European tech scaleups report 2017

1. 2017 EUROPEAN SCALEUPS REPORT OMAR MOHOUT

2. 2 03 05 06 60 64 67 68 70 Foreword Highlights 2017 European (Venture) Capital Methodology About the author About Sirris Data sources Disclaimer TABLE OF CONTENTS

3. 3 2017 was another great year for the European scaleup ecosystem. While the number of investment was similar to 2016, investment amount went 18% higher. 2017 was the year of ICOs – a new way for promising technology and business models to get funded. It came with a number of challenges - such as scams- but one country framed the ICO opportunity: Switzerland. With this report we want to provide a comprehensive review of investment in startups and high-growth technology companies across 31 countries in Europe. Our aim is to provide data-driven guidance, insights and inspiration to stakeholders in the European scaleup ecosystem. Sincerely, Omar Mohout 2017 EUROPEAN SCALE UP REPORT FOREWORD PARTNERS

4. 4 This report is part of a series of funding reports that are published on a quarterly basis. A yearly report will also summarize quarterly findings. Other reports complement the series, focusing on geographical markets and vertical industries such as the FinTech and Artificial Intelligence report. 2017 EUROPEAN SCALE UP REPORT ABOUT This report is a snapshot in time, aimed at analysing funding data, major trends within the industry and the regions. Only deals of at least $1M / € 750K are considered for this report. If you would like to provide your input for the report, signal an omission of data or have any other feedback, we would love to hear it. Just pop an email to omar.mohout@sirris.be ABOUT THIS REPORT

5. HIGHLIGHTS 2017 5 • € 20.8B across 1,855 deals in 31 countries; • UK is once again leading in funding in 2017; • The city with the highest number of deals is London, followed by Paris and Stockholm; • Bpifrance is the most active EU venture fund in Europe; • Marketplaces is the most popular business model used by European scaleups. The Subscription model is second; • FinTech is the most funded vertical both in capital raised and in number of deals; • 37 European technology companies went IPO raising € 2.1B; • 24 European technology companies went ICO raising € 863M; • In average European scaleups have 56 employees; • Belgium has the highest number of B2B oriented scaleups; • Spain is the only country that has funded more B2C than B2B companies; Sweden is 50/50 2017 EUROPEAN SCALE UP REPORT HIGHLIGHTS

6. EUROPEAN VENTURE CAPITAL 2017 EUROPEAN VENTURE CAPITAL 6

7. 7 € 6.409 € 4.433 € 2.231 € 2.231 € 1.483 € 732 € 698 € 456 € 425 € 335 UK Germany Switzerland France Sweden Spain Belgium Netherlands Finland Ireland 2017 2016 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL AMOUNT RAISED PER COUNTRY 2017* *In millions Switzerland is the rising star of 2017, promoting from a Tier 2 to a Tier 1 country thanks to ICOs. UK, despite the Brexit, is once again the strongest performer in Europe. The UK had at least 10 deals of more than € 100M each – all of them based in London. After a poor 2016, Germany is back to solid second position in Europe.

8. 8 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL CENTAURS: COMPANIES RAISING +100M EURO Snow Software Klarna SWEDEN Avaloq Bancor (ICO) Tezos (ICO) Roivant Sciences SWITZERLAND Here Kreditech Delivery Hero (IPO) Auto1 Group Frontier Car Group GERMANY Improbable Alfa Financial (IPO) Farfetch Hyperoptic Prodigy Finance Neyber ACORN OakNorth Deliveroo TransferWise UK Note that France is missing! SPAIN Tricentis AUSTRIA X-Fab (IPO) BELGIUM Letgo

9. 9 € 266 € 150 € 98 € 77 € 70 € 63 € 54 € 51 € 35 € 33 € 32 € 27 € 16 € 2 Switzerland Sweden UK Finland Ireland Belgium Germany EU average Norway France Austria Netherlands Spain Italy 2017 2016 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL FUNDING PER CAPITA (COUNTRY POPULATION) *In millions Compared to the US where the average is above € 230 funding per capita, Europe is way behind with € 51. Switzerland is the only country that is doing better than the USA and comes even close to Israel.

10. 10 407 364 256 214 85 79 71 67 65 52 UK France Germany Sweden Spain Netherlands Switzerland Finland Belgium Denmark 2017 2016 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL While the UK and France both have a similar performance as 2016, Denmark (+18%), Sweden (+16%) and Germany (13%) grew significantly. Sweden, doing already great in 2016 is once again punching above its weight. On the other side of the spectrum: Italy and Ireland made the biggest drop in number of investments. New countries that managed to fund scaleups in 2017 are Armenia, Cyprus, Lichtenstein and Lithuania. DEALS PER COUNTRY 2017

11. 11 € 579 € 271 € 299 € 173 € 355 € 173 € 303 € 418 € 176 € 286 € 471 € 264€ 275 € 214 € 274 € 234 € 853 € 926 € 642 € 342 € 579 € 569 € 1.091 € 264 Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. 2016 2017 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL THE BREXIT DIDN’T SLOW DOWN UK FUNDING IN 2017* *In millions

12. 12 € 5.123 € 2.247 € 1.941 € 1.149 € 1.097 € 960 € 724 € 670 € 543 € 496 FinTech HealthTech FoodTech Automotive eCommerce Gaming MadTech Semiconductors Software development HRTech 2017 2016 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL The top 10 industries count for 72% of all capital raised. FinTech is still hot and the funding champion of both 2016 and 2017. Automotive made the biggest jump with a 638% increase, an indication of the rise of connected cars and autonomous vehicles. Funding flowing to FoodTech also increased significantly thanks to Delivery Hero (IPO) and Deliveroo. AMOUNT RAISED PER INDUSTRY 2017* *In millions

