Venture Capital Report

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1 Europe 1Q 2015

2 The following report presents Dow Jones VentureSource s quarterly findings for European venture capital fundraising, investment, valuation, and liquidity. The included charts and graphs offer a comprehensive view of the trends currently affecting the venture capital market. Highlights for 1Q 2015 include: European venture capital fundraising down by a quarter from 4Q 2014; Venture capital investment into European companies rose to highest figure since 3Q 2001; Though exits via mergers and acquisitions (M&As) and initial public offerings (IPOs) rose slightly from the prior quarter, euros raised through IPOs shrunk to less than a fifth of the 4Q 2014 total. 2

3 FUNDRAISING European Venture Capital Fundraising Experiences Downturn in 1Q European venture capital funds accumulated 874 million during 1Q 2015, a decline of 25% in euros raised and 38% in the number of funds with closings from 4Q Despite the decline in fundraising from 4Q 2014, euros raised improved by 36% compared with the year ago period, despite the number of funds with closings falling by 43%. The largest fund of the quarter was HV Holtzbrinck Ventures Fund VI which raised 285 million, accounting for 33% of the total amount raised for 1Q European VC Fundraising ( ) Based on multiple closings Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 Amount Raised ( B) Number of Funds

4 Largest European VC Funds Raised in 1Q 2015 FUNDRAISING Firm Name Fund Name Amount ( M) Closed in 1Q Loca9on Offering Status Fund Type Fund Category Closing Type HV Holtzbrinck Ventures Adviser GmbH HV Holtzbrinck Ventures Fund VI Munich, Germany Closed MulF- stage venture capital Venture Capital Final AXA Group AXA Strategic Ventures Paris, France Closed Early- stage venture capital Venture Capital Final Fountain Healthcare Partners Fountain Healthcare Partners Fund II Dublin, Ireland Open Early- stage venture capital Venture Capital First Partech Ventures Partech Entrepreneur II Paris, France Closed Early- stage venture capital Venture Capital Final Speed Invest GmbH Speed Invest Fund II Vienna, Austria Open Early- stage venture capital Venture Capital First 4

5 Investment into European Venture-backed Companies Improves in 1Q 2015 FINANCING European companies raised 2.6 billion for 345 deals during 1Q 2015, an increase of 41% in the amount raised from 4Q 2014 despite a 5% slide in the number of deals completed. In contrast with the year ago period, investment improved by 63% despite a 12% reduction in the number of completed deals. Consumer was the strongest sector of the quarter in terms of attracting investment with Business and Financial in second. The sectors garnered 50% and 17% of all dollars invested during 1Q 2015 respectively. Equity Financings into Europe based, VC-backed Companies ( ) Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 Amount Raised ( B) Number of Deals

6 FINANCING Equity Financings into Europe-based, VC-backed Companies, by Round Class ( ) Number of Deals Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 Seed First Second Later

7 FINANCING Equity Financings into Europe-based, VC-backed Companies, by Round Class ( ) Amount Raised ( M) 1,800 1,600 1,400 1,200 1, Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 Seed First Second Later , ,637 7

8 FINANCING Equity Financings into Europe-based, VC-backed Companies, Median Equity Deal Size ( M) ( ) Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 Median Equity Deal Size ( M)

9 FINANCING Equity Financings into Europe-based, VC-backed Companies, by Industry Group (1Q 2015) Consumer received the largest allocation of investment during 1Q 2015 (50%), accumulating 1.3 billion through 103 deals. Although deal flow remained relatively steady, sector investment quadrupled from the 4Q 2014 figure of 326 million. Business and Financial placed second in terms of equity financing, taking a 17% share of all 1Q 2015 investment. The sector raised 443 million across 82 deals, a decline of 26% in capital raised and 12% in deals completed from the previous quarter. Information Technology placed in third, with companies in the sector gathering 16% of the total amount invested for the quarter. The sector received 436 million across 75 deals; a rise of 65% and 1% from 4Q 2014 in capital invested and deal flow respectively. 1Q'15 Industry Breakdown By Number of Deals 1Q 15 Industry Breakdown By Amount Raised 22% 24% Business and Financial Consumer Goods 2% 16% 17% Business and Financial 1% Consumer Goods 4% 3% Consumer Energy & Utilities 13% Consumer Energy & Utilities 16% Healthcare 1% Healthcare 1% 30% Industrial Goods & Materials 50% Industrial Goods & Materials Information Technology Information Technology 9

