NOAH18 Berlin Speaker Book

Table of Contents
Program 5
Speakers 9
NOAH Infographic 130
Trading Comparables 137
2

Travel
&
Tourism
Transportation
&
Mobility
Healthcare,
Science
&
Education
Marketing
Tech
Online
Fashion
CP
CP
K
FC
FC
K
FC
FC
FC
FC
FC
FC
FC
FC
FC
FC
CP
CP
CP
P
P
FC
CP
CP
A
CP
CP
CP
K
FC
CP
K
Lunch served between 11:30 - 15:00
NOAH
Startups
CP
Consumer
Goods,
Retail
&
Ecommerce
Nir Erez
Nicolas Brusson
Markus Villig
Sebastian Wohlrapp
Paulin Dementhon
Amos Haggiag
Dr. Jens Wohltorf
Marko Guček
Jochen Engert
Finn Age Hänsel
Sohaila Ouffata
Chantal Ambord
Florian Reuter
Saskia Steinacker
Simone Menne
Julie Teigland
Stanislas Niox-Chateau
Alberto E. Porciani
Martin Varsavsky
Markus Witte
Philipp Roesch-Schlanderer
Walter Masalin
Jens Begemann
Sascha Konietzke
Rob Moffat
Suranga Chandratillake
Jörn Nikolay
Dr. Florian Tappeiner
Hakan Koç
Alexander Frolov
Shmuel Chafets
Fabian Siegel
Dirk Graber
Philipp Man
Anna Polishchuk
Yuriy Mukhin
Toon Bouten
Matthias Riedl
Mayer Reich
Michael Altendorf
Joanna Przetakiewicz
Daniel Schustermann
Stefan Dziarski
Julia Boesch
Founder & CEO
Co-Founder & CEO
Founder & CEO
VP Digital Business Platform
CEO
Co-Founder & CEO
Co-Founder & CEO
Co-Founder & CEO
Founder & MD
CEO
Director of Platform
General Manager, BlaBlaPro
CEO
Global Head of Digital Excellence
Supervisory Board Member of BMW, DPDHL
Managing Partner EY GSA
CEO
Founder & CEO
Founder
CEO
CEO
Partner
CEO
CEO
Partner
Partner
Managing Director
Co-CEO & Managing Director
Founder & Managing Director
General Partner
General Partner
Founder & CEO
CEO
Co-Founder
Co-Founder
CEO
Co-Founder
Founder & CEO
Co-Founder & CEO
Founder & Creative Director
CEO
Partner
Eric La Bonnardière
Oliver Dlouhý
Dr. Patrick Andrae
Harley Miller
Johannes Reck
Robbie Antonio
Dr. Mathias Döpfner
Dara Khosrowshahi
Christoph Keese
Matthias Schmidt-Pfitzner
CEO
CEO
Co-Founder & CEO
Vice President
Co-Founder & CEO
CEO
9:15 - 9:25
9:25 - 9:35
9:35 - 9:45
9:45 - 9:55
9:55 - 10:05
10:05 - 10:15
10:15 - 10:40
14:20 - 14:30
10:40 - 10:50
10:50 - 11:00
11:00 - 11:10
11:10 - 11:20
11:20 - 11:30
11:30 - 11:40
11:40 - 11:50
11:50 - 12:00
12:00 - 12:10
12:10 - 12:20
12:20 - 12:30
12:30 - 12:40
12:40 - 12:55
12:55 - 13:10
13:10 - 13:20
13:20 - 13:30
13:30 - 13:40
13:40 - 13:50
13:50 - 14:00
16:35 - 16:50
16:50 - 17:00
14:30 - 14:45

14:45 - 14:55
14:55 - 15:05
15:05 - 15:15
15:15 - 15:25

15:25 - 15:35
16:05 - 16:15
16:15 - 16:25
16:25 - 16:35
15:35 - 15:45
15:45 - 15:55
15:55 - 16:05
Marco Rodzynek
Gerhard Cromme
Martin Ott
Breakfast
Founder & CEO
Chairman
VP, MD Central Europe
9:00 - 9:15
8:00 - 10:00
Dr. Bernd Montag
Mark Krymalowski
CEO
CEO
CEO
Digital Partner
CEO
Head of EMEA Digital Practice
POSITION
COMPANY
SESSION TITLE TIME SPEAKER
K P A
CP FC
Keynote Panel Announcement
Company
Presentation
Fireside
Chat
17:00 - 17:10
Moovit
BlaBlaCar
Taxify
Porsche
Drivy
Optibus
Blacklane
GoOpti
FlixBus
Movinga
BMW iVentures
BlaBlaCar
Volocopter
Bayer
-
EY
Doctolib
Top Doctors
Prelude
Babbel
eGym
NGP Capital
Wooga
Contentful
Balderton Capital
Balderton Capital
General Atlantic
NUCOM GROUP
AUTO1 Group
Target Global Announcement
Target Global
Target Global
Marley Spoon
Mister Spex
Chronext
Lalafo
Lalafo
tado°
DCMN
RankAbove
Adtelligence
La Mania
BestSecret
Permira
OUTFITTERY
Evaneos
Kiwi.com
HomeToGo
Insight Venture Partners
GetYourGuide
Revolution Precrafted
Between Tradition and Digitisation: What Old and New Economy can Learn from One Another?
NOAH Advisors
AUTO1 Group
Facebook
Axel Springer
Uber
hy
Corporate Digital Innovation – from Shame to Fame
Digital McKinsey
Siemens Healthineers
Egon Zehnder
COMPANY
MR
MR
MR
MR
MR
MR
MR
MR
MR
Deutsche Telekom
Rocket Internet
Edge Technologies
Generation IM
14:00 - 14:10
17:20 - 17:35
17:10 - 17:20
17:35 - 18:05
Claudia Nemat
Oliver Samwer
Coen van Oostrom
Al Gore
CTO
Founder & CEO
Founder & CEO
Chairman
Interview / Panel with participation of Marco
Rodzynek Founder & CEO, NOAH Advisors
K
Party @ Tempodrom with DJ Ken Abel
22:00
Closing Note
NOAH Advisors
18:05 - 18:10
Marco Rodzynek Founder & CEO
Alice Weightman
Tillan Barros
Founder & CEO
Founder & CEO
14:10 - 14:15
14:15 - 14:20
NOAH London 2017 Startups Winners
The Work Crowd
Misterporter
MR
MR
MR
MR
COLOSSEUM - Day 1 6 June 2018
®
®

Digital
&
TMT
Fintech
Lending
Platforms
Indus-
trials
&
IoT
Payments
B2B
&
Software
CP
CP
CP
FC
FC
K
FC
FC
FC
CP
CP
CP
CP
CP
CP
CP
CP
CP
P
FC
FC
FC
K
Restaurants
&
Food
Delivery
FC
Lunch served between 11:30 - 15:00
Tamaz Georgadze
Mauro Giacobbe
Ronald Slabke
Giovanni Giuliani
Malte Dummel
Julian Teicke
Yaron Valler
Nazim Cetim
Erik Podzuweit
Benoît Legrand
Max von Bismarck
Valentin Stalf
Peter Bakenecker
Dr. Julian Hosp
Ardian Gjeloshi
Greg Skibiski
Jens Woloszczak
Alexander Artopé
Raffael Johnen
Philipp Pausder
Rainer Maerkle
Paul Walsh
David Avgi
Michael Kent
Shirin Dehghan
Marc-Alexander Christ
Max Laemmle
Ron Hirson
Dvir Ben-Aroya
Chris Farinacci
Yoram Wijngaarde
Oliver Steil
Stefan Dziarski
Peter Mühlmann
Fatih Uysal
Kumardev Chatterjee
Holger Taubmann
Nicolas Witte
CEO
CEO
CEO
Chief Strategy, Innovation & Business Development Officer
CFO
CEO
General Partner
CEO
Co-Founder & Co-CEO
Chief Innovation Officer
CBO & Managing Director
Founder & CEO
Division President Germany & Switzerland
Founder & CEO
Co-Founder & Chairman
Founder & CEO
Co-Founder & CEO
Co-Founder & CEO
Co-Founder & CEO
Partner
SVP Platform Strategy and Innovation
CEO
Co-Founder & CEO
Partner
Co-Founder
Founder & CEO
Chief Product Officer
Co-Founder & CEO
Head of Business
Founder & CEO
CEO
Partner
Founder & CEO
CEO
Founder & CEO
CEO
CEO
Christoph Brand
Jared Grusd
Asaf Peled
Oscar Höglund
Efe Cakarel
Rahul Sood
John Suh
Dipan Patel
Nicolas Beraudo
Payal Kadakia
Adam Valkin
David Thevenon
Head of Classifieds & Marketplaces
CEO
Founder & CEO
Co-Founder & CEO
Founder & CEO
Co-Founder & CEO
CEO
Partner
Managing Director
Founder & Executive Chairman
General Partner
9:35 - 9:45
9:45 - 9:55
9:55 - 10:05
10:05 - 10:15
10:15 - 10:25
10:25 - 10:35
10:35 - 10:45
10:45 - 10:55
10:55 - 11:05
11:05 - 11:15
12:30 - 12:40
12:40 - 12:50
12:50 - 13:00
13:00 - 13:10
13:10 - 13:20
13:20 - 13:30
13:30 - 13:40
13:40 - 13:50
13:50 - 14:00
14:00 - 14:10
14:10 - 14:20
14:20 - 14:30
14:30 - 14:40
14:40 - 14:50
14:50 - 15:00
15:00 - 15:10
15:55 - 16:05
11:35 - 11:50
11:50 - 12:00
12:00 - 12:10
12:10 - 12:20
12:20 - 12:30
16.05 - 16:15
16:15 - 16:25
16:25 - 16:35
16:35 - 16:45
16:45 - 16:55
16:55 - 17:05
17:05 - 17:15
17:15 - 17:25
17:25 - 17:35
17:35 - 17:45
Marco Rodzynek
Breakfast
Founder & CEO
9:30 - 9:35
8:00 - 10:00
Partner
POSITION
COMPANY
SESSION TITLE TIME SPEAKER
K P
CP FC
Keynote Panel
Company Presentation Fireside Chat
Raisin
Facile.it
Hypoport
Zurich Insurance Group
xbAV
wefox Group
Target Global
Allianz X
Scalable Capital
ING Group
Deposit Solutions
N26
Mastercard
TenX
Crowdhouse
Thasos Group
Spotcap
smava
auxmoney
Thermondo
Holtzbrinck Ventures
VISA
Safecharge
Azimo
Frog Capital
SumUp
Fraugster
DocuSign
Hop
Asana
Dealroom.co
TeamViewer
Permira
Trustpilot
Kariyer.net
Unmanned Life
Scytl
Control€xpert
Tamedia
HuffPost
Minute Media
Epidemic Sound
MUBI
Unikrn
LegalZoom
Permira
App Annie
ClassPass
General Catalyst
Day 1 Summary
NOAH Advisors
Softbank
COMPANY
MR
MR
MR
MR
MR
MR
MR
MR
MR
MR
Entrepreneur First
Federal Ministry for Economic
Affairs and Energy
Lakestar
Telefónica
Wayra
Alpha
Closing Note
NOAH Advisors
15:20 - 15:30
15:30 - 15:55
15:10 - 15:20
17:45 - 17:50
Alice Bentinck
Peter Altmaier
Klaus Hommels
Gonzalo Martín-Villa
Christian Lindener
Pablo Rodríguez
Marco Rodzynek
Co-Founder & CPO
Federal Minister for Economic Affairs and Energy
Founder & CEO
Chief Innovation Officer
CEO Germany
CEO
Founder & CEO
Interview / Panel with participation of Marco
Rodzynek Founder & CEO, NOAH Advisors
Dominik Richter
Harley Miller
Niklas Östberg
Stefan Nicola
CEO
Vice President
CEO
German Telecoms, Tech and Media Reporter
11:15 - 11:25

11:25 - 11:35
HelloFresh
Delivery Hero
Bloomberg
MR
COLOSSEUM - Day 2 7 June 2018
®
®

The event is a unique platform for senior executives
from old champions and new challengers to discuss
disruption in 10+ industrial verticals.
Over 100 CEOs to tell the story
of their Company!
Marketing Tech
Payments
Restaurants &
Food Delivery
Lending Platforms
B2B & Software
Consumer
Goods, Retail
& Ecommerce
Digital & TMT
Fintech
Healthcare,
Science & Education
Industrials & IoT
Transportation
& Mobility
Travel & Tourism
Online Fashion

Michael
Altendorf
Co-Founder &
CEO
SPEAKER PROFILE
• Michael is the Co-Founder and Chief Executive Officer
of ADTELLIGENCE
• Michael is also a Co-Organizer of the Technology
Ventures Program, the regional Entrepreneurship
Club, TEDx, the Maifeld Derby Rock Music Festival &
Member of the CEO collaborative Forum and
Technology Pioneer at the World Economic Forum.
• Next to this Michael also speak regularly at different
conferences and lectures on divers topics like
entrepreneurship, internet trends or Venture Capital
around the globe at different business schools.
• Previously, Michael worked at SAP as Product
Manager and in Global Marketing and an institute for
interdisciplinary peace research and sustainability.
• Michael earned his Diploma in Economics from
University of Heidelberg
KEY COMPANY FACTS
10
MARKETING TECH
Ecommerce Optimization and
Customer Intelligence Solutions
COMPANY PROFILE ADTELLIGENCE @ NOAH
• Adtelligence provides personalization and customer intelligence solutions for
online businesses. By using next generation machine learning solutions
Adtelligence enables eshops to increase conversion rates by using all available
data from customers, shop or devices in real time. Our technology uses ultra
fast in-memory machine learning algorithms to increase conversions – resulting
increased revenues & customer happiness
• The Adtelligence Convert+ Personalization Cloud Solution provides real-time
personalization, multivariate testing, page segmentation, behavioral targeting
and fully automated optimization using Big Data and genetic mutation machine
learning algorithms to generate a unique customer experience for every user.
• The customer intelligence solutions enables the marketer to get new insights
about their clients and steer their marketing in real time.
• Adtelligence is a venture funded German Software/SaaS company founded by
former SAP employees in 2009 with a strong European presence, currently
expanding worldwide
Key Corporate Facts
Headquarters Mannheim, Germany
Founded 2009
Employees 51-100
Active Markets Global
Ownership Private
NOAH Content Adtelligence at NOAH
Website adtelligence.com/en/
Doing Business @ NOAH
Traffic Apr-17 Apr-18
Unique Users <5k <5k
Visits <5k <5k
Minutes 03:12 03:14
Sessions
Mobile: 0%
Desktop: 100%
Mobile: 62%
Desktop: 48%
Apr 2018
Sources
Search: 46%, Referrals: 51%,
Other: 3%
Present your business proposal through
NOAH Connect app
Main Presentation Topics
Attendees @ NOAH
Michael Altendorf, Co-Founder & CEO
N/A

Dr. Nazim Cetin
CEO
SPEAKER PROFILE
• Dr. Nazim Cetin is the CEO of Allianz X. Nazim has
more than a decade of leadership experience in
investing, business development and
entrepreneurship. Nazim joined Allianz X most
recently from media conglomerate Bertelsmann,
where he was a Vice President of Corporate
Development & New Businesses, as well as Head of
Business Development. Prior, he founded the first
German magazine focusing on philosophy and
economics agora 42; internationalized the commercial
finance division of Maple Bank; served as a venture
partner for Target Global, and an advisor for many
international VC funds and start-ups
• He received his Diplom in Economics from Eberhard-
Karls-Universität Tübingen, a M.Sc in Economics and
Management from Universitat Pompeu Fabra
Barcelona, and a Ph.D. in Economics from University
Witten-Herdecke
KEY INVESTOR FACTS
11
INVESTORS
Digital Investment Unit of the Allianz Group
INVESTOR PROFILE ALLIANZ X @ NOAH
• Allianz X is the digital investment unit of the Allianz Group
• We are investing in digital growth companies that are part of the ecosystems
related to insurance
• Our goal is to identify and invest in the best digital frontrunners that are
strategically relevant for the Allianz Group
• We provide an interface between portfolio companies and the digital ecosystem
within Allianz as well as drive innovation across Allianz’s operating entities and
global lines of business
Doing Business @ NOAH Main Presentation Topics
Attendees @ NOAH
Dr. Nazim Cetin, CEO
Panel discussion with
and
Key Portfolio Companies
Key Corporate Facts
Headquarters Munich, Germany
Founded 2013
Employees 26-50
NOAH Content Allianz at NOAH
Website allianzx.com
NOAH Connect app

Pablo
Rodriguez
CEO
SPEAKER PROFILE
• With 20+ years of experience, Pablo worked in several
Silicon Valley startups (Inktomi and Tahoe Networks,
building the first routers for mobile networks). He also
worked at Microsoft Research
• At Telefonica he established its Research arm
(Networks, Data Science, AI) in 2006 and lead its
Product Innovation unit, driving ideas to early stage
commercialisation with an innovation model now
featured as a Harvard Business Review case. He
launched Telefonica's Video Content Delivery
Network, used to stream the Olympics or Champions
League to millions.
• He co-founded the Data Transparency Lab, a privacy
NGO, and has also worked with chef Ferran Adria (El
Bulli) and F.C Barca applying data science to
gastronomy and soccer strategies. He was also an
adjunct Professor at Columbia University, NYC
KEY COMPANY FACTS
12
COMPANY PROFILE ALPHA @ NOAH
• Alpha is an innovation facility based in Barcelona. It was established by
Telefonica in January 2016. Alpha was created to address some of the biggest
problems in society by conceiving and delivering radical solutions and
breakthrough technology
• We build Moonshots - multi-year development projects that address big societal
problems. Our mission is for these Moonshots to one day evolve into successful
business models in their own right
TELECOMMUNICATIONS
Telefonica’s Innovation Facility
Key Corporate Facts
Headquarters Barcelona, Spain
Founded 2016
Employees 51-100
Ownership Private – Telefonica
Website alpha.company
Attendees @ NOAH
Pablo Rodriguez, CEO
1. How Alpha pioneers 'moonshot' thinking
2. How Alpha contributes to innovation in
the Telefonica group
3. What corporations can learn from this
model of innovation
Service Provider Interest
Analytics – BI, CI & Data Science
Key Hires Interest
AI & Rapid Prototyping roles, Machine
Learning, Ideation Specialist, Rapid
Prototyping Software expert

SPEAKER PROFILE
• Nicolas is Managing Director at App Annie
• A veteran in the video game industry, he has over 17
years of experience in sales, licensing and business
development with leading publishers globally
• Prior to joining App Annie, Nick served as VP of
Business Development at Glu. He also served as
Senior Director of Licensing at Atari, Inc. where he
was responsible for outbound licensing of the Atari
and Hasbro portfolio on all new digital platforms
• Nicolas also served as VP of Sales for Virgin
Interactive and Director of Sales for Interplay
Entertainment from 1996 to 2003
KEY COMPANY FACTS
13
B2B & SOFTWARE
#1 Decision-Making Platform for the Mobile App Economy
COMPANY PROFILE APP ANNIE @ NOAH
• App Annie delivers the most trusted app data and insights for your business to
succeed in the global app economy
• Over 1,000,000 registered members rely on App Annie to better understand the
app market, their businesses and the opportunities around them
• The company is headquartered in San Francisco with 450 employees across 15
global offices
• App Annie has received $157 million in financing from investors such as
e.ventures, Greenspring Associates, Greycroft Partners, IDG Capital Partners,
Institutional Venture Partners and Sequoia Capital
Unique Users 1.6m 1.2m
Visits 4.5m 2.7m
Minutes 04:09 03:39
Sessions
Mobile: 37%
Desktop: 63%
Mobile: 45%
Desktop: 54%
Apr 2018
Sources
Direct: 56%, Search: 35%,
Referrals: 2%, Other: 7%
Key Corporate Facts
Headquarters San Francisco, CA, US
Founded 2010
Employees 100-1,000
Ownership Private – VCs
Key Investors
Greenspring Associates, IVP,
Sequoia Capital, Greycroft
Partners, IDG
Funding $157m
NOAH Content App Annie at NOAH
Website appannie.com
Attendees @ NOAH
Nicolas Beraudo, MD EMEA
Silvia Buermann, Territory Director, CEE
Bertrand Salord, VP Marketing EMEA
1. The continued growth of the app
economy
2. The opportunity for TMT companies
using apps to grow their business
3. Best practices in app strategy
NOAH Connect app
Nicolas
Beraudo
Managing
Director

SPEAKER PROFILE
• Chris Farinacci currently serves as the COO at Asana,
after over four years at Google as the Senior Director
of Global Marketing, Google for Work and Google for
Education
• Chris leads Asana's go-to-market efforts, including
sales, marketing, business development, business
operations, customer success and customer support
• He holds Bachelor of Science in Mechanical
Engineering from The Ohio State University
KEY COMPANY FACTS
14
B2B & SOFTWARE
Work-management Software
COMPANY PROFILE ASANA @ NOAH
• Asana is a fast-growing company that makes it easy for any team or
organization to plan, prioritize, manage, track, and complete their projects,
processes and work with greater clarity and accountability, and to generally be
more effective and focused. If you’ve ever worked on a large team, you’ve faced
the age old problem of work about work. We’re solving it at Asana
• The company was established in 2008 and is based in San Francisco, California
Visits 22.0m 30.8m
Minutes 09:56 10:15
Sessions
Mobile: 8%
Desktop: 92%
Mobile: 12%
Desktop: 88%
Apr 2018
Sources
Key Corporate Facts
Founded 2008
Employees 100-1,000
Key Investors
Generation IM, Founders Fund,
Y Combinator
Funding $163m
Website asana.com
Attendees @ NOAH
Chris Farinacci, Head of Business
N/A
NOAH Connect app
Chris Farinacci
COO

Dr. Mathias
Döpfner
CEO
SPEAKER PROFILE
• Dr Mathias Döpfner, born 1963, studied musicology,
German and theatrical arts in Frankfurt and Boston
• He started his career as a journalist at the "Frankfurter
Allgemeine Zeitung" in 1982. He was director of a PR
agency from 1988 to 1990. In 1992 he worked on the
staff of the international director of the Gruner + Jahr
publishing company in Paris and later became
assistant to the CEO of Gruner + Jahr in Hamburg. He
then held further positions in journalism as editor-in-
chief of "Wochenpost" in Berlin (1994–1996) and
"Hamburger Morgenpost" (1996–1998)
• He has been with Axel Springer SE since 1998.
Initially as editor-in-chief of Die Welt. Dr Mathias
Döpfner became the member of the Executive Board
responsible for the Multimedia Division in July 2000
and took charge of the Newspapers Division as well in
October 2000. He has been CEO of the Axel Springer
SE since January 2002
KEY COMPANY FACTS
15
DIGITAL & TMT
One of the Largest Digital
Publishing Houses in Europe
COMPANY PROFILE AXEL SPRINGER @ NOAH
• Axel Springer is the leading digital publisher in Europe and is active in more
than 40 countries. Publishing brands include BILD, DIE WELT and BUSINESS
• INSIDER
• Journalism is the foundation of the business model. When Axel Springer
founded its first publishing house in 1946, the editors spent the first year
working above a warehouse, often without electricity
• Today, Axel Springer owns and operates the world’s largest digital classifieds
business with classifieds revenues of €1.0bn and an EBITDA of €413m in the
financial year 2017
Attendees @ NOAH
Dr. Mathias Döpfner, CEO
Fireside chat with Marco Rodzynek
Valuation Data and Key Financials
Market Cap €7.4bn
Key Financials 2017
Revenues
Digital
Other
€3,563m
72%
28%
Adjusted EBITDA €646m
Margin 18%
EV/Revenue 2.5x
EV/EBITDA 13.5x
All financial actual data and estimates provided by CapitaIQ, as of 08/05/2018.
Key Corporate Facts
Headquarters Berlin, Germany
Founded 1946
Employees 10,000+
Ownership Public (ETR)
Company
Presentation
Click here to download
NOAH Content Axel Springer at NOAH
Website axelspringer.de
NOAH Connect app

Gerhard
Cromme
Chairman
SPEAKER PROFILE
• Gerhard Cromme is the Chairman of AUTO1 Group
• He has been a member of Siemens’ Supervisory
Board since 2003 and Chairman of the Audit
Committee since 2005
• He studied law and economics from 1962 to 1971 at
the Universities of Münster, Lausanne and Paris and
passed first and second "Staatsexamen" (state
examination for lawyers) and Awarded Doctorate in
Law
• He has a PMD from Harvard Business School
KEY COMPANY FACTS
16
CONSUMER GOODS, RETAIL & ECOMMERCE
Global Online Car Marketplace
COMPANY PROFILE AUTO1 GROUP @ NOAH
• AUTO1 Group was founded by Christian Bertermann and Hakan Koç, both
former Berlin based internet executives, in August 2012 to change the way cars
are bought and sold. In 2014 former Groupon SVP Chris Muhr joined the team
as co-founder and Chief Operating Officer
• AUTO1 Group buys used cars from OEMs, dealerships and its own business
units and sells them into its global dealership network. Prices are determined by
its proprietary CORE pricing algorithm
• The entire service including inspection and valuation is free of charge
• AUTO1 is now trading with more than 35,000 professional partners and selling
more than 40,000 cars per month
Key Corporate Facts
Founded 2012
Employees Over 1,000
Key Investors
SoftBank, Princeville Global, DST
Global, Baillie Gifford, Piton
Capital
Funding $1.1bn
NOAH Content AUTO1 Group at NOAH
Website auto1-group.com
Visits 0.6m 0.6m
Minutes 09:08 12:35
Sessions
Mobile: 52%
Desktop: 47%
Mobile: 37%
Desktop: 63%
Apr 2018
Sources
NOAH Connect app
Attendees @ NOAH
Hakan Koç, Co-Founder & Co-CEO
Gerhard Cromme, Chairman

Hakan Koç
Co-Founder &
Co-CEO
SPEAKER PROFILE
• Hakan Koc is Co-Founder & Co-CEO of AUTO1
Group, an online marketplace for the buying and
selling of inspected used cars
• He was previously the chief product officer at
Home24.de
• Koc holds an LLB from Bucerius Law School
KEY COMPANY FACTS
17
Global Online Car Marketplace
COMPANY PROFILE AUTO1 GROUP @ NOAH
• AUTO1 Group was founded by Christian Bertermann and Hakan Koç, both
former Berlin based internet executives, in August 2012 to change the way cars
are bought and sold. In 2014 former Groupon SVP Chris Muhr joined the team
as co-founder and Chief Operating Officer
• AUTO1 Group buys used cars from OEMs, dealerships and its own business
units and sells them into its global dealership network. Prices are determined by
its proprietary CORE pricing algorithm
• The entire service including inspection and valuation is free of charge
Visits 0.6m 0.6m
Minutes 09:08 12:35
Sessions
Mobile: 52%
Desktop: 47%
Mobile: 37%
Desktop: 63%
Apr 2018
Sources
NOAH Connect app
Attendees @ NOAH
Hakan Koç, Co-Founder & Co-CEO
Gerhard Cromme, Chairman
Key Corporate Facts
Founded 2012
Key Investors
SoftBank, Princeville Global, DST
Global, Baillie Gifford, Piton
Capital
Funding $1.1bn
NOAH Content AUTO1 Group at NOAH
Website auto1-group.com

SPEAKER PROFILE
• Raffael is the co-founder & CEO of auxmoney, the
leading marketplace for consumer credit in continental
Europe
• He also co-founded Excellion Capital, a London-based
merchant banking boutique specialised in corporate
finance advisory and principal investments, leveraging
technology
• Prior to founding his own businesses, Raffael was a
Vice President at Rothschild Investment Bank in
Frankfurt
KEY COMPANY FACTS
18
LENDING PLATFORMS
Online Lending Marketplace
COMPANY PROFILE AUXMONEY @ NOAH
• auxmoney is the largest credit marketplace in Continental Europe. On
auxmoney, private and institutional investors invest directly in pre-approved
borrowers
• To date, auxmoney has funded more than 100,000 loan requests with a total
volume of more than €800 million. Using its unique risk models and expertise in
credit rating and underwriting, auxmoney can make more favourable loans
available to more people, while enabling investors to benefit from attractive risk-
adjusted returns
• Leading VCs such as Index Ventures, Union Square Ventures, Foundation
Capital and Partech Ventures are invested in auxmoney
Visits 0.6m 0.5m
Minutes 05:31 04:34
Sessions
Mobile: 53%
Desktop: 47%
Mobile: 57%
Desktop: 43%
Apr 2018
Sources
Key Corporate Facts
Headquarters Düsseldorf, Germany
Founded 2007
Employees 100-1,000
Active Markets National
Ownership Private - VCs
Key Investors
Index Ventures, Union Square
Ventures, Aegon, Foundation
Capital, Seven Ventures
Funding $198m
NOAH Content auxmoney at NOAH
Website auxmoney.com
Attendees @ NOAH
Raffael Johnen, Co-Founder & CEO
1. auxmoney growth story
2. Digitalization of Lending
3. Enlarging credit access
Raffael Johnen
Co-Founder &
CEO
Key Operational KPIs
Loan Origination Volume in 2017 €316m
Platform Funding Commitments €1bn+
Partnerships Interest
Banks that look to improve or enlarge their
credit offering
Key Hires Interest
Data Scientists, Risk Analysts, Data
Engineers, Developer, Sales & Marketing
Professionals

Michael Kent
Founder & CEO
SPEAKER PROFILE
• Michael Kent is a serial entrepreneur, who has spent
the last decade building businesses in consumer
financial services. He started Azimo to challenge high-
transfer costs and drastically speed-up the way
consumers send money abroad
• He founded Small World Financial Services Group in
2004, growing the multi billion-dollar company to
become Europe’s largest offline money transfer
provider and a top ten player globally
• Alongside Azimo, Michael founds and invests in
consumer-focused banks and financial services
businesses (e.g. CorporatePay, Curve, YoYo Wallet,
ClarityFX) and advises institutional investors and blue-
chip corporates on cross-border payments. He
previously held senior M&A positions at WPP and
News Corp
• Michael holds a MA from Cambridge University and a
MBA from INSEAD
KEY COMPANY FACTS
19
PAYMENTS
Online International Money Transfer Service
COMPANY PROFILE AZIMO @ NOAH
• Launched in 2012, digital money transfer company Azimo was created to
harness the smartphone revolution, disrupt the remittance sector and lower
prices for migrants sending money home
• With the growth of mobile and the rising digital expectations of consumers,
founder and CEO Michael Kent realised the power of a seamless, anywhere,
anytime money transfer service that didn’t cost a huge fee
• Azimo now has over a million users connected to the service and has created
the largest digital network in the world, enabling money to be sent to over 5
billion people in 190+ countries, from any internet-connected device
• Over 2.6 billion adults globally don’t have bank accounts. And even if sending
money to a bank account is possible, it’s not always the preferred option. Azimo
can deliver the money in 80+ currencies to bank accounts, cash, mobile wallets,
mobile top up as well as home delivery.
• Azimo is at the fore-front of tech innovation and has partnered with Facebook
and Apple amongst others, in order to provide a fast, simple and secure service
to change the way people living abroad send money to their loved ones
Key Corporate Facts
Headquarters London, UK
Founded 2012
Employees 51-100
Key Investors
e.ventures, MCI Capital,
Rakuten, Greycroft Partners,
Frog Capital
Funding $46m
NOAH Content Azimo at NOAH
Website azimo.com
Visits 1.0m 0.9m
Minutes 05:58 04:23
Sessions
Mobile: 59%
Desktop: 41%
Mobile: 65%
Desktop: 35%
Apr 2018
Sources
Attendees @ NOAH
Michael Kent, Founder & CEO
1. Cross-border payments
2. Mobile payments
3. AI/Machine learning
We are interested in establishing commercial
partnership with companies that want to work
with us in cross-border payments
Key Hires Interest
We are always keen to hire great people in
the areas of AI/data sciences and product

SPEAKER PROFILE
• Markus is one of the four founders of Babbel and
leads the company as CEO
• Before Babbel, Markus was engaged in various
positioans at Native Instruments where was
responsible for online marketing, web content and
technical infrastructure for six years
• Prior, he was a university lecturer for cultural studies
at the Humboldt Universität in Berlin
KEY COMPANY FACTS
20
HEALTHCARE, SCIENCE & EDUCATION
Market-leading App for Language Learning
COMPANY PROFILE BABBEL @ NOAH
• Founded in 2007, Babbel is the world’s first language learning app
• A leader in the online language learning industry, Babbel is an international
success with more than 1 million active subscribers and ranked as the world’s
#1 innovative company in education
• Our meticulously designed courses guarantee you language skills you can use
right away. Babbel is the shortest path to real-life conversations; 73% of our
users indicated that they’d be able to have a short, simple conversation in their
new language within five hours of using Babbel
Visits 11.3m 9.5m
Minutes 03:24 04:12
Sessions
Mobile: 52%
Desktop: 48%
Mobile: 48%
Desktop: 52%
Apr 2018
Sources
Key Corporate Facts
Founded 2007
Employees 100-1,000
Active Markets International
Key Investors
Scottish Equity Partners, Nokia
Growth Partners, KIZOO, REV,
IBB Beteiligungsgesellschaft
Funding $33m
NOAH Content Babbel at NOAH
Website babbel.com
Attendees @ NOAH
Markus Witte, Co-Founder & CEO
N/A
NOAH Connect app
Markus Witte
Co-Founder &
CEO

Suranga
Chandratillake
Partner
SPEAKER PROFILE
• Suranga joined Balderton as a General Partner in
2013. He was previously an entrepreneur and
engineer
• Suranga founded blinkx, the intelligent search engine
for video and audio content in Cambridge in 2004. He
then led the company for eight years as CEO through
its journey of moving to San Francisco, building a
profitable business and going public in London where
it achieved a peak market capitalisation in excess of
$1Bn. Before founding blinkx, Suranga was an early
employee at Autonomy Corporation - joining as an
engineer in the Cambridge R&D team and ultimately
serving as the company's US CTO in San Francisco
• Suranga has a MA in Computer Science from the
University of Cambridge
• He holds patents in the area of video discovery and
online video advertising.
KEY INVESTOR FACTS
21
INVESTORS
The Largest Series A Focused
European Venture Capital Firm
INVESTOR PROFILE BALDERTON CAPITAL @ NOAH
• Balderton is the largest Europe focused venture fund. The company invest
between $1m to $20m into companies with the potential to disrupt huge
industries, and the ambition to scale globally
• Balderton’s focuses on early stage, European technology businesses, with
ambitious founders and unique approaches.
• Balderton invests for the long term, with the ability to support our companies
from start to exit
Attendees @ NOAH
Suranga Chandratillake, Partner
and
Key Corporate Facts
Founded 2000
Funds Raised $2.3bn
Employees 26-50
NOAH Content Balderton at NOAH
Website balderton.com
NOAH Connect app

Rob Moffat
Partner
SPEAKER PROFILE
• Rob joined Balderton Capital in 2009 and was
promoted to partner in 2015
• He is currently a board director or observer with five
portfolio companies: Carwow, Wooga, Nutmeg,
Prodigy Finance, and Patients Know Best. Other
investments he has worked with at Balderton include
Qubit, Citymapper, Housetrip, Scoot and Archify
• Rob's focus sector is fintech, in particular insurance
and retail financial services. Marketing is a particular
area of interest, and Rob is responsible for best
practice sharing in marketing across the portfolio
• Prior to joining Balderton Rob worked for Google in
London, as a Manager in the European Strategy and
Operations team
• He started his career with five years in strategy
consulting with Bain, and holds an MBA from INSEAD
and a Masters in Statistics from Cambridge
KEY INVESTOR FACTS
22
INVESTORS
The Largest Series A Focused
European Venture Capital Firm
INVESTOR PROFILE BALDERTON CAPITAL @ NOAH
• Balderton is the largest Europe focused venture fund. The company invest
between $1m to $20m into companies with the potential to disrupt huge
industries, and the ambition to scale globally
• Balderton’s focuses on early stage, European technology businesses, with
ambitious founders and unique approaches.
• Balderton invests for the long term, with the ability to support our companies
from start to exit
Attendees @ NOAH
Rob Moffat, Partner
Key Corporate Facts
Founded 2000
Funds Raised $2.3bn
Employees 26-50
NOAH Content Balderton at NOAH
Website balderton.com
NOAH Connect app
and

