Dow Jones VentureSource EU 4Q 2015

Venture Capital Report
Europe | 4Q | 2015
VENTURE CAPITAL REPORT
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.
Highlights for 4Q 2015 include:
European venture capital fundraising and fund closings climbed from prior quarter;
Venture capital investment into European companies declined from 3Q 2015, while the number of deals improved;
The number of mergers and acquisitions (M&As) experienced a decrease from the last quarter, while the number of initial public offerings (IPOs)
is on the rise.
EUROPEAN VENTURE CAPITAL FUNDRAISING

RISES IN 4Q 2015
FUNDRAISING
19 European venture capital funds raised

1.33 billion during 4Q 2015, both a 58% climb in capital raised
and number of fund closings from 3Q 2015 .
Compared with the same period last year, euros raised

improved by 6%, despite the number of
fund closing dropped 30%.
Sofinnova Capital VIII was the largest fund of this quarter,
which raised 300 million, accounting for 23% of the total
amount raised for 4Q 2015.
European VC Fundraising
Based on multiple closings (20122015)
45
2.50
40
2.00
35
30
1.50
25
20
1.00
15
10
0.50
5
0
Amount Raised (B)
Number of Funds
4Q'12
1Q'13
2Q'13
3Q'13
4Q'13
1Q'14
2Q'14
3Q'14
4Q'14
1Q'15
1.42 0.76 1.03 0.65 1.94 0.55 1.26 0.81 1.26 1.06
32
15
17
12
41
22
24
20
27
22
2Q'15
3Q'15
0.00
4Q'15
1.96 0.84 1.33

26
12
19
LARGEST EUROPEAN VC FUNDS RAISED IN 4Q 2015

FUNDRAISING
Firm Name
Fund Name
Amount (M)
Location
Offering
Status
Fund Type
Fund Category
Closing Type
Sofinnova Partners
Sofinnova Capital VIII
300.00
Paris,
France
Closed
Early-stage venture
capital
Venture Capital
Final
Acton Capital Partners
Heureka Growth Fund II
170.00
Munich,
Germany
Closed
Late-stage venture
capital
Venture Capital
Final
Partech Ventures
Partech Growth
170.00
Paris,
France
Open
Late-stage venture
capital
Venture Capital
Octopus Ventures Ltd.
Octopus Zenith Opportunities II

LP
121.62
London,
United Kingdom
Closed
Late-stage venture
capital
Venture Capital
Open Ocean Capital
Open Ocean Capital Software

Fund
100
Espoo,
Finland
Closed
Early-stage venture
capital
Venture Capital
First
Final
Final
INVESTMENT INTO EUROPEAN VENTURE-BACKED

COMPANIES DECLINED IN 4Q 2015
FINANCING
European companies raised over 3.3 billion for 426 deals during
4Q 2015, a 1% decline in the amount raised from the prior quarter
despite a 14% rise in the number of deals.
Compared with the year ago period, both investment amount

and the number of deals improved, raising 61% and 4%
respectively.
Information Technology was the strongest sector of the
quarter in terms of attracting investment.
Equity Financings into Europe-based,

VC-backed Companies (20122015)
4.00
500
450
3.50
400
3.00
350
2.50
300
2.00
250
200
1.50
150
1.00
100
0.50
0.00
50
4Q'12
1Q'13
2Q'13 3Q'13 4Q'13
1Q'14
2Q'14 3Q'14 4Q'14
1Q'15
2Q'15 3Q'15 4Q'15
Amount Raised (B) 1.28 1.24 1.54 1.80 1.98 1.64 2.43 2.32 2.05 2.83 3.52 3.32 3.29
Number of Deals
405
391
434
410
499
412
450
361
411
405
393
374
426
EQUITY FINANCINGS INTO EUROPE-BASED, VC-BACKED

COMPANIES, BY ROUND CLASS (20122015) NUMBER
OF DEALS
FINANCING
240
200
160
120
80
40
0
4Q'12
1Q'13
2Q'13
3Q'13
4Q'13
1Q'14
2Q'14
3Q'14
4Q'14
1Q'15
2Q'15
3Q'15
Seed
66
41
40
57
75
39
32
26
35
21
26
26
4Q'15
29
First
200
205
215
213
223
219
227
182
200
204
179
178
229
Second
61
66
87
65
85
64
92
66
76
79
73
78
82
Later
45
54
65
51
82
60
78
62
60
79
96
75
62
Restart
EQUITY FINANCINGS INTO EUROPE-BASED, VC-BACKED

