Investment Analysis Value of Technology Investments – Analysis


Total Capital Invested ($US Millions) Q1 Q2 Q3 Q4 Q1


2010 2010 2010 2010 2011


North America 4,810 4,137 2,895 4,156 5,573 Europe UK


France DACH


BENELUX N Europe Ireland


S Europe E Europe Israel


6000 5000 4000 3000 2000 1000 0


Q2 04


Q3 04


Q4 04


Q1 05


Q2 05


Q3 05


Q4 05


Q1 06


Q2 06


Q3 06


Q4 06


Q1 07


Q2 07


Q3 07


Q4 07


Q1 08


Q2 08


Q3 08


Q4 08


Q1 09


Q2 09


Q3 09


Q4 09


Q1 10


Q2 10


Q3 10


Q4 10


Q1 11


North America Europe (inc. Israel)


4 Calibre One : International Executive Search The Quarterly Transatlantic Tech Investment Review


632 740 847 652 590 175 262 285 165 115 109 125 147 106 23 36 118 24 55 59 106 48 45 31 113 86 117 104 18 83 30 21


7 13 12


26 13 34 159 146 28


- 133 45 - 36 35 67 60 39


Richard Brennan Partner – Europe


The US has surged ahead with c. 50% more capital invested than last quarter. Europe meanwhile is down 10% with particularly poor quarters in the UK and France, down c. 30% and 80% respectively.


History shows that Q1 is rarely a strong quarter in Europe, where we seem to be unusually slow in ‘coming out of the blocks’ in the New Year. In the US conversely, the first quarter of the year is consistently the strongest quarter.


As is noted in the Foreword, the picture is distorted somewhat by the fact that some significant funding rounds have been closed by UK based companies such as Plastic Logic and Appsense, moving to the US. The UK market remains tough from a fund-raising perspective – both for VCs and their companies.


Total Capital Invested ($US Millions)


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