Investment Overview of European Marketplaces

1. CONFIDENTIAL
Marketplaces in Europe
Investment Perspectives
2H 2017

2. CONFIDENTIAL
§ In the following slides, we have synthesized our views on the key themes in European marketplaces
§ ComCap is a premier boutique investment bank focused on the intersection of commerce and capital, with key focus
on B2B SaaS, B2C ecommerce (DNVBs, beauty, health, and wellness), B2B services for retail technologies (IT and
marketing services, in-store, fulfillment, logistics, call center, analytics, personalization), payments, mobile
commerce and marketplaces
§ Headquartered in San Francisco with an office in Singapore, our firm works with mid-cap public companies on
buyside initiatives and public and private growth companies on financing and strategic M&A
§ In addition to being the only boutique focused on disruptive commerce models, we differentiate by:
‒ Bringing bulge bracket techniques to emerging models;
‒ A strong and uncommon buyside/strategy practice;
‒ Deep understanding of industry drivers and synergy analyses;
‒ Deep relationships across the sector; and
‒ Worldwide coverage with closed transactions in the United States, Japan, China, the ASEAN region, Western
and Eastern Europe and Latin America
§ If you'd like to connect with us over the phone and / or meet in person to be included in this report or to discuss your
strategic initiatives, please contact us:
We are pleased to present our 2017 European marketplaces
overview
Aron Bohlig
Managing Partner
M: +1 415-235-8270
E: aron@comcapllc.com
Steve Terry
Managing Director
M: +1 415-971-3794
E: steve@comcapllc.com
Matt Nemer
Senior Advisor
M: +1 415-444-6714
E: matt@comcapllc.com
Collin Rice
Associate
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E: collin@comcapllc.com
Fermin Caro
Director
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E: fermin@comcapllc.com
Chris Nealey
Analyst
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E: chrisn@comcapllc.com
Swetha Vijay
Director
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E: swetha@comcapllc.com
2
Carlos Gonzalez
Director
M: +7 915-413-1911
E: carlos@comcapllc.com

3. CONFIDENTIAL
$672.0
$340.6
$99.4 $89.6 $61.8 $42.6 $38.9 $26.8 $19.5 $19.0 $18.9 $15.9 $14.0 $13.4 $10.5 $9.6 $9.4 $9.4 $8.5 $6.9 $5.7 $5.0 $3.2
Retail Ecommerce Sales Worldwide – 2015 (In $B)
3
ComCap – active in 13 countries, including 11 of the top 22 global
ecommerce markets
Source: eMarketer December 2015
M&A
Strategy
Financing
B2C
Services
SaaS
Fintech

4. CONFIDENTIAL
4
Product
Marketplaces
Service Platforms
Other Platforms
Multiple Platforms
ComCap cover’s the leading marketplaces globally in Europe, Asia
and the Americas
Overview of leading marketplaces across geographies
Source: Publicly available information

5. CONFIDENTIAL
5
Marketplaces: a dynamic opportunity for both financial and
strategic investors
We are pleased to present our views on the European marketplace landscape, doing so with
the aim of helping increase transparency and communication between the marketplaces
themselves, as well as financial and strategic investors
Key considerations for financial investors
§ While FinTech dominated European investment in 2016, marketplaces placed fourth in
amount invested and second in number of deals
§ Marketplaces remain an attractive sector for investors due to barriers of entry, healthy
margins, and proven business models across markets
§ Large strategic players such as Amazon, Rakuten, and Zalando represent viable exits, as
they will continue to look for M&A opportunities to gain market share
Key considerations for strategic investors
§ New marketplaces are emerging in mobile format, which could complement a company’s
strategic shift from web to mobile and disrupt existing players
§ Innovative marketplaces are emerging across a wide range of industries, representing an
opportunity to expand market share through addressing specialty / niche markets
§ Large marketplaces can build on network effects through M&A expansion, and achieve
attractive margins due to barriers to entry