COMPANIES, BY ROUND CLASS (20122015) AMOUNT
RAISED (M)
FINANCING
2,500
2,000
1,500
1,000
500
4Q'12
1Q'13
2Q'13
3Q'13
4Q'13
1Q'14
2Q'14
3Q'14
4Q'14
1Q'15
2Q'15
3Q'15
Seed
27
21
17
23
31
18
22
15
27
16
17
29
20
First
464
401
429
543
491
513
625
461
453
606
509
808
725
Second
299
258
472
706
402
306
477
220
775
451
922
571
578
Later
458
540
600
461
995
679
1,124
900
751
1,691
1,937
1,861
1,511
Restart
4Q'15
EQUITY FINANCINGS INTO EUROPE-BASED,

VC-BACKED COMPANIES (20122015)
MEDIAN EQUITY DEAL SIZE (M)
FINANCING
3.00
2.50
2.00
1.50
1.00
0.50
0.00
Median Equity Deal Size (M)
4Q'12
1Q'13
2Q'13
3Q'13
4Q'13
1Q'14
2Q'14
3Q'14
4Q'14
1Q'15
2Q'15
3Q'15
4Q'15
1.20
1.39
1.52
1.00
1.25
1.50
1.74
1.58
2.00
1.98
2.50
2.30
2.22

VC-BACKED COMPANIES, BY INDUSTRY GROUP (4Q 2015)
FINANCING
Information Technology received the largest allocation of investment during 4Q

2015, raising 840 million through 107 deals. The sector attracted a 26% of the
total amount invested and a 25% of all deals completed for the quarter.
4Q'15 Industry
Breakdown
By Number
of Deals
Business and Financial Services

25%
Consumer Goods
Consumer Services
3%
1%
Energy & Utilities

Healthcare
Consumer Services ranked the second highest proportion of investment. The

sector garnered 802 million across 110 deals, an improvement of 4% in deal
number while a 14% decline in amount invested from 3Q 2015.
Healthcare placed third, receiving 752 million across 73 deals. The sectors
investment figure represents a 23% of the total equity financing into European
VC-backed companies for 4Q 2015.
23%
17%
26%
2%
4Q15 Industry
Breakdown
By Amount
Raised
Industrial Goods & Materials

Information Technology
Business and Financial Services

22%
26%
Consumer Goods
1%
3%
Consumer Services
Energy & Utilities
Healthcare
24%
23%
1%
Industrial Goods & Materials

Information Technology
TOP 5 DEALS INTO EUROPEAN VC-BACKED

COMPANIES (4Q 2015)
FINANCING
Co. Name
Location
O3B Networks
Ltd.
St. Helier,
United
Kingdom
Industry
Code
Wireless
Telecommunic Communications and
ations Service
Networking
Providers
Skyscanner Ltd.
Edinburgh,
United
Kingdom
Search Portals
auxmoney
GmbH
Gdusseldorf,
Germany
Lending
CureVac AG
Industry
Segment
Consumer
Information Services
Brief
Description
Close
Date
Round
Type
Raised
(M)
Round Investors
(* denotes lead)
Information
Technology
Provider of global satellite

services.
10/12/2015
5th
Round
427.83
Allen & Co. LLC, Development Bank of Southern

Africa, Google Ventures, HSBC Investments, Liberty
Global, Luxempart SA, North Bridge Venture
Partners, Satya Capital LLP, SES SA, Sofina SA.
Provider of an online travel search

31/12/2015
engine.
Later
Round
179.94
Artemis Ventures, Baillie Gifford & Co. Ltd.,

Khazanah Nasional Berhad*, Vitruvian Partners
LLP, Yahoo Japan Corp.*
Corporate
150
Aegon*
Later
Round
100
Baillie Gifford & Co. Ltd.*, Chartwave Ltd., Coppel

Family, Elma Investments, Northview LifeSciences,
Sigma Group
Corporate
93.78
Vertex Pharmaceuticals*
Consumer Services
Financial Institutions Business and Financial Provider of an online peer-to-peer

20/10/2015
(P2P) lending marketplace.
and Services
Services
Tuebingen, Biotechnology
Biopharmaceuticals
Germany
Therapeutics
Crispr
Basel,
Therapeutics AG Switzerland
Industry
Group
Biotechnology
Therapeutics Biopharmaceuticals
Healthcare
Developer of messenger RNA

(mRNA)-based therapeutics and
prophylactic vaccines.
Healthcare
Developer of genome-editing
technologies for the treatment of 26/10/2015
serious human genetic diseases.
29/10/2015
10
MOST ACTIVE INVESTORS FOR EUROPE-BASED,

