When we started covering the Office of the CFO (OCFO) space, the market was still highly fragmented, with CFOs juggling dozens of point solutions across accounting, cash management, and expense workflows. Today, the convergence toward integrated financial platforms has become the defining trend – and private equity is at the centre of this transformation.

📌 Some highlights from the 2026 report:

• The OCFO software market is estimated at ~€70bn in 2025, growing at ~9% per year to reach €107bn by 2030. SMBs and the mid-market are the primary engines of this expansion, with adoption rates accelerating at 10-20% annually as companies replace Excel-based workflows with cloud-native platforms.
• Europe remains a highly fragmented market – and a major opportunity. With over 60 accounting software solutions active across the continent and the EU’s ViDA e-invoicing mandates rolling out from 2026, the push for digital compliance is catalysing a new wave of software adoption and cross-border consolidation.
• Private equity accounts for over 50% of exits in the OCFO space over the last five years. Build-up strategies – where PE-backed platforms absorb smaller players – represent the largest share of deal volume at 30–35%, as the market moves decisively toward unified platforms that combine accounting, cash management, spend control, and FP&A under one roof.
• Q1 2026 marked a normalization in valuation multiples, with EV/NTM Revenue declining to 3–5x (from 6–7x in Dec-25) and EV/NTM EBITDA to 12–15x+ (from 15–20x+ in Dec-25). This reflects a moderation from previously elevated valuation premiums driven by stickiness and/or whitespace. As this normalization flows into private markets, only top-tier assets with strong AI moats are expected to sustain premium valuations.
• AI is set to deepen, rather than erode, the moats of established OCFO platforms. Proprietary financial data, compliance depth, and embedded workflow knowledge are assets that generic AI models cannot replicate. In the SMB segment, especially, the most critical barrier to entry remains distribution and operational execution – a capability that AI alone cannot substitute, but can make significantly more scalable.

Our study, based on proprietary transaction data, exclusive market intelligence from Dedale Intelligence, and a 20-year track record advising tech companies on M&A, LBOs, and growth financing, is intended as a practical guide for founders, investors, and PE sponsors navigating this rapidly consolidating market.

What’s covered in this report:

• Market sizing and growth drivers: a €70bn market heading to €107bn by 2030, with a focus on SMBs and mid-market;
• The European opportunity: regulatory fragmentation, ViDA e-invoicing mandates, and the race to build pan-European platforms;
• Platform convergence: how accounting, cash, and spend management providers are merging into unified CFO suites;
• AI as an accelerator: from copilots to agentic workflows, and why process knowledge matters more than the model;
• Consolidation and valuations: PE-led build-ups, 60+ precedent transactions, listed peer benchmarks, and the most active buyers.

Authors:

• Vanessa Sorel, Executive Director
• Grégoire Bonnet, Associate
• Stéphane Valorge, Senior Partner, Head of Research

Cet article Office of the CFO – A Universe in Expansion and Consolidation est apparu en premier sur Clipperton Finance.

Clipperton releases today its Cybersecurity Market Monitor 2025. Building on last year’s edition, this report analyzes the valuation landscape in the cybersecurity space, covering public market performance, transaction activity across Europe and North America, and the emerging themes shaping the sector.

Cybersecurity Software: Resilience in a Polarized Market

The Clipperton Cybersecurity Software Index delivered a resilient +11% return in 2025, outpacing the BVP Emerging Cloud Index (-5%) while trailing the NASDAQ (+21%). This relative lag reflects the broader software slowdown: as enterprise software deployments cool, demand for incremental security seats and new workload protection naturally follows suit.

The year was defined by sharp market polarization. Our analysis categorizes the cybersecurity universe into three distinct archetypes, each reflecting a different relationship between growth, profitability, and market sentiment:

• High Performers: Cybersecurity leaders with a Rule of 40+ profile, combining hyper-growth with scalable profitability (e.g. Cloudflare, Crowdstrike, Palo Alto Networks, Zscaler): +36% in 2025, trading at a median 18.5x EV/Revenue;
• Mature Companies: Established players prioritizing high EBITDA margins (>35%) over top-line expansion (e.g. Fortinet, Check Point, Qualys): -4% in 2025, valued at a median 14.1x EV/EBITDA;
• Low Performers: Vendors undergoing operational or strategic transitions, with decelerating growth and compressed multiples (e.g. SentinelOne, Okta, Trend Micro): -30% in 2025, at a median 4.5x EV/Revenue.

Outlook 2026: The Strength of Platformization

The early weeks of 2026 have put the broader software market under significant pressure, with the enterprise software index down over 26% year-to-date. Against this backdrop, our cybersecurity index is down approx. 15% over the same period. This resilience is most pronounced among leaders such as Palo Alto and CrowdStrike, which benefit from genuine “cyber platform” status and high switching costs.

Download and read our full analysis for deeper insights into the key trends shaping the cybersecurity investment landscape.

Authors: feel free to reach out to discuss these insights:

• Thibaut Revel, Managing Partner
• Richard Hooper, Managing Partner
• Dr. Nikolas Westphal, Managing Partner
• Olivier Combaudou, Partner
• Pierre Pinsault, Associate
• Jérémy Vignola, Analyst

Cet article Cybersecurity Market Monitor 2025 est apparu en premier sur Clipperton Finance.

In 2025, Clipperton achieved another strong year advising on more than 30 tech transactions across M&A, buy-outs, debt, and growth financings, representing approximately $2 billion in total deal value.

The firm continued its robust growth trajectory, expanded its footprint in the U.S. with the opening of an office in NYC and the addition of two new Managing Partners, and confirmed the success of its dedicated debt advisory team. As anticipated three years ago, the transition from VC to Private Equity dynamic has fully materialized and has now become the primary exit route for VC-backed tech companies – an evolution in which Clipperton is playing a leading role.

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2026: A Defining Year for Tech as AI Scales and Profitability Takes Center Stage

Heading into 2026, the technology sector is characterized by improving fundamentals and a clearer investment playbook. AI has evolved from a thematic growth driver into a core capability across products, go-to-market strategies, and internal operations, materially enhancing scalability and efficiency. In this environment, investors are placing a premium on businesses that combine defensible technology, recurring revenue, and demonstrated profitability, reinforcing tech’s central role in large-cap M&A, LBO activity, and platform-driven consolidation.

These dynamics are clearly reflected in capital markets and private transactions alike. Public software valuations highlight a pronounced premium for profitable growth, with top-performing companies significantly outperforming peers & trading at higher multiples.

Simultaneously, M&A, LBO, and fundraising activities have seen a strong rebound in terms of value. This highlights the resurgence of significant, large-scale transactions and reaffirms the pivotal role of Private Equity within the tech ecosystem. As AI is increasingly integrated across products, services, and internal operations, the companies that successfully combine sustained growth with strong profitability are clearly establishing themselves as market leaders.

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Clipperton Deal Highlights 2025

Clipperton achieved a record year in 2025 – our strongest since founding the company in 2003 – with over 30 transactions completed across Europe. This exceptional performance is driven by a clear structural trend: the increasing ambition of European tech platforms that are focused on international expansion and strategic financing.

We had the pleasure of advising leaders in their respective segments, including for example:

Tech Private Equity Deals:

• Hublo, leader in digital HR solutions for the healthcare sector, on the entry of Five Arrows via an LBO, enabling the exit of Acton Capital;
• SkillCorner, the leading provider of AI-powered sports tracking data, on its $60m growth investment from Boston-based Silversmith Capital Partners to expand in the U.S., enabling the exit of sports-focused VC fund Seventure Partners;
• Bridgepoint on the €500m financing round in Brevo, the new CRM unicorn, alongside General Atlantic and Oakley Capital (following two prior transactions in 2017 and 2020, already with Clipperton);
• Didomi, the global leader in data privacy solutions, on its $83 million investment from U.S. fund Marlin Equity Partners;
• Peter Park, the leading European provider of AI parking automation solutions, on its strategic growth investment by Great Hill Partners, bringing total funding to more than €100 million;
• FTV Capital on its strategic growth investment into N2F, a leading provider of spend management software.

Trade Sales:

• Automation & Robotics, the global leader in the design and manufacture of automated systems for optical lens quality control, on its sale to EssilorLuxottica;
• Mayday, the leading provider of AI-powered Knowledge Management in France, on its merger with USU GmbH, a global provider of software and service solutions for IT and customer service management, backed by Thoma Bravo;
• Trivec, the leading provider of POS systems in the hospitality industry, on its sale to Caspeco.

Debt Financings:

• Equativ, online advertising monetization platform, on its €200m unitranche refinancing by Eurazeo (following its 2023 LBO, also orchestrated by Clipperton);
• Marietton Development on securing debt financing from a pool of eleven banks to accelerate international expansion, support acquisitions, and reorganize its shareholders’ structure.

Growth Financings:

• VSORA, the global innovator in ultra-high performance computing, on securing a €40 million investment to bring the world’s most powerful, energy-efficient, and cost-disruptive AI chip to market;
• Epsor, a fintech specializing in employee savings and pension schemes, on raising a €16m Series C financing round led by the Fonds Stratégique des Transitions, managed by ISALT, alongside historical investors Revaia and BlackFin.

Ranked number one in France across all three types of tech transactions (fundraising, strategic M&A, LBOs), we also assert our leadership on an international level, including through our dedicated debt advisory team. Its specific expertise, particularly in ARR financing, has been leveraged for several companies such as Matawan and N2F, alongside buy-side advisory work for lead funds such as Antin and FTV Capital.

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­Looking Ahead

As we move into 2026, we do so with strong conviction. Building on sector expertise developed since 2003 and proven transactional execution, we are well positioned to support our clients as demand accelerates for sophisticated and innovative financing solutions. Against a backdrop of rapid technological and market transformation, we continue to leverage our deep industry insight and strategic perspective to help clients navigate complexity and capture opportunity.

We are sincerely grateful for the continued trust of our clients and the unwavering commitment of our teams, whose dedication underpins our ability to deliver impactful outcomes.

U.S. Expansion and Leadership Appointments

We have strengthened our senior leadership team and expanded cross-border:

New York Office Launch

2025 also marked a significant milestone with the opening of our New York office in September. This expansion was led by the arrival of two seasoned Managing Partners, Emily Anderson (formerly of Union Square Advisors and Goldman Sachs) and Richard Hooper (formerly of RBC, Barclays, and Lehman), and was recently further strengthened by the addition of Vice President Charlie Wheatly.

This development reflects the execution of our global strategy and materially enhances our ability to manage transatlantic processes and support clients in transactions involving U.S. investors.

­Xavier Souvras appointed as Executive Director in Paris

Xavier Souvras joined the Paris office in September 2025 as Executive Director.

A seasoned corporate finance professional, Xavier Souvras brings over 10 years of experience to Clipperton, gained from previous roles at Amala Partners and DC Advisory. Throughout his career, Xavier advised mid-market clients across a range of sectors, including technology, business services, leisure & hospitality, and industrials, on a wide variety of capital transactions.

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We have further welcomed 6 new talents to our team in 2025!

Other Corporate News

The Journey from Venture Capital to Private Equity – The 2025 Guide for Tech Startups

Clipperton released its paper “The Journey from VC to PE: The 2025 Guide for Tech Startups”. The report is designed to provide founders, venture capitalists, and stakeholders with actionable guidance on navigating this evolving landscape and optimizing for successful PE transactions.

Clipperton is ranked as a leading TMT advisor in M&A and Private Equity in France

We are honored to once again be recognized in the leading categories M&A (TMT, Smid-Capi, Transactions €30-€150m), PE (Growth Financing, LBO Small-Cap, Debt Advisory), and Health & Pharmaceutical Industry M&A in the Leaders League 2025 ranking.

A heartfelt thank you to our clients, partners, and friends for your continued trust, and to our entire team for their exceptional dedication and expertise.

A Roadmap for Europe’s Tech Future

At Clipperton, we believe Europe must take bold action to secure its place in the next wave of technological innovation.

Our co-founders, Nicolas von Bülow and Stéphane Valorge, outline a roadmap for Europe to build its own foundational tech infrastructure – from cloud platforms to AI processors – and to attract the talent needed to make it happen.

Read the column here.

Empowering Our Positive Impact

At Clipperton, we take pride in our commitment to supporting key innovators in their strategic and financial growth. In the spirit of starting the New Year with impact, we made the choice to support organizations that are positively transforming the world.

Click on this link and select from three thoughtfully chosen charities. Thank you for your participation!

Cet article Clipperton’s Strong 2025 Performance & Outlook for 2026 est apparu en premier sur Clipperton Finance.

As we can witness every day — in our work, our institutions, and our social lives — technology increasingly shapes the decisions we make, the relationships we build, and the dynamics that govern our world. The capacity of our institutions to defend themselves, to separate truth from lies, and to empower individuals now depends, more and more, on our control over key technologies.

But what technologies? The conventional wisdom and policymakers tend to mention data centers, research labs, production facilities, and large application vendors. But the real battle lies elsewhere, in the control over foundational infrastructure and the technologies that underpin it.

And Europe is, up to now, still largely watching these unfold from the sidelines.

This foundational infrastructure can candidly be seen as three distinct layers :

1. Information infrastructure — foundational knowledge models (AI etc.) and algorithms;
2. Access infrastructure — cloud platforms anx²d orchestration layers;
3. Computational infrastructure — processing technologies, especially those optimized for AI workloads, quantum computers etc.

These key technologies provide a strategic edge across the entire digital value chain — even a small increase in competitiveness at this level can cascade into a major impact downstream. Yet in each of these layers, the United States and Asia currently hold the upper hand. Foundation models are led by OpenAI, Google, and DeepSeek, with only France’s Mistral AI still keeping Europe in the race. Cloud computing is controlled by Amazon, Microsoft, Google, and Alibaba, with European providers holding a mere 2% market share. The processors at the heart of AI — GPUs and NPUs — are almost entirely designed and manufactured in the U.S. or Asia.

Europe, by contrast, is primarily a consumer of core technologies, not a producer, and certainly not a rule-maker. This is more than a technological gap; it is a strategic, and potentially existential, vulnerability. Without mastery of these critical layers, Europe cannot set the terms of access or be able to even pretend to be economically or politically attractive, not to say dictate in any way its terms.

