Horizon 2020 SME Instrument Performance of the portfolio - Sept.2017
Key takeaways 2017 11 new exits: 8 acquisitions - 3 IPOS 250 million in private equity funding (out of 697M in total) 1 billion in total private funding reached (since the start of the programme) Each 1 SMEI funding matched with 1,44 of private investment
SME Instrument in numbers 700 600 500 400 300 2690 companies in our portfolio 608 in Phase 2 1.1billion committed 990 million in grants over 500 k 4-7% success rate 200 100 0 ES IT UK DE FR NL SE DK IL FI IE PT NO PL AT HU SI EE BE IS EL LT TR CZ LV SK BG RS CY HR RO CH LU MT UA AI FO
SME Instrument companies by industry 25% Healthcare, cleantech and 20% energy remain the top 15% industry sectors 10% 5% 0%
Exits Top-15 accelerators in EU and Europe in terms of total exits 34 18 14 10 10 8 5 4 2 2 2 2 1 1 1 With 18 exits in total (12 acquisitions and 6 IPOs) SMEI is the second best performing accelerator in Europe and this only after 3,5 years of existence
Exits - acquisitions Name Phase Country Industry Date Acquirer Comnovo 1 DE hardware 07/17 Linde Material Handling (DE) PIDSO 1 AT ICT 07/17 Riedel Communications (DE) Carriots 1 SE IOT 06/17 Altair (US) Hydro International 2 IE Wastewater 06/17 BHSL (IE) Finesse Medical 2 IE Biomaterial 05/17 Avery Dennison (US) PayPlug 2 FR Fintech 04/17 Natixis (FR) Amminex 2 DK Transportation 03/17 Faurecia (FR) GiGiGo 2 ES Software 02/17 Sividon Diagnostics 1 DE Manufacturing/ Health Care Digital Dimension/ECONOCOM (FR) 05/16 Myriad (CH) Fianium 2 UK Laser 03/16 NKT photonics (DK) 12 acquisitions in total (8 new ones in 2017). Among the acquirers there are 4 FR companies, 3 DE companies, 2 US, and 1 from CH, IE, DK. Multiposting 2 FR HR 10/15 SAP (DE) Ubeeqo / Carbox 1 FR Transportation 01/15 Europcar (FR)
Exits - IPOs Name Phase Country Industry Stock Exchange Date Bonesupport 1 SE HealthCare Nasdaq First 06/17 North, Stockholm Mantex 2 SE Biomass /bio Nasdaq First 05/17 energy North, Stockholm Biovica 2 SE Healthcare Nasqad First 03/17 North, Stockholm Finepart 1 SE Production technologies Svenska aerogel 2 SE Manufacturing Cleantech Immunovia 2 SE Medical Equipment & Devices AktieTorget, SE 12/16 Nasqad First 12/16 North, Stockholm Nasdaq First 12/15 North, Stockholm 6 IPOs in total (3 new ones in 2017) All from Sweden, IPOs mainly on Nasdaq First North
Total private funding attracted 1 b Private equity, debt, exits* Each 1 SMEI funding matched with 1,44 of private investment * Only disclosed deals, the full amount is potentially much higher
Private equity investments 697 M Invested in 119 SMEI companies 697 M 445 M 273 M 141 M 2 M 43 M 1/01/2015 01/07/2015 01/01/2016 01/07/2016 01/01/2017 01/07/201 Source:
Millions Private equity investments 90 80 70 60 50 40 30 Cyclical trend in investment with peaks in spring and autumn 20 10 0
Million Private equity investments by industry 200 180 160 140 120 100 80 60 40 20 0
Million Private equity investments by revenue model 450 400 350 300 250 200 150 100 50 0
Top 10 investors in SMEI companies Top Investors - by number of investments # Investor number of investments amount invested 1 Crowdcube 23 18.7m 2 Enterprise Ireland 12 17.6m 3 Industrifonden 10 130.1m 4 Kernel Capital 8 12.1m 5 Wayra 7 4.7m 6 Lifeline Ventures Oy 7 45.4m 7 High-Tech Gründerfonds (HTGF) 7 10.5m 8 Startupbootcamp 7 2.3m 9 VTT Ventures 7 36.6m 10 Seedcamp 6 16.6m # Investor Top Investors - by amount invested number of investments amount invested 1 Industrifonden 10 130.1m 2 Investo 6 101.8m 3 SV Health Investor 5 100.5m 4 Sapphire Ventures (formerly SAP Ventures) 3 88.7m 5 Polaris Partners 4 86.8m 6 OrbiMed 4 86.8m 7 Adams Street Partners 2 70.2m 8 Vy Capital 2 70.2m 9 Industry Ventures 2 70.2m 10 Gilde Healthcare 4 69.8m
