TechTour Meet Europe's Super-Scale Ups - Tech Tour Growth 50
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2018 | www.techtourgrowth50.com
TechTour
Meet Europe’s Super-Scale Ups
TechTour
Visit www.techtourgrowth50.com for:
Full company tables showing capital raised, funding
rounds, and investors, individual profiles of all Tech
Tour Growth 50 companies and news and views
about, and from, all the companies
#TTG50
2 www.techtourgrowth50.com
TechTour
Meet Europe’s Super-Scale Ups 3
Contents
04 Introduction
05 By the numbers
06 Tech Tour Growth 50 Companies
08 Selection Committee
16 Key Facts
14 The Rise of Europe’s Super-Scale Ups
18 Can Tech Talent Keep Up?
21 Scaling for success
30 Statistics
31 Appendix
Publication
Tech Tour Growth 50 Cover Design
Published by Tech Tour
The cover consists of photos of
Data the CEOs of the 2018 Tech Tour
Growth 50 companies.
This publication was created with
the support of PitchBook as the Editor
data provider. Unless otherwise James Burnham
mentioned PitchBook is the prima-
ry source of information. The clas- Data Research
sification of companies by sector Petar Buyukliev
and geography is by Tech Tour. The
concept of “super-scale ups” is by Copy Editor
Tech Tour and the number of Euro- Stephanie de Verteuil
pean “super-scale up” companies
is an estimate based on PitchBook Design
data, Tech Tour research and the Ivena Hlebarova
insight of the selection commitee.
Numbers for North America and ® Tech Tour 2018
Asia do not benefit from Tech Tour
research and serve as a useful All rights reserved. No part of this
comparison. Tech Tour takes all publication may be reproduced,
responsibility for analysis, comment photocopied, stored in a retrieval
and any numerical errors. system or transmitted in any form or
by any means—for example, elec-
tronic, photocopy, audio recording
—without the prior written permis-
sion of the publisher.
Tech Tour
TechTour
Introduction
Welcome to the Tech Tour At Tech Tour we have long been
Growth 50 – Europe’s most convinced of the strength of the
promising growth equity “super- European ecosystem for high-
scale up” companies. tech growth companies. This
conviction is born out of the
For the fourth year in succes- European tech entrepreneur
sion, Tech Tour, together with a dynasties that are now emerging
selection committee of interna- where the capital and expertise
“At Tech Tour we tional investors, have researched
and evaluated over 280 Europe-
created by unicorn success-
es such as Skype, has backed
have long been an private tech companies at a companies that have gone on to
convinced of the sub-one billion US dollar valu-
ation. The purpose of the Tech
achieve unicorn status.
strength of the Tour Growth 50 is not to give a In this edition we also give voice
ranking, or construct an index, to a number of founders and
European ecosystem but to shine the brightest of lights CEOs of the 2018 Tech Tour
for high-tech growth on the companies yet to achieve
unicorn status as a demonstra-
Growth 50, to give an insight
into their personal motivation
companies.” tion of the strength and depth and understand the challenge
of technology companies in (and pleasure) of scaling-up tech
Europe. companies.
The companies and their inves- We are proud to play our own
tors will all gather at the Tech part in Europe’s success –
Tour 2018 Growth Summit with many of Europe’s current
taking place in Switzerland on unicorns and of course this
the 22-23 of March. year’s Growth 50 companies
having had their capital raises (27
The composition of the TTG50 in total) supported and acceler-
has changed significantly from ated by meeting investors via our
2015 where almost 50% of the events and community platform.
companies were defined as ‘B2C
eCommerce’. This year that Please visit techtourgrowth50.com
broad category only applies to for:
just over 14% of the companies.
Today we see major success • Data, including capital raised,
stories emerging in B2B software funding rounds, and inves-
and services, fintech and cyber- tors
William Stevens, security. • Individual profiles of all Tech
CEO, Tech Tour Tour Growth 50 companies
The investor base in these
• News and views about, and
companies is also increasing
from, all the companies
and diversifying. In 2015 from
227 investors, 72% were venture
We would like to thank all the
capital fund managers, with just
members of this year’s selection
6% coming from private equity/
committee, and our data partner
asset management. Today there
PitchBook, and hope you enjoy
are 355 investors, with 14% clas-
reading about this year’s Tech
sified as private equity/asset
Tour Growth 50.
management and just over 50%
coming from venture capital
funds.
4
Meet Europe’s Super-Scale Ups 5
By the Numbers
Companies
Investors
Source: PitchBook, Tech Tour
Tech Tour
TechTour 2018 Tech Tour Growth 50 COMPANY COUNTRY SECTOR COMPANY COUNTRY SECTOR Actility IoT GridGain Systems AI/Big Data Acturis SaaS Happn E-Commerce Acumatica SaaS iZettle Fintech Alfresco Software SaaS Made.com E-Commerce Algomi Fintech M-Files SaaS AlienVault Cybersecurity N26 Fintech Ava Health/Biotech NewVoiceMedia SaaS Avecto Cybersecurity NFON SaaS Beqom SaaS Nutmeg Fintech Calastone Fintech Outfittery E-Commerce CarPrice E-Commerce PeopleDoc SaaS Chrono24 E-Commerce RapidMiner AI/Big Data Citymapper Other Software RELEX SaaS Collibra SaaS Scality SaaS CurrencyCloud Fintech Scytl Other Software Darktrace Cybersecurity Secret Escapes E-Commerce Doctolib Health/Biotech SigFox IoT eGym Hardware Socialbakers SaaS E-Leather Hardware Sophia Genetics Health/Biotech eToro Fintech SoundCloud Other Software Feedzai Cybersecurity Telensa IoT Fenergo SaaS Vivino E-Commerce Finanzcheck.de Fintech VuLog SaaS GetYourGuide E-Commerce WeTransfer SaaS GoodData SaaS WorldRemit Fintech Shaded companies enter the Tech Tour Growth 50 for the first time in 2018 6
Meet Europe’s Super-Scale Ups 7
Belgium Netherlands
Czech Republic Portugal
Denmark Russia
Finland Spain
France Sweden
Switzerland
Germany
UK
Ireland
Tech Tour
TechTour
Tech Tour Growth Summit co-Presidents
Selection
Committee Chris Wade Eric Archambeau
Isomer Capital Wellington Partners
Matthias Allgaier Antonella Beltrame Alban Wyniecki Falk Müller-Veerse
Summit Partners Intesa Sanpaolo Idinvest Partners Bryan, Garnier & Co
George Coelho Malcolm Ferguson Alexander Galitsky Anne Glover
Good Energies AG Octopus Investments Almaz Capital Partners Amadeus Capital Partners
Alberto Gómez Ravi Kurani Sven Lingjaerde Dominique Megret
Adara Venture Partners Earlybird Venture Capital Endeavour Vision Swisscom AG
Stephan Morais Jacob Pedersen Seth Pierrepont Mauro Pretolani
Indico Capital Partners Vaekstfonden Accel Partners Fondo Italiano di
Investimento
Helena Prokhorenko Morgan Seigler Patrick Sheehan Bruno Crémel
Highland Europe TA Associates ETF Partners Partech Ventures
8
Meet Europe’s Super-Scale Ups 9
Key Facts
The Global Super-Scale Up North America: 833 Europe: 284 Asia: 181
Universe
We identified, globally,
almost 1,300 super-scale up
companies, the majority in
North America.*
The Tech Tour Growth 50
was chosen by the selection
committee from the European
companies.
