CONFIDENTIAL

Marketplaces in EuropeInvestment and M&A Activity

2H 2019

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An introduction to ComCap§ ComCap is a premier boutique investment bank focused on the intersection of commerce and capital, with key focus

on B2B SaaS, B2C eCommerce, payments, mobile commerce, marketplaces and B2B services for retail technologies (IT and marketing services, in-store, fulfillment, logistics, call center, analytics, personalization, location intelligence)

§ Headquartered in San Francisco with European coverage from London & Moscow, and LATAM coverage from Sao Paulo. Our firm works with mid-cap public companies on buyside initiatives and public and private growth companies on financing and strategic M&A

§ In addition to being the only boutique focused on disruptive commerce models, we differentiate by:

‒ Bringing bulge bracket techniques to emerging models;‒ A strong and uncommon buyside/strategy practice;

‒ Deep understanding of industry drivers and synergy analyses; ‒ Deep relationships across the sector; and ‒ Worldwide coverage with closed transactions in the United States, Japan, China, the ASEAN region, Western

and Eastern Europe and Latin America

§ Your global ComCap team:

Aron BohligManaging PartnerM: +1 415-235-8270E: aron@comcapllc.com

Steve TerryManaging DirectorM: +1 415-971-3794E: steve@comcapllc.com

Fermin CaroDirectorM: +1 650-743-7825E: fermin@comcapllc.com

Carlos GonzalezDirectorM: +7 985-062-9894E: carlos@comcapllc.com

Peter CreechSenior AssociateM: +1 508-685-1620E: peter@comcapllc.com

Daniel RadomyslerAssociateM: +55 11 99658-7977E: daniel@comcapllc.com

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ComCap – Active in 14 countries, including 8 of the top 10 global ecommerce markets

$1,208.3

$431.8

$121.4 $111.3 $76.5 $49.7 $46.6 $35.1 $24.7 $22.3

China US UK Japan Germany France South Korea Canada Brazil Australia

Retail Ecommerce Sales Worldwide – 2017 ($US bn)1

1Source: Content26 report

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ComCap occupies a unique position in the advisory landscape

§ Only boutique focused on “digital retail”

§ Actively host forums at major industry events

§ Partner of choice for major SaaS investors

§ Actively publish research educating major strategics and private equity firms about trends in the space and leaders – including our recently published Marketplace Enablement theme piece

§ As such we have unparalleled access to key buyers

CONFIDENTIAL

Key participants Name Title Company

David Colletti VP, Mergers & Acquisitions

Greg Fancher SVP & Chief Information Officer

Erik Morton SVP, Product & Strategy

Neil Tenzer Head of Corporate Strategy

Randy Greben SVP, Chief Financial Officer

Jason Gowans VP Digital, Marketing, and Enterprise Data

ComCap holds a unique position at the global intersection of retail and technology leadersComCap and European tech PE firm True Global hold event at Shoptalk 2019 for retail VPs of strategy to meet selected tech leaders

§ ComCap and True Global facilitated a networking event for major retailers, retail tech leaders, and investors at Shoptalk 2019, widely regarded as the most important retail conference of the year− The networking event allowed

retailers to connect with trending technology companies in verticals such as AI/Analytics, fashion technology, in-store IoT, visual merchandising, and digital native vertical brands

§ Over 50 major retail strategy executives and CEOs of innovative digital retail companies were in attendance across the United States, Europe, and Asia

− Strategy officers from key retailers represented at the event include Macy’s, 7-11, Li & Fung, Express, and Abercrombie & Fitch

Event description

5

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Product MarketplacesService Platforms

Other Platforms

Multiple Platforms

ComCap covers the leading marketplaces globally in Europe, Asia and the Americas

Overview of leading marketplaces across geographies

Source: Publicly available information

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Marketplaces investment and M&A activity: attractive opportunities for financial and strategic investors

Key considerations for financial investors§ Marketplaces remain an attractive sector for investors due to barriers of entry, healthy

margins, and proven business models across markets§ Global venture capital investment have focused on mobility and food marketplaces, while

private equity investors have made notable investments in luxury marketplaces§ Newer ecommerce markets such as Italy are expected to see growth driven by high levels

of cross border eCommerce investment§ Large strategic players such as Amazon, Rakuten, and Zalando represent viable exits, as

they will continue to look for M&A opportunities to gain market share

Key considerations for strategic investors§ New marketplaces are emerging in mobile format, which could complement a company’s

strategic shift from web to mobile and disrupt existing players§ Innovative marketplaces are emerging across a wide range of industries, representing an

opportunity to expand market share through addressing specialty / niche markets§ M&A activity has been driven by deals targeting luxury fashion e-retailers, as both luxury

brands and retailers look to rapidly expand their online sales presence§ Large marketplaces can build on network effects through M&A expansion, and achieve

attractive margins due to barriers to entry

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European eCommerce revenue expected to reach €621bn in 2019

€ 279.3 € 328.6

€ 386.0 € 429.0

€ 489.0 € 547.0

€ 621.0

2013 2014 2015 2016 2017 2018 2019(f)

CAGR 14.3%

80.8%66.2%

47.0%

19.2%33.8%

53.0%

2019 2024 2029

Total Retail Sales E-commerce Sales

Source: coommercenews.eu, statista, thepayers.com, chargedretail.co

European eCommerce market €547b (2018)European eCommerce revenue forecast from 2013-2019 (€b)

Prediction of European eCommerce market share European online marketplaces - Statistics & Facts

§ The European online retail sector continues to grow at €621B in 2019 from €547B in 2018

§ Western Europe is the largest eCommerce market in Europe with 66% of total European online retail turnover followed by Southern 14% and Northern Europe 9%

§ Average eCommerce spending in Europe was €1,346 for 2018 and is forecasted to grow to €1,464 by the end of 2019

§ The country with highest online shopping rate (88%) in 2018 was Switzerland, followed by the UK (87%) and Denmark (86%)

§ The market's largest segment is fashion with a market volume of over €100m in 2019

§ Online sales are expected to overtake store based sales within the next decade with online accounting for 53% of total retail sales

UK33%

France15%Germany

13%Spain

5%

Netherlands4%

Italy4%

Denmark3%

Sweden2%

Norway2%

Switzerland2%

Belgium2% Other

15%

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Factors affecting the European eCommerce market

