europe scaleups report 2016

2016

EUROPEAN

SCALE UP REPORT

OMAR MOHOUT

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Foreword

Highlights 2016

European (Venture) Capital

Methodology

About the author

About Sirris

Data sources

Disclaimer

TABLE OF CONTENTS

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While Europe might be a single market, it’s definitely not a single tech

scene. That fact makes it difficult to feel the pulse of the European tech.

But if you take a close look, you’ll quickly notice that there is interesting

stuff happening in Europe

With this report we want to provide a comprehensive review of

investment in startups and high-growth technology companies across

31 countries in Europe. Our aim is to provide data-driven guidance,

insights and inspiration to stakeholders in the European scaleup

ecosystem.

We hope you find the 2016 edition of the report informative.

Sincerely,

Omar Mohout

2016 EUROPEAN SCALE UP REPORT FOREWORD

PARTNERS

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This report is part of a series of funding

reports that are published on a quarterly

basis. A yearly report will also summarize

quarterly findings. Other reports complement

the series, focusing on geographical markets

and vertical industries such as the FinTech

report that is written in collaboration with

Eggsplore.

2016 EUROPEAN SCALE UP REPORT ABOUT

This report is a snapshot in time, aimed at

analysing funding data, major trends within

the industry and the regions.

Only deals of at least $1M / € 750K are

considered for this report.

If you would like to provide your input for the

report, signal an omission of data or have any

other feedback, we would love to hear it. Just

pop an email to [email protected]

ABOUT THIS REPORT

http://eepurl.com/b-bu2T

HIGHLIGHTS 2016

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• € 15.9B across 1,648 deals in 31 countries;

• UK is leading in 2016 funding;

• France has the highest number of deals;

• The city with the highest number of deals is London, followed by

Paris and Stockholm;

• Bpifrance is the most active EU venture fund in Europe;

• Marketplaces is the most popular business model used by

European scaleups;

• FinTech is the most funded vertical both in capital raised and in

number of deals;

• 22 European technology companies went IPO raising € 3.4B;

• In average European scaleups have 50 employees;

• Ireland, Belgium and the Netherlands have the highest number of

B2B oriented scaleups;

• Italy, Sweden and Austria have the highest number of B2C oriented

scaleups

2016 EUROPEAN SCALE UP REPORT HIGHLIGHTS

EUROPEAN

VENTURE CAPITAL

2016 EUROPEAN VENTURE CAPITAL

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€ 3.566

€ 2.499

€ 2.370

€ 2.187

€ 1.789

€ 541

€ 538

€ 493

€ 449

€ 342

UK

Denmark

France

Sweden

Germany

Switzerland

Netherlands

Spain

Ireland

Finland

2016 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL

Denmark and Sweden are performing extreme well

due to the IPO of Nets in Denmark (€ 2.1B) and

Spotify raising € 1.3B in debt financing and a

convertible note. The grey area in the graph

indicates the major impact of these 2 companies.

AMOUNT RAISED PER COUNTRY 2016*

*In millions

8

350

345

203

188

69

67

67

61

51

46

France

UK

Germany

Sweden

Spain

Belgium

Netherlands

Finland

Switzerland

Italy


France is the rising star of 2016with the highest number of dealsin the European landscape.

The gap between France/UK andGermany is significant. While tinySweden is performing in the sameleague as the biggest economy ofEurope.

Smaller countries such asBelgium, Finland and Switzerlandare doing extremely well andpunching above their economicweight.

DEALS PER COUNTRY 2016

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€ 568

€ 816

€ 1.111 € 1.269

€ 1.594 € 1.737

€ 2.007

€ 2.417 € 2.585

€ 2.862

€ 3.310

€ 3.566

29 63 91 110 138 166 200 221 259 301 329 345

Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec.


BREXIT DIDN’T SLOW DOWN UK FUNDING IN 2016*

AMOUNT RAISED AND NUMBER OF DEALS FOR THE UK

*In millions

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€ 4.196

€ 1.606

€ 1.085

€ 956

€ 956

€ 888

€ 685

€ 458

€ 361

€ 321

FinTech

MusicTech

HealthTech

Travel

eCommerce

AdTech

FoodTech

Gaming

PropTech

HRTech


The top 10 industries count for 72%of all capital raised.

FinTech is still hot and the industrychampion of 2016.

