Perspectives on VC in Europe

Perspectives on VC and the European opportunity Ben Holmes Stockholm, March 2008

About Index Ventures ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Selected Investments

About Index Ventures ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Selected Investments from Nordic region

Agenda Is there an internet/tech investment bubble? Key investment themes: 2008 – 2012? What role can Europe play?

Are we in another bubble? Reasons to worry… Crazy Ideas! Crazy Names! @ Crazy Prices! ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Are we in another bubble? Reasons to be confident… Unlike 2000, we are all online now…

Are we in another bubble? Reasons to be confident 22% 27% 27% 33% 31% ‘ 06-’10 CAGR … and spending money…

Are we in another bubble? Reasons to be confident ,[object Object],[object Object],[object Object],Online advertising 2007 Online advertising circa 1999 ,[object Object],[object Object],[object Object]

Are we in another bubble? Reasons to be confident In short – a healthy investment environment ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Disparate Sectors – one unifying theme … Software Development Tools and Services Database Software Telecommunications Wireless Networking Web Telephony Mobile Telephony Financial Markets Currency Trading Weather Derivatives Betting Entertainment “ Fame, Fashion and Friends” Advertising Ad server software TV advertising destination

“Democratisation” ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Consumers Producers Price-takers Price-setters Shops Marketplaces Retail Mkt Participants Wholesale Mkt Participants

Biggest venture returns (10-100x+) will still be driven by opening up large closed markets to broader participation ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Dozens of multi-billion dollar tech success stories ... ... handful of truly global leaders, but changing fast ... Contrasting EU and US Number of leading tech companies

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Contrasting EU and US Maturity of VC Industry etc … Fund VI 1995 Benchmark Capital Fund VIII 1985 DFJ Fund VI 1983 Battery Ventures Fund IX 1983 Accel Fund XI 1978 Oak Fund XI 1978 NEA Fund XI 1972 Sequoia Capital Fund XI 1972 Kleiner Perkins Fund XI 1965 Greylock Fund VII 1911/1970 Bessemer etc … Fund I 1999 Add Partners Fund II 1997 Amadeus Capital Fund V Fund IV 1994 1996 Northzone Index Ventures Fund IV 1991 Wellington Fund V 1989 Sofinnova Fund VI 1986 Atlas Venture Fund IV 1982 Partech

Contrasting EU and US Amount of VC investment Venture Captial Investment ($bn / qtr) US Venture Capital European Venture Capital

The “Cinderella” of alternative assets ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],*Simon Cook, DFJ Esprit & EVCA Research, 2007.

Summary European VC Encouraging prospects for European VC ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Summary European VC Perspectives on Swedish Startups Europe’s most socially cohesive country Calm, productive and unpoliticised work culture ,[object Object],[object Object],No chasm between “business” and “technical” staff exist ,[object Object],[object Object],[object Object],[object Object]

Summary European VC Swedish startups: Challenges and Opportunities ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Thank you Ben Holmes Email : benh@indexventures.com Skype : ben_holmes Image Credit s. Vorm, nshepard, Hamed Saber, charles chan * all from Flickr, licensed under Creative Commons

Perspectives on VC in Europe

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