*See appendix for criteria, note our European list
was augmented by the insight of our selection
committee, Asia and North America is based on
companies meeting the criteria in PitchBook.
Source: PitchBook, Tech Tour
Market Orientation
Distribution of Companies
As the internet evolves and
industrializes we see B2B enabling
technologies maintaining
their prominence with TTG50
companies providing the
backbone for widespread change
in industries as diverse as fixed
income trading (Algomi), asset
management (Calastone),
healthcare (Sophia Genetics),
energy transition (Telensa) and
mobility (Vulog).
Source: PitchBook, Tech Tour
Tech Tour
TechTour
Key Facts
Number of Companies
by Region
The UK and Ireland continues
to remain, in line with market
trends, the single largest
region for European super-
scale ups, although we see
a broader spread in general
with increases in the DACH
region (for the first time we
have more than one Swiss-
based company) and Russia,
and a corresponding decrease
in Spain and Portugal. Italy for
the second year in succession
has no Tech Tour Growth 50
companies, and 2018 sees the
first Belgian company enter the
list.
Source: PitchBook, Tech Tour
Number of Companies
by Industry Sector
A per 2017, retail E-Commerce
continues its downtrend (15% in 2017,
30% in 2016, 50% in 2015), accounting
for just 14% of companies. This fits
with an overall trend across Europe
with just 19% of super-scale ups
defined as eCommerce.
*
Fintech remains steady accounting
for just under 20% of companies (19%
in 2016) in the TTG50 and 14% of
all European super-scale ups. North
America has more fintech super-scale
ups by number of companies (54) but
in percentage terms fintech accounts
for just 9% of companies.
This year we have introduced a new
category with 8% of companies
in cybersecurity* as their primary
business, and a corresponding
reduction in companies classified as
IoT.
*There were three cybersecurity companies in
2017, classified by the industry sector they targeted,
as software. In 2018 we introduce this as a new
category.
Source: PitchBook, Tech Tour
10Meet Europe’s Super-Scale Ups 11
Key Facts
Number of Companies
by Country
Country Number
UK 16
1
Germany 9 1
France 7 1
1 1 3
Switzerland 4
1
Russia 3
16
Spain 2
9
Finland 2 1
7
Portugal 1
Netherlands 1 1 2
Sweden 1
Denmark 1
4
Czech Republic 1
Belgium 1
Ireland 1
Source: PitchBook, Tech Tour
Investor Type
Tech Tour Growth 50
Total investors in Tech Tour
Growth 50 companies increases
this year to 355 (309 in 2017).
Investment in TTG50 companies
by private equity and asset
managers has significantly
increased in 2018 with these
investors now accounting for
14% of all investors by number,
echoing wider market trends of
non-traditional tech investors
deploying capital into later stage
tech scale-ups.
Source: PitchBook, Tech Tour
Tech TourTechTour Key Facts Number of Investors by Region, Tech Tour Growth 50 The geographical spread of investors is similar to 2017 with an uptick in investors by number from the US. 88% of the 50 companies now have at least one US investor (52% in 2017). 52% of the companies have at least one individual as an investor (48% in 2017) – these are typically serial entrepreneurs and partners in venture capital firms acting as “angel” investors. Source: PitchBook, Tech Tour Investors in 4 or more Tech Tour Growth 50 Companies The European investment ecosystem continues to deepen, with European investors repeating success, while we see a high participation of US investors in the list as a whole, Intel Capital and Sapphire Ventures are the only US firms invested in more than 4 TTG50 companies. While CVC participation in the TTG50 as a whole is lower than market trends (by number of CVC investors), two of the ten investors are CVCs (Swisscom, Intel) with Sapphire having a corporate heritage as the former CVC arm of SAP. Source: PitchBook, Tech Tour 12
Meet Europe’s Super-Scale Ups 13 Tech Tour
TechTour
Tech Tour
Photo: Liftoff of Ariane flight VA233, carrying four Galileo
satellites, from Europe’s Spaceport in Kourou, French Gui-
ana,
14 on 17 November 2016, Source: esa.intMeet Europe’s Super-Scale Ups 15
The Rise of Europe’s
“Super-Scale Ups”
Making sure Europe can deliver, and
benefit from, its super-scale up potential
William Stevens, James Burnham,
CEO, Tech Tour Senior Adviser, Tech Tour
Since the start of the decade, and with little in the or individual “super angels” and unicorn found-
way of public attention, something remarkable ers such as Charles Dunstone (Carphone Ware-
has happened across Europe: a new generation of house) backing Nutmeg, William Reeve (Love Film)
high impact, world leading innovative companies and Murray Salmon (Net-a-Porter) backing Secret
has not just been born, but have grown rapidly into Escapes and Oleg Tscheltzoff (Fotolio) backing
international businesses. CarPrice.
These companies, which cover a multitude of In the Tech Tour “super-scale ups” universe we
sectors, backed by venture capital funds, are identified 284 European companies, versus 833 in
powering a virtuous circle of growth that both North America. So Europe still lags, but consider-
enables societal transformation and takes advan- ing venture backed companies as a whole in the US
tage of it. Through the Tech Tour Growth 50 we raised 5x the amount of capital than their European
shine a light on this success. counterparts in 2017, with the US having approx-
imately 3x the number of “super-scale ups”, the
Tech Tour Growth 50 companies are understand- outlook for European companies is strong.
ably strong in areas where Europe excels, and where
companies are becoming world leaders. These Europe, however, is actually creating less unicorns,
include B2B software and services, the Internet of while the number of super-scale ups is increasing.
