Avolta Partners VC France 2021

VC/M&A Tech Multiples
France 2021
© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021
Introduction
VC fundraisings
Invested amount (€m) Deal count (#)
A “J” curb more than a “V” curb
After a bumpy but promising 2020, 2021 has been the true blossom of the
European Tech ecosystem. With more than €60bn in funding at the end of
Q3-21, it already represents almost a 2x growth from the 2020 full year figure
(€32bn). On the current trend, Europe should reach €80bn in total funding, i.e.
a 2.5x growth.
Europe also became a substantial contributor to the worldwide herd of
unicorns with 115 members (incl. 39 newcomers in 2021) out of 850
worldwide.
France has contributed to the European growth and one can clearly see that
the French Tech ecosystem has matured with €8.2bn in total funding YTD and
11 new unicorns. On the current trend, France would be around €11bn at the
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept.
end of the year. Quite impressive! Yet, that’s only a 2x growth vs last year.
Less that Europe’s 2.5x. Less than UK’s 2.4x (€28bn expected for 2021). And Tech exits transactions
less than the astonishing Germany’s 3x (€15bn expected for 2021). Deal Value (€m) Deal count (#)
In a broader perspective, we expect worldwide VC funding to rise up to

€500bn in 2021, growing 2x from 2020 – just the same trend as France.
On the exit-side, we’ve seen some encouraging developments with the

Believe IPO on Euronext Paris for €2bn and the expected IPO of OVH in Q4-
21 at €3.5bn. 2021 should reach €7.6bn in total exit, which would be the best
year ever for the French ecosystem.
Arthur Porré, Co-Founder and Managing Partner, Oct. 11th, 2021
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept.
© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021 2

VC trends

VC trends
Overview of European VC fundraising
European startup fundraising is expected to growth 2x in 2021
Invested amount (€bn) Nb. of European unicorns (#)
25 140 €60bn 39
Invested in Europe
New Unicorns
(2021 YTD)
120
20
Mega rounds are still mainly in the UK
100
Mega rounds > €100m (#)
15
80 2021 YTD
60 2020
10
2019
40
5 2018
20
2017
0 0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD 0 10 20 30 40 50
France Germany UK Rest of Europe Nb. of European unicorns UK Germany France

VC trends
Overview of French VC fundraising
French VC fundraising has grown at a 47% CAGR since 2014 and is estimated to reach €10.5bn in 2021
Invested amount (€bn) Deal count (#)
12 900
10.5
800
10
700
8 600
500
6 5.6
400
4.6
4 300
2.9
200
2.1 2.1
2 1.5
100
0.7
0 0
2014 2015 2016 2017 2018 2019 2020 2021e

VC trends
VC deals: 536 funding rounds in 2021 for €8.3bn in total deal value
Record year for French VC fundraisings Top 5 funding rounds of 2021
Invested amount (€m) Deal count (#)
€574m
led by SoftBank
€472m
led by Silver Lake
€408m
Top 3 Top 10 Others No. deals
led by Eurazeo
Fundraising amounts continue to increase
Median deal value (€m)

€310m
led by 10T
€300m
led by General Atlantic

VC trends
VC investments by type of series (1/2)
Fewer seed deals in the ecosystem
Proportion of deals (%)
Series D+
Series C
Series B
Series A
Seed

VC trends
VC investments by type of series (2/2)
Median fundraisings keep rising especially for Series B+
Median fundraising amount (€m)

Seed Series A Series B Series C Series D+

VC trends
Startup cohorts and profiles by round
1 out of 4 startups goes on to raise a 2nd round of financing
Base 100
100 100
90
80
70
60
50
40
27
30
20
8
10 3 1 0.3
0
Round 1 Round 2 Round 3 Round 4 Round 5 Round 6
Seed Series A Series B Series C Series D
Median TTM revenue €0.7m €1.3m €2.4m €5.6m €12.5m
Median fundraising €1.0m €3.0m €7.0m €18.3m €40.5m
Median pre-money valuation €3.5m €9.0m €17.5m €52.0m €179.5m
Median dilution 29% 28% 27% 22% 21%
Median age (years) 3 4 5 7 8

VC trends
Distribution of deals by business model
Subscription and Commission models continue to attract the majority of investments
Proportion of deals by business model (%)
Others
Research
Service
E-commerce
Manufacturing
Commission
Subscription