VC-BACKED COMPANIES (4Q 2015) BY DEALS COMPLETED
FINANCING
16
16
14
12
11
10
8
8
7
6
Seedcamp
Mercia Technologies
PLC
Index Ventures
6
4
2
0
High-Tech
Bpifrance Investment
Gruenderfonds
Management GmbH
Partech Ventures
Idinvest Partners
11

VC-BACKED COMPANIES BY COUNTRY (4Q 2015)
FINANCING
Number of
Deals in 4Q 2015
by Country
(Top 4)
The United Kingdom remained as the most favoured destination for equity
financing during 4Q 2015, receiving 1403 million across 111 deals. The country
took 43% of all equity financing from 4Q 2015.
Germany ranked second. It reached a total 685 million through 78 deals,
representing a 21% share of European financing. A 92% rise in capital invested
and 11% increase of the number of deals from last quarter.
France occupied third position raising 379 million, 12% of the total for the
quarter. Switzerland placed fourth ,raising 316 million during 4Q 2015.
United Kingdom
26%
29%
France
Germany
6%
23%
21%
Spain
18%
Rest of Europe
Amount Raised
in 4Q 2015
by Country
(Top 4)
United Kingdom
15%
Germany
10%
43%
France
19%
11%
Switzerland
21%
Rest of Europe
12
EUROPE 4Q 2015 VENTURE EXIT ACTIVITY

LIQUIDITY
Exit Opportunities for European VCbacked Companies (20122015)
38 venture-backed M&As took place in Europe

during 4Q 2015, a 22% decrease from 3Q 2015 as well as
from 4Q 2014.
Total amount raised through European VC-backed
M&As in 4Q 2015 is 6.7 billion. A 28% rise from the prior
quarter and more than doubled from the same period
last year.
13 venture-backed IPOs took place during 4Q 2015, a
63% and 30% increase from 3Q 2015 and 4Q 2014
respectively.
4Q'15
3Q'15
2Q'15
1Q'15
4Q'14
3Q'14
2Q'14
1Q'14
4Q'13
3Q'13
2Q'13
1Q'13
4Q'12
0
4Q'12
10
1Q'13
2Q'13
20
3Q'13
4Q'13
30
1Q'14
2Q'14
40
3Q'14
4Q'14
50
1Q'15
2Q'15
60
3Q'15
70
4Q'15
IPOs
21
16
10
12
15
13
M&As
47
37
40
42
44
56
42
50
49
53
43
49
38
13
TOP 3 M&As IN EUROPE (4Q 2015)

LIQUIDITY
Company Name
Location
Brief
Description
Industry
Code
Industry Segment
Industry Group
Close
Date
Round
Type
Amount Paid
(M)
Acquirer
Acerta Pharma
B.V.
Oss,
Netherlands
Developer of therapies intended

for the treatment of cancer and
autoimmune diseases.
Biotechnology
Therapeutics
Biopharmaceuticals
Healthcare
17/12/2015
Acquisition
2296.03
AstraZeneca Plc
Dezima Pharma
B.V.
Naarden,
Netherlands
Developer of drugs to treat

dyslipidemia.
Pharmaceuticals
Biopharmaceuticals
Healthcare
16/10/2015
Acquisition
1339.76
Amgen Inc.
Avito.ru
Moscow,
Russia
Provider of a classified
advertising website.
Shopping
Facilitators
23/10/2015
Acquisition
1071.81
Naspers
Consumer
Consumer Services
Information Services
14
EUROPEAN VC-BACKED IPOs (2012-2015)

LIQUIDITY
13 venture-backed companies went public during 4Q 2015,

an increase in number of deals from the prior quarter while
the amount raised declined.
2,500.00
25
2,000.00
20
1,500.00
15
1,000.00
10
IPOs raised 511 million during 4Q 2015, a decline of 27%

from the 700 million raised in 3Q 2015.
The largest European VC-backed IPO of 4Q 2015
was the NovoCure Ltd. The company raised 147 million
for its offering on Nasdaq.
500.00
0.00
4Q'12
1Q'13
Raised (M) through IPO 142.99 19.22

Number of IPOs
2Q'13
89.24
5
3Q'13
4Q'13
1Q'14
2Q'14
3Q'14
4Q'14
1Q'15
2Q'15
3Q'15
4Q'15
25.51 366.10 448.63 529.53 447.47 2,250 417.40 533.10 699.69 511.42
3
21
16
10
12
15
13
15
TOP 3 IPOs IN EUROPE (4Q 2015)

