Sector Update Marketplaces
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Q3 2020 Sector Update Marketplaces Important disclosures appear at the back of this report GP Bullhound LLP is authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRA 1
EXECUTIVE SUMMARY
Marketplaces perspectives
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and
capital to category leaders.
GP Bullhound’s marketplaces sector comprises the broader internet ecosystem, including online marketplaces, online classifieds, online travel
and e-commerce. This reports aims to provide insights into public and private valuations across the transaction spectrum and qualitative
insights into broader market trends. We also feature interviews with many of the leading companies and CEOs who are currently transforming
the sector.
In Q3, we continued to see a recovery in performance and valuations in most verticals in the Marketplaces sector after the COVID-induced
shock. As we predicted in Q2, there has been a significant uptick in M&A and private placement activity. Even more significantly, the IPO
market saw a particularly strong quarter with several landmark listings and filings over the period.
Based in our London office, Alessandro Casartelli heads the marketplaces practice which has completed over 20 transactions. Several of GP
Bullhound’s marquee marketplaces advisory transactions and investments are showcased below:
Glovo Baltic Classifieds Group Ontruck AutoTrader SA Avito.ru
INVESTMENT BY ACQUIRED BY INVESTMENT BY ACQUIRED BY INVESTMENT BY
GP Bullhound Fund IV, Apax Partners GP Bullhound Fund IV, OLX (Naspers) Accel, Baring Vostok &
Lakestar, Korelya and others Cathay, Atomico and others Vostok New Ventures
€150M UNDISCLOSED €25M UNDISCLOSED $110M
2
Contents
1 Key sector takeaways
2 Recent marketplaces transaction trends
3 Public company analyses
4 Marketplaces CEO commentary
5 Key marketplaces metrics
6 Appendix A: Public comparables by category
7 Appendix B: GP Bullhound credentials and team
8 Appendix C: GP Bullhound corporate overview
3
Section 1
Key sector takeaways
4
GP Bullhound’s views on current trends in marketplaces
What’s next in the never-ending search to discover the optimal customer acquisition
1 channels
2 Beauty and personal care innovation through direct-to-consumer (DTC)
3 The future of travel landscape
5
GP Bullhound’s views on current trends in marketplaces
What’s next in the never-ending search on discovering the optimal customer
1 acquisition channels
Since the advent of the internet, digital acquisition has evolved from email marketing
to search engine-driven channels. Initially, email was a new outbound marketing tool
and search engines catalogued vast inventories of websites.
− Marketers used PPC and early SEO techniques such as keyword stuffing,
excessive tagging and backlinks to generate high rankings and traffic.
− Since then, the introduction of social media sites and the implementation of
online personal data sharing has allowed marketeers to track patterns and
behavioral trends.
− This has been reinforced by smartphone adoption, with the speed and access
of search increasing SEO innovation has resulted in content and keyword DEAL DATE: AUG-20 DEAL DATE: JUL-20
relevance a much more effective form of generating traffic. Using content TTV: £210M EV: N/A
EV/ REV: 5.7X EV/ REV: N/A
helps with storytelling, sharing and building consumer engagement.
− More recently, brands and online sellers have used content to demonstrate
authenticity and assurance. Content marketing has enabled storytelling and
‘word of mouth’ acceleration through sharing.
Looking to the future, brands will need to create a brand ambassador programme
and rely less upon the old influencer model.
− Gymshark rapidly built a brand through influencer marketing. It consequently
accelerated the initial engagement through pop-up shops, celebrity
endorsements and content.
Third-party marketplaces and new selling channels offer a different model for DEAL DATE: JUL-20 DEAL DATE: AUG-20
customer acquisition, which uses monetisation through conversion rather than just TTV: $75M TTV: $120M
click, view or visit. TTV/ REV: 0.75X TTV/ REV: N/A
− There is an ecosystem building around third-party sellers, with companies such
as Orca Pacific helping sellers to optimise customer acquisition, search and
engagement.
Source: Capital IQ, Pitchbook, Mergermarket as of 30 September 2020 6
GP Bullhound’s views on current trends in marketplaces
2 Beauty and personal care innovation through direct-to-consumer (DTC)
The vertical has enjoyed the strongest demand in DTC across male and female
consumer groups.
This product category resonates well with consumers because its characteristics suit
digital distribution and engagement – parcel size relative AOV/price, unit economics,
and purchase/usage frequency.
− Therefore, many DTC beauty and personal care brands have managed to
convince consumers to skip retail stores and pay a premium for deliveries of
sustainable and high-quality household goods such as soap, razers and
DEAL DATE: AUG-20 DEAL DATE: JUL-20
personal care items. TTV: $47M TTV: $200M
EV/ REV: N/A EV/ REV: 10X
Innovation is another area where DTC brands in this segment have thrived.
− Categories such as shaving products, which have been traditionally hindered
due the Gillette monopoly – and more recently players such as Dollar Shave
Club and Estrid, disrupted the status quo through product development,
distribution enhancement, and higher engagement with consumers.
− In makeup and haircare, brands such as Glossier and Gisou have further
demonstrated how, through product-led innovation, nascent entrants can
build a well-engaged consumer offering online, which can in return be
leveraged into a global brand.
The global pandemic and lockdowns naturally slowed sales, especially for brands DEAL DATE: FEB-20 DEAL DATE: JAN-20
that also distribute through third-party retailers. However, with structurally low AOV TTV: N/A EV: N/A
(amongst discretionary consumer categories) and relatively high consumer value EV/ REV: N/A EV/ REV: N/A
through health and wellness benefits, we expect this segment to continue to capture
a large share of wallet during these uncertain times.
Source: Capital IQ, Pitchbook, Mergermarket as of 30 September 2020 7
GP Bullhound’s views on current trends in marketplaces
3 The future of travel landscape
The online travel sector has been decimated by COVID-19. As we have seen in past
major crises, in order to survive companies have been forced to re-invent and
innovate.
Meanwhile, domestic travel has seen some positive effects as local tourism has
gained popularity as a result of the mobility restrictions. After initially being
impacted, platforms like Airbnb and Vacasa have seen a strong uptick in demand.
Elsewhere, with the travel restrictions continually evolving, alternative transportation
methods have seen a surge in demand; e.g. bus and train. This is the case for Omio,
who recently raised $100m to grow its multi-mode search tool.
DEAL DATE: JUN-20 DEAL DATE: AUG-20
TTV: $108M TTV: $99M
Regarding accommodation, the pandemic has had a devastating effect on EV/ REV: N/A EV/ REV: N/A
traditional providers and online marketplaces. However, the latter are proving to be
more resilient:
− Hotels must work harder to integrate social-distancing requirements. In
addition, hotels concentrate large crowds, which customers are trying to
avoid.
