Keynote by Hussein Kanji, Partner of Hoxton Ventures at the NOAH 2015 Conference in London, Old Billingsgate on the 12th of November 2015.

1. 00
®
How European tech investing is changing
NOAH LONDON 2015
@hussein
hussein@hoxton.vc
www.hoxton.vc

3. HOXTON | www.hoxton.vc 1
Hoxton is a new European venture capital fund
We go toe to toe with bigger firms to get into the best deals
Work closely to bridge our portfoliocompanies to the U.S.
Havetwo (maybemore) visible home runs in our portfolio
NODIOUS
Marianas Labs

4. HOXTON | www.hoxton.vc 2
What’s changed in Europe tech investing?
Companies aremateriallybetter – globally ambitious and scalingfaster thanever
There’s a new generation of funds chasingafter the winners
Financing rounds are materiallydifferent from fiveyears ago

5. HOXTON | www.hoxton.vc 3
† 2013 figures, others are 2014 figures; ‡ Total invested capital, US and European figures are early stage invested capital
Source: EVCA European Private Equity activity, NVCA, Crunchbase, Hoxton internal research (http://bit.ly/1OaUVj8)
Europe produces global technology winners
6%
$1.8B invested‡
4% of unicorns
$1.7B invested‡
53% of unicorns
$36b invested
$22.2b raised
15% of unicorns
€3.4b invested†
$4.2b raised by
venture funds
22% of unicorns
$3.5b invested‡
$9.5b raised
Europe now produces 1 in 6 of the global technology home runs – but still remains a
market underservedby early stageventure capital

6. HOXTON | www.hoxton.vc 4
Companies are turning into unicorns faster than ever
European winners areoperating on a whole new level of scale
Attacking (and winning) the U.S. market Scaling globally outside U.S.

7. HOXTON | www.hoxton.vc 5
The rise of the microcap venture fund
2005 2009 20132007 2015
U.S. firms startedwith two firms in 2005 and number has now grown to over 180
(with 100 forming this year) – Europe following similar trajectory
2011
2
~10
~30
~50
85
100 projected
2005 2009 20132007 20152011
2 2
~10
39 fundraising
U.S. microVC funds established per year
EU microVC funds established per year

8. HOXTON | www.hoxton.vc 6
The micro VC landscape in U.S.
The Pioneers
GeneralistmicroVC
The market is getting crowded!
VC partner spinouts

9. HOXTON | www.hoxton.vc 7
The micro VC landscape in Europe
The Pioneers
VC partner spinouts
European market has yet to fill out – not a lot of competition for Hoxton

10. HOXTON | www.hoxton.vc 8
Financing the best startups has changed
Seed Series A Series B Later rounds
Source: Crunchbase
Current unicorns
Previous unicorns
$100K $1M $2M $5M $20M$10M $40M $50M+
Companies are
skipping this
financing
Previously could
intersect companies at
this point
The best companies are raisingmore money earlier, with larger and larger rounds

11. 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
22 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
September 2015 December 2014
September 2014October 2014
May 2014 February 2013
May 2012 April 2011
Sale of a 70% stake in
to
Exclusive Financial Advisor to
Drushim and its Shareholders
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
Growth equity investment from
for a 30% stake alongside Softonic’s Founders
and Angel Investors at a valuation of €275m
Exclusive Financial Advisor to
Softonic and its shareholders
150 million growth equity investment from
for a 50% stake alongside Fotolia’s Founders and
Additional $150 million senior debt financing
Total $300 million investment
Financial Advisor to Fotolia and its Shareholders
have acquired a majority stake in
for $350m from
Exclusive Advisor to Summit Partners and TA Associates
Selected Completed
NOAH Transactions
Unique Industry Know-How
Unmatched Network and Relationships
Strong Investment Banking Competence
Full Commitment - We Are Entrepreneurs!
EUROPE’S LEADING INTERNET CORPORATE FINANCE BOUTIQUE
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