MusicTech is influenced by a singlecompany, Spotify. HealthTech had inQ4 the strongest quarter of the year.Travel is being impacted with the €176M raised by Skyscanner inJanuary and the Trivago IPO inDecember. eCommerce had a peakin April and May thanks to AfricaInternet Group.

AMOUNT RAISED PER INDUSTRY 2016*

*In millions

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231

149

132

96

75

62

60

60

50

46

FinTech

HealthTech

AdTech

eCommerce

Travel

PropTech

MediaTech

HRTech

EdTech

Manufacturing


The FinTech, HealthTech, HRTech,MediaTech and PropTechindustries are dominated by theUK.

While AdTech, eCommerce,EdTech, Manufacturing, Travel aredominated by France.

Together these 2 countries countfor 44% of all deals in the top 10industries.

DEALS PER INDUSTRY 2016

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74%70% 69% 68%

65% 63%60%

57%

49%45% 44%

40% 39%

26%30% 31% 32%

35% 37%40%

43%

51%55% 56%

60% 61%

Ireland Belgium Netherlands Finland Switzerland UK Denmark France Germany Spain Sweden Austria Italy

B2B

B2C


B2B & B2C NUMBER OF DEALS PER COUNTRY

Top 13 countries

42%58%

B2C B2B

48%

52%

B2C B2B

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B2B & B2C COMPARISON

NUMBEROF DEALS

AMOUNTRAISED

Contrary to Silicon Valley, where 2 outof 3 startups are consumer oriented,European scaleups are predominantlyB2B (58%). Ireland and Belgium havethe highest number of B2B scaleups.

More surprising is that manufacturinggiant Germany is slightly moreconsumer oriented (49% B2B). Butthat’s due to the weight of Berlin inthe German startup ecosystem andconfirms the saying that “Berlin is notGermany.” Berlin’s scaleups are mainlyconsumer oriented. Compare that toMunich, where 76% of scaleups areB2B.

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143

66

58

56

54

46

45

43

37

36

32

30

30

27

22

Denmark

Sweden

Germany

UK

Portugal

France

Austria

Ireland

Finland

Spain

Netherlands

Norway

Switzerland

Belgium

Italy


The number of employees iscaptured on the moment of fundraising and based on the pressrelease, LinkedIn, Xing, Viadeo orthe company’s website.

Denmark is an outlier due to thehigh number of employees on thepayroll of one company: Nets.

AVERAGE NUMBER OF EMPLOYEES PER COMPANY 2016

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AVERAGE FOUNDING YEAR

Norway

2010

Belgium

Denmark

Switzerland

UK

France

Sweden

Finland

2011

Austria

Netherlands

Ireland

2012

Spain

Germany

Italy

2013

To raise a series A in Europe, acompany needs to be founded in2012.

For a B2B startup it’s even morechallenging, it needs to befounded in 2011 in order to raisea series A.

Surprising, for a company to raiseat least $1 million incrowdfunding, it needs to havebeen established in 2011. For anIPO it is 2004 on average.

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47%

23%

11%

5%

3%

2%

1%

1%

1%

1%

Series A

Seed

Series B

Series C

Crowdfunding

Debt financing

IPO

Series D

Convertible Note

Grant


Given the threshold of € 750K/$1M, it’s not surprising that themajority of deals are series A.

Convertible notes are less popularin Europe and count for less than1%.

DEAL TYPE 2016

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24%

11%

10%

8%

7%

6%

5%

3%

2%

2%

Marketplace

SaaS

Hardware

Data Analytics

Internet of Things

Artificial Intelligence

App

Freemium

Content driven

Virtual Reality


Not surprisingly, the marketplaceapproach is the leading businessmodel for scaleups, counting for24% of the total.

The UK is leading in AI, dataanalytics, apps and SaaS whileautonomous vehicles, hardware, IoTand market places is dominated byFrance. Sweden is the #1 spot for VR

TYPE OF BUSINESS MODELS/TECHNOLOGY 2016

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€ 1.166€ 1.261

€ 2.133

€ 923 € 1.006 € 946 € 948 € 884

€ 3.263

€ 949

€ 1.390

€ 1.054

Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec.


CAPITAL RAISED 2016*

*In millions

European scaleups together raisearound € 1B per month.

The peaks In March (due to Spotify)and September (due to Nets) areexception.

