European tech scaleups report 2018

2018
EUROPEAN
SCALEUPS REPORT
OMAR MOHOUT

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Foreword
Highlights 2018
European (Venture) Capital
Country specific details
Methodology
About the author
About Sirris
Data sources
Disclaimer
TABLE OF CONTENTS

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2018 was another great year for the European scaleup ecosystem.
While the number of investment was only a bit higher than 2017,
investment amount went 13% higher.
Despite the total increase in funding amount, both the number of IPOs
and ICOs dropped by nearly half compared to 2017. Yet, there are a
number of indications that Europe has a mature technology ecosystem.
With this report we want to provide a comprehensive review of
investment in scaleups and high-growth technology companies across
35 countries in Europe. Our aim is to provide data-driven guidance,
insights, perspective and inspiration to all stakeholders of the European
scaleup ecosystem.
Sincerely,
Omar Mohout
2018 EUROPEAN SCALE UP REPORT FOREWORD
PARTNERS

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This report is part of a series of funding
reports that are published on a quarterly
basis. A yearly report will also summarize
quarterly findings. Other reports complement
the series, focusing on geographical markets
and vertical industries such as the FinTech
and Artificial Intelligence report.
2018 EUROPEAN SCALE UP REPORT ABOUT
This report is a snapshot in time, aimed at
analysing funding data, major trends within
the industry and the regions.
Only deals of at least $1M / € 750K are
considered for this report.
If you would like to provide your input for the
report, signal an omission of data or have any
other feedback, we would love to hear it. Just
pop an email to omar.mohout@sirris.be
ABOUT THIS REPORT

HIGHLIGHTS 2018
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2018 EUROPEAN SCALE UP REPORT HIGHLIGHTS
2016
€ 17.2B
2017
€ 20.1B
2018
€ 22.6B
+17% +13%
FUNDING
2016
1,847
2017
1,865
2018
1,917
+1% +3%
#OFDEALS
297
185
96
89
80
FinTech
HealthTech
MadTech
HRTech
PropTech
475
384
275
155
90
UK
France
Germany
Sweden
Netherlands
TOPINDUSTRIESTOPCOUNTRIES

EUROPEAN
VENTURE CAPITAL
2018 EUROPEAN VENTURE CAPITAL
6

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€ 6.694
€ 3.495
€ 3.066
€ 1.701
€ 1.054
€ 1.014
€ 861
€ 778
€ 653
€ 511
UK
Germany
France
Netherlands
Spain
Sweden
Ireland
Switzerland
Finland
Denmark
2018
2017
2018 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL
AMOUNT RAISED PER COUNTRY 2018*
*In millions
2016 was the year of Sweden
thanks to a strong performing
ecosystem and a high number of
IPOs; Switzerland was the rising
star of 2017, thanks to ICOs. 2018
is the year of the Netherlands
thanks to the IPOs of Adyen and
Elastic.
UK, despite the Brexit, is once
again the strongest performer in
Europe. The UK had at least 10
deals of more than € 100M each –
all of them based in London.

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UNICORNS: COMPANIES VALUED AT +$1B*
BlaBlaCar
Deezer
FRANCE
Cabify
LetGo
SPAIN
Auto1
Celonis
About You
N26
GERMANY
Atom Bank
Oxford Nanopore
BenevolentAI
Revolut
Improbable
ACORN OakNorth
Darktrace
Monzo
Graphcore
Funding Circle
Farfetch
UKDENMARK
Intercom
IRELAND
UiPath
ROMANIA
Tradeshift
*And raising funding in 2018
Taxify
ESTONIA
Klarna
SWEDEN
OutSystems
PORTUGAL

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CENTAURS: COMPANIES RAISING +100M EURO
Cabify
Glovo
LetGo
SPAIN FRANCE
Auto1
N26
About You
Westwing
GoEuro
GERMANY
Atom Bank
Oxford Nanopore
eToro
PurpleBricks
Revolut
Funding Circle
Farfetch
Team17
Nested
Graphcore
Moonbug
UKOTHER
Adyen
Elastic
NL
Intercom
GMI
IRELAND
UiPath
Avast
Taxify
OutSystems
Tradeshift
Nokia
THQ Nordic
In 2016, there have been 18 rounds of at least € 100M funding while in 2017 it increased to 25 rounds. In 2018
34 rounds took place, 36% more than last year. Another indication that Europe has a tech ecosystem of its own.
Voodoo
Deezer
BlaBlaCar

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475
385
275
156
89
75
73
72
50
46
UK
France
Germany
Sweden
Netherlands
Belgium
Spain
Switzerland
Finland
Denmark
2018
2017
UK grew with 12% against 2017,
Belgium with 10%. Among the
biggest drop: Sweden (-34%) and
Finland (-31%).
Note that Italy, Ireland, Norway,
Portugal and Austria didn’t make
it to the European top 10 in 2018.
DEALS PER COUNTRY 2018

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5.062
2.215
1.990
1.024
958
861
779
776
710
677
FinTech
eCommerce
HealthTech
Software development
HRTech
Automotive
Mobility
Gaming
Cybersecurity
PropTech
2018
2017
The top 10 industries count for 69%
of all capital raised. FinTech is still
hot and the funding champion of
both 2016, 2017 and again 2018.
However, it looks like it reached its
highest point.
HealthTech on the other hand is
growing every year and jumped 56%
against the previous year.
The biggest growing industry is
Mobility that grew with 130%
against 2017. Also Cybersecurity
made it to the top 10 in 2018.
AMOUNT RAISED PER INDUSTRY 2018*
*In millions

12
285
172
91
87
74
73
64
63
63
63
FinTech
HealthTech
MadTech
HRTech
PropTech
eCommerce
Software…
MediaTech
Utilities
EdTech
2018
2017
The top 3 didn’t change Y2Y for
the 3rd year in a row: FinTech,
HealthTech and MadTech
(Marketing, Advertisement and
Sales) still dominating. However
all of them lost a bit of ground.
HRTech is one of the few
industries in the top 10 that is
growing (13%). Software
Development entered the top 10
in 2018 with a jump of 94%.
Didn’t make it the top 10 but also
performing strong are Mobility
and Cybersecurity.
DEALS PER INDUSTRY 2018

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BREAKDOWN OF FINTECH
1. UK (38%)
2. Germany (13%)
3. France (12%)
4. Sweden (8%)
5. Switzerland (5%)
6. Belgium (4%)
7. Netherlands, Italy, Ireland, Denmark (3%)
8. Norway (2%)
9. Spain, Finland, Iceland, Estonia, Austria (1%)
FinTech
24%
Lending
17%
InsurTech
17%
WealthTech
17%
Payments 15%
Banking; 7%
RegTech; 3%

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BREAKDOWN OF HEALTHTECH
1. UK (28%)
2. France (19%)
3. Sweden (9%)
4. Belgium, Germany (8%)
5. Switzerland (6%)
6. Ireland (4%)
7. Netherlands (3%)
8. Spain, Finland, Denmark, Norway (2%)
9. Poland, Iceland, Austria, Italy (1%)
CareTech
29%
HealthTech
26%
Lifescience
23%
MedTech
21%
FemTech 1%

1. France (27%)
2. Germany (26%)
3. Netherlands (9%)
4. UK (8%)
5. Sweden (8%)
6. Belgium (7%)
7. Spain (4%)
8. Austria (4%)
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EMERGING CATEGORY: SMART CITIES
The Smart Cities category raised
close to € 779M in 2018. it includes
mobility, autonomous vehicles,
supply chain, utilities, urban farming
and waste management scaleups.
Autonomous vehicle scaleup Navya
went public on Euronext Paris
1. Cabify (ES)
2. Cityscoot (FR)
3. Navya (FR)
4. Blacklane (DE)
5. Aimotive (HU)
6. Wunder Mobility (DE)
7. TIER Mobility (DE)
8. Infarm (DE)
9. Wind Mobility (DE)
10.Heetch (FR)
COUNTRIES BIGGEST DEALS

1. Germany (30%)
2. France (17%)
3. UK (17%)
4. Belgium (13%)
5. Norway (4%)
6. Sweden (4%)
7. Italy (4%)
8. Switzerland (2%)
9. Netherlands (2%)
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EMERGING CATEGORY: INDUSTRY 4.0
Industry 4.0 or Smart Factory is an
umbrella for technology innovation
applied to manufacturing and
factoring. It includes robotics,
internet of things, virtual and
augmented reality and artificial
intelligence.
Industry 4.0 is enabling the fourth
industrial revolution and crucial for
Europe. Although only € 456M
raised it’s an increase of 64%
against 2017
1. Materialise (BE)
2. Shapeways (NL)
3. Relayr (DE)
4. WaveOptics (UK)
5. Arundo Analytics (NO)
6. Magazino (DE)
7. Konux (DE)
8. Prophesee (FR)
9. Exotec Solutions (FR)
10.Braincube (FR)