10 Top 5 Deals into European VC-backed Companies (1Q 2015) FINANCING Co. Name Loca9on Industry Group Industry Segment Industry Code Brief Descrip9on Close Date Round Type Raised ( M) Round Investors (* denotes lead) Delivery Hero Holding GmbH Germany Consumer Consumer InformaFon Shopping Facilitators Provider of an online food ordering plauorm. 6/2/2015 Later Rocket Internet AG* Grocery Delivery E- USA Inc. Germany Consumer Retailers Food/Drug Retailers Provider of meal kit delivery service. 6/2/2015 4th Insight Venture Partners*, Rocket Internet AG* Nabriva TherapeuFcs AG Austria Healthcare BiopharmaceuFcals Biotechnology TherapeuFcs Developer of pleuromuflin anfbiofcs. 31/3/2015 3rd Global Life Science Ventures, HBM Partners AG, NovarFs Venture Funds, OrbiMed Advisors LLC*, Phase4 Partners Ltd., Tavistock Life Sciences Inc., Vivo Capital*, Wellcome Trust Foodpanda GmbH Germany Consumer Consumer InformaFon Shopping Facilitators Provider of a food delivery plauorm. 11/3/2015 4th Rocket Internet AG* Sigfox SA France InformaFon Technology CommunicaFons and Networking Wireless CommunicaFons Equipment Operator of a cellular network. 11/2/2015 4th Air Liquide, Bpifrance Investment, Elaia Partners, Elliob Associates LP, Eutelsat SA, GDF Suez SA, Idinvest Partners, ixo Private Equity SAS, NTT DoCoMo Inc., Partech Ventures, SK Telecom, Telefonica 10

11 FINANCING Most Active Investors for Europe-based, VC-backed Companies by Deals Completed (1Q 2015) Bpifrance Investment High-Tech Gruenderfonds Management GmbH Seventure Partners SA Index Ventures HV Holtzbrinck Ventures Adviser GmbH 11

12 FINANCING Equity Financings into Europe-based, VC-backed Companies, by Country (1Q 2015) Germany was the most favoured destination for equity financing during 1Q 2015, receiving 921 million across 64 deals. The country took 35% of all equity financing for the quarter, tripling its 4Q 2014 investment total. The United Kingdom placed second, attracting a 34% share of European financing. Investment rose by 54% from the prior quarter to total 886 million while deal flow increased by 16%. France occupies third position raising 292 million, 11% of the total for the quarter. Austria rose to fourth position with a 7% share, raising 173 million during 1Q Number of Deals in 1Q 2015 by Country (Top 4) Amount Raised in 1Q 2015 by Country (Top 4) 13% 7% 28% 25% United Kingdom France Germany Spain Rest of Europe 11% 7% 35% Germany United Kingdom France Austria Rest of Europe 21% 19% 34% 12

13 LIQUIDITY Europe Sees Improvement in 1Q 2015 Venture Exit Activity from Prior Quarter 49 venture-backed M&As took place in Europe during 1Q 2015, up 7% from 4Q 2014 but down 6% on the figure for 1Q The largest M&A for 1Q 2015 was Trophos SA, a developer of compounds for the treatment of neurological and cardiac diseases, which was acquired by Roche AG for 470 million. 12 venture-backed IPOs took place during 1Q 2015, two more than those seen in the prior quarter and four more than the listings for VC-backed companies completed in the year ago period. Exit Opportunities for European VC backed Companies ( ) 1Q'15 4Q'14 3Q'14 2Q'14 1Q'14 4Q'13 3Q'13 2Q'13 1Q'13 4Q'12 3Q'12 2Q'12 1Q' Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 IPOs M&As

