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1、Page/1 Deutsche Brse Venture NetworkFebruary 2023Deutsche Brse Venture NetworkCH Thoughts on final Title:The IMPACT of crossover investorsPitchBook:How crossover investors are making an impact on the VC ecosystemCrossing Over Into Venture1.Crossover funds are currently withdrawing from VC rounds wit
2、h the consequence that valuations are falling rapidlyWhat is striking is that crossover funds,i.e.hedge funds that make public and private investments usually in the same vehicle,are noticeably withdrawing from VC.As a consequence,valuations for scale-ups are falling sharply as they are aligned with
3、 public market valuations.As crossover investors heal their wounds in the public market,the market could open up for venture capitalists to lead investment in startups,albeit at lower valuations.As certain hedge funds are now investing more in early stage startups instead(such as Tiger Global),valua
4、tions in the early stage space are falling much less significantly.The Impact of Crossover InvestorsBridging Private and Public MarketsCH Notes-Data link for all slides in Notes Deutsche Brse Venture NetworkPage/2 Late-stage companies and their road to IPO can be strongly influenced by crossover inv
5、estors.Crossover investors have risen to be key players in the VC market in recent years.Crossover investments are here to stay but not in the same way as seen in 2021.Crossover investors first investment is at Series C+over 60%of the times,where they bring strong expertise to bridge towards IPO.Cro
6、ssover investors backed companies tend to go public 2.3x more often,50%faster and at 148%higher valuation.This could be beneficial for Europes late stage funding gap and public market underdevelopment.2022 has seen a nearly 70%reduction in activity by some Crossover investors globally,much stronger
7、then the overall 32%slowdown in total VC.In Europe the drop has been less pronounced with a 33%reduction.Overall,the pace of investments seen in 2021 is not likely to come back anytime soon,but most crossover investors will remain active at less aggressive pace.The current public market meltdown is
8、also pushing VCs to become“reserve crossover”by buying public stocks.The expansion of the VC market has increasingly attracted non-traditional investors such as PE funds,hedge funds,mutual funds and corporate investors.Crossover investors have been particularly active in 2021 with more than$60B inve
9、sted globally,of which$6B in Europe.Large availability of capital,new types of investor entering the venture capital space and strong public markets are driving valuations up.2021 saw record of unicorn bred etcHuge funding has been deployed in private companies,which are also staying private longer.
10、But favourable market conditions have attracted lot of IPOs in 2021.Still Europe/DACH is struggling to attract many of them.Crossover investors tend to follow up and back companies in following financing in 60%of the cases.Late-stage companies backed by at least one crossover investor tend to go pub
11、lic more often(23%),faster(3yrs since first CI investment)and at a higher market cap($5.2B).*Source:Dealroom.co.Late-stage companies and their road to IPO can be strongly influenced by crossover investors.Rafa:Over 60%of the times a crossover investors first investment is at Series C+Crossover inves
12、tors are investing earlier.Almost one third of their cheques were for startups at Seed to Series A stage in 2022.Crossover investors first investment is at Series C+over 60%of the times,where they bring strong expertise to bridge towards IPO.Crossover investors backed companies tend to go public 2.3
13、x more often,50%faster and at 148%higher valuation.This could be beneficial for Europes late stage funding gap and public market underdevelopment.Crossover investors have risen to key players in the tech ecosystemThe participation of crossover investors in VC deals increased to an all-time high of$6
14、0+bn globally and$6+bn in Europe in 2021.This represents 13%of the global and 8%of the European VC investments.Bridging private and public markets by backing the companies growth trackThe initial investment of crossover investors is over 60%of the times at Series C+.With follow-up rates between 59%t
15、o 65%,crossover investors back companies pre-and post-IPO and show flexibility in holding periods.Crossover investors can add global experience and network to IPO candidatesAlmost 25%of the latest European tech listings were backed by crossover investors.These companies went public 50%faster,2.3x mo
16、re often and at 148%higher valuation compared to companies without a crossover investor.Recent market environment challenged the rebalancing of portfolio compositionsGlobal VC investments by crossover investors in 2022 pulled back by nearly 70%(Europe 32%).However,crossover investments are expected
17、to stay,with a less aggressive investment pace as in 2021.CI Strategies differ very strong,e.g Baillie vs TigerCrossover investors follow-up 59%of the times in their backed companies which went public and 65%in companies not exited yet,but that raised$500M+Often the initial investments are one of th
18、e last private market rounds followed by backing the company at public listing and post-IPO.Key takeawaysPage/3 Deutsche Brse Venture Network123Characteristics of crossover investorsCrossover investment activityImpact on the VC ecosystem and IPO marketCurrent developments and outlook4Table of conten
19、ts1Characteristics of crossover investorsDeutsche Brse Venture NetworkPage/5 Deutsche Brse Venture NetworkPage/5 A crossover investor is a hybrid fund or investment vehicle active in both,private and public markets.Selected crossover investor characteristics Investment mandateMostly late-stage priva
20、te markets and(post-)IPO in public markets Target companiesMainly fast-growing tech companies on a strong path to profitability and with IPO potentialFavorable terms and structuresVaries widely,commonly flexible in:Ownership%Board seat(s)Equity(preferred)or debt structuresPrimary or secondary offeri
21、ngsInvestment horizonOften long-term partnering from last private round to public markets and beyondCrossover investment rationaleGaining company insights pre-IPO and expecting valuation uplift post-IPOValue-add for portfolio companiesSignificant capital pools,global IPO-prep experience and compleme
22、ntary network to venture investorsCrossover investors tend to make the initial investment in late-stage ventures that have already achieved a certain level of maturity and validation.Often,the initial investments are one of the last private market rounds followed by backing the company at public lis
