Escolar Documentos
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INVESTMENT TRACKER
2016
CONTENTS
3
EXECUTIVE SUMMARY
INTRODUCTION
ABOUT BEAUHURST
CHAPTER 1:
TRENDS IN OVERALL INVESTMENT ACTIVITIES
EXECUTIVE
SUMMARY
1.5 REGION
18 1.6 CLUSTERS
20 1.7 INVESTMENT CATEGORY
21
1.8 INVESTORS
24 CHAPTER 2:
SEED-STAGE
24 2.1 SEED-STAGE OVERVIEW
25 2.2 SECTORS, SEED-STAGE
27 2.3 TECHNOLOGY SUB-SECTORS, SEED-STAGE
29 2.4 REGIONS, SEED-STAGE
31
43 CHAPTER 4:
GROWTH-STAGE
43 4.1 GROWTH-STAGE OVERVIEW
44 4.2 SECTORS, GROWTH-STAGE
46 4.3 TECHNOLOGY SUB-SECTORS, GROWTH-STAGE
47 4.4 REGIONS, GROWTH-STAGE
49 4.5 INVESTMENT CATEGORY, GROWTH-STAGE
50 4.6 INVESTORS, GROWTH-STAGE
52 CHAPTER 5:
ACTIVITY BY BRITISH BUSINESS BANK EQUITY FUNDS
52 5.1 INTRODUCTION
55 5.2
BUSINESS STAGE
58 5.3 SECTOR
60 5.4 REGION
62 5.5 INVESTMENT CATEGORY
64 APPENDIX
INTRODUCTION
BACKGROUND
METHODOLOGY
ABOUT BEAUHURST
Beauhurst is the leading provider of research and data
on the UKs high growth companies, their deals and their
investors. Beauhursts London-based research team
curates in-depth profiles of these companies including
deal history, financials and valuations. Beauhurst works
with professionals across a broad range of industries
including corporate finance, accountancy, higher
education and government.
QUARTERLY FIGURES
CHAPTER 1:
TRENDS IN OVERALL
INVESTMENT
ACTIVITIES
1.1
TOTAL INVESTMENT
1300
3500M
1200
1100
3000M
1000
2500M
800
2000M
700
600
1500M
Number of Deals
900
500
400
1000M
300
200
500M
100
0M
2015
2014
FIG 1.1a
2013
2012
FIG 1.1b
2011
ANNUAL FIGURES
No. of deals
No. of deals
1.3
SECTOR
1.2
BUSINESS STAGE
FIG 1.3a
FIG 1.2
Venture
Growth
2,000M
500
1,800M
1,600M
1,200M
300
1,000M
800M
Number of Deals
400
1,400M
200
600M
400M
100
200M
0
2015
2014
2013
2012
2011
2015
2014
2013
2012
2011
2015
2014
2013
2012
2011
0M
2011
2012
2013
2014
2015
No. of deals
1.4
TECHNOLOGY SUB-SECTORS
FIG 1.3b
FIG 1.4a
2011
2012
2013
2014
2015
No. of deals
2011
2012
2013
2014
2015
No. of deals
1.5
REGION
FIG 1.4b
FIG 1.5a
2011
2012
2013
2014
2015
No. of deals
2011
2012
2013
2014
2015
No. of deals
PROPORTION OF EQUITY DEALS, HIGH GROWTH BUSINESSES AND BUSINESS POPULATION BY REGION
FIG 1.5b
London received 47% of the total number of equity deals in the UK in 2015, but the region accounts for
21% of high growth businesses11 and 18% of the wider business population.12 This may suggest equity deals
are underrepresented in other regions relative to the share of high growth businesses and business in the
wider population.
Region
% of total no.
% of total no.
% of total no.
of UK Equity
of High-Growth
of UK Private
Investments Enterprises Sector
London
South East
North West
South West
7.1
7.1
East Midlands
Scotland
Wales
North East
2011
2012
2013
2014
2015
No. of deals
Regional figures disguise the large variation in equity deal numbers that occurs within regions.
The following table shows the number of equity deals recorded in 2015 was highest in the following
clusters and constituent Local Authority Districts:13
1.6
CLUSTERS
Cluster
Inner London
Camden
88
City of London
60
Hackney
63
The following maps show the number of equity deals
in 2015 by Local Authority District across the whole
UK and across London boroughs. The table on the next
page shows clusters of where deal activity was greatest
in 2015. Taken together these show that despite the
concentration of equity deals in London and the South
East there are a number of cities where there are large
numbers of equity deals occurring.
