A data-driven look at VC investment trends across Europe & Israel in 2017.

1. Venture Capital in Europe & Israel
Venture Investment Data: 2017
Prepared by Gil Dibner
Rothschild Boulevard, Tel Aviv. Part of the original city plan dating to 1910 and
named for the Baron Edmund de Rothschild (1845-1934), a French financier.
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2. Notes & Promos
• The data in this report consists entirely of data I’ve gathered
manually based on publicly available, free sources
• No paid data sources or API calls were harmed in the making of
this dataset, every investment was manually classified
• This allows analysis of some aspects of the data I consider
important – aspects that don’t appear in other data sources. More
importantly, it allows me to exclude deals that are really not
“venture capital” rounds but tend to get included by others
• Seed investment is under-reported and adds a lot of noise to the
data set, so I exclude deals under $500K
• The analysis is limited to ICT categories and excludes life sciences
• The analysis excludes Turkey and FSU countries
• All currencies converted into USD using monthly average exchange
rates
• ICOs included on a selective basis; crypto companies are classified
into verticals by their end value proposition
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Weekly EU+IL Enterprise Tech
Newsletter

3. Top 10 deals by region in 2017 (US $M)
France & Benelux IsraelIberia
UK & Ireland DACH Nordic
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75
75
76
84
85
95
100
100
120
150
250
Kaminario
WalkMe
Vroom
Trax
Valens
InfiniDat
CyberReason
Sirin Labs
Lemonade
Skybox Security
Via
0 100 200 300
57
60
62
62
69
69
72
75
107
173
Shadow
MessageBird
Vestiaire Collective
Tinubu Square
Doctolib
Oodrive
Manomano
Actility
Picnic
Showroomprivee
0 50 100 150 200
16
20
22
28
34
35
46
50
100
275
Spotahome
Verse
CornerJob
Fintronic
Glovo
TypeForm
Logtrust
FeedZai
Cabify
LetGo
0 50 100 150 200 250 300
30
30
34
35
50
54
88
111
114
120
481
Natural Cycles
Yubico
Automile
Lendify
Collibra
MariaDB
ForgeRock
iZettle
Bima
Snow Software
Klarna
0 200 400 600
50
53
70
75
90
120
128
165
404
423
NewStore
ResearchGate
SoundCloud
Get Your Guide
Lilium
Kreditech
Lampenwelt.de
Tricentis
Auto1
Delivery Hero
0 100 200 300 400 500
89
100
102
111
118
190
280
397
480
502
Kobalt
Funding Circle
Atom Bank
Secret Escapes
Monzo
Neyber
Transferwise
FarFetch
Deliveroo
Improbable
0 200 400 600
blog

4. Top 10 deals by type in 2017 (US $M)
Systems SaaSEnterprise
Consumer Financial Commerce
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120
120
128
173
250
275
280
397
404
423
480
Lemonade
Kreditech
Lampenwelt.de
Showroomprivee
Via
LetGo
Transferwise
FarFetch
Auto1
Delivery Hero
Deliveroo
0 200 400 600
62
66
100
102
114
118
120
120
190
280
Tinubu Square
Revolut
Funding Circle
Atom Bank
Bima
Monzo
Lemonade
Kreditech
Neyber
Transferwise
0 100 200 300
53
62
75
76
107
111
128
173
397
480
Simba
Vestiaire Collective
Get Your Guide
Vroom
Picnic
Secret Escapes
Lampenwelt.de
Showroomprivee
FarFetch
Deliveroo
0 200 400 600
88
95
97
100
120
150
165
190
481
502
ForgeRock
InfiniDat
Collibra
CyberReason
Snow Software
Skybox Security
Tricentis
Neyber
Klarna
Improbable
0 200 400 600
33
34
35
50
53
64
75
90
95
100
Airobotics
Automile
Volocopter
Rimac
Arralis
iZettle
Kaminario
Lilium
InfiniDat
Sirin Labs
0 50 100 150
51
53
53
69
75
75
97
120
165
481
Yotpo
Salary Finance
Algolia
Oodrive
Kobalt
WalkMe
Collibra
Snow Software
Tricentis
Klarna
0 100 200 300 400 500 600
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5. A record year
• 2017 was a record-setting
year for European & Israel
venture investing
• Over $20.3 billion was
invested across 1,941
transactions
• Dollar investment volume
was up 40%, but the number
of investments rose by only
8%
• These numbers, and the rest
of this deck, do not reflect
the $1B in debt raised by
Spotify in March, 2017
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12,121 14,486 20,354
1,186
1,796
1,941
0
500
1,000
1,500
2,000
2,500
0
5,000
10,000
15,000
20,000
25,000
2015 2016 2017
NumberofInvestments
Amountinvested(US$M)
VC Investments in Europe & Israel
Invested amount (US $M) Number of investments
blog

6. In 4Q, dollars were down but deals were up
• In 4Q17, Europe & Israel saw
$4.9 billion flowing into 484
venture transactions
• 2Q17 was a record-setting
quarter in terms of the
amount invested, and 1Q17
was a record-setting quarter
in terms of the number deals
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 6
835
1,703
1,916
2,873
3,139
3,252
2,857
3,730
4,114
3,122
3,520
4,072
5,763
5,609
4,910
0
100
200
300
400
500
600
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016 2017
Amountinvested(US$M)
VC Investments in Europe & Israel
Invested amount (US $M) Number of investments
blog