1. UK (33%))
2. France (16%)
3. Switzerland (16%)
4. Sweden (11%)
5. Spain (4%)
6. Italy (4%)
7. Netherlands (4%)
8. Denmark (4%)
9. Germany (2%)
10.Finland (2%)
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EMERGING CATEGORY: PRECISION HEALTH/MEDICINE
Precision Health is about preventing
disease before it strikes while
Precision Medicine is about curing a
disease after the fact. Both focus on
helping individuals getting better
and thrive. Patients become active
managers of their own health.
The data explosion allows more
specific and custom therapies for
patients. Also the rise of 3D Printing,
IoT, wearables and AI increasingly
helps to put the “precision” in
health and medicine. € 760M
funding went into this category in
2018, a 143% increase against 2017.
1. BenevolentAI (UK)
2. CMR Surgical (UK)
3. Impulse Dynamics (DE)
4. Ada Health (DE)
5. Seven Bridges (RS)
6. Owlstone Medical (UK)
7. SpineArt (CH)
8. Mainstay Medical (IE)
9. G-Therapeutics (CH)
10.Ava (CH)

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EMERGING CATEGORY: (DIGITAL) CLEANTECH
CleanTech had 53 deals in 2018,
worth almost € 355M in funding.
The majority of these scaleups are
active in energy related solutions as
well as in water treatment and e-
mobility.
A number of corporations, including
RWE, Statoil, Shell and E.ON, are
investing in this space.
1. sonnen Group (DE)
2. Aledia (FR)
3. Climeworks (CH)
4. Origami Energy (UK)
5. Kayrros (FR)
6. Orbital Systems (SE)
7. Tevva Motors (UK)
8. Otovo (NO)
9. Mitte (DE)
10.Oxford Photovoltaics (UK)
BIGGEST DEALS
1. France (25%))
2. UK (21%)
3. Germany (13%)
4. Sweden (11%)
5. Netherlands (9%)
6. Switzerland (6%)
7. Belgium (4%)
8. Finland (4%)
9. Portugal (4%)
10.Denmark (2%)
COUNTRIES

1. Germany (24%)
2. France (16%)
3. Belgium (16%)
4. UK (12%)
5. Netherlands (12%)
6. Switzerland (8%)
7. Spain (4%)
8. Sweden (4%)
9. Estonia (4%)
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EMERGING CATEGORY: SMART BUILDINGS
The Smart Buildings and Smart
Home category has a broad number
of scaleups and counts for € 118M
investments in 2018. it includes
utilities, security, property tech
(PropTech), and CareTech scaleups.
Internet of Things is the most used
technology in this space.
1. Toda (DE)
2. Discovergy (DE)
3. Click & Grow (EE)
4. Birdie Care (UK)
5. Energisme (FR)
6. Senic (DE)
7. Solytic (DE)
8. Voltaware (UK)
9. Smappee (BE)
10.Lone Rooftop (NL)

1. France (23%)
2. UK (15%)
3. Switzerland (13%)
5. Germany (10%)
6. Finland (8%)
7. Belgium (5%)
8. Denmark (5%)
9. Romania (5%)
10.Estonia (3%)
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EMERGING CATEGORY: DIGITAL WORKPLACE
Digital Workplace scaleups are
active in the domains of HRTech and
IT Services. They help organizations
and employees with digital tools to
collaborate, automate, onboard
employees, improve employee
happiness and exchange of
information.
In 2018, € 762M in funding is raised
in this category, a 239% increase
from 2017. Especially the RPA
(Robotic process automation)
scaleups are growing extremely fast.
1. UiPath (RO)
2. Nexthink (CH)
3. Front (FR)
4. Blue Prism (UK)
5. Jedox (DE)
6. Peakon (DK)
7. Starmind International (CH)
8. Speakap (NL)
9. Tray.io (UK)
10.Beekeeper (CH)

1. France (22%)
2. UK (14%)
3. Norway (14%)
5. Germany (7%)
6. Sweden (7%)
7. Switzerland (7%)
8. Ireland (7%)
9. Estonia (7%)
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EMERGING CATEGORY: SMART FARMING
The core of Smart Farming is data
and the use of it in agriculture
applications. It impacts the
agricultural domain using
technologies such as the Internet of
Things (IoT), geo-positioning
systems, satellites, drones, robotics,
autonomous vehicles, AI etc.
In 2018, only € 42M in funding is
raised in this category, up from €
36M in 2017.
1. ecoRobotix (CH)
2. LemnaTec (DE)
3. Wefarm (UK)
4. Vitibot (FR)
5. Aquabyte (NO)
6. Naio Technologies (FR)
7. Connecterra (NL)
8. Karnott (FR)
9. KisanHub (UK)
10.GrainSense (NO)

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EMERGING CATEGORY: NEWSPACE / SPACE 2.0
NewSpace is associated with rocket companies funded by billionaires such as SpaceX
(Elon Musk), Blue Origin (Jeff Bezos), Virgin Galactic (Richard Branson), Vulcan
Aerospace (Paul Allen) and StarChip (Yuri Milner).
But it’s much more than that, it includes:
• Rocket developers and space transporters
• Satellite developers
• Connectivity providers
• Earth observation, image processing, climate change and other GeoTech activities
• Organizers of space travel, tourism and training
• Mining and exploitation of asteroids and planets
• Applying space to a range of services such as space funerals…
1. Reaction Engines (UK)
2. ICEYE (FI)
3. PLD Space (ES)
4. KLEOS Space (LU)
5. Oxford Space Systems (UK)
6. Open Cosmos (UK)
7. Exotrail (FR)
8. Rezatec (UK)
9. Valispace (DE)
10.Isar Aerospace (DE)
BIGGEST DEALS

31%
69%
B2C B2B
39%
61%
B2C B2B
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B2B & B2C COMPARISON
NUMBER
OF DEALS
AMOUNT
RAISED
Contrary to Silicon Valley, where 2 out
of 3 startups are consumer oriented,
European scaleups are predominantly
B2B. Ireland and Belgium have the
highest number of B2B scaleups as a
percentage of number of investments.
Spain is the only country in Europe
that is dominant B2C oriented last
year.
However some industries are more
B2C oriented such as gaming, mobility,
SportsTech, MusicTech and EdTech.

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98
97
93
90
89
73
62
61
58
57
53
49
44
Denmark
Spain
Sweden
UK
Germany
Netherlands
France
Finland
Norway
Ireland
Switzerland
Belgium
Italy
The average European scaleup has
78 employees.
Denmark is leading once again but
Finland, Sweden and the
Netherlands are making the
biggest jump.
AVERAGE NUMBER OF EMPLOYEES PER COMPANY 2018

25
12.347
13.132
14.866
11.431
15.222 14.888
11.431
14.949
17.693
13.449
10.318 10.213
Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec.
2016
2017
2018
JOB CREATION BY 2016 FUNDED SCALEUPS
*In millions
12 months after receiving
funding, 26,844 jobs being
created by European scaleups. An
increase in jobs by 28%. 24
months later, 36,198 jobs are
being created, a 37% increase.

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19.602
8.567
13.021
10.102
13.900
19.522
12.194
8.177
13.023 13.171
14.637
10.806
Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec.
2017
2018
JOB CREATION BY 2017 FUNDED SCALEUPS
*In millions
12 months after receiving
funding, 45,320 jobs being
created by European scaleups. An
increase in jobs by 41%

1. Deliveroo (+2,202)
2. Spotify (+1,649)
3. Farfetch (+1,471)
4. Microcred (+895)
5. Unity Technologies (+892)
6. Delivery Hero (+740)
7. Elastic (+663)
8. Glovo (+644)
9. Flixbus (+627)
10.Verve (+555)
1. Blippar (-282), bankrupt
2. BlaBlaCar (-218)
3. Cabify (-168)
4. Move24 (-145)
5. Luxendo (-121), acquired
6. Movinga (-92)
7. Ve Global (-87)
8. Jinn (-82)
9. Widespace (-79)
10.Shore (-79)
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SHAKERS AND MOVERS BASED ON JOB CREATION
GAINERS LOSERS
On the gainers side, Deliveroo is the
European king in absolute job
creation with a growth of 114% in 2
years time. Also Spotify continues to
grow with growth rates of over 60%
since 2016. It’s striking that B2C
unicorns are the biggest job creators
despite Europe being a B2B
ecosystem.
On the losers side, London based
virtual reality scaleup Blippar went
bankrupt; French Blablacar
continues to reduce its workforce
since 2016.
Overall, the top 10 gainers creating a
magnitude more jobs than the
biggest losers shred.

