GCA - Marketplace ECommerce 2Q2021

Marketplaces: The New Home for Luxury Goods
Q2 2021 Marketplace & E-commerce Review

EXECUTIVE SUMMARY
Marketplace & E-commerce Sector Wrap-Up
» The Q2 Marketplace & E-commerce report highlights the growing trend of marketplaces catering to luxury goods, both digitally native
new market entrants and legacy luxury suppliers turning to technological solutions
‒ As consumer confidence in online transactions grows, marketplaces that have pursued high AOV markets have succeeded, such as
1stDibs which IPO’d this quarter
‒ Catalyzed by the pandemic, legacy luxury goods marketplaces, such as the premier auction houses, have turned to software solutions,
bringing increased momentum to companies like GCA client LiveAuctioneers, which merged with competitor ATG this quarter
» The momentum in the IPO market continued in Q2 2021 from its hot pace in Q1 with recent IPOs including 1stDibs, Legal Zoom, and
Zomato
‒ SPAC transactions have also continued to be active with ticketing marketplace VividSeats and wholesale marketplace Boxed among
announced SPAC transactions in the quarter
» The M&A market has been extremely active in Q2 with 21 significant M&A transactions across the segment seen in Q2 2021 including:
‒ ATG’s acquisition of GCA client LiveAuctioneers
‒ Shutterfly’s acquisition of custom art marketplace Spoonflower
‒ Etsy’s acquisition of British fashion marketplace Depop for $1.6 Bn
» Massive financing rounds supporting companies that thrived during 2020 have continued, including for private funding leaders:
‒ Carro raised $360 MM led by SoftBank
‒ Vinted raised $303 MM led by EQT
» In the public markets, all groups comprising the Marketplace & E-commerce ecosystem have seen increased share pricing YoY, led by the
Travel grouping as they come out of COVID
» We are seeing strong valuations across the ecosystem as well, led by the Payments sector with a median multiple of 30.6x 2021E EBITDA
Select Q2 Active Acquirers Select Q2 Active Investors
2
I. GCA OVERVIEW
II. MARKETPLACE & E-COMMERCE MARKET TRENDS & INSIGHTS
III. PUBLIC MARKETS
IV. M&A AND FINANCINGS
V. PUBLIC COMPS BACKUP
3
GCA OVERVIEW
Leading Global Investment Bank Providing Strategic M&A and Capital Markets Advisory Services
Global Marketplace & E-commerce Sector Team
John Lambros Josh Wepman Rupert Sadler Alex Grünwald Sam Fuller Tobias Schultheiss Thomas Egli
New York New York New York Zürich London Frankfurt Zürich
Managing Director;
Managing Director;
Managing Director Managing Director Member of Executive Managing Director Managing Director Managing Director
President, GCA US
Management Europe
JLambros@GCAGlobal.com JWepman@GCAGlobal.com RSadler@GCAGlobal.com Alexander.Gruenwald@GCAAltium.com Sam.Fuller@GCAAltium.com Tobias.Schultheiss@GCAAltium.com Thomas.Egli@GCAAltium.com
Highly Active in All Key Disruptive Areas of the Technology Market Full-Suite of M&A and Capital Market Advisory Services
Digital Media Software Tech-Enabled Services
» Marketplaces » Vertical Application » Marketing Services ~60% ~65% ~35% ~80%
» E-commerce » Commerce & Retail » Information Services TRANSACTIONS HAVE SELL-SIDE BUY-SIDE REPEAT OR
» Digital Content & IP Technology » Professional Services TECH COMPONENT TRANSACTIONS TRANSACTIONS REFERRED CLIENTS
» Marketing / Advertising » Data & Analytics » IT Services
Technology » Asset Maintenance & » Customer Care & Claims
» Music, Video & Social Repair Services
» Gaming » Infrastructure ~50% ~50% 500+ 100+
CROSS-BORDER FINANCIAL SPONSOR TOTAL TRANSACTIONS DEBT TRANSACTIONS
65 142 47 TRANSACTIONS TRANSACTIONS IN LAST 3 YEARS IN LAST 3 YEARS
DEALS LAST 3 YEARS DEALS LAST 3 YEARS DEALS LAST 3 YEARS
Leading Franchise in Marketplaces and E-commerce
4
GCA OVERVIEW
Leading Global Investment Bank
STOCKHOLM
MANCHESTER LEEDS
PARIS FRANKFURT
BIRMINGHAM MUNICH
KYOTO NAGOYA
ZURICH TOKYO
LONDON SHANGHAI
NEW YORK LAUSANNE
MILAN
NEW DELHI OSAKA
TEL AVIV FUKUOKA
SAN FRANCISCO
MUMBAI
SINGAPORE HO CHI MINH CITY
Global platform:
Sector expertise: Exceptional cross-
24 offices in key Experienced team:
Expansive coverage border capabilities:
markets across Over 500 employees
and deep Half of all
America, Asia and across the globe
specialization transactions
Europe
Broad spectrum
Diversified
Strong reputation of clients:
business model:
and track record: Leading
Geographically
High number of conglomerates, top
balanced, synergistic
repeat clients and private equity firms
and complementary
referrals and emerging high-
focus areas
growth companies
San Francisco | New York | Birmingham | Frankfurt | Fukuoka | Ho Chi Minh City | Kyoto | Lausanne | Leeds | London | Manchester | Milan | Mumbai |
Munich | Nagoya | New Delhi | Osaka | Paris | Shanghai | Singapore | Stockhom | Tel Aviv | Tokyo | Zurich 5
GCA OVERVIEW
Experience in Marketplace and E-commerce
Marketplace E-commerce
Photographic
Online auction equipment Vacation rental Online job Online bathroom Online furniture Online automotive Online hair and
house marketplace marketplace classifieds products retail retail beauty retail
Real estate rental Visual design Online RV rental Stock photo Online adult Online furniture & Kitchen & home Online retail
marketplace marketplace marketplace marketplace product retail home décor retail hub cashback enabler
Insurance Online job Online B2B Online real estate Online HQ Online mobile & Online fashion Online pet
marketplace classifieds classifieds classifieds pictures fashion retail retail retail
6
GCA OVERVIEW
Global Experience in Consumer
7
GCA OVERVIEW
Case Study: LiveAuctioneers’ Sale to Auction Technology Group
GCA acted as exclusive financial advisor to LiveAuctioneers, the leading curated online North
American arts & antiques marketplace, on its sale to Auction Technology Group
Background Transaction Summary

» LiveAuctioneers is an operator of a leading North » On June 17, 2021, LiveAuctioneers announced it entered into a
American Marketplace for fine and decorative art, definitive agreement to be acquired by ATG
antiques, and vintage collectibles. As a preeminent
high-end marketplace, LiveAuctioneers allows
TRANSACTION DATE auctioneers to realize operational efficiencies and
» The combination of ATG’s global reach with LiveAuctioneers’
Pending presence in the large and fast-growing North American art and
bidders to access a wide range of exceptional items
antiques segment provides auction houses on both platforms
through online auctions
INDUSTRY access to a wider audience of bidders while more efficiently
Digital Marketplace, » Since the Company’s founding in 2002, making payment, back-office, and marketing solutions mutually
Consumer, Tech-Enabled LiveAuctioneers has successfully connected bidders available to partner auction houses
Services with more than 6,000 auctioneers across North
America
» GCA acted as exclusive financial advisor to LiveAuctioneers in
» ATG is the operator of the world's leading marketplace connection with the transaction
for curated online auctions. ATG provides a suite of
online products and services to auctioneers in order to
maximize the value of the assets that auctioneers sell
for their consignors, while giving bidders access to a
wide range of inventory in a trusted, convenient
environment
8
GCA OVERVIEW
Case Study: Vitruvian Partners’ Series D Fundraise for MPB
GCA acted as exclusive financial advisor to Vitruvian Partners, a London-based private equity
firm, on its investment in MPB, a leading online marketplace for photographic equipment

» Founded in 2006, Vitruvian Partners is a private equity » On June March 31, 2021, MPB raised GBP 49.8MM of Series D
investment firm based in London. The firm seeks to venture funding in a deal led by Vitruvian Partners
invest in companies operating in the business services,
consumer services, financial services, life sciences,
TRANSACTION DATE healthcare, media, technology, telecom, and internet
» The funds will be used to focus on new product developments
March 31, 2021 and technology that broadens the way in which people can
sectors across Europe, the US, and China
access photo and video equipment
INDUSTRY » MPB is a leading online marketplace intended to
Digital Marketplace, transform the way people buy, sell, and trade-in photo
» GCA acted as exclusive financial advisor to Vitruvian Partners in
Consumer, E-Commerce, and video equipment. The company’s platform uses a
connection with the transaction
Retail custom-designed technology to solve the challenges
of peer-to-peer transactions, enabling buyers and
sellers to trade a vast range of photographic and video
equipment
» Since the Company’s founding in 2011, MPB has
successfully grown to recirculate 300,000 items of
used photography gear every year
9
GCA OVERVIEW
Case Study: Sennheiser’s partnership with Sonova
GCA acted as exclusive financial advisor to Sennheiser, the leading designer and producer of
audio headphones and speakers, on the sale of its Consumer Division to Sonova

» Sennheiser is a leading manufacturer of audio » On May 7, 2021, Sonova agreed to acquire the Consumer
headphones and speakers. The company’s products Division of Sennheiser
provide wireless speakers, Bluetooth headsets, audio
microphones, and other various headphones, enabling
TRANSACTION DATE customers to enjoy proper music through high quality
» The combination will enable Sonova to lead innovation in
Pending hearing experience and to engage consumers early on in their
audio devices
hearing journey. Sonova will leverage the brand-strength and
INDUSTRY » Since the Company’s founding in 1945, Sennheiser has complementary distribution network of the Sennheiser
E-Commerce, Consumer, successfully expanded operations to more than 50 Consumer Division to capture growth opportunities in the fast-
Tech-Enabled Services countries growing market for wireless headsets and the emerging
» Sonova is one of the world’s largest manufacturers segment of speech-enhanced hearables
and distributors of hearing aids. The company is based
in Switzerland and distributes its products in more » GCA acted as exclusive financial advisor to Sennheiser in
than 90 countries through its internal sales team and connection with the transaction
independent retailers
10
GCA OVERVIEW
Case Study: Autofutura’s merger with GForces
GCA acted as exclusive financial advisor to Autofutura, a data-driven business intelligence

provider, on its merger with GForces, developer of an automotive e-commerce solution