7. Monthly pace of venture investment
• Looked at on a monthly
basis, the strength of 2Q17
and 3Q17 are even more
pronounced
• May 2017 was a record-
setting month in terms of
investment volume
• September 2017 was a
record-setting month in
terms of the number of deals
• The impact of summer and
winter holidays on deal
volume is easy to spot
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905
971
997
791
787
1,561
1,518
571
1,164
1,084
1,059
715
1,657
1,051
1,021
1,401
1,452
1,261
725
1,101
1,296
1,458
1,170
893
1,671
943
1,458
861
3,014
1,888
2,013
757
2,840
1,926
1,543
1,442
0
50
100
150
200
250
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
Amountinvested(US$M)
VC Investments in Europe & Israel
(January 2015 - December 2017)
Invested amount (US $M) Number of investments
blog

8. Mega-rounds skew the investment totals
• This analysis breaks down VC
investments into brackets by
size:
• Seed (less than $2M)
• Early venture ($2-8M)
• Venture ($8-20M)
• Growth ($20-100M)
• Mega ($100M+)
• 6 mega-rounds took place in
Europe in 4Q17
• Transferwise ($280M, UK)
• Lemonade ($120M, Israel)
• Skybox Security ($150M, Israel)
• Secret Escapes ($111M, UK)
• Sirin Labs ($100M, Israel)
• Letgo ($100M, Spain)
• Adjusting for mega-rounds,
4Q17 was down slightly from
3Q
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708 759 733 710 730
650
921 950 873 1,010
1,196
1,395 1,567
2,507 2,126
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2016 2017
AmountInvested(US$M)
Pace of VC Investment in Europe and Israel
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (.5-2)
blog

9. Strong year-over-year growth in all brackets
• All size brackets saw YoY
increased from 2016 to 2017
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726 738
2,538 2,931
2,828
3,755
5,860
7,594
2,534
5,336
0
5,000
10,000
15,000
20,000
2016 2017
TotalVCinvestment(US$M)
VC investmentvolume in Europe and Israel by bracket
(2017 vs 2016)
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (<2)
blog

10. Number of investments, by bracket
• Excluding seed deals, the
total number of VC
investments per quarter was
very constant for the past
four quarters: 318 in 1Q, 315
in 2Q, 317 in 3Q, and 327 in
4Q
• 4Q saw a slight uptick in the
number of earlier-stage
rounds
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77 85 94
140 153 157 144
182 195 185 171 18042
62 44
46
61 57
64
53
77
77
75
84
33
26 38
35
44 52
40
35
40 44 66
57
6
6 4
3
4 4
1
6
6 9 5
6
0
50
100
150
200
250
300
350
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
NumberofVCinvestments
VC investmentvolume in Europe and Israel by bracket
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8)
blog

11. No impact of Brexit on deal volume…
• Looking just at UK VC deal
volume, there’s so far no
evidence that Brexit caused
any slowdown whatsoever in
VC activity
• There were an average of 45 VC
deals per quarter in the 18
months before the referendum
• There were an average of 69 VC
deals per quarter since the
referendum
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0
10
20
30
40
50
60
70
80
90
Qtr1
Qtr2
Qtr3
Qtr4
Qtr1
Qtr2
Qtr3
Qtr4
Qtr1
Qtr2
Qtr3
Qtr4
2015 2016 2017
NumberofVCinvestments
VC investmentvolume in the UK by bracket
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8)
Pre-
Brexit
avg = 45
Post-Brexit
avg = 69
blog

12. …and no impact on dollars invested in the UK
• An average of $819M per
quarter was invested in the
UK in the 18 months before
the referendum
• An average of $1,145M per
quarter was invested in the
UK since the referendum
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74 70 98 79 136 108 133 150 189 162 180 151
165 166 96 128
172 148 181 113
159 247 224 184
459
180
405
209
532
273 202
191
149
514
755
586
210
150
275
478
192
110
275
202
899
633
391
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
NumberofVCinvestments
VC investmentvolume in the UK by bracket
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8)
Pre-Brexit
avg = $819M
Post-Brexit
avg = $1,145M
blog

13. Corporate VC activity, by bracket
• Excluding seed deals, the
total number of corporate VC
investments rose to 63 in
4Q17, a new record
• Corporate VC investments
continue to trend towards
later stage
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6 4 5
16
7
22 19
23
19
27 25 26 23 25
4
3
9
12
7
12
6
16
19 5
17 17
18
20
4
4
7
8
7
7
20
18
6
9
12 11 18
18
3
1
3
3
3
2 3
1
0
10
20
30
40
50
60
70
Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016 2017
NumberofVCinvestments
CorporateVC investmentvolume in Europe and Israel by bracket
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8)
blog

14. Corporate VC activity, by country
• During 2017, Israel saw the
highest number of corporate
VC investments, with 65
• The UK saw 54 corporate VC
investments, followed by
Germany with 35
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19 20 20
8 7
24
16
7
7 6
21
16
7
5
0
10
20
30
40
50
60
70
Israel
UK
Germany
France
Sweden
Netherlands
Switzerland
Spain
Finland
Belgium
Ireland
Norway
Poland
Estonia
Denmark
Lithuania
Croatia
Malta
Austria
Italy
Numberofinvestments
Number of corporate VC investments in Europeand Israel by bracket
(2017)
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8)
blog

