B2B & Software - Fireside Chat with Yoram Wijngaarde, Founder & CEO of Dealroom.co at the Axel Springer NOAH Conference 2018 in Berlin, Tempodrom 6-7 June 2018.

1. NOAH Berlin 2018
7 June 2018
NOAH

2. Three Conferences, One Mission: Empower the European Digital Ecosystem
To provide a physical marketplace
that facilitates funding of
digital European companies
at all stages
Mission MissionMission
To promote Israel - European
relationships and enable funding
To bring together future-shaping
executives and investors active
across segments driven
by digital revolution
Connecting
Capital with
Entrepreneurs
Connecting European
Champions
and Challengers
Connecting Israel’s Startups
with Large Corporates
and Investors
30-31 October 2018
Old Billingsgate, London
13-14 June 2019
STATION Berlin
9-10 April 2019
Haoman 17, Tel Aviv

3. Intelligent global database to track innovative
companies and identify growth opportunities
2

4. World-class clients using Dealroom software & data
3

5. 4,524
3,449
3,306
3,150
2,483
2,250
1,541
4,828
3,699
3,556
3,400
2,733
2,500
1,941
Dealroom
Atomico
Pitchbook
Tech.eu
CB Insights
VentureSource
Gil Dibner
Crunchbase
Dealroom tracks more European data activity than
any other data provider
4
2017 number of rounds tracked
Undisclosed

6. Trusted by world-leading publications
5

7. $ 8.0B
$ 4.4B
$ 4.2B
$ 3.3B
$ 3.1B
$ 3.0B
$ 2.8B
$ 2.5B
$ 2.2B
$ 2.0B
$ 1.8B
$ 1.7B
$ 1.7B
$ 1.7B
$ 1.5B
$ 1.5B
$ 1.3B
$ 1.3B
$ 1.3B
$ 1.3B
$ 1.3B
$ 1.2B
$ 1.1B
$ 1.1B
$ 1.1B
$ 1.1B
$ 1.0B
$ 1.0B
$ 1.0B
$ 1.0B
$ 1.0B
$ 1.0B
$ 1.0B
$ 1.0B
$ 1.0B
Adyen
Farfetch
Telegram
Auto1 Group
The Hut Group
Vente Privee
Klarna
BioNTech
BenevolentAI
Roivant
Deliveroo
Check24
BlaBlaCar
Revolut
CureVac
Cabify
TransferWise
Darktrace
Blippar
Oxford Nanopore Tech
Intercom
OakNorth Bank
Global Fashion Group
Funding Circle
Flixbus
OVH
Immunocore
UiPath
MindMaze
Letgo
Improbable
Coolblue
Tricentis
Taxify
OutSystems
Source: public market prices or last known transaction value.
1. Not included on chart. Includes: ironSource, Infinidat (US based), Payoneer, OrCam, INSIGHTEC, WalkMe (US based), Cyberaeson, Gett. 6
Europe counts 35 verified unicorns worth $67 billion
UK:
14 unicorns
6
2
3
1
2
2
Israel:
8 unicorns (1)
1
11
1

8. (€ 5.0B)
(€ 9.1B)
(€ 13.6B) (€ 14.8B)
(€ 19.2B)
€ 11.1B
€ 38.1B € 37.4B
€ 55.6B
€ 29.9B
7
2018 is set to become a big year for venture backed exits
Source: Dealroom.co. Excludes Israel.
1. On average, VC backed companies do three VC rounds before the exit. Each round involves circa 15-25% dilution.
2013 2014 2015 2016 2017 2018 - 2019
Spotify, Adyen and Farfetch exits might return more capital than all exits of 2017 combined
€40BCapital
returned
via exits
Capital
invested

9. 14
unicorns
6
2
8
3
2
1
2
The UK and Germany contribute 57% of Europe’s unicorns
Source: Dealroom.co 8
10 companies
5
2
1
3
2
3
Total value of European unicorns per country
$ 27B
$ 11B
$ 9B
$ 8B
$ 6B
$ 3B
$ 3B
$ 3B
UK
Germany
Netherlands
Israel
France
Switzerland
Sweden
Spain