23、ting and post-IPO.Crossover investorsVC and growthequity investorsPrivate equity fundsHedge funds and asset managersPublic equity fundsPrivate marketEarly and late-stagePublic marketIPO and post-IPOWhat is a crossover investor?Deutsche Brse Venture NetworkPage/6 The ideal company journey supported b
24、y crossover investorsCrossover investors strategies vary widely,but on average they tend to start backing companies around Series C+and follow-up with their support towards an IPO.Furthermore,crossover investors tend to increase their holding at IPO and aim to benefit from the valuation uplift at IP
25、O.Once the company is public the journey is not over in many cases and the companies become part of the crossover investors public portfolio,with no constraints on the time horizon.Often these holdings make up a sizable part of their public portfolio.Crossover investors tend to keep shares of their
26、previously private backed companies and can often purchase further stakes in the public market.Often these shares make up a sizable part of their public portfolio.Crossover investors follow-up 59%of the times in their backed companies which went public and 65%in companies not exited yet,but that rai
27、sed$500M+and a round in the last 4 years.*Late-stage companies backed by at least one crossover investor tend to go public more often(23%),faster(3yrs since first crossover investment)and at a higher market cap($5.2B).*Public marketIPO and post-IPOPrivate marketEarly and late-stageTypically,funding
28、of early-stage companies tends not to come from crossover investors but from traditional VCs and other private market investors.However,in 2022 the share of early-stage funding(Seed&Series A)by crossover investors has increased to 31%,due to late-stage crunch.Early-stageLate-stageInitial investments
29、 of crossover investors is at Series C+in over 60%of their first investments.Investment at IPOCrossover investors tend to double down and increase position in the IPO.Post-IPO investmentsCrossover investors tend to keep shares of their previously private backed companies and often purchase further s
30、takes post-IPO.Crossover investors can play a key role in supporting the growth of private companies on their road to IPO and beyond.Source:Dealroom.co.All numbers referenced in the slide are the results of analysis shown later on in the report.*Excluding follow up in SPAC Private placement(PIPE),SP
31、AC IPO or IPO round.Analysis based on 128$100M+tech European exits between Jan 2020 and Oct 2022.More details in Section 3,slide 28.)Page/7 Deutsche Brse Venture NetworkSource:Dealroom.co.*In this report we focused on the analysis on investors coming from the public market,such as hedge funds and as
32、set managers,which are investing in the private market such as Tiger Management and Fidelity Investments.As well as investors active strongly in both domains such as TCV and D1 Capital Partners.For these groups all private market investments can be considered in scope for a crossover analysis and ha
33、ve been used in the report.Selected investors with crossover activity(narrow crossover definition of this report*)VC/PE funds with a small public fundOther notable exclusions*VC/PE funds expanding to keep portfolio companies when public(see section 4 for more insights)(usually from public market pri
34、vate)Comment on BlackRock:Not pure CI,but often acts as CIThe broader crossover universe includes many different types and shades of crossover investing.Discover the full list of 30+crossover investors*Softbank has been excluded due to the highly different investment style in respect to crossover in
35、vestors considered,Softbank often carried out huge concentrated bets in startups,instead of a wider funding spread.Also the sheer amount of the vision fund would have shifted all the analysis.Goldman Sachs,SVB and similar players have been excluded due to their strong focus on venture debt,which giv
36、es them a different angle in respect to exit performances and return on investments in respect to crossover investors equity investments.Pantera Capital and crypto focused hedge funds have been excluded by the analysis due to the strong differences between token investing and traditional VC.Page/8 D
37、eutsche Brse Venture Network$1.8B(VC)Dec/2020 Selected disclosed new private market funds raised by crossover investors$20.0B(PE/VC)Jan/2021$6.7B(VC)Dec/2021$3.8B(VC)Jan/2021$10.0B(VC)Dec/2021$4.0B(PE/VC)Jan/2021$6.5B(VC)Apr/2022$2.0B(VC)Apr/2022Globally,crossover investors have raised a record$56B
38、in new funds for the private market in 2021.With$22.1B the third highest amount to date was raised in 2022.Source:Dealroom.co.*To put in perspective,$1T has been raised by VC funds globally in 2016-2022,with$219B in 2022.The European crossover investors considered in the report do not have publicly
39、disclosed private market funds.New private market funds raised by crossover investors globally*$22.1B$56.0B$19.0B$32.4B$4.3B$16.4B2022202182017$60B$40B$20B$12.7B(VC)Mar/2022 2016$2.5BUpdatedGlobally,crossover investors raised a record$56B in new funds for the private market in 2021.With$2
40、2.1B,the third highest annual total,raised in 2022.Deutsche Brse Venture NetworkPage/9 The median Crossover Fund Size European Comparison20052020DACH2010Southern Europe2015Western EuropeSource:Dealroom.co.New private market funds raised between 2017 and 2022$10B$20B$30BCrossover investors
41、 often also manage a sizable pools of public funds,even accounting for the current market downturn.Public Portfolio:$10.9BLargest holdings:JD.com,Microsoft,Service Now,Meta,Sea,AlphabetPublic Portfolio value:$8.2B todayPublic Portfolio value:$193B public,$210B privatePublic Portfolio:$8.6BLargest ho
42、ldings:Tesla,Moderna,Rivian Automotive,Uber,Nvidia,PaypalPublic Portfolio:Undisclosed*Largest holdings*:Meta,Netflix,Airbnb,EA,LinkedIn,NubankPublic Portfolio:193BLargest holdings:xxSelected private portfolio holdingsCrossover investorSelected startupsByteDance,Shein,Stripe,Checkout,Instacart,Databr
43、icks,Flipkart,RevolutSee other investmentsByteDance,Ant Group,SpaceX,Checkout,Instacart,Rapyd,N26,WoltSee other investmentsByteDance,Revolut,Miro,Celonis,Brex,Klarna,Mollie,Trade RepublicSee other investmentsSome crossover investors private market funds are rivalling in size with the most prominent
44、VC investors globally.UpdatedSome crossover investors private market funds are rivalling in size with the most prominent VC investors globally.Page/10 Deutsche Brse Venture NetworkInvestorHQ country European office(s)Number of European private deals in 2022Selected European portfolio companiesUnited
45、 StatesLondon16SingaporeLondon12United StatesAmsterdam,London7SingaporeLondon6United States London5ScotlandEdinburgh5FrancePuteaux2United KingdomLondon-Source:Dealroom.co.Most crossover investors are based in the US or Asia,but several have established European offices and on-the-ground teams.o Alli