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WHERE ARE ACQUISITIONS TAKEN PLACE?
1. FinTech
2. MadTech
3. Travel & Hospitality
4. Mobility
5. HealthTech
6. Manufacturing
7. Gaming
8. Software development
9. Consumer Services
10.Customer Experience
1. SaaS
2. Data Analytics
3. IoT
4. Artificial Intelligence
5. App
6. API
7. Robotics
8. Connected Hardware
9. GeoTech
10.Wearable
BY INDUSTRY BY TECHNOLOGY
1. Germany
2. UK
3. France
4. Sweden
5. Netherlands
6. Switzerland
7. Finland
8. Spain
9. Belgium
10.Iceland
BY COUNTRY

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WHERE ARE BANKRUPTCIES TAKEN PLACE?
1. FinTech
2. Consumer Services
3. PropTech
4. MadTech
5. FoodTech
6. eCommerce
8. MediaTech
9. Retail
10.HealthTech
1. SaaS
2. App
4. Blockchain
5. Virtual Reality
6. Wearable
7. IoT
8. GeoTech
BY INDUSTRY BY TECHNOLOGY
1. UK
2. Sweden
3. France
4. Portugal
5. Finland
6. Switzerland
7. Germany
8. Belgium
9. Spain
10.Ireland
BY COUNTRY

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AVERAGE FOUNDING YEAR TO RAISE ‘SERIES A’ ROUNDS
Portugal
2013
Finland
Sweden
France
Austria
UK
Ireland
2014
Denmark
Spain
Norway
Belgium
Switzerland
Netherlands
Germany
Italy
2015
To raise a series A in Europe, a
company needs to be founded in
2014. It takes a long 4 years for a
startup to become a scaleup and
raise funds.
For an IPO, the average founding
is 2007 (11 years). For an ICO it is
2016 (2 years).

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41%
21%
20%
7%
3%
2%
2%
1%
1%
1%
1%
1%
A
B
Seed
C
D
Crowdfunding
Debt financing
IPO
Post IPO Equity
E
Grant
Initial Coin Offering
Given the threshold of € 750K, it’s
not surprising that the majority of
deals are series A.
DEAL TYPE 2018

32
TYPE OF TECHNOLOGY Looking to cumulative investments
per year, the only game changer in
town is Artificial Intelligence.
Blockchain is still a hype for the
time being.

33
49%
19%
11%
10%
2%
2%
0
Subscription
Marketplace
Transactional
Commission
Freemium
Interest charging
Open Source
The subscription based model and
the marketplace approach are the
leading business models for
technology companies, counting
together for 68% of the total.
TYPE OF BUSINESS MODELS

34
€ 1.841
€ 1.065
€ 1.761
€ 1.447
€ 2.309
€ 3.045
€ 1.718
€ 1.467
€ 2.558
€ 1.656
€ 2.049
€ 1.661
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec.
2017 2018
CAPITAL RAISED PER MONTH 2017 VS 2018*
*In millions
European scaleups raised around €
1.9B per month in 2018, up 12%
against 2017 and even 31% against
2016.

35
163
152 156
169 173
217
144
110
172 167 169
116
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec.
2017 2018
Around 159 deals are closed in
Europe every month. There is a
slow down during summer, however
it gets compensated in the month of
September.
The number of deals is 3% higher in
2018 versus 2017.
NUMBER OF DEALS 2018

1. London
2. Paris
3. Berlin
4. Stockholm
5. Munich
6. Amsterdam
7. Copenhagen
8. Barcelona
9. Zurich
10. Oslo
1. London
2. Paris
3. Berlin
4. Amsterdam
5. Dublin
6. Stockholm
7. Barcelona
8. Munich
9. Copenhagen
10. Hamburg
36
SCALEUP CITIES 2018
NUMBER OF DEALS AMOUNT RAISED
The top 4 of scaleup cities didn’t
change over the last 3 years making
London, Paris, Berlin and Stockholm
the Tier 1 cities of Europe.
Dublin and Helsinki dropped out of
the top 10. Barcelona, despite the
political instability, remains in the
top 10 ahead of Madrid.
Germany is the only country that
has multiple cities in the top 10.

37
THE IMPORTANCE OF TECH HUBS WITHIN COUNTRIES
The percentage shows the
concentration of scaleups in a single
city per country.
In principle, the higher the
concentration the better because
proximity still counts in ecosystems.
80%
73%
71%
71%
63%
59%
57%
49%
49%
47%
DK, Copenhagen
IRL, Dublin
UK, London
SE, Stockholm
FR, Paris
NL, Amsterdam
FI, Helsinki
IT, Milan
ES, Barcelona
DE, Berlin

38
The gap between London and Paris
is widening while Stockholm and
Berlin are still in a dog fight for the
bronze.
Note the summer slowdown every
year in France
THE BIG FOUR CITIES 2016-18 (# DEALS)

39
TOP 5 BIGGEST FUNDING DEALS*
€ 950M € 752M € 440M€ 460M € 350M
#01 #02 #03 #04 #05
*In amount raised in a single transaction

40
25%
11%
7%
4%
4%
3%
3%
3%
3%
2%
US
UK
DE
ES
FR
NL
AU
SG
IT
JP
LOCATION OF INTERNATIONAL BRANCHES
40% of all scaleups have a branch
outside their home country. 25% of
these branches are located in the
USA. UK is second with around 10%.
The primary springboard for the
Asian market is Singapore.

41
NUMBER OF INTERNATIONAL BRANCHES
More than half of scaleups with a
branch have only 1 foreign office.
Taxify (29 branches), auto1 (27
branches) and Darktrace (23
branches) have the highest number
of branches. Not surprising, all of
them are unicorns.
Only Delivery Hero did better in
2017 with 49 branches making it the
European scaleup with the biggest
global footprint.
56%
18%
12%
6%
2%
2%
1%
1%
0%
1%
1
2
3
4
5
6
7
8
9
10

71%
4%
3%
3%
3%
16%
com io de uk fr other
42
BREAKDOWN BY DOMAIN NAME EXTENSION
2016
68%
5%
3%
3%
3%
18%
com io fr uk de other
2017
67%
5%
4%
3%
3%
18%
com io de fr uk other
2018
The domain name is often an indication of the ambition of a scaleup: national, regional or international. The .com
domain extension is losing ground, while .io, .tech and especially .ai domains are growing. The .tv domain disappeared.

7%
93%
Female Male
31%
38%
31%
1 2 > 3
43
FOUNDING TEAM
GENDER
NUMBER
OF FOUNDERS
The percentage of female founders
went down from 10% (2016) to 8%
(2017) to 7% in 2018. It’s a worrying
trend. Ireland had the highest score
(22%), followed by the UK (10%) and
Austria (7%) Norway (3%) and
Denmark (2%) are worst in class.
It’s a myth in the startup scene that
single founders don’t get funded. The
data shows otherwise: 31% of all
founders that raise funding is a single
founder. Ireland and Spain have the
highest percentage of single founders.
Austria and Denmark have the lowest
percentage.

