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Tech Tour Growth 50 2017

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Contents

Overview

The Tech Tour Growth 50 Companies 2017

The 2017 Selection Committee

Europe is a breeding ground for repeat success

Key Figures

Breakdown by Sectors and Investors

Criteria

6

4-5

7-9

3

10-12

13-17

18-19


Impact of Tech Tour Growth 50 Companies 20-23

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The Tech Tour Growth Forum 24-26

OverviewWelcome to the Tech Tour Growth 50 – Europe’s most promising growth equity backed companies with the very best potential to become $1 billion dollar + companies: those “born to be unicorns”.

For the third year in succession, Tech Tour together with Silverpeak and in conjunction with a selection committee of international investors have researched and evaluated over 280 European private tech companies at a sub-one billion US dollar valuation. The purpose of the Tech Tour Growth 50 is not to give a ranking, or construct an index, but to shine the brightest of lights on the companies yet to achieve “Unicorn” unicorn status as a demonstration of the strength and depth in Europe.

The composition of the TTG50 has changed significantly from 2015 where almost 50% of the companies were defined as ‘B2C eCommerce’. This year that broad category only applies to just over 30% of the companies, with only 15% in what we can now view as traditional online retail. We see major success stories emerging in B2B software and services, particularly in Fintech and the Internet of Things.

At Tech Tour we have long been convinced of the strength of the European eco-system for hi-tech growth companies. This conviction is born out in the European tech entrepreneur dynasties that are now emerging where the capital and expertise created by realised unicorn successes such as Skype, Zoopla and Autonomy is supporting many of the future unicorns we see in this year’s Tech Tour Growth 50.

We are proud to play our own part in Europe’s success – with many of Europe’s current Unicorns, and of course this year’s Growth 50 companies having had their capital raises supported by meeting investors via our events and platform. We would like to thank all the members of this year’s selection committee and hope you enjoy reading about this year’s Tech Tour Growth 50.


Jean-Michel DelignyManaging DirectorSilverpeak LLPSelection Committee ChairTech Tour Growth 50

William StevensCEOTech Tour

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The 2017 Tech Tour Growth 50 Companies

4www.techtourgrowth50.com

The 2017 Tech Tour Growth 50

Actility Catawiki E-Leather Nfon Soundcloud

Acturis Carto Feedzai Nutmeg Talkdesk

Alfresco Cedexis Fenergo Outfittery Telensa

Algomi Crocus GetYourGuide Ppro Truecaller

AlienVault Currency Cloud Huddle Prezi Trustpilot

Amplitude Darktrace Improbable Scality Uniplaces

B2x Deliveroo Kreditech Scytl Vivino

Babbel Devialet LendInvest Secret Escapes Wallapop

Blippar Drayson

Technologies

NewVoiceMedia Sigfox WeTransfer

Calastone eGym NexThink Sophia Genetics WorldRemit

5www.techtourgrowth50.com Companies shaded in blue enter the Tech Tour Growth 50 for the first time

The 2017 Selection Committee*

#6

* For continuity, 50% of the Committee Members were on the 2016 Committee

2016 Selection Committee

Venture & Growth EquityInvestors

Corporates, Research &Global Organisations

Bankers & Advisors

Jean-Michel DelignyManaging DirectorSilverpeak LLPVice-President Selection CommitteeTech Tour Growth Forum 2016


The European Eco-System is Deepening – Success Breeds Success

Realised Unicorn Capital and Expertise Backing TTG50 Companies

Janus Fritz

Taavet Hinrikus

Alex Chesterman

Mike Lynch

Source: Tech Tour, Go4Venture, Silverpeak, Pitch Book, CrunchBase 7www.techtourgrowth50.com


European Entrepreneurs Turn Super Angels Backing TTG50 Companies

Jacques Antoine GranjonVente Prive

Charles DunstoneCarphone Warehouse

Xaviel NielIliad/Free

Murray SalmonNet-a-Porter

Niklas AdalberthKlarna

William ReeveLove Film



European VCs Repeatedly Back Multiple TTG50 Companies*

7 (2)

8 (8)

7 (8)

4 (5)

4 (4)

4 (2)

4 (4)

4 (8)

3 (8)

3 (4)

3 (3)

3 (4)

3 (2)

3 (0)

3 (2)

