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POLISH VENTURE CAPITAL REPORT 2016
You can buy deals raw data in XLS format which contains all Polish investments and M&A transactions in 2016 by following this link: http://growthup.com/research2
Contents
03
05
10
04
08
12
07
11
09
06
14
13
Investors Location
Key Takeaways
Most Active VCsInvestors by Type
Introduction & Research Methodology
Most Active Foreign Investors
Polish VC Investment Activity in 2016
Top Industries
Funded Companies HQ Location
IoT Investments
Top 10 Investments in 2016
Notable Tech M&A Deals in 2016
Acknowledgements
Polish Tech M&A Activity in 2016
You can buy Report Raw Data in XLS format: http://growthup.com/report
3You can buy Report Raw Data in XLS format: http://growthup.com/report
Introduction
Methodology
Polish Venture Capital Report 2016 is the first report in a series of reports that will cover the Central and Eastern European (CEE) Venture Capital Market.
Analysis of the available European and global reports has shown us that they often underestimate the actual venture capital activity in CEE. We’re going to improve the situation by providing access to the most comprehensive data from the region.
Compared to some Western European countries Polish VC market is relatively small, but it is the largest one in the Central and Eastern Europe region with a total investment volume of over $164 million in 2016.
We analyzed 114 Polish VC investment deals and 31 tech M&A transactions that occurred from January to December 2016. We included only those deals in which the funded company has headquarters (HQ) in Poland or/and at least has one Polish founder (currently lives or lived in Poland when the company was founded). For acquisitions, this condition works for the company that was acquired and in the case of a merger transaction for at least one of the companies.
To collect data we monitored publicly announced deals from news, corporate blogs, social networks and enriched it with data from databases (Crunchbase, AngelList) and direct information from deal participants (investors and representatives of the companies).
The data in the report should be taken as an approximation. In some cases, deals are not made public and are not published, so we can’t disclose them. In other cases, the round is known, but the invested amount hasn’t been released, so we count the number of deals, but we can’t calculate the total investment volume.
4You can buy Report Raw Data in XLS format: http://growthup.com/report
Key Takeaways
Investment Volume ($ M) Number of Deals
Top Funding Round:DocPlanner has raised a $20 Million Series C round from Target Global, ENERN & EBRD.
The Largest M&A Transaction:Naspers Limited sells 100% stake in Polandbased Allegro Group, which includes both Allegro.pl and Ceneo.pl, to funds advised by private equity firms Cinven, Permira and Mid Europa for $3.253 Billion.
Top Industries by Number of Deals:
1. Internet B2B Services - 282. Hardware - 153. Mobile - 12
Top Industries by Investment Volume:
1. IoT - $28,4 M2. Marketplace - $24,13 M3. Fintech - $23,48 M
114 Total number of investment deals
42 Number of Active Funds (including foreign funds)
38% of the funded companies are headquartered in Warsaw
79 Seed/Angel Deals
Q2 ($ 58,18 Million Invested) Top Quarter by Investment Volume
$ 164 Million Total Invested in 2016
31Total
M&A Deals Number (Tech)
19Q1 – Q3
12Q4
34,3824,6
44,39
Q2
58,18
27
Q1 Q4Q3
3025 28
You can buy Report Raw Data in XLS format: http://growthup.com/reportYou can purchase raw deals data in XLS format which contains all Polish investments and M&A transactions in 2016 by following this link:5