The amounts above € 1B usuallyindicate one or more IPOs in thatspecific month. For example,November saw 5 IPOs totalling €393M.

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131 130 130121

136

174

133

100

184

160

137

112



Around 138 deals are closed inEurope every month. There is aslow down during summer, howeverit gets compensated in the month ofSeptember.

The summer drop is the highest inFrance where just 6 deals are beenannounced in August while theother months are 5 times as high.

NUMBER OF DEALS 2016

1. London

2. Paris

3. Stockholm

4. Berlin

5. Barcelona

6. Dublin

7. Munich

8. Amsterdam

9. Milan

10. Cambridge/Helsinki

1. London

2. Ballerup

3. Stockholm

4. Paris

5. Berlin

6. Amsterdam

7. Dublin

8. Copenhagen

9. Barcelona

10. Munich

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SCALEUP CITIES 2016

NUMBER OF DEALS AMOUNT RAISED

London counts for 64% of all UKdeals, Paris for 63%, Berlin for 34%and Stockholm for 67%.

Barcelona and Milan are the scaleupcities of their respective countryinstead of the capital cities. We seethe same in Portugal with Porto andLausanne in Switzerland.

Note how Germany is the onlycountry that has 2 cities (Berlin andMunich) in both lists. It indicatesthat the country is developing twodifferent focal points, one aroundB2C (Berlin) and one around B2B(Munich).

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0

50

100

150

200

250


Berlin London Paris Stockholm


Despite all the buzz about Berlin, ifthere is a challenger to London, it isParis. The number of deals is equalto London despite the visible slowdown of the French ecosystemduring summer.

As big a surprise is how easilyStockholm outperformed Berlin inthe second half of the year. In dollarvalue, Stockholm is already 2xbigger than Berlin. There was a timethat startups moved from Stockholmto Berlin to scale up their business.But now Sweden is in a league of itsown.

VENTURE CAPITAL DEALS 2016, THE BIG FOUR

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TOP 5 BIGGEST DEALS*

€ 2B € 1.3B € 375M€ 328M € 280M#01 #02 #03 #04 #05

*In amount raised

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Only 8% of European scaleups arespin-offs or spin-outs. While it’strue that spin-offs are not the onlyway that universities can monetizeresearch, it’s nevertheless anindication that innovation is mainlyhappening outside campuses andlabs.

However, universities do play a rolein patentable hard tech in specificareas such as Medtech, BioTech LifeSciences, encryption, materialsscience, robotics, nanotechnology,semiconductors, and the like.

Note the better performance ofsmaller countries Switzerland,Belgium and Sweden.

MOST ACTIVE SPIN OFF INSTITUTES 2016

1. University of Cambridge (UK)

2. École Polytechnique Fédérale de Lausanne (Switzerland)

3. Imperial College London (UK)

4. KULeuven (Belgium)

5. imec (Belgium)

6. University of Edinburgh (UK)

7. Karolinska Institutet (Sweden)

8. Lund University (Sweden)

9. Aalto University (Finland)

10. Politecnico di Milano (Italy) / ETH Zurich (Switzerland)

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14% of the European scaleupsgraduated from an accelerationprogram. Program alumni don’tnecessary raise more money, butthey are two years younger onaverage when they raise money. Itmight well be that they can start toscale earlier or have better access toinvestors thanks to the programs.

ACCELERATORS, BY NUMBER OF FUNDED SCALEUPS 2016

1. 500 Startups (US)

2. iStart imec (Belgium)

3. Seedcamp (UK)

4. Microsoft Accelerator (multiple countries)

5. Y Combinator (US)

6. Paris&Co (France)

7. Techstars (US/UK)

8. TheFamily (France)

9. Le Hub Bpifrance (France)

10. ideaSpace (UK)

11. Startupbootcamp (Multiple countries)

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Corporate Venture Capital isinvolved in 14% of all Europeandeals and 19% of all capital raised.

The top deals are Africa InternetGroup (AXA, Goldman Sachs,Orange), Skyscanner (Yahoo Japan)and Sigfox (Salesforce, Total, Intel,Tamer Group, Air Liquide).

The deal with the largest number ofcorporates investing in a single dealis Brussels based FinTech scaleupBelgian Mobile Wallet withProximus, Orange, Telenet, Belfius,BNP Paribas Fortis, KBC and ING asinvestors.