− Online platforms have leaner structures and lower cost bases.
− Online platforms’ broader network allows online platforms to be more flexible
with their offering in terms of areas, accommodation types and length of
stay, which lowers the risk.
DEAL DATE: JUL-20 DEAL DATE: SEP-20
MARKET CAP: $250M TTV: $28M
The landscape is evolving rapidly and therefore companies are forced to re-think
EV/ REV: N/A EV/ REV: N/A
their targeting strategy. Service providers in this segment will increasingly need to
use technology and data to effectively target consumers and plug-in the changing
dynamics of global travel and hospitality; e.g. pricing, demand, supply, transport
methods, flying restrictions, etc.
Source: Capital IQ, Pitchbook, Mergermarket as of 30 September 2020 8
Section 2
Recent marketplaces transaction trends
9
GLOBAL MARKETPLACES TRANSACTION TRENDS
Uptick in financing activity, as well as M&A deal volume
We expect an increase in fundraising activity due to the more stable situation versus Q2 and Q3, as well as an increase in M&A volume due to
consolidation.
M&A deal value on a par with Q3 2019 Private placement deal value in Q3 2020 strongly growing YoY
$50B
2,000
$50B
400
$40B
$40B 1,500
300 $30B
$30B
1,000
200 $20B
$20B
$10B 500
$10B 100
$0B 0
$0B 0
2016 Q3
2016 Q4
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
2020 Q3
2016 Q3
2016 Q4
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
2020 Q3
Total capital invested Deal count Total capital invested Deal count
North America’s M&A activity picked up in Q3 2020 Asia private placement volume lost shares in Q3 2020
100% 100%
80% 80%
60% 60%
40% 40%
20% 20%
0% 0%
2016 Q3
2016 Q4
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
2020 Q3
2016 Q3
2016 Q4
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
2019 Q2
2019 Q3
2019 Q4
2020 Q1
2020 Q2
2020 Q3
US and Canada Europe Asia Other US and Canada Europe Asia Other
Source: Pitchbook as of 30 September 2020
Note: Data includes all “Marketplaces” M&A, private placement deals, and IPOs as defined by Pitchbook regardless of
geography or transaction size. 10NOTABLE MARKETPLACES M&A DEALS
Marketplaces continue to attract buyout and strategic interest
Q3 2020 saw few deals that show consolidation in the mobility and food delivery sectors, as well as strong interest from buyout funds. We expect to
see further consolidation in Q4.
Announcement date Target Buyer Target description Value ($m) Implied EV/LTM Rev
Sep-20 Savings destination for online and in-store purchases 420.0 -
Sep-20 Online contact lens retailer 3,000.0 -
Operations of Glovo in Peru, Ecuador, Costa Rica,
Sep-20 272.4 -
Honduras and Guatemala; food delivery services
-
Sep-20 Travel booking platform 27.8
Sep-20 Online real estate advertising services in Italy - -
Sep-20 Platform to buy/rent real estate properties 1,569.6 -
Sep-20 Online marketplace for auto dealers 425.0 -
Parent to 7 dynamic e-commerce retail brands:
Aug-20 250.0 -
Appleseed’s, Blair, Haband, Gettington, etc.
Aug-20 Mobile application for ordering groceries in Dubai 360.0 -
Classifieds platforms to find job, real estate, products
Jul-20 9,214.3 -
among other
Jul-20 Online housing, car, and job advertising services 211.5 -
Jul-20 E-commerce platform for selling furniture in Turkey 130.0 -
Jul-20 Food and grocery delivery platform 2,124.0 5.3x
Source: Capital IQ, Pitchbook, Mergermarket of 30 September 2020 11NOTABLE MARKETPLACES PRIVATE PLACEMENTS DEALS
Food delivery and mobility funding traction continues
Q3 2020 saw strong momentum in mega rounds with multiple transactions completed over $100m, and with special interest in the fitness, real
estate and logistics sector.
Announcement date Issuer Lead investor Issuer description Value ($m)
Online shipping and fulfilment software for small e-commerce
Sep-20 68.0
businesses
Sep-20 Online footwear marketplace intended to buy and sell sneakers 100.0
Commerce platform for selling, distributing, and managing
Sep-20 185.0
cloud-based products and services
Interactive fitness platform intended to transform indoor cycling
Sep-20 450.0
and running
Sep-20 Digital platform form home gym training 110.0
Sep-20 Online pharmacy delivery services in the US 75.0
Sep-20 Online real estate marketplace provider 220.1
Instant quoting platform intended to offer a marketplace for
Sep-20 75.0
custom manufacturing
D2C prescription eyewear designed to offer trendy aesthetics at
Aug-20 120.0
lower prices
Online platform to search and book for air, rail, bus, and car
Aug-20 100.0
rental across Europe
Fitness apparel and accessories brand designed to manufacture
Aug-20 270.9
clothes and outfits for athletes
Aug-20 Marketplace technology solutions for businesses 300.0
Jul-20 Online marketplace for health and beauty products 150.0
Online platform that allows patients to consult doctors,
Jul-20 78.7
psychologists, and healthcare providers
Source: Capital IQ, Pitchbook, Mergermarket as of 30 September 2020 12Section 3
Public company analyses
13SELECTED MARKETPLACES PUBLIC COMPANY VALUATIONS
Amazon continues to dominate the marketplaces universe
Market cap values in $bn
Amazon.com, Inc. 1,597.2
Alibaba Group
Holding Limited 777.5
(1)
Prosus N.V. 146.1
(2)
Shopify Inc. 120.8
JD.com, Inc. 112.2
Pinduoduo Inc. 83.1
Booking Holdings
Inc. 72.0
Uber
Technologies, Inc. 66.7
Recruit Holdings
Co., Ltd. 64.3
MercadoLibre,
Inc. 52.5
eBay Inc. 40.3
Wayfair Inc. 28.3
Peloton
Interactive, Inc. 27.4
Ocado Group plc 25.9
Pinterest, Inc. 23.4
Zalando SE 22.8
Chewy, Inc. 22.7
Trip.com Group
Limited 22.6
Delivery Hero SE 22.0
Zillow Group, Inc. 21.8
Source: Capital IQ as of 30 September 2020
(1) Prosus’ market capitalisation includes stake in Tencent (2) Shopify not included in trading comparables 14SHARE PRICE PERFORMANCE OF KEY MARKETPLACES INDICES
Large caps are the best performing in the sector (LTM)
As the COVID-19 situation persists, we expect volatility to continue to particularly affect the online travel and classifieds segments.
