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Atomico Need-to-Know 4 April 2017

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Atomico's Need-to-Know, 4 April 2017 - Essential Information for Founders and VCs

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Atomico Need-to-Know 4 April 2017

  1. 1. 4 April 2017 1 Atomico Need-to-Know
  2. 2. This is a regularly-updated collection of things we (@atomico) found interesting and important in tech and VC land, but that didn’t necessarily get the attention they deserve. We think of them as our hidden little gems. We’ll add to the collection over time, so bookmark the page and keep coming back for updates or to dig into the archive. Lovingly put together by @twehmeier & @stephen2206 2
  3. 3. ● What impact will a tightening of Chinese capital controls have on investment into, or acquisitions of, European tech companies from China? ● If it’s a case of “not, ‘no’, but ‘not so fast’, which deals will be seen as more acceptable for overseas investment? Will tech pass muster? ● China signalled its intention to tighten investment in overseas assets by Chinese companies in December 2016, following a record level of capital outflow in 2016 ($225B, per the New York Times) ● More recently, China increasingly questions the value of some of this investment with its Commerce minister citing “blind & irrational investment” that in some cases has “had a negative impact on our national image” 3 What do you need to know? Why does it matter? Key questions ● House of Fraser has pulled the second tranche worth £29M of a proposed £35M investment into the UK-based digital bank Tandem ● Having already invested a first tranche of £6M, House of Fraser, which is owned by Chinese conglomerate Sanpower, cancelled the remaining investment amount “due to uncertainty about whether China’s State Administration of Foreign Exchange would approve the transaction” ● As a result of the incompletion of the investment, Tandem has postponed the launch of a planned savings account product Investment into Tandem fails as Chinese overseas investment policy shifts to “not ‘no’, but ‘not so fast’” Source: http://uk.businessinsider.com/house-of-fraser-pulls-29-million-investment-in-challenger-bank-tandem-over-china-concerns-2017-3 https://venturebeat.com/2017/03/26/how-chinese-led-globalization-will-impact-tech/ https://www.nytimes.com/2017/03/12/business/dealbook/china-deals-capital-controls-hollywood.html “Reading Chinese government statements only gets you so far. Speaking with Chinese business counterparts can shed a lot of light on government thinking. By their reckoning, restrictions on capital leaving the country are a reaction to the overseas investment boom of 2016. The message the Chinese government is sending isn’t exactly “no” so much as “not so fast,” and the expectation, at least in the Chinese business community, is that the clamp-down at the end of last year will begin to loosen sometime this summer.” Hagai Tal, CEO Tapica Writing in VentureBeat ...falling victim to tightening of Chinese capital controls A proposed £35M investment in Tandem collapses...
  4. 4. ● Will the tech industry act upon the call to action to 1) play a greater role in educating students about tech & how it shapes the world 2) increase access to tech careers through new entry routes 3) promote visible role models at all levels and 4) help women to reach their full potential in the industry? ● As the study articulates clearly, the gender imbalance is not just “a missed opportunity for women and society, but also for businesses” with a “growing body of evidence” that having a more diverse workforce makes for “better business” ● The impact is also felt at the national level given the impact on the productivity and competitiveness of local economies as a whole. As PwC puts it “if half the population is being overlooked as a source of talent, then the UK is effectively trying to compete internationally with one hand tied behind its back” 4 What do you need to know? Why does it matter? Key questions ● PwC conducted a study involving 2,000+ A-Level & University students in the UK to better understand the gender gap in technology. ● According to the ‘Women in Tech’ report, only 5% of leadership positions in the UK tech industry are held by women, while just 15% of people working in STEM roles in the UK are female ● 83% of males are studying STEM at school versus just 64% of females. At university, there is a similar discrepancy with 52% of males studying a STEM subject versus just 30% of females. The biggest barriers are: better grades in other subjects, not finding STEM subjects interestings, STEM not being relevant to preferred career ambitions, teachers not making STEM subjects appealing and a need to get the highest possible grade ● Only 27% of female students surveyed said they’d consider a career in tech versus 62% of males. Just 3% said it would be their first choice, versus 15% of males. One factor is the fact that just 16% of females have a career in tech suggested to them versus 33% of males PwC data discloses extent of gender imbalance in schools and universities Source: https://www.pwc.co.uk/who-we-are/women-in-technology/time-to-close-the-gender-gap.html PwC report shows how the gender gap starts at school
