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9-page report on the Dutch angel investing landscape in partnership with Angel Academy

Written on May 14, 2017 by Yoram Wijngaarde

European angel investing has increased sharply in the first quarter of 2017, Dealroom data shows, in a 9-page report published jointly with Angel Academy. Funding rounds with at least one angel participating reached a value of €700 million, compared with €180 million in the first quarter of 2016. The number of such rounds quadrupled during the same period. Growth was strongest in the UK, France, Spain, and Sweden.

In the Netherlands however, angel investing has failed to catch up, according to Dealroom data (although limited disclosure of angel-backed rounds maybe partly to blame here). Given the importance of business angels in supporting new ventures in their earliest stages of development, it is important that the Netherlands develops and nurtures angel investing, by creating a favorable climate.

Jointly, Angel Academy (the Dutch Academy for private investors) and Dealroom published an initial 9-page overview of the Dutch angel investing landscape. Ohad Gilad from Angel Academy handed over the report personally to the Dutch minister of economic affairs Henk Kamp, who also announced a new €10 million government scheme to support angel investing.

As a next step, Dealroom and Angel Academy have begun development of an online overview of all active Angel Investors in the Netherlands. The objective is to provide startups with easier access to investors while at the same time providing better insights to business angels about attractive investment opportunities. A comprehensive ranking of Angel Investors will also be published to provide a clear overview of the most active and successful angel investors in the Netherlands.

Get the 9-page report here:

About Angel Academy:

The Angel Academy was founded in 2016 and is an initiative of the Keadyn Angel VC team. The purpose of the academy is for to promote angel investing, to connect angels and to educate.

  • Promote: Get more smart capital to angel rounds by making angel investing more popular
  • Connect: Stimulate angels to share knowledge and opportunities through, for instance, joined
    investment structures (syndicates)
  • Educate: Enable angels to learn from experienced investors and experts in various topics by
    organizing workshops and informal sessions

For more information about Angel Academy, please visit: www.angelacademy.nl or contact Martijn Don: [email protected]

 

Europe’s most active investors in Q1 2017 (featuring funds and corporates)

Written on April 23, 2017 by Yoram Wijngaarde

These were the most active VC funds by number of rounds in Q1:

  1. Bpifrance
  2. High-Tech Gründerfonds (HTGF)
  3. Index Ventures
  4. Global Founders Capital
  5. Kima Ventures

On the corporate side, these were the most active:

  1. BNP Paribas
  2. Microsoft
  3. Rocket Internet SE
  4. Credit Mutuel Arkea
  5. Caisse d’Epargne

The downloadable 14-page Q1 2017 review which Dealroom released last week and is full of insights:

Corporate includes both corporate venturing and direct corporate balance sheet investment in VC rounds.

Download the full 14-page Q1 2017 VC report here

€4.5 billion raised by European companies in Q1 2017

Written on April 21, 2017 by Yoram Wijngaarde

Dealroom data shows that European companies raised €4.5 billion in Q1 2017 from 881 rounds (as usual, we include Israel). This was a very solid quarter by almost any measure.

The below 14 page slide-deck provides data-driven insights about the quarter:

The pages also reference additional underlying data on Dealroom.co.

For questions please don’t hesitate to reach out to us via email or Twitter. If you like the pages, please share them! If you would like to use some of the underlying Excel for other presentations or research, please contact us for help.

French tech’s continued rise in 2017

Written on April 9, 2017 by Yoram Wijngaarde

In the first quarter of 2017, France recorded over 200 VC rounds, which is an astounding number as the below image shows:

In the first quarter of 2017, France recorded over 200 VC rounds. Below image opens a data table containing all rounds, sorted by size:

 

Europe’s 500 most prominent venture capital investors

Written on April 5, 2017 by Yoram Wijngaarde

UPDATE (20 April, 2107): version 3 of the Google Sheet was just uploaded. In short: changes includes several data input/comments from VCs, and a slightly lower weighting to non-European track record.