LIQUIDITY
Company Name
Location
Brief
Description
Industry
Code
Industry Segment
Industry Group
Close
Date
Raised through
IPO (M)
Exchange/
Symbol
NovoCure Ltd.
United Kingdom
Developer of therapy for the

treatment of solid tumor cancers.
Biotechnology
Therapeutics
Biopharmaceuticals
Healthcare
2/10/2015
147.37
Nasdaq: NVCR
Mimecast Ltd.
United Kingdom
Software
Information
Technology
19/11/2015
70.42
NASDAQ: MIME
Advanced
Accelerator
Applications SA
France
Biopharmaceuticals
Healthcare
11/11/2015
68.15
NASDAQ: AAAP
Network/Systems
Provider of cloud security solutions. Management Software
Developer of molecular nuclear

medicine (MNM) products.
Biotechnology
Therapeutics
16
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partnership opportunities, perform comprehensive due diligence and examine trends in venture capital investment, fund-raising and liquidity. It provides
accurate, comprehensive data on venture-backed companies including their investors and executives in every region, industry and stage of
development throughout the world.
The investment figures included in this release are based on aggregate findings of Dow Jones proprietary research and are contained in VentureSource.
This data was collected through survey of professional firms, interviews with company executives, and from secondary sources. These venture capital
statistics cover equity investments into early stage, innovative companies and do not include companies receiving funding solely from corporate,
individual, and/or government investors. Figures contained throughout the report current at time of editorial but are 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.
17
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Venture Capital Report

VENTURE CAPITAL REPORT

VENTURE CAPITAL REPORT

VENTURE CAPITAL REPORT

EUROPEAN VENTURE CAPITAL FUNDRAISING

19 European venture capital funds raised

Compared with the same period last year, euros raised

1.96 0.84 1.33

VENTURE CAPITAL REPORT

LARGEST EUROPEAN VC FUNDS RAISED IN 4Q 2015

Sofinnova Capital VIII

Acton Capital Partners

Heureka Growth Fund II

Octopus Ventures Ltd.

Octopus Zenith Opportunities II

Open Ocean Capital

Open Ocean Capital Software

VENTURE CAPITAL REPORT

INVESTMENT INTO EUROPEAN VENTURE-BACKED

Compared with the year ago period, both investment amount

Equity Financings into Europe-based,

2Q'13 3Q'13 4Q'13

2Q'14 3Q'14 4Q'14

2Q'15 3Q'15 4Q'15

VENTURE CAPITAL REPORT

EQUITY FINANCINGS INTO EUROPE-BASED, VC-BACKED

VENTURE CAPITAL REPORT

EQUITY FINANCINGS INTO EUROPE-BASED, VC-BACKED

VENTURE CAPITAL REPORT

EQUITY FINANCINGS INTO EUROPE-BASED,

VENTURE CAPITAL REPORT

EQUITY FINANCINGS INTO EUROPE-BASED,

Information Technology received the largest allocation of investment during 4Q

Business and Financial Services

Energy & Utilities

Consumer Services ranked the second highest proportion of investment. The

Industrial Goods & Materials

Business and Financial Services

Industrial Goods & Materials

VENTURE CAPITAL REPORT

TOP 5 DEALS INTO EUROPEAN VC-BACKED

Provider of global satellite

Allen & Co. LLC, Development Bank of Southern

Provider of an online travel search

Artemis Ventures, Baillie Gifford & Co. Ltd.,

Baillie Gifford & Co. Ltd.*, Chartwave Ltd., Coppel

Financial Institutions Business and Financial Provider of an online peer-to-peer

Developer of messenger RNA

VENTURE CAPITAL REPORT

MOST ACTIVE INVESTORS FOR EUROPE-BASED,

VENTURE CAPITAL REPORT

EQUITY FINANCINGS INTO EUROPE-BASED,

VENTURE CAPITAL REPORT

EUROPE 4Q 2015 VENTURE EXIT ACTIVITY

Exit Opportunities for European VCbacked Companies (20122015)

38 venture-backed M&As took place in Europe

VENTURE CAPITAL REPORT

TOP 3 M&As IN EUROPE (4Q 2015)

Developer of therapies intended

Developer of drugs to treat

VENTURE CAPITAL REPORT

EUROPEAN VC-BACKED IPOs (2012-2015)

13 venture-backed companies went public during 4Q 2015,

IPOs raised 511 million during 4Q 2015, a decline of 27%