TECH CAPITAL MARKETS

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TechCapitalMarkets


Our Mission

TechCapMarkets is a grassroots initiative whose purpose is to create a knowledge base and explore new ways to help innovative SMEs access capital and secure their growth. It is the product of a consortium composed of the consultancy Europe Unlimited (Brussels), the IESE Business School (University of Navarra) and the association PMEfinance (Paris), and is funded by the European Commission’s Horizon 2020 initiative.
TechCapMarkets aims in particular to improve the supply of alternative finance, including venture capital & angel investments by improving the exit opportunities for shareholders in privately held innovative SMEs. Market experts will be consulted to provide recommendations to address market challenges and encourage the development, and adoption of new market based solutions.

Overview


TechCapMarkets runs for 18 months from April 2018 to September 2019. It has two main outputs:

- A report, based on expert practitioner interviews, containing recommendations to policy makers and stock market operators across Europe ;

- A practical capacity building programme to deliver best practice knowledge to tech companies, and their investors, on the use of public and private market places for raising capital.

The project runs in four phases.

Read more...

Updates

HLAG meets in Barcelona


On September 25th, 2018, The High Level Advisory Group (HLAG), together with the project partners, met for an intense day of discussion at the IESE campus in Barcelona. There was a wide ranging discussion to identify the specific market challenges the fast-growth tech companies in Europe face in accessing public markets. Some of the major differences with the US market were explored such as: the lack of research coverage, market fragmentation and the underlying public market investor base.

These are, of course, not new issues. The group discussed how markets in general have changed over the last decade, and in particular changes in how large institutions allocate capital such as passive investment strategies in the public markets, and increased liquidity in the private markets – leading, particularly in the US – to companies going public at a much later stage in their life cycle. The rise of cross-over funds, investing in later-stage tech companies at “pre-IPO” with a view to holding their position when the company is public, was one market development that all the group agreed should be further explored and encouraged. The next stage will be to dive deeper through expert interviews.

Trends

What does the future hold for VC funding in Europe?


European firms secured US$4.9bn in venture capital funding in Q3, far behind the US with US$28bn. But the European market could soon rebound.

The European venture capital (VC) funding market has dropped by 14 per cent in Q3 2018 compare to the previous quarter and is still lagging far behind North America and Asia, according to the MoneyTree report published by PwC and CB Insights in early October.

The report, which highlights the latest trends in VC funding globally, shows that Europe completed 638 deals and raised a total of US$4.9bn in Q3 this year. In comparison, North America closed 1308 deals for a total of US$28bn, while Asia completed 1359 deals and raised US$19.bn. Read more

Are ICOs a viable funding solution for SMEs?


The reduced banking lending facilities and the difficult access to private funding have led SMEs to increasingly look at alternative solutions to access capital in recent years; Initial Coin Offerings (ICOs) are one of them.

But even though money continues to flood in the ICO market with US$1.12 billion raised in Europe in Q2 this year, according to data from ICORating, the number of SMEs reaching their fundraising target has dropped significantly in recent months.

Thus, 50 per cent of the ICO projects announced worldwide in Q2 2018 were not able to attract more than US$100,000. In comparison, only 13 per cent of the projects could not go above this amount in Q1-Q2 2017.

For Clément Jeanneau, co-founder of Blockchain Partner, a consulting firm based in Paris, this drop has to do with the quality of projects. Read more

Who We Are

High Level Advisory Group


Professor and head of department of Entrepreneurship, holder of the Bertrán Foundation Chair of Entrepreneurship at IESE...

PROFESSOR OF ENTREPRENEURSHIP, LEAD FOR IESE/CHAIR OF HLAG

Businessperson who has been the head of 6 different companies and currently occupies the position of Chairman at Oneaccess, Inc., Chairman ...

CEO, EKINOPS

A highly-experienced institutional private equity and venture capital fund investor with considerable board and committee experience ...

DIRECTOR, HLAG MEMBER, RUBATO ASSOCIATES

Managing partner at Reputation Age, a digital influence strategy agency, which supports clients on their issues: communication ...

PRESIDENT, FEDERATION OF INDIVIDUAL INVESTORS AND INVESTMENT CLUBS

Joined Euronext Group as Chief Executive Officer of EnterNext in July 2013. Began his career in 1986 at Société Générale, where he joined ...

HEAD OF LISTING FRANCE, CHAIRMAN AND CEO OF ENTERNEXT, EURONEXT

CEO, board member & advisor, with a focus on corporate development and M&A in the software, media and telecoms industries. Co-author ...

CEO, BOARD MEMBER & ADVISOR, HLAG MEMBER, LITTLE VENICE PARTNERS

Chief Executive and Co-founder of Amadeus Capital Partners Limited and she brings together her many threads of experience — as a scientist ...

CEO, HLAG MEMBER, AMADEUS PARTNERS

Seasoned Entrepreneur and Investment Banking professional. His expertise ranges from Technology, Financial Services, Social Entrepreneurship ...

CHAIRMAN, HLAG MEMBER, FINBOOT

Specializes in industrial biotechnology investments. Joined Sofinnova Partners in 1991. In charge of the technology transfer department ...

MANAGING PARTNER, SOFINNOVA PARTNERS

A financial journalist with a strong technology background, with an experience in managing teams of journalists and launching ...

PRESIDENT, PME FINANCE

Responsible for the development of Small cap operations of the Crédit du Nord Group from 1994 to 1998, and then with the stockbroker ...

Co-Founder, Invest Securities

EuropeEntrepreneurs-PMEfinance is an independent, non-profit think tank bringing together leading entrepreneurs and finance professionals in France. The organization works on a variety of issues related to financing entrepreneurship and advocates to public authorities.

Europe Unlimited provides event and online matching platforms between innovative companies and investors across Europe. It manages the International Venture Club, a collaborative platform of leading independent VC fund managers as well as corporate, government and institutional investors.

IESE Business School, the graduate business school of the University of Navarra, is widely recognized as one of the world's leading business schools. Research is a central aspect of IESE activities and is one of the key ingredients contributing to the institution's global recognition.

Executives


Graduated from EAP-European School of Management (Paris, Oxford, Berlin – Diplôme de Grande Ecole de Gestion – Diplom ...

Project coordinator, EUN

Independent investor relations and communications consultant. Served as the External Relations Director for the European Private ...

Project manager, EUN

Graduate in International Relations with over 2 years of experience in policy and legal analysis, research and communication in the migration ...

Project manager, IESE

Project manager at Tech Tour, working on Innovation and European Commission related projects. MSc degree in Business Intelligence ...

Project manager, Techtour

Serves as a Venture Capital Analyst at Finaves S.C.R., S.A.. Previously an Analyst at SI Capital Private Equity SGEIC, joined SI Capital ...

Analyst, IESE FINAVES

Videomaker and community manager at EuropeEntrepreneurs-PMEfinance. Produces videos of different formats, as interviews, reportages, advertising ...

Videomaker, PME Finance

This project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 792306