Titans of Tech 2022

Contents
04 THE VIEW FROM GP BULLHOUND 36 GROWTH EQUITY ALMOST 70%
OF FUNDRAISING LANDSCAPE
05 KEY TAKEAWAYS
38 EXPERT VIEW
06 EUROPE SOARS TO NEW HEIGHTS
Rodolphe Ardant, Spendesk
16 EXPERT VIEW
42 THE BATTLE TO $50BN
Nik Storonsky, Revolut
20 SECTOR INSIGHTS 46 EUROPE'S UNICORNS
26 EXPERT VIEW 55 METHODOLOGY &
Jean-Charles Samuelian-Werve, Alan ABOUT GP BULLHOUND
27 EXPERT VIEW 56 DISCLAIMER

François Bitouzet & Julie Ranty, VivaTech
28 EUROPE’S NEXT GENERATION
33 EXPERT VIEW
2022 Contenders
THE VIEW FROM GP BULLHOUND
The view
FROM GP BULLHOUND
Although Europe’s Unicorn party is slowing, the situation is not as doom and gloom as headlines would suggest.
Activity persists and founders that react quickly and decisively will be able to seize unique opportunities.

Once again, we celebrate the European technology ecosystem’s milestone achievements. Reaching a cumulative
value creation of over $1tn, and giving birth to as many new Unicorns in one year as the last three. However, as the
focus shifts from growth to profitability, we will guide founders and entrepreneurs on how to remain resilient in bear
markets and emerge stronger from economic downturns.
MANISH MADHVANI, GP BULLHOUND MANAGING PARTNER
AUTHORS
MANISH MADHVANI ALON KUPERMAN ADAM PAGE

Managing Partner Partner Vice President
JENNIFER ELLER CARLOS DE LA ESPERANZA JUDY SHING

Vice President,
Principal Associate
Insights
JULIEN LÉZÉ MARIA LAZAREVA IRYNA KESARCHUK

Analyst Analyst,
Intern
Insights
4
THE VIEW FROM GP BULLHOUND
Key takeaways
$1TN: THE EUROPEAN ECOSYSTEM REACHED A NEW MILESTONE, UP BY

C.$260BN YOY
125 NEW UNICORNS: MORE IN ONE YEAR THAN THE LAST THREE COMBINED,
BUT CREATION SLOWING
UK, ISRAEL & SWEDEN: THE TOP THREE UNICORN GROWERS ACCOUNT FOR
SOME $530BN, HALF THE VALUE OF ALL UNICORNS IN EUROPE
HEALTHY GROWTH FUNDING: DOWN BY C.50% IN Q2 2022, AS OF TIME OF

WRITING, BUT RETURNING TO PRE-PANDEMIC AVERAGE
STABLE SOURCES OF FUNDING: GROWTH INVESTORS ARE THE LION'S SHARE

OF THE EUROPEAN FUNDING LANDSCAPE; ONLY 18% FROM ALTERNATIVE /
PUBLIC EQUITY INVESTORS AT RISK NEAR-TERM
IPO SHUTDOWN TO BE OFFSET BY SOLID M&A: IPOS HAVE DWINDLED TO JUST

ONE IN 2022 YTD FROM 18 IN 2021; BIG TECH ACQUISITION HISTORY
SUGGESTS HEALTHY M&A AHEAD
ENTERPRISE SOFTWARE & FINTECH: COMBINED, 94 NEW BILLION-DOLLAR

COMPANIES IN THESE DOMINANT SUBSECTORS, C.75% OF EUROPE’S NEW
UNICORNS. WITHIN THIS, SUBSECTORS CYBERSECURITY AND INSURTECH ARE
IN THE SPOTLIGHT
LOSS OF EUROPEAN TITAN: WITH THE PUBLIC MARKET CORRECTION, NO

EUROPEAN COMPANIES EXCEEDED THE $50BN MARK, BUT MULTIPLE FINTECHS
CHARGING FORWARD
Source: Capital IQ, Mergermarket, Pitchbook, Crunchbase, press releases, and GP Bullhound analysis. Note: Cut-off date for inclusion in report 31 March 2022; valuations correct as at 16 May 2022
5
CHAPTER 1
Europe soars to new heights

CAUTION WARRANTED AS MARKETS ADJUST
RECORD ACHIEVEMENTS IN THE PAST YEAR
Since our first report in 2014, the 125 new billion-dollar companies, more in one
number of Unicorns has increased by year than in the last three combined, with the
c.10x and the ecosystem’s aggregate cumulative value up by 3x YoY
value by c.12x

The staggering pace of Unicorn creation in

The ecosystem is worth $1.1tn, with 2021 was driven by record-low interest rates
283 companies valued at over $1bn
and significant dry powder post-pandemic
CAPITAL INFLOWS AND MEGA-ROUNDS TO SLOW - IT'S TIME TO REASSESS
With activity slowing, those that act quickly

The Nasdaq has corrected by 30%,
with numerous share prices down by and decisively can seize unique
opportunities – see our guide on how to
70-80%, and private market
valuations are likely to converge with stay resilient
public markets
As alternative / public equity funds IPOs have declined from 18 in 2021 to only
retreat and growth funds lengthen one in 2022 YTD; we expect this to be
fund deployment cycles, fundraising offset by solid M&A, especially considering
is likely to remain muted near-term
historical Big Tech acquisition pace
6
EUROPE SOARS TO NEW HEIGHTS
The lingo and journey to $50bn

A REFRESH ON THE TERMINOLOGY FOR OUR REPORT
GP Bullhound classifies the companies featured in the Titans of Tech report into four key categories: Titans, Decacorns,
Unicorns, and Contenders, based on their market valuation
All companies featured in this report were founded in 2000 or later
CLASSIFICATION OF COMPANIES BY VALUATION
Note: For full methodology, please see the end of this report
7
CHAPTER 1
Europe breaks through $1tn mark

FROM TAILWINDS TO HEADWINDS, WHAT LIES AHEAD
Since our first Titans of Tech report in 2014, the number of European billion-dollar companies has increased by c.10x and
the ecosystem’s aggregate valuation by c.12x to c.$1.1tn
The number of Unicorns is up by c.2x since May 2021, with an acceleration in mega-rounds and IPOs, but the overall
growth of the ecosystem has slowed as public markets rotate from growth to value stocks
With uncertainty about inflation, interest rates, and war, investor focus is shifting to companies with near-term certainty –
those making money today
SHIFT FROM GROWTH TO PROFITABILITY KEEP CALM AND REASSESS
Expect continued headwinds as We have been here before; history

inflation spikes to 40-year high; shows that this is an opportunity
growth companies are likely to be hit to reposition for the future
hardest as investors now look for landscape and continue building
those that generate cash today
category leaders
EUROPEAN TECH ECOSYSTEM GROWTH SINCE 2014
Source: Capital IQ, Mergermarket, Pitchbook, Crunchbase, press releases, and GP Bullhound analysis. Note: Cut-off date for inclusion in report 31 March 2022; valuations correct as of 16 May 2022
8
Record activity in 2022

BUT CAUTION WARRANTED
A record 125 new Unicorns have been minted in the past year, driven by significant capital inflows and
mega-round activity; however, fundraising activity is slowing as market volatility causes investors to
pause while the European tech ecosystem enters a new phase in its journey

With long-term interest rate expectations rising and public market valuations correcting, the overall
growth of the European tech ecosystem is also slowing – growth investors are taking their cues from
public markets, and private market valuations are coming under pressure
AGGREGATE NUMBER & VALUATION OF BILLION-DOLLAR COMPANIES
AGGREGATE VALUATION OF BILLION-DOLLAR COMPANIES BY STATUS
9
CHAPTER 1
Time for consolidation

ALTHOUGH IPO ACTIVITY HAS COME TO A HALT WITH ONLY
ONE LISTING THIS YEAR VERSUS 18 IN 2021…
…THE M&A MARKET COULD REMAIN ACTIVE AND LEAD TO CONSOLIDATION
In the aftermath of every financial crisis, Big Tech (1) were active in the M&A market to acquire targets
Well-financed companies can take advantage of today's downturn to acquire distressed companies,
acquire competitors to consolidate the market, or double-down to emerge from the crisis stronger
YEARLY NUMBER OF ACQUISITIONS BY BIG TECH
ACTIVE M&A MARKET WHILE PUBLIC MARKETS CORRECT
Big Tech and other large