Yet the continent is not lacking in talent or ambition. VSORA, for instance, a company developing radically new AI processors optimized for energy efficiency and performance, is a striking example of European innovation in a domain long abandoned to the Silicon Valley. But such cases remain the exception, not the rule. VSORA’s recent €40 million equity round is, in fact, further evidence of Europe’s structural challenges in financing foundational technologies. At similar stages of development, US competitors routinely raise hundreds of millions of dollars, supported by ecosystems where talent has matured more uniformly, making it easier to find the people who create, understand, and finance disruptive technologies.

The problem is not just about capital availability or industrial policy. It is about ambition and people. If Europe wants to build its foundational technology infrastructure, it must also raise the bar on human capital and expertise. That means attracting and retaining the world’s best engineers, researchers, and entrepreneurs, as well as experienced investors who are willing to back them early and decisively.

Too often, Europe loses its talent to ecosystems — most notably in the U.S. — that offer faster feedback loops, deeper capital pools, and stronger industrial partnerships.

What Europe needs is a far bolder and coordinated strategy to foster the emergence of core technological infrastructure, anchored in the development of a truly integrated European ecosystem. This will require a profound cultural shift:

• Less fragmentation, and more alignment between academic excellence, industrial capacity, and public capital – including procurement policies that favor local technologies;
• Less short-termism, and more long-term bets on foundational technologies with well-articulated selection processes, supported by deep, patient capital;
• Less risk aversion, and more confidence in Europe’s own talent and leadership, and ability to attract expertise from outside of the continent.

Here’s the good news: Europe already has world-class universities, national research centers, and bold entrepreneurs – along with a vast pool of European talent currently based abroad, particularly in the U.S., that could be drawn back. And while the challenge is real, its financial scale is measured in billions – not hundreds of billions. This is not about building massive production facilities or investing in heavy physical infrastructure. It’s about designing the right incentives to ensure that the rare, groundbreaking technological projects born in Europe are properly identified, understood, and financed – through targeted university grants, smart subsidies, and capital commitments to European funds aligned with strategic tech priorities.

We are not too late. But Europe’s institutions must act with urgency, focus, and coordination.

This is not just a race for market share. It is a race to determine whose infrastructure will shape how intelligence is developed, deployed, and governed for decades to come, in Europe and beyond.

Europe can still participate as an architect and not just a bystander of that future.

But only if it starts acting like one.

Cet article If Europe Wants to Matter in Innovation, It Must Build Its Own Infrastructure – and Attract the Talent to Match est apparu en premier sur Clipperton Finance.

When we published the first edition of this study in 2023, we anticipated a paradigm shift in the exit strategies of European startups. Two years later, this trend has been fully confirmed: private equity is establishing itself as a structuring alternative to IPOs and traditional M&A.

📌 Some highlights from the 2025 report:

• LBOs now account for a quarter of VC exits in Europe, compared with just 8% in 2006.
• What’s more, an analysis of exits from software companies at an enterprise value exceeding €50 million in France shows that over 80% of these exits involve a private equity fund, either directly – via an LBO: 53% in 2024 versus 42% in 2021 – or indirectly – via a company already in the portfolio and a build-up, 28%.
• Debt and PE funds are becoming essential tools in the construction of these new growth and liquidity trajectories. Moreover, in a context where VCs have to generate more exits and strategic acquirers show greater selectivity, private equity is taking on a central role in meeting this need for liquidity.
• Our study, based on entrepreneur testimonials, exclusive data, and a 20-year track record in tech M&A, is intended as a practical guide for founders and investors navigating this “new world”.

This shift has reshaped the way tech companies need to approach exits. This trend is likely to endure, and it has become crucial for both VC firms and Tech entrepreneurs to understand how to successfully prepare their companies for a PE exit.

Fill out the form below to receive the report via email:

Authors: feel free to reach out to discuss these insights.

• Antoine Ganancia, Managing Partner
• Laurence de Rosamel, Partner
• William Poirson, Director
• Ismail Roqaichaoui, Associate
• Stéphane Valorge, Senior Partner – Head of Research

One of the most active Tech Buyout advisors in Europe

Cet article The Journey from Venture Capital to Private Equity – The 2025 Guide for Tech Startups est apparu en premier sur Clipperton Finance.

Clipperton releases today its Cybersecurity Market Monitor 2024. In the context of this research paper, we analyze the valuation landscape in the cybersecurity space, focusing on software vendors and European transactions.

Cybersecurity Software: A Resilient Sector in 2024

Cybersecurity software stocks have demonstrated strong resilience this year, outperforming other software verticals despite slightly trailing the NASDAQ, which continues to benefit from the Gen-AI boom. The Clipperton Cybersecurity Software Index shows an impressive +26% annual performance, with top-tier players – those balancing growth and profitability – leading the charge.

In private markets, strategic M&A activity is heating up, driven by major corporates seeking to secure their core businesses. Notable deals include MasterCard’s acquisition of Recorded Future and Salesforce’s purchase of Own. Meanwhile, PE funds are actively investing in both cybersecurity software and services, taking undervalued public assets private and expanding MDR (Managed Detection & Response) platforms through acquisitions.

Download and read our full analysis below for deeper insights into key trends shaping the cybersecurity investment landscape.

Authors: feel free to reach out to discuss these insights:

• Thibaut Revel, Managing Partner
• Dr. Nikolas Westphal, Managing Partner
• Olivier Combaudou, Partner
• Lucas Pingard, Vice President
• Pierre Pinsault, Analyst

Clipperton’s selected track record in Cybersecurity

Cet article Cybersecurity Market Monitor 2024 est apparu en premier sur Clipperton Finance.

Steffen Boode
Steffen brings a wealth of experience to Clipperton, with a background as both a business partner and co-founder. He has supported numerous high-growth companies, leading brands, and investors across Europe and the U.S., specializing in business development, corporate finance, due diligence, and M&A. His entrepreneurial expertise is supported by a Master’s degree in Economics and Business administration and a fellowship at the Association of Chartered Certified Accounts.

Reflecting on Clipperton’s role in the industry, Steffen shared: “With over 400 transactions completed and a unique focus on digital and tech-driven sectors, Clipperton offers an exceptional value proposition for high-growth tech companies across the Netherlands and Benelux. I am excited to contribute to Clipperton’s proven success in the Dutch market and work together to elevate our growth journey across Europe and beyond.”

“We’re delighted to welcome Steffen,” added Nicolas von Bülow, Clipperton’s Co-Founder and Managing Partner. “His extensive expertise and deep connections within the Benelux market make him an invaluable addition to our team as we continue to drive transformative opportunities in the region.”

For inquiries, reach Steffen directly at sboode@clipperton.com or connect on LinkedIn here.

Clipperton strengthens its footprint in the Netherlands and Benelux region

Clipperton is international by design: with offices across Europe (Paris, London, Berlin, Munich, Amsterdam) and Senior Advisors in Asia and North America, we further have recently strengthened our presence in the Benelux region through our alliance with Tandem Capital Advisors in Belgium and Emendo Capital in the Netherlands. Through our partnership with Natixis’ global M&A Advisory, we leverage a network of over 500 M&A professionals worldwide.

About Clipperton

Clipperton is a leading pan-European investment bank dedicated to technology and growth companies, with offices in Paris, Berlin, Munich, London, and Amsterdam, and partnerships in the USA, China, Italy, and Spain. We provide strategic and financial advisory to entrepreneurs, corporates, and top-tier investors in Europe who are looking to execute strategic M&A, private equity, private placements, and debt financing transactions. Founded in 2003, we have completed over 400 deals with fast-growing technology start-ups, blue-chip corporates, and renowned financial investors.

Cet article Clipperton Expands Benelux Presence with Steffen Boode as a New Team Member and a Local Partner in the Netherlands est apparu en premier sur Clipperton Finance.

Clipperton releases today its European Health Tech Monitor Q2 2024. In this report, our view on the European Health Tech Environment is provided alongside mapping, a public comps index, and selected valuation benchmarks, while transaction activity and trends are highlighted through selected private placement, M&A, and LBO transactions.

In this paper, the following topics are covered:

Market overview:

• Our view on the European Health Tech Environment;
• Mapping;
• Public comps index;
• Selected valuation benchmarks.

Transaction activity and trends:

• Selected private placement transactions;
• Selected M&A transactions;
• Selected LBO transactions.

To access the PDF report, please fill out the form below.

Healthtech team: feel free to reach out to discuss these insights.

• Antoine Ganancia, Managing Partner
• Wael Abou Karam, Director
• Clara Lamotte, Analyst

Cet article European Health Tech Quarterly Report Q2 2024 est apparu en premier sur Clipperton Finance.

We are thrilled to share a significant milestone in Clipperton’s journey with you. As we celebrate over 20 years of dedication and success, we are proud to unveil our new brand identity, reflecting our evolution from a fundraising advisory boutique to one of the leading pan-European investment banks focused on technology.

Our Journey
Founded two decades ago by Nicolas von Bülow and Stéphane Valorge in the aftermath of the dot-com bubble, Clipperton began as a two-partner tech advisory boutique primarily focused on fundraising deals in France. Driven by the strong belief that technology would radically change the entire economy, the firm has rapidly grown to establish as one the European reference in tech advisory. Clipperton thrived with unwavering commitment to provide its clients with best-in-class execution, unbiased advice, a relentless focus on delivering strategic foresight beyond financial advisory.

Clipperton Today
Today, Clipperton stands as one of Europe’s most active tech M&A advisory platforms focused on growth and technology with a comprehensive suite of services covering M&A, Buy-out, Debt Advisory, and Growth Financing. The firm caters to a diverse and global range of clients, from entrepreneurs to VC and PE firms and corporates. With over 50 investment banking professionals, 3 European offices, supported by an M&A alliance comprising over 500 bankers worldwide, Clipperton continues to expand its reach and network.

A New Visual Identity
Our new visual identity is more than just a refreshed look: it symbolizes Clipperton’s evolution and reinforces our status as a European leader in advising tech scale-ups. This new brand platform reflects our modern, dynamic, and forward-thinking approach while honoring the legacy and core values that have been the foundation of our success.

Our Commitment to You
This rebranding initiative aligns with our ongoing commitment to innovation and excellence. We aimed to capture all the qualities you associate with Clipperton: expertise, reliability, and a forward-looking vision of the tech ecosystem. It represents our pledge to provide you with cutting-edge insights, superior advisory services, and unparalleled support as you navigate the complexities of financial transactions.

We invite you to explore our new look and feel, which will be rolled out across all our platforms. Stay tuned for updates as we continue to expand our capabilities and reinforce our position as your trusted partner in growth and success.

Thank you for your continued trust and partnership. We look forward to embarking on this exciting new chapter with you!

Other Corporate News.

Clipperton and Natixis Partners: Partnership Renewal
Natixis has renewed its capitalistic alliance with Clipperton with the objective of reinforcing the collaboration between the boutiques of the M&A Alliance, on a global scale. As a minority shareholder, Natixis will enable Clipperton to enhance its capabilities, eventually benefiting its clients.

Gold Trophy @ Sommet des Leaders de la Finance
Clipperton is proud to have won the Golden Award for the “Best Growth Momentum – Pure Player Strategy” of 2024 at the 14th edition of the Sommet des Leaders de la Finance.

The M&A alliance broadens with the addition of two boutiques
Natixis Corporate & Investment Banking announced that Natixis Partners has agreed to make a strategic investment in two M&A boutiques, Tandem Capital Advisors, based in Belgium, and Emendo Capital, based in the Netherlands.

We closed 10 transactions in the first half of 2024.

We Deliver Insights.

European Health Tech Quarterly Report Q1 2024

Clipperton’s Health Tech Monitor Q1 2024 reports steady Digital Health investments, increased M&A for consolidation, and AI-driven growth in diagnostics. The at-home testing trend persists post-pandemic, and investment in healthcare robotics is rising to improve efficiency and outcomes.

Clipperton’s Cybersecurity Market Monitor 2023

Clipperton’s Cybersecurity Market Monitor 2023 reports a 67% sector gain, led by a 93% rise in “New-Gen” companies. Leaders like Crowdstrike achieved high valuations due to strong growth & profitability. Key drivers were Application and Cloud Security, with buy-and-build activity & convergence with performance mentoring.

Clipperton in the Media.

Maddy Keynote 2024

Nicolas von Bülow spoke during a round table at the Maddy Keynote about the best exit strategy to choose for your business (strategic or private equity buyout?) hosted by Vincent Pelsez and Simon Jimenez, with the participation of Romain Passilly and Vincent Klingbeil.

The Dealmakers Show with Vanessa Sorel

Vanessa Sorel discusses how to make the most of a turbulent market. With the market experiencing a slowdown, she shares insights on how they advise their clients daily to turn uncertainty into opportunity. Watch the video through this link.

Cet article Clipperton Unveils Its New Brand Identity: Celebrating Two Decades of Growth in Tech Advisory est apparu en premier sur Clipperton Finance.

Clipperton releases today its inaugural European Health Tech Monitor Q1 2024. In this report, our view on the European Health Tech Environment is provided alongside mapping, a public comps index, and selected valuation benchmarks, while transaction activity and trends are highlighted through selected private placement, M&A, and LBO transactions.

The European funding landscape is shifting gears post-2021, witnessing a decline in deal numbers and average round sizes. however, Digital Health investments remain steady amidst this transition. Meanwhile, M&A activities in the sector are smaller players seeking consolidation to overcome market entry challenges and deliver comprehensive solutions.

AI integration into global healthcare is catalyzing advancements in diagnostics, personalized treatments, and predictive analytics. With AI surpassing human capabilities in certain diagnostics tasks, its role is becoming increasingly pivotal. Projections suggest a substantial growth in the European AI healthcare market, reaching $50 billion by 2028, reflecting the transformative potential of AI technologies.

The pandemic accelerated the growth of at-home testing and remote patient monitoring markets, introducing convenient and accessible healthcare solutions. Even beyond the pandemic, the appeal of at-home testing persists due to its potential cost savings and scalability for population health initiatives. These platforms are reshaping the future of diagnostics by bringing a variety of tests directly to patients’ homes.

In 2024, the healthcare industry sees continued investments in robotic systems aimed at augmenting rather than replacing human roles. Robotics streamline repetitive tasks, enhance efficiency, and improve patient outcomes while reducing costs. This automation trend underscores a shift towards more efficient healthcare delivery models.

In this paper, the following topics are covered:

Market overview:

• Our view on the European Health Tech Environment;
• Mapping;
• Public comps index;
• Selected valuation benchmarks.

Transaction activity and trends:

• Selected private placement transactions;
• Selected M&A transactions;
• Selected LBO transactions.