13. 13 315 191 99 78 75 70 60 59 58 57 FinTech HealthTech MadTech PropTech eCommerce HRTech Travel Gaming Utilities EdTech 2017 2016 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL The top 3 didn’t change Y2Y with FinTech, HealthTech and MadTech (Marketing, Advertisement and Sales) still dominating. Gaming and Utilities entered the top 10 while MediaTech and Manufacturing dropped out of the top 10 in 2017. It’s a surprising fact that given all the innovation in manufacturing – ’Industry 4.0’ and ‘Smart Manufacturing’ – less funding went to scaleups in that industry. DEALS PER INDUSTRY 2017

14. 14 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL BREAKDOWN OF FINTECH 1. UK (34%) 2. Germany (15%) 3. Sweden (12%) 4. France (11%) 5. Switzerland (7%) 6. Belgium (4%) 7. Spain (3%) 8. Denmark (3%) 9. Netherlands (3%) 10.Italy, Ireland (2%) FinTech 26% Lending 20% WealthTech 19% Payments 15% InsurTech 12% RegTech; 6% Donation; 1%

15. 15 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL BREAKDOWN OF HEALTHTECH 1. France (25%) 2. UK (15%) 3. Germany (13%) 4. Sweden (9%) 5. Switzerland (8%) 6. Belgium (5%) 7. Spain (5%) 8. Finland (5%) 9. Netherlands (4%) 10.Ireland (4%) CareTech 36% HealthTech 25% MedTech 23% Lifescience 13% FemTech 2% RegTech; 1%

16. 1. FinTech 2. Gaming 3. Business Intelligence 4. Utilities 5. LegalTech 6. HealthTech 7. FoodTech 8. Business Services 9. Supply Chain 10.Security 1. MadTech 2. eCommerce 3. Travel 4. MediaTech 5. Retail 6. Software development 7. Telecom 8. Semiconductors 9. Virtual Reality 10.Manufacturing 16 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL SHAKERS AND MOVERS (BASED ON # OF DEALS) GAINERS LOSERS FinTech, despite being already a strong performer in 2016, growths with 25% in number of investment in 2017. On the other hand, Gaming, that wasn’t in the top 10 during 2016 is in position 8 in 2017. Not surprising given that there have been 10 Gaming IPOs in 2017, compared to only 2 in 2016. 9 out of the 10 gaming IPOs are in the Nordics. On the losers side, the market for online marketing solutions dramatically shrunk with 29%. Yet, it’s still a significant segment with a #3 position in the industry.

17. 1. Sweden (36%) 2. Finland (18%) 3. Germany (14%) 4. Belgium (11%) 5. France (7%) 6. UK (7%) 7. Netherlands (4%) 8. Poland (3%) 17 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL EMERGING CATEGORY: INDUSTRY 4.0 Industry 4.0 or Smart Factory is a umbrella for technology innovation applied to manufacturing and factoring. It includes robotics, internet of things, virtual/augmented reality and artificial intelligence. Industry 4.0 is the fourth industrial revolution and crucial for Europe. Yet, the data shows very little is happening in that category despite the strategic importance of the domain. Note the poor performance of Germany, France and the UK. 1. Hydroline 2. Konux 3. Bioservo Technologies 4. XMReality 5. Acosense 6. Elmodis 7. Senseye 8. FocalSpec 9. Specim 10.The Curious AI Company COUNTRIES BIGGEST DEALS

18. 1. Belgium (19%) 2. France (19%) 3. UK (16%) 4. Germany (16%) 5. Spain (9%) 6. Ireland (6%) 7. Netherlands (6%) 8. Estonia (3%) 9. Denmark (3%) 10.Sweden (3%) 18 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL EMERGING CATEGORY: SMART CITIES The Smart Cities category raised close to € 600M in 2017. it includes mobility, autonomous vehicles, supply chain, utilities, urban farming and waste management scaleups. Take a look at Lilium, Sea Bubbles, Starship Technologies, EasyMile and Sentiance. One doesn’t need to go all the way to Silicon Valley to spot radical and disruptive innovation. 1. Here 2. Lilium 3. Starship Technologies 4. Less 5. EasyMile 6. OnePark 7. Connexin 8. POD Point 9. Sea Bubbles 10.Sentiance COUNTRIES BIGGEST DEALS

19. 1. France (19%) 2. Sweden (19%) 3. UK (16%) 4. Germany (16%) 5. Norway (9%) 6. Spain (6%) 7. Belgium (6%) 8. Switzerland (3%) 9. Finland (3%) 10.Netherlands (3%) 19 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL EMERGING CATEGORY: SMART BUILDINGS The Smart Buildings and Smart Home category has a broad number of scaleups but only counts for € 68M in 2017. it includes security, property tech (PropTech), and CareTech scaleups. Internet of Things is the most used technology in this space. It’s also a category that is using crowd funding to raise funding. Nello (intercom) and Minut (home security) for instance used Kickstarter. 1. Huddly 2. JonDeTech 3. Opti Automation 4. Zolar 5. Glue Home 6. BuddyGuard 7. Fresh Energy 8. Monodraught 9. Cocoon 10.Visualfy COUNTRIES BIGGEST DEALS

20. 20 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL EMERGING CATEGORY: CLEANTECH CleanTech had 33 deals in 2017, worth almost € 200M in funding. It seems small but these are only digital driven scaleups. The majority of these scaleups are active in energy related solutions. Take a look at Paris based Kayrros. It predicts oil and gas consumption, production, and storage; improving investment decisions. It got funded by Index Ventures, Lord Browne of Madingley and Marcel van Poecke. 1. 4New 2. Sol Voltaics 3. Orbital Systems 4. Kiwigrid 5. I-Ten 6. Kayrros 7. Ideol 8. Klappir Green Solutions 9. SolarNow 10.BHS BIGGEST DEALS