Share price performance L5Y
Share price performance L5Y L3Y LTM L6M Since 01/02
S&P 500 Technology Sector 197.8% 94.0% 41.8% 47.9% 14.7%
Large cap 359.0% 123.0% 70.4% 58.3% 42.2%
LTM performance E-commerce 139.0% 84.3% 110.4% 135.0% 86.9%
Online marketplaces 216.0% 78.3% 46.1% 81.3% 14.8%
E-commerce Classifieds 172.4% 67.2% 37.0% 82.7% 10.7%
110.4%
Online travel 11.8% (26.8%) (18.0%) 40.2% (15.2%)
450%
Large cap 400%
70.4% 350%
300%
Online marketplaces
46.1% 250%
200%
S&P 500
41.8%
150%
100%
Classifieds
50%
37.0% 0%
Online travel -50%
(18.0%)
30 Sep 15 31 Mar 16 30 Sep 16 31 Mar 17 30 Sep 17 31 Mar 18 30 Sep 18 31 Mar 19 30 Sep 19 31 Mar 20 30 Sep 20
Source: Capital IQ as of 30 September 2020
Notes: GP Bullhound Marketplaces index constituents are aligned with trading comps found in Appendix A. 15Indicative trading valuation benchmarks
CY19-21 rev LTM gross EV / CY20E
Verticals Selected companies growth (1) margin (1) revenue (1)
Large cap 50% 50% 6.5x
E-commerce 16% 42% 2.4x
Online marketplaces 29% 53% 5.8x
Classifieds 3% 66% 11.8x
Online travel (14%) 73% 4.6x
Source: Capital IQ as of 30 September 2020
(1) Average 16GP BULLHOUND MARKETPLACES INDEX VALUATIONS
Indices trading in line with 5-year averages
The recent correction has moved valuations to below 5-year averages for most segments. Valuations in the Large cap index remain the most
stable due to their diversification.
EV/NTM revenue trends L5Y
EV/NTM revenue average L5Y L3Y LTM L6M Since 01/02
Large cap (1) 6.6x 6.5x 7.1x 7.8x 8.6x
E-commerce 5.2x 5.6x 5.0x 5.3x 5.7x
Online marketplaces 4.0x 4.1x 4.5x 5.1x 5.7x
Classifieds 3.1x 2.8x 2.7x 3.3x 3.8x
10.0x Online travel 1.9x 1.9x 1.9x 2.2x 2.5x
9.0x
9.0x
8.0x
7.0x
6.0x 5.7x
5.4x
5.0x
4.0x 3.9x
3.0x
2.4x
2.0x
1.0x
0.0x
Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20
Source: Capital IQ as of 30 September 2020
(1) Prosus excluded from Large cap, revenue multiple not meaningful for comparison (data skewed by Tencent stake) 17MARKETPLACES 2020 IPO ACTIVITY
COVID-19 creating uncertainty for 2020 listed marketplace
companies
Description: Online real estate
(1) marketplace
Listing date: 16 September 2020
Offering amount: N/A
Offering price/share: N/A
Description: Online retailer of
fast-moving consumer goods
Marketplaces stocks listed in 2020 Listing date: 16 September 2020
Offering amount: £1.9bn
Description: Online used-car
Offering price/share: £5
300% trading platform
Listing date: 9 June 2020
Offering amount: $468m
250%
Offering price/share: $22
Description: Online retailer of mattresses
200% and other bedding products
Listing date: 6 February 2020
Offering amount: $100m 135.4%
150%
Offering price/share: $14.5 4 months
100%
19.6%MARKETPLACES FUTURE IPOS
Anticipation is building ahead of 2021 IPOs
Filings to look for in the next 12 months
Company Headquarters Total funding Verticals Description
Online mobility platform with operations for over 550m users
$21.2bn Mobility
across Asia, Latin America and Australia
Online property rental marketplace focused on short-term
$5.4bn Hospitality
travel stays
$3.3bn Online marketplace Operator of online auction portals
On-demand food delivery services connecting customers with
$2.5bn Online delivery
local businesses
$2.2bn Online delivery Online grocery delivery services marketplace
Online social commerce marketplace intended to help users
$153m Internet retail
buy, sell and share their personal style
Online marketplace for automobiles. It also provides loans
$133m Online marketplace
and insurance services
Source: Capital IQ, Pitchbook, Mergermarket, Crunchnase
Note: Total funding refers to total debt and equity funding 19Section 4
Marketplaces CEO commentary
20CEO profile
Investors
Poole,
UK
OnBuy is the world's fastest-growing marketplace selling everything from pet
supplies, homeware to beauty and toys. Launched in November 2016, OnBuy
created a fairer, more transparent marketplace that puts its buyers and sellers first.
From household names to smaller independent retailers, OnBuy offers sellers the
same advantages as the leading marketplaces but in a new way that benefits
everyone. Moreover, we do not compete with sellers by offering own branded
products.
“The events of 2020 have dramatically accelerated the move
towards a digital economy. Consumer adoption of eCommerce was
steadily on the rise even before the pandemic struck, but the events
of this year have accelerated the inevitable uptick in online shopping
beyond what anyone could predict.
An increase in sales for online retailers was to be expected, however
this situation has naturally posed challenges, as retailers have been
forced to diversify supply chains to keep up with increased demand,
or expand their product ranges to ensure consistent income as
shopping habits change with the ever-evolving consumer landscape.
At OnBuy, we can certainly attest to the growth and diversification
trends - we've achieved 600% year-on-year growth for the second
consecutive year and we've seen monthly seller sign ups to our
marketplace triple as online retailers look to diversify their income
streams. We offer millions of products across thousands of categories, Marketplace
and while we initially saw an expected increase in sales across Merchant
Cas Paton Logistics 2020
gaming and entertainment categories, as well as home workout and
FOUNDER & CEO
office equipment, as we enter the biggest quarter of the year we’re Award
seeing increased interest in tech, beauty products and clothing.”
21CEO profile
Investors
London,
UK
HURR is the smart way to rent your wardrobe, on-demand. The UK's leading wardrobe
rental platform allows members to share clothes and accessories, securely and in
seconds. HURR has been named the “Airbnb of Fashion”, disrupting fashion ownership
and paving the way towards a more sustainable future. Discover and rent curated
edits of contemporary and luxury brands, accessing trend led pieces and coveted
one offs. Welcome to a new way to wardrobe.
“Unlike the more traditional rental model, HURR members can both
rent and lend, allowing everyday women to play a role in both the
demand and supply side of a truly circular fashion model.
As a data-driven tech platform with over three years of information,
we have access to a highly targeted user group, their behaviours /
insight into top rented brands and pricing analytics.
Data informs every part of our decision-making process, from the
brands we choose to work with through to the products we feature.
