1、MAY 2024UNRIVALLED ERA OF A.I.LED INNOVATION FOR EUROPEAN TECH NO MORE EXCUSESTITANS OF TECHThis report is intended for professional investors only;see the back of the report for important disclosures.GP Bullhound Corporate Finance Ltd and GP Bullhound Asset Management Limited are authorised and reg

2、ulated by the Financial Conduct Authority.GP Bullhound Inc is a member of FINRA.GP Bullhound Luxembourg S.r.l.is regulated by the CSSF in Luxembourg.204 THE VIEW FROM GP BULLHOUND 05 KEY TAKEAWAYS 06 CHAPTER 1 Markets have stabilized way above pre-Covid levels14 EXPERT VIEW Steffen Tjerrild,Synthesi

3、a 18 CHAPTER 2 Growth equity23 CHAPTER 3 Sector Insights28 EXPERT VIEW Vishal Marria,Quantexa 34 CHAPTER 4 Europes next generation38 EXPERT VIEWS:2024 CONTENDERS Tamas Kadar,SEON Dmitry Gurski,Flo Steve Phillips,Zappi Jose Antonio Perez&Carlos Fernandez,CoverManager 40 METHODOLOGY 41 ABOUT GP BULLHO

4、UND42 DISCLAIMERContents3The viewFROM GP BULLHOUNDTHE VIEW FROM GP BULLHOUNDMANISH MADHVANIManaging Partner,GP BullhoundMANISH MADHVANIALON KUPERMANCARLOS DE LA ESPERANZAJAMES LOYDALLPartnerManaging PartnerPrincipalAnalystAUTHORSAfter ten years of issuing our Titans of Tech report,we have witnessed

5、the highs and lows of the European tech ecosystem.A year ago,the situation was less encouraging for the fundraising environment,with macro uncertainty and with businesses more focused on layoffs than on growth and innovation.Today,against the backdrop of negative headlines,we have cemented the build

6、ing blocks for the next wave of innovation.Funding levels have stabilised,and are amazingly 50%higher than pre bull market levels.With Europes maturing base of engineering talent and the worlds fascination in its potential productivity gains,artifi cial intelligence offers a unique opportunity to cr

7、eate global leaders in record time.There is no shortage of funding for the best entrepreneurs and companies,as evidenced by the record$220m seed round for Paris based H announced this week.What was noticeable about the round was the range of the investor syndicate:from strategics such as Amazon,Sams

8、ung and UI Path,household names such as Bernard Arnault,Eric Schmidt and Xavier Niel,and leading VCs.Looking ahead,we expect the next few years to represent an era of unprecedented innovation in the European ecosystem.Innovation is flowing,vast amounts of capital are available for the strong and the

9、 talent pool is expanding.No more excuses,Europe!4KEY TAKEAWAYSKey Takeaways_Funding frenzy is over,but new normal is looking goodMegarounds are fewer,but larger and still accessibleSoftware innovation continues,shaping the way we live and workCategory LeaderAfter a 24-month funding frenzy and conse

10、quent bull market for technology from 2020 to 2022,Europe saw a sharp decrease in funding levels.The escalation in money poured into the market at inflated valuations,leading to unprecedented unicorn creation,had to be digested.But we can now see that funding levels have normalised,resulting in an a

11、verage of 15bn of funding per quarter over the last year which is 50%higher than before the bull market.The tech ecosystem is still growing in value every year,and we welcome 14 new unicorns.Growth stage companies have generally avoided raising capital during 2023 and 2024 to prevent facing market r

12、epricing.This put a stop to the proliferation of gigantic funding transactions during the bull market.However,these pools of capital are still accessible,and the accumulated value of megarounds today has tripled from 2019 volumes.Founders are still raising large growth rounds to invest in growth and

13、 innovation.Despite turbulence on the funding side,it is indisputable that technological developments continue to disrupt and improve our lives and businesses.Innovation in artificial intelligence is reshaping our automation and cost-saving capabilities.The increasing verticalisation of AI end solut

14、ions is facilitating this new technology to be accessible to anyone.Beyond that,we are seeing an accelerated digitalization of SMBs that have historically lagged on cloud software adoption.These trends constitute two of the strongest unicorn factories in our continent,but the infancy of both makes u

15、s excited about their potential for material value creation.We expect the UK and France to be the two largest unicorn factories over the next two years,with Southern Europe gaining more attention as the tech ecosystem matures and catches up with its Northern neighbors.In terms of sectors,Enterprise

16、Software and Big Data/AI are the most likely to produce the next billion dollar businesses,as well as Fintech.5CHAPTER 1.MARKETS HAVE STABILIZED WAY ABOVE PRE-COVID LEVELSMarkets have stabilized way above pre-Covid levels_The bull market is over,but the new normal is very healthy EUROPE IS NOW SEEIN

17、G 50%MORE FUNDING THAN IN 2019Pandemic tailwinds unleashed an unprecedented digitalization of users and businesses,resulting in a 24-month-long bull market for the tech industry.This period of abnormally high multiples was followed by a sharp burst as revenue forecasts returned to normalized levels.

18、However,after a period of turbulence,VC funding levels have stabilized at 15bn per quarter,representing a 50%increase of pre-bull market fi gures.THE VALUE OF THE ECOSYSTEM IS GROWING DESPITE THE FAILURESEurope and Israel currently have 323 unicorns,which is a small increase from 311 a year ago and

19、283 the year before.The value of the unicorn landscape is in ongoing growth,now reaching$1.2Tr in value.This growth is taking place despite some highly-sounded failures of companies that received large funding amounts to operate but did not survive after markets normalized.UNICORNS ARE STILL RECOVER

20、ING FROM THE 2020-2022 PARTY14 new unicorns have been created over the last 12 months,which represents a sharp decrease from the peak of 125 two years ago.The bull market mania of unicorn creation has currently left us with lower unicorn creation than before the pandemic.Market forces have quite rig

21、htly raised the bar again for what deserves unicorn status.6MARKETS HAVE STABILIZED WAY ABOVE PRE-COVID LEVELS Note:Data correct as of 31 March 2024Source:PitchbookThe macroeconomic instability that started in mid-2022 sharply ended the inflated funding markets that technology had experienced for 24

22、 months.Funding levels now seem to have normalized at 15bn per quarter over the last twelve months,which is+52%higher than the average of 2019.This growth serves as a reminder that the fundamentals of investing in technology remain as strong as ever,if not stronger.After unprecedented activity and f