21. 21 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL EMERGING CATEGORY: NEWSPACE / SPACE 2.0 NewSpace is associated with rocket companies funded by billionaires such as SpaceX (Elon Musk), Blue Origin (Jeff Bezos), Virgin Galactic (Richard Branson), Vulcan Aerospace (Paul Allen) and StarChip (Yuri Milner). But it’s much more than that, it includes: • Rocket developers and space transporters • Satellite developers • Connectivity providers • Earth observation, image processing, climate change and other GeoTech activities • Organizers of space travel, tourism and training • Mining and exploitation of asteroids and planets • Applying space to a range of services such as space funerals… 1. Arralis 2. Mynaric 3. ICEYE 4. GomSpace 5. PLD Space 6. Isotropic Systems 7. Aerial & Maritime 8. Cohu Experience 9. Mynaric 10.Hiber BIGGEST DEALS

22. 1. RFRSH (Denmark) 2. Scout Gaming Group (Norway) 3. Dojo Madness (Germany) 4. Znipe (Sweden) 5. PandaScore (France) 6. Alt Tab Productions (France) 7. Fsport (Sweden) 8. Esportal (Sweden) 9. Challengermode (Sweden) 10.Esen Esports (Sweden) 22 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL EMERGING INDUSTRY: ESPORTS eSports is a competition using video games. eSports is an organized, multiplayer video game competition and events focusing on professional players. It’s one of the fastest growing activities in the gaming industry attracting investments from the likes of Zlatan Ibrahimovic. Naturally, eSports is setting root in the gaming region of Europe: the Nordics. BIGGEST DEALS

23. 1. Natural Cycles (Sweden) 2. Elvie (UK) 3. LifeSense Group (Netherlands) 4. Chicisimo (Spain) 5. Bwom (Spain) 6. Spiff (Norway) 23 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL EMERGING INDUSTRY: FEMTECH FemTech, or female technology, is a new sector dedicated to women health. It’s generally a subset of HealthTech and includes fertility solutions, period-tracking apps, pregnancy and nursing care, women's wellness etc. FemTech can also be found in other industries. For instance, Oslo based Spiff is a FinTech scaleup empowering women to financial independence. Spiff investor is Allbright, a female focused investor BIGGEST DEALS

24. 40%60% B2C B2B 42%58% B2C B2B 24 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL B2B & B2C COMPARISON NUMBER OF DEALS AMOUNT RAISED Contrary to Silicon Valley, where 2 out of 3 startups are consumer oriented, European scaleups are predominantly B2B (60%). Belgium has the highest number of B2B scaleups as a percentage of investments (85%). 2017 investments are even more B2B oriented than in 2016. Only Spain is dominant B2C oriented and Sweden has a 50/50 distribution.

25. 25 85% 83% 75% 68% 67% 61% 60% 59% 56% 56% 55% 50% 49% 15% 17% 25% 32% 33% 39% 40% 41% 44% 44% 45% 50% 51% Belgium Ireland Switzerland Austria Denmark France Finland UK Netherlands Italy Germany Sweden Spain B2B B2C 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL B2B & B2C NUMBER OF DEALS PER COUNTRY Top 13 countries

26. 26 79 76 74 69 63 61 51 42 41 41 38 37 34 31 Netherlands Spain Germany UK Portugal Sweden Denmark Italy Belgium Switzerland Austria Finland Ireland France 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL The Netherlands has the highest number of employees in average. From this list, one could conclude that the Netherlands, Spain, Germany, UK and Portugal have the most flexible working conditions or lowest labour cost. It’s not surprising that France, with its rigid labour market is the last in the list. AVERAGE NUMBER OF EMPLOYEES PER COMPANY 2017

27. 27 8.249 8.537 8.747 5.826 8.417 8.691 5.796 8.152 10.238 8.043 6.469 6.815 9.515 9.970 10.730 7.849 10.567 10.433 7.145 9.683 12.762 10.164 8.003 8.383 Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. 2016 2017 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL JOB CREATION OF 2016 FUNDED SCALEUPS, 1 YEAR LATER *In millions 12 months after receiving funding, 21,224 jobs being created by European scaleups. An increase in jobs by 23%

28. 28 1 14.923 5.475 8.887 6.190 9.513 7.874 7.701 3.986 8.999 8.818 9.821 10.432 Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec. 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL NUMBER OF JOBS AT MOMENT OF FUNDING 2017 *In millions The total number of jobs represented by European scaleups that raised funding in 2017 is 102,619

29. 1. Spotify (+706) 2. Deliveroo (+701) 3. Cabify (+582) 4. Farfetch (+384) 5. Trivago (+304) 6. Soundcloud (+269) 7. Unity Technologies (+264) 8. Microcred (+225) 9. Tradeshift (+196) 10.Flixbus (+186) 1. Blablacar (-119) 2. Jobandtalent (-104) 3. Movinga (-94) 4. Move24 (-78) 5. Yubl (-75) 6. Fyndiq (-67) 7. Tapp Commerce (-60) 8. Twino (-54) 9. Widespace (-48) 10.Blippar (-44) 29 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL SHAKERS AND MOVERS BASED ON JOB CREATION 2016-17 GAINERS LOSERS On the gainers side, it’s striking how SoundCloud was increasing its headcount up until July 2017 despite being already under financial pressure and lack of a sustainable business model. On the losers side, French Blablacar shredded 22% of its workforce in the last year. Tapp Commerce went bankrupt and Yubl is been acquired explaining their drop in workforce. Berlin based Movinga had a total management and organisation overhaul last year. Their competitor from the same city, Move24, lost 37% of their workforce.