Which are the VC investors in Europe to most reckon with? To co-invest with, or -as a founder- to seek out as investor? Dealroom created a data-driven list of the most prominent VC investors in Europe. What you can here is the preliminary ground work for a data-driven and fully-transparent ranking of venture capital investors active in Europe that will be released end of April. The sheet contains over 500 global VCs (in total we looked at over 6,500 VCs active in Europe).

The composite ranking (see column G) ranks VC investors who are active in Europe, based on nine different factors including the rate of activity and performance (exits and valuable portfolio companies). Before going further into the methodology, let’s start with the preliminary results:

European top-10:

  1. Index Ventures
  2. HV Holtzbrinck Ventures
  3. Northzone
  4. Lakestar
  5. Sequoia Capital (U.S.)
  6. Accel Partners
  7. Insight Venture Partners (U.S.)
  8. Rocket Internet SE
  9. Balderton Capital
  10. Oleg Tscheltzoff

UK top-5:

  1. Index Ventures
  2. Accel Partners
  3. Balderton Capital
  4. Atomico
  5. DN Capital

France top-5:

  1. Oleg Tscheltzoff
  2. IDInvest Partners
  3. Partech Ventures
  4. 360 Capital Partners
  5. Xavier Niel

Germany top-5:

  1. HV Holtzbrinck Ventures
  2. Rocket Internet SE
  3. High-Tech Gründerfonds (HTGF)
  4. Wellington Partners
  5. Acton Capital Partners

Netherlands top-5:

  1. Newion Investments
  2. Endeit Capital
  3. Prime Ventures
  4. INKEF Capital
  5. Arthur Kosten

Spain top-5:

  1. Nauta Capital
  2. Caixa Capital Risc
  3. Ysios Capital
  4. Cabiedes & Partners
  5. Jose Marin

Sweden top-5:

  1. Northzone
  2. Creandum
  3. Industrifonden
  4. Investment AB Kinnevik
  5. Verdane Capital

Italy top-5:

  1. Innogest Capital
  2. P101
  3. United Ventures
  4. LVenture Group
  5. Italian Angels for Growth

Israel top-5:

  1. 83North
  2. Carmel Ventures
  3. Pitango Venture Capital
  4. Jerusalem Venture Partners
  5. OurCrowd

Opportunity to comment on our data and methodology:

This is a draft version. The final version will be published at the end of April 2017. Dealroom is keen to hear your feedback on both the data and methodology. Based on your feedback, improvements will be implemented. End of April, an online version will be published where you can sort and filter the entire list. For example, you’ll be able to filter by industry expertise, location, stage focus (seed, series-A, B, …), type (angels, funds, PE, VC, CVC, accelerator), country experience and much more. That will also enable more “fair” rankings by grouping funds by stage, for example.

Are you not ranked where you expected to be? A few possible reasons:

  • You made investments which are not reflected in our database (we need both the company and the rounds’ dates)
  • You achieved exits which are not reflected in our database or we do not know the value is > €100M

Please look up your investor profile on https://app.dealroom.co and tell us if we missed anything via email or via the customer contact tool inside the app.

Note: Angel investors should also provide their feedback! We are soon launching an angel investor ranking, together with a soon-to-be-announced partner!

About the methodology:

The Google Sheet provides the full calculation of the composite rank. It looks at the following nine factors, each with equal weighting:

  1. PORTFOLIO SIZE IN EUROPE = number of portfolio companies in Europe (incl. Israel), all time
  2. ROUNDS NUMBER (12 MONTHS) = number of rounds which investor participated in during last 12 months
  3. DEAL VOLUME 12 MONTHS (EUR M) = total aggregate size of rounds which investor participated in during last 12 months
  4. EXIT SCORE = number of exits relative to total portfolio, all time
  5. EXITS NUMBER = number of exits
    EXITS TOTAL (EUR M) = total aggregate sum of exits in €M, all time
  6. NUMBER OF EXITS > 100M= number of exits above €100M value, all time
  7. NUMBER OF EXITS > 500M= number of exits above €500M value, all time
  8. NUMBER OF PORTFOLIO COMPANIES WITH VALUATION > 500M = number of portfolio companies >€500M, all time
  9. CAPITAL EFFICIENCY = total €M size all exits relative to amount of €M capital invested for rounds which investor participated in, all time

The final index is going to be a useful reference to find investors in each area of expertise and have an easy to use and sensible way to the sort data that is presented on Dealroom. We look forward to all your feedback!

Europe on track to raise well over €4 billion VC in first quarter of 2017

Written on April 2, 2017 by Yoram Wijngaarde

UPDATE: European companies are on track to raise well over €4 billion this first quarter of 2017, as you can see below:

It’s not a race, but it’s always interesting to track investments by country and city. The UK and London are in the lead:

#1 London ; #2 Berlin ; #3 Paris ; #4 Barcelona ; #5 Stockholm ; #6 Amsterdam

And by country: #1 UK ; #2 Germany ; #3 France ; #4 Israel ; #5 Spain ; #6 Sweden

Media for Equity: a closer look

Written on March 23, 2017 by Yoram Wijngaarde

Media for equity structures enable start-ups to exchange some of their equity for media (usually TV ads). Companies like Zalando and Trivago have been highly successful in benefiting from TV advertising. More recently, companies like Marley Spoon, Book a Tiger, Job Today, CornerJob, Hundredrooms have used this instrument.

Time for a closer look (6-page slide deck) at recent deals, top investors, and last but not least, some key considerations for startups written by contributor Nicolas Eglau.

Consider this a prologue. We will add more on this topic in the coming months. Did we miss any deals? Please let us know via Twitter or contact us.

TechNation: £6.8 billion in UK tech investment in 2016

Written on March 22, 2017 by Yoram Wijngaarde

Tech City UK just launched Tech Nation 2017, a comprehensive report on the UK tech sector.

The report mentions many interesting stats, including £6.8 billion in UK tech investment in 2016. We add some pan-European perspective using Dealroom Data below (5-page slide-deck).

Five take-aways:

  1. Reported £6.8 billion includes both private equity and venture capital
  2. Venture capital only is about £2-3 billion and flat or down vs. 2015 (depending on source used)
  3. In 2016, the remainder of Europe was rapidly catching up with the UK
  4. However, the UK and London are off to a strong start in 2017
  5. And UK remains a bedrock in terms of VC-backed exits: a strong indicator of long-term VC ecosystem health

The U.S. vs. Europe: comparing follow-on investment rates

Written on March 7, 2017 by Yoram Wijngaarde

Late last year, data firm Mattermark analysed follow-on rates for U.S. startups. Soon after, Dealroom did a similar exercise in Europe as part of Atomico’s State of European Internet report. But the two were never properly compared. Hence, below a side-by-side analysis, where orange is U.S. and blue is Europe. The ranges show different cohorts: Dealroom data is based on startups that were seeded between 2010 and 2013. Mattermark data is based on 2009-2012 cohorts.

Conclusion: Europe still has quite some catching up to do. This is no big surprise. But follow-on rates are an important indicator for a healthy VC ecosystem, and the ability of startups to scale. Dealroom data shows that the number of companies raising seed rounds has roughly doubled in last five years. But the proportion of startups continuing to series-A, B, C has declined. To some extend this is the natural result of increased risk-taking. But it will be usefule to keep track of this metric going forward, as European VC funding ramps up.

Notes: The average time between rounds is roughly 18 months. Therefore, it takes an average of nearly three years to move from Seed to Series B. For this reason, the data only includes cohorts from 2013 and earlier. The actual follow-on rate will increase over time and we will re-run this analysis later this year.