46、ca Bank(new)o Celonis(follow-on investment)o Spotify(follow-on)o Trade Republic(follow-on)o TourRadar(follow-on)o Grupa Pracuj(follow-on)https:/app.dealroom.co/companies/tourradarhttps:/app.dealroom.co/companies/grupa_pracuj European based crossover investorsDeutsche Brse Venture NetworkPage/11 Nota
47、ble Limited Partners(LPs)of the selected group of crossover investors*Public Pension FundsFoundations and EndowmentsCorporate Pension FundsInsurance CompaniesFund of FundsSource:PitchBook.*In the definition of this report,see slide 7 for more detailed information on the scope.The investors of the in
48、vestors capital providers of crossover funds.More than 80%of crossover funds limited partners come from the US,whilst 10%are based in Europe.Conversus CapitalATP Private Equity PartnersDeA CapitalHatteras FundsPage/12 Deutsche Brse Venture NetworkCrossover investors play an important role in the tec
49、h ecosystem,with their ability to add significant capital in late-stage rounds,bridging private and public markets.“Their experience and complementary network in supporting companies pre-and post-IPO brings additional value and makes them also valuable partners for us at Deutsche Brse.”Eric LeupoldM
50、anaging Director Cash MarketDeutsche Brse AGMain quote font:Source Sans Pro Bold 18 ptSub-quote font:Source Sans Pro Light 12pt“We at Deutsche Brse see crossover investors as great partners.We are here to advise and support at early stages of IPO considerations already.Crossover investors play an im
51、portant role in the tech ecosystem,with their ability to add significant capital in late-stage rounds and to bridge private and public markets.Their experience and complementary network in supporting companies on the road to IPO and beyond brings additional value.We at Deutsche Brse see crossover in
52、vestors as great partners and are ready to advise at early stages of IPO considerations already.2Crossover investment activityDeutsche Brse Venture NetworkPage/14 Venture capital investment into global startups by crossover investors*Source:Dealroom.co.*Venture capital funding refers to the type of
53、capital financing received by the company and not to the entity involved in the financing.See methodology&definitions section at the end of the deck for more information.+Original+yellow(orange)SPAC PIPE Venture capital investment Number of roundsLargest rounds with participation from a crossover in
54、vestor in 2022 StartupFunding roundCrossover investors$1.7B Growth EquityJan/2022D1 Capital Partners$1.5B Growth EquityMar/2022Blackrock,Fidelity$1.1B ConvertibleJul/2022Baillie Gifford$1.0B Late VCApr/2022Tiger Global$1.0B Series DJan/2022Altimeter,Coatue,Dragoneer,DST Global,Franklin Templeton,Tig
55、er Global$935M Series EFeb/2022DST global2022202182017$80B$60B$20B2016$40B50010001500In 2021 crossover investors massively ramped up their global venture investing,to an all-time high.This was followed by a 70%pullback in 2022,and a return to pre-peak levels.UpdatedDeutsche Brse Venture N
56、etworkPage/15 Venture capital investment and number of rounds into European startups by crossover investors*Crossover investment as percentage of total VC investment raised by European startups Venture capital investment Number of roundsSource:Dealroom.co.*Venture capital funding refers to the type
57、of capital financing received by the company and not to the entity involved in the financing.See definitions section at the end of the report for more information.2022202182017$8B$6B$2B2016$4B50222021820178%6%2%20164%1%2%2%6%8%8%6%Crossover investors accounted for 8%
58、of all VC funding in Europe in 2021,up from 1%five years earlier.In 2022 their activity had dropped 32%,but was still 1.6x higher than in 2020.UpdatedDeutsche Brse Venture NetworkPage/16 Share of the company surveyed,%https:/ investors have played a larger role in the US funding ecosystem than in Eu
59、rope in recent years,but retreated faster in 2022.5%10%15%200222021201920170%Crossover investors%of total VC fundingEurope North AmericaobervationsobervationsobervationsUpdatedWIP Deutsche Brse Venture NetworkPage/17 Source:Dealroom.co.51%22%7%100%75%50%25%Investments of crossover investo
60、rs by location view onlineEurope USA China Rest of Asia Rest of the world2000222%21%7%6%16%4%3%7%13%16%9%58%68%18%52%UpdatedFrom 2020 to 2022,crossover investors have turned to Europe,increasing their investment activity in the region to an all-time high of 18%in 2022.Until 202
61、0,global crossover investors were mainly active in the US and Asia,allocating more than 80%of their investments into these two markets.However,from 2020 to 2022 investor allocations changed significantly.As the US proportion sank from 68%to 52%and for China from 13%to 2%in the respective period.In t
62、he last four years,crossover investors have started to ratchet up their investment activity in Europe.This is potentially due to several factors such as the shortage of late stage capital and scarce domestic crossover investors scene in Europe,but also the more resilience demonstrated by venture fun
63、ding in Europe with respect to the US.Page/18 Deutsche Brse Venture NetworkPage/18 United KingdomVC investments by crossover investors per European country(2016-2022)*view onlineSource:Dealroom.co.*Shown top three funded startups with crossover investors in 2022 in the UK,Germany,Sweden and France.U
64、nited KingdomGermanySwedenFranceNetherlandsEstoniaFinlandSwitzerlandAustriaItalySpainNorwayBelgiumDenmark$21.1B$13.2B$9.7B$8.1B$2.2B$1.6B$1.6B$1.3B$0.9B$0.6B$0.4B$0.4B$0.3B$1.0BGermanySwedenIn Europe,UK startups have raised the most VC funding from crossover investors,followed by Germany,Sweden and
65、France.Missing update to 2022 V2 modelUpdatedDeutsche Brse Venture NetworkFranceDeutsche Brse Venture NetworkPage/19 Source:Dealroom.co.Early-stage investment:31%in 2022 vs.20%from 2016-2020Number of VC rounds by crossover investors per funding stage,100%stackedSerie C+Series B Series A/Early VC See
66、d %75%50%25%20212022Historically,crossover investors have been most active in later stages,with over 60%of the rounds happening at Series C+from 2016-2020.Seed and Series A accounted for just 20%of the deal flow.But the tide is turning.Last year was characterized by two trends:crossover
67、investors started to diversify their deal flow by increasing the focus on early-stage funding rounds(Seed and Series A).At the same time,they cut heavily on late-stage rounds(Series C+).UpdatedCrossover investors are investing earlier.Almost a third of their venture cheques were for Seed to Series A