Rather than building a highly complex platform, existing fashion
brands should utilise existing rental technologies to access the sharing
economy.
The newly launched HURR x Selfridges Rental Collection is the perfect
Victoria Prew hybrid - providing the need for newness (that the fast fashion model
CO-FOUNDER & CEO relies upon) in a more affordable, sustainable way.”
22Section 5
Key marketplaces metrics
23Common marketplaces headline financial KPIs
Tracking metric Calculation Description
GMV (Gross Merchandise Value) is the total value of merchandise sold through a
GMV = Total value of transactions
GMV / (Take rate %)
marketplace
Take rate (%) = % * GMV
Take rate is the commission that the company collects on sales
Include growth metrics:
Net revenue = Total revenue less sales tax, YoY / MoM
Net revenue / (growth %)
−
returns and cancellations − CAGR
− Organic vs. acquisition
Annual Run Rate Revenue (ARRR)
Indicator of financial performance which takes a company’s current revenue in a
Annual Run Rate Revenue Calculation: certain period and converts to an annual figure to get the full-year equivalent
(ARRR) − ARRR = revenue in period / # of days in
Implied assumption that present financial environment will not change significantly
and sensitive to seasonal fluctuations in revenue
period x 365
Gross profit / (margin %)
Net revenue = less COGS,
Contribution margin I discounts/promotions
True calculation of gross profit includes any discounts
(CM1)
Contribution margin II / CMII = CMI less logistics & packing, service
Business profitability following customer/order servicing
(CMII margin %) costs & payment fees
Contribution margin III / CMIII = CMII less sales and marketing costs Is the business profitable following customer acquisition and marketing efforts
(CMIII margin %)
Underlying profitability of the business after all overheads and HQ costs
EBITDA = CMIII less HR overhead, HQ costs &
EBITDA (EBITDA margin %)
other general & administrative costs If currently not profitable, does EBITDA margin progression give an indication of when
the business could reach breakeven
24Common marketplaces headline financial KPIs
Tracking metric KPI Description
Visits (gross & unique)
Sign-ups
Track overall visits funnel and conversion of traffic into leads, transactions and
Traffic statistics Organic vs. Paid traffic
revenue
Application (mobile/tablet) vs. Desktop
Conversion rates by channel
Orders / customer
Product split (%) – e.g. private label vs. 3rd
Further analyse traffic funnel and understand conversion into revenue
Order statistics
party
Order metrics can help analyse and shape product strategy/segmentation
Return rate (%)
Average order value (AOV)
New vs. Repeat consumers / order / revenue Consumers can be analysed by cohort e.g. by first purchase
New vs. Repeat stats New marketing spend Run cohorts to look at customer retention over time to spot trends and ROI on sales
Repeat marketing spend and marketing initiatives
Cost of acquiring one consumer/user
All S&M expenses for new consumers. Sometimes excludes personnel management
Customer acquisition cost CAC = Sales & marketing spend / number of
S&M costs
(CAC) new consumers
CAC strategy can typically vary on a seasonal basis as S&M efforts, e.g. ramp-up or
slowdown
Customer lifetime value CLV = Gross margin (%) x retention (%) x AOV
Value a consumer contributes to a business over their lifetime
(CLV) Projected on a cohort basis e.g. 1-year, 2-year, 5-year etc.
How much value is a business making from consumers in relation to how much it
cost to acquire them
CLV:CAC ratio CLV:CAC = CLV / CAC
Good benchmark is 3:1. 1:1 or below suggests a business loses money as it scales. If
the ratio is too high (e.g. 5:1 or higher) this business could be under investing
25Section 6
Appendix A: Public comparables
by category
26Public comparables – Large cap
Market
% of 52 Perf. since EV EV / Revenues EV / EBITDA Gross margin (%) EBITDA margin 2019-2021 CAGR
cap
week high 1 Feb 2020
Company HQ (USD) (USD) CY2020 CY2021 CY2022 CY2020 CY2021 CY2022 CY2019 CY2020 LTM CY2020 CY2021 CY2022 Revenue EBITDA
Large cap
Large cap
Amazon United States 89% 57% 1,577,166 1,597,176 4.3x 3.7x 3.1x 30.1x 24.1x 18.9x 41% 40% 40% 14% 15% 17% 24% 24%
Alibaba China 98% 42% 795,403 777,545 8.4x 6.6x 5.3x 27.4x 21.0x 16.5x 46% 45% 45% 31% 32% 32% 28% 27%
Prosus The Netherlands 87% 28% 150,466 146,135 5.9x 4.6x 3.8x 19.3x 15.5x 12.3x n.a. 39% 35% 30% 30% 31% 219% n.a.
JD.com China 90% 106% 121,111 112,174 1.0x 0.9x 0.7x 34.9x 24.2x 18.0x 9% 15% 8% 3% 4% 4% 24% 51%
Pinduoduo China 75% 111% 88,804 83,123 11.7x 7.6x 5.8x n.m. n.m. 42.7x 77% 78% 77% (14%) 3% 14% 57% n.m.
eBay United States 85% 55% 36,464 40,252 3.7x 3.5x 3.3x 10.1x 9.6x 8.9x 77% 78% 77% 37% 37% 36% 3% 6%
Pinterest United States 98% 88% 24,929 23,377 16.0x 12.0x 9.2x n.m. n.m. 60.9x 70% 69% 68% 2% 8% 15% 31% 200%
Rakuten Japan 93% 36% 14,590 12,646 0.9x 0.8x 0.7x 13.3x 9.3x 6.0x 72% 76% n.m. 7% 9% 12% 14% (10%)
Mean 89% 65% 351,117 349,054 6.5x 5.0x 4.0x 22.5x 17.3x 23.0x 56% 55% 50% 14% 17% 20% 50% 49%
Median 89% 56% 104,957 97,649 5.1x 4.2x 3.5x 23.3x 18.2x 17.2x 70% 57% 45% 11% 12% 16% 26% 25%
Source: Capital IQ as of 30 September 2020
Note: Prosus includes OLX, PayU, iFood, Delivery Hero, Swiggy, Tencent, Mail.ru and other smaller e-commerce companies 27Public comparables – E-commerce
Market
% of 52 Perf. since EV EV / Revenues EV / EBITDA Gross margin (%) EBITDA margin 2019-2021 CAGR
cap
week high 1 Feb 2020
Company HQ (USD) (USD) CY2020 CY2021 CY2022 CY2020 CY2021 CY2022 CY2019 CY2020 LTM CY2020 CY2021 CY2022 Revenue EBITDA
E-commerce
Online fashion
Zalando Germany 100% 95% 23,464 22,814 2.5x 2.1x 1.8x 38.0x 30.8x 24.2x 43% 42% 41% 7% 7% 8% 19% 23%
VIP Shop China 64% 23% 10,572 9,363 0.7x 0.6x 0.5x 9.0x 7.0x 6.2x 22% 21% 22% 7% 8% 9% 11% 23%
Farfetch United Kingdom 79% 106% 8,544 8,508 5.5x 4.2x 3.4x n.m. n.m. 60.1x 46% 45% 45% (5%) 1% 6% 41% n.m.
