Europe & Israel 4Q21 Deals Done Review

Enterprise / Deep Tech
Europe & Israel:

2021 VC Investment Data
February 8, 2022
Angular Ventures is a venture capital fund based in London, Tel Aviv, and New
York that backs early-stage enterprise tech companies from Europe and
Israel.
Gil Dibner David Peterson

Partner (LON/TLV) Partner (LON)
gil@angularventures.com david@angularventures.com
@gdibner @gdibner
Anne Blum Andrew Poesaste

Head of Platform (NYC) Sr Associate (LON)
anne@angularventures.com andrew@angularventures.com
@anneablum @poetential
February 8, 2022 Proprietary & Confidential 2

A note on the data
• The data in this report consists entirely of data we’ve
gathered manually based on publicly available, free
sources
• No paid data sources, ML models, or API calls were
harmed in the making of this dataset, every investment
was manually classified
• This allows analysis of some aspects of the data we
consider important – aspects that don’t appear in other
data sources. More importantly, it allows us to exclude
deals that are really not “venture capital” rounds but tend
to get included by others
• Seed investments are under-reported and add a lot of
noise to the data set, so we exclude deals under $500K
• The analysis is limited to ICT categories and excludes life
sciences
• Data from Turkey and FSU countries is very incomplete
and is included on a best effort basis
• All currencies converted into USD using monthly average
exchange rates
• ICOs included on a selective basis; crypto companies are
classified into verticals by their end value proposition
Heatmap of enterprise and deep tech VC investment activity across Europe and Israel
(2021, total dollars invested)
February 8, 2022 3
I. An overview of venture capital in Europe & Israel
Previous versions of this report – released before Angular Ventures was launched – covered the full spectrum of venture
capital in Europe, including consumer
We continue to track all this data, and the first section of this report shows overall venture capital activity in Europe
and Israel, including consumer investments
We also show that venture activity in both Europe (ex-Israel) and Israel has been reset to a “new normal” where
enterprise and deep tech accounts for a larger share of activity than a few years ago
February 8, 2022 4
Europe & Israel
VC Investment Data 2021
VC Investments in Europe & Israel

Overall VC investment
in Europe and Israel
$160,000 4,500
4,005
4,000
• $139.1B in venture capital $140,000
$139,130
was invested in European 3,500
and Israeli companies in $120,000
2021 2,744
3,000
Amount Invested (US $M)

$100,000
• This makes 2021 the sixth 2,359 2,500
consecutive record year $80,000 2,115
(since we’ve been tracking 1,791

1,908
2,000
the data) $60,000

1,500
• The growth rate we’ve 1,180
witnessed appears to be $40,000

$42,074
$45,678
1,000
unsustainable. We would
expect to see a slow down $20,000
$20,173
$26,381
500
(or even a decline) into 2022 $12,062

$14,471
$0 0
2015 2016 2017 2018 2019 2020 2021
VC Investment (US $M) Number of Investments
February 8, 2022 5
Europe & Israel

Quarterly investment
pace
$45,000 1,200
$40,000
• The second quarter of 2021 1,000
$38,236
was the largest ever on $35,000
$36,364
record at $37.9B. (By
$33,304
$30,000 800
comparison, the entire year
$31,226
Number of Investments
of 2019 was $42B!)

$25,000
600
• 3Q21 and 4Q21 saw declines $20,000
in total investment volume, $15,000 400

but even 4Q21 was roughly
$15,828
double 4Q20
$12,039
$10,000
$11,556
$10,321
$10,145
$10,140
$9,575
200
• Deal counts by quarter
$8,149
$5,000
$6,892
$6,880
$6,467
$6,142
$5,668
continued to rise
$5,563
$4,868
$4,114
$4,074
$3,727
$3,512
$3,254
$3,120
$3,117
$2,871
$2,818
dramatically into year end $0 0
Qtr1
Qtr2
Qtr3
Qtr4
Qtr1
Qtr2
Qtr3
Qtr4
Qtr1
Qtr2
Qtr3
Qtr4
Qtr1
Qtr2
Qtr3
Qtr4
Qtr1
Qtr2
Qtr3
Qtr4
Qtr1
Qtr2
Qtr3
Qtr4
Qtr1
Qtr2
Qtr3
Qtr4
2015 2016 2017 2018 2019 2020 2021
VC Investment (US $M) Number of Investments
February 8, 2022 6
Europe & Israel
Enterprise & deep tech $100,000

(E&DT) vs. Consumer

$90,000
• Both E&DT and Consumer $85,953
VC investment were way up

$80,000
in 2021 compared to 2020 $70,000

• E&DT investment was up by $60,000
2.9x YoY
$50,000 $53,177
• Consumer investment was

up by 3.2x YoY
$40,000
$30,000
$29,500 $29,252
$20,000
$15,896 $16,426
$10,000 $12,574
$11,198 $10,485
$8,033 $8,975
$5,874 $6,188 $6,437
$0
2015 2016 2017 2018 2019 2020 2021
E&DT Consumer
February 8, 2022 7
Europe & Israel
Breakdown of VC VC Investments in Europe & Israel

investment in Europe and $100,000
Israel by target market

$60,707
$23,865 $53,177
• In our analysis, enterprise and deep tech $20,845
actually consists of five main target $14,012
markets: $8,975
$11,795
$16,426
• traditional enterprise $10,000
$12,574 $9,865
$8,234 $10,485 $4,939
• SME
$3,317
OEM
Amount Invested (US $M), Log Scale

• $2,253
• agriculture, and $1,462 $2,825
• government $1,894 $989
$1,000 $1,549
• We continue to track a sixth market, $1,247
$467
telecom, but it is no longer significant $350
enough to graph
$217
$381
• In this chart, we show these five target $159
markets alongside consumer
$172
$100
• Starting in 2018, enterprise became the
largest category for VC investment in $69 $72 $73
Europe and Israel
• 2021 saw a dramatic upshift in
investment pace in SMB-oriented
businesses $10
2017 2018 2019 2020 2021
Consumer Enterprise SME OEM Agriculture Government
February 8, 2022 8
Europe & Israel

Enterprise & deep tech VC Investment by Target Market (Top 20 countries, US $M,2021)
leads in most countries 40,000
• Across Europe, enterprise 35,000
and deep tech accounted 30,000

for the bulk of VC activity in
2021 25,000
20,000
• Israeli VC activity was 91%
E&DT 15,000
10,000
• The UK was 63% E&DT
5,000
• Germany and Sweden were
0
both ~52% E&DT
Spain
Romania
Germany
Sweden
Finland
Austria
Turkey
Israel
Estonia
United Kingdom
France
Denmark
Belgium
Netherlands
Ukraine
Norway
Switzerland
Poland
Italy
Ireland
Enterprise & Deep Tech Consumer
February 8, 2022 9
Europe & Israel
Europe shifts to Enterprise & Deep Tech VC Investments in Europe (excluding Israel)
VC Investment by Target Market (% of investment rounds)
enterprise 100%
• Enterprise & deep tech 90%

investments have 80%
accounted for about two- 70% 65.7% 65.2% 65.8%
69.3%
67.2%
thirds of VC activity in
64.8%
60.1%
Europe (excluding Israel) 60% 53.9%

