EUROPEAN FINTECH

VC & EXIT MULTIPLES

TRENDS & MULTIPLES
2023
FRANCE 2023
INTRODUCTION
Is the Great Rebound underway? A stunning €2.4bn raised by French startups in Q3-23
Fundraising amount (€m) Deal count (#)
Recent Developments from the USA Front Show Promise. 1,800 140

The BVP Nasdaq Emerging Cloud Index, a barometer of public tech valuations in 1,600
120
the US, reveals an impressive +17% surge from January through September. 1,400
However, a somewhat concerning -10% net change in Q3-23 warrants attention. 100
1,200

September witnessed significant IPOs on the NYSE, notably the highly 1,000 80
anticipated $55bn offering of the British Softbank-owned chip-designer Arm, 800 60
marking the largest IPO on the exchange in two years, alongside marketing
600
software giant Klaviyo at $10bn. 40
400
These triumphant IPOs are poised to pave the way for more to come, reigniting 200
20
ambitious aspirations among private market investors.
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Turning our gaze to France's private market, signs of recovery are emerging. The

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colossal €2.2bn secured by electric battery manufacturer Verkor in September,

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comprising €850m in equity, €600m in debt, and €650m in subsidies, bodes well
for the sector. €1.6bn total exit value for French Tech in Q3-23, the highest quarter this year
Moreover, the cumulative funds raised by French Tech startups have plateaued Exit value (€m) Deal count (#)
at approximately €2bn for a fourth consecutive quarter. M&A activity in Q3-23 800 80
reached a total deal value of €1.6bn, marking one of the highest quarters in the
past two years. 700 70
600 60
In terms of capital increase multiples, Fintech and Medtech have experienced the
most pronounced impacts, with an approximate 30% decline in their EV multiples 500 50
compared to the previous year, whereas other sectors have seen positive shifts. 400 40
300 30
Regarding exits, the subscription model is receiving more acclaim than ever, with
a +16% EV multiple expansion year over year. 200 20
100 10
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VC & Exit Multiples – France 2023 2

 VC TRENDS
& MULTIPLES
EUROPEAN FINTECH
TRENDS & MULTIPLES
2023
VC TRENDS & MULTIPLES
INVESTMENT DYNAMICS IN EUROPE WILL FALL SHORT COMPARED TO 2021 AND 2022

Total fundraising amount in Europe (€bn) Total no. of European unicorns (#)

100 250 €48bn

Total fundraising in Europe
90 (2023 forecast)

80 200
The UK still leading mega-deals

70 Mega rounds > €100m (#)

60 150 2023

50 2022

40 100 2021

30 2020

20 50 2019

2018
10

- 50 100
- -
2018 2019 2020 2021 2022 2023
Actuals UK Germany France
UK France Germany Rest of Europe Annualized fundraising amount
Projections UK Germany France

VC & Exit Multiples – France 2023 4

VC TRENDS & MULTIPLES
ALTHOUGH FRENCH TECH SLOWED DOWN COMPARED TO 2021-22, IT IS EXPECTED TO OVERPERFORM 2020

Total fundraising amount in France (€bn) Deal count (#)

16 1,400

14.8
14
1,200

13.3

12
1,000

10

800

8 8.7

600

6 6.5 6.5

400
4 4.6

2.9 200
2

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2018 2019 2020 2021 2022 2023

Annualized fundraising amount (€bn) Annualized deal count (#)

VC & Exit Multiples – France 2023 5

VC TRENDS & MULTIPLES
Q3-23 SHOWS A SIGNIFICANTLY LOWER DEAL AMOUNT BUT A GREATER AVERAGE DEAL VALUE
Fundraising amounts have stabilized at c. €2bn for the fourth quarter in a row Top 10 funding rounds in Q3-23

Total fundraising amount (€m) Deal count (#)

6,000 400 1. €1,350m*

Led by Macquarie
350
5,000
300 2. €120m
Led by CEA Investissement
4,000
250

3,000 200 3. €116m

Led by Felicis
150
2,000
100 4. €108m
Led by Eren Froup & Credit Mut.
1,000
50

- - 5. €100m
Lead by Left Lane Capital

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Top 3 Top 10 Others 6. €90m

Lead by Qualium Investissement
Average deal value is significantly higher this quarter