To access the PDF report, please fill out the form below.

Healthtech team: feel free to reach out to discuss these insights.

• Antoine Ganancia, Managing Partner
• Wael Abou Karam, Vice President
• Clara Lamotte, Analyst

Cet article European Health Tech Quarterly Report Q1 2024 est apparu en premier sur Clipperton Finance.

Cet article Private Equity Magazine – La tech mature attise la curiosité des fonds de buy-out est apparu en premier sur Clipperton Finance.

For many years, VC-backed companies had only two main avenues for exiting: either sell to a strategic buyer (M&A), which accounted for 75% of all exits before 2010, or navigate the risky process of an IPO (17% of all exits).

However, the exit landscape for VC-backed startups has undergone a substantial transformation over the past decade; notably thanks to the emerging trend of what we like to call “VC-to-PE deals”.

While exits to PE funds made up just 8% of total exits for VC-funded companies between 2006 and 2010, that figure has surged to a whopping 24% for the years 2021 to 2023.

The shift towards PE funds is gaining momentum and reshaping the way tech companies approach exits. This trend is likely to endure, and it has become crucial for both VC firms and Tech entrepreneurs to understand how to successfully prepare their companies for a PE exit.

In this paper, the following topics are covered:

• An explanation of the genetic makeup that defines the characteristics and preferences of VC and PE investors;
• An in-depth examination of how PE exits are becoming a prominent choice for liquidity among companies initially supported by VC;
• The highlighting of an innovative approach in PE, the “third way”, that offers substantial potential benefits for both entrepreneurs and VC funds;
• Cracking the code – a detailed guide that covers strategies for optimizing deal terms, gaining insights into the perspectives of PE investors, and analyzing various company profiles to gauge their prospects in leveraged buyout transactions;
• A conclusion with our opinion on the VC-to-PE trend in the upcoming years.

Click on this link and fill in the form to receive the full report by email:

Link to fill out form

Authors: feel free to reach out to discuss these insights.

• Stéphane Valorge, Managing Partner
• Antoine Ganancia, Partner
• Elie Hodara, Associate
• Ismail Roqaichaoui, Analyst

Selected Clipperton Tech Buyout Transactions

Cet article The Journey from Venture Capital to Private Equity – A Guide for Tech Startups est apparu en premier sur Clipperton Finance.

Since early 2020, global capital markets experienced periods of growth and contraction. Strong performance in 2020 and 2021 followed a brief Covid-19-induced sell-off. In 2022, both DACH and international index values saw sharp declines, particularly impacting technology stocks as investors favored cash-generating businesses over growth. In 2023, valuations have stabilized, showing initial signs of recovery. Notably, the US tech markets, where the NASDAQ outperformed the S&P 500 by 14% since 2020, while DACH markets appear to be lagging.

Transaction volumes in private markets tell a similar story to public markets, reflecting an investment appetite shifting towards more mature, profitable, and lower-growth companies. Growth financings, typically early-stage investments into rapidly growing, but unprofitable companies, have significantly decreased in both volume and value when compared to H1 2023. Particularly larger rounds (€50 m+), a core feature of the 2021 landscape, have mostly disappeared.

On the other hand, exit activity – typically later-stage, profitable companies – has increased in volume and (disclosed) value, driven by a resurging willingness and ability of both financial and strategic acquirers to acquire tech companies.

In this fourth edition, the following topics are covered:

• Analysis of the financing environment, most funded companies, and most active investors in the DACH region;
• Zoom in on current market developments and their impact on valuations, tech growth financing volumes, and M&A;
• An update on the exit environment in DACH technology, showing a detailed view of volumes, the sectoral composition of M&A activity as well as the share of buyouts and buy-and-build;
• Presentation of three promising companies in DACH technology:
  • Everphone, a pioneering device-as-a-service (DaaS) provider, set out to simplify the complexities of managing corporate mobile devices;
  • World Data Lab, a data enterprise that helps revolutionize corporate strategic planning with actionable forecasts on consumer spending and total addressable markets.

Author & team contributions: feel free to reach out to discuss these insights.

• Main author: Dr. Nikolas Westphal, Partner
• Andreas Hering, Partner
• Ingmar Wegel, Executive Director
• Marc Schäfer, Executive Director

Selected Clipperton Transactions

Cet article DACH TECH MARKET MONITOR H1 2023 est apparu en premier sur Clipperton Finance.

Since late 2021, capital markets have experienced a transformation, driven by changes in macro and interest rate environments, investor reevaluation of risk versus growth, and a general market re-pricing. Despite the market cooldown’s impact on private financing, markets have rebounded intermittently since Q3 2022, paving the way for the reopening of IPO markets.

DACH tech funding hit a peak in 2021 at €18.5 billion, only to decline to a still high level of €11.6 billion in 2022. The primary factors behind this drop were a reduction in mega-rounds (i.e. very large financing rounds above €500m and some decline of rounds between €100m and €200m) and a significant shift towards software, which accounted for 50% of the total funding volume in 2022.

The pace of unicorn creation slowed in H2 2022, as large financing rounds became scarcer. To put it into perspective, 2021 witnessed the birth of 25 new unicorns, H1 2022 saw eight, and H2 2022 produced just one, with DeepL. The majority of these new unicorns belong to the software sector or operate on recurring revenue models. Despite the slowdown, existing unicorns successfully raised over €2.3 billion in fresh capital in 2022.

In this fourth edition, the following topics are covered:

• Analysis of the financing environment, unicorn production and most active investors in the DACH region;
• Zoom in on current market developments and their impact on valuations, tech growth financing volumes and M&A;
• An update on the exit environment in DACH technology, showing a detailed view of volumes, the sectoral composition of M&A activity as well as the share of buyouts and buy-and-build;
• Presentation of three promising companies in DACH technology:
  • CSS, a company developing eGECKO, an innovative, holistic software suite to digitalize and optimize business processes and midsized firms
  • Selfapy, an online mental health platform providing evidence-based psychological support in form of online courses
  • trbo, one of the leading tech providers of dynamic onsite personalization, optimization and testing in real-time

Fill in the form below to receive the full report by email:

Author & team contributions: feel free to reach out to discuss these insights.

• Main author: Dr. Nikolas Westphal, Partner
• Andreas Hering, Partner
• Ingmar Wegel, Director
• Marc Schäfer, Director

Selected Clipperton DACH Transactions

Cet article DACH TECH MARKET MONITOR H2 2022 est apparu en premier sur Clipperton Finance.

As we transitioned from a 2022 marked by economic turbulence, including high inflation, modest economic growth, and geopolitical concerns, into the first quarter of 2023, we’ve faced persistent uncertainty in a demanding funding landscape. The tech industry has navigated its fair share of challenges, contending with a tough job market characterized by increased layoffs, rising interest rates, and wavering trust in the banking system.

Nonetheless, there’s reason for optimism: we believe that, despite this complex financial climate, start-ups have the potential to capitalize on the opportunities this economic situation presents, allowing them to thrive and prosper in their respective industries. Since its inception in 2003, Clipperton has consistently offered its expertise to clients throughout every economic cycle and has supported numerous tech disruptors with acceleration rounds and M&A deals in early 2023.

In Q1 2023, Clipperton advised on as many as six fundraisings of €15m or more, enabling European tech trailblazers such as Welcome to the Jungle (HR Tech), Exotrail (Space Tech), and Taurus (Fintech) to secure funds for growth acceleration.

Additionally, Clipperton advised on some major M&A transactions in Q1 2023, involving strategic acquirers and private equity funds, including deals like Gandi’s sale to Total Webhosting Solutions and the €300m+ majority stake sale of Equativ to Bridgepoint Development Capital by Capital Croissance and Adelie.

Clipperton has showcased its expertise in managing successful international transaction across diverse sectors, including Space Tech, HR Tech, and Cloud Hosting. This is evidenced by its partnerships with clients, investors or acquirers in Switzerland, France, Germany, the Netherlands, and the United Kingdom during the first quarter of 2023.

To learn more about the tech deals which Clipperton has advised in France and across Europe, click here.

We were also delighted to announce the addition of Olivier Combaudou, Andreas Hering and Martin Vielle to the firm’s partnership. Clipperton’s leadership team is now composed of 10 Partners and over 50 experienced professionals based out of Paris, Berlin and Munich.

We welcomed Olivier Combaudou, Andreas Hering, and Martin Vielle to the firm’s partnership

For the last two decades, Clipperton has been committed to supporting its clients across their growth journey, resulting in the firm expanding to a team of 50 employees in France and Germany. Martin and Olivier have been with Clipperton for over ten years, evidence of the stability of the firm’s senior team. In Germany, the steady growth of the team and the promotion of Andreas to Partner further strengthen Clipperton’s presence and influence in the DACH region.

Our Munich team moved into new offices

Our team in Munich is growing steadily and it recently moved into new beautiful offices. You can now find us at Sternstraße 21, 80538 München!

Cet article Clipperton kicks off 2023 with the closing of 9 deals with a total deal value north of €1 billion est apparu en premier sur Clipperton Finance.

The year 2022 will have been another “exceptional” year, with an unprecedented crisis. War in Europe, global warming, inflation, soaring energy prices, rising interest rates, a thrilling World Cup and, more generally, unprecedented economic and political uncertainty have marked the last few months.

Tech, which had become a safe haven for both the capital markets and the private equity investors, particularly since the crisis of 2020, is no longer immune to macroeconomic uncertainties. However, the sector’s solid fundamentals give reason for cautious optimism: liquidity levels are at an all-time high – with record venture capital and growth equity fundraising even in 2022 (more than €30 billion raised in Europe compared to €18 billion in 2021, which was already a record year), which will necessarily be deployed in the coming quarters.

More fundamentally, technology continues to transform the world. For both individuals and companies, software and data – via the use of artificial intelligence – are proven vectors for efficiency gains. Certain segments are particularly promising, especially when they contribute to improving the response of organizations to ESG issues. At Clipperton, certain emblematic transactions of 2022 illustrate this perfectly, such as the sale of Reporting 21, a leading ESG software measurement platform, to Cority (backed by Thoma Bravo) or Astorg’s investment in Ecovadis.

Abundant liquidity, the secular trend of digitization and less risk appetite from investors should characterize the tech sector as we enter 2023. In this context, the role and the value of intermediation take on their full meaning and there is no doubt that Clipperton will be eager, as in every economic cycle since its creation in 2003, to put its experience and expertise at the service of its clients and the opportunities that this economic situation will generate for them.

To find out more about the tech deals on which we have advised across Europe in 2022, as well as our previous transactions, click here.

­Thank you

We want to thank our clients, partners, and friends for their constant trust and support over the past 20 years. May 2023 be filled with success, happiness, and prosperity for you and your loved ones!

Cet article Looking back on 2022 est apparu en premier sur Clipperton Finance.

Clipperton releases today its H1 2022 DACH Technology Market Monitor. For the second consecutive year, we have taken a systematic look at the financing landscape in the DACH region (Germany, Austria and Switzerland). 

While 2021 has seen exceptional activity on all levels of technology dealmaking, perceived post-Covid high spirits have been dampened, as the world’s major economies raised interest rates to tame runaway inflation, combined with the ongoing Russia-Ukraine conflict, resulting in rising energy prices across most of Europe, and a slowdown in consumer confidence.

Whereas exit activity dropped significantly during the first six months of 2022, financing volumes have overall held up during H1 2022, with a substantial portion of volume driven by large rounds. At the same time, the number of tech unicorns in the German-speaking countries has increased at a fast pace, but with a marked slowdown vs. the blockbuster year 2021.

In this third edition, the following topics are being covered:

Author & team contributions: feel free to reach out to discuss these insights.

• Main author: Dr. Nikolas Westphal, Partner
• Andreas Hering, Executive Director
• Ingmar Wegel, Director
• Marc Schäfer, Director

Selected Clipperton DACH transactions

About Clipperton
Clipperton is a leading investment bank dedicated to technology and growth companies: we provide strategic and financial advisory to entrepreneurs, corporates, and top-tier investors in Europe willing to execute transactions such as strategic M&A, growth financings and tech buy-outs.

Cet article DACH Tech Market Monitor H1 2022 est apparu en premier sur Clipperton Finance.

The Spanish tech ecosystem is experiencing strong growth dynamics: in 2021, entrepreneurs were riding on a strong funding wave, including several mega-rounds. Many acquisitions of Spanish tech companies were also announced – including the acquisition of Packlink, acquired by Auctane, a US-based player. In this buoyant context, Endeavor and Clipperton hosted a session on how founders contemplating the sale of their company prepare and execute their exit: Ben Askew-Renaut and Pablo Fernández discussed how they’ve led their companies through a successful strategic exit and the pros and cons of being advised in this process.

Feel free to discover some impressions of the event below!

About Endeavor
Endeavor is a global organization that selects and supports high-impact entrepreneurs to catalyze their long-term projection. Through its offices, present in 38 countries on 5 continents, Endeavor identifies entrepreneurs who lead fast-growing companies and helps them maximize their potential through an unmatched network of mentors and allies.

About Ben Askew-Renaut
Ben Askew-Renaut is the co-founder and CEO of Packlink, Europe’s leading multi-carrier SMB shipping company connecting more than 250K online merchants with over 80 carriers globally. The company was founded in 2012, and sold in 2021 to Auctane. Ben founded his first company, Authentika France in 1999, a food distribution business which he sold to SDV Group in 2001. He moved to logistics and transportation software and held management positions in sales and marketing at OMI and Retalix, before joining Tecsys, an ERP software company quoted on the Canadian stock exchange. Ben holds an MSc in Management from the London School of Economics.

About Pablo Fernández
Pablo Fernandez is the co-founder and CEO of Clicars.com, a €100M profitable online platform that enables users to finance, buy and sell refurbished cars through a more transparent and digital experience. Leader of online car sales in Spain, it was acquired by AramisAuto.com in 2017. Prior to that, Pablo founded Becasfacil, the largest scholarships website in Spain. He then joined Santander Bank in the investment banking division and the global CFO office and became the youngest Executive Vice President (Head of Strategy & CEO Office Director) at Santander U.S. Pablo is an investor in more than 30 startups and completed the General Management Program at Harvard Business School.

