The document summarizes a report on European venture capital trends in the second quarter of 2015. Some key highlights include: European VC fundraising doubled from the previous quarter; venture capital investment into European companies improved for the second consecutive quarter; and IPOs increased while M&A activity declined. The report provides details on fundraising amounts, top funds raised, investment levels by industry and country, as well as notable financing rounds.

1. Venture Capital Report
Europe | 2Q | 2015

2. Venture Capital Report The following report presents Dow Jones VentureSource’s quarterly findings for
European venture capital fundraising, investment, valuation, and liquidity. The included
charts and graphs offer a comprehensive view of the trends currently affecting the
venture capital market.
Highlights for 2Q 2015 include:
European venture capital fundraising doubles from prior quarter;
Venture capital investment into European companies improves in consecutive quarters;
Initial public offerings (IPOs) experienced an increase from the prior quarter, while the number of
mergers and acquisitions (M&As) fell to its lowest level since 1Q 2013.
2

3. Venture Capital Report
FUNDRAISING
3
2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15
Amount Raised (€B) € 1.19 € 0.76 € 1.37 € 0.76 € 1.03 € 0.51 € 1.88 € 0.63 € 1.25 € 0.71 € 1.26 € 0.93 € 2.04
Number of Funds 22 15 30 15 17 10 39 23 23 19 27 17 25
0
5
10
15
20
25
30
35
40
45
€ 0.00
€ 0.50
€ 1.00
€ 1.50
€ 2.00
€ 2.50European VC Fundraising (2012 – 2015)
Based on multiple closings
European Venture Capital Fundraising Improves in 2Q 2015
25 European venture capital funds accumulated over €2 billion during 2Q 2015, more than double the euros
raised in 1Q 2015 with a 47% increase in the number of fund closings.
Compared with the year ago period, euros raised improved by 63% in two more fund closings.
The largest fund of the quarter was Index Ventures Growth Fund III, which raised €650 million, accounting for
32% of the total amount raised for 2Q 2015.

4. Venture Capital Report
FUNDRAISING
4
Largest European VC Funds Raised in 2Q 2015
Firm
Name
Fund
Name
Amount
(€M)
Closed
in
2Q
Loca9on
Offering
Status
Fund
Type
Fund
Category
Closing
Type
Index
Ventures
Index
Ventures
Growth
III
€
650.00
Geneva,
Switzerland
Closed
Late-­‐stage
venture
capital
Venture
Capital
Final
Isis
InnovaFon
Ltd.
Oxford
Sciences
InnovaFon
€
283.98
Oxford,
United
Kingdom
Open
Early-­‐stage
venture
capital
Venture
Capital
First
European
Investment
Fund
Luxembourg
Future
Fund
€
150.00
Luxembourg,
Luxembourg
Closed
MulF-­‐stage
venture
capital
Venture
Capital
Final
Felix
Capital
Felix
Capital
Fund
I
LP
€
109.80
London,
United
Kingdom
Closed
Early-­‐stage
venture
capital
Venture
Capital
Final
IK
Investment
Partners
Industry
Kapital
Small
Cap
Fund
€
100.00
London,
United
Kingdom
Open
Early-­‐stage
venture
capital
Venture
Capital
First

5. Venture Capital Report
FINANCING
5
Equity Financings into Europe –
based, VC-backed Companies
(2012 – 2015)
Investment into European Venture-backed Companies Improves Once More in 2Q 2015
European companies raised just over €3 billion for 357 deals during 2Q 2015, an increase of 12% in the
amount raised from 1Q 2015 despite a 5% slide in the number of deals completed.
In contrast with the year ago period, investment improved by 31% despite a 15% reduction in the number of
completed deals.
Consumer Services was the strongest sector of the quarter in terms of attracting investment followed by
Business and Financial Services. The sectors garnered 45% and 24% of all euros invested during 2Q 2015
respectively.
2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15
Amount Raised (€B) € 1.55 € 1.15 € 1.25 € 1.24 € 1.53 € 1.76 € 1.82 € 1.62 € 2.34 € 2.33 € 2.00 € 2.72 € 3.05
Number of Deals 378 326 387 378 421 386 474 397 418 351 370 377 357
0
50
100
150
200
250
300
350
400
450
500
€ 0.00
€ 0.50
€ 1.00
€ 1.50
€ 2.00
€ 2.50
€ 3.00
€ 3.50