6. CONFIDENTIAL
Marketplaces: one of the hottest areas of ecommerce growth and
investment with strong natural barriers to entry and scale
advantages
0
10
20
30
40
50
Asia
Pacific
Australasia
Eastern
Europe
Latin
America
MiddleEast
andAfrica
North
America
Western
Europe
%
2007 2016
Marketplace Sales as % of Digital Commerce
(30% of Global $1.2tn in ecommerce)
Jeff Bezos’ Growth Through Marketplace Explanation
SELLERS
SELECTION
CUSTOMER
EXPERIENCE
TRAFFIC
LOWER COST
STRUCTURE
LOWER
PRICES
GROWTH
Source: Amazon.com
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Traditional Model Marketplace Model
Source: Euromonitor
Global Digital Commerce by Business Model ($m)
Marketplaces Overtaking Traditional Models
6

7. CONFIDENTIAL
Source: Mirakl
Marketplaces: international retailers adopting a marketplace
model; Mirakl transforms retailers into marketplaces a via a SaaS
platform
250 million
Customer visits
200%+
Increased assortment
Within 12 months
#1
Baby category
in Canada
2x
Increased in
product
assortment
10%
Of incremental sales
Within 12 months
+15
New sub-categories
offered
7

8. CONFIDENTIAL
Europe has diverse set of proven marketplaces across a wide range of industries, representing an
attractive investment opportunity for financial and strategic investors
European marketplaces received €448m in investment in 2016, moving closer to travel with
€498m and ecommerce with €571m
Investors are showing a growing preference to invest in marketplaces (no-stock risk)
instead of eCommerce (inventory risk)
Investors are deploying capital to diverse marketplaces across a wide range of
industries, with multiple companies receiving €50m+ in investment
Food directory has shown the largest number of European marketplace IPOs
US investors remain the main source of capital for European marketplaces
Similar to online companies, there is a shift from web to mobile, giving rise to new
innovative marketplaces
Marketplaces continue to experience M&A activity by strategic and financial investors
5
4
7
1
2
3
6
8
8
Marketplaces in Europe – Key investment trends

9. CONFIDENTIAL
9
Types of marketplaces – marketplaces are platforms for the
transaction of products and services between different parties
C2C
§ Platform for the transaction of products or services between
customers
B2C
§ Platform for the transaction of products or services from
business to customers
B2B
§ Platform for the transaction of products or services between
businesses
eCommerce
§ Platform for two parties, e.g. sellers and buyers
mCommerce
§ Platform for buying or selling of goods and services through
wireless handheld devices
Crowdfunding
§ Platform that allows users post projects and raise money for
their execution through fundraising campaigns
Peer-to-Peer
§ Platform which brings together users, who offer products
through offline services
Auction Platforms
§ Platform where a seller lists a product and sets a deadline,
and the buyer with the highest bid is awarded the product
Marketplace Description Examples

10. CONFIDENTIAL
10
Overview of C2C, B2C, and B2B marketplaces
Metric C2C B2C B2B
Value of sale Tens of dollars Tens and hundreds of dollars Thousands and millions of dollars
Pricing Negotiable market-based price
(market price)
Standard pricing Customer pricing
Length of sales process Hours to days Days to weeks Days to months
Number of decision makers
involved
One or two One or two Several people to a dozen or more
Complexity of buying
process
Simple enough: the price, delivery,
and payment terms are negotiable
Relatively simple: the price,
delivery, and payment terms are
negotiable but more rarely
Complex: long stipulations
concerning the price; all the
nuances are discussed even the
warranty
Motivation for purchase Individual needs Individual needs Business needs
Buying process for provider
to use marketplace
Single step Multiple step More multiple step
Goal task of marketplace • Present the good / service
• Present own solution and UVP
• Create a community of
customers
• Show a great variety of goods /
services
• Present the brands
• Create conditions for
competition (more comfortable,
reliable, etc.)
• Suggest a solution for business
• Sell to big players
• Be the first in own niche
Gaps Private services Retailers (goods and services) Supply chain and wholesale
services
Examples