Average deal value (€m) 7. Led by OrbiMed & Jeito Capital

€65m
17.1
15.2 15.3
8. Led by Axereal
€55m
12.0 11.4
10.6
9.1 8.9
7.7 7.7 7.6 7.8
5.9
6.9 6.2
5.2
6.1 5.4 6.1 6.7 9. €40m
4.7 Led by Isatis Capital
3.6 3.7

10. Led by Lakestar

€37m
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(*) €2,250m total amount raised, out of which €850m of equity, €600m in debt and €650m in subsidies

VC & Exit Multiples – France 2023 6

VC TRENDS & MULTIPLES
A STRONG INCREASE IN DEAL VALUE IN Q3-23 BUT REMAINS FAR FROM 2021 & 2022 COHORTS
Increasing cumulated amount raised value in Q3-23… …while back to pre-Covid-19 in terms of number of deals

Cumulated deal value (€m) Cumulated deal count (#)

16,000 1,400

14,000
1,200

12,000
1,000

10,000

800

8,000

600

6,000

400
4,000

200
2,000

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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2023 2022 2021 2020 2019 2018

VC & Exit Multiples – France 2023 7

VC TRENDS & MULTIPLES
NO NEW UNICORN FOR FRENCH TECH IN 2023 SO FAR
*

5.8
5.4
5.1
*
4.4

3.7 3.7

*
3.0 2.9 *
2.7
*
2.2
2.0 1.9 *
1.8 1.8 1.8 1.8
1.7 1.7 1.7
1.5 1.5
1.3 1.2
1.1 1.1 1.0
0.9 0.9 0.9 0.9 0.8 0.8
0.8

Last round valuation (€bn)

Status reached before 2023 Already unicorn that raised in 2023 Status reached in 2023

(*) Headquarters transferred to the U.S

VC & Exit Multiples – France 2023 8

VC TRENDS & MULTIPLES
AVOLTA FRANCE NEXT 20: WHO WILL BE FRANCE’S NEXT UNICORNS?

Sep.23 – Series C May. 23 – Growth Equity Jan. 22 – Series C Oct. 21 – Series C Jun. 22 – Series A
€1,350m* €250m €185m €172m €160m

Mar. 22 – Series C Sep. 20 – Series C Jun. 22 – Series C+ Jul. 22 – Series C+ Nov. 21 – Series B
€150m €140m €133m €130m €125m

NEW

Mar. 22 – Series D Sep. 23 – Series B Jan. 22 – Series B Jun. 23 – Seed Jan. 23 – Series B
€122m €108m €107m €105m €100m

NEW

May 23 – Series C May 21 – Series B Feb. 22 – Growth Equity Apr. 22 – Series B May. 23 – Series B+
€88m €82m €80m €73m €30m

(*) €2,250m total amount raised, out of which €850m of equity, €600m in debt and €650m in subsidies

VC & Exit Multiples – France 2023 9

VC TRENDS & MULTIPLES
FEWER LATE-STAGE DEALS THIS QUARTER, BUT DEAL SIZES CONTINUE TO GROW OVERTIME
Distribution of deals (%) Median amount (€m)

100%
1,000

90% *

80%

100
70%

60%

50% 10

40%

30%

1
20%

10%

- 0

Q3-21
Q4-21
Q3-20
Q4-20

Q3-22
Q4-22
Q1-21

Q3-23
Q1-20

Q1-22
Q2-18

Q1-23
Q2-19
Q3-18
Q4-18

Q3-19
Q4-19
Q1-18

Q1-19

Q2-21
Q2-20

Q2-22

Q2-23
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Q 21

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Q 19
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Seed Series A Series B Series C Series D+

(*) Series C median amount includes Verkor’s mega-Series C

VC & Exit Multiples – France 2023 10

VC TRENDS & MULTIPLES
SUBSCRIPTION BUSINESS MODELS ARE STILL THE MOST ATTRACTIVE TO VCs

Distribution of deals (%)

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

-
Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23

Su bscription Commission Manufacturing Research Others

Note: « Others » category includes Performance, Retail, Service, E-commerce and Audience business models

VC & Exit Multiples – France 2023 11

VC TRENDS & MULTIPLES
THE MARKET IS CLEARLY SHIFTING TOWARDS NEW INDUSTRIES

Industries ranking per amount raised (€m)

Energy (- 4%)

Transportation (+ 14%)
Health (- 48%)

Enterpri se Software (- 67%)

Fintech (- 77%)
Semiconductors (+ 119%)

Food (- 49%)

Security (-26 %)
Media (- 24%)

Home Living (- 63%)

Travel (+ 56%)