6. Venture Capital Report
FINANCING
6
Equity Financings into Europe-based, VC-backed Companies, by Round Class
(2012 – 2015)
Number of Deals
2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15
Seed 38 53 63 37 37 49 71 32 28 22 25 16 21
First 191 156 192 198 206 201 212 212 211 180 185 194 162
Second 60 54 58 66 89 63 81 67 87 63 72 78 68
Later 58 46 45 54 64 51 83 59 74 64 60 75 92
Restart 0 0 0 0 0 0 0 0 0 0 0 0 0
0
40
80
120
160
200
240

7. Venture Capital Report
FINANCING
7
2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15
Seed € 23 € 16 € 25 € 21 € 16 € 19 € 30 € 16 € 18 € 14 € 18 € 13 € 12
First € 532 € 291 € 446 € 409 € 421 € 531 € 353 € 492 € 601 € 455 € 432 € 615 € 466
Second € 257 € 288 € 294 € 254 € 476 € 695 € 395 € 319 € 475 € 212 € 773 € 433 € 571
Later € 687 € 532 € 457 € 544 € 600 € 464 € 985 € 671 € 1,067 € 933 € 743 € 1,653 € 1,844
Restart € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0 € 0
€ 0
€ 200
€ 400
€ 600
€ 800
€ 1,000
€ 1,200
€ 1,400
€ 1,600
€ 1,800
€ 2,000
Equity Financings into Europe-based, VC-backed Companies, by Round Class
(2012 – 2015)
Amount Raised (€M)

8. Venture Capital Report
FINANCING
8
Equity Financings into Europe-based, VC-backed Companies, Median Equity Deal Size (€M)
(2012 – 2015)
2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15
Median Equity Deal Size (€M) € 1.80 € 1.20 € 1.22 € 1.50 € 1.52 € 1.00 € 1.40 € 1.54 € 2.00 € 1.80 € 2.30 € 1.93 € 2.50
€ 0.00
€ 0.50
€ 1.00
€ 1.50
€ 2.00
€ 2.50
€ 3.00

9. Venture Capital Report
FINANCING
9
28%
2%
26%2%
15%
4%
23%
Business and Financial Services
Consumer Goods
Consumer Services
Energy & Utilities
Healthcare
Industrial Goods & Materials
Information Technology
2Q'15 Industry Breakdown
By Number of Deals
Equity Financings into Europe-based, VC-backed Companies, by Industry Group
(2Q 2015)
Consumer Services received the largest allocation of investment during 2Q 2015 (45%), accumulating €1.4
billion through 91 deals. Deal flow fell by 22% from the prior quarter, while sector investment dipped by 1%.
Business and Financial Services placed second in terms of equity financing, taking a 24% share of all 2Q 2015
investment. The sector raised €716 million across 99 deals, an improvement of 53% in capital raised and 16%
in deals completed from the previous quarter.
Healthcare placed in third, with companies in the sector gathering 15% of the total amount invested for the
quarter. The sector received €458 million across 52 deals; a rise of 48% in capital invested from 1Q 2015
despite a 10% decline in deal flow.
24%
45%
1%
15%
1%
14% Business and Financial Services
Consumer Goods (0.2%)
Consumer Services
Energy & Utilities
Healthcare
Industrial Goods & Materials
Information Technology
2Q’15 Industry Breakdown
By Amount Raised

10. Venture Capital Report
FINANCING
10
Co.
Name
Loca9on
Industry
Group
Industry
Segment
Industry
Code
Brief
Descrip9on Close
Date
Round
Type
Raised
(€M)
Round
Investors
(*
denotes
lead)
SpoFfy
Technology
SA
Sweden
Consumer
Services
Consumer
InformaFon
Services
Entertainment
Provider
of
online
digital
music
services.
17/04/2015
7th
€488.67
Baillie
Gifford
&
Co.
Ltd.,
D.
E.
Shaw
&
Co
LP,
Discovery
Capital
Management
Corp.,
Goldman
Sachs
Group
Inc.,
GSV
Capital
Corp.,
Halcyon
Capital,
Landsdowne
Partners
Ltd.,
Northzone
Ventures
AS,
P.
Schoenfeld
Asset
Management
LP,
Rinkelberg
Capital
Ltd.,
Senvest
InternaFonal
LLC,
TCMI
Inc.,
TeliaSonera
AB
Global
Fashion
Group
SA
Luxembourg
Consumer
Services
Retailers
Clothing/Accessory
Retailers
Provider
of
an
online
fashion
pla`orm.
30/06/2015
Second
€150.00
Investment
AB
Kinnevik,
Rocket
Internet
AG
Funding
Circle
Ltd.
United
Kingdom
Business
and
Financial
Services
Financial
InsFtuFons
and
Services
Lending
Provider
of
a
lending
pla`orm
for
small
businesses.
22/04/2015
6th
€139.35
Baillie
Gifford
&
Co.
Ltd.,
Digital
Sky
Technologies
Ltd.*,
Sands
Capital
Management,
Temasek
Holdings
Pvt.
Ltd.
Foodpanda
GmbH
Germany
Consumer
Services
Consumer
InformaFon
Services
Shopping
Facilitators
Provider
of
a
food
delivery
pla`orm.
01/05/2015
5th
€89.30
Goldman
Sachs
Private
Equity
Group*,
Rocket
Internet
AG
AM-­‐Pharma
B.V.
Netherlands
Healthcare
BiopharmaceuFcals
Biotechnology
TherapeuFcs
Developer
of
pharmaceuFcal
compounds
in
the
fields
of
severe
infecFous
diseases
and
inflammatory
diseases.
11/05/2015
Corporate
€78.14
Pfizer
Inc.*
Top 5 Deals into European VC-backed Companies (2Q 2015)