11. CONFIDENTIAL
11
Marketplaces follow a no-inventory, inventory-led, or hybrid
business model
Description:
Marketplace Model
§ Maintains no inventory
§ The marketplace acts as a
meeting ground for buyers
and sellers without storing
goods
§ The marketplace offers
shipping and payment
assistance by tying up with
selected logistics players and
financial partners
Inventory-Led Model
§ The company sources directly
from brands and sellers and
stocks the merchandise
§ There are no multiple sellers
selling one product, unlike
marketplaces
§ The seller is the company and
invoice is issued to the
customers on the company’s
name
Hybrid Model
§ A mix of marketplace and
inventory-led model, also
called a “managed
marketplace” model
§ The marketplace offers
inventory storage, packaging,
and delivering services, but a
seller is free to choose self-
fulfillment or marketplace-
fulfilment
Examples:
Cons: X Difficult to conduct quality
check
X Higher shipping costs
X Difficult to build customer’s
trust and loyalty
X Difficult to scale
X High fixed costs
X Restricted cash flow
Pros: ü Highly scalable
ü Wide product portfolio and
large number of sellers
ü Investor friendly model
ü Speedier delivery
ü Better quality control – seller
and product
ü Best customer experience
and trust

12. CONFIDENTIAL
12
European marketplaces received €448m in investment in 2016
§ While FinTech dominated European investment, marketplaces placed fourth in amount invested and second in
number of deals
§ Marketplaces remained an attractive sector for investors due to barriers of entry, healthy margins, and proven
business models across markets
€ 3,500
€ 550
€ 836
€ 1,407
€ 2,353
€ 2,737
€ 2,977
€ 3,144 € 3,232 € 3,305
€ 286
€ 571
€ 498
€ 448
€ 384
€ 240
€ 167
€ 88 € 73
€ 196
€ -
€ 500
€ 1,000
€ 1,500
€ 2,000
€ 2,500
€ 3,000
€ 3,500
€ 4,000
Total Deals FinTech eCommerce Travel Marketplaces* Food Content /
Digital Media
HR AdTech eHealth Other
2016 Value of Internet Investments above €10m by Sub-sector (€ millions)
€ 830
B2B
B2C
Note: * If a marketplace is considered to be vertical-specific, it has been categorised within that vertical
Source: Go4Venture
Volume: 130 16 / 43 10 11 17 6 8 10 8 5 12

13. CONFIDENTIAL
Amazon and Alibaba in Europe: not as dominant as in the US or Asia
Source: Internet Retailer, CNBC, Citi, Press Releases 13
§ The European market differs from other regions in that there is not a large dominant marketplace such as Amazon in the US or Alibaba in
Asia
− Instead, some countries within Europe have their own go-to marketplaces such as Allegro in Poland, Bol.com in Belgium, and
Cdiscount in France
§ Amazon, eBay, and Rakuten each operate various marketplaces within Europe, e.g. Amazon has five European country-specific
marketplaces in the UK, Germany, France, Italy, and Spain
Competitive landscape of large marketplaces in Europe
§ Alibaba’s presence in Europe is relatively weak, and the
company has not made significant developments
− Alibaba started building its presence in Europe as early as
2015 when it announced the opening of its London offices.
− Late last year, Alibaba opened its first warehouse in the UK
− Earlier this year, the company announced plans of setting
up a logistics center in Bulgaria
§ Alibaba’s expansion strategy in Europe focus on servicing
businesses instead of becoming a consumer brand
− The company’s expansion plan is tied to helping Chinese
businesses expand outside of China
− Alibaba’s brand recognition in Europe is still fairly low, and
the company is initially targeting Chinese companies
looking to expand to Europe
− Alibaba’s brand building strategy focuses on being an
ecommerce partner for businesses that breaks down the
trading boundaries between Europe and China
§ International sales accounted for ~30% of Amazon's total
revenue in 2016, with Germany and the UK accounting for more
than 17% of its total sales or $23bn
§ Amazon's expansion strategy in Europe focuses focuses on
growing its same day (Prime) and 2-hour (Prime Now) delivery
services through investments in logistics and delivery
infrastructure
− Amazon has significantly expanded its warehouse
presence in Europe, now reaching countries as far as
Romania and Turkey
− Prime Now is now available in 9 UK cities and 6 European
cities
− Amazon delivers to over 50 countries in Europe and has
made its Fulfillment by Amazon (FBA) delivery eligible in 26
countries
§ The company announced an investment of $550m in Italy last
year, and plans to open 1,300 new warehouses in the region
Competitive landscape of large marketplaces in Europe

