Dutch startups have raised 69 million euro in the first quarter of 2016. The funding activity is slightly higher compared to the previous quarter, when 59 million euro was raised in Q4 2015 – but is off to a slow start compared to the same period last year, when nearly 86 million euro was raised.
In total, we saw 36 deals in the first quarter of this year. The average deal size in Q1 2016 was €1.9M and the median deal size was €1.0M. Compared to Q4 2015, where we saw 34 deals, an average deal size of €1.7M and the same median deal size – these numbers show a small quarter-on-quarter improvement.
Dutch startups aren’t the only ones prone to this almost flat growth. Recent numbers from Tech.eu show nearly the same trend (Q4 2015 to Q1 2016) through all of Europe + Israël, when compared to statistics in the Netherlands.
Although both in Europe and The Netherlands the number of deals grew, the average Dutch startup deal size in Q1 didn’t go down. If we look at the deal size in absolutes, Dutch startups of course are behind.
Biggest deals are for medtech
We didn’t see a lot of big deals this quarter; just five deals of €5M or more. Two medtech companies took the lead at the start of 2016. DNA analytics startup BlueBee tops the list with a €10M series A investment and immunotherapy startup Gadeta received €7M and takes second place. Fintech startup BUX is third with €6.1M. Community engagement platform Insided (€6M) and Robot Robotics Company (€5M) complete the top 5.
There isn’t a sector dominating in this quarter’s funding. However, e-commerce and software startups – as always – are well represented.
Here’s the full list of Dutch startup funding in Q1 2016, ranked highest to lowest.
|Name||Amount (€)||Type||By||Who||Link||Investment from country:|
|Bluebee||10,000,000||series A||VC||Capricorn ICT Arkiv, Korys and Biover II||StartupJuncture||BE|
|Gadeta||7,000,000||series A||VC||Medicxi Ventures, Baxalta Ventures, Utrecht Holdings||Gadeta (pdf)||US + UK + NL|
|Bux||6,100,000||venture/series B||VC||Holtzbrinck Ventures||StartupJuncture||DE|
|Insided||6,000,000||series A||VC||Ventech, Fortino Capital, HenQ Invest||StartupJuncture||FR + BE + NL|
|Robot Robots Company||5,000,000||venture||gov + VC’s||InnovationQuarter + Rabobank, others||StartupJuncture||NL|
|Wercker||4,100,000||series A||VC’s||Inkef, Notion||StartupJuncture||NL + EN|
|Tiqets||3,650,000||series A||VC||Capital Mills||StartupJuncture||NL|
|GetSocial||2,300,000||venture||VC’s||Astor Participaties, Enabling Technology Fund, Slingshot Capital, Novamedia||StartupJuncture||NL|
|iWelcome||undisclosed||series B||gov + VC’s||PPM Oost, Newion Investments, Filsa Capital||StartupJuncture||NL|
|Sendcloud||2,000,000||series A||VC + gov||TIIN Capital + BOM||StartupJuncture||NL|
|Simplicate||“more than 1 million”||gov||NOM||StartupJuncture||NL|
|Mall-Connect||1,000,000||series A||VC||Newion Investments||StartupJuncture||NL|
|WePrevent||undisclosed||venture||VC||VOC Capital Partners||StartupJuncture||NL|
|TheNextCloset||1,000,000||seed||publisher||Wayne Parker Kent||StartupJuncture||NL|
|KimKim||910,000||seed||VC’s||NFX Guild + others||StartupJuncture||US|
|Crunchr||undisclosed||seed||corporate||Randstad Innovation Fund||StartupJuncture||NL|
|Toxys||undisclosed||series A||VC||Zeeuws Investment Fund, InnovationQuarter||StartupJuncture||NL|
|PolarSteps||500,000||seed||VC + corporate||Silver Point Ventures + TMG||StartupJuncture||NL|
|ProctorExam||“500 minus 85k”||seed||angels + crowdfunding||Leapfunder||StartupJuncture||NL|
|Goboony||350,000||seed||angels||Ronald Zwartkruis e.a.||StartupJuncture||NL|
|SolarMonkey||200,000||seed||gov + angel||InnovationQuarter||StartupJuncture||NL|
|Confocal||undisclosed||seed||UvA Holdings BV||StartupJuncture||NL|
An honorable mention goes out to webshop Coolblue. The scale-up, founded in 1999, allegedly got 140 million euro in a series D round from HAL Investments for 20 percent of the company.
As always: a little disclaimer for the creation of this funding report.
The goal of the list is to give an overview of investments into startups. We do not include pre-sales crowdfunding (like on Kickstarter), only convertible note or equity crowdfunding. We typically also don’t count grants and subsidies. We don’t mention funding below 50.000 euro. Majority stakes or takeovers don’t count for our list. When an investment size was undisclosed, our team made an educated guess. A startup should also have a Dutch connection: either the company must be based in The Netherlands or have Dutch founders.
For the definition of a startup: this is always arbitrary. The complete table should be helpful though for anyone who defines the term ‘startup’ differently. In the past we included big fish scale-ups like Adyen and Catawiki because they’re still growing fast (and are max ten years old).
We tried to use all available public data sources. We relied on communication directly to the StartupJuncture team, information from incubators and accelerators, other media, information from crowdfunding platforms (Symbid, Leapfunder and OnePlanetCrowd) and from Index.co, Angellist, Crunchbase and Dealroom.
Of course, we are aware we might have missed something. This funding report however gives you a good impression of the state of startup funding in The Netherlands. If there’s something missing, just give us a heads up in the comments or via team(at)startupjuncture.com.
Image by Wikimedia Commons