Saskia
Steinacker
Global Head of
Digital
Excellence
SPEAKER PROFILE
• Saskia Steinacker was named Global Head of Digital
Excellence in February 2017. In this capacity, she
leads Bayer’s digital transformation in close
collaboration with the Board of Management. Together
with the divisions and functions she developed the
company’s Digital Agenda with a focus on new
business models to accelerate new growth
• From 2013-2016 she lead the global digital IT function
for Bayer and prior to this the Bayer North America
Marketing & Sales IT unit
• In 2004 she joined Bayer and held a succession of
roles in Marketing, ranging from Multichannel Marketer
to Head of Dialog Marketing for Diabetes Care. In this
capacity she redesigned the customer interaction of
the unit and launched a state-of the art CRM program.
• She graduated from Ecosign Academy with a degree
in Communication Design and holds a Master in
Business Administration from Liverpool University
KEY COMPANY FACTS
23
Global Life Sciene Company
COMPANY PROFILE BAYER @ NOAH
• Bayer is a Life Science company with a more than 150-year history and core
competencies in the areas of health care and agriculture. With our innovative
products, we are contributing to finding solutions to some of the major
challenges of our time
• Together, the Life Science businesses make up a strong, attractive and
balanced portfolio that is resistant to fluctuations in demand and to potential
risks. Our operations are managed in three divisions – Pharmaceuticals,
Consumer Health and Crop Science – and the Animal Health business unit,
which are also reporting segments
Market Cap €87.2bn
2017 2018E Growth
Revenues €m 35,015 35,341 1%
EBITDA €m 8,801 9,443 7%
Margin % 25% 27% -
EV/Revenue 2.5x 2.5x (0%)
EV/EBITDA 9.5x 9.4x (1%)
Key Corporate Facts
Headquarters Leverkusen, Germany
Founded 1863
Employees 99,820+
Key Shareholders
Temasek, Vanguard Group,
NBIM, BlackRock
Investor
Presentations
Website bayer.com
Attendees @ NOAH
Saskia Steinacker, Global Head
of Digital Excellence
Business Intelligence
CI & Data Science
Women in Healthcare Panel Discussion
with and Simone Menne

SPEAKER PROFILE
• Daniel Schustermann is the CEO of Schustermann &
Borenstein, the leading exclusive omnichannel retail
fashion community for private members in the DACH
region. BestSecret is the subsidiary of Schustermann
& Borenstein, and is an e-commerce company for
designer merchandise
• Daniel received his higher education from European
Business School
KEY COMPANY FACTS
24
ONLINE FASHION
Europe’s Most Exclusive Shopping Community
COMPANY PROFILE BESTSECRET @ NOAH
• BestSecret offer exclusive insider access to the best brands at the best prices,
each and every day
• Unlike other members’ shopping clubs that only order items in when the flash
sale expires, our products are available immediately. We have over one million
items in stock from over 3,000 brands in our state-of-the-art warehouse
• Access to BestSecret is by-invite only. To become a member, you must be
referred to join by another member or come through one of our limited and
exclusive partnerships. Memberships can be found in anything from your
magazine subscription to your credit card benefits package. However we do
limit the number of members that come through partnership channels and can
close the door at our perceived capacity
Visits 1.8m 2.5m
Minutes 13:41 12:23
Sessions
Mobile: 44%
Desktop: 56%
Mobile: 54%
Desktop: 46%
Apr 2018
Sources
Key Corporate Facts
Headquarters Dornach, Germany
Founded 2007
Employees 100-1,000
Key Investors Ardian, Permira
Funding €200m
Website bestsecret.com
Attendees @ NOAH
Daniel Schustermann, CEO S&B
Fireside chat with
NOAH Connect app
Daniel
Schustermann
CEO,
Schustermann &
Borenstein

SPEAKER PROFILE
• Prior to becoming Chief Executive Officer in October
2016, Nicolas oversaw BlaBlaCar’s global operations
and international growth as Chief Operating Officer
since 2011. He led the company’s corporate
development, overseeing eight acquisitions,
expansion to twenty markets, and three successive
rounds of fundraising
• Prior to joining BlaBlaCar, Nicolas worked for several
startups in Silicon Valley during the dotcom boom,
before moving on to executive and investor roles,
including spending time as a Venture Capitalist at
Amadeus Capital Partners in London
• He holds an MBA from INSEAD, a Masters in Optics
from Ecole Supérieure d’Optique and a Masters in
Applied Physics from Paris XI University
• Nicolas is also an active angel investor and tweets
@nbrusson
KEY COMPANY FACTS
25
TRANSPORTATION & MOBILITY
Leading Long-Distance Car Pooling Platform
COMPANY PROFILE BLABLACAR @ NOAH
• BlaBlaCar is the world leading long-distance carpooling platform. It's a trusted
community marketplace that connects car drivers with empty seats to
passengers looking for a ride, over average distances of 300km
• With 60 million members worldwide and over 18 million travellers every quarter,
BlaBlaCar is creating an entirely new, people powered, travel network. With a
dedicated member relations service, a state of the art web and mobile platform,
and a fast-growing trusted community, BlaBlaCar is making travel social,
money-saving and more efficient for millions of members
Visits 2.0m 1.8m
Minutes 01:34 01:51
Sessions
Mobile: 82%
Desktop: 18%
Mobile: 77%
Desktop: 23%
Apr 2018
Sources
Attendees @ NOAH
Nicolas Brusson, Co-Founder & CEO
Chantal Ambord, General Manager
N/A
NOAH Connect app
Nicolas
Brusson
Co-Founder &
CEO
Key Corporate Facts
Headquarters Paris, France
Founded 2006
Employees 100-1,000
Key Investors
Baring Vostok, Accel, Index
Ventures, Insight, Lead Edge
NOAH Content BlaBlaCar at NOAH
Funding $335m
Website blablacar.com

SPEAKER PROFILE
• Chantal Ambord is a General Manager of BlaBlaPro
team
• Before joining BlaBlaCar, Chantal spent five years
working in Asia, notably driving the marketing efforts of
the Hong Kong Stock Exchange in Europe and
contributing to the listing of international companies
such as Prada in Hong Kong
• Chantal previous entrepreneurial experience include
building Nextfunder, an equity crowdfunding platform,
and the Women’s Exchange, an association to
increase women leadership in Hong Kong’s financial
industry
• Chantal speaks five languages and holds an MBA
degree from INSEAD
KEY COMPANY FACTS
26
Leading Long-Distance Car Pooling Platform
COMPANY PROFILE BLABLACAR @ NOAH
• BlaBlaCar is the world leading long-distance carpooling platform. It's a trusted
community marketplace that connects car drivers with empty seats to
passengers looking for a ride, over average distances of 300km
• With 60 million members worldwide and over 18 million travellers every quarter,
BlaBlaCar is creating an entirely new, people powered, travel network. With a
dedicated member relations service, a state of the art web and mobile platform,
and a fast-growing trusted community, BlaBlaCar is making travel social,
money-saving and more efficient for millions of members
Visits 2.0m 1.8m
Minutes 01:34 01:51
Sessions
Mobile: 82%
Desktop: 18%
Mobile: 77%
Desktop: 23%
Apr 2018
Sources
Attendees @ NOAH
Nicolas Brusson, Co-Founder & CEO
Chantal Ambord, General Manager
NOAH Connect app
Chantal Ambord
General
Manager,
BlaBlaPro Team
Key Corporate Facts
Founded 2006
Employees 100-1,000
Key Investors
Baring Vostok, Accel, Index
Ventures, Insight, Lead Edge
NOAH Content BlaBlaCar at NOAH
Funding $335m
Website blablacar.com

SPEAKER PROFILE
• Dr. Jens Wohltorf is the CEO and co-founder of the
global professional driver service Blacklane
• Blacklane provides peace of mind for passengers and
drivers in more than 50 countries and 250 cities
around the world. Blacklane guarantees high-quality
vehicles with commercially licensed and insured
drivers at fair, fixed and all-inclusive rates
• Prior to founding Blacklane, Jens Wohltorf worked as
Principal at the Boston Consulting Group
• Wohltorf studied industrial engineering at the
Technical University of Berlin with research
residencies at the University of California, Berkeley,
and MIT, where he studied urban traffic patterns. In
2005 he completed his Ph.D. in Telecommunications
at the Distributed Artificial Intelligence Laboratory of
the Technical University of Berlin
KEY COMPANY FACTS
27
Global Professional Driver Services Company
COMPANY PROFILE BLACKLANE @ NOAH
• Blacklane is the global professional driver service, covering the first and last
miles of your journey
• We provide peace of mind for passengers and drivers in more than 50
countries, 250 cities and 500 airports around the world
• We guarantee high-quality rides at fair, fixed and all-inclusive rates
• All drivers are commercially licensed and insured
• Our state-of-the-art systems and a multi-lingual 24/7 Customer Service team
coordinate tens of thousands of quality cars in real time
• You can schedule rides on our website or mobile apps or via distribution and
channel partners
Visits 0.3m 0.4m
Minutes 02:11 02:43
Sessions
Mobile: 38%
Desktop: 62%
Mobile: 49%
Desktop: 51%
Apr 2018
Sources
Key Corporate Facts
Founded 2011
Employees 100-1,000
Product
Presentation
Key Investors
Daimler, ALFAHIM, btov
Partners, ALSTIN
Funding $83m
Website blacklane.com
Attendees @ NOAH
Dr. Jens Wohltorf, Co-Founder & CEO
1. Global quality focus across all
touchpoints
2. Growing the addressable market of
worldwide chauffeur services
3. Expansion into adjacent airport
concierge services market
Dr. Jens
Wohltorf
Co-Founder &
CEO
M&A Interest
Open to discussions
Travel and transportation
Key Hires Interest
Hiring dozens of positions, including Head of
Brand, senior developers and engineers, a
senior designer, and several sales positions

SPEAKER PROFILE
• Stefan Nicola covers German technology, media and
telecoms companies for Bloomberg News and
BloombergBusinessweek from Berlin
• He's a seasoned journalist with more than 12 years of
reporting experience in fields ranging from renewable
energy to arts and politics
• Prior to joining Bloomberg, Stefan was the Europe
correspondent for United Press International (UPI) and
wrote for publications including 11Freunde, the
European Energy Review and Gruner + Jahr's VIEW
• He has covered events including the German and U.S.
presidential elections, G8, EU, NATO and U.N. climate
summits as well as the FIFA World Cup
KEY COMPANY FACTS
28
MEDIA
Leader in Global Business
and Financial Information
COMPANY PROFILE BLOOMBERG @ NOAH
• Bloomberg is the world's primary distributor of financial data and a top news
provider of the 21st century
• A global information and technology company, we use our dynamic network of
data, ideas and analysis to solve difficult problems every day
• Our customers around the world rely on us to deliver accurate, real-time
business and market information that helps them make important financial
decisions
Key Corporate Facts
Headquarters New York City, NY, US
Founded 1981
Employees 19,000
Ownership Private
NOAH Content Bloomberg at NOAH
Website bloomberg.com
Attendees @ NOAH
Stefan Nicola, German TMT Reporter
Fireside chat with
Key Financials
Revenues 2015 ~$9bn
Visits 107.5m 105.9m
Minutes 07:20 08:55
Sessions
Mobile: 40%
Desktop: 60%
Mobile: 39%
Desktop: 61%
Apr 2018
Sources
Key Operating KPIs
Subscriptions (Bloomberg Professional) 325k
Stories Published (Bloomberg News) 5k / day
Global Locations 192
NOAH Connect app
Stefan Nicola
German
Telecoms, Tech
and Media
Reporter

SPEAKER PROFILE
• Simone Menne sits in the Supervisory Board Member
of BMW, DPDHL and Springer Nature
• Previously, she was a Member of the Board of
Managing Directors in charge of finance in Boehringer
Ingelheim
• Prior to that, Simone has been the CFO and a
member of the Executive Board of Deutsche
Lufthansa since 2012. Between 1989 and 1999,
Simone held various positions in revenue accounting,
working as the head of data processing and user
services, as a project manager. In 1999, she assumed
responsibility for commercial management and HR for
Lufthansa in Southwest Europe prior to taking over the
same position for all of Europe in London in 2001. In
2004, Simone Menne was appointed VP Finance and
Accounting at Lufthansa Technik before moving to
British Midland Ltd. as the CFO in 2010
KEY COMPANY FACTS
29
Supervisory Board Member of BMW,
DPDHL, Springer Nature
COMPANY PROFILE SIMONE MENNE @ NOAH
BMW Group
• German multinational company which
currently produces automobiles and
motorcycles, and also produced
aircraft engines until 1945
• The company was founded in 1916
and has its headquarters in Munich,
Bavaria. BMW produces motor
vehicles in Germany, Brazil, China,
India, South Africa, the United
Kingdom and the United States
• Automobiles are marketed under the
brands BMW (with sub-brands BMW
M for performance models and BMW
i for plug-in electric cars), Mini and
Rolls-Royce
Attendees @ NOAH
Simone Menne, Supervisory Board
Member of BMW,
DPDHL, Springer
Nature
Simone Menne
Supervisory
Board Member of
BMW, DPDHL,
Springer Nature
NOAH Connect app
BMW Group
Deutsche Post DHL Group
• German postal service and
international courier service
company, the world's largest
• Four brands: Deutsche Post – offers
domestic mail services under its
traditional name; the division is called
Post - eCommerce - Parcel (PeP);
DHL Express – brand used as an
umbrella brand for worldwide logistics
services; Power Packaging – supplier
of food and beverage contract
manufacturing and packaging
services to North American
companies; StreetScooter - electric
vehicle manufacturer.
Key Corporate Facts
Founded 1916
Employees 129,932
Company Presentation Click here to download
NOAH Content BMW at NOAH
Website bmwgroup.com
Deutsche Post DHL Group
Key Corporate Facts
Headquarters Bonn, Germany
Founded 1995
Employees 510,000
Company Presentation FY 2017 Presentation
Website dpdhl.com
with and

Sohaila Ouffata
Director of
Platform
SPEAKER PROFILE
• Sohaila invests for BMW i Ventures in cutting-edge
solutions focusing on BMW’s current and future
business in the technology and customer & service
space. In addition to the investment activities Sohaila
works closely with BMW i Ventures’ portfolio
companies. In her role as the Director of Platform,
Sohaila develops and implements strategic growth
initiatives and provides operational support to these
companies
• The current portfolio of BMW i Ventures includes
among others start-ups like May Mobility, Caroobi,
Carbon and Moovit. Sohaila was always dedicated to
innovation and new business models
• Before joining BMW i Ventures Sohaila worked as a
Senior Innovation & New Business Manager within the
Telecommunications and Media industry. Within these
roles she launched over the last ten years digital
products & services on a global scale
KEY INVESTOR FACTS
30
INVESTORS
VC Fund Focused on Mobility, Data and Energy Services
INVESTOR PROFILE BMW I VENTURES @ NOAH
• BMW i Ventures is BMW’s venture capital fund, invests money and resources in
startups in the fields of autonomous driving, digital car and automotive cloud, e-
mobility, artificial Intelligence and data, industry 4.0, shared and on-demand
mobility, customer digital life, and energy services
• The firm has already partnered with innovative companies such as Carbon3D,
Chargepoint, DesktopMetal, JustPark, Life360, Moovit, Nauto, Scoop, Stratim,
Xometry and Zendrive.
• BMW i Ventures invests in all stages from seed and incubation to growth
companies
Attendees @ NOAH
Sohaila Ouffata, Director of Platform
1. Context Future of Mobility &
Transportion
2. BMW i Ventures investment activities
3. BMW i Ventures platform / ecosystem
approach
Key Corporate Facts
Founded 2011
Current Fund Size €500m
Employees 4-10
Website bmwiventures.com
Service Providers Interest
Ecommerce Services (Platforms)
Venture capital deals

Philipp Man
Co-Founder &
CEO
SPEAKER PROFILE
• Philipp Man is a confessing watch enthusiast
• During his studies at the University of Cambridge, he
worked for the Boston Consulting Group,
GlencoreXstrata and various watch dealers in London
• In 2013, he and Ludwig Wurlitzer founded the leading
e-commerce company to buy, sell and service luxury
watches
• Philipp studied at Cambridge University and King's
College London
KEY COMPANY FACTS
31
Online Platform for Luxury Watches
COMPANY PROFILE CHRONEXT @ NOAH
• CHRONEXT is a full-service platform for luxury watch trading
• Users can buy and sell fine timepieces and also maintain their existing collection
through our watchmaker services. Company’s concept follows two principles:
security and customer-friendliness
• In addition to brand new models, CHRONEXT offers pre-owned and vintage
timepieces
• All watches offered by chronext have been verified by authentication & condition
Unique Users 16k 69k
Visits 40k 175k
Minutes 00:51 01:20
Sessions
Mobile: 45%
Desktop: 55%
Mobile: 69%
Desktop: 31%
Apr 2018
Sources
Attendees @ NOAH
Philipp Man, Co-Founder & CEO
1. Landscape of the watch industry
2. Performance Outlook 2017 / 2018 and
moving forward
3. Digitalisation of the watch industry
NOAH Connect app
Key Corporate Facts
Headquarters Zug, Switzerland
Founded 2013
Employees 100-1,000
Key Investors
Tengelman Ventures, Endeit
Capital, Partech, Capnamic
Ventures, Inventure Partners,
JamJar, Altus Capital Partners
Funding $52m
NOAH Content Chronext at NOAH
Website chronext.com
Premium
Partner

SPEAKER PROFILE
• Payal Kadakia is the Founder & Executive Chairman
of ClassPass, a membership program that provides
people of all fitness levels access to the best boutique
studio classes across the US
• Payal is also the Founder and Artistic Director of The
Sa Dance Company, founded in 2009 with the mission
to increase awareness of Indian Dance in the
mainstream and serve as a platform for expressing the
Indian-American identity through movement
• Payal previously worked as a consultant at Bain &
Company and holds a degree in Operations Research
from MIT
KEY COMPANY FACTS
32
Online Subscription-Based Fitness Marketplace
COMPANY PROFILE CLASSPASS @ NOAH
• Founded in 2013, ClassPass is a subscription marketplace that lets users find
and book fitness classes
• With over 9,000 partners in 50 cities worldwide, ClassPass connects members
to a variety of fitness experiences, including yoga, cycling, Pilates, barre,
running, strength training, dance, sports, videos and more
• Recognized as one of Forbes's Next Billion Dollar Startups, ClassPass
leverages proprietary technology to dynamically merchandise and surface over
a million fitness classes for a seamless booking experience that facilitates
discover
Visits 0.09m 1.2m
Minutes 01:40 04:21
Sessions
Mobile: 11%
Desktop: 89%
Mobile: 34%
Desktop: 64%
Apr 2018
Sources
Key Corporate Facts
Headquarters New York, NY, US
Founded 2013
Employees 100-1,000
Key Investors General Catalyst, Temasek, GV
Funding $173m
Website classpass.com
Attendees @ NOAH
Payal Kadakia, Founder & Executive
Chairman
Fireside chat with
NOAH Connect app
Payal Kadakia
Founder &
Executive
Chairman

Sascha
Konietzke
Co-Founder &
CEO
SPEAKER PROFILE
• Sascha is the CEO and co-founder of Contentful, the
API-driven Content-as-a-service (CaaS) platform,
where he is in charge of strategy development and
implementation, business development and investor
relations
• Prior to Contentful, Sascha worked as an IT consultant
and in HP's web operations team
• Sascha grew up in Stuttgart, Germany, and earned his
Diploma and BS in Business Information Technology
from the University of Cooperative Education in his
home city
KEY COMPANY FACTS
33
B2B & SOFTWARE
Content Management Infrastructure
COMPANY PROFILE CONTENTFUL @ NOAH
• Contentful provides content infrastructure for digital teams to power websites,
apps, and devices. Unlike a CMS, Contentful was built to integrate with the
modern software stack
• It offers a central hub for structured content, powerful management and delivery
APIs, and a customizable web app that enables developers and content
creators to ship their products faster
• Companies like Spotify, Red Bull, Optimizely, Twilio, and Urban Outfitters rely
on Contentful to solve the complexities of content management in the modern
multi-channel world
• The demand for a new way to manage content is in the numbers: the company
is growing rapidly and has raised nearly $50m from VC firms including General
Catalyst, Benchmark, Balderton, Point Nine, and Trinity Ventures
Visits 1.0m 0.7m
Minutes 02:40 05:41
Sessions
Mobile: 34%
Desktop: 66%
Mobile: 35%
Desktop: 65%
Apr 2018
Sources
Key Corporate Facts
Founded 2012
Employees 100-1,000
Key Investors
Benchmark, General Catalyst,
Balderton, Point Nine
Funding €38m
Website contentful.com
Attendees @ NOAH
Sascha Konietzke, Co-Founder & CEO
Panel discussion with and
Developers 130,000
Marketing
Cloud players in the digital experience
ecosystem (e.g. e-commerce, analytics)
Key Hires Interest
VP Engineering

Nicolas Witte
Managing
Director
SPEAKER PROFILE
• In February 2017 Nicolas Witte, born in 1985, became
the third Managing Director of Control€xpert – the
high-tech-company and digitalization expert of the
vehicle sector
• Witte already started working for the company in 2010
as Director Business Development and focused
successfully on expanding the national and
international business
• In the recent years, he was mainly in charge for
establishing the subsidiary in the USA and advanced
the international development intensively
• Previously Witte worked for AUTOonline GmbH as
Business Development Manager
• Witte is a graduate engineer (FHDW Hannover) and
has an MBA (FOM-Hochschule) focusing on
economics and managemen
KEY COMPANY FACTS
34
B2B & SOFTWARE
Software and Data Analytics Services
for Claims Management Process
COMPANY PROFILE CONTROL€XPERT @ NOAH
• We digitalize manual processes of insurance and leasing companies, repair
shops, and OEMs in the automotive industry. As a service provider, we simplify
and accelerate complex transactions
• We were founded in 2002. In the past the settlement of vehicle claims took a
long time and was accordingly more expensive. Over the years, we increasingly
standardized the knowledge of car experts in databases along with
manufacturer data. This unique combination of IT and vehicle know-how is our
recipe for success. Today we are able to perform audits of appraisals,
estimates, invoices, and maintenance documents in a mostly fully-automated
way
• The customers benefit from our determination of high savings potential as well
as transparent and accelerated processes. Today we audit more than 8 million
vehicle claims per year with the help of over 700 colleagues at 16 locations.
Each country has individualized products and services that are tailored to local
requirements. Our customers include all major insurance and leasing
companies, repair shops and OEMs in the automotive industry
Unique Users 6k 10k
Visits 24k 30k
Minutes 06:25 03:22
Sessions
Mobile: 45%
Desktop: 55%
Mobile: 69%
Desktop: 31%
Apr 2018
Sources
Key Corporate Facts
Headquarters Langenfeld, Germany
Founded 2002
Employees 100-1,000
Key Investors General Atlantic
Website controlexpert.com
Attendees @ NOAH
Nicolas Witte, Managing Director
1. Virtual Car Inspection
2. Automatic Image Recognition
3. Evaluation of sensory data
Number of checked claims per year 8m
Average saving per claim 10-15%
Number of insurance clients 100+
Key Financials
Revenues 2017 €51-100m
EBITDA 2017 Profitable
Analytics (BI, CI & Data Science, KPI
Analyses)

Ardian Gjeloshi
Co-Founder &
Chairman
SPEAKER PROFILE
• Matthias Riedl co-founded DCMN with the mission of
combining technology and media expertise to help
digital businesses scale rapidly with trackable, ROI-
driven offline and online campaigns
• At DCMN, he is responsible for strategic growth and
manages key clients and partner relationships across
the globe. Drawing from his experience as a serial
entrepreneur in the e-commerce space, he knows
exactly how to address the needs of digital businesses
• Before DCMN, Riedl founded and managed several e-
commerce ventures, and previously worked as a
product manager in the music industry. In 2010, he
founded DCMN with long-time business partner
Andreas Dengler. An early mover in performance-
driven TV ad campaigns, DCMN has helped more
than 180 digital brands scale their businesses
KEY COMPANY FACTS
35
FINTECH
Swiss Real Estate Investment Platform
COMPANY PROFILE CROWDHOUSE @ NOAH
• crowdhouse is a fast-growing Zurich-based Fintech company with the goal of
bringing the Swiss real estate market into the 21st century through innovative
technologies
• Founded in 2015 by Robert Plantak, Ruedi Baer and Ardian Gjeloshi as a spin-
off of their real estate company established in 2010, the company now employs
more than 70 people
• In cooperation with several renowned partners and the Luzerner Kantonalbank
as strategic shareholder, crowdhouse creates completely new possibilities with
the help of the newest technologies and innovative business models, when it
comes to the participation, the financing, the management and the transaction
of real estate
Key Corporate Facts
Headquarters Zurich, Switzerland
Founded 2015
Employees 51-100
Ownership Private
Website crowdhouse.ch
Unique Users 8k 27k
Visits 20k 67k
Minutes 02:57 02:54
Sessions
Mobile: 0%
Desktop: 100%
Mobile: 55%
Desktop: 45%
Apr 2018
Sources
Attendees @ NOAH
1. How a Swiss startup changed the way
we invest in real estate today?
2. Business model, growth story
3. Vision, future
Ardian Gjeloshi, Co-Founder & Chairman
NOAH Connect app

Matthias Riedl
Co-Founder &
CGO
SPEAKER PROFILE
• Matthias Riedl co-founded DCMN with the mission of
combining technology and media expertise to help
digital businesses scale rapidly with trackable, ROI-
driven offline and online campaigns
• At DCMN, he is responsible for strategic growth and
manages key clients and partner relationships across
the globe. Drawing from his experience as a serial
entrepreneur in the e-commerce space, he knows
exactly how to address the needs of digital businesses
• Before DCMN, Riedl founded and managed several e-
commerce ventures, and previously worked as a
product manager in the music industry. In 2010, he
founded DCMN with long-time business partner
Andreas Dengler. An early mover in performance-
driven TV ad campaigns, DCMN has helped more
than 180 digital brands scale their businesses
KEY COMPANY FACTS
36
MARKETING TECH
Growth Marketing Solutions for Digital Brands
COMPANY PROFILE DCMN @ NOAH
• DCMN helps digital brands to grow their business on a global scale with data-
driven and creative marketing solutions. The full-stack growth specialist
executes campaigns across all media with services spanning creation and
production, media planning and buying, and campaign optimization with their in-
house technology
• With an international team of over 180+ experts in creative, media & technology
and digital business DCMN is operating across the globe
• Founded by Andreas Dengler and Matthias Riedl in 2010, the company has its
headquarters in Berlin and offices in Paris, London, New York, Bangalore,
Gurgaon, Cape Town, Munich and Wroclaw
• DCMN counts more than 180 digital brands in its portfolio including Jimdo,
eToro, real,-, Secret Escapes, Holidaycheck, Com2Us, Tado, Gameloft,
Outfittery and Glossybox
Key Corporate Facts
Founded 2010
Employees 100-1,000
Ownership Private
Website dcmn.com
Unique Users 8k <5k
Visits 17k 10k
Minutes 01:58 02:29
Sessions
Mobile: 14%
Desktop: 85%
Mobile: 20%
Desktop: 80%
Apr 2018
Sources
Attendees @ NOAH
Matthias Riedl, Co-Founder & CGO
1. Introducing the startup that grows
startups
2. Why growing together is fun
3. Growing the market leaders of tomorrow
Ecommerce Services
Offline Services
Marketing
Analytics
Digital Services
We're looking for startups that want to grow
Premium
Partner

Yoram
Wijngaarde
Founder & CEO
SPEAKER PROFILE
• Yoram founded dealroom.co in 2013. Before that he
worked for 10 years in investment banking, advising
media, telco and internet companies
• Worked at Lehman Brothers between 2004 and 2008
in the Media Investment Banking Group in New York
and London. After Lehman’s collapse he and two
Lehman colleagues created NOAH Advisors (and the
NOAH Conference), an independent tech M&A
boutique
• Yoram worked at NOAH from 2009 to 2013. Yoram
completed 21 M&A deals with over $10bn in combined
value and for example led the sale of Fotolia.com to
KKR ($500M), the acquisition of Bigpoint by
TA/Summit ($350m) and the sale of Softonic to
Partners Group (€275m)
KEY COMPANY FACTS
37
B2B & SOFTWARE
Data Driven Venture Capital Marketplace
COMPANY PROFILE DEALROOM.CO @ NOAH
• Dealroom.co helps corporations, investment firms and governments to identify &
track growth opportunities and innovative companies, through intelligent data-
driven software powered by a proprietary global database
• Dealroom.co enables investors to track companies’ progress and decide the
appropriate time to invest in them. Entrepreneurs are able to control investment
interests and use Dealroom.co as their official channel for outgoing information
to potential investors
• Dealroom.co was founded in 2013 in London, United Kingdom
Key Corporate Facts
Headquarters Amsterdam, Netherlands
Founded 2013
Funding $0.5m
Employees 11-25
NOAH Content Dealroom.co at NOAH
Website dealroom.co
Visits 88k 46k
Minutes 06:37 05:27
Sessions
Mobile: 1%
Desktop: 99%
Mobile: 26%
Desktop: 74%
Apr 2018
Sources
NOAH Connect app
Attendees @ NOAH
Yoram Wijngaarde, Founder & CEO

Niklas Östberg
Co-Founder &
CEO
SPEAKER PROFILE
• Niklas Östberg is the Co-founder and CEO of Delivery
Hero
• He has been involved in the start-up scene since the
late 90’s after spending several years in banking and
consultancy
• Following five years as a management consultant at
Oliver Wyman, he co-founded Pizza.nu (later
OnlinePizza.se) where he served as the full-time
chairman
• Niklas was responsible for building market leading
online food ordering companies in Poland, Finland and
Austria
• Niklas holds a Master of Industrial Engineering &
Management from Royal Institute of Technology
Stockholm & ETH Zurich
KEY COMPANY FACTS
38
RESTAURANTS & FOOD DELIVERY
Network of Online Food Ordering Sites
COMPANY PROFILE DELIVERY HERO @ NOAH
• Delivery Hero is the largest food network in the world with more than 150.000
restaurant partners
• Operating in +40 markets with +6000 employees plus thousands of employed
drivers. Global leader in the space with 291.5 million orders processed (2017)
• More than $1.5 billion invested into Delivery Hero to date
• Delivery Hero went public in a listing on the Frankfurt Stock Exchange, having
its market debut on June 30th. The listing is the largest by a European
technology business in almost two years. Delivery Hero raised almost €1bn from
the offering. On the first day of trading the share price rose to €26.90, up 5.5
percent
Attendees @ NOAH
Niklas Östberg, Co-Founder & CEO
Fireside chat with
Market Cap €7.3bn
Private Funding $2.6bn
2017 2018E Growth
Revenues €m 549 759 38%
EBITDA €m (104) (60) (42%)
Margin % (19%) (8%) -
Key Corporate Facts
Founded 2011
Employees 6,000+
Key Shareholders
Naspers, Rocket Internet,
Insight, Luxor
Company
Presentation
Website deliveryhero.com
Key Operating KPIs
GMV 2017 €3.8bn
Orders 2017 292m
NOAH Connect app

Max von
Bismarck
CBO & Managing
Director
SPEAKER PROFILE
• Max von Bismarck is the CBO & MD of Deposit
Solutions
• He previously was Partner & CEO Europe of
SkyBridge Capital, a global alternative asset
management firm with $11bn AUM
• From 2005 until 2011 Max was Director and Head of
Investors at the World Economic Forum in Geneva
and New York
• He holds a German law degree and a MA in
Leadership (World Economic Forum in collaboration
with Wharton School of Business, Columbia
University, INSEAD and London Business School)
• He also serves as a Senior Advisor Europe to the
Berggruen Institute and is a former Senior Advisor on
Global Business at the Asia-Pacific Research Center
of Stanford University
KEY COMPANY FACTS
39
FINTECH
Leading Open Banking Platform for Deposits
COMPANY PROFILE DEPOSIT SOLUTIONS @ NOAH
• Founded in 2011 Deposit Solutions is a globally recognized fintech company
that is transforming the €10 trillion savings deposit market in Europe to the
benefit of people, healthy banks and society at large
• Its ground-breaking Open Banking platform allows banks to gather retail
deposits from across Europe without facing the need to build their own retail
infrastructure. In addition, other banks who hold an excess of liquidity can
release it by offering third-party savings deposit products to their own clients
who can access them without having to open a new account at another bank.
• As a result, savers across Europe can access best in class savings offers
through their home bank. Today this leading Open Banking platform is already
connecting banks from 15 European countries (including well recognized global
institutions such as Deutsche Bank or Fidelity) and can reach more than 20
million savers
Key Corporate Facts
Headquarters Hamburg, Germany
Founded 2011
Employees 100-1,000
Key Investors e.ventures, Greycroft Partners, Valar Ventures, Peter Thiel
Funding $44m
NOAH Content Deposit Solutions at NOAH
Website deposit-solutions.com
Attendees @ NOAH
Max von Bismarck,
CBO & Managing
Director
N/A
NOAH Connect app

Claudia Nemat
Board Member
for Technology
and Innovation
SPEAKER PROFILE
• Claudia Nemat has been a member of the Board of
Management of Deutsche Telekom AG since Oct-11
• Before joining Deutsche Telekom AG, Claudia Nemat
spent 17 years working for McKinsey&Company
where she was elected Partner in 2000, and Senior
Partner (“Director”) in 2006
• Mrs. Nemat has worked in numerous European
countries as well as North and South America. She
was a member of the Supervisory Board of Lanxess
AG from 2013 until 2016
• She has been a member of the Board of Directors of
Airbus Group and a member of the Supervisory Board
of Airbus Defence and Space GmbH since May 2016
• Claudia Nemat studied physics at University of
Cologne, where she has also taught at the department
of Physics and Mathematics
KEY COMPANY FACTS
40
TELECOMMUNICATIONS
Global Telecommunications Company
COMPANY PROFILE DEUTSCHE TELEKOM @ NOAH
• We provide fixed-network/broadband, mobile communications, Internet, and
IPTV products and services for consumers, and information and communication
technology (ICT) solutions for business and corporate customers.
• Deutsche Telekom is present in more than 50 countries. With a staff of some
216,000 employees throughout the world, we generated revenue of 74,9 billion
Euros in the 2017 financial year, about 66 percent of it outside Germany
• So that we can continue to be successful, we are already evolving from a
traditional telephone company into an entirely new kind of service company. Our
core business, i.e., the operation and sale of networks and connections,
remains the basis. But at the same time we are proactively committing to
business areas that open up new growth opportunities for us.
• With some 156 million mobile customers, 29 million fixed-network lines and
more than 19 million broadband lines, Deutsche Telekom is paving the way for
the gigabit society
• Deutsche Telekom was founded in 1995 and is based in Bonn, Germany
2017 2018E Growth
Revenues €m 75,120 74,171 (1%)
EBITDA €m 22,360 22,408 0%
Margin % 30% 30% -
EV/Revenue 1.8x 1.8x 1%
Key Corporate Facts
Headquarters Bonn, Germany
Founded 1995
Employees 217,000+
Key Shareholders
Federal Republic of Germany,
KfW
Annual Report Click here to download
Website telekom.com
Attendees @ NOAH
Claudia Nemat, Board Member for
Technology and
Innovation
N/A
NOAH Connect app
Key Operating KPIs
Total Customers 156m
Broadband Lines Length 19m+

Stanislas Niox-
Chateau
CEO
SPEAKER PROFILE
• Born in 1987 in Paris Stanislas Niox-Chateau had a
promising career in top level tennis, before turning to
entrepreneurship
• Stan then co-founded Otium Capital and participated
in the launch of several web companies (La
Fourchette, Weekendesk and Balinea)
• Stan co-founded Doctolib in October 2013. In merely 4
years, Doctolib became the European leader for online
booking of medical appointments and internet services
for healthcare professionals, serving 45 000 doctors, 1
000 healthcare facilities, and with 16 million patients
every month
KEY COMPANY FACTS
41
Online and Mobile Booking Platform
for Medical Appointments
COMPANY PROFILE DOCTOLIB @ NOAH
• Created in 2013, Doctolib is the European leader for online booking of medical
appointments and internet services for healthcare professionals. For
professionals and healthcare centers, Doctolib offers an appointment
management SaaS software, as well as services to manage their consultations,
communicate with their patients and work with other healthcare professionals
• For patients, Doctolib eases their healthcare experience: the search for
information and booking of appointments is freely available online, 24/7, and a
consultation booklet is accessible online
• The company numbers 450 employees in France and Germany. In France, it
works with 45,000 healthcare professionals and 1 000 (private and public)
healthcare facilities
• In Germany, Doctolib is present in 5 cities (Berlin, Munich, Hamburg, Cologne et
Düsseldorf), numbers 1,000 healthcare professionals and large hospital groups
using the service and already registered 1.5 million medical appointments
Key Corporate Facts
Founded 2013
Employees 100-1,000
Key Investors
Eurazeo, Bpifrance, Accel
Partners, Kerala Ventures
Funding $96m
NOAH Content Doctolib at NOAH
Website doctolib.fr
Visits 6.2m 10.0m
Minutes 05:03 04:50
Sessions
Mobile: 57%
Desktop: 43%
Mobile: 57%
Desktop: 43%
Apr 2018
Sources
NOAH Connect app
Attendees @ NOAH
Stanislas Niox-Chateau, CEO
1. Healthcare
2. Startup
3. International