  5. 5. Tech should use its ‘changing the world for the better narrative’ to attract women into the tech industry 5 Source: https://www.pwc.co.uk/who-we-are/women-in-technology/time-to-close-the-gender-gap.html
  6. 6. ● Picnic, a hyperlocal Dutch grocery delivery company founded in late 2015, has raised €100M/$109M in a Series B round from local Dutch investors NPM Capital, De Hoge Dennen, Hoyberg and Finci ● The company reportedly hit €30M in (not confirmed, but gross?) revenue in 2016, in its first full year in commercial operation in just one city (Utrecht) and has acquired 30,000 households as customers. The company claims it will provide employment for 2,000 people by end of 2017. The company had been in stealth mode for three years before the launch at the end of 2015 ● The company uses local distribution centres “to collect & parse” local produce for delivery uses custom built electric vehicles. The vehicles deliver uses a model reminiscent of milkmen, i.e. following set routes and times, which it claims improves efficiency & predictability for users. The company only orders products from suppliers after a customer has paid so has no inventory Picnic: emerging Dutch success story that showcases the depth of ambition and capital pools outside core countries ● The UK’s Ocado remains the first European breakout company in the grocery delivery company. Can the support of the Dutch ecosystem produce another national champion? ● Can Picnic successfully scale its operations for one pilot city to go nationwide in the Netherlands? ● Investment round indicates huge confidence in the potential & early metrics of this model. Company reports that during its pilot test it “grabbed 80% of grocery deliveries from incumbent supermarkets in the area” ● The round, filled entirely by local investors, shows how ambition and capital availability has huge momentum across Europe as a whole, not just in the region’s most developed markets, such as UK, Germany or France 6 What do you need to know? Why does it matter? Key questions Source: https://thenextweb.com/eu/2017/03/28/grocery-delivery-picnic-100mm-funding-round/#.tnw_H8iz1v6B http://www.npm-capital.com/en/npm-capital-invests-in-online-supermarket-picnic Picnic’s mission is refreshing. It thinks big and shows what is possible in the Netherlands in terms of technological innovation and creating new employment. The Dutch investors have shown their willingness to make a major investment in a company that has a long-term vision. This is a fantastic development.’ His Royal Highness, Prince Constantijn of the Netherlands ...and gets the Royal seal of approval Picnic announces a mega-funding round...
  7. 7. ● Are we set to see a greater risk appetite from European family offices, or will their relative conservatism versus other regions persist? ● How can Europe’s tech industry engage more closely with the universe of European family offices? ● Family offices worldwide sit on an estimated $4 trillion of assets under management, with a global average AUM of $759M and therefore represent a huge pool of potential investment dollars ● In Europe, the average family office manages assets of $795M with European family offices controlling 40% of total AUM globally, equivalent to $1.6T. European offices much more preservation focused than other regions ● The inevitable ‘search for yield’ is increasingly pushing more family offices to explore private equity (incl. VC), increasingly 2.3 percentage-points or the equivalent of $80B 7 What do you need to know? Why does it matter? Key questions ● According to the Global Family Office Report, the average family office portfolio allocates 11% of total AUM is invested in direct VC/PE deals & another 7% in PE funds, equivalent to $720B ● According to a Concentric survey of 300 family offices worldwide, around 70% are either actively investing in tech VC or evaluating it ● This masks large regional differences. In Europe, where risk appetite is lower, family offices have 8% of AUM in direct PE/VC investments versus 12% in US and 17% in Asia-Pacific ● The hottest area in terms of asset categories for family offices is “co-investment” Family Offices: an under-tapped $4 trillion source of funds? Source: Concentric, http://concentricteam.com/families-and-venture-capital-a-venture-into-the-unknown-or-a-return-to-its-roots/ https://www.slideshare.net/KorinaMarkou/global-family-office-report-2016-66056937 https://venturebeat.com/2017/03/26/european-startups-need-help-from-family-office-investors/ “The asset category where family offices are absolutely clamouring to do more is in the area of co-investing, with an astonishing 51% of responding family offices looking to increase their holdings. This red-hot area is discussed in the next chapter.”