MOST ACTIVE CORPORATE VENTURE CAPITAL 2016

1. Salesforce (US)

2. MAIF (France)

3. Intel (US)

4. Orange (France, Belgium)

5. SNCF (France)

6. Robert Bosch (Germany)

7. Telefónica (Spain)

8. Goldman Sachs (US)

9. Nokia (Finland)

10. Rakuten (Japan)

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The most active 2016 ventureinvestor in Europe is the Frenchgovernment. Bpifrance is a Frenchpublic fund and involved in 23% ofall deals in France.

MOST ACTIVE INVESTORS BREAKDOWN OF INVESTORS

1. Bpifrance (France)

2. Index Ventures (Switzerland)

3. Global Founders Capital (Germany)

4. Kima Ventures (France)

5. High-Tech Gründerfonds (Germany)

6. Sunstone Capital (Denmark)

7. Balderton Capital (UK)

8. European Commission

9. IDInvest (France)

10. Holtzbrinck Ventures (Germany)

VC63%

Family Office11%

PE9%

CVC9%

Government7%

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Europe saw 22 IPOs of technologycompanies in 2016 totalling € 3.4B.

7 IPOs are from Swedish techcompanies. That fact in itself isremarkable and even more so thatalso Austrian game studio THQNordic went public In Stockholm. Sodid Catena Media from Malta.

The Nordics saw both the youngestand oldest company going public,Cellink founded in 2016 and Netsfounded in 1968.

Irish Oneview Healthcare wentpublic in Australia and BelgianMoovly in Canada.

Only 2 European scaleups wentpublic on Nasdaq in Wall Street:German Trivago and French Talend.

IPO PER COUNTRY 2016

1. Sweden (Three Gates, Frisq, Cellink, Crunchfish, Edgeware, Appspotr, Smart Eye)

2. UK (LoopUp, FreeAgent, CMC Markets, Creo Medical, ECSC Group)

3. France (Witbe, Kerlink, Talend)

4. Belgium(Moovly)

5. Denmark (Nets)

6. Ireland (Oneview Healthcare)

7. Netherlands (Takeaway.com)

8. Germany (Trivago)

9. Austria (THQ Nordic)

10. Malta (Catena Media)

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Media for equity is a small portionof the growth capital mix forEuropean scaleups. They took partin 7 deals totalling € 35M.

The most active investor using thismodel is Swedish Aggregate Mediainvolved in 4 deals. Spanish MediaDigital Ventures was involved in 2deals.

This type of investment goes mainlyto B2C companies typically active inHRTech.

MEDIA FOR EQUITY 2016

1. Job Today (Luxembourg) via Channel 4, German Media Pool

2. CornerJob (Spain) via Media Digital Ventures

3. Hundredrooms (Spain) via Media Digital Ventures

4. Vakanta (Sweden) via Aggregate Media

5. Nextory (Sweden) via Aggregate Media

6. Fello (Sweden) via Aggregate Media

7. Billogram (Sweden) via Aggregate Media

OUTLIERS IN THE EUROPEAN SCALEUP ECOSYSTEM 2016

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• Cellink, a Swedish 3D bioprinter company; is been established in January

2016 and went public 10 months later raising € 15M on Nasdaq First North;

• Nets, a Danish FinTech company, is the oldest technology company to raise

capital in Europe. It was established in 1968 and went public in September

2016 raising € 2.1B;

• Finnish FinTech scaleup Tapp Commerce announced a € 8M series A round

in June 2016 only to declare bankruptcy 6 months later;

• Icelandic gaming company Plain Vanilla, makers of QuizUp, raised nearly €

7M in January 2016 and being acquired in December by its investor Glu

mobile;

• German FinTech company Payleven received almost € 9M in funding in

February and got acquired by SumUp only 2 months later;

• Bitcoin mining hardware maker KNC Miner from Stockholm received in

January € 2.8M in a series B but had to close down in August of 2016;

• Norwagian Norsk Titanium, a 3D printing company, raised 4 times capital in

2016, totaling at least € 26M;

• Iconomi, based in the Czech Republic, raised € 9.3M in an Initial Coin

Offering;


EUROPEAN SCALEUPS WITH REMARKABLE BUSINESS MODELS

OR TECHNOLOGY

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• France: Alpha MOS, (Manufacturing), H4D (HealthTech), Reezocar