Sovereign wealth funds to
All-time high $1.8tn in dry corporates have massive
feel limited effect from
powder for private equity in cash reserves after years of
energy-linked inflation and
early 2022 growth and solidifying
must keep deploying
balance sheets
Private market valuations falling in line with public Public markets trading at very low multiples make
mean tactical opportunities, market consolidation, major public-to-private transactions still attractive
and bolt-on acquisitions for portfolio companies despite increasing interest rates
Source: Capital IQ, Preqin, press releases, GP Bullhound analysis. Note: 1) Big Tech includes Alphabet, Amazon.com, Apple, Meta Platforms, Microsoft, and Netflix
10
125 new Unicorns,
more than the last three years combined

RECORD ACTIVITY, BUT FUNDRAISING PACE SLOWING
NUMBER AND CUMULATIVE VALUATION OF NEW BILLION-DOLLAR COMPANIES
NEW ENTRANTS BY SECTOR KEY FACTS
Acceleration YoY cumulative value
Increasing average valuation of new Unicorns
11
CHAPTER 1
Capital reduction,
but still at pre-pandemic levels

MARKETS ADJUSTING TO EXPECTATIONS
At the time of writing, fundraising activity has slowed significantly from 2021, which may continue as private markets
likely adjust in line with public markets
The fundraising highs of 2021 were driven by record-low interest rates and significant dry powder post-pandemic,
resulting in accelerated fund deployment cycles alongside growing interest in private markets from alternative / public
equity funds
As alternative / public equity funds retreat and growth funds lengthen fund deployment cycles, we expect fundraising
activity to remain muted near-term. However, data highlights that there is still capital available for category leaders and
that we are returning to historical levels of funding
NUMBER OF $50M+ FUNDING ROUNDS
Source: Capital IQ, Mergermarket, Pitchbook, Crunchbase, press releases, and GP Bullhound analysis. Note: 1) Q2 not complete and captures until 9 June 2022
12
EUROPE SOARS THE NEW HEIGHTS
We have been here before

HOW TO NAVIGATE MARKET TURBULENCE AND REMAIN RESILIENT
GP Bullhound’s guide to surviving bear markets shows founders how to come out of economic downturns stronger. The
fundraising bar will be raised, but investors will still back leaders with strong KPIs
While shockwaves are being felt by businesses all over, remember that previous downturns have served as launchpads for
some of the world’s most iconic tech companies
1 POSITION COMPANY EARLY AND BE READY TO ACT FAST
RAISE CAPITAL , top up now, if possible, and PRODUCT

Focus engineering efforts on
be realistic on valuation critical roadmap items
FOCUS ON
ACT FAST MODIFY
MARKETING
Focus on near-term ROI, cut
BUSINESS PLAN
and make cuts to ensure runway STRATEGY
ineffective spend
PIPELINE Focus on real leads with near-

ROTATE from hyper-growth mindset to term probability of closing
profitable growth
HIRE
new star talent as market cools
EQUITY
Be realistic on valuation, dilution may
be key to survival
POTENTIAL CUSTOMER
EXPLORE ALL
EXPLORE OPTIONS
Explore all potential sources UPSIDE
ACQUISITION
as others cut spend
FUNDING
of funding beyond equity

M&A on the horizon as market consolidates
TARGET
24 months of runway
2 FUNDRAISING STILL POSSIBLE, BUT INVESTORS ZOOMING IN ON KPIS
Sustainable Client
High gross margins Profitable growth

growth rates retention rates
Demonstrable unit economics Zero-based budgeting

(LTV / CaC and payback period) (cut what’s not working)

3 FOUNDED DURING ECONOMIC DOWNTURNS, HOW ICONIC COMPANIES BATTLED THE BEAR
13
CHAPTER 1
SELECT STORIES
MAKE YOUR DATA WORK FOR YOU

BE AGILE
QUICKLY SPOT CHANGING MARKET NEEDS

OFFER SOLUTIONS
CREATE NEW BUSINESS STREAMS

SEIZE OPPORTUNITIES
In the early 2000s, MailChimp was profitable, had a Farfetch created a new retail model for luxury
strong customer base, and had access to valuable user fashion – one that is technology-enabled but
pricing data, working with large corporate clients with doesn’t rely on owning stock – building network
yearly retainers.
effects on both supply and demand.
When the Great Recession hit, with the data to Two weeks after Farfetch launched, Lehman
understand how its users reacted to their pricing, Brothers collapsed, triggering the Great Recession.
Mailchimp launched a ‘freemium’ business to SMEs, to Selling online in 2008 wasn’t common but as
bring email marketing to the masses. One year later, its fashion boutiques felt a drop in local business, they
user base had grown by 500%. The private company was looked for new ways to sell, and Farfetch offered
acquired by Intuit for $12bn in 2021. them the opportunity to navigate the turbulence of
that time.
CREATE SUPPLY BEFORE DEMAND

GRAB AN OPPORTUNITY
MAKE THE MOST OUT OF YOUR CASH

BUILD TRUST
RETHINK YOUR BUSINESS

KNOW YOUR CUSTOMERS BEST
MODEL
Raising capital after the dot-com crash was difficult. Airbnb is one of the few companies built during a
Outsystems was trying to reach a market that didn’t have recession, becoming a billion-dollar company
demand for its product yet – it arrived 12 years before. because of the paradigm shift brought along by the
Needing to convince the client of the value the product economic crisis of 2007-09 itself. With millions of
would bring and change investor opinion, after more than people left money-strapped, hosting travellers in
40 pitches Paulo Rosado, OutSystems CEO, managed to their homes in exchange for rent became lucrative
secure its first €1m.
for many landlords. Travellers also needed
affordable options to hotels.
Due to market conditions at the time, OutSystems wasn’t
able to raise €3m 18 months after the first fundraise, as
Connecting hosts with guests became the origin of a
originally planned.
billion-dollar industry known as ‘short-term rental’ in
a growing sharing economy.
“We spent three years spinning out that €1m. Nobody

knew but we were practically out of cash in the bank,” Airbnb was set apart from its competitors by its
said Rosado in a Forbes interview. ability to build trust through its review function,
which allowed it to curate better experiences for
people on both sides of the booking. Also, one of
This meant reinventing the product and financial model.
Airbnb’s investors, Paul Graham, told its three
With a client making internal applications using
founders to travel to New York and meet every single
OutSystems, Rosado pivoted towards selling it as a
host in the city over a four-week period to gather
solution for making applications. This brought more
feedback and improve their experience online.
clients and the company reached breakeven.
14
Strong tailwinds in Software and Fintech

EUROPEAN BILLION-DOLLAR COMPANIES, BY SECTOR
Riding on robust growth since 2020, Enterprise Software and Fintech now account for over two-thirds of all European
billion-dollar companies
Investor appetite for B2B software is increasing on digital transformation worldwide, and Europe is now a global Fintech
hub, propelled by financial services expertise, availability of capital, and changing regulations like Open Banking
The continued growth in Marketplaces, Entertainment & E-commerce has also been driven by the acceleration of digital
adoption throughout the Covid-19 pandemic
NUMBER OF EUROPEAN BILLION-DOLLAR COMPANIES BY SECTOR
Source: Capital IQ, Mergermarket, Pitchbook, Crunchbase, press releases, and GP Bullhound analysis. Note: Cut-off date for inclusion in report 31 March 2022; excluding public companies with
valuations below $1bn as of 16 May 2022
15
EXPERT VIEW: REVOLUT
Expert view
NIK STORONSKY,
REVOLUT
CO-FOUNDER AND CEO
R
evolut started out with a simple question: “Is there a way to offer travelers low-cost access to foreign exchange?” I had worked
for both Lehman Brothers and Credit Suisse and noticed that business travel and FX fees were costing thousands of dollars a
year. So together with my co-founder and our CTO, Vlad Yatsenko, we launched Revolut in the United Kingdom, hoping to build a
product that would truly disrupt the channels controlled by the legacy banks. Revolut has continued to grow, and seven years later we
are now striving to become the world’s first truly global financial services super-app.
When Revolut launched in 2015, we offered money transfers and exchanges.