68、 startups in 2022.Deutsche Brse Venture NetworkPage/20 Global view:Top industries invested by crossover investors*2000222016-2022Deep Tech$0.6B$1.1B$3.2B$3.4B$6.7B$16.7B$4.2B$35.9BFintech$0.3B$0.2B$7.1B$2.4B$3.1B$10.3B$4.0B$27.4BHealth$0.3B$1.4B$1.2B$2.5B$3.5B$5.7B$2.1B$16.5BIm
69、pact$0.1B$0.6B$0.6B$1.8B$2.9B$8.2B$2.3B$16.5BFood$0.1B$0.4B$2.9B$1.7B$1.7B$3.5B$0.8B$11.2BTransportation$0.9B$1.8B$0.5B$0.7B$1.2B$3.2B$0.7B$9.1BEducation$0.02B$0.03B$0.2B$0.1B$1.9B$1.1B$0.4B$3.9BMedia$0.1B$0.7B$0.01B$0.1B$0.1B$1.1B$0.6B$2.6BGlobally,Deep Tech and Fintech were been the top sectors fo
70、r crossover investors in 2021 and 2022.Health,Impact,Food and Transportation have also been in focus.Source:Dealroom.co.*Overlap between industries may incur double counting.Color scheme highlights top fields by year.Deutsche Brse Venture NetworkPage/21 Source:Dealroom.co.*Overlap between industries
71、 may incur double counting.Color scheme highlights top fields by year.2000222016-2022Fintech$0.01B$0.04B$0.03B$0.9B$1.3B$2.8B$1.4B$6.4BImpact$0.01B$0.01B$0.05B$0.1B$0.4B$0.7B$0.5B$1.8BDeep Tech$0.02B$0.01B$0.1B$0.1B$0.4B$0.7B$0.3B$1.7BHealth$0.06B$0.04B$0.2B$0.1B$0.3B$0.7B$0.2B
72、$1.6BFood$0.06B$0.1B$0.01B$0.3$0.1B$0.3B$0.1B$1.0BTransportation$0.0B$0.0B$0.01B$0.0B$0.3B$0.3B$0.01B$0.6BSecurity$0.0B$0.0B$0.0B$0.0B$0.0B$0.0B$0.3B$0.3BEducation$0.0B$0.0B$0.0B$0.0B$0.0B$0.2B$0.1B$0.3BIn Europe,crossover investors have focused mostly on Fintech.Impact,Deep Tech and Health sectors
73、have also attracted considerable investment.European view:Top industries invested by crossover investors*Deutsche Brse Venture NetworkPage/22 “Rafael Birnbaum Growth Equity InvestorVisit TCV on dealroom.coShare details about your crossover investment strategy and commitment to Europe.Founded in 1995
74、,TCV has built a track-record of backing private and public companies that TCV believes have developed into global,category-defining players.As a pioneer of the crossover strategy,we at TCV typically take a long-term perspective with each of our investments committing substantial capital,time,and re
75、sources to support our companies on their journeys seeking to achieve market leadership.The majority of our now-public investments were,at the time of our initial investment,private.We opened our London office over a decade ago,making us one of the longest standing American growth funds with a physi
76、cal footprint in Europe.We have made investments in companies across the continent,including Celonis,Flix,Mambu,Miro,Relex,Revolut,Sportradar,Spotify,Spryker,and Trade Republic.What value and expertise can a crossover investor add towards public listings of a portfolio company?We work with portfolio
77、 company management to help position the business for premium valuation multiples.We seek to create attractive liquidity opportunities for all shareholders and have purchased shares at IPO for most of our portfolio companies,highlighting our continued support and showing a strong signal to the publi
78、c markets.How do you see the current tech market and do market cycles affect your investment activity?While we may be in for a protracted adjustment period,we at TCV feel strongly that we need to lean into the uncertainty and remain hyper focused on identifying and investing in what we believe to be
79、 the highest quality,category-defining technology companies.Prior crises have created exciting investment opportunities within technology.Netflix,Google,Tesla,Expedia,and Zillow are all companies that grew out of or persevered through prior crises and ultimately prospered.We believe the same will be
80、 true in the current market environment,and that some of the best companies of today will continue to grow and execute to ultimately become the tech leaders of the next decade and beyond.What do you look for in a typical TCV crossover investment?Our approach is highly selective,as we seek to be the
81、hardest working investor for each of our portfolio companies over years-long,sometimes decades-long partnerships.There are certain criteria we look for in each investment:these companies must show they are ready to grow at-scale to become category leaders and have sustained top-line growth,large tar
82、get end-markets,exceptional products,and outstanding leadership teams.Rafael Birnbaum Growth Equity Investor at TCVNow,more than ever,were excited to partner with Europes most promising technology businesses.”3Impact on VC ecosystem and IPO marketPage/24 Deutsche Brse Venture NetworkSource:Dealroom.
83、co.VC-backed companies continue to dominate value creation in Europe.VC-backed Non VC-backedCombined enterprise value of European tech companies founded after 1990$0.5B$2.8T$0.3B$3.2T86%The gap between Europe and the US is particularly seen in the public markets.$6.9T$2.1TCombined enterprise value o
84、f tech companies founded after 1990$8.9T$1.3TEurope$19B20222021820172016$1T$2T$3T$4TUSThe gap between Europe and the US is more than double in the public market with respect to the private one.Private Public 3.3x6.8xfinalStatus-QuoDeutsche Brse Venture NetworkPage/25 100%75%50%25%VC fundi
85、ng per region and stage(2016-2022)Europe North America Asia Rest of the worldSource:Dealroom.co.Seed($1-4M)Series A($4-15M)Series B($15-40M)Series C($40-100M)Megarounds($100-250M)Megaroundsplus($250M+)29%21%17%13%12%9%finalThe European share of global VC funding steadily decreases from early-to late
86、-stage.This shows that while Europe thrives in startup creation it still lacks the ability to scale them up.This gap in late-stage funding is also caused by a lack of specialized European late-stage investors with deep capital pools,which contributes to the gap in public market value creation seen i
87、n the previous slide.Crossover investors can play an essential role in filling the late-stage funding gap and supporting more private value transition to the public markets.Europe has a considerable late-stage funding gap.More funding from crossover investors could reduce the gap and bridge private
88、and public markets.Deutsche Brse Venture NetworkPage/26 Source:Dealroom.co.*Analysis based on 128$100M+tech European exits between Jan 2020 and Oct 2022.Count of European tech IPOs&SPACs,at a$100M+valuation at exit(2020-2022)*Top five European IPOs&SPACS with participation from a crossover investor,
89、%Not backed bycrossover investor(s)24%Backed by crossover investor(s)StartupMarket Cap at Public ListingCrossover investments by$35.5B IPOApr/2021T.Rowe Price,Coatue,Tiger Global,Altimeter,Wellington,Dragoneer$13.7B IPOSep/2020Altimeter,D1 Capital,Silver Lake11.7B IPO Feb/2021Baillie Giff
90、ord,DST Global7.6B IPO Mar/2021Fidelity,T.Rowe Price,DST Global$7.0B SPACAug/2021Fidelity,Altimeter,BlackRock,D1,Viking Global Investors,Senator3197finalCrossover investors backed nearly a quarter of the European$100M+tech IPOs&SPACs in the last three years.Page/27 Deutsche Brse Venture NetworkSourc