30. 30 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL TOP 5 SCALEUPS DOUBLING IN SIZE FROM 2016 TO 2017 +94 JOBS, 303% +100 JOBS, 167% +126 JOBS, 140%+101 JOBS, 155% +134 JOBS, 111% #01 #02 #03 #04 #05

31. 1. Teads (FR) by Altice (NL) for € 285M 2. Zenly (FR) by Snap (US) for $200M in cash + stock awards 3. Payleven (GE) by SumUp (UK) 4. Clavis Insight (IRL) by Ascential (UK) for €100M 5. Cobi (GE) by Bosch (DE) 6. Soundtrap (SE) by Spotify (SE) for € 51M 7. Savedo (GE) by Deposit Solutions (DE) 8. Pritle (NL) by Binckbank (NL) for € 12.5M 9. Simulity Labs (UK) by ARM (UK) for £ 12M 10. OptoFidelity (FI) by CYG (CN) 31 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL 2016 FUNDED SCALEUPS THAT BEEN ACQUIRED IN 2017 27 scaleups that got funded in 2016 are already acquired in 2017. In average these companies are 5 years old and have 57 employees. TOP DEALS

32. • Wealthify • Garantibil • GrouPay • Kenzan Studios • KNC Miner • Kinematix • Cashboard • Visiblee • Tapp Commerce • DAD • Boenke 32 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL 2016 FUNDED SCALEUPS THAT WENT BANKRUPT IN 2017 Only 0,5% of funded scaleups went bankrupt. It looks like a surprising low number but remember, these are companies that raised at least € 750K in funding providing often a runway of longer than 12 months. The majority of bankrupt companies are in the FinTech industry. That can be explain by the fact that it is the most funded industry but also it’s heavy regulated and customers not trusting their money to startups. Wealthify is acquired by Aviva as is KNC Miner by an unknow buyer and Garantibil by Volvo. Swedish Boenke shows how difficult it is to monetize data

33. 1. Min Doktor (Sweden) 2. Nowo (Sweden) 3. Foundry Innovation & Research 1 (Ireland) 4. Norsk Titanium (Norway) 5. Drivetribe (UK) 6. Tandem Bank (UK) 7. Acast (Sweden) 33 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL SCALEUPS THAT FIRED OR CHANGED THEIR CEO The CEO of Jeremy Clarkson’s social network for cars Drivetribe has left just 6 months after the website launched.

34. 34 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL AVERAGE FOUNDING YEAR TO RAISE A ‘SERIES A’ ROUND Portugal Denmark 2012 Belgium Netherlands France Norway Austria UK Switzerland Finland Spain 2013 Italy Sweden Poland Luxembourg Germany 2014 To raise a series A in Europe, a company needs to be founded in 2013. It takes a long 4 years for a startup to become a scaleup and raise funds. Italy, Sweden and Germany are the best countries to raise a series A fast. For an IPO, the average founding is 2008 (9 years). For an ICO it is 2015 (2 years).

35. 35 36% 22% 19% 5% 4% 3% 3% 2% 1% 1% A Seed B C Debt financing IPO D ICO Post IPO Equity E 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL Given the threshold of € 750K, it’s not surprising that the majority of deals are series A. Convertible notes, crowd funding, grants and media-for-equity are counting all together for less than 3%. The raise of crowd funding is undeniable but few technology companies manage to go above the threshold. DEAL TYPE 2017

36. 36 17% 9% 8% 7% 4% 4% 3% 2% 1% 1% Artificial Intelligence Data Analytics IoT Connected Hardware Blockchain Hardware Virtual Reality Robotics Wearable Drones 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL Artificial Intelligence is a reality and not a hype. It grew with 4% point against 2016. Nevertheless, the speed of AI deployment takes a lot of time and there is no exponential law for AI advancement. Internet of Things is a mature technology as well. Blockchain made a jump of 3% percentage points – partly because of ICOs. Yet it still early stage and the technology is overestimated in the short term (Amara’s law). Wearables and Virtual/Augmented Reality are clearly over the top of the hype cycle. TYPE OF TECHNOLOGY

37. 37 32% 31% 7% 4% 4% 4% Subscription Marketplace Transactional Commission Interest charging Freemium 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL The subscription based model and the marketplace approach are the leading business models for technology companies, counting together for 63% of the total. Open Source, Ad Funded, Sharing Economy, Revenue Sharing, Reverse auction, Data Monetization, Crowd Sourcing etc are marginal. TYPE OF BUSINESS MODELS

38. 38 € 1.730 € 776 € 1.495 € 1.231 € 2.999 € 3.010 € 1.514 € 1.756 € 1.583 € 1.722 € 1.786 € 1.200 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL CAPITAL RAISED PER MONTH 2017* *In millions European scaleups together raise around € 1.7B per month, up 22% against 2016. The amounts above € 1B usually indicate one or more IPOs in that specific month.

39. 39 161 150 196 140 163 165 143 104 151 196 153 128 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL Around 154 deals are closed in Europe every month. There is a slow down during summer, however it gets compensated in the month of September. The number of deals is slightly higher in 2017 versus 2016. The summer drop is traditionally the highest in France. NUMBER OF DEALS 2017

40. 1. London (0) 2. Paris (0) 3. Stockholm (0) 4. Berlin (0) 5. Barcelona (+1) 6. Munich (+1) 7. Amsterdam (+1) 8. Helsinki (+2) 9. Copenhagen (+2) 10. Dublin (-5) 1. London 2. Berlin 3. Paris 4. Stockholm 5. Basel 6. Zug 7. Zurich 8. Barcelona 9. Tessenderlo 10. Munich 40 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL SCALEUP CITIES 2017 NUMBER OF DEALS AMOUNT RAISED The top 4 of cities didn’t change. Dublin dropped significantly, probably due to the move of Web Summit to Lisbon. On the amount-raised-ranking, it is striking that Switzerland has 3 cities in the top 10. The ICO friendly framework of the country makes an impact in attracting scaleups. The small Belgian city of Tessenderlo is the HQ of X-Fab, hence the high ranking.