Source: businesswire.com, prestashop.com

Challenges related to European eCommerce

93% 93%81%

71% 77%81% 77%66%

52% 47%

Western Northern Central Eastern Southern

Internet Penetration %of e-shoppers

Population growth: § Europe population is 798.4m in 2019

representing over 500m potential buyers

Internet Penetration:§ Average internet penetration in Europe is 82%

in 2019 with varied penetration across regions

Improved Delivery:§ Home deliveries and drop off deliveries can

drive eCommerce sales

Easier Payment Methods:§ Secure payment gateway can drive online sales

Warehouse and Logistics:§ Managing stocks in warehouse for instant delivery

is a challenge for all online sellers

Fraudulent transaction§ Fraud can be done in terms of payment gateway,

like someone can hack credit/debit cards

Return of goods & warranty: § Product returns results in increase in supply chain

cost and unable to resale at original price

Intellectual property§ Website, pictures, videos, music, product

description can be copied by others

Government Regulations§ European eCommerce are subject to government

regulation – some of the policies such as Brexit, GDPR will impact online transaction

Customer Disputes§ There can be wide range of disputes such as

customers might have not received correct products, related to payments, delivery

Website traffic:§ Website traffic is maintained externally through

google which are subject to change any time

Online Security:§ There is a range of security threat like malware,

privacy distortion, cyber crime, hacking and others

Growth drivers per European region European eCommerce growth drivers

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European marketplaces have received €7.3B in investment since 2017

§ While diversified marketplaces dominates European investment, food is placed in second in deals value.§ Marketplaces remained an attractive sector for investors due to barriers of entry, healthy margins, and proven business models across

markets

€ 7,289.9

€ 2,196.7

€ 1,080.0

€ 1,000.7

€ 916.8

€ 722.3€ 393.6

€ 297.8€ 229.3 € 203.0

€ 198.2 € 51.3

€ -

€ 1,000

€ 2,000

€ 3,000

€ 4,000

€ 5,000

€ 6,000

€ 7,000

€ 8,000

Total Deals Multipleproduct

categories

Food Transport &Logistics

Others Clothes andaccessories

Real estate Fintech Jobs andReschooling

Health Home Travel andTourism

Volume 109 9 6 21 7 8 18 10 10 13 5 2

Note: Charts data reflects deals over $5M or ~€4.5MSource: Capital IQ

Mill

ions

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European Online Marketplaces: Focus on Investments

2422

24

16

34

43

3533

22 2325

1

9

14

7 3

13

18

13 14

4 5 8

1

Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19

Global deals count European deals count

1,5421,183

2,142

5,025 5,031

3,1422,882

3,185

2,024

1,315 1,175

55584 980 822

62

2,652

576 537 328 103 363 228 55

65 70117

21

204

3241

23 2673

2955

Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19

Global deal size (€M) European deal size (€M) Europe average deal size (€M)

Investments in European marketplaces by volume

§ Global venture capital investments are focused on mobility and food marketplaces

§ Marketplaces accounted for 41% of volume and 50% of value of scaleup investment in European internet services sector in 2017

§ Luxury goods retailer with enhanced eCommerce offering, are attractive to private equity investors

§ Huge investments in European marketplaces have been made between FY 2014-18E including in finance marketplaces and platforms (€3.4B), cars & mobility (€3.8B), real estate (€1.3B), healthcare (€0.8B) and jobs & recruitment (€1.0B)

§ Newer ecommerce markets such as Italy are expected to see growth driven by high levels of cross border eCommerce investment

§ Average Europe deal size is €55M in Q4-19 vs €64M in Q1-17

Investments in European marketplaces by deal count

Investment facts and statistics

Note: Charts data reflects deals over $5M or ~€4.5MSource: Dealroom, Capital IQ

Major deals

Invested €1,046M

Invested €460M

Invested €360M

Invested €356M

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European Online Marketplaces: Focus on M&A

3

8

21

3

5 5

8

3

6

9

1 12

1

3

1 1

5

Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19

Global M&A deal count European M&A deal count

639

5,978

372 467

3,031

15,058

480

7,064

239 447

11,746

11 11

3,013

20

4,640

11 20

6,133

Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19

Global M&A transaction value (€M) European M&A transaction value (€M)

NA NA NA

M&A in European marketplaces by volume

§ Despite Brexit uncertainty, value of UK M&A deals involving e-retail businesses surged to €512m (£461m) in 2018

§ M&A activity has been driven by deals targeting luxury fashion e-retailers, as both luxury brands and retailers look to rapidly expand their online sales presence

§ The regional targets acquired by a European buyer in the last 30 months (2017-2019) stands at almost three in four, compared with under 20% of European targets which were bought by North American investors

§ With the most developed consumer market, Europe is the center for cross-border investment, with interest from US and Asia

§ Asian consumer companies seeking technological upgrades, target European companies in this sector

M&A in European marketplaces by deal count

M&A facts and statistics

Major deals

Acquired for €5.9B

Acquired for €3.0B

Acquired for €0.8B

Acquired for €3.8B

Note: Charts data reflects deals over $5M or ~€4.5MSource: realwire, Dealroom, Capital IQ

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U.K. market leads the region in terms of growth and innovative marketplace models

Category Companies

Home

Apparels & Accessories

Arts

Food

Health & Nutrition

Diversified

Real Estate

Agri

Travel & Tourism

Entertainment

Gifting

Pets

B2B

Recommerce

Electronics

Source: European Commission, News articles

§ UK is the 3rd largest eCommerce market in the world and thelargest within Europe with over a third of the revenue share

§ Not only in terms of revenue, but it is also home to numeroushomegrown marketplace startups

§ These new marketplaces have set some new trends in termsof new innovative business models like:

ü Transaction vs Subscription Fees – While the majority ofUK marketplaces still follow the transaction fees orcommission model, some new companies are innovatingwith subscription revenue model as well as a hybrid modeli.e. commission + subscription

ü Higher focus on B2B – Global B2B eCommerce sales areestimated to be twice that of B2C. Same hold true for UKtoo as large B2C brands like Amazon and eBay focus morestrongly on the B2B segment than ever before

ü Marketplaces for services – UK marketplace startups havestarted coming out with service marketplaces in line withthe global trend

ü Niche focus – Companies focusing on niches, also knownas verticals cater for specific audiences

ü Mobile focus – Most new companies start off with a primaryfocus on the mobile channel

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▪ Sales decline: An impact assessment carried out by theEuropean Commission, around €1.3bn-€2.4bn in sales are lostdirectly as a result of structural issues