Ron Hirson
Chief Product
Officer
SPEAKER PROFILE
• As the Chief Product Officer for DocuSign, Ron leads
the product and customer experience teams.
• Ron has more than 20 years of product management
and general management experience in large and
entrepreneurial ventures. He was most recently an
Entrepreneur in Residence at Khosla Ventures and
Mayfield Fund, prior to serving as President, co-
founder at Boku, Inc. Before Boku, Ron was VP,
Product Management at AT&T Interactive, where he
was responsible for new and existing advertising
products. He served as VP, Product Management for
Ingenio and prior to that was Co-Founder CEO of The
Digs Interactive. Ron began his career as a
management consultant with Price Waterhouse. He is
an inventor on 67 issued patents and has over 100
filings.
• Ron is a board member of UCSF Ophthalmology
Department’s fundraising arm, That Man May See
KEY COMPANY FACTS
42
B2B & SOFTWARE
Electronic Signature Platform
COMPANY PROFILE DOCUSIGN @ NOAH
• Founded in 2003, DocuSign® offers the leading e-signature solution as part of
its broader platform for automating the agreement process
• Today, DocuSign's cloud-based platform enables more than 370,000
companies and hundreds of millions of users in over 180 countries to accelerate
business and simplify life
Key Operating KPIs
Customers 100m+
Paying Customers 370k+
Key Corporate Facts
Headquarters Purchase, NY, US
Founded 1966
Employees 10,000+
Ownership Public (NASDAQ)
Private Funding $515m
Website docusign.com
Market Cap $6.4bn
Attendees @ NOAH
Ron Hirson, Chief Product Officer
Frank Harter, AVP Enterprise Sales
Olivier Pin, GM France
Scott Barmmer, SVP International Sales
Lorenzo Stranges, Director, Marketing
1. Scaling companies from 0 to 1000+
employees
2. Doing "well" while doing "good." How
digital transformation can also help
socially and environmentally
3. Two acquisitions, Two IPO's - One
leaders start-up experience
M&A Interest
eSignature Vendors, Digital Signature
Vendors, CLM Providers
Key Hires Interest
Engineers

SPEAKER PROFILE
• Paulin is the founder and CEO of Drivy, Europe’s
leading carsharing platform. He launched Drivy in
2010 in France, with the idea of sharing idle private
cars to offset the high cost of ownership while
providing a great mobility option to neighbours
• With his team, he then moved on to a much more
ambitious goal: making Drivy so convenient it could
replace car ownership altogether and have a positive
environmental impact on cities.
• Paulin, an HEC graduate, started his career in the
container shipping sector where he held regional
management positions in Hong Kong and Sao Paulo.
He is passionate about mobility, sustainability, and an
avid urban bike rider
• Paulin is 39, lives in Paris and is a father of 2
KEY COMPANY FACTS
43
European P2P Car Rental Marketplace
COMPANY PROFILE DRIVY @ NOAH
• Drivy is the leading carsharing platform in Europe, with 50,000 cars in 6
countries. Car-free urban people use the app to find a car around the corner,
open it with their phone and use it for a few hours to a few days to go where
they need to
• Drivy’s fleet is crowdsourced from private people who want to offset their cost,
and professional fleet owners who are investing in mobility.
• Drivy is bringing fresh air to urban people, providing more freedom to move
while using fewer cars and less parking space
Visits 0.9m 0.8m
Minutes 05:57 06:25
Sessions
Mobile: 53%
Desktop: 47%
Mobile: 52%
Desktop: 48%
Apr 2018
Sources
Attendees @ NOAH
Paulin Dementhon, Founder & CEO
Nils Rossmeisl, Country Manager DE
Patrick Foster, COO
Sviatoslav Beysens, Head of Public Affairs
Mats Joosten, Comms Manager, DE & AT
1. Drivy's evolution as a marketplace over
the last 7 years
2. Why the entire automotive value chain is
now on Drivy?
3. What's the future of new mobility
platforms?
Paulin
Dementhon
Founder & CEO
Key Corporate Facts
Founded 2011
Employees 100-1,000
Key Investors
Alven Capital, Index Ventures,
Nokia Growth Partners
Funding €47m
NOAH Content Drivy at NOAH
Website drivy.com
Ecommerce Services – Platforms
Mobility & Transport platforms

SPEAKER PROFILE
• Coen van Oostrom is Founder & CEO of EDGE
Technologies and OVG Real Estate, one of Europe’s
largest commercial property developers and a global
leader in tech-enabled green building design
• Since founding the firm in 1997, Coen has led the
growth of OVG to its current scope with more than a
million square meters of development in the
Netherlands, Germany and United States. In January
2018 he founded EDGE Technologies, a real estate
technology company, that specialises in development
and operation of a new generation of buildings with a
primary focus on the health of people and the planet
• By combining decades of experience in the real estate
and technology industry, EDGE Technologies
incorporates a technology driven operations platform
that delivers the best buildings and solutions for
ambitious customers worldwide
KEY COMPANY FACTS
44
PROPTECH
Real Estate Technology Company
COMPANY PROFILE EDGE TECHNOLOGIES @ NOAH
• We develop and operate the best buildings and environments actively
contributing to the wellbeing of people and the world. We combine decades of
experience in real estate with proven innovation and results in big data, smart
technology and systems
• Our team commits to making the built environment greener, smarter, and
healthier with a user-centered approach that intuitively learns from use
• EDGE Technologies is owned by OVG Real Estate, with offices in Amsterdam,
Berlin, Hamburg, and New York and incorporates a technology-driven
operations platform that delivers the best buildings and solutions for ambitious
customers, worldwide
Unique Users - <5k
Visits - <5k
Minutes - 00:05
Sessions -
Mobile: 34%
Desktop: 66%
Apr 2018
Sources
Key Corporate Facts
Founded 2018
Employees 51-100
Ownership Private
Website edge.tech
Attendees @ NOAH
Coen van Oostrom, CEO
Martin Rodeck, Executive MD Germany
Cees van der Spek, Public Affairs
Jacob Bro, Advisor
Zoé Fabian, Advisor
Johannes Metzler, Advisor
Sophie Block, Commercial Manager
Alexander Guttmann, Commercial Manager
1. Future of work
2. Sustainability
3. Wellbeing
Coen van
Oostrom
CEO
NOAH Connect app
Premium
Partner

Alice Bentinck
Co-Founder
SPEAKER PROFILE
• Alice Bentinck is co-founder of Entrepreneur First, the
early stage investor that builds deep tech companies
from scratch
• EF invests in individuals with computer science and
engineering backgrounds and has built more than 100
companies. Their portfolio includes exits such as Magic
Pony Technology to Twitter for a reported $150m and
Represent to Custom Inc for close to $100m
• Alice set up Code First: Girls, a not-for-profit that helps
young women explore careers in technology, including
teaching them to code for free
• She is also on the Imperial College Computer Science
Industrial Liaison Board and was made an MBE in
2016
KEY INVESTOR FACTS
45
INVESTORS
Company Builder Investing in “Pre-team, Pre-idea” Projects
INVESTOR PROFILE ENTREPRENEUR FIRST @ NOAH
• Entrepreneur First brings together extraordinary people to build startups from
scratch in London and Singapore. We fund individuals and help build
cofounding teams, develop ideas, and accelerate through fundraising from the
world's best investors. We are backed by Reid Hoffman, Greylock Partners,
Founders Fund, Mosaic Ventures and Lakestar
• To date we have helped over 500 individuals build 100+ companies in London
and Singapore with a total valuation of over $1 billion. Our major exits to date
include Magic Pony, which was acquired by Twitter for a reported $150m only
18 months after the Founders met on the EF programme
• EF has won Best European Startup Accelerator at The Europas 2016 & 2017,
Best Seed Fund and Best Exit at Investor Allstars 2016
• In 2016 I was awarded an MBE for services to business and I won the Veuve
Cliquot New Generation award 2017
Attendees @ NOAH
Alice Bentinck, Co-Founder
N/A
Key Backed Companies
Key Corporate Facts
Founded 2011
Employees 1-10
Website joinef.com
NOAH Connect app

Mark
Krymalowski
Head of European
Tech. & Comms.
Digital Practice
SPEAKER PROFILE
• Based in Berlin, Mark Krymalowski leads the digital
segment of Egon Zehnder’s Technology and
Communications Practice in Europe and is active in
the Consumer Practice. His deep expertise in digital
transformation helps him to guide innovation and
recruitment for start-ups and established digital and
media companies
• Prior to joining Egon Zehnder, Mark was Assistant
Director and China Practice Leader with Altium Capital
AG, based in Zurich. Previously, he was Cofounder
and COO of Asia Gateway, based in London, and
advised European companies doing business in
China. Earlier, Mark was a Political Analyst with Stern,
Malkinson & Partners, based in Brussels
• Mark has a Diplom-Kaufmann in business
administration from the University of Cologne, in
Germany, and he participated in the International
Exchange Program at the London Business School
KEY COMPANY FACTS
46
SERVICE PROVIDERS
Executive Search Firm
COMPANY PROFILE EGON ZEHNDER @ NOAH
• At Egon Zehnder, we operate as one unified team, with expertise across
industries, sectors and geographies. With more than 450 consultants globally,
our teams specialize in executive and CEO search, Board advisory, CEO
succession, executive assessment and development, team effectiveness,
culture, and organizational transformation
• We focus on your specific leadership needs, whether facing disruption, mergers
and acquisitions, global expansion, family business generational shifts or the
challenge of driving growth
• We have extensive expertise working closely with operating partners, CEOs and
governing boards of many of the world’s most successful companies. We
provide the leadership solutions that will ensure your organization’s success—
for today and the future
• In Executive Search, we have assisted more than 1,200 CEOs in the past five
years, advising boards through a robust and future-oriented process. Our global
Board Practice, with a unique reach and deep network, has performed over
3,600 assignments and placements in the past five years alone
Key Corporate Facts
Founded 1964
Employees 450+ consultants
Ownership Private
NOAH Content Egon Zehnder at NOAH
Website egonzehnder.com
Attendees @ NOAH
Mark Krymalowski, Head of European
Tech. & Comms.
Digital Practice
Fireside chat with
NOAH Connect app

SPEAKER PROFILE
• Philipp was an unsuccessful gym goer and decided to
found eGym in 2010 with the vision to make the gym
work for everyone. Prior, he studied Business and
Technology Management at Columbia University in
New York, LMU Munich, TU Munich and Aarhus
University. eGym combines latest machine
technology, powered by German engineering, with the
advantages of connected mobile applications to
deliver intuitive and effective workouts with more fun
and data-driven member support. In addition eGym
also supports Corporate Fitness offering easier access
to gyms for employees in order to stay fitter, be more
productive and less absent. In only a few years of
strong growth, eGym developed to one of the major
players in the European fitness market, implementing
its technology at leading fitness chains and franchises.
Overall, eGym raised over 90 Mio. USD in venture
capital from large investors and is now entering the US
market
KEY COMPANY FACTS
47
Cloud-Connected Gym Equipment and Software
COMPANY PROFILE EGYM @ NOAH
• eGym combines latest machine technology, powered by German engineering,
with the advantages of connected mobile applications to deliver intuitive and
effective workouts with more fun and data-driven member support
• In addition eGym also supports Corporate Fitness offering easier access to
gyms for employees in order to stay fitter, be more productive and less absent.
In only a few years of strong growth, eGym developed to one of the major
players in the European fitness market, implementing its technology at leading
fitness chains and franchises
• Overall, eGym raised over 90 Mio. USD in venture capital from large investors
and is now entering the US market
Key Corporate Facts
Founded 2011
Employees 100-1,000
Key Investors European Investment Bank, HPE Growth Capital, Highland Europe
Funding $90m+
NOAH Content eGym at NOAH
Website egym.com
Attendees @ NOAH
Philipp Roesch-Schlanderer, CEO
Philipp Roesch-
Schlanderer
CEO
NOAH Connect app
Fireside chat with

SPEAKER PROFILE
• Oscar Hoglund is the CEO and Co-Founder of
Stockholm’s best kept secret, Epidemic Sound.
• Oscar has led the company to be one of the hottest
startups to come out of the Nordic tech hub according
to Wire
• Epidemic Sound is a music company soundtracking
the new generation of online creators. With half a
million subscribers and a library of more than 180
music genres, the business is looking to disrupt the
music industry
• Oscar has a background in television production and
management consultancy. He was a part of the
management team for Zodiak Television which has
produced popular shows such as The Inbetweeners
and Wife Swap. Oscar also worked at The Boston
Consulting Group
KEY COMPANY FACTS
48
DIGITAL & TMT
Music Company Producing Music for Online Creators
COMPANY PROFILE EPIDEMIC SOUND @ NOAH
• Epidemic Sound is a new breed of music company founded in 2009 with a
mission to make the music industry a better place. It collaborates with musicians
all over the world to produce quality music that soundtracks people’s lives
• Our music can be heard soundtracking everything from TV and film productions
to online videos on YouTube or Facebook - consumers can also listen to tracks
on streaming platforms such as Spotify
• With music spanning over 180 genres and 30,000 tracks and all music available
in prime time broadcast quality, the creative possibilities are endless
Visits 2.8m 3.5m
Minutes 03:11 03:52
Sessions
Mobile: 43%
Desktop: 57%
Mobile: 35%
Desktop: 65%
Apr 2018
Sources
Social: 33%, Other: 3%
Key Corporate Facts
Headquarters Stockholm, Sweden
Founded 2009
Employees 100-1,000
Key Investors EQT, Creandum, Kichi Invest
Funding $39m
Website epidemicsound.com
Attendees @ NOAH
Oscar Höglund, CEO
Himangini Khanna, MS
1. Transforming the music industry
2. Digital transformations
3. Copyright music
Oscar Höglund
Co-Founder &
CEO
Digital Services

Eric La
Bonnardière
CEO
SPEAKER PROFILE
• Eric is is a co-founder and CEO of Evaneos as of
2009
• After two years spent working as a strategy
consultant, Eric left his job as a consultant and with his
newly found associate, Yvan Wibaux, they spent nine
months coming up with a concept and breathing life
into it. Finally in June 2009, Evaneos.com emerged to
become a European Leader and recognized as a
game changer of the travel industry 8 years later
• He is 36 years old, graduated from Supélec
(Engineering School), then from HEC Paris, followed
by a year at KTH (Royal Institute of Technology,
Stockholm)
• Husband and recently-turned father Eric is a true
Epicurean, an amateur tennis player and skier. It
would be his lifelong dream to venture to Uganda and
come face to face with their legendary gorillas
KEY COMPANY FACTS
49
TRAVEL & TOURISM
Travel Marketplace Connecting Travellers
Directly With ‘The Local Experts’
COMPANY PROFILE EVANEOS @ NOAH
• Founded in France in 2009, Evaneos is the first online marketplace connecting
travellers directly with ‘the local experts,’ 1.000 hand-picked, on-site travel
agents in over 160 destinations across the globe. As one of the leading online
travel players in Europe, Evaneos allows holidaymakers to create tailor-made
trips directly and securely through local travel agencies, and this platform is set
to revolutionise the way travellers book their discovery and adventure holidays
• At 8 years since the conception of the Evaneos brand, Evaneos now consists of
an international team of about 150 people and is present across 8 European
markets. Thanks to its unique, 100% customisable trips, the Evaneos team has
enabled more than 200,000 travellers to realise their dream holiday, at a
traveller satisfaction rate of 96%
Unique Users
Visits
Minutes
Sessions
Mobile: x%
Desktop: x%
Mobile: x%
Desktop: x%
Apr 2018
Sources
Direct: xx%, Search: xx%,
Referrals: xx%, Other: xx%
Attendees @ NOAH
Eric La Bonnardière, CEO
1. Multiday tours
2. Marketplace
3. International scale
NOAH Connect app
Key Corporate Facts
Founded 2009
Employees 100-1,000
Key Investors ISAI, Xange, BPI, Serena Capital
Funding €23m
NOAH Content Evaneos at NOAH
Website evaneos.net

SPEAKER PROFILE
• Julie Linn Teigland joined EY in 2001, where she was
made partner in 2002. Having built up human capital
services in Mannheim, she took on responsibility for EY’s
strategic growth portfolio, first in Germany, then in
Central Europe and finally for EMEIA
• From 2002 onward Julie increasingly focused her time in
assurance, advising and auditing many growth
companies through capital market transactions, IFRS
and US GAAP accounting issue. Julie also went on to
serve several Fortune 500 clients as lead audit partner,
focusing her efforts increasingly on the life science sector
• In 2011 she became a member of the executive
committee for EMEIA, as Managing Partner for EMEIA
Accounts and was given responsibility for accounts and
market development
• In August 2015 she was appointed Managing Partner for
EY for the GSA region and has assumed operational
responsibility of this role as of July 1, 2016
KEY COMPANY FACTS
50
SERVICE PROVIDERS
Global Professional Services Firm
COMPANY PROFILE EY @ NOAH
• EY is one of the world's largest accounting and consulting organizations with
247,570 employees. The global EY organization is a leader in assurance, tax,
transaction and advisory services
• EY’s employees in more than 700 offices in more than 150 countries offer
comprehensive professional expertise with globally uniform quality standards.
• We leverage our experience, knowledge and services to help build trust and
confidence in the capital markets and in economies the world over
• Our global purpose is to drive progress and make a difference by building a
better working world – for our people, for our clients and for our communities
Visits 4.2m 4.1m
Minutes 02:26 02:56
Sessions
Mobile: 42%
Desktop: 58%
Mobile: 38%
Desktop: 62%
Apr 2018
Sources
Key Corporate Facts
Founded 1989
Employees 247,570
Ownership Private
NOAH Content EY at NOAH
Website ey.com
Attendees @ NOAH
Julie Linn Teigland, Managing Partner
EY GSA
with and Simone Menne
NOAH Connect app
Julie Linn
Teigland
Managing Partner
EY Germany,
Switzerland, Austria
Premium
Partner

Mauro Giacobbe
CEO
SPEAKER PROFILE
• Mauro Giacobbe is the CEO of facile.it, the leading
financial products and utilities aggregator in Italy
• He previously was a Consultant at The Boston
Consulting Group, where he worked within financial
services and media practice
• Mauro studied at University of Genova and Bocconi
University and obtained an MBA at SDA Bocconi
KEY COMPANY FACTS
51
FINTECH
Italy's Largest Car Insurance Broker and
Comparison Portal for Gas and Electricity
COMPANY PROFILE FACILE.IT @ NOAH
• facile.it is the leading financial products and utilities aggregator in Italy
• facile.it compares insurance, mortgages, loans, broadband, utilities, with a #1 or
#2 position in each vertical covered
• facile.it is controlled by Oakley Capital Private Equity
• Business / revenue model: Commissions paid by providers on
contract sold. On insurance, additional
commissions on renewed contracts
• Addressable market size: €16bn motor insurance premium, 4
millions switchers and new contracts/year
on utilities, €>55bn /year flow on
mortgages and loans
Key Corporate Facts
Headquarters Milan, Italy
Founded 2010
Employees 200+
Key Investors Oakley Capital
NOAH Content facile.it at NOAH
Website facile.it
Attendees @ NOAH
Mauro Giacobbe, CEO
N/A
NOAH Connect app

Jochen Engert
Founder & CEO
SPEAKER PROFILE
• Jochen Engert is Founder & CEO of FlixBus and
responsible for Corporate Development & Strategy as
well as Human Resources
• Organizing ski trips by bus during university had been
his very first and only link to the bus industry until he
started his own business by becoming Europe's
largest provider of long-distance buses
• Before starting up with FlixBus in 2012, he was
working as Strategy Consultant for The Boston
Consulting Group for companies from different sectors
all over the world
• Jochen studied Business Administration with technical
and financial orientation at Universities in Stuttgart,
Hohenheim & Ottawa
KEY COMPANY FACTS
52
COMPANY PROFILE FLIXBUS @ NOAH
• Lalafo is a mobile marketplace that uses computer vision and natural language
processing to simplify peer-to-peer trade
• The company applies computer vision and NLP to re-imagine the way people
sell second hand items, cars, find real estate, jobs and services
• Launched in September 2015 Lalafo is growing exponentially, in 2016 Lalafo
users listed items worth over $10bn
• Currently most of Lalafo users come from Central Asia & Europe where Lalafo is
#1 C2C marketplace in a number of markets
Attendees @ NOAH
Jochen Engert, Founder & CEO
Bettina Engert, Head of Corporate
Communications
1. Global Mobility Market and Major Trends
2. Flix Business Model
3. Expansion Strategy
Key Corporate Facts
Founded 2012
Employees 10-100
Key Investors
Silverlake, General Atlantic,
Holtzbrinck, Daimler
NOAH Content FlixBus at NOAH
Website flixbus.com
Visits 3.7m 4.0m
Minutes 04:43 04:50
Sessions
Mobile: 62%
Desktop: 38%
Mobile: 48%
Desktop: 52%
Apr 2018
Sources
M&A Interest
Active M&A strategy in multiple countries
and verticals
European Long Distance Mobility Provider
Key Financials
Revenues 2017 €100-1,000m
EBITDA 2017 Profitable

Max Laemmle
Founder & CEO
SPEAKER PROFILE
• Max is the CEO & Founder of Fraugster
• Before founding Fraugster, he co-founded the
payment gateway company Better Payment
• He was also the product evangelist at the mPOS
company SumUp
KEY COMPANY FACTS
53
PAYMENTS
AI-Powered Payment Security Company
COMPANY PROFILE FRAUGSTER @ NOAH
• Fraugster is a German-Israeli payment security company leading the future of
fraud prevention with Artificial Intelligence
• With the vision to create a fraud free world, we have designed and built a
proprietary Artificial Intelligence technology that not only eliminates payment
fraud but also maximizes revenues for e-commcerce merchants
• Fraugster was founded in 2014 by Max Laemmle and Chen Zamir and has been
operating across the globe since 2016
• We are currently responsible for tens of billions of dollars for our clients and our
products are used and trusted internationally by leading payment companies
such as Ingenico, Six Payment Services and Credorax
Visits <5k 6k
Minutes 01:00 01:11
Sessions
Mobile: 0%
Desktop: 100%
Mobile: 44%
Desktop: 56%
Apr 2018
Sources
Attendees @ NOAH
Max Laemmle, Founder & CEO
Andreas Schröteler, CFO
1. Payment security
2. Artificial Intelligence
3. Fraud Management
Key Corporate Facts
Founded 2014
Employees 26-50
Product
Presentation
Funding €10m
NOAH Content Fraugster at NOAH
Website fraugster.com
Ecommerce Services – Platforms
Investor, Payment companies, Ecommerce
market
Key Hires Interest
Engineers, Data Science, Operations
Manager, Business Development Manager

Shirin Dehghan
Partner
SPEAKER PROFILE
• Shirin founded, expanded and subsequently sold
mobile communications business Arieso
• A University of Southampton Engineering alumna, she
has over 20 years’ experience in the software and
mobile communications industry
• She is a senior partner at Frog Capital, a leading
European VC focused on the scale up stage and Non-
exec Chairwoman of Opensignal, a UK based
company that sets the gold standard for mobile
experience globally
• She is a passionate advisor and board member to
companies wishing to transform their business
KEY INVESTOR FACTS
54
INVESTORS
Growth Capital Investor Focused on
Technology-Led Businesses in Europe
INVESTOR PROFILE FROG CAPITAL @ NOAH
• Frog Capital is a leading growth capital investor focused on technology-led
businesses in Europe
• Frog’s experienced team has invested in over 100 companies, and in the last
five years has exited companies with a total transaction value over €1 billion
• Frog is a committed long-term partner, investing in ambitious companies with
revenue up to €30m and requiring up to €20m of growth capital
• By applying industry knowledge, a network of relationships and operating
expertise, Frog actively supports exceptional company growth and builds
significant shareholder value
Attendees @ NOAH
Shirin Dehghan, Partner
Fireside chat with
Key Corporate Facts
Founded 2008
Funds Raised €180m
Employees 11-25
Website frogcapital.com
NOAH Connect app

Jörn Nikolay
Managing
Director
SPEAKER PROFILE
• Joern Nikolay has served as head of GA’s Munich
office since 2012
• He joined General Atlantic in its London office in 2008.
He led the investment in NuCom Group (Joint Venture
with ProSiebenSat.1), FlixMobility, Control Expert and
in KäuferPortal, co-led the investment in Axel Springer
Digital Classifieds and helped to lead investments in
IHS Markit and Citco
• He also supported General Atlantic's investment in
Saxo Bank. Joern serves on the board of directors for
NUCOM Group (Joint Venture with ProSiebenSat.1),
FlixMobility, Control€xpert and Hemnet
• He was previously, on the board of Axel Springer
Digital Classifieds and an observer on the board of
Klarna
KEY INVESTOR FACTS
55
INVESTORS
Growth Equity Investor
INVESTOR PROFILE GENERAL ATLANTIC @ NOAH
• General Atlantic is a leading global growth equity firm providing capital and
strategic support for growth companies
• Established in 1980, General Atlantic combines a collaborative global approach,
sector specific expertise, a long-term investment horizon and a deep
understanding of growth drivers to partner with great entrepreneurs and
management teams to build exceptional businesses worldwide
• General Atlantic has more than 100 investment professionals based in New
York, Amsterdam, Beijing, Greenwich, Hong Kong, London, Mexico City,
Mumbai, Munich, Palo Alto, São Paulo and Singapore
Attendees @ NOAH
Fireside chat with
NOAH Connect app
Jörn Nikolay, Managing Director
Key Corporate Facts
Founded 1980
Current Fund Size $3.3bn
Employees 100-1,000
Website generalatlantic.com

Adam Valkin
General Partner
SPEAKER PROFILE
• Adam Valkin is a Partner at General Catalyst where he
focuses on consumer and SMB-oriented businesses
with an emphasis on mobile-first applications
• He was involved in General Catalyst investments into
Brainly, ClassPass, Deliveroo, Fundbox, Giphy, Vroom,
and more
• Before joining General Catalyst, Adam was at Accel
Partners, where he was a Venture Partner in the firm’s
London office focusing on investments in Internet and
mobile services. Prior to Accel, Adam was Global Head
of Digital Media & New Business at television
production company Endemol
• Adam was born and raised in Johannesburg, South
Africa and holds a degree in economics from Harvard
University
KEY INVESTOR FACTS
56
INVESTORS
Venture Capital Firm that Makes Early-Stage and
Growth Equity Investments
INVESTOR PROFILE GENERAL CATALYST @ NOAH
• General Catalyst is a venture capital firm that makes early-stage and
transformational investments
• General Catalyst backs exceptional entrepreneurs who are building innovative
technology companies and market leading businesses, including Airbnb,
BigCommerce, ClassPass, Datalogix, Datto, Demandware, Gusto (fka
ZenPayroll), The Honest Company, HubSpot, KAYAK, Oscar, Snap, Stripe, and
Warby Parker
• The General Catalyst team leverages its broad experience to help founders
build extraordinary companies
• General Catalyst has offices in Cambridge, MA, Palo Alto, CA and New York
City
Attendees @ NOAH
Adam Valkin, General Partner
Fireside chat with
Key Corporate Facts
Headquarters Cambridge, MA, US
Founded 2000
Current Fund Size
$1.4bn (General Catalyst
Group IX)
Employees 10-100
Website generalcatalyst.com
NOAH Connect app

Al Gore
Former US Vice
President &
Chairman
Generation IM
SPEAKER PROFILE
• Former US Vice President Al Gore is the cofounder
and chairman of Generation Investment Management,
and the founder and chairman of The Climate Reality
Project, a nonprofit devoted to solving the climate
crisis. He is also a senior partner at Kleiner Perkins
Caufield & Byers and a member of Apple Inc.’s board
of directors
• Gore was elected to the U.S. House of Representatives
in 1976, 1978, 1980, and 1982 and to the U.S. Senate
in 1984 and 1990. He was inaugurated as the 45th vice
president of the United States on January 20, 1993,
and served eight years
• .” In 2007, Gore was awarded the Nobel Peace Prize,
along with the Intergovernmental Panel on Climate
Change, for “informing the world of the dangers posed
by climate change.”
KEY INVESTOR FACTS
57
INVESTORS
Private Equity Firm Focused on Integrated
Sustainability Research and Client Alignment
INVESTOR PROFILE GENERATION IM @ NOAH
• Since its founding in 2004, Generation has played an integral role in the
development of sustainable investing and in demonstrating the long-term
commercial benefits of this approach
• Our approach to active investment management is based on an investment
process that fully integrates sustainability analysis into our decision-making and
is focused on long-term performance
• Our investment process underpins our differentiated thinking about the
dynamics that drive and influence the performance of companies. We construct
portfolios of sustainable companies with the confidence derived from our deep
research and analysis
• A sustainable company is one whose current earnings do not borrow from its
future earnings, one whose sustainability practices, products and services drive
revenues, profitability and competitive positioning, and one that provides goods
and services consistent with a low-carbon, prosperous, equitable, healthy and
safe society
Attendees @ NOAH
N/A
NOAH Connect app
Al Gore, Former US Vice President &
Chairman Generation IM
Key Corporate Facts
Founded 2004
AUM $18.5bn
Employees 100-1,000
Website generationim.com

SPEAKER PROFILE
• Johannes Reck co-founded GetYourGuide in 2009
and currently is the Chief Executive Officer of the
company
• Apart from GetYourGuide, Johannes serves as a
Board Member for LocalUncle, a location-based Q&A
website
• Johannes has worked for The Boston Consulting
Group as a Visiting Associate.
• Johannes holds a Master’s Degree in Biochemistry
from the Swiss Federal Institute of Technology
• Johannes led GetYourGuide to its first venture capital
round while still in the university
KEY COMPANY FACTS
58
TRAVEL & TOURISM
Booking Platform for Tours and Activities
COMPANY PROFILE GETYOURGUIDE @ NOAH
• GetYourGuide collects and categorizes all the world's things to do so people
research less and do more. Electric bike tours around Paris, skip-the-line tickets
to the Vatican museums, cooking classes in Thailand, or double-decker bus
tours of New York City, GetYourGuide covers every category of activity in nearly
every corner of the globe
• GetYourGuide's global network of activity suppliers upload products, receive,
and manage their bookings and payments through a simple, centralized system.
Travelers can then easily find and book all of these offers on
GetYourGuide.com, choosing the one that best suits their travel dreams and
their budget
• GetYourGuide works with a network of over 1,000 partners, including
TripAdvisor, Thomas Cook.de, Kayak, and Expedia, and holds offices in Berlin,
Las Vegas, and Zurich
Visits 4.0m 4.3m
Minutes 02:29 02:34
Sessions
Mobile: 50%
Desktop: 50%
Mobile: 57%
Desktop: 43%
Apr 2018
Sources
Key Corporate Facts
Founded 2009
Employees 100-1,000
Key Investors
Battery Ventures, KKR, Highland
Capital Partners, Spark Capital,
Sunstone Capital
Funding $171m
NOAH Content GetYourGuide at NOAH
Website getyourguide.com
Attendees @ NOAH
Johannes Reck, Co-Founder & CEO
N/A
NOAH Connect app
Johannes Reck
Co-Founder &
CEO

Marko Guček
Co-Founder &
CEO
SPEAKER PROFILE
• Born in Ljubljana in 1980, entrepreneur Marko Guček
graduated from the Faculty of Economics (University
of Ljubljana) in 2005 and later enrolled in MIB School
of Management in Trieste (Italy), where he joined the
international master’s program in Tourism & Leisure.
With his master thesis, Six Sigma in hospitality
industry, he graduated with honours
• As a student, he worked in a small travel agency and
later became the Quality control manager at Hotel
Danieli in Venice. His more formative experience
started when he became an Assistant to the CFO at
the nautical company Seaway Group. From October
2006, he became the Managing Director and co-
founder of many successful companies like Privata
ltd., TM Travel ltf, TM Vista ltd., Socinet ltd
KEY COMPANY FACTS
59
Shared and Private Airport Transfers
COMPANY PROFILE GOOPTI @ NOAH
• GoOpti is an innovative European transportation platform, which provides
shared and private airport transfers at affordable prices and connects
passengers traveling from medium-size cities to large airports. Available via web
or mobile app, GoOpti’s platform allows travelers to map out a route, book and
pay for a trip. It functions as a transportation marketplace connecting
passengers, shuttle companies and business stakeholders from the travel
industry and it is the only long distance airport provider that picks passengers up
from home at the time they want and pools people on same route, which makes
it cheaper than the use of personal cars
• In a nutshell, the unique advantage of GoOpti is that it can provide a
transportation solution that is profitable when other transportation fails (servicing
less frequently traveled routes in rural and suburban areas), at a lower cost of
public transport and with the same comfort and flexibility of a personal car
Attendees @ NOAH
Key Corporate Facts
Headquarters Ljubljana, Slovenia
Founded 2011
Employees 26-50
Key Investors EBRD, Point Nine, RTA
Funding €6m
Website goopti.com
1. What is GoOpti and how it is disrupting
the long distance transportation system
2. How to be profitable on routes where no
one else is profitable? GoOpti brings a
solution to resolve the mobility problems
in rural to urban areas and within smaller
urban areas (<1mio inhabitants) where
other transport providers don't make
profit
Ecommerce Services
Offline Services
Communications
Marketing
Analytics
Digital Services
Key Hires Interest
Marketing specialists, IT and product
developers
Key Operating KPIs
Number of passengers 1.2m+
Countries 8
Cities served 51
NPS 69
Service rating 4,61
Average take rate 21.5%
CO2 savings 14,000t
Transfers carried out so far 145k
Passengers every month 29k+
Partner network 1,750+
Marko Guček, Co-Founder & CEO
Tomaž Lorenzetti, Co-Founder & BDO

Dominik Richter
Co-Founder &
CEO
SPEAKER PROFILE
• Dominik has been CEO since starting HelloFresh in
2011
• He is responsible for keeping a general oversight of
the business and strategy
• Dominik’s an entrepreneur to the core and started his
first two businesses while still at university.
• Dominik graduated from WHU with a degree in
International Business in 2009, and from the London
School of Economics in 2010 with a Masters in
Finance and has worked for Goldman Sachs before
founding HelloFresh
KEY COMPANY FACTS
60
Food Subscription Company
COMPANY PROFILE HELLOFRESH @ NOAH
• HelloFresh is the leading global provider of fresh food at home
• HelloFresh aims to provide each and every household in its 9 markets with the
opportunity to enjoy wholesome home-cooked meals with no planning, no
shopping and no hassle required
• Everything required for weeknight meals, carefully planned, locally sourced and
delivered to your door at the most convenient time for each subscriber
• Behind the scenes, a huge data driven technology platform puts us in the prime
position for disrupting the food supply chain and for fundamentally changing the
way consumers shop for food
• The soft subscription model business enables us to leverage our weekly
subscriber touch points to consistently manage supply chains and demand, and
to optimise the customer experience as well as our business economics
• HelloFresh is at the forefront of disrupting a multi trillion dollar industry at the
very beginning of its online transition
Attendees @ NOAH
Dominik Richter, Co-Founder & CEO
Fireside chat with
Market Cap €1.8bn
2017 2018E Growth
Revenues €m 905 1,204 33%
EBITDA €m (81) (52) (36%)
Margin % (9%) (4%) -
Key Corporate Facts
Founded 2011
Employees 3,500+
Key Shareholders
Rocket Internet, Insight,
Phenomen, Vanguard, Vorwerk
Company
Presentation
NOAH Content HelloFresh at NOAH
Website hellofreshgroup.com
Key Operating KPIs
US Active Customers Q4 2017 0.9m
US Average Order Value Q4 2017 €49.5
NOAH Connect app

SPEAKER PROFILE
• Patrick is the CEO & Co-Founder of HomeToGo, an
independent vacation rental metasearch engine
• Previously, he was a Director of Business
Development in Home24
• He also worked for German Embassy in Dublin,
Hogan Lovells and Rocket Internet
• Patrick has a law background and holds PhD in
Business Law from University of Muenster
KEY COMPANY FACTS
61
TRAVEL & TOURISM
Meta-Search Engine for Vacation Rentals
COMPANY PROFILE HOMETOGO @ NOAH
• HomeToGo is the world's largest search engine for vacation rentals. We have
compiled a unique portfolio of the best and most renowned providers of vacation
rentals for our customers. Whether for family vacations, day trips or a romantic
getaway, HomeToGo finds your perfect vacation accommodation for every
occasion
• HomeToGo offers the best vacation accommodations all on one website,
allowing you to compare prices for rentals from more than 250 providers in over
200 countries, or around you. Once you've found your dream rental, simply click
on the link to be redirected to our partner's website and complete the booking
• Business model: Search Aggregation
Visits 1.4m 2.8m
Minutes 04:55 03:47
Sessions
Mobile: 51%
Desktop: 49%
Mobile: 57%
Desktop: 43%
Apr 2018
Sources
Key Corporate Facts
Founded 2014
Employees 100-1,000
Key Investors
Insight, Acton Capital Partners,
DN Capital, Rocket Internet,
Global Founders Capital
Funding $27m
Website hometogo.com
Attendees @ NOAH
Dr. Patrick Andrae, Co-Founder & CEO
N/A
Dr. Patrick
Andrae
Co-Founder &
CEO
NOAH Connect app
Key Operating KPIs
Listings 11m+
# of Rental Properties 250+
# of Countries 200+