Things, Cybersecurity, Healthtech and Fintech. In 2015 Tech Tour identified 121 European super-
scale ups and in the same year 10 unicorns were
These “super-scale ups”1 have the clear potential born, in 2017 with 284 European super-scale ups
to become Europe’s next “unicorns” – private tech only 5 companies hit unicorn status. In the US 27
companies that have a valuation over $US 1 billion. unicorns came into existence in 2017, and in China
And outside of their common financial metrics there were 22 unicorns from a base of just 181
many are backed by European venture capital firms super-scale ups2. And while being a unicorn isn’t
that have already helped build unicorn companies always everything, their emergence can serve as a
1
See the Appendix for the super-scale up criteria.
2
Number of unicorn companies sourced from CB Insights, excluding majority owned companies, number of super-scale ups for US and China
sourced from PitchBook, number of super-scale ups in Europe sourced from PitchBook supplemented by insight from the Tech Tour Growth
50 selection committee.
Tech TourTechTour
useful proxy to look across the relative success of A perfect partnership
regions.
Analysis from Global Corporate Venturing showed
So why is this the case – and does it matter? that in 2016 investment in tech companies from
large corporations measured up to 67% of all capi-
Governments, and to a certain extent large interna- tal invested globally, yet only accounted for 20%
tional corporations across Europe, all fund a myriad of the number of investments – or in other words
of programmes – from tech incubators and accel- corporates can write large checks.
erators, to putting millions of euros (and pounds,
and krona, and zlotys) every year into venture capi- However in the last 5 years US corporates have
tal funds and programmes. The European Union been twice as active in tech investment compared
also has many programmes aimed at supporting to their European counterparts. European venture
tech start-ups. backed companies as a whole received €6.5 billion4
in global corporate venture capital investment in
But if these companies fail to become world lead- 2017 and US corporates with an active venture
ers we all miss out and as the analysis by the UK’s capital unit outperformed their respective stock
National Endowment for Science, Technology and market indices by over 30% over the last ten years5.
the Arts (“NESTA”) points out “the majority [of start-
ups] don’t survive ten years (62 per cent), and of Meanwhile only 4% of investors by number in
those that do, most stay small. Only 10 per cent of the Tech Tour Growth 50 were either European
those that survived had more than ten employees corporates or CVCs, although European corpo-
ten years later”. This early stage “valley of death” is, rate venturing as a whole is on the increase with
however, well understood and the “super-scale 120 active European CVCs in 2017 – up from 47 in
ups” have well passed this point, what is little talked 20116.
about is a second equity gap where growth compa-
nies have lower valuations than the US and lack the Innovation of course is difficult and unpredictable,
availability of European growth investment capital. but large corporations are acutely aware that digi-
Or in other words the finance and support to get tal disruption is here to stay. Just look at all the
really big. corporate accelerator programmes and incubators
backed by the world’s largest banks.
According to figures from GP Bullhound US
unicorns have valuation to revenue multiples 2.5 As Julia Pratts, Head of Entrepreneurship, at IESE
times greater than European unicorns. In the US Business School says: “We are moving toward
traditional asset managers have also invested in a hybrid model in which innovation – from the
super-scale ups pushing them to unicorn status. combination of the best features of the corporate
In Europe this has not been the case and while and the start-up world – provides new solutions
the concern of a tech bubble, which will leave the for the complex problems we face in business and
market littered with “unicorpses” may have some society at large”.
foundation in the US – the reverse seems the case
in Europe. Europe has over 20 years of substantial and signifi-
cant start-up programmes and investment – in fact
In fact US investors have been quick, perhaps unsur- the super-scale ups we see today are the rewards
prisingly given the amounts of capital available, to for this effort, and while no one is dismissing new
invest in Europe’s super-scale ups. In this year’s Tech start-up initiatives, matching the balance sheet
Tour Growth 50 US investors accounted for over power and international connections of Europe’s
35% of investors (by number of investors) with 88% multinationals with the proven disruptive (and
of companies having at least one US investor. 2017 undervalued) power of Europe’s super-scale ups
has also been a bumper year for European venture promises much for both. At Tech Tour, as always,
backed companies fundraising efforts raising €16.9 we look on market developments with an interest-
billion, yet while European VC funds enjoyed a third ed eye, and are ready to play our part in supporting
successive year of capital raises above €7 billion3, the European tech ecosystem.
this is less than half the amount of capital invested
in European venture backed companies in 2017.
So the challenge is twofold: getting European ³ Source: PitchBook
super-scale ups to get really big, and perhaps more ⁴ Source: PitchBook
⁵ Source: Global Corporate Venturing
politically, ensuring Europe benefits from their ⁶ Source: PitchBook
success.
16Meet Europe’s Super-Scale Ups 17
Tech Tour Growth Summit
Geneva & Lausanne - 22 - 23 March 2018
Every year on the shores of Lake Geneva the Tech Tour Growth Summit brings
together Europe’s boldest CEOs and their investors to celebrate the success of
entrepreneurs with the vision and drive to build game changing businesses –
those “born to be unicorns”.
The event is completed by the Tech Tour Growth 50 – a selection of Europe’s
most promising growth companies with the very best potential to become
$1BN+ companies.
Co
Co-Presidents - Chris Wade, Isomer Capital & Eric Archambeau, Wellington
Partners
What to expect:
Game changing Discussions: Global mega Tech Tour Growth &
companies trends in disruptive tech Innovation Awards
“The reason I’m here is Young Sohn, President & CSO “Winning the Innovation Award
because I keep running into Samsung on European tech was very gratifying after 15 years
good companies.” of hard work.”
Mike Lynch, CEO, Invoke Avery Wang, Founder, Shazam
Capital
www.techtour.com/TTGS18
Tech TourTechTour
Can Tech I have been specialising in people consulting for
20 years, helping my clients unlock their potential
Talent Keep Up?
through organisational dynamics, leadership and
talent. I focus on the technology sector, with my
remit spanning from fast growing scale up busi-
nesses to large global legacy technology organi-
sations.
