一提到全球科技創(chuàng)新中心,人們首先想到的就是硅谷。
然而事實(shí)證明,要想從快速增長的科技初創(chuàng)企業(yè)尋求回報(bào),投資者們轉(zhuǎn)投倫敦、柏林、斯德哥爾摩或馬德里等地才是更明智的舉措。不管是在過去二十年的哪個(gè)時(shí)期,同樣的風(fēng)險(xiǎn)資本投資,歐洲的回報(bào)率都略勝美國一籌。
這一結(jié)論是根據(jù)頂尖投資咨詢公司康橋匯世的數(shù)據(jù)得出。專注于投資歐洲初創(chuàng)企業(yè)的風(fēng)投公司Atomico發(fā)布了一份關(guān)于歐洲科技行業(yè)狀況的最新報(bào)告,報(bào)告中披露了該數(shù)據(jù)。Atomico公司由億萬富翁、Skype聯(lián)合創(chuàng)始人尼克拉斯·曾斯特羅姆創(chuàng)立,管理著超過27億美元的資產(chǎn)。
Atomico合伙人湯姆·韋邁爾表示,二十五年前美國最初的互聯(lián)網(wǎng)熱潮,大大提振了美國的風(fēng)險(xiǎn)投資回報(bào)率,也只有在那個(gè)時(shí)候,美國的風(fēng)險(xiǎn)資本指數(shù)領(lǐng)先歐洲。
近些年來,沒有什么競(jìng)爭(zhēng)可言。歐洲風(fēng)投的回報(bào)率總體上更為出色。截至2021年6月的一年里,歐洲風(fēng)險(xiǎn)投資基金收益的標(biāo)準(zhǔn)化指數(shù)比美國高出2個(gè)百分點(diǎn)左右。以三年或五年為期,歐洲領(lǐng)先美國約5個(gè)百分點(diǎn)。從十年以上來看,歐洲仍然領(lǐng)先3個(gè)百分點(diǎn)。
這個(gè)消息似乎不脛而走,來自全球的資金正在紛紛涌入歐洲的科技企業(yè)。Atomico表示,2021年全球有2826家機(jī)構(gòu)至少參與了一項(xiàng)關(guān)于歐洲技術(shù)的融資交易,遠(yuǎn)遠(yuǎn)超出兩年前的2044家。硅谷銀行英國分行的風(fēng)險(xiǎn)增長主管索尼婭·約維諾表示:“現(xiàn)在歐洲的市場(chǎng)比疫情發(fā)生前要更成熟,規(guī)模也大得多。”她還表示,這意味著歐洲正在吸引“一批新的投資者,因?yàn)轱L(fēng)投資金注入的企業(yè),其潛在收益變得更具吸引力。”
因此Atomico的數(shù)據(jù)顯示,歐洲初創(chuàng)企業(yè)今年的風(fēng)投融資總額有望超過1000億美元,比2020年多出一倍多。事實(shí)上,這家風(fēng)投公司估計(jì),最終的數(shù)額公布時(shí)(可能要等到明年第一季度之后),歐洲初創(chuàng)企業(yè)獲得的融資將高達(dá)1210億美元。
歐洲獨(dú)角獸企業(yè)(估值超過10億美元以上的初創(chuàng)企業(yè))的數(shù)量正在不斷刷新紀(jì)錄。Atomico數(shù)據(jù)顯示,2021年歐洲初創(chuàng)企業(yè)新增98個(gè),現(xiàn)在總計(jì)321個(gè)。歐洲現(xiàn)在還有26家“十角獸”企業(yè)(估值超過100億美元的科技公司),其中可能包括最著名的流媒體音樂服務(wù)平臺(tái)Spotify。不過,Spotify并不是歐洲最值得進(jìn)行風(fēng)投的科技公司,最大的“潛力股”是Adyen。這家快速增長的支付技術(shù)公司目前已在泛歐交易所上市,明年估值很可能沖破1000億美元大關(guān),成為第四家估值超千億的歐洲科技公司。
