In the world of growth equity and venture capital, November is typically a busy month as transactions are wrapped up ahead of the Christmas season. This year was no exception, with November ending up some 20% ahead of last year.
October was another record month (+20% ahead of October last year by value, and nearly +40% year-to-date), with sustained activity both in M&A and fund-raising. Clearly Europe is growing as a venture destination (hence why US investors are coming).
As we head back our desks with the strong intention to have a glorious end of the year, here are the numbers for the month of July, which closes the first part of the year. In short, we are ahead of last year.
The trend we were describing in our last Bulletin – fewer, but bigger, later-stage transactions – continued unabated this month. The difference is that we can also report a building momentum behind exits, both on the IPO and M&A fronts.
April is typically a quiet month, squeezed between the announcements of the beginning of the year and those of the summer. April 2014 was no exception but thanks to a great tally of Landmark deals, the YTD European venture market is 30% up on last year.
The correction we welcomed in our last issue has confirmed itself in the last month. Stocks with lofty valuations, including recent IPOs (AO.com, Just Eat, King Digital, etc.) are now well below their intro price.
The start of the year continues to be dominated by superlative action from Silicon Valley, as the US continues to amaze us with gobsmacking M&A deals, giant fund-raisings and IPOs which defy common sense.