23、renzied investing,we are still seeing healthy levels of funding for European tech businesses.The world moves on.Funding activity has normalized above pre-CovidAn average of 15bn is deployed every quarter,50%more than before the bull marketTOTAL TECH VC FUNDING IN EUROPE AND ISRAEL(BN)PRE-COVID NORMA

24、LITYTECH MARKET BULL RUNBACK TO NORMAL10.910.08.79.6Average9.810.013.513.620.130.423.923.428.828.719.416.611.812.915.616.015.22002220232024Q1Q1Q3Q2Q4Q1Q3Q2Q4Q1Q3Q2Q4Q1Q3Q2Q4Q1Q3Q2Q47Since our first Titans of Tech report in 2014,the number of European billion-dollar companies has increased

25、 by 11x and the ecosystems aggregate valuation by 14x to more than$1.2tr.Europe has reached 323 Unicorns after the creation of 14+$1bn companies over the last 12 months.The aggregate valuation of the unicorn landscape is up 4x since just 2019.Europe responds to headwindsSteady shift in the tech ecos

26、ystemInvestors are zeroing in on artificial intelligence as a key differentiator in the evolving tech landscape.Companies that effectively leverage AI to enhance efficiency and drive innovation are poised for substantial growth in a competitive,tech-driven market.Amid evolving market conditions,comp

27、anies that adapt and strategically embrace new technologies are discovering significant opportunities.Those ready to ride the wave of cautious optimism can capitalize on these shifts to generate robust returns.LEVERAGING THE AI OPPORTUNITYMARKET RETURNS CAUTIOUSLY OPTIMISTICSource:S&P Capital IQ,Mer

28、germarket,Pitchbook,Crunchbase,press releases,and GP Bullhound analysis.Note:Cut-off date for inclusion in report 31 March 2024.Valuations correct as of 12 May 2024300$89bn6$1,231bn$305bn7017323Growth 14/2420242019201410.8x13.8x11.7x3.7x4.0 x4.1x3.8x$1BN+AGGREGATE VALUATION$10BN+COMPANIES$5BN+COMPAN

29、IESGrowth 19/2487236MARKETS HAVE STABILIZED WAY ABOVE PRE-COVID LEVELS 8During the bull market of 2020-2022,the inflated valuations led to an unprecedented number of unicorns being created,and the requirements to achieve a$1bn valuation were lower than ever on the back of accelerated revenue growth.

30、Over 200 new unicorns were created in Europe during this period.After this frenzy and the sharp turnaround of the public and private markets,both unicorn creation and IPOs were impacted.Europe only created 14 new unicorns over the past year with an aggregate valuation of$22bn.This represents a shift

31、 back to normalised levels on unicorn creation on a par with 2018.As the funding market improves through 2024 and AI gains take hold,we predict an acceleration in the trend over the next few years.Another encouraging trend has been the uptick in the number of unicorns who have announced their intent

32、ion to explore an IPO when the markets reopen.Europes new unicornsAdjusting after the hangover NUMBER AND CUMULATIVE VALUATION OF NEW BILLION-DOLLAR COMPANIES(MARCH LTM)Note:Data correct as of 31 March 2024Source:S&P Capital IQ,Dealroom,Pitchbook,Press releases200024$19bn131252

33、334331451$36bn$49bn$91bn$285bn$59bn$22bn-92%NUMBER OF IPOS IN EACH YEAR(MARCH LTM)RUMOURED TO BE ON THE IPO QUEUE20200232024202751151MARKETS HAVE STABILIZED WAY ABOVE PRE-COVID LEVELS 9Source:Capital IQ,Mergermarket,Pitchbook,Crunchbase,press releases,and GP Bullhound analysis.

34、Note:Cut-off date for inclusion in report 31 March 2024.Valuations correct as of 12 May 2024Throughout the last twelve months,the European tech industry has demonstrated resilience in the face of global economic pressures.Market dynamics have shifted,with a notable emphasis on sustainability and eff

35、iciency driving investment trends.Investors have strategically focused on technologies that offer long-term growth prospects,such as AI and climate tech,ensuring that private market valuations remain robust amidst fluctuating public market conditions.This year marked a period of consolidation in Eur

36、opean startup fundraising,emphasizing quality over quantity.With only 14 new unicorns emerging from Europe and Israel,this figure highlights market stabilization rather than decline,reflecting a focus on sustainable growth and robust business fundamentals in a mature tech ecosystem.Europe remains ca

37、utiously optimisticDealmaking slowed compared to 2022 but remained resilientAGGREGATE NUMBER&VALUATION OF BILLION-DOLLAR COMPANIESAGGREGATE VALUATION OF BILLION-DOLLAR COMPANIES BY STATUS2020202220024881323$305bn$421bn$807bn$1,064bn$1,148bn$1,231bnAcquiredPrivatePublic$126bn$78

38、2bn$1,231bn2024$323bnMARKETS HAVE STABILIZED WAY ABOVE PRE-COVID LEVELS 10Source:Capital IQ,Mergermarket,Pitchbook,Crunchbase,press releases,and GP Bullhound analysis.Note:Cut-off date for inclusion in report 31 March 2024.Valuations correct as of 12 May 2024The UK solidifi es its position alongside

39、 France as the top Unicorn producers,minting six new Unicorns over the past year between them.This year,Germany,Israel,and the Netherlands each added two unicorns,bringing their total counts to 40,67,and 11,respectively.Collectively,these new additions contribute to a cumulative valuation of$425bn a

40、cross the three regions,underscoring their signifi cant roles in Europes vibrant tech ecosystem.Sweden and Italy follow with 1 Unicorn each,with Italy establishing itself as a consistent contributor of unicorns to the EU ecosystem.Champions leagueBillion-dollar stablesNumber of billion-dollar compan

41、iesCumulative valueNew UnicornsRising stars$279bn633$210bn672$88bn363$114bn402$101bn112$127bn171$14bn61MARKETS HAVE STABILIZED WAY ABOVE PRE-COVID LEVELS 11Source:Capital IQ,Mergermarket,Pitchbook,Crunchbase,press releases,and GP Bullhound analysis.Note:Cut-off date for inclusion in report 31 March

42、2024.Valuations correct as of 12 May 2024AI leaders was the unifying in the creation of new unicorns this year.The new UK unicorns are valued at$3.4bn,with signifi cant contributions from AI leaders like Synthesia and Builder.ai.The French trio achieved an impressive collective valuation of$7bn,driv