50.4%
52.4% 52.3%
since 2020 50%

49.6%
46.1% 47.6% 47.7%
40%
39.9%
30% 34.3% 34.8% 34.2% 35.2%
32.8%
30.7%
20%
10%
0%
Qtr3
Qtr1
Qtr2
Qtr4
2014 2015 2016 2017 2018 2019 2020 2021
February 8, 2022 10
Europe & Israel
Israel saw a bit of Enterprise & Deep Tech VC Investments in Israel

VC Investment by Target Market (% of investment rounds)
mean reversion in 2021 100% 93.8%
• Broadly speaking, and despite 86.2%
88.8% 87.2%
some high-profile successes 90%
80.2%
83.7%
81.8% 83.1% 84.1%
in consumer technology 80% 74.0%

(Waze, Fiverr, Lemonade, and 70.7%
Lightricks), Israel continues to 70%
shift even further towards 60%

enterprise & deep tech, which
accounted for 86.3% of 50%
investment rounds in 2020 40%
• In 2021, E&DT accounted for 30%
89% of Israeli VC volume – a 29.3%
record high 20% 26.0%
19.8%
• On a quarterly basis,
18.2% 16.9%
10% 16.3% 15.9%
13.8% 12.8%
however, it looks like the 6.2%
11.2%
Israeli eco-system is settling 0%
Qtr1
Qtr2
Qtr3
Qtr4
back towards a mean
2014 2015 2016 2017 2018 2019 2020 2021
February 8, 2022 11
II. Macro perspective
• VC per capita
• VC as a percentage of GDP
February 8, 2022 12
Europe & Israel
VC investment per Venture Capital per Capita (2021)
capita
Israel $2,470.40
Luxembourg $1,099.05
Estonia $837.66
Sweden $732.58
$557.66
• Israel saw over $2,470 of VC
United Kingdom
Netherlands $361.02
Denmark $335.57
per capita in 2021, roughly Finland
Germany
$329.84
$266.29
2.7x the level in the United Switzerland
Norway
$241.55
$212.80
States, and double the $186.48

Lithuania
France $180.94
$165.57
previous year
Ireland
Spain $155.41
Austria $154.18 United States:
Latvia $140.44
$956.67
• Luxembourg and Estonia Belgium
Poland
$120.08
$69.20
took second and third place Cyprus
Iceland
$66.33
$66.05
Portugal $62.41
• Sweden in fourth with $732,

Romania $41.30
Greece $37.05
Czech Republic $36.59
below the US, but double Croatia
Turkey
$35.63
$32.56
the Swedish level from last Ukraine
Italy
$29.49
$26.69
year $19.02
Bulgaria
Malta $14.73
Hungary $10.29
Slovakia $7.51
Slovenia $5.77
Serbia $3.05
Belarus $0.42
Albania $0.19
February 8, 2022 13
Europe & Israel
Venture Capital Investment as a Percentage of GDP

VC investment as a (2021 VC vs. 2020 GDP)
percentage of GDP Israel
Estonia 3.64%
5.66%
Sweden 1.41%
• Israel and Estonia took the United Kingdom
Luxembourg 0.95%
0.93%
1.35%
top spots with 5.66% and

Lithuania
Ukraine 0.84%
Latvia 0.79%
3.64% respectively Netherlands
Finland
0.69%
0.68%
Armenia 0.64%
• Sweden was in third place

Spain 0.57%
Denmark 0.55%
Germany 0.53%
at 1.4%, just below the US France
Poland
0.46%
0.44% United States:
at 1.6% Turkey
Romania
0.38%
0.32%
1.6%
Austria 0.32%
Switzerland 0.29%
Norway 0.28%
Portugal 0.28%
Belgium 0.27%
Croatia 0.26%
Cyprus 0.25%
Greece 0.21%
Ireland 0.19%
Bulgaria 0.19%
Czech Republic 0.16%
Iceland 0.11%
Italy 0.08%
Hungary 0.06%
Malta 0.05%
Serbia 0.04%
Slovakia 0.04%
Slovenia 0.02%
Albania 0.01%
Belarus 0.01%
February 8, 2022 14
Europe & Israel
Venture Capital Investment in Europe and Israel

The European and (2019 VC per capita vs. population;
Israeli VC eco-system
bubble size reflects total VC investment in 2021)
• This chart plots each Israel

United Kingdom
country by the log of VC per
capita and the log of its
$1,000
Estonia Sweden
population Finland
Denmark
Netherlands
VC/Capita (log scale)

Lithuania Norway
Switzerland
• The size of each bubble Ireland Belgium
Spain
represents the size of each $100 Latvia Austria

Germany
Poland France
Portugal
country’s VC market in Croatia
Romania
absolute terms Greece Czech Republic

Ukraine
Italy
$10 Hungary
Slovakia
Slovenia
$1
1 10 100
Population (millions, log scale)
February 8, 2022 15
III. Zooming in on Enterprise & Deep Tech
Angular Ventures is focused on enterprise & deep tech.
The rest of this report will focus only on that part of the venture market.
February 8, 2022 16
Europe & Israel
Enterprise & deep tech VC Enterprise & Deep Tech VC Investments in Europe & Israel
investment in Europe and Amount Invested by Quarter
Israel by bracket $30,000
• We divide financing rounds

into five brackets, by sizes $25,000
• While all brackets were up,

the vast majority of the $20,000
increase was due to $15,454
megaround volume $15,000

$13,034 $11,305
• Prior to 2021, the quarterly

$13,654
record for megaround $10,000

volume was 3Q20, with
$3.5B
$3,377
$3,295 $3,511 $5,947
$3,212 $2,522 $5,510
$2,755 $1,006 $4,962
$5,000 $1,999 $4,239
• 2021 saw an average $569

$665
$1,512
$752
$686
$2,367 $2,641
$3,026
$2,472 $2,416 $2,169
$2,675 $2,530
$3,834
quarterly megaround $1,193 $1,648 $2,117 $1,819

$1,671 $1,807
$1,255 $1,032 $1,122 $941 $1,124 $1,176 $1,258 $1,190 $1,212
$844 $960 $842
$1,127
volume of $13.3B for a total

$503 $631 $495 $621 $571 $630 $621 $693 $628 $718 $692 $755 $870 $932 $873
$0
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
of $53B 2018 2019 2020 2021
Megaround (>100) Growth (20-100) Venture (8-20) Early Venture (2-8) Seed (.5-2)
February 8, 2022 17
Europe & Israel
Number of VC Enterprise & Deep Tech VC Investments in Europe & Israel

Number of Investments by Quarter
investments by bracket 900
• This chart shows the 800
number of rounds, broken 57
down by round size 700 56
66 131
• This view makes it clear that 600
136
50
the Coronavirus pandemic 22

108
140
and the resulting economic

500 97
91
8 157
slowdown does not seem to

10 18
67 140
14 14
400 77 65 127
have impacted the level of 3 5 14 58 52 88

17
39
69 64 95
65
VC activity at all 89 89 95
300 2
22
4 6 90 273
36 99 44
1 68 69 220
61 3 3 33 80 216
191
• The number of seed and

24 42 66
76 205
200 43 58
152 157
173
163
53 161
early rounds is growing, but 114

