tech tourgrowth502017

1. Supported by:
www.techtourgrowth50.com
Tech Tour Growth 50 2017
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2. Contents
Overview
The Tech Tour Growth 50 Companies 2017
The 2017 Selection Committee
Europe is a breeding ground for repeat success
Key Figures
Breakdown by Sectors and Investors
Criteria
6
4-5
7-9
3
10-12
13-17
18-19
www.techtourgrowth50.com
The Tech Tour Growth Forum 20-21
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3. Overview
Welcome to the Tech Tour Growth 50 – Europe’s most promising growth equity
backed companies with the very best potential to become $1 billion dollar +
companies: those “born to be unicorns”.
For the third year in succession, Tech Tour together with Silverpeak and in conjunction with a selection
committee of international investors have researched and evaluated over 280 European private tech
companies at a sub-one billion US dollar valuation. The purpose of the Tech Tour Growth 50 is not to give a
ranking, or construct an index, but to shine the brightest of lights on the companies yet to achieve “Unicorn”
unicorn status as a demonstration of the strength and depth in Europe.
The composition of the TTG50 has changed significantly from 2015 where almost 50% of the companies were
defined as ‘B2C eCommerce’. This year that broad category only applies to just over 30% of the companies,
with only 15% in what we can now view as traditional online retail. We see major success stories emerging in
B2B software and services, particularly in Fintech and the Internet of Things.
At Tech Tour we have long been convinced of the strength of the European eco-system for hi-tech growth
companies. This conviction is born out in the European tech entrepreneur dynasties that are now emerging
where the capital and expertise created by realised unicorn successes such as Skype, Zoopla and Autonomy is
supporting many of the future unicorns we see in this year’s Tech Tour Growth 50.
We are proud to play our own part in Europe’s success – with many of Europe’s current Unicorns, and of
course this year’s Growth 50 companies having had their capital raises supported by meeting investors via our
events and platform. We would like to thank all the members of this year’s selection committee and hope
you enjoy reading about this year’s Tech Tour Growth 50.
www.techtourgrowth50.com
Jean-Michel Deligny
Managing Director
Silverpeak LLP
Selection Committee Chair
Tech Tour Growth 50
William Stevens
CEO
Tech Tour
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4. The 2017 Tech Tour Growth 50 Companies
4www.techtourgrowth50.com

5. The 2017 Tech Tour Growth 50
Actility Catawiki E-Leather Nfon Soundcloud
Acturis Carto Feedzai Nutmeg Talkdesk
Alfresco Cedexis Fenergo Outfittery Telensa
Algomi Crocus GetYourGuide Ppro Truecaller
AlienVault Currency Cloud Huddle Prezi Trustpilot
Amplitude Darktrace Improbable Scality Uniplaces
B2x Deliveroo Kreditech Scytl Vivino
Babbel Devialet LendInvest Secret Escapes Wallapop
Blippar Drayson
Technologies
NewVoiceMedia Sigfox WeTransfer
Calastone eGym NexThink Sophia Genetics WorldRemit
5www.techtourgrowth50.com Companies shaded in blue enter the Tech Tour Growth 50 for the first time

6. The 2017 Selection Committee*
#6* For continuity, 50% of the Committee Members were on the 2016 Committee
2016 Selection
Committee
Venture &
Growth Equity
Investors
Corporates, Research &
Global Organisations
Bankers & Advisors
Jean-Michel Deligny
Managing Director
Silverpeak LLP
Vice-President Selection Committee
Tech Tour Growth Forum 2016
6www.techtourgrowth50.com

7. The European Eco-System is Deepening – Success Breeds Success
Realised Unicorn Capital and Expertise Backing TTG50 Companies
Janus Fritz
Taavet Hinrikus
Alex Chesterman
Mike Lynch
Source: Tech Tour, Go4Venture, Silverpeak, Pitch Book, CrunchBase 7www.techtourgrowth50.com

