europe & israel: venture capital data 2017
TRANSCRIPT
Venture Capital in Europe & IsraelVenture Investment Data: 2017
Prepared by Gil Dibner
Rothschild Boulevard, Tel Aviv. Part of the original city plan dating to 1910 and named for the Baron Edmund de Rothschild (1845-1934), a French financier. blog
Notes & Promos
• The data in this report consists entirely of data I’ve gathered manually based on publicly available, free sources
• No paid data sources or API calls were harmed in the making of this dataset, every investment was manually classified
• This allows analysis of some aspects of the data I consider important – aspects that don’t appear in other data sources. More importantly, it allows me to exclude deals that are really not “venture capital” rounds but tend to get included by others
• Seed investment is under-reported and adds a lot of noise to the data set, so I exclude deals under $500K
• The analysis is limited to ICT categories and excludes life sciences• The analysis excludes Turkey and FSU countries• All currencies converted into USD using monthly average exchange
rates• ICOs included on a selective basis; crypto companies are classified
into verticals by their end value proposition
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me onblog 2
About this data: If you like this and want more:
Click here to follow my blog on
Click here to subscribe to myWeekly EU+IL Enterprise Tech
Newsletter
Top 10 deals by region in 2017 (US $M)
France & Benelux IsraelIberia
UK & Ireland DACH Nordic
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 3
75
75
76
84
85
95
100
100
120
150
250
Kaminario
WalkMe
Vroom
Trax
Valens
InfiniDat
CyberReason
Sirin Labs
Lemonade
Skybox Security
Via
0 100 200 300
57
60
62
62
69
69
72
75
107
173
Shadow
MessageBird
Vestiaire Collective
Tinubu Square
Doctolib
Oodrive
Manomano
Actility
Picnic
Showroomprivee
0 50 100 150 200
16
20
22
28
34
35
46
50
100
275
Spotahome
Verse
CornerJob
Fintronic
Glovo
TypeForm
Logtrust
FeedZai
Cabify
LetGo
0 50 100 150 200 250 300
30
30
34
35
50
54
88
111
114
120
481
Natural Cycles
Yubico
Automile
Lendify
Collibra
MariaDB
ForgeRock
iZettle
Bima
Snow Software
Klarna
0 200 400 600
50
53
70
75
90
120
128
165
404
423
NewStore
ResearchGate
SoundCloud
Get Your Guide
Lilium
Kreditech
Lampenwelt.de
Tricentis
Auto1
Delivery Hero
0 100 200 300 400 500
89
100
102
111
118
190
280
397
480
502
Kobalt
Funding Circle
Atom Bank
Secret Escapes
Monzo
Neyber
Transferwise
FarFetch
Deliveroo
Improbable
0 200 400 600
blog
Top 10 deals by type in 2017 (US $M)
Systems SaaSEnterprise
Consumer Financial Commerce
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 4
120
120
128
173
250
275
280
397
404
423
480
Lemonade
Kreditech
Lampenwelt.de
Showroomprivee
Via
LetGo
Transferwise
FarFetch
Auto1
Delivery Hero
Deliveroo
0 200 400 600
62
66
100
102
114
118
120
120
190
280
Tinubu Square
Revolut
Funding Circle
Atom Bank
Bima
Monzo
Lemonade
Kreditech
Neyber
Transferwise
0 100 200 300
53
62
75
76
107
111
128
173
397
480
Simba
Vestiaire Collective
Get Your Guide
Vroom
Picnic
Secret Escapes
Lampenwelt.de
Showroomprivee
FarFetch
Deliveroo
0 200 400 600
88
95
97
100
120
150
165
190
481
502
ForgeRock
InfiniDat
Collibra
CyberReason
Snow Software
Skybox Security
Tricentis
Neyber
Klarna
Improbable
0 200 400 600
33
34
35
50
53
64
75
90
95
100
Airobotics
Automile
Volocopter
Rimac
Arralis
iZettle
Kaminario
Lilium
InfiniDat
Sirin Labs
0 50 100 150
51
53
53
69
75
75
97
120
165
481
Yotpo
Salary Finance
Algolia
Oodrive
Kobalt
WalkMe
Collibra
Snow Software
Tricentis
Klarna
0 100 200 300 400 500 600
blog
A record year
• 2017 was a record-setting year for European & Israel venture investing
• Over $20.3 billion was invested across 1,941 transactions
• Dollar investment volume was up 40%, but the number of investments rose by only 8%
• These numbers, and the rest of this deck, do not reflect the $1B in debt raised by Spotify in March, 2017
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 5
12,121 14,486 20,354
1,186
1,7961,941
0
500
1,000
1,500
2,000
2,500
0
5,000
10,000
15,000
20,000
25,000
2015 2016 2017
Num
ber o
f Inv
estm
ents
Amou
nt in
vest
ed (U
S $M
)
VC Investments in Europe & Israel
Invested amount (US $M) Number of investments
blog
In 4Q, dollars were down but deals were up
• In 4Q17, Europe & Israel saw $4.9 billion flowing into 484 venture transactions
• 2Q17 was a record-setting quarter in terms of the amount invested, and 1Q17 was a record-setting quarter in terms of the number deals
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 6835
1,703
1,916
2,873
3,139
3,252
2,857
3,730
4,114
3,122
3,520
4,072
5,763
5,609
4,910
0
100
200
300
400
500
600
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016 2017
Amou
nt in
vest
ed (U
S $M
)
VC Investments in Europe & Israel
Invested amount (US $M) Number of investments
blog
Monthly pace of venture investment
• Looked at on a monthly basis, the strength of 2Q17 and 3Q17 are even more pronounced
• May 2017 was a record-setting month in terms of investment volume
• September 2017 was a record-setting month in terms of the number of deals
• The impact of summer and winter holidays on deal volume is easy to spot
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 7
905971997791787
1,5611,518
5711,1641,0841,059
7151,6571,0511,0211,4011,4521,261
7251,1011,2961,4581,170
8931,671
9431,458
8613,0141,8882,013
7572,8401,9261,5431,442