109 97 130
152
120
156
135
145
the number of growth 100 95

146 154 141 167
103 114 100 109 117 107 120
rounds and megarounds is 0
70 57 77 71 83 61 82 80 87
exploding Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2017 2018 2019 2020 2021
February 8, 2022 18
Europe & Israel
“A new record” doesn’t Enterprise & Deep Tech VC Investments in Europe & Israel
exactly do it justice $100,000
• $85B of VC was invested in $90,000
European and Israeli deep $80,000

tech in 2021
$70,000

• Of this, $53B was in
megarounds of more than $60,000 $53,447
$100M $50,000
• Spot the pattern: seed was $40,000
up 22%, early venture was $30,000

up 36%, venture was up $11,784 $9,893
53%, growth was up 84%, $20,000

$20,658
and megarounds were up $10,000 $1,764

$2,672
$6,719
$10,555
$11,209
440% $4,678
$2,701
$3,901 $4,218 $4,837
$2,794
$7,415
$3,801
$1,712 $2,250 $2,516
$0
2017 2018 2019 2020 2021
February 8, 2022 19
Europe & Israel
Corporate VC activity Enterprise & Deep Tech VC Investments in Europe & Israel
Corporate VC Activity
appears to be slowing 70
• Corporate VC activity across 60

1
Europe and Israel appears to

6
have been steadily declining 50 5
since the middle of 2020 3
3
8 29 11
40 1 9 1
2
9 13 8
7 1
11 8
6 7 7
30 12 13
17
20 11
1 5
3
11
10 15 9 9 6
9 12 13 18 9
20 8
19 12
20 13 7
12
17 7 6 10
14 10
11 3 10
10 17 16 15 12 11 7
10 9
8 6
7 9 10 8 5 3
5 7 5 6 6 3
2 2 3 4 3 2 3 3 3
0 1
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2017 2018 2019 2020 2021
February 8, 2022 20
Europe & Israel
Corporate VC activity Enterprise & Deep Tech VC Investments in Europe & Israel
Corporate VC Activity by Country (2021)
by country 45
• Israel and the UK are 40
drawing the most corporate 35

10
VC activity by a wide 30
8
margin
NUmber of Investments
25
15
• Corporate VCs were active 20 9
in 19 countries in the region

in 2021
15
7
10
10
5
5
6
4
0
Israel
United Kingdom
Germany
Sweden
Spain
Switzerland
Belgium
Norway
France
Finland
Croatia
Netherlands
Italy
Turkey
Denmark
Ukraine
Luxembourg
Austria
Greece
February 8, 2022 21
Europe & Israel
Enterprise & Deep Tech VC Investments in Europe & Israel

Average round sizes Average Round Size (rounds of $2M to $100M)
dipped but have returned 20
• Since 2015, round sizes have

been gradually drifting 18
upwards
Average Round Size (US $M)

• From today’s vantage point, 16
it looks like the data falls

into three periods: 14
• 2015-2018: Baseline
• 2019-3Q20: Elevated 12
• 4Q20- today: Even higher

10
• It’s worth noting that the
last two quarters have seen 8
round sized trending
downwards slightly 6
Qtr1
Qtr2
Qtr3
Qtr4
Qtr1
Qtr2
Qtr3
Qtr4
Qtr1
Qtr2
Qtr3
Qtr4
Qtr1
Qtr2
Qtr3
Qtr4
Qtr1
Qtr2
Qtr3
Qtr4
Qtr1
Qtr2
Qtr3
Qtr4
Qtr1
Qtr2
Qtr3
Qtr4
2015 2016 2017 2018 2019 2020 2021
February 8, 2022 22
Europe & Israel
Enterprise & deep tech Enterprise & Deep Tech VC Investments in Europe & Israel
Total VC Investment in 2021 (US $M, top 25 countries)
investment by country United Kingdom $23,025
Israel $20,678
• During 2021, the UK led the Germany
France $7,626
$11,539
pack with $23B of VC Sweden $4,012
investment in enterprise & Netherlands

Spain
$3,370
$3,165
deep tech Switzerland
Denmark
$1,817
$1,381
• Israel was second at $20.7B $1,342

Poland
Belgium $1,240
Italy $829
• Germany leapt to third Norway $827
place with $11.5B, ahead of

Finland $819
Romania $789
France with $7.6B Ireland

Portugal
$633
$609
Austria $460
Estonia $298
Ukraine $262
Latvia $261
Luxembourg $238
Bulgaria $129
Croatia $116
Turkey $115
$0 $5,000 $10,000 $15,000 $20,000 $25,000
February 8, 2022 23
Europe & Israel
Number of investments Enterprise & Deep Tech VC Investments in Europe & Israel
Number of VC Investments in 2021
by country United Kingdom 706
Israel 357
• In terms of the number of 351

Germany
France 223
investment rounds, the UK Sweden

Spain 153
201
was a distant leader with a Netherlands

Switzerland
118
112
stunning 706 investment Poland
Finland
52
50
rounds Belgium
Denmark
48
48
• Israel was second with 357,

Italy 46
Ireland 45
followed closely by Germany 39

Estonia
Norway 31
with 351 Austria

Turkey
25
21
Portugal 20
• France (223) and Sweden Lithuania
Romania
19
17
(201) rounded out the top Luxembourg 15
13
five
Ukraine
Latvia 6
Slovakia 6
0 100 200 300 400 500 600 700 800
February 8, 2022 24
Europe & Israel

A quick snap back (top 6 countries, excludes mega-rounds)
from Covid 3000
• UK and Israel saw the most

investment for most of 2021 2500
• German VC investment

volume scaled rapidly in 2000
2021, over-taking Israel in

4Q21 1500
1000
500
0
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2017 2018 2019 2020 2021
Israel United Kingdom Germany France Sweden Netherlands
February 8, 2022 25
Europe & Israel
More activity across Enterprise & Deep Tech VC Investments in Europe & Israel
VC Investments by Quarter (countries 7-11, excludes mega-rounds)
the board 900
• Switzerland, Spain, Finland, 800

Belgium, and Denmark were
the next five countries 700
(ranked 7-11)

600
• All of them saw increased 500

activity in 2021, with
Denmark showing an 400
incredible increase in 300

activity
200
100
0
2017 2018 2019 2020 2021
Switzerland Spain Finland Belgium Denmark
February 8, 2022 26
Europe & Israel
VC investment by
Regional VC investment by quarter (excludes mega-rounds)
region 25,000
• The DACH region
23,658
skyrocketed in 2021 20,000
20,678
• France and the Nordics

continue to growth 15,000
consistently
13,815
• Other “smaller” regions also 10,000
saw unprecedented levels of
8,161
4,848
VC activity
7,626
7,462
7,419
7,338
7,093
3,774
5,000
3,073
4,877
2,157
1,856
4,594
1,278
1,512
1,075
3,942
3,878
3,844
1,019
3,565
964
959
902
3,160
3,045
623
554
619
454
386
252
143
0
2018 2019 2020 2021
UK and Ireland Israel DACH

France Nordics BeNeLux
Iberia Eastern Europe Southern Europe
February 8, 2022 27
Europe & Israel
UK is seeing very high Enterprise & Deep Tech VC Investments in Europe & Israel
Number of VC Investments by Region (2021)
deal volume 800
• The UK & Ireland saw 751 700