44
Only 7% of European scaleups are
spin-offs or spin-outs. And dropping
(2016 = 9%). While it’s true that
spin-offs are not the only way that
universities can monetize research,
it’s nevertheless an indication that
innovation is mainly happening
outside campuses & academic labs.
However, universities do play a role
in patentable hard and deep tech in
specific technology areas such as
Medtech, BioTech Life Sciences, data
encryption and security, materials
science, robotics, nanotechnology,
semiconductors, and the like.
MOST ACTIVE SPIN OFF INSTITUTES 2018
1. University of Oxford
2. University of Cambridge
3. ETH Zurich
4. University College London
5. École Polytechnique Fédérale de Lausanne, TU Delft, University of Ghent
6. RWTH Aachen University
7. Lund University, University of Bristol, VTT
8. KU Leuven, University of Edinburgh, École Polytechnique, Eindhoven University of
Technology, Université catholique de Louvain, Karolinska Institutet, Technical University of
Munich, University of Antwerp, Imperial College, University of Southern Denmark, CEA-Leti,
Karlsruhe Institute of Technology

45
7% of European scaleups protect
their technology using patents.
HealthTech, and more specifically,
MedTech is the industry with the
highest number of patented
technology in the digital space.
PATENTS
1. HealthTech
2. Semiconductors
3. Manufacturing
4. Utilities
5. Aerospace
6. Automotive
7. Consumer Electronics
8. Cybersecurity
9. Mining & Environmental services
10. AgriTech

46
29% (!) of the European scaleups
graduated from an acceleration
program. That’s up from 19% in
2017.
Paris&Co is the fastest growing
acceleration program jumping to the
#1 position from position #10 in
2017
ACCELERATORS, BY NUMBER OF FUNDED SCALEUPS 2018
1. Paris&Co
2. Techstars
3. Seedcamp
4. Agoranov
5. Wayra, Plug and Play
6. 500 Startups
7. Euronext TechShare
8. Y Combinator
9. Microsoft Accelerator, Axeleo, Startupbootcamp
10. imec.iStart, EIT Digital, NUMA

47
Corporate Venture Capital is
involved in 21% of all European
deals, becoming the second most
important source of finance for
scaleups (up from 20% in 2017).
Corporate investment activity
continued to rise, both via corporate
venturing and balance sheet
investments.
MOST ACTIVE CORPORATE VC 2018
1. BNP Paribas, AXA
2. Crédit Agricole
3. Google, Microsoft
4. ABN AMRO, Allianz, ING, Axel Springer, Bonnier
5. Salesforce, Rakuten, Samsung, Telefónica, Tengelmann Group,
CommerzBank, Zürcher Kantonal Bank
6. Vorwerk Group, Swisscom, Robert Bosch, BP, Daimler, Intel, Deutsche
Telekom

48
RECOMMENDED READING: WWW.CORPORATEVENTURING.CO

49
The most active venture investor in
Europe, for the 3rd consecutive
year, is the French government with
Bpifrance.
MOST ACTIVE INVESTORS BREAKDOWN OF INVESTORS
1. Bpifrance (France)
2. LocalGlobe (UK)
3. Kima Ventures (France)
4. Idinvest Partners (France)
5. Balderton Capital (UK)
6. Index Ventures (UK)
7. High-Tech Gründerfonds (Germany)
8. Speedinvest (Austria)
9. Accel (US)
10.Octopus Ventures (UK)
VC
54%CVC
10%
PE
10%
Government
5%
Family Office
4%

50
MOST ACTIVE INVESTORS BY TYPE OF ROUND
1. Bpifrance
2. Kima Ventures
3. Localglobe
4. Partech Ventures
5. Downing Ventures
6. Crédit Agricole
7. Speedinvest
8. Parkwalk Advisors
9. Index Ventures
10. High-Tech Gründerfonds
1. Bpifrance
2. Idinvest Partners
3. Atomico
4. Insight Venture Partners
5. Octopus Ventures
6. EQT Ventures
7. Index Ventures
8. Serena Capital
9. Northzone
10. Balderton Capital
SERIES A SERIES B
3. Endeavor Catalyst
4. Index Ventures
5. Northzone
6. Creandum
7. Atomico
8. Partech Ventures
9. Accel
10. Bpifrance
SERIES C
1. Insight Venture Partners
2. Kinnevik
3. Sequoia Capital
4. Accel
5. Level Equity
6. Atomico
7. Partech Ventures
9. SFPI-FPIM
10. Cipio Partners
SERIES D

51
SUPER ANGELS
1. Xavier Niel (Free)
2. Taavet Hinrikus (TransferWise)
3. Charlie Songhurst (Microsoft)
4. Thibaud Elziere (eFounders)
5. Michael Benabou (vente-privee)
6. David Helgason (Unity Technologies)
7. Preben Damgaard (Navision)
8. Louis Jonckheere & Pieterjan Bouten (Showpad)
9. Michael Pennington (Gumtree)
10. Julien Codorniou (Facebook)

52
Europe saw 22 IPOs of technology
companies in 2018 totaling € 7.5B.
Sweden, the IPO champion of 2016
and 2017 came to a total standstill
in 2018.
Contrary to 2017, a number of tech
companies went public on Wall
Street: Farfetch, Spotify, Elastic and
Opera.
Euronext is the most popular
platform for IPOs in Europe,
followed by AIM and Nasdaq First
North.
18% of all IPOs are in FinTech.
IPO PER COUNTRY 2018
1. UK (6)
2. Germany (2)
3. Netherlands (2)
4. Denmark (2)
5. France (2)
6. Ireland (2)
7. Belgium, Sweden, Czech Republic, Luxembourg, Norway, Portugal (1)

53
While 2017 was the year of the
Initial Coin Offering (ICO) with +26
investments totaling for € 863M.
2018 saw a big drop in ICOs to only
11 deals totaling € 144M.
ICO PER COUNTRY 2018
1. Switzerland (4)
2. Germany (2)
3. Netherlands (2)
4. Belgium (1)
5. Romania (1)
6. UK (1)

54
TOP 5 BIGGEST ICO DEALS*
€ 41M € 27M € 11M€ 24M € 10M
#01 #02 #03 #04 #05
*In amount raised

COUNTRY PROFILES: UK
55
2018 European scale up report European venture capital

56
UK COUNTRY HIGHLIGHTS
475 investments
€ 6.7B investments
Average founding year: 2013
Average amount: € 14.1M
6 IPOs
19% corporate investments
11% spinoffs
27% accelerator participation
36% has a foreign branch

57
UK SCALEUPS DASHBOARD
Farfetch
€ 752
Funding Circle
€ 337
Revolut
€ 203
Graphcore
€ 176
eToro € 128
Female
10%
Male
90%
1
34%
2
40%
+3
27%
FOUNDERS
GENDER
NUMBER OF
FOUNDERS
B2B
66%
B2C
34%
ACTIVITY
1-10
employees:
13%
11-50 employees:
46%
51-100
employees:
20%
+100 employees:
21%
NUMBER OF
EMPLOYEES
HIGHEST
ROUNDS
(MILLIONS)

58
1. London
2. Cambridge
3. Oxford
4. Edinburgh
5. Manchester
6. Bristol
7. Reading
8. Exeter
9. Brighton
10. Belfast
1. FinTech
2. HealthTech
3. EdTech
4. PropTech
5. MadTech
6. Cybersecurity
7. HRTech
8. MediaTech
9. eCommerce
1. SaaS
2. App
4. Blockchain
5. IoT
6. Virtual Reality
7. Computer Vision
8. Chatbot
9. Speech Recognition
10. Robotics
UK COUNTRY HIGHLIGHTS:
CITIES INDUSTRIES TECHNOLOGIES
Based on number of deals

59
1. Techstars
2. Seedcamp
3. Wayra
4. Entrepreneur First
5. Pitch@Palace
6. 500 Startups
7. Founders Factory
8. Upscale Tech City UK
9. Level39
10. Foundrs
1. University of Oxford
2. University of Cambridge
3. University College London
4. University of Bristol
5. University of Edinburgh
6. Imperial College
7. University of Leeds
8. Queen’s University Belfast
9. Royal College of Art
10. University of East Anglia
1. Subscription
2. Marketplace
3. Commission
4. Transactional
5. Interest charging
6. Freemium
7. Open Source
8. Licensing
9. Pay-as-you-go
10. Studio
UK COUNTRY HIGHLIGHTS:
ACCELERATORS SPINOFFS BUSINESS MODELS

60
UK: MOST ACTIVE INVESTORS
1. Index Ventures
3. LocalGlobe
4. Octopus Ventures
5. Notion Capital
6. Atomico
7. Passion Capital
8. DN Capital
9. Amadeus Capital Partners
10. Scottish Investment Bank
Deals of minimal € 750K

COUNTRY PROFILES: FRANCE
2016 INVESTORS IN EUROPE
61

62
2016 MASTER REPORT INVESTORS IN EUROPE
FRANCE COUNTRY HIGHLIGHTS
385 investments
2 IPOs
3% spinoffs

63
FRANCE SCALEUPS DASHBOARD
Voodoo
€ 171
Deezer
€ 160
BlaBlaCar
€ 101
Dataiku
€ 89
Evaneos € 69
Female
4%
Male
96%
1
35%
2
39%
+3
26%
FOUNDER
GENDER
NUMBER OF
FOUNDERS
HIGHEST
ROUNDS
(MILLIONS)
B2B
70%
B2C
30%
ACTIVITY
1-10
employees:
18%
11-50 employees:
55%
51-100
employees:
15%
+100 employees:
12%
NUMBER OF
EMPLOYEES