Real Estate (- 83%)

Jobs Recru itment (- 74%)

Marketing (- 88%)

Robotics (- 77%)
Education (+ 14%)
Space (- 24%)
Fashion (- 75%)

Hosting (- 50%)

Telecom (- 59%)

- 500 1,000 1,500 2,000 2,500 3,000

2023 anualized 2022

VC & Exit Multiples – France 2023 12

VC TRENDS & MULTIPLES
DECREASING NUMBER OF ACTIVE INVESTORS IN Q3-23, DRIVEN BY LESS FOREIGN INVESTORS
# of active investors (excl. business angels) Top 10 active VCs in Q3-23
600

1. 1 30 deals*

500 2. 8 9 deals

3. 1 8 deals
400

4. 3 7 deals

300
5. New 4 deals

6. 1 4 deals
200

7. New 3 deals

100
8. New 3 deals

9. New 3 deals
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Active investors Foreign active investors

Note: Data provided by Dealroom & Pitchbook
(*) includes debt deals

VC & Exit Multiples – France 2023 13

VC TRENDS & MULTIPLES
ONLY 1 OUT OF 4 FRENCH STARTUPS REACHES THE SECOND FUNDING ROUND

Startups cohorts — Base 100

100.0

26.6

7.0
1.4 0.3
Round 1 Round 2 Round 3 Round 4 Round 5

Detailed metrics Round 1 Round 2 Round 3 Round 4 Round 5

Median TTM Revenue (€m) 1.3 1.9 3.6 7.7 8.1

Median New money (€m) 1.8 4.8 8.4 14.4 16.0

Median Dilution 30.5% 29.6% 27.5% 16.0% 8.4%

Implied pre-money valuation (€m) 4.1 11.4 22.3 75.6 175.2

Median Age 3 4 5 6 6

VC & Exit Multiples – France 2023 14

VC TRENDS & MULTIPLES
A SLIGHT SLOWDOWN IN NEW VC FUNDS RAISED

Total amount raised by French VCs should neighbor €3bn in 2023 New VC funds raised in Q3-23

Funds raised by French VCs (€bn) Funds raised by French VCs (#)
4 30 €400m
1. Raised in Jul. 2023
3.8

25

3
3.0

€250m
20 2. Raised in Jul. 2023
2.7

2 15
2.0

€75m
10 3. Raised in Sept. 2023
1.3
1.2
1 1.1

€40m
4. Raised in Sept. 2023
- -
2018 2019 2020 2021 2022 2023
Annualized amount raised by French VCs (€bn) Annualized funds raised (#)

VC & Exit Multiples – France 2023 15

VC TRENDS & MULTIPLES
LESS FOREIGN CAPITAL IN FRANCE, BUT PROVIDING HIGHER VALUATIONS THAN FRENCH INVESTORS

50%
12.0 12.0
11.2x Quartile 3
45%

9.9x
10.0 10.0
40%

1
35%
8.0 8.0

30%

Median (YoY%)
25% 6.0 6.0
6.1x (+ 10.0%)

20%

4.0 4.4x (+ 0.1%) 4.0

15%

Quartile 1
10% 2.9x
2.0 2.5x 2.0

5%

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Note: This graph depicts the % of deals in which at least one investor of a specific country/region is participating
(1) % of deals with at least one foreign investor

VC & Exit Multiples – France 2023 16

VC TRENDS & MULTIPLES
IMPACT IS STILL A THING IN 2023
Total fundraising amount (€m) Deal count (#) Top 10 impact funding rounds in Q3-23
4,500 250

1. Led by Macquarie
€1,350m
4,000

200 2. Led by Eren Group & Crédit Mut.

€108m
3,500

3,000 3. €20m
Led by Eiffel & Crédit Agricole
150
2,500 4. Led by Swen
€19m

2,000
5. Led by VisVires New Protein
€16m
100

1,500
6. Led by Alter Equity
€10m
1,000
50
7. Unknown lead
€10m
500

8. Unknown lead
€5m
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2018 2019 2020 2021 2022 2023
9. Led by Frst
€5m
Energy Enterpri se Software Food
Health Other Projected amount raised (€m)
Projected deal count (#) 10. €3m
Led by UI Investissement
Note: Companies addressing one or more of the UN Sustainable Development Goals (SDGs) Avolta acted as sole financial advisor

