Toggle data:
Exits
Deals
Fundraising
Exits
Deals
Fundraising
The UK’s mark on the EU venture landscape
Capital raised by closed VC funds in 1H 2018
capital raised 1H 2018
2.1B
4.2B
€
50%
Yet without the UK, EU fundraising would be chopped by more than half. Much of that capital can be attributed to the size of UK funds, rather than volume. Highland Europe, for instance, has closed the largest venture fund in the EU so far with its €463 million technology vehicle. Elsewhere, Eight Roads Ventures’ latest effort and the specialist Dementia Discovery Fund have raised almost €600 million between them.
In 1H, European VC funds raised €4.2 billion on 31 funds, putting 2018 on pace to smash the €8 billion barrier—something not even achieved in the last two fertile fundraising years. Key funds so far in the bloc include BioDiscovery 5—a €345 million effort by Andera Partners—and the €316.5 million raised by hallmark German investor High Tech Gründerfonds for its third flagship vehicle.
Toggle data:
Exits
Deals
Fundraising
Exits
Deals
Fundraising
The UK’s mark on the EU venture landscape
Completed VC deal value in 1H 2018
total deal value 1H 2018
5.4B
8.4B
€
35%
Still, however, subtracting UK investments would reduce the EU’s deal value by some €2.9 billion—more than a third of the half’s total. While Revolut’s €200 million-plus fundraise has caught the eye, a number of the UK’s bigger deals have come through healthcare-focused university spinouts. These include Freeline Therapeutics, Orchard Therapeutics and CMR Surgical, which have raised almost €300 million between them this year.
Though volume has dropped, the €8.4 billion raised by EU-based companies is on track to match last year’s blistering €15.61 billion pace. So far this year German startups have led the way in terms of round sizes, crowned by the €460 million investment into online car marketplace Auto1.
Toggle data:
Exits
Deals
Fundraising
Exits
Deals
Fundraising
The UK’s mark on the EU venture landscape
Completed VC exit value in 1H 2018
total deal value 1H 2018
4.6B
5.9B
€
23%
The UK accounted for just over 20% of EU exit value so far this year, amounting to some
€1.3 billion. Notable UK exits include Grapeshot, which was acquired by Oracle in May for some $400 million.
Exit values for EU startups are on pace to rebound after a disappointing 2017. With near €6 billion in exits already, 2018 is on pace to eclipse the last four years. However, exit numbers are by contrast at near-historic lows, amplifying the trend of fewer but bigger deals. Sweden in particular has posted impressive exits, with the direct listing of Spotify as well as PayPal’s acquisition of iZettle dominating headlines.