I am particularly fascinated by transitions. Being
a mother of teenagers is probably the trigger for
this passion, but I have also been fortunate enough
to witness, support and guide many individuals as
they transitioned into real leaders - and this equal-
ly feeds my passion. Similarly, I find the scale up
transition moment for a business fascinating to
observe. I admire organisations that are entre-
preneurs at heart, have passed the first stages of
expansion and financing cycles, and have a true
ambition to scale up rapidly, disrupt and unlock
their potential to fulfil a unique purpose.
Last year, I was invited to attend London Tech Week
and participate on a panel at the Leaders in Tech
Summit. My fellow panellists were executives from
such organisations and the discussion explored
some of the key leadership and talent challenges
involved with scaling up. The main themes that
arose were as follows:
Entrepreneurs are shaping the future of work
As technology disrupts more and more industries,
the world is seeing growing inequality, discontent,
and anxiety about the future. Businesses need to
be engaging in, and owning, an active debate on
humans’ role in the future of work. Employment is
critical for a human-centric society and a central
part of human development. In the London tech
ecosystem, there are more skills needed than can
be filled, and projections from London Tech Week
Berengere Peter indicate that the gap is widening.
Technology Market Leader,
EMEA, Korn Ferry Advisory Growth is not linear. It is made of transitions
Business growth has never been linear. Rather like
with human beings, it’s a series of transitions, often
with regression just before a major growth spurt,
akin to a child becoming a teenager. Leadership
transitions are also well known. We know that what
has made you successful at a certain phase of your
career can hold you back in the next phase. This
phenomenon is similar for organizational growth
and common across digital and traditional organi-
sations, however digital companies by their nature
18Meet Europe’s Super-Scale Ups 19
Source: Korn Ferry website
are able to grow extremely fast, accentuating options and ping pong tables in the talent market.
growing pains. Growth in these businesses does
not always mean large increases in the workforce; It is vital for a growing business to have a brand in
however, the growth is always enabled by talent. the talent market that is authentic and aligned to its
strengths as a company.
Going through such transitions involve making
some choices, creating focus as opposed to frag- Amazon and Google are clear on their messages
mentation of initiatives. Leaders have to mature around innovation to attract talent; Apple through
individually and, at the same time, collectively lift its emphasis on building a career for employees;
the organisation to a platform for growth. Lead- Microsoft talks about “empower your future”;
ers at the top need to align, and collectively own a Facebook is big on culture. Purpose can be a stron-
focused growth agenda, separating what is trans- ger attractor than stock options or other financial
formational from incremental growth. They must factors. But in any case, a well-defined and authen-
proactively grasp the development of their orga- tic employer brand is critical.
nization’s culture, keeping their operating model
aligned with the relationships the business is look- Being loyal to your values is a key factor in whether
ing to drive with customers, and anticipating the companies are being able to maintain their cultures
capabilities (skills and cultural traits) that they will during periods of rapid expansion.
need. All these questions involve difficult trade-
offs (such as customer-centricity with short-term When companies are loyal to their values, their
profitability). If these trade-offs are not explicitly leaders collectively learn to make their culture
agreed to and owned, the organisation will grow evolve. They manage the inherent paradox of
on an unstable base. growth: how to put some structure in the busi-
ness and stay entrepreneurial. They don’t confuse
The competition for talent is a critical one to win. entrepreneurship with chaos.
It is hard to differentiate oneself beyond stock
Tech TourTechTour
Tech Tour
Source: Ava website
20Meet Europe’s Super-Scale Ups 21
Ava I’m one of four co-founders at
Ava, and an economist by train-
ing and former McKinsey consul-
culture. In our sector, getting
the right balance to allocate
resources between healthcare
Scaling for Success: tant. Ava is my third start-up and and consumer is crucial.
I’ve been in the wearable health-
Healthtech care space for over a decade. Raising capital is never easy, and
every funding round is tough.
All of us had very personal Initially healthcare investors
reasons why we wanted to start considered Ava too consumer
the company. In my case when focused, while some consum-
we were trying to get preg- er tech investors saw us as too
nant my wife used the standard healthcare focused, but our
temperature method, and I was large sales traction means it is
convinced that there must be a getting easier, particularly now
much better way to know when we have reached break-even in
you are fertile than just taking the US, our core market. Inves-
your temperature at the same tors understand us now, and the
time every morning. So, working frequent exchange of ideas with
with physiologists we worked our current investors has made a
out a new concept and start- real difference.
“Building ed clinical tests at the University
Hospital of Zurich. And Ava was What I enjoy the most is work-
organisational born. ing with super smart, motivated
strength for growth,
people from all over the world,
Based on self-learning algo- and the fact that we can make a
while keeping strong rithms we are able to personal-
ize and constantly improve the
real difference in the lives of our
customers – having children.
company culture” algorithms, or in other words let
a woman know, precisely and To be successful in moving from
conveniently, when she has her a start-up to scale-up you need
fertile days – just by wearing a to bring a lean product to market
bracelet during the night. as quickly as possible, and then
repeat and repeat again. Good
While I’m not allowed to share technology is not enough –
sales figures, the last 18 months significant marketing resources
since the launch of Ava in the US are absolutely crucial. My final
have been truly incredible. And advice to other entrepreneurs
we believe this is only the begin- is to remember it’s about the
ning. journey, not the exit. Building a
start-up should not only be hard
As we scale the business the work, and it is believe me, but
challenges change constantly. also something you truly like to
My key challenge at the moment do.
is building the organization-
al strength to keep growing
strongly, and to make sure we
can keep our strong company
Pascal Koenig,
CEO & Co-Founder, Ava
DATA
Founded: 2011 EuroUS Ventures, Global Sources,
Country: Switzerland Polytech Ecosystem Ventures,
Investors: BlueOcean Ventures, Swisscom Ventures
Tech TourTechTour
Beqom In 2007, while working at SAP
(who had acquired our previ-
ous company – Outlooksoft),
We now have approximately 100
large organizations using beqom
across the globe - in individu-
Scaling for Success: we (myself and my co-found- al terms that’s about 3 million
ers) realized SAP itself – despite people that have their compen-
Business Productivity having over 60 solutions – was sation processes with beqom.
not able to automate the defi-
nition, calculation, processing Prior to beqom, I’d worked for 2
and communication of its own companies – most of the time
employees’ bonuses. living in the US. The first was
Hyperion (acquired by Oracle).