14. CONFIDENTIAL
14
Largest European marketplace funding rounds since 2016
UK companies remain the main recipients of growth investment
InvestorsCompany Country Description Round Details
Note: *Includes debt and equity
Source: Press releases, Crunchbase
Used-car marketplace with over
20k inspected used cars from all
over Europe
May 2017
Undisclosed: $404m*
Princeville Global, Baillie Gifford, Target
Global, Barclays, BHF Banks, BNP Paribas,
Citigroup, Goldman Sachs, JP Morgan
Online fashion marketplace with
over 700 boutiques and brands
from around the world
June 2017
Undisclosed: $397m
JD.com
Online food delivery service with
operations across 84 cities
Aug 2016
Series E: $275m
Bridgepoint, DST Global, General Catalyst,
Entrée Capital, Felix Capital, Greenoaks
Capital, Nokia Growth Partners
Online marketplace to buy and
sell second-hand products
Jan 2017
Series C: $175m
Naspers, Insight Venture Partners, Accel,
14W, Eight Roads Ventures, Mangrove
Capital Partners, FJ Labs
Online fashion marketplace with
over 700 boutiques and brands
from around the world
May 2016
Series F: $110m
Eurazeo, IDG Capital Partners, Temasek
Holdings, e.ventures, Fabrice Grinda, FJ
Labs, Vitruvian Partners, Jose Marin
Peer-to-peer lending platform
focused on small businesses in
the US, UK, and Europe
Jan 2017
Series F: $100m
Accel Partners, DST Global, Index Ventures,
Ribbit Capital, Rocket Internet, Sands Capital
Ventures, Temasek Holdings, Union Square
Online marketplace to buy and
sell second-hand products
May 2016
Series B: $100m
Naspers, Insight Venture Partners, Accel,
Eight Roads Ventures, FJ Labs, New
Enterprise Associates, NextView, Northzone
Online fashion marketplace for
pre-owned luxury products
Jan 2017
Series E: $62m
Vitruvian Partners, Eurazeo, Idinvest
Partners
Peer-to-peer personal finance
lending platform
June 2017
Series E: $41m
Northzone, Wadhawan Global Capital,
iZettle, Spotify
New-car marketplace that
eliminates the need to negotiate
with car sellers
Apr 2017
Series C: $33m
Scottish Equity Partners, Balderton Capital,
Highland Europe
Online marketplaces for the
crafts sector
July 2017
Series C: $39m
Vitruvian Partners, Accel Partners, Balderton
Capital

15. CONFIDENTIAL
15
European marketplace IPOs (1 of 2)
Food directory has shown the largest number of European marketplace IPOs
Investor Valuation MultiplesIndustry Market Cap IPO Date
Food Directory $5.8bn Apr 2014
8.5x
7.0x
EV/2017 Rev EV/2018 Rev
26.8x 20.1x
EV/2017 EBITDA EV/2018 EBITDA
Deal Comparison $9.8bn May 2011 5.7x 4.7x
EV/2017 Rev EV/2018 Rev
17.4x
13.7x
EV/2017 EBITDA EV/2018 EBITDA
Food Directory $6.2bn June 2017
9.6x
6.7x
EV/2017 Rev EV/2018 Rev
NM NM
EV/2017 EBITDA EV/2018 EBITDA
Food Directory $2.0bn Sept 2016
9.5x 7.1x
EV/2017 Rev EV/2018 Rev
NM NM
EV/2017 EBITDA EV/2018 EBITDA
Real Estate
Transportation
$4.4bn Oct 2015 7.5x
6.9x
EV/2017 Rev EV/2018 Rev
14.7x
12.9x
EV/2017 EBITDA EV/2018 EBITDA
Transportation $1.9bn Nov 2014 0.83x
0.76x
EV/2017 Rev EV/2018 Rev
12.5x
11.4x
EV/2017 EBITDA EV/2018 EBITDA
Medical Healthcare $447m Nov 2016 1.2x
0.9x
EV/2017 Rev EV/2018 Rev
NM NM
EV/2017 EBITDA EV/2018 EBITDA
Note: NM = Not material. NM used for negative multiples and multiples >35x
Source: Capital IQ