91、e:Dealroom.co.Analysis of 111 companies that exited and were founded or HQed in Europe that raised$100M since 2016.Final left side,right to be slightly improvedLate-stage companies backed by at least one crossover investor tend to go public more often,faster and at a higher market cap.%of late-stage
92、 companies went public through IPO or SPACAverage time to IPOafter investmentAverage market cap at IPO6 years3 years-50%10%23%2.3x$2.1B$5.2B148%When not backed by any crossover investorsWhen backed by a crossover investorCrossover investors first investment is at Series C+over 60%of the times,where
93、they bring strong expertise to bridge towards IPO.Crossover investors backed companies tend to go public 2.3x more often,50%faster and at 148%higher valuation.This could be beneficial for Europes late stage funding gap and public market underdevelopment.Page/28 Deutsche Brse Venture NetworkCrossover
94、 investors also tend to significantly follow up and support their backed companies towards an exits.Source:Dealroom.co.*Excluding follow up in SPAC Private placement(PIPE),SPAC IPO or IPO round.Analysis based on 128$100M+tech European exits between Jan 2020 and Oct 2022.Follow-up rate in companies w
95、ent public.*59%Follow-up rate in companies not exited yet,but which raised$500M+and a round in the last 4 years.65%What can we benchmark this to?linkCrossover investors first investment is at Series C+over 60%of the time.They then support the company in follow-up late stage rounds in 60%of the cases
96、.In addition to this follow-up support,crossover investors tend to also double down and increase their position in the IPO/SPAC process.Crossover investors also tend to follow-up and support their backed companies in private and public markets.Follow-up rate in companies went public*Follow-up rate i
97、n companies not exited yet,but raised$500M+and a round in last 4 yrsDeutsche Brse Venture NetworkPage/29 HQ:New York City,USFounded:2005(Bucharest)Public Listing:2021Market Cap at IPO:$35.8B Crossover:Coatue,Tiger Global,T.Rowe Price,+others.HQ:Stockholm,SWEFounded:2006Public Listing:2018Market Cap
98、at IPO:$29.5B Crossover:Baillie Gifford,Fidelity,TCV,Dragoneer,DST GlobalHQ:San Francisco,USFounded:2004(Copenhagen)Public Listing:2020Market Cap at IPO:13.7B Crossover:Altimeter Capital,D1 Capital,Silver LakeHQ:London,UKFounded:2015Public Listing:2021Market Cap at IPO:$13.0B Crossover:Fidelity,Blac
99、krock,WellingtonHQ:London,UKFounded:2015Public Listing:2021Market Cap at IPO:$13.0B Crossover:Baillie Gifford,DST GlobalHQ:San Francisco,USFounded:2014(Ukraine)Public Listing:2021Market Cap at IPO:$11.0B Crossover:Coatue,TCV,Tiger Global,Two Sigma,Franklin TempletonHQ:London,UKFounded:2011Public Lis
100、ting:2021Market Cap at IPO:8.0B Crossover:Baillie Gifford,Fidelity,Blackrock,D1 Capital,Lead Edge CapitalHQ:London,UKFounded:2012Public Listing:2021Market Cap at IPO:7.6B Crossover:Fidelity,T.Rowe Price,DST globalHQ:London,UKFounded:1996Public Listing:2021Market Cap at IPO:$9.0B Crossover:Blackstone
101、HQ:Amsterdam,NLFounded:2006Public Listing:2018Market Cap at IPO:7.1B Crossover:TemasekHQ:Basel,CHFounded:2014Public Listing:2021Market Cap at IPO:$7.3B Crossover:Fidelity,Viking GlobalHQ:London,UKFounded:2018Public Listing:2021Market Cap at IPO:$7.0B Crossover:Fidelity,Altimeter,Blackrock+othersHQ:B
102、erlin,GERFounded:2008Public Listing:2014Market Cap at IPO:5.3B Crossover:DST GlobalHQ:Manchester,UKFounded:2004Public Listing:2020Market Cap at IPO:4.5B Crossover:BlackrockHQ:Mainz,GERFounded:2008Public Listing:2019Market Cap at IPO:$3.4B Crossover:Fidelity,TemasekHQ:Wessling,GERFounded:2015Public L
103、isting:2021Market Cap at IPO:$3.3B Crossover:Baillie GiffordHQ:Berlin,GERFounded:2011Public Listing:2017Market Cap at IPO:1.7B Crossover:Baillie GiffordDiscover other 70+public European tech companies backed by Crossover InvestorsMany of Europes biggest tech champions have been backed by crossover i
104、nvestors and continued their journey on the public markets.Source:Dealroom.co.Selected examples among the biggest European tech public listings backed by crossover investors.Zalando(5.3B),Delivery hero(4.4),THG(4.5B)HQ:New York City,USFounded:2005(Bucharest)Public Listing:2021Market Cap at IPO:$35.8
105、B Crossover:Coatue,Tiger Global,T.Rowe Price,+others.HQ:Stockholm,SWEFounded:2006Public Listing:2018Market Cap at IPO:$29.5B Crossover:Baillie Gifford,Fidelity,TCV,Dragoneer,DST GlobalHQ:San Francisco,USFounded:2004(Copenhagen)Public Listing:2020Market Cap at IPO:13.7B Crossover:Altimeter Capital,D1
106、 Capital,Silver LakeHQ:London,UKFounded:2015Public Listing:2021Market Cap at IPO:$13.0B Crossover:Fidelity,Blackrock,WellingtonHQ:London,UKFounded:2015Public Listing:2021Market Cap at IPO:$13.0B Crossover:Fidelity,Blackrock,WellingtonHQ:San Francisco,USFounded:2014(Ukraine)Public Listing:2021Market
107、Cap at IPO:$11.0B Crossover:Coatue,Tiger Global,Two Sigma,Franklin TempletonHQ:London,UKFounded:2011Public Listing:2021Market Cap at IPO:8.0B Crossover:Baillie Gifford,Fidelity,Blackrock,D1 Capital,Lead Edge CapitalHQ:London,UKFounded:2012Public Listing:2021Market Cap at IPO:7.6B Crossover:Fidelity,
108、T.Rowe Price,DST globalHQ:London,UKFounded:1996Public Listing:2021Market Cap at IPO:$9.0B Crossover:BlackstoneHQ:Amsterdam,NLFounded:2006Public Listing:2018Market Cap at IPO:7.1B Crossover:TemasekHQ:Basel,CHFounded:2014Public Listing:2021Market Cap at IPO:$7.3B Crossover:Fidelity,Viking GlobalHQ:Lon
109、don,UKFounded:2018Public Listing:2021Market Cap at IPO:$7.0B Crossover:Fidelity,Altimeter,Blackrock+othersHQ:Berlin,GERFounded:2008Public Listing:2014Market Cap at IPO:5.3B Crossover:DST GlobalHQ:Mainz,GERFounded:2008Public Listing:2019Market Cap at IPO:$3.4B Crossover:Fidelity,TemasekHQ:Berlin,GERF
110、ounded:2011Public Listing:2017Market Cap at IPO:4.4B Crossover:noneHQ:Berlin,GERFounded:2018Public Listing:2021Market Cap at IPO:$2.3B Crossover:Alpha Wave GlobalHQ:Berlin,GERFounded:2011Public Listing:2017Market Cap at IPO:1.7B Crossover:Baillie GiffordDiscover other 70+public European tech compani
111、es backed by Crossover InvestorsStartupMarket Cap at Public ListingCrossover investments by$35.5B IPOApr/2021T.Rowe Price,Coatue,Tiger Global,Altimeter,Wellington,Dragoneer11.7B IPO Feb/2021Baillie Gifford,DST Global$11.7B IPOSep/2020Altimeter,D1,Silver Lake7.6B IPO Mar/2021Fidelity,T.Rowe Price,DST
112、 Global$7.0B SPACAug/2021Fidelity,Altimeter,BlackRock,D1,Viking Global Investors,SenatorDeutsche Brse Venture NetworkPage/30 “At Flix,we have the ambition to build a company that creates value over decades.To reach this goal,we need partners that support us on this way of sustainable and profitable