» Autofutura is a leading developer of global data » On April 27, 2021, Autofutura announced it entered into a
management software intended for the automotive definitive agreement to merge with GForces
industry. The company specializes in pricing and asset
risk management systems where the analysis of key
TRANSACTION DATE market intelligence data delivered through its
» With the rapid digitization of the automotive sales process, the
April 27, 2021 combination of the two firms allows them to maximize sales
innovative and fully integrated software can have a
efficiency and improve the way consumers buy cars. The new
material effect on the bottom line
INDUSTRY group aims to connect car maker, finance provider, dealer, and
E-Commerce, Retail » The Company’s offerings enable companies to make consumer to optimize the entire customer journey through the
Consumer, Tech-Enabled informed strategic decisions and manage their provision of software and data services
Services business effectively
» GForces is a developer of e-commerce software » GCA acted as exclusive financial advisor to Autofutura in
solutions for automotive sectors. The company connection with the transaction
specializes in making websites, e-commerce channel
and inventory management software, and digital
marketing platforms for automobile dealers and
retailers
11
GCA OVERVIEW
Case Study: Victorian Plumbing’s IPO
GCA acted as sole independent financial advisor and NOMAD to Victorian Plumbing, a leading
online retailer of bathroom products and accessories, on its GBP 850MM IPO on the London AIM

» Victorian Plumbing Group PLC is an online retailer of » On June 22, 2021, the company issued a total of 113.55M
bathroom products and accessories, offering a one- shares at a price of GBP 2.62 per share, raising GBP 297.5MM
stop-shop for the entire bathroom for the company
TRANSACTION DATE » Since the Company’s founding in 2000, Victorian
June 22, 2021 Plumbing has grown to offer a wide range of over » The transaction will enable Victorian Plumbing to make
24,000 products with more than 125 brands across a continued investments in a broad product range, advanced
INDUSTRY wide spectrum of price points logistics, and the growth of its team
E-Commerce, Consumer, » The Company has grown rapidly in recent years and is
Retail now the UK’s leading specialty bathroom brand and » GCA acted as exclusive financial advisor to Victorian Plumbing in
the country’s second largest retailer of bathroom connection with the transaction
products by revenue. Victorian Plumbing’s product
design and supply chain strengths are complemented
» Mark Radcliffe, Founder of Victorian Plumbing said: “Having
by its creative and brand-focused marketing strategy
worked with GCA for around five years I can honestly say that
their advice and guidance has been nothing short of
exceptional. The team at GCA has guided Victorian Plumbing
through a detailed process to successfully list on AIM. We have
benefitted from their extensive network of top-quality
professionals, always ensuring our best interests are the
priority at every stage. Without question we will continue to
partner with GCA and call on their advice for the next chapters
of our growth ambitions.”
12
I. GCA OVERVIEW
III. PUBLIC MARKETS
13
MARKETPLACE & E-COMMERCE: MARKET TRENDS & INSIGHTS
Key Marketplace Market Trends: Growth of Luxury Marketplaces
Consumer Confidence Leading to Luxury Platform Growth Online Luxury Sales ($Bn) and % of Total (1)
» Consumer confidence in online marketplaces has grown significantly in

recent years due to the proliferation of confidence-boosting behaviors 23%
such as verification of users and promoting reviews (2) 70
60 12% $57.8
» With high GMV being a critical metric for marketplace success, this
increased confidence has allowed marketplaces to pursue a strategy of
50
capturing high average order values as well as simply gaining more
transactions $39.0
40
» Marketplaces such as 1stDibs, James Edition and Luxify have had success 30
capturing these high AOV transactions
20
» Online transactions of luxury goods have grown tremendously with 48%
growth from 2019 to 2020 leading to 23% of all luxury sales occurring 10
online in 2020 (1)
0
» Marketplaces have been critical to this growth with the secondhand 2019 2020
market for luxury goods reaching $33.1 Bn in 2020
Online Marketplaces Selling Luxury and High AOV Goods
Source:
1) Bain, The Future of Luxury, January 2021.
2) CED Commerce, How to Build Trust in Your Online Marketplace, April 2021. 14
Key Marketplace Market Trends: High Value Marketplaces Shifting Online
Auction Houses Embracing Tech Solutions Online Auction Sales at Premier Auction Houses (1)
» Coinciding with the proliferation of marketplaces catering to higher value

transactions, premier legacy auction houses are increasingly turning to 800
technological solutions, particularly through the COVID-19 pandemic $670.6
700
600
» Christies, Sotheby’s, and Phillips, three premier auction houses that make
up the vast majority of the auction market by GMV, have seen a 70% 500
increase in online sales in the first half of 2021 as compared to the first $394.7
400
half of 2019 (1)
300
200
» These online sales have allowed all three auction houses to grow in 2020,
despite COVID headwinds (1) 100
$69.0
0
» Christies saw first half average lot value of online sales double from the H1 2019 H1 2020 H1 2021
same period in 2020 to $27,000, giving further evidence of consumer
confidence in trusting online platforms with large transactions (2)
GCA Experience with Online Auction Technologies

» With the growth of online sales at auction houses, there has been
increased need for technological solutions for everything from managing
auction houses to running online bidding rooms
» Recent market activity has supported this demand, with two leading
auction software providers, LiveAuctioneers and Auction Technology
Group, announcing a pending merger in Q2 2021, creating a dominant
global software provider for auction houses
Source:
1) Barrons, Global Auction Sales at Major Houses, July 2021.
2) The Art Newspaper, Christies Results for First Half of 2021, July 2021. 15
1stDibs.com’s IPO
Transaction Overview 1stDibs Overview
» On June 2, 1stDibs priced its long-anticipated Headquarters: New York, NY
initial public offering at $20 a share for 5.75
Founded: 2001
million shares, raising a total of $115 million
Description: 1stdibs.com Inc is an online marketplace for connecting design
» The IPO priced at the higher end of its $18 to lovers with highly coveted sellers and makers of vintage,
$21 price range, ultimately valuing the antique, and contemporary furniture, home décor, art, jewelry,
company at ~$731.92 million watches and fashion. By disrupting the way these items are
» Shares were up ~45% on afternoon trading the bought and sold, 1stDibs is both expanding access to, and
Initial Public day of the IPO growing the market for, luxury design products.
Offering
» The company will use the net proceeds from
the offer for general corporate purposes, Key Stats
including working capital, sales and marketing
~$115MM activities, and technology development
$387M $2,500+ 100+ $1,200
Average Median Order
Solution/Product Overview GMV
Order Value
Countries
Value
Premium marketplace
» Leading online marketplace for connecting design enthusiasts
with many of the best sellers of luxury design products $10.9B $339B 4,200+ 3.5M
» Offers vintage, antique, and contemporary furniture, home Seller Stock
Global TAM Sellers Users
décor, jewelry, watches, art, and fashion Value
Solutions to sellers Selected Transaction Commentary

» Offers sellers access to a global community of buyers and a
platform to facilitate e-commerce at scale
» Platform can be used to manage inventory, build a digital “over the past 30 years suggests that “about capitalizing on the fact that we
The history of the consumer internet So, as we look forward, I think it’s
marketing presence, and negotiate orders directly with buyers the world will become more digital, are now public to continue on one of
not less. Millions of buyers and sellers our core missions, which is helping the
Solutions to buyers have learned to transact online, and I industry adapt to a world in which “
» Offers buyers destination for high-quality luxury design products don’t see them giving up the buyers are increasingly online first.
» Personalized experience supports quality and curation, thereby
“
convenience, control, and emotion
benefits of doing so.
reducing search time and purchase risk
» Price-Match Guarantee increases purchasing confidence by David Rosenblatt,
assuring buyers can transact at the lowest price
CEO, 1stDibs.com
Notes:
Sources: Capital IQ, Pitchbook, SEC Filings, Press Releases, Company Website. 16
1stDibs.com’s IPO (cont.)
Financing History Financial Summary ($MM)
AMOUNT VALUATION Total Revenue GMV

DATE DEAL TYPE INVESTOR
(MM) (MM) 400 10000000%
$343.0
6/10/21 IPO Public $115 $731.9 350
9000000%
8000000%
300 $279.0
2/7/19 Series D $79.8 $519.8 7000000%
250
6000000%
9/9/15 Series C1 $55 $397
200 5000000%
1/23/14 Series C $15 $385 150

4000000%
3000000%
9/28/12 Series B $42 $297 100 $70.6 $81.9
2000000%
50
11/3/11 Series A $60 $180 1000000%
0 0%
FY '19A FY '20A
Trading Statistics
Shares reach a
$MM (except per share data) 7/1/21
Daily Trading Volume (MM)

$40.00 Shares open peak above $34 6.00
trading at $28
Share Price $27.11 $35.00 5.00
Stock Price
Fully Diluted Shares Out. 37.5 4.00

$30.00 Shares end the
Equity Value $1,016.6
quarter trading at $27 3.00
$25.00
Less: Cash and Eq. $59.3 2.00
Raises $115M in IPO
Plus: Debt $0 $20.00 priced at $20/share 1.00
Plus: Preferred Equity $302.4
$15.00 -
Net Debt $243.1
Enterprise Value $1,259.7
Notes:
Sources: Capital IQ, Pitchbook, SEC Filings, Press Releases, Company Website. 17
Additional Marketplace & E-Commerce Companies That Have Gone Public
Retailer that offers a

Online provider of services that Developer of a mobile-based
variety of apparel through
meet the legal needs of small restaurant discovery platform
Description numerous brands on both
businesses and consumers in the designed to place food orders
a direct-to-consumer and
United States online
wholesale basis
’20A / ’19A Growth 72.7% 15.2% 98.4%
’20A Revenue $5.2 MM $470.6 MM $345.9 MM
EV / ’20A Rev 13.4x 16.2x 23.5x
’20A Gross Margin 10.6% 67.2% 64.6%
EV / ’20A Gross Profit NM 24.1x 36.4x
Market Cap at IPO $43.5 MM $5.42 Bn $8.0 Bn
Sources:
Capital IQ, and company filings. 18
Additional Marketplace & E-Commerce Companies Going Public via SPAC
Operator of an online Operator of an online shopping Provider of on-demand mobile

marketplace designed to platform intended to offer stores designed to change the way
Description
facilitate booking for wholesale club experience for people buy electronic products
sports and live events modern shoppers and gadgets
’20A/ ’19A Growth -75.6% 8% 32%
’20A Revenue $115 MM $186 MM $60 MM
EV / ’20A Rev 16.9x 4.8x 32.5x
’20A Gross Margin NM 14% NM
EV / ’20A Gross Profit NM 34.6x NM
SPAC Value $1.95 Bn (1) $900 MM (2) $1.2 Bn (3)
Sources:
Capital IQ, and company filings.
1) Horizon Acquisition Corp. Investor Presentation, April 2021
2) Seven Oaks Acquisition Corp. Investor Presentation, June 2021 19
3) Marquee Raine Acquisition Corp. Investor Presentation, May 2021
Selected LTM M&A and Financing Activity
M&A Transactions ($MM) Financings ($MM)
Ann. Enterprise Ann.