16. CONFIDENTIAL
16
Company overview Delivery Hero stock performance
Online food ordering and delivery marketplace $1.8bn in total funding prior to IPO
Date Amount / Round Lead Investor
May, 2017 $421m / Private Equity Naspers
Jun, 2015 $110m / Private Equity —
Mar, 2015 $47m / Secondary Market Rocket Internet
Feb, 2015 $550m / Series H Rocket Internet
Sep, 2014 $350m / Series G Insight Venture Partners,
Kite Ventures
Apr, 2014 $85m / Series F Luxor Capital Group
Jan, 2014 $88m / Series E Insight Venture Partners
Jul, 2013 $30m / Series D Phenomen Ventures
Aug, 2012 $50m / Series D Kite Ventures
Mar, 2012 $28m / Series C Kite Ventures
Oct, 2011 $12m / Series B —
Mar, 2011 $4m / Series A —
Dec, 2010 Undisclosed amount / Seed Point Nine Capital
Note: 1. Number of actives in 2016 was 20m globally; 2. Delivery Hero has 12k riders globally with 40% being fully employed and 60% of riders being
freelancers; own delivery is offered in 26 countries; own delivery accounts for 7% of orders and 9% of GMV in 2016
Source: Delivery Hero, Yahoo! Finance, Press releases
€23
€24
€25
€26
€27
€28
€29
€30
30June
2017
7July
2017
14July
2017
21July
2017
28July
2017
4August
2017
11August
2017
18August
2017
IPO open price: €25.5
14% Premium over
IPO open price
Founded: 2011 Status: Public (ETR: DHER); €5.1bn mkt cap
Employees: 6,850 HQ: Berlin, Germany
Company Overview: Delivery Hero provides online food ordering
and delivery services in over 40 countries on six continents.
Over the last few years, Delivery Hero has expanded on the basis of
company acquisitions. In 2015, the Company acquired the
Yemeksepeti Group in Turkey. In 2016, the Company acquired the
Foodpanda Group with operations in 46 countries.
Delivery Hero reported revenues of €166.2m in 2015 and €297.0m
in 2016, representing a 78.8% YoY growth rate. The Company
reported adjusted EBITDA of -€108.8m in 2015 and -€71.2m in
2016.
European marketplace IPOs (2 of 2)
Case Study: Delivery Hero

17. CONFIDENTIAL
European marketplace M&A activity
Marketplaces continue to experience M&A activity by strategic and financial investors
Company DateIndustry Acquirers ValuationSellers
Construction Project A Ventures,
Endeit Capital, Bauer
Venture Partners,
Kloeckner Ventures,
Thies Sander
Hoffmann SE €100.0m Jun 2017Contorion
Travel Deal
Comparison
Great Hill Partners,
Silicon Valley Bank
Priceline Group €462.3m Feb 2017Momondo
Group
Directory Food Delivery Hero Just Eat €271.7m Dec 2016Hungry-
house
Directory Food Investment AB Kinnevik,
Rocket Internet SE,
iMENA Holdings,
Phenomen Ventures,
Falcon Edge Capital
Delivery Hero €426.0m Dec 2016Foodpanda
Directory Food AddVenture, Phenomen
Ventures, Guard Capital,
Foodpanda
Mail.ru Group €84.0m Nov 2016Delivery
Club
Second-hand
Items
Bonsai Venture Capital,
Caixa Capital Risc, Antai
Venture Builder, Grupo
Zeta, Grupo Godo
Letgo N/A May 2016Wallapop
Travel Index Ventures,
PROfounders Capital,
David Magliano, Canaan
Partners, Intel Capital
AccorHotels €148.0m Apr 2016onefinestay
Directory Food la Caixa, Ad4Ventures,
Mediaset, Rocket
Internet SE, Nicolas
Luca de Tena
Just Eat €74.0m Feb 2016La Nevera
Roja
Source: Press releases, Crunchbase, dealroom.co
17