43、en again by AI innovators such as Mistral AI.Europes tech factoriesNew unicorns LTMNEW BILLION-DOLLAR COMPANIES BY GEOGRAPHY1233$7.0bn3$3.4bn2$2.4bn2$2.9bn2$2.2bn1$1.5bn1$2.6bnMARKETS HAVE STABILIZED WAY ABOVE PRE-COVID LEVELS 12A GP Bullhound guide to successful fundraisingStay focused,stay resilie

44、ntThe end of the funding frenzy has definitely increased the discipline in running a business.Money is not free anymore,and the fundraising bar has been raised,but investors are still interested in category leaders with strong KPIs.With funding levels having normalized quite strongly,there are no ex

45、cuses for innovators and technology leaders to avoid raising fresh funding for new projects and avenues for growth.Remain focused and take advantage of the large opportunities that technological and software development can offer.POSITION THE COMPANY EARLY AND ACT IN ADVANCEFUNDING IS AVAILABLE,BUT

46、INVESTORS ARE ZOOMING IN ON KPISANTICIPATEEXPLORE ALL FUNDINGSUSTAINABLE GROWTH RATESHIGH GROSS MARGINSCLIENT RETENTION RATESKEEP THE FOCUSPOTENTIAL UPSIDE?DEMONSTRABLE UNIT ECONOMICS(LTV/CAC AND PAYBACK PERIOD)ZERO-BASED BUDGETING(CUT WHATS NOT WORKING)PROFITABLE GROWTHStart conversations early and

47、 plan aheadEquity:Be realistic on valuationProduct:focus engineering efforts on critical roadmap itemsHire new star talent as business expands?Keep a balance between high growth and a healthy cash runwayTarget at least 24 months of runwayPipeline:focus on real leads with near-term probability of clo

48、singM&A on the horizon as market consolidates?Find a real value-add partner aligned with your visionDebt/Supplier financing/accelerate revenues/partnershipsMarketing:balance near-term ROI with the long term company visionTest new avenues for efficient customer acquisition?MARKETS HAVE STABILIZED WAY

49、 ABOVE PRE-COVID LEVELS 13EXPERT VIEW:SYNTHESIAExpert viewCO-FOUNDER|SYNTHESIASTEFFEN TJERRILDHOW DID YOU START SYNTHESIA AND WHAT INSPIRED YOU?My co-founder Victor and I knew each other from the startup ecosystem in Denmark,and bonded over our shared ambition,complementary skill sets,and belief in

50、the potential to change content creation with AI.We had both seen various technologies like crypto and VR absolutely explode,and we sensed that AI,which was starting to creep into the public consciousness,and synthetic media technology would be a paradigm shift for audio and video production.We deci

51、ded to move to London to build a company around this conceptSynthesia.We spent many months working with researchers Matthias Niessner and Lourdes Agapito,who would ultimately become co-founders.From there,we began building out the team,and spent almost three years looking for a business model.After

52、exploring applications for the technology for fi lm,high-end VFX,gaming,entertainment and advertising,we realized the potential it had in the enterprise space and released the fi rst iteration of the platform as it exists today in 2020.In the next few years,99%of the content well consume online will

53、 be video and most of it will be AI-generated.WHAT WERE THE MOST CHALLENGING PERIODS ALONG THE WAY?HOW DID YOU OVERCOME THESE PERIODS?Back in 2017,generative AI as we know it today did not exist and we bootstrapped the company by using our personal investments to keep a computer vision engineer on s

54、taff.Gen-AI video generator14EXPERT VIEW:SYNTHESIAHOW DO YOU SEE THE DISRUPTION OF GENERATIVE AI IMPACTING OUR BUSINESS ECOSYSTEM?In the next few years,99%of the content well consume online will be video and most of it will be AI-generated.From everyday work presentations to Hollywood movies,AI will

55、 transform the way we create and consume content.Synthesia sits at the center of this transformation.We are on a mission to become the worlds leading enterprise AI video communications platform making video creation,collaboration and sharing simple and intuitive,without the need for cameras,studios

56、or expensive editing software.More than 55,000 businesses,including half of the Fortune 100,use Synthesias technology to change how they communicate and share knowledge at scale using video.To help these businesses,Synthesia has created a platform where users simply type in text,select from over 150

57、 diverse AI avatars,and choose from more than 130 languages to ultimately produce videos that speak to a variety of company audiences and teams,including employee training and development,customer enablement,internal communications,sales or marketing videos in a matter of minutes.Companies whove sta

58、rted using Synthesia to leverage video in these areas see massive benefits in the form of improved employee and customer experience,resulting in accelerated operational efficiency.As Gen Z is set to become a third of the workforce by next year,video will become a more relevant medium for collaborati

59、on and communication at work,and our AI avatars will reshape how people and companies connect,communicate,interact and learn.Our perseverance paid off and we eventually secured a$1 million investment from Mark Cuban.Cuban believed in our vision for the company at a time when most investors didnt wan

60、t to touch the space.That investment allowed us to take the two additional years we needed to build Synthesia into the company it is today,with 350+employees,over$150 million in VC funding,and an AI video creation platform thats being used by tens of thousands of companies around the world.It also w

61、asnt obvious from the beginning what the killer use case would be for the model and the AI avatars we were building.However,we worked with a few early customers that helped us see the huge potential for a platform where people could quickly and easily create and distribute information via engaging v

62、ideos instead of dense text-based materials.And now,were evolving into a platform that addresses business challenges such as customer support,employee experience and training,and personalized sales and marketing.15EXPERT VIEW:SYNTHESIAWHAT CHANGES/INITIATIVES DID YOU IMPLEMENT OVER THE LAST 24 MONTH

63、S TO HELP NAVIGATE THE MACRO TURBULENCE?We have continued to focus on product innovation to deliver the best possible platform to our 55,000+business users.Over the last 24 months weve launched a host of new services and features,including an overhauled production workspace with editing and guest co

64、llaboration,a new AI Video Assistant feature that allows users to create videos using existing files or public links,new avatars complete with additional gestures,and new language and translation capabilities.In April of 2024,we unveiled a new model called EXPRESS-1 and a new generation of avatars p

65、owered by it which can mimic human emotions and speech.These Expressive Avatars are the biggest advancement in avatar technology in years,and they make Synthesia videos even more impactful for our customers.WHAT WAS THE KEY TO BEING SUCCESSFUL IN THE LAST 24 MONTHS AS A BUSINESS?Staying laser-focuse