0
50
100
150
200
250
0
500
1,000
1,500
2,000
2,500
3,000
3,500
JanFebM
arAprM
ayJunJulAugSepO
ctN
ovDecJanFebM
arAprM
ayJunJulAugSepO
ctN
ovDecJanFebM
arAprM
ayJunJulAugSepO
ctN
ovDec
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
Amou
nt in
vest
ed (U
S $M
)
VC Investments in Europe & Israel(January 2015 - December 2017)
Invested amount (US $M) Number of investments
blog
Mega-rounds skew the investment totals• This analysis breaks down VC
investments into brackets by size:
• Seed (less than $2M)• Early venture ($2-8M)• Venture ($8-20M)• Growth ($20-100M)• Mega ($100M+)
• 6 mega-rounds took place in Europe in 4Q17
• Transferwise ($280M, UK)• Lemonade ($120M, Israel)• Skybox Security ($150M, Israel)• Secret Escapes ($111M, UK)• Sirin Labs ($100M, Israel)• Letgo ($100M, Spain)
• Adjusting for mega-rounds, 4Q17 was down slightly from 3Q
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 8
708 759 733 710 730
650921 950 873 1,010
1,1961,395 1,567
2,507 2,126
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2016 2017
Amou
nt In
vest
ed (U
S $M
)
Pace of VC Investment in Europe and Israel
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (.5-2)
blog
Strong year-over-year growth in all brackets
• All size brackets saw YoY increased from 2016 to 2017
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 9
726 738
2,538 2,931
2,8283,755
5,860
7,594
2,534
5,336
0
5,000
10,000
15,000
20,000
2016 2017
Tota
l VC
inve
stm
ent (
US $
M)
VC investment volume in Europe and Israel by bracket(2017 vs 2016)
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (<2)
blog
Number of investments, by bracket
• Excluding seed deals, the total number of VC investments per quarter was very constant for the past four quarters: 318 in 1Q, 315 in 2Q, 317 in 3Q, and 327 in 4Q
• 4Q saw a slight uptick in the number of earlier-stage rounds
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 10
77 85 94140 153 157 144
182 195 185 171 1804262 44
4661 57 64
5377 77
7584
3326 38
35
44 5240
35
40 44 6657
66 4
3
4 41
6
6 9 5 6
0
50
100
150
200
250
300
350
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
Num
ber o
f VC
inve
stm
ents
VC investment volume in Europe and Israel by bracket
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8)
blog
No impact of Brexit on deal volume…
• Looking just at UK VC deal volume, there’s so far no evidence that Brexit caused any slowdown whatsoever in VC activity
• There were an average of 45 VC deals per quarter in the 18 months before the referendum
• There were an average of 69 VC deals per quarter since the referendum
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 11
0
10
20
30
40
50
60
70
80
90
Qtr1
Qtr2
Qtr3
Qtr4
Qtr1
Qtr2
Qtr3
Qtr4
Qtr1
Qtr2
Qtr3
Qtr4
2015 2016 2017
Num
ber o
f VC
inve
stm
ents
VC investment volume in the UK by bracket
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8)
Pre-Brexit
avg = 45
Post-Brexit avg = 69
blog
…and no impact on dollars invested in the UK
• An average of $819M per quarter was invested in the UK in the 18 months before the referendum
• An average of $1,145M per quarter was invested in the UK since the referendum
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 12
74 70 98 79 136 108 133 150 189 162 180 151165 166 96 128
172 148 181 113 159 247 224 184
459180
405209
532
273 202 191149
514755
586
210
150
275478
192
110275 202
899633
391
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
Num
ber o
f VC
inve
stm
ents
VC investment volume in the UK by bracket
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8)
Pre-Brexit avg = $819M
Post-Brexit avg = $1,145M
blog
Corporate VC activity, by bracket
• Excluding seed deals, the total number of corporate VC investments rose to 63 in 4Q17, a new record
• Corporate VC investments continue to trend towards later stage
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 13
6 4 516
7
22 19 23 1927 25 26 23 25
43
9
12
7
12
6
1619 5
17 1718
20
44
7
8
7
720
18
69
12 11 1818
3
13
3
3
2 31
0
10
20
30
40
50
60
70
Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016 2017
Num
ber o
f VC
inve
stm
ents
Corporate VC investment volume in Europe and Israel by bracket
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8)
blog
Corporate VC activity, by country
• During 2017, Israel saw the highest number of corporate VC investments, with 65
• The UK saw 54 corporate VC investments, followed by Germany with 35
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 14
19 20 20
8 7
2416
7
7 6
21
16
7
5
0
10
20
30
40
50
60
70
Isra
el UK
Ger
man
y
Fran
ce
Swed
en
Net
herla
nds
Switz
erla
nd
Spai
n
Finl
and
Belg
ium
Irela
nd
Nor
way
Pola
nd
Esto
nia
Denm
ark
Lith
uani
a
Croa
tia
Mal
ta
Aust
ria
Italy
Num
ber o
f inv
estm
ents
Number of corporate VC investments in Europe and Israel by bracket(2017)
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8)
blog
Average round size• This average excludes seed
rounds and mega rounds, so it reflects all rounds done in Europe & Israel between $2M and $100M
• With very few exceptions, most months saw average round sizes of $10-12M and there is seems to be little pattern other than mean reversion
• Early 2015 saw higher-than-average deal sizes
• Late 2016 and early 2017 saw lower-than-average deal sizes
• Late 2017 seemed to be characterized by higher-than average deal sizes
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 15
4
6
8
10
12
14
16
Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016 2017
Amou
nt In
vest
ed (U
S $M
)
Average investment size in Europe and Israel(Round sizes of 2-100M, and 6-month trailing average)
blog
Total venture investment by country, 2017
• The UK saw the most VC investment in 2017, with $5.78B raised
• Israel came in second place, with $3.93B raised
• Germany saw the third-highest amount of venture investment, with $2.88B
• France was a close fourth, with $2.44B
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 16
5,7803,932
2,8772,442
1,744790
557312302
254214210
183177
104100
62585750383617151277643321
UKIsrael
GermanyFrance
SwedenSpain
NetherlandsIrelandFinland
SwitzerlandAustria
BelgiumNorway
DenmarkPoland
ItalyPortugal
LuxembourgEstoniaCroatiaCyprus
RomaniaIceland
HungaryCzechMalta
SlovakiaGreece
BulgariaSlovenia
SerbiaLithuania
Latvia
Total VC investment volume by country, 2017 (US $M)
blog
Venture dollars per capita
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 17blog
$0.35$0.46$0.51$0.57$0.84$1.16$1.21$1.40$1.51$1.66$1.84$2.70$6.02$12.04$15.57$16.97$18.44$24.31$29.99$30.58$32.42$34.57$34.75$36.34$42.06$44.90$49.02$54.82
$65.02$88.04
$98.55$172.59
$447.17
SerbiaLatvia
GreeceBulgaria
LithuaniaCzech
SlovakiaSloveniaHungary
ItalyRomania
PolandPortugal
CroatiaMaltaSpain
BelgiumAustria
SwitzerlandDenmark
NetherlandsNorway
GermanyFrance
EstoniaCyprusIcelandFinlandIreland
UKLuxembourg
SwedenIsrael
VC dollars per capita in 2017(US$)
USA
(201
6)=
$213
.96
$1.00
$10.00
$100.00
$1,000.00
0 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 70,000,000 80,000,000 90,000,000 100,000,000
VC D
olla
rs p
er C
apita
(Log
Sca
le)
Population
Venture Capital Investment per Capita(bubble size indicates total VC investment)
Israel
Sweden
UK
France GermanyHolland
Italy
SpainBelgium
Switz.
Ireland
Finland
Lux.
EstoniaNorway
CyprusIceland
Denmark
Croatia
Portugal
RomaniaHungarySlovenia
Slovakia
Poland
Czech
Austria
Malta
Venture dollars as a percentage of GDP
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 18blog
• This graph shows 2017 venture dollars invested as a percentage of GDP
• Israel leads at 1.16% of GDP followed by Sweden at 0.34%, Estonia at 0.24%, and the UK at 0.23%
• All of the other countries at below 0.20%
• Latvia and Greece are the lowest, with VC at 0.003% of GDP
• In US, by comparison, VC was 0.37% of GDP in 2016, slightly higher than Sweden
Serbia
LatviaGreece
Bulgaria
Lithuania
Czech
Slovakia
SloveniaHungary
Italy
Romania
PolandPortugal
Croatia
Malta
Spain
BelgiumAustria
SwitzerlandDenmark
Netherlands NorwayGermany
France
Estonia
Cyprus
Iceland
FinlandIreland
UK
Luxembourg
SwedenUS 2016
Israel
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
0 20,000 40,000 60,000 80,000 100,000 120,000
VC a
s a p
erce
ntag
e of
GDP
GDP per Capita
Rule Britannia!Total venture investment by country, 4Q15 to 4Q17
• To get a better sense of VC volumes in various countries, this analysis excludes mega-rounds
• With this filter, volumes and rankings are more consistent
• The UK overtook Israel in 2Q17 and has maintained the lead since
• French VC volume finally slowed down, enough to allow Germany to leap into third place
• Swedish VC investment volume grew dramatically in 4Q, but it remained in fifth place
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 19
Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
0
200
400
600
800
1000
1200
1400
Tota
l VC
inve
stm
ent (
US $
M)
Total VC investment, 4Q15 - 4Q17 (top 5 countries, excluding mega-rounds)
Israel UKFrance GermanySweden
blog
Total venture investment by country, 4Q15 to 4Q17
• To get a better sense of VC volumes in various countries, this analysis excludes mega-rounds
• The “second five” countries for VC investment in 2016 were Spain, Ireland, the Netherlands, Finland, and Switzerland
• Ireland ranked sixth and set a record in 3Q17, but collapsed to tenth place in 4Q17
• Both the Netherlands and Spain hit record levels in 4Q17
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 20
Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
0
50
100
150
200
250
Tota
l VC
inve
stm
ent (
US $
M)
Total VC investment, 4Q15 - 4Q17(countries ranked 6-10, excluding mega-rounds)
Spain IrelandNetherlands SwitzerlandFinland
blog
Total venture investment by region
• When VC investments across Europe are aggregated into regions, UK & Ireland, Israel, the Nordics, France, and DACH are the clear and consistent leaders
• The UK and Ireland account for 30% of total investment volume, Israel 19%, Germany 17%, and the Nordics and France 12% each
• Other regions do produce meaningful VC investments, but the volumes are still low
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 21
UK & Ireland, 6,091.1, 30%
Israel, 3,931.9, 19%
DACH, 3,345.4, 17%
Nordic, 2,482.7, 12%France, 2,441.6, 12%
Iberia, 852.2, 4%
Benelux, 825.3, 4%
South. Eur., 206.5, 1%
East. Eur., 177.7, 1%
Total VC investment by region, 2017(US $M, includes megarounds)
blog
Rounds by bracket & region
• Including seed deals, the UK and Ireland saw 457 venture deals in 2017
• France came in second with 393
• The Nordics were third with 342
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 22
136176 162
5716 33 41 32 11
179145
113
104
82 40 37
21
73 48
42
53
65
16
61
23
22
27
55
0
50
100
150
200
250
300
350
400
450
500
UK & Ireland France Nordic DACH Israel Benelux Iberia South. Eur. East. Eur.