18. CONFIDENTIAL
18
Overview of European marketplaces with €10m-€25m in funding
Europe has diverse set of proven marketplaces across a wide range of industries
AmountRaised
€25m
€20m
€15m
€10m
Marketing OthersDirectory
Non-Food
FashionFinTech TransportationFood

19. CONFIDENTIAL
19
European marketplaces with €10m-€25m in funding (1 of 4)
Europe has diverse set of proven marketplaces across a wide range of industries
Company IndustryBusiness Model Employees FundingLocation
B2B B2C
ecommerce / trading
marketplace
Barcelona 8 €10.1m Wellness BeautyPromoFarma
B2C advertising
marketplace
France - €10.6m Travel ContentFotopedia
B2B B2C commission
booking classified listing
marketplace
Paris 51-200 €10.1m DirectoryStarOfService
Source: Press releases, dealroom.co, Crunchbase
Marketplace Lyon 2-10 €10.0m FinTechlex.ec
B2C marketplace
commission
Paris 51-200 €10.0m FashionVide-
dressing
B2B B2C market
place
Madrid 11-50 €10.1m TransportationOnTruck
B2B B2C
commission
marketplace
Tel Aviv-Yafo 11-50 €10.4m FinTech MarketingZeek
B2B marketplace Palermo 51-200 €10.6m Content MarketingMosaicoon
B2C classified listing
marketplace
Berlin 51-200 €10.8m Real EstateNestpick
B2C ecommerce /
trading marketplace
Berlin 51-200 €11.1m FashionWatchmaster

20. CONFIDENTIAL
20
Company IndustryBusiness Model Employees FundingLocation
B2C commission
booking classified
listing marketplace
London 70 €15.6m DirectoryRated
People
B2B subscription
marketplace
Nantes 51-200 €13.0m Back OfficeLengow
Source: Press releases, dealroom.co, Crunchbase
European marketplaces with €10m-€25m in funding (2 of 4)
Europe has diverse set of proven marketplaces across a wide range of industries
B2B B2C performance
based commission
marketplace
Paris 11-50 €11.8m Jobs RecruitmentQapa
B2C commission
marketplace
Madrid 51-200 €12.0m Directory FoodLa Nevera
Roja
B2C commission
performance based
marketplace
London 11-50 €12.1m Food AgriTechFarmDrop
B2C commission
booking marketplace
Berlin 51-200 €13.7m Directory Wellness
Beauty
Vaniday
B2C freemium classified
listing commission
marketplace
London 51-200 €14.0m FashionDepop
B2C ecommerce /
trading marketplace
Munich 11-50 €14.0m PetsePetworld
B2C commission
marketplace
Belgium 11-50 €14.7m Directory FoodTake Eat
Easy
B2C commission
marketplace
London 34 €15.4m FinTechBullionVault
B2C ecommerce /
trading commission
marketplace
London 51-200 €14.7m FashionChronext