15. Average round size
• This average excludes seed
rounds and mega rounds, so
it reflects all rounds done in
Europe & Israel between $2M
and $100M
• With very few exceptions,
most months saw average
round sizes of $10-12M and
there is seems to be little
pattern other than mean
reversion
• Early 2015 saw higher-than-
average deal sizes
• Late 2016 and early 2017 saw
lower-than-average deal
sizes
• Late 2017 seemed to be
characterized by higher-than
average deal sizes
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4
6
8
10
12
14
16
Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016 2017
AmountInvested(US$M)
Average investmentsize in Europe and Israel
(Round sizes of 2-100M, and 6-month trailingaverage)
blog

16. Total venture investment by country, 2017
• The UK saw the most VC
investment in 2017, with
$5.78B raised
• Israel came in second place,
with $3.93B raised
• Germany saw the third-
highest amount of venture
investment, with $2.88B
• France was a close fourth,
with $2.44B
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5,780
3,932
2,877
2,442
1,744
790
557
312
302
254
214
210
183
177
104
100
62
58
57
50
38
36
17
15
12
7
7
6
4
3
3
2
1
UK
Israel
Germany
France
Sweden
Spain
Netherlands
Ireland
Finland
Switzerland
Austria
Belgium
Norway
Denmark
Poland
Italy
Portugal
Luxembourg
Estonia
Croatia
Cyprus
Romania
Iceland
Hungary
Czech
Malta
Slovakia
Greece
Bulgaria
Slovenia
Serbia
Lithuania
Latvia
Total VC investmentvolumeby country, 2017 (US $M)
blog

17. Venture dollars per capita
Prepared by Gil Dibner follow me on (@gdibner), connect with me on , subscribe to my , or invest with me on 17blog
$0.35
$0.46
$0.51
$0.57
$0.84
$1.16
$1.21
$1.40
$1.51
$1.66
$1.84
$2.70
$6.02
$12.04
$15.57
$16.97
$18.44
$24.31
$29.99
$30.58
$32.42
$34.57
$34.75
$36.34
$42.06
$44.90
$49.02
$54.82
$65.02
$88.04
$98.55
$172.59
$447.17
Serbia
Latvia
Greece
Bulgaria
Lithuania
Czech
Slovakia
Slovenia
Hungary
Italy
Romania
Poland
Portugal
Croatia
Malta
Spain
Belgium
Austria
Switzerland
Denmark
Netherlands
Norway
Germany
France
Estonia
Cyprus
Iceland
Finland
Ireland
UK
Luxembourg
Sweden
Israel
VC dollars per capita in 2017
(US$)
USA(2016)=$213.96
$1.00
$10.00
$100.00
$1,000.00
0 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 70,000,000 80,000,000 90,000,000 100,000,000
VCDollarsperCapita(LogScale)
Population
Venture Capital Investment per Capita
(bubble size indicates total VC investment)
Israel
Sweden
UK
France
Germany
Holland
Italy
Spain
Belgium
Switz.
Ireland
Finland
Lux.
Estonia
Norway
Cyprus
Iceland
Denmark
Croatia
Portugal
Romania
HungarySlovenia
Slovakia
Poland
Czech
Austria
Malta

18. Venture dollars as a percentage of GDP
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• This graph shows 2017
venture dollars invested as a
percentage of GDP
• Israel leads at 1.16% of GDP
followed by Sweden at
0.34%, Estonia at 0.24%, and
the UK at 0.23%
• All of the other countries at
below 0.20%
• Latvia and Greece are the
lowest, with VC at 0.003% of
GDP
• In US, by comparison, VC was
0.37% of GDP in 2016, slightly
higher than Sweden
Serbia
Latvia
Greece
Bulgaria
Lithuania
Czech
Slovakia
Slovenia
Hungary
Italy
Romania
Poland
Portugal
Croatia
Malta
Spain
Belgium
Austria
SwitzerlandDenmark
Netherlands Norway
Germany
France
Estonia
Cyprus
Iceland
Finland
Ireland
UK
Luxembourg
Sweden
US 2016
Israel
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1.40%
0 20,000 40,000 60,000 80,000 100,000 120,000
VCasapercentageofGDP
GDP per Capita

19. Rule Britannia!
Total venture investment by country, 4Q15 to 4Q17
• To get a better sense of VC
volumes in various countries,
this analysis excludes mega-
rounds
• With this filter, volumes and
rankings are more consistent
• The UK overtook Israel in
2Q17 and has maintained the
lead since
• French VC volume finally
slowed down, enough to
allow Germany to leap into
third place
• Swedish VC investment
volume grew dramatically in
4Q, but it remained in fifth
place
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Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
0
200
400
600
800
1000
1200
1400
TotalVCinvestment(US$M)
TotalVC investment,4Q15 - 4Q17 (top 5 countries, excluding mega-rounds)
Israel UK
France Germany
Sweden
blog

20. Total venture investment by country, 4Q15 to 4Q17
• To get a better sense of VC
volumes in various countries,
this analysis excludes mega-
rounds
• The “second five” countries
for VC investment in 2016
were Spain, Ireland, the
Netherlands, Finland, and
Switzerland
• Ireland ranked sixth and set a
record in 3Q17, but collapsed
to tenth place in 4Q17
• Both the Netherlands and
Spain hit record levels in
4Q17
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Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
0
50
100
150
200
250
TotalVCinvestment(US$M)
TotalVC investment,4Q15 - 4Q17
(countries ranked 6-10, excluding mega-rounds)
Spain Ireland
Netherlands Switzerland
Finland
blog