▪ Problems faced: Nearly 50% of European businesses operatingon platforms experience problems ranging from technology tocontracts to unfair competition

▪ Government Support: However, the industry does have stronggovernment support in terms of a dedicated policy for the industry

Sources: European Commission, News articles

Regulatory policy support to act as a catalyst to growth

42% of SMB companies use online

marketplaces in the EU

Source: Eurobarometer survey

Digital Single Market Strategy

▪ In May 2015 the Digital Single Market Strategy wasadopted to avoid fragmentation and to fosterinteroperability of technology. It also aims to openup digital opportunities for people and businesses

▪ In a recent update to the Digital Single MarketStrategy, EU negotiators have agreed to set up newEuropean rules to improve fairness of online platforms'trading practices

▪ These new rules will be implemented within the next12-18 months

▪ Although welcome changes, these are being criticizedfor having “very little teeth” against violators

Ban on certain unfair practices like sudden, unexplained account suspensions, complex terms and conditions, and no prior notice for policy changes

Improved transparency in online platforms with steps like transparent ranking and mandatory disclosures for business practices

Better dispute resolutions with better infrastructure for the same

Strong enforcement laws allowing aggrieved sellers to take platforms to court in case of any non-compliance

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Transport & Logistics

FCG

Jobs and Reschooling

HealthFintechDirectory -Non-Food

Source: Capital IQ, Crunchbase

Overview of European marketplaces Europe has diverse set of proven marketplaces across a wide range of industries

Tota

l Fun

ding

(IN

€)

Others Travel and Tourism

Listed Acquired

`

Seed

€50

€80

€1000+

€30

€20

€10

€40

€60

€70

€90

€100

€200

€400

€600

Clothes and accessories

Diversified Food Home Marketing Real estate

Binary Subject Lda

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Appendix: Trading multiples and selected investors

16

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Key marketplace metrics

§ Average Listing Conversion Rate – measuring how effective listings are across the site− Purchases from listings / Listing views− Compare the average against the best sellers – is there conversion concentration across a

specific brand or category (ie shoes)?− Also useful to look at in certain time periods – what is the percentage of product listings that lead

to transactions in a certain time period of being added to the site?§ New buyer growth rate – measurement of rate of growth of buyers

− (New buyers this period – New buyers last period) / New buyers last period§ Seller/partner growth rate – how quickly is the marketplace adding sellers§ Customer conversion rate

− How many customers buy when visiting the site for the first time§ Net Promoter Score (NPS) or other relevant reviews (Yelp, Google)§ Repeat purchase rate§ Partner churn§ Customer churn§ % of successful transactions – are any brands/partners failing to deliver orders§ Monthly Active Users (MAU) - the number of unique users who have visited the site at least once

during the last month (If this number is not growing, it means the platform is either not attracting new users or losing old ones faster than gaining new ones)

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Marketplaces – M&A in Europe

Source: Capital IQ

(€ in Millions)

Closed Date Target Acquirer Transaction Size (Euro M)

Enterprise Value (Euro M) LTM Revenue EV / LTM

Revenue9-10-19 Idle Projects Ltd Oasis and Warehouse Limited NA NA NA NA7-29-19 Just Eat plc Takeaway.com N.V. € 5,881.9 € 5,123.4 € 972.6 5.0x7-26-19 Arc E-commerce AB Bygghemma Group First AB (publ) € 5.2 € 10.2 € 9.5 1.1x7-12-19 City Pantry Ltd Just Eat plc € 17.9 € 17.9 NA NA7-4-19 Ellos Group Holding AB (publ) FNG NV € 228.0 € 223.7 € 247.0 0.9x5-3-19 JUMA International BV TAKKT AG € 19.5 € 19.5 € 14.0 1.4x1-7-19 Vansdirect Ltd Vertu Motors plc € 10.6 € 10.6 NA NA

12-20-18 Delivery Hero Germany GmbH / Foodora GmbH Takeaway.com N.V. € 768.6 € 896.2 NA NA12-10-18 Travelport Worldwide Limited Elliott Management Corporation; Elliott Associates,

L.P.; Siris Capital Group, LLC; Elliott International, L.P.; Evergreen Coast Capital Corp.

€ 3,826.74 € 3,726.54 € 2,230.92 1.6x

11-9-18 Mobile Phones Direct Limited AO Limited € 44.2 € 41.8 € 139.5 0.3x8-29-18 Firtal Group ApS Matas A/S € 20.1 € 20.6 € 12.2 1.7x2-19-18 Lendico Global Services GmbH ING-DiBa AG NA NA NA NA1-22-18 YOOX Net-A-Porter Group S.p.A. Richemont Italia Holding S.p.A. € 3,012.8 € 5,232.6 € 2,091.0 2.5x2-23-17 Reich Online Services GmbH Calida Holding AG € 11.3 € 10.0 NA NA

Min € 5.2 € 10.0 € 9.5 0.3xMean € 1,066.0 € 1,180.3 € 714.6 1.8xMedian € 20.1 € 20.6 € 193.3 1.5xMax € 5,881.9 € 5,232.6 € 2,230.9 5.0x

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Marketplaces – Private placements in Europe (1 of 4)(€ in millions)

Date Target Buyers Deal Size (Eur M)

07-10-2019 Tier Mobility GmbH Evli Pankki Oyj; Northzone Ventures; AXA AG; Speedinvest GmbH; Point Nine Capital; White Star Capital, L.P.; Goodwater Capital, LLC; Kibo Ventures; Mubadala Capital; Market One Capital; Indico Capital Partners -

€ 55.026-09-2019 Chrono24 GmbH Insight Venture Management, LLC; Sprints Capital Management Limited € 43.020-09-2019 Lookiero Style, S.L. MMC Ventures Ltd; All Iron Ventures, SGEIC, S.A; Mi Proyecto Santander Smart Plan De Prevision Social

Individual-Santander Prevision 1 Epsv Individua; Bonsai Partners€ 17.0

13-09-2019 Ozon Ltd. NA € 45.001-09-2019 Cazoo Limited Octopus Ventures Ltd.; Entree Capital; Stride.VC LLP; DMGV Ltd € 27.721-08-2019 YOPA Property Limited Grosvenor Hill Ventures Ltd.; DMG Ventures Inc. € 17.508-08-2019 Springlane GmbH S-UBG Gruppe AG; Apeiron Investment Group Ltd € 10.005-08-2019 Jollychic EC Limited Group 42, Inc. € 58.015-07-2019 MPB Group Limited Mobeus Equity Partners LLP; Acton Capital Partners GmbH; Beringea Ltd € 10.012-06-2019 Chrono24 GmbH Sprints Capital Management Limited € 30.007-06-2019 Depop Limited General Atlantic Service Company, L.P.; HV Holtzbrinck Ventures Adviser GmbH; Creandum AB; Octopus