▪ 16 VCs back three or more companies▪ Foxconn Technology is the only non-European backing three or more

* Figures in parenthesis () show the number of companies invested in 2016 Growth 50

Source: Tech Tour, Go4Venture, Silverpeak, Pitch Book, CrunchBase9www.techtourgrowth50.com

The Tech Tour Growth 50 Key Figures: Growth & Financing*

▪ 38 of the TTG50 companies were founded in the last 10 years (45)

▪ The median year of company foundation is 2008 (2008) with the most recent in 2013

▪ The average time from company foundation to first funding round is 2 years and 8 months (1 year and 10 months)

▪ The average time from first funding round to most recent funding round is 4 years and 4 months (4 years 2) months

▪ The mean number of funding rounds is 4 (4)

Source: Tech Tour, Go4Venture, Silverpeak, Pitch Book, CrunchBase* Figures in parenthesis () are for Tech Tour Growth 50 2016 10www.techtourgrowth50.com

The Tech Tour Growth 50 Key Figures: Growth & Investors*

▪ The average number of active investors per company is 7.5 (5). There are 309 (227) investors in total

▪ 52% of the 50 companies have at least one US investor (66%)

▪ 48% of the companies have at least one individual as investor (42%) – these are typically serial

entrepreneurs and partners in venture capital firms acting as “angel” investors – all these individual investors are currently still invested

▪ The average first funding round size is $5.7 million ($7.5 million)

▪ The average latest funding round size is $65.7 million ($38.5 million)

▪ The average valuation is $338 million ($284 million)

Source: Tech Tour, Go4Venture, Silverpeak, Pitch Book, CrunchBase* Figures in parenthesis are for Tech Tour 2016 Growth 50 11www.techtourgrowth50.com

The Tech Tour Growth 50 Key Figures: Impact

▪ Companies have raised an estimated $3.7 billion of venture fundnig

▪ They have an estimated valuation of $338 million ($284 million)

▪ The TTG50 Companies have created over 9, 000 jobs (8, 000)

▪ 2 out of 3 companies (32/50) are Tech Tour “alumni” having presented at past Tech Tour events to investors


The Tech Tour Growth 50: Industry Vertical

▪ Approximately 15% of companies are retail eCommerce businesses (30% in 2016, 50% in 2015)

▪ As the internet evolves and industrializes we see B2B enabling technologies in Fintech, Internet of Things and Security becoming increasingly prominent – approximately 40% of companies are providing the backbone for widespread change in industries as diverse as Energy, Insurance, Fixed Income trading, Agriculture and Asset Management.

Source: Tech Tour

22%

18%

14%

12%

10%

10%

8%

2%2% 2%

Breakdown by Industry Vertical

SaaS

Fintech

Internet of Things

E-Commerce

Hardware

Software

Big Data

Biotech

Edtech

IT Services

11

9

76

5 54

1 1 1

0

2

4

6

8

10

12

Breakdown by Industry Vertical


The Tech Tour Growth 50: B2B Break Down

▪ Removing the B2C companies, software and services only accounts for 30%

▪ This reflects the continued increase in Big Data, Internet of Things and Security companies: areas where Europe has an increasing competitive advantage

33%

29%

29%

19%

19%

10%5% 5%

B2B Breakdown by Industry Vertical

Internet of Things

Fintech

SaaS

Big Data

Software

Hardware

Biotech

IT Services

7

6 6

4 4

2

1 1

0

1

2

3

4

5

6

7

8

Internet ofThings

Fintech SaaS Big Data Software Hardware Biotech IT Services

B2B Breakdown by Industry Vertical

14www.techtourgrowth50.com Source: Tech Tour

The Tech Tour Growth 50: B2C Break Down

▪ Only 32% of companies are eCommerce (50% in 2016) with online retail companies continuing to diminish as Hardware and service companies/apps become increasingly prominent in the B2C space

▪ For the first time we see two hardware companies that sell direct to consumers (Devialet and eGym ) making the list

▪ B2C Fin Tech role is reduced as the currency transfer and peer to peer lending markets mature

