European Internet Sector Update - wilddigital.com · October 2016 Exclusive Financial Advisor to...

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


Trovit and its Shareholders

for €80m to

Sale of 100% of

September 2014


facile.it and its Shareholders

to

Sale of controlling stake in

October 2016


KäuferPortal and its Shareholders

by

Investment in

84% Ownership

May 2016


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


Yad2 and its Shareholders

for $228m to JV between

sold 100% of

February 2013


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


to

Quants Financial Services AG

April 2011

Advisor to Yatego


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.


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



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



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



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



Solution for desktop

sharing and online

collaboration over the

Internet

NM • Permira


• 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


• Monthly recurring

model

Cloud-based web

development

platform

59 (pre-IPO)

Market cap:

3.7bn

• Benchmark

• Bessemer Venture

Partners

• Mangrove

• 98% free float


• Free and premium

subscriptions

World’s leading

online statistics portal< 5 • Ströer



subscriptions

Market intelligence

solutions for web and

app analytics

c. 120

• Naspers

• Saban

• Viola



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


European Internet Sector Update - wilddigital.com · October 2016 Exclusive Financial Advisor to...

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