19
Haringey
2
Islington
67
14
Lambeth
21
Lewisham
6
Newham
1
Southwark
38
Tower Hamlets
37
Wandsworth
15
MAP OF 2015 EQUITY INVESTMENT ACTIVITY
IN LONDON BY LOCAL AUTHORITY
Westminster
96
Edinburgh Edinburgh
38
Manchester Manchester
17
Oldham
1
Salford
2
Stockport
2
Tameside
2
Trafford
4
Cambridge Cambridge
19
Bristol Bristol
17
South Gloucestershire
Liverpool Liverpool
16
St. Helens
Brighton Adur 2
17
Cardiff Cardiff
14
Leeds Leeds
14
Oxford Oxford
13
1.8
1.7
INVESTORS
INVESTMENT CATEGORY
FIG 1.7
2,400M
500k to
999k
1m to
1.99m
FIG 1.8a
2m to
4.99m
5m to
9.99m
10m+
Undisclosed
450
2,200M
400
2,000M
1,600M
300
1,400M
250
1,200M
200
1,000M
800M
Number of Deals
350
1,800M
150
600M
100
400M
50
200M
0M
2011
2012
2013
2014
2015
No. of deals
No. of deals
FIG 1.8b
FIG 1.8d
No. of deals
2.2
SECTORS, SEED-STAGE
CHAPTER 2:
SEED-STAGE
2.1
SEED-STAGE OVERVIEW
FIG 2.1
FIG 2.2a
250M
500
200M
150M
300
Number of Deals
400
100M
200
50M
2015
2014
2013
2012
0M
100
2011
2011
2012
2013
2014
2015
No. of deals
2.3
FIG 2.2b
FIG 2.3a
2011
2012
2013
2014
2015
No. of deals
2011
2012
2013
2014
2015
No. of deals
2.4
REGIONS, SEED-STAGE
FIG 2.3b
FIG 2.4a
2011
2012
2013
2014
2015
No. of deals
2011
2012
2013
2014
2015
No. of deals
2.5
FIG 2.5
FIG 2.4b
2011
2012
2013
2014
2015
No. of deals
2011
2012
2013
2014
2015
No. of deals
CHAPTER 3:
2.6
VENTURE-STAGE
INVESTORS, SEED-STAGE
FIG 2.6
3.1
VENTURE-STAGE OVERVIEW
FIG 3.1
1200M
450
400
1000M
800M
300
250
600M
200
400M
150
100
200M
No. of deals
2015
2014
0M
2013
50
Number of Deals
350
2012
2011
3.2
SECTORS, VENTURE-STAGE
FIG 3.2ba
FIG 3.2a
2011
2012
2013
2014
2015
No. of deals
2011
2012
2013
2014
2015
No. of deals
3.3
FIG 3.3b
FIG 3.3a
2011
2012
2013
2014
2015
No. of deals
2011
2012
2013
2014
2015
No. of deals
3.4
REGIONS, VENTURE-STAGE
FIG 3.4b
FIG 3.4a
2011
2012
2013
2014
2015
No. of deals
2011
2012
2013
2014
2015
No. of deals
3.5
FIG 3.5
3.6
INVESTORS, VENTURE-STAGE
2011
2012
2013
2014
2015
No. of deals
No. of deals
CHAPTER 4:
GROWTH-STAGE
FIG 3.6b
4.1
GROWTH-STAGE OVERVIEW
FIG 4.1
2,000M
250
1,800M
1,600M
200
1,400M
1,200M
150
1,000M
800M
100
600M
400M
50
2015
2014
2013
No. of deals
2012
0M
2011
200M
Number of Deals
4.2
SECTORS, GROWTH-STAGE
FIG 4.2b
FIG 4.2a
2011
2012
2013
2014
2015
No. of deals
2011
2012
2013
2014
2015
No. of deals
4.3
2011
2012
4.4
REGIONS, GROWTH-STAGE
FIG 4.4a
2013
2014
2015
No. of deals
2011
2012
2013
2014
2015
No. of deals
4.5
FIG 4.4b
FIG 4.5
2011
2012
2013
2014
2015
No. of deals
2011
2012
2013
2014
2015
No. of deals
4.6
INVESTORS, GROWTH-STAGE
Private equity remains the largest investor at the growthstage, though crowdfunding and corporate investors
continue to increase their deal flow:27
Private equitys deal numbers grew by 4% in 2015
compared with 2014 to 158. Private equity investors
formed 59% of all growth-stage deals in 2015.