About Clipperton
Clipperton is a leading investment bank dedicated to technology and growth companies. We provide strategic and financial advisory to entrepreneurs, corporates, and top-tier investors in Europe willing to execute transactions such as strategic M&A, private equity transactions, and private placements. Founded in 2003 and with offices in Paris, London, Berlin, Munich, New York, and Beijing, Clipperton has completed over 300 M&A and private placement transactions with fast-growing technology start-ups, blue-chip corporates, and renowned financial investors.

Cet article Endeavor x Clipperton: What does it take to sell a company? est apparu en premier sur Clipperton Finance.

In 2021, the cybersecurity landscape has been marked by significant transactional activity, benefiting from strong COVID-19 tailwinds, and an acceleration of the transformation of corporate IT infrastructures. 

By the end of 2021, Clipperton’s cybersecurity software index has closed at +20% vs 2020. The stock market performance of listed cybersecurity companies had been outpacing NASDAQ until October 2021, when an end of year correction severely impacted cybersecurity SaaS “star stocks”.

2021 also proved to be the year of large take-privates of cyber software vendors, involving tier-1 private equity investors such as Thoma Bravo and Permira (acquisitions of Proofpoint, Mimecast and McAfee, among others).

In this context, the European cybersecurity ecosystem is starting to catch up. A new generation of European cybersecurity software vendors are now competing on local markets with US and Israeli leaders, leading to an increased financing and M&A activity. 

In this research paper, Clipperton’s team has zoomed into the cybersecurity landscape from a dealmaking perspective with a European focus, and shares its views on the following topics:

• Market overview and valuation:
  • Clipperton Cybersecurity Index 2021;
  • Key cybersecurity IPOs in 2021;
  • Selected take private transactions;
• Recent transaction activity and trends in Europe and Israel:
  • Selected private placement transactions;
  • Selected M&A transactions.

To access the PDF report, please fill out the form below.

Cybersecurity team: feel free to reach out to discuss these insights.

• Thibaut Revel, Managing Partner
• Olivier Combaudou, Executive Director
• Wael Abou Karam, Associate
• Elie Hodara, Analyst

Selected track record in Cybersecurity

Cet article Cybersecurity Market Review in 2021 est apparu en premier sur Clipperton Finance.

“Germany is the second-largest technology market in Europe after the UK: this market experiences the most vigorous growth in venture financing worldwide.”

Germany is increasingly catching up in the global race for growth capital and technology business models. Venture financing is growing fastest in Germany, also driven by American investors.

Listen in to the interview (in German) with our Partner Nikolas Westphal in ThePioneer’s Investmentbriefing. Together with Annette Weisbach, they discuss the current status and the trends of the German tech investment market, where the different tech start-ups are usually based in Germany as well as the market potential for international investors in the German tech market.

If you would like to have a deeper insight into the tech investment environment of the German-speaking countries Germany, Austria and Switzerland, you can download Clipperton’s DACH Tech Market Monitor H2 2021 by clicking this link.

Cet article The Pioneer’s Investment Briefing – Interview with Clipperton’s Partner Nikolas Westphal est apparu en premier sur Clipperton Finance.

19 technology unicorns were created in the first 3 quarters of 2021, doubling the number to 43 unicorns in the German-speaking countries as of the publication date of this report. All of this underlines the strength of the ecosystem as well as tailwinds from broader market forces.

We inaugurated this report in April 2021, with a detailed view of the tech landscape in Germany, Austria, and Switzerland.

You can find the first edition of the research report by clicking here.

Author & team contributions: feel free to reach out to discuss these insights.

• Main author: Dr. Nikolas Westphal, Partner
• Ingmar Wegel, Director
• Marc Schäfer, Director
• Ivan Pimentel, Associate
• Samir Khalaf, Analyst
• Julia Woelfel, Analyst

Selected Clipperton Deals

Cet article DACH TECH MARKET MONITOR H2 2021 est apparu en premier sur Clipperton Finance.

The pandemic has provided strong tailwinds to ecommerce globally, yet also highlighted how imperfect the customer experience is compared to traditional store shopping. The browsing experience and curation have remained mostly unchanged for the past 20 years, sticking to the search -> buy scheme.

A new form of ‘retailtainment’, livestreaming ecommerce, has recently boomed in China and neighbouring geographies, evolving into an obvious distribution channel for most brands and retailers. Live video selling, namely livestreaming ecommerce, could dramatically change the way we’re incentivized to buy online. 

It is particularly well-suited to Asian market characteristics and offers numerous advantages for the different counterparts that may take part in the model. However, could the trend ever take off in the West?

In this research paper, Clipperton’s retailtech & ecommerce team has explored the concept of livestreaming ecommerce and its potential for the West. Below is an overview of the insights covered: 

• The livestreaming ecommerce boom in China:
  • A $144bn market in 2020, multiplied by X2 vs 2019;
  • An ecosystem composed of online platforms such as Taobao, Multi-channel Networks (MCN) and Key Opinion Leaders.
• Livestreaming is changing the online selling rules for brands and retailers: 
  • It requires to build a more fun and rewarding online purchasing experience for the upcoming generation of online shoppers (video and mobile-first, community driven and searching for authenticity);
  • Livestreaming ecommerce is changing the distribution play;
  • Influencers are bolstering their position in this ecosystem.
• There are three main operational approaches adopted by livestreaming startups: Social-first generalist livestreaming platforms, verticalized- & community-based livestreaming players, and white label tools & enablers; in the DACH region, Hello Lisa is an example of a livestreaming ecommerce enabler.
• A future outlook of livestreaming ecommerce in the West: investors have been pouring money into the trend, including most renowned ones such as Andreessen Horowitz (Whatnot), Benchmark (PopShop Live, Supergreat), or USV (ShopShops) among others.

This report provides, among others, an extensive mapping of Western livestreaming players, coupled with a funding rounds database for the reader to download.

To access the PDF version of the report as well as the link of the database, please fill out the form below.

Feel free to reach out to discuss these insights with our dedicated Ecommerce and RetailTech team:

• Main author: Ghislain de Buchet, Associate
• Olivier Combaudou, Executive Director

We conducted numerous interviews with knowledgeable people about the industry to issue this article. Special thanks to the entrepreneurs, investors and experts who took part in the discussions related to this research.

Read the teaser in English or German.

Cet article Livestreaming Ecommerce: How Live Video is Reshaping the Western Online Retail Landscape est apparu en premier sur Clipperton Finance.

Dr. Nikolas Westphal, Partner at Clipperton and author of the research report, highlighted some of the key themes covered in the report. Subsequently, Olaf Jacobi, Partner at VC firm Capnamic Ventures, spoke about the future of the DACH tech landscape.

For the following panel discussion, we were excited to host Michael Wax, Co-Founder and CEO at the digital freight forwarding company Forto, Adrian Raidt, CEO and COO at the Stuttgart-based startup Laserhub and Dr. Stefan Wess, CEO at the smart enterpise information platform Empolis.

What are the key trends to watch in DACH technology? What does the funding environment look like? How active is the technology M&A sector?

During this webinar, our experts shared their views and their outlook on the tech landscape of the German-speaking countries Germany, Austria and Switzerland.

Watch the replay down below:

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About Olaf Jacobi
Olaf Jacobi is a Partner at Capnamic Ventures. He carries over 20 years of experience as a manager, entrepreneur and investor. From 1999 to 2007, he founded and established multiple prosperous startups, which led to several successful exits. In the past, Olaf has invested as a Business Angel in emerging entrepreneurs in the Internet and IT sector.

About Michael Wax
Michael Wax is a Co-Founder and CEO at Forto. Forto is a leading European digital freight forwarder and has become a Top 20 Freight Forwarder from Asia to Europe in just 4 years. Michael was also a Co-Founder of KONUX, a leading German AI scale-up.

About Adrian Raidt
Adrian Raidt is CEO and COO at Laserhub. Laserhub joins inquiry, order and delivery in one digital process. Before founding Laserhub, he worked as Head of Service Processes and HR Controlling at Trumpf, a market leader in the area of industrial lasers and laser systems.

About Dr. Stefan Wess
Dr. Stefan Wess is CEO at Empolis. Dr. Stefan Wess is a computer scientist and is a highly recognized technology industry expert with many years of international experience in the area of company management. He became a member of the Attensity Group management board, out of which Empolis Information Management GmbH was spun off as an independent company in 2012. 

About Clipperton
Clipperton is a leading investment bank dedicated to technology and growth companies: we provide strategic and financial advisory to entrepreneurs, corporates and top-tier investors in Europe willing to execute transactions such as strategic M&A, private equity transactions and private placements. For more details, please visit www.clipperton.net

Cet article Hidden Champions: The Webinar est apparu en premier sur Clipperton Finance.

The three DACH countries – Germany, Austria and Switzerland – have long been known as a region of “hidden champions”.

The tech landscape in Germany, Austria and Switzerland has seen an accelerating development in recent years. The DACH technology market is increasingly diverse and encompasses both well-known B2C business models as well as a large ecosystem of B2B solutions and services, many of which have emerged in the last five years and grown to critical scale. Funding greatly increased and now stands at €4.0 bn for 2020 and consequently, the number of unicorns is growing increasingly fast (with eight players added only in the first three months of 2021).

But beyond these highly visible venture funded companies, our team is convinced that the DACH region is above all a region of “hidden champions”, with a strong ecosystem of (mostly) bootstrapped and promising companies. We identified and featured in this report five of these companies of which we believe have a lot of hidden value to be uncovered in the next few years.

• A high-level view of the DACH tech landscape;
• An overview of the growth financing activity with a feature on the different software verticals prevalent in DACH technology;
• The exit activity and M&A, and PE-driven buy-and-build;
• A presentation of five exciting hidden DACH technology champions;
• An outlook on key tech trends in the DACH market as well as an expert feature from Olaf Jacobi, Partner at Capnamic Ventures.

“The results of the research show that the accelerating development of the DACH tech market is to continue. Both funding as well as global competitiveness trends support the thesis that software, digital media and health tech will be particularly strong verticals over the next few years. This is also reflected in a strong increase of DACH technology exit activity, primarily driven by strategic M&A private equity buyouts and IPOs”, comments Dr. Nikolas Westphal, Partner at Clipperton’s Berlin office and co-author of the report. “In addition, an ecosystem of DACH-based investors is expected to emerge that will push the technology sector further through their targeted investment focus”, Dr. Nikolas Westphal added.

Do you want full access to this report? Just fill out the form below and you will receive it in PDF by email.

The Webinar: Keen to learn more about the DACH technology landscape and having the opinions of our experts at your fingertips? Watch the Replay now, with the discussion hosted by our Partner, Dr. Nikolas Westphal, with Panelists Olaf Jacobi (Partner at Capnamic Ventures), Michael Wax (CEO and Co-Founder of Forto), Dr. Stefan Wess (CEO at Empolis) and Adrian Raidt (CEO and COO at Laserhub).

Read the English Press Release

Read the German Press Release

Read the report on the Chinese tech news website 36Kr

Author & team contributions: feel free to reach out to discuss these insights.

• Main author: Dr. Nikolas Westphal, Partner
• Ingmar Wegel, Director
• Ivan Pimentel, Associate
• Samir Khalaf, Analyst
• Julia Woelfel, Intern

Cet article Hidden Champions: A Review of the DACH Technology Landscape est apparu en premier sur Clipperton Finance.

The European grocery retail market represents a massive opportunity that is set to stay (worth c. €2.3 trillion in 2022 according to the IGD) and yet to be digitized.

In this paper, we focus on players aiming at replacing or upgrading the traditional supermarket.

This analysis comes with a dynamic database that gathers European players active in the tech-enabled grocery space. The access to this database as well as a PDF version of the report are available by filling the form below.

Author & team contributions: feel free to reach out to discuss these insights.

• Main author: Ghislain de Buchet, Analyst
• Thibaut Revel, Managing Partner
• Olivier Combaudou, Director
• Eva Dunoyer, Director

Cet article The digitization of grocery shopping: zoom on the European opportunity est apparu en premier sur Clipperton Finance.

Clipperton is a leading technology advisory boutique supporting fast-growing companies and founders in their strategic transactions (M&A and Private Placements). We therefore have a privileged vantage point on the transformative trends in technology.

The following analysis is based on a list of 650+ European companies that we have identified as healthtech startups (see methodology at the end of the article)

Granted, it took a while. But the European ecosystem seems finally ripe for transformation and ready to attract VC money

Healthcare has long been lagging behind when it comes to implementing digital strategies. High levels of regulation, local barriers to entry and persistent reluctance to change did not help. But one could sense digitization would ultimately leave no healthcare area untouched. As an advisor exclusively focused on technology, we felt the tide turning when we saw generalist VCs significantly raise their interest in healthcare, while they used to shy away from the segment.We now see both specialists and generalist VCs heavily pouring euros in European healthtech. No room for doubt, this will perdure in the foreseeable future; especially at a time when the coronavirus has brutally revealed the urgent need for a modernization of the medical environment and a widespread use of digital in healthcare.

Doctolib, Babylon Health, Kry, Alan, etc: startups digitizing the relationship between patients and health providers were the prom queens of the last decade (spoiler: this is going to change 😊)

Telehealth, health insurance or appointment services hit the headlines with heavily funded players, those we call “Sequoias”

Telehealth, health insurance or appointment services were the most trending topics of the last decade and the startups focusing on those topics grabbed the lion’s share of the VC money (and public attention), driven by local champions. Ask around on the European streets, good luck finding someone who did not get wind of Doctolib, Babylon, Docplanner or Kry. These “Sequoias” were able to lay the first — and very visible — stones of healthcare digitization by releasing pressure on the main pain points along the patient’s medical journey.

The Data Game: behind these healthtech media darlings (our “Sequoias”), a rising wave of new startups focused on creating, collecting and leveraging patient data

Behind the “Sequoias”: a strong underlying trend focused on patient data materialized by fast-growing companies across Europe

 

What’s coming next?

As tech experts, we have always placed a lot of importance on data. Whatever the verticals, the “data-master” who managed to own, manipulate and extract value from data are those who are likely to succeed in the long run. We never thought that healthcare would be any different.Our last deals in the space — Withings and Ibex — differed from above mentioned “Sequoias” with a radically more data-centric health approach. Withings stands out as the world pioneer in the home-based data collection space thanks to its unmatched ability to collect and process billions of data points and active them to deliver valuable insights. Ibex pioneered the AI-based cancer diagnosis by identifying the early signs of a prostate cancer (world premiere) that practitioners had not been able to detect through traditional diagnosis methods. Overall, our health dealflow is increasingly geared towards companies dealing with patient data, in one way or another. We wanted to dig further to see whether this was true at European scale.To do so, we divided our list of 650+ European healthtech startups between what we called “data-centric” players and the others:

“Data-centric” = digital players primarily focused on producing, collecting, activating, digitizing, managing or exploiting patient data through AI-enabled tools.