Num
ber o
f inv
estm
ents
Number of investments in Europe and Israel by bracket, 2017
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (<.5-2)
blog
Participation rate of US VC firms, by bracket
• During 2017, US VCs participated in 9% of the VC financing rounds in EU and Israel
• As usual, US VCs are much more likely to participate in later rounds
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 23
2% 5% 15%
33% 35%
98% 95%85%
67% 65%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Seed (.5-2) Early Venture (2-8) Venture (8-20) Growth (20-100) Mega (>100)
Perc
enta
ge o
f rou
nds
Did US VC firms participate in European VC rounds? (2017)
No Yes
blog
US VC firm participation rate was lower in 2017
• For most of 2017, US VC firms participated in 8-9% of European & Israeli VC deals
• In 4Q17, this rose to 10%
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 24
15% 17% 13% 17% 16% 11% 9% 11% 14%8% 8% 8% 9% 10%
85% 83% 87% 83% 84% 89% 91% 89% 86%92% 92% 92% 91% 90%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016 2017
Perc
enta
ge o
f Rou
nds
Did US VC firms participate in European VC rounds?(3Q14-4Q17)
No Yes
blog
Participation of US VC firms by country
• In 2017, US VCs firms were active in 19 different European countries
• US VC firms were most active in Israel, where they participated in 62 investment rounds
• The UK saw 41 US investments
• US VCs invested in 17 German companies and 10 French companies
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 25
62
41
1710 7 7 6 4 3 30
10
20
30
40
50
60
70
Isra
el UK
Ger
man
y
Fran
ce
Swed
en
Spai
n
Finl
and
Irela
nd
Net
herla
nds
Denm
ark
Pola
nd
Belg
ium
Esto
nia
Switz
erla
nd
Italy
Port
ugal
Aust
ria
Icel
and
Nor
way
Num
ber o
f VC
inve
stm
ents
Rounds with a US VC involved(2017)
blog
Participation of US VC firms by country
• This chart shows US VC activity within Europe
• The overwhelming bulk of US VC activity is generally in Israel, the UK & Ireland, DACH, and the Nordics
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 26
0
10
20
30
40
50
60
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
Num
ber o
f VC
inve
stm
ents
Investments with US VC participation
Israel UK & Ireland DACH Nordic France Iberia Benelux East. Eur. South. Eur.
blog
Dimension Categories Explanation/Example
1. Target market Consumer, SMB, Enterprise, Government, Telecom, OEM
What sort of customer does the company target?
2. Vertical marketAdtech, Communications, Data, Development, Durables, Education, Electronics, Employment, Energy, Fashion, Financial, Food, Gaming, Health, HMI, Industrial, Infrastructure, Lifestyle, Logistics, Marketing, Media, Productivity, Real Estate, Security, Sports, Storage, Transportation, Travel, Water
What type of problem does the company solve?
3. Business modelCommerce, Components, Content, Marketplace, SaaS, Semiconductors, Services, Software, Systems,
How does the company makemoney? How is value delivered to customers? What are customers paying for?
For example: Consumer + Travel + Marketplace AirBnB is a travel-related marketplace for consumers
Three-dimensional approach to sector mapping
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 27blog
• Excluding mega-rounds, investment activity in 4Q17 was consistent was 3Q17 across target markets
What target markets are attracting the most VC investment in Europe & Israel?
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 28
931 1,076 1,244 1,097 1,002 1,0561,369 1,551 1,492
1,110
1,6541,640
1,269962
1,6501,345
1,820 1,879
224
270
283 220
264 377
150
163 187
219447
255 406
545 241
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
Tota
l VC
inve
stm
ents
(US $
M)
European & Israeli venture financing by target market4Q15 to 4Q17 (excluding mega-rounds, US $M)
Agriculture
Government
Telecom
OEM
SMB
Enterprise
Consumer
blog
• When Israel is excluded from the sample, 51% of all VC dollars in Europe went to consumer-oriented companies in 4Q17
The enterprise/consumer tug-of-war continues
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 29
36%
56% 63% 62% 57% 53% 58% 53%45% 46%
58%
42%51%
48%
34% 22% 24% 31% 36%33%
32%
29%36%
32%
44%37%
10% 4% 12% 8% 6% 5% 3%7%
8%
12%3%
6% 8%4% 2% 4% 5% 6% 5% 8%
10%
5% 5% 7% 4%6% 6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016 2017
European venture financing by target market4Q14 to 4Q17 (excluding Israel, percent of US $M)
Agriculture Government Telecom OEM SMB Enterprise Consumer
blog
Breakdown by region & target market
• Regional differences are apparent when VC investment are categorized by target market
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 30
3,037
849
2,076
823 1,167580
2,340
2,299882
1,307 796
394
381305
595
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
UK &Ireland
Israel DACH Nordic France Iberia Benelux South.Eur.
East. Eur.