Ventures Ltd.; Balderton Capital (UK) LLP; TempoCap Limited€ 54.7

06-05-2019 Binary Subject Lda Omnes Capital S.A.S.; PME Investimentos; European Regional Development Fund; Pathena SGPS; LeadX Capital Partners; 200M

€ 18.030-04-2019 Glovoapp23, S.L. Idinvest Partners SA; Lakestar Advisors GmbH; Korelya Capital; Drake Enterprises A.G. € 150.001-04-2019 Colibri SAS General Atlantic Service Company, L.P.; Partech Partners; Idinvest Partners SA; Eurazeo SE; CM-CIC Capital

Privé SA; Bpifrance Investissement; Piton Capital LLP; Aglaé Ventures; Eurazeo Growth III€ 110.0

04-03-2019 VOI Technology AB Creandum AB; Balderton Capital (UK) LLP; Vostok New Ventures Ltd; Raine Ventures LLC; Project A Ventures GmbH & Co. KG; Senderwood LLP

€ 26.012-02-2019 Maxi Mobility Spain, S.L. NA € 61.922-01-2019 Doktorse Nordic AB Bonnier Ventures € 9.811-01-2019 Meds Apotek AB Inbox Capital AB € 5.016-12-2018 Quiqup Ltd Cedar Mundi Ventures; JOBI Capital LLC € 11.402-12-2018 Cazoo Limited Daily Mail and General Trust plc; Octopus Ventures Ltd.; Entree Capital; Stride.VC LLP € 33.829-11-2018 TeleClinic GmbH Idinvest Partners SA € 7.021-11-2018 Cera Care Limited NA € 11.220-11-2018 Zenjob GmbH Redalpine Venture Partners AG; Acton Capital Partners GmbH; Atlantic Internet GmbH; AXA Venture Partners € 15.018-11-2018 VOI Technology AB Balderton Capital (UK) LLP; Vostok New Ventures Ltd; Raine Ventures LLC; Senderwood LLP € 43.814-11-2018 Mintos Marketplace AS Skillion Ventures € 5.013-11-2018 HeadBox Solutions Ltd Guinness Asset Management Limited € 4.612-11-2018 Comuto SA SNCF Mobilités € 101.011-11-2018 Nextday Property Ltd. Northzone Ventures; Balderton Capital (UK) LLP € 22.902-11-2018 Watchmaster ICP GmbH NA € 9.025-10-2018 Coople (Switzerland) Ltd Harbert Management Corporation; Goldman Sachs Private Capital Investing group; Harbert European Growth

Capital Fund I, LP; One Peak Partners€ 18.5

23-10-2018 Tier Mobility GmbH Northzone Ventures; Speedinvest GmbH; Point Nine Capital; Kibo Ventures € 25.015-10-2018 Homeday GmbH Axel Springer Digital Ventures GmbH; Project A Ventures GmbH & Co. KG; Purplebricks Group plc € 20.019-09-2018 DOCTENA S.A. NA € 8.017-09-2018 LendInvest Limited GP Bullhound LLP; Atomico Investment Holdings Limited; Tiger Foundation € 34.313-09-2018 MD International AB Apotek Hjärtat AB € 31.812-09-2018 Clippings Limited Advance Venture Partners, LLC; C4 Ventures € 13.2

Source: Capital IQ

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Marketplaces – Private placements in Europe (2 of 4)(€ in millions)

Date Target Buyers Deal Size (Eur M)

06-09-2018 CrossLend GmbH Draper Esprit plc; Earlybird Venture Capital GmbH & Co. KG; European Investment Fund; Luxembourg Future Fund; Lakestar Advisors GmbH; ABN AMRO Group N.V., Investment Arm; Digital Impact Fund; solarisBank AG

€ 14.027-08-2018 YOPA Property Limited Grosvenor Hill Ventures Ltd.; DMG Ventures Inc. € 22.123-08-2018 Homelike Internet GmbH Fr. Lürssen Werft GmbH & Co.KG; Cherry Ventures Management GmbH; Spark Capital Partners Ag; Coparion

GmbH & Co. KG€ 12.0

06-08-2018 Sosandar Plc NA € 5.923-07-2018 Care Sourcer Ltd Legal & General Group Plc; Accelerated Digital Ventures Limited € 9.519-07-2018 ABOUT YOU GmbH Otto (GmbH & Co KG); SevenVentures GmbH; GMPVC German Media Pool GmbH; Heartland A/S € 256.018-07-2018 Glovoapp23, S.L. Idinvest Partners SA; AmRest Holdings SE; Cathay Capital Private Equity; Rakuten, Inc., Investment Arm; Seaya

Capital Gestión, SGEIC, S.A.; Seaya Ventures, FCR; Cathay Innovation Fund; GR Capital€ 115.0

17-07-2018 Sleepz AG Heliad Management GmbH; Heliad Equity Partners GmbH & Co. KGaA; Apeiron Investment Group Ltd € 5.006-07-2018 Purplebricks Group plc Axel Springer SE € 10.426-06-2018 TourRadar GmbH Technology Crossover Ventures; Endeit Capital; Speedinvest GmbH; Hoxton Ventures LLP; Cherry Ventures

Management GmbH€ 42.8

14-06-2018 Farmdrop Limited Atomico Investment Holdings Limited; LGT Lightstone; Belltown Ventures € 11.512-06-2018 Webbhälsa AB Accel; Index Ventures; Creandum AB; Project A Ventures GmbH & Co. KG € 53.006-06-2018 Spotahome, S.L. Kleiner Perkins Caufield & Byers; Passion Capital; Samos Investments Advisory Ltd; Seaya Capital Gestión,

SGEIC, S.A.; TheVentureCity; All Iron Ventures, SGEIC, S.A€ 34.0

04-06-2018 Lendix, SA Partech Partners; Idinvest Partners SA; Allianz SE; Compagnie Industriali Riunite S.p.A.; CNP Assurances SA; Matmut SA; Decaux Frères Investissements SAS