As the company grew, so did our vision, and we became focused on building a
“ I n f i ve to 1 0 yea rs Revo l u t sustainable digital alternative to traditional big banks. We started adding other
products and today, retail and business customers around the world use
will be the one -stop shop for
dozens of innovative Revolut products to make more than 150 million
all the financial products that
transactions a month.
people really need so that

any thing concerning money We want to enable our customers to manage all their financial needs in a
w i l l b e j u s t a t a p a w a y.”
single app that is far cheaper and easier to use than its competitors. To
achieve that, we aim to create a global digital bank and all-inclusive
application that goes way beyond traditional financial services.
In our early days, we faced the same challenges that most startups come across. Scaling a business is hard and there are never-
ending problems to solve. I made nearly every mistake a CEO could make and am still making mistakes. But that is how you learn, and if
you try not to make too many new mistakes while correcting the old ones, you overcome these challenges quickly.
We want to keep growing, both in terms of numbers of customers and markets. We now serve 18 million customers across the UK,
Europe, US, Australia, Japan, and Singapore and we will soon launch the Revolut app in India, Mexico, and Brazil. We want people all
over the world to be able to open an account in a few minutes, at any time, and access the services they need to manage their money.
We are building a financial super app that offers highly personalised products
covering people’s diverse financial needs. In five to 10 years Revolut will be
the one-stop shop for all the financial products that people really need so “ O u r f o c u s i s n o t o n i f, w h e n , o r
that anything concerning money will be just a tap away. This takes time and
w h e re w e w i l l I P O . R i g h t n o w, o u r
patience, but we are confident that Revolut will continue to be renowned for
its diverse product offering in the years to come.
focus is on achieving

p r o f i t a b i l i t y, b u i l d i n g n e w
One of the things that excites us in the fintech space is blockchain products, and providing better
technology. Every time there has been an innovation in financial markets, and cheaper services to serve
there has been a spike in activity, and blockchain is no different. Blockchain o u r g r o w i n g c u s t o m e r b a s e .”
is another huge innovation that allows ordinary people to do what they want
with their money. They can transfer, borrow, plan, and issue tokens – there
are so many possibilities.
Looking forward, our focus is not on if, when or where we will IPO. Right now, we are focused on achieving profitability, building new
products, and providing better and cheaper services to serve our growing customer base.
NAVIGATING A DOWNTURN
"It’s been said many times before, but it’s so important to stay focused on what you and your company
are trying to achieve. There will always be naysayers and as you grow so does the scrutiny, both in the
bull and the bear markets. But if you believe in your product and trust your processes, the downturns
soon pass and you’ll be a stronger leader for it."
16
Champions' league
BILLION-DOLLAR STABLES
The UK has regained the lead from Sweden by value, adding 22 new Unicorns and solidifying its place as Europe’s
Fintech factory; Israel now leads the league with 60 billion-dollar companies
Sweden and the Netherlands have cumulative values more concentrated in fewer companies than other geographies
and are hampered by the fall in public market valuations, but available funding in the regions should continue to help
create tomorrow's tech leaders
The French ecosystem has seen an acceleration with 16 new Unicorns in the past year, including many companies
that have now become European household names
17
CHAPTER 1
Europe’s tech factories

NEW UNICORNS IN THE LAST 12 MONTHS
Israel takes gold, adding 27 new billion-dollar companies with a cumulative value of c.$60bn – its expertise in
Enterprise Software saw 23 new Unicorns with a lean towards Cybersecurity, where it reigns with six
The UK wins silver, with 22 new Unicorns for a cumulative value of c.$41bn, strengthening its position as Europe’s
Fintech factory (14 new Unicorns)
France secures third place, with the highest growth in Europe, creating 16 new Unicorns spread across each vertical
we cover in this report
NEW BILLION-DOLLAR COMPANIES BY TOP THREE GEOGRAPHIES
18
Germany takes fourth in the cumulative value of new Unicorns, with 13 companies reaching the coveted status
The Netherlands and Turkey have created more than $40bn in value combined, driven by Decacorns Miro and
Trendyol
Across Europe, countries such as Spain, Ireland and Estonia have solidified their startup ecosystems while other
countries such as Italy saw their first Unicorns, and are leading the way for future visionaries
NEW BILLION-DOLLAR COMPANIES BY GEOGRAPHY
$20BN+ VALUE CREATED
$5BN+ VALUE CREATED
$1BN+ VALUE CREATED
19
CHAPTER 2
Sector insights
ENTERPRISE SOFTWARE AND FINTECH RULE EUROPEAN UNICORNS
Worldwide digital transformation is These sectors produced 94 new billion-

driving investor appetite for B2B dollar companies or c.75% of Europe’s
software
new Unicorns combined LTM
Europe, particularly London, is now a Enterprise Software again takes pole

global Fintech hub, propelled by position for new Unicorns, but Fintech is
financial services expertise, availability in pursuit with 118% growth in new billion-
of capital, and changing regulation like dollar companies in the last year
Open Banking
CYBERSECURITY AND INSURTECH THE BREAKOUT STARS
Cybersecurity set for significant Newly minted billion-dollar disruptors
investment into next-generation leaders

on surging threats
Cybersecurity: Cheq, Claroty, Devo
Technology, Noname Security, Pentera, Salt
Insurtech, ripe for disruption, Security, and Transmit Security
accounted for 18% of Fintech’s new

billion-dollar entrants
Insurtech: Alan, Accelerant, At-Bay,
ManyPets, Marshmallow, Shift Technology,
These two verticals created 14 and Tractable
Unicorns worth over $22bn combined
20
SECTOR INSIGHTS
Enterprise Software is thriving

MOST ACTIVE SECTOR FOR NEW BILLION-DOLLAR COMPANIES
Over the last year, 55 new billion-dollar Enterprise Software companies were born
(now 43% of all Unicorns in Europe)
Cybersecurity, vital for enterprises and governments, is seeing a long-term investor view on surging threats that is
likely to intensify as the world grapples with digital transformation security needs
SPLIT OF NEW BILLION-DOLLAR ENTERPRISE SOFTWARE COMPANIES, BY NUMBER
21
CHAPTER 2
Cybersecurity dominates
NEVER-ENDING WAVE OF CYBER THREATS MAKING HEADLINES
The general spike in cyber-crime drove major interest in defence methods against attacks across the entire market,
especially given the surge of highly publicised attacks e.g. Colonial Pipeline, Kaseya, NSO Group, and JBS
As technology becomes more embedded into companies, more vulnerabilities will surface, leading to more attacks and a
higher perceived threat level
We expect more investment in the space - Cybersecurity companies accounted for seven of the 55 Enterprise Software
Unicorns in 2022 (worth $10.6bn)
RECORD-BREAKING INCREASE IN NEWLY-DEVELOPED MALWARE APPLICATIONS GLOBALLY (MILLIONS) (1)
HIGHLY PUBLICISED ATTACKS
“Kaseya ransomware
“Meat giant JBS pays attack impacting
“Hackers breached Colonial
$11m in ransom to
Pipeline using compromised companies around the
resolve cyber-attack”
password” world”
– BLOOMBERG – BBC – FOX NEWS
SIGNIFICANT INVESTMENT INTO NEXT GENERATION CYBERSECURITY LEADERS;

SEVEN NEW EUROPEAN BILLION-DOLLAR COMPANIES
Identity &
Fraud IoT Cloud API
Access
Prevention (2) Security (3) Security (4) Security (5)
Security (1)
Source: Capital IQ, Mergermarket, Pitchbook, Crunchbase, Statista, press releases, CB Insights, Bloomberg, BBC, Fox News, TechCrunch, Guardian, SALT, and GP Bullhound analysis.
Note: 1) Identify
& Access Security: management of digital identities; 2) Fraud Prevention: protecting paid marketing, on-site conversion from bots and invalid users; 3) IoT Security: protection used to secure
internet-connected or network-based devices; 4) Cloud Security: tools, data and infrastructure that protect cloud-based products; and 5) API Security: protects software application code and data
against cyber threats.
22
SECTOR INSIGHTS
API ATTACKS UP 7X IN LAST 12 MONTHS
An application programming interface (API) is a type of software interface that offers a service to other pieces of
software and is essential for business innovation, but security risks are multiplying at unprecedented scope and
scale as the technology to manage APIs has not kept pace with usage
Following a series of high-profile security incidents stemming from API vulnerabilities, this sub-segment of
cybersecurity has been pushed into the limelight
Business is booming for category leaders in API security; disruptors in Europe, such as SALT and Noname, have
raised large mega-rounds to tackle the challenge
EXPONENTIAL GROWTH IN AVERAGE NUMBER RECENT HIGH-PROFILE API SECURITY

OF APIS PER CUSTOMER
INCIDENTS
“Peloton’s leaky API let anyone grab riders’

private account data”
– TechCrunch
“Experian hack exposes 15 million people’s

personal information” – Guardian
“SolarWinds hack was work of ‘at least

1,000 engineers’, tech executives tell
Senate” – Guardian
SALT AND NONAME EUROPEAN CATEGORY LEADERS IN 2022 TO HELP