41. 41 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL THE IMPORTANCE OF TECH HUBS WITHIN COUNTRIES The percentage shows the concentration of scaleups in a single city per country. In principle, this should be a good thing because proximity still counts in a given ecosystems. 71% 70% 67% 67% 66% 65% 56% 53% 52% 50% UK, London IRL, Dublin IT, Milan SE, Stockholm FR, Paris DK, Copenhagen DE, Berlin ES, Barcelona FI, Helsinki NL, Amsterdam

42. 42 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL The gap between London and Paris is widening while Stockholm and Berlin are still in a fight for the bronze. THE BIG FOUR CITIES 2016-17 (# DEALS)

43. 43 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL TOP 5 BIGGEST FUNDING DEALS* € 995M € 933M € 407M€ 461M € 400M #01 #02 #03 #04 #05 *In amount raised

44. 44 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL Only 7% of European scaleups are spin-offs or spin-outs. And dropping (2016 = 9%). While it’s true that spin-offs are not the only way that universities can monetize research, it’s nevertheless an indication that innovation is mainly happening outside campuses and labs. However, universities do play a role in patentable hard tech in specific areas such as Medtech, BioTech Life Sciences, encryption, materials science, robotics, nanotechnology, semiconductors, and the like. MOST ACTIVE SPIN OFF INSTITUTES 2017 1. University of Cambridge (UK) 2. ETH Zurich (Switzerland) 3. Vrije Universiteit Brussel (Belgium) 4. Lund University (Sweden) 5. KTH Royal Institute of Technology (Sweden) 6. Karolinska Institutet (Sweden) 7. Centre national de la recherche scientifique (France) 8. Imperial College London (UK) 9. Fraunhofer (Germany) 10. VTT (Finland) / Technical University of Munich (Germany)

45. 45 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL Less than 3% of European scaleups protect their technology using patents. HealthTech, a more specifically, MedTech is the industry with the highest number of patented technology. PATENTS 1. HealthTech 2. Manufacturing 3. Utilities 4. AgriTech 5. Semiconductors 6. Telecom 7. Aerospace 8. Entertainment 9. MadTech 10. Mobility

46. 46 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL 19% of the European scaleups graduated from an acceleration program. That’s up from 14% in 2016. Half of the European scaleups join a US acceleration program, the rest is staying in Europe. Belgian based imec.iStart ranked even fourth in UBI Global's University Business Accelerator ranking. A number of programs are focusing on scaleups only, namely Upscale Tech City UK and TechShare of Euronext. ACCELERATORS, BY NUMBER OF FUNDED SCALEUPS 2017 1. Seedcamp (UK) 2. Upscale Tech City UK (UK) 3. Microsoft Accelerator (multiple countries) 500 Startups (US) 4. Techstars (US) Startupbootcamp (multiple countries) 5. imec.iStart (Belgium) SOSV (Ireland) Plug and Play (US)

47. 47 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL Corporate Venture Capital is involved in 20% of all European deals, becoming the second most important source of finance for scaleups (up from 16% in 2016). Corporate investment activity continued to rise, both via corporate venturing and balance sheet investments. The number 1 CVC investor of last year, US based Salesforce, dropped significantly in 2017. MOST ACTIVE CORPORATE VC 2017 1. RWE (Germany) 2. Orange (France) 3. Intel (US) 4. Swisscom (Switzerland) 5. SAP (Germany) 6. Samsung (South-Korea) 7. KPN (Netherlands)

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49. 49 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL The most active 2017 venture investor in Europe is once again the French government. MOST ACTIVE INVESTORS BREAKDOWN OF INVESTORS 1. Bpifrance (France) 2. Partech Ventures (France) 3. Global Founders Capital (Germany) 4. Index Ventures (Switzerland/UK) 5. Idinvest Partners (France) 6. Balderton Capital (UK) 7. Kima Ventures (France) 8. Accel (US) 9. Northzone (Sweden) 10.LocalGlobe (UK) VC 54%CVC 10% PE 10% Government 5% Family Office 4%

50. 50 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL MOST ACTIVE INVESTORS SERIES A SERIES B SERIES C SERIES D 1. Global Founders Capital 2. Bpifrance 3. Index Ventures 4. Partech Ventures 5. LocalGlobe 6. Balderton Capital 7. Earlybird 8. Creandum 9. Accel 10. b-to-v Partners 1. Partech Ventures 2. Atomico 3. Northzone 4. Global Founders Capital 5. DN Capital 6. Holtzbrinck Ventures 7. Bpifrance 8. EQT Ventures 9. Index Ventures 10. High-Tech Gründerfonds SERIES A SERIES B 1. Balderton Capital 2. Accel 3. Northzone 4. Target Partners 5. Holtzbrinck Ventures 6. Idinvest Partners 7. Index Ventures 8. Bpifrance 9. Bayern Kapital 10. Draper Esprit SERIES C 1. Idinvest Partners 2. Balderton Capital 3. Accel 4. KKR 5. Bpifrance 6. Passion Capital 7. Orange Digital Ventures 8. Sapphire Ventures 9. Notion Capital 10. Northzone SERIES D