€ 32.030-05-2018 Bolt Technology OÜ Daimler AG; Didi Chuxing Technology Co., Ltd.; Korelya Capital € 150.4

30-05-2018 Ninjatruck, S.L.Idinvest Partners SA; Atomico Investment Holdings Limited; Cathay Capital Private Equity; GP Bullhound LLP, Investment Arm; Total Energy Ventures International SAS; Point Nine Capital; Samaipata Ventures; Cathay Innovation Fund; All Iron Ventures, SGEIC, S.A

€ 25.0

30-05-2018 OnTruck Cathay Innovation € 25.028-05-2018 Comet SAS Frst Capital; daphni SAS € 11.018-05-2018 Frontier Car Group, Inc. OLX Ventures € 75.918-05-2018 Adhunter Ltd Smedvig Capital Limited € 9.216-05-2018 OpenClassrooms General Atlantic Service Company, L.P.; Bpifrance Investissement; Alven Capital Partners; Citizen Capital

Partenaires SAS€ 50.9

09-05-2018 Trussle Lab Ltd Goldman Sachs Group, Merchant Banking Division; Seedcamp; Propel Venture Partners LLC; Finch Capital € 15.608-05-2018 Housing Anywhere B.V. HenQ Capital Partners; Vostok New Ventures Ltd; Real Web Srl. € 6.0

02-05-2018 Golden Era Club Ltd (nka:Cera Care Limited)

Guinness Asset Management Limited; yabeo Management GmbH; Kairos Society€ 14.8

09-04-2018 City Pantry Ltd Octopus Investments Limited; Newable Private Investing € 4.605-04-2018 COMATCH GmbH b-to-v Partners AG; Acton Capital Partners GmbH; Atlantic Internet GmbH € 8.005-04-2018 Care Companion GmbH Creandum AB; Spark Capital Partners, LLC; Atlantic Internet GmbH; Axel Springer Plug and Play Accelerator

GmbH; Ananda Ventures GmbH€ 6.0

26-03-2018 Purplebricks Group plc Axel Springer SE € 115.018-03-2018 Lazada Group S.A. Alibaba Group Services Limited € 1,711.415-03-2018 Drover Limited Partech Partners; Version One Ventures; BP Ventures Limited; Forward Partners; Cherry Ventures Management

GmbH€ 6.2

07-03-2018 OZON Holdings Limited Mobile TeleSystems Public Joint Stock Company € 16.307-03-2018 Meds Apotek AB NA € 4.3

06-02-2018 CITYSCOOT, société par actions simplifiée

LeasePlan France S.A.S.; Caisse des Dépôts et Consignations, Investment Arm; Inventure Partners; Régie Autonome des Transports Parisiens, Investment Arm; RATP Capital Innovation € 40.0

Source: Capital IQ

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21

Marketplaces – Private placements in Europe (3 of 4)(€ in millions)

Date Target Buyers Deal Size (Eur M)

31-01-2018 Gojob SAS Breega Capital SARL; Kois Invest € 17.024-01-2018 Blacklane GmbH b-to-v Partners AG; Al Fahim Group; REACH NOW € 32.323-01-2018 Depop Limited HV Holtzbrinck Ventures Adviser GmbH; Creandum AB; Octopus Ventures Ltd.; H-Farm S.p.A.; Balderton Capital

(UK) LLP; Lumar Limited; TempoCap Limited€ 16.3

22-01-2018 Maxi Mobility Spain, S.L. Westech Investment Advisors, LLC; GAT Investments (Pvt) Ltd; Endeavor Global, Inc., Investment Arm; Endeavor Catalyst I L.P.; Rakuten, Inc., Investment Arm; TheVentureCity; TheVentureCity Fund I; Liil Ventures

€ 130.614-01-2018 Auto1 Group GmbH SoftBank Vision Fund L.P.; SoftBank Investment Advisers (UK) Limited € 460.008-01-2018 smava GmbH Verdane Capital; Earlybird Venture Capital GmbH & Co. KG; Neuhaus Partners GmbH; Vitruvian Partners LLP;

Runa Capital Management; Phenomen Ventures; Mojo Capital SA€ 54.3

04-01-2018 Frontier Car Group, Inc. TPG Growth; Balderton Capital (UK) LLP; Balderton Capital V, L.P.; Fraser McCombs Capital; AutoTech Ventures

€ 48.324-10-2017 TourRadar GmbH Endeit Capital; Hoxton Ventures LLP; Cherry Ventures Management GmbH € 8.523-10-2017 Nextday Property Ltd. Global Founders Capital Management GmbH € 40.417-10-2017 Spotahome, S.L. Passion Capital; Seaya Capital Gestión, SGEIC, S.A.; Samaipata Ventures € 13.529-09-2017 Glovoapp23, S.L. Caixa Capital Risc, SGEIC, S.A.; Cathay Capital Private Equity; Bonsai Venture Capital SA SCR; Entree Capital;

Seaya Capital Gestión, SGEIC, S.A.; Antai Venture Builder, S.L.; Cathay Innovation Fund; Rakuten Capital€ 30.0

28-09-2017 Delivery Hero AG (nka:Delivery Hero SE)

Naspers Limited€ 659.6

11-09-2017 Colibri SAS NA € 60.001-09-2017 YOPA Property Limited LSL Property Services plc € 21.921-08-2017 Prodigy Finance Limited NA € 33.921-07-2017 WeSwap.com Limited IW Capital Ltd € 8.921-07-2017 Avanis SAS Partech Partners; 123 Investment Managers; Entrepreneur Venture Gestion SA; Financiere de la Gommerie;

Entrepreneur Venture; Société Normande De Financements SA€ 7.3

28-06-2017 Webbhälsa AB Accel; Index Ventures; Creandum AB; Project A Ventures GmbH & Co. KG € 20.022-06-2017 Farfetch UK Limited JD.com, Inc. € 356.006-06-2017 Videdressing SAS Earlybird Venture Capital GmbH & Co. KG; DN Capital (UK) LLP; Generis Capital Partners; Piton Capital LLP € 5.424-05-2017 Quiqup Ltd Transmed S.A.L.; JOBI Capital LLC € 23.217-05-2017 MD International AB EQT Ventures € 22.616-05-2017 Appear Here Limited MMC Ventures Ltd; Octopus Ventures Ltd.; Meyer Bergman Limited; Balderton Capital (UK) LLP; Playfair Capital