14 Top 3 M&As in Europe (1Q 2015) LIQUIDITY Company Name Loca9on Brief Descrip9on Industry Code Industry Segment Industry Group Close Date Round Type Amount Paid ( M) Acquirer Trophos SA Marseille, France Developer of compounds for the treatment of neurological and cardiac diseases. Biotechnology TherapeuFcs BiopharmaceuFcals Healthcare 16/2/2015 AcquisiFon Roche Holding AG IGEFI Group Sarl Luxembourg, Luxembourg Provider of investment fund and transfer agency sodware. Business ApplicaFons Sodware Sodware InformaFon Technology 4/3/2015 AcquisiFon Temenos Group Quandoo GmbH Berlin, Germany Provider of a real- Fme restaurant reservafon Shopping Facilitators plauorm. Consumer InformaFon Consumer 5/3/2015 AcquisiFon Recruit Holdings Co. Ltd. 14

15 LIQUIDITY European VC-backed IPOs ( ) 12 venture-backed IPOs took place during 1Q 2015, two more than those seen in the prior quarter and four more than the listings for VC-backed companies completed in the year ago period. IPOs raised 417 million during 1Q 2015, a decline of 81% from the $2.25 billion raised in 4Q 2014, which was the highest total for a single quarter since 2Q Compared to the year ago period, VC-backed companies raised 7% less through IPOs during 1Q The largest European VC-backed IPO of 1Q 2015 was Ascendis Pharma s January listing on the NASDAQ. The company raised a total of 89 million, accounting for 21% of the total amount raised through European venturebacked company IPOs for the quarter. European VC-backed IPO Activity ( ) 2, , , , Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 Raised ( M) through IPO , Number of IPOs

16 Top 3 IPOs in Europe (1Q 2015) LIQUIDITY Company Name Country Brief Descrip9on Industry Code Industry Segment Industry Group Close Date Raised through IPO ( M) Exchange/ Symbol Ascendis Pharma A/S Denmark Developer of long- acfng prodrug therapies to address large markets with significant unmet medical needs. Drug Development Technologies BiopharmaceuFcals Business and Financial 28/1/ NASDAQ: ASND Nordic Nanovector AS Norway Developer of radio- immunotherapeufcs to treat cancer. Biotechnology TherapeuFcs BiopharmaceuFcals Consumer 23/3/ OSE: NANO Banzai SpA Italy Provider of Internet e- commerce and media solufons. Consumer InformaFon Shopping Facilitators Healthcare 16/2/ MIL: BANZ 16

17 ABOUT US Dow Jones VentureSource helps venture capitalists, corporate development execu9ves, investment bankers and service providers find deal and partnership opportuni9es, perform comprehensive due diligence and examine trends in venture capital investment, fund- raising and liquidity. It provides accurate, comprehensive data on venture- backed companies including their investors and execu9ves in every region, industry and stage of development throughout the world. The investment figures included in this release are based on aggregate findings of Dow Jones' proprietary research and are contained in VentureSource. This data was collected through surveys of professional firms, interviews with company execu9ves, and from secondary sources. These venture capital sta9s9cs cover equity investments into early stage, innova9ve companies and do not include companies receiving funding solely from corporate, individual, and/or government investors. Figures contained throughout the report current at 9me of editorial but are subject to change without no9ce. No statement herein is to be construed as a recommenda9on to buy or sell securi9es or to provide investment advice. About Dow Jones Dow Jones is a global provider of news and business informafon, delivering content to consumers and organizafons around the world across mulfple formats, including print, digital, mobile and live events. Dow Jones has produced unrivaled quality content for more than 125 years and today has one of the world s largest newsgathering operafons with nearly 2,000 journalists in more than 75 bureaus globally. It produces leading publicafons and products including the flagship Wall Street Journal, America s largest newspaper by paid circulafon; FacFva, Barron s, MarketWatch, Financial News, DJX, Dow Jones Risk & Compliance, Dow Jones Newswires, and Dow Jones VentureSource. MEDIA CONTACT: Kate Dobbin 44 (0)

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