32%

26%

16%

16%

5%5%

B2C Breakdown by Industry Vertical

E-Commerce

SaaS

Fintech

Hardware

Edtech

Software

6

5

3 3

1 1

0

1

2

3

4

5

6

7

E-Commerce SaaS Fintech Hardware Edtech Software

B2C Breakdown by Industry Vertical

15www.techtourgrowth50.com Source: Tech Tour

The Tech Tour Growth 50 Investor Break Down

▪ The investor breakdown by Geography and Classification remains similar to 2016. As per 2016 50% of investors are financial venture capital fund managers and 20% are individuals. We are yet to see an uptick in asset managers/private equity firms entering the TTG50, although this may come in later funding rounds

▪ As per 2016 US investors account for 30% with 52% of companies having at least one US investor (66% in 2016)

▪ Total of 309 investors (277 in 2016)

Source: Tech Tour, Go4Venture, Silverpeak, Pitch Book, CrunchBase

67%

28%

4%

1%

Investors by Geography

Europe

USA

Asia

Latin America

0%

10%

20%

30%

40%

50%

60%

VentureCapital

Individual PrivateEquity/Asset

Manager

Corporation Corporate VC Bank State VC

Investors by Type


The Tech Tour Growth 50 Investor Break Down: Companies

▪ As per 2015/16 the Investor Base is Diverse

▪ Only 16 Investors are invested in three or more companies (15 in 2016, 19 in 2015)

▪ Only 8 Investors back four or more companies (9 in 2016, 9 in 2015)

▪ BPI France’s uptick reflects the increase in French companies in – 7 in 2017 – 4 in 2016

Investors in 4 or more TTG50 Companies (*)

✓ Accel Partners: 8 (8)✓ BPI France: 7 (2)✓ Highland Capital Partners Europe: 5 (2)✓ Sapphire Ventures: 4 (5)✓ Idinvest Partners: 4 (4)✓ Kreos Capital: 4 (8)✓ Octopus Investments: 4 (2)✓ Index Ventures: 4 (4)

Source: Tech Tour, Go4Venture, Silverpeak, Pitch Book, CrunchBase

* Figures in parenthesis show the number of companies invested in 2016 Growth 50

263

29

8 5

3

Investors by number of companies Invested

1

2

3

4

5 or more


Why compile a Growth 50?

▪ $1 billion “unicorns” are just the tip of the iceberg. They are well known and already frequently cited in the press and many investors have already exited these businesses.

▪ TT Growth 50 lists the top 50 investor backed high-growth companies over a rolling three year period.

▪ The TT Growth 50 demonstrates the depth and breadth of European high-growth businesses

▪ The list concentrates on value, not just valuation, growth metrics such as revenue growth were combined with insight from the selection committee

▪ We aim to shine a light on the value being created by European entrepreneurs still to be fully realised

.

TT Growth 50 Universe


How is the Tech Tour Growth 50 list generated?

▪ The Tech Tour identified a long list of 281 companies, backed by at least one independent investor, that potentially met minimal valuation and growth criteria (see box on left)

▪ The selection committee then supplemented the list adding additional companies based on their own market insight qualitative criteria below

▪ These companies were then contacted by the Tech Tour and asked to qualify they met three of the four financial criteria. Companies were requested to supply supplementary information based on:

▪ Achievement: Capital efficiency, Growth in last 3 years, Business Plan execution, Market penetration, Barrier to competition / IP

▪ Impact: Addressable market, Scalability / International expansion, Disruptive business model / value proposition

▪ Momentum: Projected growth, Financial backing / future requirements, commercial partnerships, Management

▪ Each selection committee member was then independently asked to generate their own Tech Tour Growth 50 list (i.e. they had fifty votes each) based on the supplementary criteria

▪ Companies that confirmed they met the financial criteria and/or had received 7 or more votes were then automatically included in the list. This gave 41 companies.

▪ The selection committee then convened to discuss the remaining companies allocating the final 9 places

▪ The top 50 companies compose the Tech Tour Growth 50. As no method is perfect we have not ranked the Tech Tour Growth 50

Companies were assessed to meet at

least three of the four criteria below:

✓ sales annual growth > 50% (CAGR

from Dec 31st 2012 to Dec 31st 2015)

✓ >$100 million valuation

✓ financing raised > $20 million

✓ Annual revenue > $10 million

and valuation <$1billion




101* Companies across all three editions – total capital raised of $8 billion

51 Companies post Tech Tour Growth 50 List

18 No longer eligible (Listed, Acquired, >US$ 1 Billion Valuation)

37* Raised additional capital – average of 48% of total capital raised – disclosed capital of $1.5 bn