Limited; Simon Ventures, LLC€ 10.8

16-05-2017 YOPA Property Limited Daily Mail and General Trust plc; Grosvenor Hill Ventures Ltd. € 17.516-05-2017 Appear Here Limited MMC Ventures Ltd; Octopus Ventures Ltd.; Meyer Bergman Limited; Balderton Capital (UK) LLP; Playfair Capital

Limited; Simon Ventures, LLC€ 10.8

12-05-2017 Jinn Samaipata Ventures € 9.0

12-05-2017 Delivery Hero AG (nka:Delivery Hero SE)

Naspers Limited€ 387.0

11-05-2017 OnTruck Idinvest Partners, Atomico, Total Ventures, Samaipata, Point Nine Capital, € 9.111-05-2017 Ninjatruck, S.L. Idinvest Partners SA; Atomico Investment Holdings Limited; Total Energy Ventures International SAS; Point Nine

Capital; Samaipata Ventures; La Famiglia GMBH€ 9.2

23-04-2017 Farmdrop Limited Atomico Investment Holdings Limited € 8.421-04-2017 Maxi Mobility Spain, S.L. AngelList LLC; Rakuten, Inc., Investment Arm; Seaya Capital Gestión, SGEIC, S.A. € 91.431-03-2017 Auto1 Group GmbH Baillie Gifford & Co.; DST Global; Target Global; Princeville Global € 360.031-03-2017 Adhunter Ltd Passion Capital € 80.831-03-2017 Zenjob GmbH Redalpine Venture Partners AG; Acton Capital Partners GmbH; Atlantic Internet GmbH; 500 Startups € 8.0

Source: Capital IQ

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Marketplaces – Private placements in Europe (4 of 4)(€ in millions)

Date Target Buyers Deal Size (Eur M)

20-03-2017 Nextday Property Ltd. Global Founders Capital Management GmbH; Passion Capital € 9.201-02-2017 Trussle Lab Ltd Zoopla Property Group Plc (nka:ZPG Limited); Seedcamp; Orange Growth Capital; Localglobe LLP

(nka:Senderwood LLP)€ 5.3

23-01-2017 QAPA SA Partech Partners; Index Ventures; 360° Capital Partners; Partech International Ventures VII € 11.011-01-2017 Funding Circle Limited Accel; Index Ventures; Temasek Holdings (Private) Limited; BlackRock, Inc.; Baillie Gifford & Co.; Sands Capital

Management, LLC; Union Square Ventures; Rocket Internet SE; DST Global; Ribbit Capital; Ribbit Capital, L.P.€ 94.6

10-01-2017 Campanda GmbH Accel; Idinvest Partners SA; b-to-v Partners AG; Groupe Arnault SAS; ViaMichelin SAS; Atlantic Internet GmbH; Le Peigne SA; Ecomobilité Ventures; Ringier Digital Ventures AG

€ 10.009-01-2017 Housing Anywhere B.V. Henq Invest (nka:HenQ Capital Partners); Real Web Srl. € 5.0Min € 4.3Mean € 66.9Median € 18.5Max € 1,711.4

Source: Capital IQ

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Public comparables (1 of 3)(USD in Millions, except per share price)

Trading Performance FD Capitalization Trading Multiples Operating StatisticsStock Equity Rev. Growth LTMPrice Market Enterprise CY19 / CY20 / Gross

Company (FYE) 10/3/2019 High Value Value CY19E CY20E CY19E CY20E CY18 CY19 Margin

eCommerce EuropeYandex N.V. (NL) $34.9 82% $11,419 $10,867 4.1x 3.1x 13.4x 9.8x 45.7% 28.8% 70.0%Zalando SE (DE) $45.1 85% $11,219 $10,678 1.5x 1.3x 24.0x 19.9x 14.2% 18.5% 42.6%Etsy, Inc. (US) $54.8 75% $6,602 $6,345 7.9x 6.4x 33.7x 25.1x 32.9% 23.7% 69.3%boohoo group plc (GB) $3.2 91% $3,776 $3,571 2.9x 2.0x 28.5x 20.9x 23.5% 41.2% 54.3%ASOS Plc (GB) $29.7 39% $2,488 $2,535 0.8x 0.7x 18.0x 11.9x 4.8% 13.3% 50.8%Farfetch Limited (GB) $8.5 27% $2,546 $1,982 2.1x 1.4x NM NM 55.3% 47.7% 46.3%zooplus AG (DE) $120.0 72% $857 $885 0.5x 0.5x 41.5x 26.4x 10.9% 14.6% 25.5%AO World plc (GB) $0.8 46% $399 $409 0.3x 0.3x NM 24.5x 18.2% 11.6% 16.9%w indeln.de SE (DE) $0.7 6% $7 ($8) (0.1x) (0.1x) 0.7x NM (17.6%) 10.0% 25.1%Min 6% $7 ($8) (0.1x) (0.1x) 0.7x 9.8x (17.6%) 10.0% 16.9%Mean 58% $4,368 $4,140 2.2x 1.7x 22.8x 19.8x 20.9% 23.3% 44.5%Median 72% $2,546 $2,535 1.5x 1.3x 24.0x 20.9x 18.2% 18.5% 46.3%Max 91% $11,419 $10,867 7.9x 6.4x 41.5x 26.4x 55.3% 47.7% 70.0%

eCommerce USAmazon.com, Inc. (US) $1,725.5 85% $853,504 $883,655 3.2x 2.7x 21.3x 16.8x 19.8% 18.8% 41.3%Walmart Inc. (US) $118.5 99% $336,905 $409,755 0.8x 0.8x 12.5x 12.3x 1.6% 3.3% 24.9%eBay Inc. (US) $38.4 91% $32,183 $37,704 3.5x 3.3x 10.1x 9.5x 0.8% 4.8% 77.4%Wayfair Inc. (US) $114.0 66% $10,530 $11,332 1.2x 0.9x NM NM 36.3% 29.7% 23.8%Etsy, Inc. (US) $54.8 75% $6,602 $6,345 7.9x 6.4x 33.7x 25.1x 32.9% 23.7% 69.3%Groupon, Inc. (US) $2.7 67% $1,516 $1,302 0.5x 0.5x 5.0x 4.6x (9.8%) 1.0% 50.7%PC Connection, Inc. (US) $38.8 91% $1,020 $966 0.3x 0.3x 8.5x 8.2x 4.0% 4.0% 15.4%1-800-FLOWERS.COM, Inc. (US) $14.6 67% $945 $869 0.7x 0.6x 9.9x 8.8x 7.6% 7.9% 42.1%Lands' End, Inc. (US) $11.4 51% $369 $706 0.5x 0.5x 9.6x 8.8x 0.3% 2.5% 42.4%Overstock.com, Inc. (US) $11.2 38% $396 $400 0.3x 0.3x NM NM (15.1%) 2.6% 19.3%Min 38% $369 $400 0.3x 0.3x 5.0x 4.6x (15.1%) 1.0% 15.4%Mean 73% $124,397 $135,303 1.9x 1.6x 13.8x 11.8x 7.8% 9.8% 40.7%Median 71% $4,059 $3,823 0.7x 0.7x 10.0x 9.2x 2.8% 4.4% 41.7%Max 99% $853,504 $883,655 7.9x 6.4x 33.7x 25.1x 36.3% 29.7% 77.4%

