Post on 20-May-2020
European Internet Sector Update
24 May 2017
NOAH is Connecting Leaders to Support the European Digital Ecosystem
3
… but We are also Bankers and Investors
September 2015
Sale of 70% stake in
Exclusive Financial Advisor to
Drushim and its Shareholders
to
December 2014
Exclusive Financial Advisor to Fotolia and the
Selling Shareholders
for $800m to
Sale of 100% of
October 2014
Exclusive Financial Advisor to
Trovit and its Shareholders
for €80m to
Sale of 100% of
September 2014
Exclusive Financial Advisor to
facile.it and its Shareholders
to
Sale of controlling stake in
October 2016
Exclusive Financial Advisor to
KäuferPortal and its Shareholders
by
Investment in
84% Ownership
May 2016
Exclusive Financial Advisor to
10Bis and its Shareholders
by
Investment in
10Bis
December 2016
Financial Advisor to Silver Lake
by
Investment in
September 2016
Financial Advisor to Oakley
Capital
by
Acquisition of a Majority Stake in
from
at a valuation of €300m
November 2015
$5m fundraising and NOAH as the Lead
Investor
Exclusive Financial Advisor to Pipedrive
July 2015
Primary funding for
Advisor to BIScience
from
August 2015
$14m fundraising and NOAH as the Lead
Investor
Exclusive Financial Advisor to Aloha
September 2014
Analysed Strategic Alternatives
for mytaxi
4
Other Completed Transactions
April 2011
Exclusive Advisor toSummit Partners and TA Associates
have acquired a majority stake in
for $350m from
Advisor to EnGrande
Sale of a majority stake in
to
at a valuation of €40m
Sale of 100% in
to
April 2012
July 2011
August 2014
sale to
Advisor to the Selling ShareholdersFinancial Advisor to Toprural
and its Shareholders
December 2011
Advisor to Work4 Labs
Fund raising for
from various investors including
Angel Investors
April 2011
Advisor to AdTelligence
Fund raising for
from various investors
May 2014
Exclusive Financial Advisor to
Yad2 and its Shareholders
for $228m to JV between
sold 100% of
February 2013
Exclusive Financial Advisor to
Softonic and its shareholders
for a 30% stake alongside Softonic’s
Founders and Angel Investors at
€275m valuation
Growth equity investment from
November 2011
Exclusive Financial Advisor to grupfoni and its Shareholders
Sale of a majority stake in
to
Quants Financial Services AG
April 2011
Advisor to Yatego
Sale of a majority stake in
to
May 2012
Exclusive Financial Advisor toFotolia and its Shareholders
$150 million growth equity investment from
for a 50% stake alongside Fotolia’s Founders and TA Associates
Additional $150 million senior debt financing
October 2010
Advisor to JamesList
Investment in
by
5
Where Do We Stand?Europe’s Share is Flat, but China is Rising Fast
Source: Preqin Private Equity Online.
Note: Figures exclude add-ons, grants, mergers, secondary
stock purchases and venture debt.
Proportion of Aggregate Value of Venture Capital Deals by Region (2007 – 2017 YTD, as of Apr-17)
6
Where Do We Stand?Most important countries for VC investments
Source: Tech City UK.
Tech Sector Venture Capital and Private Equity Investment (GBP bn)
7
Where Do We Stand?Today’s Time has Sophisticated Investors and more Attention to Quality
Source: Preqin Private Equity Online.
Number and Aggregate Value of Venture Capital Deals Globally Q1 2007 – Q4 2016
Company Activity Raised ($m) Shareholders Business Model Momentum (Google Trends)
Cross-platform
online store that
sells shoes,
clothing and other
fashion items
615 (pre-IPO)
Market cap:
10.6bn
• Kinnevik
• Andres Povlsen
• Global Founders
• Baillie Gifford
• Tengelmann
Ventures
• 31% free float
• Online retailer
Global luxury
fashion online
platform that sells
products from over
700 boutiques and
brands from
around the world
305
• Index Ventures
• Vitruvian
Partners
• DST Global
• Temasek
Holdings
• IDG Capital
Partners
• Commission-
based (c. 30%)
• No-inventory
business model
(its retail partners
keep the
inventory)
Personalized
fashion
marketplace where
users can create a
customized
shopping feed of
products
61
• Balderton
Capital
• Draper Esprit
• Accel Partners
• LVMH
• Groupe Arnault
• Lead gen per
click out
8
European Internet StarsOnline Fashion
-
20
40
60
80
100
120
2012
2013
2013
2014
2015
2015
2016
2017
-
5
10
15
20
2012
2013
2013
2014
2015
2015
2016
2017
-
5
10
15
20
2012
2013
2013
2014
2015
2015
2016
2017
Source: Google Trends, Crunchbase, company websites.
Company Activity Raised ($m) Shareholders Business Model Momentum (Google Trends)
Long distance bus
mobility operator
that connects cities
and towns
throughout 20
European countries
+200
• Cherry Ventures
• Daimler
• General Atlantic
• HV Holtzbrinck
Ventures
• Silver Lake
Partners
• Ticket revenues
• UBER model –
owns only some
of the buses
Largest long
distance
ridesharing
platform and
world’s leading
carpooling
community
333
• Accel Partners
• Index Ventures
• Insight Ventures
Partners
• Lead Edge
• Baring Vostok
• Transactional
business model
• Flat cost +
percentage of a
ride price
Global ridesharing
app and an on-
demand
transportation and
delivery company
513
• Access
Industries
• Volkswagen
Group
• Baring Vostok
• MCI Capital
• Fee based
• Monthly dispatch
fees, per ride
fees, corporate
rides fees
• Acquisitions
Brand-independent
automobile
wholesale dealer
c. 600
• Cherry Ventures
• DN Capital
• DST Global
• Piton Capital
• Mutschler
Ventures
• Buys cars from
private sellers
and selling them
though auctions
with a c. 12%
mark up to a
dealer network
9
European Internet StarsAutomotive
-
20
40
60
80
2012
2013
2013
2014
2015
2015
2016
2017
-
50
100
150
2012
2013
2013
2014
2015
2015
2016
2017
-
5
10
15
20
2012
2013
2013
2014
2015
2015
2016
2017
-
5
10
15
20
2012
2013
2013
2014
2015
2015
2016
2017
Source: Google Trends, Crunchbase, company websites.