113、growth.Committed crossover investors like TCV can be strong enablers in both,private and public market environments.They are a great match for our ambition and future growth path.Andr SchwmmleinFlix SEChief Executive OfficerCo-FounderMain quote font:Source Sans Pro Bold 18 ptSub-quote font:Source Sa
114、ns Pro Light 12ptTo replace this image,right click on the dummy image-Replace image-Upload from computer.You can find images here https:/ them in Original size for best quality.4Current developments and outlookDeutsche Brse Venture NetworkPage/32 Fund information&private/Public ratio from 2020 or 20
115、21Fund information&private/Public ratio from 2022Some investors show their public and private publicly.If there is a clear shift due to public market drop in 2022,with overshift Fidelity?Baillie Gifford?xxSource:Dealroom.co.Baillie Gifford December 2020;Baillie Gifford April 2022.PrivateB,Northvolt,
116、FlixbusSpaceX,stripe,gopufflink2020“Today,Baillie Gifford has about$5bn of assets invested in private companies,and around$40bn of assets invested in companies that we first invested in when they were private.”LinkBaillie Gifford has over$10bn of assets invested in private companies,and a further$20
117、bn of assets in public companies that we first invested in when they were private.Few commentsCurrent struggle of CI:Valuation drop difficult to hold fund ratios PublicAuto1group,HomeToGo,HdellofreshShopify,Airbnb,NIOIn 2022,the valuation drop in public markets had a strong impact on the public-priv
118、ate-ratio of crossover investors portfolios.Impact on private market valuations is often delayed as companies extend their runway to avoid down rounds in the current fundraising environment.Therefore,the fund composition can shift towards a higher share of private and illiquid investments.In the cas
119、e of Baillie Gifford,the share of private holdings increased 3x from late 2020 to mid 2022.Baillie Gifford portfolio composition Public Private Dec2020100%75%50%25%Apr202233%*11%67%89%See MoreSelected portfolio holdingsPublicPrivatePublic0%$45B$30BThe valuation drop in public markets has made a subs
120、tantial dent in the public holdings of Crossover Investors portfolios.Crossover investors have also been very active investing in the private markets in 2021.Their fund composition is shifting towards a higher share of private,illiquid investments.In the case of Baillie Gifford the share of private
121、holdings increased 3x from late 2020 to mid 2022.Public Private Dec2020100%75%50%25%Apr2022$10B(33%)$5B(11%)$20B(67%)$40B(89%)0%$45B$30B*In 2021,Baillie Gifford also increased their overall private holdings,what strengthened the effect on the public-private portfolio composition.Crossover Investors
122、portfolio are losing the balance in their portfolios with the public market pullback.Especially crossover investors were challenged in 2022 to rebalance the ratio of their public and private assets in the portfolio composition.Deutsche Brse Venture NetworkPage/33 The media headlines dominated Tiger
123、Global is one of the most iconic and controversial Crossover Investors.The firm is known for its aggressive and ultra-fast pace investment style.1At the peak of their maximum deployment velocity in H221 and H122,Tiger signed more than one deal per business day.However,Tigers total assets have droppe
124、d reportedly by$42B in 2022.Their public portfolio has lost nearly 60%of its value.Tiger has also adjusted the value of its venture holdings by 24%.2 Reportedly,Tiger is currently raising a new$6B VC capital fund,which would be its 3rd biggest to date if finalized,but less than half the size of the
125、predecessor fund.3Total number of financing rounds with participation from Tiger Global Tiger Global Source:Dealroom.co.1)https:/ 2)https:/ 3)https:/ 1 deal/day500 1 deal/3 days 1 deal/20 daysComment on early-stage investments/Fund investments 1 deal/4 daysTiger Global Management marked d
126、own the value of its private funds by almost a quarter this year,contributing to a$42 billion decline in assets,one of the industrys biggest ever.The unit oversaw about$43 billion as of Sept.30,down from$65 billion at year-end,after accounting for fundraising and redistributions to investors.The div
127、ision marked down the value of its private investments by 24%.Assets in Tiger Globals public investment arm shriveled to$15 billion from$35 billion,the people said.Tiger had a strong past track record with 34%gross IRR and 24%net IRR dating back to its earliest days.2 Yet current losses could pose c
128、hallenges to the fund next steps.1As the market cools,aggressive Tiger Global looks to raise a fund thats half the size as its lastTiger Global Is Slashing the Value of Its Venture Holdings by 24%5Tiger Global aggressively increased its investment pace in 2021 and H1 2022 but dialled back
129、 as market cooled in H2 2022.Deutsche Brse Venture NetworkPage/34 Deutsche Brse Venture NetworkPage/34 Holding public stocks longerSome VCs have been active in the public market for a long time holding the stocks of their IPOed companies,but new fund structures and the shift to registered investment
130、 advisor(RIA),give these VCs more flexibility to invest outside of venture restrictions.Buying public tech stocksVCs are buying up public tech stocks now that valuations have fallen and the private market is stalling.Some public tech stocks have in fact entered“value zone”.Traditional VCsPrivate equ
131、ity fundsPublic MarketsIPO,POST IPOPrivate MarketsEarly and late-stageHolding public stocks longerExamples of registered investment advisor(RIA)fundsExample of public portfolio holdingsPublic MarketsIPO and Post-IPO“Reverse Crossover”For instance putting more money into IPOs and holding public stock
132、s longer.Some traditional VC funds are also increasingly active in the public market.Private markets are in fact slower to reach a valuation reset and felt overvalued,whileSource:Dealroom.co.Buying public tech stocksDoubling down on portfolio companiesBuying public shares of non-portfolio companies“
133、Reverse Crossover Investors”:traditional VCs almost becoming crossover funds?Deutsche Brse Venture NetworkPage/35 Insights recap:-Overall CI good for ecosystem(at late stage).Bridge to pre-ipo/ipo,capital etc.-Tiger&Coatue mostly money handler,not much advice.,flexible in%and board seat-Tiger:index
134、approach(also competitive companies),flexible terms.-Everyone,not only crossover,was doing deals at crazy valuation in 2021-Now:public market valuation down and late stage VC crunch-Reverse crossover back attention to public markets,less competition private lets exploit that-CI have strong IPO knowl