Alan, for instance, puts a lot of efforts into automated document processing, but we consider that its primary activity is not fully data-centric, while Withings’ or Ibex’s definitely are. The concept of “data-centric” being by nature subjective, the classification was obviously complex and often subject to debate. But eventually, the figures we obtained confirmed initial thoughts. The recent massive surge in patient data clearly triggered the emergence of new entrants willing to leverage this data.

Proof in numbers:

Data-centric healthtech grabs 57% of the deals but only 42% of the money

Based on fundraising data from the healthtech startups we identified, we observed that data-centric healthtech startups captured 57% of the 1,200+ funding rounds but only 42% of the $5.9b invested in the space in the last 5 years.

 

 

 

“Sequoias” (Babylon, Alan, Bima, Docplanner and Doctolib) capture more than 20% of the money

A closer look reveals that the 5 most funded companies during the period concentrated 21% of the money invested. Not surprisingly, the top 5 companies focus on digitizing the relationship with patients: telehealth, health insurance and appointment services.

Data-centric healthtech startups are now gulping over 50% the VC money flowing to healthtech companies in Europe

 

Excluding the “Sequoias”, data-centric healthtech grabs 54% of the money left

If we look at the figures disregarding the top 5, we see data-centric healthtech startups are now gulping over 50% the VC money flowing to healthtech companies in Europe (top 5 captured $1.2b, excluding them leaves us with $4.7b).This evidences that behind the mega-rounds captured by telehealth or services, a myriad of new entrants focused on patient data is embarking growth, laying the ground for a (more) radical transformation of our healthcare systems.

 

We have identified three layers in this data-centric trend, with a common obsession: unleash the value of patient data

● The “Ants”: how can we aggregate more data from the patient? The combination of real-time connectivity and sensing technologies enables the capture of an infinite amount of data that previously did not exist (ECG, weight, sleep data,etc.);

(i) An example? Withings leverages a proprietary portfolio of advanced medical devices (scales, trackers, blood pressure monitors…) to collect and monitor health parameters in a continuous, non-invasive and accurate manner.

(ii) Who else is in there? Bioserenity, Oura Health, Ava, Sensome, etc.

● The “Bees”: how can we recover entrenched and fragmented data? A lot of patient data is available but it historically suffered from a lack of interoperability. Some have grasped the problem: by unifying data formats, they free health stakeholders from siloed manual processes and thus encourage interoperability at scale;

(i) Example: Causaly enables to find evidence to answer complex medical questions within seconds thanks to a cutting-edge AI platform integrating more than 30 million biomedical publications.

(ii) Players sample: Lifen, Synapse Medicine, Posos, Amboss, etc.

● The “Butterflies”: how can we leverage data to improve patient health? AI-enabled technologies are a hot topic in health, but their use at scale remains constrained so far! The main challenge for new entrants is to efficiently exploit the capabilities offered by the combination of data uniformization and advances in AI to drive significant improvement in care and patient management.

(i) Example: Antidote.me is transforming clinical trials by matching millions of patient data with medical researchers needs, helping them find the right patients for the right clinical trials and speed up the development of new treatments.

(ii) Players sample: Inato, Ibex, Azmed, Aiforia, etc.New use cases now emerge daily. Image recognition revolutionizes diagnostics. Deep learning empowers pharmatech companies to design new drugs. AI-based algorithms exploit large data sets collected from wearables to monitor treatments in real-time. Etc.

 

What’s ahead of us?

The digital wave laid the first — and very visible — stones of healthcare transformation. We have no doubt that the AI wave will reshape the medical field with even greater force

● We see massive market opportunities on verticals dealing with patient data but few role models have emerged so far. Players that will manage to break healthcare integration barriers and scale at a global level will have a clear path to become billion-dollar companies;

● Healthtech data will enable a completely different medical approach from a curative to a more predictive, preventive and personalized approach;

● Going further and based on what happened in other sectors after unlocking massive access to data (advertising is an example), we expect a complexification of the value chain built around patient data. The sector maturation and the multiplication of new entrants may give birth to new branches: data privacy, health data management platforms, etc.

Scope & Methodology

All quantitative analysis are based on a database of 650+ European startups identified by Clipperton as healthtech players. The concept of healthtech being complex, we have deliberately established criteria, based on our scope in healthcare, to build a consistent database:● Healthcare startups using technology / software / digital as a key differentiator versus traditional healthcare companies;● No biotech, no pure medical devices (we only considered tech-enabled medical devices);● Headquartered in Europe and raised >$1m.

Interested by our European healthtech base?

We are pleased to give you access to our database of European healthtech startups. You can access the spreadsheet by filling out a quick form.

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If you believe we missed some players in this field, do not hesitate to contact us to add new names within this database.

Interested to know more/discuss about our healthtech analysis and our track record in the space?

Please contact our team dedicated to healthtech:

• Antoine Ganancia, Partner
• Eloi Verspieren, Analyst

…or reach out at healthtech@clipperton.net

Cet article The AI boom in European healthcare: next rising stars will be data-centric est apparu en premier sur Clipperton Finance.

AI is not a new market segment: it is first and foremost an academic discipline that has given birth to new families of techniques and tools now applied across the different segments of the high tech universe, and that are leveraged by a new breed of companies to challenge the incumbents or to create new markets.

As a result, AI has become a trendy yet noisy space where it is complex for investors to identify the actual value around this technological change.

We have recently advised 5 AI-centric companies from different verticals and at different stages of development:

• The sale of Qopius, a French Computer Vision specialist in the Retail industry to Trax, a Singapore-based retail tech company;
• A €11m Series A for the Israeli pioneer Ibex Medical Analytics which deploys the 1st ever AI-based digital pathology cancer diagnosis system in a live clinical setting. This financing round was led by Israel-based HealthTech VC aMoon together with 83North, Dell Technologies Capital and existing investor Kamet Ventures (AXA’s investment arm);
• A €14m Series B for Paris-based Dreamquark, a software provider of industrial-scale AI solutions dedicated to the financial services industry, brought by a group of new investors with strong expertise in the Financial Services space including Alma Mundi Ventures (lead), NewAlpha Asset Management, Keen Venture Partners and AG2R LA MONDIALE, with the participation of historical investor CapHorn Invest;
• A growth equity round for Datawords, a leading provider of technologies that aim to help global brands deploy their digital strategies internationally. This financing was designed to finance the development of their AI platform to automate and dramatically streamline the workflow with their customers;
• A Series A for AI-powered digital consumer lending platform Finfrog, an investment from Raise Ventures.

In this article, we share our views on a few takeaways for these transactions on several topics such as today’s prevailing AI-based models, their applications as well as an opinion regarding value potential around this technology. Of course, those are bound to evolve as the technology further matures.

1. AI-centric companies can be segmented around 3 main different business models and offerings.

(i) Data science platforms:

This category deals with AI/ Machine Learning platforms enabling customers to become data-driven companies by leveraging AI outcomes internally. A few well-known players include companies like Databricks, Datarobot or Dataiku. They offer cloud-based data science software platforms who enable data analyst teams or other users to perform data science projects.

Most recently, a new generation of players has emerged, more industry-focused, who bring actionable industry-wise insights and contextualization.

For instance, DreamQuark offers Financial Services players with a scalable software solution strongly focused on delivering explainability. i.e. empowering users with the capacity to explain the key factors influencing the decision pushed by the artificial intelligence core. This explainability feature is key for Financial Services customers, and is often linked to regulation and compliance constraints, as decision rules on credit or investment decisions for instance, must be auditable.

Through its software platform Brain, Dreamquark users can load and process data to deploy and integrate AI models generating insights and outcomes for financial institutions in the fields of marketing (CRM, churn detection), fraud detection, risk detection or asset management.

(ii) AI vertical application software companies:

These AI companies offer customers a fully-packaged and verticalized software aiming to address very specific applications, goals and use cases.

The list here is long, and the universe almost infinite, with a huge diversity of topics, as shown with two of our recent customers:

• Qopius is offering a computer vision in-store technology for the retail industry, addressing challenges such as out-of-stock, sales analysis, real-time planogram adjustment, etc…
• Ibex Medical Analytics provides an AI-driven pathology cancer diagnosis system deployed worldwide: Ibex’s Galen™ Prostate solution is the first-ever cancer detection tool used in routine clinical practice in pathology labs, with demonstrated success in detecting missed cancer cases. The application helps pathologists enhance cancer diagnostic accuracy by automatically analyzing slides and alerting in case of discrepancies with high clinical significance (e.g. a missed cancer) – thereby providing a safety net that reduces error rates and enables a more efficient medical workflow.

These players can offer fully SaaS or on-premises solutions, depending on customers’ IT systems and data privacy rules. They often start to gain customers with a strong added value on a specific and sometimes narrow use case, before broadening the scope of the offering for the same customers groups on new applications.

(iii) Service providers delivering AI-powered B2C or B2B services:

In this third category, AI is not packaged and commercialized as a software but is the underlying technology powering a service giving an edge to the company to better deliver its services.

For instance, Finfrog is among the new-gen companies that apply AI to revolutionize consumer credit. Via its proprietary machine learning scoring solution, the Paris-based start-up has the ability to decide in real time whether to grant or not a credit to a customer.

Finfrog leverages a mobile-centric user experience and the EU PSD2 directive allowing users to easily and safely share their bank account information (through a trusted third party). It enables a fast process for small personal loans meant to avoid high overdraft fees incurred for instance by freelance workers and lower income households.

Datawords, which has been providing for more than 20 years digital asset management services to global brands, is another example of a company having implemented AI to innovate in the way they power their services. Deploying globally a consistent digital communication strategy has become increasingly complex, due to the booming volume of digital contents, formats and people involved on one side and the need to perfectly tailor digital communication to local markets. Datawords therefore developed a proprietary technology based on AI to optimize both quality and cost of digital assets localization and streamline internal and external workflows.

2. AI becomes a transformative asset when targeting niches and vertical areas where it can rapidly reach an extremely high performance regarding very well defined use cases. Because performance is key.

One of the main benefits of Artificial Intelligence is to unlock productivity and value by automating data analysis, business intelligence and optimizing traditional operational processes (reducing costs and/or time). By adopting this technology, companies can obtain a differentiating factor and create a competitive advantage. But achieving the positive outcomes described above thanks to AI technology requires an almost perfect level of algorithms performance: accuracy is a critical success factor in order for AI to provide reliable and actionable results.

Reaching a best-in-class accuracy requires several ingredients:

• a flawless and powerful set-up regarding data preparation;
• a constant test and learn / experimental approach with training on various datasets;
• a deep business understanding;
• A human guidance, intuition and support in order to find the perfect chemistry.

Time is of the essence to reach this objective.

While it is extremely difficult to create real value with AI on applications addressing too generic issues, an acceptable level of accuracy and performance is achievable more rapidly by addressing a targeted industrial or vertical use case: Qopius in retail tech and Ibex in healthcare are considered technology leaders in their respective categories as their algorithms significantly outperform traditional approaches. But this reasoning could also be valid for other areas such as fraud detection, military intelligence, industrial maintenance, etc… and more generally to many industries that have hitherto remained relatively non impacted by technology.

3. Artificial Intelligence is still an attractive investment thesis for investors

“AI” is no longer considered as the magic word to peak investors interest. It remains a central theme for most investors but they now need to be truly convinced by the ability of a company to leverage AI to actually solve a business challenge.. That’s why they look primarily for verticalized solutions, and for companies that have a clear and measurable advantage in terms of performance delivered by AI (accuracy, efficiency, etc.). This superior performance level often stems from an early focus of the founders on solving real business challenges. With an iterative approach applied over time to different and higher datasets volume, such teams have the opportunity to create long lasting product differentiation.

Besides, AI is not a subset of SaaS and needs to be approached with a refreshed methodology. For instance, the economics of AI software players can be quite different from traditional software businesses: lower gross margin due to higher infrastructure costs and higher human support requirements, scaling challenges and the risk of weaker pure technological entry barriers due to the commoditization of AI models. Nevertheless, companies overcoming these challenges will be big winners for their investors.

To know more about our track-record, please find some of our business cases.

To further discuss this topic, feel free to contact our dedicated team: 

• Thibaut Revel, Managing Partner
• Olivier Combaudou, Director

About Clipperton

Clipperton is a leading advisory boutique dedicated to the support of fast-growing tech companies and founders in their strategic transactions (M&A and Private Placements). Founded in 2003, the firm today has offices in Paris, Berlin, Munich,London, New York and Beijing.

Cet article Artificial Intelligence is entering the maturity stage: a few learnings from our recent deals est apparu en premier sur Clipperton Finance.

Building up on our strong expertise in the Consumer Internet ecosystem and as an advisor of leading digital retail players such as Vestiaire Collective, Vide-dressing or AramisAuto, Clipperton has been digging this new segment thoroughly through the publication of a dedicated research paper on Digital Native Brands answering to several questions:

• What is the current landscape of this specific category in Europe? Which key drivers fueled these players’ growth and why is their operating model so virtuous?
• What investment panorama can be drawn on this segment and what challenges lie ahead for the growth of these players?
• What financing trends can we anticipate from 2020 onwards for this category?

Clipperton is now pleased to highlight its expertise in this specific segment thanks a valuable track-record including, among recent transactions:

• A leading DNVB for men’s fashion in France, BonneGueule, raising a growth financing round of €6.5m with lead investor, Generis Capital Partners, and historical investors, BPI France.
• Founded by two passionate founders Geoffrey Bruyère & Benoit Wojtenka in 2013, BonneGueule is a French high-end omnichannel men’s apparel DNVB which was built out of a men’s fashion blog launched in 2007 to educate and inspire men, now ranked #1 media for men’s fashion in France. The company has built a unique menswear brand, delivering high quality products at a fair price, while relying on strong CSR principles and supply chain transparency, pioneering the DNVB business model.
• More details on the deal here.

• A next generation jewelry brand, Courbet, raising a Series B of €8 million from existing shareholders and new investors among which Raise Ventures and Hylink, a China-based media and advertising company.
• Courbet is changing the paradigm in jewelry by offering a new consumption experience: it promotes short circuits with direct sale to final consumers via online and offline touchpoints. Courbet is also committed to minimize its ecological impact, using exclusively laboratory-grown diamonds and recycled gold.
• More details on the deal here.

