1) European B2B software companies raised €2.6 billion across 134 deals in April 2022, similar to funding levels in Q1 2022 and April 2021. Average deal size was €19 million. 2) The largest deals included SonarSource raising €375 million, Beqom raising €273 million, and Kpler raising €200 million. The top 10 deals accounted for 63% of total April funding. 3) The top 7 European software hubs - Denmark, France, Germany, the Netherlands, Spain, Sweden, and the UK - attracted 72% of total April funding across Europe. Two companies also became unicorns with over €1 billion valuations.

1. April 2022 Edition
Funding Update
Funding in European B2B Software
Knight Capital
Funding Update

2. April ’22: Deal Value and Volume
PART1
Unless stated otherwise, all numerical values regarding Funding are reported in Euros.
All Funding denominated/raised in Dollars is converted to Euros at a 1.10 EUR/USD rate.
All deals are taken into consideration, for which deal size data was available.

3. With €2.6B raised across 134 deals, we see similar funding activity compared to all of Q1 '22 and April '21. In both months,
the average funding amount was €19M. Interestingly, no spillover effects of the public market crash are yet visible.
B2B software ventures in Europe raise €2.6B in April
4

4. 4
In April, €0.65B has been deployed in rounds of €250M or higher, and €0.61B in rounds between 100M-
250M.
Deal Value per Round-Size Category

5. Deal Value per Round-Size Category
5
CY 2021 Q1’22 April 2022
Deal Value % Deal Value % Deal Value %
Deals < 1 M € 0.18 0.7% 0.03 0.3% 0.01 B 0.4%
Deals 1 - 5 M € 1.50 5.7% 0.33 3.5% 0.16 B 6.3%
Deals 5 - 15 M € 2.77 10.5% 0.62 6.5% 0.24 B 9.4%
Deals 15 - 40 M € 3.51 13.4% 1.32 13.9% 0.27 B 10.7%
Deals 40 - 100 M € 5.29 20.1% 2.42 25.4% 0.62 B 24.1%
Deals 100 - 250 M € 6.35 24.2% 2.84 29.8% 0.61 B 23.9%
Deals > 250M € 6.66 25.4% 1.97 20.7% 0.65 B 25.3%
Total € 26.26 100.0% 9.53 100.0% 2.56 B 100.0%
Deal value figures are presented in Billion-Euro amount
Deals above €40M represented around 73.3% of all B2B Software Funding in Europe in April ’22,
whereas this was 69.7% on average last year.

6. 6
Deal Frequency per Round-Size Category
44% of the deals (59) were between 1-5M EUR and 19% of the deals (26) were in the 5-15M EUR category.

7. Top 10 Deals in Europe
PART2

8. Top 10 Largest Deals - April 2022
8
SonarSource, Beqom and Kpler closed the largest rounds in April, raising € 375M, € 273M and € 200M
respectively.

9. 1 1
Cumulatively, April’s ‘Top 10’ attracted €1.6B in Funding, which is 63% of all
B2B Software Funding raised in Europe in April.
Top 10 Largest Deals - April 2022

10. Funding in Europe’s Top 7 Software Hubs
PART3

11. Funding in Europe’s Software Hubs*
1 2
The Top-7 European Software Hubs accounted for 72% of Funding raised across all European countries in April 2022.
• Denmark, France, Germany, The Netherlands, Spain, Sweden & The United Kingdom
April 2022

12. European Unicorns
PART4

13. Unicorn Announcements
2 3
In April two new unicorns* were announced in the B2B European software landscape.
• *Unicorn companies are those that reach a valuation of $1 billion

14. Knight Capital
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