FIG 4.6b
FIG 4.6a
No. of deals
No. of deals
CHAPTER 5:
ACTIVITY BY
BRITISH BUSINESS BANK
EQUITY FUNDS
5.1
INTRODUCTION
Angel CoFund
Programme Objective
Angel CoFund
Aspire
The Aspire fund was established in 2008 to increase the supply of equity
finance to women-led businesses with growth potential, but which would
otherwise have struggled to raise private capital.
ECF
UKIIF
VC Catalyst Fund
Aspire Fund
Enterprise Capital Funds (ECFs)
VC Catalyst Fund
Total number of UK
British Business
Bank-supported
investments (2011-2015)
Coverage (%)
50
64
78%
ECF
102
151 68%
49
117
Total 201
42%
332 61%
FIG 5.1
ACF/ Aspire
5.2
BUSINESS STAGE
FIG 5.2a
60
ECF
50
UKIIF/ VC Catalyst
45
40
Wider Market
50
40
35
30
30
25
20
20
15
10
10
5
0
0
2011
2012
2013
2014
2015
Seed
Venture
Growth
FIG 5.2c
2011
2012
2014
2013
2015
60%
50%
40%
30%
20%
FIG 5.2b
100
Wider
VC/ PE Market
Growth
Wider
VC/PE Market
Venture
Wider
VC/ PE Market
Seed
Wider
Market
Growth
Wider
Market
Venture
Wider
Market
Seed
British
Business
Bank Growth
90
0%
British
Business
Bank Venture
Wider Market
British
Business
Bank Seed
80
FIG 5.2d
Seed
Venture
Growth
70
ACF/ Aspire
60
ECF
50
UKIIF/ VC Catalyst
40
30
0%
FIG 5.2e
20
10%
10
0
Seed
Venture
Growth
20%
30%
Stage
40%
50%
60%
Proportion of wider
market: deals
70%
80%
90%
Proportion of wider
market: investment
Seed 3%
6%
Venture 9%
10%
Growth 9%
9%
Total 6%
9%
100%
5.3
FIG 5.3a
30%
20%
10%
0%
FIG 5.3b
20%
Software
Nanotechnology
Medical
Technology
Materials
Technology
Life sciences
Hardware
25%
Clean technology
30%
15%
10%
5%
0%
Energy
Technology/ IP based
businesses
Personal services
Tradespeople
Business and
professional services
Supply chain
Agriculture, forestry
and fishing
Leisure and
entertainment
Craft Industries
Retail
Transportation
operators
40%
Built environment
and infrastructure
50%
Industrials
Media
60%
Telecommunications
Services
SECTOR
FIG 5.4a
40%
West Midlands
Wales
South West
South East
Scotland
Northern Ireland
North West
North East
London
East of England
50%
East Midlands
60%
Wider Market
30%
20%
5.4
10%
REGION
0%
FIG 5.4b
Wider Market
South West
Wales
West Midlands
South East
South West
Wales
West Midlands
Scotland
Northern Ireland
North West
50%
North East
60%
London
40%
30%
20%
10%
0%
FIG 5.4c
20%
10%
0%
Scotland
30%
Northern Ireland
40%
North West
50%
North East
60%
London
70%
East of England
80%
East Midlands
East Midlands
FIG 5.5a
50%
40%
30%
20%
10%
5.5
INVESTMENT CATEGORY
0%
Up to 499k
500k to 999k
1m to 1.99m
2m to 4.99m
5m to 9.99m
10m
FIG 5.5b
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
2011
2012
2013
2014
Wider Market
2015
FIG 5.5c
BBB Funds
Wider market
Wider Market
all types of
VC/ PE only
equity investor
BBB Funds
Seed 1.1m
540k
1.9m
1.4m
Venture
2.6m 2.6m 4.2m
ECF 2.6m
Growth 6.5m
UKIIF/ VC Catalyst
7.6m
9.9m
7.2m
APPENDIX
Beauhurst
EVCA classification
classification
Detailed breakdown
(BVCA)
Seed
Seed
Seed
Start-up
Start-up
DATA
The information in the report is based on a combination
of data collected by Beauhurst, the British Business Bank,
Department for Business, Innovation and Skills and the
Office for National Statistics.