Considering the bonus It allowed me to learn every-
programme was both a key thing about deploying great
“We wanted to prove
management tool, aligning enterprise software in the largest
employee performance with companies in the world. In 1999 I
we could establish company strategy, and a signif-
icant company cost, and that
became one of the first employ-
ees of Outlooksoft. As the only
a global enterprise most SAP customers globally European, I was keen from the
software leader in were just using spreadsheets (or
a custom built tool), we realised
beginning to make Outlooksoft a
global success, not just in the US.
Europe without that we were facing the biggest In 2003 I moved back to Europe
transferring to North
market opportunity we had ever to start all the company opera-
seen during our 15+ years in busi- tions here and in Asia. By the time
America” ness. Just as importantly most of
the former Outlooksoft team was
of its acquisition the “Internation-
al” part of Outlooksoft (non-US),
eager to get back together, so we represented exactly half of the
had the perfect timing of market revenues. Outlooksoft allowed
opportunity together with the me to develop entrepreneurship
availability of a proven team. and leadership.
Before we started we (the former
Outlooksoft team) took two
“We were facing the
decisions based on our past
experience, which I believe has
biggest market helped us scale-up quickly: think
opportunity we had
globally from day 1 and manage
the company as a 300+ people
ever seen during our business from day 1. On a simple
level this means, for example,
15+ years in business” everything is in English inter-
nally (even an email between 2
Fabio Ronga,
French-speaking employees). At
CEO, Beqom
22Meet Europe’s Super-Scale Ups 23
Source: Provided by Beqom
a business model level we can er, when they were looking at 13
start a subsidiary in any coun-
try: the product can be localized
“Always act globally, alternatives (including some of
the largest software companies
in any language, the product even if you are only in the world) was also fairly satis-
complies with the local regula-
tions of any country in the world
executing in your fying!
and we comply with global data local market, it’s the In 2018 we’ll increase the beqom
privacy regulations. best favour you can presence in our existing markets,
look to new regions such as
We chose Switzerland as our do yourself” Japan, Australia and Singapore
base because the “domestic” and explore how we can use A.I.
market is too small to sustain an Thanks to our previous success to reach full automation.
enterprise software company, we bootstrapped beqom for
even at an early stage, this forced several years. This made us auto- My advice would be to start
us to act globally from the start matically smart about managing with defining the “why” of your
and Switzerland is a place where cash. As a result we ensured a company and how to implement
it’s easy to hire “global” people, positive or at least neutral opera- it. Always act globally, even if you
or relocate them. A side of us tional cash flow. This enabled us are only executing in your local
also wanted to prove we could to get our priorities in the correct market, it’s the best favour you
establish a global enterprise soft- order and let the co-founders can do yourself in the mid-term.
ware leader in Europe without control the capital. When we And of course persevere - don’t
transferring the headquarters to did look for external investors give up - but analyse what went
North America. we were able to handpick who wrong, adjust and go back at it.
we wanted to partner with, and Again and again.
As a result, we were able to just as importantly, push back on
quickly start in 12 countries investor requests for exclusivity
DATA
(including the US) on the same during the due diligence process.
Founded: 2009
global beqom model. The US Country: Switzerland
now generates 50% of our reve- When I’m asked about what I find Investors: Goldman Sachs Private,
nues and we have nine differ- the most satisfying about my job Capital Investing, Renaissance KMU,
ent passports in the ten person the answer is always: people – Idinvest and Swisscom Ventures
management team. Defining the it’s the source, or the cause, of
“why” of beqom early and then everything beqom is and does.
putting in place all the internal Defining the people we want
structure that derives from it has (the culture), finding and hiring
meant that our growth from 50 these people, and then making
to 150 employees, while exciting, them work happily together will
has been quite straightforward. always be the most challeng-
And we’ve been able to manage ing and most satisfying thing in
growth over the last three years beqom, at least for me. Although
at 76% while maintaining a client of course having Microsoft sign
retention rate of over 98%. in 2012 as our first US custom-
Tech TourTechTour
Doctolib Healthcare has three main chal-
lenges: professionals are over-
The most challenging part of our
journey has been to build the
Scaling for Success:
whelmed, access is complicated, best team, with the right people,
and innovation is limited. That’s across two different countries.
why we created Doctolib in We have recruited 400 people,
Healthtech 2013. Simply we help solve these including 50 in Germany, with
challenges by improving medi- various profiles: tech, sales,
cal professionals’ organization, operations and so on. And we’re
reinforcing communications planning to recruit another 200
between patient and practitioner people in 2018.
and strengthening communica-
tion between practitioners and As far as getting investors onboard
allowing health management by you need a solid business model,
the patients themselves. with proven results, and an ambi-
tious plan. And our plan is ambi-
For professionals and health- tious: we want to transform the
care centres, Doctolib offers healthcare sector in Europe,
an appointment management and we have been working on it
SaaS tool, as well as services to alongside healthcare profession-
manage consultations, commu- als for many years.
“Since 2013 we’ve nicate with their patients and
work with other healthcare For me personally the most
recruited 400 people, professionals. For patients, enjoyable part about running
we’ll add 200 more in
Doctolib eases their healthcare Doctolib is the feedback we get
experience: the search for infor- from healthcare professionals,
2018” mation and booking of appoint-
ments is freely available online,
who tell how we made their daily
work easier, and from patients
24/7, alongside an online consul- telling us how much quicker they
tation booklet. now get access to a professional.
I’m an HEC Alumni, serial entre- In 2018, we will keep improving
preneur and venture capitaIist. the service, build new features,
I helped launch Lafourchette and work with even more and
(bought by TripAdvisor), Week- more healthcare professionals.
endesk and Balinea, through We’ll continue to make health-
Otium Capital, the venture capi- care access easier than ever in
tal fund I co-founded. France and Germany.
Doctolib is now the European
leader in healthcare, it’s used by
more than 40,000 practitioners
(we got our first doctor onboard
in autumn 2013) and 900 health-
care facilities (for example we
now work with AP-HP, Europe’s
biggest hospital). 12 million
people search for an appoint-
ment on Doctolib every month.