64
1. Paris
2. Lyon
3. Grenoble
4. Toulouse
5. Rennes
6. Nantes
7. Bordeaux
8. Lille
9. Marseille
10. Aix-en-provence
1. FinTech
2. MadTech
3. HealthTech
4. HRTech
5. PropTech
6. Utilities
7. EdTech
8. Mobility
9. eCommerce
10. Travel &
Hospitality
1. SaaS
2. App
4. IoT
5. Robotics
6. Drones
7. Virtual Reality
8. Autonomous Vehicles
9. Blockchain
10. 3D printing
FRANCE COUNTRY HIGHLIGHTS:

65
1. Paris&Co
2. Agoranov
3. Axeleo
4. NUMA
5. eFounders
6. EIT Digital
7. Impulse Labs
8. Plug and Play
9. Via ID
10. TheFamily
1. École Polytechnique
2. CEA-Leti
3. University of Bordeaux
4. Université Paris Saclay
5. ESPCI
6. University Hospital of Lille
7. CEA
8. Georges Pompidou Hospital
9. Inserm
10. Vision Institute, Université
Pierre et Marie Curie
1. Subscription
2. Marketplace
3. Transactional
4. Commission
5. Freemium
7. Pay-as-you-go
8. On demand economy
9. Crowdfunding
10. Open Source
FRANCE COUNTRY HIGHLIGHTS:

66
FRANCE: MOST ACTIVE INVESTORS
1. Bpifrance
2. Partech Ventures
3. Kima Ventures
5. 360 Capital Partners
6. Alven Capital
7. Isai
8. MAIF Avenir
9. XAnge
10. Seventure Partners

COUNTRY PROFILES: GERMANY
67

68
GERMANY COUNTRY HIGHLIGHTS
275 investments
2 IPOs
6% spinoffs

69
GERMANY SCALEUPS DASHBOARD
Auto1
€ 460
About You
€ 257
N26
€ 136
Westwing
€ 132
GoEuro € 131
Female
6%
Male
94%
1
27%
2
36%
+3
37%
FOUNDER
GENDER
NUMBER OF
FOUNDERS
B2B
65%
B2C
35%
ACTIVITY
1-10
employees:
16%
11-50 employees:
45%
51-100
employees:
18%
+100 employees:
21%
NUMBER OF
EMPLOYEES
HIGHEST
ROUNDS
(MILLIONS)

70
1. Berlin
2. Munich
3. Hamburg
4. Cologne
5. Frankfurt
6. Karlsruhe
7. Aachen
8. Düsseldorf
9. Leipzig
10. Freiburg
1. FinTech
3. Mobility
5. Utilities
6. HealthTech
7. Manufacturing
8. eCommerce
9. PropTech
10. HRTech
1. SaaS
2. App
4. IoT
5. Chatbot
6. Blockchain
7. Robotics
8. 3D printing
9. Computer Vision
10. Virtual Reality
GERMANY COUNTRY HIGHLIGHTS:

71
1. German Accelerator
2. Startupbootcamp
3. Techstars
4. FinLab
5. Climate-KIC
6. main incubator
7. EIT Digital
8. Seedcamp
9. Plug and Play
10. FinLeap
1. RWTH Aachen University
2. Karlsruhe Institute of Technology
3. Technical University of Munich
4. Hasso Plattner Institute
5. Ludwig-Maximilians University
6. University of Freiburg
7. TU Dresden
8. University of Rostock
9. Hahn-Schickard
10. University of Technologies Chemnitz
1. Subscription
2. Marketplace
3. Transactional
4. Commission
6. Open Source
7. Freemium
8. Ad funded
9. Content driven
10. Crowdfunding
GERMANY COUNTRY HIGHLIGHTS:

72
GERMANY: MOST ACTIVE INVESTORS
1. Global Founders Capital
2. High-Tech Gründerfonds
3. Holtzbrinck Ventures
4. Point Nine Capital
5. Bayern Kapital
6. Earlybird
7. Project A Ventures
8. Atlantic Labs
9. Target Global
10. Cherry Ventures

COUNTRY PROFILES: SWEDEN
73

74
SWEDEN COUNTRY HIGHLIGHTS
155 investments
1 IPO
5% spinoffs

75
SWEDEN SCALEUPS DASHBOARD
Syncron
€ 58
KRY
€ 53
Voi Technology
€ 44
Lendify
€ 41
NA-KD € 37
Female
7%
Male
93%
1
39%
2
33%
+3
28%
FOUNDER
GENDER
NUMBER OF
FOUNDERS
B2B
52%B2C
48%
ACTIVITY
1-10
employees:
19%
11-50 employees:
55%
51-100
employees:
13%
+100 employees:
13%
NUMBER OF
EMPLOYEES
HIGHEST
ROUNDS
(MILLIONS)

76
1. Stockholm
2. Malmö
3. Gothenburg
4. Lund
5. Örebro
6. Helsingborg
7. Linköping
8. Skerike
9. Frölunda
10. Uppsala
1. FinTech
2. HealthTech
3. Gaming
4. MediaTech
5. eCommerce
6. Utilities
7. SportsTech
8. PropTech
9. Retail
10. Cybersecurity
1. App
2. SaaS
4. IoT
5. Wearable
6. Computer Vision
7. Blockchain
8. 3D printing
9. Chatbot
10. Virtual Reality
SWEDEN COUNTRY HIGHLIGHTS:

77
1. SUP46
2. Minc
3. Norrsken Foundation
4. SOSV
5. Ideon Innovation
6. Chalmers Innovation
7. THINK Accelerate
8. STING Accelerate
9. Chalmers Ventures inkubator
10. PwC Accelerator
1. Karolinska Institutet
2. Lund University
3. Linköping University
1. Subscription
2. Marketplace
3. Transactional
4. Commission
5. Freemium
7. Ad funded
8. Gambling
9. Community
10. Pay-as-you-go
SWEDEN COUNTRY HIGHLIGHTS:

78
SWEDEN: MOST ACTIVE INVESTORS
1. Northzone
2. Creandum
3. EQT Ventures
4. Industrifonden
5. Almi Invest
6. Inbox Capital
7. Kinnevik
8. Spintop Ventures
9. NFT Ventures
10. eEquity

COUNTRY PROFILES: NETHERLANDS
79

80
NETHERLANDS COUNTRY HIGHLIGHTS
89 investments
Average amount: € 19M
2 IPOs
12% spinoffs

81
NETHERLANDS SCALEUPS DASHBOARD
Adyen
€ 950
Elastic
€ 218
Bitfury
€ 70
Dutch Finance Lab
€ 30
Shapeways € 26
Female
3%
Male
97%
1
26%
2
44%
+3
30%
FOUNDER
GENDER
NUMBER OF
FOUNDERS
B2B
70%
B2C
30%
ACTIVITY
1-10
employees:
17%
11-50 employees:
43%
51-100
employees:
24%
+100 employees:
16%
NUMBER OF
EMPLOYEES
HIGHEST
ROUNDS
(MILLIONS)

82
1. Amsterdam
2. Delft
3. Utrecht
4. Eindhoven
5. The Hague
6. Rotterdam
7. Leiden
8. Capelle Aan Den
Ijssel
9. Helmond
10. Breda
1. FinTech
2. HRTech
3. Utilities
4. eCommerce
5. Logistics & Supply
Chain
6. HealthTech
7. MediaTech
9. Mobility
1. SaaS
2. App
3. IoT
4. Blockchain
6. Wearable
7. 3D printing
8. Computer Vision
9. Chatbot
10. Drones
NETHERLANDS COUNTRY HIGHLIGHTS:

83
1. YES!Delft
2. Startupbootcamp
3. HighTechXL
4. UtrechtInc
6. Rockstart
7. Breed Reply
1. TU Delft
2. Eindhoven University of Technology
3. UMC Utrecht
4. University of Twente
5. Energy research Centre of the
Netherlands
1. Subscription
2. Transactional
3. Marketplace
4. Commission
5. Open Source
7. Crowdsourcing
NETHERLANDS COUNTRY HIGHLIGHTS:

84
NETHERLANDS: MOST ACTIVE INVESTORS
1. Newion Investments
2. henQ
3. INKEF Capital
4. KPN Ventures
5. HPE Growth Capital
6. Endeit Capital
7. Peak Capital
8. InnovationQuarter
9. Brabant Development Agency
10. 5square