66、d on our customers and doing everything we can to deliver a delightful and simple experience that anyone within an enterprise can use.Be brutally honest what your IP/unique insight is and where foundation models start and end.Our R&D team,which comprises+20%of the company,is constantly growing and i

67、mproving our platform.Our focus on cutting-edge AI research really sets our business and product apart.One of the biggest challenges for synthetic videos and AI avatars is making them high-quality and realistic.Our Expressive Avatars launch was a huge leap on this path,and in the coming years well b

68、e advancing avatars to be able to do much more than just talk to the camera.Weve also focused on working with our customers to get them the best return on investment from using Synthesia.Clients have seen over$5,000 of cost savings per video,80%time savings,and 30%increase in engagement with Synthes

69、ia.AFTER SUCCESSFULLY RAISING A LARGE GROWTH ROUND WHEN FUNDING MARKETS WERE NOT AS ACTIVE,WHAT RECOMMENDATION DO YOU HAVE FOR FOUNDERS LOOKING TO RAISE NOW?I would be very clear on what terminal value youll be able to deliver and own,as foundation models get more and more advanced,incumbent innovat

70、ion accelerates,and existing distribution moats get stronger.16EXPERT VIEW:SYNTHESIAWHAT KEY COMPONENTS FOR SUCCESS ARE YOU FOCUSING ON NOW TO TAKE YOU THROUGH THE NEXT 24 MONTHS?We see our role changing from a product that today solves an employees need(transforming boring text into engaging videos

71、 at work)into a platform that addresses business challenges such as customer support,employee experience and training,marketing automation and personalized sales.To do that,we need to continue pushing technical boundaries and innovating while keeping security and compliance in mind,stay very close t

72、o our customers to understand their needs and continue exceeding their increasing expectations on a daily basis.LONG-TERM VISION:WHAT IS NEXT FOR SYNTHESIA?WHERE DO YOU WANT TO TAKE THE BUSINESS?Synthesia aims to become the worlds leading enterprise AI video communications platform.Our mission is to

73、 revolutionize video by transforming it from a linear,one-size-fi ts-all MP4 format into a dynamic,personalized,contextualized,and localized new media experience.17CHAPTER 2.GROWTH EQUITYGrowth equity_Megarounds slowing down and becoming stricter,with debt gaining attention;buyers are taking advanta

74、ge of the environment by seizing acquisitionsMEGAROUNDS ARE FEWER BUT LARGER AND STILL ACCESSIBLEWhile 2021 and 2022 were the years of megarounds,the end of the bull market put a sharp stop to the proliferation of these abundant funding transactions.The ambition towards capturing market share and“gr

75、owing at all costs”resulted in businesses having access to mega-capital in earlier stages of their development,drastically lowering megaround valuations.However,the accumulated value of megarounds today is nearly 3x that of 2019.Businesses with a clear focus and defi ned strategies are getting acces

76、s to these large pools of capital.European businesses like Mistral.ai,Synthesia or DataSnipper have recently raised megarounds,proving that pioneering products can access large pools of capital to boost innovation and growth.DOWNTURNS CREATE OPPORTUNITIES,AND BUYERS ARE SEIZING THEMWith the re-ratin

77、g of several listed software companies,large-cap private equity buyers have been active with take privates of leaders such as Adevinta,Kahoot or Darktrace.Some of our European technology titans have also been actively acquiring companies that allowed them to expand their product offerings or take on

78、 new markets.2024 will see accelerated consolidation as leaders expand their product offerings and enhance their AI messaging.UNICORNS AVOIDING THE MARKET,PUTTING DEBT UNDER THE SPOTLIGHTAfter a period of unprecedented megaround activity at inflated valuations,European unicorns were well-funded thro

79、ughout the downturn and avoided equity fundraising and potential dilution.Against this backdrop debt became a go-to instrument for this transitional period of landscape recovery.18GROWTH EQUITYSource:Pitchbook.Note:Disclosed rounds greater than$50m between 1 January 2019 and 31 March 2024(1)We defin

80、e megarounds as equity funding rounds greater than$50m in sizeFollowing unprecedented deal activity in 2021 and 2022,it was unlikely that we would be able to keep pace after the end of the bull market.After a very dry period in late 2022 and early 2023,the market started its recovery.With 180 megaro

81、unds amounting to over 33bn in value,the last twelve months give us reasons to remain optimistic and position the industry above pre-pandemic levels,but way below the low-interest-rate season in which megarounds proliferated.We see the same number of megarounds as before the pandemic,but these nearl

82、y tripled in size.Sizeable capital pools are accessible,and founders are raising larger growth rounds to further propel growth and innovation.Megarounds normalizing through 2023Similar deal count as 2019 but nearly tripled in sizeMEGAROUNDS OVER TIME(1)21.014.412.517.116.910.87.64.05.09.39.09.612.06

83、.07.34.33.53.53.34.35.2482002220232024Q1Q3Q2Q4Q1Q3Q2Q4Q1Q3Q2Q4Q1Q3Q2Q4Q1Q1Q3Q2Q4Total funding value(bn)Number of deals(Q1)19Avoiding the market until timing is rightAfter raising in the bull market at multi-billion valuations,unicorns have avoided equity funding fearing downrou

84、nds and excessive dilutionGROWTH EQUITYSource:Pitchbook,Crunchbase,press releases.18After nearly all unicorns raised fresh funding during 2021 and 2022,the cash-heavy balance sheets led to a massive drop after the market repriced and the requirements for megarounds became much more demanding.We can

85、already feel the recovery during the first months of 2024,which in 4 months is already at c.75%of the levels achieved in the whole of 2023.FUNDING ROUNDS FROM TODAYS PRIVATE EUROPEAN UNICORNS$7.3bn$7.6bn$37.6bn$23.0bn$4.7bn$3.5bn2020202220232024(APR-YTD)48%48%71%44%17%8%of unic

86、orns that raisedIn aggregate,93%of todays unicorns raised during 2021-22Total funding($bn)Deal count(#)20GROWTH EQUITYSource:Houlihan Lokey“Venture Debt Market in Europe”,January 2024Since mid-2022,private debt has taken center stage in the funding ecosystem.This change was driven by several factors

87、,including the high-quality tech ecosystem in Europe,a buyer-friendly M&A landscape,and a less attractive environment for equity fundraising.With these factors in play,many founders made the strategic decision to pivot away from raising equity rounds,which otherwise would have brought in lower valua