Atomico公司表示,歐洲科技生態(tài)系統(tǒng)的整體價(jià)值也在飆升。當(dāng)前歐洲科技生態(tài)的總價(jià)值(包括上市公司和私有企業(yè))預(yù)計(jì)已超3萬億美元,這一數(shù)字是2018年估值的三倍,當(dāng)時(shí)歐洲首次突破了1萬億美元的估值大關(guān)。韋邁爾表示:“歐洲正以前所未有的速度從科技中創(chuàng)造價(jià)值。”他指出,從2萬億美元躍升至3萬億美元的價(jià)值增長,僅在2021年的前8個(gè)月就已達(dá)成,部分原因是歐洲初創(chuàng)企業(yè)選擇通過與在美國證券交易所上市的特殊目的收購公司(SPACs)并購上市。股市飆升也起到了推動(dòng)作用。
2021年截止目前為止,歐洲初創(chuàng)企業(yè)通過IPO或SPAC上市,或者出售給其他公司,總共實(shí)現(xiàn)了2750億美元的價(jià)值。其中,1400億美元來自退市前獲得風(fēng)險(xiǎn)資本注入的公司。
Atomico在報(bào)告中稱,歐洲在早期風(fēng)險(xiǎn)資本中的份額是以美國的縮減為代價(jià)。在過去的五年里,歐洲初創(chuàng)企業(yè)在500萬美元以下的融資交易中多獲得了13%的資金,而美國初創(chuàng)企業(yè)獲得的資金下降了20%。
韋邁爾表示,希望歐洲本土的養(yǎng)老基金能對(duì)歐洲快速增長的科技初創(chuàng)公司表現(xiàn)出更大的興趣。無論是在美國還是歐洲,美國養(yǎng)老基金都是風(fēng)投的主要來源,然而歐洲的養(yǎng)老基金卻一直沒有把大量資金用于風(fēng)投,而且在某些情況下,法律或政府法規(guī)禁止此類交易。歐洲養(yǎng)老基金的總資產(chǎn)高達(dá)3萬億美元,目前只將其0.018%用于風(fēng)險(xiǎn)投資。韋邁爾認(rèn)為,如果這些基金的投入比例提高到1%,即使仍低于許多美國養(yǎng)老基金對(duì)科技行業(yè)的承諾投資,也將會(huì)對(duì)市場(chǎng)產(chǎn)生巨大影響。(財(cái)富中文網(wǎng))
譯者:熊貓譯社 三疊瀑
一提到全球科技創(chuàng)新中心,人們首先想到的就是硅谷。
然而事實(shí)證明,要想從快速增長的科技初創(chuàng)企業(yè)尋求回報(bào),投資者們轉(zhuǎn)投倫敦、柏林、斯德哥爾摩或馬德里等地才是更明智的舉措。不管是在過去二十年的哪個(gè)時(shí)期,同樣的風(fēng)險(xiǎn)資本投資,歐洲的回報(bào)率都略勝美國一籌。
這一結(jié)論是根據(jù)頂尖投資咨詢公司康橋匯世的數(shù)據(jù)得出。專注于投資歐洲初創(chuàng)企業(yè)的風(fēng)投公司Atomico發(fā)布了一份關(guān)于歐洲科技行業(yè)狀況的最新報(bào)告,報(bào)告中披露了該數(shù)據(jù)。Atomico公司由億萬富翁、Skype聯(lián)合創(chuàng)始人尼克拉斯·曾斯特羅姆創(chuàng)立,管理著超過27億美元的資產(chǎn)。
Atomico合伙人湯姆·韋邁爾表示,二十五年前美國最初的互聯(lián)網(wǎng)熱潮,大大提振了美國的風(fēng)險(xiǎn)投資回報(bào)率,也只有在那個(gè)時(shí)候,美國的風(fēng)險(xiǎn)資本指數(shù)領(lǐng)先歐洲。
近些年來,沒有什么競(jìng)爭(zhēng)可言。歐洲風(fēng)投的回報(bào)率總體上更為出色。截至2021年6月的一年里,歐洲風(fēng)險(xiǎn)投資基金收益的標(biāo)準(zhǔn)化指數(shù)比美國高出2個(gè)百分點(diǎn)左右。以三年或五年為期,歐洲領(lǐng)先美國約5個(gè)百分點(diǎn)。從十年以上來看,歐洲仍然領(lǐng)先3個(gè)百分點(diǎn)。
這個(gè)消息似乎不脛而走,來自全球的資金正在紛紛涌入歐洲的科技企業(yè)。Atomico表示,2021年全球有2826家機(jī)構(gòu)至少參與了一項(xiàng)關(guān)于歐洲技術(shù)的融資交易,遠(yuǎn)遠(yuǎn)超出兩年前的2044家。硅谷銀行英國分行的風(fēng)險(xiǎn)增長主管索尼婭·約維諾表示:“現(xiàn)在歐洲的市場(chǎng)比疫情發(fā)生前要更成熟,規(guī)模也大得多?!彼€表示,這意味著歐洲正在吸引“一批新的投資者,因?yàn)轱L(fēng)投資金注入的企業(yè),其潛在收益變得更具吸引力。”