Acquirer Target Investor Target Amount
Date Value Date
6/28/21 $217 6/29/21 $220
6/24/21 $82 6/29/21 $20
6/17/21 $525 6/24/21 $195
6/14/21 $225 6/15/21 $360
6/7/21 $425 6/4/21 $555
6/2/21 $1,625 6/2/21 $650
6/2/21 $360 5/26/21 $40
5/13/21 NA 5/11/21 $303
5/5/21 NA 3/24/21 $320
3/11/21 Conf. 3/23/21 $1,150
2/2/21 $1,100 3/16/21 $200
Sources:
Capital IQ, Pitchbook, company press releases. 20
Top 10 Leaders in Private Funding Raised-to-Date
Company Headquarters Founded Amt. Raised ($MM) (1) Company Description
Provider of an on-demand goods delivery application

San Francisco, CA 2012 $2,735
designed to order groceries from local stores
Provider of on-demand delivery services intended to

Philadelphia, PA 2013 $2,435
offer convenience items
Operator of the e-commerce business for all major

Jacksonville, FL 1995 $2,290 professional sports leagues, major media brands and
collegiate and professional team properties
Operator of an e-commerce and retail brand created

Walpole, MA 2018 $1,962
to acquire and cultivate category-leading products
Provider of a peer-to-peer, car-sharing marketplace

San Francisco, CA 2009 $840
intended to serve cities across the US and Europe
Operator of an online shopping platform designed to

Bellevue, WA 2011 $834
offer a simple way to buy and sell locally
Provider of meetings and events technology that offers

McLean, VA 1999 $762
a marketplace that connects venues with professionals
Palo Alto, CA 2009 $664 Operator of an online home furnishing marketplace
Provider of vacation rental marketplace that

Portland, OR 2009 $639 streamlines the rental experience for homeowners and
guests
Provider of an online marketplace designed to trade

Detroit, MI 2015 $625
high-demand and limited-edition sneakers
Notes:
Represents U.S. companies.
Sources: Pitchbook, LinkedIn, Company Websites. 21
1) Includes debt and equity financing.
Selected Active Investors
Investor Type` Investor Logos
Accelerators / Seed
Venture Capital /
Private Equity
Corporate Investors
Alternative
Investors
Sources:
Capital IQ, Pitchbook, Wall Street Research. 22
Most Active Deal Makers
Company Headquarters Number of Deals Selected Investments & M&A
San Jose, CA 15
Tokyo, Japan 12
Shirebrook, United
Kingdom 10
Seattle, WA 10
Unterföhring,
Germany 10
Hangzhou, China 9
Cape Town, South
Africa 9
Northwich, United
Kingdom 9
Chicago, IL 7
Bentonville, AR 7
Notes:
Represents investments since 2010 in North America and Europe with the exception of Walmart’s acquisition of Flipkart. 23
Sources: Capital IQ, Pitchbook, Wall Street Research.
I. GCA OVERVIEW
III. PUBLIC MARKETS
24
MARKETPLACE & E-COMMERCE PUBLIC MARKETS
Public Market Ecosystem
E-Commerce Marketplace
Travel Content Classifieds Customer

Monetization Acquisition
Food Other Online E-Commerce and Other B2C Payments

Marketing Marketing Solutions
Public Market Performance
LTM Share Price Performance
120%
100% 82%
78%
80% 60%
50%
49%
60%
44%
43%
40% 38%
27%
20% 26%
23%
0%
(20%)
Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21
Content Customer Other Online E-commerce and

E-Commerce Marketplace Food Travel Classifieds Other B2C Payments
Monetization Acquisition Marketing Marketing Solutions
Public Marketplace & E-Commerce Ecosystem
E-commerce
E-Commerce Marketplace Food Travel Content Classifieds Customer Other Online Other B2C Payments
and Marketing
Monetization Acquisition Marketing
Solutions
60% 38% 27% 82% 50% 44% 49% 78% 43% 26% 23%
LTM Share Price Performance
Source: Capital IQ as of 7/1/2021.

Logos illustrative of public company group; full set can be seen on slide 25.
Public Company Valuation
Enterprise Value / 2021E Revenue Enterprise Value / 2021E EBITDA
9.5x 30.6x
8.8x
24.4x 23.6x 23.4x 23.3x
6.7x 6.1x 20.2x 19.4x 19.3x
4.8x 4.7x 15.1x 13.9x
4.0x 12.0x
3.3x 3.1x
1.7x 1.5x
E-Commerce Other E-Commerce Other

Other Content Customer Content Other and E-Commerce Customer Food
Classifieds Payments Travel Marketplace and Food E-Commerce Online Payments Classifieds Marketplace Travel Online
B2C Monetization Marketing Acquisition Monetization B2C Marketing Acquisition
Marketing Marketing
Solutions Solutions
E-Commerce and Marketplaces Ecosystem

E-commerce
E-Commerce Marketplace Food Travel Content Classifieds Customer Other Online Other B2C Payments
and Marketing
Monetization Acquisition Marketing
Solutions
1.7x/19.3x 6.1x/23.6x 3.3x/13.9x 6.7x/23.4x 4.7x/23.3x 9.5x/24.4x 3.1x/15.1x 1.5x/12.0x 4.0x/19.4x 4.8x/20.2x 8.8x/30.6x
2021E Revenue/ 2021 EBITDA Multiple
Source: Capital IQ as of 7/1/2021.

Logos illustrative of public company group; full set can be seen on slide 25.
Public Offerings Coming Soon
Capital Raised Latest
Company Status Description
to Date Valuation
Operator of a leading video marketplace designed to offer out-stream

video advertising. The company's video marketplace helps to create brand
Filed for IPO on
$94.0 MM $319.2 MM new out-stream video inventory, monetizing it through programmatic
July 6th
buying, enabling brands, agencies and trading desks to access their top-
tier, premium inventory, available on the web and on mobile
Seller of direct-to-consumer prescription eyewear intended to offer a

Filed for IPO on wide range of designer eyewear. The company's eyewear can be ordered
$536.2 MM $3.0 Bn
June 22nd online and tried by users at home before purchase, enabling customers to
buy glasses at a low price
In discussion Operator of a sports shoe and apparel company intended to provide

with banks; quality running gear. The company offers a patented sole that gives
$4.0 MM $5.0 Bn
potential H2 runners a combination of a soft landing and powerful take-off, thereby
IPO providing users with effortless running experience
In discussion Operator of an on-demand goods delivery application that facilitates the

with banks; delivery of essential goods to busy people and families. The company
potential H2 $2.7 Bn $39.0 Bn offers full-service and in-store shopper services through a network of
2021 IPO or independent shoppers with same-day delivery and pickup service of fresh
Direct Listing (1) groceries and everyday essentials
Flipkart is an Indian-based e-commerce marketplace that connects sellers