VC & Exit Multiples – France 2023 17

VC TRENDS & MULTIPLES
VALUATION MULTIPLES IMPROVED FOR FRENCH STARTUPS
EV/Revenue LTM per business model EV/Revenue LTM per industry
0 5 10
0.0x 5.0x 10.0x 15.0x
4.8x (+ 5.3%)
4.5x (- 24.9%)
Subscription 3.2x 11.9x FinTech 3.7x 16.5x

5.4x (- 32.0%)

MedTech 3.6x 8.4x

3.7x (+ 18.2%)

4.8x (+ 26.0%)
Commission 1.7x 5.6x
Enterprise Software 3.7x 8.9x

3.8x (+ 7.1%)
2.5x (- 2.2%) MarTech 2.8x 5.8x

Manufacturing 1.1x 4.9x 2.5x (+ 2.8%)

FoodTech 0.9x 5.1x

3.2x (+ 43.3%)

Mobility 2.5x 4.6x

4.3x (+ 50.0%)

PropTech 2.0x 10.8x

3.4x (+ 38.9%)
HRTech 2.9x 3.6x

Median 0x Median
5x 10x 15x
Quartile 1 (∆ YoY) Quartile 3 Quartile 1 (∆ YoY) Quartile 3
0x 5x 10x
Note: multiples computed on a trailing 24-month dataset , therefore variations correspond to 2023-22 vs. 2022-21

VC & Exit Multiples – France 2023 18

 EXIT TRENDS
& MULTIPLES
EUROPEAN FINTECH
TRENDS & MULTIPLES
2023
EXIT TRENDS & MULTIPLES
WITH CURRENT TRENDS, FRENCH TECH COULD STILL SEE A RECORD-BREAKING NUMBER OF EXITS IN 2023
Total exit value (€bn) Deal count (#)

12 450

400

10 10.4

350

8 300

250

200
5.4
5.0
4.8
4 4.5 150
4.0

3.0 100

50

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2018 2019 2020 2021 2022 2023

Annualized exit value (€bn) Annualized deal count (#)

VC & Exit Multiples – France 2023 20

EXIT TRENDS & MULTIPLES
M&A ACTIVITY SEEMS TO BE BOUNCING BACK IN Q3-23
Highest quarter in deal value since Q3-22 Top 5 tech exit deals in Q3-23
Total exit value (€m) Deal count (#)
5,000 140

4,500 1. €228m
120 By HID Global
4,000
3,500 100

3,000 80
2,500
60
2,000
2. €226m
1,500 40
By Renesas
1,000
20
500
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By Hg Capital
Top 1 Top 3 Others

Stable deal value around €20m for the past year

Median deal value (€m)
107.5
4. €115m
By DoubleVerify
75.0

56.4
50.0 50.1
41.7 45.4 41.2
40.0 40.5 40.0
29.0 25.8 28.5
15.0
21.0
15.8 13.0 20.0 18.0 22.5
15.0
20.0 5. €100m
By The Carlyle Group
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VC & Exit Multiples – France 2023 21

EXIT TRENDS & MULTIPLES
TECH EXITS CONTINUE TO BE LOWER-VALUE DEALS THAN IN PREVIOUS YEARS
The lowest cumulative deal value in Q3-23 since 2018… …but a promising trend in terms of deal activity
Cumulated deal value (€m) Cumulated deal count (#)
12,000 400

350
10,000

300

8,000
250

6,000 200

150
4,000

100

2,000
50

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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2023 2022 2021 2020 2019 2018

VC & Exit Multiples – France 2023 22

EXIT TRENDS & MULTIPLES
AROUND HALF OF EXITS ARE ABOVE THE €50M MARK

Distribution of deals (x-axis) per deal value (y-axis) – Last 5 years

100%

80%

Exit Value (€m) % of panel

60%

The Happy Few 150+ 14%

40%
The Breakaways 50-150 28%

The Peloton 50- 58%

20%

0%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Note: based on transactions with known valuations

VC & Exit Multiples – France 2023 23

EXIT TRENDS & MULTIPLES
BOOTSTRAPPED COMPANIES HAVE CONTINUOUSLY MORE EXITED THAN VC BACKED
Top 10 VCs by number of exits in Q3-23
€3.6m 9y vs. 15y
Avg. age of funded companies vs. bootstrapped
Median funding amount at exit companies at exit 1. 4 exits
100%
2. New 3 exits
90%

3. New 2 exits
80%

70% 4. New 2 exits

60%
5. New 2 exits
50%

6. New 2 exits
40%

7. New 2 exits
30%

20% 8. New 2 exits

10%
9. New 1 exit
0%
2018 2019 2020 2021 2022 2023 YTD
10. New 1 exit
Bootstrapped VC backed

VC & Exit Multiples – France 2023 24

EXIT TRENDS & MULTIPLES
CURRENT TRENDS CONFIRM TECH COMPANIES ARE WAITING FOR BETTER MARKET CONDITIONS TO IPO
Distribution of deals per acquiror type (%) EV / Revenue LTM per deal type
100% 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x

5.2x (- 31.7%)
90% Corp. Dev.