8. The European Eco-System is Deepening – Success Breeds Success
European Entrepreneurs Turn Super Angels Backing TTG50 Companies
Jacques Antoine Granjon
Vente Prive
Charles Dunstone
Carphone Warehouse
Xaviel Niel
Iliad/Free
Murray Salmon
Net-a-Porter
Niklas Adalberth
Klarna
William Reeve
Love Film
Source: Tech Tour, Go4Venture, Silverpeak, Pitch Book, CrunchBase 8www.techtourgrowth50.com

9. The European Eco-System is Deepening – Success Breeds Success
European VCs Repeatedly Back Multiple TTG50 Companies*
7 (2)
8 (8)
7 (8)
4 (5)
4 (4)
4 (2)
4 (4)
4 (8)
3 (8)
3 (4)
3 (3)
3 (4)
3 (2)
3 (0)
3 (2)
 16 VCs back three or more companies
 Foxconn Technology is the only non-European backing three or more
* Figures in parenthesis () show the number of companies invested in 2016 Growth 50
Source: Tech Tour, Go4Venture, Silverpeak, Pitch Book, CrunchBase
9www.techtourgrowth50.com

10. The Tech Tour Growth 50 Key Figures: Growth & Financing*
 38 of the TTG50 companies were founded in the last 10 years (45)
 The median year of company foundation is 2008 (2008) with the most recent in 2013
 The average time from company foundation to first funding round is 2 years and 8
months (1 year and 10 months)
 The average time from first funding round to most recent funding round is 4 years and 4
months (4 years 2) months
 The mean number of funding rounds is 4 (4)
Source: Tech Tour, Go4Venture, Silverpeak, Pitch Book, CrunchBase
* Figures in parenthesis () are for Tech Tour Growth 50 2016 10www.techtourgrowth50.com

11. The Tech Tour Growth 50 Key Figures: Growth & Investors*
 The average number of active investors per company is 7.5 (5). There are 309 (227)
investors in total
 52% of the 50 companies have at least one US investor (66%)
 48% of the companies have at least one individual as investor (42%) – these are typically serial
entrepreneurs and partners in venture capital firms acting as “angel” investors – all these individual investors are
currently still invested
 The average first funding round size is $5.7 million ($7.5 million)
 The average latest funding round size is $65.7 million ($38.5 million)
 The average valuation is $338 million ($280 million)
Source: Tech Tour, Go4Venture, Silverpeak, Pitch Book, CrunchBase
* Figures in parenthesis are for Tech Tour 2016 Growth 50 11www.techtourgrowth50.com

12. The Tech Tour Growth 50 Key Figures: Impact
 Companies have raised an estimated $3.7 billion of venture fundnig
 They have an estimated valuation of $338 million ($284 million)
 The TTG50 Companies have created over 9, 000 jobs (8, 000)
 2 out of 3 companies (32/50) are Tech Tour “alumni” having presented at past Tech Tour
events to investors
Source: Tech Tour, Go4Venture, Silverpeak, Pitch Book, CrunchBase 12www.techtourgrowth50.com

13. The Tech Tour Growth 50: Industry Vertical
 Approximately 15% of companies are retail eCommerce businesses (30% in 2016, 50% in 2015)
 As the internet evolves and industrializes we see B2B enabling technologies in Fintech, Internet of Things
and Security becoming increasingly prominent – approximately 40% of companies are providing the
backbone for widespread change in industries as diverse as Energy, Insurance, Fixed Income trading,
Agriculture and Asset Management.
Source: Tech Tour 13www.techtourgrowth50.com
22%
18%
14%
14%
10%
10%
60%
20%
20%
20%
Breakdown by Industry Vertical
SaaS
Fintech
Internet of Things
E-Commerce
Hardware
Software
Big Data
Biotech
Edtech
IT Services
11
9
7 7
5 5
3
1 1 1
0
2
4
6
8
10
12
Breakdown by Industry Vertical

