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Germany, Austria & Switzerland (DACH) Private Equity

Latest update: 18 August 2020

Growth and venture capital deal volume exceeded that of all previous half-yearly figures in the DACH region in H1 2020, making for a busy first half of the year that saw 275 such deals, according to Unquote Data. Harriet Matthews reports

In H1 2020, 275 venture and growth capital deals were completed with an aggregate value of almost €3.5bn, compared with H1 2019's 168 deals totalling €3.4bn. In H2 2019, 241 deals were done with an aggregate value of almost €5.2bn, the previous record for both volume and value in the DACH region.

Furthermore, the onset of the coronavirus pandemic in March did little to curb venture and growth dealdoing in Q2. In fact, activity increased slightly, with 140 deals recorded between April and June versus 135 in Q1.

DACH growth capital and venture activity

H2 2019's figures were boosted significantly by mega-rounds of more than €100m, which were effectively considered to be pre-IPO capital; however, the first half of 2020 saw few of such rounds. During H1 2020, the largest rounds were seen when Atomico invested more than $240m in electric aircraft manufacturer Lillium in June 2020, and in the $100m series-D extension for banking startup N26 in May, backed by investors including Battery Ventures, Earlybird and Insight Venture Partners.

The average size of a venture or growth capital round in H1 2020 was €12.7m, compared with €20.4m in H1 2019 and €21.5m in H2 2019. This lower average value is also reflected in the comparison between Q1 and Q2 2020. There were 135 such deals totalling almost €2bn in Q1, compared with 140 deals with an aggregate value of €1.5bn in Q2. This meant an average value of €14.7m in Q1, compared with €10.7m in the following quarter.

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