Stanislas Niox-Chateau, DATA
CEO, Doctolib Founded: 2013 Investors: Accel Partners,
Country: France Bpifrance, Eurazeo, Kerala Ventures
24Meet Europe’s Super-Scale Ups 25
Source: vulog.com
Vulog all started with a simple My biggest challenge is managing
VuLog (but crazy) idea: to drastical-
ly reduce the number of cars in
growth – we launch a new proj-
ect every month – so making sure
cities while making it easier and we keep a high level of custom-
Scaling for Success: more affordable for people to er satisfaction is demanding, but
move around. undoubtedly the toughest part of
Mobility this is adding the right people to
I’d spent 10 years in the automo- the company in an increasingly
tive industry working in a variety competitive market for talent.
of senior management positions
at Valeo, one of the largest and By way of example this January
most innovative automotive (2018) alone we’ve launched two
suppliers. I then went on to run major projects: a 350 car scheme
Miyowa, a VC backed start-up, in Antwerp for Poppy, a subsidi-
which was sold to a NASDAQ ary of D’leteren, one of Europe’s
“Having fun while listed company. largest automobile distributors
and a programme called Mol
contributing to save Vulog’s technology is a custom- Limo in Budapest which uses
the planet” isable SaaS solution that enables
mobility operators — such as car
300 VW e-Ups in what is Hunga-
ry’s first free-float car-sharing
rental companies, car manufac- service. In the coming months
turers or any other corporation, we’ll support further roll outs in
whether a start-up or multina- North America, Asia and Europe.
tional to launch and operate
shared mobility services. These My advice to other entrepreneurs
can include free-float car shar- scaling-up their firms is it’s all
ing schemes, one-way station- about customer satisfaction, and
based car-hire, or round-trip have fun, and if you can have fun
car-sharing. Vulog’s technolo- while contributing to saving the
gy currently powers car-sharing planet even better.
services on five different conti-
nents accounting currently for
over 10 million trips per year.
DATA
Grégory Ducongé, Founded: 2006 Investors: Frog Capital, Inven
CEO, Vulog Country: France Capital, Bpifrance, ETF Partners
Tech TourTechTour
Happn Back in 2013, when I found-
ed happn, dating websites and
Scaling for Success:
mobile apps already existed, but
they offered an experience that
“We now have 45
was far too virtual, “matching” million users
Social Dating people based on mutual inter-
worldwide across 40
ests and “objective” preferences.
But who wants to be objective countries and
when it comes to love or in the
quest for a partner? Don’t you 50 cities.”
want Lady Luck to smile on you
instead? In real life, especially in By the end of 2017, we moved
big cities, we encounter dozens from an in-app purchase model
of people every day, without to a subscription based model
actually meeting or getting to allowing recurring revenue. This,
know them. This is where happn combined with a full advertising
comes in: through a combina- serving platform, will allow us to
“Thousands of dating tion of real time and hyper-geo-
location, users connect with their
reach profitability in 2018. Prod-
uct-wise, we recently launched
apps are objective, direct environment, because a playful new feature - called
everything starts in real-life. On
but who wants to the street, at work, at a party...
“CrushTime”- and a totally
new version of happn is being
be objective in love, it could happen anywhere or
anytime.
tested right now with a probable
deployment in Q2 2018.
happn lets Lady Luck
smile on you”
I started my first internation-
al trading company prior to the
internet and in the 90s discov-
ered the digital world, creating
one of the first B2B platforms for
services devoted to the interna-
tional textile trade. I then set up
another platform, SourcesIT, this
time devoted to IT professionals,
before I co-founded Dailymo-
tion in 2005. In 2008, I joined
Nomao, a personalized social
network using geolocation, and
then co-founded and launched
happn in 2013. Some call me
an internet pioneer, I’d actually
describe myself as a serial entre-
preneur.
2017 has been a decisive year for
us. We strengthened our pres-
Didier Rappaport, ence in existing markets and
CEO, happn grew our user base by 60%.
26Meet Europe’s Super-Scale Ups 27
Our biggest challenge is grow- million users. good data management, stor-
ing the team. There were just We’ve already raised three fund- age, protection and optimisation.
four of us in 2013, now we’re ing rounds. The last was compli- I believe you should never think
at over 100! And to grow and cated because we had just to yourself ‘this is it, I’ve made
manage the team is one thing, changed our business model, it’. As soon as you do, you stop
but to keep agile and flexible at moving from pure B2C to a B2C innovating and progressing. My
the same time is quite another. and B2B mix. We had to find advice to others scaling at speed
The dating sector is also highly investors confident in our new is: to not fear mistakes, avoid
competitive: there are thousands proposal. repeating them of course, but
of apps operating out there, and test and learn as fast as possible;
the biggest operators have huge We are now about to raise surround yourself with talented
budgets that don’t compare to money for the fourth time but people and delegate; and when
a young and about to be prof- the context is today very differ- it comes to financing lean on the
itable company. So we need to ent in that we are so close advice and knowledge of experts
constantly innovate and improve from break-even. We have now – this can not be improvised.
- not only to attract newcom- demonstrated our great poten-
ers but to retain those who tial for profitability and we “only”
already use our product. Our need support to accelerate our DATA
launch in India in April 2017 has development. Founded: 2013
been particularly exciting and Country: France
our rapid growth in this market In 2018 we aim to launch in China Investors: IDInvest Partners, Al,
ven Capital Partners, DN Capital,
has been particularly enjoyable. and kick-start the implementa-
FoundersGuild, Raine Ventures,
We’ve achieved taking the lead- tion in our daily process of Arti- Flight Ventures
ing position in the dating sector ficial Intelligence and machine
- in less than a year with over 8 learning while not forgetting
Source: Provided by happn
Tech TourTechTour
WeTransfer WeTransfer was founded in 2009
based on the simple need for
an easy platform to send big
so competition is intense. We’re
well known of course which
makes it easier, but because we
Scaling for Success: files without any sign-up. It’s a have invested so much in making
combination of a great idea for our service appear simple, we
File Sharing a simple file-transfer service have to spend time explaining to
from co-founder Bas Beerens, engineers that making it simple
combined with the innovative for the user is hugely challeng-
full-screen wallpaper back- ing.
grounds from fellow co-founder
Nalden. Most importantly, it was And we’re still growing fast,
all about solving a real problem. we peaked at over 45 million
monthly users last year, with
As many people offer ways the US, India, Mexico, and Brazil
to transfer files we had to be as our fastest growth markets,
different. The foundation for our European core continues to
our success (over 40 million
“We’re squarely in users per month) has been the
creation of the platform based
the ‘scale-up’ phase; on simple guidelines: no banner
building both advertising, a lean data policy, no
sign-up, no software install and
organizational beautifully crafted advertising.
We use a dual income business
infrastructure and model monetising free users
capability are the through advertising, combined
with a ‘trade-up’ SaaS business.
main challenges” This keeps acquisition costs low
without the need for expensive
enterprise sales teams.
