Performance of the portfolio - Sept.2017

Horizon 2020 SME Instrument

Key takeaways – 2017

11 new exits: 8 acquisitions - 3 IPOS

€250 million in private equity funding (out of €697M in total)

€1 billion in total private funding reached (since the start of the programme)

Each €1 SMEI funding matched with €1,44 of private investment

2690 companies in our portfolio 608 in Phase 2

€ 1.1billion committed € 990 million in grants over € 500 k

4-7% success rate

SME Instrument in numbers

0

100

200

300

400

500

600

700

ES IT UK DE FR NL SE DK IL FI IE PT NO PL AT HU SI EE BE IS EL LT TR CZ LV SK BG RS CY HR RO CH LU MT UA AI FO

SME Instrument companies by industry

0%

5%

10%

15%

20%

25% Healthcare, cleantech and energy remain the top

industry sectors

Exits With 18 exits in total (12 acquisitions and 6 IPOs)

SMEI is the second best performing accelerator in Europe and this only after 3,5 years of existence

34

18 14

10 10 8

5 4 2 2 2 2 1 1 1

Top-15 accelerators in EU and Europe in terms of total exits

Exits - acquisitions

12 acquisitions in total (8 new ones in 2017). Among the acquirers there are 4 FR companies, 3 DE companies, 2 US, and 1 from CH, IE, DK.

Name Phase Country Industry Date Acquirer

Comnovo 1 DE hardware 07/17 Linde Material Handling (DE)

PIDSO 1 AT ICT 07/17 Riedel Communications (DE)

Carriots 1 SE IOT 06/17 Altair (US)

Hydro International

2 IE Wastewater 06/17 BHSL (IE)

Finesse Medical 2 IE Biomaterial 05/17 Avery Dennison (US)

PayPlug 2 FR Fintech 04/17 Natixis (FR)

Amminex 2 DK Transportation 03/17 Faurecia (FR)

GiGiGo 2 ES Software 02/17 Digital Dimension/ECONOCOM (FR)

Sividon Diagnostics

1 DE Manufacturing/ Health Care

05/16 Myriad (CH)

Fianium 2 UK Laser 03/16 NKT photonics (DK)

Multiposting 2 FR HR 10/15 SAP (DE)

Ubeeqo / Carbox 1 FR Transportation 01/15 Europcar (FR)

Exits - IPOs

6 IPOs in total (3 new ones in 2017)

All from Sweden, IPOs mainly on Nasdaq First North

Name Phase Country Industry Stock Exchange Date

Bonesupport 1 SE HealthCare Nasdaq First North, Stockholm

06/17

Mantex 2 SE Biomass /bio energy

Nasdaq First North, Stockholm

05/17

Biovica 2 SE Healthcare Nasqad First North, Stockholm

03/17

Finepart 1 SE Production technologies

AktieTorget, SE 12/16

Svenska aerogel 2 SE Manufacturing Cleantech

Nasqad First North, Stockholm

12/16

Immunovia 2 SE Medical Equipment & Devices

Nasdaq First North, Stockholm

12/15

Total private funding attracted

€1 b Private equity, debt, exits*

Each €1 SMEI funding matched with €1,44 of

private investment

* Only disclosed deals, the full amount is potentially much higher

Private equity investments €697 M

€ 2 M € 43 M

€ 141 M

€ 273 M

€ 445 M

€ 697 M

01/01/2015 01/07/2015 01/01/2016 01/07/2016 01/01/2017 01/07/2017

Invested in 119 SMEI companies

Source:

Private equity investments

Cyclical trend in investment with peaks in spring and autumn

€ 0

€ 10

€ 20

€ 30

€ 40

€ 50

€ 60

€ 70

€ 80

€ 90

Mill

ion

s

Private equity investments by industry

0

20

40

60

80

100

120

140

160

180

200

Mill

ion

€

Private equity investments by revenue model

050

100150200250300350400450

Mill

ion

€

Top 10 investors in SMEI companies

Top Investors - by number of investments

# Investor

number of

investments

amount

invested

1 Crowdcube 23 €18.7m

2 Enterprise Ireland 12 €17.6m

3 Industrifonden 10 €130.1m

4 Kernel Capital 8 €12.1m

5 Wayra 7 €4.7m

6 Lifeline Ventures Oy 7 €45.4m

7 High-Tech Gründerfonds (HTGF) 7 €10.5m

8 Startupbootcamp 7 €2.3m

9 VTT Ventures 7 €36.6m

10 Seedcamp 6 €16.6m

Top Investors - by amount invested

# Investor number of

investments amount invested

1 Industrifonden 10 €130.1m

2 Investo 6 €101.8m

3 SV Health Investor 5 €100.5m

4

Sapphire Ventures (formerly SAP

Ventures) 3 €88.7m

5 Polaris Partners 4 €86.8m

6 OrbiMed 4 €86.8m

7 Adams Street Partners 2 €70.2m

8 Vy Capital 2 €70.2m

9 Industry Ventures 2 €70.2m

10 Gilde Healthcare 4 €69.8m

Valuations*

number of companies: 215

total valuation: €3647 - 5410m

average valuation: €17 - 25m

*Valuations are based either on last recorded public valuation or a x4-x6 multiplication of the last VC round amount (on a basis that a VC investment usually represent between 15%-25% of equity)

Top 10 Valuations Company valuation (€m) HQ Revenue Model Industry Phase

Arcam 609 €m Sweden manufacturing Medical/healthcare Ph2

Arralis 200 - 300 €m Ireland subscription security;transportation Ph2

Arsanis 165 - 248 €m Austria manufacturing medical healthcare Ph1

BONESUPPORT 118€m Sweden manufacturing medical healthcare Ph1

AlphaSense 120 - 180 €m United States subscription fintech;analytics Ph2

Kiosked 109 - 164 €m Finland commission;subscription marketing Ph2

Amminex 100 €m Denmark manufacturing cleantech Ph2

Itamar Medical 96-144 €m Israel manufacturing healthcare Ph1

PragmatIC 86 - 130 €m United Kingdom manufacturing iinternetofthings;semiconductors Ph2

Agendia 84 - 125 €m Netherlands manufacturing medical healthcare Ph2

Ultrahaptics 80 - 120 €m United Kingdom manufacturing analytics;developer tools Ph2

Top 10 App downloads (iOS & Android)

# Company iOS + Androïd

1 Degoo 11298801

2 Augment 4015127

3 SocialDiabetes 423083

4 Plume Labs 319930

5 Monese 215279

6 Xhockware 179760

7 Acast 146975

8 CosmEthics 139629

9 Smartick 101803

10 Ubeeqo / Carbox 56638

SME Instrument contribution to companies success

4 case studies

SME Instrument as a funding bridge

MANTEX, Sweden: bio-energy

thanks to innovative biomass scanner In 2014, Mantex experienced cash-flow issues and private investors pulled out. With the €1.6 million SME Instrument grant, Mantex managed to restructure using the funding as a bridge and rebuilt value with this project.

In May 2017, MANTEX successfully lists on NASDAQ First North

SMEI as a springboard to EIB financing Oy Skeleton Technologies, Estonia: building

the largest ultra-capacitor factory in Europe Skeleton Technologies got a grant of € 2.5 million in 2015. Since then it raised a Series B of €10 million in 2015 and a Series C of €13 million in 2016. This year it received an EFSI-backed EIB financing of €15 million and opened in Germany the largest ultracapacitor factory in Europe. This plant will create 50 new jobs by 2019.

SMEI attracting business into the EU

Dune Medical Devices, Israel: Smart

biopsy tool for real-time characterisation of cancerous cell in breast biopsy The company was hesitating whether to exploit the European or the US market, and was trying to acquire financial support on both sides. The SME instrument grant of €3 million led them to prioritise the European market over the US market. The company raised since a Series B of 12 M€ in 2017

SMEI supporting disruptive innovation Disrupt 100 – Ultrahaptics, United Kingdom

named one of the most disruptive tech companies http://2017.disrupt100.com/ Ultrahaptics received a Phase 2 grant of € 1.5 million in 2015. It is the first and only company in the world to create a novel haptic feedback system that allows users to feel sensations in their bare hands while interacting in mid-air with a touchless sensing system. The company announced in May 2017 that it had secured £17.9 million in a Series B round

Follow us on

@H2020SME

http://ec.europa.eu/easme/sme