€3bn sale of Bureau van Dijk to Moody’s: a closer look

Written on May 22, 2017 by Yoram Wijngaarde

Credit ratings agency Moody’s Corp will buy financial information provider Bureau van Dijk for €3 billion (about $3.3 bn). Founded in 1991 in Brussels (and currently headquartered in Amsterdam), Bureau van Dijk (BvD) aggregates and sells financial and other information, and has been profitable from the start.

The majority-seller is EQT Private Equity, which is estimated to make a return of about 45% anually (IRR) and a multiple of 2.8x on their original investment. BvD has also undergone four (!) leveraged buyouts, respectively by Candover Partners (in 2004), BC Partners (2007), Charterhouse (2011), EQT Private Equity (2014).

The valuation implies an 2016 EBITDA multiple of 22.7x (based on reported 2016 EBITDA of €132m) and an estimated 2017 EV/EBITDA of 20.7x (EBITDA of €145m based on 10% estimated annual growth). This multiple seems high for a single-digit growth company, but Moody’s is anticipating large synergies, reducing the pro-forma multiple closer to around 15x, which is in line with previous similar transactions. Moody’s said it will fund the deal through a combination of offshore cash and new debt financing.

The BvD database covers about 220 million companies (data somewhat similar to DueDil). BvD has in the meantime diversified its data offering by adding M&A data and intelligence, as well as news stories on deals and rumours (similar to MergerMarket). The majority of its 800 employees focus on sales, marketing and customer support in 30 offices around the globe. BvD is well known by most who have ever worked as analyst or researcher at a large firm, in a world where comprehensive private company information is scarce.

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: or contact Martijn Don: [email protected]


Naspers invests €387 million in Delivery Hero: a closer look at the deal and situation

Written on May 13, 2017 by Yoram Wijngaarde

Naspers will be investing €387 million (about $420 million) for a minority stake in Delivery Hero, the global food delivery marketplace, at a valuation in line with Delivery Hero’s previous valuation, said Naspers’ statement. In a Tweet, Naspers calls it a “pre-IPO round”. Assuming a $3.1 billion pre-money valuation, Naspers will own around 12% while Rocket Internet’s ownership will go from 38% to 33%. Naspers will also take one seat on Delivery Hero‘s Supervisory Board.

The valuation represents a multiple of about 10x 2016 net revenues, which is similar to Just Eat (10x) and slightly below (11x). For 2017E, the multiple is 7.5x net revenues, a slight discount versus Just Eat (8x) and (8.5x). Note that Naspers’ investment likely comes with downside protection e.g. in the from of a liquidation preference, distorting the comparison.

Dealroom recently did a deep-dive into the food tech space. The below table compares Delivery Hero’s numbers with it’s peers:

Naspers is obviously a highly experienced investor, but what should we make of this investment?

Delivery Hero’s strengths:

  1. Highest growth (excluding Deliveroo most likely)
    • 2016 revenue growth: Delivery Hero 71%, Just Eat 52%, Takweaway 45%
    • 2017 revenue growth estimate(1): Delivery Hero 40%, Just Eat 25%, Takweaway 30%
  2. Largest food network in the world with #1 positions in 35 of its 42 countries, most notably Turkey, South Korea, Germany (closely tied with Takeaway), Sweden, Finland, Greece and the Middle East. Delivery Hero covers an addressable market that is 3x larger than Just Eat and 6x larger than Takeaway
  3. Delivery Hero’s exposure to emerging markets has long-term growth appeal
  4. Arguably, not being public yet has given the company flexibility to operate a more aggressive growth strategy

Delivery Hero’s weaknesses:

  1. Unprofitable: Delivery Hero is on a path to profitability and management said it would be already profitable excluding Foodora. But while all food delivery players have profitable and unprofitable markets, at Delivery Hero the balance is tilted more towards loss-making positions, whereas Just Eat and Takeaway enjoy several major cash-cow positions
  2. Did not win in some head-to head situations
    • Against Just Eat in the UK, Spain, Italy
    • Against Takeaway in Poland (albeit still an early stage market) and Germany (where the two competitors are head-to-head)
  3. Most complex organisation (the flip-side of being in 40 countries, and now an integration with Food Panda)
  4. Low capital efficiency: $1.6 billion raised with a $3.5 billion valuation compares badly to both Just Eat (only $66M raised with a nearly $4.8B valuation), Takeaway ($90M raised with a $1.4B valuation)


Delivery Hero’s management has chosen a more risky strategy than it’s peers: expanding rapidly across the globe and investing more aggressively into its own fleet and logistics (via Foodora) than Just Eat and did. Delivery Hero has been an easy target of cynicism due to it’s low capital efficiency and unprofitability. And for a moment it seemed like Delivery Hero was in a tough spot strategically. However, its 2016 revenue growth was ahead of expectations (71% versus 60% expected by analysts). This funding round from Naspers investments indicated strong Q1 2017 performance too. It now seems entirely possible that within a year or two, Delivery Hero’s vast scale, emerging markets and investments will start paying big dividends.

Delivery Hero


  1. Source: equity research.

Finding the most active investors by market

Written on May 2, 2017 by Yoram Wijngaarde

As dealroom collects more and more data, we are always thinking what can we do next for our users.

Have you ever wanted to find the most active investors in a specific industry? In just a few clicks, you can now easily find them through Dealroom.

Here are some examples:

This “most active” list counts each investor’s number of portfolio companies in each market. This is different from the recently released Europe’s 500 most prominent venture capital investors, which is a composite ranking based on multiple factors (more about that very soon).

This allows you to drill down into a certain industry and figure out who are the big players, who should you be following or who you should pitch to.

See the GIF above to learn where to find it, or click here to go directly to the data.

Is there a feature that you would like to see? Contact us

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

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.

Geospatial data and map design upgrades

Written on April 20, 2017 by Yoram Wijngaarde

The way Dealroom collects, analyses and visualises geospatial data about startups, VCs and ecosystems is constantly being improved. For instance, we continue adding new features and better design to the geographical maps. The reason? Maps are very visual and users like them, especially at first sight, but we want to make sure they are also highly usable. The Dealroom map is not only available on our own website, but also used by various third-party sites as Ecosystem Solution.

What’s new?

  1. Charts: the left-panel now shows aggregate country statistics such as quarterly funding, funding by source country, and more
  2. When you click on an individual company icon, a right-panel appears showing a mini profile. You can open the full profile by clicking on it
  3. Various small other UX optimisations

Click the below image to check the latest map data live.

To learn more about Ecosystem Solutions please contact us now.

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 (8 June, 2017): the official ranking is Finally Online!

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 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!