59
investments, including 153
seed deals and 267 early 113
venture deals 600
• DACH was second with 488 500 159

investments 41
• The Nordics were third with 400 82
393 investments 51
65
104
• We believe the very low 300
267 58
number of Israeli seed deals 126

does not reflect bad data but 200 149
21
39
rather the fact that by the
182
30
51 30
time most Israeli deals are 100
101 34
53
reported, they are well above 153 86 57 34
121
79
the $2M size 0
61
26 48 67 64 25
20
UK and DACH Nordics Israel France BeNeLux Iberia Eastern Southern
Ireland Europe Europe
February 8, 2022 28
Europe & Israel
Annual Change in Enterprise & Deep Tech Venture Investment Volume

VC investment by 500%
region 454%
• In dollar terms, venture 400%
activity more than

quadrupled in Eastern 300%
Europe in 2021 251% 250%
234%
221%
• In four other regions, 200% 179%
venture activity more than 136%
doubled in 2021 100%
97%
64%
0%
-100%
Eastern Iberia DACH UK and BeNeLux Israel Nordics France Southern
Europe Ireland Europe
2019 2020 2021
February 8, 2022 29
Europe & Israel
Enterprise & Deep Tech Venture in Europe

All regions are seeing Changes in Number of Deals by Region (2021 vs. 2020)
increased activity 84.7%
• Eastern Europe saw the

most dramatic increase in
the number of investments
57.3% 58.5%
53.0%
42.9%
36.1%
32.1%
23.9%
1.6%
Southern France Iberia BeNeLux Israel UK and Nordics DACH Eastern

Europe Ireland Europe
February 8, 2022 30
IV. US VC activity in Europe and Israel
• Participation rates of US VCs in European and Israeli investments
• Distribution of US VC activity by country
• League tables of the most active US VCs in Europe and Israel
February 8, 2022 31
Europe & Israel

US VC participation is US VC Participation (% of rounds)
holding steady at 14.5%

• US VCs are participating in
about 14.5% of all rounds in
Europe and Israel, a level 15.4%
that has remained steady 14.5% 14.5%
13.3%
for the past several years 13.2%
• Reports of increased US
activity in Europe & Israel
are accurate, but the rise is
commensurate with the
overall rise in venture
investing in the region
2017 2018 2019 2020 2021
February 8, 2022 32
Europe & Israel

US VC participation in US VC Participation (% of rounds)
early rounds remains rare
• The later the stage, the 41.8%
43.5% 44.1%
higher the probability of US 40.2%
VCs participation
34.5%
• US VCs participated in only 33.3%
7.4% of early venture rounds

and only 1.5% of seed rounds
• US VC participation in 22.9%
megarounds is trending up
20.1%
16.3%
• US VC participation in all
other brackets was actually
down in 2021 – probably a 7.3%
8.0% 7.4%
reflection of increased local 3.8%
activity not lack of US VC 2.4%
1.5%
interest
1. Seed (.5-2) 2. Early Venture (2-8) 3. Venture (8-20) 4. Growth (20-100) 5. Megaround (>100)
2019 2020 2021
February 8, 2022 33
Europe & Israel
US VCs activity by Enterprise & Deep Tech VC Investments in Europe & Israel
US VC Activity by Country (2021)
country in 2020 180
• US VCs were most active in 160
Israel, making 154 140

investments
120
• US VCs made 105
investments in the UK, and 100
52 in Germany, both 80
Title
numbers roughly double the 60
previous year
40
• There was a long tail to US
VC activity in Europe – with 20
investments in 29 different 0
countries – many with only
Israel
United Kingdom
Germany
France
Spain
Denmark
Switzerland
Netherlands
Ireland
Norway
Poland
Belgium
Austria
Portugal
Finland
Sweden
Italy
Latvia
Ukraine
Estonia
Luxembourg
Czech Republic
Turkey
Serbia
Hungary
Bulgaria
Romania
Slovenia
Lithuania
one or two
February 8, 2022 34
Europe & Israel
League Table: Enterprise & Deep Tech in Europe & Israel

US VC activity in Europe League Table of US VC Activity by Region
(number of investments, 2020-2021)
(by region)
Insight Partners 41 9 14 3 3 3 3
• This chart shows the top 20 most Accel 9 8 10 6 1 3 2 1
active US VCs in Europe and Index Ventures 2 13 8 3 2 1 2
Israel over the past two years by Bessemer 19 3 4 1 2 1
geographic region Lightspeed 14 6 4 1
Sequoia
• We include Accel and Index as US
9 2 5 1 1 1 2
Coatue Management
VC funds due to their significant
6 4 2 3 1 1 1
General Catalyst
US operations and established
3 9 3 1 2 1
Andreessen Horowitz
status as global funds
6 4 3 2
Battery Ventures 9 3 1 1 1
• Numbers refer to all investment NFX 6 2 1 1 2
rounds during the period, not Sapphire 5 4 1 1 1

Israel
strictly “new” investments General Atlantic 3 4 1 1 1 1 1
UK and Ireland
CRV 2 2 2 1 1 1 DACH
• Our data is based on rounds that Iconiq 2 2 2 1 2 France
are publicly announced – we are Founders Fund 2 2 1 1 2 Nordics
undoubtedly missing rounds that Spark 4 2 1 1 Eastern Europe
are kept confidential Bain 1 3 1 2 Iberia
Norwest 7 BeNeLux
Khosla Ventures 3 2 1 1 Southern Europe
February 8, 2022 35
Europe & Israel
League Table: Enterprise & Deep Tech in Europe & Israel

US VC activity in Europe League Table of US VC Activity
(by stage) (number of investments, 2020-2021)
• This chart shows the top 20 most Insight Partners 1 6 42 27
active US VCs in Europe and Accel 8 6 16 11
Israel over the past two years by Index Ventures 6 5 8 12
deal bracket Bessemer 1 3 9 17
Lightspeed 1 1 12 11
• We include Accel and Index as US Sequoia 7 5 9
VC funds due to their significant Coatue Management 1 3 2 13
US operations and established General Catalyst 1 2 6 10
status as global funds Andreessen Horowitz 1 3 4 7
Battery Ventures
• Numbers refer to all investment
1 3 5 6
NFX 1 9 1 1
rounds during the period, not Sapphire 5 7
strictly “new” investments General Atlantic 4 8
• Our data is based on rounds that CRV 1 2 4 2
are publicly announced – we are Iconiq 4 5

Seed (.5-2)
undoubtedly missing rounds that Founders Fund 1 3 1 3
are kept confidential Spark 1 2 5 Early Venture (2-8)

Bain 1 1 Venture (8-20)
Norwest 1 2 4 Growth (20-100)
Khosla Ventures 1 3 2 1
Megaround (>100)
February 8, 2022 36
Europe & Israel
Venture Capital in Europe & Israel

Changes in US VC League Table of US VC Activity
activity in Europe (number of investments, 2021 vs. 2020)
50 1500% 1600%
• Seven US funds more than 45
doubled their activity levels
1400%
40
in Europe and Israel in 2021 35