Clipperton is a leading technology advisory boutique supporting fast-growing companies and founders in their strategic transactions (M&A and Private Placements). We have a privileged vantage point on the transformative trends in technology.

Cet article Clipperton is deepening its DNVB expertise est apparu en premier sur Clipperton Finance.

What are the impacts of the Covid-19 crisis on high growth innovative businesses? What is the role of technology in this global crisis? How will it impact transactions, financings and valuations?

During this webinar, we shared our views on the situation and raised questions about the various potential impacts of these unprecedented times on technology transactions.

We had the great pleasure to host Eric Hippeau, Managing Partner of the NYC VC fund Lerer Hippeau Ventures (previously CEO of Huffington Post and Managing Partner at Softbank Capital) as well as Greg Coleman, Executive-in-Residence at Lerer Hippeau Ventures and a Board Advisor at Clipperton.

To watch the replay, please see below.

https://www.youtube.com/watch?v=ZC6o5ZYrslY

Please complete the form below to download the presentation.

For enquiries, please contact: webinar@clipperton.net

About Eric Hippeau
Eric Hippeau is a Managing Partner at Lerer Hippeau. Previously, Eric was the CEO of The Huffington Post, in which he had invested as a Managing Partner at Softbank Capital. Eric has also served as Chairman and CEO of Ziff-Davis, former top publisher of computer magazines. Eric sits on the board of BuzzFeed, a portfolio company, and Marriott International.

About Greg Coleman
Greg Coleman brings with him more than 40 years of experience in advertising and media, spanning executive roles at Yahoo, The Huffington Post, Criteo, and BuzzFeed, where he most recently served as President. He is currently Executive-in-Residence at Lerer Hippeau Ventures and sits at our Advisory Board.

About Clipperton
Clipperton is a European independent corporate finance advisory firm exclusively dedicated to the Technology space, advising high growth companies on M&A transactions, debt financings and equity offerings. With offices in London, Berlin, Munich and Paris and an international reach, Clipperton is a European leader in Technology financial advisory. Over the past 17 years, the team has successfully completed more than 300 high profile transactions globally. 

Cet article The Great Lockdown: What to expect for Technology? est apparu en premier sur Clipperton Finance.

DNVB, standing for Digital Native Vertical Brands, is a term that gained popularity, following the rise of a new generation of Consumer Internet businesses that have established new business standards over the last 10 years.

What is the current landscape of this specific category in Europe? Which key drivers fueled these players’ growth and why is their operating model so virtuous?

What investment panorama can be drawn on this segment and what challenges lie ahead for the growth of these players?

What financing trends can we anticipate from 2020 onwards for this category?

Clipperton intends to provide quantitative and qualitative insights regarding these questions in its new research report dedicated to DNVBs, highlighting its expertise on E-commerce and Consumer Tech areas (references: AramisAuto/PSA, Videdressing/LeBonCoin, Vestiaire Collective, Quitoque/Carrefour, FoodChéri/Sodexo, Withings,etc).

Please complete the form below to access the full report

Key highlights of this study:

• DNVBs are a wide-spreading phenomenon in the Direct-to-Consumer world visible accross various consumer categories (home furnishing, appareil, footwear, ccessories, personal care, food & beverages,etc).
• The surge of this category has been powered by new consumption behaviors of Millenials, social networks as well as cloud-based tools and processes easing the launch and management of a retail brand through a strong focus on data and allowing a disintermediated relationship with consumers.
• DNVBs rapidly made inroads, carving-out meaningful market shares into their respective markets and therefore attracting significant funding money with a clear momentum in recent years ($3.3bn flowing into segment in 2018).
• However, DNVBs need to solve major challenges to reach a critical size: rising CAC, difficult internationalization, difficult omnichannel development, risky product expansion.
• Clipperton anticipates that the consolidation wave of DNVBs is yet to happen:
  • While nice exits can be observed for local leaders with both corporates and PE funds at hefty revenue multiples, the few IPOs carried out so far obtained mixed results.
  • From 2020 onwards, we expect more selected early-stage financings focused on new verticals, more growth financings focused on proven business economics, more consolidation play with a nice mix of exits at high revenue multiples and undisclosed ones and few IPOs.

Please find the executive summary on this page or download it below in the following languages:

• French
• English
• German

The key findings of this study will be presented by Clipperton team in the nearest future. For more information regarding the study and/or registration to the event, please contact: dnvb@clipperton.net

About Clipperton

Clipperton is a European independent corporate finance advisory firm exclusively dedicated to the Technology space, advising high growth companies on M&A transactions, debt financings and equity offerings. With offices in London, Berlin, Munich and Paris and an international reach, Clipperton is a European leader in Technology financial advisory. Over the past 17 years, the team has successfully completed more than 300 high profile transactions globally.

Photo credit : Bench Accounting on Unsplash

Cet article DNVBs: Buzz word or a new class of assets? est apparu en premier sur Clipperton Finance.

Following a stabilization period in 2018, European innovation financing posted a whopping 60% increase in value to reach $26.1bn in 2019. While the increase in deal volume was muted, transaction values soared in the wake of a handful of “mega-rounds” (>$300m) closed during the year for Europe’s tech champions.

Key highlights of this study are:

• Investment in European innovation increased markedly vs 2018 at $26.1bn.
• Confirmed trend: more and larger “mega-rounds”.
• Positive year for the French ecosystem with numerous acceleration rounds (Meero, Doctolib, Ynsect, etc.).
• The largest investments were received from international growth equity investors such as SoftBank and most of the money raised in 2019 was geared toward IT start-ups driven by Fintech and Software.

Clipperton is a European independent corporate finance advisory firm exclusively dedicated to the Technology space, advising high growth companies on M&A transactions, debt financings and equity offerings. With offices in London, Berlin, Munich and Paris and an international reach, Clipperton is a European leader in Technology financial advisory. Over the past 16 years, the team has successfully completed more than 300 high profile transactions globally.

Cet article European Innovation Financing 2019 est apparu en premier sur Clipperton Finance.

Clipperton, in partnership with Digimind, releases its European Innovation Financing report covering the full year 2018.

Click here to download the report.

Key highlights of this study are:

• The investment in European innovation remains stable vs. 2017 at $16Bn.
• Confirmed trend: deceleration of the volume of early stage deals.
• French Tech is booming: +45% year-on-year for a record $4Bn.
• Large deals driven both by “confirmed leaders” such as Auto1, Deezer, N26, Cabify and rising stars Voodoo, Graphcore, Dataiku, Nextthink etc.

Thibaut Revel, Managing Partner at Clipperton, wrote:

In our January 2018 report, we were wondering whether the 2017 record vintage for European tech financing would be the last step before a down-cycle. 2018 proved to be a time for stabilization, with a slightly lower total invested amount linked to less inflated mega-deals. The data indicate a lower activity of early stage transactions – just like in 2017 – which should have an impact in the medium term. Nevertheless the thesis of a soft landing at work seems convincing.

In this stable environment, it is worth pointing out the super strong performance of the French Tech, with tech investments in France not so far from the UK (the gap narrowed at c.20%). In terms of financial sustainability, the health of the ecosytem in the years to come will require major exits. France, in particular, needs to score a few home-runs: the last couple of years evidenced a lack of unicorn exits, especially compared to the UK and Germany.

Fore more information, please contact:

• Thibaut Revel, Managing Partner
• Martin Vielle, Director

About Clipperton

Clipperton is a European independent corporate finance advisory firm exclusively dedicated to the Technology space, advising innovative companies on M&A transactions, debt financings and equity offerings. With offices in London, Berlin, and Paris and an international reach, Clipperton is a European leader in Technology financial advisory. Over the past 15 years, the team has successfully completed more than 250 high profile transactions globally.

About Digimind and WhoGotFunded.com

Digimind is a SaaS intelligence software company based in Paris, Boston and Singapore, providing advanced information management platforms and technologies that perform massive data collection, automatic intelligence extraction and visualisation. Using its unique web mining expertise, Digimind developed WhoGotFunded.com, the world’s most comprehensive funding database, discovering over 100 fresh funding deals every day in real time all across the world.

Cet article European Innovation Financing 2018 est apparu en premier sur Clipperton Finance.

Clipperton, in partnership with Digimind, releases its European Innovation Financing report covering the full year 2017.

Click here to download the report: Clipperton’s European Innovation Financing Report 2017

Key highlights of this study are:

• Record vintage in 2017 with 16.7B$ invested in European tech in 2017, a 38% annual growth.
• Performance is once again driven by very large rounds (>100m$) concentrated in the UK and Germany.
• Early-stage investments have slowed down in H2, potentially the first signs of an entry into a new cycle.
• Handful of landmark deals and a strong activity in Deep Tech, New Hardware and Mobility Tech: the eco-system is (slowly) moving towards fundamental innovation.

Thibaut Revel, Partner at Clipperton, wrote:

The full year data of 2017 disclose a record with c. $17B invested in European tech companies, and more importantly an impressive growth rate compared to 2016 (almost 40%). The obvious question comes: do we stand at the peak of the cycle and will 2018 be the start of the decline?

A few indicators in our H2 2017 report support the bear case:

• the growth is really linked to a small number of ‘mega-financings’ on UK (and a few German) companies;
• France and the Nordics experienced a flattish second semester;
• and last – maybe the most striking fact – early stage activity is slowing down across the board with a drop in the volume of VC-backed A-rounds.

While top deals in value are still dominated by marketplaces, fintech and food delivery, it is worth pointing out that there is an increasing number of sizable rounds in segments with strong technology content: in AI obviously but also in electronics (e.g. GraphCore) or in automotive / mobility tech (Lilium, Volocopter, Vulog…).

For more information, please contact:

• Thibaut Revel, Partner, trevel@clipperton.net
• Martin Vielle, Vice-President, mvielle@clipperton.net

About Clipperton 
Clipperton is a European independent corporate finance advisory firm exclusively dedicated to the Technology space, advising innovative companies on M&A transactions, debt financings and equity offerings. With offices in London, Berlin, and Paris and an international reach, Clipperton is a European leader in Technology financial advisory. Over the past 15 years, the team has successfully completed more than 200 high profile transactions globally.

About Digimind and WhoGotFunded.com
Digimind is a SaaS intelligence software company based in Paris, Boston and Singapore, providing advanced information management platforms and technologies that perform massive data collection, automatic intelligence extraction and visualisation. Using its unique web mining expertise, Digimind developed WhoGotFunded.com, the world’s most comprehensive funding database, discovering over 100 fresh funding deals every day in real time all across the world.

Cet article European Innovation Financing 2017 est apparu en premier sur Clipperton Finance.

DEEP LEARNING IS THE LATEST BUILDING BLOCK OF THE A.I. REVOLUTION WITH THE POTENTIAL TO DEVELOP NUMEROUS DISRUPTIVE APPLICATIONS.

Deep Learning is the latest newcomer in the Artificial Intelligence family. First (re)emerging in the industry around 2012, Deep Learning has really been on all VCs’ lips for the last 18 months, and on the agenda of technology giants (GAFA, Microsoft, IBM, Baidu, etc.). With €717m raised in 2016 i.e. 40% of Artificial Intelligence funding (vs. €316m, i.e. 16% in 2015), 2016 was clearly the year of take-off for Deep Learning start-ups

Yet, Deep Learning is not a new topic and has been discussed since the early 1970’s as a sub-field of Machine Learning and more broadly of Artificial Intelligence, with the idea to imitate through algorithms the way the human brain works with neural networks & complex feedback loops. Then an intellectual vision – or even a fantasy back in the 70s – Deep Learning is now an emerging disruption:

• Deep Learning has proven it is able to deliver tremendous results and tackle new problems that no other field of Artificial Intelligence has ever achieved. It then represents the most realistic opportunity to further progress towards a self-learning artificial intelligence
• It is in everybody’s daily lives: new applications of Deep Learning emerge every week and become already mainstream, with the most noticeable example being the major breakthrough in autonomous cars, but also in Healthcare, E-commerce, Chatbots and even in more traditional industries like agriculture.

WHY NOW?

We believe 3 major factors that were limiting deep learning’s development so far changed drastically and are now favoring its explosion:

• Data availability: To be efficient, Deep Learning needs a lot of data, and more importantly, high quality data. The emergence of mobile and cloud infrastructures have allowed to collect and store such data at marginal cost.
• Computing Power: Increase in computing power is still keeping up with Moore’s law and the amount of readily accessible power opens up new possibilities, including the capacity to manage the huge datasets required by Deep Learning techniques.
• Better algorithms & teams: The previous works on Machine Learning could be applied to Deep Learning:new teams got formed with talented people (Yann Le Cun now at Facebook, Andrew Ng formerly at Google & Baidu etc.) who are now leading the innovation in the field.

MATURATION OF A BREAKTHROUGH TECHNOLOGY

However, times are still early, and some level of caution needs to be taken – Artificial Intelligence has already gone through several “winters” during its long history. It is a complex topic and it can be sometimes hard to sort out who is really leveraging the full extent of the power of the technology, and who is “Deep-Learning-washing”.

In the recent years, and even more particularly in 2016, lots of start-ups using Deep Learning were launched and funded by VC funds (but mostly seed round or Serie A), but a very few minority have reached the commercial phase. There was also some activity on the M&A side, but most companies were acqui-hired (by tech giants mostly) before having tested their product on the market.

2017-18 WILL THEN BE CRUCIAL YEARS FOR DEEP LEARNING AND WILL DETERMINE:

• Is Deep Learning only a fad (remember SoLoMo)?
  No – We forecast the impact of Deep Learning on the economy overall will be massive, from Agriculture to Automobile but also the way we will work, take decisions and interact. Fair enough, some “Deep Learning-washing” is expected but make no mistake, this will be huge, for real.
• Will it become a commodity – the new Mobile or Cloud?
  Yes, but this will take some time – We anticipate the value at stake of mastering Deep Learning will go down significantly over time, and will be part of our digital world as a core component. As such, strategic positions will be taken, be it at the infrastructure level or at the service/vertical integration level.
• Which companies will be able to raise growth equity round (industrialization phase) and/or lead to big exits?
  Mainly vertical players – We believe that the Internet giants (GAFAMIBA1) will keep on developing their infrastructure/platform play but that numerous vertical initiatives will allow start-ups to create massive returns, including in the healthcare sector, in the agritech segment and many others.