14. The Tech Tour Growth 50: B2B Break Down
 Removing the B2C companies, software and services only accounts for 30%
 This reflects the continued increase in Big Data, Internet of Things and Security companies: areas where Europe
has an increasing competitive advantage
14www.techtourgrowth50.com Source: Tech Tour
0
1
2
3
4
5
6
7
8
Internet of
Things
Fintech SaaS Software Hardware Biotech IT Services
B2B Breakdown by Industry Vertical
23%
20%
20%
13%
10%
7%
3% 3%
B2B Breakdown by Industry Verticle
Internet of Things
Fintech
SaaS
Software
Big Data
Hardware
Biotech
IT Services

15. The Tech Tour Growth 50: B2C Break Down
 Only 32% of companies are eCommerce (50% in 2017) with online retail companies continuing to diminish as
Hardware and service companies/apps become increasingly prominent in the B2C space
 For the first time we see two hardware companies that sell direct to consumers (Devialet and eGym ) making the
list
 B2C Fin Tech role is reduced as the currency transfer and peer to peer lending markets mature
15www.techtourgrowth50.com Source: Tech Tour
7
5
3 3
1 1
0
1
2
3
4
5
6
7
8
E-Commerce SaaS Fintech Hardware Edtech Software
B2C Breakdown by Industry Vertical
37%
26%
16%
16%
5%
5%
B2C Breakdown by Industry Vertical
E-Commerce
SaaS
Fintech
Hardware
Edtech
Software

16. The Tech Tour Growth 50 Investor Break Down
 The investor breakdown by Geography and Classification remains similar to 2016. As per 2016 50% of investors are financial
venture capital fund managers and 20% are individuals. We are yet to see an uptick in asset managers/private equity firms
entering the TTG50, although this may come in later funding rounds
 As per 2016 US investors account for 30% with 52% of companies having at least one US investor (66% in 2016)
 Total of 309 investors (277 in 2016)
Source: Tech Tour, Go4Venture, Silverpeak, Pitch Book, CrunchBase
67%
28%
4%
1%
Investors by Geography
Europe
USA
Asia
Latin America
0%
10%
20%
30%
40%
50%
60%
Venture
Capital
Individual Private
Equity/Asset
Manager
Corporation Corporate VC Bank State VC
Investors by Type
16www.techtourgrowth50.com

17. The Tech Tour Growth 50 Investor Break Down: Companies
 As per 2015/16 the Investor Base is Diverse
 Only 16 Investors are invested in three or more companies (15 in 2016, 19 in 2015)
 Only 8 Investors back four or more companies (9 in 2016, 9 in 2015)
 BPI France’s uptick reflects the increase in French companies in – 7 in 2017 – 4 in 2016
Investors in 4 or more TTG50 Companies (*)
 Accel Partners: 8 (8)
 BPI France: 7 (2)
 Highland Capital Partners Europe: 5 (2)
 Sapphire Ventures: 4 (5)
 Idinvest Partners: 4 (4)
 Kreos Capital: 4 (8)
 Octopus Investments: 4 (2)
 Index Ventures: 4 (4)
Source: Tech Tour, Go4Venture, Silverpeak, Pitch Book, CrunchBase
* Figures in parenthesis show the number of companies invested in 2016 Growth 50
263
29
8 5
3
Investors by number of companies Invested
1
2
3
4
5 or more
17www.techtourgrowth50.com

18. Why compile a Growth 50?
 $1 billion “unicorns” are just the tip of the iceberg. They are
well known and already frequently cited in the press and many
investors have already exited these businesses.
 TT Growth 50 lists the top 50 investor backed high-growth
companies over a rolling three year period.
 The TT Growth 50 demonstrates the depth and breadth of
European high-growth businesses
 The list concentrates on value, not just valuation, growth
metrics such as revenue growth were combined with insight
from the selection committee
 We aim to shine a light on the value being created by
European entrepreneurs still to be fully realised
.
TT Growth 50
Universe
18www.techtourgrowth50.com