Tota
l am
ount
inve
sted
(US $
M)
Investment in Europe and Israel by target market by region2017 (US $M)
Agriculture Government Telecom OEM SMB Enterprise Consumer
blog
Distribution of investment rounds by country
• Across Europe & Israel, 44% of VC investment rounds were in consumer companies in 2017
• Nearly two-thirds of Israeli venture investments were into enterprise companies
• The Nordics, DACH, and France were 50% consumer
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 31
16%
35%
43%
49%
50%
50%
58%
63%
62%
40%
40%
32%
30%
32%
28%
24%
11%
10%
13%
13%
9%
8%
8%
15%
7%
6%
4%
7%
7%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Israel
Benelux
UK & Ireland
France
DACH
Nordic
Iberia
South. Eur.
Investment in Europe and Israel by target market by country2017 (Number of investments)
Consumer Enterprise SMB OEM Telecom Government Agriculture
blog
Growth rounds by target market
• Enterprise companies accounted for over half of the later-stage market in Europe & Israel in 4Q17
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 32
56%
37%46%
56%43% 39% 38% 43% 44%
34% 37%45%
32% 35%
25%
41%
46% 25%38% 50% 50%
50% 44%
32%
50% 36%48%
56%
6% 7%
5%
9% 12%6% 5%
12%
7%4% 6%
6%6% 11% 6% 7% 5% 6% 5% 5%20%
7%13% 14%
6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016 2017
Investment in Europe and Israel by target market(Rounds over $20M, number of investments)
Agriculture Government Telecom OEM SMB Enterprise Consumer
blog
• Fintech was the most popular vertical across Europe & Israel, with 223 investments in the category in 2017
• Lifestyle (a catch-all category for consumer commerce) was second, with 119
• Electronics (109) and marketing tech (107) took third and fourth
Finance still leads, electronics are strong
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 33
2224
26282930
3339
4143
474747
515354
5858
6161
6869
7685
9298
107109
119223
AgtechCommunications
ERPSocialCRMLegal
ProductivityDevelopment
AdtechGamingFashionEnergy
FoodPayments
EntertainmentEducation
Real EstateTravel
IndustrialAutomotive
LogisticsData
SecurityInfrastructureEmployment
HealthMarketingElectronics
LifestyleFinancial
European & Israeli venture financing by target market2017 (top 30 categories, number of investments)
blog
• This graph shows the change in the number of investments by vertical from 2016 to 2017
• Automotive, health, and real estate saw the biggest increases in funding frequency
• Adtech, food, and travel saw the biggest decreases
Growth rates by vertical
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 34
Adtech, -36%Food, -11%
Travel, -11%Security, -6%
Industrial, -5%Fashion, -2%
Marketing, -2%Logistics, 5%Infrastructure, 5%
Lifestyle, 20%Entertainment, 20%
Data, 23%Payments, 24%Financial, 25%Education, 26%
Electronics, 28%Employment, 31%
Real Estate, 45%Health, 56%
Automotive, 144%
-60% -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 160%
Change in the number of venture investments(2017 vs 2016, 20 most popular categories)
blog
• Consumer finance was once again the most frequently funded vertical, with 120 investments
• A close second was consumer lifestyle with 119 investments
• Enterprise marketing, with 90 investments, was third
Which verticals for which segments?
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 35
Logistics
Data
Security
Infrastructure
Employment
Health
Marketing
Electronics
Lifestyle
Financial
0 50 100 150 200 250
European & Israeli venture financing by target market2017 (number of investments, top 10 verticals)
Consumer
Enterprise
SMB
OEM
Telecom
Government
Agriculture
blog
• This chart shows the ten most commonly funded verticals across Europe & Israel by quarter
The most popular verticals in the past 3 years
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 36
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
0
50
100
150
200
250
300
350
European & Israeli venture financing by vertical market(number of investments, top 10 verticals)
Data
Health
Logistics
Electronics
Lifestyle
Employment
Security
Infrastructure
Marketing
Financial
blog
• Investors continue to favor consumer fintech, lifestyle, and consumer electronics
• From 2016 to 2017, most segments stayed consistent, with the majority of growth concentrated in financial, lifestyle, health, and electronics
Consumer VC investment trends
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 37
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
0
20
40
60
80
100
120
140
160
180
European & Israeli venture financing by consumer verticals(number of investments, top 10 verticals)
EntertainmentTravelHealthFashionFoodElectronicsLogisticsGamingLifestyleFinancial
blog
• Marketing and security showed continued strength
• Most of the growth from 2016 to 2017 was in infrastructure, fintech, and data
• CRM and Adtech declined from 2016 to 2017
Enterprise VC investment trends
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 38
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
0
20
40
60
80
100
120
140
160
180
European & Israeli venture financing by enterprise verticals(number of investments, top 10 verticals)
CRM
Financial
Industrial
Employment
Development
Data
Infrastructure
Adtech
Security
Marketing
blog
• Services displaced SaaS as the most funded business model in 2017, representing 29% of all VC dollars
• SaaS took 27% of the venture dollars invested in Europe & Israel
• Systems – complete physical products – took fourth place at 8% of all venture dollars
Services displace SaaS
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 39
Services, 4,309, 29%
SaaS, 4,023, 27%
Software, 1,988, 13%
Systems, 1,233, 8%Commerce, 1,051, 7%
Marketplace, 977, 6%
Components, 542, 4%
Media, 459, 3%
Semiconductors, 342, 2%
Materials, 90, 1%
Data, 3, 0%
European & Israeli venture financing by target market2017 (in US $M) (excluding mega-rounds)
blog
• Services and SaaS remained the top two business models by funding volume
• Systems rose to third place in 4Q, as software collapsed
• Commerce investment levels seem to have stabilized
Services and SaaS are dominant
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 40
0
200
400
600
800
1000
1200
1400
1600
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
European & Israeli venture financing by business model(top seven, in US $M, excluding mega-rounds)
Services
SaaS
Software
Commerce
Marketplace
Systems
Media
blog
• This graph provides a quick overview of the ten most commonly funded segments across the top ten countries for those segments
• In a nutshell:• Consumer financial services
(Everywhere, but especially in the UK, Sweden, and Germany)
• Marketing SaaS in the UK, France, and Israel
• Consumer lifestyle commerce in the UK, France, and Sweden
• Israeli enterprise security software
• French and Swedish consumer electronics
• German SMB fintech• French, British, and Swedish
fashion• Swedish, Finnish, and UK
gaming• And some other stuff….