11. Venture Capital Report
FINANCING
11
12
10
8 8
7
0
2
4
6
8
10
12
14
Bpifrance Investment SEED Capital
Management I/S
Rocket Internet AG High-Tech
Gruenderfonds
Management GmbH
Mercia Fund
Management
Most Active Investors for Europe-based, VC-backed Companies by Deals Completed
(2Q 2015)

12. Venture Capital Report
FINANCING
12
Amount Raised in 2Q 2015 by Country
(Top 4)
21%
19%
17%
15%
28%
United Kingdom
Sweden
Germany
France
Rest of Europe
25%
23%
13%
6%
33% United Kingdom
France
Germany
Italy
Rest of Europe
Number of Deals in 2Q 2015 by Country
(Top 4)
Equity Financings into Europe-based, VC-backed Companies, by
Country (2Q 2015)
The United Kingdom was the most favoured destination for equity financing during 2Q
2015, receiving €645 million across 89 deals. The country took 21% of all equity
financing for the quarter, despite a 28% fall in investment from 1Q 2015.
Sweden placed second, attracting a 19% share of European financing. Investment
reached a total €596 million, bolstered in large part by Spotify Technology’s most
recent round of financing in April.
Germany occupies third position raising €508 million, 17% of the total for the quarter.
France placed fourth with a 15% share, raising €449 million during 2Q 2015.

13. Venture Capital Report
LIQUIDITY
13
Exit Opportunities for European
VC – backed Companies
(2012 – 2015)
Europe 2Q 2015 Venture Exit Activity
37 venture-backed M&As took place in Europe during 2Q 2015, a drop of 27% from 1Q 2015 and 12% from 2Q
2014.
The largest M&A for 2Q 2015 was Yemek Sepeti Elektronik Iletisim Tanitim, a provider of online food ordering
services in Turkey, which was acquired by Delivery Hero Holding AG for €526 million.
15 venture-backed IPOs took place during 2Q 2015, a 25% rise from the prior quarter but a 29% decline in
listings for VC-backed companies from the year ago period.
0 10 20 30 40 50 60 70
2Q'12
3Q'12
4Q'12
1Q'13
2Q'13
3Q'13
4Q'13
1Q'14
2Q'14
3Q'14
4Q'14
1Q'15
2Q'15
2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15
IPOs 3 2 5 1 5 3 9 8 21 16 10 12 15
M&As 43 31 46 36 39 42 42 55 42 47 47 51 37

14. Venture Capital Report
LIQUIDITY
14
Top 3 M&As in Europe (2Q 2015)
Company
Name
Loca9on Brief
Descrip9on Industry
Code
Industry
Segment
Industry
Group
Close
Date
Round
Type
Amount
Paid
(€M)
Acquirer
Yemek
SepeF
Elektronik
IleFsim
TaniFm
Istanbul,
Turkey
Provider
of
online
food
ordering
services.
Shopping
Facilitators
Consumer
InformaFon
Services
Consumer
Services
05/05/2015
AcquisiFon
€
525.99
Delivery
Hero
Holding
GmbH
Hotspring
Ventures
Ltd.
London,
United
Kingdom
Provider
of
an
online
beauty,
health,
and
wellness
directory.
Personal
Services
Travel
and
Leisure
Consumer
Services
01/05/2015
AcquisiFon
€
188.43
RGIP
LLC
Prosonix
Ltd.
Oxford,
United
Kingdom
Developer
of
ultrasonic
parFcle
engineering
technologies
for
the
manufacture
of
pharmaceuFcal
powders.
Medical/Lab
Services
Healthcare
Services
Healthcare
15/06/2015
AcquisiFon
€
139.09
Circassia
PharmaceuFcals
Plc