因此Atomico的數(shù)據(jù)顯示,歐洲初創(chuàng)企業(yè)今年的風(fēng)投融資總額有望超過1000億美元,比2020年多出一倍多。事實(shí)上,這家風(fēng)投公司估計(jì),最終的數(shù)額公布時(shí)(可能要等到明年第一季度之后),歐洲初創(chuàng)企業(yè)獲得的融資將高達(dá)1210億美元。
歐洲獨(dú)角獸企業(yè)(估值超過10億美元以上的初創(chuàng)企業(yè))的數(shù)量正在不斷刷新紀(jì)錄。Atomico數(shù)據(jù)顯示,2021年歐洲初創(chuàng)企業(yè)新增98個(gè),現(xiàn)在總計(jì)321個(gè)。歐洲現(xiàn)在還有26家“十角獸”企業(yè)(估值超過100億美元的科技公司),其中可能包括最著名的流媒體音樂服務(wù)平臺(tái)Spotify。不過,Spotify并不是歐洲最值得進(jìn)行風(fēng)投的科技公司,最大的“潛力股”是Adyen。這家快速增長的支付技術(shù)公司目前已在泛歐交易所上市,明年估值很可能沖破1000億美元大關(guān),成為第四家估值超千億的歐洲科技公司。
Atomico公司表示,歐洲科技生態(tài)系統(tǒng)的整體價(jià)值也在飆升。當(dāng)前歐洲科技生態(tài)的總價(jià)值(包括上市公司和私有企業(yè))預(yù)計(jì)已超3萬億美元,這一數(shù)字是2018年估值的三倍,當(dāng)時(shí)歐洲首次突破了1萬億美元的估值大關(guān)。韋邁爾表示:“歐洲正以前所未有的速度從科技中創(chuàng)造價(jià)值。”他指出,從2萬億美元躍升至3萬億美元的價(jià)值增長,僅在2021年的前8個(gè)月就已達(dá)成,部分原因是歐洲初創(chuàng)企業(yè)選擇通過與在美國證券交易所上市的特殊目的收購公司(SPACs)并購上市。股市飆升也起到了推動(dòng)作用。
2021年截止目前為止,歐洲初創(chuàng)企業(yè)通過IPO或SPAC上市,或者出售給其他公司,總共實(shí)現(xiàn)了2750億美元的價(jià)值。其中,1400億美元來自退市前獲得風(fēng)險(xiǎn)資本注入的公司。
Atomico在報(bào)告中稱,歐洲在早期風(fēng)險(xiǎn)資本中的份額是以美國的縮減為代價(jià)。在過去的五年里,歐洲初創(chuàng)企業(yè)在500萬美元以下的融資交易中多獲得了13%的資金,而美國初創(chuàng)企業(yè)獲得的資金下降了20%。
韋邁爾表示,希望歐洲本土的養(yǎng)老基金能對(duì)歐洲快速增長的科技初創(chuàng)公司表現(xiàn)出更大的興趣。無論是在美國還是歐洲,美國養(yǎng)老基金都是風(fēng)投的主要來源,然而歐洲的養(yǎng)老基金卻一直沒有把大量資金用于風(fēng)投,而且在某些情況下,法律或政府法規(guī)禁止此類交易。歐洲養(yǎng)老基金的總資產(chǎn)高達(dá)3萬億美元,目前只將其0.018%用于風(fēng)險(xiǎn)投資。韋邁爾認(rèn)為,如果這些基金的投入比例提高到1%,即使仍低于許多美國養(yǎng)老基金對(duì)科技行業(yè)的承諾投資,也將會(huì)對(duì)市場(chǎng)產(chǎn)生巨大影響。(財(cái)富中文網(wǎng))
譯者:熊貓譯社 三疊瀑
Silicon Valley immediately springs to mind when people think about the heart of technology innovation.