(eCommerce), Navya Tech (Automotive), Aryballe Technologies

(Manufacturing), Sensorwake (IoT), Sea Bubbles (Mobility), Dawex

(Business Intelligence) & Yelloan (FinTech);

• Germany: America (Retail), AX-Semantics (MediaTech), Adnymics

(AdTech) & Lilium Aviation (Aerospace);

• UK: Latimer (CivicTech), Audio Analytic (Security), Crowdsurfer

(FinTech), What3words (Supply Chain), Gluru (Business

Intelligence), Resolver (Consumer Services), Electric Jukebox

(MusicTech), Luminance (LegalTech), Funeralbooker (eCommerce),

DriveTribe (MediaTech) & Prowler (VR);

• Spain: Forever Us (eCommerce) & source{d} (HRTech);

• Norway: Stingray Marine Solutions (AgriTech) & Kahoot! (EdTech);

• Sweden: Werlabs (HealthTech) & Leasify (FinTech)

• Switzerland: EcoRobotix (AgriTech)

• Finland: KNL Networks (Telecom) & Eve-Tech (Manufacturing)

• Ireland: eCurrency Mint (FinTech), UrbanVolt (Utilities)

• Belgium: Sihto (HealthTech)

• Denmark: Churchdesk (Business Servives) & AthGene (HealthTech)


EUROPEAN

VENTURE CAPITAL


Click on the above link to access the full dataset

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https://scaleups.sirris.be/

METHODOLOGY

2016 EUROPEAN SCALE UP REPORT METHODOLOGY

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Scaleups, not startups, are generating added value,

create jobs, expand international and create economic

value for stakeholders and society. This group is

attracting the lion share of (venture) capital, in some

countries of up to 90% of all capital. In other words, we

use the Pareto distribution rule to create an accurate

view on the venturing landscape. Only deals of at least

$1M / € 750K are considered.

We encourage you to review the methodology to betterunderstand the numbers presented in this report. We usea data-driven approach to track financing activity forEuropean tech companies.

Companies includes web, app, mobile, digital productsand services, software, marketplace, connectedhardware, data-driven and HardTech companies.Companies that have their HQ or launched in Europe areconsidered. LifeScience and BioTech (except softwaresolutions targeting this industry), non digital CleanTech,eCommerce (Hallofresh, Zalando etc) and researchinstitutes are excluded.


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Deals with a non-disclosed value or lacking value indication are not counted. If an amount is

described as a seven-figure number, the lowest possible value has been counted. Funding is

registered based on announcement date. All currencies (USD, GBP, CHF, SEK etc) are converted to

Euro using aonda.com. The number of employees is captured on the moment of fund raising and

based on the press release, LinkedIn, Xing, Viadeo or the company’s website.

The founding year and location is based on information in press releases, company website,

Crunchbase, LinkedIn or Xing. If deal information is being detected or corrected after closing the

month, quarter or year, it will be included in future reports. Funding of both private and public

companies are considered. Debt financing, IPOs, media for equity, crowdfunding, Initial Coin

Offering, private placements, post IPO equity, private equity, grants and convertible loans are

included.


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THE CATEGORIES ARE:

Accountancy, AdTech, Aerospace, AgriTech, Automotive, Business Intelligence, Business Services,

CivicTech, Consumer Services, Cybersecurity, Document Management, eCommerce, EdTech,

Entertainment, FinTech, FoodTech, Gaming, HealthTech, HRTech, IoT, IT services, LegalTech,

Manufacturing, MediaTech, MICE, Mining & Environmental services, Mobility, MusicTech,

PropTech, Retail, Security, Semiconductors, Software development, SportTech, Supply Chain,

Telecom, Travel, Utilities and Virtual Reality

THE COUNTRIES ARE:

Albania, Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France,

Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Luxembourg, Malta, Netherlands,

Norway, Poland, Portugal, Romania, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland and

UK. Data of Turkey and Israel is being used as a benchmark for Europe.


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Omar Mohout is a former technology entrepreneur currently active as Growth Engineer at Sirris.

Mohout is a widely published technology author, C-level advisor to high growth startups as well as

Fortune 500 companies and Professor of Entrepreneurship at Antwerp Management School. He is

author of 'Pricing Strategies for Startups', ‘The Belgian startup landscape’, ‘Crowdfunding in

Belgium’ and the popular 'Startup Master Class series'. A contributing author to the ‘100 Days

Digital Marketing Plan’ and ‘The Future of Business’ books.