Company Activity Raised ($m) Shareholders Business Model Momentum (Google Trends)
Online hotel search
platform that
compares prices
from various hotels
on booking sites
worldwide
54 (pre-IPO)
Market Cap:
4.7bn
• PAR Capital
Management
• Foxhaven Asset
Management
• T.Rowe Price
• 11% free float
• Lead gen per
click out
Booking platform
for tours and
activities, offers a
variety of travel
experiences
through their global
supplier network
96
• KKR
• Highland Capital
Partners
• Spark Capital
• C. 30% margin
on gross
bookings
N/A
Low cost flights
booking engineN/A N/A
• Commision-
based
10
European Internet Stars
Travel
-
20
40
60
80
100
120
2012
2013
2013
2014
2015
2015
2016
2017
-
5
10
15
20
25
30
2012
2013
2013
2014
2015
2015
2016
2017
Source: Google Trends, Crunchbase, company websites.
Company Activity Raised ($m) Shareholders Business Model Momentum (Google Trends)
Multichannel
payment company
outsourcing payment
services to
international
merchants
266
• ICONIQ
• General Atlantic
• Index Ventures
• Commission-based
and processing
fees
• Interchange pricing
model
Comparison portal
for insurance,
energy, finance,
telecommunications
and travel
NM• Accel Partners
(10%)• Lead gen
European digital-only
banking service53
• Horizons Ventures
• Earlybird
• Readlpine
• Battery Ventures
• Interchange fees
from credit cards
• Overdraft interest
• Financial partners
fees
Leading financial
news information
portal
Profitable from
year 1
• Founders
• Angel 10%
• Advertising
• Lead gen
• SaaS (White label)
Credit solutions for
underbanked
customers through
machine-learning
technolgoies
283 (equity)
215 (debt)
• PayU (Naspers)
• Rakuten
• Peter Thiel
• J.C. Flowers &
Co.
• Interest rates on
loans and loan fees
11
European Internet StarsFintech and Consumer Finance Lead Gen
-
10
20
2012
2013
2013
2014
2015
2015
2016
2017
-
50
100
150
2012
2013
2013
2014
2015
2015
2016
2017
-
10
20
2012
2013
2013
2014
2015
2015
2016
2017
-
10
20
2012
2013
2013
2014
2015
2015
2016
2017
-
10
20
2012
2013
2013
2014
2015
2015
2016
2017
Source: Google Trends, Crunchbase, company websites.
Company Activity Raised ($m) Shareholders Business Model Momentum (Google Trends)
Female-first
networking and
dating app based on
match-making model
< 5 • Badoo (80%) • Freemium dating
World’s fastest
growing period
tracking and fertility
app
30
• FJ Labs
• Groupe Arnault
• Mosaic Ventures
• Curently still free
to use (building up
user base)
The market-leading
app for language
learning
32
• Nokia Growth
Partners
• Scottish Equity
Partners
• KIZOO
• Subscription-based
model
Leading online
takeaway ordering
platform
89 (pre-IPO)
Market Cap:
5.1bn
• SM Trust
• BlackRock
• Deutsche Bank
• Wellington
Management
• 81% free float
• Fee per booking
from restaurant
and customer
12
European Internet StarsApps and Vertical Leaders
-
10
20
30
2012
2013
2013
2014
2015
2015
2016
2017
-
50
100
150
2012
2013
2013
2014
2015
2015
2016
2017
-
5
10
15
20
2012
2013
2013
2014
2015
2015
2016
2017
-
50
100
2012
2013
2013
2014
2015
2015
2016
2017
Source: Google Trends, Crunchbase, company websites.
Company Activity Raised ($m) Shareholders Business Model Momentum (Google Trends)
Solution for desktop
sharing and online
collaboration over the
Internet
NM • Permira
• Subscription-based
• Multiple license
sets for different
customer types
Sales CRM platform
for small- to medium-
sized businesses
32
• Atomico
• Bessemer Venture
Partners
• Storm Ventures
• Paua Ventures
• Subscription-based
• Monthly recurring
model
Cloud-based web
development
platform
59 (pre-IPO)
Market cap:
3.7bn
• Benchmark
• Bessemer Venture
Partners
• Mangrove
• 98% free float
• Subscription-based
• Free and premium
subscriptions
World’s leading
online statistics portal< 5 • Ströer
• Subscription-based
• Free and premium
subscriptions
Market intelligence
solutions for web and
app analytics
c. 120
• Naspers
• Saban
• Viola
• Subscription-based
• Free and premium
subscriptions
13
European Internet StarsSaaS and Global SMB Products (B2B)
-
100
200
2012
2013
2013
2014
2015
2015
2016
2017
-
10
20
2012
2013
2013
2014
2015
2015
2016
2017
-
20
40
2012
2013
2013
2014
2015
2015
2016
2017
-
10
20
2012
2013
2013
2014
2015
2015
2016
2017
-
10
20
2012
2013
2013
2014
2015
2015
2016
2017
Source: Google Trends, Crunchbase, company websites.