ASOS United Kingdom 94% 64% 6,626 7,255 1.7x 1.5x 1.2x 24.2x 19.5x 16.1x 49% 48% 48% 7% 8% 8% 14% 65%
boohoo.com United Kingdom 87% 22% 5,635 5,367 2.7x 2.2x 1.8x 27.7x 22.5x 18.2x 54% 54% 54% 10% 10% 10% 30% 32%
Stitch Fix United States 86% 18% 2,829 2,707 1.5x 1.3x 1.1x n.m. n.m. 37.2x 44% 45% 44% (3%) (0%) 3% 11% n.a.
Global Fashion Group Luxembourg 85% 215% 1,276 1,101 0.7x 0.6x 0.5x n.m. 17.7x 10.1x 41% n.a. 41% (0%) 4% 5% 6% n.m.
The RealReal United States 59% - 1,268 1,135 3.6x 2.6x 2.1x n.m. n.m. n.m. 65% 65% 64% (35%) (14%) (5%) 17% n.m.
Rev olv e United States 67% (8%) 1,142 1,015 1.7x 1.4x 1.2x 18.8x 13.9x 10.4x 54% 50% 51% 9% 10% 11% 10% 15%
Vertical E-commerce
Peloton United States 97% 207% 28,649 27,440 9.8x 6.6x 4.8x n.m. n.m. 42.0x 42% 44% 46% 12% 7% 11% 85% n.a.
Wayfair United States 83% 211% 27,760 28,335 2.0x 1.8x 1.5x 45.6x 51.1x 32.9x 23% 28% 26% 4% 4% 5% 31% n.m.
Ocado United Kingdom 94% 120% 26,166 25,943 8.6x 7.5x 6.7x n.m. n.m. n.m. 34% 37% 34% 2% 3% 6% 23% 46%
HelloFresh Germany 89% 135% 9,697 9,292 2.4x 2.1x 1.9x 22.0x 19.6x 15.6x 62% 66% 65% 11% 11% 12% 44% 194%
Stamps United States 74% 223% 4,235 4,004 5.6x 5.3x n.a. 18.7x 18.3x n.a. 72% 75% 74% 30% 29% n.a. 15% 15%
1-800-flowers.com United States 76% 64% 1,606 1,529 0.9x 0.9x n.a. 9.5x 9.0x n.a. 42% 42% 42% 9% 10% n.a. 17% 36%
Zooplus Germany 93% 102% 1,331 1,333 0.6x 0.6x 0.5x 29.2x 26.8x 20.3x 29% 30% 26% 2% 2% 3% 14% 90%
AO World United Kingdom 99% 175% 1,318 1,445 0.9x 0.8x 0.8x 24.5x 18.9x 15.3x 16% 16% 17% 4% 4% 5% 16% 101%
Casper Sleep United States 45% n.a. 289 256 0.5x 0.4x 0.3x n.m. n.m. 12.8x 49% 51% 49% (11%) (3%) 3% 20% n.m.
Blue Apron United States 25% 85% 126 170 0.4x 0.4x 0.3x n.m. 8.4x 5.9x 39% 38% 38% 0% 4% 6% 3% n.m.
Oponeo Poland 79% 30% 115 101 n.a. n.a. n.a. n.a. n.a. n.a. 19% n.a. 19% n.a. n.a. n.a. n.a. n.a.
SRP Groupe France 45% (24%) 114 117 0.1x 0.2x 0.2x 6.7x 5.4x 4.8x n.a. n.a. 34% 2% 3% 3% 1% n.m.
MySale Group Australia 83% 31% 61 61 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 9% n.a. n.a. n.a. n.a. n.a.
E-Commerce - Others
Chewy United States 73% 107% 22,575 22,699 3.3x 2.7x 2.3x n.m. n.m. 77.1x 23% 25% 24% 0% 2% 3% 31% n.m.
B2W Brazil 70% (4%) 8,963 9,031 5.3x 4.9x 4.1x 61.7x 43.0x 30.6x 30% 33% 30% 9% 11% 13% 24% 40%
Ov ertstock.com United States 57% 795% 3,106 2,921 1.3x 1.2x 1.0x 58.1x 37.4x 25.3x 20% 22% 22% 2% 3% 4% 30% n.m.
Cimpress Ireland 52% (37%) 1,954 3,610 1.5x 1.3x 1.3x 9.0x 7.7x 7.4x n.a. n.a. 50% 17% 17% 17% (1%) (0%)
Shutterstock United States 88% 20% 1,904 1,637 2.5x 2.3x 2.2x 15.3x 13.3x 11.9x 58% 58% 58% 16% 18% 18% 4% 13%
Yelp United States 54% (38%) 1,469 1,164 1.4x 1.3x 1.1x 16.7x 8.1x 6.2x 94% 93% 93% 8% 16% 18% (4%) (18%)
CEWE Germany 82% (6%) 791 841 1.0x 1.0x 0.9x 6.6x 6.1x 5.6x 73% 73% 76% 16% 16% 16% 2% 2%
Quotient Technology United States 65% (27%) 668 647 1.5x 1.3x 1.2x 13.6x 9.2x 8.1x 43% 47% 39% 11% 14% 14% 8% 25%
Jumia Technologies Nigeria 33% 33% 637 450 2.5x 1.9x 1.4x n.m. n.m. n.m. 46% 64% 55% (90%) (62%) (36%) 12% n.m.
Groupon United States 32% (65%) 586 363 0.2x 0.3x 0.3x 14.6x 3.0x 2.7x 53% 48% 49% 2% 11% 12% (29%) (27%)
Boqii China 69% n.a. 213 458 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 19% n.a. n.a. n.a. n.a. n.a.
Qliro Group Sweden 60% (7%) 122 153 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 24% n.a. n.a. n.a. n.a. n.a.
Delticom Germany 68% (10%) 55 152 0.2x 0.2x 0.2x 8.8x 6.4x n.a. 27% 27% 23% 2% 3% n.a. 7% n.m.