88、tions.Private debt to the rescueFounders seek debt issuers to dodge down roundsVENTURE DEBT TRANSACTIONS IN EUROPENUMBER OF DEALS6235337345520000152019H1 2023=250mUnknownDEAL VOLUME(M)4,0022,9594,4425,26110,75820,77912,6492,879693657588135201220

89、00019H1 202321GROWTH EQUITYSource:Capital IQ,Mergermarket,Pitchbook,Crunchbase,press releases.Note:only includes transactions closed after 31 March 2023.Slowed transaction activity unlocking opportunityAcquirers and investors are benefi tting from attractive valuatio

90、ns and reduced competitionOver the past twelve months,we have seen a material activity in Europe of mega-acquisitions,both from fi nancial and strategic buyers.Global leaders such as Adevinta,Darktrace or Kahoot were taken private at multi-billion valuations and material premiums to market prices.TA

91、KE PRIVATE12.4bnACQUIRED BYACQUIRED BYACQUIRED BYACQUIRED BYACQUIRED BYACQUIRED BY1.5bn4.7bn542m1.6bn400mM&AFEB-24APR-24FEB-24APR-24APR-24OCT-23AUG-23AUG-23JAN-24NOV-23FEB-24MAY-2322CHAPTER 3.SECTOR INSIGHTSSector insights_Europe is seeing an increasing number of AI leaders serving the back-end comp

92、onents and the front-end applications;also,SMBs are catching up on the adoption of cloud-based technologiesTHE DIFFERENT COMPONENTS OF AIThe exponential growth of computer processing power and data created have allowed us to automate tasks and decision-making processes that were unimaginable just 5

93、years ago.This has generated a new wave of businesses becoming best-in-class on each of the elements that build these models,from data sourcing to model training to end-user applications;Europe is becoming a major contributor in this global transformation of the economy.VERTICAL AI TO EXTRACT THE MO

94、STThe innovations in the applications of artifi cial intelligence become much more impactful when implemented with an industry-focused approach.Vertical AI front-end solutions enable the use of smaller,specialised models,that have lower compute requirements so can be trained and deployed faster,as t

95、hey are fed specialized and high quality data.Also,a focused end interface can help end users extract more of the value and automation capabilities that AI can bring.CLOUD SOFTWARE TOOLS FOR SMBS SEEING A BREAKTHROUGHThe wave of cloud-based software solutions that have fully disrupted every aspect o

96、f our economy over the last 20 years has not been embraced in a meaningful way by the long tail of SMBs.Twenty European software companies have achieved billion-dollar valuations by capitalising on this trend and powering SMBs to digitalize different parts of their business processes.23SECTOR INSIGH

97、TSBreaking down AIThe elements of the largest disruption since smartphones with Europe taking the center stageIt is undisputable that artifi cial intelligence and machine learning models are shaping the way we work and interact with technology.The power of AI is available to any business and consume

98、r willing to embrace it.With this,many European businesses have emerged to drive the different parts that compose this new technology:from the data fed to these models to its construction and training and,most importantly,the ultimate applications that enable every business and individual to embed A

99、I into their day-to-day lives.Proprietary data creation and aggregation from structured or unstructured sourcesDATAEnd-user applications using AI models to enable new workflowsAPPLICATIONAI models with a foundation of knowledge and ongoing learning and developmentMODELSTools for model development,in

100、frastructure,data labeling and data warehousesTRAINING24SECTOR INSIGHTSLeveraging the rapid development machine learning models and infrastructures,the interface through which users interact with artifi cial intelligence is taking another step.By turning vertical,AI-native software products can feed

101、 specialized,focused data to train the models,which gives them sectorial specialisation.And,by building interfaces that allow a more accessible and effi cient integration into existing workflows,we will see wider utilisation of these tools.Europe is home to several leading businesses that are buildi

102、ng these niche solutions.These solutions help bring the power of AI to the ultimate mission of business optimization and effi ciency,triggering unchained value creation.The verticalization of AIEurope has been a pioneer in building sector focused applications that fully exploit the potential of end-

103、user artifi cial intelligenceVertical models are fed with a higher level of quality and granularity given the focused approach of the end applicationDesigned for the specifi c industry and use case;specialized data accumulation further enhances usefulnessMeeting the unique needs of the specifi c use

104、 case,delivering instant value given faster deployment and implementationFocused solutions are more likely to remain compliant with the fast-moving industry-specifi c regulations around governance and data protectionSECTORIAL KNOWLEDGESPECIALISED MODELSINDUSTRY-SPECIFIC INTERFACESCOMPLIANTCONTENT CR

105、EATIONLEGALPUBLIC SECTORWEB DEVELOPMENTSALES AND MARKETINGSUPPLY CHAINTALENT MANAGEMENTHEALTHCAREFINANCE AND ACCOUNTINGRETAILBANKINGEDUCATION25SECTOR INSIGHTSVertical AI software products have enabled a fast adoption of the technology across many functions inside of a business.The most historically

106、manual tasks,such as customer support,sales or even product development,are being replaced by solutions that are faster,better and facilitate an unprecedented analysis of the data.As highlighted by a McKinsey survey,55%of organizations have already implemented AI in at least one business function,wh

107、ich is a noticeable jump from 50%a year ago,and 20%in 2017.Given the technical development rate and the end products growing usability,we expect this rate to continue increasing.End applications becoming a realityBusinesses are fast at adopting new AI technologyMOST COMMONLY ADOPTED AI USE CASES BY

108、FUNCTION,2023Source:McKinsey and Company survey,2023Service operationsR&D/product developmentMarketing and sales23%22%22%19%19%19%17%17%16%26%Creation of new AI-based productsCustomer acquisitionContact-center automationService operations optimizationCustomer-service analyticsPersonalizationProduct

109、feature optimizationAI-based enhancements of productsSalesPredictive service and intervention%of respondents26SECTOR INSIGHTSThe disruptive potential of AI/ML companies has become a key area of interest for the investor community.While still affected by the overall funding decrease from the peak two

110、 years ago,the 11bn invested over the last twelve months represent more than double the funding amounts before Covid.Of the new unicorns created over the last year,36%were AI/ML centric businesses,representing a materially higher share than prior years.AI as a key funding sectorEuropean artifi cial

111、intelligence companies have received over 11bn in funding over the last twelve monthsFUNDING FOR AI/ML COMPANIES(MARCH LTM)5.3bn6.1bn10.2bn16.7bn13.1bn11.0bn2,4173,1913,5203,3023,1432,8692002220232024Total funding(bn)Deal count(#)#of new AI unicorns%of total new unicorns9%29%3-06%715%536%