PROTECT APIS FROM ATTACKS & DATA BREACHES
VALUATION: $1.4BN VALUATION: $1.0BN

Industry’s only patented solution that
1 billion records protected, and 1,000
leverages ML and AI to automatically and
attacks prevented per day
continuously identify and protect APIs
Source: Capital IQ, Mergermarket, Pitchbook, Crunchbase, Statista, press releases, CB Insights, Bloomberg, BBC, Fox News, TechCrunch, Guardian, SALT, and GP Bullhound analysis.
Note: 1) Identify
& Access Security: management of digital identities; 2) Fraud Prevention: protecting paid marketing, on-site conversion from bots and invalid users; 3) IoT Security: protection used to secure
internet-connected or network-based devices; 4) Cloud Security: tools, data and infrastructure that protect cloud-based products; and 5) API Security: protects software application code and data
against cyber threats.
23
CHAPTER 2
Europe is a Fintech epicentre

DRIVEN BY INCREASE IN FUNDING AND REGULATORY CHANGE
Thirty-nine new billion-dollar Fintech companies have emerged in the past year, making up 25% of all Unicorns in Europe
The regulatory environment and specifically the introduction of Open Banking across Europe is driving innovation and
competition; legacy financial institutions’ market dominance is eroding
2022 is seeing a boom in the number of Insurtech billion-dollar companies, accounting for 18% of new Fintech entrants
SPLIT OF NEW BILLION-DOLLAR FINTECH COMPANIES BY NUMBER
24
SECTOR INSIGHTS
Europe doubling down on Insurtech

INNOVATORS EATING INTO MARKET SHARE OF LEGACY INCUMBENTS
Insurtech, a trillion-dollar industry dominated by legacy players and practices, is ripe for disruption –
companies in our cohort increased by 2x in the last 12 months, with seven reaching the billion-dollar
mark for an aggregate value of over $12bn
Disruptors have been focused on innovating distribution and the customer experience, such as early
Unicorns Lemonade and Wefox, but increasingly more highly-specialised verticalised companies are
emerging, as well as underlying infrastructure providers focusing on the technology stack, specifically
underwriting and claims processing
INSURTECH REVOLUTION IS JUST GETTING STARTED
EMBEDDED INSURANCE
Emergence of generalist Fragmentation and

insurers focused on digitising verticalisation of insurance Insurance products directly at
customer journeys leveraging specialised data point-of-sales, connecting
and highly-targeted GTM customers with a seamless
product and customer journey
DATA-DRIVEN & PARAMETRIC

INSURANCE
Leveraging real-time data to

offer transparent instant
pricing and swift claim
resolution
PANDEMIC A CATALYST FOR DIGITAL TRANSFORMATION WITH NEW WAVE OF ENABLEMENT PROVIDERS
Companies going deeper into technology stack as Insurtech revolution enters new phase
Improving pricing models and underwriting decisions

UNDERWRITING
through AI and machine learning
CLAIMS Intelligent fraud detection and claims decisions to

PROCESSING
reduce losses and accelerate processes
25
EXPERT VIEW: ALAN
Expert view
JEAN-CHARLES
SAMUELIAN-WERVE,
ALAN
CO-FOUNDER AND CEO
A
lan began with my affinity for healthcare and the ambition to build in the space, inspired by my childhood. I come from a family
of doctors, both my parents are psychiatrists, and my father was a hospital manager. A key turning point in my journey to focus on
healthcare was my grandfather’s cancer diagnosis in 2014. After that, my co-founder, Charles Gorintin, and I worked hard to define the
best path to becoming the one-stop health partner in Europe.
Our mission has always been to become a place for all health-related questions and needs.
"In an industry where
We had to start somewhere, and we decided to build an insurance company first. In May
incumbents have a Net 2016, we managed to get an insurance license from the French Prudential Supervision and
Promoter Score of just Resolution Authority – the first company in 30 years. We started with insurance because it
is both a wedge and a moat: companies that aggregate the demand are the best
above zero, we have
positioned. We are now adding layers of health services like Alan map, clinic, telemedicine,
a c h i e v e d a n N P S o f 6 6 ."
and mental health to become an all-encompassing health partner for the body and mind.
Our journey has had its share of challenges. At the beginning of 2019, our chat answer time was degraded for a couple of weeks,
and it was an important hurdle to overcome because we are member-first. We took short- and long-term initiatives to resolve this and
ended up with an answer-time of under five minutes at the end of 2019, despite facing more than double the incoming traffic. At the
end of 2021, we faced a difficult prioritisation decision between Alan Baby and Alan Mind. Despite Alan Baby performing well, with
more than 1,200 five-star ratings and 35,000 members, we decided to close it and refocus our efforts on Alan Mind, which is even
bigger and more impactful today. We have learned immensely from building Alan Baby and will continue to leverage these learnings in
our products.
In 2021, we reached 255,000 insured members across France, Spain, and Belgium – up by 85% from 2020. We have also achieved
€161m ARR as of December 2021. In an industry where incumbents have a Net Promoter Score of just above zero, which means “not
being hated,” we have achieved an NPS of 66 – a major win for Alan. Our focus remains on building a one-stop partner for health. We
are getting increasingly good signals from our members regarding our services: Alan Mind, Alan Clear, and Alan Clinic. It's very
exciting to see new initiatives in healthcare, tackling various niches. Health is top of mind for the population and Alan is very well
positioned to win in the healthcare market as our offer is unique. We are the only company combining a health insurance license with
integrated health services, which is a very strong competitive advantage.
We believe being member-obsessed and radically transparent with customers

"Our focus remains on building
is integral to success in this space. We are leveraging innovation in a product
driven by strong team culture to propel growth. I also think that most health the one -stop health partner
companies struggle with their business models, so our bundle of insurance f o r t h e b o d y a n d t h e m i n d ."
and health services makes us different.
We remain ambitious and focused this year. We want members and customers in all our markets to see Alan as a health partner they
trust. By the end of 2025, we want to offer a comprehensive range of services to three million people, hire 1,000 new employees and
reach profitability. Thinking about exit options, we want to be an independent company and have a very long-term approach, so we will
consider an IPO. We would look at Europe first, as we are proud to be a European company.
Right now, we will keep our international expansion plans, but the US is not on the list at the moment. The future is exciting, and we
have only just begun. Our mission is to make personal, proactive, and holistic health a part of people’s daily life, striving to be the
world’s most member-centric healthcare company.
"The economic environment is tough and is only getting tougher with rising inflation rates, high levels of debt, low market confidence
and the war in Ukraine. It seems essential that businesses have cash for at least 36 months to survive this downturn. We can’t control
the economic conditions and can’t predict how long they are going to last. What we can control is focussing on efficient growth and
the path to profitability to minimise reliance on investors. That is our main objective at Alan. The company’s mission and focus on
differentiated innovation are as important as the path to profitability. In tough times, it is imperative that leaders gather with their team
and ensure everyone feels the company's mission to their bone. Along with challenges, tough times also present massive
opportunities. Winners will emerge stronger from the period."
26
EXPERT VIEW: VIVATECH
Expert view
FRANÇOIS BITOUZET &
JULIE RANTY,
VIVATECH
MANAGING DIRECTORS
V ivaTech's success is based on an intuition that’s proved relevant since 2016: that the world of digital, technology and startups needs
a physical meeting platform to accelerate. Whether it's business, innovation, project development, or digital transformation, we create
encounters that could not take place anywhere else.
Our vision was successful because we immediately thought big and brought
"We are positive and enthusiastic
together under one roof large corporations, startups and industry
professionals from all over the world. We created one of the most inclusive about innovation and believe in
communities in the ecosystem, with talent from all walks of life, without the technology that is meaningful and
barriers of country, sector, gender, or background. We are positive and
able to solve some of society's
enthusiastic about innovation and believe in technology that is meaningful and
able to solve some of society's more pertinent issues. m o r e p e r t i n e n t i s s u e s ."
VivaTech has successfully become Europe's No 1 event for startups and is now a great vantage point for identifying and following major
trends in global and, more specifically, European tech. In six years, we have seen this ecosystem evolve significantly and gradually
develop a model of its own which, in our opinion, is one of its greatest strengths for success in the short- and medium-term.
We are witnessing the emergence of a new generation of startups