%52W Revenue EBITDAEV / EV /

Source: Capital IQ

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Public comparables (2 of 3)(USD in Millions, except per share price)

Trading Performance FD Capitalization Trading Multiples Operating StatisticsStock Equity Rev. Growth LTMPrice Market Enterprise CY19 / CY20 / Gross

Company (FYE) 10/3/2019 High Value Value CY19E CY20E CY19E CY20E CY18 CY19 MargineCommerce China and JapanAlibaba Group Holding Limited (CN) $166.0 85% $432,141 $437,339 6.5x 5.0x 20.5x 16.0x 34.5% 28.9% 46.4%JD.com, Inc. (CN) $27.8 86% $40,586 $37,335 0.5x 0.4x 22.7x 15.2x 17.7% 16.8% 8.8%Rakuten, Inc. (JP) $9.8 81% $13,321 $15,670 1.4x 1.2x 8.4x 11.6x 13.7% 13.6% 3.2%Vipshop Holdings Limited (CN) $8.9 90% $5,969 $5,240 0.4x 0.4x 7.1x 6.0x 3.0% 5.2% 21.0%Baozun Inc. (CN) $42.5 75% $2,647 $2,651 2.6x 1.9x 29.5x 19.4x 31.5% 32.6% 39.2%Secoo Holding Limited (CN) $6.6 50% $330 $465 0.4x 0.3x NM NM NA 37.4% 18.8%Min 50% $330 $465 0.4x 0.3x 7.1x 6.0x 3.0% 5.2% 3.2%Mean 78% $82,499 $83,117 2.0x 1.5x 17.6x 13.6x 20.1% 22.4% 22.9%Median 83% $9,645 $10,455 0.9x 0.8x 20.5x 15.2x 17.7% 22.8% 19.9%Max 90% $432,141 $437,339 6.5x 5.0x 29.5x 19.4x 34.5% 37.4% 46.4%

eCommerce Latin AmericaMercadoLibre, Inc. (AR) $541.5 77% $26,919 $25,393 11.1x 8.1x NM NM 59.1% 36.2% 56.8%S.A.C.I. Falabella (CL) $5.8 78% $14,627 $22,591 1.7x 1.6x 13.3x 11.4x (0.5%) 8.6% 37.0%Magazine Luiza S.A. (BR) $8.9 95% $13,516 $13,981 3.0x 2.4x 36.8x 29.5x 16.0% NA 27.7%B2W - Companhia Digital (BR) $11.8 96% $5,386 $6,080 3.7x 3.2x 43.0x 29.5x (1.3%) 13.4% 27.0%Min 77% $5,386 $6,080 1.7x 1.6x 13.3x 11.4x (1.3%) 8.6% 27.0%Mean 87% $15,112 $17,011 4.9x 3.8x 31.0x 23.5x 18.3% 19.4% 37.1%Median 86% $14,071 $18,286 3.3x 2.8x 36.8x 29.5x 7.7% 13.4% 32.4%Max 96% $26,919 $25,393 11.1x 8.1x 43.0x 29.5x 59.1% 36.2% 56.8%

%52W Revenue EBITDAEV / EV /

FinanceBlack Knight, Inc. (US) $60.2 93% $8,872 $10,544 8.9x 8.3x 18.1x 16.4x 6.0% 7.3% 45.1%LendingTree, Inc. (US) $301.3 69% $3,914 $4,256 3.9x 3.3x 21.3x 16.5x 43.5% 19.0% 93.8%Qudian Inc. (CN) $7.0 76% $1,943 $2,126 1.7x 1.5x 3.4x 3.1x 10.3% 17.7% 62.1%Elevate Credit, Inc. (US) $4.0 52% $177 $657 0.9x 0.8x 5.0x 4.8x (2.9%) 8.2% 37.4%Yiren Digital Ltd. (CN) $6.4 34% $606 $262 0.2x 0.2x 1.4x 1.3x 38.1% 37.0% 86.7%Min 34% $177 $262 0.2x 0.2x 1.4x 1.3x (2.9%) 7.3% 37.4%Mean 65% $3,103 $3,569 3.1x 2.8x 9.8x 8.4x 19.0% 17.8% 65.0%Median 69% $1,943 $2,126 1.7x 1.5x 5.0x 4.8x 10.3% 17.7% 62.1%Max 93% $8,872 $10,544 8.9x 8.3x 21.3x 16.5x 43.5% 37.0% 93.8%

Source: Capital IQ

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25

Public comparables (3 of 3)(USD in Millions, except per share price)

Trading Performance FD Capitalization Trading Multiples Operating StatisticsStock Equity Rev. Growth LTMPrice Market Enterprise CY19 / CY20 / Gross