Our relative maturity (we’re
both profitable and cash-flow
positive) combined with rapid
growth mean we are squarely in
the ‘scale-up’ phase. My back-
ground is in growing and scal-
ing businesses internationally (I
launched Kindle in Europe and
after that led the Amazon adver-
tising business across Europe
where I worked with some great
people) so I’m enjoying applying
that pervious situational experi-
ence to WeTransfer.
Like most successful scale-ups
Gordon Willoughby,
building both organizational
CEO, WeTransfer
infrastructure and organizational
capability are the main challeng-
es. And this means talent acquisi-
tion. We’re based in Amsterdam,
which is now quite the tech-hub, Source: Wetransfer
28Meet Europe’s Super-Scale Ups 29
grow in healthy double digits. with our main focus on the US. up phase is timing. You scale-
The advantage of WeTransfer We haven’t had to raise any more up when you have discovered a
being bootstrapped and profit- capital – which is a real luxury. sustainable business model. As
able meant that we could look Regionally the US is a priority you move into that phase you
for an investor that really was a for the next 12 months and we’ll have to focus on user revenue at
great fit. When Highland Europe keep developing the product. the same time as looking to the
approached Bas and Nalden, We launched our mobile app in underlying infrastructure (tech-
there was an instant connection. October which has millions of nical, people, etc.). As part of that
In addition to supporting us with users and just last week (Janu- you need to hire and build for
funding, they are very hands- ary 2018) launched our editorial what the business will be in 3-5
on, offering us advice, their platform WePresent. I am also years not the next 12 months.
network and expertise to help us proud that we donated more
achieve our goals. We are using than 5 billion ad impressions, for DATA
the investment to continue to free, to the creative community Founded: 2009
innovate and develop our prod- in the last 12 months. Country: Netherlands
uct and build the brand further, My advice to others in the scale- Investors: Highland Europe
Tech TourTechTour
Statistics1
Growth & Financing
• 29 of the TTG50 companies were founded in
the last 10 years (38)
• The median year of company foundation is
2008 (2008) with the most recent in 2014
• The average time from company foundation to
first funding round is 1 year 2 months (2 years
and 8 months)
• The average time from first funding round to
most recent funding round is 7 years 7 months
(4 years 4 months)
• The mean number of funding rounds is 4.5 (4)
Growth & Investors
• The average number of active investors per
company is 10 (8). There are 359 (309) investors
in total
• 88% of the 50 companies have at least one US
investor (52%)
• 52% of the companies have at least one individ-
ual as investor (48%)
• The average first funding round size is $5.6
million ($5.7 million)
• The average latest funding round size is $41.9
million ($65.7 million)
• The average valuation is $294 million ($338
million) compared to an average valuation of
$147 million of all super-scale ups.
• 3 companies had just one active investor, and 3
others had more than 20
Impact
• Companies have raised an estimated $4.3 ($3.7)
billion of funding
• The average raised amount is $85.5 million
• There is an estimated total valuation of $14.7
billion
• The TTG50 companies have created over 9,600
jobs (9,000)
• Over half (27/50) are Tech Tour “alumni” having
presented at past Tech Tour events to investors
Figures in parentheses are from the 2017 Tech Tour Growth 50. Source:publicdomainpictures.net
30Meet Europe’s Super-Scale Ups 31
Appendix Financial criteria for inclusion
in the Tech Tour Growth 50
Tech Tour identifies a long list of
companies that potentially qual-
“Super-Scale Up” Universe: ify for the Tech Tour Growth 50.
Methodology Companies should be private Voting Procedure
with at least one independent
investor and meet three of the Selection committee members
four criteria: get 50 votes (i.e. one per compa-
ny for the final 50). During voting
• >€10 mil in revenue the four factors below were
• >€20 mil in total funding taken into account:
• >€100mil valuation
• Achievement: Capital effi-
• >min revenue growth pa on ciency, growth in last 3 years,
average over the last 3 years business plan execution,
• 80% for companies with market penetration, barrier to
€10-30mil in revenues competition/IP
• 50% for companies with • Impact: Addressable market,
€30-100mil in revenues scalability/international
expansion, disruptive busi-
Tech Tour identifies a long list ness model/value proposi-
of companies that potentially tion/innovation potential
qualify for the Tech Tour Growth • Momentum: Project-
50 using publicly available data ed growth, financial back-
sources, notably PitchBook. The ing/future requirements,
selection committee members commercial partnerships
are asked to add or remove • Management team pedigree:
companies from this list using Past awards won/success of
their own market insight. previous companies founded
Tech Tour then reaches out to Companies that verified that they
the individual companies asking meet 3 of the financial criteria are
if they meet three of the four, or automatically awarded one vote.
all four of the financial criteria for Companies that respond meet-
inclusion. Supplementary infor- ing 4 of the financial criteria are
mation is requested during the awarded two votes.
process to aid in the final voting
decision based on: Award Selection
• Achievement: Capital effi Two awards are given each year:
ciency, growth in last 3 years, The Tech Tour Growth Award and
business plan execution, The Tech Tour Innovation Award.
market penetration, barrier to The Growth Award is judged on
competition/IP the same criteria that the selec-
• Impact: Addressable market, tion committee are asked to take
scalability/international expan- into consideration when voting
sion, disruptive business for companies. The Innovation
model/value proposition/ Award focuses on technological
innovation potential or business model innovation
• Momentum: Projected growth, and its market application.
financial backing/future
requirements, commercial
partnerships
Tech TourTechTour
Appendix Tech Tour is a commu-
nity with strong posi-
early to late stage entre-
preneurs and investors
Our online platform ties
all of these connections
tions in the venture realise their full journey together. Our merit-
Tech Tour capital
promote
market. We
innovative
of innovation, from the
initial concept through
based membership
community allows our
companies and their to success. users to search for new
projects through our potential partners, and
online platform and at The business sectors to be searchable them-
25 business events each we operate in are digi- selves by publishing
year. We were found- tal, financial, health and their experiences and
ed in 1998 by venture sustainability technolo- expertise on the plat-
capitalists who realised gy. Each of our events form.