135、edge,IPO prep expert teams-CI investors are here to stay,just less aggressive than 2021.They found inefficiency,alpha and will not give that up.-Limited amount of companies in the relevant stage,therefore often no strong focus on a specific sector-Tourist CI go currently back to their traditional co
136、re focus Outlook:Crossover investors activity is expected to gradually come back,but with a less aggressive investment pace and an ongoing convergence of private and public markets.Crossover investors first investment is at Series C+over 60%of the times,where they bring strong expertise to bridge to
137、wards IPO.Crossover investors backed companies tend to go public 2.3x more often,50%faster and at 148%higher valuation.This could be beneficial for Europes late stage funding gap and public market underdevelopment.Overall in fact,CI are good for ecosystem at late stage,where they fill a gap in capit
138、al availability and help companies in the road to IPO thanks to their public market experience.Crossover investors are here to stay,they found an inefficiency in the private markets,the alpha,and will not give that up.Source:Multiple off-record background talks with leading crossover investors,VCs a
139、nd founders.Crossover investors are here to stay Despite the disproportional dip in 2022,crossover investment strategies are expected to stay,most likely with a stronger focus on late-stage rounds in the short-term,closer to their traditional pre-IPO terrain.After the market environment normalizes a
140、 continued diversification towards early-stages is anticipated by some market participants.Stronger focus on profitability and due diligenceCompany valuations paid by crossover investors are expected to be less aggressive as in recent years,combined with a stronger focus on profitability and not onl
141、y growth.That comes in hand with an increased focus on more detailed due diligence processes.Increasing convergence of private and public marketsAs growth companies stay private longer,the blurring lines between private and public markets lead to structural changes and progressing convergence.As tra
142、ditional investor silos break down,private and public investors groups are becoming more interlinked and more crossover activities are expected.Outlook/Trends:#Short-term:deal velocity und size wirklich abnehmen werden;sobald es wieder mehr company-fundraises gibt denke ich werden auch die investore
143、n wieder die aktivitaet erhoehen#Ich glaube valuation wird weniger aggrresiv sein;aktuell ist mehr fokus auf profitabilitaet nicht mehr nur growth wie in 2020/21#Glaube auch das crossover investoren sich immer weiter diversifizieren,e.g.von Series A bis zu pre-IPO.also nicht ehr nur dieser ofkus auf
144、 series C+#Evtl.laengere holding periods da IPO markets gerade nicht so attraktiv sind/mehr M&A exitso Investors go back to their core focus,less tourist activity like Tiger and Coatueo Agressive approaches like in 2021 are over and probably done for longe timeo Post-FTX more focus on DD-CI will sta
145、y,they found inefficiency,Alpha they found and dont want to give up Valuation,here to stay,focus on core,before markets normalizesThey found an inefficiency in the private markets due to the mispricing of venture capital assets.They will not give up this advantage.It is expected that crossover inves
146、tors overall will be less active compared to 2021 in terms of deal velocity and size.Most likely crossover investments will shift with a stronger focus on late-stage rounds,closer to their traditional terrain pre-IPO.The convergence between Private and Public Markets will go on.As public/crossover i
147、nvestors seek exposure to early stage tech companies,silos break down.Private and public investor groups are becoming more interlinked.ContributorsDeutsche Brse Venture NetworkPage/37 Deutsche Brse Venture NetworkDeutsche Brse Venture Network is the pre-IPO initiative of Deutsche Brse to support str
148、iving growth companies and unicorns on their way to go public.The network unites key expertise in the field of capital market financing,contacts to relevant players and a vast European member base of founders and investors.From pre-IPO funding and different financing options via the capital market t
149、o ESG and sustainability topics:We fuel innovation in the European tech ecosystem as experienced thought leaders and community builders.Capital market readiness for striving growth companies and unicorns.Stefan MaassenHead of Capital Markets&Corporatese-mail stefan.maassendeutsche-office The Cube Fr
150、ankfurtCarsten HuthVP Venture&Growth Financinge-mailcarsten.huthdeutsche-office Berlin HubDBVN:Fokus auf Educating on CMR,what it takes to go public;Entwicklung kosystem,bestmgliche Vorbereitung auf Capital Markets,DBVN Teil unsere Angebots fr Tech VC-backed CompaniesWhats the biggest myth about goi
151、ng public?An IPO is not the end of the journey,but rather the beginning of a new growth track.Venture capital or private equity financing,for example to enable growth for start-ups or company restructuring,is typically limited to a certain period,usually with terms of three to ten years.The next maj
152、or step is an IPO as an attractive option for private divestments and a long-term,independent source of equity and debt financing that is orientated towards the future.Thus,a public listing provides a platform to continue and accelerate economic growth.Why should a founder choose to take their compa
153、ny public?An IPO boosts public awareness of a company,thus also increasing its appeal to potential employees who are interested in participating directly in their employers business success or in working for a listed company.Going public also attracts considerable attention,both from the media and f
154、rom investors,which in turn increases the companys brand and product awareness both in the domestic market and internationally.A stronger equity base and more transparency in communication and financial reporting can also improve creditworthiness and even serve as a competitive advantage,as it stren
155、gthens the trust of customers,business partners and banks in the long term.Has investor appetite towards tech listings changed in the last few years?We see a tech momentum that is led by an appetite for strong equity stories.Public market investors look for growing and resilient tech companies and a
156、re comfortable with backing founders on the next stage of their growth journey.Companies like Zalando,Delivery Hero and other supported this development and fostered understanding of the specifics of fast-growing listed tech companies on the investor side.How can Deutsche Brse support founders on th
157、eir road to IPO?Deutsche Brse supports companies on their journey towards the capital market long before an IPO,as this significant step requires careful consideration and preparation.Since an IPO is an exit that founders can actively plan,structure and work towards in a long term perspective it is