Beauhurst provides deep data on the UKs fastest growing
companies. Dr Stephen Bence and Toby Austin founded
the company in 2010 having identified that more information
about growing companies, widely known as scale-ups,
would be valuable to many organisations and UK plc itself.
On a daily basis, Beauhursts research team identifies
and investigates equity deal announcements for UK
companies. In the categorisation of deals by, for instance,
sector and stage of business, researchers make use of a
set of complex criteria developed in-house to maintain
consistency. Beauhursts equity deal data goes back to July
2010 and is comprehensive across all publicly announced
equity investments into UK-based private companies.
A subset of the 1000+ business funds tracked by Beauhurst
has been used in the production of this report. When
Beauhurst tracks a new fund it ensures that deals are
always back-filled to Q3 2010 in order to provide accurate
comparative data.
Equity deals included meet the following criteria: (1) the
recipient of the funding is a UK-based business; (2) there
is no upper or lower limit for the sum invested; (3) the
funds are either institutional investors or business angels,
and where no funds have been disclosed Beauhurst is sure
that the investment contains equity; (4) the investment
is visible, meaning that it has been publicly announced via
a press release or some other media ; (5) The recipient of
investment is a small or medium-sized business as defined
by the European Commission.
When analysing cross-sector data, for example deals
across all seed-stage companies, Beauhurst weights deal
numbers and investment amounts across all the sectors
the investee is in. For example, a seed-stage company in
the internet platform and theatre sectors will be counted as
Broad descriptors;
finance used for
R&D; initial concept
Product development; initial
marketing; pre-revenue
Early stage
Venture
Later stage venture
Late stage venture
Post-product development;
supporting commercial sales;
pre-profit
Growth
Growth capital
Growth/Expansion
Beauhurst classification
Family Office
Government
Bank
Corporate
Incubator
Angel Network
Networks of High Net Worth Individuals that invest their own wealth into growing
companies. Angels may invest as an individual or as part of a syndicate involving
other angels. Individual angels or the Angel network may originate the deal.
Crowd Funding
Private Equity
FOOTNOTES
1 UK Growth Dashboard 2015 http://www.enterpriseresearch.ac.uk/wpcontent/uploads/2015/06/2015-UK-Growth-Dashboard-Report.pdf
2 http://british-business-bank.co.uk/wp-content/uploads/2015/09/
TECPLM14158-Business-finance-guide_WEB.pdf
3 http://british-business-bank.co.uk/wp-content/uploads/2015/03/050315Equity-tracker-FINAL.pdf
4 The EC defines an SME as a business with less than 250 employees and
either a turnover of less than 50m or balance sheet total of less than 43m.
5 http://british-business-bank.co.uk/wp-content/uploads/2016/02/britishbusiness-bank-small-business-finance-markets-report-2015-16.pdf
METHODOLOGY
6 http://about.beauhurst.com/report-the-deal-2016-q1
7 https://www.cbinsights.com/reports/CB-Insights-KPMG-VenturePulse-Q1-2016.pdf
8 Beauhurst classifies high-growth businesses into three stages: seed,
venture and growth. Buyouts and public market investments are not
included, as the focus is on early-stage, growing companies. According
For example, a company in the Internet Platform and Theatre sectors will
be counted as half a deal in each of these two sectors, rather than being
counted twice under each sector.
10 Each business location is based on location of the registered head office.
Businesses may have activities and offices in other locations.
11 High growth businesses in this instance are defined as any business
with average annualised growth of 20 per cent or more and with 10 or
Cash for rewards: Investment into companies for nonfinancial rewards, e.g. Kickstarter.
ACKNOWLEDGEMENTS
This report was written by the Beauhurst research
team: Henry Whorwood, Ella Halmari, Jonathan Ross and
Jamie White with guidance from Dan van der Schans and
Matt Adey of the British Business Bank. The Executive
Summary was written by the British Business Bank and
Chapter 5 was produced by Dan van der Schans of the
British Business Bank.
adhocs/005150analysisofhighgrowthenterprisesfrom2010to2013uk
12 Source data: BIS Business Population Estimates for the UK and Regions
periods, either from the same investor/ group of investors or from different
investors in a different funding round.