Mean 72% 80% 5,882 5,812 2.4x 2.0x 1.6x 22.8x 17.5x 20.3x 44% 46% 42% 2% 5% 7% 16% 37%
Median 74% 31% 1,469 1,445 1.5x 1.3x 1.2x 18.7x 13.9x 15.3x 43% 45% 41% 4% 7% 7% 14% 24%
Source: Capital IQ as of 30 September 2020 28Public comparables – Online marketplaces
Market
% of 52 Perf. since EV EV / Revenues EV / EBITDA Gross margin (%) EBITDA margin 2019-2021 CAGR
cap
week high 1 Feb 2020
Company HQ (USD) (USD) CY2020 CY2021 CY2022 CY2020 CY2021 CY2022 CY2019 CY2020 LTM CY2020 CY2021 CY2022 Revenue EBITDA
Online marketplaces
Uber United States 87% 1% 63,936 66,712 5.2x 3.7x 2.9x n.m. n.m. 56.3x 51% 53% 35% (20%) (2%) 5% 13% n.m.
Mercado Libre Argentina 85% 63% 53,810 52,541 14.8x 11.1x 8.2x n.m. n.m. n.m. 48% 48% 54% 6% 5% 8% 44% n.m.
Deliv ery Hero Germany 90% 47% 22,946 21,976 7.7x 4.8x 3.3x n.m. n.m. n.m. 30% 20% 18% (22%) (6%) (0%) 78% n.m.
Takeaway.com Netherlands 93% 19% 16,725 16,782 6.7x 5.6x 4.7x 48.6x 36.9x 25.0x 73% 66% 65% 14% 15% 19% 147% n.a.
Carv ana United States 95% 181% 15,488 16,896 3.1x 2.2x 1.6x n.m. n.m. n.m. 13% 14% 13% (5%) (0%) 2% 41% n.m.
Etsy United States 86% 149% 14,514 14,331 9.5x 8.4x 6.9x 32.3x 29.9x 22.9x 68% 71% 69% 29% 28% 30% 45% 60%
Lyft United States 51% (42%) 8,598 6,874 2.8x 1.8x 1.4x n.m. n.m. 40.6x 43% 46% 43% (32%) (8%) 3% 2% n.m.
GrubHub United States 91% 34% 6,674 6,761 4.1x 3.6x 3.0x n.m. 44.7x 29.7x 48% 34% 32% 5% 8% 10% 20% (10%)
Kakaku.com Japan 89% (1%) 5,401 5,258 10.7x 9.1x 8.1x 23.5x 21.3x 17.7x n.a. n.a. 101% 46% 43% 46% 1% (8%)
CarGurus United States 53% (39%) 2,444 2,344 4.5x 3.7x 3.2x 22.5x 18.1x 12.9x 94% 92% 93% 20% 20% 25% 4% 30%
Moneysupermarket.com United Kingdom 66% (20%) 1,854 1,890 4.1x 3.8x 3.5x 13.0x 11.0x 10.0x 70% 66% 67% 31% 34% 35% (0%) (3%)
Gruppo MutuiOnline Italy 92% 25% 1,047 1,137 4.5x 4.4x 4.1x 15.6x 14.8x 12.7x 44% n.a. 47% 29% 30% 32% (1%) 1%
Redbubble Australia 88% 330% 794 759 2.2x 2.1x 1.8x 31.9x 19.5x 15.9x 15% n.a. 19% 7% 11% 11% 21% 139%
TrueCar United States 77% 35% 540 406 1.4x 1.6x 1.5x 11.8x 45.8x 22.7x 91% 91% 91% 12% 3% 7% (14%) (32%)
Mean 82% 56% 15,341 15,334 5.8x 4.7x 3.9x 24.9x 26.9x 24.2x 53% 55% 53% 9% 13% 17% 29% 22%
Median 88% 29% 7,636 6,818 4.5x 3.7x 3.3x 23.0x 21.3x 22.7x 48% 53% 50% 10% 9% 11% 17% (1%)
Source: Capital IQ as of 30 September 2020 29Public comparables – Classifieds
Market
% of 52 Perf. since EV EV / Revenues EV / EBITDA Gross margin (%) EBITDA margin 2019-2021 CAGR
cap
week high 1 Feb 2020
Company HQ (USD) (USD) CY2020 CY2021 CY2022 CY2020 CY2021 CY2022 CY2019 CY2020 LTM CY2020 CY2021 CY2022 Revenue EBITDA
Classifieds
Property, cars, general
Zillow United States 98% 120% 23,056 21,764 6.8x 4.5x 3.0x n.m. n.m. 66.4x n.a. n.a. n.a. 4% 4% 5% 34% 121%
Adev inta Norway 95% 40% 11,721 11,871 14.7x 12.5x 11.4x 58.1x 42.4x 35.8x 62% n.a. 62% 25% 30% 32% 9% 9%
Autohome China 98% 26% 11,431 9,584 7.6x 6.8x 6.0x 17.8x 15.3x 13.4x 91% 89% 91% 43% 44% 45% 7% 7%
REA Group Australia 90% 3% 10,383 10,458 19.2x 15.3x 13.3x 32.6x 23.7x 20.9x 71% 91% 71% 59% 65% 64% 2% 13%
Scout24 Germany 93% 26% 8,772 6,676 16.2x 14.6x 13.0x 27.4x 23.9x 20.9x 76% n.a. 76% 59% 61% 62% 4% (14%)
Rightmov e United Kingdom 88% (7%) 7,054 7,004 27.0x 18.8x 17.5x 40.4x 25.1x 23.2x 77% 67% 77% 67% 75% 76% (0%) (2%)
Auto Trader United Kingdom 92% (2%) 7,029 7,394 17.0x 18.4x 14.6x 27.1x 23.3x 20.3x n.a. n.a. n.a. 63% 79% 72% (8%) (4%)
Info Edge India 98% 32% 6,344 6,155 39.0x 33.0x 27.7x n.m. n.m. 75.2x 53% n.a. 53% 33% 35% 37% 3% 9%
Redfin United States 90% 105% 4,967 4,788 5.7x 4.3x 3.4x n.m. n.m. 71.8x 19% 22% 17% 1% 2% 5% 19% n.m.
carsales.com Australia 96% 28% 3,646 3,962 13.2x 11.8x 10.8x 23.3x 21.5x 19.4x 84% n.a. 84% 57% 55% 56% 5% 8%
Bitauto China 99% 4% 1,122 2,557 2.2x 1.8x 1.7x n.m. 18.9x 18.2x 60% 61% 63% (27%) 9% 9% (5%) 111%
Purplebricks United Kingdom 55% (33%) 292 254 2.2x 2.1x 1.8x n.m. 28.6x 15.4x 58% n.a. 61% 1% 7% 12% (9%) n.m.