51. 51 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL HIGH PROFILE INVESTORS • Budbee (Sweden) by Karl-Johan Persson (CEO H&M) • Dedrone (Germany) by John Chambers (ex-CEO Cisco) • Kayrros (France) by Lord Browne of Madingley (ex-CEO BP) • SmartUp (UK) by Barry Smith (Skyscanner), Alex Asseily (Jawbone) & Ed Wray (betfair) • Challengermode (Sweden) by Zlatan Ibrahimovic • Coras (IRL) by U2 • Emoticast (UK) by Sean Parker (Napster) and will.i.am (Black Eyed Peas) • Fanmiles (GE) by Philipp Lahm (Bayern Munich) • Menē (France) by Diana Widmaier Picasso

52. 52 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL Europe saw 37 IPOs of technology companies in 2017 totaling € 2.2B. That’s 42% more than 2016, once again thanks to one single country: Sweden. Apparently, going public in Sweden is as simple as crowdfunding. The Nasdaq First North Stockholm, Aktietorget and the Nordic Growth Market manage to facilitate IPOs at a low cost allowing startups to raise a series A and even seed round. Not a single European scaleup went public in Wall Street in 2017, compared to 2 in 2016. Euronext is working hard to create awareness of the IPO path to capital with its TechShare program for scaleups. IPO PER COUNTRY 2017 1. Sweden (17) 2. Finland (5) 3. UK (3) 4. Germany (3) 5. Denmark (3) 6. France (2) 7. Belgium (1) 8. Iceland (1) 9. Norway (1) 10.Poland (1)

53. 53 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL 2016 IPO PERFORMANCE, 1 YEAR LATER: TOP GAINERS Source: Google

54. 54 2016 IPO PERFORMANCE, 1 YEAR LATER: TOP LOSERS Source: Google 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL

55. 55 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL 2017 is the year of the Initial Coin Offering (ICO). At least 24 investments totaling for € 863M. Switzerland is leading with half of all European ICOs. The city of Zug became the capital of ICOs in Europa both in number of deals as in capital raised. Despite the fact that Switzerland has a legal framework for ICO, it could not avoid scams such the Magos AI case. On the other hand, Swiss ICOs in 2016 (Lisk, Lykke) are alive and kicking. Lykke even raised again money using an ICO in 2017. Often, the ICO process is been supported by Bitcoin Suisse, a crypto financial broker based in Zug. ICO PER COUNTRY 2017 1. Switzerland (12) 2. UK (6) 3. France (2) 4. Germany (1) 5. Sweden (1) 6. Portugal (1) 7. Liechtenstein (1)

56. 56 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL Not surprising, ICOs are popular with companies using blockchain technologies. Over 90% of ICOs are blockchain companies. It indicates that there is room for growth and we only see the beginning of a new path to capital. Especially with the lack of specialized blockchain funds in Europe such as Blockchain Capital (SF) and Digital Currency Group (NYC). The majority of companies are active in FinTech but this is expected to broaden over the years to come. FinTech scaleup The Naga Group raised more in an ICO (€ 42M) than in an IPO (€ 2M). ICO PER INDUSTRY 2017 1. FinTech (11) 2. Software development (3) 3. IT services (3) 4. Utilities (1) 5. Supply Chain (1) 6. Mobility (1) 7. Consumer Electronics (1) 8. MediaTech (1) 9. HRTech (1) 10.LegalTech (1)

57. 57 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL TOP 5 BIGGEST ICO DEALS* € 208M € 137M € 85M€ 89M € 60M #01 #02 #03 #04 #05 *In amount raised

58. 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL ICO PERFORMANCE: TOP GAINERS Based on the digital footprint of ICO companies (i.e. SERP, website traffic, backlinks, search intent, SEM, social & community reach, geographical footprint…), an indication of traction can be calculated. 1. Aptoide 2. Bancor Foundation 3. Lisk 4. status.im 5. Tezos 6. SIRIN Labs 7. SingularityNET 8. iEx.ec 9. Lykke 10.Eidoo

59. 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL ICO PERFORMANCE: TOP LOSERS Based on the digital footprint of ICO companies (i.e. SERP, website traffic, backlinks, search intent, SEM, social & community reach, geographical footprint…), an indication of traction can be calculated. This doesn’t mean that this companies are failing, rather it can be a sign of a lack of validated business model or surrounding ecosystem. 1. BetBox 2. Dfinity Network 3. Melonport 4. SwissBorg 5. Modum.io 6. PikcioChain 7. Humaniq 8. Dovu 9. The Naga Group 10.Mysterium Network

60. EUROPEAN VENTURE CAPITAL 2017 EUROPEAN SCALE UP REPORT EUROPEAN VENTURE CAPITAL Click on the above link to access the full dataset 60

61. METHODOLOGY 2017 EUROPEAN SCALE UP REPORT METHODOLOGY 61

62. 62 Companies includes web, app, mobile, digital products and services, software, marketplace, connected hardware, data-driven and HardTech companies. Companies that have their HQ or launched in Europe are considered. LifeScience and BioTech (except software solutions targeting this industry), non digital CleanTech (such as solar panel producers etc), eCommerce (such as Hallofresh, Zalando etc), research institutes and consultancy companies are excluded. We encourage you to review the methodology to better understand the numbers presented in this report. 2017 EUROPEAN SCALE UP REPORT METHODOLOGY Scaleups, not startups, are generating added value, create jobs, expand international and create economic value for stakeholders and society. This group is attracting the lion share of (venture) capital, in some countries of up to 90% of all capital. In other words, we use the Pareto distribution rule to create an accurate view on the venturing landscape. Only deals of at least $1M / € 750K are considered. We use a data-driven approach to track financing activity for European tech companies.