VC trends
Distribution of deals per industry
Majority of investments go to Fintech, Health and Gaming in 2021
YoY growth (%) Amounts invested per industry 2021 vs. 2020 (€m)
Fintech fintech
+146.8%
Health health
-26.7%
Gaming gaming
+1854.0%
Home living home living
+79.3%
Enterprise software enterprise -32.2%
software
Real estate real estate
+131.4%
Energy energy
+25.7%
Transportation transportation
+63.9%
Security security
+156.2%
Fashion fashion
+160.3%
Food food
-56.6%
Education education
+205.4%
Robotics robotics
-4.2%
Media media
+22.2%
HR jobs recruitment
+14.4%
Marketing marketing
-81.6%
Legal Legal
+298.5%
Wellness beauty wellness beauty
+26.8%
Hosting hosting
+778.2%
Semiconductors -76.7%
semiconductors
Sports -72.7%
sports
0 200 400 600 800 1000 1200 1400 1600 1800 2000
2021 2020

VC trends
Yearly trends: cumulative number of deals and amounts
Record breaking year in terms of investments… …even if number of deals remains lower than 2020
Cumulated deal value (€m) Cumulated deal amount (#)
2021 2020 2019 2018 2017 2016 2015 2014
12000 1000
900
10000
800
700
8000
600
6000 500
400
4000
300
200
2000
100
0 0
1
Jan. 2
Feb. 3
Mar. 4
Apr. 5
May 6
Jun. 7 Aug.
Jul. 8 Sept.
9 Oct.
10 Nov.
11 Dec.
12 1Jan. Feb.
2 3
Mar. 4
Apr. 5
May 6
Jun. 7
Jul. 8
Aug. 9
Sept. 10 Nov.
Oct. 11 Dec.
12

VC trends
11 startups have reached unicorn status in 2021, France being the home of 21 unicorns
French unicorns by last round valuation
Last round valuation (€bn)
4.5
4.0
1
3.9
3.5 3.7
3.0
2.9
2.5
2.5 1
2.0 2.3
2.2
1
1.9
1.5 1.7 1.7
1.5
1.4 1.4
1.0 1.2 1.2 1.1 1.1 1.1 2 2
>1 >1 1.0 1.0
0.5
0.0
Unicorn status reached in 2021 Unicorn status reached before 2021
1Headquarters in the U.S 2Exact amount not communicated by the company

VC trends
Avolta Next 20: who will be France’s next unicorns?
Possible French unicorns by last amount raised
Oct. 20 – Series C Jul. 21 – Series C Sep. 20 – Series C Jan. 20 – Series C Nov. 16 – Series C
€315m €142m €140m €104m €100m
Apr. 21 – Series C Jul. 21 – Series C Mar. 21 – Series D May 21 – Series B May 21 – Series B
€100m €100m €90m €84m €82m
May 21 – Series C Sep. 20 – Series C Jan. 19 – Series C Dec. 20 – Series B Apr. 21 – Series C
€80m €77m €72m €72m €70m
Jun. 20 – Series C Jun. 21 – Series C Jan. 20 – Series C Dec. 20 – Series B Apr. 19 – Series B
€70m €63m €63m €50m €36m

VC trends
Active investor trends and league tables
530 active investors on the market in France, with increasing amount of foreigners Top 10 active VCs (last 12 months)
# of active investors (excl. business angels)
350
1. 70 deals
300 2. 30 deals
3. 20 deals
250
4. 13 deals
200
5. 12 deals
150
6. 11 deals
100
6. 11 deals
50 6. 11 deals
9. 10 deals
-
2014 2015 2016 2017 2018 2019 2020 2021e
French active investors Foreign active investors 10. 9 deals

25.0 25.0
VC trends
Participation of foreign VCs in French rounds
20.0 20.0
The French ecosystem is attracting more foreign investors EV/TTM revenue multiples
% of series with a foreign investor
40%
15.0 15.0
35%
12.4x
30%
10.0 9.2x 10.0
25%
20% 6.3x
5.0 5.0
15% 4.2x
3.0x
10%
1.9x
- -
5% French investors At least one foreign
only investor
0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Med.
14 14 14 14 15 15 15 15 16 16 16 16 17 17 17 17 18 18 18 18 19 19 19 19 20 20 20 20 21 21 21
1st Quartile 3rd Quartile
North America United Kingdom Germany Asia Foreign

VC trends
Overview of French VC funds
Record year for new VC funds raised Top 5 new VC funds raised in 2021
Funds raised by French VCs (€bn)
4
€1.6bn
Raised in Jul. 2021
3.6
3 €660m
Raised in Feb. 2021
2.1
€300m
2
Raised in Feb. 2021
1.7
1.3
1.1 €250m
1.0
1 0.9 Raised in Sep. 2021
0.4
0.3 0.3
0.2
€225m
Raised in Mar. 2021
0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD

VC trends
VC multiples by business model and industry over the last 24 months
EV/TTM revenue by business model EV/TTM revenue by industry
- 2.0 4.0 6.0 8.0 10.0 12.0 14.0 - 2.0 4.0 6.0 8.0 10.0 12.0 14.0
Fintech
Subscription
7.9x 5.3x 12.2x
4.7x 2.7x 10.8x
Health
6.4x 2.4x 11.2x
Commission
3.9x 2.1x 7.8x Enterprise software

4.8x 2.3x 6.3x
Manufacturing Marketing
3.6x 2.6x 8.1x
2.6x 1.5x 7.2x
Food
2.6x 1.7x 6.8x
E-Commerce
2.2x 0.9x 4.5x Transportation

2.1x 1.5x 3.1x
Service Real Estate

1.5x 0.9x 2.0x 3.1x 1.6x 10.9x
HR
- 2.0 4.0 6.0 8.0 10.0 12.0 14.0 3.5x 2.0x 6.7x
Med.
Median Quartile 1 Quartile 3 - 2.0 4.0 6.0 8.0 10.0 12.0 14.0

Tech exit trends

Tech exit trends
Overview of French exits
French exits trends remain stable over the last 5 years
Deal value (€bn) Deal count (#)
9 400
8
7.6 350
7
300
6 5.8
5.5 250
4.9
5
4.5
200
150
3
100
2
50
1
0 0
2017 2018 2019 2020 2021e

Tech exit trends
Tech exit activity: 234 deals in 2021 for €3.5bn in deal value
Increasing exits trends mostly driven by top deals Top 5 tech exits in 2021 YTD
Deal value (€m) Deal count (#)
€1.9bn
IPO Euronext Paris
€450m
by Cegid
€200m
Top 1 Top 3 Others Nb. deals
Median EV remains stable
by Marlin Equity Partners
Median EV (€m)
€119m
IPO Euronext Paris
€106m
by Altus Group

Tech exit trends
Distribution of deals by deal type
Still few IPOs EV/TTM revenue by deal type
- 5.0 10.0 15.0
IPO Sponsor Corporate Dev
Percentage of deals (%) Corporate Dev
2.5x 1.4x 5.1x
Sponsor
2.4x 1.0x 4.0x
IPO
6.1x 3.2x 13.1x
Med.
-
Median 1st 5.0
Q. 1 10.0 3rd Q. 15.0
Larger exits for IPOs and sponsor deals

Median EV at exit (€m)
62
59
17
Corporate Sponsor IPO

Development

Tech exit trends
Yearly trends: cumulative number of deals and amounts
Tech exit deal value is comparable to previous years… …but greater number of deals
Cumulated deal value (€m) Cumulated deal count (#)
Year of Date in Press 2021 2020 2019 2018 2017

7000 350
6000 300
5000 250
4000 200
3000 150
2000 100
1000 50
0 0
1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct. Nov. Dec.

Tech exit trends
Distribution of deals by EV
13% of deals are over €150m EV
% of deal value
100%
3
90%
2
80%
70%
60% 1
50%
Exit value % of panel Var. YoY
40%
1 The Happy Few >€150m 13% +18%
30%
2 The Breakaways <€50m-€150m 25% +56%
20%
3 The Peloton <€50m 63% -14%
10%
0%
0% 25% 50% 75% 100%
0%
2%
4%
6%
7%
9%
11%
13%
14%
16%
18%
20%
22%
23%
25%
27%
29%
30%
32%
34%
36%
37%
39%
41%
43%
45%
46%
48%
50%
52%
53%
55%
57%
59%
60%
62%
64%
66%
67%
69%
71%
73%
75%
76%
78%
80%
82%
83%
85%
87%
89%
90%
92%
94%
96%
98%
99%
% of deals

Tech exit trends
VC-backed vs. non-backed exits
The majority of exits are bootstrapped companies… Top 10 VCs by no. of exits (last 12 months)
100%
90% Rank Investor # exits

80%
#1 21
70%
60%
#2 11
50%
40%
#3 10
30%
20%
#4 8
10%
0%
2017 2018 2019 2020 2021 YTD #4 8
Bootstrapped VC-backed
#5 7
…however, VC-backed exits show higher performance, size and time to exit
#5 7
Median EV/TTM Revenue Median EV Median time to exit
5.00 60.00 12.00
4.2x 11 years
€48.1m #6 6
4.00 50.00 10.00
8 years
40.00 8.00
3.00
30.00 €23.8m 6.00 #7 5
2.00 1.8x
20.00 4.00
1.00 10.00 2.00 #7 5
- - -
VC backed
1 Bootstrapped
2 VC backed
1 Bootstrapped
2 VC backed
1 Bootstrapped
2