1200%
1000%
30
25 800%
20
600%
15
300% 400%
10
175% 150% 150% 146%
100% 86% 80% 79% 71% 67% 200%
5 50% 50% 44% 33% 30% 19% 14% 13%
0 0%
General Atlantic
Sapphire
TriplePoint
Coatue Management
NFX
Insight Partners
Andreessen Horowitz
General Catalyst
True Ventures
Lightspeed
Sequoia
Iconiq
Khosla Ventures
CRV
Accel
Index Ventures
Founders Fund
Bessemer
Battery Ventures
Spark
2020 2021 % Change
February 8, 2022 37
V. A deeper dive based on company categorization
• Our data set is unique because we review every company and categorize it across
three dimensions
• The first dimension, which we have touched on earlier, is the “target market:”
enterprise, SME, OEM, consumer, government, agriculture, or telecom
• The second dimension captures the vertical market addressed by the company:
fintech, security, IT infrastructure, ML tooling, etc.
• The third dimension captures the business model: SaaS, software, services, HW
system, components, semiconductors, etc.
• The charts that follow leverage this segmentation data to provide deeper insight
into where VCs are investing
February 8, 2022 38
Europe & Israel
VC investment by Enterprise & Deep Tech VC Investments in Europe & Israel

VC Investment by Vertical Market (number of investments, 2021)
vertical market
Financial
• Fintech was (yet again) the
98 81 49 63 83
Health
dominant category with 374
80 43 11 35 41
Industrial
investments in 2020
77 19 5 39 30
Security 43 33 24 8 30
• Surprisingly, health was second Marketing 49 19 6 35 23
with 210 and industrial was third Data Tooling 34 20 14 22 26
with 170 Food 32 10 4 28 21
Logistics 28 22 7 15 20
• Security dropped to fourth with Energy 38 13 6 14 20
138 Real Estate 35 82 29 15
• Starting last year, we have gone SW Development 20 16 8 20 25
back to 2015 and reclassified all

HR 25 9 12 26 15
the SW development, data

Payments 33 11 15 8 18
tooling, and ML tooling

Environmental 29 41 19 16
companies into three new

Ecommerce 27 8 4 18
Early Venture (2-8)
categories to capture distinctions
Communications 12 14 7 16
Growth (20-100)
between these three important
IT Infrastructure 13 17 6 9 12
Megaround (>100)
areas
ML Tooling 26 8 2 8 12
Agtech 16 4 3 15 11
Seed (.5-2)
Employment 12 6 4 20 7 Venture (8-20)
February 8, 2022 39
Europe & Israel
Enterprise and Deep Tech in Europe & Israel

Change in the Number of Venture Investments
Going green? (2021 vs. 2020, 25 most frequent categories)
Environmental 283%
• This chart compares the Payments 193%
level of VC activity in 2021

Ecommerce 179%
HR 149%
with 2020, broken down by Real Estate

IT Infrastructure
134%
128%
vertical market Data Tooling 100%
Design 85%
• Environmental tech showed Food

Health
73%
67%
the strongest growth SW Development 65%
Communications 56%
• Security dropped, and Legal

Energy
55%
52%
productivity continued its Financial 45%
decline
ML Tooling 44%
Logistics 42%
Industrial 40%
Automotive 24%
Marketing 16%
Agtech 9%
Employment 7%
Retail -6%
Security -6%
Productivity -19%
February 8, 2022 40
Europe & Israel

Gradual shifts in VC Investment by Vertical Market
emphasis (number of investments, top 15 verticals)
100%
• This chart shows the top 15
2 3 3 8 8 7 8
9
15
12
6 24 20 16 27 HR
21 15 9 12 7 9
12 22 11 11
7 19 15
vertical markets for VC

9 7
90% 8 8 15
8
12 15 7 15 Productivity
11 13 11 18 13
12 15 11 9 12 11 25
11
activity in Europe and Israel

15 13 17 9
8 13 21 16 24 24 Communications
7 13
80% 5 12 10 8 8 8 18 22 27
28
11 Employment
since 2019
Number of Investments (Percent)

18 14 12 11 17 21 19 19 22 21 27 19
16
70% 13 20 10
18
11 11 15 18 21 29 Real Estate
11 25
8 13 14 35
11 10
15 14 25 22
27 32 Food
22 13 10 16
60% 21 16 23
26
12
29 22 21 32 SW Development
22 24 42 39
32
22 30 31
50% 30 Energy
16 16 28
27 29 33 50
30 34 42 45 Data Tooling
29
40% 45
37 29 Logistics
28 27 46 43
33 33
32 45
30% 43 45 Marketing
24
38 22 60 57
31 32 48
28 27
Industrial
20%
Security
60 69 64 94
10% 50 65 53 62 63 94 85 101 Health
Financial
0%
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2019 2020 2021
February 8, 2022 41
Europe & Israel

Business models VC Investment by Business Model(number of investments)
(number of investments) 100%
15
21 27 22 21 35 42
11 13
• SaaS and software are the
7 17 16
53 52 37 12
37
90% 55 55 58
two most dominant

66
53 58 72
17 59 17
categories for business

11 14 13
18 40 29
80% 15 7 12 34
models in the enterprise and

74
45 53 69
46 Media
Number of Investments (Perfect)

47 46
deep tech landscape

53 45 14 71 103
70% 21 Commerce
32
• Admittedly, the distinction Materials

45 45
60%
between these business
171
137 128
105 Semiconductors
models is blurring: SaaS

123 129 114
50% Components
pricing models are Systems
dominating, but open source 40%
Marketplace
and freemium models are 406
517
Services
confusing the picture and a
343
30% 406 460
Software
fair amount of “traditional” 204
software remains – so it’s 20%

138 165 139 165 170 184 SaaS
probably best to look at these 10%

categories together
0%
Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2019 2020 2021
February 8, 2022 42
Europe & Israel

Business models VC Investment by Business Model
(invested capital) 90,000
• SaaS and software remain

2,078
80,000
robust – with massive 8,973
increases in 2021
2,201
70,000
Media
• Services and systems

15,108 Commerce
60,000 Materials
VC Investment (US $M)

companies also saw huge 4,605 Semiconductors
increases 50,000 Components

Systems
40,000 Marketplace
Services
30,000 Software
4,693
50,989 SaaS
4,121
20,000 5,877 4,054
5,561
2,050 9,247
2,861
10,000
3,702
12,404
8,242
5,843
0
2018 2019 2020 2021
February 8, 2022 43
Europe & Israel
The top 20 segments in Enterprise & Deep Tech VC Investments in Europe & Israel
European and Israeli VC Investment by Segment
enterprise & deep tech (number of investments, 2021, top 20)
Enterprise Financial SaaS 29 45 43 39 16
• Our three-dimensional Enterprise Health SaaS 23 44 28 28 5
categorization matrix allows Enterprise Security SaaS 7 33 23 27 19
us to assign each company Enterprise Marketing SaaS
Enterprise Data Tooling SaaS

23 40 16 14 6
to a segment consisting of:

18 29 22 15 12
Enterprise HR SaaS 23 25 12 7 10
• A target market (i.e. “enterprise”) SME Financial Services 7 14 14 20 20
Enterprise SW Development SaaS

• A vertical market (i.e. “security”) 15 16 21 14 8
SME Financial SaaS 23 22 10 9 5

• A business model (i.e. “software”) Enterprise Industrial SaaS 15 27 10 9 2
• The most commonly funded Enterprise ML Tooling SaaS
Enterprise Ecommerce SaaS

8 24 12 7 1
segment across Europe and

11 21 10 51
OEM Food Materials 9 14 12 5 2
Israel is enterprise financial Enterprise Logistics SaaS 7 11 10 9 5
SaaS, followed by Enterprise Legal SaaS
Enterprise IT Infrastructure SaaS 6