SPEAKER PROFILE
• Dvir is the Co-Founder & CEO of Hop
• Ben-Aroya brings over 15 years of experience in
senior business leadership positions in high-tech and
financial companies. Prior to founding Hop, he was a
Vice President of Global Business Development in
Acronis. Prior to joining Acronis, he served as
Executive Vice President of Global Partnerships at
WebsPlanet, where he was responsible for the
company’s expansion to the hosting,
telecommunications and cloud industries. His previous
positions also include CEO of a leading SaaS sport
scouting platform and an investment banker for
various international deals.
• Ben-Aroya has an M.B.A. in Business Management
from the Manchester Business School and a B.A. in
Business and Economics from the IDC
Interdisciplinary College School of Business in
Herzliya, Israel
KEY COMPANY FACTS
62
B2B & SOFTWARE
Converts Emails into a Multimedia Mobile
Messaging Format
COMPANY PROFILE HOP @ NOAH
• Hop is the first ever app to turn your existing email into simple, multimedia
mobile messaging, focused on the people and groups that matter most to you
• Hop turns your email messages into a natural chat conversation with the people
you know. Use it to connect in real time with friends, family and colleagues to
share life’s most important moments as they happen -- through video, photos,
documents, live chat, and voice calls -- using something everybody has: an
email address. Hop is fully synced with desktop emails so conversations,
documents and media are always stored on your cloud service
• Hop supports real-time messaging, document and photo sharing, voice and
video calls, and more, eliminating the need to use multiple apps to stay in touch.
Hop syncs with desktop emails so conversations, documents and media are
stored right in your cloud
Visits 8k 9k
Minutes 01:26 00:55
Sessions
Mobile: 5%
Desktop: 95%
Mobile: 33%
Desktop: 67%
Apr 2018
Sources
Key Corporate Facts
Headquarters Palo Alto, CA, US
Founded 2013
Employees 1-10
Key Investors Cubit Investments, NFX
Funding $2m
Website gethop.com
Attendees @ NOAH
Dvir Ben-Aroya, Co-Founder & CEO
Dvir Ben-Aroya
Co-Founder &
CEO
N/A
NOAH Connect app

Rainer Maerkle
General Partner
SPEAKER PROFILE
• Rainer has been a member of the Holtzbrinck Ventures
team since 2008. He was responsible for Holtzbrinck
Ventures’ investments in Zalando, Quandoo, Stylight,
HelloFresh and brands4friends and led investments in
Scalable Capital, Outfittery, Move24, Home24, and
several others
• Before coming to Holtzbrinck Ventures, Rainer played
an entrepreneurial role as Head of Business
Development at 123people.com. The business was
sold successfully to Pages Jaunes in 2010. Prior to
that, Rainer worked for five years in the venture capital
field at 3i and Siemens Acceleration, where he was
involved in investments in the e-commerce sector.
Rainer started his career at Siemens in 2000
• Rainer studied Electrical Engineering at the Technical
University of Munich and received his MBA at INSEAD,
graduating both with honors
KEY INVESTOR FACTS
63
INVESTORS
Early Stage VC Investor
INVESTOR PROFILE HOLTZBRINCK VENTURES @ NOAH
• HV Holtzbrinck Ventures was founded in 2000 as the corporate venture arm of
the Georg von Holtzbrinck publishing group. In 2010 we became an
independent venture firm, raising funds from a strong network of international
institutional investors
• Today, with more than € 1 billion under management, we are one of the largest
and most experienced independent European early stage venture funds. For
over 17 years we have believed in the disruptive potential of the Internet. During
this time, we have invested in over 150 companies, including great successes
like Zalando, Delivery Hero, HelloFresh, Flixbus, SumUp, Scalable Capital, and
many others
• As reliable long-term partners, we support the founders of our portfolio
companies in developing their businesses into large and sustainable
companies. Besides our investment, we bring a wealth of entrepreneurial,
operational and financing experience to the table. This approach has made us
one of the most successful European venture investors
Attendees @ NOAH
Rainer Maerkle, General Partner
Martin Weber, General Partner
Christian Saller, General Partner
David Kuczek, General Partner
Christoph Jung, General Partner
Barbod Namini, Partner
Jan Miczaika, Partner
Jasper Masemann, Principal
Felix Kluehr, Investment Manager
Fireside chat with
NOAH Connect app
Key Corporate Facts
Founded 2000
Employees 11-25
NOAH Content Holtzbrinck Ventures at NOAH
Website hvventures.com

Jared Grusd
CEO
SPEAKER PROFILE
• Jared is the CEO of HuffPost and the Global Head of
News & Information at Oath. He leads Oath’s news
and information businesses
• Prior to Oath, Jared oversaw all of AOL’s media
brands, including, the Huffington Post, TechCrunch,
Engadget, Ryot, Autoblog, Moviefone, and Build
• He is an adjunct professor at Columbia Business
School specializing in the technology and media
sectors, serves on the board of Newsela and as a
mentor at Techstars. He is an angel investor in several
start-ups
• Previously, he was General Counsel and Head of
Corporate Development of Spotify, Chief Strategy and
Business Development officer of AOL, and a key
member of the executive team of Google's multi-billion
dollar advertising business in the Americas. Jared also
co-founded Shake, a legal technology company
KEY COMPANY FACTS
64
DIGITAL & TMT
Online News Aggregator and Blog
COMPANY PROFILE HUFFPOST @ NOAH
• HuffPost has over 90 sections globally, covering politics, business,
entertainment, environment, technology, media, lifestyle, culture, comedy,
healthy living, women's interest, local news and so much more.
• We've won a Pulitzer. We have the best technology team in the business.
HuffPost has over 100,000 bloggers and nearly 200 million monthly unique
visitors (comScore).
• We are passionate. We are entrepreneurial. We are life learners who want to
make a difference. We love working here because HuffPost provides an
environment where we are empowered to take big risks, and because we are
encouraged to care about what really matters
Visits 206.0m 137.6m
Minutes 01:51 01:56
Sessions
Mobile: 37%
Desktop: 63%
Mobile: 36%
Desktop: 64%
Apr 2018
Sources
Key Corporate Facts
Founded 2005
Employees 100-1,000
Ownership Oath
Key Investors Oath
Website huffingtonpost.com
NOAH Connect app
Attendees @ NOAH
Jared Grusd, CEO
N/A

Ronald Slabke
CEO
SPEAKER PROFILE
• Ronald Slabke studied business administration in
Dresden and began his professional career as an
account manager at Westdeutsche ImmobilienBank
• In mid-1996, he joined Dr. Klein, a mortgage broker
specializing in the housing industry, as assistant to the
managing director. In early 1999, Dr. Klein became
the first online mortgage broker for private customers
under his responsibility. At the end of 1999, he
organized a management buyout and took over from
Dr. Klein. 2001 saw the merger with Europace to form
the Hypoport Group. As Co-CEO of Hypoport, he was
subsequently responsible for sales and technical
development of Europace and private customer
business. In 2007 Hypoport is admitted to the Prime
Standard of Deutsche Börse AG. Since 2010, as CEO,
he has been shaping the strategic expansion of the
Group in the banking industry and the development of
corporate culture within the Hypoport Group
KEY COMPANY FACTS
65
FINTECH
Internet-based Financial Service Provider
COMPANY PROFILE HYPOPORT @ NOAH
• Hypoport AG is the parent company of the Hypoport Group. The subsidiaries of
the Hypoport Group are engaged in the distribution of financial services,
facilitated or supported by financial technology (‚fintech‘). The subsidiaries are
divided into four business units: Credit Platform, Private Clients, Institutional
Clients and Insurance Platform
• Within the Hypoport Group, Hypoport AG performs the role of a strategic and
management holding company with corresponding central functions. Hypoport
AG’s objectives are the advancement and expansion of its family of
subsidiaries. The shares of Hypoport AG are listed in the Prime Standard
segment of the Frankfurt Stock Exchange (Deutsche Börse) and have been
included in the SDAX since 2015
Attendees @ NOAH
Ronald Slabke, CEO
1. Hypoport’s way of growth – German
Mittelstand meets Tech – different
perspective on risk
2. Runing a group of autonomous daughter
companies in a build, expand and
leverage approach
3. Lessons learned from scaling a company
above 500 people
Market Cap €899m
2017 2018E Growth
Revenues €m 195 225 16%
EBITDA €m 32 36 15%
Margin % 16% 16% -
EV/EBITDA 28.5x 24.8x (13%)
Key Corporate Facts
Founded 2001
Employees 3,400
Company
Presentation
Website hypoport.de
NOAH Connect app

Benoît Legrand
Chief Innovation
Officer
SPEAKER PROFILE
• Benoit Legrand is Chief Innovation Officer of ING
since January 2018
• Benoît is an intrapreneur with more than 20 years
experience in transforming various areas of banking in
5 different countries (Belgium, France, The
Netherlands, Poland and Singapore)
• He began his career as an investment banker at Bank
Bruxelles Lambert, before it became ING Belgium. He
rejoined ING a few years later, after founding his own
start-up company in retail distribution.
• In 2010, he was appointed CEO of ING Direct France,
the leading direct bank on the French market, and
Country CEO ING Bank France in 2013
• Benoît graduated in Economics from Catholic
University of Leuven and in International Relations
from the London School of Economics
KEY COMPANY FACTS
66
FINTECH
Global Financial Banking Institution
COMPANY PROFILE ING GROUP @ NOAH
• The ING Group is a Dutch multinational banking and financial services
corporation headquartered in Amsterdam. Its primary businesses are retail
banking, direct banking, commercial banking, investment banking, asset
management, and insurance services. ING is an abbreviation for Internationale
Nederlanden Groep
• ING is the Dutch member of the Inter-Alpha Group of Banks, a cooperative
consortium of 11 prominent European banks. ING Bank was included in a list of
global systemically important banks in 2012
2017 2018E Growth
Revenues €m 17,706 18,025 2%
Net Income €m 4,905 5,030 3%
Margin % 28% 28% -
Key Corporate Facts
Founded 1991
Employees 52,000+
Ownership Public (AMS)
Key Shareholders BlackRock, Artisan Investments
Investor
Presentation
Website ing.com
Attendees @ NOAH
Benoît Legrand, Chief Innovation Officer
Fireside chat with
NOAH Connect app
Key Operating KPIs
Retail customers 2017 37.4m
Underlying ROE 10.2%

Harley Miller
Vice President
SPEAKER PROFILE
• Harley Miller joined Insight in 2011. He previously
worked as an analyst at Lubert Adler Real Estate
Funds in Philadelphia, focusing on acquisitions and
asset management
• Harley graduated magna cum laude from the
University of Pennsylvania’s Wharton School of
Business with a BS in Economics, with concentrations
in both ‘International Venture Capital & Consumer-
Facing Industries’ and ‘Information Management’
• During his time at Wharton, Harley launched his first
startup, MobileEatz – a mobile food ordering portal
targeted at college campuses
• Harley is fluent in both Spanish and Portuguese
KEY INVESTOR FACTS
67
INVESTORS
VC Firm Specializing in Growth-Stage
Software and Internet Investing
INVESTOR PROFILE INSIGHT VENTURE PARTNERS @ NOAH
• Founded in 1995, Insight Venture Partners is the fastest-growing venture capital
firm specializing in growth-stage Software and Internet investing globally
• Insight's team of growth experts is composed of both technology investors and
operating executives with significant experience scaling technology companies
• Since inception, Insight has raised more than $13 billion to invest in market
leading companies through both minority and majority deals
• Insight's investing flexibility enables companies and entrepreneurs to obtain the
deal that makes sense for them, in addition to gaining access to growth
expertise and global reach
Attendees @ NOAH
Harley Miller, Vice President
Fireside chats with and
Key Corporate Facts
Founded 1995
Funds Raised $18bn+
Employees 130
NOAH Content
Insight Venture Partners at
NOAH
Website insightpartners.com
NOAH Connect app

SPEAKER PROFILE
• Clark was Editor-in-chief of a city magazine and a
consultant for Internet companies like CitySearch.
Awarded a Robert Bosch Fellowship in 1997, he
moved to Germany. As the first Media Project
Manager for the Industrial Investment Council of the
New German States, he advised US / UK Internet &
media companies such as eBay, IBM and FoxKIDS.
• In 2005, Clark and a co-founder launched Vortel
GmbH, a VoIP telephony company that sold in 2008 to
Inter.net. He then led a global leadership school for
the creative industries, the Berlin School of Creative
Leadership
• Clark joined the IE.F at its inception in January 2016.
He leads the foundation to help advocate for a thriving
Internet economy in Europe based on free and fair
competition. He is also a partner in iconomy GmbH, a
consultancy focused on helping digital ventures grow,
scale and internationalize
KEY COMPANY FACTS
68
OTHER
Independent Think-Tank Based in Berlin
COMPANY PROFILE INTERNET ECONOMY FOUNDATION @ NOAH
• The Internet Economy Foundation (IE.F) is an independent organization in
Berlin that advocates for a thriving digital economy in Germany and Europe
• It was established as an inquisitive think tank, an independent advisor and a
competent dialogue partner in the dynamic environment of digitisation and
digital transformation
• It aims to be an impartial organisation and a pioneering voice for politics, the
economy and society
• It provides information about the latest developments and defines the interests
of the German and European Internet economy in a global context
Key Corporate Facts
Founded 2016
Employees 4-10
NOAH Content IE.F at NOAH
Website ie.foundation/en
Attendees @ NOAH
Clark Parsons, Managing Director
NOAH Connect app
Clark Parsons
Managing
Director
1. The Finance Gap - how Europe can
develop a VC market to catch up with
the US and Asia. Briefly presenting
highlights of the findings of a new study
by the IE.F and Roland Berger
2. Briefly presenting highlights of the
findings of a new study by the IE.F and
Roland Berger
3. Discussing, with Klaus Hommels and
Marco R., changes that can lead to more
private capital being mobilized and
invested in Europe's digital ecosystem

Fatih Uysal
CEO
SPEAKER PROFILE
• Fatih Uysal studied at Galatasaray High School before
completing his degree on Business Administration at
Bogazici University
• He began his career at Danone in 1999. After taking
on the responsibility of several Danone products he
was appointed as the Global Marketing Director of
Danone Group in 2006. While at the position, he
helped over 40 countries create and execute their
marketing strategies. He moved to the Netherlands to
serve as the Global CRM of the Danone Group for the
Middle East, Europe and Latin America
• In 2010 he returned to Turkey to serve as the
Marketing Director for Vodafone, helping launch
several projects
• Since February 2017, Uysal serves as the CEO for
Kariyer.net, the biggest online HR platform
KEY COMPANY FACTS
69
B2B & SOFTWARE
One of the Largest Online Recruitment
Companies in Turkey
COMPANY PROFILE KARIYER.NET @ NOAH
• Kariyer.net is the first and largest online recruitment companies in Turkey.
Established in 1999, it marked the emergence of online recruitment practice in
the country. By leveraging new technologies, Kariyer.net has been a market
leader in the recruitment sector
• In 2005, Kariyer.net joined The Network, a global leader in international
recruitment. This allowed Kariyer.net’s corporate clients to search through
candidates in other member sites’ databases while providing its own database
for employers from member countries. Kariyer.net has the biggest resume
database in The Network’s system
Visits 16.1m 13.8m
Minutes 06:29 06:28
Sessions
Mobile: 46%
Desktop: 54%
Mobile: 47%
Desktop: 53%
Apr 2018
Sources
Attendees @ NOAH
N/A
Key Corporate Facts
Headquarters Istanbul, Turkey
Founded 1999
Employees 100-1,000
Key Investors iLab Ventures
NOAH Content Kariyer at NOAH
Website kariyer.net
NOAH Connect app
Fatih Uysal, CEO

SPEAKER PROFILE
• Oliver Dlouhy is the co-founder and CEO of Kiwi.com
(formerly known as Skypicker), a booking app that
helps users find and book low-cost flights around the
world
• Oliver founded Kiwi.com in 2012 when he, as a broke
student, was trying to find the cheapest flights for a
vacation in Portugal. That was when he got the idea of
combining the flights of airlines that don’t cooperate
with each other into one itinerary
• His company has turned into one of the most
successful and fastest-growing startups in Central
Europe
KEY COMPANY FACTS
70
TRAVEL & TOURISM
Online Travel Agency with a Unique Flight Search Algorithm
COMPANY PROFILE KIWI.COM @ NOAH
• Kiwi.com, formerly known as Skypicker, is an online travel agency with
groundbreaking Virtual Interlining Technology and a focus on exceptional
customer service
• Our unique flight search algorithm allows our customers to combine flights from
airlines which do not normally collaborate onto a single itinerary, often resulting
in significant savings
• Kiwi.com was established in April 2012, funded by the angel investment of Jiri
Hlavenka, a well-known Czech entrepreneur. The first public beta was launched
in May 2012 and it was very well received by both users and journalists
• In December 2013, Kiwi.com acquired WhichAirline.com
Visits 3.8m 5.7m
Minutes 11:47 07:22
Sessions
Mobile: 36%
Desktop: 64%
Mobile: 40%
Desktop: 60%
Apr 2018
Sources
Key Corporate Facts
Headquarters Brno, Czech Republic
Founded 2012
Ownership Private – Business Angels
Key Investors Jiri Hlavenka
Funding €1.5m
NOAH Content Kiwi.com at NOAH
Website kiwi.com
Attendees @ NOAH
Oliver Dlouhy, Co-Founder & CEO
N/A
NOAH Connect app
Oliver Dlouhy
Co-Founder &
CEO

SPEAKER PROFILE
• Sebastian Siemiatkowski is co-founder and CEO of
Klarna, one of Europe’s main providers of payment
solutions for e-commerce. Sebastian and his two co-
founders developed the idea for Klarna during a
competition at the Stockholm School of Economics
• He graduated from the Stockholm School of
Economics with a master's degree in economics and
while at school founded the company with his co-
founders
• Sebastian has received multiple awards for his
leadership including the "Rising Star of the Year" by
Ernst & Young, "Leader of the Year" by Adecco,
"Manager of Tomorrow" by Sweden's leading
Management Magazine and "European Entrepreneur
of the Year Award" by TechTour
KEY COMPANY FACTS
71
PAYMENTS
Ecommerce Payment Solutions
for Merchants and Shoppers
COMPANY PROFILE KLARNA @ NOAH
• Klarna is a leading payments provider that aims to make the payment process
simple, smooth and safe for customers and its merchant partners
• The company, founded in 2005, was recently named as one of the top disruptor
companies in the world by CNBC
• Klarna works together with 89,000 merchants to offer payment solutions to more
than 60 million users in Europe and North America
• The company’s North America offices are in Columbus, Ohio and New York.
• Klarna has 1,700 employees and is active in 14 countries. Financing through
Klarna is issued by WebBank, member FDIC
Attendees @ NOAH
Sebastian Siemiatkowski, Co-Founder
& CEO
Fireside chat with
NOAH Connect app
Sebastian
Siemiatkowski
Co-Founder &
CEO
Visits 8.6m 10.1m
Minutes 02:49 02:58
Sessions
Mobile: 67%
Desktop: 33%
Mobile: 67%
Desktop: 33%
Apr 2018
Sources
Key Corporate Facts
Headquarters Stockholm, Sweden
Founded 2005
Key Investors
Permira, VISA, Anders Holch
Povlsen, Creandum, General
Atlantic, Northzone
Funding $637m
NOAH Content Klarna at NOAH
Website klarna.com

Alexander
Graubner-Müller
Founder & CEO
SPEAKER PROFILE
• Alexander Graubner-Mueller is founder and CEO of
Kreditech. Having led the tech-side as CTO for three
years, he took over the CEO position in November
2015. Alexander achieved the Master of Quantitative
Finance and Economics of University St. Gallen
• Prior to founding Kreditech, Alexander co-founded and
sold the prediction-market engine PredictX. Before this
he managed engineering and product development at
Rocket Internet in Asia. Prior to that he worked as a
financial engineer with the research team at LGT
Capital Management
• He is a Big Data Pioneer and visionary for Digital
Banking. He believes in algorithms and statistical data
as the key building blocks for the next Industrial
Revolution
KEY COMPANY FACTS
72
LENDING PLATFORMS
Credit Solutions for Underbanked Customers
COMPANY PROFILE KREDITECH @ NOAH
• Kreditech Group’s mission is to improve financial freedom for the underbanked
with the use of technology. Combining non-traditional data sources and
machine learning, the company is aiming to provide access to better credit and
a higher convenience for digital banking services. The product offerings include
consumer loans, a digital wallet and a personal finance manager designed to
help customers manage their credit score and plan their spending. Kreditech
also offers a “Lending as a Service” model, allowing partners to integrate
Kreditech’s credit products via an API into their own platform and services
• Founded in 2012 and headquartered in Hamburg, Germany, Kreditech covers
more than 5 markets worldwide, amongst others Russia, Mexico, Spain and
Poland. Up until now, the company has processed more than four million loan
applications through its subsidiaries
• Kreditech’s team of more than 387 people is led by CEO and Co-Founder
Alexander Graubner-Müller and is financially backed by world-class investors
including PayU, J.C. Flowers, Peter Thiel, and the World Bank’s IFC
Key Corporate Facts
Headquarters Hamburg, Germany
Founded 2012
Employees 100-1,000
Key Investors
PayU, Rakuten, IFC, J.C.
Flowers & Co., Kreos Capital,
Global Founders Capital,
Blumberg Capital
Funding €204 (equity), €286 (debt)
NOAH Content Kreditech at NOAH
Website kreditech.com
Key Financials
Revenues 2017E €51-100m
Attendees @ NOAH
Alexander Graubner-Müller, Founder
& CEO
1. Why fintech is the future in emerging
markets
2. Strategy for the latest launch in India
3. Algo-based credit scoring
NOAH Connect app

Joanna
Przetakiewicz
Founder &
Creative Director
SPEAKER PROFILE
• Joanna Przetakiewicz is a Polish fashion designer and
entrepreneur, founder & creative director of La Mania
brand, born in Warsaw, currently living in London.
Legal counsel by profession. She studied Law at
Warsaw University
• In 1992 she founded one of the first networks of dental
clinics – Vita Dent
• With the strong support of her close friend, Karl
Lagerfeld, she turned her first love - fashion - into a
business and so, at the end of 2010, the stylish prêt-a-
porter womenswear label was founded. With the
collection stocked at Harrods International Designer
Floor and in Dubai, La Mania has definitely announced
her arrival on the world stage
• Joanna actively supports various campaigns in the
worlds of fashion and art. She regularly sponsors
young artists’ exhibitions, as well as various cultural
events both in the UK and in Poland
KEY COMPANY FACTS
73
COMPANY PROFILE LA MANIA @ NOAH
• La Mania, founded in September 2010 is currently Poland’s leading fashion
label and offers a stylish minimalist European design
• With Karl Lagerfeld as its business angel, and as his protégé, La Mania has
undergone a rapid evolution becoming the market leader in Poland, winning the
international market as quickly as the Polish one. Currently the brand owns 4
retails boutiques and its collections are available in Harrods International
Designer Floor
• In February 2015, the brand was invited by the British Council and the British
Fashion Council to join the International Fashion Showcase at London Fashion
Week, where the brand also held a spectacular showcase of the debut
collection at the Royal Academy. La Mania has quickly become one of the
brightest names in international luxury fashion
• Since then the brand has expanded its portfolio of products to perfumes,
accessories and shoes. La Mania is preparing to launch its own La Mania home
line with bed sheets, towels, china and candles with a dedicated, separate e-
commerce that would cater the affordable luxury, more mass appeal product
Attendees @ NOAH
Joanna Przetakiewicz, Founder
Aleksander Przetakiewicz, CEO
Key Corporate Facts
Headquarters Warsaw, Poland
Founded 2010
Employees 26-50
Website lamania.eu
Ecommerce Services - Channel
Management
ONLINE FASHION
Poland’s Leading Fashion Label
Key Operating KPIs
Delivery In Full On Time 96%
% Unplanned Overtime 4%
% Lost Sales to Active Customers 24%
Visits 30k 29k
Minutes 02:50 04:06
Sessions
Mobile: 56%
Desktop: 44%
Mobile: 70%
Desktop: 30%
Apr 2018
Sources

Klaus Hommels
Founder & CEO
SPEAKER PROFILE
• Klaus Hommels is the founder of Lakestar, a Zurich-
based firm with offices in Berlin, London, New York
and Hong Kong
• Hommels was an early investor in King. com, Skype
and Spotify, and also invested in Facebook as an
angel investor
• He's also an investor in Harry's, OpenDoor and Oscar
Health in the U.S.
• Hommels earned his MBA and PhD in finance from
the University of Fribourg in Switzerland
• "The first thing a VC should have to be is a believer,"
he says
KEY INVESTOR FACTS
74
INVESTORS
Global Venture Capital Firm
INVESTOR PROFILE LAKESTAR @ NOAH
• Lakestar is a global venture capital company, with offices in Zurich, Berlin, and
London
• Company identified highly disruptive technology companies across all stages of
their lifestyle – seed to growth – and across consumer and B2B business
models. Most importantly, Lakestar has been a preferred partner for US
entrepreneurs considering international expansion, as well as European
entrepreneurs wanting to go global
• Lakestar & its GPs have historically invested in Skype, Facebook, Klarna,
Airbnb, King.com, Maker Studios, Lovefilm. Current portfolio includes: Spotify,
Harry’s, GoEuro, Algomi, Taulia, Oscar, Opendoor
Attendees @ NOAH
Klaus Hommels, General Partner
Panel discussion with Marco Rodzynek
Key Invested Companies
Key Corporate Facts
Founded 2012
Funds Raised $534m
Current Fund Size $385m
Employees 11-25
NOAH Content Lakestar at NOAH
Website lakestar.com
NOAH Connect app
Premium
Partner

Yuriy Mukhin
Co-Founder
SPEAKER PROFILE
• Yuriy Mukhin is a co-founder of Lalafo
• Before founding Lalafo he was a co-founder of
iBride.com, a social platform for brides-to-be and
wedding professionals aiming to consolidate a
fragmented global wedding industry
• Prior to that he held a CMO position at Slando (now
OLX), a general classifieds platform owned by
Naspers
• Yuriy graduated for Donetsk National University in
Ukraine
KEY COMPANY FACTS
75
COMPANY PROFILE LALAFO @ NOAH
• Lalafo is an artificial intelligence powered C2C marketplace. Lalafo uses
computer vision and natural language processing to create a frictionless selling
experience
• When a new item is listed, its characteristics are instantly extracted. Lalafo AI
detects products, colours, materials, makes, models, year of manufacturing and
many more characteristics of each item
• Features extracted from images can be used to suggest price and match items
to buyers with incredible accuracy
Attendees @ NOAH
Anna Polishchuk, Co-Founder
Yuriy Mukhin, Co-Founder
Key Corporate Facts
Headquarters Tallinn, Estonia
Founded 2015
Employees 51-100
Funding Undisclosed
NOAH Content Lalafo at NOAH
Website lalafo.com
Visits 41k 31k
Minutes 00:21 01:15
Sessions
Mobile: 70%
Desktop: 30%
Mobile: 41%
Desktop: 59%
Apr 2018
Sources
NOAH Connect app
AI-powered Mobile Peer-to-Peer Marketplace
Key Operating KPIs
App Downloads 5m
1. Technology and product demonstration:
real time object classification, price
prediction, visual search, listing creation
using AI
2. What this technology means for
classifieds and marketplaces
3. How AI helps expand consumer to
consumer market

Ganna
Polishchuk
Co-Founder
SPEAKER PROFILE
• Co-Founder at Lalafo – a C2C marketplace powered
by AI. In 2016 Lalafo’s users listed items worth over
$10B
• Prior to Lalafo, Anna served as a Commercial
Development Manager and, later, as a Chief
Operating Officer at general classified Slando,
acquired by Naspers
• Anna holds an MBA in International Management from
Royal Holloway, University of London
KEY COMPANY FACTS
76
COMPANY PROFILE LALAFO @ NOAH
• Lalafo is an artificial intelligence powered C2C marketplace. Lalafo uses
computer vision and natural language processing to create a frictionless selling
experience
• When a new item is listed, its characteristics are instantly extracted. Lalafo AI
detects products, colours, materials, makes, models, year of manufacturing and
many more characteristics of each item
• Features extracted from images can be used to suggest price and match items
to buyers with incredible accuracy
Attendees @ NOAH
Anna Polishchuk, Co-Founder
Yuriy Mukhin, Co-Founder
Visits 41k 31k
Minutes 00:21 01:15
Sessions
Mobile: 70%
Desktop: 30%
Mobile: 41%
Desktop: 59%
Apr 2018
Sources
NOAH Connect app
AI-powered Mobile Peer-to-Peer Marketplace
Key Operating KPIs
App Downloads 5m
1. Technology and product demonstration:
real time object classification, price
prediction, visual search, listing creation
using AI
2. What this technology means for
classifieds and marketplaces
3. How AI helps expand consumer to
consumer market
Key Corporate Facts
Founded 2015
Employees 51-100
Funding Undisclosed
NOAH Content Lalafo at NOAH
Website lalafo.com

SPEAKER PROFILE
• John Suh has served as LegalZoom’s Chief Executive
Officer since February 2007 and as a member of
board of directors since February 2005
• Prior to LegalZoom, Mr. Suh was Chief Executive
Officer of StudioDirect, the Internet division of a global
supply chain company, Li and Fung
• Prior to StudioDirect, Mr. Suh co-founded and served
as Chief Executive Officer of Castling Group, helping
offline companies create their Internet divisions and
launching category leaders such as jcrew.com and
hifi.com
• Mr. Suh was selected to serve on the board of
directors due to the perspective and experience he
brings as Chief Executive Officer and his extensive
background in the Internet industry
KEY COMPANY FACTS
77
DIGITAL & TMT
Online Legal Document Services and Legal Plans
COMPANY PROFILE LEGALZOOM @ NOAH
• LegalZoom is the US’ most recognized name in law, the alternative to the
traditional law firm
• The leading provider of online legal document services and legal plans to
families and small businesses, LegalZoom offers high quality, affordable legal
services, marrying cutting-edge technology with access to experienced
attorneys
• LegalZoom was founded on the idea that all Americans deserve access to the
law; and as of 2011 the company has helped close to two million small
businesses and families with their legal needs
• Our high quality documents have been accepted in all 50 states, and 94% of
customers would refer LegalZoom to their family and friends
Visits 5.1m 4.9m
Minutes 02:32 02:30
Sessions
Mobile: 51%
Desktop: 49%
Mobile: 47%
Desktop: 53%
Apr 2018
Sources
Key Corporate Facts
Headquarters Glendale, CA, US
Founded 1999
Employees 100-1,000
Key Investors Permira, KPCB, IVP
Funding $111m
Website legalzoom.com
Attendees @ NOAH
John Suh, CEO
Fireside chat with
John Suh
CEO
NOAH Connect app

SPEAKER PROFILE
• Fabian Siegel is a passionate entrepreneur
• Prior to launching Marley Spoon in 2014, built a global
leader in online food ordering at Delivery Hero, co-
founded Europe's largest online payments brand
ClickandBuy International, Germany's first online
auction business Kikin, and a financial services startup
Strateer
• He is now investing in startups and building Marley
Spoon, a global company available in six countries
worldwide
KEY COMPANY FACTS
78
Recipe Box Delivery Service
COMPANY PROFILE MARLEY SPOON @ NOAH
• Marley Spoon is a recipe box delivery service that provides delicious recipes
with seasonal ingredients, in exact quantities, to cook at home
• Marley Spoon is disrupting the grocery industry and helping millions of people to
cook better and live smarter by radically reducing food waste
• Founded in 2014 by Fabian Siegel and Till Neatby, Marley Spoon is available in
Germany, the Netherlands, Austria, Belgium, the US and Australia
• Customers can select the recipes they’d like to receive from weekly changing
menus and Marley Spoon delivers the recipes with high quality ingredients from
trusted producers and suppliers
• Marley Spoon operates more efficiently than any supermarket, with a
constrained supply chain, zero food waste, and centralised facilities servicing
each country
Visits 170k 193k
Minutes 01:44 03:35
Sessions
Mobile: 43%
Desktop: 57%
Mobile: 54%
Desktop: 46%
Apr 2018
Sources
Key Corporate Facts
Founded 2014
Employees 100-1,000
Key Investors
QD Ventures, Kreos Capital,
Lakestar
Funding $27m
NOAH Content Marley Spoon at NOAH
Website marleyspoon.com
Attendees @ NOAH
Fabian Siegel, Co-Founder & CEO
N/A
NOAH Connect app
Fabian Siegel
Co-Founder &
CEO

Peter Bakenecker
Division President
Germany and
Switzerland
SPEAKER PROFILE
• Peter is Mastercard’s Division President for Germany
and Switzerland since July 2017. Previously he led the
Core Product team in Europe and was responsible for
all product related activities within the region. Before
that he was SVP for Business Development in
Western Europe
• Prior Peter was part of Mastercard Advisors for eight
years and member of the management team for
Europe, AP and MEA
• Before joining Mastercard in 2006, Peter was a project
manager at the Financial Service practice of Batten &
Company and Roland Berger Strategy Consultants
• He holds an MBA in Banking & Finance. Peter studied
at the University of Duisburg-Essen and the University
of Technology in Sydney. Furthermore, he completed
executive programs at the London School of
Economics and Political Science
KEY COMPANY FACTS
79
PAYMENTS
Global Payment Processing Company
COMPANY PROFILE MASTERCARD @ NOAH
• Mastercard provides payment processing products and solutions, and related
consulting services. It serves consumers and businesses in the United States
and internationally
• The company offers credit, debit, prepaid, personal, commercial, chip, and
contactless cards; loyalty and reward solutions; and cardholder benefits and
services
• It also provides payment processing solutions; and payment security and fraud
management solutions to monitor, detect, and fight fraud through the
transaction lifecycle. In addition, it offers payment-focused consulting,
information, and outsourcing services to financial institutions and merchants;
and franchising activities
Attendees @ NOAH
Peter Bakenecker, Division President
Anja Klein, Communications DE & CH
Dorothea Ysenburg, Managing Consultant
Jürgen Schübel, VP European Mkt Dev.
Dagmara Kowatzky, VP Business Dev.
Adam Bednarek, Manager Business Dev.
1. Digital payment trends
2. The smartphonisation of society
3. Wearables, biometrics and bots - how
consumers will increasingly pay in the
future
2017 2018E Growth
Revenues €m 10,432 12,596 21%
EBITDA €m 6,066 7,440 23%
Margin % 58% 59% -
EV/Revenue 15.7x 13.0x (17%)
EV/EBITDA 27.1x 22.1x (18%)
Key Corporate Facts
Headquarters Purchase, NY, US
Founded 1966
Employees 13,000+
Ownership Public (NYSE)
Company
Presentation
NOAH Content Mastercard at NOAH
Website mastercard.de
Ecommerce Services (Mobile Commerce
Solutions)
Digital Services

Matthias
Schmidt-Pfitzner
Digital Partner
SPEAKER PROFILE
• Matthias Schmidt-Pfitzner is a Partner at McKinsey
Digital with over 22 years' experience in digital
businesses
• He is an expert in strategy, business & corporate
development, business modelling, sales, digital
marketing and new business building
• Matthias has built, transformed and sold companies of
various sizes and has extensive management and
leadership experience in national and multinational
companies from start-up to DAX and NASDAQ
companies
KEY COMPANY FACTS
80
SERVICE PROVIDERS
Global Management Consulting Firm
COMPANY PROFILE DIGITAL MCKINSEY @ NOAH
• Digital McKinsey brings together the best of McKinsey’s digital capabilities
• Digital McKinsey not only advises but also builds, operates, and transfers
capabilities to help our clients create value by reinventing the core of their
businesses
• Digital McKinsey brings together more than 2,000 experts from across our
global firm—including more than 1000 developers, designers, IT architects, data
engineers, agile coaches, and advanced analytics experts in our Digital Labs
Key Corporate Facts
Founded 1926
Employees 14,000
Ownership Private
NOAH Content McKinsey at NOAH
Website mckinsey.com
Attendees @ NOAH
Matthias Schmidt-Pfitzner, Digital Partner
Holger Klärner, VP Fast Growth Tech EMEA
Gérard Richter, Senior Partner
Florian Wunderlich, Senior Partner
Karel Dörner, Senior Partner
1. How do corporates successfully
innovate?
2. Is there a main driver?
3. What are the success factors? And how
can it be a catalyst for a greater
transformation of the company
NOAH Connect app