Tech exit trends
Tech exits characteristics
Exits are gaining maturity Targets’ characteristics
TTM revenue at exit (€m)
10 €9.2m
9
10 years
8
7
6 €5.3m
€4.8m median years to exit
5
4
€3.0m
3
2
1
0
2017 2018 2019 2020
€3m
Median EV has increased over the last 5 years median funds1 raised at
exit
Median EV (€m)
100
59%
80
€61m
60
40 €31m of companies are

€18m €25m €18m
20 profitable
0
2017 2018 2019 2020 2021 YTD
1Sample is based on companies who have raised funds

Tech exit trends
Distribution of acquirers by geography
Around 70% of acquirers are French… …but foreign countries acquire the most value
Deal count Deal value
YTD YTD
Top acquirers since 2017 (#) Top acquirers since 2017 (€m)
4
France Europe North America Asia

Tech exit trends
Avolta Partners’ Public French Tech Index1
Public tech companies show high performance IPO characteristics & breakdown
Index value
180
160
+55.0% €55m
median EV at IPO
140
120 +30.4% 34%

of companies show positive
100 returns since IPO
80 Health
14%
Energy
60 8% Robotics
Telecom
40 6%
Transportation
6%
Gaming
20 +570.2% for the B.V.P. Nasdaq Emerging 3%
Cloud Index (U.S) over the same period 2% Marketing
2%
9% Other
0
Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 Jul-21
Tech index CAC Small

1Index represents returns of an equally-weighted portfolio of all tech IPOs since Jan. 2017

Tech exit trends
Exit multiples by business model and industry
EV/TTM revenue by business model EV/TTM revenue by industry
- 2.0 4.0 6.0 8.0 10.0 12.0 14.0

- 2.0 4.0 6.0 8.0 10.0 12.0 14.0
Fintech
Subscription
4.6x
2.0x 10.5x 2.9x 15.0x
3.2x
Health
3.5x
2.5x 8.4x
Commission
3.8x 1.7x 8.4x Enterprise software

4.2x 2.1x 13.4x
Manufacturing Marketing
2.3x 1.6x 3.4x
2.1x 1.3x 4.8x
Food
3.6x 1.6x 5.7x
E-Commerce
1.3x 1.1x 1.5x Transportation

2.8x 1.4x 5.1x
Service Real Estate

1.1x 3.2x 2.7x 5.2x
0.9x 2.7x
HR
1.5x 0.8x 1.6x
- 2.0 4.0 6.0 8.0 10.0 12.0 14.0
Med.
- 2.0 4.0 6.0 8.0 10.0 12.0 14.0
Median 1st Quartile 3rd Quartile

Research team
Contact us
Arthur Porré Pascal Farrugia

Founding Partner Director
Alexandre Meiers Victor Ebersold Naomi Darko Déborah Bourgeot

Senior Analyst Senior Analyst Senior Analyst Senior Analyst
Matthieu Sion Jacques-Henri Checri David Kaddouch Pierre Pinsault Julien Gakpe
Analyst Analyst Analyst Analyst
Analyst

Methodology
Data. Data. Data.
Building a platform for Tech corporate finance
With 80 deals closed in 6 years, we chose from the beginning to be pan-European

• Corporate dev: the acquirer is a corporate
and data-driven. So we built Avolta.io, a unique platform to automate processes
and scale our ability to help fast-growing tech companies in Europe. • PE fund: the acquirer is a private equity fund (non-leveraged, LBO,
Exit types
MBO, OBO)
Our platform concatenates European deals in the Tech Industry with information on • IPO: Initial Public Offering though financial markets
valuation, revenues and structuration. We source this private data from our network
of providers, business partners and investors, combining it with unique insights from
our team of analysts.
We extracted from our 10,000+ deals private database all Tech companies
monitored from Q1-14 to Q3-21 for companies headquartered in France.
• Subscription: SaaS or more traditional licensing revenue
Enterprise Value (EV) • Commission: platform debiting a defined take rate from its flows
Calculated as Equity Value + Net Debt when legal information is found. Otherwise • Manufacturing: production and resale of goods
estimated EV from several sources: dealroom.co, Mergermarket, Crunchbase, • Performance: built around usage from a recurring user community
Business
CFNews, Avolta’s private networks and public media.
Models • eCommerce: buy and online resale of goods
• Audience: traffic-based revenue
• Service: margin between labor cost and service invoice price
• Research: strong R&D focus to keep high barriers to entry
Leveraging quality data providers

