Foreword Welcome


Established in 1999, Calibre One is a leading, international Executive Search organisation based in Europe and North America.


Calibre One specialises in building main board and senior management teams for Venture Capital and Private Equity backed software, hardware, business services, communications, cleantech and internet businesses. We work with investors in North America, Europe, Asia Pacific, Latin America, South Africa, and Israel.


The Calibre One Index provides a comprehensive review of early stage tech investment. It lists and compares all the investments made by tech investors in the key territories of Europe and North America on a quarterly basis. Published in London and San Francisco every January, April, July and October, the Calibre One Index is compiled by Calibre One – the world’s leading technology specialist executive search consultancy.


The Index is downloadable in PDF format from www.calibreone.com Contents


Recent Assignments Contents Welcome Foreword


Philip Boyd and Mark Webster discuss Quarter 2


Investment Summary 4


Breakdown of Investments 5 North America


United Kingdom France DACH


BENELUX


Northern Europe Ireland


Southern Europe Eastern Europe Israel


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Philip Boyd, Partner – London


The encouraging start to 2010 in Europe has continued into the second quarter of the year, as the data from the Index suggests further growth in the total capital invested in Europe. However, the number of investments in the region has continued to decline.


The Cleantech sector once again shows good growth, with solar demonstrating a resurgence, as well as there being a large number of follow on rounds. Venture backed exits also grew for the third consecutive quarter, with Internet related companies leading the way.


Research published this quarter suggests that venture capitalists believe the management team to be the most important factor when deciding on whether to fund a venture, followed by the market sector. VCs are also recruiting more independent board members as the length of their path to liquidity increases. We have certainly seen an increase in mandates from US companies expanding into Europe, and European businesses looking to strengthen their domestic management teams and expand internationally.


Mark Webster, Managing Partner – Palo Alto


After an excellent opening quarter to 2010, the Index shows that both the number and value of investments in the US have decreased. However, relative to the whole of 2009, the figures are certainly more positive.


Further encouraging signs can be inferred from an assessment of the recent exit activity which, reports suggest, has seen the best quarter for venture backed IPOs since the close of 2007. An improvement in year on year performance in M&A activity, specifically for internet and computer software companies, is also encouraging for the remainder of 2010. These positive signs are undoubtedly reflected in the heightened number of searches that we continue to deliver for our clients.


The Quarterly Transatlantic Tech Investment Review


Calibre One : International Executive Search


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