09.2 Blockbuster European Tech IPOs Questions are often raised about the sophistication of institutional investors in the European capital markets and their ability and willingness to invest into tech. The data shows very clearly, however, that there is a strong pool of European investors that have built deep and sophisticated understanding of tech by having built large portfolios of holdings in global tech companies. Parent # of Global Tech companies they invest in Parent # of Global Tech companies they invest in Top 10 European Investors in global tech Top 10 European Investors in global tech Graubundner Kantonalbank (Private Banking) Graubundner Kantonalbank 1 748 Graubundner Kantonalbank (Private Banking) Graubundner Kantonalbank 1 748 companies companies Norges Bank Investment Management Government of Norway 1 746 Norges Bank Investment Management Government of Norway 1 746 DWS Investment GmbH Deutsche Bank AG 1 657 DWS Investment GmbH Deutsche Bank AG 1 657 Deutsche Asset Management (UK) Ltd. (Investment Management) Deutsche Bank AG 1 394 Deutsche Asset Management (UK) Ltd. (Investment Management) Deutsche Bank AG 1 394 Legal & General Investment Management Ltd. Legal & General Group Plc 1 311 Legal & General Investment Management Ltd. Legal & General Group Plc 1 311 UBS Asset Management (UK) Ltd. UBS Group AG 1 264 UBS Asset Management (UK) Ltd. UBS Group AG 1 264 Credit Suisse AG Credit Suisse Group AG 1 259 Credit Suisse AG Credit Suisse Group AG 1 259 Zurcher Kantonalbank (Investment Management) State of Zurich 1 248 Zurcher Kantonalbank (Investment Management) State of Zurich 1 248 UBS AG (Investment Management) UBS Group AG 1 199 UBS AG (Investment Management) UBS Group AG 1 199 Barclays Bank Plc (Private Banking) Barclays Plc 1 038 Barclays Bank Plc (Private Banking) Barclays Plc 1 038 Source: Source: Ownership in European public tech companies is more widely distributed than in their Ownership in European public tech companies is more widely counterparts in the US and China distributed than in their counterparts in the US and China Average free ðoat for tech issuance by year 35 34% and region 33% 33% 32% 31% LEGEND 30% 30 Europe % t USA a o ð e China e ð 24% 24% e25 g a 23% r e v 22% A 21% 21% 20% 20 19% 18% 17% 15 2013 2014 2015 2016 2017 2018 9M Source: European founders need to adopt a moonshot mentality if they are to build the next Google or Amazon. There is no playing it safe. European founders need to adopt a moonshot mentality if they are to build the next Google or Amazon. There is no playing it safe. As a founder you need to show investors that you’re passionate, that you have the drive to make it happen, and that you understand the market from a global perspective. Don’t obsess about building the “ perfect product – start shipping, and figure things out as you go. Lastly, the best founders will have a strong sense of purpose and a Jacob de Geer vision that guides their company through the difficult moments – iZettle there will be many!” 133 In Partnership with & www.thestateofeuropeantech.com