Asaf Peled
Founder & CEO
SPEAKER PROFILE
• Asaf is the Chief Executive Officer of Minute Media,
parent company of 90min. Asaf founded 90min in
2011as FTBpro. Since then, 90min has grown to be
the world’s largest football media platform, driven by a
contributor-driven model, and has expanded the brand
throughout Europe, North America, South America
and Asia. Asaf is involved in all aspects of Minute
Media’s growth and operations, from product
development to marketing and content.
• Prior to 90min, Asaf was the founder and Chief
Marketing Officer at Top 7 International and also spent
four years at Cisco Systems Israel where he was
responsible for business development in the Israeli
market
• Asaf has a M.B.A. from The Wharton School at
University of Pennsylvania and a bachelors of arts
from Tel Aviv University. He resides in London and his
favourite team is the San Antonio Spurs
KEY COMPANY FACTS
81
DIGITAL & TMT
Digital Sports Media Company
Powered by Socially Driven Content
COMPANY PROFILE MINUTE MEDIA @ NOAH
• Founded in Israel in 2011 with the mission to build the world’s largest digital
football community - 90min, today day we have grown to 3 O&O communities
and 175 people in 12 cities across 4 continents. Our platform powers content,
advertising and technology experiences for our communities, hundreds of global
brands and some of the world’s biggest publishers
• Through a revolutionary mobile-first, community marketing strategy, Minute
Media connects millennials with timely, snackable content across every format,
including video. Five international newsrooms and 5 video studios publish 1000
original pieces of content a day in 12 languages and produce original and
branded video series. Over 85M millennials watch 250M original videos a month
on our sites, and another 500M consume our content through Minute Media
partners and social channels
• The same centralised, open platform that powers Minute Media’s global
communities, also powers the content, advertising and product experiences for
some of the world’s biggest publishers including Sports Illustrated, USA Today,
Univision, Hearst, Oath, Turner and 100+ more
Traffic Apr-17
Unique Users 51m
Visits 155m
Minutes 01:37
Sessions
Mobile: 92%
Desktop: 8%
NOAH Connect app
Attendees @ NOAH
Asaf Peled, Founder & CEO
1. Growth of digital publishing
2. Impact of changes in Facebook on digital
publishers
3. Reaching scale in digital publishing
through superior technology
Key Corporate Facts
Founded 2011
Employees 100-1,000
Key Investors
Goldman Sachs, Battery
Ventures, Gemini Ventures,
North Base Media, P7S1, Qumra
Funding $76m
NOAH Content Minute Media at NOAH
Website minutemedia.com

Tillan Barros
Founder & CEO
SPEAKER PROFILE
• Tillan has been an entrepreneur for the past 15 years.
He is the founder of the award winning startup
Misterporter, a ground-breaking Airbnb home owner
web-application that will allow all rental logistics to run
on autopilot
• After he successfully founded and managed one of
the largest full-service Airbnb management companies
in the Netherlands, he now aims to capture a global
market with Misterporter
KEY COMPANY FACTS
82
NOAH LONDON 2017 TOP STARTUPS
All in One Property Management
for Airbnb Hosts
COMPANY PROFILE MISTERPORTER @ NOAH
• MISTERPORTER is a platform designed for property managers and airbnb
hosts. It will allow operations to run on autopilot. Including channel distribution,
pricing software, team distribution, task assignment and payments
• Misterporter believes in the future of home sharing economy that nourishes the
idea of full cultural immersion with enjoyable travel, new experiences, and
warmth of communication with local people. We strive to contribute to the rise of
the new economy by offering a simple, easy-to-use software solution that
smooths short-term rental management for homeowners
• Designed and backed up by hospitality experts, homeowners, technology
professionals, and creatives all committed to a cause, Misterporter offers a well-
thought through web application to make lives of our customers easy. Placing
technology and customer experience at the core of our operations, we are
dedicated to solving all short-term rental challenges with a completely hassle-
free software solution. We are young, inspired and have a global ambition
Attendees @ NOAH
Tillan Barros, Founder & CEO
1. Airbnb management application
2. Full service Airbnb Management
companies are an outdated business
model
3. SaaS solution allowing home owners to
manage their own ecosystem
Key Corporate Facts
Founded 2017
Employees 4-10
Ownership Private
NOAH Content Misterporter at NOAH
Website misterporter.com
Unique Users - <5k
Visits - <5k
Minutes - 00:35
Sessions -
Mobile: 78%
Desktop: 22%
Apr 2018
Sources
2
NOAH Connect app

Dirk Graber
Founder &
Managing
Director
SPEAKER PROFILE
• Dirk Graber studied business administration in
Marburg, Hong Kong, Moscow and Leipzig, graduating
from the Leipzig Graduate School of Management
• Before the founding of Mister Spex, Graber worked as
a consultant in the Boston Consulting Group
• He gained experience in ecommerce during his
studies through internships with eBay and Jamba
• He also had stints at KPMG and Commerzbank
• As a managing director of Mister Spex, he has
particular responsibility for the Business Development,
IT, Finance & Controlling, Operations and HR divisions
KEY COMPANY FACTS
83
Leading Online Store for Eyewear Products
COMPANY PROFILE MISTER SPEX @ NOAH
• Mister Spex is Europe's leading online optician. Through its website, the Berlin-
based company offers, alongside contact lenses, the most comprehensive
range of directly available designer glasses and sunglasses in Europe, all at
attractive prices
• In addition to transparent pricing and cost savings for complete prescription
glasses, customers benefit from free services such as eye tests and glasses
adjustments, as Mister Spex already works in partnership with more than 500
local opticians in Germany, Austria, Switzerland, the Netherlands and Sweden
• The Mister Spex service team is made up of qualified opticians providing
customer advice by telephone or e-mail. The company has its own optician's
workshop in Berlin, where the final production and quality control of the glasses
takes place
• The good quality of the glasses was confirmed in December 2014 by the
German consumer research and advice foundation Stiftung Warentest, which
named Mister Spex one of the best tested opticians (test 1/2015, p. 86 ff.).
Visits 1.7m 1.6m
Minutes 08:45 06:25
Sessions
Mobile: 61%
Desktop: 39%
Mobile: 56%
Desktop: 44%
Apr 2018
Sources
Key Corporate Facts
Founded 2007
Employees 100-1,000
Key Investors
Goldman Sachs, SEP, DN
Capital, Point Nine Capital,
Grazia Equity, Astutia Ventures
Funding $70m
NOAH Content Mister Spex at NOAH
Website misterspex.de
Attendees @ NOAH
Dirk Graber, Founder & MD
1. Why and how to go omni-channel?
2. The combination of e-commerce with
brick-and-mortar retail
3. The digitization of retail
NOAH Connect app

Nir Erez
Founder & CEO
SPEAKER PROFILE
• Nir Erez is a serial entrepreneur with over 20 years of
experience creating and leading technology startups
• Nir is currently the CEO and founder of Moovit. He is
also a Co-founder and Co-owner of Eyron, a holding
group of software companies and a seed investment
group. Nir founded and was CEO of ActionBase
Corporation, a U.S.based enterprise software
company acquired in 2003. He also founded and was
COO of Optimal+, a leading software company that
revolutionized testing of semiconductors
• Prior to founding Moovit in 2011, Nir led the
investment arm of Eyron Group focused on early -
stage software companies
• Nir holds a B.Sc. in Physics from Bar Ilan University
and is a graduate of the Israeli Defense Forces (IDF)
Computer Science Academy
KEY COMPANY FACTS
84
Public Transport App and a Repository
of Transport Data and Analysis
COMPANY PROFILE MOOVIT @ NOAH
• Moovit, the #1 public transport app and biggest repository of transport data and
analysis in the world. Moovit simplifies your urban mobility in +2200 cities all
around the world, making getting around town via mass transit easier and more
convenient
• By combining information from public transit operators and authorities with live
information from the user community, Moovit offers travelers a real-time picture,
including the best route for their journey. The Moovit community sends active
reports about their travel experience, such as bus congestion levels,
cleanliness, and more to help others have a better travel experience
• Moovit generates up to one billion anonymous data points a day that comprise
the world's largest repository of transit data. The Big Data gathering is aided by
Moovit’s network of more than 300,000 local editors, called “Mooviters”, who
help map out and maintain local transit information in cities that would otherwise
be unserved
• Moovit is available for free on iOS, Android & Web in over 2,000 cities, across
80 countries worldwide, and can be used in 44 languages
Unique Users - 8.7m
Visits - 13.0m
Minutes - 02:51
Sessions -
Mobile: 76%
Desktop: 24%
Apr 2018
Sources
Key Corporate Facts
Headquarters Tel Aviv, Israel
Founded 2012
Employees 100-1,000
Key Investors
Intel Capital, Sound Ventures,
NGP Capital, Sequoia Capital,
BRM Capital, Vintage IP
Funding $132m
NOAH Content Moovit at NOAH
Website moovit.com
Attendees @ NOAH
Nir Erez, Founder & CEO
N/A
NOAH Connect app

Finn Age Hänsel
CEO
SPEAKER PROFILE
• Finn Age Hänsel, 36, studied Business Administration
in Germany, Hungary and New Zealand
• Following a 4-year engagement at BCG, he joined
Rocket Internet in Australia from 2011 to 2013, as a
Managing Director
• After founding the largest australian online fashion
retailer, THE ICONIC, he went on to become the
Managing Director of the ProSiebenSat1-Incubator,
EPIC Companies.
• In 2015 he founded the Berliner Berg brewery and
became a Business Angel for multiple Berlin start-ups
including CrossEngage, SMACC and Einhorn
• In November 2015, he joined Movinga as Managing
Director and today leads both, the Product and
Technology Team as well as the marketing team. In
addition to that, he is the main contact person for all
external partners and investors
KEY COMPANY FACTS
85
Online Relocation Service Provider Company
COMPANY PROFILE MOVINGA @ NOAH
• A vertically integrated logistics tech company for customers and medium-sized
moving companies
• As a professional full service provider we offer logistically optimised moves for
private individuals and companies, goods transports and courier services
Key Corporate Facts
Founded 2015
Employees 100-1,000
Key Investors
Rocket Internet, Earlybird, Index
Ventures, Global Founders
Capital, Santo Venture Capital
Funding $76m
NOAH Content Movinga at NOAH
Website movinga.de
Attendees @ NOAH
Finn Age Hänsel, CEO
1. Business Model
2. Achievements
3. Outlook
Visits 110k 133k
Minutes 01:48 01:58
Sessions
Mobile: 66%
Desktop: 34%
Mobile: 55%
Desktop: 45%
Apr 2018
Sources
Digital Services

SPEAKER PROFILE
• Efe Cakarel is a Turkish entrepreneur and the founder
and CEO of MUBI, an online film service
• Previously, Cakarel worked with Goldman Sachs in
London and New York, where he worked on IPOs,
mergers and acquisitions, and private equity
investments
• Cakarel was a contributor to The Huffington Post. He
also has two patents involving the monetization of web
applications
• Cakarel obtained his bachelor of science in electrical
engineering and computer science from MIT in 1998,
and his MBA from Stanford Graduate School of
Business in 2005
KEY COMPANY FACTS
86
DIGITAL & TMT
Curated Online Cinema and Community
COMPANY PROFILE MUBI @ NOAH
• MUBI is a curated online cinema and community that offers a subscription-
based video on demand service
• It features a movie every day and makes it available for its users over a period
of 30 days
• The service is available in over 200 countries around the globe and on multiple
devices such as mobiles, tabs, computers, and TVs
• Notebook is a digital magazine published by MUBI that has content related to
international cinema and film culture.
• MUBI was launched on February 14, 2007, by Efe Cakarel and Gabe da Silveira
Visits 2.8m 3.1m
Minutes 02:36 03:00
Sessions
Mobile: 45%
Desktop: 55%
Mobile: 34%
Desktop: 66%
Apr 2018
Sources
Key Corporate Facts
Founded 2007
Employees 51-100
Key Investors
Huanxi Media, MMC Ventures,
White Star Capital, C4 Ventures,
Martin Varsavsky
Funding $84m
NOAH Content MUBI at NOAH
Website mubi.com
Attendees @ NOAH
Efe Cakarel, Founder & CEO
N/A
NOAH Connect app
Efe Cakarel
Founder & CEO

Valentin Stalf
Founder & CEO
SPEAKER PROFILE
• Valentin is a Founder & CEO of N26
• Born in Vienna, Valentin studied Accounting &
Finance (M.A. HSG) at the University of St. Gallen,
Sophia University in Tokyo and Vienna University of
Economics and Business Administration
• During his studies he worked in a number of fields
including Strategy Consulting and Investment
Banking/Mergers & Acquisition
• After graduating he joined the Internet Incubator
Rocket Internet as Entrepreneur in Residence and
was involved in building different companies
KEY COMPANY FACTS
87
FINTECH
Leading Digital-Only Banking Service
COMPANY PROFILE N26 @ NOAH
• N26 is Europe’s first Mobile Bank with a full European banking license and is
setting new standards in banking
• N26 has redesigned banking for the smartphone, making it simple, fast and
contemporary. Opening a new bank account takes only eight minutes and can
be done directly from your smartphone. Users receive a Mastercard to pay
cashless or withdraw cash all around the world. They can block or unblock their
card with a simple click and send money instantly to friends and contacts
• N26 was founded in early 2013 by Valentin Stalf and Maximilian Tayenthal
• Since January 2015, N26 has been available for Android, iOS, and desktop
• N26 has raised $215 million in funding
Key Corporate Facts
Founded 2013
Employees 380
Key Investors
Allianz X, Tencent, Horizons
Ventures, Valar Ventures,
Earlybird
Funding $215m
NOAH Content N26 at NOAH
Website N26.com
Attendees @ NOAH
Valentin Stalf, Founder & CEO
N/A
Visits 1.5m 2.6m
Minutes 04:04 03:43
Sessions
Mobile: 32%
Desktop: 68%
Mobile: 37%
Desktop: 63%
Apr 2018
Sources
NOAH Connect app

Walter Masalin
Partner
SPEAKER PROFILE
• Walter has over 10 years of technology and investment
experience. While overseeing investments and portfolio
activities for NGP Capital in Europe, Walter has been
working in a global team his whole career. He has prior
experience from working at Nokia and was an
entrepreneur in the social medial space before that. His
current investment focus is on Digital Health and
Consumer Services.
• Walter’s passion is to help thriving entrepreneurs and
dedicated teams to succeed. He enjoys working with
disruptive companies, innovative new technologies and
bold thinking individuals. Well-being is a curiosity of his
and he has a big appetite for how technology can
enable better personal health.
• Walter holds a M.Sc. in Engineering Physics from
Helsinki University of Technology, a M.Sc. in
Economics from University of Helsinki and studied
Economics and Psychology at Harvard University
KEY INVESTOR FACTS
88
INVESTORS
Growth-Stage Investor Seeking Entrepreneurs
Building Intelligent Devices and Connecting Services
INVESTOR PROFILE NGP CAPITAL @ NOAH
• NGP Capital is a globally engaged venture capital fund backing growth-stage
and revenue-generating technology companies that will shape and power a fully
connected world
• By operating one, global fund with over $1 billion under management, we
extend us our companies’ reach via on-the-ground teams in the U.S., Europe,
India, and China making our portfolio company products and services local
everywhere
Attendees @ NOAH
Walter Masalin, Partner
Fireside chat with
Key Corporate Facts
Headquarters Palo Alto, CA, US
Founded 2005
Funds Raised $1.1bn
Current Fund Size $350m
Employees 11-25
NOAH Content NGP at NOAH
Website ngpcap.com
NOAH Connect app

Florian
Tappeiner
Co-CEO and
Managing
Director
SPEAKER PROFILE
• Dr. Florian Tappeiner is Co-CEO of NCG - NuCom
Group SE and Managing Director of NCG Commerce
GmbH
• Florian Tappeiner has been at ProSiebenSat.1 since
2015 and has led the Group's M&A Department as
Executive Vice President M&A
• Before ProSiebenSat.1, Florian was Director of the
Private Equity firm H.I.G. Capital
KEY INVESTOR FACTS
89
INVESTORS
Omnichannel Platform for Consumer Services
and Lifestyle Brands in Europe
INVESTOR PROFILE NUCOM GROUP @ NOAH
• NuCom Group is a majority-owned subsidiary of ProSiebenSat.1 Media SE, one
of Europe's leading media companies and Germany's biggest TV Network
• Since 2018, General Atlantic as one of the leading global growth equity firms
has also invested a significant stake in the NuCom Group
• Through leveraging ProSiebenSat.1's media power and expertise combined
with General Atlantic's operational and investment excellence, we accelerate
the strong growth path of our portfolio companies and create superior value
both for Investors and our portfolio companies
• Ownership split: 75% ProSieben Sat.1 and 25% General Atlantic
Attendees @ NOAH
Florian Tappeiner, Co-CEO & MD
Claas van Delden, Co-CEO & MD
1. Goals of NuCom Group
2. Partnership with General Atlantic
3. Expansion plans of NuCom Group in
2018
Key Corporate Facts
Headquarters Unterfohring, Germany
Founded 2018
Employees 100-1,000
Corporate
Presentation
Website nucom.group
Investor Interest
Price Comparison
Dating / Matchmaking
Beauty & Lifestyle Ecommerce
Gift / Event Vouchers

Amos Haggiag
Co-founder &
CEO
SPEAKER PROFILE
• Amos leads, guides, and directs the overall success of
Optibus
• During his career Amos architected online ad targeting
systems, search engines, and the Cortana personal
assistant, for Microsoft, Siemens, and Collarity. Amos’
experience includes: optimization and graph
algorithms, machine learning, distributed systems and
big data
• Amos holds a B.Sc. in Mathematics and Computer
Science from Ben-Gurion University
• He graduated with Dean Excellence, decorated by the
Wolf, Intel, and Elkin prizes
KEY COMPANY FACTS
90
COMPANY PROFILE OPTIBUS @ NOAH
• Optibus leveraged artificial intelligence and advanced optimization algorithms to
help the world’s leading transit providers better run mass-transportation
• Our disruptive technology is used in over 200 cities and drives some of the most
complex and large-scale transit operations worldwide, helping improve quality of
service and efficiency, reduce costs and streamline operations
• The company is backed by Verizon Ventures, Pitango VC and others, and is
located in Tel Aviv and San Francisco
Attendees @ NOAH
Amos Haggiag, Co-founder & CEO
1. The biggest challenge in transportation
2. How we disrupt mass transportation
3. How we use AI to optimize city
transportation
Key Corporate Facts
Headquarters Tel Aviv, Israel
Founded 2014
Employees 51-100
Key Investors
Pitango Ventures, Verizon
Ventures, Sir Ronald Cohen
Funding €14.5m
NOAH Content Optibus at NOAH
Website optibus.co
Ecommerce Services
We are looking for public transit operators or
car/bus OEMs that want to be beta users or
design partners for new mobility solutions
that we develop
Key Hires Interest
Country Manager Germany
Public Transportation Optimization Software
Key KPIs
Cities on the Platform 300
Revenue Frowth 3x YoY

SPEAKER PROFILE
• In 2012 Julia Bösch together with her co-founder Anna
Alex launched OUTFITTERY with the vision to create
a shopping experience for men that is convenient, fun
and inspiring
• Prior to OUTFITTERY Julia lead the
internationalization of Zalando
• She studied at Columbia Business School in New
York, Munich and Madrid
KEY COMPANY FACTS
91
ONLINE FASHION
Online Personal Shopping Service for Men
COMPANY PROFILE OUTFITTERY @ NOAH
• OUTFITTERY makes it easier for men to shop for fashion online. Customers
simply answer a few questions about their clothing style and sizes at
www.outfittery.com
• OUTFITTERY’s stylists then personally contact them and put together individual
outfits which are conveniently shipped to their homes. The customers then keep
whatever they like and send the rest back. OUTFITTERY offers this innovative
service free of charge
• The Berlin-based company was founded in 2012 by Julia Bösch and Anna Alex
and now employs 300 people. 150 stylists are solely dedicated to the fashion
desires of their customers
• More than 500.000 men have used OUTFITTERY
• Over 100 high-quality fashion brands are on offer. The company is currently
active in Germany, Austria, Switzerland, the Netherlands, Belgium,
Luxembourg, Sweden and Denmark.
Unique Users 9k 33k
Visits 18k 69k
Minutes 01:55 02:09
Sessions
Mobile: 9%
Desktop: 91%
Mobile: 41%
Desktop: 59%
Apr 2018
Sources
Key Corporate Facts
Founded 2012
Employees 300 (including 150 stylists)
Key Investors
Highland Capital Partners,
Holtzbrinck Ventures, Mangrove
Capital Partners, Northzone
Capital, Octopus Ventures
Funding €50m
NOAH Content OUTFITTERY at NOAH
Website outfittery.com
Attendees @ NOAH
Julia Bösch, Founder & MD
1. Curated Shopping Market
2. Men's Shopping Insights
3. OUTFITTERY Business Model
Julia Bösch
Founder & CEO
Ecommerce Services
Marketing
Analytics

Stefan Dziarski
Partner
SPEAKER PROFILE
• Stefan became Partner in 2018 and focuses on
investment opportunities in the Technology and
Industrials sectors specialising in software, internet/e-
commerce and industrial technology
• He has worked on a number of transactions including
Ancestry, Klarna, P&I, ProSiebenSat.1, Schustermann
& Borenstein, TeamViewer and Tilney
• Prior to joining Permira, Stefan worked as an associate
in investment banking at Salomon Smith
Barney/Citigroup in New York and Hong Kong for four
years. He was part of Citigroup's New York Media and
Telecom M&A practice and was previously part of
Citigroup's Asia Pacific Technology practice
• Stefan has a Master’s degree in Business
Administration from the European Business School,
Germany. He also studied at Thunderbird School of
Global Management, USA as well as at the National
University of Singapore, Singapore
KEY INVESTOR FACTS
92
INVESTORS
Global Private Equity Firm
INVESTOR PROFILE PERMIRA @ NOAH
• Permira was founded in 1985 and operated under the Schroder Ventures brand.
After raising its first pan-European fund in 1997, the firm became Permira
following a rebrand in 2001. Today we are an international investment firm with
more than 200 people in 14 offices globally spanning Europe, North America
and Asia
• Our five global sector teams are highly skilled in finding growth opportunities in
Consumer, Healthcare, Financial Services, Industrials and Technology
• Since 1985, our funds have secured €32bn of committed capital and back more
than 200 businesses
Attendees @ NOAH
Fireside chat with and
Key Corporate Facts
Founded 1985
Employees 100-1,000
Website permira.com
NOAH Connect app
Andrew Young, Principal
Dipan Patel, Partner
Stefan Dziarski, Partner
Strategic
Partner

Dipan Patel
Partner
SPEAKER PROFILE
• Dipan is a Partner. He joined the London office in 2009
and relocated to the Menlo Park office in 2012
• He focuses on investment opportunities in the
Technology sector, working on a number of
transactions including Ancestry, Informatica,
LegalZoom and Renaissance Learning
• He is currently a non-executive director at Ancestry,
Informatica and LegalZoom.Prior to joining Permira,
Dipan worked for Gores Group, a special situations
private equity fund
• Before that, he spent three years with Lehman
Brothers, latterly as an associate in the
Communications & Media practice
KEY INVESTOR FACTS
93
INVESTORS
and Asia
than 200 businesses
Attendees @ NOAH
Fireside chat with
Key Corporate Facts
Founded 1985
Employees 100-1,000
Website permira.com
NOAH Connect app
Strategic
Partner

Andrew Young
Principal
SPEAKER PROFILE
• Andrew is a Principal and focuses on investment
opportunities in the Technology sector, with a particular
focus on Fintech. He has worked on a number of
transactions including All3Media, Ancestry, Klarna and
Magento and currently serves on the Board of Klarna
and Magento
• Prior to joining Permira, Andrew worked for Pacific
Equity Partners, an Australasian Private Equity firm, as
an Investment Associate in Sydney and New York
• Prior to that, he worked as an associate at Citigroup
and spent six years with Andersen Consulting/MLC
Investments as a consultant to leading financial
services corporations
• Andrew has a degree in Finance from University of
Technology, Australia, and an MBA from London
Business School, England
KEY INVESTOR FACTS
94
INVESTORS
and Asia
than 200 businesses
Attendees @ NOAH
Fireside chat with
Key Corporate Facts
Founded 1985
Employees 100-1,000
Website permira.com
NOAH Connect app
Strategic
Partner

Sebastian
Wohlrapp
VP Digital
Business
Platform
SPEAKER PROFILE
• With more than 15 years of professional experience,
Sebastian has enabled numerous global organizations
to benefiting from innovative business approaches. He
combines expertise in analysis and strategy, technical
solution shaping, execution and sales and marketing.
He authored various publications on digital
opportunities and customer centricity, which have
gained him, and the consulting organization he built,
the reputation of a thought leader in this space
• He was the supporting founder and managing director
of Mercedes-Benz.io GmbH and is now Vice President
Digital Business Platform at Dr. Ing. h.c. F. Porsche
AG, enabling the organization to build the Ecosystem
for the Future Sportscar
KEY COMPANY FACTS
95
German Manufacturer of High
Performance Automobiles
COMPANY PROFILE PORSCHE @ NOAH
• Porsche Automobil Holding SE ("Porsche SE") is a listed holding company. The
holding was founded in 2007. In particular, it holds the majority of the ordinary
shares in the Volkswagen Group, one of the world's leading automobile
manufacturers. The Group comprises twelve brands from seven European
countries: Volkswagen Passenger Cars, Audi, SEAT, ŠKODA, Bentley, Bugatti,
Lamborghini, Porsche, Ducati, Volkswagen Commercial Vehicles, Scania and
MAN
• In addition to this anchor shareholding, Porsche SE intends to make further
strategic investments along the automotive value chain. This comprises the
entire spectrum of basic technologies geared to supporting the development
and production process through to vehicle- and mobility-related services
All financial actual data provided by Yahoo Finance, as of 08/05/2018.
Key Corporate Facts
Headquarters Stuttgart, Germany
Founded 1931
Employees 10,000+
NOAH Content Porsche at NOAH
Website porsche-se.com
Attendees @ NOAH
Sebastian Wohlrapp, VP Digital
Business Platform
1. Sports Cars
2. Mobility
3. Ecosystem
NOAH Connect app
2017
Profit €m 3,332

SPEAKER PROFILE
• Varsavsky started his career in the late 1980s when
he founded Medicorp Sciences. In the 1990s, he built
Viatel, which became the first pan-European fiber
optic network, followed by Jazztel, which did in Spain
what Viatel did throughout Europe. When Varsavsky
exited Viatel the company was worth $1.2B and when
he exited Jazztel it was worth $770M
• In the early 2000s he built Ya.com, the second largest
Spanish-language internet portal with an investment of
$28M, which was sold to Deutsche Telekom a few
years later for $650M
• Subsequently, Varsavsky built one of the first
European cloud computing companies, Einsteinet; co-
founded Eolia, one of Spain's largest renewable
energy companies; and started Fon, the world's
largest WiFi network with over 21 million hotspots.
Varsavsky is currently the largest shareholder and
Chairman of Fon
KEY COMPANY FACTS
96
Comprehensive Fertility Company
COMPANY PROFILE PRELUDE @ NOAH
• Prelude is a comprehensive fertility company focused on providing proactive
fertility care to improve people’s chances of having healthy babies when they’re
ready. Founded in 2016 by serial entrepreneur Martín Varsavsky, Lee Equity
Partners, Reproductive Biology Associates and My Egg Bank North America,
the company was established to give men and women more reproductive
choices and control over their biological clocks using The Prelude Method
• The Prelude Method is a four-step process that includes egg and sperm
freezing, genetic testing, embryo creation, and single embryo transfer. By
coupling earlier decision making with the latest reproductive science and
technology, The Prelude Method can dramatically increase the probability of
having a healthy baby and decrease the chances of requiring infertility therapy
later in life
Unique Users 15k <5k
Visits 69k 8k
Minutes 01:11 01:01
Sessions
Mobile: 93%
Desktop: 7%
Mobile: 56%
Desktop: 44%
Apr 2018
Sources
Key Corporate Facts
Headquarters Atlanta, GA, US
Founded 2016
Employees 100-1,000
Funding $200m
Website preludefertility.com
Attendees @ NOAH
Martin Varsavsky, Founder
N/A
Martin
Varsavsky
Founder
NOAH Connect app

Tamaz
Georgadze
Founder & CEO
SPEAKER PROFILE
• Tamaz Georgadze As CEO he leads Raisin and takes
in particular care of partner bank acquisition, business
development, legal and regional expansion efforts
• Prior to building and scaling Raisin, Tamaz has spent
10 years with McKinsey & Company, the last 3 years
as Principal leading also McKinsey Savings and
Investment products Service Line for EMEA countries.
He served some of the very largest retail, universal
and wholesale banks throughout Europe and in Asia
• Tamaz holds a PhD in agricultural economics,
graduated with honors in law (both from University of
Giessen) and international economics (from Tbilisi
State University)
KEY COMPANY FACTS
97
FINTECH
Pan-European Online Marketplace
for Savings Products
COMPANY PROFILE RAISIN @ NOAH
• Raisin is a one-stop-shop marketplace giving customers access to the best
savings products and interest rates across Europe that are significantly higher
than in their home countries. Raisin’s solution allows customers to access all
these products via one single registration, requiring just one single identification.
• Raisin is available on a pan-European level in 31 countries with localized
presences in Germany, France, Spain, and Austria as well as Italy (starting
soon)
• Since Raisin’s founding in 2013, more than 90,000 customers have invested
more than €4 billion. The company is offering the majority of the highest
available interest rates across Europe, giving customers access to more than
140 products from 35 banks from 17 European countries
• Raisin enables third-party distribution partners to fully integrate company offers
into their platforms. Thanks to the proprietary API, partners like the mobile bank
N26 can offer Raisin deposit products directly to their customers
Unique Users <5k 9k
Visits 10k 24k
Minutes 01:29 01:53
Sessions
Mobile: 0%
Desktop: 100%
Mobile: 47%
Desktop: 53%
Apr 2018
Sources
Attendees @ NOAH
Tamaz Georgadze, Founder & CEO
N/A
Key Corporate Facts
Founded 2013
Employees 100-1,000
Key Investors
Index Ventures, Thrive Capital,
Ribbit Capital
Funding €60m
NOAH Content Raisin at NOAH
Website raisin.com
NOAH Connect app

Mayer Reich
Founder & CEO
SPEAKER PROFILE
• Mayer is the CEO and Founder of RankAbove. Prior to
founding RankAbove in 2007, Mayer was Founder and
CEO of ITS, a search marketing firm, where he
noticed a common need among his customers: they
struggled to manage the colossal task of optimizing
their websites, often comprised of thousands to
hundreds of thousands of pages
• Mayer eventually sold ITS so that he could work
towards filling this need for sophisticated SEO
technology. Two years later, in 2009, RankAbove
launched its proprietary SEO technology, the
RankAbove platform
• Over the years Mayer had the honor of serving as an
ambassador to the Israeli digital media sector in
several delegations aiming to expand the Israeli tech
footprint overseas
KEY COMPANY FACTS
98
MARKETING TECH
SEO Platform for Enterprise-Level Businesses
COMPANY PROFILE RANKABOVE @ NOAH
• Founded in 2007, RankAbove is a global leader in enterprise SEO technology
and managed services. Employing proprietary technology and SEO best
practices, RankAbove’s SEO platform delivers complete search insights, clear
on-page optimization strategies and actionable recommendations - in real time
and in any language
• It is the SEO solution built to scale that can track millions of keywords, backlinks
and webpages. Enterprise organizations achieve measurable success, genuine
scalability, and direct impact on their bottomline
• RankAbove has offices in Israel and NYC
Attendees @ NOAH
Mayer Reich, Founder & CEO
1. Managing risk when Google holds the
cards
2. Effective SEO strategies for growth
3. Content is still king but only if there's
good architecture
Key Corporate Facts
Headquarters Beit Shemesh, Israel
Founded 2007
Employees 11-25
NOAH Content RankAbove at NOAH
Website rankabove.com
Ecommerce Services

Robbie Antonio
Founder & CEO
SPEAKER PROFILE
• Antonio currently has 82m square feet worth of developed, in-
progress, and managed properties under his belt, being the Founder
and President of Antonio Development, Managing Director of Century
Properties, and now the Founder and CEO of Revolution Precrafted
• Under his leadership, Revolution Precrafted has clinched around
$7.2bn in project revenues for the company’s ongoing projects in the
Philippines, Myanmar, United Arab Emirates, Jamaica, Guyana,
Bahamas, Trinidad and Tobago, Puerto Rico and Japan
• To date, he has worked with 13 Pritzker Prize Architects/firms such as
Zaha Hadid, Philip Johnson Alan Ritchie, Rem Koolhaas, Jean
Nouvel, I.M. Pei, Paulo Mendes da Rocha, and Christian de
Portzamaprc, as well as designers such as Ron Arad, Campana
Brothers, Tom Dixon, Philippe Starck, and Marcel Wanders. He has
worked with over 103 notable brands in various fields—including
fashion, Hollywood, luxury, design, and art. He has established the
largest number of luxury branded real estate developments across the
globe, by working with Giorgio Armani for Armani Casa, Forbes
Media, Versace, Missoni Home, Paris Hilton, Lenny Kravitz and
Wallpaper* Magazine
• He is the youngest person in Forbes’ “Philippines’ 50 Richest.” This
year, he was cited by BuiltWorlds in its 2018 Mavericks Report as one
of “25 Pioneers Who’ve Transformed the Built Industry.” In May 2018,
he was named “Real Estate Personality of the Year” by PropertyGuru.
KEY COMPANY FACTS
99
TRAVEL & TOURISM
Designer of Prefabricated Homes
COMPANY PROFILE REVOLUTION PRECRAFTED @ NOAH
• Revolution is a collection of limited edition, pre-crafted properties, including
homes and pavilions, introduced by Robbie Antonio, who is known for bringing
in celebrity-branded developments. The project unites over seventy (70) of the
world’s top designers to create an exclusive series of prefabricated, livable
spaces
• With a network of cutting-edge technologies and cost-efficient productions
systems, Revolution is democratizing high-design and architecture by
introducing designed spaces in exclusive collaboration with industry leading
creatives
• Revolution Precrafted is valued at over $1B. It is the fastest growing unicorn
startup in South East Asia
Unique Users 6k 7k
Visits 11k 21k
Minutes 03:28 01:25
Sessions
Mobile: 0%
Desktop: 100%
Mobile: 60%
Desktop: 40%
Apr 2018
Sources
Attendees @ NOAH
Robbie Antonio, Founder & CEO
Key Corporate Facts
Headquarters Makati City, Manila, Philippines
Founded 2015
Employees 51-100
Key Investors 500 Startups, K2
Website revolutionprecrafted.com
Ecommerce Services
Offline Services
Communications, Marketing
Analytics & Digital Services
VCs, Unicorn Companies, Forbes-listers
(Companies and CEOs), Disruptors,
Landowners, Developers
Key Hires Interest
Business Development

Oliver Samwer
Founder & CEO
SPEAKER PROFILE
• Bachelor’s degree, WHU–Otto Beisheim School of
Management, Vallendar. Began Career as Trainee at
Sal. Oppenheim
• 1999, co-founded Alando in Germany and sold the
company to eBay; then became Managing Director
eBay Germany, Switzerland and Austria. 2000, co–
founded Jamba and sold to VeriSign in 2004
• Since 2006, numerous investments, including
Facebook, LinkedIn, Groupon, Zalando, Funding
Circle, Lazada
• 2007, co-founded Rocket Internet. 2014, became CEO
and took the company public; Rocket Internet
incubates online business models and invests in
startups through its venture capital arm Global
Founders Capital
KEY COMPANY FACTS
100
Platform That Identifies and Builds
Proven Internet Business Models
COMPANY PROFILE ROCKET INTERNET @ NOAH
• Rocket Internet incubates and invests in internet and technology companies
globally. It provides operational support to its companies and helps them scale
internationally
• Rocket Internet focuses predominantly on four industry sectors of online and
mobile retail and services that make up a significant share of consumer
spending: Food & Groceries, Fashion, General Merchandise and Home &
Living. Rocket Internet’s selected companies are active in a large number of
countries around the world with more than 33,000 employees.
• Rocket Internet holds stakes in two significant publicly listed companies,
Delivery Hero and HelloFresh. Rocket Internet SE is listed on the Frankfurt
Stock Exchange and is included in the MDAX index. For further information
please visit www.rocket-internet.com
Market Cap €4.0bn
Enterprise Value €1.1bn
2016 2017 Growth
Revenues €m 2,060 2,640 28%
Adj. EBITDA €m (360) (310) -
Margin % (15%) (10%) -
All financial actual provided by CapitaIQ, as of 06/05/2018.
Key Corporate Facts
Founded 2007
Employees 33,000+ (incl. ventures)
Key Shareholders
Global Founders, United
Internet, Baillie Gifford
Website rocket-internet.com
Attendees @ NOAH
Oliver Samwer, Founder & CEO
NOAH Connect app
Key Operating KPIs
Aggregated GMV 2017 €3.3bn