21. Total venture investment by region
• When VC investments across
Europe are aggregated into
regions, UK & Ireland, Israel,
the Nordics, France, and
DACH are the clear and
consistent leaders
• The UK and Ireland account
for 30% of total investment
volume, Israel 19%, Germany
17%, and the Nordics and
France 12% each
• Other regions do produce
meaningful VC investments,
but the volumes are still low
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UK & Ireland,
6,091.1, 30%
Israel,3,931.9, 19%
DACH, 3,345.4, 17%
Nordic,2,482.7, 12%
France, 2,441.6, 12%
Iberia,852.2, 4%
Benelux,825.3, 4%
South.Eur., 206.5,
1%
East.Eur., 177.7, 1%
TotalVC investmentby region, 2017
(US $M, includes megarounds)
blog

22. Rounds by bracket & region
• Including seed deals, the UK
and Ireland saw 457 venture
deals in 2017
• France came in second with
393
• The Nordics were third with
342
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136
176 162
57
16 33 41 32 11
179
145
113
104
82 40 37
21
73 48
42
53
65
16
61
23
22
27
55
0
50
100
150
200
250
300
350
400
450
500
UK & Ireland France Nordic DACH Israel Benelux Iberia South. Eur. East. Eur.
Numberofinvestments
Number of investments in Europe and Israel by bracket, 2017
Mega (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (<.5-2)
blog

23. Participation rate of US VC firms, by bracket
• During 2017, US VCs
participated in 9% of the VC
financing rounds in EU and
Israel
• As usual, US VCs are much
more likely to participate in
later rounds
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2%
5% 15%
33% 35%
98% 95%
85%
67% 65%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Seed (.5-2) Early Venture (2-8) Venture (8-20) Growth (20-100) Mega (>100)
Percentageofrounds
Did US VC firms participatein EuropeanVC rounds? (2017)
No Yes
blog

24. US VC firm participation rate was lower in 2017
• For most of 2017, US VC firms
participated in 8-9% of
European & Israeli VC deals
• In 4Q17, this rose to 10%
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15% 17% 13% 17% 16% 11% 9% 11% 14%
8% 8% 8% 9% 10%
85% 83% 87% 83% 84% 89% 91% 89% 86%
92% 92% 92% 91% 90%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016 2017
PercentageofRounds
Did US VC firms participatein EuropeanVC rounds?
(3Q14-4Q17)
No Yes
blog

25. Participation of US VC firms by country
• In 2017, US VCs firms were
active in 19 different
European countries
• US VC firms were most active
in Israel, where they
participated in 62 investment
rounds
• The UK saw 41 US
investments
• US VCs invested in 17
German companies and 10
French companies
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62
41
17
10 7 7 6 4 3 30
10
20
30
40
50
60
70
Israel
UK
Germany
France
Sweden
Spain
Finland
Ireland
Netherlands
Denmark
Poland
Belgium
Estonia
Switzerland
Italy
Portugal
Austria
Iceland
Norway
NumberofVCinvestments
Rounds with a US VC involved
(2017)
blog

26. Participation of US VC firms by country
• This chart shows US VC
activity within Europe
• The overwhelming bulk of US
VC activity is generally in
Israel, the UK & Ireland,
DACH, and the Nordics
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0
10
20
30
40
50
60
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
NumberofVCinvestments
Investments with US VC participation
Israel UK & Ireland DACH Nordic France Iberia Benelux East. Eur. South. Eur.
blog

27. Dimension Categories Explanation/Example
1. Target market
Consumer, SMB, Enterprise, Government,
Telecom, OEM
What sort of customer does the
company target?
2. Vertical market
Adtech, Communications, Data, Development, Durables,
Education, Electronics, Employment, Energy, Fashion,
Financial, Food, Gaming, Health, HMI, Industrial,
Infrastructure, Lifestyle, Logistics, Marketing, Media,
Productivity, Real Estate, Security, Sports, Storage,
Transportation, Travel, Water
What type of problem does the
company solve?
3. Business model
Commerce, Components, Content,
Marketplace, SaaS, Semiconductors,
Services, Software, Systems,
How does the company make
money? How is value delivered to
customers? What are customers
paying for?
For example: Consumer + Travel + Marketplace
AirBnB is a travel-related
marketplace for consumers
Three-dimensional approach to sector mapping
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28. • Excluding mega-rounds,
investment activity in 4Q17
was consistent was 3Q17
across target markets
What target markets are attracting the most VC investment
in Europe & Israel?
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931 1,076 1,244 1,097 1,002 1,056
1,369 1,551 1,492
1,110
1,654
1,640
1,269
962
1,650
1,345
1,820 1,879
224
270
283 220
264 377
150
163 187
219
447
255 406
545 241
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
TotalVCinvestments(US$M)
European& Israeli venture financing by target market
4Q15 to 4Q17 (excluding mega-rounds, US $M)
Agriculture
Government
Telecom
OEM
SMB
Enterprise
Consumer
blog

29. • When Israel is excluded from
the sample, 51% of all VC
dollars in Europe went to
consumer-oriented
companies in 4Q17
The enterprise/consumer tug-of-war continues
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36%
56%
63% 62% 57% 53% 58%
53%
45% 46%
58%
42%
51%
48%
34% 22% 24% 31% 36%
33%
32%
29%
36%
32%
44%
37%
10%
4% 12% 8% 6% 5% 3%
7%
8%
12%
3%
6%
8%
4% 2% 4% 5% 6% 5% 8%
10%
5% 5% 7% 4%6% 6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016 2017
Europeanventure financing by target market
4Q14 to 4Q17 (excluding Israel, percent of US $M)
Agriculture Government Telecom OEM SMB Enterprise Consumer
blog