You can download the full report here.

For more information, please contact:

• Stéphane Valorge, Partner, svalorge@clipperton.net
• Olivier Combaudou, Vice-President, ocombaudou@clipperton.net
• Théodore Chastel, Senior Analyst, tchastel@clipperton.net

About Clipperton

Clipperton is a European independent corporate finance advisory firm exclusively dedicated to the Technology space, advising innovative companies on M&A transactions, debt financings and equity offerings. With offices in London, Berlin, and Paris and an international reach, Clipperton is a European leader in Technology financial advisory. Over the past 15 years, the team has successfully completed more than 200 high profile transactions globally.

Cet article Artificial Intelligence Deep Learning: From hype to maturity? est apparu en premier sur Clipperton Finance.

Clipperton, in partnership with Digimind, releases its European Innovation Financing report covering the first semester of 2017.
Click here to download the newsletter: Clipperton’s European Innovation Financing Newsletter – H1 2017

Key highlights of this study are:

• Record-high semester with $7.7 billion, topping previous record established in H1 2015.
• Strong semester in the DACH region at $2 billion – almost +50% year-on-year – while the UK eco-system remains solid despite the Brexit context.
• The performance in DACH was mainly driven by mega-rounds (>$100m) such as Delivery Hero’s pre-IPO round and Auto 1. Overall, “mega-rounds” explain most of the over-semester vs. past quarters. This is comparable with H1 2015, the previous “record-semester” for European tech financing.
• Corporates (e.g. Rakuten, Naspers, Allianz, Rabobank), large generalist PE funds (e.g. KKR, Vitruvian, NPM Capital) and US tech funds (e.g. Andreessen Horowitz, Iconiq, Benchmark) continue to feed the growth of European tech in terms of larger deals.

Thibaut Revel, Partner at Clipperton, wrote:

“’Mega-rounds’, defined as funding rounds of $100 million and more, had an exceptional impact in the last semester in Europe: with $2 billion for only 10 deals, they accounted for 26% of the record-high $7.7 billion of technology investment in Europe in H1 2017 and explain most of the growth compared to previous semesters where they were at or below $1 billion.

Let’s have a quick look at the ID Card of the 10 mega-rounds of  the last 6 months: 4 from the UK, 4 from Germany, 1 from the Netherlands, 1 from Spain (Cabify first market being Latam today), all are from the IT / Digital space (none from Life Sciences), and 7 out of 10 for consumer applications such as Food Delivery, Fintech, marketplaces and on-demand economy, alongside two very tech-centric deals: Improbable, VR technology platform with applications in gaming and Tricentis, a software testing company.

Such large rounds implying expensive valuations, investors will have a close look at the Tech IPOs for European companies in the coming quarters. The success of Delivery Hero’s IPO in June, trading at a premium compared to peers such as JustEat or Takeaway – premium apparently linked to its real global reach and aggressive growth strategy – is a positive signal for the rest of this ‘highly funded club’. Farfetch or Auto 1 could be good candidates to test the public markets in the coming quarters.”

For more information, please contact:

• Thibaut Revel, Partner, trevel@clipperton.net
• Martin Vielle, Vice-President, mvielle@clipperton.net

About Clipperton
Clipperton is a European independent corporate finance advisory firm exclusively dedicated to the Technology space, advising innovative companies on M&A transactions, debt financings and equity offerings. With offices in London, Berlin, and Paris and an international reach, Clipperton is a European leader in Technology financial advisory. Over the past 15 years, the team has successfully completed more than 200 high profile transactions globally.

About Digimind and WhoGotFunded.com
Digimind is a SaaS intelligence software company based in Paris, Boston and Singapore, providing advanced information management platforms and technologies that perform massive data collection, automatic intelligence extraction and visualisation. Using its unique web mining expertise, Digimind developed WhoGotFunded.com, the world’s most comprehensive funding database, discovering over 100 fresh funding deals every day in real time all across the world.

Cet article European Innovation Financing S1-2017 est apparu en premier sur Clipperton Finance.

Clipperton, in partnership with Digimind, releases its European Innovation Financing report covering the full year 2016.

Click here to download the newsletter: European Innovation Financing report – January 2017

The report was also covered by Techcrunch, read the article here

Key highlights of this study are:

• Strong H2 at $6B investment value, in line with the two previous semesters.
• Increasing volume of smaller deals (below $30m), offsetting a decline in larger rounds.
• Mixed geographical dynamics: momentum in France and Spain / Portugal vs. slow-down in the Nordics.
• Pick-up of the activity of large traditional PE funds in Tech (KKR, Goldman…) raising their game to capture a significant share of the large deals, while corporates remain hot in sectors such as automotive tech and life sciences.

Thibaut Revel, Partner at Clipperton, wrote:

“The party is not over in the European tech landscape as 2016 ended with a level of tech investment at $12B almost on par with 2015 record level, once currency effects are taken into account.
Our H1 2016 report pointed out the increasing reliance on the UK growth engine, and the strength of the UK market is confirmed with 24% yearly growth for UK transactions in nominal terms (before a negative currency effect of (12%)). However, H2 2016 was a bit lower than H1 in the UK, and the dynamics will have to be monitored closely as the real impact of the Brexit is still ahead of us. France enjoyed a great H2 2016 with a lion’s share of the top deals (OVH, Sigfox, Devialet) and Q4 very close to the UK level ($870m vs. $970m).
Beyond topline figures, a remarkable new driving force lies in the growing appetite of tier-one Private Equity platforms for the tech space. KKR has made landmark minority investments in OVH (hosting) and Darktrace (cyber), while several big players announced new significant funds dedicated to technology and growth equity (KKR Next Generation Technology Growth Fund, BridgePoint, EQT, etc.). On the other hand, our data highlights a real slow-down in large rounds in 2016 despite the strong activity by large PE and Corporates; potentially a healthy pause in the European ‘unicorns’ phenomenon.”

Contacts

Clipperton
Thibaut REVEL
Partner
trevel@clipperton.net

Martin VIELLE
Vice President
mvielle@clipperton.net

About Clipperton
Clipperton is a European independent corporate finance advisory firm exclusively dedicated to the Technology space, advising innovative companies on M&A transactions, debt financings and equity offerings. With offices in London, Berlin, and Paris and an international reach, Clipperton is a European leader in Technology financial advisory. Over the past 15 years, the team has successfully completed more than 200 high profile transactions globally.

About Digimind and WhoGotFunded.com
Digimind is a SaaS intelligence software company based in Paris, Boston and Singapore, providing advanced information management platforms and technologies that perform massive data collection, automatic intelligence extraction and visualisation. Using its unique web mining expertise, Digimind developed WhoGotFunded.com, the world’s most comprehensive funding database, discovering over 100 fresh funding deals every day in real time all across the world.

Cet article European Innovation Financing S2-2016 est apparu en premier sur Clipperton Finance.

This research paper delves into the ‘Uber-economy’ and aims at answering a few key questions:

• Is there really a ‘Uber-economy’ with specific characteristics vs. other digital platforms?
• How to define the ‘Uber-economy’ buzzword from an economic perspective?
• What are the Key Success Factors of ‘Uber-economy’ players?
• Which industries are most affected by the ‘uberization’ wave and who’s next?

Click here to download the research paper.

For more information, please contact:

Clipperton 

Nicolas von Bülow, Partner, nvonbulow@clipperton.net
Thibaut Revel, Partner, trevel@clipperton.net
Paul Bolardi, Analyst, pbolardi@clipperton.net

About Clipperton 

Clipperton is a European independent corporate finance advisory firm exclusively dedicated to the Technology space, advising high growth companies on M&A transactions, debt financings and equity offerings. With offices in London, Berlin, and Paris and an international reach, Clipperton is a European leader in Technology financial advisory. Over the past 15 years, the team has successfully completed more than 200 high profile transactions globally.

Cet article ‘Uber-economy’ research paper: how do marketplaces empowering casual workers disrupt incumbents? est apparu en premier sur Clipperton Finance.

After reaching historical heights in H1 2015 driven by numerous mega rounds (e.g. Rocket Internet’s companies, Spotify’s $526m fund raising), with $5.9bn investments in H1 2016, the financing of the European ecosystem of innovation remained solid, considering the high basis of comparison. Over 630 transactions were announced in the first half of 2016, a record since 2013. Key trends highlighted in the report are:

• Fewer large deals but a strong increase in the number of small and medium deals (below 30m$)
• The UK has continued to increase its share: a pre-Brexit rally?
• … partly as a result of the rise of Fintech, already accounting for 16% of the total of investments in innovation in Europe

Thibaut Revel, Partner at Clipperton in charge of the report wrote: “While technology companies valuations have quietly gone through a soft correction on public and private markets, there was an uncertainty on the evolution of the volume of investment poured into tech. Our H1 2016 report points out the resilience in Europe so far, with an increase in the investments in small and medium deals offsetting the slowdown in large rounds. Data from multiple sources show that VC investments have declined in the US, and even more in Asia. Considering the high basis of comparison in H1 2015, there is a decline in deal value in H1 2016 in Europe, however, it’s too early to tell whether Europe will or not resist better than the US. The full year figures for 2016 should enable to clarify this trend.

Although the second part of the year will be dominated by the uncertainties caused by the Brexit, most of the large tech investors remain committed to continue to invest in European tech companies including in the UK. However key questions remain: is London still the best city to launch a global fintech company? Will existing UK-based start-ups suffer from an outflow of entrepreneurs, engineers and highly qualified talents?

These uncertainties are detrimental with the UK being the #1 growth engine of tech investment in Europe attracting 37% of the continent’s investments in H1 2016. Everybody should work to keep the engine on.”

The next report will be published in January 2017 with updated 2016 Full Year figures.

Click here to download the newsletter.

Contacts

Clipperton
Thibaut REVEL, Partner, trevel@clipperton.net
Martin VIELLE, Senior Associate, mvielle@clipperton.net

About Clipperton

Clipperton is a European independent corporate finance advisory firm exclusively dedicated to the Technology space, advising innovative companies on M&A transactions, debt financings and equity offerings. With offices in London, Berlin, and Paris and an international reach, Clipperton is a European leader in Technology financial advisory. Over the past 15 years, the team has successfully completed more than 150 high profile transactions globally.

About Digimind and WhoGotFunded.com

Digimind is a SaaS intelligence software company based in Paris, Boston and Singapore, providing advanced information management platforms and technologies that perform massive data collection, automatic intelligence extraction and visualisation. Using its unique web mining expertise, Digimind developed WhoGotFunded.com, the world’s most comprehensive funding database, discovering over 100 fresh funding deals every day in real time all across the world.

Cet article The financing of the European innovation ecosystem showed signs of resilience in H1 2016 with $5.9bn investments est apparu en premier sur Clipperton Finance.

 Clipperton Finance, in partnership with Digimind, releases its European Innovation Financing newsletter covering second semester of 2015.

Click here to download the newsletter

After a record semester in H1, European Innovation Financing showed first signs of deceleration in H2 but remains on high levels: $5.8B invested, +40% vs. the same period last year:

• • 2015 was undoubtfully a record vintage: more than $12B invested in European Innovation, i.e. +60% vs. 2014
  • Fintech and Life Sciences/Biotech posted a strong semester while Consumer Internet experienced a real slowdown

We were wondering whether “trees grew to heaven” in tech financing in our latest newsletter following the record 7bn$ invested in Europe in H1 2015. The deceleration experienced in H2 might actually be positive for the ecosystem. Coupled with the contraction of the Tech IPO market, it already enables to reduce the over-heating that was sometimes affecting valuations in private funding rounds.

On the other hand, vast amounts of capital are more than ever available for European tech companies as star VCs have raised larger funds (e.g. Index Ventures new $550m fund), new VCs have appeared (Mosaic, Daphni, Paua Ventures…) and Corporates of various industries, from Financial Services (Axa, Santander, Barclays…) to Hardware (eg. Foxconn with Ginko,Cisco) are investing in European innovators. The pace of the digital transformation in almost all industries is now widely seen as a secular trend which will not be fundamentally changed by a more bearish stock-market. Valuations will adjust, but the need for corporates to partner with, and sometimes acquire, digital champions will not disappear.

The next update will be released in July 2016 covering H1 2016.

Contacts

Clipperton Finance

Thibaut Revel, Partner, trrevel@clipperton.net

Martin Vielle, Associate, mvielle@clipperton.net

About Clipperton
Clipperton is a European independent corporate finance advisory firm exclusively dedicated to the Technology space, advising innovative companies on M&A transactions, debt financings and equity offerings. With offices in London, Berlin, and Paris and an international reach, Clipperton is a European leader in Technology financial advisory. Over the past 15 years, the team has successfully completed more than 150 high profile transactions globally.

About Digimind and WhoGotFunded.com
Digimind is a SaaS intelligence software company based in Paris, Boston and Singapore, providing advanced information management platforms and technologies that perform massive data collection, automatic intelligence extraction and visualisation. Using its unique web mining expertise, Digimind developed WhoGotFunded.com, the world’s most comprehensive funding database, discovering over 100 fresh funding deals every day in real time all across the world.

Cet article European Innovation Financing H2-2015 est apparu en premier sur Clipperton Finance.

Clipperton Finance releases European Innovation Financing Newsletter covering H1 2015

Cet article European Innovation Financing H1-2015 est apparu en premier sur Clipperton Finance.

Click here to download the newsletter:
https://www.clipperton.com//newsletter/Clipperton-Innovation-Financing-Jan15.pdf

Leveraging data provided by WhoGotFunded.com, the Digimind text mining engine monitoring worldwide funding activity, Clipperton Finance has analyzed the financing trends amongst European innovative companies in 2014.

The data show a record year for European Innovation Financing, at nearly $8 billion invested (+37% vs. 2013), with especially a strong momentum in H2 ($4 billion raised; +9% vs. H1).

The key trends covered in the 2014 report:

• Internet and New Media start-ups attracted half the money invested in innovation in 2014
• Record investment value in H2 in the UK at $1.3 billion. France and DACH also on a positive trend (resp. +14% and +26% vs. H1 2014)
• Confirmed trend towards large funding rounds: 16 deals above $50 million in H2 (13 in H1) including a handful of mega fundings: Delivery Hero, Adyen, Ozon, to name a few.
• This series of large rounds suggests a new generation of European Unicorns(companies with equity value above $1 billion). Specifically, vertical consumer marketplaces such as Delivery Hero, Food Panda or Blablacar attracted significant amounts of money in 2014, with the aim to support their rapid growth and global expansion ambitions, with ambitious plans to grow fast in BRICs and emerging markets.