that is less influenced by the American model, and self-inventing
within
the European framework. This significant market is comprised of
many languages, habits, national regulations, strong member state
involvement, and public and semi-public financial organisations. We are seeing the emergence of an entrepreneurial culture where
founders want to connect business with meaning, and make digital adoption a lever for individual and collective progress, while
monetising their ventures.
From VivaTech’s early days, we were committed to protecting this positive approach, which is reinforced by a more conscious Generation
Z, and further strengthened by the pandemic. What makes us feel optimistic about the future is seeing these positive trends going
mainstream: more companies are establishing themselves as ‘for good’ by design, such as Back Market or Ecovadis. Founders, investors,
and policymakers alike want to see more meaningful companies, as do the consumers of their products.
The European ecosystem still has room to improve in terms of the number of companies created or the difficulty in getting past the scale-
up stage. It’s necessary to continue to attract capital, but also to support the ramp-up of talent and to decompartmentalise markets that
are often penalised with high access costs. VivaTech is committed to participating in Europe’s ecosystem, to help accelerate its
development and build the bridges that will connect it with other international markets, like America, Asia, and Africa. We want to be a
growth booster and nurture this inclusive community where Unicorns and scaleups get together, find clients, meet journalists, find
inspiration from world-class figures and recruit talent.
Overall, we need more diverse role models. We are working on diversity issues
" We a re wo r k i n g o n d i ve rs i t y and access to the best talent for the best assignments. Inclusion must progress
in this network: minorities and people from underprivileged backgrounds must
issues and access to the best have the conditions to thrive. Education plays a big part, for example it’s
t a l e n t f o r t h e b e s t a s s i g n m e n t s ." important to direct women toward entrepreneurial paths and careers in tech from
a young age.
Today, there are not enough female founders or women in C-suite positions. And the existing ones are known to raise less money than
their male counterparts. Investment funds could focus more on female-founded businesses. At VivaTech, we are bringing awareness to
this issue by launching our Female Founder Challenge to help the relationship between female founders and VCs.
As a platform for meetings and the acceleration of technology, startups, and digital adoption, VivaTech is an asset for European industry
leaders, helping to create the environment for future tech Titans on the continent. This year, we invite guests to meet more than 1,800
startups, Unicorns, global VCs, and nearly 300 world-class leaders and speakers from over 30 countries.
"Downturns can have some positive outcomes. They make entrepreneurs focus on their company pillars: on strengthening the
business model, focusing on ARR for SaaS companies, profitability, client value proposition, and model sustainability that fit market
evolutions. These periods also tend to lead to market consolidation. We will decipher this new context at VivaTech, listening to
startups, investors, and key players from different geographies."
Note: François Bitouzet will take over the role of VivaTech's Managing Director, currently held by Julie Ranty until 1 July 2022
27
CHAPTER 3
Europe’s next generation

OUR BILLION-DOLLAR CONTENDERS
STARTUPS NEARING UNICORN STATUS; 80% OF OUR 2020 TOP 10 REACHED $1BN
We analysed the performance and Many of our top Contenders from 2020
development of more than 1,000 startups are Unicorns today or are on the path to
since 2015 for our top 50 list of Contenders reaching the billion-dollar mark
with the most potential to reach $1bn in the

next two years
We show those demonstrating the greatest Among this cohort are notable Enterprise
ambition and best positioned to take Software companies Personio and
advantage of opportunities, and look at the Signavio, Fintech companies Qonto and
sectors and countries most likely to deliver Pleo, and Marketplaces standout Wolt
the next European leaders
WHAT TO WATCH AND WHERE TO LOOK
The next billion-dollar companies will likely The UK, DACH, and France are still likely to
continue to grow from a diverse spread of remain hotspots where future Unicorns find
sectors and geographies
their feet, based on our top Contenders
We expect Enterprise SaaS, We continue to keep an eye on the Nordics

Fintech, Marketplaces and Digital Media to and Southern Europe as they amp up their
lead the charge
Unicorn production
OUR FORMULA FOR TOP 50 CONTENDERS
CRITERIA DATA-DRIVEN
TECH COMPANIES ONLY, WITH A BIAS SCALE (1/3): CAPITAL RAISED OVER THE LAST
TOWARDS INTERNET / SOFTWARE FOUR YEARS AND
HEADCOUNT AS OF MARCH
(CLEANTECH AND BIOTECH EXCLUDED) 2022
HEADQUARTERED IN EUROPE (INCLUDING VELOCITY (1/3): GROWTH IN CAPITAL RAISED
ISRAEL) IN 2021 AND 2022 YTD VERSUS 2019 AND
FOUNDED IN 2000 OR LATER 2020; GROWTH IN HEADCOUNT IN MARCH
RAISED $20M OR EV OF $400M+ FROM 2019-2022
2015 ONWARDS SENTIMENT (1/3): CROWDSOURCED FROM
EXCEPTIONS MADE FOR FAST-GROWING THE EUROPEAN
VC COMMUNITY AND GP
COMPANIES BULLHOUND
28
EUROPE'S NEXT GENERATION
How did we do?

THE 2020 TOP 10 CONTENDERS
80% of the companies we ranked as the most likely to become Unicorns reached over
a billion-dollar valuation in the past two years
Source: Company data, Capital IQ, Mergermarket, press articles, LinkedIn, as of March 2022
29
CHAPTER 3
Europe’s most promising startups

THE 2022 TOP 50 CONTENDERS
We analysed more than 100 European startups for scale, velocity and sentiment, and
ranked the top 50 companies with the most potential to become billion-dollar companies
in the next two years
Source: Company data, Capital IQ, Mergermarket, press articles, LinkedIn, as of March 2022. Note: certain companies have achieved Unicorn status between the preparation and the
release of this report
30
EUROPE'S NEXT GENERATION
The next European billion-dollar company

THE TOP 10
From our top 50 Contenders, we have chosen the top 10 that we believe have the potential to
become billion-dollar companies in the next two years
For each metric, scores for all companies are rebased as a percentage of the leading company
at that metric (100%)
31
CHAPTER 3
The next European billion-dollar company

BY GEOGRAPHY AND SECTOR
Looking at the top 50 Contenders by sector and geography, Enterprise SaaS,

Fintech, Marketplaces and Digital Media, and the UK, DACH and France, respectively, are
most likely to produce the next billion-dollar companies
TOP 50 CONTENDERS HEAT MAP
32
EXPERT VIEW
Expert view
2022 CONTENDERS
We are an EdTech platform with the mission to empower students to

excel in their studies, by sharing knowledge and learning more
efficiently. During our studies, gathering the best lecture notes,
summaries and practice materials from friends and fellow students was
very time-consuming. By providing a platform where students can easily
share their resources with each other, we solved this problem and
StuDocu was born.
We saw that StuDocu created a level playing field. Now that everyone
has access to the same knowledge and has to pass the same exams,
having a large social network, with more access to notes, is no longer
an advantage.
Today, 25 million students in 60 markets use StuDocu every month to

exchange knowledge. The platform provides access to more than 15
million documents, organised by universities and courses, and
MARNIX BROER,
accessible to everyone around the world. While keeping the focus on

CO-FOUNDER & CEO
its core – note-sharing – StuDocu also envisions helping students with
other challenges they are facing.
In an increasingly impersonal world, where most customer interactions

with brands are online, Typeform is turning digital interactions into
human connections. Since day one, Typeform has focused on helping
companies build lasting relationships with their customers by designing
experiences that are personal and engaging.
Ninety-five per cent of Typeform customers said our tools helped their
brand shine and 87% reported higher completion rates.
We’re able to unlock long-term value and growth for our customers
through thoughtfully-designed tools – such as people-friendly forms,
quizzes, surveys, and asynchronous video solutions – that are easy to
deploy. Our no-code solutions seamlessly integrate with existing tools,
data, and workflows, which enable personal connections at enterprise
JOAQUIM LECHA, CEO scales. We’re proud to play a role in helping businesses grow by treating
people like people.
33
EXPERT VIEW
We’re on a mission to change the way games are created. Over the past
decade, advances in game engines have enabled developers to build
games faster and more efficiently, resulting in an explosion of new
games. However, 99.9% of developers are unable to make a living, as
they focus on the wrong trends, iterate too slowly, and don’t have the
advertising budget needed to break through the noise.
We created Homa Games to empower developers through an end-to-end

digital ecosystem – to focus on the right idea, optimise features, and
distribute their games at scale globally. Through our platform,
developers can scout new trends and ideas, execute real-time A/B
testing of game features through a no-code SDK, and distribute and
monetise games. This unlocks their creativity and drastically increases
the percentage of independent developers who make money.
We are proud to partner with and unlock the potential of 400+ studios
DANIEL NATHAN,
FOUNDER & CEO with a fast and seamless game creation process, which has enabled
them to launch mega-hits reaching almost one billion users. Additionally,
our games have introduced beloved characters, like Valentine from Sky
Roller, to millions of fans, who've become stars outside of their
respective games.
Dashlane's mission is to make security simple for millions of

organisations and their people. The company was founded in Paris in
2009, and first introduced its password manager to the consumer
market in 2012.
Headquartered in New York City, Dashlane has offices in Paris and