EU+IL VC Cheat Sheet (2017)
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 41
0 20 40 60 80 100 120
Consumer Gaming Services
Enterprise Employment SaaS
Consumer Fashion Commerce
Enterprise Infrastructure SaaS
SMB Financial Services
Enterprise Data SaaS
Consumer Electronics Systems
Enterprise Security Software
Consumer Lifestyle Commerce
Enterprise Marketing SaaS
Consumer Financial Services
Number of VC investments
Investment in Europe & Israel by segment by country2017 (top 10 segments, top 10 countries*)
UK FranceSweden IsraelGermany FinlandSpain NetherlandsItaly DenmarkPoland
*Denmark and Poland were tied for tenth place with 8 investments each across the top segments.*Enterprise Employment SaaS and Consumer Gaming Services were tied for tenth place with 33 investments each.
blog
• Finance was the most commonly funded category in the UK, with 70 investments in 2017
• Real estate, marketing, and lifestyle were next
A closer look at UK venture in 2017
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 42
Payments
Education
Health
Employment
Data
Infrastructure
Lifestyle
Marketing
Real Estate
Financial
0 10 20 30 40 50 60 70 80
UK venture financing by target market2017 YTD (number of investments, top verticals)
Consumer
Enterprise
SMB
OEM
Telecom
Government
blog
• Security was the most commonly funded category in Israel, with 37 investments in 2017
• Automotive jumped to third place, just behind marketing
• Electronics made a strong showing, including consumer
A closer look at Israeli venture in 2017
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 43
Logistics
Development
Financial
Health
Infrastructure
Data
Electronics
Automotive
Marketing
Security
0 5 10 15 20 25 30 35 40
Israeli venture financing by target market2017 (number of investments, top verticals)
Consumer
Enterprise
SMB
OEM
Government
Agriculture
blog
• Finance was the by far most commonly funded category in Germany, with 15 consumer investments and 15 SMB investments in 2017
• Consumer lifestyle was next, also with 15 investments
• Health, food, and travel rounded out the top five
A closer look at German venture in 2017
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 44
Employment
Industrial
Automotive
Electronics
Infrastructure
Food
Travel
Health
Lifestyle
Financial
0 5 10 15 20 25 30 35
German venture financing by target market2017 (number of investments, top verticals)
Consumer
Enterprise
SMB
OEM
blog
• Lifestyle was the most commonly funded category in France, with 34 investments in 2017
• Finance and electronics were next
• Interestingly, adtech cracked the top ten
A closer look at French venture in 2017
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 45
Infrastructure
Adtech
Food
Logistics
Health
Marketing
Employment
Electronics
Financial
Lifestyle
0 5 10 15 20 25 30 35 40
French venture financing by target market2017 (number of investments, top verticals)
Consumer
Enterprise
SMB
OEM
Telecom
blog
• Fintech was the most commonly funded category in Sweden, with 32 investments in 2017
• Electronics and entertainment were next
• Gaming and lifestyle were also significant areas of investment
A closer look at Swedish venture in 2017
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 46
Employment
Payments
Marketing
Health
Industrial
Lifestyle
Gaming
Entertainment
Electronics
Financial
0 5 10 15 20 25 30 35
Swedish venture financing by target market2017 (number of investments, top verticals)
Consumer
Enterprise
SMB
OEM
blog
• Consumer lifestyle was the most commonly funded category in Spain, with 12 investments in 2017
• Financial was second, with 10
A closer look at Spanish venture in 2017
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 47
Education
Social
Marketing
Infrastructure
Employment
Health
Travel
Logistics
Financial
Lifestyle
0 1 2 3 4 5 6 7 8 9 10 11 12 13
Spanish venture financing by target market2017 (number of investments, top verticals)
Consumer
Enterprise
SMB
Telecom
Government
blog
• Fintech was the most commonly funded category in The Netherlands, with 6 investments in 2017
• Logistics, employment, travel, and lifestyle tied for second
A closer look at Dutch venture in 2017
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 48
Health
Development
Electronics
Food
Security
Automotive
Entertainment
Lifestyle
Travel
Employment
Logistics
Financial
0 1 2 3 4 5 6 7
Dutch venture financing by target market2017 (number of investments, top verticals)
Consumer
Enterprise
SMB
OEM
Government
blog
• Education was the most commonly funded category in Ireland, with 3 investments in 2017
A closer look at Irish venture in 2017
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 49
Financial
Communications
Health
Development
Infrastructure
Employment
Logistics
Data
Payments
Marketing
Education
0 1 2 3 4
Irish venture financing by target market2017 (number of investments, top verticals)
Consumer
Enterprise
SMB
OEM
blog