19 Deal number and investment amounts calculated across industry sectors are
based on weighted figures. This reflects the weighting Beauhurst attaches
to the sectors an investee company covers. For example, a company in the
Internet Platform and Theatre sectors will be counted as half a deal in each
of these two sectors, rather than being counted twice under each sector.
20 Each business location is based on location of the registered head office.
Businesses may have activities and offices in other locations.
21 Where an investment was syndicated between different investors it is not
always possible to determine how much each investor contributed to the
overall value of the deal and therefore investment totals are not shown here.
22 Deal number and investment amounts calculated across industry sectors are
based on weighted figures. This reflects the weighting Beauhurst attaches
to the sectors an investee company covers. For example, a company in the
Internet Platform and Theatre sectors will be counted as half a deal in each
of these two sectors, rather than being counted twice under each sector.
23 Each business location is based on location of the registered head office.
Businesses may have activities and offices in other locations.
24 Where an investment was syndicated between different investors it is not
always possible to determine how much each investor contributed to the
overall value of the deal and therefore investment totals are not shown here.
25 Deal number and investment amounts calculated across industry sectors are
based on weighted figures. This reflects the weighting Beauhurst attaches
to the sectors an investee company covers. For example, a company in the
Internet Platform and Theatre sectors will be counted as half a deal in each
of these two sectors, rather than being counted twice under each sector.
26 Each business location is based on location of the registered head office.
Businesses may have activities and offices in other locations.
27 Where an investment was syndicated between different investors it is not
always possible to determine how much each investor contributed to the
overall value of the deal and therefore investment totals are not shown here.
28 This chapter is written by Dan van der Schans of the British Business Banks
Market Analysis Team.
29 British Business Bank investments are matched to investments in the
Beauhurst dataset using the CRO number in the first instance, followed by
name of company where CRO number is not available. British Business Bank
funds are only then included if the name of the fund manager is included in
the Beauhurst list of investors. This will underestimate the actual coverage
population-estimates-2015.
13 The constituent local authorities in a given cluster follow the Centre for
Cities definitions.
18 Some companies receive more than one equity deal in a different time
Source: http://www.centreforcities.org/wp-content/uploads/2014/08/1203-19-Primary-Urban-Areas.pdf
14 The term Private Equity is used in the wider sense here and includes
Venture Capital funds and Private Equity funds. Deals categorised as buyout are not included in this report.
15 Private Investment Vehicles invest money from a single individual or a small
group of individuals. PIVs are similar to angel investors but the shares are
held by a fund or other structure rather than directly by the individual(s).
16 Where an investment was syndicated between different investors it is not
always possible to determine how much each investor contributed to the
overall value of the deal and therefore investment totals are not shown here.
17 British Business Bank fund investments were matched to investments in
the Beauhurst dataset using the CRO number in the first instance, followed
by name of company where CRO number was not available. British Business
Bank funds are then only included if the name of the BBB appointed fund
manager is included in the Beauhurst list of investors.
30 I.e. made up of British Business Bank fund funding and other investor funding
31 http://british-business-bank.co.uk/ourpartners/
32 The Beauhurst dataset used for this report only includes publicly announced
deals through some form of media such as a press release.
33 I.e. excluding follow on investment or subsequent funding rounds
34 This is based on weighted sector consistent with the sector definitions used
in the other chapters of the report.
35 JEREMIE funds are a European Commission initiative to improve small firms
access to finance at a sub-national level. See http://ec.europa.eu/regional_
policy/thefunds/instruments/jeremie_en.cfm for more information.
36 It is important to acknowledge that a significant proportion (39%) of
investments made by British Business Bank-supported funds are not
disclosed, preventing their addition in the Beauhurst data set, and larger
investments are more likely to be publicised than smaller investments. Thus,
the data may be slightly skewed in favour of larger deals.
37 The EC defines an SME as a firm with less than 250 employees and either a
turnover of less than 50m or balance sheet total of less than 43m. See
http://ec.europa.eu/enterprise/policies/sme/facts-figures-analysis/smedefinition/index_en.htm for more information.