Targeting IPO
and consumers. The platform offers over 80 million products across over
as soon as $4.9 Bn $37.6 Bn
80 categories such as electronics, fashion, home essentials, groceries, and
Q4 2021 (2)
other lifestyle products. Flipkart is aiming for a valuation of at $35Bn (2)
Sources:
1) Forbes, June 2021 28
2) Business Insider, April 2021
I. GCA OVERVIEW
III. PUBLIC MARKETS
29
M&A AND FINANCINGS
Precedent M&A Transactions
($MM)
Announced Enterprise EV / Revenue EV / EBITDA
Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description
Operator of an online marketplace intended to transform people's lives through a humanized buying and selling
6/28/21 $217 1.6x NA NA NA
environment that connects and inspires
6/24/21 $82 5.0x NA 50.1x NA Online retailer of contact lenses and glasses dedicated to helping the world to see better
6/22/21 NA NA NA NA NA Producer of organic baby meals, enabling parents to get baby food delivered to their doorstep
6/17/21 $525 NA NA NA NA Provider of an online marketplace designed for live auctions of collectibles, antiques and fine art
Developer of an online wholesale platform designed to be used for product sourcing and drop-shipping
6/15/21 NA NA NA NA NA
automation processes
Developer of an online marketplace designed to empower the individual to create on-demand, custom-
6/14/21 $225 NA NA NA NA
designed textiles
6/7/21 $425 21.3 x NA NA NA Operator of a wholesale e-commerce platform intended to connect brands and retailers
6/3/21 $517 0.7 x NA NA NA Provider of information technology services and related products in the Netherlands
6/3/21 NA NA NA NA NA Provider of an e-commerce platform intended to offer grocery home delivery
6/2/21 $1,625 23.2x NA NA NA Operator of a mobile marketplace intended to discover fashion trends from inspiring communities
6/2/21 $360 NA NA NA NA Developer of an automotive e-commerce platform intended to make the car buying process easy and hassle-free
Operator of an online community platform intended to connect online shoppers with thousands of Black-owned
e-commerce brands
5/13/21 NA NA NA NA NA Developer of a virtual fitting room application designed to offer an interactive shopping experience
5/11/21 NA NA NA NA NA Operator of an online retail platform designed to buy and sell fashionable products of different brands
5/5/21 NA NA NA NA NA Retailer of women's fashion and accessories for 18- to 35- year-old women of all sizes
5/1/21 NA NA NA NA NA Developer of a digital marketplace platform designed for business legal services
4/29/21 NA NA NA NA NA Operator of an online retail store for handmade cosmetic and soap making materials
4/18/21 NA NA NA NA NA Online seller of portable stand desks based in Seattle, Washington
4/16/21 NA NA NA NA NA Operator of an online storage marketplace intended to improve the process of moving and storing goods
4/8/21 NA NA NA NA NA Operator of an online marketplace designed to offer information related to strategic acquisition opportunities
Sources:
M&A AND FINANCINGS
($MM)
Operator of an online marketplace that sells pet products. The company offers beds, toys and accessories such as
blankets and mats for dogs and cats
Operator of an ecommerce brand that specializes in supplying lifestyle products on third-party ecommerce
platforms
3/17/21 $23 NA NA NA NA Provider of on-demand food delivery services intended to deliver local food at the doorstep of users
Operator of a full-service rental property management platform intended to provide premier vacation homes in
3/11/21 Confidential
various travel destinations
Operator of an online sports retail platform that supplies a wide range of tennis racquets and equipment,
running shoes, sports apparel and accessories from various sports brands
Operator of an online retailer of precious metals, from bars to rounds to coins that works directly with mints and
2/9/21 $113 NA NA NA NA
distributors
Developer of artificial intelligence-driven online marketplace for employers and job seekers that brings
2/8/21 $9 NA NA NA NA
technology expertise to the staffing sector
2/5/21 NA NA NA NA NA Operator of an online retail store offering a wide range of discounted consumer apparel
2/2/21 $1,100 NA NA NA NA Developer of an online liquor retail platform intended to deliver alcohol and other related products
Operator of a marketplace and innovation discovery platform for health care purchasers to drive impact through
action
1/6/21 NA NA NA NA NA Manufacturer and online retailer of reliable IT and A/V infrastructure components for data centers
12/17/20 NA NA NA NA NA Operates an online rental classifieds service, at www.avail.co, for do-it-yourself landlords and tenants
12/2/20 NA NA NA NA NA Operator of a shipping payment e-commerce network intended to connect retailers with consumers
Provider of food preparing and delivery services intended to offer a perfect balance of nutrition and taste to
11/23/20 $277 1.8 x 2.7 x NA NA
enhance mind and body performance
Provider of a weekly subscription service intended to offer fresh, chef-cooked meals that can be heated and
10/30/20 $1,500 NA 4.2 x NA NA
served directly to customers' doors
Broadband Capital
10/13/20 $70 NA NA NA NA Provider of online retail platform intended to sell indoor and outdoor gardening products
Investments
10/5/20 NA NA NA NA NA 99designs is an operator of a global creative platform intended to connect designers and businesses
10/2/20 $300 0.5 x NA NA NA Operator of an online retail platform selling food and grocery products
9/29/20 NA NA NA NA NA Provider of an online marketplace for bikes intended to help make extra cash by sharing the vehicle
9/23/20 NA NA NA NA NA Operator of a website intended to provide dog food and accessories
Sources:
M&A AND FINANCINGS
($MM)
9/8/20 NA NA NA NA NA Developer of an e-commerce platform designed for the auto part industry
9/1/20 NA NA NA NA NA Operator of an e-commerce platform for high-design furniture and accessories for the office and home
8/3/20 $210 NA NA NA NA Provider of an online shopping platform designed to sell household appliances
Developer of a direct-to-consumer software system that connects breweries and consumers through a mobile
marketplace
10/13/20 NA NA NA NA NA Operator of an online marketplace designed to retail shoes and related accessories
Designer and provider of an online shopping platform designed to offer ways to shop the latest trends in
menswear and women's wear
Operator of a digital coupon marketplace, intended to offer a savings destination which connects consumers
9/29/20 $420 NA NA NA NA
with retailers, restaurants and brands, both online and in-store
Direct-to-consumer contact lens retailer offering easy, convenient and hassle-free replacement of contact lenses
of the most popular brands at competitive prices
9/8/20 $425 NA NA NA NA Operator of an online marketplace intended to make wholesale automotive deals simple and transparent
9/1/20 NA NA NA NA NA Operator and retailer of a personalized products online marketplace intended to aspire, inspire, motivate
8/28/20 $250 NA NA NA NA Provider of online and catalog retail services intended to provide direct-to-consumer service
8/24/20 $16 1.2 x NA NA NA An e-commerce brand in the health and personal wellness category
8/3/20 $252 NA NA NA NA Online retailer of gifting products
7/27/20 NA NA NA NA NA Developer of a digital marketplace and platform intended to help in scheduling on-demand pet care
6/29/20 $500 NA NA NA NA Developer of an interactive gym designed to bring the essential components of a studio workout at home
6/25/20 Confidential Operator of an online marketplace intended to provide high-quality stock media at a fraction of the cost
Provider of an online shopping platform designed to offer a range of beauty and personal care products, food
products, household and kitchen products and stationery
6/17/20 NA NA NA NA NA Operator of an online clothing retail store that providing womens clothing and fashion products
6/1/20 $7,521 5.6 x 4.7 x NM NM Provides an online takeout food platform for diners through over 50,000 restaurant partners
5/28/20 $280 8.1 x NA NA NA Provider of an online database for internet graphics
Sources:
M&A AND FINANCINGS
($MM)
5/27/20 NA NA NA NA NA Retailer of nutritional supplements and fitness-related products
Operator of an online real estate marketplace that allows for the search, listing and transacting of properties
5/13/20 $190 3.3 x NA NA NA
online
Operator of an online design marketplace intended to sell ready-to-use design content from independent
creators around the world
3/25/20 $120 NA NA NA NA Developer of a mobile platform designed to facilitate buying and selling of local goods
Developer of financial education and recommendation platform intended to offer free credit scores and reports
2/24/20 $525 2.5 x 2.4 x 37.2 x 25.8 x
with monitoring
2/24/20 NA NA NA NA NA Operator of a real estate marketplace platform based in Seattle, Washington
2/13/20 NA NA NA NA NA Operator of an online marketplace for buying and selling highly valued items
2/13/20 $4,050 3.6 x NA NA NA Developer of ticketing software and solutions intended to bring the joy of live shows to fans globally
2/11/20 $485 2.3 x NA NM NA Provider of online marketplace for connecting people seeking care services
1/27/20 NA NA NA NA NA Operator of an online store focused on selling indie and vintage-inspired women's clothing
10/31/19 NA NA NA NA NA Operator of an e-commerce website intended to offer apparel, shoes and accessories
10/15/19 NA NA NA NA NA Operator of an online platform intended to provide customizable products for weddings
10/10/19 $100 Confidential Provider of online photography services and photo products
Operator of an e-commerce website offering ergonomic home and office furniture intended to create energizing
8/29/19 $35 0.6 x NA NA NA
spaces
8/21/19 $275 NA NA NA NA Provider of an online marketplace designed for new, used and vintage music gear
8/6/19 NA NA NA NA NA Provider of an online marketplace intended to offer a range of sports apparel and accessories
8/2/19 $18 NA NA NA NA Retailer of engraved, monogrammed or custom-made gifts online
7/31/19 $140 NA NA NA NA Manufacturer and retailer of intimate apparel intended to offer comfortable undergarments for women
7/9/19 NA NA NA NA NA Operator of online retail hunting and outdoor apparel shop headquartered in Franklin, Tennessee
Manufacturer and retailer of photo-based products and services for customers in the United States through its
6/10/19 $2,751 NA NA NA NA
portfolio of brands
Sources:
M&A AND FINANCINGS
($MM)
Provider of online photo services enabling the users of film cameras, digital cameras and camera phones to
share, print and store their photos online
6/13/19 $160 NA NA NA NA Operator of an online marketplace intended to offer various deals on retail stores
5/21/19 NA NA NA NA NA Provider of an online marketplace designed for live auctions of collectibles, antiques and fine art
Operator of an e-commerce platform designed to offer exclusive editions of artwork by prominent