30. Breakdown by region & target market
• Regional differences are
apparent when VC
investment are categorized
by target market
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3,037
849
2,076
823 1,167
580
2,340
2,299
882
1,307 796
394
381
305
595
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
UK &
Ireland
Israel DACH Nordic France Iberia Benelux South.
Eur.
East. Eur.
Totalamountinvested(US$M)
Investment in Europe and Israel by target market by region
2017 (US $M)
Agriculture Government Telecom OEM SMB Enterprise Consumer
blog

31. Distribution of investment rounds by country
• Across Europe & Israel, 44%
of VC investment rounds
were in consumer companies
in 2017
• Nearly two-thirds of Israeli
venture investments were
into enterprise companies
• The Nordics, DACH, and
France were 50% consumer
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16%
35%
43%
49%
50%
50%
58%
63%
62%
40%
40%
32%
30%
32%
28%
24%
11%
10%
13%
13%
9%
8%
8%
15%
7%
6%
4%
7%
7%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Israel
Benelux
UK & Ireland
France
DACH
Nordic
Iberia
South. Eur.
Investment in Europe and Israel by target market by country
2017 (Number of investments)
Consumer Enterprise SMB OEM Telecom Government Agriculture
blog

32. Growth rounds by target market
• Enterprise companies
accounted for over half of the
later-stage market in Europe
& Israel in 4Q17
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56%
37%
46%
56%
43% 39% 38%
43% 44%
34% 37%
45%
32% 35%
25%
41%
46% 25%
38% 50% 50%
50% 44%
32%
50% 36%
48%
56%
6%
7%
5%
9% 12%
6% 5%
12%
7%
4% 6%
6%
6% 11%
6%
7% 5% 6% 5% 5%
20%
7%
13% 14%
6%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2014 2015 2016 2017
Investment in Europe and Israel by target market
(Rounds over $20M, number of investments)
Agriculture Government Telecom OEM SMB Enterprise Consumer
blog

33. • Fintech was the most popular
vertical across Europe &
Israel, with 223 investments in
the category in 2017
• Lifestyle (a catch-all category
for consumer commerce) was
second, with 119
• Electronics (109) and
marketing tech (107) took
third and fourth
Finance still leads, electronics are strong
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22
24
26
28
29
30
33
39
41
43
47
47
47
51
53
54
58
58
61
61
68
69
76
85
92
98
107
109
119
223
Agtech
Communications
ERP
Social
CRM
Legal
Productivity
Development
Adtech
Gaming
Fashion
Energy
Food
Payments
Entertainment
Education
Real Estate
Travel
Industrial
Automotive
Logistics
Data
Security
Infrastructure
Employment
Health
Marketing
Electronics
Lifestyle
Financial
European& Israeli venture financing by target market
2017 (top 30 categories, number of investments)
blog

34. • This graph shows the change
in the number of investments
by vertical from 2016 to 2017
• Automotive, health, and real
estate saw the biggest
increases in funding
frequency
• Adtech, food, and travel saw
the biggest decreases
Growth rates by vertical
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Adtech,-36%
Food, -11%
Travel, -11%
Security,-6%
Industrial,-5%
Fashion,-2%
Marketing, -2%
Logistics,5%
Infrastructure, 5%
Lifestyle,20%
Entertainment,20%
Data, 23%
Payments,24%
Financial,25%
Education, 26%
Electronics,28%
Employment,31%
Real Estate, 45%
Health,56%
Automotive,144%
-60% -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 160%
Change in the number of venture investments
(2017 vs 2016, 20 most popular categories)
blog

35. • Consumer finance was once
again the most frequently
funded vertical, with 120
investments
• A close second was consumer
lifestyle with 119 investments
• Enterprise marketing, with 90
investments, was third
Which verticals for which segments?
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Logistics
Data
Security
Infrastructure
Employment
Health
Marketing
Electronics
Lifestyle
Financial
0 50 100 150 200 250
European& Israeli venture financing by target market
2017 (number of investments,top 10 verticals)
Consumer
Enterprise
SMB
OEM
Telecom
Government
Agriculture
blog

36. • This chart shows the ten most
commonly funded verticals
across Europe & Israel by
quarter
The most popular verticals in the past 3 years
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Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
0
50
100
150
200
250
300
350
European& Israeli venture financing by vertical market
(number of investments, top 10 verticals)
Data
Health
Logistics
Electronics
Lifestyle
Employment
Security
Infrastructure
Marketing
Financial
blog

37. • Investors continue to favor
consumer fintech, lifestyle,
and consumer electronics
• From 2016 to 2017, most
segments stayed consistent,
with the majority of growth
concentrated in financial,
lifestyle, health, and
electronics
Consumer VC investment trends
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Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
0
20
40
60
80
100
120
140
160
180
European& Israeli venture financing by consumer verticals
(number of investments, top 10 verticals)
Entertainment
Travel
Health
Fashion
Food
Electronics
Logistics
Gaming
Lifestyle
Financial
blog

38. • Marketing and security
showed continued strength
• Most of the growth from 2016
to 2017 was in infrastructure,
fintech, and data
• CRM and Adtech declined
from 2016 to 2017
Enterprise VC investment trends
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Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
0
20
40
60
80
100
120
140
160
180
European& Israeli venture financing by enterprise verticals
(number of investments, top 10 verticals)
CRM
Financial
Industrial
Employment
Development
Data
Infrastructure
Adtech
Security
Marketing
blog