David Avgi
CEO
SPEAKER PROFILE
• A seasoned entrepreneur and executive with a proven
track record as an expert in the field of online
payments processing, risk and related services.
Currently the CEO of successfully listed SafeCharge
• A wealth of knowledge and experience in the global
payments processing arena (over 14 years)
• Solid relationships with a network of respected
financial institutions, key service providers and
payment platforms
• Instrumental in facilitating key acquisitions
• Comprehensive hands-on knowledge in successfully
building, growing and evolving online payments and e-
commerce operations
• Spearhead the development of ground-breaking risk
and payment processing technologies that combined
with intuitive marketing insight has enabled clients to
optimize sales
KEY COMPANY FACTS
101
PAYMENTS
Global Omni-channel Payments Services Provider
COMPANY PROFILE SAFECHARGE @ NOAH
• SafeCharge is a payments technology company providing an open payment
solution that covers the entire value chain from gateway through to acquiring
and risk management
• SafeCharge enables businesses to accept more than 150 payment methods
worldwide. In addition to its direct connection to all major card schemes
including Visa, MasterCard, Union Pay and American express, SafeCharge is
connected to over 17 processing partners, making it the only payments
technology company to offer total integration with other best of breed payment
technologies
• The company has been listed on the London Stock Exchange AIM market since
2014
Attendees @ NOAH
David Avgi, CEO
Delphine Bos, VP Marketing
Nicolas Verdenne, CBDO
Yuval Ziv, COO
Iris Veleanu, Marketing Projects Manager
Key Operating KPIs
Number of Transactions 2017 173.8m
Transaction Value 2017 $9.6bn
Market Cap €542m
2017 2018E Growth
Revenues €m 90 146 62%
EBITDA €m 27 42 55%
Margin % 30% 29% -
EV/EBITDA 11.7x 10.6x (9%)
Key Corporate Facts
Founded 2007
Employees 100-1,000
Ownership Public (LSE)
Company
Presentation
FY 2017 Presentation
NOAH Content SafeCharge at NOAH
Website safecharge.com
Ecommerce Services

SPEAKER PROFILE KEY COMPANY FACTS
102
FINTECH
Digital Investment Service
COMPANY PROFILE SCALABLE CAPITAL @ NOAH
• With assets under management of over £300 million, Scalable Capital is one of
the leading digital investment managers in Europe. Since its launch in Germany
in February 2016 and in the UK in July 2016, it has established a leading
proposition with strong demand not just from private investors, but also from
financial institutions and corporates
• The company has most recently announced a close partnership with ING-DiBa
in Germany, to offer over 8 million ING-DiBa customers access to its wealth
management, with a deep technical integration into ING-DiBa’s systems. Earlier
this year, Scalable Capital announced a partnership with Siemens Private
Finance in Germany
• The company currently employs a team of over 60, many of them experts in
financial econometrics and machine learning as well as software engineering.
Scalable Capital creates and manages globally diversified ETF portfolios for its
clients to help them achieve their long-term financial goals, supported by a
proprietary risk management technology. It aims to make investment
management cheaper, better and more accessible
Key Corporate Facts
Founded 2014
Employees 11-50
Key Investors BlackRock, Holtzbrinck Ventures
Funding €43m
NOAH Content Scalable Capital at NOAH
Website scalable.capital
Attendees @ NOAH
Erik Podzuweit, Founder and Co-CEO
Fireside chat with
NOAH Connect app
Erik Podzuweit
Founder and Co-
CEO
• Erik has many years of experience in the financial and
e-commerce sector. Until last, he was Co-CEO at
Westwing Home & Living Germany
• Prior to this, Erik spent 7 years working in London and
Frankfurt as an Executive Director and Vice President
for Goldman Sach
• Erik studied Business and Economics at the University
of Kiel and Warwick Business School
• In addition, he was a tutor for statistics and
econometrics

Holger
Taubmann
CEO
SPEAKER PROFILE
• Holger Taubmann joined Scytl in April 2018 as Chief
Executive Officer. Holger is responsible for leading
Scytl´s business worldwide
• Prior to joining Scytl, Holger worked at Amadeus for
20 years where, as SVP. He was a member of the
Amadeus Executive Board reporting to the CEO.
• Prevouisly, he served as Head of Business Control; he
also headed up the Global Airlines Account team. In
2004 he became CEO of Amadeus Germany
• More recently, from spring 2017 until March 2018,
Holger held the position of VP International at
AERTICKET in Berlin, one of the largest consolidators
for air travel worldwide
• His professional career began in 1988 at Lufthansa.
After completing a three-year training program, he first
held an analyst position in regional management for
Africa. He then worked as a Product Brand Manager
KEY COMPANY FACTS
103
B2B & SOFTWARE
Electronic Voting and Electoral Modernization Solutions
COMPANY PROFILE SCYTL @ NOAH
• Scytl is the global leader in secure online voting and election modernization
solutions
• Scytl's technology is protected by over 40 international patents built up over 20
years of research
• Scytl's election solutions have been successfully used in 47 countries across
the globe, including the United States, Canada, United Kingdom, France,
Germany, Switzerland, Brazil, South Africa, India and Australia
• Scytl, headquartered in Barcelona, is backed by leading international VC
investors such as Vulcan Capital, Balderton Capital, and Nauta Capita
Visits 13k 8k
Minutes 03:38 02:06
Sessions
Mobile: 25%
Desktop: 75%
Mobile: 34%
Desktop: 66%
Apr 2018
Sources
NOAH Connect app
Attendees @ NOAH
Holger Taubmann, CEO
Pere Vallés, Chairman
1. Overview of the election technology
industry and its market potential
2. Scytl's market and technology leadership
3. Outlook to upcoming technology
breakthrough in the election industry
Key Corporate Facts
Founded 2001
Employees 100-1,000
Key Investors
Balderton Capital, Vulcan
Capital, Nauta Capital
Funding $130m
NOAH Content Scytl at NOAH
Website scytl.com

Alexander
Artopé
Co-Founder &
CEO
SPEAKER PROFILE
• Alexander Artopé is Co-Founder and CEO of smava,
Germany’s leading loan portal
• Alexander has more than 18 years of entrepreneurial
and Internet experience
• Before he founded smava in 2006, Alexander co-
founded the enterprise software company datango
and served as CEO. The company was sold to SAP.
Previously, Alexander was co-author and managing
editor for the book “The internet economy” with the
European Communication Council
• Alexander studied business administration and
communication science at LMU Munich and FU Berlin
KEY COMPANY FACTS
104
LENDING PLATFORMS
Germany’s Leading Loan Portal
COMPANY PROFILE SMAVA @ NOAH
• smava is Germany’s leading loan portal and makes personal loans transparent,
fair and affordable for consumers
• Based on digital processes, smava offers a market overview of 70 loan offers,
ranging from €1k to €120k from over 25 banks. In this way, borrowers can
choose and conclude the deal most favourable to them. With an average loan
sum of more than €10k, they can save up to €2k
• In 2017 alone, the originated loan volume will exceed €1bn, with a total of more
than 3 billion euros altogether
• Based in Berlin, the fintech company employs 300 employees from 30 nations
under the direction of an experienced management team with strong
backgrounds in finance and technology
• To date, highly regarded investors such as Vitruvian Partners, Earlybird,
Verdane Capital and Runa Capital have invested $128m in smava
Key Corporate Facts
Founded 2007
Employees 100-1,000
Key Investors
Vitruvian Partners, Earlybird,
Runa Capital, Phenomen
Ventures, Lukasz Gadowski
Funding $128m
NOAH Content smava at NOAH
Website smava.de
Key Operating KPIs
New Loan Volume 2017 €1bn+
New Loan Volume CAGR 80%+
Visits 0.6m 1.6m
Minutes 04:07 03:12
Sessions
Mobile: 63%
Desktop: 37%
Mobile: 78%
Desktop: 22%
Apr 2018
Sources
NOAH Connect app
Attendees @ NOAH
Alexander Artopé, Co-Founder & CEO
N/A

David Thevenon
Partner
SPEAKER PROFILE
• David Thevenon is a Partner at SoftBank Investment
Advisers
• Prior to SoftBank, he worked at Google as a Senior
Director, Global Android Partnerships, where he was
heading up the business development teams that
handle partnerships for Android globally
• Prior to that he was Google’s Senior Director,
International Product Partnerships leading the business
development teams that negotiate and manage product
enabling partnerships and new business development
for all Google's products (except YouTube and
Android) across LATAM, APAC and EMEA
KEY INVESTOR FACTS
105
INVESTORS
Multi-stage Venture Capital Fund
INVESTOR PROFILE SOFTBANK @ NOAH
• At SoftBank Investment Advisers, we seek to catalyze technological progress
for the benefit of humanity
• Through the SoftBank Vision Fund, we are investing more than $93 billion in the
businesses and technologies that we believe will enable the next stage of the
information revolution
• We offer the operational expertise, global network and patient, long-term capital
required to help innovators build transformative companies.
Attendees @ NOAH
David Thevenon, Partner
Key Corporate Facts
Headquarters Tokyo, Japan
Founded 1981
Current Fund Size $100bn (SoftBank Vision Fund)
Employees 100-1,000
Website softbank.jp/en/
NOAH Connect app

Jens
Woloszczak
Founder & CEO
SPEAKER PROFILE
• Jens Woloszczak worked as a consultant for
McKinsey & Company for more than five years, where
he focused on the commercial banking sector
• Working for major European banks, Jens experienced
the outdated approach these banks took towards
working with SMEs. Jens saw an opportunity in the
industry and founded Spotcap, with the aim of
changing the banking landscape by using the latest
technologies to address the financing challenges
faced by small businesses
• Jens holds a degree in industrial engineering from the
Technical University of Berlin and studied economics
at Cass Business School
KEY COMPANY FACTS
106
LENDING PLATFORMS
Versatile Funding Solutions to SMEs
COMPANY PROFILE SPOTCAP @ NOAH
• Spotcap empowers SMEs with tailored finance, allowing them to focus on what
really matters—their business. The company has developed a unique
proprietary lending platform and credit algorithm which offers a fast and superior
assessment of the real-time performance of SMEs
• Led by Founder and CEO Jens Woloszczak, Spotcap is headquartered in Berlin
Germany, and operates as a direct lender to SMEs in the United Kingdom, the
Netherlands, Spain, Australia and New Zealand. The company has entered into
a strategic partnership with BAWAG Group to offer same-day financing to
Austrian SMEs and now offers its proprietary technologies and models to major
institutions, financial or otherwise, under its Lending-as-a-Service proposition
• Spotcap has raised 100 million euros in financing and is backed by a number of
high profile investors including Rocket Internet, Finstar Financial Group, Access
Industries, Holtzbrinck Ventures and Heartland Bank
• The growing team currently consists of more than 120 employees globally
Attendees @ NOAH
Jens Woloszczak, Founder & CEO
Key Corporate Facts
Founded 2014
Employees 100-1,000
Key Investors
Rocket Internet, Finstar Financial Group, Access Industries, Holtzbrinck Ventures, Kreos
Capital, Heartland Bank
Funding €100m
NOAH Content Spotcap at NOAH
Website spotcap.com
1. The financing problem facing small
businesses around the world; an
introduction to Spotcap and its
foundational story; its USP and historical
performance
2. Spotcap’s two pillar approach to solving
this problem - direct business lending in
five markets and Lending as a Service
partnerships with major institutions,
financial or otherwise
3. What’s next for Spotcap and the financial
services industry
White label lending technology partnerships;
Lending as a Service partnerships

SPEAKER PROFILE
• Marc has extensive experience in the startup world
• Prior to co-founding SumUp, Marc founded online
fashion gallery MIOSATO - and was a leading member
of the Groupon sales team
• Marc began his career in investment banking at
European Investors in New York before becoming
Vice President at JPMorgan in London and Frankfurt
• During his time with Sumup, Marc has secured more
than 100 million EUR in funding and he also led the
acquisition of Payleven
• Marc holds a MA in International Business as well as a
Doctorandus de Bedrijfswetenschappen from the
University of Maastricht
KEY COMPANY FACTS
107
PAYMENTS
Leading Mobile Point-of-Sale Company
COMPANY PROFILE SUMUP @ NOAH
• SumUp is a leading financial technology company that is set to become the first
ever global card acceptance brand
• The company enables businesses to accept card payments in-store, in-app and
online in a simple, secure and cost-effective way. SumUp is the only company
to offer an end-to-end EMV card acceptance solution built on proprietary
hardware and mobile apps with a full suite of SDKs and APIs for third parties to
integrate card payments into their mobile apps
• The SumUp product suite also provides each business with a Virtual Terminal
and SumUp’s state-of-the-art SMS (text message) payment application. This
unique offering enabled SumUp to rapidly expand into 31 markets, including the
U.S., Brazil and the United Kingdom
Visits 0.4m 1.6m
Minutes 03:50 04:35
Sessions
Mobile: 45%
Desktop: 55%
Mobile: 56%
Desktop: 44%
Apr 2018
Sources
Key Corporate Facts
Headquarters London, United Kingdom
Founded 2011
Employees 100-1,000
Key Investors
American Express,
BBVA, Groupon, Holtzbrinck
Ventures
Funding $44m
NOAH Content SumUp at NOAH
Website sumup.com
Attendees @ NOAH
Marc-Alexander Christ, Co-Founder
Thomas Adamski, Comms Manager
N/A
Marc-Alexander
Christ
Co-Founder
Key Operating KPIs
New Businesses Joining per Day 3,000+
Key Financials
Revenues 2017 (€m) 100 – 1,000
Mobile Commerce Solutions
Payment Providers and Services
M&A Interest
Solutions in the small merchant space and
the wider payment space
Key Hires Interest
Head of Business Development, Head of PR
and Communications

SPEAKER PROFILE
• Before joining tado°, Toon Bouten previously served
as Vice President of Philips Electronics NV, where he
led the European Consumer Division
• As VP of Compaq Computers he started the Compaq
Consumer Division in EMEA and reached the number
one market position in Europe
• In early 2000, he took over the CEO position from the
founder of Jobline AB.
• Toon was also CEO of Tomorrow Focus
• More recently served as President and CEO of GN
Store Nord and GN Netcom, the Danish headset
maker where he successfully redesigned its value
chain and transitioned it to a scalable and well-
positioned leader in the headset industry
KEY COMPANY FACTS
108
INDUSTRIALS & IOT
Intelligent Home Climate Management Solutions
COMPANY PROFILE TADO° @ NOAH
• Founded in Munich 2011, tado° is the European market leader in intelligent
home climate management solutions. With its Smart Thermostats for heating
and the Smart AC Control for cooling, tado° reshapes the way energy is
consumed at home
• The tado° Smart Climate Assistant app uses features like Geofencing and
Weather Adaption to save up to 31% of your heating costs, while enhancing
comfort
• Having raised €50m in venture funding and currently employing almost 200
people, tado° is active across Europe and the US
Visits 0.6m 0.4m
Minutes 01:23 02:18
Sessions
Mobile: 70%
Desktop: 30%
Mobile: 49%
Desktop: 51%
Apr 2018
Sources
Key Corporate Facts
Founded 2011
Employees 100-1,000
Key Investors
Target Partners, Shortcut,
Siemens, BayBG, Statkraft,
Inven Capital
Funding €50m
NOAH Content tado° at NOAH
Website tado.com
Attendees @ NOAH
Toon Bouten, CEO
N/A
Toon Bouten
CEO
Offline Services – Fund Raising Advisory
Business partnerships to scale our business

Christoph Brand
Head of the
Classifieds &
Marketplaces
Division
SPEAKER PROFILE
• Christoph Brand is a member of the group
management board and head of the classifieds &
marketplaces division at Tamedia AG
• In this role, he is also chairman or member of the
board of a number of companies held partially or fully
by Tamedia, such as Homegate, Jobs.ch, Ricardo.ch
and others. Before that, he was CEO and shareholder
of Adcubum AG. From 2006 to 2010, he was CEO of
Sunrise Communications, which he turned around to
make it the fastest-growing operator in Switzerland in
terms of revenue and profitability. Before that, he was
chief strategy officer of Swisscom
• Christoph also held various board positions in the ICT
environment
• He is married and father to two sons
KEY COMPANY FACTS
109
DIGITAL & TMT
Leading Swiss Media Group
COMPANY PROFILE TAMEDIA @ NOAH
• Tamedia is the leading private media group in Switzerland. The digital platforms,
daily and weekly newspapers and magazines of Tamedia offer overview,
classification and selection
• The company was founded in 1893 and employs a staff of approximately 3,400
in Switzerland, Austria, Denmark, France, Germany, Israel, Luxembourg and
Serbia
• It has been traded at the Swiss stock exchange since 2000
Attendees @ NOAH
Christoph Brand, Head of the
Classifieds &
Marketplaces Division
1. Why our founders had hipster beards in
1893 and how we're still innovating 125
years later
2. How we grow based on the fact that 4
out of 5 Swiss people use our services
and our financial power
3. Why you do not only meet us in
Switzerland (even if its worth a visit)
Market Cap €1.4bn
2017 2018E Growth
Revenues €m 796 865 9%
EBITDA €m 193 195 1%
Margin % 24% 23% -
Key Corporate Facts
Founded 1893
Employees 3,400
Ownership Public (SWX)
Company
Presentation
NOAH Content Tamedia at NOAH
Website tamedia.ch
Customer Service Platform, Mobile
Commerce Solutions, Platforms
M&A Interest
Actively looking to invest in or acquire
companies in the areas of Classifieds and
Marketplaces, or anything relevant for our
current portfolio companies
Commercial Partnerships or Joint Ventures

Yaron Valler
General Partner
SPEAKER PROFILE
• Yaron Valler serves as General Partner at Target
Global
• He has over fifteen years of experience in IT and
venture capital, having built and invested in emerging
technologies, bringing them to global markets.
Throughout his career, Yaron was involved in the
creation of over twenty startup companies, initially as
an engineer and later as an entrepreneur and investor.
Having experienced full product and company life
cycles with successful and unsuccessful phases,
Yaron assists in identifying, avoiding and dealing with
the pitfalls faced by portfolio companies
• A true geek, Yaron adores technology. Yaron holds an
MBA from INSEAD in France and a B.Sc. in
information systems engineering from Ben-Gurion
University in Israel. He also serves as a Board
Member at Diablo Technologies. He serves as
Chairman of Board at OpenSynergy
KEY INVESTOR FACTS
110
INVESTORS
International Venture Capital Firm
INVESTOR PROFILE TARGET GLOBAL @ NOAH
• Target Global is an international VC firm with over $450 million in assets under
management and offices in Berlin, Moscow, Tel-Aviv and San Francisco. We
invest in fast-growing digital-enabled businesses operating in B2C and B2 SMB
markets
• Target’s growth fund invests in Series B and later stage companies (both
primary and secondary), with an investment range of $5-30m. Target’s seed
stage fund invests in late seed and early Series A rounds, with an investment
range of $200-500k
• Since 2012 Target Global has invested in more than 40 leading companies
including Delivery Hero, Blue Apron, Dreamlines, Prosper, VATBox, WeFox and
Auto1 Group
Attendees @ NOAH
Yaron Valler, General Partner
Key Corporate Facts
Founded 2012
Funds Raised $533m
Employees 11-25
NOAH Content Target Global at NOAH
Website targetglobal.vc
NOAH Connect app

SPEAKER PROFILE
• Markus Villig is the founder and CEO of Taxify, one of
Europe’s leading ride-sharing platforms. He teamed up
with his brother Martin, ex-Skype, to build the first
version of Taxify in 2013 when he was 19 years old.
Markus has been featured as the youngest tech CEO
in Forbes Europe 30 under 30 list and has been
awarded E&Y Entrepreneur of the Year in Estonia
• Markus launched Taxify with 50 drivers whom he had
personally recruited – and it was a hit. After a huge
rush of downloads in the first weeks, he teamed up
with his brother Martin and technical co-founder Oliver
Leisalu to build the next version
KEY COMPANY FACTS
111
One of Europe’s Leading Ride-sharing Platform
COMPANY PROFILE TAXIFY @ NOAH
• Taxify is one of Europe’s leading ride-sharing platforms, connecting millions of
riders and drivers around the world to make travel easier, quicker and more
reliable. Taxify’s efficient and tech-enabled business model benefits both drivers
who have to pay a smaller commission as well as riders who end up paying less
for their ride
• Founded by Markus Villig, Taxify launched in 2013. It’s one of the fastest-
growing ride-sharing platforms in the world, focusing on Europe and Africa.
Taxify is working towards a future where anyone in need for a ride should not
have to wait more than just a couple of minutes to get a car, anywhere in a city
• Taxify has more than 5 million customers in over 20 countries globally
• Strong presence within Europe (especially CEE markets) as well as expanding
into Africa and Australia
Visits 0.6m 1.1m
Minutes 04:02 04:19
Sessions
Mobile: 82%
Desktop: 18%
Mobile: 74%
Desktop: 26%
Apr 2018
Sources
Key Corporate Facts
Founded 2013
Employees 100-1,000
Key Investors Didi Chuxing
Website taxify.eu
Attendees @ NOAH
N/A
Markus Villig
Co-Founder &
CEO
Marketing
Markus Villig, Co-Founder & CEO
Market Unt, Head of Global PR

SPEAKER PROFILE
• Oliver has been CEO of TeamViewer since January
2018. He is an internationally experienced manager
with a proven track record in building and successfully
leading tech champions
• Prior to joining TeamViewer, Oliver was Partner at the
private equity firm Permira. There he built up and
headed the Portfolio Group, which works with global
deal teams across all sectors on delivering value
creation plans for Permira funds’ portfolio companies.
Oliver served as CEO of Sunrise Communications and
as CEO of Debitel (freenet AG), a leading mobile
service provider in Germany. He started his career at
McKinsey where he became a Partner focusing on the
telecommunications and technology sector.
• Oliver holds a master’s degree in Electrical
Engineering from the Ruhr-University Bochum,
Germany
KEY COMPANY FACTS
112
B2B & SOFTWARE
Global Software Provider for IoT, Connectivity,
Monitoring, Support and Team Collaboration
COMPANY PROFILE TEAMVIEWER @ NOAH
• TeamViewer is a leading global software provider for IoT, connectivity,
monitoring, support and team collaboration
• Established 2005 in Goeppingen, TeamViewer is the third largest German
software company and continues to grow dynamically
• The company’s flagship product has been activated on more than 1.6 billion
devices, of which at least 30 million are connected to TeamViewer at any point
in time
• TeamViewer employs about 700 people in more than 60 countries around the
world
Visits 25.4m 27.5m
Minutes 03:01 02:43
Sessions
Mobile: 22%
Desktop: 78%
Mobile: 23%
Desktop: 77%
Apr 2018
Sources
Key Corporate Facts
Headquarters Goeppingen, Germany
Founded 2005
Employees 100-1,000
Key Investors Permira
NOAH Content TeamViewer at NOAH
Website teamviewer.com
Attendees @ NOAH
Oliver Steil, CEO
1. TeamViewer’s global growth story
2. Conquering the Enterprise SaaS world
out of Goeppingen
3. Plug-and-play IoT by TeamViewer
Oliver Steil
CEO
Activated IDs 1.6bn+
Connected devices every second 30m+
Key Financials
EBITDA Profitable
NOAH Connect app

Gonzalo Martín-
Villa
Chief Innovation
Officer
SPEAKER PROFILE
• Gonzalo Martín-Villa is a Chief Innovation Officer at
Telefonica. Global innovation responsibility for all the
Telefonica Group, including Product Innovation,
Personal Comms (Tuenti and TuGo products), Tokbox
and Telefónica Educación Digital
• Digital senior executive in large public company, with
broad international experience across all functions of
business. Corporate disruptor, passionate for
technology, creator of digital businesses and public
speaker
• Convinced that exponential organizations will be the
ones to capture the value that technology and digital
businesses create
• Nominated by Wired Magazine as one of the 100 Top
Digital Influencers in Europe 2014 (The Wired 100)
KEY COMPANY FACTS
113
TELECOMMUNICATIONS
Diversified Telecommunications Group
COMPANY PROFILE TELEFÓNICA @ NOAH
• Telefónica is a company that is aware of the new challenges posed by today’s
society. This is why we offer the means to facilitate communication between
people, providing them with the most secure and state of the art technology in
order for them to live better, and for them to achieve whatever they resolve
• An innovative and attentive spirit with an immense technological potential that
multiplies the ability to choose of its more than 346 million clients in 21 countries
and an average of 127,000 professionals
• In January-December 2017 Telefónica had consolidated revenues of 52,008
million euros and more than 343.4 million total accesses, 271.7 million mobile
phones accesses, 21.4 million Internet and data accesses and 8.5 million pay
TV accesses
• Telefónica is a 100% listed company with more than 1.3 million shareholders,
traded in several of the most important stock markets around the world
2017 2018E Growth
Revenues €m 52,068 50,736 (3%)
EBITDA €m 16,441 16,290 (1%)
Margin % 32% 32% -
EV/Revenue 1.9x 2.0x 3%
EV/EBITDA 6.1x 6.1x 1%
Key Corporate Facts
Headquarters Madrid, Spain
Founded 1924
Employees 127,000+
Ownership Public (BME)
Key Shareholders BBVA, CaixaBank, BlackRock
Investor
Presentation
Website telefonica.com
Attendees @ NOAH
Gonzalo Martín-Villa, Chief Innovation
Officer
NOAH Connect app
Key Operating KPIs
Final Client Accesses 339.0m
Wholesale Accesses 4.4m
Fireside chat with

Dr. Julian Hosp
Co-Founder &
President
SPEAKER PROFILE
• After his successful career as a professional kitesurfer
(ranking among top 10 in the world) and later as a
trauma surgeon, Julian became a serial entrepreneur,
bestselling author and keynote-speaker
• He co-founded the Singapore based FinTech
company TenX, which has developed a technology
that makes cryptocurrencies spendable anytime
anywhere and has raised USD $80 million in its initial
token sale in June 2017
• Julian was named one of the top Blockchain and
Cryptocurrency experts. He is a frequently invited
speaker at global Tech/FinTech events as well as a
regular commentator in the media on current
blockchain trends, the future of cryptocurrency and
best ICO practices
KEY COMPANY FACTS
114
FINTECH
Debit Card Payment System for Cryptocurrencies
COMPANY PROFILE TENX @ NOAH
• Founded in Singapore in 2015, TenX is the only company worldwide that makes
multiple digital currencies spendable anytime anywhere by offering a debit card
payment system to its users. It has raised $80 million in its initial token sale and
made it to the top 5 Singapore’s best funded startups in 2017
• The user can spend any of the funds through the TenX debit card, which can be
used in almost 200 countries at over 36 million points of acceptance online and
offline
• In order to offer the widest range of cryptocurrencies, TenX is working on the
Cryptographically-secure Off-chain Multi-asset Instant Transaction network
(COMIT) to connect all the blockchains
Key Corporate Facts
Headquarters Singapore, Singapore
Founded 2015
Employees 11-25
Ownership Private
Funding $80m (Initial Coin Offering)
NOAH Content TenX at NOAH
Website tenx.tech
Visits 14k 224k
Minutes 03:17 02:27
Sessions
Mobile: 0%
Desktop: 100%
Mobile: 33%
Desktop: 64%
Apr 2018
Sources
NOAH Connect app
Attendees @ NOAH
Dr. Julian Hosp, Co-Founder
& President
N/A

Greg Skibiski
Founder & CEO
SPEAKER PROFILE
• Greg Skibiski is a thought leader in the field of mobile
location and sensor data technologies. He focuses on
innovating products and services that utilize big data
to better understand human behavior
• Prior to founding Thasos in 2011, Skibiski was the
Founder, CEO and Chairman of Sense Networks, Inc.,
a New York based company that uses machine
learning technology to create actionable business
insights from large quantities of mobile phone location
and carrier call pattern data
• Skibiski is the lead inventor on three patent
applications: System and Method of Performing
Location Analytics, Comparing Spatial-Temporal Trails
in Location Analytics and Anomaly Detection in
Sensor Analytics
• Skibiski holds an MBA from HEC Paris, a BS in Civil
Engineering from Bucknell University, and has studied
relationship psychology at the Orv Owens Institute
KEY COMPANY FACTS
115
B2B & SOFTWARE
AI Platform Transforming Real-time Location Data
COMPANY PROFILE THASOS GROUP @ NOAH
• Thasos is an artificial intelligence platform that transforms real-time locations
from mobile phones into objective and actionable insights on the performance of
businesses, markets, and economies globally, based on the largest repository of
high-quality location data after Google and Apple.
• For Institutional Investors:
• From topical research reports to API information feeds at the individual store or
factory level, we provide objective, real-time information for 500+ companies
mapped to exchange-listed tickers in North America and Europe.
• Reports and feeds cover aggregate customer visitation, employee hours
worked, cohort lifetime value, and similar fundamental metrics for every industry
in the Global Industry Classification Standard (GICS).
• For Commercial Real Estate & Corporates:
• We provide real-time information for competitive analysis, origin-destination
analysis, and cohort lifetime value for any business, public or private
1. The emerging role of alternative data in
the financial services ecosystem
2. Real examples of usage of anonymized
mobile phone geolocation data for
trading and risk analysis
3. Thasos partnership with Bloomberg
Key Corporate Facts
Founded 2011
Employees 26-50
Ownership Private – Businses Angels
Key Investors Gary Bergstrom
Website thasos.com
Partnerships to bring Thasos data and
analytics into new vertical markets
Public companies covered 500
Attendees @ NOAH
Greg Skibiski, Founder & CEO

Philipp A.
Pausder
Founder &
Managing
Director
SPEAKER PROFILE
• Philipp, 42, is co-founder and CEO of Thermondo,
Germany's market leader in the planning, financing
and installation of heating system for residential
homes. Thermondo employs more than 300 people
across 50 cities in Germany
• In 2017 Philipp was recognized as "Entrepreneur of
the Year 2017" by Ernst & Young
• He began his career as Global Marketing Manager at
adidas before moving on to management consulting
and later founding Clean Venture, a boutique M&A
advisory firm for distributed energy deals
• Philipp is on the supervisory board of StartUpTeens, a
non-profit initiative fostering entrepreneurial thinking
among 14-19 year olds
• Philipp lives in Berlin with his wife and four children
KEY COMPANY FACTS
116
INDUSTRIALS & IOT
Technology Driven Provider of Heat and Power
COMPANY PROFILE THERMONDO @ NOAH
• Thermondo has digitized the process of heating exchange from lead generation
through sales and installation to after-sales
• Thermondo sells, plans, installs and services heating systems all over Germany
• Our go-to-market strategy is entirely online driven and we excite our customers
through our outstanding advice, our speed, our simplicity and our competitive
prices
Key Corporate Facts
Founded 2012
Employees 100-1,000
Key Investors Vorwerk, Holtzbrinck Ventures
Funding €63m
NOAH Content Thermondo at NOAH
Website thermondo.de
Visits 160k 137k
Minutes 01:40 01:55
Sessions
Mobile: 69%
Desktop: 131%
Mobile: 60%
Desktop: 40%
Apr 2018
Sources
NOAH Connect app
Attendees @ NOAH
Philipp A. Pausder, Founder & MD
Fireside chat with

Alice
Weightman
Co-Founder &
CEO
SPEAKER PROFILE
• Alice is a talent expert and entrepreneur with over 15
years of experience helping fast-growth businesses
and brands build c-suite, advisory and leadership
teams globally. She is the founder and CEO of two
talent acquisition companies: Hanson Search, an
international search consultancy and The Work Crowd,
an online platform that connects businesses with
expert marketing talent across the UK and Europe
• Passionate about improving standards in our industry,
Alice a member of the REC and 30% Club. She is a
respected voice in the marketing, communications,
and tech industries and is often asked to comment in
publications and speak at industry events.
• In addition to pitching at Web Summit in 2015, Alice
was awarded Entrepreneur of the Year at the 2016
FSB London Business Awards for the success of The
Work Crowd and overall winner of NOAH Conference
2017
KEY COMPANY FACTS
117
NOAH LONDON 2017 TOP STARTUPS
Online Platform for Freelance Marketing Talent
COMPANY PROFILE THE WORK CROWD @ NOAH
• The Work Crowd is the leading platform for freelance marketing talent across
the UK and Europe, with global ambitions. We connect businesses with expert
PR and marketing support by intelligently matching them to vetted marketing
professionals in a fast and cost-effective way. Using The Work Crowd,
businesses can quickly and easily build and manage their freelance talent
pipelines, saving them substantial costs, resources, and time
• In addition to instantly matching businesses with the best available, pre-vetted
freelance experts, our real-time mobile marketplace allows collaboration, project
planning, and seamless payments. This brings increased efficiency, a reduction
in acquisition costs, and increased business productivity as businesses can hire
faster, acquiring flexible specialist skills and local expertise to meet the needs of
a global market. In short, finding and managing your freelance workforce will be
smarter, faster, and more effective than ever before
Attendees @ NOAH
Alice Weightman, Co-Founder & CEO
1. The Work Crowd - overview of the
product
2. The Work Crowd - overview of history
and evolution of product
3. The Work Crowd - future plans
Ecommerce Services
Investors / Companies looking to hire
Key Corporate Facts
Founded 2015
Employees 4-10
NOAH Content The Work Crowd at NOAH
Website theworkcrowd.com
Visits <5k <5k
Minutes 01:25 01:27
Sessions
Mobile: 25%
Desktop: 75%
Mobile: 21%
Desktop: 79%
Apr 2018
Sources
Email: 38%, Other: 3%
1

Alberto Porciani
Founder & CEO
SPEAKER PROFILE
• Alberto established Top Doctors in 2012 with Lorena
Bassas. He is the CEO and brings more than 20 years
of experience in the pharmaceutical and healthcare
industries to the role, including international senior
positions in various European countries and emerging
markets. Previously, Alberto served as Director of
Corporate Accounts for Allergan and Commercial
Director of Italy and Director of Key Accounts for EMA
for Johnson & Johnson
• Alberto received an Executive MBA from the IE
Business School in Madrid and a graduate degree
Cum Laude in Economics at the Turin University of
Economics. He also holds postgraduate training in
strategic marketing, sales and management from
prestigious institutions including INSEAD Business
School and IESE Business School, the graduate
business school of the University of Navarra
KEY COMPANY FACTS
118
Trusted Online Source of Medical Professionals
COMPANY PROFILE TOP DOCTORS @ NOAH
• Thanks to our rigorous, unique process of identifying the very best specialists
and clinics, we now have a selection of over 60,000 of the world’s best
specialists in private healthcare
• At Top Doctors we are aware of the importance of getting it right in such a
hyper-specialised sector. We are at the patient's side from start to finish, helping
them to connect with their ideal specialist through state-of-the-art technology.
For doctors, we offer technological solutions so that they can connect with their
patients easily and efficiently - a hub which will gradually incorporate different
portable medical devices, wearables that will make their work easier, and allow
for ease in the diagnosis and monitoring of patients
• We are already established in 7 countries (Spain, Italy, the United Kingdom,
Mexico, Chile, Colombia and USA), and more than 20 million patients ask us
what doctor they should go to for each case
• Through Top Doctors, we answer these consultations offering a medical team of
more than 60,000 professionals of all specialities worldwide. The Top Doctors
services available for free on Android and iOS devices
Visits 0.4m 0.7m
Minutes 02:10 02:35
Sessions
Mobile: 68%
Desktop: 32%
Mobile: 73%
Desktop: 27%
Apr 2018
Sources
Key Corporate Facts
Founded 2013
Employees 100-1,000
Key Investors
Alberto E. Porciani; Lorena
Bassas; Castle & Connolly -
America’s Top Doctors and
Addventure
Funding €4m
Website topdoctors.es
Key Financials
Attendees @ NOAH
Alberto Porciani, Founder & CEO
Lorena Basas
Xavier Mercadé, Director General, Europe
1. Disruptive digitalization of healthcare
with patient centric
2. The value of quality in healthcare
3. Telemedicine introduction in specialist
space
Ecommerce Services
Offline Services
Communications & Marketing
Analytics & Digital Services
M&A Interest
Medical tourism platforms, medical second
opinion platforms, medical devices for
telemedicine
Key Hires Interest
CFO, CFO Europe, HRM Europe

Peter Mühlmann
Founder & CEO
SPEAKER PROFILE
• Peter Mühlmann founded Trustpilot in 2007 and has
been the main driver behind the company’s continued
global expansion, building the biggest online review
company for e-commerce
• Over the last ten years, 35-year-old Mühlmann has led
Trustpilot from a small Danish startup to an
international, multi million-dollar company with more
than 600 employees spanning seven offices and six
different countries.
• He holds a bachelor’s degree from Aarhus University
School of Business, and after founding Trustpilot, he
decided to focus on the company
• In 2013, Peter Mühlmann was named Danish
Entrepreneur of the Year by EY. He lives in
Copenhagen but spends a large portion of the year at
Trustpilot’s offices outside of Denmark
KEY COMPANY FACTS
119
B2B & SOFTWARE
Customer Review Platform
COMPANY PROFILE TRUSTPILOT @ NOAH
• Trustpilot is a customer review platform that help businesses impress, improve
and innovate by engaging and collaborating with customers. We do it by giving
millions of people an open, honest and free place to share and discover reviews
of businesses. And by giving businesses the knowledge, tools and technology
to turn what consumers say into tangible business results. We believe that if
everyone helps each other build a world bursting with endlessly improving
customer experiences, then we’re all working to make the future a brighter place
• With more than 40 million reviews of 200,000 businesses from a variety of
industries worldwide, Trustpilot is quickly becoming the world’s leading
independent review site
• With offices in Copenhagen, London, New York, Denver, Berlin, Melbourne and
Vilnius, Trustpilot's 600 employees represent more than 40 different nationalities
Visits 15.3m 20.8m
Minutes 01:53 01:54
Sessions
Mobile: 41%
Desktop: 59%
Mobile: 48%
Desktop: 52%
Apr 2018
Sources
Attendees @ NOAH
Peter Mühlmann, Founder & CEO
Key Corporate Facts
Headquarters Copenhagen, Denmark
Founded 2007
Employees 100-1,000
Key Investors
SVB, Draper Esprit, Vitruvian
Partners, Index Ventures
Funding €110m
Website trustpilot.com
1. We live in the consumer era where
influence has truly shifted from
businesses to consumers
2. The people-powered era mean that a
brand is defined by consumer
experiences and feedback and only truly
open and collaborative businesses can
survive and succeed
3. Trustpilot is an open to all review
platform that creates ever-improving
experiences for everyone and help
businesses innovate and grow
NOAH Connect app