19. How is the Tech Tour Growth 50 list generated?
 The Tech Tour identified a long list of 281 companies, backed by at least one
independent investor, that potentially met minimal valuation and growth criteria (see
box on left)
 The selection committee then supplemented the list adding additional companies
based on their own market insight qualitative criteria below
 These companies were then contacted by the Tech Tour and asked to qualify they met
three of the four financial criteria. Companies were requested to supply
supplementary information based on:
 Achievement: Capital efficiency, Growth in last 3 years, Business Plan
execution, Market penetration, Barrier to competition / IP
 Impact: Addressable market, Scalability / International expansion, Disruptive
business model / value proposition
 Momentum: Projected growth, Financial backing / future requirements,
commercial partnerships, Management
 Each selection committee member was then independently asked to generate their
own Tech Tour Growth 50 list (i.e. they had fifty votes each) based on the
supplementary criteria
 Companies that confirmed they met the financial criteria and/or had received 7 or
more votes were then automatically included in the list. This gave 41 companies.
 The selection committee then convened to discuss the remaining companies
allocating the final 9 places
 The top 50 companies compose the Tech Tour Growth 50. As no method is perfect we
have not ranked the Tech Tour Growth 50
Companies were assessed to meet at
least three of the four criteria below:
 sales annual growth > 50% (CAGR
from Dec 31st 2012 to Dec 31st 2015)
 >$100 million valuation
 financing raised > $20 million
 Annual revenue > $10 million
and valuation <$1billion
19www.techtourgrowth50.com

20. 20
An exclusive gathering of Europe’s
boldest hyper growth company
CEOs……
Geneva and Lausanne, March 30-31st, 2017
George Coelho
Chairman
Octo-Telematics
Co-President
Eric Archambeau
General Partner
Wellington Partners
Co-President
2017 Growth Forum Presidents
Silver Partner
Global Partners Gold PartnerHost Partner
Bronze Partner
Every year on the shores of Lake Geneva the Tech Tour Growth Forum
brings together Europe’s boldest CEOs.
Day one has a series of CEO only workshops - facilitated by McKinsey’s
fast-growth company team- followed by an exclusive visit to CERN and an
evening of fine dining with the presentation of the Tech Tour Growth
Awards.
Day two brings investors and CEOS together, blending stimulating
keynotes, panels and fireside chats with breakout sessions exploring the
global mega trends in disruptive technology and key components for
both investors and CEOs at building tech companies to scale.
For the full programme and to register:
www.techtour.com

21. 21
What some of the CEOs say about the Forum:

22. About Us
Silverpeak
Silverpeak is an independent investment bank providing advice on M&A and financing transactions in the technology sector.
We serve the advisory needs of businesses operating in the technology sector, financial sponsors and corporates seeking to
grow their business via investment or acquisitions, or manage their activity portfolio through spin-offs or divestitures.
www.silverpeakib.com
Tech Tour
Founded in 1998, Tech Tour provides a Community facilitating investment into world class entrepreneurs with event and
online matching platforms between growing and emerging innovative companies and investors across borders, regions,
sectors and stages. Tech Tour is also the trade name for Europe Unlimited.
www.techtour.com (see also www.e-unlimited.com)
International Venture Club
The International Venture Club is a collaborative platform of over 70 leading independent venture capital, corporate and
institutional investors promoting successful international investments. The Club objectives are to share better practices,
build co-investor trust and relations, foster new funding and investment opportunities through joint actions and grow
portfolio companies with corporate partners and co-investors. The International Venture Club is managed by Tech Tour.
www.iventureclub.com
22www.techtourgrowth50.com

23. www.techtour.com
Contacts
William Stevens, Managing Director
+32 26 44 65 80, wstevens@techtour.com
Mashrukh Talukder, Sales & Partnerships
+46 736 51 70 73, mashrukh@techtour.com
Simone Theiss, Managing Director
+41 22 518 4722, simone@techtour.com
James Burnham, Senior Advisor
+44 788 776 53 04, james@techtour.com
Geneva Office
Avenue Sécheron 15
1202, Geneva, Switzerland
Tel: +41 22 518 4722
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