39. • Services displaced SaaS as
the most funded business
model in 2017, representing
29% of all VC dollars
• SaaS took 27% of the venture
dollars invested in Europe &
Israel
• Systems – complete physical
products – took fourth place
at 8% of all venture dollars
Services displace SaaS
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Services, 4,309, 29%
SaaS, 4,023, 27%
Software, 1,988, 13%
Systems, 1,233, 8%
Commerce, 1,051, 7%
Marketplace, 977, 6%
Components, 542, 4%
Media, 459, 3%
Semiconductors, 342, 2%
Materials, 90, 1%
Data, 3, 0%
European & Israeli venture financing by target market
2017 (in US $M) (excluding mega-rounds)
blog

40. • Services and SaaS remained
the top two business models
by funding volume
• Systems rose to third place in
4Q, as software collapsed
• Commerce investment levels
seem to have stabilized
Services and SaaS are dominant
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0
200
400
600
800
1000
1200
1400
1600
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2015 2016 2017
European& Israeli venture financing by business model
(top seven, in US $M, excluding mega-rounds)
Services
SaaS
Software
Commerce
Marketplace
Systems
Media
blog

41. • This graph provides a quick
overview of the ten most
commonly funded segments
across the top ten countries
for those segments
• In a nutshell:
• Consumer financial services
(Everywhere, but especially in
the UK, Sweden, and Germany)
• Marketing SaaS in the UK,
France, and Israel
• Consumer lifestyle commerce in
the UK, France, and Sweden
• Israeli enterprise security
software
• French and Swedish consumer
electronics
• German SMB fintech
• French, British, and Swedish
fashion
• Swedish, Finnish, and UK
gaming
• And some other stuff…. 
EU+IL VC Cheat Sheet (2017)
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0 20 40 60 80 100 120
Consumer Gaming Services
Enterprise Employment SaaS
Consumer Fashion Commerce
Enterprise Infrastructure SaaS
SMB Financial Services
Enterprise Data SaaS
Consumer Electronics Systems
Enterprise Security Software
Consumer Lifestyle Commerce
Enterprise Marketing SaaS
Consumer Financial Services
Number of VC investments
Investment in Europe & Israel by segment by country
2017 (top 10 segments, top 10 countries*)
UK France
Sweden Israel
Germany Finland
Spain Netherlands
Italy Denmark
Poland
*Denmark and Poland were tied for tenth placewith 8
investments each across thetop segments.
*Enterprise Employment SaaS and Consumer Gaming
Services were tied for tenth placewith 33 investments each.
blog

42. • Finance was the most
commonly funded category
in the UK, with 70
investments in 2017
• Real estate, marketing, and
lifestyle were next
A closer look at UK venture in 2017
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Payments
Education
Health
Employment
Data
Infrastructure
Lifestyle
Marketing
Real Estate
Financial
0 10 20 30 40 50 60 70 80
UK venture financing by target market
2017 YTD (number of investments, top verticals)
Consumer
Enterprise
SMB
OEM
Telecom
Government
blog

43. • Security was the most
commonly funded category
in Israel, with 37 investments
in 2017
• Automotive jumped to third
place, just behind marketing
• Electronics made a strong
showing, including consumer
A closer look at Israeli venture in 2017
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Logistics
Development
Financial
Health
Infrastructure
Data
Electronics
Automotive
Marketing
Security
0 5 10 15 20 25 30 35 40
Israeli venture financing by target market
2017 (number of investments,top verticals)
Consumer
Enterprise
SMB
OEM
Government
Agriculture
blog

44. • Finance was the by far most
commonly funded category
in Germany, with 15 consumer
investments and 15 SMB
investments in 2017
• Consumer lifestyle was next,
also with 15 investments
• Health, food, and travel
rounded out the top five
A closer look at German venture in 2017
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Employment
Industrial
Automotive
Electronics
Infrastructure
Food
Travel
Health
Lifestyle
Financial
0 5 10 15 20 25 30 35
German venture financing by target market
2017 (number of investments,top verticals)
Consumer
Enterprise
SMB
OEM
blog

45. • Lifestyle was the most
commonly funded category
in France, with 34 investments
in 2017
• Finance and electronics were
next
• Interestingly, adtech cracked
the top ten
A closer look at French venture in 2017
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Infrastructure
Adtech
Food
Logistics
Health
Marketing
Employment
Electronics
Financial
Lifestyle
0 5 10 15 20 25 30 35 40
French venture financingby target market
2017 (number of investments,top verticals)
Consumer
Enterprise
SMB
OEM
Telecom
blog

46. • Fintech was the most
commonly funded category
in Sweden, with 32
investments in 2017
• Electronics and entertainment
were next
• Gaming and lifestyle were
also significant areas of
investment
A closer look at Swedish venture in 2017
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Employment
Payments
Marketing
Health
Industrial
Lifestyle
Gaming
Entertainment
Electronics
Financial
0 5 10 15 20 25 30 35
Swedish venture financing by target market
2017 (number of investments,top verticals)
Consumer
Enterprise
SMB
OEM
blog

47. • Consumer lifestyle was the
most commonly funded
category in Spain, with 12
investments in 2017
• Financial was second, with 10
A closer look at Spanish venture in 2017
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Education
Social
Marketing
Infrastructure
Employment
Health
Travel
Logistics
Financial
Lifestyle
0 1 2 3 4 5 6 7 8 9 10 11 12 13
Spanish venture financingby target market
2017 (number of investments,top verticals)
Consumer
Enterprise
SMB
Telecom
Government
blog