63. 63 Deals with a non-disclosed value or lacking value indication are not counted. If an amount is described as a seven-figure number, the lowest possible value has been counted. Funding is registered based on announcement date. All currencies (USD, GBP, CHF, SEK etc) are converted to Euro using aonda.com. The number of employees is captured on the moment of fund raising and based on the press release, LinkedIn, Xing, Viadeo or the company’s website. The founding year and location is based on information in press releases, company website, Crunchbase, LinkedIn or Xing. If deal information is being detected or corrected after closing the month, quarter or year, it will be included in future reports. Funding of both private and public companies are considered. Debt financing, IPOs, media for equity, crowdfunding, Initial Coin Offering, private placements, post IPO equity, private equity, grants and convertible loans are included. 2017 EUROPEAN SCALE UP REPORT METHODOLOGY

64. 64 THE CATEGORIES ARE: Accountancy, AdTech, Aerospace, AgriTech, Automotive, Business Intelligence, Business Services, CivicTech, Consumer Services, Cybersecurity, Document Management, eCommerce, EdTech, Entertainment, FinTech, FoodTech, Gaming, HealthTech, HRTech, IoT, IT services, LegalTech, Manufacturing, MediaTech, MICE, Mining & Environmental services, Mobility, MusicTech, PropTech, Retail, Security, Semiconductors, Software development, SportTech, Supply Chain, Telecom, Travel, Utilities and Virtual Reality THE COUNTRIES ARE: Albania, Armenia, Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland and UK. Data of Turkey and Israel is being used as a benchmark for Europe. 2017 EUROPEAN SCALE UP REPORT METHODOLOGY

65. 65 Omar Mohout, currently Entrepreneurship Fellow at Sirris, is a former technology entrepreneur, a widely published technology author, C-level advisor to high growth startups as well as Fortune 500 companies and Professor of Entrepreneurship at the University of Antwerp, the Antwerp Management School, ULB and Solvay Brussels School of Economics and Management. He is author of 'Pricing Strategies for Startups', 'The Belgian Startup Landscape', ‘Crowdfunding in Belgium’, ’99 reasons why startups fail’, ‘Corporate Venturing’ and the popular 'Startup Master Class series'. A contributing author to the ‘100 Days Digital Marketing Plan’ and ‘The Future of Business’ books. Mohout writes for VentureBeat, SaaScribe, Data News, Bloovi, StartUs and is academic contributor to the European Startup Monitor. He’s delivers the following workshops for startups and scaleups: Community Engineering; Pricing strategies for startups; Lean Marketing; Setting-up and managing an Advisory board; How to go from idea to scaleup; Subscription based business models and; Cash Flow models for startups 2017 EUROPEAN SCALE UP REPORT ABOUT THE AUTHOR ABOUT THE AUTHOR

66. 66 He is Co-chair of the Circle Of Growth; Community host for Corporate Venturing Europe; Organizer of the Growth Hacking Meetup, Co-founder of the #BeTech Community and keeps track of European funding and scaleups on scaleups.sirris.be. He is an active member of the Board of Directors at Startups.be and serves at the board of high growth technology companies Aproplan.com and Teamleader.eu. He joined recently the Board of Directors of venture capital fund imec.iStart. Mohout is Chairman of the Strategy Advisory Board of VITO, a research and technology organization in the areas of cleantech and sustainable development; Chairman of BeCentral, the new focal point for everything digital in Belgium; Advisory Board member of the Euronext TechShare Program. He is also Belgium Ambassador at World Startup Report, Innovator Community Ambassador for Belgium, Ambassador for MIT Innovators Under 35 Europe and Country Ambassador for UBI Global. Mohout is a keynote speaker and panelist on technology, entrepreneurship and innovation topics at leading conferences. 2017 EUROPEAN SCALE UP REPORT ABOUT THE AUTHOR ABOUT THE AUTHOR

68. 68 Sirris, the collective centre of the Belgian technology industry, helps companies with the implementation of technological innovations, enabling them to strengthen their competitive position over the long-term. Sirris helps you make the best technological choice and rapidly turn your innovations into marketable products and services. The Sirris experts visit companies on site, offer technological advice, launch innovation paths, and provide guidance to reach the implementation phase. The aim is to find applicable solutions to the real challenges faced by technology entrepreneurs and startups. Sirris guides technology companies to a higher level of know-how and expertise in a wide range of domains. The in-house experts provide a broad range of technological and go-to-market knowledge. Where necessary, Sirris relies also on external knowledge partners, including specialized companies, universities, knowledge centres, and research institutions. For more information on how Sirris can help your company success, please visit www.sirris.be. 2017 EUROPEAN SCALE UP REPORT ABOUT SIRRIS