contemporary artists
4/4/19 $750 1.9 x NA NA NA Provider of an online platform intended to help users feel good and inspire them to do good as well
Summary Statistics
Mean 4.1x 3.5x 37.2x 25.8x
Median 2.3x 3.5x 37.2x 25.8x
Sources:
M&A AND FINANCINGS
Precedent Financings
($MM)
Announced Amount Total Enterprise
Date Investor Target Invested Raised Value (EV) Target Description
6/29/21 $220 $520 $2,200 Operator of a marketplace and discovery platform intended to offer an alternative to the classic model of a gym membership.
6/29/21 $20 $20 NA Operator of an online retail platform intended to help people gift premium beverages for holidays, occasions, or celebrations.
6/29/21 $35 $45 NA Provider of a web-based marketplace for the collectible trading games industry.
6/28/21 $16 $24 NA Operator of an AI-driven online marketplace intended for home maintenance and repair services.
6/25/21 $47 $83 $447 Developer of an online wholesale fashion platform designed to improve the entire wholesale buying process.
Provider of medical supplies intended to offer a convenient and cost-effective way to help individuals with chronic conditions buy their medical
6/24/21 $13 $15 NA
supplies from home.
6/24/21 $195 $493 $3,700 Provider of an online footwear marketplace intended to buy and sell sneakers online.
6/24/21 $120 $213 NA Provider of an on-demand marketplace intended to offer road trips and recreational vehicle adventures.
6/17/21 $72 $92 $532 Operator of an online marketplace intended to make trading of chemicals, polymers and industrial ingredients more accessible.
6/16/21 $20 $26 NA Provider of an online marketplace intended to buy and sell prime and excess materials used in industrial markets.
6/15/21 $13 $21 $38 Operator of an online wine marketplace intended to discover, buy and store premium wines.
6/15/21 $360 $629 $1,000 Operator of an online car marketplace platform designed for buyers and sellers to deal directly without middlemen.
6/15/21 $275 $699 $3,200 Operator of a local service marketplace intended to find and hire skilled professionals.
6/10/21 $260 $695 $7,000 Operator of an online wholesale marketplace designed to mitigate the burden of inventory risk for retailers.
6/4/21 $40 $77 $800 Operator of an online grocery platform intended to offer an end-to-end grocery experience by leveraging predictive and automatic deliveries.
6/4/21 $555 $1,053 $7,500 Developer of an online marketplace designed to deliver groceries and other goods.
6/2/21 $20 $29 $80 Operator of an online food marketplace designed to offer home-cooked dishes.
6/2/21 $650 $1,214 $3,000 Provider of global mobility platform designed for bus transportation services in Europe and the United States.
5/26/21 $29 $41 NA Operator of an online platform intended to offer furniture and home decor products on monthly subscription terms.
5/26/21 $40 $68 NA Provider of an online marketplace for used bicycles and cycling accessories.
Sources:
M&A AND FINANCINGS
($MM)
6/29/21
5/20/21 $220
$30 $520
$32 $2,200
$130 a marketplace
Operator of an and discovery
online marketplace platform
intended intended
to provide to offer
authentic andanrare
alternative to the classic
digital artworks model
by digital of a gym membership.
creators.
6/29/21
5/17/21 $20
$100 $20
$136 NA Operator of aanspecialty
online retail
foodplatform intended todesigned
online marketplace help people gift premium
to make the local,beverages for holidays,
artisan products occasions,
available or celebrations.
to anyone and anywhere.
6/29/21
5/11/21 $35
$85 $45
$182 NA
$700 Provider of
Operator ofaan
web-based marketplace
online fashion for the designed
retail platform collectibletotrading
connectgames industry.
shoppers globally with fashion designers and fashion stores.
6/28/21
5/11/21 $16
$303 $24
$562 NA
$4,500 AI-driven
Operator of an online online marketplace
marketplace intended
intended to for home maintenance
make second-hand and repair services.
the first choice.
6/25/21
5/6/21 $47
$100 $83
$149 $447
$975 Developerofofa an
Operator onlinemarketplace
material wholesale fashion platform
platform designed
built for to improve
professionals the entire
and brands wholesale
in the buying
architecture andprocess.
design industry.
Provider ofof
Developer medical supplies
an online intended
marketplace to offerto
designed a convenient and cost-effective
connect homeowners and home way to help individuals
improvement with chronic
professionals in theconditions
process of buy their
buying andmedical
selling
6/24/21
5/6/21 $13
$16 $15
$160 NA
supplies materials
building from home.online.
6/24/21
5/5/21 $195
$13 $493
$17 $3,700
$88 Provider ofof
Developer anaonline
giftingfootwear marketplace
application intended
designed to to buygifting
make mobile and sell sneakers
more online.
personal and as fun and easy as sending a text.
6/24/21
5/5/21 $120
$10 $213
$11 NA Provider of
Operator ofan
anon-demand marketplace
online marketplace intended
intended to offer
to used be forroad
pooltrips and recreational vehicle adventures.
sharing.
6/17/21
4/26/21 $72
$50 $92
$53 $532
$90 Operatorof
Provider ofan
anonline
online healthcare
platform to maketotrading
designed connectofquality
chemicals, polymers
medical and industrial
professionals ingredients
with hospitals more
when accessible.
patients need them
Manufacturer of sustainable design furniture and operater of an online marketplace that offers apartment furniture enabling consumers to order
6/16/21
4/22/21 $20
$15 $26
$25 NA Provider of an online marketplace intended to buy and sell prime and excess materials used in industrial markets.
furniture with easy shipping and transport
6/15/21
4/7/21 $13
$27 $21
$50 $38
$177 wine marketplace
Operator of an online marketplace intended
designed to discover,
to connect luxury buy and
goods store premium
factories directly wines.
to consumers
Operator of an online marketplace that delivers local produce, sustainable meat, seafood products, and grocery staples, enabling consumers to order
6/15/21
3/29/21 $360
$100 $629
$337 $1,000
NA Operator of an online car marketplace platform designed for buyers and sellers to deal directly without middlemen.
groceries and get them delivered at their home or office
6/15/21
3/25/21 $275
$29 $699
$33 $3,200
$117 local service
Operator of a grocery marketplace
intended to findconsumers
to connect and hire skilled professionals.
with local merchants
6/10/21
3/24/21 $260
$320 $695
$2,290 $7,000
$12,800 Operator of aanmulti-channel
online wholesale marketplace
sports designed
merchandise retailerto mitigate the burden of inventory risk for retailers.
6/4/21
3/23/21 $40
$1,150 $77
$2,435 $800
$8,900 Operator ofofana online
Developer grocery platform
go-to application intended
intended to offer
to deliver dailyan end-to-end
essentials grocery
within experience by leveraging predictive and automatic deliveries.
minutes
6/4/21
3/17/21 $555
$28 $1,053
$72 $7,500
NA Developerofofa an
Operator online
health marketplace
insurance designed
marketplace to deliver
intended grocerieshealthcare
to improve and other goods.
benefits for employers and consumers
6/2/21
3/16/21 $20
$200 $29
$253 $80
$1,700 Operator ofofananonline
Developer onlinefood marketplace
marketplace designed
designed to offerconsumers
to connect home-cooked dishes.
to local dispensaries for cannabis
6/2/21
2/19/21 $650
$23 $1,214
$24 $3,000
NA Provider ofof
Developer global mobilitymarketplace
a wholesale platform designed
built tofor bus transportation
connect services
small business ownersinand
Europe and the United
independent brandsStates.
5/26/21
2/11/21 $29
$30 $41
$50 NA Operatorof
Provider ofaan online online
premier platform intended
shopping to offerintended
platform furnituretoand home
offer decor
baby products on
and children's monthly
fashion andsubscription terms.
lifestyle products
5/26/21
2/10/21 $40
$42 $68
$67 NA
$128 Provider of an online retail
marketplace fordesigned
platform used bicycles and cycling
to facilitate both accessories.
offline and online shopping for customers
Sources:
M&A AND FINANCINGS
($MM)
6/29/21
2/3/21 $220
$115 $520
$222 $2,200
NA Operator ofofa amarketplace
Developer and discovery
wine marketplace platform
designed to viewintended towines
ratings for offer an alternative
from to the
around the classic model of a gym membership.
globe
6/29/21
1/7/21 $20
$57 $20
$99 NA
$377 Operator ofofananonline
Developer onlineretail
travelplatform
service intended to help people
platform designed gift
to help premium
users beverages
to discover for holidays,
and book outdoor occasions, or celebrations.
stay and camping experiences
6/29/21
1/5/21 $35
$80 $45
$144 NA
$510 Provider ofof
Developer a web-based marketplacedesigned
an online marketplace for the collectible
to providetrading games spaces
warehousing industry.
on-demand
6/28/21
12/22/20 $16
$100 $24
$145 NA
$175 AI-driven
Operator of an online online marketplace
designed to for home
offer access maintenance
to the andof
global network repair
fullyservices.
finished apartments
6/25/21
12/15/20 $47
$40 $83
$40 $447
NA Developer of an online platform
wholesalefor
fashion platform
boutique designed
products based to
in improve the entire wholesale buying process.
Lehi, Utah
6/24/21
12/15/20 $13
$34 $15
$38 NA Provider of an online marketplace created to offer healthcare practice loans and commercial real estate mortgages
supplies from home.
6/24/21
11/13/20 $195
$72 $493
$273 $3,700
NA Provider of
Operator ofan online footwear
a learning platformmarketplace intendedstudents
intended to connect to buy and sell sneakers
all over the worldonline.
to the best instructors
6/24/21
11/12/20 $120
$275 $213
$565 NA
$2,800 on-demand
Provider of an online marketplace
designed to offer
to trade road tripsand
high-demand andlimited
recreational vehicle
edition adventures.
sneakers
6/17/21
11/9/20 $72
$250 $92
$323 $532
NA Operatorof
Provider ofan
anonline
onlinehealth
and beauty to make designed
marketplace trading ofto
chemicals, polymers
offer a robust anddirectly
catalog industrial ingredients more accessible.
to consumers
6/16/21
10/28/20 $20
$100 $26
$621 NA
$750 Provider of
Operator ofan
anonline
renting platform to buy
intended to and sell prime the
revolutionize andaccessories
excess materials used inindustry
and dressing industrial markets.
6/15/21
10/21/20 $13
$100 $21
$164 $38
NA Operatorof
Provider ofonline
an online wine marketplace
peer-to-peer intended
recreational to rental
vehicle discover, buy and store premium wines.
services
6/15/21
10/8/20 $360
$200 $629
$2,470 $1,000
$17,500 online car marketplace
Operator of an on-demand platform
goods delivery designed
application for buyers
intended and sellers
to facilitate the to deal directly
delivery without
of essential middlemen.
goods to busy people and families
6/15/21
10/5/20 $275
$200 $699
$454 $3,200
$4,000 Operator ofofa alocal
Developer service
digitized marketplace
online intended
mortgage lending to find and
platform hire skilled
designed professionals.
to democratize the home-financing ecosystem
6/10/21
10/5/20 $260
$60 $695
$166 $7,000
Developer onlinewholesale marketplace
food marketplace designed
platform to mitigate
intended the farm-fresh
to deliver burden of inventory risk for
food to doors retailers.
all across the United States
6/4/21
9/23/20 $40
$100 $77
$290 $800
$1,750 Operatorof
Provider ofan
anonline
onlinefootwear
grocery platform intended
marketplace to offer
intended an end-to-end
to buy groceryonline
and sell sneakers experience by leveraging predictive and automatic deliveries.
9/17/20
6/4/21 $380
$555 $1,280
$1,053 $3,520
$7,500 Developer of aango-to application
online intended
marketplace to deliver
designed dailygroceries
to deliver essentials
andwithin
otherminutes
goods.
Developer of an online retail platform designed to provide consumers with well-designed, quality clothing and accessories at an approachable price
9/11/20
6/2/21 $85
$20 $145
$29 $635
$80 Operator of an online food marketplace designed to offer home-cooked dishes.
point
Operator of an online marketplace for home furniture and home decor items designed to help people to buy and sell chic furnishings in an easy-to-use
9/10/20
6/2/21 $33
$650 $65
$1,214 $108
$3,000 Provider of global mobility platform designed for bus transportation services in Europe and the United States.
online marketplace
9/9/20
5/26/21 $12
$29 $28
$41 NA Provider
Operatorof
ofan
anonline
onlinemarketplace for trading
platform intended used
to offer bicyclesand
furniture andhome
cyclingdecor
accessories
products on monthly subscription terms.
9/3/20
5/26/21 $40 $73
$68 NA Provider of an online health and beauty
marketplace marketplace
for used designed
bicycles and cycling to offer a robust catalog directly to consumers
accessories.
Sources:
M&A AND FINANCINGS
($MM)
6/29/21
8/27/20 $220
$39 $520
$62 $2,200
NA a marketplace
Operator of an e-commerceand discovery
platform platform
intended intended
to sell to offerluxury
secondhand an alternative
bags to the classic model of a gym membership.
6/29/21
8/17/20 $20
$35 $20
$84 NA
$635 retail platform
Operator of an online Chinese intended
supermarket to helpto
intended people gift premium
offer authentic beverages
gourmet for holidays,
delicacies from Asiaoccasions, or celebrations.
6/29/21
8/13/20 $35
$350 $45
$1,970 NA
$6,200 Provider of
Operator ofaaweb-based marketplace
multi-channel for the collectible
sports merchandise retailer trading games industry.
6/28/21
7/1/20 $16
$453 $24
$834 NA AI-driven
Operator of an online online platform
shopping marketplace intended
designed for home
to offer maintenance
a simple way to buyand
andrepair services.
sell locally
6/25/21
6/30/20 $47
$30 $83
$274 $447
$400 Developerofofananonline
Operator onlineshopping
wholesale fashionintended
platform platformto
designed to improve
offer wholesale clubthe entire wholesale
experience buying
for modern process.
shoppers
6/24/21
5/14/20 $13
$15 $15
$73 NA
$120 Operator of an e-commerce platform and offline stores intended to offer secondhand luxury handbags
supplies from home.
6/24/21
4/29/20 $195
$128 $493
$290 $3,700
$1,328 footwear marketplace
Provider of an online marketplace intended
designed to to buy and sell
trade high-demand andsneakers
limited online.
edition sneakers
6/24/21
3/10/20 $120
$60 $213
$150 NA
$400 Provider of
Operator ofan
intended to offer
to provide road trips and
information recreational
on residential vehicle adventures.
properties and rented workspace
6/17/21
2/6/20 $72
$30 $92
$45 $532
$95 intended to offer
Operator of an online marketplace designed make access
tradingtoofthe
chemicals, polymers
global network and industrial
of fully ingredients more accessible.
finished apartments
6/16/21
2/5/20 $20
$17 $26
$25 NA
$38 marketplace
Provider of an online retail intended
platform toto
designed buy and sellboth
facilitate prime and excess
offline materials
and online usedfor
shopping in industrial
customersmarkets.
6/15/21
1/31/20 $13
$100 $21
$420 $38
Developer wine marketplace
e-commerce intendedtotochange
platform designed discover,
the buy
wayand storediscover
people premium wines.
and shop for designer fashion