• Electronics tied with gaming as the most commonly funded category in Finland, with 9 investments each in 2017
• Industrial took third with 6
Funnily, Finns fully failed to finance fintech
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 50
Energy
HMI
Fashion
Entertainment
Data
Education
Marketing
Health
Industrial
Gaming
Electronics
0 1 2 3 4 5 6 7 8 9 10
Finnish venture financing by target market2017 (number of investments, top verticals)
Consumer
Enterprise
SMB
OEM
blog
• Financial was by far the most commonly funded category in Switzerland, with 7 investments in 2017
• Data and Electronics tied for second with 3 investments each
• Interestingly, there were two space-related investments in Switzerland
A closer look at Swiss venture in 2017
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 51
CommunicationsLifestyle
EmploymentReal Estate
FoodAgtech
POSSCM
IndustrialLegal
ERPCRM
InfrastructureAutomotive
HealthSpace
PaymentsElectronics
DataFinancial
0 1 2 3 4 5 6 7 8
Swiss venture financing by target market2017 (number of investments, top verticals)
Consumer
Enterprise
SMB
OEM
Agriculture
blog
• Like elsewhere in Europe, the Nordics were focused on fintech
• Electronics and gaming have always been strong in the Nordics, and this was true in 2017 as well
• Entertainment took fourth place with 18 investments
The Nordic VC market in 2017
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 52
Fashion
Energy
Lifestyle
Employment
Health
Marketing
Industrial
Entertainment
Gaming
Electronics
Financial
0 5 10 15 20 25 30 35 40
Nordic venture financing by target market2017 (number of investments, top verticals)
Consumer
Enterprise
SMB
OEM
blog
• Not surprisingly, Sweden saw the most actively among Nordic nations across most verticals – with particular strength in financial, electronics, gaming, and entertainment
• Finland was notably absent from the fintech boom, but was very active in electronics, gaming, and industrial
• Norway showed strength in electronics and energy
The Nordic VC market by country
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 53
Fashion
Energy
Lifestyle
Employment
Health
Marketing
Industrial
Entertainment
Gaming
Electronics
Financial
0 5 10 15 20 25 30 35 40
Nordic venture financing by target market2017 (number of investments, top verticals)
Sweden FinlandDenmark NorwayEstonia IcelandLithuania Latvia
blog
• Fintech was the most financed vertical in Southern and Eastern Europe
• Italy showed strength across a range of consumer categories (food, fashion, lifestyle, education, travel)
• Both Italy and Poland showed strength in marketing and fintech
Venture capital in Southern & Eastern Europe in 2017
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 54
CRM
Automotive
Productivity
Gaming
Fashion
Development
Employment
Health
Food
Infrastructure
Travel
Payments
Education
Marketing
Lifestyle
Financial
0 2 4 6 8 10 12 14 16
Venture financing by target market (S. Eur & E. Eur)2017 (number of investments, top verticals)
Italy Poland
Hungary Malta
Czech Cyprus
Bulgaria Romania
Slovakia Slovenia
Serbia Croatia
Greece
blog
Focus on Services
• The lion’s share of the services investment landscape is financial services
• There are, however, many more verticals were “services” companies are emerging
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 55
0 20 40 60 80 100 120 140 160 180
Entertainment
Lifestyle
Real Estate
Adtech
Payments
Health
Logistics
Education
Gaming
Financial
Services VC investment in Europe and Israelby vertical and target market, 2017 (top 10 verticals)
Consumer Enterprise SMB
blog
Focus on SaaS
• Marketing was the most frequently funded SaaS vertical in 2017, with 83 investments
• Data was second with 46• Infrastructure (IT) and
employment (HR) were tied for third place, with 42 investments each
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 56
0 10 20 30 40 50 60 70 80 90
Productivity
ERP
Health
CRM
Development
Financial
Infrastructure
Employment
Data
Marketing
SaaS VC investment in Europe and Israelby vertical and target market, 2017 (top 10 verticals)
Consumer Enterprise Government SMB
blog
Focus on Marketplaces
• The most frequently funded marketplace category in 2017 was employment marketplaces, mostly aimed at the consumer (i.e. employee) or the SMB employer
• Lifestyle, real estate, and travel were also important marketplace categories
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 57blog
0 10 20 30 40 50
Education
Automotive
Adtech
Fashion
Health
Financial
Logistics
Travel
Real Estate
Lifestyle
Employment
MarketplacesVC investment in Europe and Israelby vertical and target market, 2017 (top 10 verticals)
Consumer Enterprise SMB
Focus on Systems
• The vast majority of “systems” investments in Europe & Israel were into consumer electronics
• The second-most funded category was automotive systems (which includes land vehicles as well as aircraft such as Lillium and watercraft such as SeaBubbles).