15. Venture Capital Report
LIQUIDITY
15
European VC-backed IPO Activity
(2012 - 2015)
European VC-backed IPOs (2012-2015)
15 venture-backed IPOs took place during 2Q 2015, an increase of three from the prior quarter but six fewer
than in the year ago period.
IPOs raised €533 million during 2Q 2015, an uptick of 28% from the $417 million raised in 1Q 2015. VC-backed
companies raised an almost identical amount through IPOs compared with the year ago period (€530 million).
The largest European VC-backed IPO of 2Q 2015 was the windeln.de GmbH listing in May. The company
raised €183 million for its offering on the Deutsche Boerse.
2Q'12 3Q'12 4Q'12 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15
Raised (€M) through IPO € 26.76 € 52.08 € 142.99 € 19.22 € 89.24 € 25.51 € 366.10 € 448.63 € 529.53 € 447.47 € 2,250 € 417.40 € 533.10
Number of IPOs 3 2 5 1 5 3 9 8 21 16 10 12 15
0
5
10
15
20
25
€ 0.00
€ 500.00
€ 1,000.00
€ 1,500.00
€ 2,000.00
€ 2,500.00

16. Venture Capital Report
LIQUIDITY
16
Company
Name
Country
Brief
Descrip9on
Industry
Code
Industry
Segment
Industry
Group
Close
Date
Raised
through
IPO
(€M)
Exchange/
Symbol
windeln.de
GmbH
Germany
Operator
of
an
online
retailer
and
flash
sales
pla`orm
for
baby
and
children
products
in
Germany,
Austria,
and
Switzerland.
Specialty
Retailers
Retailers
Consumer
Services
06/05/2015
€183.47
XETRA:
WD
AdapFmmune
TherapeuFcs
PLC
United
Kingdom
Developer
of
cancer
immunotherapy
products
based
on
a
T-­‐cell
receptor
pla`orm.
Biotechnology
TherapeuFcs
BiopharmaceuFcals
Healthcare
06/05/2015
€170.79
NASDAQ:
ADAP
BiocarFs
NV
Belgium
Provider
of
a
molecular
and
immunodiagnosFcs
pla`orm.
Drug
Development
Technologies
BiopharmaceuFcals
Healthcare
27/04/2015
€100.00
BSE:
BCART
Top 3 IPOs in Europe (2Q 2015)

17. Venture Capital Report
ABOUT US
Dow
Jones
VentureSource
helps
venture
capitalists,
corporate
development
execu9ves,
investment
bankers
and
service
providers
find
deal
and
partnership
opportuni9es,
perform
comprehensive
due
diligence
and
examine
trends
in
venture
capital
investment,
fund-­‐raising
and
liquidity.
It
provides
accurate,
comprehensive
data
on
venture-­‐backed
companies
–
including
their
investors
and
execu9ves
–
in
every
region,
industry
and
stage
of
development
throughout
the
world.
The
investment
figures
included
in
this
release
are
based
on
aggregate
findings
of
Dow
Jones'
proprietary
research
and
are
contained
in
VentureSource.
This
data
was
collected
through
surveys
of
professional
firms,
interviews
with
company
execu9ves,
and
from
secondary
sources.
These
venture
capital
sta9s9cs
cover
equity
investments
into
early
stage,
innova9ve
companies
and
do
not
include
companies
receiving
funding
solely
from
corporate,
individual,
and/or
government
investors.
Figures
contained
throughout
the
report
current
at
9me
of
editorial
but
are
subject
to
change
without
no9ce.
No
statement
herein
is
to
be
construed
as
a
recommenda9on
to
buy
or
sell
securi9es
or
to
provide
investment
advice.
About Dow Jones
Dow
Jones
is
a
global
provider
of
news
and
business
informaFon,
delivering
content
to
consumers
and
organizaFons
around
the
world
across
mulFple
formats,
including
print,
digital,
mobile
and
live
events.
Dow
Jones
has
produced
unrivaled
quality
content
for
more
than
125
years
and
today
has
one
of
the
world’s
largest
newsgathering
operaFons
globally.
It
produces
leading
publicaFons
and
products
including
the
flagship
Wall
Street
Journal,
America’s
largest
newspaper
by
paid
circulaFon;
FacFva,
Barron’s,
MarketWatch,
Financial
News,
DJX,
Dow
Jones
Risk
&
Compliance,
Dow
Jones
Newswires,
and
Dow
Jones
VentureSource.
MEDIA CONTACT:
Kate Dobbin
44 (0)20 7573 4016
Kate.Dobbin@dowjones.com
17