COUNTRY PROFILES: BELGIUM
85

86
BELGIUM COUNTRY HIGHLIGHTS
75 investments
€ 439M investments
1 IPO
20% spinoffs

87
BELGIUM SCALEUPS DASHBOARD
Materialise
€ 75
Collibra
€ 40
UnifiedPost
€ 25
DataCamp
€ 22
Showpad € 20
Female
7%
Male
93%
1
25%
2
40%
+3
35%
FOUNDER
GENDER
NUMBER OF
FOUNDERS
B2B
77%
B2C
23%
ACTIVITY
1-10
employees:
23%
11-50 employees:
56%
51-100
employees:
11%
+100 employees:
10%
NUMBER OF
EMPLOYEES
HIGHEST
ROUNDS
(MILLIONS)

88
1. Ghent
2. Brussels
3. Antwerp
4. Louvain-La-Neuve
5. Leuven
6. Liège
7. Hasselt
8. Diegem
9. Kortrijk
10. Mechelen
1. HealthTech
2. FinTech
3. Manufacturing
4. MadTech
5. Utilities
6. MediaTech
7. Mobility
8. PropTech
9. EdTech
10. Cybersecurity
1. SaaS
2. App
4. IoT
5. 3D printing
6. Virtual Reality
7. Computer Vision
8. Wearable
9. Blockchain
10. Drones
BELGIUM COUNTRY HIGHLIGHTS:

89
1. imec.iStart
3. Startit @KBC
4. Scaleup Vlaanderen
5. BEyond
6. B-Hive
7. WSL
8. LeanSquare
9. Microsoft Accelerator
10. Startathlon
1. University of Ghent
2. Université catholique de Louvain
3. KU Leuven
4. University of Antwerp
5. University of Hasselt
6. VITO
7. Vrije Universiteit Brussel
1. Subscription
2. Transactional
3. Commission
4. Marketplace
5. Data monetization
6. Freemium
BELGIUM COUNTRY HIGHLIGHTS:

90
BELGIUM: MOST ACTIVE INVESTORS
1. PMV
2. Fortino
3. Pamica
4. Volta Ventures
5. LRM
6. Capricorn Venture Partners
7. SRIW
8. Qbic
9. GIMV
10. MeusInvest

COUNTRY PROFILES: SPAIN
91

92
SPAIN COUNTRY HIGHLIGHTS
73 investments
€ 1B investments
0 IPOs
0% spinoffs

93
SPAIN SCALEUPS DASHBOARD
LetGo
€ 440
Cabify
€ 129
Glovo
€ 115
TravelPerk
€ 38
Spotahome € 34
Female
4%
Male
96%
1
43%
2
40%
+3
17%
FOUNDER
GENDER
NUMBER OF
FOUNDERS
B2B
49%
B2C
51%
ACTIVITY
1-10
employees:
11%
11-50 employees:
49%
51-100
employees:
19%
+100 employees:
21%
NUMBER OF
EMPLOYEES
HIGHEST
ROUNDS
(MILLIONS)

94
1. Barcelona
2. Madrid
3. Valencia
4. San Sebastian
5. Seville
6. Bilbao
7. Girona
8. Murcia
9. Erandio
10. Elche
1. PropTech
3. eCommerce
4. Mobility
5. EdTech
6. HealthTech
7. Cybersecurity
9. Logistics & Supply Chain
10. FinTech
1. SaaS
2. App
4. IoT
5. Computer Vision
6. Speech Recognition
7. Blockchain
8. Satellites
9. Chatbot
10. Virtual Reality
SPAIN COUNTRY HIGHLIGHTS:

95
1. Wayra
2. SeedRocket
3. Plug and Play
4. NUMA
5. Conector
6. Venture Hive
7. FICHe
8. BIC BERRRILAN
9. Lanzadera Accelerator
1. Marketplace
2. Subscription
3. Commission
4. Crowdfunding
5. Pay-as-you-go
6. Freemium
7. Transactional
9. Gamification
SPAIN COUNTRY HIGHLIGHTS:

96
SPAIN: MOST ACTIVE INVESTORS
1. Caixa Capital Risc
2. Nauta Capital
3. Samaipata Ventures
4. Inveready
5. Seaya Ventures
6. Faraday Venture Partners
7. Kibo Ventures
8. K Fund
9. Cabiedes & Partners
10. Media Digital Ventures

COUNTRY PROFILES: SWITZERLAND
97

98
SWITZERLAND COUNTRY HIGHLIGHTS
73 investments
0 IPO
21% spinoffs

99
SWITZERLAND SCALEUPS DASHBOARD
SEBA Crypto
€ 88
Nexthink
€ 75
WayRay
€ 74
WISeKey
€ 43
Chronext € 27
Female
4%
Male
96%
1
25%
2
32%
+3
43%FOUNDER
GENDER
NUMBER OF
FOUNDERS
B2B
78%
B2C
22%
ACTIVITY
1-10
employees:
18%
11-50 employees:
51%
51-100
employees:
19%
+100 employees:
12%
NUMBER OF
EMPLOYEES
HIGHEST
ROUNDS
(MILLIONS)

100
1. Zurich
2. Zug
3. Lausanne
4. Geneva
5. Luzern
6. Vaud
7. Neuchatel
8. Saint Gallen
9. Bern
10. Basel
1. FinTech
2. HealthTech
3. HRTech
4. Cybersecurity
5. Utilities
6. MadTech
7. Logistics & Supply
Chain
8. Aerospace
9. PropTech
10. Automotive
1. SaaS
2. Blockchain
3. App
5. Drones
6. IoT
7. Robotics
8. Virtual Reality
9. Wearable
10. Computer Vision
SWITZERLAND COUNTRY HIGHLIGHTS:

101
1. Innovaud
2. FONGIT
3. Sandbox
4. Rancilio Cube
5. Climate-KIC
6. Samsung NEXT
7. Venture Kick
1. ETH Zurich
2. École Polytechnique Fédérale de Lausanne
1. Subscription
2. Marketplace
3. Transactional
4. Commission
5. Open Source
6. Licensing
7. Freemium
8. Crowdfunding
10. Crowdsourcing
SWITZERLAND COUNTRY HIGHLIGHTS:

102
SWITZERLAND: MOST ACTIVE INVESTORS
1. b-to-v Partners
2. Highland Europe
3. investiere
4. Lakestar
5. Redalpine Venture Partners
6. Swisscom Ventures
7. LGT Capital Partners
8. Go Beyond Investing
9. Ginko Ventures
10. Quadia

COUNTRY PROFILES: FINLAND
103

104
FINLAND COUNTRY HIGHLIGHTS
50 investments
0 IPO
6% spinoffs

105
FINLAND SCALEUPS DASHBOARD
Nokia
€ 250HMD
€ 85
Small Giant
Games
€ 33
ICEYE
€ 29
M-Files € 27
Female
4%
Male
96%
1
26%
2
42%
+3
32%
FOUNDER
GENDER
NUMBER OF
FOUNDERS
B2B
68%
B2C
32%
ACTIVITY
1-10
employees:
12%
11-50 employees:
53%
51-100
employees:
19%
+100 employees:
16%
NUMBER OF
EMPLOYEES
HIGHEST
ROUNDS
(MILLIONS)

106
1. Helsinki
2. Espoo
3. Oulu
4. Tampere
5. Turku
2. HealthTech
3. FinTech
4. HRTech
5. MadTech
6. Gaming
7. Software
development
8. eCommerce
9. Utilities
10. Aerospace
1. SaaS
2. App
4. Virtual Reality
5. Satellites
6. RPA
7. IoT
8. 3D printing
9. Blockchain
FINLAND COUNTRY HIGHLIGHTS:

107
1. NewCo Helsinki Accelerator
2. EIT Digital
3. Founders Factory
4. Techstars
1. VTT 1. Subscription
2. Transactional
3. Marketplace
4. Freemium
5. Commission
6. Ad funded
7. Crowdfunding
8. On demand economy
9. Open Source
FINLAND COUNTRY HIGHLIGHTS:

108
FINLAND: MOST ACTIVE INVESTORS
1. Inventure
2. Tekes
3. Lifeline Ventures
4. OpenOcean
5. Conor Venture Partners
6. Finnish Industry Investment
7. VTT Ventures
8. First Fellow Partners
9. Finnvera
10. Reaktor Ventures