48. • Fintech was the most
commonly funded category
in The Netherlands, with 6
investments in 2017
• Logistics, employment, travel,
and lifestyle tied for second
A closer look at Dutch venture in 2017
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Health
Development
Electronics
Food
Security
Automotive
Entertainment
Lifestyle
Travel
Employment
Logistics
Financial
0 1 2 3 4 5 6 7
Dutch venture financing by target market
2017 (number of investments,top verticals)
Consumer
Enterprise
SMB
OEM
Government
blog

49. • Education was the most
commonly funded category
in Ireland, with 3 investments
in 2017
A closer look at Irish venture in 2017
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Financial
Communications
Health
Development
Infrastructure
Employment
Logistics
Data
Payments
Marketing
Education
0 1 2 3 4
Irish venture financing by target market
2017 (number of investments,top verticals)
Consumer
Enterprise
SMB
OEM
blog

50. • Electronics tied with gaming
as the most commonly
funded category in Finland,
with 9 investments each in
2017
• Industrial took third with 6
Funnily, Finns fully failed to finance fintech
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Energy
HMI
Fashion
Entertainment
Data
Education
Marketing
Health
Industrial
Gaming
Electronics
0 1 2 3 4 5 6 7 8 9 10
Finnish venture financingby target market
2017 (number of investments,top verticals)
Consumer
Enterprise
SMB
OEM
blog

51. • Financial was by far the most
commonly funded category
in Switzerland, with 7
investments in 2017
• Data and Electronics tied for
second with 3 investments
each
• Interestingly, there were two
space-related investments in
Switzerland
A closer look at Swiss venture in 2017
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Communications
Lifestyle
Employment
Real Estate
Food
Agtech
POS
SCM
Industrial
Legal
ERP
CRM
Infrastructure
Automotive
Health
Space
Payments
Electronics
Data
Financial
0 1 2 3 4 5 6 7 8
Swiss venture financingby target market
2017 (number of investments,top verticals)
Consumer
Enterprise
SMB
OEM
Agriculture
blog

52. • Like elsewhere in Europe, the
Nordics were focused on
fintech
• Electronics and gaming have
always been strong in the
Nordics, and this was true in
2017 as well
• Entertainment took fourth
place with 18 investments
The Nordic VC market in 2017
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Fashion
Energy
Lifestyle
Employment
Health
Marketing
Industrial
Entertainment
Gaming
Electronics
Financial
0 5 10 15 20 25 30 35 40
Nordic venture financingby target market
2017 (number of investments,top verticals)
Consumer
Enterprise
SMB
OEM
blog

53. • Not surprisingly, Sweden saw
the most actively among
Nordic nations across most
verticals – with particular
strength in financial,
electronics, gaming, and
entertainment
• Finland was notably absent
from the fintech boom, but
was very active in electronics,
gaming, and industrial
• Norway showed strength in
electronics and energy
The Nordic VC market by country
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Fashion
Energy
Lifestyle
Employment
Health
Marketing
Industrial
Entertainment
Gaming
Electronics
Financial
0 5 10 15 20 25 30 35 40
Nordic venture financingby target market
2017 (number of investments,top verticals)
Sweden Finland
Denmark Norway
Estonia Iceland
Lithuania Latvia
blog

54. • Fintech was the most
financed vertical in Southern
and Eastern Europe
• Italy showed strength across a
range of consumer categories
(food, fashion, lifestyle,
education, travel)
• Both Italy and Poland showed
strength in marketing and
fintech
Venture capital in Southern & Eastern Europe in 2017
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CRM
Automotive
Productivity
Gaming
Fashion
Development
Employment
Health
Food
Infrastructure
Travel
Payments
Education
Marketing
Lifestyle
Financial
0 2 4 6 8 10 12 14 16
Venture financingby target market (S. Eur & E. Eur)
2017 (number of investments,top verticals)
Italy Poland
Hungary Malta
Czech Cyprus
Bulgaria Romania
Slovakia Slovenia
Serbia Croatia
Greece
blog

55. Focus on Services
• The lion’s share of the
services investment
landscape is financial services
• There are, however, many
more verticals were “services”
companies are emerging
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0 20 40 60 80 100 120 140 160 180
Entertainment
Lifestyle
Real Estate
Adtech
Payments
Health
Logistics
Education
Gaming
Financial
Services VC investment in Europe and Israel
by vertical and target market, 2017 (top 10 verticals)
Consumer Enterprise SMB
blog

56. Focus on SaaS
• Marketing was the most
frequently funded SaaS
vertical in 2017, with 83
investments
• Data was second with 46
• Infrastructure (IT) and
employment (HR) were tied
for third place, with 42
investments each
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0 10 20 30 40 50 60 70 80 90
Productivity
ERP
Health
CRM
Development
Financial
Infrastructure
Employment
Data
Marketing
SaaS VC investmentin Europe and Israel
by vertical and target market, 2017 (top 10 verticals)
Consumer Enterprise Government SMB
blog

57. Focus on Marketplaces
• The most frequently funded
marketplace category in 2017
was employment
marketplaces, mostly aimed
at the consumer (i.e.
employee) or the SMB
employer
• Lifestyle, real estate, and
travel were also important
marketplace categories
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0 10 20 30 40 50
Education
Automotive
Adtech
Fashion
Health
Financial
Logistics
Travel
Real Estate
Lifestyle
Employment
MarketplacesVCinvestmentin Europe and Israel
by vertical and target market, 2017 (top 10 verticals)
Consumer Enterprise SMB