  8. 8. Global Family Office Report 2016 8 Source: Concentric, http://concentricteam.com/families-and-venture-capital-a-venture-into-the-unknown-or-a-return-to-its-roots/ https://www.slideshare.net/KorinaMarkou/global-family-office-report-2016-66056937 https://venturebeat.com/2017/03/26/european-startups-need-help-from-family-office-investors/
  9. 9. ● At present, this US trends is counter to other countries. Will the US trend reverse? Will other countries see a similar trend? ● Given regulatory costs are cited as a disincentive, will we see any form of intervention to alter incentives for public listings? ● The decline is due to a fall in the propensity to list due to a mix of factors, such as the cost of regulation, the availability of capital in the private markets, the perceived onus of quarterly reporting, the risk of being targeted by activist investors and higher visibility resulting in greater potential political pressures ● Aside from the incredible data to support a recent tech narrative about a decline in the propensity to list, the data reveals interesting implications about issues, such as the increased concentration of industries into fewer, larger companies through consolidation 9 What do you need to know? Why does it matter? Key questions ● The number of publicly-listed companies in the US has declined from 7,322 in 1996 to 3,671 in 2016. Interestingly, the 50% decline compares to a 30%+ increase in 71 other non-US countries ● At the same time, the total market cap of all public companies has more than doubled from $12.3T to $25.3T, resulting in an average market cap per company of $6.8B today versus $1.7B 20 years ago and just $0.6B in 1976 ● A model of “how many companies should be listed” in the US reveals a shortfall of more than 5,800 public companies The 20-year “incredible” transformation of US stock market Source: Credit Suisse, https://doc.research-and-analytics.csfb.com/docView?language=ENG&format=PDF&sourcei d=em&document_id=1072753661&serialid=h%2b%2fwLdU%2fTIaitAx1rnamfYsPRAuTFRG dTSF4HZIvTkA%3d “The Incredible Shrinking Universe of Stocks”
  10. 10. M&A wrap up Acquiror Target Target desc. Amt Comments Altice Teads Video ad technology $306M Altice wants to become a converged ‘global’ player in telecoms, content and advertising. Latest in a series of transactions that have seen telcos acquire adtech businesses. Other telcos that have acquired adtech assets include Verizon, Telenor, SingTel and Telefonica. Teads had raised $128M, but that includes $70M+ in debt funding Amazon Souq.com Ecommerce in the Middle East $650M - $750M Souq.com is the leading online retailer in the Middle East with the transaction representing Amazon’s first major play to build its presence in the region. The company had raised $425M from investors including Tiger Global, Naspers & Baillie Gifford. Alibaba Damai Online ticket sales N/A Alibaba makes another bet to move into the entertainment space. Damai offers tickets for concerts, movies and sporting events. Alibaba already had a 32% stake prior to the deal. Damai has 60M active users and sold 1.8M Rover.com DogVacay Dog-sitting marketplace N/A Rover has acquired DogVacay in a deal that converts DogVacay equity into stakes in Rover. The terms and price were not disclosed. DogVacay had raised $47M from Benchmark, GSV, First Round, DAG Ventures, OMERS and others Audi Silvercar Airport car rental company N/A Audi is acquiring Silvercar for an undisclosed sum. Silvercar operates its high-end car-sharing business at 15 US airport locations and has 150 employees, primarily based at HQ in Austin. Audi was formerly a minority investor in the company. Audi has already been playing in the mobility services arean, for example, through its Audi On Demand service that provides a high-end service for renting Audi cars. Canon Europe Kite.ly Mobile personalised printing platform N/a Canon Europe, like many other incumbent electronics manufacturers, is looking to build out its digital services portfolio. Canon, which has a large printing business, sees the acquisition as a means to expand the growth of mobile printing. Kite.ly tech is integrated into hundreds of apps Eventbrite Nvite Ticketing and registration platform NA Event tech company Eventbrite acquires ticketing and registration platform Nvite; terms undisclosed; Eventbrite was last valued at $1B and is expected to go public; Eventbrite has raised $197M to date; Nvite previously raised $1M 10
  11. 11. General News In Brief 11 Footnotes Companies What happened? Tencent/Tesla Tencent Takes 5% stake. Follows investment in NIO Starbucks Starbucks is set to test a mobile order-only store at its Seattle HQ, reports VentureBeat; the firm has two on-site stores, one of which has been adapted to solely handle pre-orders; customers will collect their items via a large pickup window Munchery / JoyRun / Blue Apron The ever-growing complexity of the food delivery market illustrated by three pieces of news: Blue Apron reportedly gearing up for a 2017 IPO, Munchery raising $5M of a $15M round that will recap the company and a $10M Series A for a food delivery company, JoyRun, that is executing against a P2P delivery model that is akin to UberPOOL using a concept of “buyers” and “runners”. Runners act as couriers and can pool pick-ups/deliveries Apple Apple hires Shiva Rajaraman to work on the company’s video strategy, according to The Information; Rajaraman previously served as a product lead for YouTube and as VP of product for Spotify; he will also be working on Apple Music, and other media properties Facebook Facebook announces Personal Fundraisers; will allow individuals to launch fundraising campaigns for education, life events, medical emergencies, pets, more; beta rolling out in the next few weeks to US users aged 18-plus; also, verified Pages can now add charity donation buttons to live streams Dropbox Dropbox secures a $600M credit facility ahead of a public offering, according to Bloomberg sources; JPMorgan is leading the deal, but it's unclear if they will be involved with an IPO; the firm is aiming for an offering at the end of 2017, though plans are yet to be confirmed