Valuations* number of companies: 215 total valuation: 3647-5410m average valuation: 17-25m *Valuations are based either on last recorded public valuation or a x4-x6 multiplication of the last VC round amount (on a basis that a VC investment usually represent between 15%-25% of equity)
Top 10 Valuations Company valuation ( m) HQ Revenue Model Industry Phase Arcam 609 m Sweden manufacturing Medical/healthcare Ph2 Arralis 200-300 m Ireland subscription security;transportation Ph2 Arsanis 165-248 m Austria manufacturing medical healthcare Ph1 BONESUPPORT 118 m Sweden manufacturing medical healthcare Ph1 AlphaSense 120-180 m United States subscription fintech;analytics Ph2 Kiosked 109-164 m Finland commission;subscription marketing Ph2 Amminex 100 m Denmark manufacturing cleantech Ph2 Itamar Medical 96-144 m Israel manufacturing healthcare Ph1 PragmatIC 86-130 m United Kingdom manufacturing iinternetofthings;semiconductors Ph2 Agendia 84-125 m Netherlands manufacturing medical healthcare Ph2 Ultrahaptics 80-120 m United Kingdom manufacturing analytics;developer tools Ph2
Top 10 App downloads (ios & Android) # Company ios + Androïd 1 Degoo 11298801 2 Augment 4015127 3 SocialDiabetes 423083 4 Plume Labs 319930 5 Monese 215279 6 Xhockware 179760 7 Acast 146975 8 CosmEthics 139629 9 Smartick 101803 10 Ubeeqo / Carbox 56638
SME Instrument contribution to companies success 4 case studies
SME Instrument as a funding bridge MANTEX, Sweden: bio-energy thanks to innovative biomass scanner In 2014, Mantex experienced cashflow issues and private investors pulled out. With the 1.6 million SME Instrument grant, Mantex managed to restructure using the funding as a bridge and rebuilt value with this project. In May 2017, MANTEX successfully lists on NASDAQ First North
SMEI as a springboard to EIB financing Oy Skeleton Technologies, Estonia: building the largest ultra-capacitor factory in Europe Skeleton Technologies got a grant of 2.5 million in 2015. Since then it raised a Series B of 10 million in 2015 and a Series C of 13 million in 2016. This year it received an EFSI-backed EIB financing of 15 million and opened in Germany the largest ultracapacitor factory in Europe. This plant will create 50 new jobs by 2019.
SMEI attracting business into the EU Dune Medical Devices, Israel: Smart biopsy tool for real-time characterisation of cancerous cell in breast biopsy The company was hesitating whether to exploit the European or the US market, and was trying to acquire financial support on both sides. The SME instrument grant of 3 million led them to prioritise the European market over the US market. The company raised since a Series B of 12 M in 2017
SMEI supporting disruptive innovation Disrupt 100 Ultrahaptics, United Kingdom named one of the most disruptive tech companies http://2017.disrupt100.com/ Ultrahaptics received a Phase 2 grant of 1.5 million in 2015. It is the first and only company in the world to create a novel haptic feedback system that allows users to feel sensations in their bare hands while interacting in mid-air with a touchless sensing system. The company announced in May 2017 that it had secured 17.9 million in a Series B round
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