80% 3.1x (+ 18.1%)

Private Equity
70%

3.2x (+ 28.8%)

60% IPO

50% 0x 5x 10x 15x 20x 25x 30x

Larger exits for IPOs

40%
Median EV at exit – Last 4 years (€m)
IPO
30% €77m

PE
20%
€52m

10% Corp.
€25m

0%
2018 2019 2020 2021 2022 2023 YTD
Acquisition by a corporate Acquisition by a scale-up Private Equity IPO
Note: multiple computation based on last 5 years

VC & Exit Multiples – France 2023 25

EXIT TRENDS & MULTIPLES
EUROPEAN ACQUIRERS ARE LEADING THE ROOST IN TOTAL DEAL VALUE
In Q3-23, acquirors remain mostly French Deal value is mostly European centric Multiples per region
Median EV/Revenue LTM
Distribution by no. of deals Distribution by total exit value
last 4 years

100% 100%

90% 90%

80% 80% 4.9x

70% 70%

60% 60%

50% 50%

3.1x
40% 40%

30% 30%

20% 20%

2.4x
10% 10%

0% 0%
2018 2019 2020 2021 2022 2023 YTD 2018 2019 2020 2021 2022 2023 YTD
France Europe North America Asia Rest of the World Note: based on transactions with known valuations

VC & Exit Multiples – France 2023 26

EXIT TRENDS & MULTIPLES
AVOLTA’S PUBLIC FRENCH TECH INDEX
CAC Small shows higher performance than Public French Tech companies IPO characteristics & breakdown
Index value (basis 100)

200

180 €59.6m
median EV at IPO
160

140
14.0%
120 of companies have shown
a positive return since IPO
100 -2.2%

14%
80
Health
-33.5% Energy
60
9% Hardware
Telecom, Cloud & IoT
40
+231.2% for the B.V.P. Nasdaq Emerging 6% Transportation

Cloud Index (U.S) over the same period Gaming

20
Marketing
8%
Other
- 4%
2%
Dec-21
Dec-20

Dec-22

Aug-23
Feb-18
Apr-18

Feb-19
Dec-17

Aug-21
Oct-21
Apr-19
Feb-17

Aug-20
Oct-20

Jun-21

Aug-22
Oct-22
Apr-17

Jun-20

Jun-22
Dec-18

Jun-23
Aug-18

Dec-19
Aug-19
Oct-19
Aug-17
Oct-17

Oct-18
Jun-18

Jun-19
Jun-17

Apr-21
Apr-20

Apr-22

Feb-23
Apr-23
Feb-21
Feb-20

Feb-22

5% 2%

Tech index CAC Small

Note: Index corresponds to returns of an equally-weighted portfolio of all tech IPOs since Jan. 2017

VC & Exit Multiples – France 2023 27

EXIT TRENDS & MULTIPLES
SUBSCRIPTION IS STILL THE MOST VALUED BUSINESS MODEL
EV/Revenue LTM per business model EV/Revenue LTM per industry
0.0x 5.0x 10.0x
0.0x 5.0x 10.0x 15.0x
3.8x (+ 15.8%) 4.7x (- 3.0%)
Subscription 2.0x 10.1x FinTech 3.4x 8.2x

5.0x (+ 0.0%)

MedTech 2.7x 15.7x

3.7x (+ 8.9%)
4.0x (- 3.2%)
Commission 1.9x 5.2x
Enterprise Software 2.9x 14.7x

2.0x (- 10.3%)
1.9x (- 10.1%) MarTech 1.2x 5.2x

Manufacturing 1.2x 3.4x 2.8x (+ 39.4%)

FoodTech 1.3x 5.0x

3.3x (+ 7.5%)
0x 5x 10x
Mobility 1.6x 5.8x

4.2x (+ 30.0%)

PropTech 3.7x 7.6x

3.4x (+ 22.0%)
HRTech 1.0x 10.3x

Median 0x Median
5x 10x 15x
Quartile 1 (∆ YoY) Quartile 3 Quartile 1 (∆ YoY) Quartile 3

Note: multiples computed on a trailing 24-month dataset , therefore variations correspond to 2023-22 vs. 2022-21

VC & Exit Multiples – France 2023 28

METHODOLOGY
DATA, DATA & DATA.
1. Building a platform for tech corporate finance

We chose from the beginning in 2012 to be pan-European and data-driven. So, we built Avolta.io, a unique platform to automate processes and scale our ability to
help fast-growing tech companies in Europe.