11
10
14
8
10
10 5
2
Seed (.5-2)
enterprise health-related Enterprise Communications SaaS 10 8 10 6 4

Early Venture (2-8)
SaaS
Venture (8-20)
Enterprise Environmental SaaS 9 20 5 3
Enterprise Financial Services 8 13 9 5

Growth (20-100)
Enterprise Logistics Services 6 12 5 8 2 Megaround (>100)
February 8, 2022 44
Europe & Israel

Change in the top 20 VC Investment by Segment
(number of investments in 2021 vs. 2018-20 average)
segments
Enterprise HR SaaS 313%
• Enterprise HR SaaS and Enterprise Health SaaS 296%
Enterprise Health SaaS were the
two fastest growing individual Enterprise Data Tooling SaaS 251%
segments in 2021, when OEM Food Materials 207%
compared to the average of the Enterprise Financial SaaS 205%

previous three years Enterprise SW Development SaaS 204%
• Data tooling, dev tools, and ML Enterprise ML Tooling SaaS 194%
tooling also saw very dramatic Enterprise Logistics SaaS 157%
growth Enterprise Security SaaS 119%

Enterprise Legal SaaS 110%
• The fourth fastest-growing
segment was “food materials,” SME Financial Services 105%
driven mostly by alternative Enterprise Industrial SaaS 101%
protein companies Enterprise Marketing SaaS 40%

OEM Energy Systems 25%
• Another clear trend is the shift
from “software” to SaaS. Note Enterprise Financial Services 4%
that security SaaS is growing in Enterprise Productivity SaaS -18%
frequency, but security software Enterprise Employment SaaS -24%

is declining. Enterprise Health Software -45%
Enterprise Security Software -73%
Enterprise Financial Software -90%
February 8, 2022 45
Europe & Israel
Our cheat sheet

• This chart takes the top ten
segments and maps them
across the top ten countries
for those segments
• While entrepreneurship is a
business of exceptions, we
think this chart is a helpful
“cheat sheet” summary of
what’s going on in this
region
February 8, 2022 46
VI. A deep dive into selected verticals
February 8, 2022 47
Europe & Israel
SaaS & software Enterprise & Deep Tech VC Investments in Europe & Israel
SaaS & Software Investment by Vertical (Top 20, 2021)
investing, by vertical Financial 52 70 53 50 21
• This chart zooms in on Health
Security
28 57 31 34 8
enterprise and deep tech

8 42 28 32 23
Marketing 34 44 20 17 6
software and SaaS, showing Data Tooling 21 33 23 16 13
the top twenty most Industrial 22 37 11 12 4
frequently funded verticals

HR 26 25 13 8 12
SW Development 18 17 23 15 8
across Europe and Israel in Ecommerce 17 25 10 5 3
2021 ML Tooling 8 25 12 8 1
Real Estate 21 17 10 5
• Financial, health, and Communications 14 9 14 8 5
security took the top three IT Infrastructure 6 13 10 14 6
slots Legal
Payments 6
14
23
16 10 5 2
6 6 5
Seed (.5-2)
Logistics 9 13 10 9 5
Early Venture (2-8)
Environmental 9 21 6 3
Venture (8-20)
Food 13 11 7 42
Growth (20-100)
Productivity 8 12 5 8 1
Megaround (>100)
Design 9 13 9 2
February 8, 2022 48
Europe & Israel
Services investing, by Enterprise & Deep Tech VC Investments in Europe & Israel
Services Investment by Vertical (2021)
vertical Financial 7 22 27 29 26
• Alongside software and Payments 2 10 12 5 10
SaaS, services are another Logistics

important business model
6 14 6 9 2
for enterprise and deep tech

Real Estate 5 5 2 21
companies Employment 4 2 3
Industrial
• Unsurprisingly, financial
3 5 1
services were the most

Space 1 4 3 1
frequently funded category Data Tooling 1 1 3 3 1
Health
• There were, however,
4 2 2
services businesses funded

Environmental 2 2 3
across a number of verticals Marketing 1 2 3 1

Seed (.5-2)
– particularly payments and Energy 1 2 2 1
Early Venture (2-8)
logistics Food 3 3
Venture (8-20)
Mobility 3 12
Growth (20-100)
Ecommerce 1 3 1 Megaround (>100)
February 8, 2022 49
Europe & Israel

Investing in the physical Investments in Physical Technology by Vertical (2021)
world, by stage Industrial 12 32 15 6 1
• This chart shows Energy 7 19 12 10 6
investments in physical Food 11 17 12 5 2
business models including Health 6 17 8 6 3
systems, components,
semiconductors, and
Agtech 8 8 7 3 2
materials Semiconductors 3 3 9 9 2
Space
• Industrial took the lead for
5 6 8 2
the second year in a row Automotive 2 5 2 8 3
Environmental 5 4 7 1 1
• Renewed interest in energy

and food related
Electronics 1 4 9 3
investments likely reflects Real Estate 1 10 2 1
increased VC focus on Mobility 5 3 2 1 Seed (.5-2)
planet-positive Communications 1 3 2 4 1
Early Venture (2-8)
opportunities Retail 2 5 2 2
Venture (8-20)
Growth (20-100)
Logistics 1 3 4 Megaround (>100)
February 8, 2022 50
Europe & Israel

Investing in the physical Investments in Physical Technology by Business Model (2021)
world, by business model Industrial 34 7 25
• This chart shows the

breakdown of “physical” Energy 29 5 20
investments by business Food 4 43

model and vertical
Health 27 5 8
• Industrial systems and
materials are a major Agtech 23 5
category of investment Semiconductors 4 18 4
• With increasing attention

on environmental and Space 20 1
sustainability issues, it’s not Automotive 20

surprising to see attention Systems
Components
paid to energy and food Environmental 4 14
Semiconductors
Materials
Electronics 3 10 2 2
February 8, 2022 51
Europe & Israel

Investments in Financial Technology
The fintech explosion 120
• Fintech activity jumped

significantly in 2021 100
15
8 8
• This analysis excludes 80

consumer fintech
Number of Investmets
20 18 21
24
3
1
2 1
1
60 2
11
16
16 9 16
14 13
10 25
1 6 23
5 4 16
10 9 9 19 10 14 19
40 15
14
11 31
2
3 25 20
7 21 25
2
1 31 28 21
4 10 17
5 22
20 25
3 15 19
15
8 10
17 16 19 18
14 14 14
8 7 9 8 8 8 10 10
6
0
2018 2019 2020 2021
February 8, 2022 52
Europe & Israel
VC investment in the new Enterprise & Deep Tech VC Investments in Europe & Israel
stack (number of Investments Across the Stack
investments) 100
• VCs in Europe and Israel 90
have been actively investing 80