Company (FYE) 10/3/2019 High Value Value CY19E CY20E CY19E CY20E CY18 CY19 MarginOnline RetailersWalmart Inc. (US) $118.5 99% $336,905 $409,755 0.8x 0.8x 12.5x 12.3x 1.6% 3.3% 24.9%Target Corporation (US) $106.1 96% $54,220 $66,367 0.8x 0.8x 9.5x 9.3x 3.9% 3.2% 29.3%Pinduoduo Inc. (CN) $31.3 85% $36,359 $31,777 7.6x 4.6x NM 33.0x 119.6% 64.3% 77.6%Macy's, Inc. (US) $15.3 40% $4,723 $11,922 0.5x 0.5x 5.2x 5.5x (3.4%) (0.1%) 40.4%Qurate Retail, Inc. (US) $10.2 41% $4,277 $11,867 0.9x 0.9x 6.0x 5.8x (2.9%) 0.5% 34.2%American Eagle Outfitters, Inc. (US) $16.0 64% $2,700 $4,001 0.9x 0.9x 7.6x 7.5x 6.5% 4.1% 44.4%Stitch Fix, Inc. (US) $18.3 39% $1,850 $1,559 0.9x 0.8x 33.9x 31.2x 27.7% 15.6% 44.7%istyle Inc. (JP) $6.9 53% $460 $486 1.6x 1.2x NM 30.9x 10.9% 25.1% 47.1%Enigmo Inc. (JP) $9.0 58% $382 $346 5.9x 5.2x NM NM NA 13.6% 82.1%Verkkokauppa.com Oyj (FI) $3.6 67% $164 $163 0.3x 0.3x 9.2x 8.1x 3.1% 7.7% 8.4%Delticom AG (DE) $3.3 32% $41 $136 0.2x 0.2x 44.3x 8.4x (4.1%) 4.8% 21.9%Purple Innovation, Inc. (US) $7.8 71% $77 $84 0.2x 0.2x 3.2x 1.8x 46.1% 23.9% 39.2%SRP Groupe S.A. (FR) $1.2 19% $61 $83 0.1x 0.1x NM 12.7x (7.5%) 16.3% 33.7%U.S. Auto Parts Netw ork, Inc. (US) $1.5 84% $54 $68 0.2x 0.2x 30.0x 9.0x (2.6%) 3.5% 27.2%MOGU Inc. (CN) $2.6 10% $279 $66 0.4x 0.4x NM NM 3.4% 17.3% 71.8%Koovs plc (GB) $0.1 46% $28 $29 2.0x 0.9x NM NM 106.9% 117.4% (8.3%)Westw ing Group AG (DE) $2.1 7% $43 ($11) (0.0x) (0.0x) 1.2x 2.1x 1.3% 13.0% 42.9%Min 7% $28 ($11) (0.0x) (0.0x) 1.2x 1.8x (7.5%) (0.1%) (8.3%)Mean 54% $26,037 $31,688 1.4x 1.0x 14.8x 12.7x 19.4% 19.6% 38.9%Median 53% $382 $346 0.8x 0.8x 9.2x 8.7x 3.3% 13.0% 39.2%Max 99% $336,905 $409,755 7.6x 5.2x 44.3x 33.0x 119.6% 117.4% 82.1%

%52W Revenue EBITDAEV / EV /

FoodOcado Group plc (GB) $16.1 91% $11,215 $11,194 5.1x 4.5x NM NM 6.8% 13.7% 34.6%Delivery Hero SE (DE) $46.1 93% $7,983 $7,748 5.9x 4.5x NM 36.4x NA 29.8% 59.4%Just Eat plc (GB) $7.8 76% $5,325 $5,417 4.2x 3.4x 23.9x 18.8x 29.9% 23.4% 66.2%Grubhub Inc. (US) $54.1 40% $4,940 $5,178 3.8x 3.0x 21.4x 15.0x 35.4% 27.3% 42.4%Takeaw ay.com N.V. (NL) $78.5 80% $4,806 $5,019 10.9x 8.1x NM 56.5x 72.5% 34.3% 76.8%Min 40% $4,806 $5,019 3.8x 3.0x 21.4x 15.0x 6.8% 13.7% 34.6%Mean 76% $6,854 $6,911 6.0x 4.7x 22.7x 31.7x 36.1% 25.7% 55.9%Median 80% $5,325 $5,417 5.1x 4.5x 22.7x 27.6x 32.6% 27.3% 59.4%Max 93% $11,215 $11,194 10.9x 8.1x 23.9x 56.5x 72.5% 34.3% 76.8%

Source: Capital IQ

26

Revenue recognition by marketplacesCase study: Etsy, Inc. Notes to Consolidated Financial StatementsThe Company’s revenue is diversified; generated from a mix of marketplace activities and other optional services to help Etsy sellers to generate more sales and scale their businesses. The Company evaluates whether it is appropriate to recognize revenue on a gross or net basis based upon its evaluation of whether the Company obtains control of the specified goods or services by considering if it is primarily responsible for fulfillment of the promise, has inventory risk, and has the latitude in establishing pricing and selecting suppliers, among other factors. Based on its evaluation of these factors, revenue is recorded either gross or net of costs associated with the transaction.

§ Marketplace Revenue:

− Etsy sellers receive the benefit of marketplace activities, including listing items for sale, completing sales transactions, and payments processing, which represents a single stand-ready performance obligation. On July 16, 2018, the Company increased the seller transaction feefrom 3.5% to 5% of each completed transaction, and now applies it to the cost of shipping in addition to the cost of the item

− Etsy Payments processing fees vary between 3 -4.5% of an item’s total sale price, including shipping, plus a flat fee per order

§ Services revenue:

− Services revenue is derived from optional services offered to Etsy sellers, which include Promoted Listings, Etsy Shipping Labels, Pattern, and Etsy Plus

− Revenue from Promoted Listings consists of cost-per-click fees an Etsy seller pays for prominent placement of her listings

− Revenue from Etsy Shipping Labels consists of fees an Etsy seller pays the Company when she purchases shipping labels through its platform, net of the cost the Company incurs in purchasing those shipping labels

− Revenue from Pattern consists of monthly subscription fees an Etsy seller pays to use the Company’s custom website services

− Revenue from Etsy Plus consists of monthly subscription fees an Etsy seller pays for enhanced tools and credits for use on the Company’s platform

§ Other revenue: Other revenue typically includes revenue generated from commercial partnerships, which are recognized as the customer in each contract consumes the benefit of the service Etsy provides in each arrangement.

Source: Etsy 10k, edited for clarity and conciseness

Etsy’s 10-K describes how even on its own platform, sales of physical products may be recognized as gross or net depending on its own evaluation of a number of factors. As such, it can be difficult to establish a GMV and/or revenue multiple that is like-for-like when valuing a comparable platform, especially

when a cohort of platforms are considered. Thus, a Gross Profit multiple can be a strong reference point or “sanity check” for valuation

In addition, Etsy trades at a higher revenue multiple compared with its marketplace peers, but as the above demonstrates, they have a variety of revenue streams which include subscription fees for seller services. Its high multiple can be attributed, at least in part, to its sass-like stickiness for sellers