58. Focus on Systems
• The vast majority of “systems”
investments in Europe &
Israel were into consumer
electronics
• The second-most funded
category was automotive
systems (which includes land
vehicles as well as aircraft
such as Lillium and watercraft
such as SeaBubbles).
• Industrial systems, energy
systems, and health systems
were also important areas of
investment
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0 10 20 30 40 50 60 70
Entertainment
HMI
Communications
Storage
Space
Payments
Food
Security
Health
Energy
Agtech
Industrial
Automotive
Electronics
Systems VC investmentin Europe and Israel
by vertical and target market, 2017 (top 10 verticals)
Consumer Enterprise Government OEM SMB Agriculture
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59. Focus on Components
• Across Europe & Israel,
components investments
were focused on general
electronics, automotive,
energy, and industrial
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Health
HMI
Imaging
Storage
Security
Communications
Industrial
Energy
Automotive
Electronics
Components VC investment in Europe and Israel
by vertical market, 2017 (top 10 verticals)
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60. Focus on Fintech
• In 4Q17, over $1.1B was
invested into fintech
• In 2017, over $3B was
invested into the space,
nearly double the $1.6B
invested in 2016 and the
$1.4B invested in 2015
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(US $M)
SMB Enterprise Consumer
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61. Focus on Fintech
• Fintech investment pace has
accelerated across all
brackets
• Mega-rounds accounted for
most of the dramatic increase
in 4Q17, but “venture” rounds
also doubled from 3Q to 4Q
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(US $M)
Mega Growth Venture Early Venture Seed
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62. Focus on Automotive
• 12 countries saw investments
into the automotive tech
space in 2016-2017
• Israel led with 22
• France and the UK each saw
17
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Numnberofinvestments
Automotive- VC investmentin Europe and Israel
Italy Croatia
Estonia Ireland
Finland Slovakia
Spain Switzerland
Netherlands Sweden
Germany UK
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63. Focus on Marketing
• VCs invested $844M into
marketing tech in Europe &
Israel in 2017, up dramatically
form $196M in 2016
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Amount
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64. Focus on Employment
• In 2017, there were 92
investments into employment
(HR) companies, totaling
$559M
• This is up dramatically from
2016, which saw only $330M
invested across 70
investments in the space
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65. Focus on Health (1 of 3)
• The UK led in the digital
health space, with 29
investments
• France was next, with 27
• Sweden took third, with 21,
just ahead of Israel with 20
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2016 2017
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Health - VC investment in Europe and Israel
Iceland Malta Serbia
Slovenia Denmark Norway
Austria Poland Italy
Ireland Belgium Switzerland
Netherlands Finland Spain
Germany Israel Sweden
France UK
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66. Focus on Health (2 of 3)
• The most frequently funded
category in health tech was
consumer health services
• Enterprise SaaS was second,
followed by enterprise
software
• Consumer health systems
(devices) and consumer
health marketplaces were
also significant
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Materials
Components
Data
Commerce
Media
Marketplace
Systems
Software
SaaS
Services
Number of investments
HealthtechVC investmentin Europe and Israel
by business model and target market, 2017
Enterprise OEM Consumer
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67. Focus on Health (3 of 3)
• In 2017, over $850M was
invested across 98 rounds
into digital health companies,
up significantly from 2016
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Health tech - VC investment in Europe and Israel
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68. Focus on Real Estate (“proptech”)
• Proptech investment appears
to be largely a British and
French phenomenon
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2
4
6
8
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12
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16
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2016 2017
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Proptech - VC investmentin Europe and Israel
Belgium Luxembourg
Ireland Serbia
Netherlands Norway
Switzerland Israel
Spain Sweden
Germany France
UK
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69. Focus on Electronics (components, systems, & semis)
• The majority of “electronics”
investments are into
consumer systems companies
• OEM suppliers for
components and semis are
also significant
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0 10 20 30 40 50 60 70
Marketplace
Software
Commerce
Services
Semiconductors
Components
Systems
Number of investments
Electronics VC investmentin Europe and Israel
by business model and target market, 2017
Agriculture Enterprise SMB OEM Consumer
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70. Focus on Developer Tools
• The developer tools
investment landscape is
highly fragmented, but the
pace appears to be slowing
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Developer tools - VC investment in Europe and Israel
Portugal Belgium Poland Switzerland Finland
Estonia Ireland Hungary Austria Denmark
Norway Sweden Netherlands Germany France
UK Israel
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71. Focus on Infrastructure
• There were 85 investments
into infrastructure companies
in 2017
• 40 of these were in Israel, 36
in the UK, and 27 in France
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2016 2017
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Infrastructure - VC investmentin Europe and Israel
Italy Romania Portugal
Denmark Poland Iceland
Luxembourg Czech Belgium
Ireland Switzerland Norway
Netherlands Finland Spain
Sweden Germany France
UK Israel
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72. Focus on Data
• Data-oriented investments
have been increasing through
2016 and 2017
• Just over $700M was invested
across 69 funding rounds into
data-oriented companies in
2017
• The “data” category captures
companies whose primary
value proposition revives
around (big) data, AI/ML/BI
tooling, databases, and/or
analytics
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Data - VC investment in Europe and Israel
Amount
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73. Based in , I was previously a partner at . Before that, I helped run the
European seed program for . I moved to London after seven years in
during which I worked as a VC with and . I’m originally from .
My VC investments include and .
Angel investments include and many more.
If you found this useful, I hope you’ll follow my blog and/or subscribe to my weekly email.
73
Gil Dibner
To invest in the best European & Israeli enterprise startups,
consider backing me on here. Lots of exciting stuff in the
pipeline – and you’ll be in pretty good company.

74. Thank you
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