Jobs
Recruit Holdings Japan 90% (1%) 65,037 64,331 3.2x 3.0x 2.7x 27.3x 22.4x 18.4x 53% n.a. 53% 12% 13% 15% (2%) (3%)
SEEK Australia 88% 0% 5,369 6,599 6.0x 5.6x 4.8x 27.2x 23.6x 16.9x 44% n.a. 44% 22% 24% 28% (1%) (8%)
51job China 84% 8% 5,238 3,765 7.3x 6.6x 5.8x 21.5x 19.3x 17.3x 70% 66% 69% 34% 34% 34% (2%) 2%
Freelancer Australia 59% 6% 154 146 n.a. n.a. n.a. n.a. n.a. n.a. 83% n.a. 83% n.a. n.a. n.a. n.a. n.a.
DHI Group United States 59% (19%) 110 137 1.0x 0.9x n.a. 4.8x 4.1x n.a. 89% 89% 88% 21% 23% n.a. (1%) (2%)
JcbNext Malaysia 92% (3%) 46 14 n.a. n.a. n.a. n.a. n.a. n.a. 60% n.a. 60% n.a. n.a. n.a. n.a. n.a.
Mean 87% 19% 9,543 9,303 11.8x 10.0x 9.2x 27.9x 22.5x 30.2x 66% 69% 66% 30% 35% 37% 3% 18%
Median 91% 5% 5,856 6,377 7.5x 6.7x 6.0x 27.2x 23.3x 20.3x 66% 67% 66% 29% 32% 34% 1% 5%
Source: Capital IQ as of 30 September 2020 30Public comparables – Online travel
Market
% of 52 Perf. since EV EV / Revenues EV / EBITDA Gross margin (%) EBITDA margin 2019-2021 CAGR
cap
week high 1 Feb 2020
Company HQ (USD) (USD) CY2020 CY2021 CY2022 CY2020 CY2021 CY2022 CY2019 CY2020 LTM CY2020 CY2021 CY2022 Revenue EBITDA
Online travel
Booking.com United States 82% (7%) 70,050 71,958 9.4x 6.2x 5.0x 48.5x 17.5x 12.7x 100% 100% 102% 19% 36% 39% (13%) (16%)
Trip.com China 80% (3%) 18,323 22,563 8.4x 5.1x 4.1x n.m. 23.7x 16.4x 79% 74% 78% 8% 21% 25% (5%) (8%)
Expedia United States 66% (15%) 12,949 20,061 3.6x 2.4x 1.9x n.m. 14.4x 9.1x 83% 68% 76% (2%) 17% 20% (17%) (19%)
MakeMyTrip India 51% (33%) 1,586 1,435 6.1x 2.8x 1.9x n.m. n.m. 61.0x n.a. n.a. 38% (37%) (6%) 3% 3% n.m.
Webjet Australia 27% (65%) 945 946 13.0x 6.8x 4.0x n.m. 57.1x 11.1x 70% 73% 58% (69%) 12% 36% (31%) (61%)
Triv ago Germany 39% (41%) 548 397 1.1x 0.7x 0.5x n.m. 18.4x 6.2x 99% 96% 98% (11%) 4% 9% (23%) (49%)
On The Beach United Kingdom 49% (39%) 497 519 5.6x 2.9x 2.5x n.m. 10.2x 8.2x n.a. n.a. 53% 6% 28% 31% 8% 2%
Despegar.com Argentina 41% (57%) 445 262 1.8x 0.5x 0.5x n.m. 11.2x 3.1x 66% 33% 59% (78%) 5% 15% (4%) (4%)
Edreams Odigeo Luxembourg 42% (45%) 319 873 2.4x 2.2x 1.7x 16.9x 13.0x 7.8x n.a. n.a. 83% 14% 17% 21% (24%) (30%)
Lastminute.Com Netherlands 39% (55%) 229 195 0.9x 0.7x 0.5x 33.2x 5.0x 3.3x 19% n.a. 74% 3% 13% 17% (15%) (28%)
Holidaycheck Germany 52% (34%) 101 90 3.6x 0.9x 0.7x n.m. 9.6x 7.0x 72% n.a. 44% (190%) 9% 11% (24%) 12%
Hostelworld Ireland 36% (64%) 83 54 2.8x 1.0x 0.6x n.m. 19.7x 2.5x n.a. n.a. 100% (113%) 5% 22% (23%) (66%)
Trav elzoo United States 52% (37%) 73 73 1.3x 1.0x 0.8x n.m. 6.1x 6.8x 89% 85% 87% (1%) 16% 12% (17%) 6%
Mean 50% (38%) 8,165 9,187 4.6x 2.5x 1.9x 32.9x 17.2x 11.9x 75% 75% 73% (35%) 14% 20% (14%) (22%)
Median 49% (39%) 497 519 3.6x 2.2x 1.7x 33.2x 13.7x 7.8x 79% 74% 76% (2%) 13% 20% (17%) (18%)
Source: Capital IQ as of 30 September 2020 31Section 7
Appendix B: GP Bullhound credentials & team
32GP Bullhound’s recent advisory activity in the marketplaces
space
ACQUIRED BY ACQUIRED BY ACQUIRED BY ACQUIRED BY SALE OF EQUITY ACQUIRED BY
STAKE BY
INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY
INVESTMENT BY ACQUIRED BY ACQUIRED BY ACQUIRED BY ACQUIRED BY ACQUIRED BY
33GP Bullhound’s recent investing activity in the marketplaces
space
INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY
Fund IV Fund III Fund III Fund IV Fund III
CIBELES
INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY INVESTMENT BY
Fund III Fund IV Fund IV Fund IV Fund I
Angels
34Authors
Alessandro Casartelli Dipam Patel Joaquin del Rio
EXECUTIVE DIRECTOR VICE PRESIDENT ANALYST
Alessandro.Casartelli@gpbullhound.com Dipam.Patel@gpbullhound.com Joaquin.Delrio@gpbullhound.com
35Section 8
Appendix C: GP Bullhound corporate overview
36We partner with global tech
leaders to build the future
37ABOUT GP BULLHOUND
A leading technology advisory and investment firm
Mergers & Acquisitions Investments
We are the no. 1 global advisor (1) to leading technology Through our investment team, we provide investors with access to
companies in competitive international sale and acquisition category leading technology companies.
processes. Our five closed-end funds have a total value of more than €280m
The firm has completed 420 successful M&A transactions to date, and our limited partners include institutions, family offices and
worldwide, with a total value of over $18bn. entrepreneurs.