COUNTRY PROFILES: IRELAND
109

110
IRELAND COUNTRY HIGHLIGHTS
37 investments
2 IPOs
8% spinoffs

111
IRELAND SCALEUPS DASHBOARD
Genomics
Medicine
Ireland
€ 350
Intercom
€ 106
Circle
€ 93
Linked Finance
€ 50
Fire1 € 40
Future Finance;
40
Female
22%
Male
78%
1 founder
51%
2 founders
38%
3 founders
6%
4 founders
5%
FOUNDER
GENDER
NUMBER OF
FOUNDERS
B2B
89%
B2C
11%
ACTIVITY
1-10
employees:
27%
11-50 employees:
49%
51-100
employees:
14%
+100 employees:
10%
NUMBER OF
EMPLOYEES
HIGHEST
ROUNDS
(MILLIONS)

112
1. Dublin
2. Galway
3. Dundalk
4. Waterford
5. Kildare
6. Cork
7. Mayo
1. FinTech
2. HealthTech
3. Cybersecurity
4. Semiconductors
5. FoodTech
6. MediaTech
7. EdTech
8. LegalTech
9. Retail
10. MadTech
1. SaaS
2. App
3. Data Analytics
4. Blockchain
6. IoT
8. Hardware
9. Virtual Reality
IRELAND COUNTRY HIGHLIGHTS:

113
1. The Foundry
2. 500 Startups
3. Wayra
4. SOSV
5. Y Combinator
6. The Yield Lab
7. THRIVE AgTech
8. Acceleprise San Francisco
1. Dublin City University
2. NUI Galway
3. National University of Ireland
1. Subscription
2. Commission
3. Transactional
5. Freemium
6. Licensing
7. Studio
8. Crowdsourcing
9. Crowdfunding
IRELAND COUNTRY HIGHLIGHTS:

114
IRELAND: MOST ACTIVE INVESTORS
1. Enterprise Ireland
2. Elkstone Capital Partners
3. Atlantic Bridge
4. Frontline Ventures
5. Kernel Capital
6. Western Development Commission
7. Polaris Partners
8. Fenway Summer Ventures
9. Vulcan Capital

COUNTRY PROFILES: DENMARK
115

116
DENMARK COUNTRY HIGHLIGHTS
46 investments
2 IPOs
4% spinoffs

117
DENMARK SCALEUPS DASHBOARD
Tradeshift
€ 200
Planday
€ 35
Area9 Lyceum
€ 24
Peakon
€ 18
Blackwood Seven
€ 17
Female
2%
Male
98%
1 founder
20%
2 founders
35%
3 founders
26%
4 founders
19%
FOUNDER
GENDER
NUMBER OF
FOUNDERS
B2B
76%
B2C
24%
ACTIVITY
1-10
employees:
27%
11-50 employees:
49%
51-100
employees:
14%
+100 employees:
10%
NUMBER OF
EMPLOYEES
HIGHEST
ROUNDS
(MILLIONS)

118
1. Copenhagen
2. Odense
3. Aarhus
4. Kongens Lyngb
5. Hoersholm
6. Taastrup
7. Aalborg
1. FinTech
2. HRTech
3. MadTech
4. HealthTech
5. FoodTech
6. EdTech
7. Document
Management
8. eCommerce
9. Manufacturing
10. PropTech
1. SaaS
2. App
5. Blockchain
6. IoT
7. Computer Vision
8. Data Analytics
9. Hardware
10. API
DENMARK COUNTRY HIGHLIGHTS:

119
1. 500 Startups
2. Techstars
3. Plug and Play
4. Seedcamp
5. Lemonsqueeze
6. Techstars
7. Startup Sauna
8. DG Incubation
9. Founders accelerator
1. University of Southern Denmark 1. Subscription
2. Transactional
3. Marketplace
4. Commission
5. Data monetization
6. Crowdsourcing
7. Pay-as-you-go
8. Ad funded
9. Freemium
DENMARK COUNTRY HIGHLIGHTS:

120
DENMARK: MOST ACTIVE INVESTORS
1. Seed Capital
2. Sunstone Capital
3. Creandum
4. Vækstfonden
5. Seed Capital Denmark
6. Preben Damgaard
8. byFounders
9. Innovation Fund Denmark
10. Jolt Capital

121
OTHER IN-DEPTH REPORTS IN THIS SERIES
2016 MASTER REPORT ABOUT

METHODOLOGY
2018 EUROPEAN SCALE UP REPORT METHODOLOGY
122

123
Companies includes web, app, mobile, digital products
and services, software, marketplace, connected
hardware, data-driven and HardTech companies.
Companies that have their HQ or launched in Europe are
considered. LifeScience and BioTech (except digital
solutions targeting this industry), non-digital CleanTech,
eCommerce (such as Hallofresh, Zalando etc), traditional
telco operators, research institutes, co-working spaces
and consultancy companies are excluded.
We encourage you to review the methodology to better
understand the numbers presented in this report.
Scaleups, not startups, are generating added value,
create jobs, expand international and create economic
value for stakeholders and society. This group is
attracting the lion share of (venture) capital, in some
countries of up to 90% of all capital. In other words, we
use the Pareto distribution rule to create an accurate
view on the venturing landscape. Only deals of at least
$1M / € 750K are considered.
We use a data-driven approach to track financing activity
for European tech companies.

124
Deals with a non-disclosed value or lacking value indication are not counted. If an amount is
described as a seven-figure number, the lowest possible value has been counted. Funding is
registered based on announcement date. All currencies (USD, GBP, CHF, SEK etc) are converted to
Euro using aonda.com. The number of employees is captured on the moment of fund raising and
based on the press release, LinkedIn, Xing, Viadeo or the company’s website.
The founding year and location is based on information in press releases, company website,
Crunchbase, LinkedIn or Xing. If deal information is being detected or corrected after closing the
month, quarter or year, it will be included in future reports. Funding of both private and public
companies are considered. Debt financing, IPOs, media for equity, crowdfunding, Initial Coin
Offering, private placements, post IPO equity, private equity, grants and convertible loans are
included.

125
THE CATEGORIES ARE:
Accountancy, Aerospace, AgriTech, Automotive, Business Intelligence, Business Services,
CivicTech, Consumer Electronics, Consumer Services, Customer Experience, Cybersecurity,
Document Management, eCommerce, EdTech, FinTech, FoodTech, Gaming, HealthTech, HRTech,
IoT, IT services, LegalTech, Logistics & Supply Chain, MadTech, Manufacturing, MediaTech, MICE,
Mining & Environmental services, Mobility, MusicTech, PropTech, Retail, Security,
Semiconductors, Software development, SportsTech, Telecom, Travel & Hospitality, Utilities and
Virtual Reality
THE COUNTRIES ARE:
Albania, Armenia, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia,
Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania,
Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Serbia, Slovakia, Slovenia,
Spain, Sweden, Switzerland and UK. Data of Turkey and Israel is being used as a benchmark for
Europe.

126
Omar Mohout, currently Entrepreneurship Fellow at Sirris, is a former technology entrepreneur, a
widely published technology author, C-level advisor to high growth startups as well as Fortune
500 companies and Professor of Entrepreneurship at the Antwerp Management School and
Solvay Brussels School of Economics and Management.
He is author of 'Pricing Strategies for Startups', 'The Belgian Startup Landscape', ‘Crowdfunding in
Belgium’, ’99 reasons why startups fail’, ‘Corporate Venturing’ and the popular 'Startup Master
Class series'. A contributing author to the ‘100 Days Digital Marketing Plan’ and ‘The Future of
Business’ books.
Mohout writes for VentureBeat, SaaScribe, Data News, Bloovi, StartUs and is academic
contributor to the European Startup Monitor.
He delivers the following workshops for startups and scaleups: Community Engineering; Pricing
strategies for startups; Lean Marketing; Setting-up and managing an Advisory board; Growth
Strategies; How to go from idea to scaleup; Going international; Subscription based business
models and; Cash Flow models for startups.
2018 EUROPEAN SCALE UP REPORT ABOUT THE AUTHOR
ABOUT THE AUTHOR

127
He is Co-chair of the Circle Of Growth; Community host for Corporate Venturing Europe;
Organizer of the Growth Hacking Meetup, Co-founder of the #BeTech Community and keeps track
of European funding and scaleups on scaleups.sirris.be.
Mohout is Chairman of the Strategy Advisory Board of VITO, a research and technology
organization in the areas of cleantech and sustainable development; Chairman of BeCentral, the
new focal point for everything digital in Belgium and; Advisory Board member of the Euronext
TechShare Program.
He served at the board of high growth technology companies Aproplan.com and Teamleader.eu.
He joined recently the Board of Directors of venture capital fund imec.iStart. CTO of Digicono.my
and co-founder of MyAdvisoryBoard.be
He is also a mentor at Nexxworks, Founder Institute, imec.iStart, Startit @KBC, Startathlon,
Belgium Ambassador at World Startup Report, Innovator Community Ambassador for Belgium,
Ambassador for MIT Innovators Under 35 Europe and Country Ambassador for UBI Global.
Mohout is a keynote speaker and panelist on technology, entrepreneurship and innovation topics
at leading conferences.
2018 EUROPEAN SCALE UP REPORT ABOUT THE AUTHOR
ABOUT THE AUTHOR