Dara
Khosrowshahi
CEO
SPEAKER PROFILE
• Dara Khosrowshahi is the CEO of Uber, where he
manages the company’s fast-growing business in 65
countries around the world and leads a global team of
more than 18,000 employees
• Dara was previously CEO of Expedia, where he grew
the company into one of the world’s largest online
travel companies. Dara was promoted to Expedia
CEO after serving as the Chief Financial Officer of IAC
Travel. Before joining IAC, Dara served as VP of Allen
& Company and spent a number of years as an
analyst. He currently serves on the Board of Directors
of Expedia and was previously on the Board of the
New York Times Company. He’s a passionate
advocate for refugees in crisis around the world,
having himself left Iran during the Iranian revolution at
the age of nine
• Dara received his bachelor’s degree in engineering
from Brown University
KEY COMPANY FACTS
120
Leading Ridesharing Company
COMPANY PROFILE UBER @ NOAH
• Uber was founded in 2009 to solve an important problem: how do you get a ride
at the push of a button?
• More than five billion trips later, we've started tackling even greater challenges:
making transportation safer with self-driving cars, delivering food quickly and
affordably with Uber Eats, and reducing congestion in cities by getting more
people into fewer cars
NOAH Connect app
Attendees @ NOAH
Dara Khosrowshahi, CEO
Fireside chat with Christoph Keese
Key Corporate Facts
Founded 2009
Employees 18,000+
Key Investors SoftBank, Morgan Stanley, Saudi Arabia’s Public Investment Fund
Funding $21.7bn
NOAH Content Uber at NOAH
Website uber.com

SPEAKER PROFILE
• Rahul is the CEO and founder of Unikrn, a gaming
and esports company based in Seattle, WA, US
• He was also the founder of luxury computer creator
VoodooPC (est. 1991); Voodoo was acquired by
Hewlett-Packard
• Rahul spent 18 years as an entrepreneur before
joining Microsoft. At Microsoft, he worked with startups
and entrepreneurs, and created and lead Microsoft
Ventures. He is also an investor and advisor at Vrvana
and on the board of advisors for Razer
• He resigned from Microsoft in November 2014 to build
Unikrn, an esports company with offices in Berlin,
Seattle, Sydney and soon to be Las Vegas
• Unikrn is now the Planet's Best Bookmaker for
Gamers
KEY COMPANY FACTS
121
DIGITAL & TMT
Esports Betting Company
COMPANY PROFILE UNIKRN @ NOAH
• Unikrn is the worldwide leader in esports betting. You can bet legally, for free,
anywhere in the world using Unikoins, our virtual tokens. We also offer real
money betting in the UK. Back your picks with Unikoins or real money and feel
the rush when you watch the next big match
• We own a network of gaming communities that reach millions of gamers in over
100 countries worldwide. We recently announced a global exclusive partnership
with Tabcorp, a 5B+ betting company. Together we built a safe and fun arena
for people to gather, game, and legally bet on eSports
• Founded by Rahul Sood (creator of VoodooPC, and Microsoft Ventures), and
Karl Flores (co-founder of Pinion)
• Some of our partners include Razer, HP, Logitech, and Tabcorp
Visits 300k 457k
Minutes 02:21 01:03
Sessions
Mobile: 11%
Desktop: 89%
Mobile: 26%
Desktop: 74%
Apr 2018
Sources
Key Corporate Facts
Headquarters Seattle, WA, US
Founded 2014
Employees 26-50
Ownership Private
Key Investors Mark Cuban, Binary Capital
Funding $41m
Website unikrn.com
Attendees @ NOAH
Rahul Sood, Co-Founder & CEO
N/A
NOAH Connect app
Rahul Sood
Co-Founder &
CEO

SPEAKER PROFILE
• Kumardev is a highly regarded youthnnovation leader,
top-tier ICT industry professional, European
Commission appointed expert and New York Times
published opinion leader. He has achieve all of thisby
the age of 35
• Kumardev’s vision, opinions and views have been
published by the New York Times, World Economic
Forum, European Commission, European Business
Summit, Microsoft and leading tech media across
Europe. Kumardev is an Advisory Board member of
the Journal of Innovation Management with Henry
Chesbrough
• Kumardev is also Founder and Chairman of the
European Young Innovators Forum
• Kumardev holds a MSc. in Computer Science from
University College London, as a British Chevening
Science Scholar
KEY COMPANY FACTS
122
B2B & SOFTWARE
Autonomy-as-a-Service with its AI-driven IoT SaaS Platform
COMPANY PROFILE UNMANNED LIFE @ NOAH
• Unmanned Life has developed the world’s first AI-driven IoT platform to deploy
and manage fleets of commercial drones and ground vehicles, both indoors and
outdoors, fully autonomously i.e. without human intervention or drone pilots.
• Unmanned Life’s software platform extensions allows commercial drone fleets to
be connected to the existing enterprise information management systems and
AI platforms from vendors such as SAP, IBM, Microsoft or GE, thereby enabling
a fully autonomous robot work force that enables the 4th Industrial Revolution,
disrupting human labour intensive industries such as postal, shipping, logistics,
oil and gas, surveillance, aid, et al.
• Unmanned Life’s unique innovative platform is protected by 85 patent pending
claims
• Unmanned Life is the ONLY drone company to be selected by the UK
Government's Department of International Trade to present at Mobile World
Congress 2017
Unique Users 68k <5k
Visits 309k <5k
Minutes 02:21 00:48
Sessions
Mobile: 10%
Desktop: 90%
Mobile: 0%
Desktop: 100%
Apr 2018
Sources
Direct: 50%, Search: 50%
Key Corporate Facts
Founded 2015
Employees 11-50
Website unmanned.life
Attendees @ NOAH
Kumardev Chatterjee, Founder & CEO
Kumardev
Chatterjee
Founder & CEO
N/A
NOAH Connect app

Paul J. Walsh
Senior Vice
President, Global
Products &
Solutions
SPEAKER PROFILE
• Paul J. Walsh is the SVP in the Global Products &
Solutions team responsible for leading Visa’s open
platform initiative that launched in 2016. In this role,
Walsh oversees the platform that provides open
access to Visa technology, products and services and
allows developers at merchants, financial institutions,
technology companies and startups to build unique
commerce experiences.
• Walsh joins Visa with over 20 years of technology
experience, most recently as Co-Founder and Chief
Executive Officer of Omniscient Technology Group. At
Omniscient Technology Group, Paul provided
leadership and guidance to Fortune 1000 companies
enabling them to transform business and consumer
experiences to become relationship-focused digital
journeys powered by simple and innovative business
processes and technology solutions
KEY COMPANY FACTS
123
PAYMENTS
Global Financial Services Firm that
Facilitates Electronic Payment Systems
COMPANY PROFILE VISA @ NOAH
• Visa Inc. (NYSE: V) is the world’s leader in digital payments
• Our mission is to connect the world through the most innovative, reliable and
secure payment network - enabling individuals, businesses and economies to
thrive. Our advanced global processing network, VisaNet, provides secure and
reliable payments around the world, and is capable of handling more than
65,000 transaction messages a second
• The company’s relentless focus on innovation is a catalyst for the rapid growth
of connected commerce on any device, and a driving force behind the dream of
a cashless future for everyone, everywhere. As the world moves from analog to
digital, Visa is applying our brand, products, people, network and scale to
reshape the future of commerce
• For more information, visit About Visa, visacorporate.tumblr.com and
@VisaNews
2017 2018E Growth
Revenues €m 15,694 17,674 13%
EBITDA €m 11,032 12,501 13%
Margin % 70% 71% -
EV/Revenue 15.9x 14.1x (11%)
EV/EBITDA 22.6x 19.9x (12%)
Key Corporate Facts
Founded 1958
Employees 12,400+
Ownership Public (NYSE)
Key Shareholders
Vanguard Group, BlackRock,
FMR, T.Rowe Price, State Street
Website visa.com
Attendees @ NOAH
Paul J. Walsh, SVP, Visa Platform
Strategy & Innovation
1. Disruption through Innovation
2. Make Technology Invisible
3. Embrace the Cognitive Age
NOAH Connect app
Key Operating KPIs
Payments volume 2017 $7.3tn
Total payments volume 2017 $10.2tn
Premium
Partner

Florian Reuter
CEO
SPEAKER PROFILE
• Florian is the CEO of Volocopter
• Following a degree in business engineering and a
number of years as management consultant he was
most recently responsible for the development of
technologystart-ups as Venture Manager in central
research with Siemens AG Munich
• He now applies his many years of experience in the
strategic positioning of High-Tech innovations within
international markets to Volocopter GmbH
• Diverse work experience in Asia (Singapore, Japan,
China), Europe (Germany, UK, Spain, France) and the
US
• Passionate about turning powerful ideas into reality -
and successful in it. Best when working in a high-
performing team, contributing strong leadership,
technical, analytical and cognitive skills
KEY COMPANY FACTS
124
COMPANY PROFILE VOLOCOPTER @ NOAH
• Volocopter is the global leader in the development of electrical vertical take-off
and landing multicopters (eVTOL) as autonomous air taxis for the safe transport
of people. The technical platform is extremely flexible and permits piloted,
remote controlled, and fully autonomous flight. In addition, the unique design
offers unprecedented degrees of safety based on the high level of redundancy
in all critical components
• As early as 2011 the company earned its entry into the history of aviation
through the manned flight of the world’s first purely electrical multicopter. Since
then the young enterprise has set new milestones: In 2016 Volocopter was
granted provisional licensing for a two-seater Volocopter by the German aviation
authority and in 2017 the aviation start-up showcased the first ever autonomous
flight of an air taxi in cooperation with RTA Dubai. In the meantime, the founders
Stephan Wolf and Alexander Zosel have gathered a team of experienced
managers like CEO Florian Reuter and CTO Jan-Hendrik. This paved the way
for the further expansion of the company. Daimler, Intel and Lukasz Gadowski
are among the investors in the company
Manned, Fully Electric and Safe VTOL
Visits 75k 23k
Minutes 00:30 02:35
Sessions
Mobile: 57%
Desktop: 43%
Mobile: 28%
Desktop: 72%
Apr 2018
Sources
Key Corporate Facts
Headquarters Bruchsal, Germany
Founded 2011
Employees 51-100
Ownership
Private – Businses Angels and
Corporate Investors
Key Investors Daimler, Intel, Lukasz Gadowski
Funding €31m
NOAH Content Volocopter at NOAH
Website volocopter.com/en/
NOAH Connect app
Attendees @ NOAH
Florian Reuter, CEO
Rene Griemens, CFO
Helena Treeck, PR
Michael Hillermeier, Assistant to CEO
1. Autonomous Air Taxis - a global market
2. From Air Taxi to Full Megacity Air Taxi
infrastructure
3. Mobility in the third dimension

Christian
Lindener
CEO Wayra
Deutschland
SPEAKER PROFILE
• As the Managing Director Christian accounts the
strategic orientaton of Wayra, the selection and
assistance of the start-ups and young technology
corporations such as the increased integration of
Wayra within the international start-up ecosystem
• During his career in the start-up and venture-capital-
scene, Christian Lindener got to know thousands of
start-ups
• He cofounded two companies, one being a hardware
startup which went insolvent in 2013 and the other one
being an augmented reality startup exited to
booking.com in 2014.
• Christan Lindener was born in Brasil and grew up in
Mexico. He studied international business
administraton and economics at the Leopold-Franzens-
University in Innsbruck, the university of New Orleans
and at the Universitat de Barcelona
KEY INVESTOR FACTS
125
INVESTORS
Telefonica Open Future’s Start-up Accelerator
INVESTOR PROFILE WAYRA @ NOAH
• We are a global team of tech lovers and startups enthusiasts always looking for
new opportunities for our customers, teams and our business. We seek and find
ideas that have the riskiness and ambition of a shifting digital world and turn
them into proven technologies that create a real impact.
• Wayra supports your startup with the right tools to break through the growth
ceiling and executes to get things done.
• Giving you access to over 350m clients landing your technology into one of the
top telcos in the world.
• Therefore we leave the ephemeral promises behind and we put the spot on your
business. Because it’s you who will transform the game, it’s you who will
enhance people’s future lives
Attendees @ NOAH
Christian Lindener, CEO Wayra
Deutschland
Fireside chat with
Key Corporate Facts
Founded 2012
Employees 4-10
Website de.wayra.co
NOAH Connect app

Julian Teicke
Group CEO
SPEAKER PROFILE
• A passionate founder influenced by his entrepreneurial
father from a very young age
• After completing his studies at the University of St.
Gallen in Switzerland, he moved to London where he
played a leading role in building the fastest growing
company of all time – Groupon
• In 2014 he founded FinanceFox (currently wefox).
wefox is an insurance platform, which achieved the
largest investment round in the insurtech sector in
2016
• In September this year, the launch of ONE will follow.
ONE will be the first 100% digital European insurance
company. Julian’s vision for wefox and ONE is to
revolutionise the insurance experience all over the
world
KEY COMPANY FACTS
126
FINTECH
Service Platform for Insurance
COMPANY PROFILE WEFOX GROUP @ NOAH
• wefox is the largest Insurtech in Europe and was founded in Switzerland in
November 2014. It successfully operates across Germany, Austria and
Switzerland
• wefox is customer centric and works with an ecosystem of key brokers and
insurance companies to meet customer needs of trust and simplification
• By combining the most advanced technology with traditional insurance
consulting know-how, wefox has already managed to acquire more than
150,000 customers and more than 600 insurance brokers
• In October 2017 wefox will launch ONE, the first fully digital European insurance
company
Key Financials
Key Corporate Facts
Founded 2014
Employees 100-1,000
Key Investors
Horizons, Target Global,
Salesforce, IDinvest,
SpeedInvest
Funding €50m+
NOAH Content wefox at NOAH
Website wefox.de
Traffic Apr-17
Unique Users 44k
Visits 58k
Minutes 02:04
Sessions
Mobile: 70%
Desktop: 30%
Attendees @ NOAH
Julian Teicke, CEO
NOAH Connect app

Jens Begemann
Founder & CEO
SPEAKER PROFILE
• Jens founded Wooga in 2009. The company became
one of the most popular mobile games developers in
the world and is responsible for hit games like Jelly
Splash, Pearl’s Peril and Diamond Dash
• Its most recent hit game June’s Journey, a story-
driven hidden object game was released in 2017. Jens
is enthusiastic about people, play and technology.
Leading a talented team to develop quality games
fulfills one of his lifelong ambitions
• Before founding Wooga, Jens served as Chief Product
Officer & Member of the Management Board at Jamba
(Jamster), where he contributed to the company
becoming a world leader in mobile entertainment
products
KEY COMPANY FACTS
127
DIGITAL & TMT
Leading Mobile Games Developer
COMPANY PROFILE WOOGA @ NOAH
• Founded in 2009, Wooga has become one of the most popular developers of
casual mobile games in the world
• Based in Berlin, employees from around the world develop high quality casual
games with engaging stories at the core of the experience
• Wooga’s aim is to play a memorable and positive part in people’s lives and
create joyful moments they look forward to playing everyday
Visits 248k 139k
Minutes 00:48 01:43
Sessions
Mobile: 55%
Desktop: 45%
Mobile: 56%
Desktop: 44%
Apr 2018
Sources
Key Corporate Facts
Founded 2009
Employees 100-1,000
Key Investors
Balderton, Highland Capital,
Holtzbrink Ventures, Tenaya
Capital
Funding €20m
NOAH Content Wooga at NOAH
Website wooga.com
NOAH Connect app
Attendees @ NOAH
Jens Begeman, Founder & CEO
Panel discussion with and

Malte Dummel
CFO
SPEAKER PROFILE
• Malte has 10 years of industry experience
• He is a CFO at xbAV since 2017
• Previously Malte spent 8 years at Goldman Sachs in
pension advisory, corporate finance and technology
M&A
• Holds BA and MA from University of Oxford with focus
on finance and statistics
KEY COMPANY FACTS
128
FINTECH
Digital Pension Management Solutions
COMPANY PROFILE XBAV @ NOAH
• xbAV AG ('Xpension' in English) is the leading provider of digital pension
management solutions in Germany. Operating as a SaaS business, the xbAV
platform addresses the distinct painpoints of insurers, companies, insurance
agents and consumers:
o Efficient, fully-digital pension management fronted for corporates and
insurers
o Consumer-friendly, fully-digital pension advisory and policy sales process for
agents
o Management of own policies for consumers, and sector-wide auto-enrolment
for social partners from 2019
• xbAV is headquartered in Munich with additional offices in Berlin and
Saarbrücken
• As of May 2018, xbAV had 110 employees
Key Corporate Facts
Founded 2007
Employees 110
Ownership Private
Website xbav.de
Attendees @ NOAH
Malte Dummel, CFO
1. Introduction to xbAV and its products
2. Dynamics in pensions market
3. Expansion plans
NOAH Connect app

Giovanni
Giuliani
Chief Strategy,
Innovation and
BD Officer
SPEAKER PROFILE
• Giovanni Giuliani is Chief Strategy, Innovation and
Business Development Officer at Zurich Insurance
• His current responsibilities include Business
Development & New Ventures, Group Marketing
Office, Chief Customer & Digital Office, Zurich Digital
Factory, Global Partnerships & Affinities, Direct to
Consumers business and Connected Insurance (IoT,
Telematics, Domotics, Wearables)
• Prior to Zurich, he worked at Generali and prior to that
he was a Senior Partner at McKinsey & Company
• Hi graduated from Master of Engineering (M.Eng.) at
University of Pisa and holds MBA title from INSEAD
KEY COMPANY FACTS
129
FINTECH
Multi-line Insurance Provider
COMPANY PROFILE ZURICH INSURANCE GROUP @ NOAH
• Zurich is a leading multi-line insurer that serves its customers in global and local
markets. With about 53,000 employees, it provides a wide range of property and
casualty, and life insurance products and services in more than 210 countries
and territories. Zurich’s customers include individuals, small businesses, and
mid-sized and large companies, as well as multinational corporations
• The group operates in five regions: North America, Latin America, Europe,
Middle-East and Africa, and Asia-Pacific.
• The Zurich Insurance Group was founded in 1872 and is headquartered in
Zurich, Switzerland
2017 2018E Growth
Revenues €m 40,359 40,471 0.3%
EBITDA €m 4,407 5,105 16%
Margin % 11% 13% -
EV/EBITDA 10.3x 8.9x (14%)
Key Corporate Facts
Founded 1872
Employees 53,000
Ownership Public (VTX)
Investor
Presentation
Website zurich.com
Attendees @ NOAH
Giovanni Giuliani, Chief Strategy,
Innovation and Business
Development Officer
N/A
NOAH Connect app

Oliver Samwer
CEO, Rocket Internet
100 Firms on NOAH17 London Main Stage
[ ] Companies presented on Main Stage
Of which [ ] Unicorns
Of the top 100 Internet Exits in last 5 years in Eu-
rope by size, [%] passed through our stage
100 Firms on NOAH17 London Main Stage
[ ] Companies presented on Main Stage
Of which [ ] Unicorns
Of the top 100 Internet Exits in last 5 years in Eu-
rope by size, [%] passed through our stage
110+ speakers at NOAH18 Berlin main stage
640 companies presented since 2009 (37 digital
unicorns)
Speakers are CEOs and founders
Including: Adyen, BlaBlaCar, Check24, Criteo,
Deliveroo, Delivey Hero, Farfetch, Gett, HelloFresh,
King.com, MoneySuperMarket, Scout24, Spotify,
Stripe, TransferWise, Trivago, UBER, WeWork,
Wix, Yandex, etc.
STARTUP STAGE
NOAH17 London: #1 The Work Crowd, #2 Misterporter,
#3 Everdine
NOAH17 Berlin: #1 Lalafo, #2 Bitbond, #3 TravelPerk
NOAH16 London: #1 Beezer, #2 CodeMonkey, #3 EyefitU
NOAH16 Berlin: #1 Fraugster, #2 123Sonography,
#3 adMingle, #4 Scalable Capital, #5 Webdata Solutions
SEVENVENTURES PITCH DAY
NOAH15 London SnapCam
NOAH15 Berlin Withings
NOAH14 London Cashboard
NOAH13 London GetYourGuide
THIS IS NOAH CONFERENCE
NOAH CONNECTS LEADERS AT ONE PLACE USING
BEST-IN-CLASS CONFERENCES AND TECHNOLOGY
TO EMPOWER THE EUROPEAN DIGITAL ECOSYSTEM
SPEAKERS AT NOAH HEARING THE STORY OF EUROPEAN DIGITAL LEADERS TO LEARN
90x6-minpitchesatNOAHBerlin
CEOs and founders from emerging companies less
than 4 years old
Live audience of 100 (Berlin) to 200 (London), video
live stream and inclusion in NOAH media library
3 winners (online voting) present on main stage at
next NOAH
Unique track record of funding origination
By invitation only
12,000+ unique attendees to date at NOAH
Conferences
23,000 viewers watch the recordings or live
streams
Videos and presentations of all past conferences
Corporate champions attending regularly NOAH:
Credit Suisse, Daimler, Deutsche Bank, Digital
McKinsey, eBay, Facebook, Google, ING, Naspers,
Porsche, Priceline, ProSiebenSat.1, TUI, etc.
OUR AUDIENCE IS OUR STAGE
NOAH17 BERLIN
Germany
UK
Switzerland
US
Other
70%
8%
4%
2%
16%
C-Level
Investment Partner
Owner, Founder
Board Member
Other
~60% senior decision makers
28%
21%
7%
2%
42%
VALUATION OF $100M+
VALUATION OF $100M+
MAIN STAGE: $100M MINIMUM VALUATION
STARTUP STAGE FOR YOUNG
EUROPEAN COMPANIES
WNNERS TO DATE
NOAH18 BERLIN SPEAKER BOOK
ATTENDEES BY COUNTRY
ATTENDEES BY SENIORITY
It´s a very good conference,
one can do business!
“ “
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TO VIEW

NOAH CONNECTS CAPITAL AND ENTREPRENEURS TO INVEST,
RAISE MONEY AND BUILD LONG TERM INVESTOR RELATIOSHIPS
NOAH hosts the top VC, Growth Capital and
Buyout investors interested in Internet
We hosted on main stage 60% of the top 50 and
56% of the top 80 digital M&A Exits in Europe
over the last 7 years since the launch of NOAH
Conference in Nov 2009
11 Investors present their portfolio Stars on
NOAH18 Berlin Main Stage
700+ VC, Growth and Buyout investors at
NOAH18 Berlin
500 unique investor funds attended NOAH
to date
A classic session at NOAH since 2009
Berlin 2018: Lakestar, Generation Investment
Management, Insight Venture Partners,
Permira and Holtzbrinck Ventures
100 - 150 detailled investor profiles with
contact details and the NOAH Investor Book
We do the NOAH Investor Book since 2013
INVESTORS AT NOAH VC PANEL INVESTOR BOOK
NOAH18 BERLIN INVESTOR BOOK
TOP INVESTORS COME TO NOAH REGULARLY! - Total Attendees over the Last 8 Years
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TO VIEW
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Lakestar
Index Ventures
Hellman & Friedman
Holtzbrinck Ventures
KKR
SevenVentures
Target Global
Vitruvian Partners
General Atlantic
Accel Partners
TA Associates
Eight Roads
Summit Partners
Macquarie Capital
MCI Capital
e.ventures
Acton Capital
EQT Partners
TCV
Spectrum Equity Investors
Maryland
Partech Ventures
Project A Ventures
Goldman Sachs
HgCapital
Earlybird Venture Capital
Atomico Ventures
NGP Capital
Northzone
Oakley Capital
HPE Growth Capital
Scottish Equity Partners
Highland Capital Partners
Silver Lake Partners
DN Capital
TPG Capital
InVenture Partners
Providence Equity
Deutsche Telekom Capital
Partners
Advent International
Balderton Capital
Harbert Management
Corporation
Permira
Endeit
Vulcan Capital
Creathor Venture
EMK Capital
Great Hill Partners
Finstar Financial Group
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PARTNERS
65 partners in 2017
50 exhibition stands
25 workshops
25 satellite events in 2017
Speakers Dinner
450 trading comparables across 40 sectors
300+ most significant transactions
Traffic analysis of key B2C sectors
NOAH Disruptor List: hottest companies by funds
raised
Published since May 2015
Click here to sign up
SATELLITE EVENTS NOAH BIBLE
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TO VIEW
SERVICE PROVIDERS AT NOAH TO FIND NEW CUSTOMERS
OR THE MOST PROVEN SOLUTIONS AND TOOLS
NETWORKING AT NOAH DO BUSINESS AND DON’T WASTE TIME
AT CONFERENCES (WE ARE CURATING YOUR CONFERENCE VISIT)
MATCHMAKING
630+ INVESTMENT FUNDS
1,000+ INTERNET COMPANIES
An introduction platform for the most relevant inves-
tors and companies ahead of NOAH London and Berlin:
Over 1,200 investor meetings requests about to
get sent to 630 investors
2,300 company meetings requests about to get
sent to 1,000 leading digital companies at all stages
Meeting spaces on site
12 meeting locations – easy to find, live and on
the floorplan
Meeting rooms bookable on demand
MEETING ROOMS AT NOAH BERLIN
Over 9,000 messages and 7,000 meetings set up
at NOAH Berlin
The app used by 75% of the conference attendees
NOAH Connect App Guide

OUR MOST COMPELLING SESSION
NOAH CONFERENCE 2017 HIGHLIGHTS TO WATCH
TRAVIS KALANICK
Founder
DR. DIETER ZETSCHE
CEO
Whitney Wolfe, Bumble
Andrey Andreev, Badoo
Glenn Fogel
Priceline Group
Investor Panel
EMK Capital, Insight Venture
Partners, Target Global, iAngels
Mobility Panel
BlaBlaCar, Drivy, FlixBus,
DriveNow, car2go, Gett
Are you Ready for Take Off?
Remo Gerber, Lilium
Florian Reuter, Volocopter
Christian Sewing
Deutsche Bank
Dharmash Mistry, Lakestar
Peter Smith, Blockchain
Online Food Delivery Panel
Takeaway.com, JUST EAT,
Delivery Hero, 10bis
Sebastiaan Vaessen
Naspers
John Collison
Stripe

Challengers Challengers
Champions
Source: Unicorn definition actual reported data where available and NOAH estimates.
Total Market Cap: $3tn
Unicorns
NOAH IS A UNICORN BREEDING GROUND
Challengers with a combined valuation of > $150bn and Champions with a combined
market cap of > $2,800bn presented at NOAH since 2009
Speaking
Company
Speaking
Company
# of Times
at NOAH
# of Times
at NOAH
First
Time
First
Time
Segment Segment
Founded Founded
Raised
($m)
Raised
($m)
Current Status Current Status
Adyen
AutoTrader
Avast
AVG
Babylon Health
BlaBlaCar
Careem
CHECK24
Cloudflare
CTS Eventim
Criteo
Deliveroo
Delivery Hero
Farfetch
Fotolia
Gett
GetYourGuide
Immobiliare
Ironsource
iZettle
Just Eat
Klarna
King.com
Kreditech
Markafoni
Momondo Group
MoneySuperMarket
Photobox
Privalia
Scout24
SeLoger
Showroomprive
Sigfox
SimilarWeb
Skrill
Skyscanner
Spotify
Stripe
Taboola
tado°
TeamViewer
TomTom
Trainline
Transferwise
trivago
Uber
Waze
WeWork
Wix.com
Wooga
XING
Yad2
Yandex
Zooplus
Zalando
Zendesk
Adidas
AXA
Axel Springer
Bayer
Bertelsmann
BMW
Daimler
Deutsche Bahn
Deutsche Börse
eBay
Facebook
Google
Huffington Post
IAC
innogy
Klöckner & Co
Lufthansa
METRO Group
Naspers
Porsche
Priceline Group
ProSiebenSat.1 Media
RTL
Schibsted
Siemens
Tencent
ThyssenKrupp
TUI
Vivendi
VISA
WPP
11
4
1
2
2
7
1
2
2
7
8
1
9
2
10
7
7
3
2
2
2
4
7
8
2
5
3
3
5
9
7
8
2
5
6
3
5
3
2
6
4
2
3
4
5
1
3
4
4
7
9
6
7
1
7
4
1
3
10
3
9
3
3
2
6
11
12
10
4
1
6
3
5
6
10
5
8
10
10
7
7
1
1
1
3
1
5
2010
2010
2012
2009
2013
2013
2017
2015
2016
2012
2009
2015
2010
2011
2009
2012
2013
2014
2012
2013
2014
2012
2010
2010
2012
2011
2011
2013
2011
2011
2010
2010
2016
2014
2009
2012
2009
2015
2014
2013
2015
2015
2011
2011
2011
2016
2011
2015
2012
2011
2009
2012
2012
2011
2011
2012
2016
2015
2010
2015
2010
2015
2015
2015
2012
2010
2009
2010
2012
2015
2014
2016
2015
2011
2010
2015
2011
2010
2009
2011
2013
2014
2017
2017
2012
2017
2012
Payments
Classifieds - Cars
Cybersecurity & Anti-Virus
Health & MedTech
Rider Sharing & Car Pooling
Rider Sharing & Car Pooling
Lead Generation Services
Marketplaces
Display & Retargeting
Meal Delivery
Meal Delivery
Fashion E-Commerce
Marketplaces
Taxi Apps
Travel
Travel
Developer Tools
Payments
Meal Delivery
Payments
Gaming
Personal Loans
Fashion E-Commerce
Travel
Lead Generation Services
Marketplaces
Fashion E-Commerce
Marketplaces
Classifieds - Real Estate
Fashion E-Commerce
Internet of Things
Analytics & Intelligence
Payments
Travel
Music
Payments
Content Advertising
Internet of Things
Communication & Collaboration
Navigation & Parking
Travel
Banking Fintech
Travel
Taxi Apps
Navigation & Parking
Workspaces
Horizontal SaaS
Gaming
Content & Media
Classifieds - Horizontal
Content & Media
Vertical E-Commerce
Fashion E-Commerce
Horizontal SaaS
Consumer Goods
Insurance & Finance
Digital & Media
Healthcare
Digital & Media
Automotive
Automotive
Travel & Transportation
Finance & Banking
Digital & Media
Digital & Media
Digital & Media
Digital & Media
Digital & Media
Industrials
Industrials
Consumer Goods
Digital & Media
Automotive
Digital & Media
Digital & Media
Digital & Media
Industrials
Digital & Media
Industrials
Digital & Media
Insurance & Finance
Advertising
2006
1977
1988
1991
2013
2006
2012
1999
2009
1999
2005
2013
2011
2007
2005
2010
2008
2005
2009
2010
2001
2005
2003
2012
2008
1996
1993
2000
2006
1998
1992
2006
2010
2007
2001
2003
2006
2010
2007
2011
2005
1991
1997
2010
2005
2009
2007
2010
2006
2009
2003
2005
2000
1999
2008
2007
1949
1982
1946
1863
1835
1916
1998
1994
1992
1995
2004
1998
2005
1995
2015
1906
1953
1996
1915
1931
1997
2000
1931
1839
1847
1898
1999
1923
1853
1958
1971
266
-
100
252
85
335
571
-
182
-
63
860
2,581
702
225
613
96
-
105
269
72
637
84
497
8
152
-
305
219
-
-
44
327
112
800
197
2,563
440
160
56
-
-
-
116
54
11,562
67
9,854
59
32
7
-
-
-
468
86
-
-
-
-
-
-
-
-
-
-
2.336
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Reached unicorn status
$4.74bn market cap
Sold to Avast for $1.3bn
after IPO
Successful private company
Valued at $1.2bn
Valued at $3.2bn
$4.11bn market cap
$2.89bn market cap
$7.17bn market cap
Sold to Adobe for $800m
$6.16bn market cap
Valued at $2.5bn
Sold to EA for $5.9bn after IPO
Sold to Naspers for $200m
Sold to Priceline Group
for $550m
$2.86bn market cap
Sold to Exponent & Electra
for $615m
Sold to Vente-Privee for $560
$4.3bn market cap
Sold to Axel Springer for $847
$717m market cap
Valued at $708m
Sold to Optimal Payments
for $1.98bn
Sold to Ctrip for $1.7bn
Getting ready for $16bn
rumoured IPO
Valued at $9.2bn
Sold to Permira for $1bn
$2.55bn market cap
Sold to KKR for $681
$3.17bn market cap
Sold to Google for $1.1
Valued at $20bn
$3.07bn market cap
$1.74bn market cap
Sold to Axel Springer
for $228m
$10.23bn market cap
$1.13bn market cap
$12.92bn market cap
$2.94bn market cap
$48.14bn market cap
$72.8bn market cap
$7.17bn market cap
$114.17bn market cap
Private company
$67.79bn market cap
$85.82bn market cap
Government controlled company
$21.29bn market cap
$40.3bn market cap
Acquired by AOL
$9.76bn market cap
$24.97bn market cap
$1.20bn market cap
$13.64bn market cap
$7.33bn market cap
$103.4bn market cap
$9.88bn market cap
$94.18bn market cap
$8.16bn market cap
$11.74bn market cap
$5.64bn market cap
$17.00bn market cap
$10.17bn market cap
$32.50bn market cap
$245.9bn market cap
$23.36bn market cap
Total Capital Raised: $34bn Total Valuation: > $150bn

• Deal Value Top 80: EUR 77bn
• Deal Value on NOAH Stage: EUR 45bn (59%)
• 56% of Top 80 Deals presented at NOAH
THE TOP 80 DIGITAL EUROPEAN M&A DEALS BY SIZE IN THE LAST 7 YEARS
We hosted on main stage 56% of the top 80 digital M&A Exits (€45bn combined EV)
in Europe since the launch of NOAH Conference in Nov 2009
Jun 16
Aug 15
May 11
Nov 15
Mar 15
Oct 16
May 17
Oct 15
Jan 14
Nov 13
Sep 14
Dec 16
Dec 16
Sep 14
Jul 17
Jul 16
Mar 15
Jan 17
May 14
Jun 13
Sep 14
Jul 14
Dec 12
Feb 14
Jul 15
Feb 14
Dec 14
Sep 10
Feb 15
Jan 15
May 15
Feb 17
Oct 15
Jul 13
Apr 16
Feb 15
Mar 16
Jul 13
Mar 14
Feb 11
Feb 15
Apr 11
Sep 10
Jan 14
Oct 14
Jan 14
Jan 13
Feb 12
Aug 14
Aug 15
Jul 10
Sep 16
Mar 17
Apr 16
Feb 13
Jun 15
Mar 16
Jun 15
Jul 14
Apr 15
May 17
Dec 14
Jan 11
Feb 17
Feb 15
May 12
Aug 12
Aug 15
May 15
Mar 15
Jun 12
Apr 16
Dec 14
Dec 16
May 11
Jun 10
Jun 14
Mar 11
Apr 16
Sep 14
Tencent
Paddy Power
Microsoft
Activision Blizzard
YOOX
Cinven, Permira, Mid Europa
Moody’s
Naspers
Apax Partners
Hellman & Friedman
Microsoft
Go Daddy
Ctrip
mail.ru
Ingenico
AVAST Software
Optimal Payments
Zhejiang Jinke Entertainment
Permira
Google
Access Industries
Ingenico
Expedia
CVC Capital Partners
Deutsche Boerse
Rakuten
Adobe
Axel Springer Verlag
Rocket Internet
KKR
Delivery Hero
Priceline Group
Exponent. Electra
Cinven
Vente-Privée
Rocket Internet
HgCapital
TPG
BC Partners
Odigeo (AXA and Permira)
Immowelt
TA & Summit
Schibsted
Zynga
Publicis
Google
Ingenico
Ahold
Delivery Hero
Ströer
Permira
ProSiebenSat.1
Altice
Rakuten
Partners Group
Vivendi
Shandong Hongda Mining Co.
7Commerce
KKR
Zoopla
MTG
eSure
Amazon
Take-Two
Tamedia
NTT DOCOMO
AXA Private Equity
Adidas
Recruit Holdings
Recruit Holdings
Naspers
AccorHotels
Host Europe
General Atlantic
LBO France
Rakuten
Bestseller
Privalia
Nokia
Neiman Marcus
Supercell (84%)
Betfair Group (merger)
Skype
King.com
Net-a-Porter (merger)
Allegro
Bureau van Dijk
Avito (50.6%)
Trader Media Group
Scout24
Mojang
Host Europe Group
Skyscanner
Vkontakte (remaining 48%)
Bambora
AVG Technologies
Skrill
Outfit7
Teamviewer
Waze
Perform Group
GlobalCollect
trivago (61.6%)
Avast Software
360T
Viber
Fotolia
SeLoger (87.6%)
HelloFresh (51.7%)
thetrainline.com
Yemek Sepeti (88.6%)
Momondo Group
PhotoBox
Host Europe
Privalia
Delivery Hero (30%)
Raet
TSL Education
CarTrawler
Opodo
Immonet (merger)
Bigpoint
LeBoncoin (remaining 50%)
NaturalMotion
Matomy (24.9%)
DeepMind
Ogone
Bol.com
Pizza.de
InteractiveMedia
eDreams
Parship (51%)
Teads.tv
Cabify
Softonic (30%)
DailyMotion (80%)
Jagex
Verivox (80%)
Scout24 Schweiz & Omnimedia (49%)
uSwitch
InnoGames (30%)
Gocompare (50%)
LoveFilm
Social Point
Ricardo
Buongiorno
Bestsecret.com
Runtastic
Wahanda (70%)
Quandoo (92.9%)
Netretail (79%)
OneFineStay
Intergenia
Hemnet (majority stake)
Promovacances
PriceMinister
M&M Direct
Dress for Less
Withings
Mytheresa.com
Finland
UK
Luxemburg
UK
UK
Poland
Netherlands
Russia
UK
Germany
Sweden
Germany
UK
Russia
Sweden
Netherlands
UK
Slovenia
Germany
Israel
UK
Netherlands
Germany
Czech Republic
Germany
Cyprus
Europe
France
Germany
UK
Turkey
UK
UK
UK
Spain
Germany
Netherlands
UK
Ireland
UK
Germany
Germany
France
UK
Israel
United Kingdom
Belgium
Netherlands
Germany
Germany
Spain
Germany
France
Spain
Spain
France
UK
Germany
Switzerland
UK
Germany
UK
UK
Spain
Switzerland
Italy
Germany
Austria
UK
Germany
Netherlands
UK
Germany
Sweden
France
France
UK
Germany
France
Germany
9,687
6,824
5,899
4,539
3,120
3,033
3,000
2,152
2,126
2,000
1,932
1,690
1,622
1,598
1,500
1,170
1,100
1,000
870
863
858
820
774
738
725
658
645
634
623
595
594
586
546
508
500
496
470
464
450
450
420
408
400
388
383
365
360
350
300
300
300
300
300
283
275
271
270
262
262
260
260
241
236
234
228
223
223
220
218
213
213
212
210
208
200
200
177
175
170
150
Date Date
Acquiror Acquiror
Target Target
Target Country Target Country
Adjusted EV
(€m)
Adjusted EV
(€m)
Note: Digital Companies trade sale exits (only one most recent deal counted per company). Green font denotes speaker at NOAH.