the need for a network focuses on either one
in which experts could core sector, showcas- We have become one
share their best practic- ing entrepreneurs from of Europe’s most vibrant
es and transfer knowl- across the continent, innovation communi-
edge. Tech Tour is today or one core region. We ties connecting entre-
facilitating a trustworthy work with leading best preneurs, investors and
and transparent envi- practice profession- corporate partners from
ronment for identifying als who have a strong across the world. Over
and supporting the best reputation within their the past three years
emergent technologies region and industry. By 10,000 unique partic-
in Europe. hosting events with a ipants have attended
geographical focus, we our events, over 400
We have accumulated are able to help govern- companies have been
20 years of experience ments feature their funded after present-
across Europe and the industrial clusters to a ing their business ideas,
Middle East, providing broader audience. This 7 companies are now
a unique cross-bor- enables them to discov- unicorns, and € 8.5
der platform for grow- er brilliant innovations billion have been invest-
ing and emerging tech across the continent. ed in the last 8 years.
companies. We help
32Meet Europe’s Super-Scale Ups 33
Appendix
Tech Tour Global Partners
Growth Summit Founded in 1805 in Geneva, Pictet & Cie is today one of Switzer-
land’s largest private banks, and the leading independent asset
Partners management specialist in Europe, with CHF 492 billion (EUR 430
billion) in assets under management and custody at September
2017. Pictet & Cie is a partnership owned and managed by eight
general partners with unlimited liability for the bank’s commit-
The Tech Tour Growth ments. The Pictet Group, based in Geneva, employs more
than 4100 staff. The group has offices in the following finan-
50 companies gather cial centres: Amsterdam, Barcelona, Basel, Dubai, Florence,
every year at the Tech Frankfurt, Hong Kong, Lausanne, London, Luxembourg, Madrid,
Tour Growth Summit. Milan, Montreal, Nassau, Osaka, Paris, Rome, Singapore, Stutt-
gart, Taipei, Turin, Tokyo and Zurich.
With more than 1,800 technology clients, Orrick is a leading
global law firm renowned for its experience as a specialist advis-
er to high-growth technology companies and lead investors in
the industry. We regularly advise industry leaders, from incu-
bation through their strategic exit and other growth opportu-
nities. We are able to offer diverse resources, including expert
knowledge accrued from years of intimate work with founders,
deep-rooted relationships with venture capitalists and angel
investors, as well as critical insight into this rapidly evolving and
increasingly competitive marketplace.
Our dominant presence in London and Silicon Valley as well
as other leading technology markets such as Los Angeles, New
York, Paris, San Francisco and the Far East, sets us apart from
our peer firms. With 25 offices throughout Europe, Asia and the
US, and an affiliated office in Abidjan, Côte d’Ivoire, our global
footprint enables us to scale with our local emerging technolo-
gy clients and offer seamless service as they grow and expand.
We put our network to work for our clients - wherever they are
in the world.
Hosting Partner
The mission of the Department for Economic Affairs of the State
of Vaud is to put in place the framework conditions required to
promote economic growth. Its objectives are designed to high-
light the know-how of companies and to make the canton an
attractive and competitive environment. The vitality of econo-
my in the Canton of Vaud is particularly remarkable in state-of-
the-art industries with high added value such as life sciences,
information technology, micro- and nanotechnology, environ-
mental and agri-food technologies. Strong political support and
many concrete state support and incentives serve to reinforce
growth in these sectors.
Gold Partner
Korn Ferry is the preeminent global people and organisational
advisory firm. We help you align your people and your organi-
sation to your strategy – developing, engaging and rewarding
your employees to reach new heights. We provide broad spec-
trum talent management solutions, including executive and
non-executive search, recruitment process outsourcing, lead-
ership development and talent solutions.
Tech TourTechTour
Appendix
Tech Tour Silver Partners
Growth Summit Bryan, Garnier & Co is a European, full service growth-focused
Partners independent investment banking partnership founded in 1996.
The firm provides equity research, sales and trading, private and
public capital raising as well as M&A services to growth compa-
nies and their investors. It focuses on key growth sectors of the
economy including Technology, Media & Telecoms, Health-
The Tech Tour Growth care, Smart Industries & Energy, Consumer, Brands & Retail
50 companies gather and Business Services. Bryan, Garnier & Co is a fully registered
every year at the Tech broker dealer authorized and regulated by the FCA in Europe
and the FINRA in the U.S. Bryan, Garnier & Co is headquartered
Tour Growth Summit. in London, with additional offices in Paris, Munich and New
York. The firm is a member of the London Stock Exchange and
Euronext.
Nasdaq (Nasdaq: NDAQ) is a leading provider of trading, clear-
ing, exchange technology, listing, information and public
company services across six continents. Through its diverse
portfolio of solutions, Nasdaq enables clients to plan, optimize
and execute their business vision with confidence, using proven
technologies that provide transparency and insight for navigat-
ing today’s global capital markets. As the creator of the world’s
first electronic stock market, its technology powers more than
85 marketplaces in 50 countries, and 1 in 10 of the world’s
securities transactions. Nasdaq is home to approximately 3,800
listed companies with a market value of $10.1 trillion and nearly
18,000 corporate clients. To learn more, visit: business.nasdaq.
com.
Euronext is the leading pan-European exchange in the Euro-
zone with nearly 1,300 listed issuers worth close to €3.6 tril-
lion in market capitalisation as of end December 2017, an
unmatched blue chip franchise consisting of 24 issuers in the
Morningstar® Eurozone 50 Index and a strong diverse domes-
tic and international client base. Euronext operates regulated
and transparent equity and derivatives markets. Its total product
offering includes Equities, Exchange Traded Funds, Warrants
& Certificates, Bonds, Derivatives, Commodities and Indices.
Euronext also leverages its expertise in running markets by
providing technology and managed services to third parties.
In addition to its main regulated market, Euronext also oper-
ates Euronext GrowthTM (formerly known as Alternext) and
Euronext AccessTM (formerly known as the Free Market). For
the latest news, find us on Twitter (www.twitter.com/euronext)
and LinkedIn (www.linkedin.com/company/euronext).
Bronze Partner
Silverpeak provides independent advice on M&A and
financing transactions to innovative, fast-growing tech-
nology companies. Our nine partners have close to 150
years combined experience and over 300 complet-
ed deals in technology investment banking with a vast
network of relationships and deep domain expertise in
Internet & Digital Media, Enterprise Software/SaaS, IT
Services, Enabling Technologies and Healthtech.
Data Partner
PitchBook is the premier provider of data on the public
and private equity markets. We arm our clients with
unprecedented insight into the flow of capital across the
entire venture capital, private equity and M&A landscape
to help them capitalize on opportunities in the private
markets.
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