Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
Europe | 1Q | 2017
The following report presents Dow Jones VentureSources quarterly findings for European venture capital fundraising, investment, valuation,
and liquidity. The included charts and graphs offer a comprehensive view of the trends currently affecting the venture capital market.
European VC Fundraising
15 European venture capital funds raised Based on multiple closings (20142017)
2.23 billion during 1Q 2017. Compared with 4Q 2016, total 35 3.50
0 0.00
1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17
Amount Raised (B) 1.07 1.63 1.10 1.97 1.37 2.09 1.34 1.87 2.90 2.77 1.42 1.68 2.23
Number of Funds 24 22 21 29 24 25 19 26 26 25 24 21 15
Offering
Firm Name Fund Name Amount (M) Location Fund Type Fund Category Closing Type
Status
Early-stage venture
Sofinnova Partners Sofinnova Industrial Biotech I 106.00 Paris, France Open Venture Capital First
capital
the quarter in terms of both amount raised and number of 1.50 200
0.00 0
1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17
Amount Raised (B) 1.66 2.43 2.37 2.12 2.87 3.97 3.43 3.55 2.73 3.14 2.18 3.06 2.83
Number of Deals 439 473 388 445 464 479 448 553 498 547 511 558 548
320
280
240
200
160
120
80
40
0
1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17
Seed 46 42 36 46 37 53 43 48 49 41 44 52 60
First 232 235 194 220 237 213 215 290 230 286 255 262 235
Second 64 96 68 80 82 78 85 97 102 96 102 116 134
Later 62 77 62 60 80 108 78 81 86 93 75 95 74
Restart 0 0 1 0 0 1 0 0 0 1 0 1 0
2,500
2,000
1,500
1,000
500
0
1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17
Seed 25 27 17 32 33 40 36 36 42 29 33 55 66
First 491 608 500 479 643 588 862 796 741 904 717 1,097 884
Second 292 496 223 781 441 913 610 606 774 557 450 577 708
Later 708 1,122 903 768 1,682 2,287 1,874 1,653 1,079 1,606 904 1,251 885
Restart 0 0 1 0 0 1 0 0 0 2 0 1 0
2.50
2.00
1.50
1.00
0.50
0.00
1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17
Median Equity Deal Size (M) 1.22 1.50 1.50 1.75 1.60 2.00 1.90 1.96 2.00 1.80 2.00 2.12 2.35
Healthcare
1%
23% Industrial Goods & Materials
0% 23% Information Technology
Amsterdam, Logistics / Wholesale Trade and Business and Provider of grocery delivery De Hoge Dennen Capital PE BV, Finci, Hoyberg,
Picnic B.V. 28/03/2017 1st 100.00
Netherlands Delivery Services Shipping Financial Services services. NPM Capital NV
Vestiaire Shopping Consumer Operator of an online Eurazeo SA, Idinvest Partners, Vitruvian Partners
Paris, France Consumer Services 24/01/2017 5th 58.00
Collective SA Facilitators Information Services marketplace for fashion. LLP*
Therapeutic
Devices Developer of advanced drug-
Breath Munich, (Minimally Medical Devices and Gilde Healthcare Partners, Gimv NV*, Sofinnova
Healthcare aerosol therapeutics in 08/03/2017 1st 43.50
Therapeutics Germany Equipment Partners*
Invasive / pulmonary orphan indications.
Noninvasive)
16
14
12
12
10 9 9 9
8 8 8 8
8
0
Index Ventures Sunstone Capital A/ Enterprise Ireland Bpifrance ALMI Invest AB 500 Startups Global Founders High-Tech
S Investissement SAS Management Co. Capital Grnderfonds
LLC Management GmbH
During 1Q 2017, the United Kingdom was once again the most favored by Country 27%
(Top 4) 37% France
destination for equity financing, receiving 970.28 million across 150 deals. The
amount invested increased by 27% and the deal flow by 11% compared to last Germany
quarter.
14%
23%
Sweden
France held onto second place, with 398.02 million raised through 78 deals.
11%
11%
Despite a 35% decrease in capital invested compared to last quarter, it Rest of Europe
experienced a 22% increase in the number of deals.
Germany came in third, raising 371.04 million in 59 deals. Transaction volume Amount Raised
dropped 30% from the previous quarter and the amount raised was down 38%. in 1Q 2017 United Kingdom
by Country
The Netherlands, helped along by a big round for Picnic N.V., placed fourth (Top 4)
33% 34% France
based on the 177.34 million it received from 23 deals. These figures represent
Germany
increases of 64% and 28%, respectively, compared to 4Q 2016. However, both 19%
Sweden (58 deals) and Spain (32 deals) had larger deal counts. 6%
Netherlands
14%
13% Rest of Europe
2016. 2Q'14
1Q'14
0 10 20 30 40 50 60 70
1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17
IPOs 9 21 16 10 12 17 8 15 7 11 13 15 10
M&As 66 49 61 60 62 51 61 44 86 87 98 99 61
0.00 0
1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17
Raised (M) through IPO 691.24 529.53 447.47 2,249.97 417.40 576.70 699.69 609.55 155.78 227.64 483.22 195.11 357.82
Number of IPOs 9 21 16 10 12 17 8 15 7 11 13 15 10
Biotechnology
Developer of pharmaceuticals for
ObsEva SA Switzerland Therapeutics Biopharmaceuticals Healthcare 26/01/2017 91.36 NASDAQ: OBSV
women's reproductive medicine.
Developer of chemotherapeutic
Biotechnology
Oncopeptides AB Sweden pharmaceuticals for cancer Biopharmaceuticals Healthcare 22/02/2017 69.83 NASDAQ:ONCO
Therapeutics
treatment.
The investment figures included in this report cover venture backed companies headquartered in Europe, and are based on aggregate findings of Dow
Jones proprietary research for VentureSource.
This data was collected through surveys of professional firms, interviews with company executives, and from secondary sources. To be included,
companies have to receive financing from a venture capital or private equity firm. Our figures do not include companies that have received funding solely
from individual, corporate and/or government investors. The data in this report only accounts for equity funding, not convertible debt deals.
Figures contained throughout the report are current at time of editorial but subject to change without notice. No statement herein is to be construed as a
recommendation to buy or sell securities or to provide investment advice.
Dow Jones is a global provider of news and business information, delivering content to consumers and organizations around the world across multiple
formats, including print, digital, mobile and live events. Dow Jones has produced unrivaled quality content for more than 130 years and today has one of
the worlds largest newsgathering operations globally. It produces leading publications and products including the flagship Wall Street Journal,
Americas largest newspaper by paid circulation; Factiva, Barrons, MarketWatch, Financial News, DJX, Dow Jones Risk & Compliance, Dow Jones
Newswires, and Dow Jones VentureSource. Dow Jones is a division of News Corp (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV).
MEDIA CONTACT:
Sophie Bent
+44 (0) 203 426 1381
sophie.bent@dowjones.com