VC Investment Activity in 2016
5,14Average
3,3Median
0,61
0,265
Seed/Angel
Early Stage
Number of Deals
5
25
78
Early Stage
97,71
Late Stage27,83
Seed/Angel35,63
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
10 10
5
10 814
617
4
7
138
14,3615,93
4,08
1,82
34,64
21,72
12,03
8,96
3,61
9,50
27,95
6,93
Investment Volume (SM)
Number of Dealsby Month (million $)
by Stage (million $) by Stage (million $)
VC Investment activity
VC Investment activity Median & Average Round Size
You can buy Report Raw Data in XLS format: http://growthup.com/report
You can buy Report Raw Data in XLS format: http://growthup.com/reportYou can purchase raw deals data in XLS format which contains all Polish investments and M&A transactions in 2016 by following this link:6
Top 10 Investments in 2016
DocPlanner is an online healthcare platform enabling patients to find local physicians online and book appointments
The better way to transfer money worldwide
Social learning network
Silvair is a turnkey smart lighting platform enablingmanufacturers to provide enhanced lighting experience
Zortrax designs,manufactures, and suppliesdesktop 3D printers for homeand office requirements
Estimote is a technologystart-up, building a sensor-based context andmicro-location platform formobile developers
Kontakt.io builds secure andconfigurable beacon hardware and software topower competitiveproximity-based solutions
SALESmanago operates acloud-based online marketingautomation platform
20 15 15 12
500Amount ($M)
11 10,7 6 5 4,6
Doc
Plan
ner A
zim
o
Bra
inly
Silv
air
Zort
rax
Estim
ote
Sale
sMan
ago
Kon
takt
.io
Developer of online socialcasino and gambling gamesH
uuug
e G
ames
Wis
h
Target Global, ENERN, EBRD
Lead: Rakuten. Other: MCI.TechVentures, eVentures,Frog Capital, Greycroft, Accion
Naspers CyberAgent Ventures,Digital Garage, New Europe Ventures,Trigon TFI SA
Dariusz Milek Lead: Javelin Venture PartnersOther Investors: Buran VentureCapitalBoxGroupCommerce VenturesDigital GarageHomebrewJosh McFarland
3TS Capital Partners
Credo Ventures Woori Technology Investment,Kiwoom Investment, SeoulInvestment Partners.
RoundInvestors
Round
Temasek Holdings (investment armof the government of Singapore)
Venture
VentureSeries C
Series B Series B Series B
Series A
Angel
Series ASeries A
Wish is the leading mobile commerce platform in North America and Europe. In 2010 Peter Szulczewski (born in Poland) and Danny Zhang founded ContextLogic, an advertising technology startup, and a year later pivoted it to Wish. We did not include this round because Peter hasn’t lived in Poland since 2000.
You can buy Report Raw Data in XLS format: http://growthup.com/report
7You can buy Report Raw Data in XLS format: http://growthup.com/report
Most Active VC’s
IQ Partners Experior Ventures VentureInc S.A.
CredoVentures
ErneVentures
Giza PolishVentures
RTAventures Trigon TFI SpeedUpMCI Capital SA
116 5 5 4 3 3 3 3 3
100% 56%Venture Capital
9,8%Accelerator
9,8%Angel
6,3%Gov
5,4%PE
3,6%Crowdfunding
8,9%Corporate
Number of Deals (Polish Companies)
Investors by Type
8You can buy Report Raw Data in XLS format: http://growthup.com/report
Top Industries
28
15
12
9
7
7
6
5
4 28,4
4,91
24,13
23,48
16,0
17,38
13,64
11,37
Internet (B2B)
Internet (B2C)
Marketplace
Software (non-internet)
Games
IoT
Hardware
Mobile
Fintech
1,84
Top industries by Number of Deals
Top industries by Volume (million $)
9You can buy Report Raw Data in XLS format: http://growthup.com/report
IoT Investments
Silvair is a turnkey smart lighting platform enabling manufacturers to provideenhanced lightingexperience.