21. CONFIDENTIAL
21
Company IndustryBusiness Model Employees FundingLocation
B2C commission
booking classified
listing marketplace
Paris 110 €19.1m Directory FoodLa-
Fourchette
Source: Press releases, dealroom.co, Crunchbase
European marketplaces with €10m-€25m in funding (3 of 4)
Europe has diverse set of proven marketplaces across a wide range of industries
B2C commission
marketplace
London 51-200 €16.0m Directory FoodJinn
B2B freemium
marketplace
Herzliya 11-50 €17.5m MarketingProov
B2B B2C market
place
London 11-50 €17.6m Real EstateAppear Here
B2B B2C commission
marketplace
Berlin 51-200 €17.8m Fashion HomeJUNIQE /
stylemarks
B2C commission
marketplace
booking
Berlin 11-50 €15.8m Travel
Transportation
Campanda
B2C marketplace Berlin 201-500 €18.3m TransportationFrontier Car
Group
B2C commission
performance based
marketplace
Corporeno 131 €18.5m Directory Deal
Comparison
Dove-
Conviene -
Shopfully
B2C commission
marketplace
Berlin 51-200 €18.7m FinTechLendico
B2C advertising
ecommerce / trading
classified listing
subscription marketplace
Karlsruhe 11-50 €19.0m FashionChrono24

22. CONFIDENTIAL
22
Company IndustryBusiness Model Employees FundingLocation
B2C commission
marketplace
London 11-50 €22.3m Travel FintechWeSwap.com
Source: Press releases, dealroom.co, Crunchbase
European marketplaces with €10m-€25m in funding (4 of 4)
Europe has diverse set of proven marketplaces across a wide range of industries
B2C commission
marketplace
Berlin 114 €23.8m Directory FoodLieferando
B2C marketplace Versailles 11-50 €20.1m TransportationKoolicar
B2C commission
marketplace
London 51-200 €21.6m DirectoryQuiqup
B2B commission
marketplace
London 51-200 €22.3m FinTechMarket-
Invoice
B2B commission
marketplace
Barcelona 51-200 €22.8m FinTechKantox
B2B B2C commission
marketplace
Paris 11-50 €21.6m FinTechLendix

23. CONFIDENTIAL
23
Most active investors in marketplaces
US financial investors remain the main source of capital for marketplaces
Investor Representative InvestmentsFund Overview
HQ: Palo Alto, CA
Founded: 1983, Funds raised: $10bn
# of marketplace investments: 18
Note: *Includes debt and equity Source: Press releases, dealroom.co, Crunchbase, CapitalIQ
HQ: Menlo Park, CA
Founded: 1972, Funds raised: $2.7bn
# of marketplace investments: 12
HQ: San Francisco, CA
Founded: 2004, Funds raised: $738mn
# of marketplace investments: 12
HQ: New York, NY
Founded: 2004, Funds raised: $967mn
# of marketplace investments: 12
HQ: Menlo Park, CA
Founded: 2009, Funds raised: $5.8bn
# of marketplace investments: 9
HQ: Menlo Park, CA
Founded: 1911, Funds raised: $3.6bn
# of marketplace investments: 8
HQ: London, UK
Founded: 1996, Funds raised: $5.8bn
# of marketplace investments: 7
HQ: Menlo Park, CA
Founded: 2004, Funds raised: $2.8bn
# of marketplace investments: 7
HQ: Mountain View, CA
Founded: 2005, Funds raised: $700mn
# of marketplace investments: 7
HQ: Menlo Park, CA
Founded: 1987, Funds raised: $5.0bn
# of marketplace investments: 6
HQ: Mountain View, CA
Founded: 2009, Funds raised: $100mn
# of marketplace investments: 6