Developer of an online marketplace built on pioneering technology intended to connect today's dynamic workforce with companies facing increasingly
6/15/21
1/31/20 $360
$17 $629
$23 $1,000
$67 Operator of an online car marketplace platform designed for buyers and sellers to deal directly without middlemen.
complex staffing requirements
6/15/21
1/30/20 $275
$16 $699
$74 $3,200
$126 Operator ofofa an
Developer local service
online marketplace
flower intendeddesigned
delivery platform to find and
to hire skilled
connect professionals.
farms and a curated network of artisan florists directly to consumers
6/10/21
12/9/19 $260
$10 $695
$12 $7,000
NA Operator ofofananonline
marketplace mitigate
platform designed to offer the burden
products of inventory
for home risk for retailers.
decoration
6/4/21
12/2/19 $40 $77
$61 $800
Developer onlinegrocery platform
shopping intended
platform to offer
designed an women
to help end-to-end groceryfashion
rediscover experience by leveraging predictive and automatic deliveries.
6/4/21
11/18/19 $555
$16 $1,053
$26 $7,500
$84 Developerofofananonline
Operator onlineretail
marketplace
platformdesigned
intendedto
todeliver groceries
sell meat and other
and seafood goods.
products
6/2/21
11/6/19 $20
$16 $29
$27 $80
$46 Operatorof
Provider ofan
anonline
online marketplace
food marketplace designed
intended to and
to offer offerhelp
home-cooked dishes.
users browse commercial spaces
6/2/21
10/2/19 $650
$35 $1,214
$49 $3,000
$400 Provider of
Operator ofglobal mobility
an online retailplatform
platformdesigned
intendedfor bus transportation
to provide services
professional in for
clothing Europe and the United States.
women
5/26/21
9/1/19 $29
$80 $41
$89 NA
$930 Operator ofofana online
Developer platform
lifestyle intended
membership to offer
platform furniture
designed to and home
provide decor with
women products on monthly
products subscription
from premium terms. brands
and emerging
5/26/21
8/26/19 $40
$100 $68
$112 NA Provider of
Operator ofan
anonline
online marketplace forintended
retail platform used bicycles
to selland cyclingtextiles
bedding accessories.
Sources:
M&A AND FINANCINGS
($MM)
6/29/21
8/21/19 $220
$175 $520
$338 $2,200
$670 Operator ofofa an
Developer marketplace and discovery
online clothing platform
retail platform intended
designed to offer
to offer an shopping
thrift alternative to thewhile
online classic modelitof
making a gym membership.
mainstream
6/29/21
8/20/19 $20
$50 $20
$56 NA Operator ofofananonline
Developer onlineretail platformdesigned
marketplace intendedto
totransform
help people
thegift
waypremium beverages
the meetings for holidays,
are booked occasions,
to benefit or celebrations.
event planners and hoteliers
6/29/21
8/6/19 $35
$40 $45
$40 NA a web-based
Provider of an marketplace
online ticketing for thetocollectible
marketplace trading
buy and sell games industry.
tickets
6/28/21
8/1/19 $16
$300 $24
$1,800 NA
$11,200 Operator of aanmobile
AI-driven online marketplace
e-commerce intendedtofor
platform designed home
make maintenance
affordable and repair
products services.
accessible to everyone
6/25/21
7/5/19 $47
$14 $83
$23 $447
$59 Developer of aanretail
online wholesale
platform fashion
intended to platform designed
bring a modern to improve theshopping
brick-and-mortar entire wholesale buying
experience process.
online
6/24/21
6/26/19 $13
$15 $15
$28 NA
$55 Developer of an online kids shopping platform intended to help kids to be socially responsible and make an impact
supplies from home.
6/24/21
6/25/19 $195
$150 $493
$424 $3,700
$1,700 footwear marketplace
Provider of an online marketplace intended
designed to to buyand
hire workers andoffer
sell sneakers online.
local services
6/24/21
6/17/19 $120
$50 $213
$90 NA
$165 Provider of
Operator ofan
online luxury intendedintended
footwear platform to offer to
road trips
offer and recreational
branded shoes andvehicle adventures.
other fashion apparel and accessories
6/17/21
5/14/19 $72
$25 $92
$31 $532
$95 online marketplace
Operator of an e-commerce intended
platform to to
intended make trading
be used forof
thechemicals,
wholesalepolymers
orderingand industrial ingredients
of professional more accessible.
grade supplements
6/16/21
5/7/19 $20
$43 $26
$64 NA
$193 Provider ofof
Developer anan
online marketplace
online intended
marketplace toto
designed buy and sell
provide prime and excess
warehousing spacesmaterials
on-demandused in industrial markets.
6/15/21
4/15/19 $13
$25 $21
$48 $38
$110 wine marketplace
Operator of an online marketplace intended
intended to discover,
to make wholesalebuy and store deals
automotive premium wines.
simple and transparent
6/15/21
4/12/19 $360
$20 $629
$31 $1,000
$100 Operator ofofana online
Developer carplatform
shopping marketplace platform
aimed designed
to connect for buyers
consumers to theand sellers
items andto deal directly
brands without
that match theirmiddlemen.
preferences
6/15/21
4/10/19 $275
$181 $699
$303 $3,200
$511 Operatorof
Provider ofan
a local service
online marketplacedesigned
car marketplace intendedtotosimplify
find and hire
the skilledofprofessionals.
process buying and selling cars
6/10/21
4/9/19 $260
$12 $695
$22 $7,000
mobile shopping designed
application to mitigate
designed the burden
to purchase ofdirectly
items inventory riskretailers
from for retailers.
6/4/21
4/1/19 $40
$29 $77
$54 $800
NA Operatorof
Provider ofan
anonline
onlinemarketplace
grocery platform intended
intended topre-owned
to sell offer an end-to-end grocery experience by leveraging predictive and automatic deliveries.
luxury goods
6/4/21
3/22/19 $555
$50 $1,053
$338 $7,500
$1,050 Developer
The of Inc
RealReal an online marketplace
provides designed for
online marketplace to deliver groceries
authenticated and
and other goods.
consigned luxury goods
6/2/21
3/21/19 $20
$125 $29
$521 $80
$1,000 Operator ofofananonline
Developer onlinefood marketplace
renting platform designed
intended to
to offer home-cooked
revolutionize dishes. and dressing retail industry
the accessories
6/2/21 $650 $1,214 $3,000 Provider of global mobility platform designed for bus transportation services in Europe and the United States.
5/26/21 $29 $41 NA Operator of an online platform intended to offer furniture and home decor products on monthly subscription terms.
5/26/21 $40 $68 NA Provider of an online marketplace for used bicycles and cycling accessories.
Sources:
I. GCA OVERVIEW
III. PUBLIC MARKETS
40
PUBLIC COMPANY VALUATIONS
($MM, Except Per Share Data)
Trading Statistics Operating Metrics
Stock Price Equity Cash & Total Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin
Company 7/1/2021 Value Equiv. Debt Value CY21E CY22E CY21E CY22E 21E / 20A 22E / 21E CY21E CY22E
E-Commerce
JD.com, Inc. $77.44 $119,796 $10,898 $5,013 $113,912 0.8x 0.6x 39.6x 25.2x 29% 22% 2% 3%
Wayfair Inc. $307.50 $32,041 $2,086 $3,981 $33,936 2.1x 1.8x 38.6x 28.2x 12% 20% 6% 6%
Zalando SE $119.98 $30,226 $2,493 $1,855 $29,589 2.4x 2.0x 35.2x 29.9x 24% 20% 7% 7%
Ocado Group plc $27.48 $20,337 $2,351 $2,084 $20,070 5.4x 4.6x NM NM 19% 17% 3% 5%
Qurate Retail, Inc. $13.02 $5,360 $739 $8,289 $12,910 0.9x 0.9x 5.9x 5.8x 1% 1% 15% 15%
Rakuten Group, Inc. $11.20 $17,677 $29,207 $23,274 $11,743 0.8x 0.7x 37.9x 7.5x 6% 12% 2% 9%
Vipshop Holdings Limited $19.06 $13,106 $2,203 $255 $11,158 0.6x 0.5x 8.1x 6.8x 24% 15% 7% 7%
ZOZO, Inc. $33.78 $10,028 $557 $181 $9,652 6.7x 6.3x 21.3x 19.5x 4% 7% 32% 32%
ASOS Plc $71.01 $7,072 $128 $459 $7,403 1.3x 1.1x 15.7x 13.7x 20% 21% 9% 8%
boohoo group plc $4.37 $5,427 $384 $25 $5,068 1.9x 1.4x 18.3x 14.5x 24% 37% 10% 10%
Zur Rose Group AG $371.09 $3,556 $340 $595 $3,812 1.9x 1.4x NM NM 17% 42% (3%) (0%)
Shop Apotheke Europe N.V. $187.58 $3,394 $356 $300 $3,339 2.4x 1.8x NM NM 18% 31% 3% 3%
MYT Netherlands Parent B.V. $30.68 $2,632 $66 $18 $2,584 4.3x 3.3x 48.8x 42.1x 35% 29% 9% 8%
BHG Group AB (publ) $19.07 $2,306 $222 $469 $2,553 1.9x 1.7x 19.3x 18.5x 26% 7% 10% 9%
1-800-FLOWERS.COM, Inc. $33.98 $2,212 $257 $275 $2,229 1.0x 0.9x 10.0x 9.4x 20% 7% 10% 10%
zooplus AG $327.05 $2,289 $180 $108 $2,217 0.9x 0.8x 27.9x 23.9x 13% 14% 3% 3%
AO World plc $3.34 $1,580 $92 $131 $1,619 0.7x 0.6x 16.8x 16.6x 19% 20% 4% 3%
Boozt AB (publ) $22.42 $1,454 $163 $76 $1,366 2.1x 1.8x 23.9x 19.8x 22% 17% 9% 9%
Westwing Group AG $54.96 $1,116 $137 $33 $1,012 1.6x 1.3x 17.8x 16.3x 19% 20% 9% 8%
Kogan.com Ltd $8.55 $911 $61 $10 $861 1.5x 1.3x 17.2x 14.0x 11% 11% 8% 9%
PetMed Express, Inc. $34.00 $684 $119 $0 $565 1.8x 1.8x 14.2x 13.6x (2%) 5% 13% 13%
Lyko Group AB (publ) $33.04 $506 $0 $0 $506 2.1x 1.7x 22.1x 17.4x 16% 26% 10% 10%
Verkkokauppa.com Oyj $10.01 $448 $22 $25 $451 0.6x 0.6x 13.4x 12.1x 4% 8% 5% 5%
home24 SE $18.68 $542 $241 $56 $357 0.5x 0.4x 29.0x 20.2x 22% 21% 2% 2%
Summary Statistics
Mean 1.9x 1.6x 22.9x 17.9x 17% 18% 8% 8%
Median 1.7x 1.4x 19.3x 16.6x 19% 18% 8% 8%
Marketplace
Amazon.com, Inc. $3,432.97 $1,731,328 $33,834 $101,519 $1,799,013 3.7x 3.1x 23.9x 19.3x 27% 18% 15% 16%
Alibaba Group Holding Limited $221.87 $601,516 $49,028 $27,456 $579,944 4.2x 3.5x 19.3x 15.6x 40% 20% 22% 22%
MercadoLibre, Inc. $1,544.99 $77,021 $863 $2,519 $78,678 12.4x 9.1x NM NM 59% 36% 6% 7%
eBay Inc. $69.80 $47,552 $1,667 $7,373 $53,258 4.4x 4.2x 13.1x 11.9x 17% 6% 34% 35%
Copart, Inc. $134.42 $31,801 $912 $530 $31,419 11.1x 10.3x 23.2x 21.7x 24% 8% 48% 47%
Etsy, Inc. $199.51 $25,395 $1,164 $1,354 $25,585 11.2x 9.4x 39.1x 31.9x 32% 19% 29% 29%
Farfetch Limited $50.66 $17,944 $1,248 $819 $17,515 7.8x 6.1x NM NM 33% 28% 1% 6%
B2W - Companhia Digital $13.00 $7,284 $766 $949 $7,466 2.8x 2.2x 39.6x 24.9x 35% 30% 7% 9%
Scout24 AG $84.96 $7,256 $288 $309 $7,276 16.1x 14.5x 27.5x 24.1x (2%) 11% 59% 60%
Angi Inc. $13.51 $6,814 $777 $706 $6,743 4.0x 3.3x NM 36.6x 15% 20% 6% 9%
Cars.com Inc. $14.43 $991 $54 $542 $1,479 2.4x 2.3x 8.0x 7.6x 13% 5% 30% 30%
1stdibs.Com, Inc. $27.11 $1,016 $59 $0 $956 9.4x 7.9x NM NM 24% 20% (13%) (12%)
Summary Statistics
Mean 7.5x 6.3x 24.2x 21.5x 27% 19% 20% 22%
Median 6.1x 5.1x 23.6x 21.7x 26% 19% 19% 19%
Sources:
Capital IQ, Wall Street Estimates. Multiples <0x and >50x considered NM. 41
Food
Delivery Hero SE $134.38 $33,451 $3,575 $3,846 $33,723 4.9x 3.6x NM NM 126% 36% (11%) (3%)
Just Eat Takeaway.com N.V. $92.13 $19,543 $647 $697 $19,593 3.3x 2.3x NM NM 141% 39% (1%) 1%
Yelp Inc. $40.89 $3,046 $589 $198 $2,655 2.6x 2.3x 13.9x 10.8x 16% 14% 19% 21%
Summary Statistics
Mean 3.6x 2.8x 13.9x 10.8x 94% 30% 2% 6%
Median 3.3x 2.3x 13.9x 10.8x 126% 36% (1%) 1%
Travel
Booking Holdings Inc. $2,210.02 $90,728 $12,151 $14,166 $92,743 10.0x 6.4x 42.7x 17.8x 36% 57% 23% 36%
Airbnb, Inc. $153.08 $93,122 $4,483 $2,457 $91,096 16.9x 13.1x NM NM 60% 29% 14% 16%
Expedia Group, Inc. $167.03 $24,549 $4,291 $8,903 $29,161 3.5x 2.6x 23.3x 12.5x 58% 37% 15% 21%
Trip.com Group Limited $35.34 $22,528 $3,519 $9,902 $28,911 7.7x 5.2x NM 21.8x 34% 49% 15% 24%
TripAdvisor, Inc. $40.57 $5,554 $674 $942 $5,822 6.6x 4.4x 41.3x 14.7x 45% 53% 16% 30%
MakeMyTrip Limited $29.81 $3,078 $295 $204 $2,987 8.5x 4.7x NM 43.4x 87% 80% 6% 11%
eDreams ODIGEO S.A. $8.07 $888 $14 $602 $1,476 5.5x 3.2x NM 19.4x 8% 73% 7% 16%
Webjet Limited $3.64 $1,379 $199 $202 $1,382 12.2x 6.4x NM 16.5x 105% 90% 0% 39%
trivago N.V. $3.37 $1,202 $225 $58 $1,036 2.6x 1.5x NM 19.7x 32% 73% 2% 8%
On the Beach Group plc $4.50 $708 $41 $6 $673 9.1x 3.1x NM 13.5x 116% 191% (3%) 23%
Despegar.com, Corp. $13.34 $868 $309 $51 $610 1.9x 1.1x NM 11.9x 142% 71% (12%) 9%
lastminute.com N.V. $43.64 $481 $168 $132 $444 1.8x 1.2x 23.4x 5.9x 87% 58% 8% 20%
HolidayCheck Group AG $3.05 $265 $69 $25 $221 6.8x 1.9x NM 16.0x 69% 255% (36%) 12%
Travelzoo $15.42 $177 $71 $18 $124 1.8x 1.5x 16.8x 8.3x 26% 24% 11% 18%
Summary Statistics
Mean 6.8x 4.0x 29.5x 17.0x 65% 81% 5% 20%
Median 6.7x 3.1x 23.4x 16.0x 59% 65% 7% 19%
Content Monetization
Netflix, Inc. $533.54 $236,573 $8,404 $17,739 $245,909 8.3x 7.2x 36.4x 29.5x 19% 15% 23% 24%
Spotify Technology S.A. $268.63 $51,303 $2,866 $2,174 $50,610 4.5x 3.8x NM NM 16% 19% (1%) 1%
GoDaddy Inc. $88.47 $14,843 $1,293 $4,242 $17,792 4.8x 4.3x 19.5x 17.4x 13% 10% 24% 25%
Shutterstock, Inc. $98.98 $3,655 $364 $40 $3,331 4.6x 4.2x 18.8x 17.0x 9% 8% 24% 25%
TechTarget, Inc. $75.50 $2,125 $94 $225 $2,256 9.3x 8.1x 27.0x 24.0x 64% 14% 34% 34%
Cookpad Inc. $2.26 $243 $207 $5 $41 0.4x 0.4x NM NM (13%) 0% (9%) (13%)
Summary Statistics
Mean 5.3x 4.7x 25.4x 22.0x 18% 11% 16% 16%
Median 4.7x 4.3x 23.3x 20.7x 14% 12% 24% 25%
Sources:
Classifieds
Zillow Group, Inc. $121.50 $30,090 $3,402 $2,489 $29,177 5.3x 3.7x NM 41.9x 65% 44% 10% 9%
REA Group Limited $125.53 $16,585 $139 $250 $16,696 22.2x 19.0x 36.5x 30.7x 11% 16% 61% 62%
SEEK Limited $24.54 $8,655 $402 $1,325 $9,579 9.5x 11.1x 27.7x 27.1x (15%) (14%) 34% 41%
Info Edge (India) Limited $71.30 $9,163 $88 $9 $9,084 49.2x 40.2x NM NM 17% 22% 31% 37%
Auto Trader Group plc $8.85 $8,553 $63 $48 $8,539 17.2x 14.9x 24.4x 20.6x 29% 16% 71% 72%
Rightmove plc $9.05 $7,754 $132 $17 $7,638 18.7x 17.3x 25.2x 23.2x 46% 8% 74% 75%
Autohome Inc. $63.10 $8,036 $822 $0 $7,214 4.8x 4.3x 13.7x 10.8x 14% 11% 35% 40%
51job, Inc. $77.67 $5,866 $471 $12 $5,407 8.5x 7.9x 26.2x 23.2x 12% 8% 33% 34%
carsales.com Ltd $14.95 $4,215 $82 $407 $4,541 13.4x 12.2x 23.5x 21.0x 16% 10% 57% 58%
SaraminHR Co.,Ltd. $37.59 $416 $6 $1 $410 4.0x 3.6x 12.6x 10.8x 15% 13% 32% 33%
DHI Group, Inc. $3.44 $165 $7 $36 $194 1.4x 1.3x 6.8x 5.7x (1%) 7% 21% 24%
Summary Statistics
Mean 14.0x 12.3x 21.8x 21.5x 19% 13% 42% 44%
Median 9.5x 11.1x 24.4x 22.1x 15% 11% 34% 40%
Customer Acquisition
Kakaku.com, Inc. $29.84 $6,148 $315 $75 $5,907 11.6x 9.6x 25.2x 20.6x (2%) 21% 46% 47%
LendingTree, Inc. $217.35 $2,893 $162 $722 $3,453 3.1x 2.7x 24.2x 16.1x 22% 16% 13% 17%
Gruppo MutuiOnline S.p.A $49.35 $1,862 $181 $281 $1,963 5.2x 4.9x 17.2x 15.8x 17% 6% 30% 31%
Moneysupermarket.com Group PLC $3.58 $1,924 $32 $45 $1,936 4.0x 3.7x 13.0x 11.3x 3% 8% 31% 33%
eHealth, Inc. $59.49 $1,556 $92 $45 $1,509 2.2x 1.7x 12.9x 9.2x 18% 25% 17% 19%
Groupon, Inc. $44.45 $1,294 $677 $663 $1,280 1.3x 1.2x 10.9x 6.7x (29%) 4% 12% 18%
Quotient Technology Inc. $11.52 $1,076 $241 $203 $1,037 2.0x 1.8x 17.7x 12.5x 17% 13% 11% 14%
Catena Media plc $8.15 $596 $44 $97 $649 3.6x 3.2x 6.7x 6.0x 38% 12% 54% 54%
Gurunavi, Inc. $4.80 $225 $68 $0 $157 0.8x 0.7x NM NM 2% 10% (9%) (3%)
Summary Statistics
Mean 3.8x 3.3x 16.0x 12.3x 10% 13% 23% 26%
Median 3.1x 2.7x 15.1x 11.9x 17% 12% 17% 19%
Sources:
Other Online Marketing
The Trade Desk, Inc. $76.68 $36,482 $472 $284 $36,294 31.8x 24.8x NM NM 36% 28% 35% 35%
LivePerson, Inc. $61.58 $4,246 $668 $567 $4,145 8.9x 7.2x NM NM 27% 23% 8% 11%
Criteo S.A. $44.85 $2,724 $520 $109 $2,312 2.6x 2.5x 8.2x 7.9x (57%) 5% 32% 32%
Blucora, Inc. $17.38 $841 $192 $594 $1,243 1.4x 1.4x 9.2x 8.4x 15% 5% 16% 16%
QuinStreet, Inc. $18.60 $997 $103 $15 $909 1.6x 1.4x 17.0x 13.4x 12% 13% 9% 10%
comScore, Inc. $4.99 $403 $29 $46 $420 1.1x 1.1x 14.8x 10.8x 4% 5% 8% 10%
Digital Holdings, Inc. $20.28 $441 $339 $94 $195 0.2x 0.2x 1.5x 3.0x 4% (4%) 15% 8%
1000mercis $22.93 $49 $24 $21 $46 0.6x 0.5x 20.9x 6.1x 3% 12% 3% 9%
Summary Statistics
Mean 6.0x 4.9x 11.9x 8.3x 6% 11% 16% 16%
Median 1.5x 1.4x 12.0x 8.1x 8% 9% 12% 11%
E-Commerce and Marketing Solutions