Mohout is a columnist; Co-chair of the Circle Of Growth, Organizer of the Growth Hacking

Meetup, Co-founder of the #BeTech Community and Member of the Board of Directors at

Startups.be, Teamleader and Aproplan. He is also a mentor at Founder Institute, IdeaLabs,

Startathlon, Virtuology Academy, Flanders DC, Nexxworks and Belgium Ambassador at World

Startup Report.

Mohout is a keynote speaker and panellist on technology, entrepreneurship and innovation topics

at leading conferences.

2016 EUROPEAN SCALE UP REPORT ABOUT THE AUTHOR

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Sirris, the collective centre of the Belgian technology industry, helps companies with the

implementation of technological innovations, enabling them to strengthen their competitive

position over the long-term. Sirris helps you make the best technological choice and rapidly turn

your innovations into marketable products and services. The Sirris experts visit companies on site,

offer technological advice, launch innovation paths, and provide guidance to reach the

implementation phase. The aim is to find applicable solutions to the real challenges faced by

technology entrepreneurs and startups.

Sirris guides technology companies to a higher level of know-how and expertise in a wide range of

domains. The in-house experts provide a broad range of technological and go-to-market

knowledge. Where necessary, Sirris relies also on external knowledge partners, including

specialized companies, universities, knowledge centres, and research institutions.

For more information on how Sirris can help your company success, please visit www.sirris.be.

2016 EUROPEAN SCALE UP REPORT ABOUT SIRRIS

38

2016 EUROPEAN SCALE UP REPORT SOURCES

SPECIAL THANKS

Serkan Ünsal, startups.watch for covering Turkey and Tech.eu for the most detailed coverage of Europe

WEBSITES & NEWSLETTERS

150sec, agfundernews.com, allbrain.org, alliancy.fr, alloweb.org, angellist, arcticstartup, avoltapartners, barcinno, beauhurst, breakit.se, businessinsider.com,

calaofinance.com, cbinsights, cityam.com, cmuportugal.org, coindesk, companisto.com, datafox, datanews.be, dealroom, derbrutkasten, deutsche-startups.de, digital.di.se,

dn.no, dublinglobe.com, e52.nl, economyup.it, emeastartups.com, enterprise.cam.ac.uk, eu-startups, finanznachrichten.de, finsmes, fora.ie, frenchweb.fr, funderbeam.com,

geektime.com, gigaom.com, GIMV, globalcorporateventuring.com, noah conference, go4venture.com, goaleurope.com, goodnewsfinland.com, gruenderszene.de, high-

tech-gruenderfonds.de, ideaspace.cam.ac.uk, Index.co, itespresso.fr, ivca.ie, ivc-online.com, journaldunet.com, jvpvc.com, labsoflatvia.com, lesechos.fr, lightwaveonline,

linkis.com, loogic, maddyness.com, marketwatch, mattermark, myfrenchstartup.com, nocamels.com, nordurskautid.is, oresundstartups.com, palico.com, Pando.com,

parisandco.com, parkwalkadvisors.com, pehub, pitchbook, portugalstartups.com, prnewswire, rudebaguette.com, scotsman.com, seedrs.com, shifter.no, siliconcanals,

siliconrepublic.com, spotfolio.com, startablish.at, startupitalia.eu, startupjuncture, startups.be, startups.co.uk, startups.watch, startupticker, swedishstartupspace.com,

syncni.com, syndicateroom.com, tech.eu, techberlin.com, techcitynews, techCrunch.com, techsite.io, theheureka.com, thetechportal.com, toftecompany.com,

trendingtopics.at, trendsonline.dk, unquote, usine-digitale, vc-europe, wall-street.ro, webcapitalriesgo.com, webrazzi, websummit, widoobiz

SOCIAL MEDIA

Abyssinia, amaigre, atizo, AudingaJa, AudingaJar, austrianstartup, Barcinno, BeTech_, blpoland, boostturku, bot_innovation, Brainport_regio, breakit_se,