24. CONFIDENTIAL
24
Acquirer Targets
HQ: Berlin, Germany
Founded: 2012, Status: Private
Source: Crunchbase, CapitalIQ
Acquired in: May ‘13
Implied EV: NA
Acquired in: June ‘14
Implied EV: NA
Acquired in: July ‘14
Implied EV: NA
Acquired in: Feb ‘13
Implied EV: NA
HQ: Sydney, Australia
Founded: 2011, Status: Private
HQ: Sydney, Australia
Founded: 2011, Status: Private
Acquired in: Apr ‘15
Implied EV: NA
Acquired in: Sep ‘12
Implied EV: NA
HQ: Chicago, IL
Founded: 2008, Status: Public
Acquired in: Sep ‘13
Implied EV: $3.1M
Acquired in: Oct ‘16
Implied EV: NA
HQ: New York, NY
Founded: 1985, Status: Private
Acquired in: Aug ‘13
Implied EV: $405.0M
Acquired in: Dec ‘14
Implied EV: $55.9M
HQ: New York, NY
Founded: 1985, Status: Private
Acquired in: May ‘17
Implied EV: $574.4M
Acquired in: Mar ‘17
Implied EV: NA
HQ: New York, NY
Founded: 1994, Status: Public
Acquired in: Nov ‘14
Implied EV: $640.0M
Acquired in: Jul ‘14
Implied EV: $270.0M
HQ: Seattle, WA
Founded: 2004, Status: Public
Acquired in: Jul ‘14
Implied EV: $3.1B
Acquired in: Nov ‘12
Implied EV: $17.4M
HQ: New York, NY
Founded: 1994, Status: Public
Acquired in: Nov ‘15
Implied EV: $3.3B
Acquired in: May ‘17
Implied EV: NA
HQ: Chicago, IL
Founded: 2010, Status: Private
Acquired in: Jun ‘16
Implied EV: NA
Acquired in: Aug ‘15
Implied EV: NA
HQ: Austin, TX
Founded: 2004, Status: Private
Acquired in: Jul ‘13
Implied EV: $20.0M
HQ: San Francisco, CA
Founded: 2005, Status: Private
Acquired in: Jan ‘15
Implied EV: $21.2M
Most active strategic buyers

25. CONFIDENTIAL
ComCap’s perspectives on marketplaces is shared with 250+
financial and 100+ strategic investors
§ Thank you for reading our research on trends in European marketplaces
§ ComCap’s perspectives on various industries, including European marketplaces, are being shared with our large
network of strategic and financial investors globally
§ This facilitates a better understanding of sweet spots for these investors; and ultimately helps to better position a
mandated client with selected players
§ Unique disruptors are gaining additional global coverage via ComCap’s reach – please contact Aron Bohlig
(aron@comcapllc.com) or Carlos Gonzalez (carlos@comcapllc.com) for inclusion or for comment
25

26. CONFIDENTIAL
Appendix: Trading multiples and selected investors
26

27. CONFIDENTIAL
Leading marketplaces worldwide
Company Country 2016 GMV ($bn) 2015 GMV ($bn) 2014 GMV ($bn) YoY Growth 3-Year Growth
China $547.0 $450.0 $365.9 22.0% 50.0%
US $271.4 $225.6 $174.2 20.3% 55.8%
China $96.7 $65.6 $38.2 47.4% 153.1%
US $83.8 $81.7 $79.6 2.5% 5.2%
Japan $26.4 $23.6 $20.3 12.0% 30.4%
US $19.0 $14.7 $13.0 29.3% 46.2%
Brazil $8.05 $7.15 $7.08 12.6% 13.7%
India $6.0 $4.0 $1.0 50.0% 500.0%
US $4.6 $5.0 $5.3 -7.0% -12.3%
India $4.4 $3.0 $0.7 46.7% 494.6%
Brazil $3.8 $3.4 $2.8 10.6% 35.8%
South Korea $3.2 $2.6 $2.2 22.0% 46.4%
US $2.9 $2.9 $2.8 1.1% 1.8%
US $2.8 $2.4 $1.9 19.0% 47.3%
US $2.0 $1.0 $0.5 100.0% 300.0%
Singapore $1.8 $1.0 $0.4 75.8% 368.8%
England $0.8 $0.5 $0.3 60.0% 171.2%
Nigeria $0.3 $0.4 $0.1 -13.8% 192.5%
Total $1,085.0 $894.6 $716.4 21.5% 51.7%
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28. CONFIDENTIAL
28
Public comparables (1 of 2)

29. CONFIDENTIAL
29
Public comparables (2 of 2)

30. CONFIDENTIAL
30
Selected leading marketplace and ecommerce focused financial and
corporate venture investors
US
Stage
agnostic
Buyout /
Alternate
Early
stage
Late
stage
Corp.
VC
International