2020年科技独角兽报告（英文）

Contents04 THE VIEW FROM GP BULLHOUND 06 CHAPTER 1 Momentum 20 EXPERT VIEW Peter McKay, Snyk26 CHAPTER 2 Sector insights 30 EXPERT VIEW Serguei Beloussov, Acronis 34 EXPERT VIEW Oscar Pierre, Glovo36 CHAPTER 3 Europe’s next generation 42 EXPERT VIEW Julie Ranty, VivaTech44 CHAPTER 4 Late-stage funding 48 EXPERT VIEW Des Traynor, Intercom 52 EXPERT VIEW Dr Ali Parsa, Babylon54 CHAPTER 5 On the path to Europe’s first Tech Titan60 METHODOLOGY64 DISCLAIMERC O N T E N T S3T H E V I E W F R O M G P B U L L H O U N DEXECUTIVE SUMMARYThe ViewWe believe 2019 and 2020 year-to-date has been a pivotal period for tech as a whole, in particular for the European ecosystem, and that the landscape is sufficiently robust for this growth to continue.At GP Bullhound we are big believers in technology’s importance to mankind. The COVID-19 pandemic has significantly magnified this during the enforced lockdowns. Without Zoom, Google Classrooms, Amazon, Netflix, Fortnite (adopting the role of parenting millions of children), Ocado, etc., many would have experienced greater isolation and challenges. This pandemic has also compressed innovation cycles. We believe the rates of tech adoption have been accelerated by five years in a matter of months and will leave the landscape ripe for more record innovation. This is a very exciting time for entrepreneurs founding new businesses, and scaling existing ones even faster. For M&A, while many other sectors are struggling, tech companies are on a buying streak. Alphabet, Amazon, Apple, Facebook and Microsoft held $560bn in cash at the end of Q1 2020, and announced 19 deals this year, representing the fastest pace of acquisitions to date since 2015 (1). In our view, tech is the sector most likely to avoid a deep recession. In Europe, the proliferation of success stories across newer geographies continues and the list of countries creating their first unicorn continues to expand. The Baltics delivered year-on-year, with Lithuania now on the map thanks to Vinted. We also expect Turkey to join next year with Zynga’s $1.8bn acquisition of Peak Games, after the cut-off date for this year’s report.There are big underlying shifts in the sectors where leaders are emerging; for example, in Enterprise Software, there has been a sharp increase in new entrants in the Storage and Cybersecurity subsectors. The value of Marketplace models has significantly outpaced E-commerce in the past five years and as the world races to shift to digital, we expect this to rapidly increase as the biggest consumer categories remain largely underdigitised. European tech is now seen as a key hedge against some of the US ecosystem’s challenges. Europe has a broad and diverse supply of capital and investors remain confident, deploying large sums of money to European leaders. In 2019, late-stage funding increased by more than twofold for Europe’s tech leaders, and the funding environment remains robust with 2020 year-to-date transactions double