The next update will be released in July 2015 covering the first semester of 2015.

Contacts

Clipperton Finance

Thibaut Revel, Partner, trrevel@clipperton.net

Antoine Ganancia, Senior Associate, aganancia@clipperton.net

Martin Vielle, Associate, mvielle@clipperton.net

About Clipperton Finance

Clipperton is a leading European corporate finance boutique exclusively dedicated to the High Tech and Media industries. Clipperton advises high growth companies on financial transactions, fundraisings, capital increases or Mergers and Acquisitions. With teams based in London, Berlin and Paris and an international reach, Clipperton is a recognized leader in the sector.

About Digimind and WhoGotFunded.com

Digimind is a SaaS intelligence software company based in Paris, Boston and Singapore, providing advanced information management platforms and technologies that perform massive data collection, automatic intelligence extraction and visualisation. Using its unique web mining expertise, Digimind developed WhoGotFunded.com, the world’s most comprehensive funding database, discovering over 100 fresh funding deals every day in real time all across the world.

Cet article European Innovation Financing 2014 est apparu en premier sur Clipperton Finance.

To download the newsletter: please click here.

Leveraging data provided by WhoGotFunded.com, the Digimind text mining engine monitoring worldwide funding activity, Clipperton Financehas analyzed the financing trends amongst European innovative companies in the first two quarters of 2014.

The data shows a strong momentum for European Innovation Financing,with a record Q2 at $2 billion (+29% vs. Q2 2013), driven byincreased investment levels both in late stage and early stage deals.

The key trends covered in the H1 2014 report:

• Internet and New Media accounts for a record 46% of innovation financing in H1 2014, up by 51% vs. last year
• The UK keeps leading the race: about 30% of invested capital in innovation goes to UK-based companies.
• Confirmed trend: US growth investors are back in Europe: nearly half of deals >$15m (47%) were led by US investors

The next update will be released in January 2015 covering the second semester of 2014.

Contacts

Thibaut Revel, Partner, trevel@clipperton.net

Augustin Blanchard, Vice President, ablanchard@clipperton.net

Antoine Ganancia, Senior Associate, aganancia@clipperton.net

Martin Vielle, Analyst, mvielle@clipperton.net

About Clipperton Finance

Clipperton is a leading European corporate finance boutique exclusively dedicated to the High Tech and Media industries. Clipperton advises high growth companies on financial transactions, fundraisings, capital increases or Mergers and Acquisitions. With teams based in London, Berlin and Paris and an international reach, Clipperton is a recognized leader in the sector.

About Digimind and WhoGotFunded.com
Digimind is a SaaS intelligence software company based in Paris, Boston and Singapore, providing advanced information management platforms and technologies that perform massive data collection, automatic intelligence extraction and visualisation. Using its unique web mining expertise, Digimind developed WhoGotFunded.com, the world’s most comprehensive funding database, discovering over 100 fresh funding deals every day in real time all across the world.

Cet article European Innovation Financing H1-2014 est apparu en premier sur Clipperton Finance.

Click here to download the newsletter

Leveraging data provided by WhoGotFunded.com, the Digimindtext mining engine monitoring worldwide funding activity,Clipperton Finance has analyzed the financing trends amongst European innovative companies in the last two quarters of 2013. This publication, published on semi-annual basis, aims at providing the European ecosystem (entrepreneurs, investors, public-decision makers) with a detailed view of the financing trends in innovation per country, sector, stage etc.

After a promising H1, this H2 2013 report points out a somewhat disappointing second semester. The level of investment slid by -5% vs. the first part of the year, suggesting signs a still hesitant recovery in Europe. Overall, the European Innovation Financing landscape exhibited mixed trends:

• $2.7bn have been invested into European Technology start-ups during H2 2013
• Acceleration deals ($10-30m) went through a severe slowdown
• UK and Life Sciences are experiencing a positive momentum
• France exhibited signs of stagnation vs. the UK and the DACH¹ region: investment in France in H2 was only 46% of the UK level

The next update will be released in July 2014 covering the first semester of 2014

Contacts

Clipperton Finance

Thibaut Revel, Partner, trrevel@clipperton.net

Antoine Ganancia, Senior Associate, aganancia@clipperton.net

Martin Vielle, Analyst, mvielle@clipperton.net

About Clipperton Finance
Clipperton is a leading European corporate finance boutique exclusively dedicated to the High Tech and Media industries. Clipperton advises high growth companies on financial transactions, fundraisings, capital increases or Mergers and Acquisitions. With teams based in London, Berlin and Paris and an international reach, Clipperton is a recognized leader in the sector.

About Digimind and WhoGotFunded.com
Digimind is a SaaS intelligence software company based in Paris, Boston and Singapore, providing advanced information management platforms and technologies that perform massive data collection, automatic intelligence extraction and visualisation. Using its unique web mining expertise, Digimind developed WhoGotFunded.com, the world’s most comprehensive funding database, discovering over 100 fresh funding deals every day in real time all across the world.

 [1] DACH = Germany, Austria, Switzerland

Cet article European Innovation Financing newsletter H2-2013 est apparu en premier sur Clipperton Finance.

Click here to download the newsletter:

Contacts

Thibaut Revel, Partner, trrevel@clipperton.net

Martin Vielle, Analyst, mvielle@clipperton.net
About Clipperton Finance
Clipperton is a leading European corporate finance boutique exclusively dedicated to the High Tech and Media industries. Clipperton advises high growth companies on financial transactions, fundraisings or Mergers and Acquisitions. With teams based in London, Berlin and Paris and an international reach, Clipperton is a recognized leader in the sector.

About Digimind and WhoGotFunded.com
Digimind is a SaaS intelligence software company based in Paris, Boston and Singapore, providing advanced information management platforms and technologies that perform massive data collection, automatic intelligence extraction and visualisation. Using its unique web mining expertise, Digimind developed WhoGotFunded.com, the world’s most comprehensive funding database, discovering over 100 fresh funding deals every day in real time all across the world.

¹ DACH: Germany, Austria, Switzerland

Cet article European Innovation Financing H1-2013 est apparu en premier sur Clipperton Finance.

Clipperton Finance, in partnership with Digimind, releases its first European Innovation Financing newsletter covering Q4 2012 and Q1 2013.

Click here to download the newsletter:
Clipperton European Innovation Financing

Leveraging data provided by WhoGotFunded.com, the new Digimind product monitoring worldwide funding activity, Clipperton Finance has analyzed the financing trends amongst European innovative companies in the last 6 months (Q4 2012 / Q1 2013). This first paper will be followed by quarterly or bi-annual newsletters, with the aim to provide the European ecosystem (entrepreneurs, investors, public-decision makers) with a detailed view of the financing trends in innovation per country, sector, stage etc.

Digimind, the leading provider of competitive intelligence and social marketing software, developed the WhoGotFunded.com online database to track all new funding deals across the world in real time, by leveraging its expertise in web mining and artificial intelligence. Clipperton Finance has used its intimate knowledge of the European technology ecosystem to filter the European financing deals in order to focus on “innovative companies”. This open definition covers three large sectors (IT, Life Sciences & Cleantech), is applied to all European countries & Russia, and excludes majority deals, M&A, project financing and IPO / public fundraising. The result is a bottom-up quantitative analysis of the in-flow of money towards the European private companies operating in the technology space.

Key takeaways from this Q4 2012 / Q1 2013 report include:

•  $1.4bn have been invested into European Technology start-ups during the first quarter of 2013, which is roughly 4 times less than in the US;
•  IT dominates with two thirds of overall investment value in Q1 2013. Within IT, Consumer Internet is the #1 investment segment in Europe;
• UK is the top investment destination, followed by France and Germany at comparable levels;
• The value per deal analysis shows some signs of polarization: a few ‘mega-deals’ over $50m, still a good level of activity in Seed and in the $1-5m range, while Series B/C+ and acceleration deals ($5-30m) are scarce;
• Consumer Internet deals are growing in value, but exhibit a low median value per deal ($1.7m);
• The Cleantech start-ups seem to be experiencing a severe financing crunch…but Q1 2013 was much better than the end of 2012.

Clipperton Finance

Thibaut Revel, Partner, trrevel@clipperton.net

Antoine Ganancia, Associate, aganancia@clipperton.net

Martin Vielle, Analyst, mvielle@clipperton.net

Digimind

Philippe Rolet, Product Manager, philippe.rolet@digimind.com

 About Clipperton Finance
Clipperton is a leading European corporate finance boutique exclusively dedicated to the High Tech and Media industries. Clipperton advises high growth companies on financial transactions, fundraisings, capital increases or Mergers and Acquisitions. With teams based in London, Berlin and Paris and an international reach, Clipperton is a recognized leader in the sector.

About Digimind and WhoGotFunded.com
Digimind is a SaaS intelligence software company based in Paris, Boston and Singapore, providing advanced information management platforms and technologies that perform massive data collection, automatic intelligence extraction and visualisation. Using its unique web mining expertise, Digimind developed WhoGotFunded.com, the world’s most comprehensive funding database, discovering over 100 fresh funding deals every day in real time all across the world.

Cet article Clipperton releases its first European Innovation Financing Newsletter est apparu en premier sur Clipperton Finance.

This report delves into the historical evolution of digital marketing and its underlying growth drivers. We look at how the convergence between branding and performance based online advertising will most likely accelerate further digital marketing growth creating value for all players across the value chain. The pursuit of this target will undoubtedly require players toleverage new technologies and formats to develop and standardize a comprehensive set of measurement tools for customers.

Which companies are best positioned to win in this changing market? Leaders of the first online advertisement generation or new comers? We have selected some of the European companies that may have a card to play in the upcoming ad tech landscape.

Clipperton Finance has been historically active in the adtech space as illustrated by the recent  $12 million  equity fundraise transaction for Videoplaza – a leading Swedish video ad serving company – and Dailymotion’s $150 million sale to Orange.

Click here to download the Research Paper

Click here to download the Research Paper
For more information, please contact:

Clipperton Finance

Nicolas Von Bülow, Partner, nvbulow@clipperton.net

Antoine Ganancia, Associate, aganancia@clipperton.net

About Clipperton Finance

Based in Paris and London, Clipperton Finance is a European corporate finance boutique dedicated to the High Tech and Media industries. Clipperton is focused on start-up and high-growth companies in the Internet, Software, Telecom, Components, CleanTech, MedTech and Media spaces, advising them in their financial transactions: fundraising/capital increases and Mergers & Acquisitions. Over the past years the company and its team have successfully structured numerous high level international transactions in the European High Tech sector.

Cet article Online Advertising Technologies & Digital Marketing est apparu en premier sur Clipperton Finance.

Many questions are in the investors’ minds as Zynga prepares for a mega IPO while the growth in usage has been slower since the change of rules imposed by Facebook.

This report highlights the main changes in the market since early 2010 and focuses on the European landscape where quality developers have emerged.
We will also take a look at the potential strategies to be a winner in the new context of social gaming.

European companies featured in the newsletter include:

Click here to download the Research Paper

For more information, please contact:

Clipperton Finance
Thibaut Revel, Partner, trevel@clipperton.net
Alexis Barba, Associate, abarba@clipperton.net

About Clipperton Finance

Based in Paris and London, Clipperton Finance is a European corporate finance boutique dedicated to the High Tech and Media industries. Clipperton is focused on start-up and high-growth companies in the Internet, Software, Telecom, Components, CleanTech, MedTech and Media spaces, advising them in their financial transactions: fundraising/capital increases and Mergers & Acquisitions. Over the past years the company and its team have successfully structured numerous high level international transactions in the European High Tech sector.

Cet article Research Paper on Social Gaming est apparu en premier sur Clipperton Finance.

In this third release, the Clipperton Technology Index (CTI) is composed of the 684 technology companies listed in the UK (Main Market and AIM), France (Eurolist A, B, C and Alternext), and Germany (Regulated). We find the CTI evolution in line with the overall 20% gains of the major European indices, while NASDAQ strongly outperforms European market.

In terms of company focus, we profile Vivendi, Ubisoft Entertainment, and Delticom. We eventually zoom on the Software segment – introducing Sage and Dassault Systèmes and giving an overview of Misys acquisition of Sophis.

Clipperton Finance has provided transaction services to the European High Tech and Media Companies since its inception in 2003, with a focus on innovative private companies. Nevertheless, we have a strong interest for the listed companies in our space, as they have an active role both as role models and as potential exits for the emerging high tech leaders.Clipperton’s Listed Companies Newsletter takes a medium-to-long term view of European capital markets and focuses on the strategic rationale behind each period’s major deals and shifts in valuation.

Click here to download the Newsletter

For more information, please contact:
Clipperton Finance
Nicolas von Bülow, Partner, nvonbulow@clipperton.net
Thibaut Revel, Partner, trevel@clipperton.net
Alexis Barba, Associate, abarba@clipperton.net

About Clipperton Finance
Based in Paris and London, Clipperton Finance is a European corporate finance boutique dedicated to the High Tech and Media industries. Clipperton is focused on start-up and high-growth companies in the Internet, Software, Telecom, Components, CleanTech, MedTech and Media spaces, advising them in their financial transactions: fundraising/capital increases and Mergers & Acquisitions. Over the past years the company and its team have successfully structured numerous high level international transactions in the European High Tech sector.

Cet article Newsletter #3 on Listed EU High Tech and Media companies est apparu en premier sur Clipperton Finance.

Following the short-term fall-out of the financial crisis in mid-2008, we have observed a significant increase in investment activity in the European e-commerce space which shows no sign of abating. Investors are attracted to a segment with favorable macro-drivers, capital efficiency through early revenue generation and a thorough understanding of key performance metrics.

The purpose of this report is to evaluate the trends that make this market so attractive, to understand the challenges for European e-commerce companies, and to explore some future developments.

About Clipperton Finance

Based in Paris and London, Clipperton Finance is a European corporate finance boutique dedicated to the High Tech and Media industries. Clipperton is focused on start-up and high-growth companies in the Internet, Software, Telecom, Components, CleanTech, MedTech and Media spaces, advising them in their financial transactions: fundraising/capital increases and Mergers & Acquisitions. Over the past years the company and its team have successfully structured numerous high level international transactions in the European High Tech sector.

Cet article Sectorial Newsletter on European e-commerce est apparu en premier sur Clipperton Finance.