69. 69 2017 EUROPEAN SCALE UP REPORT SOURCES SPECIAL THANKS Serkan Ünsal, startups.watch for covering Turkey and Tech.eu for the most detailed coverage of Europe WEBSITES & NEWSLETTERS 150sec, agfundernews.com, allbrain.org, alliancy.fr, alloweb.org, angellist, arcticstartup, avoltapartners, barcinno, beauhurst, breakit.se, businessinsider.com, calaofinance.com, cbinsights, cityam.com, cmuportugal.org, coindesk, companisto.com, computable.nl, computable.be, datafox, datanews.be, dealroom, derbrutkasten, deutsche-startups.de, digital.di.se, dn.no, dublinglobe.com, e52.nl, economyup.it, emeastartups.com, enterprise.cam.ac.uk, eu-startups, feedsquared.com, finanznachrichten.de, finsmes, fora.ie, frenchweb.fr, funderbeam.com, geektime.com, gigaom.com, GIMV, globalcorporateventuring.com, noah conference, go4venture.com, goaleurope.com, goodnewsfinland.com, gruenderszene.de, high-tech-gruenderfonds.de, ideaspace.cam.ac.uk, Index.co, itespresso.fr, ivca.ie, ivc- online.com, journaldunet.com, jvpvc.com, labsoflatvia.com, lesechos.fr, lightwaveonline, linkis.com, loogic, maddyness.com, marketwatch, mattermark, myfrenchstartup.com, nocamels.com, nordurskautid.is, oresundstartups.com, palico.com, Pando.com, parisandco.com, parkwalkadvisors.com, pehub, pitchbook, portugalstartups.com, privateequitywire.co.uk, prnewswire, regional-it.be, rudebaguette.com, scotsman.com, seedrs.com, shifter.no, siliconcanals, siliconrepublic.com, spotfolio.com, sprout.nl, startablish.at, startupitalia.eu, startupjuncture, startups.be, startups.co.uk, startups.watch, startupticker, swedishstartupspace.com, syncni.com, syndicateroom.com, tech.eu, techberlin.com, techcitynews, techCrunch.com, techsite.io, theheureka.com, thetechportal.com, toftecompany.com, trendingtopics.at, trendsonline.dk, unquote, usine-digitale, vc-europe, voltassocies.com, wall-street.ro, webcapitalriesgo.com, webrazzi, websummit, widoobiz SOCIAL MEDIA Abyssinia, amaigre, atizo, AudingaJa, AudingaJar, austrianstartup, Barcinno, BeTech_, blpoland, boostturku, bot_innovation, Brainport_regio, breakit_se, BridgeBudapest, cdixon, chrysalisleap, chulu, ClujHub, CowboyGamedevBt, cphftw, csdeptucy, CyprusInno, davidcohen, Digital_Magics, dinaistwitting, DStartups, dublin_startups, dziennik, El_Startupero, Emerce, EndeavorGr, ericries, etohum, festivaluprise, frontiersci, goodnewsfinland, growthfunders, gruenderszene, health_xl, HelloPirates, hightechcampus, how_to_web, HUB13_Helsinki, hubvilnius, ICTSpring, ID_GC, ImpactHubBA, ImpactHubRO, impacthubzurich, ineshaeufler, InkubatorStart, inkubatorypl, Innovaspain, InnovAthens, InternetWeekLJ, istanbulstartup, iTXFROM, joonathan, JouveSud, Kbinkubators, KBinkubators, keskkyla,

70. 70 2017 EUROPEAN SCALE UP REPORT SOURCES SOCIAL MEDIA (CONT.) labsoflatvia, LAUNCHub, Leapfunder, LeumiTech, LisbonChallenge, LOFFICEbudapest, louishavri, LuceyFund, Lupacz, MadeinJLM, marketerslu, MassChallengeUK, masteringrowth, metavallon, miniforetak, MMKlaszter, MusicHackFest, NCBR_pl, nestholma, NeulogyVC, NewTrendBG, NoCamels, NorthstarVent, OsloInnoEmbassy, placeprint_mktg, ppmessengerpp, ProgramaMinerva, pt_startups, rp_teknoloji, Rubixlab, sama, saminnovatorene, sbcCopenhagen, SDigestCork, SeedstarsWorld, sektorfuenf, SICampNorway, SiliconLux, siliconvikings, SkatteFUNN, Smart_Ireland, SmartCity4Italy, socialbakers, sprout_nl, STAkrog, StarCubeCZ, startitup_sk, startup_italia, Startup_Kingdom, Startup_Podcast, StartUpBraga, startupbrett, StartupCampSK, startupestonia, startupgrind_LU, startupiceland, startupireland, startupjobsite, STARTUPLISBOA, StartupRVK, StartupsBe, startupturkey, startupvcnews, startupyard, StartUscc, stefanlundell, STHLMTech, summitdesignatx, swluxembourg, SwPrivateequity, Tech_Acad_Fin, tech_eu, TechBritannia, TechHubBuc, TechHubRiga, Technoport_, thecoulroom, thinkubator_dk, timwcap, tyinternety, VC_watcher, venturelab_ch, version2dk, Vienna_CM, VirginStartUp, webcampzg, webrazzi, whiteboardmag, WHMeanor, ZIPZg, KairosSocietyHU, SitraFund, ForumVirium, Tech_Acad_Fin, ReloadGreece, colabathens, bitspiration, NCBR_pl, blpoland, dziennik, CyberparkTGB, rp_teknoloji, sosyalmedyaco, IATurkije, czechcrunch, PerpetuumZg, helgosson, StartupGrindSWE, ZuoraEMEA, nyteknik, CampusLondon, growthfunders, VirginStartUp, MassChallengeUK, CognicityCW, INiTS_at, austrianstartup, IPNunes, SDigestCork, RyanAcademy, , LuceyFund, CrowdfundSpirit, kurtfinance, JouveSud, FuenteLatina, Silicon_wadi, BuildStuffLT, hightechcampus, HollandFinTech, Leapfunder, IMPACT_acc, ProgramaMinerva, playinglean, , Teknisk, NorskVenture, StartupLabNo, rp_teknoloji, sosyalmedyaco, sbcIstanbul, DLDConference, VC_watcher, startupradioDE, HTGF_, Lupacz, tyinternety, EconomyUp, SmartCity4Italy, Puglia_Startup, how_to_web, SeedstarsWorld, JeanneMazuret, ParkwalkAdvisor

71. 71 No dataset is complete and this report provides an indication of reality only. Comparing to reports of other providers on similar subjects is partly possible when taking into account the different methodologies. This report has been compiled for informational purpose only and should not be regarded as a solicitation to invest in any entity. This report relies on data and insights from a wide range of public and private sources and we can’t be hold responsible for the completeness and accuracy of the information provided. This report may freely be distributed, republished and posted as long as the content is not modified, decompiled or reference to the source is being removed. 2017 EUROPEAN SCALE UP REPORT DISCLAIMER

72. OmarMohout omohout @omohout Omar-Mohout FOLLOW OMAR ON LinkedIn Slideshare Twitter Facebook