19 Had largest funding round since appearance in TTG50

*excludes Spotify, Klarna, Wonga -* does not include secondaries, corporate paper, listings



Private Unicorn Public Unicorn Acquired Public

November 2016

18 Companies no longer eligible for selection/outside criteria

The Tech Tour Growth 50 Key Figures: IPO Impact*

Source: Tech Tour, Go4Venture, Silverpeak, Pitch Book, CrunchBase, Yahoo, Bloomberg 22www.techtourgrowth50.com

March 14th 2017AMS:AVTX

Total Funding$134.5

Market Cap€274.5M

July 28th 2016NASDAQ:TLND

Total Funding$101.5

Market Cap$790.13M

April 27th 2015STO:TOBII

Total Funding$71.68

Market Cap$620M

November 19th 2015NASDAQ:MIME

Total Funding$89.8

Market Cap$1.2bn

May 6th 2015ETR:WDL

Total Funding$92.28

Market Cap€84.2M

+13.4%

+60.87%

-

+113%

-79.5%

NASDAQ+13.8%

NASDAQ+15.3%

NASDAQ+15.7%

NASDAQ+17.2%

* Percentage figures in white show share price performance since listing, figures below NASDAQ show NASDAQ equivalent performance over the same time period. Time period is from date of listing to March 28th 2017

The Tech Tour Growth 50 Listed Company Performance*

Source: Tech Tour, Go4Venture, Silverpeak, Pitch Book, CrunchBase, Yahoo Finance, Bloomberg 23www.techtourgrowth50.com

27% v. 15%*27% shows average performance since listing of 5 TTG50 companies that have gone public. 15% is the

equivalent performance of the NASDAQ over the same time period

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An exclusive gathering of Europe’s boldest hyper growth company CEOs……Geneva and Lausanne, March 30-31st, 2017

George CoelhoChairmanOcto-Telematics Co-President

Eric ArchambeauGeneral PartnerWellington Partners Co-President

2017 Growth Forum Presidents

Silver Partner

Global Partners Gold PartnerHost Partner

Bronze Partner

Every year on the shores of Lake Geneva the Tech Tour Growth Forum brings together Europe’s boldest CEOs.

Day one has a series of CEO only workshops - facilitated by McKinsey’s fast-growth company team- followed by an exclusive visit to CERN and an

evening of fine dining with the presentation of the Tech Tour Growth Awards.

Day two brings investors and CEOS together, blending stimulating keynotes, panels and fireside chats with breakout sessions exploring the global mega trends in disruptive technology and key components for

both investors and CEOs at building tech companies to scale.

For the full programme and to register:www.techtour.com

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What some of the CEOs say about the Forum:

About Us

SilverpeakSilverpeak is an independent investment bank providing advice on M&A and financing transactions in the technology sector. We serve the advisory needs of businesses operating in the technology sector, financial sponsors and corporates seeking to grow their business via investment or acquisitions, or manage their activity portfolio through spin-offs or divestitures.www.silverpeakib.com

Tech Tour Founded in 1998, Tech Tour provides a Community facilitating investment into world class entrepreneurs with event and online matching platforms between growing and emerging innovative companies and investors across borders, regions, sectors and stages. Tech Tour is also the trade name for Europe Unlimited.www.techtour.com (see also www.e-unlimited.com)

International Venture ClubThe International Venture Club is a collaborative platform of over 70 leading independent venture capital, corporate and institutional investors promoting successful international investments. The Club objectives are to share better practices, build co-investor trust and relations, foster new funding and investment opportunities through joint actions and grow portfolio companies with corporate partners and co-investors. The International Venture Club is managed by Tech Tour.www.iventureclub.com


http://www.silverpeakib.com/

http://www.techtour.com/

http://www.e-unlimited.com/

http://www.iventureclub.com/

http://www.iventureclub.com/

www.techtour.com

Contacts

William Stevens, Managing Director

+32 26 44 65 80, [email protected]

Mashrukh Talukder, Sales & Partnerships

+46 736 51 70 73, [email protected]

Simone Theiss, Managing Director

+41 22 518 4722, [email protected]

James Burnham, Senior Advisor

+44 788 776 53 04, [email protected]

Geneva OfficeAvenue Sécheron 151202, Geneva, SwitzerlandTel: +41 22 518 4722

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