BridgeBudapest, cdixon, chrysalisleap, chulu, ClujHub, CowboyGamedevBt, cphftw, csdeptucy, CyprusInno, davidcohen, Digital_Magics, dinaistwitting, DStartups,

dublin_startups, dziennik, El_Startupero, Emerce, EndeavorGr, ericries, etohum, festivaluprise, frontiersci, goodnewsfinland, growthfunders, gruenderszene,

health_xl, HelloPirates, hightechcampus, how_to_web, HUB13_Helsinki, hubvilnius, ICTSpring, ID_GC, ImpactHubBA, ImpactHubRO, impacthubzurich, ineshaeufler,

InkubatorStart, inkubatorypl, Innovaspain, InnovAthens, InternetWeekLJ, istanbulstartup, iTXFROM, joonathan, JouveSud, Kbinkubators, KBinkubators, keskkyla,

39

2016 EUROPEAN SCALE UP REPORT SOURCES

SOCIAL MEDIA (CONT.)

labsoflatvia, LAUNCHub, Leapfunder, LeumiTech, LisbonChallenge, LOFFICEbudapest, louishavri, LuceyFund, Lupacz, MadeinJLM, marketerslu, MassChallengeUK,

masteringrowth, metavallon, miniforetak, MMKlaszter, MusicHackFest, NCBR_pl, nestholma, NeulogyVC, NewTrendBG, NoCamels, NorthstarVent, OsloInnoEmbassy,

placeprint_mktg, ppmessengerpp, ProgramaMinerva, pt_startups, rp_teknoloji, Rubixlab, sama, saminnovatorene, sbcCopenhagen, SDigestCork, SeedstarsWorld,

sektorfuenf, SICampNorway, SiliconLux, siliconvikings, SkatteFUNN, Smart_Ireland, SmartCity4Italy, socialbakers, sprout_nl, STAkrog, StarCubeCZ, startitup_sk,

startup_italia, Startup_Kingdom, Startup_Podcast, StartUpBraga, startupbrett, StartupCampSK, startupestonia, startupgrind_LU, startupiceland, startupireland,

startupjobsite, STARTUPLISBOA, StartupRVK, StartupsBe, startupturkey, startupvcnews, startupyard, StartUscc, stefanlundell, STHLMTech, summitdesignatx,

swluxembourg, SwPrivateequity, Tech_Acad_Fin, tech_eu, TechBritannia, TechHubBuc, TechHubRiga, Technoport_, thecoulroom, thinkubator_dk, timwcap,

tyinternety, VC_watcher, venturelab_ch, version2dk, Vienna_CM, VirginStartUp, webcampzg, webrazzi, whiteboardmag, WHMeanor, ZIPZg, KairosSocietyHU,

SitraFund, ForumVirium, Tech_Acad_Fin, ReloadGreece, colabathens, bitspiration, NCBR_pl, blpoland, dziennik, CyberparkTGB, rp_teknoloji, sosyalmedyaco, IATurkije,

czechcrunch, PerpetuumZg, helgosson, StartupGrindSWE, ZuoraEMEA, nyteknik, CampusLondon, growthfunders, VirginStartUp, MassChallengeUK, CognicityCW, INiTS_at,

austrianstartup, IPNunes, SDigestCork, RyanAcademy, , LuceyFund, CrowdfundSpirit, kurtfinance, JouveSud, FuenteLatina, Silicon_wadi, BuildStuffLT, hightechcampus,

HollandFinTech, Leapfunder, IMPACT_acc, ProgramaMinerva, playinglean, , Teknisk, NorskVenture, StartupLabNo, rp_teknoloji, sosyalmedyaco, sbcIstanbul,

DLDConference, VC_watcher, startupradioDE, HTGF_, Lupacz, tyinternety, EconomyUp, SmartCity4Italy, Puglia_Startup, how_to_web, SeedstarsWorld, JeanneMazuret,

ParkwalkAdvisor

40

No dataset is complete and this report provides an indication of reality only. Comparing to reports

of other providers on similar subjects is partly possible when taking into account the different

methodologies.

This report has been compiled for informational purpose only and should not be regarded as a

solicitation to invest in any entity.

This report relies on data and insights from a wide range of public and private sources and we

can’t be hold responsible for the completeness and accuracy of the information provided.

This report may freely be distributed, republished and posted as long as the content is not

modified, decompiled or reference to the source is being removed.

2016 EUROPEAN SCALE UP REPORT DISCLAIMER

OmarMohout

omohout

@omohout

Omar-Mohout

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