Lisbon. Over 15 million consumers and 20,000 businesses use
Dashlane products.
With 80% of cyberattacks and breaches occurring because of

password-related issues, Dashlane helps companies address these
risks with a tool that's secure, powerful, and easy to deploy and use.
JD SHERMAN, CEO Our goal is to take the hassle out of managing access and identity for
businesses, surface password-related risks, and provide proactive
measures to mitigate those risks.
34
EXPERT VIEW
While working as a strategic advisor, I was continually exposed to the

limitations of the traditional consumer intelligence space, which was
struggling to uncover growth opportunities as they continue to use
outdated survey methods, that rely on unrealistic claims of professional
survey takers. In 2015, we started Streetbees to build a marketplace for
the world's largest companies and organisations to truly build an
intimate relationship with their consumers.
The Streetbees platform connects with real people in real time through
conversational AI, capturing the reality of everyday life. This
unstructured data collected in the form of videos, images and text is
analysed using knowledge graph technology to decode human
behaviour, explaining why we do what we do and detect growth
opportunities hidden in plain sight.
TUGCE BULUT, In a short time frame, Streetbees has become an indispensable tool for
FOUNDER & CEO the world's largest companies such as PepsiCo, Unilever, Nestle, Intel,
and a number of governmental organisations and hedge funds. We now
have over five million users globally and c.200 employees across
London, New York and Lisbon.
We founded Connex One in Manchester in 2013 after we saw an

opportunity to revolutionise legacy customer engagement technology.
Customer support software was traditionally on-prem, and enterprise
companies had developed quite complex IT infrastructures over the
years, with several end-point solutions stacked up. This was
expensive, chaotic, and inefficient for the agents who had to use
multiple software tools.
Connex One is a cloud-based, AI-powered omnichannel customer

engagement platform that improves interaction efficiency and
customer satisfaction with an all-in-one platform that goes through the
entire customer engagement journey. We are changing the
way businesses communicate with their customers, with easiness-of-
use and user efficiency at the core of what we do.
NICK MEALEY,
Now into our eighth year of trading, Connex One's platform is used by
CO-FOUNDER AND CEO
many of the largest global brands and employs more than 300 people
RICHARD MEALEY,
across six offices in Europe, North America, Africa and APAC. On the
CO-FOUNDER AND CTO back of two consecutive years of triple-digit ARR growth, Connex One
is not planning on slowing down. Our leadership team is opening an
additional eight offices this year with the global team set to reach
1,000+ by 2024.
35
CHAPTER 4
Growth equity almost 70% of

fundraising landscape
BOOM IN MEGA-ROUNDS, BUT FUNDRAISING TO SLOW
Investors pumped almost $74bn into 375 The UK made up 34% of the total
deals within the European tech invested in Europe and nearly 36% of the
ecosystem in 2021 and Q1 2022
number of deals in 2021 and Q1 2022
While activity stayed strong into Q1 $50m+ fundraising rounds almost

2022, there were only 38 transactions in doubled in France, while the total
April-May, adding $5bn in value, versus transaction value grew c.4x
44 deals worth $7bn combined in the

prior two months
GROWTH EQUITY REMAINS HEALTHY, ONLY 18% OF ALTERNATIVE FUNDING AT RISK
Down by some 50% in Q1 2022, indicators Fintech, Marketplaces, and Enterprise Software
point to growth funding returning to the pre- saw c.85% of total capital invested in European
pandemic average
tech in the last 16 months
Growth investors are the lion's share of Fintech may be 2022’s golden goose, but we
European funding; only 18% from alternative expect B2B Enterprise Software to attract
/ public equity are at risk near-term
increased investor attention
36
FUNDRAISING LANDSCAPE
Record $60bn+ European fundraising

BOOM IN MEGA-ROUNDS WITH C.4X UPLIFT IN 2021
With the unprecedented hive of activity in 2021, fundraising reached over $60bn
Despite the strong activity in Q1 2022, April and May, as of the time of writing, indicated a slowdown in fundraising
activity with only 38 transactions adding $5bn in value versus 44 deals worth $7bn in prior two months
NUMBER AND CUMULATIVE VALUE OF MEGA-DEALS OVER $50M+
Source: Capital IQ, Mergermarket, Pitchbook, Crunchbase, press releases, and GP Bullhound analysis (2022 YTD as of 9 June 2022).
37
EXPERT VIEW: SPENDESK
Expert view
RODOLPHE ARDANT,
SPENDESK
FOUNDER AND CEO
S pendesk was the result of starting my career as an engineer and founding my first business straight after university – an adtech
company specialising in semantic technology to automatise lead generation. I was inspired by my own experiences with
payment and bureaucracy issues at work, during my time as COO at Drivy, a car rental marketplace. I wanted to invent a solution to
these problems, and it has been great to work with amazing people on this common mission.
I’ve always wanted to make a difference to people’s lives, and I’m prepared
"The pandemic also forced us to to take risks to achieve this. Being able to see the impact of my work is
what motivates me. Our main mission is, and has always been, to liberate
adapt to unprecedented protocols
businesses and employees - creating value by reducing the time they
such as permanently working from spend on tedious admin and allowing them to do their best work. On the
home. This was especially difficult employee side, I’ve always been a big advocate of trust and freedom in a
as the business was growing business culture, and this hasn’t changed. I want people to love working
for Spendesk and to have the room to thrive. Last year, we were proud to
faster than ever while we were be voted Europe’s best fintech company to work for on Glassdoor, which is
u n a b l e t o m e e t i n p e r s o n ."
a testament to our great culture and employee satisfaction.
We recently secured a €100m funding round from Tiger Global, an extension of the €100m Series C round we raised in July 2021.
Overall, our revenue has more than doubled every year and, in 2021 alone, over €3bn of spend was managed across our platform. This
is a sign of the great market opportunity ahead of us.
We’re extremely proud of our recent growth and we’re grateful to all our investors, including General Atlantic, Eight Roads Ventures,
Index Ventures, and eFounders, for making it possible. On the back of our recent fundraising, our key focus is investing in talent. We’re
looking for 300 of the best and brightest people to bring exciting new ideas to the business and enhance our culture of trust and
flexibility. Overall, we plan to grow our team to 700 this year, and we now have offices in Paris, Berlin, London, San Francisco, and
Hamburg. We’ll be investing further in our core product, a 7-in-1 scalable finance platform, helping businesses with their spend
management. We want to keep solving problems and offer actionable insights and data through our platform.
Every startup has difficulties to overcome. Scaling quickly from 50 to 500 employees within three years was challenging. My role
changed every six months; I suddenly had to learn how to raise capital, for example. When this rapid decentralisation happens, it can
also affect your company culture; our unique ethos of ownership and flexibility is important to me, so I was determined to preserve it.
The pandemic also forced us to adapt to unprecedented protocols such as permanently working from home. This was especially
difficult as the business was growing faster than ever while we were unable to meet in person.
A key long-term goal for us is positioning Spendesk as the leading spend

"I’m excited about the
management solution for SMBs. We want to evangelise across the market to growth of fintech; as a
become the new standard of payment at work. As part of this, we aim to build a f o u n d e r, i t i s e n c o u r a g i n g
finance operating system that will fundamentally transform how companies operate
and manage their finances. Ultimately, we want to build a great organisation, with a
to see so much investment
team of highly-fulfilled employees that can stand the test of time. We want in innovative startups
employees to have fond, lasting memories of working with us.
a c r o s s E u r o p e ."
I’m excited about the growth of fintech; as a founder, it is encouraging to see so much investment in innovative startups across
Europe. And from a Spendesk perspective, the increasing buzz around and need for spend management systems is very positive. Ours
has been an opportunistic market over the past five years, and we’ve been leading the charge in grasping its full potential. I expect to
see further growth in spend management software, with B2B solutions evolving to become as seamless as their B2C counterparts.
“Don’t rush decisions that have long-term consequences for your company before fully understanding the situation. Our actions in times of
uncertainty determine what people will remember later. Therefore it’s firstly about prioritising: make sure your own people are safe, healthy and
motivated during a crisis. And support your customers as much as possible in a difficult situation. Overall, Spendesk is in a lucky situation with
sufficient capital and enough agility in our working methods to really consider what makes the most sense for us in the long-term. So we keep
investing in our team, use the time to learn as quickly as possible, and come out of a crisis faster, better and stronger.”
38
France’s mega-rounds
doubled in last 16 months
WITH GROWING DIVERSIFICATION OF ACTIVITY ACROSS EUROPE
The number of $50m+ fundraisings in France almost doubled and total transaction value grew by c.4x in the last 16 months,
driven by an increasingly distributed and globally focused startup ecosystem, deep-pocketed international investors,
government R&D investment, and strong post-Covid-19 demand
The UK continues to lead in the number of deals and total funds raised in 2021 and Q1 2022, continuing its winning streak
DEAL VALUE BY COUNTRY IN 2021 AND Q1 2022
Source: Capital IQ, Mergermarket, Pitchbook, Crunchbase, press releases, and GP Bullhound analysis, Department for Digital, Culture, Media & Sport. Note: Investments greater than $50m between
1 January 2021 and 31 March 2022
39
CHAPTER 4
Growth equity booms in Europe