Shopify Inc. $1,458.00 $181,765 $2,786 $1,079 $180,058 40.7x 30.5x NM NM 51% 33% 11% 10%
Square, Inc. $241.85 $110,131 $3,022 $4,205 $111,313 5.5x 4.9x NM NM 115% 12% 4% 5%
HubSpot, Inc. $586.09 $27,386 $397 $741 $27,729 22.3x 17.5x NM NM 41% 27% 12% 13%
BigCommerce Holdings, Inc. $64.93 $4,564 $190 $15 $4,390 22.2x 18.0x NM NM 30% 23% (15%) (9%)
Baozun Inc. $35.53 $2,784 $456 $385 $2,713 1.5x 1.2x 18.6x 13.6x 34% 28% 8% 9%
Brightcove Inc. $14.43 $582 $35 $8 $555 2.6x 2.3x 20.2x 16.3x 9% 11% 13% 14%
Cafe24 Corp. $27.19 $511 $23 $43 $531 2.0x 1.8x 15.0x 13.1x 15% 13% 13% 14%
Limelight Networks, Inc. $3.17 $398 $36 $134 $497 2.2x 2.1x 25.2x 15.2x (4%) 9% 9% 14%
Summary Statistics
Mean 12.4x 9.8x 19.8x 14.5x 36% 20% 7% 9%
Median 4.0x 3.6x 19.4x 14.4x 32% 18% 10% 12%
Other B2C
Live Nation Entertainment, Inc. $88.59 $19,373 $3,009 $6,847 $23,210 4.5x 1.9x NM 19.7x 179% 141% 1% 9%
Chegg, Inc. $83.30 $11,823 $656 $1,801 $12,968 16.2x 13.3x 46.6x 36.8x 24% 22% 35% 36%
CTS Eventim AG & Co. KGaA $64.89 $6,229 $782 $416 $5,863 8.5x 3.9x NM 19.4x 119% 118% 6% 20%
Cimpress plc $108.95 $2,836 $36 $1,470 $4,270 1.6x 1.5x 11.0x 10.1x 12% 9% 14% 14%
Stamps.com Inc. $203.22 $3,723 $567 $72 $3,228 4.2x 3.7x 14.7x 11.8x 2% 11% 28% 32%
Proto Labs, Inc. $92.49 $2,561 $44 $17 $2,534 5.2x 4.7x 25.7x 22.1x 12% 10% 20% 21%
Summary Statistics
Mean 6.7x 4.8x 24.5x 20.0x 58% 52% 17% 22%
Median 4.8x 3.8x 20.2x 19.6x 18% 17% 17% 21%
Sources:
Payments
PayPal Holdings, Inc. $289.00 $339,496 $5,717 $9,713 $343,492 13.3x 11.0x 44.8x 36.2x 20% 21% 30% 30%
Global Payments Inc. $192.21 $56,743 $2,082 $10,207 $64,868 8.5x 7.8x 18.1x 16.0x 3% 10% 47% 49%
Infibeam Avenues Limited $0.69 $912 $24 $3 $891 9.0x 6.8x 43.2x 31.2x 16% 33% 21% 22%
QIWI plc $10.65 $664 $471 $95 $288 1.0x 1.0x 1.9x 2.0x (49%) 1% 54% 50%
Summary Statistics
Mean 8.0x 6.6x 27.0x 21.4x (3%) 16% 38% 38%
Median 8.8x 7.3x 30.6x 23.6x 9% 15% 38% 39%
Sources:
GCA is a global investment bank that provides strategic M&A, capital markets
and private funds advisory services to growth companies and market leaders.
The firm offers worldwide coverage with over 500 professionals in 24 offices
across America, Asia and Europe. Built by the people that run the business,
GCA is a firm of experts who focus on deals that require commitment, original
perspective, skill and exceptional networks.
www.gcaglobal.com
This report was prepared by GCA Advisors, LLC, a registered broker-dealer and member of FINRA and SIPC. Sources of data include Capital IQ and other news organizations. Information obtained from third-
party sources is considered reliable, but we do not guarantee that the information herein is accurate and complete. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of
the securities mentioned herein; past performance does not guarantee future results. Recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or
any other decision.
DISCLAIMER: This report includes logos or other words or devices that may be registered trademarks of their respective owners. Such use is solely for purposes of convenience in referring to the trademark
owners and their products/services. This report and its contents are not endorsed by, sponsored by or affiliated with any trademark owners. GCA Advisors, LLC and its affiliates are not affiliated with any
trademark owner but may provide financial services to one or more trademark owners or their affiliates.