0,2
Silv
air
Estimote is a technologystart-up, building asensor-based context and micro-location platform for mobile developersEs
timot
e
12 CyberAgent Ventures Digital GarageNew Europe VenturesTrigon TFI SA
Series A
Series A
10,7
Lead: Javelin Venture Partners
Other Investors: Buran Venture CapitalBoxGroupCommerce VenturesDigital GarageHomebrew
Husarion is a developmentand management platformfor Internet of Things in thearea of automation androbotics.H
usar
ion
KPD Investment
Seed
Kontakt.io builds secure andconfigurable beaconhardware and software topower competitiveproximity-based solutions.K
onta
kt.io
Credo Ventures
Amount ($M)
Round
5,5
RoundInvestors
Series B
Seed
In 2016, Polish IoT companies raised $28,4M in funding
You can buy Report Raw Data in XLS format: http://growthup.com/reportYou can purchase raw deals data in XLS format which contains all Polish investments and M&A transactions in 2016 by following this link:10
Funded Companies HQ Location
Warsaw
18%
35%
38%38%
Krakow
5%9%
2%
Rzeszow
2% 2%
Szczecin
Gdansk
Olsztyn
Gdynia
Wroclaw
Tychy
Other
Poznan
Kielce
5%9%
1%5%
5%8%
1%
4%3%
2%8%
By Investment Volume
By Number of Deals
You can buy Report Raw Data in XLS format: http://growthup.com/report
11You can buy Report Raw Data in XLS format: http://growthup.com/report
Investors Location
Poland
Asia
Other Europe
Other
US
By Number of Deals
By Investment Volume
7%
18%
3%
22%
73%
31%
29%
4%
2%11%
You can buy Report Raw Data in XLS format: http://growthup.com/reportYou can purchase raw deals data in XLS format which contains all Polish investments and M&A transactions in 2016 by following this link:12
Most Active Foreign Investors
Silvair is a turnkeysmart lightingplatform enablingmanufacturers toprovide enhancedlighting experience
Estimote is atechnology start-up,building asensor-based contextand micro-locationplatform for mobiledevelopers
SALESmanagooperates acloud-based onlinemarketingautomation platform
Web hosting solutions
Kontakt.io buildssecure andconfigurable beaconhardware andsoftware
ProvidesiPad-poweredwhiteboard
12 10,7 6
Amount ($M)
5,83 5 3,7
Silv
air
Estim
ote
Sale
sMan
ago
H88
(Hek
ko)
Kont
akt.i
o
Expl
ain
Ever
ythi
ng
DigitalGarage
NewEuropeVentures
3TSCapitalPartners
CredoVentures
RoundInvestors
Series A
Private Equity
Round
102,8Total
NewEuropeVentures
Series A Series A Series A
Series B
And others And others And others
You can buy Report Raw Data in XLS format: http://growthup.com/report
Foreign funds, which made two Polish deals in 2016
You can buy Report Raw Data in XLS format: http://growthup.com/reportYou can purchase raw deals data in XLS format which contains all Polish investments and M&A transactions in 2016 by following this link:13
Polish Tech M&A Activity in 2016
6 58
Q2
12
Q1 Q4Q3
53,3%43,3%AcquiredCorporate Majority
3,3%Merger
Number of M&A Deals by Quarter
M&A Deals Type
You can buy Report Raw Data in XLS format: http://growthup.com/report
You can buy Report Raw Data in XLS format: http://growthup.com/reportYou can purchase raw deals data in XLS format which contains all Polish investments and M&A transactions in 2016 by following this link:14
Notable Tech M&A Deals in 2016
Nocowanie offers an onlineplatform specializing intourism e-commerce
5,7
3250Amount ($M)
No
cow
anie
Alle
gro
WirtualnaPolska
Cinven,Permira, MidEuropa Partners
Acquired Stake
Middleware products for TVindustry
8
DC
C L
abs
SeaChange
100%
Electronic payments provider
27,4
Mob
iltek
MCI Capital
100%
75%
Acquirer
Allegro is a most popular online marketplace in Poland
You can buy Report Raw Data in XLS format: http://growthup.com/report
You can buy Report Raw Data in XLS format: http://growthup.com/report
Acknowledgements
We thank Ilya Boshnyakov and his team from BrainCombinator (braincombinator.com) for the help with automation of data collection from social media that significantly increased the total number of deals that we have analyzed.
We also thank our colleagues Sandra Sobańska for assistance in contacting to deals participants, and Anna Magiera for comments that greatly improved the report.
Designed by Top Leadtoplead.com.uamarina.budnik@toplead.com.ua
Prepered by GrowthUP Groupgrowthup.comnso@growthup.com (Nikolay Sokratov)
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