BALTIC CLASSIFIEDS
ESSENCE FILTER FALCON.IO JELLYFISH SPOTIFY SLACK MARIADB UNITY GLOVO
GROUP
GP BULLHOUND GP BULLHOUND GP BULLHOUND GP BULLHOUND GP BULLHOUND
FUND III FUND IV FUND V FUND IV FUND IV
Capital Transactions Insights & Events
We are a leading global advisor to companies and their owners Our events and speaking activities bring together thousands of
on capital related transactions including venture capital, growth leading digital entrepreneurs and technology investors
capital, acquisition funding, secondary block trades and initial throughout the year.
public offerings. Our thought-leading research is read by thousands of decision-
The firm has completed 120 rounds of financing for technology makers globally and is regularly cited in leading newspapers and
companies to date, with a total value of $2bn. publications.
TECHNOLOGY TITANS SUMMIT NORTHERN INVESTOR
INNOGAMES DELIVERY HERO ECOVADIS SIGNAVIO PRODIGY FINANCE
PREDICTIONS OF TECH MARBELLA TECH AWARDS ALLSTARS
(1) League table data represents selected transaction advisors. Time period is 2016-Q4 2019. Global M&A transactions
between $10m and $300m 38Our focus sectors
SOFTWARE DIGITAL MARKETPLACES FINTECH DIGITAL
MEDIA SERVICES
39
Confidential
39Joy Abiola Robert Ahldin Johannes Akermark Seth Alpert Claudio Alvarez Erik Andershed
VICE PRESIDENT SENIOR ADVISOR DIRECTOR SENIOR ADVISOR PARTNER DATA SCIENTIST
Susanna Andersson Anna Arce-Leplau Reda Ben Larbi Adam Birnbaum Karl Blomsterwall Bev Boettcher
OFFICE MANAGER FUND OPERATIONS ANALYST DIRECTOR ASSOCIATE OFFICE MANAGER
MANAGER
Guillaume Bonneton Caoimhe Bradley Felix Bratell Joyce Byrne Hugh Campbell Jon Cantwell Charlotte Carew-Gibbs Ian Carroll
PARTNER OFFICE MANAGER VICE PRESIDENT OFFICE MANAGER MANAGING PARTNER PARTNER HR MANAGER DIRECTOR FINANCE
Alessandro Casartelli Gioia Cerbelli Gaia Cibrario Iman Crisby Eric Crowley Alec Dafferner Joakim Dal Natalie Dean Carlos de la Esperanza Joaquin del Rio Briones Freddie Dodge Carolin Drewes Geneshe Edelman Jennifer Eller Fraenze Gade
EXECUTIVE ASSOCIATE ANALYST EXECUTIVE DIRECTOR PARTNER PARTNER VP FINANCE ANALYST ANALYST ANALYST ASSOCIATE OFFICE MANAGER RESEARCH EDITOR VP EVENTS
DIRECTOR DIRECTOR MARKETING
Ravi Ghedia Hampus Hellermark Inge Heydorn Olivia Hornstein Elsa Hu Javed Huq Okan Inaltay Staffan Ingeborn Miguel Kindelán Alon Kuperman Maria Lazareva Pierce Lewis-Oakes Andrea López Felix Lutjen Ashleigh MacDonald
DIRECTOR ASSOCIATE PARTNER OFFICE MANAGER EXECUTIVE DIRECTOR ASSOCIATE NON-EXECUTIVE EXECUTIVE EXECUTIVE PERSONAL ASSOCIATE DESIGN COORDINATOR ANALYST FINANCE MANAGER
DIRECTOR DIRECTOR DIRECTOR DIRECTOR ASSISTANT
Manish Madhvani Marvin Maerz Alexis Majos Bulat Mardanov Victoria Martin Jaime Moreno Candice Mostisser Praveena Muthukumar Simon Nicholls Dave Nish Jason Nordlicht Sandra Núñez Brandon Overmyer Adam Page Victoria Palma Ehrichs
MANAGING PARTNER VICE PRESIDENT ANALYST ASSOCIATE PERSONAL DIRECTOR STRATEGY ANALYST VP FINANCE PARTNER VP TECHNOLOGY ASSOCIATE GRAPHIC DESIGNER VICE PRESIDENT VICE PRESIDENT PERSONAL
ASSISTANT ASSISTANT
Dipam Patel Ben Prade Ed Prior Sven Raeymaekers Joel-Oskar Raisanen Julian Riedlbauer Daniel Roberts Manon Rodier Per Roman Cecilia Roman Johan Roslund Jesper Rothe Oliver Schweitzer Alexis Scorer Jaime Sendagorta
VICE PRESIDENT EXECUTIVE ASSOCIATE PARTNER ANALYST PARTNER ANALYST ANALYST MANAGING PARTNER SENIOR ADVISOR VICE PRESIDENT ANALYST EXECUTIVE EXECUTIVE VICE PRESIDENT
DIRECTOR DIRECTOR DIRECTOR
Minya Shidhaye Kevin Siagam Joy Sioufi Sir Martin Smith Greg Smith Maria Sosna Joe Tabberer Eddie Tam David Travis Vincent Wei Carl Wessberg Nikolas Westphal Jade Williams Evgeny Yakovlev Matthew Young
ANALYST ASSOCIATE EXECUTIVE CHAIRMAN PARTNER OFFICE MANAGER VICE PRESIDENT DIRECTOR GENERAL COUNSEL ASSOCIATE PARTNER EXECUTIVE PERSONAL ANALYST ANALYST
DIRECTOR DIRECTOR ASSISTANT
40Global marquee transactions
Baltic Classifieds Group GP Bullhound Fund III EcoVadis GP Bullhound Fund III Innogames
ACQUIRED BY INVESTED IN INVESTMENT BY INVESTED IN INVESTMENT BY
Apax Partners Spotify CVC Growth Partners Klarna Modern Times Group
UNDISCLOSED REALISED $200M ACTIVE €260M VALUATION
(DIRECT LISTING)
GP Bullhound Fund IV Jellyfish GP Bullhound Fund I Filter 13th Lab
INVESTED IN INVESTMENT BY INVESTED IN ACQUIRED BY ACQUIRED BY
Slack Fimalac Group Avito Merkle Facebook
REALISED £500M REALISED UNDISCLOSED UNDISCLOSED
(DIRECT LISTING) (ACQUIRED BY NASPERS)
41GP BULLHOUND INSIGHTS & EVENTS
Thought-leading independent technology research –
connecting people in the tech industry
Titans of Tech Technology Software Digital Services Fintech
PANDEMIC PROOF? PREDICTIONS GLOBAL MARKET GLOBAL MARKET GLOBAL MARKET
PERSPECTIVES PERSPECTIVES PERSPECTIVES
Summit Northern Tech Investor Conference Market Update
MARBELLA AWARDS ALLSTARS RECEPTIONS WEBINARS
42Disclaimer
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