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Marketplaces: The New Home for Luxury Goods

Q2 2021 Marketplace & E-commerce Review

Select Q2 Active Acquirers Select Q2 Active Investors

II. MARKETPLACE & E-COMMERCE MARKET TRENDS & INSIGHTS

III. PUBLIC MARKETS

IV. M&A AND FINANCINGS

V. PUBLIC COMPS BACKUP

Leading Franchise in Marketplaces and E-commerce

Background Transaction Summary

Background Transaction Summary

Background Transaction Summary

GCA acted as exclusive financial advisor to Autofutura, a data-driven business intelligence

Background Transaction Summary

Background Transaction Summary

II. MARKETPLACE & E-COMMERCE MARKET TRENDS & INSIGHTS

III. PUBLIC MARKETS

IV. M&A AND FINANCINGS

V. PUBLIC COMPS BACKUP

» Consumer confidence in online marketplaces has grown significantly in

Online Marketplaces Selling Luxury and High AOV Goods

» Coinciding with the proliferation of marketplaces catering to higher value

GCA Experience with Online Auction Technologies

Solutions to sellers Selected Transaction Commentary

AMOUNT VALUATION Total Revenue GMV

1/23/14 Series C $15 $385 150

Daily Trading Volume (MM)

Fully Diluted Shares Out. 37.5 4.00

Enterprise Value $1,259.7

Retailer that offers a

’20A / ’19A Growth 72.7% 15.2% 98.4%

’20A Revenue $5.2 MM $470.6 MM $345.9 MM

EV / ’20A Rev 13.4x 16.2x 23.5x

’20A Gross Margin 10.6% 67.2% 64.6%

EV / ’20A Gross Profit NM 24.1x 36.4x

Market Cap at IPO $43.5 MM $5.42 Bn $8.0 Bn

Operator of an online Operator of an online shopping Provider of on-demand mobile

’20A/ ’19A Growth -75.6% 8% 32%

’20A Revenue $115 MM $186 MM $60 MM

EV / ’20A Rev 16.9x 4.8x 32.5x

’20A Gross Margin NM 14% NM

EV / ’20A Gross Profit NM 34.6x NM

SPAC Value $1.95 Bn (1) $900 MM (2) $1.2 Bn (3)

Ann. Enterprise Ann.

6/28/21 $217 6/29/21 $220

6/24/21 $82 6/29/21 $20

6/17/21 $525 6/24/21 $195

6/14/21 $225 6/15/21 $360

6/7/21 $425 6/4/21 $555

6/2/21 $1,625 6/2/21 $650

6/2/21 $360 5/26/21 $40

5/13/21 NA 5/11/21 $303

5/5/21 NA 3/24/21 $320

3/11/21 Conf. 3/23/21 $1,150

2/2/21 $1,100 3/16/21 $200

Provider of an on-demand goods delivery application

Provider of on-demand delivery services intended to

Operator of the e-commerce business for all major

Operator of an e-commerce and retail brand created

Provider of a peer-to-peer, car-sharing marketplace

Operator of an online shopping platform designed to

Provider of meetings and events technology that offers

Palo Alto, CA 2009 $664 Operator of an online home furnishing marketplace

Provider of vacation rental marketplace that

Provider of an online marketplace designed to trade