112、527Expert viewFOUNDER&CEO|QUANTEXAVISHAL MARRIAHOW DID YOU START QUANTEXA AND WHAT INSPIRED YOU?“In 2016,I founded Quantexa with one unique goal in mind:to create a technology platform that would materially change the way organisations make strategic and operational decisions from a data foundation

113、they could trust.I noticed then how hundreds of data-intensive organisations around the world were facing the same challenges.They couldnt connect and bridge the gap between the vast volumes of data they were accumulating and the millions of mission critical decisions they had to make every year.Tha

114、ts exactly what our technology helps them to do.Fast forward to today,Quantexa is a global data and analytics software company with over 700 employees worldwide.We are pioneering Decision Intelligence that empowers organizations to establish trust and confi dence in their data,to reach new levels of

115、 organizational effi ciency and build business resiliency through safe,effective use of AI and graph analytics.Quantexas Decision Intelligence platform enables organisations to resiliently navigate the volatility of the world today and future proof for whatever situations require new approaches to p

116、rotect,optimize and grow.We help global organizations like BNY Mellon,HSBC,Vodafone,Allianz,as well as public sector bodies such as the UKs Cabinet Offi ce,solve some of their biggest data challenges across a range of use cases,from AML and counter fraud through to risk and customer intelligence.For

117、 example,HSBC uses our software to process about 60 billion records a day,to prevent money laundering and fraud across the globe.The Public Sector Fraud Authority(PFSA),which was set up last year to help public bodies tackle fraud against the public purse,also works with Quantexa to fi nd and preven

118、t more economic crime across the public sector.”Investing,developing,and innovating to put our customers fi rst helps to protect ourselves against macro turbulence in the market.EXPERT VIEW:QUANTEXAAI analytics for decision intelligence and fraud detection28WHAT WERE THE MOST CHALLENGING PERIODS ALO

119、NG THE WAY?HOW DID YOU OVERCOME THESE PERIODS?“All scale-ups face common challenges.In the first 18 months after setting up the business,cash was king,so I was very focused on simply surviving and keeping my head above water.Over the following few years,my goal was to work on building the right foun

120、dations and implement a strategy that could sustain and carry the company forward.This led to the next and perhaps most important challenge:to scale and maintain the vision and focus that had underpinned Quantexas success to date,all whilst creating value for customers,partners,and employees.Creatin

121、g and maintaining a strong company in the face of rapid global expansion is no mean feat.This is why the wider leadership team and I have led Quantexa with four core values at the heart of the business to ensure we are all on the same mission to realize our vision of becoming leaders in the Decision

122、 Intelligence category.We call this DATA which reminds us to embody Determination,Ambition,Teamwork,and Accountability in everything that we do.Living and breathing these values has helped make everything we have achieved at Quantexa possible to date and continues to do so today.”HOW DO YOU SEE THE

123、DISRUPTION OF AI IMPACTING OUR BUSINESS ECOSYSTEM?WHAT ARE THE ADVANTAGES OF BEING INDUSTRY-FOCUSED LIKE QUANTEXA?“AI will provide enormous and disruptive opportunities across industries.Right now,there is still apprehension around how it can be deployed effectively and safely within organisations.T

124、his is because generally available models often operate as a black box and lack transparency,they can also lack context that may be critical to a particular task at hand.At Quantexa,were uniquely positioned to help organisations overcome these challenges.Our technology platform is used to build a un

125、ified view of disparate data sources,creating representations of the real-world objects contained in the data within graphs or networks that are rich in context.Providing generative models with these contextual graphs enables the models to produce accurate responses and enables those responses to be

126、 validated.Being industry focused as AI is adopted across verticals is an advantage.We see the dramatic impact that better data management systems can have in multiple sectors,helping government and private sector organisations to make better decisions and improve performance.Whether thats providing

127、 better healthcare,fighting fraud,preventing money-laundering,unearthing customer insights,or any environment in which making accurate decisions is critical,the capabilities we provide go well beyond the banking space.”EXPERT VIEW:QUANTEXA29WHAT CHANGES/INITIATIVES DID YOU IMPLEMENT OVER THE LAST 24

128、 MONTHS TO HELP NAVIGATE MACRO TURBULENCE?“Throughout the past financial year,we have continued to invest in the development and evolution of our Decision Intelligence Platform technology to ensure customers are receiving the best experience and value as possible from our technology.In April 2023,we

129、 announced that a$129 million Series E funding round,securing our unicorn status with a valuation of$1.8 billion and accelerating the execution of our growth strategy within the$230bn Decision Intelligence category.In November 2023,we announced the opening of a new Asia Pacific Headquarters in Singa

130、pore.The opening was part of a broader regional expansion plan to ensure we stay close to our customer base and follows the July 2023 launch of Quantexas Japan operations in Tokyo and long-standing presence in Melbourne,Sydney,and Malaysia.In March 2024,we announced a new strategic partnership with

131、Microsoft to make Quantexas Decision Intelligence Platform immediately available on Microsoft Azure Marketplace for financial services organizations and government agencies,and exclusive plans to bring the platform to new mid-sized banks in the United States.These are just several of the milestones

132、that underline Quantexas dedication to our customers.Investing,developing,and innovating to put our customers first helps to protect ourselves against macro turbulence in the market.”WHAT WAS THE KEY TO BEING SUCCESSFUL IN THE LAST 24 MONTHS AS A BUSINESS?“In a world with heightened uncertainty,orga

133、nizations turn to us to ensure they can trust their data and make quicker and more informed decisions to protect,optimize,and grow.Our Decision Intelligence Platform gives our customers the ability to understand their data by connecting siloed systems and the ability to visualize complex relationshi

134、ps often hidden within the data.The result is a connected single view of data that becomes their most trusted and reusable resource across the organisation.At Quantexa,we help our customers to establish a culture of confident decision making at strategic,operational,and tactical levels to mitigate r

135、isk and seize opportunities on their path to building efficient and resilient organizations.This is creating and growing demand for our software.”EXPERT VIEW:QUANTEXA30AFTER SUCCESSFULLY RAISING A LARGE GROWTH ROUND WHEN FUNDING MARKETS WERE NOT AS ACTIVE,WHAT RECOMMENDATION DO YOU HAVE FOR FOUNDERS

136、 LOOKING TO RAISE NOW?“It has been a hard,challenging environment for funding in the wider market over the last 18 months in venture tech,but we do see positive signs and confidence returning in investment markets.Time has never been more exciting and transformational when it comes to technology.The