CHANGE IN SOURCES OF FUTURE FUNDING LIKELY
In the last 16 months, c.30% of total funding was derived from non-traditional growth investors; of this, only 18%
related to alternative / public equity and is at risk of falling near-term
In recent years, a lternative / public equity funds have invested significantly into European tech leaders in private
markets, driven by arbitrage opportunities between the public and private markets – as public markets correct, we
expect investments from this group to decrease in the coming years
The number of dedicated growth equity funds has increased recently, transforming them into a more distinct asset
class – together with corporates and sovereign wealth funds they will remain heavily invested with large cash piles for
funding innovation
Source: Capital IQ, Mergermarket, Pitchbook, Crunchbase, press releases, and GP Bullhound analysis
Note: Investments greater than $50m between 1 January 2021 and 16 May 2022, where lead
investors are publicly disclosed – investment total divided equally between identified lead investors. Select investor logos - list not exhaustive of all investors
40
Fintech captures highest share of funding

MARKETPLACES AND ENTERPRISE SOFTWARE HOT ON ITS HEELS
86% of total capital invested in 2021 and Q1 2022 was concentrated in Fintech, Marketplaces, and Enterprise Software
Fintech captures the lion's share of funding; however, given the pressure on consumer wallets due to the increased cost
of living, we expect B2B Enterprise Software to show resilience and attract more investor attention
CUMULATIVE FUNDRAISING SPLIT BY SUB-SECTOR IN 2021 AND Q1 2022
Note: Investments greater than $50m between 1 January 2021 and 31 March 2022. Chart based
on value raised; select company logos - list not exhaustive of all transactions.
41
CHAPTER 5
The battle to $50bn
The world’s largest technology companies have shed trillions in value
Europe’s only tech Titan has fallen, but the spot is open for other Fintechs
moving towards the $50bn mark
A seminal natural selection moment will correct the market as companies

adapt and become more efficient
Companies will look at long-term strategies and executions to survive,

beyond the IPO route
42
TITANS OF TECH
Europe's Titan has fallen

THE MARKET’S BOUNDLESS OPTIMISM IS CHANGING
Many beneficiaries of the bull market and high multiple valuations in 2020-2021 have experienced sharp corrections;
only 11 Titans walk the Earth today, down from 26 last year

Adyen, the only European tech company valued above $50bn last year, has seen its valuation decrease by 13% YoY
to just below the fifty-billion mark (1)
TECH TITANS MORE THAN HALVED IN LAST 12 MONTHS
Note: Valuations correct as of 16 May 2022. Movement in valuation calculated based on the
valuation date of the prior year report being 12 May 2021. 1) Adyen valuation per Capital IQ as of 16 May 2022.
43
CHAPTER 5
The next European Titan of Tech

FINTECH CHALLENGERS LEAD THE WAY WITH LONG-TERM VISION
Some European category leaders are pushing towards the $50bn mark as Klarna, Checkout.com and Revolut become
global Fintech champions
With the current industry changes, companies are in for an awakening – a natural selection moment will test some of
them for market fit and probability of becoming profitable
However, this downturn exposes the most adaptable and the most likely not only to survive but to thrive
Driven by ambitious goals, the companies below have embodied long-term thinking to determine their future success
that goes beyond a short-term exit opportunity
Source: Capital IQ, Mergermarket, Pitchbook, Crunchbase, press releases, and GP Bullhound analysis, Adyen FY and H2 2021 reports, Klarna FY2021 Results, Checkout.com fundraising
announcement, Revolut news, Unity FY21 report and earnings call, Spotify Q1 2022 Shareholder letter
Note: Valuations correct as of 16 May 2022
44
45
APPENDIX
Europe's Unicorns
283 BILLION-DOLLAR COMPANIES
E N T ER P R I S E S O F T W A R E FINTECH M A R KE T PL AC E S E NT ER T A I NM E N T E -C O M M ER CE
O T H ER S + N EW
46
EUROPE'S UNICORNS
E NT ER P R I S E S O F T W A R E FINTECH M A R KE T PL AC E S E NT E R T AI NM E N T E -C O M M ER CE
O TH E R S + N EW
47
APPENDIX
E NT E R P R I S E SO FT WA R E FINTECH M AR KE T P L AC E S E NT ER T A I NM E N T E -C O M M ER CE
O TH E R S + NEW
48
EUROPE'S UNICORNS
E NT ER P R I S E S O F T W A R E FINTECH M A R KE T PL AC E S E NT E R T AI NM E N T E -C O M M ER CE
O TH E R S + N EW
49
APPENDIX
O TH E R S + NEW
50
EUROPE'S UNICORNS
E N T E R P R I S E SO FT WA R E F IN TE C H M AR KE T P L AC E S E NT ER T AI N M E NT E -C OM M ER C E
O TH E R S + NEW
51
APPENDIX
O TH E R S + NEW
52
EUROPE'S UNICORNS
E N T E R P R I S E SO FT WA R E F IN TE C H M AR KE T P L AC E S E NT ER T AI N M E NT E -C OM M ER C E
O TH E R S + NEW
53
APPENDIX
E NT E R P R I S E SO FT WA R E F IN TE C H M AR KE T P L AC E S E NT ER T A I NM E N T E -C OM M ER C E
O TH E R S + N EW
54
METHODOLOGY & ABOUT US
Methodology
We have crunched the data on European billion-dollar technology companies founded since
2000, analysing what it takes to create an outstanding success
OUR METHODOLOGY AND SOURCES
WE HAVE INCLUDED: FIRST CAVEAT:
Tech
companies only,
with a bias towards
Internet / Our
sources only include public data (e.g. data
platforms
Software
(Cleantech and Biotech excluded) such as Capital IQ,
Pitchbook, press
articles, etc.),
and the
Companies falling into
the following macro-sectors: E- accuracy
of our dataset is limited to the disclosed data.
commerce (e.g. sale of goods or services), Audience

(e.g. monetisation through ads and lead
gen),
SECOND CAVEAT:
Software (e.g. license of software), Gaming
( including gambling), Fintech, Marketplaces, and
For
this year’s
report, companies
are
tracked for inclusion
as
Augmented Reality / Virtual Reality (AR/ VR)
billion-dollar companies until 31
March 2022 with
valuations
Headquartered in Europe
updated as of 16 May 2022, unless otherwise stated,
which
Founded in 2000
or later
has limitations related
to, for
example, the state of equity
With an equity valuation of $1bn+ in the public
or
markets,
recent company performance, etc.
private
markets ( including acquired companies)
About us
GP Bullhound is a leading technology advisory and investment firm, providing transaction
advice and capital to the world’s best entrepreneurs and founders. Founded in 1999 in
London and Menlo Park, the firm today has 12 offices spanning Europe, the US and Asia. For
more information, please visit www.gpbullhound.com
GP BULLHOUND'S ENTREPRENEUR CLOCK
GP Bullhound partners with entrepreneurs throughout their founding journey,