158、not only possible but highly beneficial to start preparations early.With the Deutsche Brse Venture Network we support private growth companies from the early stage to the later stage along three pillars:capital,network and skill including capital market expertise.“An IPO is not the end of the journe
159、y,but rather the beginning.”Pursue your highest business potential and become capital market readyDeutsche Brse Venture Network is the pre-IPO initiative of Deutsche Brse to support striving growth companies and unicorns on their way to go public.The network unites key expertise in the field of capi
160、tal market financing,contacts to relevant players and a vast European member base of founders and investors.From pre-IPO funding and different financing options via the capital market to ESG and sustainability topics:We fuel innovation in the European tech ecosystem as experienced thought leaders an
161、d community builders.Deutsche Brse Venture NetworkGrowth funding for young companiesDeutsche Brse Venture Network is the pre-IPO initiative of Deutsche Brse to support striving growth companies and unicorns on their way to go public.The network unites key expertise in the field of capital market fin
162、ancing,contacts to relevant players and a vast European member base of founders and investors.From pre-IPO funding and different financing options via the capital market to ESG and sustainability topics:We fuel innovation in the European tech ecosystem as experienced thought leaders and community bu
163、ilders.Lets foster a strong European ecosystem for growth together.We believe in the power of innovative ideas for a better future.Deutsche Brse Venture NetworkPage/38 Capital market readiness by Deutsche BrseUse our IPO expertise,network and servicesEducationIntroductionAssistance Accompanied by yo
164、ur Deutsche Brse Capital Markets&Corporates teamRoad to IPOIPO executionDeutsche Brse Venture NetworkIPO readiness TrainingsIndividual IPO workshopsPodcast“Road to IPO”Capital Market Partner networkBanking roadshowStartups meet corporatesAccess to institutional investorsDirectPlaceIPO ceremonyESG Vi
165、sibility HubDeutsche Brse supports companies on their journey towards the capital market long before an IPO.Deutsche Brse supports growth companies on their“Road to IPO”and beyond.Join our dedicated capital market readiness formats and leverage our IPO expertise,network and services.“The European an
166、d global IPO market dropped significantly in both volume and proceeds in 2022.IPO candidates and investors had to face multiple macroeconomic challenges,market uncertainties,increasing volatility and falling equity prices.Against that trend,the landmark IPO of Porsche AG at the Frankfurt Stock Excha
167、nge marked the largest IPO in Europe in this century,reaching 76.5bn in market cap.Especially the technology sector was affected by market downturns,along with de-SPACs struggling to find suitable targets.Whilst many promising tech companies had to put their IPO plans on hold in 2022,we experienced
168、an increasing demand in our IPO readiness workshops and trainings.As the market sentiment is likely to remain fragile,we see numerous VC-backed companies sorting out compliance,legal,finance,and accounting work to be IPO-ready,anticipating better IPO windows.Listing candidates will need to be well p
169、repared when re-engaging with investors.We are here to advise and support at early stages of IPO considerations already.”EducationIntroductionAssistance Road to IPOIPO executionDeutsche Brse Venture NetworkIPO readiness TrainingsIndividual IPO workshopsPodcast“Road to IPO”Capital Market Partner netw
170、orkBanking roadshowsStartups meet corporatesAccess to institutional investorsDirectPlaceIPO ceremonyESG Visibility HubAccompanied byPage/39 Deutsche Brse Venture NetworkPage/39 Global intelligence about promising companies,from startups to unicorns.Dealroom.co is the foremost data provider on startu
171、p,early-stage and growth company ecosystems in Europe and around the globe.Founded in Amsterdam in 2013,we now work with many of the worlds most prominent investors,entrepreneurs and government organizations to provide transparency,analysis and insights on venture capital activity.Our offerings incl
172、ude data sets via SaaS and API as well as custom reports and bespoke ecosystem platforms.Orla BrowneHead of Contentorladealroom.coYoram WijngaardeFounderyoramdealroom.coLorenzo ChiavariniB2B Research Leadlorenzodealroom.coCarla Napoleo Innovation Analystcarla.napoleaodealroom.coPage/40 Deutsche Brse
173、 Venture NetworkPage/40 What is a startup?Companies designed to grow fast.Such companies are VC-investable but not always VC-backed.This report focuses on VC-backed companies for consistency.When startups are successful,they develop into scaleups,and grownups and result in big companies;this is thei
174、r objective by definition.DefinitionsVenture CapitalInvestment numbers refer to rounds such as Early stage(Pre-Seed,Seed,and Series A),Breakout stage(Series B and Series C)and Late stage(Megarounds$100M+).VC investment figures exclude debt or other non-equity funding,lending capital,grants,ICOs,and
175、SPAC Private Placement.Underlying DataDealrooms proprietary database and software aggregate data from multiple sources:harvesting public information,user-submitted data verified by Dealroom,data engineering.All data is verified and curated with an extensive manual process.The data on which this repo
176、rt builds is available via app.dealroom.co.For more info please visit dealroom.co or contact supportdealroom.co.ValuationThe combined valuation of the tech ecosystem is based on its market cap or latest transaction value.Transaction value is realized from an exit or implied unrealized valuation from
177、 the latest VC round,which is either announced or estimated by Dealroom based on benchmarks.What is a unicorn or$1B+exit?Unicorns or$1B+exits are(former)startups that reached a US$1B valuation or exited at one point in time.What is a Unicorn?What is a startup?Deutsche Brse Venture NetworkDisclaimerA
178、ny information contained herein is subject to change without notice,and is provided without any representation or warranty,express or implied,as to its actuality,accuracy,completeness,correctness or fitness for any purpose.This publication is provided for convenience purposes only and does neither constitute legal or financial advice nor a binding commitment of Frankfurter Wertpapierbrse,Deutsche Brse AG or any of its affiliates.2023 Deutsche Brse AGBest examples for Europe?Adyen 7B 49BBiontechDelivery heroSpotifyZalandoxx