10. Investor Location
European
unicorns
Investment
stage
Stage adjustment
factor * Adjusted score
#1 Index Ventures UK 17 Early 2x = 34
#2 Accel Partners UK / US 11 Early 2x = 22
#3 Rocket Internet Germany 7 Early 2x = 14
#5 HV Ventures Germany 7 Early 2x = 14
#4 Balderton UK 5 Early 2x = 10
#6 Lakestar Switzerland 5 Early 2x = 10
#7 Northzone Sweden 5 Early 2x = 10
#8 LocalGlobe UK 3 Seed 3x = 9
#9 Seedcamp UK 3 Seed 3x = 9
#10 Point Nine Capital Germany 3 Seed 3x = 9
#11 Atomico UK 4 Early 2x = 8
#12 Bessemer US / Israel 4 Early 2x = 8
#13 DST Global Russia 8 Late 1x = 8
#14 Scottish Equity Partners UK 4 Early 2x = 8
#15 Baillie Gifford UK 7 Late 1x = 7
#16 Insight VP US 7 Late 1x = 7
#17 Softbank Japan 7 Late 1x = 7
#18 83North Israel 3 Early 2x = 6
#19 Baring Vostok Russia 3 Early 2x = 6
#20 Creandum Sweden 3 Early 2x = 6
#21 Institutional VP US 5 Late 1x = 5
#22 Kinnevik Sweden 5 Late 1x = 5
#23 Temasek Singapore 5 Late 1x = 5
#24 Fidelity US 4 Late 1x = 4
#25 General Atlantic UK / US 4 Late 1x = 4
#26 Summit Partners UK / US 4 Late 1x = 4
#27 Vitruvian UK 4 Late 1x = 4
#28 Hoxton Ventures UK 2 Early 2x = 4
#29 Goldman Sachs US 4 Late 1x = 4
#30 KKR UK / US 4 Late 1x = 4
#31 Intel Capital US 4 Late 1x = 4
#32 Woodford Investment UK 3 Late 1x = 3
Europe’s top unicorn hunters (hint: Index Ventures leads)
Source: Dealroom.co
* Adjustment factor to account for investment stage difference in entry-valuation.
9

11. 51
companies
31
26
21
9
6
7
4
6
5
3
2
What about future unicorns?
Source: Dealroom.co 10
10 companies
5
2
1
3
2
3
Aggregate value of companies valued $250M to $1B Selected potential future unicorns
$ 18B
$ 12B
$ 9B
$ 8B
$ 3B
$ 3B
$ 2B
$ 2B
$ 2B
$ 2B
$ 1B
$ 1B
United Kingdom
Germany
Israel
France
Switzerland
Netherlands
Ireland
Austria
Spain
Russia
Sweden
Finland

12. Private equity owned
(not VC-backed)
VC-backed and valued
> €800 million
(“Unicorns”)
VC-backed and valued
€200-800 million
Combined
17 companies 34 companies 485 companies = 534 companies
This number includes many companies that will never
reach exit. However, it also excludes many startups
(e.g. self-funded ones) still under the radar.
Taken together, European companies preparing for
exit could be worth €200 billion or more
Source: Dealroom.co 11
€ 51B
€ 56B
€ 85B
€ 192B

13. Identifying the next unicorn
Financial data
User data
Funding data
Employee data
12

14. yoram@dealroom.co
13

15. Selected Completed NOAH Transactions
Focus on Leading European Internet companies
Covering over 400 companies across 25 online
verticals, a broad range of over 500 investors as
well as 100+ online-focused corporates
Deep understanding of industry dynamics
Ability to add value beyond banking advice
Facilitates overall process and minimizes
management distraction
NOAH Advisors is globally well connected
and has direct access to virtually all key
players in the industry
Knowledge of and strong relationships with
potential buyers’ key decision makers
Proactively finds and unlocks attractive
investment opportunities for leading investors
Annual NOAH Conference in its 8th year
Over 40 years of combined relevant M&A experience
Routine execution of M&A and financing transactions
with sizes of several billion euros
30 successfully completed NOAH Advisors transactions
underline successful transfer of M&A competencies to
the Internet sector
Entrepreneurial mind-set, focused on growing the
business and establishing a reputation for excellence
Ability to deliver top results in short time frames
Highly success-based compensation structures align
interests of clients and NOAH Advisors, and demonstrate
conviction to deliver top results
Creative deal solutions
December 2014
September 2014
October 2014
May 2014
Sale of 100% of
for $800m to
Exclusive Financial Advisor to
Fotolia and the Selling Shareholders
Sale of 100% of
for €80m to
Exclusive Financial Advisor to
Trovit and its Shareholders
Sale of controlling stake in
to
Exclusive Financial Advisor to
Facile.it and its Shareholders
sold 100% of
for $228m to a joint venture between
Exclusive Financial Advisor to Yad2
and its Shareholders
Unique Industry Know-How
Unmatched Network and Relationships
Strong Investment Banking Competence
Full Commitment - We Are Entrepreneurs!
EUROPE’S LEADING INTERNET
CORPORATE FINANCE BOUTIQUE
September 2016October 2016
December 2016
Financial Advisor to Oakley Capital
®
Marco Rodzynek
Managing Director & Founder
marco.rodzynek@noah-advisors.com
Jan Brandes
Managing Director
jan.brandes@noah-advisors.com
The NOAH Advisors Core Banking Team
Acquisition of a Majority Stake in
by
from
at a valuation of €300m
Investment in
Exclusive Financial Advisor to KäuferPortal
and its Shareholders
by
84% Ownership
Financial Advisor to Silver Lake
Investment in
by
August 2017
Financial Advisor to EMK Capital
Acquisition of a Majority Stake in
by
at a valuation of $200m
Aleksander Skwarczek
Analyst
aleksander.skwarczek@noah-advisors.com
Nikhil Parmar
Director
nikhil.parmar@noah-advisors.com