137、res a huge market need for more data-driven and AI-enabled solutions.Its about having a clear differentiator,clear positioning and precise operational and GTM execution so you can find the white space in markets.For those looking to raise now,I would urge them to think big on their unique selling po

138、int and the enduring value proposition they have compared to the competition.”WHAT KEY COMPONENTS FOR SUCCESS ARE YOU FOCUSING ON NOW TO TAKE YOU THROUGH THE NEXT 24 MONTHS?“Over the next year,Quantexa will be laser focused on our unwavering commitment to empower our customers across every corner of

139、 the globe to use AI and data to drive analytic innovation to solve some of their toughest business challenges.“Were focused on helping enterprises and government agencies to become more effective and efficient at organizing and stitching together siloed,messy data to obtain 360-degree views of cust

140、omers or citizens and suppliers to identify fraud,qualify eligibility for services,stop dangerous goods at borders,optimize supply chains,identify financial crime and more.After all,an organizations data holds potential answers to many of the most pressing challenges they are facing.We remain dedica

141、ted to enabling organizations to create a trusted data foundation,and understand the context that sits within their data,to take advantage of augmented and automated decision making.”LONG-TERM VISION:WHAT IS NEXT FOR QUANTEXA?WHERE DO YOU WANT TO TAKE THE BUSINESS?“All options are on the table right

142、 now.In the past year,weve grown from 500 to 700+employees,opened new offices in multiple countries and undertaken new product development,ensuring were able to continue growing our global footprint while investing in our technology and talent.We continue to remain laser focused on growing the busin

143、ess by delivering category leading technology across the Decision Intelligence space whether that be in banking,public sector,insurance or telco verticals,that meets our customers needs to protect,optimize,and grow their organisations.Our 10 year north star is to become the leading global provider o

144、f Decision Intelligence software and we are well on our way”EXPERT VIEW:QUANTEXA31SECTOR INSIGHTSThe historical concentration of technological knowledge around large enterprises resulted in an accelerated digitalization of business processes for these companies.Over 75%of Large EU businesses(250 emp

145、loyees)are using some kind of cloud-based software,but this figure drastically drops to 44%for SMBs(10-250 employees).This implies that 56%of these small and medium businesses still need to embrace cloud software solutions.This lag is mainly due to the lack of technological knowledge already mention

146、ed,and to the unawareness of the efficiencies it can bringWith this,the market opportunity for businesses tackling these solution is quite large.77%of European SMBs still run their finance and accounting offline or using legacy software,with this figure jumping to 89%when looking at CRM or ERP.The c

147、loud is(finally)reaching the long tail SMBs are slowly but steadily embracing the digitalization%OF EU BUSINESSES BUYING CLOUD-BASED SOFTWARESource:Eurostat%OF EU SMBS USING CLOUD-BASED SOFTWARE,BY PROCESSFinance and accountingERPHosting for data baseCRM23.0%18.8%11.2%10.6%2021202340.1%71.6%44.2%77.

148、6%SMBs(10-250 FTEs)Large(250 FTEs)+70,000SMBs working on the cloud32SECTOR INSIGHTSEurope has been home to many successful software companies that bring the effi ciencies of cloud computing to SMBs with easy-to-deploy products that enable self-learning and intuitive use.Remarkably,Europe has been ho

149、me to 8 unicorns that bring SMB cloud software to assist with fi nance and accounting management alone.The European winners facilitating SMB digitalizationPlug-and-play and intuitive software allows any company to run on the cloudFINANCE AND ACCOUNTINGERPEMPLOYEE MANAGEMENTVERTICAL CRMSTEAM COLLABOR

150、ATION8 UNICORNS4 UNICORNS3 UNICORNS2 UNICORNS3 UNICORNS33CHAPTER 4.EUROPES NEXT GENERATIONEuropes next generation_Our billion-dollar contendersSTART-UPS NEARING UNICORN STATUSWe analysed the performance and development of more than 1,000 start-ups since 2015 for our top 50 list of Contenders with th

151、e most potential to reach$1bn in the next 24-36 months.We show those demonstrating the greatest ambition and taking the largest risks,and look at the sectors and countries most likely to deliver the next European leaders.WHERE TO LOOKThe UK and France are likely to become the geographies where futur

152、e Unicorns fi nd their feet,based on our top Contenders.We also keep an eye on Southern Europe,where the tech ecosystem has stayed behind its Northern neighbors,but we see strong potential for future unicorns.OUR FORMULA FOR TOP 50 CONTENDERS CRITERIA Tech companies only,with a bias towards internet

153、/software(Cleantech and Biotech excluded)Headquartered in Europe(including Israel)Founded in 2004 or later Raised$20m or EV of$400m+from 2015 onwards Exceptions made for fast-growing companiesDATA-DRIVEN Scale:capital raised over the last four years and headcount as of April 2024 Velocity:growth in

154、capital raised in 2022 and 2024 YTD versus 2021 and 2022;growth in headcount from 2021 to 2024 Sentiment:crowdsourced from the European VC community and GP BullhoundWHAT TO WATCH The next billion-dollar companies will likely continue to grow from a diverse spread of sectors and geographies.We expect

155、 Enterprise SaaS and Big Data/AI to lead the charge.34EUROPES NEXT GENERATIONSource:Company data,Capital IQ,Mergermarket,press articles,LinkedIn,as of March 2024We analysed more than 100 European startups for scale,velocity and sentiment,and ranked the top 50 companies,which we believe have the most

156、 potential to become one-billion dollar companies in the next two years.Europes most promising startupsThe 2024 top 50 contenders2024 overall rank35EUROPES NEXT GENERATIONFrom our top 50 contenders,we have chosen the top 10 that we believe have the potential to become billion-dollar companies in the

157、 next two years.For each metric,scores for all companies are rebased as a percentage of the leading company at that metric(100%).The next European billion-dollar companyThe top 10Source:Company data,Capital IQ,Mergermarket,press articles,LinkedIn,as of 12 May 2024TOP 10 CONTENDERS98%100%91%87%86%81%

158、81%80%78%86%100%Sentiment93%100%39%80%65%93%39%39%98%90%88%Scale88%83%54%83%73%81%73%73%51%Velocity62%22%11%48%43%29%57%67%40%36EUROPES NEXT GENERATIONLooking at the top 50 Contenders by sector and geography,we believe Enterprise SaaS,Fintech and Big Data/AI,and the UK and France,respectively,are mo

