Blockbuster European Tech IPOs 2018 has been a truly remarkable and a record-breaking year for outsized outcomes in the European tech industry, capped by Spotify’s giant $25B direct listing. Country City Amount raised ($M) Value at IPO ($M) Country City Amount raised ($M) Value at IPO ($M) Top 10 largest VC-backed IPOs by market cap Top 10 largest VC-backed IPOs by market cap Spotify Sweden Stockholm 9,200 26,500 at exit in 2018 Spotify Sweden Stockholm 9,200 26,500 at exit in 2018 Adyen Netherlands Amsterdam 1,045 7,810 Adyen Netherlands Amsterdam 1,045 7,810 Farfetch United Kingdom London 885 5,800 Farfetch United Kingdom London 885 5,800 Avast Software Czech Republic Prague 195 3,168 Avast Software Czech Republic Prague 195 3,168 Elastic Netherlands Amsterdam 252 2,500 Elastic Netherlands Amsterdam 252 2,500 Funding Circle United Kingdom London 396 1,980 Funding Circle United Kingdom London 396 1,980 Home24 Germany Berlin 165 660 Home24 Germany Berlin 165 660 Westwing Germany Munich 145 605 Westwing Germany Munich 145 605 Navya France Villeurbanne 38 190 Marley Spoon Germany Berlin 51 145 Navya France Villeurbanne 38 190 Marley Spoon Germany Berlin 51 145 Source: Source: Europe has delivered more large tech IPOs in 2018 EUROPEAN TECH IPOS than the US Number of European tech IPOs with an enterprise value of more X$ B than $5B in 2018, versus just one 4 5 from the US As we have demonstrated in previous iterations of the State of European Tech, there are more tech IPOs per year from Europe than the US. There are many reasons that underpin this long-standing trend, but it is best summarised by the fact that there are completely different characteristics that shape the environment The number of tech IPOs from European companies has around access to the public markets for tech companies. steadily increased, far surpassing the US # of tech IPOs by region 69 70 63 LEGEND Europe 60 n o US i 49 g e 50 r y b 43 s 41 O P I h 40 c 34 e t f o 30 29 # 30 28 28 20 20 10 2013 2014 2015 2016 2017 2018 9M Source: 130 In Partnership with & www.thestateofeuropeantech.com