09.2 Blockbuster European Tech IPOs Smaller cap European tech companies make up the majority of European tech companies, a reflection of the fact that founders of European tech companies take advantage of the fact that there are many different paths to raising the capital required to support and grow their companies. The US still have two times more $1B+ exits than Europe # of tech IPOs with $1B+ market cap at IPO by year and region 17 O P 15 15 I 15 t LEGEND a p a c Europe t e 12 k US r 11 ma + 10 B10 1 $ h t wi s 7 7 O P I h c 5 5 e t 5 f o # 3 0 0 2013 2014 2015 2016 2017 2018 9M Source: “ The advantage of European startups is that they have an aptitude for complexity in their DNA. This comes from looking at various The advantage of markets, making sure their intellectual property is protected internationally, and approaching customers with a multicultural European startups is that focus. The nimbleness of European startups - which comes from they have an aptitude for not having as much capital chasing them as U.S. startups - has also taught them well what the essentials of their business are and how complexity in their DNA. to be customer facing.” Natalie Massenet Imaginary Ventures Europe’s notably strong performance in terms of delivering its largest ever crop of large-cap venture-backed European tech IPOs has also been followed with European tech IPO vintages have been able to compete with strong weighted aftermarket performance. Americans in aftermarket performance Weighted aftermarket performance of Tech 222% IPOs by vintage year (%) e200 c LEGEND n 165% ma Europe r o 149% f r150 US pe t e k r ma r 100% 100% 100% e t f100 a d e t h 64% g i e W 50 39% 42% 0 2013 2014 2015 2016 2017 2018 9M Source: 132 In Partnership with & www.thestateofeuropeantech.com