• Industrial systems, energy systems, and health systems were also important areas of investment
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 58
0 10 20 30 40 50 60 70
Entertainment
HMI
Communications
Storage
Space
Payments
Food
Security
Health
Energy
Agtech
Industrial
Automotive
Electronics
Systems VC investment in Europe and Israelby vertical and target market, 2017 (top 10 verticals)
Consumer Enterprise Government OEM SMB Agriculture
blog
Focus on Components
• Across Europe & Israel, components investments were focused on general electronics, automotive, energy, and industrial
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 59
0 5 10 15 20 25 30
Health
HMI
Imaging
Storage
Security
Communications
Industrial
Energy
Automotive
Electronics
Components VC investment in Europe and Israelby vertical market, 2017 (top 10 verticals)
blog
Focus on Fintech
• In 4Q17, over $1.1B was invested into fintech
• In 2017, over $3B was invested into the space, nearly double the $1.6B invested in 2016 and the $1.4B invested in 2015
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 60
0
200
400
600
800
1,000
1,200
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
Fintech - VC investment in Europe and Israel(US $M)
SMB Enterprise Consumer
blog
Focus on Fintech
• Fintech investment pace has accelerated across all brackets
• Mega-rounds accounted for most of the dramatic increase in 4Q17, but “venture” rounds also doubled from 3Q to 4Q
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 61
0
200
400
600
800
1,000
1,200
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
Fintech - VC investment in Europe and Israel(US $M)
Mega Growth Venture Early Venture Seed
blog
Focus on Automotive
• 12 countries saw investments into the automotive tech space in 2016-2017
• Israel led with 22• France and the UK each saw
17
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 62
0
5
10
15
20
25
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2016 2017
Num
nber
of i
nves
tmen
ts
Automotive - VC investment in Europe and Israel
Italy CroatiaEstonia IrelandFinland SlovakiaSpain SwitzerlandNetherlands SwedenGermany UK
blog
Focus on Marketing
• VCs invested $844M into marketing tech in Europe & Israel in 2017, up dramatically form $196M in 2016
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 63
0
5
10
15
20
25
0
100
200
300
400
500
600
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
Num
ber of investmentsAm
ount
inve
sted
(US $
M)
Marketing tech - VC investment in Europe and Israel
Amount
Number
blog
Focus on Employment
• In 2017, there were 92 investments into employment (HR) companies, totaling $559M
• This is up dramatically from 2016, which saw only $330M invested across 70 investments in the space
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 64
0
5
10
15
20
25
30
0
50
100
150
200
250
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
Num
ber of investmentsAm
ount
inve
sted
(US $
M)
Employment (HR) tech - VC investment in Europe and Israel
Amount
Number
blog
Focus on Health (1 of 3)
• The UK led in the digital health space, with 29 investments
• France was next, with 27• Sweden took third, with 21,
just ahead of Israel with 20
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 65
0
5
10
15
20
25
30
35
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2016 2017
Num
nber
of i
nves
tmen
ts
Health - VC investment in Europe and IsraelIceland Malta SerbiaSlovenia Denmark NorwayAustria Poland ItalyIreland Belgium SwitzerlandNetherlands Finland SpainGermany Israel SwedenFrance UK
blog
Focus on Health (2 of 3)
• The most frequently funded category in health tech was consumer health services
• Enterprise SaaS was second, followed by enterprise software
• Consumer health systems (devices) and consumer health marketplaces were also significant
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 66
0 5 10 15 20 25 30 35 40
Materials
Components
Data
Commerce
Media
Marketplace
Systems
Software
SaaS
Services
Number of investments
Healthtech VC investment in Europe and Israelby business model and target market, 2017
Enterprise OEM Consumer
blog
Focus on Health (3 of 3)
• In 2017, over $850M was invested across 98 rounds into digital health companies, up significantly from 2016
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 67
0
5
10
15
20
25
30
35
0
50
100
150
200
250
300
350
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
Num
ber of investmentsAm
ount
inve
sted
(US $
M)
Health tech - VC investment in Europe and Israel
Amount
Number
blog
Focus on Real Estate (“proptech”)
• Proptech investment appears to be largely a British and French phenomenon
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 68
0
2
4
6
8
10
12
14
16
18
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2016 2017
Num
nber
of i
nves
tmen
ts
Proptech - VC investment in Europe and Israel
Belgium LuxembourgIreland SerbiaNetherlands NorwaySwitzerland IsraelSpain SwedenGermany FranceUK
blog
Focus on Electronics (components, systems, & semis)
• The majority of “electronics” investments are into consumer systems companies
• OEM suppliers for components and semis are also significant
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 69
0 10 20 30 40 50 60 70
Marketplace
Software
Commerce
Services
Semiconductors
Components
Systems
Number of investments
Electronics VC investment in Europe and Israelby business model and target market, 2017
Agriculture Enterprise SMB OEM Consumer
blog
Focus on Developer Tools
• The developer tools investment landscape is highly fragmented, but the pace appears to be slowing
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 70
0
2
4
6
8
10
12
14
16
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2016 2017
Num
nber
of i
nves
tmen
ts
Developer tools - VC investment in Europe and Israel
Portugal Belgium Poland Switzerland FinlandEstonia Ireland Hungary Austria DenmarkNorway Sweden Netherlands Germany FranceUK Israel
blog
Focus on Infrastructure
• There were 85 investments into infrastructure companies in 2017
• 40 of these were in Israel, 36 in the UK, and 27 in France
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 71
0
5
10
15
20
25
30
35
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2016 2017
Num
nber
of i
nves
tmen
ts
Infrastructure - VC investment in Europe and IsraelItaly Romania PortugalDenmark Poland IcelandLuxembourg Czech BelgiumIreland Switzerland NorwayNetherlands Finland SpainSweden Germany FranceUK Israel
blog
Focus on Data
• Data-oriented investments have been increasing through 2016 and 2017
• Just over $700M was invested across 69 funding rounds into data-oriented companies in 2017
• The “data” category captures companies whose primary value proposition revives around (big) data, AI/ML/BI tooling, databases, and/or analytics
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 72
0
5
10
15
20
25
30
0
50
100
150
200
250
300
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
Num
ber of investmentsAm
ount
inve
sted
(US $
M)
Data - VC investment in Europe and Israel
Amount
Number
blog
Based in , I was previously a partner at . Before that, I helped run the
European seed program for . I moved to London after seven years in
during which I worked as a VC with and . I’m originally from .
My VC investments include and . Angel investments include and many more.
If you found this useful, I hope you’ll follow my blog and/or subscribe to my weekly email.73
Gil Dibner
To invest in the best European & Israeli enterprise startups,
consider backing me on here. Lots of exciting stuff in thepipeline – and you’ll be in pretty good company.