supporting them with advisory, capital, insights and access to our global network.
Note: 1) Including Israel, and companies founded in Europe and later relocated to different geographies
55
DISCLAIMER
Disclaimer
No information set out or referred to in this communication shall form the basis of any contract. The issue of this insights report (the
“report”) shall not be deemed to be any form of binding offer or commitment on the part of GP Bullhound or any of its affiliates or
subsidiaries. This report is provided for use by the intended recipient for information purposes only. It is prepared on the basis that the
recipients are sophisticated investors (so-called “professional clients” in the meaning of Annex II of Directive 2014/65/EU on markets in
financial instruments, or their equivalent elsewhere) with a high degree of financial sophistication and knowledge. This report and any of
its information is not intended for use by private or retail investors in the UK or any other jurisdiction where access, use or availability of
this information would be unlawful.
This report does not provide personalized advice or recommendations of any kind. You, as the recipient of this report, acknowledge and
agree that no person has nor is held out as having any authority to give any statement, warranty, representation, or undertaking on
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GP Bullhound is under no obligation to provide you with any such updated information. All liability is expressly excluded to the fullest
extent permitted by law. Without prejudice to the generality of the foregoing, no party shall have any claim for innocent or negligent
misrepresentation based upon any statement in this report or any representation made in relation thereto. Liability (if it would otherwise
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This report should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other
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Past performance of securities is not a guide to future performance and the value of securities may fall as well as
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securities, markets, reports or developments referred to herein.
This report may contain forward-looking statements, which involve risks and uncertainties. Forward-looking information is provided for
illustrative purposes only and is not intended to serve as, and must not be relied upon as a guarantee, an assurance, a prediction or a
definitive statement of fact or probability.
Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. Any and all opinions expressed
are current opinions as of the date appearing on the documents included in this report. The information contained in this report should
not be relied upon as being an independent or impartial view of the subject matter, and for the purposes of the rules and guidance of
the Financial Conduct Authority (“the FCA”) and of Financial Industry Regulatory Authority (“FINRA”), Any and all opinions expressed are
current opinions as of the date appearing on the documents included in this report. The information contained in this report should not
be relied upon as being an independent or impartial view of the subject matter, and for the purposes of the rules and guidance of the
Financial Conduct Authority (“the FCA”) and of Financial Industry Regulatory Authority (“FINRA”), this report shall not be viewed as
research report and is considered marketing communication and a financial promotion.
56
DISCLAIMER
Thus, in accordance with COBS 12.2.18 of the FCA Handbook, its contents have not been prepared in accordance with legal
requirements designed to promote the independence of investment research and it is not subject to any prohibition on dealing ahead
of the dissemination of the report.
The individuals who prepared the information contained in this report may be involved in providing other financial services to the
company or companies referenced in this report or to other companies who might be said to be competitors of the company or
companies referenced in this report. GP Bullhound, through its investment banking and asset management departments, does and seek
to do business with companies which are, or may be covered in this report. As a result, both GP Bullhound and the individual members,
directors, officers and/ or employees who prepared the information contained in this report may have responsibilities that conflict with
the interests of the persons who access this report.
GP Bullhound and/or connected persons may, from time to time, have positions in, make a market in and/ or effect transactions in any
investment or related investment mentioned in this report and may provide financial services to the issuers of such investments. The
information contained in this report or any copy of part thereof should not be accessed by a person in any jurisdictions where its
access may be restricted by law and persons into whose possession the information in this report comes should inform themselves
about, and observe, any such restrictions. Access of the information contained in this report in any such jurisdictions may constitute a
violation of UK or US securities law, or the law of any such other jurisdictions. Neither the whole nor any part of the information
contained in this report may be duplicated in any form or by any means. Neither should the information contained in this report, or any
part thereof, be redistributed or disclosed to anyone without the prior consent of GP Bullhound. GP Bullhound and/or its associated
undertakings may from time to-time provide investment advice or other services to or solicit such business from any of the companies
referred to in the information contained in this report.
Accordingly, information may be available to GP Bullhound that is not reflected in this material and GP Bullhound may have acted upon
or used the information prior to or immediately following its publication. However, no person at GP Bullhound (which includes its
members, directors, officers and/or employees), may undertake personal transactions in financial instruments of companies to which
this report relates, without receiving prior clearance from the GP Bullhound Compliance Officer or nominated delegated. In addition, GP
Bullhound, the members, directors, officers and/or employees thereof and/or any connected persons may have an interest in the
securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this report and
may from time-to-time add or dispose of such interests. GP Bullhound Corporate Finance Ltd and GP Bullhound Asset Management Ltd
are private limited companies registered in England and Wales, registered numbers 08879134 and 08869750 respectively, and are
authorised and regulated by the Financial Conduct Authority. Any reference to a partner in relation to GP Bullhound is to a member of GP
Bullhound or an employee with equivalent standing and qualifications. A list of the members of GP Bullhound is available for inspection
at its registered office, 52 Jermyn Street, London SW1Y 6LX.
For US Persons: This report is distributed to US persons by GP Bullhound Inc. a broker-dealer registered with the SEC and a member of
the FINRA. GP Bullhound Inc. is an affiliate of GP Bullhound Corporate Finance Ltd. All investments bear certain material risks that
should be considered in consultation with an investors financial, legal and tax advisors. GP Bullhound Inc. engages in private placement
and mergers and acquisitions advisory activities with clients and counterparties in the Technology and CleanTech sectors.
In addition, the persons involved in the production of this report certify that no part of their compensation was, or will be, directly or
indirectly related to the specific views expressed in this report. As such, no person at GP Bullhound (including its members, directors,
officers and/or employees) has received, or is authorized to accept, any inducement, whether monetary or in whatsoever form, in
counterparty of promise to issue favorable coverage for the companies to which this report may relate.
In the last twelve months, GP Bullhound or an affiliate is or has been engaged as an advisor to and received compensation from or has
invested in the following companies mentioned in this report: Believe, Discord, DuckDuckGo, EcoVadis, Glovo, Klarna, Patreon, Revolut,
Tradeshift, and Whoop.
57

Titans of Tech 2022

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Titans of Tech 2022

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Contents

04 THE VIEW FROM GP BULLHOUND 36 GROWTH EQUITY ALMOST 70%

20 SECTOR INSIGHTS 46 EUROPE'S UNICORNS

26 EXPERT VIEW 55 METHODOLOGY &

Jean-Charles Samuelian-Werve, Alan ABOUT GP BULLHOUND

27 EXPERT VIEW 56 DISCLAIMER

28 EUROPE’S NEXT GENERATION

MANISH MADHVANI, GP BULLHOUND MANAGING PARTNER

MANISH MADHVANI ALON KUPERMAN ADAM PAGE

JENNIFER ELLER CARLOS DE LA ESPERANZA JUDY SHING

JULIEN LÉZÉ MARIA LAZAREVA IRYNA KESARCHUK

$1TN: THE EUROPEAN ECOSYSTEM REACHED A NEW MILESTONE, UP BY

HEALTHY GROWTH FUNDING: DOWN BY C.50% IN Q2 2022, AS OF TIME OF

STABLE SOURCES OF FUNDING: GROWTH INVESTORS ARE THE LION'S SHARE

IPO SHUTDOWN TO BE OFFSET BY SOLID M&A: IPOS HAVE DWINDLED TO JUST

ENTERPRISE SOFTWARE & FINTECH: COMBINED, 94 NEW BILLION-DOLLAR

LOSS OF EUROPEAN TITAN: WITH THE PUBLIC MARKET CORRECTION, NO

Europe soars to new heights

RECORD ACHIEVEMENTS IN THE PAST YEAR

The staggering pace of Unicorn creation in

CAPITAL INFLOWS AND MEGA-ROUNDS TO SLOW - IT'S TIME TO REASSESS

With activity slowing, those that act quickly

The lingo and journey to $50bn

All companies featured in this report were founded in 2000 or later

CLASSIFICATION OF COMPANIES BY VALUATION

Europe breaks through $1tn mark

SHIFT FROM GROWTH TO PROFITABILITY KEEP CALM AND REASSESS

Expect continued headwinds as We have been here before; history

EUROPEAN TECH ECOSYSTEM GROWTH SINCE 2014

Record activity in 2022

AGGREGATE NUMBER & VALUATION OF BILLION-DOLLAR COMPANIES

AGGREGATE VALUATION OF BILLION-DOLLAR COMPANIES BY STATUS

Time for consolidation

…THE M&A MARKET COULD REMAIN ACTIVE AND LEAD TO CONSOLIDATION

YEARLY NUMBER OF ACQUISITIONS BY BIG TECH

ACTIVE M&A MARKET WHILE PUBLIC MARKETS CORRECT

Big Tech and other large

125 new Unicorns,

more than the last three years combined

NUMBER AND CUMULATIVE VALUATION OF NEW BILLION-DOLLAR COMPANIES

NEW ENTRANTS BY SECTOR KEY FACTS

Acceleration YoY cumulative value

Increasing average valuation of new Unicorns

but still at pre-pandemic levels

NUMBER OF $50M+ FUNDING ROUNDS

We have been here before

1 POSITION COMPANY EARLY AND BE READY TO ACT FAST

RAISE CAPITAL , top up now, if possible, and PRODUCT

PIPELINE Focus on real leads with near-

of funding beyond equity

2 FUNDRAISING STILL POSSIBLE, BUT INVESTORS ZOOMING IN ON KPIS

High gross margins Profitable growth

Demonstrable unit economics Zero-based budgeting

MAKE YOUR DATA WORK FOR YOU

QUICKLY SPOT CHANGING MARKET NEEDS

CREATE NEW BUSINESS STREAMS

CREATE SUPPLY BEFORE DEMAND

MAKE THE MOST OUT OF YOUR CASH

RETHINK YOUR BUSINESS

“We spent three years spinning out that €1m. Nobody

Strong tailwinds in Software and Fintech

NUMBER OF EUROPEAN BILLION-DOLLAR COMPANIES BY SECTOR

CO-FOUNDER AND CEO