But it turns out that investors looking for returns from fast-growing tech startups might be wiser to start hunting for those in London, Berlin, Stockholm, or Madrid. The returns from European venture capital investments have exceeded those from similar investments in the U.S. in every time period for the past two decades.
That’s according to data from investment firm Cambridge Associates, published in a new report on the state of Europe’s tech sector created by European-focused venture capital firm Atomico. The firm was founded by billionaire Skype cofounder Niklas Zennstr?m, and has more than $2.7 billion in assets under management.
Tom Wehmeier, a partner at Atomico, said that it was only when one looked back 25 years—when the impact of the initial dotcom boom in the U.S. had boosted American venture capital returns—that the U.S. venture capital index was ahead of the European one.
In more recent eras, there has been no contest: European venture has done better on average. In the year to June 2021, a normalized index of pooled European venture capital fund returns outperformed its U.S. counterpart by about two points. Over both three-year and five-year time periods, Europe was ahead by about five points. And over a decade, Europe was still ahead by three points.
The word seems to have gotten out, and money from all over the world is pouring into European tech firms. Atomico said that 2,826 institutions participated in at least one European technology funding deal in 2021, up from 2,044 two years ago. “The size of the European market is far more mature and larger than it was pre-pandemic,” said Sonya Iovieno, head of venture and growth for the U.K. branch of Silicon Valley Bank. She said this meant Europe was attracting “a new set of investors as potential returns from VC-backed businesses become more attractive.”
As a result, European startups are on track to exceed $100 billion in total venture capital investment this year, more than double the total such companies raised in 2020, according to Atomico. In fact, the venture firm estimates that when the final figure is known, which may not occur until well into the first quarter of next year, as much as $121 billion will have been pumped into Europe’s startups.
The Continent is producing a record number of unicorns, startups that grow to be worth more than $1 billion. It created 98 in 2021, according to Atomico, and now has 321 in total. Europe also now has 26 so-called decacorns—tech companies worth more than $10 billion—including perhaps the best known, Spotify. But the music streaming service is not Europe’s most valuable venture-backed tech company. That would be Adyen, the fast-growing payments technology company that is now publicly traded on the Euronext stock exchange and is likely to hit the $100 billion valuation mark within the next year, becoming the fourth European technology company to exceed that milestone.
The overall value of Europe’s technology ecosystem is soaring, too, according to the venture firm. It estimates the total ecosystem value—including both publicly listed and private companies—now exceeds $3 trillion, three times its estimate in 2018 when Europe crossed the $1 trillion valuation mark for the first time. “Europe is creating value from tech faster than ever,” Wehmeier said. He noted that some of the increase in value—the leap from $2 trillion to $3 trillion—has come in just the first eight months of 2021 and has been driven, in part, by European startups choosing to go public through mergers with special purpose acquisition companies (SPACs) listed on U.S. stock exchanges. Surging equity markets have also helped.
In total, $275 billion in value was realized so far in 2021 when European startups went public, either through an IPO or a SPAC, or sold out to another company. Of this, $140 billion came from companies that had been venture capital–funded prior to exiting.
Europe’s share of early-stage venture capital funding is coming at the expense of the U.S., Atomico said in its report. Over the past five years, European startups have captured 13% more of the money available for funding deals under $5 million, while U.S. startups have seen that figure decline 20%.
One group of investors that Wehmeier said he wished would show more interest in Europe’s fast-growing tech startups are the Continent’s own pension funds. While U.S. pension funds are active backers of venture capital, both in the U.S. and in Europe, their counterparts across the Atlantic have been reluctant to put much money into the asset class and, in some cases, are prohibited from doing so by their bylaws or by government regulations. European pension funds currently devote just .018% of their $3 trillion in total assets to venture capital. Wehmeier says that if the funds raised that to just 1%, which is still below the commitment that many U.S. pension funds make to the sector, it would have a seismic impact on the market.