2017
Q3
2017
Q4
2018
Q1
2018
Q2
2018
Q3
2017
Q2
2017
Q3
2017
Q4
2018
Q1
2018
Q2
2018
Q3
2017
Q2
2017
Q3
2017
Q4
2018
Q1
2018
Q2
2018
Q3
2017 2018 2017 2018 2017 2018 2017 2018 2017 2018
All other rounds (below top 10) Top 10 largest rounds Top 3 largest rounds Number of rounds >$2M
In Q3, the impact of mega rounds is more significant
in France than in the UK, Germany and Israel
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
United Kingdom Germany France Israel Rest of Europe
9
In Q3, Germany showed
an increase in total
investments below top 10
largest rounds, surpassing
France and Israel.

10. 1. Europe & Israel
2. Investment by country
3. Investment by category
4. Exits
Contents
10

11. Health, fintech and enterprise software continue to be
the most invested industries
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
Note: industries, business models and keywords can and do overlap. 11
By industry vertical Business model By keyword
Number of
rounds 2018
Jan - Sep
Amount (€B)
invested 2018
Jan - Sep
551
437 405
218 206 196
142 155 148 114 101 80 74 58 53 45 35
1,131
617
339
192 164
610
365
132 80 42
€ 4.0B € 3.9B
€ 3.2B
€ 2.1B € 2.0B
€ 1.2B € 1.1B € 1.0B € 0.9B € 0.9B € 0.6B € 0.6B € 0.4B € 0.4B € 0.3B € 0.3B € 0.3B
€ 7.1B
€ 4.8B
€ 3.7B
€ 2.5B
€ 2.1B
€ 3.9B
€ 2.1B
€ 0.7B € 0.6B
€ 0.2B

12. Noticeable increase in focus on deep tech related
areas such as robotics and blockchain
12
Absolute
change
vs. last
year (in
€B)
% change
vs. last
year
(number
of
rounds)
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants.
Note: industries, business models and keywords can and do overlap.
By industry vertical Business model By keyword
€ 1.0B
€ 0.7B
€ 0.3B € 0.3B € 0.3B € 0.2B € 0.1B € 0.1B € 0.0B
(€ 0.0B)
(€ 0.1B)(€ 0.2B)(€ 0.2B)
(€ 0.4B)(€ 0.4B)
(€ 0.5B)
(€ 0.7B)
€ 1.0B € 0.9B
€ 0.5B
(€ 0.4B)
(€ 0.7B)
€ 0.5B
€ 0.0B
(€ 0.1B)
(€ 0.5B)
(€ 0.9B)
69%
35% 33%
15% 14% 14% 12% 9% 7%
(5%) (6%) (6%) (6%) (8%) (8%)
(29%) (31%)
43%
23%
13%
(21%) (22%)
75%
39%
12%
–
(35%)

13. Industry vertical investment heatmap
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. 13
Number of rounds in 2018 to date by country Europe & Israel total
United
Kingdom Germany France Israel Sweden Netherlands Spain Russia Switzerland Ireland
Number of
rounds % of total
Investment
(€B) % of total
Industry vertical
Enterprise software 126 51 82 44 29 26 33 7 15 12 551 20% € 3.2B 17%
Health 101 24 60 34 49 34 12 2 37 9 437 16% € 4.0B 21%
Fintech 134 33 38 26 29 10 18 6 17 8 405 15% € 3.9B 20%
Transportation 33 26 36 16 18 18 12 19 12 1 218 8% € 2.1B 11%
Marketing 43 21 37 10 10 11 16 6 4 4 206 8% € 0.9B 5%
Energy 36 12 48 12 20 25 3 – 11 4 196 7% € 1.2B 6%
Food 24 6 25 12 13 3 6 3 6 3 142 5% € 0.6B 3%
Biotech 35 5 21 17 14 10 5 – 20 – 155 6% € 2.0B 10%
Security 33 7 10 55 12 3 5 1 6 2 148 5% € 1.0B 5%
Home 19 8 20 12 13 8 8 5 3 – 114 4% € 1.1B 6%
Travel 21 10 13 2 5 8 15 4 – 1 101 4% € 0.9B 5%
Fashion 12 9 7 3 18 3 7 4 2 1 80 3% € 0.6B 3%
Robotics 13 3 18 7 2 6 1 6 8 – 74 3% € 0.4B 2%
Gaming 9 4 3 2 11 1 1 3 – 1 58 2% € 0.4B 2%
Semiconductors 10 7 9 6 4 4 2 – 5 2 53 2% € 0.3B 2%
Insurance 21 7 5 3 3 3 – – – – 45 2% € 0.3B 1%
Telecom 8 1 7 7 6 2 1 1 – – 35 1% € 0.3B 2%
Business model
SaaS 240 103 179 109 72 55 52 24 39 18 1,131 42% € 7.1B 37%
Manufacturing 119 32 108 51 50 73 14 6 46 14 617 23% € 4.8B 25%
Marketplace 74 35 59 8 30 11 27 14 11 2 339 12% € 3.7B 19%
eCommerce 35 23 30 13 25 6 10 6 5 1 192 7% € 2.1B 11%
Mobile app 32 5 19 11 27 5 12 10 8 3 164 6% € 2.5B 13%
Keywords
Deep Tech 144 38 81 85 28 40 24 16 30 7 610 22% € 3.9B 20%
Artificial intelligence 101 16 42 55 20 24 15 7 8 1 365 13% € 2.1B 11%
InternetOfThings 18 15 32 20 7 3 3 1 8 5 132 5% € 0.7B 3%
Blockchain 17 8 3 6 5 5 – 4 12 2 80 3% € 0.6B 3%
Virtual reality 12 2 3 4 4 5 1 3 4 – 42 2% € 0.2B 1%
Total 588 216 431 176 246 171 120 70 114 47 2,721 100% € 19.5B 100%