About Avolta Partners
Leading M&A Advisor in Tech in Europe on €10-300m Deals
§ 80 deals / €1bn completed in 6 years

- Incl. 15 deals / €300m in the last 12 months
- 20 deals for €600m in our current portfolio
(€30m avg. transaction)
§ All types of transactions (€10-€300m EV)

- M&A & LBO: 50% of our deals
- Fundraising (Series A/B/C+) : 50% of our deals
§ 70% cross-border deals
§ 100% Tech companies, with major focus on:

- Fintech / Insurtech
- Mobility
- B2B SaaS
- Marketplace/eCommerce
- Deeptech (AI, Blockchain, Space, etc.)
- FoodTech/Agtech
- Consumer brand
- HR/EdTech
- Health
- Proptech

Disclaimer Avolta Partners
The information contained in this report has been produced by Avolta Partners based on third- With more than 80 deals closed in 6 years, Avolta Partners has proven to be one of the most active M&A
party information. While Avolta Partners has made every effort to ensure the reliability of the boutique in Europe in the Tech Industry. As a result, our team of 20 people has learned how to maximise the
data included in this report, Avolta Partners cannot guarantee the accuracy of the information value of a deal – both valuation and legal conditions – thanks to a proven methodology and hard-nosed
collected and presented. Therefore, the Avolta Partners cannot accept responsibility for any negotiations.
decision made or action taken based upon this report or the information provided herein.
This presentation is for the exclusive use of the people to whom it is addressed and is
intended for general information purposes only. It is not intended to constitute legal or other Dedicated team
professional advice and should not be treated as such. Arthur Porré Pascal Farrugia
Appropriate legal advice must be sought before making any decision, taking any action or Managing Partner Director
refraining from taking any action in reliance on the information contained in this presentation. arthur@avoltapartners.com pascal@avoltapartners.com
Avolta Partners does not assume any responsibility for any person’s reliance upon the
information contained herein.
Alexandre Meiers Victor Ebersold
© Copyright Avolta Partners 2021 Senior Analyst Senior Analyst
alexandre.meiers@avoltapartners.com victor.ebersold@avoltapartners.com

Avolta Partners VC France 2021

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Avolta Partners VC France 2021

Uploaded by

Copyright:

Available Formats

VC/M&A Tech Multiples

In a broader perspective, we expect worldwide VC funding to rise up to

On the exit-side, we’ve seen some encouraging developments with the

Arthur Porré, Co-Founder and Managing Partner, Oct. 11th, 2021

Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept.

© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021 2

© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021

Invested amount (€bn) Nb. of European unicorns (#)

France Germany UK Rest of Europe Nb. of European unicorns UK Germany France

© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021 4

Invested amount (€bn) Deal count (#)

© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021 5

Invested amount (€m) Deal count (#)

led by Silver Lake

Median deal value (€m)

led by General Atlantic

© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021 6

Proportion of deals (%)

© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021 7

Median fundraising amount (€m)

© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021 8

Seed Series A Series B Series C Series D

Median TTM revenue €0.7m €1.3m €2.4m €5.6m €12.5m

Median fundraising €1.0m €3.0m €7.0m €18.3m €40.5m

Median pre-money valuation €3.5m €9.0m €17.5m €52.0m €179.5m

Median dilution 29% 28% 27% 22% 21%

Median age (years) 3 4 5 7 8

© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021 9

Proportion of deals by business model (%)

© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021 10

© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021 11

Cumulated deal value (€m) Cumulated deal amount (#)

2021 2020 2019 2018 2017 2016 2015 2014

© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021 12

Last round valuation (€bn)

Unicorn status reached in 2021 Unicorn status reached before 2021

1Headquarters in the U.S 2Exact amount not communicated by the company

© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021 13

© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021 14

# of active investors (excl. business angels)

French active investors Foreign active investors 10. 9 deals

© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021 15

% of series with a foreign investor

10.0 9.2x 10.0

© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021 16

Funds raised by French VCs (€bn)

© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021 17

3.9x 2.1x 7.8x Enterprise software

2.2x 0.9x 4.5x Transportation

Service Real Estate

© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021 18

© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021

Deal value (€bn) Deal count (#)

© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021 20

Deal value (€m) Deal count (#)

IPO Euronext Paris

© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021 21

2.5x 1.4x 5.1x

2.4x 1.0x 4.0x

6.1x 3.2x 13.1x

Larger exits for IPOs and sponsor deals

Corporate Sponsor IPO

© 2021 Avolta Partners // www.avoltapartners.com VC/M&A Tech Multiples - France 2021 22

Cumulated deal value (€m) Cumulated deal count (#)