12
across the new stack of

14
15
infrastructure, DevOps, dev 70

15
tools, data tooling, and ML 60 32
tooling 14 35 27
50 12 10 22
• Starting last year, we’ve 7 10
broken investments down 40
9 9
10 14 5
19
into these categories, so the 8 5 18
15 6 11
30 15
trends become more visible
5 8 22 27
4 9 13 18 21 2
13 21 8
20 9
• 2021 saw massive growth in 17 5 14 17 8
19 11
7 10 6 5 3 24
investment activity in data 10 10 7 12 8
4 3 5 4
6 11 12
tooling and SW 3 4 8 1 9 7 8 10
6 6 5 3 4 6
0 2 2
development tooling Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4
2018 2019 2020 2021
ML Tooling Data Tooling SW Development DevOps IT Infrastructure
February 8, 2022 53
Europe & Israel
VC investment in the
Investments Across the Stack (US $M)
new stack (US $M) 4,000
• On a dollar basis, “new 3,500
stack” hit a new high of

over $3.5B in 2Q21 3,000

• Interestingly, the 2,500
composition of this most

recent peak was very
2,000
different from the previous 1,500
peak – with a lot more

capital flowing to data 1,000
tooling
500
0
2018 2019 2020 2021
ML Tooling Data Tooling SW Development DevOps IT Infrastructure
February 8, 2022 54
Europe & Israel
New stack investments Enterprise & Deep Tech VC Investments in Europe & Israel
Investments in SW Development, Data Tooling, and ML Tooling
by size bracket 5,000
• Mega-rounds have arrived 4,500
in the lands of SW 4,000
development and Data 3,500

Tooling
3,000
• ML Tooling has yet to see a
similar explosion in funding
2,500
US $M
activity 2,000
1,500
1,000
500
0
2018 2019 2020 2021 2018 2019 2020 2021 2018 2019 2020 2021
SW Development Data Tooling ML Tooling
February 8, 2022 55
VII. A quick tour through 12 key countries
• The following slides show investments in the 12 countries with the highest
number of enterprise and deep tech VC investments in 2021, broken down by
size bracket and vertical
February 8, 2022 56
Europe & Israel
Enterprise & deep tech Enterprise & Deep Tech VC Investments in the UK
VC Investment by Vertical (2021, top verticals)
VC in the UK, 2021 Financial 20 29 31 26 16
• Financial technology was far Health
Payments
14 22 11 16 5
and away the leading

6 11 5 3 10
Marketing 10 15 7 3
segment for VC investment Security 3 15 7 4 2
in the UK in 2021 (worth Industrial 8 16 6
noting that this analysis

Data Tooling 3 10 7 5 3
HR 5 13 6 2
excludes consumer fintech) Environmental 6 11 5 11
Real Estate
• Health and payments took
7 9 212
Communications 3 5 3 5 4
second and third place Ecommerce 4 11 12
Logistics 1 6 6 4 1
Employment 10 5 11
Legal 5 8 2 11
Seed (.5-2)
Energy 3 4 6 12
Early Venture (2-8)
Space 1 5 2 3 3
Venture (8-20)
Food 6 3 4 1
Growth (20-100)
SW Development 3 3 6 1
Megaround (>100)
IT Infrastructure 1 5 5 1
February 8, 2022 57
Europe & Israel
Enterprise & deep tech Enterprise & Deep Tech VC Investments in Israel
VC in Israel, 2021 Security 9 14 24 20
• Security accounted for 67 Financial 1 6 11 11 5
investments in Israel in 2021

Health 6 7 11 1
Data Tooling 1 7 11 5
• Crucially, security
Industrial 1 8 2 4 2
investments were down in IT Infrastructure 1 1 10 3
Israel in 2021 as a fraction of Payments 2 3 3 3
the total ML Tooling
Marketing
3
3 2
4
3
2
2
2
Automotive 1 2 6 1
Real Estate 2 5 3
HR 1 2 3 3
Food 2 2 2 2
Semiconductors 1 4 2 Seed (.5-2)

Ecommerce 3 1 2 1
Early Venture (2-8)
Agtech 1 2 2 1
Venture (8-20)
DevOps 2 3 1
Growth (20-100)
Sales Enablement 2 2 2
Megaround (>100)
Communications 4 1
February 8, 2022 58
Europe & Israel
Enterprise & deep tech Enterprise & Deep Tech VC Investments in France
VC in France, 2021 Financial 3 15 12 7 4
• As in the UK, financial Health 1 13 4 3 3
technology was the most

Industrial 2 5 3 1
frequently funded category HR 1 2 2 2 3
in France, but by a less Logistics 1 3 3 2
significant margin Real Estate
Marketing
1
3
3
1
2
3
2
• Health was second, followed Security 1 3 1 2
by industrial and SW
Food 4 2 1
Legal 2 2 2
development Communications 1 3 2
Environmental 1 4 1
Employment 1 2 1 2
Payments 2 1 1 1
Seed (.5-2)
Agtech 1 2 1 1
Early Venture (2-8)
Data Tooling 1 1
Venture (8-20)
Energy 2 1 1
Growth (20-100)
Education 2 1 1
Megaround (>100)
IT Infrastructure 1 1 1 1
February 8, 2022 59
Europe & Israel
Enterprise & deep tech Enterprise & Deep Tech VC Investments in Germany
VC Investment by Vertical (2021)
VC in Germany, 2021 Financial 6 15 13 14 15
• Financial technology led in Industrial 7 11 11 10 1
Germany as well, but was

Health 1 9 5 3
closely followed by Logistics 1 5 1 5 3
industrial, which actually Energy 2 5 3 3 1
saw more early stage Marketing
SW Development
2
3
4
4
2
3
2
1
2
activity than financial Food 2 4 3 1 1
ERP 4 1 1 4
Ecommerce 1 4 2 2 1
Design 3 5 1
ML Tooling 8 1
Real Estate 2 4 2 1
HR 2 3 1 3
Automotive 1 2 5
Seed (.5-2)
Environmental 2 4 2 Early Venture (2-8)
Automation 1 2 1 3 1 Venture (8-20)
IT Infrastructure 1 3 1 3 Growth (20-100)
Employment 2 3 1 Megaround (>100)
February 8, 2022 60
Europe & Israel
Enterprise & deep tech Enterprise & Deep Tech VC Investments in Spain
VC in Spain, 2021 Financial 3 12 4 3 1
• Spanish VC activity spanned Health 4 3 1 3
a wide range of areas

Industrial 6 3
Logistics 7 1
Food 4 2 2
Marketing 4 1 2
Real Estate 4 3
Energy 1 4 1 1
Communications 5 1
Travel 2 3 1
Agtech 2 1 1 1 1
Data Tooling 2 4
Employment 2 2
Legal 1 2 1
Space 1 1 1
Seed (.5-2)
IT Infrastructure 1 1 1 Early Venture (2-8)
Education 2 1
Growth (20-100)
Aerospace 1 1
Venture (8-20)
DevOps 1 1
Megaround (>100)
Design 2
February 8, 2022 61
Europe & Israel
Enterprise & deep tech Enterprise & Deep Tech VC Investments in Sweden
VC in Sweden, 2021 Health 5 7 2 1
• Health tied with finance for Financial 5 5 2 3
the most frequently funded

Industrial 3 9 1 1
Food 5 5 1 1
verticals in Sweden Real Estate 6 5
Marketing 3 4 1 2
• Industrial tech was a close Ecommerce 6 2 1 1
second Payments 6 2 1
Energy 2 4 2
Logistics 1 2 3 2
HR 3 3 1
Environmental 2 1 3
Education 1 3 1
Seed (.5-2)
Communications 2 2 1
Automotive 1 1 1 2 Early Venture (2-

8)
Legal 2 2
Venture (8-20)
Design 2 2
Growth (20-100)
Agtech 1 2
February 8, 2022 62
Europe & Israel
Enterprise & deep tech Enterprise & Deep Tech VC Investments in Switzerland
VC in Switzerland, 2021 Health 4 4 2
• In Switzerland, health, Financial
Industrial
3 2 1 2 2
finance, industrial, and