129
Sirris, the collective centre of the Belgian technology industry, helps companies with the
implementation of technological innovations, enabling them to strengthen their competitive
position over the long-term. Sirris helps you make the best technological choice and rapidly turn
your innovations into marketable products and services. The Sirris experts visit companies on site,
offer technological advice, launch innovation paths, and provide guidance to reach the
implementation phase. The aim is to find applicable solutions to the real challenges faced by
technology entrepreneurs and startups.
Sirris guides technology companies to a higher level of know-how and expertise in a wide range of
domains. The in-house experts provide a broad range of technological and go-to-market
knowledge. Where necessary, Sirris relies also on external knowledge partners, including
specialized companies, universities, knowledge centres, and research institutions.
For more information on how Sirris can help your company success, please visit www.sirris.be.
2018 EUROPEAN SCALE UP REPORT ABOUT SIRRIS

130
2018 EUROPEAN SCALE UP REPORT SOURCES
SPECIAL THANKS
Serkan Ünsal, startups.watch for covering Turkey and Tech.eu for the most detailed coverage of Europe
WEBSITES & NEWSLETTERS
150sec, agfundernews.com, allbrain.org, alliancy.fr, alloweb.org, angellist, arcticstartup, avoltapartners, barcinno, beauhurst, bitcoinsuisse.ch, breakit.se,
businessinsider.com, calaofinance.com, capital-e.com, cbinsights, cityam.com, cofmag.com, cmuportugal.org, coindesk, companisto.com, computable.nl, computable.be,
datafox, datanews.be, dealroom, derbrutkasten, deutsche-startups.de, digital.di.se, dn.no, dublinglobe.com, e52.nl, economyup.it, emeastartups.com, enterprise.cam.ac.uk,
eu-startups, feedsquared.com, finanznachrichten.de, finsmes, fora.ie, frenchweb.fr, funderbeam.com, geektime.com, gigaom.com, GIMV, globalcorporateventuring.com,
noah conference, go4venture.com, goaleurope.com, goodnewsfinland.com, gruenderszene.de, high-tech-gruenderfonds.de, ideaspace.cam.ac.uk, index.co,
irishtechnews.ie, itespresso.fr, ivca.ie, ivc-online.com, journaldunet.com, jvpvc.com, labsoflatvia.com, lesechos.fr, lightwaveonline, linkis.com, loogic, maddyness.com,
marketwatch, mattermark, myfrenchstartup.com, nocamels.com, nordurskautid.is, oresundstartups.com, oulo.com, palico.com, pando.com, parisandco.com,
parkwalkadvisors.com, pehub, pitchbook, portugalstartups.com, privateequitywire.co.uk, prnewswire, regional-it.be, rudebaguette.com, scotsman.com, seedrs.com,
shifter.no, siliconcanals, siliconrepublic.com, spotfolio.com, sprout.nl, startablish.at, startupitalia.eu, startupjuncture, startups.be, startups.co.uk, startups.watch,
startupticker, swedishstartupspace.com, syncni.com, syndicateroom.com, tech.eu, techberlin.com, techcitynews, techCrunch.com, techsite.io, theheureka.com,
thetechportal.com, toftecompany.com, trendingtopics.at, trendsonline.dk, unquote, usine-digitale, vc-europe, voltassocies.com, wall-street.ro, webcapitalriesgo.com,
webrazzi, websummit, whogotfunded.com, widoobiz
SOCIAL MEDIA
Abyssinia, amaigre, atizo, AudingaJa, AudingaJar, austrianstartup, Barcinno, BeTech_, blpoland, boostturku, bot_innovation, Brainport_regio, breakit_se,
BridgeBudapest, cdixon, chrysalisleap, chulu, ClujHub, CowboyGamedevBt, cphftw, csdeptucy, CyprusInno, davidcohen, Digital_Magics, dinaistwitting, DStartups,
dublin_startups, dziennik, El_Startupero, Emerce, EndeavorGr, ericries, etohum, festivaluprise, frontiersci, goodnewsfinland, growthfunders, gruenderszene,
health_xl, HelloPirates, hightechcampus, how_to_web, HUB13_Helsinki, hubvilnius, ICTSpring, ID_GC, ImpactHubBA, ImpactHubRO, impacthubzurich, ineshaeufler,
InkubatorStart, inkubatorypl, Innovaspain, InnovAthens, InternetWeekLJ, istanbulstartup, iTXFROM, joonathan, JouveSud, Kbinkubators, KBinkubators, keskkyla,

131
2018 EUROPEAN SCALE UP REPORT SOURCES
SOCIAL MEDIA (CONT.)
labsoflatvia, LAUNCHub, Leapfunder, LeumiTech, LisbonChallenge, LOFFICEbudapest, louishavri, LuceyFund, Lupacz, MadeinJLM, marketerslu, MassChallengeUK,
masteringrowth, metavallon, miniforetak, MMKlaszter, MusicHackFest, NCBR_pl, nestholma, NeulogyVC, NewTrendBG, NoCamels, NorthstarVent, OsloInnoEmbassy,
placeprint_mktg, ppmessengerpp, ProgramaMinerva, pt_startups, rp_teknoloji, Rubixlab, sama, saminnovatorene, sbcCopenhagen, SDigestCork, SeedstarsWorld,
sektorfuenf, SICampNorway, SiliconLux, siliconvikings, SkatteFUNN, Smart_Ireland, SmartCity4Italy, socialbakers, sprout_nl, STAkrog, StarCubeCZ, startitup_sk,
startup_italia, Startup_Kingdom, Startup_Podcast, StartUpBraga, startupbrett, StartupCampSK, startupestonia, startupgrind_LU, startupiceland, startupireland,
startupjobsite, STARTUPLISBOA, StartupRVK, StartupsBe, startupturkey, startupvcnews, startupyard, StartUscc, stefanlundell, STHLMTech, summitdesignatx,
swluxembourg, SwPrivateequity, Tech_Acad_Fin, tech_eu, TechBritannia, TechHubBuc, TechHubRiga, Technoport_, thecoulroom, thinkubator_dk, timwcap,
tyinternety, VC_watcher, venturelab_ch, version2dk, Vienna_CM, VirginStartUp, webcampzg, webrazzi, whiteboardmag, WHMeanor, ZIPZg, KairosSocietyHU,
SitraFund, ForumVirium, Tech_Acad_Fin, ReloadGreece, colabathens, bitspiration, NCBR_pl, blpoland, dziennik, CyberparkTGB, rp_teknoloji, sosyalmedyaco, IATurkije,
czechcrunch, PerpetuumZg, helgosson, StartupGrindSWE, ZuoraEMEA, nyteknik, CampusLondon, growthfunders, VirginStartUp, MassChallengeUK, CognicityCW, INiTS_at,
austrianstartup, IPNunes, SDigestCork, RyanAcademy, , LuceyFund, CrowdfundSpirit, kurtfinance, JouveSud, FuenteLatina, Silicon_wadi, BuildStuffLT, hightechcampus,
HollandFinTech, Leapfunder, IMPACT_acc, ProgramaMinerva, playinglean, , Teknisk, NorskVenture, StartupLabNo, rp_teknoloji, sosyalmedyaco, sbcIstanbul,
DLDConference, VC_watcher, startupradioDE, HTGF_, Lupacz, tyinternety, EconomyUp, SmartCity4Italy, Puglia_Startup, how_to_web, SeedstarsWorld, JeanneMazuret,
ParkwalkAdvisor

132
No dataset is complete and this report provides an indication of reality only. Comparing to reports
of other providers on similar subjects is partly possible when taking into account the different
methodologies.
This report has been compiled for informational purpose only and should not be regarded as a
solicitation to invest in any entity.
This report relies on data and insights from a wide range of public and private sources and we
can’t be hold responsible for the completeness and accuracy of the information provided.
This report may freely be distributed, republished and posted as long as the content is not
modified, decompiled or reference to the source is being removed.
2018 EUROPEAN SCALE UP REPORT DISCLAIMER

OmarMohout
omohout
@omohout
Omar-Mohout
FOLLOW OMAR ON
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