14. 1. Europe & Israel
2. Investment by country
3. Investment by category
4. Exits
Contents
14

15. The third quarter included high profile exits like
Farfetch, Funding Circle and Mendix
Source: Dealroom.co
NOTABLE EXITS IN Q3 2018 INDUSTRY LOCATION ACQUIROR SELLER VC BACKED ROUND
Farfetch
Global community that unites independent boutiques around the world with
fashion lovers
Fashion UK
Advent , e.ventures
Index Ventures
…
✓
$ 5.8B
IPO
SodaStream
Home-Made Sparkling Water and Soda Beverages
Food Israel PepsiCo Aggregate Media
$ 3.2B
ACQUISITION
Linxens
Design and manufacture of smart card connectors
Electronics France Tsinghua Unigroup
Astorg
CVC Capital Partners
€ 2.2B
ACQUISITION
Funding Circle
Peer-to-peer business loans
Fintech UK
Index Ventures
Accel Partners
Ribbit Capital
…
✓
£ 1.5B
IPO
Esure Group
One of UK's leading providers of insurance products
Insurance UK
Bain Capital
Private Equity
Penta Capital
Souter Investments
Lloyds Bank
£ 1.2B
BUYOUT
Mazor Robotics
Robotic-based technology for Healthcare
Robotics Israel Medtronic IHCV ✓
$ 1.3B
ACQUISITION
CRF Health
Technology solutions for the assessment of clinical trial outcomes
Health
UK
Finland
Genstar Capital Vitruvian Partners ✓
€ 1B
ACQUISITION
Tusk Therapeutics
Immunotherapies to ignite the immune system against cancer
Health UK Roche Holding Innovate UK ✓
$ 655M
ACQUISITION
Mendix
Complete platform to build, integrate and deploy enterprise apps faster
Enterprise Software Netherlands Siemens
HENQ Invest
Prime Ventures
Battery Ventures
✓
$ 628M
ACQUISITION
CCP Games
An independent developer of massively multiplayer online (MMO) games
Gaming Iceland Pearl Abyss
New Enterprise Associates,
Novator
✓
$ 425M
ACQUISITION
15
Go to online data »

16. € 34B
€ 41B
€ 85B
–
€ 10B
€ 20B
€ 30B
€ 40B
€ 50B
€ 60B
€ 70B
€ 80B
€ 90B
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2017 2018
With €85 billion in VC-backed exits including Spotify,
Adyen and Farfetch, 2018 is far ahead of 2017
Source: Dealroom.co
1. Market Cap of 10/10/2018 16
Cumulative value of VC-backed exits – 2018 vs. 2017
EXITS IN 2018 VALUE AT EXIT VALUE TODAY (1)
Spotify
Music streaming service
$ 26.5B $ 29.1B
Adyen
Leading next generation global payments company
€ 7.1B € 17.5B
Farfetch
Online luxury fashion retail platform
$ 5.8B $ 6.2B
Yoox Net-a-Porter
Global Internet retailing partner for leading fashion & design brands
€ 5.0B -
Sky Betting & Gaming
The leading operator in the UK's online betting and gaming market
$ 4.7B -
Ablynx
Development of Nanobodies, proprietary therapeutic proteins
€ 3.9B -
Zoopla
Property website for the British residential market
£ 2.2B -
iZettle
Mobile payments company
$ 2.2B -
Funding Circle
Peer-to-peer business loans
£ 1.5B £ 1.3B
Mazor Robotics
Robotic-based technology for healthcare
$ 1.3B -

17. € 27.8B
€ 24.9B
€ 8.6B
€ 5.0B
€ 4.0B
€ 3.9B
€ 3.6B
€ 0.9B
€ 0.4B
€ 0.4B
€ 0.2B
€ 0.2B
€ 0.1B
€ 0.1B
Sweden
United Kingdom
Netherlands
Italy
France
Belgium
Germany
Turkey
Switzerland
Iceland
Austria
Ireland
Poland
Finland
Sweden and the UK are leading by VC-backed exits
Source: Dealroom.co. Excludes buyouts, secondary transactions, debt, ICOs, lending capital, grants. 17
Acquisitions & IPOs of venture-backed
companies (€B) Jan-Sep ‘18
Acquisitions & IPOs of venture-backed
companies (€B) Jan-Sep ‘18
(Yoox)
(mainly Adyen)
(mainly Spotify) 50
23
23
17
13
10
9
7
6
4
4
3
3
2
United Kingdom
France
Germany
Sweden
Spain
Netherlands
Switzerland
Ireland
Italy
Belgium
Poland
Denmark
Russia
Turkey

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