1 9
Energy 1 6 2 1
energy tied for the top spots Food 6 2
Real Estate 5 1 1
Security 1 3 1
Marketing 1 3
Design 1 2 1
HR 2 1 1
Data Tooling 1 2
Logistics 1 2
ERP 1 2
Agtech 2 1
Environmental 2 Seed (.5-2)

Payments 1 1 Early Venture (2-8)
Entertainment 1 1 Venture (8-20)
IT Infrastructure 2 Growth (20-100)
Legal 1 1 Megaround (>100)
Automation 1 1
February 8, 2022 63
Europe & Israel
Enterprise & Deep Tech VC Investments in Belgium

Enterprise & deep tech VC Investment by Vertical (2021)
VC in Belgium, 2021 Data Tooling 5 2 2
• Data tooling was the most

Financial 5 2 1
Marketing 3 1 1
frequently funded vertical in Industrial 1 1 1
Belgium, followed by SW Development 1 1 1
finance Food 1 1 1
Energy 2
Security 1 1
Health 2
HR 1 1
Social 1
Communications 1
DevOps 1
IT Infrastructure 1
Semiconductors 1 Seed (.5-2)

Legal 1 Early Venture (2-8)
Adtech 1 Venture (8-20)
Logistics 1 Growth (20-100)
Ecommerce 1 Megaround (>100)
February 8, 2022 64
Europe & Israel
Enterprise & deep tech Enterprise & Deep Tech VC Investments in Ireland
VC in Ireland, 2021 Health 1 3 2 1
• Health was a clear leader in Financial 1 1 1 1
the Irish VC landscape

Security 3
Marketing 1 2
Energy 2 1
Food 1 1 1
ML Tooling 1 1
Automation 1 1
Payments 2
Logistics 1 1
Employment 1 1
HR 1 1
Industrial 1
Data Tooling 1
Environmental 1
Seed (.5-2)
Ecommerce 1
Early Venture (2-8)
Productivity 1
Venture (8-20)
Electronics 1
Growth (20-100)
IT Infrastructure 1
Megaround (>100)
Media 1
February 8, 2022 65
Europe & Israel
Enterprise & Deep Tech VC Investments in the Netherlands

Enterprise & deep tech VC VC Investment by Vertical (2021)
in The Netherlands, 2021 Financial 1 2 1 6
• Netherlands is on our watch

Energy 5 2 2
Logistics 1 3 2 1
list with their impressive Health 1 2 2 3
growth Semiconductors 1 2 3 1
Marketing 2 2 2
• Financial technologies were Payments 3 1 1
by far the most frequently Industrial
Data Tooling
1 2 3
funded category, but VC

1 3 1
Climate 2 3
activity spanned a number Food 1 1 1 2
of categories, including two HR
SW Development
3 1
megarounds in
2 1 1
Real Estate 1 1 1
Communications and Communications 1 2 Seed (.5-2)
Agtech Automotive
Agtech
1
1
1
1
Early Venture (2-8)
Venture (8-20)
Ecommerce 1 Growth (20-100)
Fashion 1 1 Megaround (>100)
Media 2
February 8, 2022 66
Europe & Israel
Enterprise & deep tech Enterprise & Deep Tech VC Investments in Finland
VC in Finland, 2021 Financial 3 2
• Finance was the most

Marketing 4 1
Industrial 4
frequently funded vertical in Energy 3 1
Finland Electronics 1 1 1
IT Infrastructure 1 1
• Electronics, previously first, Communications 2
dropped to fourth place Mobility
Real Estate
2
SW Development 1
Gaming 2
Food 2
Health 1
Adtech 1
Media 1 Seed (.5-2)

Fashion 1 Early Venture (2-8)
Ecommerce 1 Venture (8-20)
Logistics 1 Growth (20-100)
Environmental 1 Megaround (>100)
Automation 1
February 8, 2022 67
Europe & Israel
Enterprise & deep tech Enterprise & Deep Tech VC Investments in Denmark
VC in Denmark, 2021 Financial 2 1 2 2 2
• Fintech was far and away Health 1 3
1
the most frequently backed
Marketing 1 1 1
Food 1 2 1
vertical in Denmark Industrial 3
Environmental 1 2
Education 1 2
Agtech 2 1
Data Tooling 1 1
Employment 1 1
Electronics 1 1
Legal 1
HR 1
IT Infrastructure 1
Communicati… 1 Seed (.5-2)
SW… 1 Early Venture (2-8)
Productivity 1 Venture (8-20)
Automation 1 Growth (20-100)
Design 1 Megaround (>100)
Gaming 1
February 8, 2022 68
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February 8, 2022

Europe &amp; Israel 4Q21 Deals Done Review

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Europe &amp; Israel 4Q21 Deals Done Review

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Enterprise / Deep Tech

Europe & Israel:

Gil Dibner David Peterson

Anne Blum Andrew Poesaste

February 8, 2022 Proprietary & Confidential 2

VC Investments in Europe & Israel

Amount Invested (US $M)

(since we’ve been tracking 1,791

the data) $60,000

witnessed appears to be $40,000

(or even a decline) into 2022 $12,062

VC Investment (US $M) Number of Investments

VC Investments in Europe & Israel

Amount Invested (US $M)

• 3Q21 and 4Q21 saw declines $20,000

in total investment volume, $15,000 400

Enterprise & deep tech $100,000

(E&DT) vs. Consumer

• Both E&DT and Consumer $85,953

VC investment were way up

in 2021 compared to 2020 $70,000

Amount Invested (US $M)

• Consumer investment was

Breakdown of VC VC Investments in Europe & Israel

Israel by target market

Amount Invested (US $M), Log Scale

Consumer Enterprise SME OEM Agriculture Government

VC Investments in Europe & Israel

• Across Europe, enterprise 35,000

and deep tech accounted 30,000

• Enterprise & deep tech 90%

Europe (excluding Israel) 60% 53.9%

since 2020 50%

Enterprise & Deep Tech Consumer

Israel saw a bit of Enterprise & Deep Tech VC Investments in Israel

in consumer technology 80% 74.0%

Lightricks), Israel continues to 70%

shift even further towards 60%

Israeli eco-system is settling 0%

Enterprise & Deep Tech Consumer

VC investment per Venture Capital per Capita (2021)

States, and double the $186.48

• Sweden in fourth with $732,

Venture Capital Investment as a Percentage of GDP

top spots with 5.66% and

• Sweden was in third place

Venture Capital Investment in Europe and Israel

• This chart plots each Israel

VC/Capita (log scale)

represents the size of each $100 Latvia Austria

absolute terms Greece Czech Republic

Population (millions, log scale)

• We divide financing rounds

• While all brackets were up,

increase was due to $15,454

megaround volume $15,000

Amount Invested (US $M)

• Prior to 2021, the quarterly

record for megaround $10,000

• 2021 saw an average $569

quarterly megaround $1,193 $1,648 $2,117 $1,819

volume of $13.3B for a total

Number of VC Enterprise & Deep Tech VC Investments in Europe & Israel

• This chart shows the 800

Europe & Israel 4Q21 Deals Done Review

Europe & Israel 4Q21 Deals Done Review