Based on the "exit debate" regarding the Berlin ecosystem we decided to crunch some numbers & compare - to introduce some facts to the discussion! More detail on TechCrunch: http://techcrunch.com/2013/07/20/will-the-real-berlin-please-stand-up-a-vc-puts-the-citys-tech-boom-in-context/

1. Snapshot of 3 key European
startups hubs: Berlin, London &
Stockholm
by
@ciaranoleary (berlinvc.com) & @jaderead5; VCs at Earlybird
Comparing advanced companies, capital raised & age profile
of ecosystems to recent large European exits

2. Based on the debate “is a large Berlin exit overdue or
not” we crunched some numbers on Berlin and other
selected key tech hubs in Europe
We wrote a guest post on TechCrunch that contains more detail / context. We created
this slide deck for those just interested in the data.

3. Age profile of the “advanced”*
cohort of startups in each
ecosystem
* Startups HQd in each tech hub that have raised at least one double digit million round
from well known venture funds. Data source is Crunchbase, googling, Quora,etc. We are
aware the data is far from perfect – but we hope it is “directionally” correct if you look at
the overall picture.

4. Berlin’s advanced startups have a median age of
only 3.5 years

5. London’s advanced startups have a median age of
around 7 years

6. Stockholm’s advanced startups have a median age
of around 6 years

7. There are plenty of great companies across all of
Europe; their median age is also around 6 years

8. Differences in age of ecosystems can be more clearly seen
when looking at % of companies older than 5 years

9. Capital profile of the advanced
cohort of startups in each
ecosystem

10. % of startups that have raised a meaningful amount (and
hence should be capable of producing a large exit) is not
too dissimilar across the ecosystems

11. Berlin and Stockholm’s advanced cohort has attracted
more total funding than London’s – however this is driven
by a small number of outliers

12. Median values give a better picture: London’s top cohort
has attracted more on median – not surprising given the
older ecosystem with more advanced companies

13. Berlin’s average is driven up by Zalando and
DeliveryHero; median of $30m

14. London funding far more evenly distributed;
median of $43m

15. Stockholm average driven up by Klarna and Spotify;
median of $36m

16. Comparing advanced startups
with prior large European exits

17. Recent large European exits*: median of 10 years to
exit; slightly more than US (7-8 years)
* We only counted those where all VCs sold; no partial secondaries

18. Median age of top startups in all key hubs is still well
below median time-to-exit of recent large European exits

19. A median of $40m was raised prior to exit*
* Small group due to lack of quality data. We know some of the figures below are likely
to be too low. A more detailed review is highly welcomed.

20. All ecosystems inching towards median capital raised
similar to previous large European exits; London closest.

21. Thanks!
@ciaranoleary
berlinvc.com
@jaderead5

22. More posts:
Will the real Berlin please stand up?
The best tech ecosystem in Europe is…
Urban entrepreneurship hypothesis
The decreasing importance of local capital