159、st likely to produce the next billion-dollar companies.The next European billion-dollar companyBy geography and sectorSource:Company data,Capital IQ,Mergermarket,press articles,LinkedIn,data correct as of 31 May 2024TOP 50 CONTENDERS HEAT MAPFranceEnterprise SaaSDigital MediaMarketplaceFintechDigita

160、l HealthSustainabilityBig data/AIEdtechCybersecutityTotalTotalUK&IrelandDACHSouthern EuropeNordicsBeneluxCEEIsrael30%6%16%6%20%6%4%8%4%24%14%8%8%20%14%8%6%100%37EXPERT VIEW:CONTENDERSExpert view2024 ContendersTAMAS KADAR DMITRY GURSKISEON stops fraud in its tracks with its end-to-end fraud preventio

161、n and anti-money laundering(AML)solution that combines advanced digital footprinting,proprietary device intelligence and a fully customizable machine learning rules engine.With a trusted track record among over 5,000 global companies,SEON reviews billions of transactions daily,resulting in industry-

162、wide cost savings of over$200 billion.In a world of growing user fraud,we are committed to building the orchestrating platform for authentication and fraud detection,acting as the comprehensive barrier that enables our clients to run their businesses transparently and securely.Traditional methods of

163、 stopping online fraud are no longer enough.At SEON,we want to be a long-term partner as a cross-industry fraud prevention solution,providing a complete end-to-end tool for monitored user actions,also in KYC,AML or identify verifi cation,which is scalable and suitable for organizations globally.Reco

164、gnizing a signifi cant unmet need in womens health,we founded Flo Health in 2015.We began by addressing the critical lack of medically-credible tools for menstruation and ovulation tracking.Since then,the app has grown to cover all stages of womens reproductive lives including preconception,pregnanc

165、y,perimenopause and gynecological conditions such as PCOS and endometriosis.Flos mission reflects its ambitions of building a better future for female health.As the worlds largest womens health&fi tness app with 65 million monthly active users,at Flo we are highly committed to inclusivity.Some initi

166、atives include the launch of groundbreaking research with world-class universities to bridge the gender research gap,or Flo for Partners,which empowers male partners with proactive,tailored and scientifi c insights into their female partners menstrual and reproductive health.Flo Health is poised for

167、 continued expansion in the coming year,targeting new demographics and markets.This dedication to growth reflects the companys unwavering focus to create a better future for female health worldwide.FOUNDER AND CEOFOUNDER AND CEO38EXPERT VIEW:CONTENDERSExpert view2024 ContendersCO-FOUNDER AND CEO STE

168、VE PHILLIPS JOSE ANTONIO PEREZ We founded Zappi because,after nearly two decades in the market research industry,we realized that traditional approaches were not fi t for a technology-driven world:it was extremely slow,with typical research projects taking 6-8 weeks;expensive,limiting the appetite t

169、o invest in them;and disconnected,resulting in data sitting in presentations that get forgotten rather than connected as part of an iterative learning loop.In essence,traditional market research could not fulfi ll the desire for agility and customer-centricity of todays most demanding companies.Toda

170、y,Zappi provides businesses with the data and connected insights they need so they can test early,test often,learn,and iterate based on listening to consumers in the crucial pre-launch phase.Our ambition is to digitize consumer insights for every enterprise and enable them to become truly consumer-c

171、entric.Only 3%of the century-old,$68 billion market research industry is digitized today,but we are committed to building on our vision and continuing to transform this important industry.CoverManager was born out of a vision to revolutionise Hospitality management.Facing the challenges of booking m

172、anagement,we recognised the need for a comprehensive solution.And,what started as a tool to prevent“no-shows”,has become much,much more.At its core,CoverManager is a cutting-edge software platform designed to streamline and optimise the booking process for restaurants,hotels,beach clubs,and nightclu

173、bs.By integrating innovative technology with user-friendly interfaces,CoverManager empowers businesses to effi ciently manage reservations,optimise occupancy,and enhance guest experiences while also acting as a CRM and digital traffi c enabler.We are the technology partner for the Hospitality indust

174、ry.We currently help 15,000 restaurants across over 40 countries,including 400 starred restaurants,12 venues from The Worlds 50 Best list,and internationally renowned groups.We handle more than 22 million diners per month.Beyond boosting establishments direct channels,CoverManager has built the larg

175、est demand generation network globally,forging partnerships with major distribution channels to help grow online traffi c.CO-FOUNDER AND CTO CARLOS FERNANDEZFOUNDER AND CEO39MethodologyWe have crunched the data on European billion-dollar technology companies founded since 2000,analysing what it take

176、s to create outstanding success.METHODOLOGYWE HAVE INCLUDED:Tech companies only,with a bias towards Internet/Software(Cleantech and Biotech excluded)Companies falling into the following macro-sectors:E-commerce(e.g.sale of goods or services),Audience(e.g.monetisation through ads and lead gen),Softwa

177、re(e.g.license of software),Gaming(including gambling),Fintech,Marketplaces,and Augmented Reality/Virtual Reality(AR/VR)Headquartered in Europe or Israel Founded in 2000 or later With an equity valuation of$1bn+in the public or private markets(including acquired companies)FIRST CAVEAT:Our sources on

178、ly include public data(e.g.data platforms such as Capital IQ,Pitchbook,press articles,etc.),and the accuracy of our dataset is limited to the disclosed data.SECOND CAVEAT:For this years report,companies are tracked for inclusion as billion-dollar companies until 31 March 2024 with valuations updated

179、 as of that date,unless otherwise stated,which has limitations related to,for example,the state of equity markets,recent company performance,etc.OUR METHODOLOGY AND SOURCES40ABOUT GP BULLHOUNDAbout GP BullhoundGP Bullhound is a leading technology advisory and investment firm,providing transaction ad

180、vice and capital to the worlds entrepreneurs and founders.Founded in 1999 in London and Menlo Park,the firm today has 12 offices spanning Europe,the US and Asia.For more information,please visit .LondonManchesterSan FranciscoNew YorkStockholmBerlinParisMadridMarbellaLuxembourgMalagaFrankfurtUNITED K

181、INGDOMAMERICASEUROPEGP Bullhound partners with entrepreneurs throughout their founding journey,supporting them with advisory,capital,insights and access to our global network.YEAR FOUNDED1999650+SUCCESSFUL TRANSACTIONS150+PROFESSIONALS$39bn+TRANSACTION VALUE ADVISED ON12OFFICE LOCATIONS$900mAUM ACRO

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