Our platform concatenates European deals in the tech Industry with information on valuation, revenues and structuration. We source this private data from our
network of providers, business partners and investors, combining it with unique insights from our team of analysts.

2. Scope of research
Business Models Exit types

• Subscription: SaaS or more traditional licensing revenue

• Commission: platform debiting a defined take rate from its flows
• Manufacturing: production and resale of goods
• Corporate: the acquiror is a corporate
• Performance: built around usage from a recurring user community
• PE fund: the acquiror is a private equity fund (non-leveraged, LBO, MBO,
• eCommerce: buy and online resale of goods
OBO)
• Retail: resale of goods through brick-and-mortar shops
• IPO: Initial Public Offering though financial markets
• Audience: traffic-based revenue
• Service: margin between labor cost and service invoice price
• Research: strong R&D focus to keep high barriers to entry

3. Definitions

Enterprise Value (EV): calculated as Equity Value + Net Debt when legal information is found. Otherwise, estimated EV from several sources: Dealroom.co, Pitchbook,
Pappers, CFNews, Avolta’s private networks and public media.

Avolta Tech Index: composed of Adeunis, Advicenne, Aelis Farma, Affluent Medical, Alveen, Arcure, Balyo, Believe, Boostheat, Broadpeak, Cabasse, Deezer, Don't Nod,
ENENSYS Technologies, Energisme, ERYTECH Pharma, Exclusive Networks, FNP Technologies, Groupe Tera, Haffner Energy, Hopium, Hydrogen-Refueling-Solutions,
Inventiva, Kalray, Keyrus, Kumulus Vape, Largo, Lepermislibre, Lhyfe, MaaT Pharma, Medesis Pharma, Munic, Nacon, namR, Nanobiotix, Obiz, Octopus Biosafety,
Ordissimo, Osmozis, OVH, Predilife, Prodways, S.M.A.I.O, Spartoo, Theranexus, Toosla, UV Germi, Valbiotis, Vente-Unique.com, Vogo, Waga EnergY.

4. Sources

VC & Exit Multiples – France 2023 29

ABOUT AVOLTA
LEADING TECH M&A AND FUNDRAISING ADVISOR IN EUROPE ON €10-200M DEALS

§ Leading Tech advisor in Europe

§ 120 deals for €2bn+ completed in 10 years

§ All types of transactions (€10-200m deals)

- M&A & LBO
- Fundraising (Series A/B/C+)

§ 60% cross-border deals

§ 100% Tech, with major focus on:

- Software
- Sustainability
- Fintech
- Artificial Intelligence
- Deeptech
- Social impact (health, education, HR)
- Web 3.0

VC & Exit Multiples – France 2023 30

RESEARCH TEAM

Arthur Porré Alexandre Meiers Olivier Saint-Marc

Founding Partner Vice President Senior Analyst

Disclaimer Avolta

The information contained in this document has been produced by Avolta, based on market & legal data and third-party information. While Avolta With 120 deals executed for €2bn in total over the last
has made every effort to ensure the reliability of the data included in this document, Avolta cannot guarantee the accuracy of the information 10 years, Avolta is one of the most active Tech M&A
collected and presented. Therefore, Avolta cannot accept responsibility for any decision made or action taken based upon this document, or the advisors in Europe. Based on this expertise, Avolta’s
information provided herein. team of 20 people has maximised the value of each
This presentation is for the exclusive use of the people to whom it is addressed and is intended for general information purposes only. It is not deal in terms of valuations and overall conditions – this
intended to constitute legal or other professional advice and should not be treated as such. due to its time-tested sectorial methodology and
Appropriate legal advice must be sought before making any decision, taking any action or refraining from taking any action in reliance on the expert negotiating skills
information contained in this presentation. does not assume any responsibility for any person’s reliance upon the information contained herein.

© Copyright Avolta 2023

VC & Exit Multiples – France 2023