Trading Comparables
1
Source: CapitalIQ (as of 29 May 2018).
29-May-18 Enterprise CAGR CAGR Margin
Company Value (€m) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019
Share Price
(% of year high)
EV / Revenue EV / EBITDA P/E
Advertising / Marketing
Ad Networks
Criteo (Europe) 1,002 44% 1.2x 1.1x 1.0x 11% 3.9x 3.8x 3.3x 10% 30% 9.9x 10.3x 8.6x
Taptica (Middle East) 236 58% 1.0x 0.6x 0.6x 31% 6.2x 5.3x 4.7x 14% 12% 7.8x 7.1x 6.3x
Matomy (Middle East) 48 41% 0.2x n/a n/a (100%) 1.8x n/a n/a (100%) n/a n/a n/a n/a
Mean 0.8x 0.9x 0.8x (19%) 4.0x 4.6x 4.0x (25%) 21% 8.8x 8.7x 7.4x
Intermediaries
Trade Desk (US) 2,896 94% 10.9x 7.7x 6.1x 34% 36.7x 24.9x 19.4x 37% 31% 52.9x 38.8x 30.5x
QuinStreet (US) 488 89% 1.7x 1.3x 1.2x 20% 27.5x 15.4x 11.5x 55% 8% 63.1x 20.4x 16.9x
FreakOut (AsiaPac) 281 53% 2.8x 2.5x 1.6x 32% 53.1x 50.3x 22.7x 53% 5% n/a n/a n/a
RhythmOne (US) 159 48% 0.6x 0.3x 0.3x 44% 12.8x 3.1x 2.1x 144% 11% n/a n/a n/a
SeaChange (US) 48 72% 0.7x 0.7x 0.6x 6% 10.0x 6.9x 5.4x 36% 10% 33.1x 18.5x 13.3x
Weborama (Europe) 47 90% n/a 1.2x 1.0x n/a 7.9x 6.2x 4.8x 29% 20% 57.0x 18.3x 17.5x
Cxense (Europe) 35 48% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Marin Software (US) 13 38% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Netccentric (AsiaPac) (1) 24% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
The Rubicon Project (US) (2) 41% n/m n/m n/m (9%) 0.6x 0.1x 0.2x 72% (23%) n/m n/m n/m
Mean 3.3x 2.3x 1.8x 21% 21.2x 15.3x 9.4x 61% 9% 51.6x 24.0x 19.6x
Data and Loyalty
HubSpot (US) 3,760 96% 11.7x 8.8x 7.1x 28% n/m 95.5x 65.6x 74% 9% n/m n/m 99.7x
Acxiom (US) 1,992 87% 2.6x 2.4x 2.3x 6% 13.4x 12.4x 11.9x 6% 20% 36.3x 28.4x 24.2x
Quotient Technology (US) 888 75% 3.2x 2.7x 2.3x 19% 21.9x 14.8x 10.9x 42% 18% 56.8x 36.3x 20.6x
Aimia (Canada) 243 52% 0.2x 0.2x 0.2x (14%) 1.5x 1.6x 1.6x (4%) 15% 2.9x 2.8x 3.2x
1000mercis (Europe) 81 59% 1.4x 1.2x 1.1x 14% 6.5x 7.3x 6.3x 2% 17% n/a n/a n/a
Marchex (US) 26 72% 0.3x 0.3x 0.3x (1%) 42.4x 24.7x 16.5x 60% 1% n/m n/m n/m
Somoto (Middle East) 22 51% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Mean 3.2x 2.6x 2.2x 9% 17.1x 26.1x 18.8x 30% 13% 32.0x 22.5x 36.9x
Market Research
Nielsen (Europe) 16,426 68% 2.9x 2.8x 2.7x 4% 9.3x 9.2x 8.5x 5% 30% 11.2x 11.8x 10.5x
Gartner (US) 12,760 92% 4.5x 3.7x 3.3x 16% 21.1x 19.9x 17.6x 10% 19% 38.3x 34.3x 28.6x
Ipsos (Europe) 1,681 82% 0.9x 1.0x 0.9x 1% 8.2x 8.3x 7.8x 3% 12% 10.2x 9.7x 9.0x
comScore (US) 1,198 79% 2.3x 3.3x 3.3x (16%) 8.7x n/m 40.7x (54%) (1%) 12.5x n/a n/a
National Research Corporation (US) 698 81% 6.8x n/a n/a (100%) 20.8x n/a n/a (100%) n/a 38.1x n/a n/a
Forrester Research (US) 537 88% 1.9x 1.8x 1.7x 6% 16.2x 13.9x 12.0x 16% 13% 33.4x n/a n/a
YouGov (Europe) 505 97% 3.9x 3.6x 3.3x 10% 24.6x 20.8x 17.7x 18% 17% 35.5x 30.7x n/a
Intage (AsiaPac) 308 76% 0.8x 0.7x 0.7x 5% 6.9x 6.9x 6.6x 3% 11% n/a n/a n/a
Mean 3.0x 2.4x 2.3x (9%) 14.5x 13.2x 15.8x (12%) 14% 25.6x 21.7x 16.0x
Agencies
WPP (Europe) 23,384 70% 1.3x 1.3x 1.3x 1% 7.9x 8.2x 8.0x (1%) 16% 10.1x 10.5x 10.1x
Omnicom (US) 16,542 82% 1.2x 1.2x 1.2x 3% 8.2x 7.9x 7.5x 5% 15% 13.3x 12.4x 12.0x
Publicis Group (Europe) 14,114 86% 1.5x 1.5x 1.4x 0% 8.4x 8.4x 8.0x 2% 18% 12.9x 12.6x 11.8x
Dentsu (AsiaPac) 13,996 90% 1.9x 1.8x 1.6x 7% 9.9x 10.2x 8.8x 6% 17% n/a n/a n/a
Interpublic Group of Companies (US) 9,087 87% 1.3x 1.2x 1.2x 7% 9.3x 8.5x 8.3x 6% 14% 15.7x 13.0x 12.4x
JCDecaux (Europe) 6,137 72% 1.8x 1.7x 1.7x 3% 10.3x 10.1x 9.4x 4% 17% 24.9x 24.8x 21.2x
MDC Partners (US) 1,178 34% 0.9x 0.9x 0.8x 3% 6.7x 6.6x 6.1x 5% 14% 8.4x 13.7x 6.0x
Asatsu-DK (AsiaPac) - 92% n/m n/a n/a (100%) n/m n/a n/a (100%) n/a n/a n/a n/a
Mean 1.4x 1.4x 1.3x (10%) 8.6x 8.6x 8.0x (9%) 16% 14.2x 14.5x 12.2x
Classifieds
Diversified
Next Co (US) 97,044 99% 6.5x 6.2x 5.9x 4% 12.2x 12.3x 11.2x 4% 51% 24.3x 21.0x 19.2x
Naspers (Africa) 92,978 75% 15.6x 14.8x 12.9x 10% n/m n/m 90.4x 90% 10% 41.5x 29.7x 21.0x
Recruit Holdings (AsiaPac) 37,837 97% 2.3x 2.1x 1.9x 9% 18.2x 17.1x 14.5x 12% 12% n/a n/a n/a
MercadoLibre (LatAm) 11,326 71% 9.6x 8.3x 5.3x 35% 69.5x n/m 59.2x 8% 5% n/m n/m n/m
58.com (AsiaPac) 9,685 88% 7.3x 5.8x 4.8x 24% 37.1x 26.1x 17.9x 44% 22% 49.2x 30.6x 21.5x
Schibsted (Europe) 5,808 87% 3.3x 3.0x 2.8x 7% 21.6x 16.9x 13.8x 25% 18% 53.3x 34.6x 23.9x
Scout24 (Europe) 5,190 94% 10.8x 9.9x 9.0x 9% 20.9x 18.1x 16.2x 14% 55% 31.2x 27.0x 23.7x
Info Edge India (AsiaPac) 1,756 85% 15.7x 13.4x 11.5x 17% 46.4x 37.3x 31.0x 22% 36% 61.3x 47.8x 40.1x
Trade Me (AsiaPac) 1,197 86% 8.2x 7.7x 7.2x 7% 12.5x 11.9x 11.3x 5% 65% 20.1x 19.2x 18.1x
Just Dial (AsiaPac) 522 93% 5.4x 4.9x 4.4x 10% 27.3x 22.6x 20.0x 17% 21% 30.6x 26.1x 22.8x
Mean 8.5x 7.6x 6.6x 13% 29.5x 20.3x 28.6x 24% 30% 38.9x 29.5x 23.8x
Real Estate
Zillow (US) 8,790 92% 9.5x 6.8x 4.9x 40% 43.1x 36.7x 26.9x 27% 19% n/m 76.8x 50.2x
REA Group (AsiaPac) 7,894 99% 16.5x 14.0x 12.4x 15% 28.9x 24.0x 20.9x 18% 58% 46.8x 38.3x 32.6x
Rightmove (Europe) 5,136 100% 18.4x 16.8x 15.5x 9% 24.4x 22.1x 20.5x 9% 76% 30.8x 27.7x 25.7x
ZPG (Europe) 2,794 97% 10.2x 7.7x 7.1x 20% 23.7x 19.6x 17.8x 16% 39% 32.0x 29.0x 24.7x
Fang Holdings (AsiaPac) 2,341 93% 5.9x 5.8x 5.0x 9% 50.7x 16.0x 11.6x 109% 36% n/m 20.5x 14.9x
Redfin (US) 1,413 66% 4.5x 3.4x 2.7x 29% n/m n/m 60.6x 972% 0% n/m n/m n/m
Mitula (Europe) 90 66% 4.0x 3.4x 3.0x 15% 11.2x 10.0x 9.1x 11% 34% 19.5x 17.5x 15.9x
Leju (AsiaPac) 42 49% 0.1x 0.1x 0.1x 24% n/m n/m n/a (100%) (6%) n/m 18.8x 58.7x
Mean 8.6x 7.2x 6.3x 20% 30.3x 21.4x 23.9x 133% 32% 32.3x 32.7x 31.8x
View Our Internet Trading Comps

Trading Comparables
2
Share Price
(% of year high)
Classifieds (Cont'd)
Automotive
Autohome (AsiaPac) 9,327 95% 11.4x 9.5x 7.9x 20% 33.0x 22.7x 18.6x 33% 42% 40.6x 28.8x 23.8x
Bitauto (AsiaPac) 4,700 41% 4.1x 3.1x 2.5x 29% 26.8x 41.1x 14.6x 36% 8% 13.0x 12.7x 7.6x
Auto Trader (Europe) 4,353 82% 11.8x 11.0x 10.6x 5% 16.8x 15.7x 14.7x 7% 70% 20.7x 19.1x 17.7x
Cargurus (US) 2,879 79% 10.6x 7.9x 6.7x 26% n/m n/m 74.5x 46% 8% n/m n/m n/m
Carsales.com (AsiaPac) 2,385 92% 9.4x 7.8x 7.0x 16% 19.1x 16.3x 14.6x 14% 48% 27.8x 24.9x 22.3x
BCA Marketplace (Europe) 2,174 84% 0.8x 0.8x 0.7x 9% 12.9x 11.8x 10.8x 9% 6% 18.7x 16.7x 15.0x
Carvana (US) 1,183 86% 1.6x 0.8x 0.4x 94% n/m n/m n/m (77%) (8%) n/m n/m n/m
TrueCar (US) 688 44% 2.5x 2.2x 1.9x 14% 28.5x 21.2x 14.7x 39% 10% n/m 63.8x 33.9x
Mean 6.5x 5.4x 4.7x 27% 22.9x 21.4x 23.2x (10%) 23% 24.2x 27.7x 20.0x
Recruitment
Axel Springer (Europe) 8,638 84% 2.5x 2.7x 2.6x (2%) 13.3x 11.6x 10.6x 12% 23% 22.8x 21.1x 19.1x
Seek (AsiaPac) 5,415 97% 7.2x 6.1x 5.5x 14% 20.6x 18.2x 16.2x 13% 34% 36.0x 31.7x 27.8x
51job (AsiaPac) 5,044 97% 2.0x 1.5x 1.3x 28% 5.8x 4.4x 3.4x 31% 35% 7.4x 5.3x 4.1x
Dice Holdings (US) 119 74% 0.7x 0.8x 0.8x (9%) 3.5x 3.8x 4.5x (12%) 21% 17.4x 9.8x 15.1x
Mean 3.1x 2.8x 2.5x 8% 10.8x 9.5x 8.7x 11% 28% 20.9x 17.0x 16.5x
Content Providers
IAC (US) 11,772 91% 4.2x 3.3x 2.9x 20% 23.5x 14.1x 11.6x 42% 23% 59.0x 22.7x 17.8x
TechTarget (US) 621 100% 6.6x 5.8x 5.1x 14% 33.2x 23.7x 18.5x 34% 24% 65.9x 35.2x 26.2x
XO Group (US) 606 100% 4.4x 4.2x 3.8x 7% 25.1x 19.0x 16.8x 22% 22% 92.9x 51.0x 43.0x
Mean 5.1x 4.4x 4.0x 14% 27.3x 19.0x 15.6x 33% 23% 72.6x 36.3x 29.0x
Digital Entertainment
Netflix (US) 134,995 99% 13.3x 9.7x 7.8x 31% n/m 74.5x 48.3x 73% 13% n/m n/m 72.0x
Spotify (Europe) 23,540 90% n/a 5.3x 4.1x n/a n/a n/m n/m n/a (4%) n/a n/m n/m
Freenet (Europe) 4,222 73% 1.2x 1.3x 1.3x (5%) 8.8x 9.6x 9.3x (3%) 14% 10.4x 12.8x 11.8x
Bilibili (AsiaPac) 4,009 97% n/a 1.1x 0.7x n/a n/a 8.5x 2.9x n/a 12% n/a 84.1x 4.5x
Roku (US) 3,255 66% 7.4x 5.4x 4.1x 35% n/m n/m 93.6x n/a (0%) n/a n/m n/m
Pandora (US) 1,754 70% 1.4x 1.3x 1.2x 8% n/m n/m n/m (67%) (6%) n/m n/m n/m
Pandora Media (US) 1,754 70% 1.4x 1.3x 1.2x 8% n/m n/m n/m (67%) (6%) n/m n/m n/m
Xunlei (AsiaPac) 382 44% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Brave Bison (Europe) 5 33% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Mean 5.0x 3.6x 2.9x 15% 8.8x 30.9x 38.6x (16%) 3% 10.4x 48.5x 29.5x
E-Commerce
Diversified
Amazon (US) 694,245 98% 4.5x 3.4x 2.8x 28% 41.9x 26.9x 20.4x 43% 13% n/m n/m 80.5x
Alibaba (AsiaPac) 438,392 96% 15.0x 8.9x 6.3x 54% 33.0x 25.1x 17.9x 36% 36% 40.9x 32.3x 23.3x
Rakuten (AsiaPac) 11,298 52% 1.5x 1.3x 1.2x 14% 7.2x 8.0x 7.1x 0% 17% n/a n/a n/a
Investment AB Kinnevik (Europe) 8,207 93% 83.9x 79.7x 79.7x 3% n/m n/m n/m 12% (21%) 37.7x 47.9x 39.0x
Liberty Ventures (US) 6,049 77% n/a 7.4x 7.3x n/a n/a 26.1x 24.9x n/a 28% n/a n/m n/m
B2W (LatAm) 2,976 73% 1.7x 1.7x 1.6x 4% 19.1x 14.9x 11.2x 30% 12% n/m n/m n/m
Vostok New Ventures (AsiaPac) 658 97% 3.1x 2.5x 2.1x 23% 5.4x 4.2x 3.3x 28% 61% 6.5x 6.0x 4.9x
Rocket Internet (Europe) 588 87% 8.6x 9.1x 8.3x 2% n/m n/m n/m 21% (125%) n/m n/m n/m
Netshoes (LatAm) 140 11% 0.3x 0.3x 0.3x 2% n/m n/m 22.0x n/a (0%) n/m n/m n/m
Mean 14.8x 12.7x 12.2x 16% 21.3x 17.5x 15.3x 24% 2% 28.4x 28.7x 36.9x
Personalized
Cimpress (Europe) 4,501 80% 2.2x 1.9x 1.7x 13% 17.9x 14.8x 11.5x 24% 13% 62.3x n/a n/a
Stamps.com (US) 3,780 99% 9.5x 8.0x 6.9x 18% 19.2x 17.2x 14.3x 16% 46% 26.0x 23.7x 21.0x
Shutterfly (US) 2,788 95% 2.8x 1.6x 1.4x 40% 14.5x 8.2x 7.5x 39% 19% n/m 29.9x 26.8x
CEWE Stiftung (Europe) 640 93% 1.1x 1.0x 0.9x 6% 7.0x 6.7x 6.4x 5% 15% 18.3x 16.8x 15.6x
Eve Sleep (Europe) 105 59% 3.3x 1.6x 0.9x 94% n/m n/m n/m n/a (25%) n/m n/m n/m
Oponeo.pl (Europe) 122 77% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Cafepress Inc. (US) 1 52% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Mean 3.8x 2.8x 2.4x 34% 14.6x 11.7x 9.9x 21% 14% 35.5x 23.5x 21.1x
Online Food & Restaurants
Delivery Hero (Europe) 6,615 96% 12.0x 8.6x 6.3x 39% n/m n/m n/m n/a (8%) n/m n/m n/m
Just Eat (Europe) 6,233 92% 10.3x 7.6x 6.3x 28% 33.5x 29.6x 21.9x 24% 26% 50.5x 46.1x 33.9x
Takeaway.com (Europe) 1,972 87% 11.9x 8.5x 6.6x 34% n/m n/m 69.1x n/a (4%) n/m n/m 95.6x
Hellofresh (Europe) 1,521 78% 1.7x 1.2x 1.0x 31% n/m n/m 35.1x n/a (4%) n/m n/m n/m
Blue Apron (US) 479 27% 0.6x 0.7x 0.6x 2% n/m n/m n/m (83%) (7%) n/m n/m n/m
Mean 7.3x 5.3x 4.2x 27% 33.5x 29.6x 42.0x (30%) 1% 50.5x 46.1x 64.7x
Marketplaces
eBay (US) 36,138 80% 4.4x 3.8x 3.5x 12% 12.1x 11.4x 10.6x 7% 34% 17.2x 16.2x 14.8x
GrubHub (US) 7,776 90% 13.2x 9.4x 7.5x 33% 49.6x 34.9x 26.8x 36% 27% 91.2x 57.3x 44.3x
Kakaku (AsiaPac) 3,764 100% n/a 9.3x 8.4x n/a n/a 18.2x 16.5x n/a 51% n/a n/a n/a
Etsy (US) 2,861 96% 7.6x 6.1x 5.1x 21% 44.5x 26.8x 21.3x 45% 23% 52.0x 45.3x 34.9x
Shutterstock (US) 1,141 87% 2.4x 2.1x 1.9x 13% 14.5x 12.6x 10.5x 18% 17% 38.8x 33.1x 24.7x
Care.com (US) 494 97% 3.3x 3.0x 2.6x 12% 26.1x 18.0x 15.0x 32% 16% 31.7x 23.3x 20.2x
Liquidity Services (US) 69 70% 0.3x 0.4x n/a (100%) n/m n/m n/a (100%) (7%) n/m n/m n/a
MyHammer (Europe) 45 93% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Mean 5.2x 4.8x 4.8x (2%) 29.4x 20.3x 16.8x 6% 23% 46.2x 35.0x 27.8x

Trading Comparables
3
Share Price
(% of year high)
E-Commerce (Cont'd)
Verticals / Players
JD.com (AsiaPac) 43,515 72% 0.1x 0.1x 0.1x 28% 8.4x 5.9x 3.0x 67% 2% 10.2x 8.0x 4.6x
Ocado (Europe) 6,976 87% 4.2x 3.8x 3.3x 12% 66.7x 67.8x 55.7x 9% 6% n/m n/m n/m
Wayfair (US) 6,873 91% 1.7x 1.2x 1.0x 34% n/m n/m n/m (12%) (2%) n/m n/m n/m
Monotaro (AsiaPac) 4,192 96% 6.0x 4.9x 4.0x 22% 40.8x 33.3x 27.8x 21% 15% n/a n/a n/a
CTS Eventim (Europe) 3,356 93% 3.4x 3.0x 2.9x 9% 15.7x 14.1x 12.8x 11% 21% 33.1x 31.9x 27.4x
Proto Labs (US) 2,733 94% 9.2x 7.1x 6.2x 21% 32.4x 25.7x 22.5x 20% 27% 57.3x 40.9x 35.5x
Abcam (Europe) 2,709 91% 10.5x 9.6x 8.7x 10% 31.5x 24.1x 21.8x 20% 40% 41.7x 35.5x 32.1x
Zooplus (Europe) 1,217 90% 1.1x 0.9x 0.7x 22% n/m n/m 58.8x 47% 0% n/m n/m n/m
AO World (Europe) 799 91% 0.9x 0.8x 0.7x 13% n/m n/m 32.3x n/a 1% n/a n/m 57.5x
Overstock.com (US) 710 37% 0.5x 0.4x 0.4x 7% n/m n/m n/m n/a (7%) n/m n/m n/m
1-800-Flowers.com (US) 665 97% 0.7x 0.7x 0.6x 2% 9.3x 8.7x 8.3x 6% 8% 30.6x 22.7x 20.7x
PetMed Express (US) 594 65% 2.6x 2.4x 2.2x 8% 14.2x 12.0x n/a (100%) 20% 24.0x 17.1x 14.8x
Zur Rose Group (Europe) 588 79% 0.7x 0.6x 0.5x 20% n/m n/m 40.7x n/a (1%) n/m n/m n/m
Cogobuy (AsiaPac) 503 46% 0.4x 0.2x 0.2x 47% 5.9x 4.1x 3.2x 36% 5% 10.0x 6.1x 4.7x
Shop Apotheke Europe (Europe) 489 66% 1.7x 0.9x 0.7x 55% n/m n/m 68.1x n/a 0% n/m n/m n/m
LDLC.com (Europe) 132 52% 0.3x 0.2x 0.2x 13% 9.1x 7.7x 6.2x 21% 3% 17.6x 14.9x 10.7x
Delticom (Europe) 121 49% 0.2x 0.2x 0.2x 8% 9.4x 7.8x 6.7x 18% 2% 32.0x 21.3x 14.8x
U.S. Auto Parts Network (US) 51 50% 0.2x 0.2x 0.2x 2% 4.3x 4.3x 3.5x 10% 4% n/a n/m 19.6x
Mean 2.5x 2.1x 1.8x 19% 20.6x 18.0x 24.8x 13% 8% 28.5x 22.1x 22.0x
Fashion and Flash Sales
Zalando (Europe) 10,025 89% 2.2x 1.8x 1.5x 22% 37.2x 30.0x 23.2x 27% 6% 85.1x 75.0x 56.5x
Start Today (AsiaPac) 9,256 97% 12.5x 9.5x 7.1x 33% 36.1x 29.8x 24.1x 23% 32% n/a n/a n/a
ASOS (Europe) 6,265 85% 2.8x 2.2x 1.7x 29% 41.3x 31.1x 23.9x 31% 7% 80.4x 63.8x 51.0x
Vipshop (AsiaPac) 6,119 61% 0.1x 0.1x 0.1x 25% 2.1x 1.8x 1.3x 29% 4% 2.7x 2.3x 1.7x
Yoox Net-A-Porter (Europe) 5,107 100% 2.4x 2.1x 1.8x 17% 30.0x 24.9x 18.5x 27% 9% 90.4x 73.2x 48.0x
Boohoo.com (Europe) 2,563 75% 5.3x 2.9x 2.2x 55% 52.2x 31.8x 24.5x 46% 9% 80.2x 55.6x 46.6x
Stitch Fix (US) 1,450 66% n/a 1.3x 1.0x n/a n/a 36.9x 33.2x n/a 3% n/a n/m 99.0x
MySale Group (AsiaPac) 150 73% 0.5x 0.4x n/a (100%) 12.8x 9.9x n/a (100%) 4% 35.8x 29.7x n/a
LightInTheBox (AsiaPac) 60 58% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Windeln.de (Europe) 31 43% 0.1x 0.2x 0.1x 2% n/m n/m n/m (75%) (9%) n/m n/m n/m
Jumei (AsiaPac) 6 57% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Mean 3.3x 2.3x 1.9x 10% 30.3x 24.5x 21.2x 1% 7% 62.4x 49.9x 50.5x
Finance and Price Comparison
Moneysupermarket (Europe) 1,893 85% 4.9x 4.8x 4.5x 4% 12.8x 13.0x 12.3x 2% 37% 18.7x 18.8x 17.3x
Hypoport (Europe) 902 91% 4.6x 3.8x 3.4x 17% 28.6x 23.6x 20.1x 19% 16% 47.0x 37.2x 32.2x
Jianpu Tech (AsiaPac) 644 61% 0.5x 0.4x 0.2x 75% n/m n/m 2.8x n/a (6%) n/m n/m 4.1x
Gruppo MutuiOnline (Europe) 463 73% 3.0x 2.6x 2.3x 13% 10.2x 8.9x 8.1x 12% 29% 18.9x 17.6x 15.7x
iSelect (AsiaPac) 67 28% 0.5x 0.5x 0.5x 7% 4.2x 4.4x 3.6x 7% 12% 9.8x 9.8x 7.6x
Comperia (Europe) 4 100% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
HubStyle (Grupa Nokaut) (Europe) 2 23% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
LendingClub (US) - 51% n/m n/m n/m 19% n/m n/m n/m 74% 12% n/m 35.8x 18.4x
Ferratum (Europe) - 72% n/m n/m n/m 30% n/m n/m n/m 36% 16% 24.2x 16.3x 12.3x
On Deck Capital (US) - 93% n/m n/m n/m 11% n/m n/m n/m 191% 7% n/m 18.7x 13.6x
Mean 2.7x 2.4x 2.2x 22% 13.9x 12.4x 9.4x 49% 15% 23.7x 22.0x 15.2x
Other
LendingTree (US) 2,706 64% 5.1x 4.0x 3.2x 27% 27.7x 21.0x 15.8x 32% 19% 60.0x 39.9x 27.0x
Yelp (US) 2,379 88% 3.3x 2.9x 2.5x 15% 17.5x 14.9x 11.5x 23% 19% 40.4x 30.4x 23.6x
Groupon (US) 1,879 79% 0.8x 0.8x 0.8x (2%) 9.1x 7.6x 7.1x 14% 11% 35.9x 19.2x 16.8x
Gocompare.com (Europe) 637 90% 3.7x 3.2x 3.1x 10% 14.9x 11.8x 10.7x 18% 27% 19.0x 14.7x 13.2x
eHealth (US) 294 69% 2.0x 1.5x 1.3x 22% n/m 13.8x 9.5x n/a 11% n/m 24.3x 14.4x
Gurunavi (AsiaPac) 279 45% 1.0x 1.0x 1.0x (1%) 4.4x 5.0x 5.5x (11%) 20% n/a n/a n/a
Mean 2.6x 2.2x 2.0x 12% 14.7x 12.3x 10.0x 15% 18% 38.8x 25.7x 19.0x
Education
New Oriental Education (AsiaPac) 11,310 91% 6.4x 4.7x 3.5x 35% 38.7x 31.1x 20.9x 36% 15% 48.8x 37.9x 27.3x
Pearson (Europe) 8,919 97% 1.7x 1.9x 1.9x (5%) 11.0x 11.3x 10.5x 2% 17% 16.7x 18.1x 16.1x
2U (US) 4,402 94% 17.8x 12.4x 9.4x 38% n/m n/m n/m 62% 4% n/m n/m n/m
Chegg (US) 2,485 100% 11.4x 9.4x 7.8x 21% 63.7x 36.8x 27.4x 53% 26% n/m 63.0x 47.2x
Pluralsight (US) 1,638 99% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Instructure (US) 1,128 90% 8.3x 6.3x 5.0x 29% n/m n/m n/m (36%) (10%) n/m n/m n/m
Capella Education (US) 806 95% 2.1x 2.1x 2.0x 2% 10.8x 10.6x 9.9x 5% 20% 25.7x 20.9x 19.4x
Cambium Learning Group (US) 455 73% n/a 3.3x 3.1x n/a n/a 11.1x 9.9x n/a 30% n/a 25.0x 20.5x
American Public Education (US) 444 93% 1.7x 1.7x 1.6x 2% 10.1x 9.5x 8.8x 7% 18% 38.7x 25.8x 23.1x
K12 (US) 374 81% 0.5x 0.5x n/a (100%) 3.8x 3.7x n/a (100%) 13% 29.0x 51.1x n/a
Boxlight (US) 57 38% 2.4x 1.9x n/a (100%) n/a n/a n/a n/a - n/a n/a n/a
Mean 5.8x 4.4x 4.3x (9%) 23.0x 16.3x 14.6x 4% 13% 31.8x 34.5x 25.6x

Trading Comparables
4
Share Price
(% of year high)
Fitness & Wearbles
Under Armour (US) 8,097 88% 1.9x 1.8x 1.7x 6% 29.1x 27.6x 21.9x 15% 7% 99.3x n/m 62.9x
GoPro (US) 653 47% 0.6x 0.7x 0.7x (2%) n/m n/m 14.6x n/a (0%) n/m n/m n/m
Fitbit (US) 558 74% 0.4x 0.4x 0.4x (4%) n/m n/m n/m (4%) (4%) n/m n/m n/m
Huami Corporation (AsiaPac) 426 88% 0.2x 0.2x 0.1x 49% 3.2x 3.8x 1.2x 62% 4% 3.8x 2.1x 1.5x
Mean 0.8x 0.8x 0.7x 12% 16.1x 15.7x 12.5x 25% 1% 51.6x 2.1x 32.2x
Gambling
Paddy Power Betfair (Europe) 8,567 100% 4.4x 4.0x 3.8x 8% 16.4x 15.5x 14.7x 6% 26% 23.8x 22.5x 21.3x
Amaya (Canada) 6,748 93% 7.8x 6.1x 4.9x 25% 16.7x 14.6x 11.7x 19% 42% 14.9x 13.1x 11.5x
GVC Holdings (Europe) 6,677 98% 6.0x 1.6x 1.5x 99% 21.5x 7.3x 6.7x 79% 22% 30.6x 12.4x 11.1x
Playtech (Europe) 2,757 77% 2.9x 2.8x 2.3x 13% 7.5x 7.1x 5.5x 16% 40% 10.0x 9.8x 8.1x
Net Entertainment (Europe) 1,121 63% 7.1x 6.4x 5.8x 11% 15.5x 13.6x 12.4x 12% 47% 22.5x 19.4x 18.6x
888 Holdings (Europe) 1,092 92% 1.7x 1.7x 1.6x 5% 9.8x 8.8x 8.2x 10% 19% 16.4x 15.3x 13.4x
Bet-at-home.com (Europe) 419 50% 3.5x 3.4x 3.3x 3% 11.6x 11.7x 10.9x 3% 29% 16.2x 16.5x 15.2x
Sportech (Europe) 158 77% 1.7x 1.9x 1.8x (5%) 11.1x 14.5x 13.7x (10%) 13% 26.2x n/a n/a
ZEAL Network (Europe) 101 93% 0.7x 0.6x 0.6x 9% 4.3x 2.9x 2.3x 37% 22% 14.1x 9.8x 7.6x
Mean 4.0x 3.2x 2.8x 19% 12.7x 10.7x 9.6x 19% 29% 19.4x 14.9x 13.4x
Gaming
MMO
NetEase (AsiaPac) 21,647 61% 3.0x 2.3x 1.8x 30% 12.3x 15.8x 12.0x 1% 15% 14.6x 18.5x 15.0x
Nexon (AsiaPac) 9,597 89% 5.3x 4.5x 4.1x 13% 12.1x 9.6x 8.8x 17% 46% n/a n/a n/a
Sea Limited (US) 8,877 89% 2.3x 2.2x 2.1x 5% 12.4x 11.3x 10.8x 7% 19% 21.0x 17.7x 16.3x
NCsoft (AsiaPac) 4,745 71% 3.3x 3.4x 2.6x 13% 9.4x 8.4x 6.5x 21% 40% 15.5x 15.6x 11.2x
HUYA (AsiaPac) 3,989 96% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
NetDragon (AsiaPac) 1,028 59% 2.4x 2.0x 1.6x 22% 29.0x 18.1x 15.4x 37% 11% n/m 80.0x 33.3x
WeMade (AsiaPac) 489 81% 5.7x 3.8x 3.1x 37% 70.5x 15.3x 11.6x 147% 25% 66.1x 26.3x 19.4x
Rovio (Europe) 334 43% 1.1x 1.2x 1.1x (1%) 5.0x 7.7x 6.9x (15%) 16% 13.3x 20.7x 13.7x
Changyou (AsiaPac) (108) 40% n/m n/m n/m (7%) n/m n/m n/m (18%) 23% 6.0x 18.1x 8.6x
Mean 3.3x 2.7x 2.3x 14% 21.5x 12.3x 10.3x 25% 24% 22.8x 28.1x 16.8x
Mobile and Casual
Colopl (Europe) 17,680 98% 8.3x 7.8x 7.2x 8% 22.8x 22.2x 20.6x 5% 35% 33.3x 32.1x 29.4x
CyberAgent (AsiaPac) 5,692 92% 1.9x 1.6x 1.3x 18% 17.8x 15.6x 13.0x 17% 10% n/a n/a n/a
Youzu (AsiaPac) 2,629 63% 5.6x 4.4x 3.4x 28% 20.7x 19.8x 13.5x 24% 22% 23.8x 16.9x 13.3x
Zynga (US) 2,554 96% 3.5x 3.3x 2.9x 9% 22.9x 17.6x 13.9x 28% 19% 41.4x 28.6x 22.1x
GREE (Europe) 2,084 70% 0.8x 0.7x 0.7x 4% 9.4x 8.6x 8.1x 8% 8% 12.6x 12.1x 11.4x
DeNA (AsiaPac) 1,819 73% 1.6x 1.6x 1.5x 4% 6.8x 8.6x 6.2x 5% 18% n/a n/a n/a
GungHo Online (AsiaPac) 1,199 71% 1.6x 1.8x 1.9x (7%) 3.9x 5.9x 6.2x (21%) 30% n/a n/a n/a
NHN Entertainment (AsiaPac) 800 78% 1.1x 1.0x 0.9x 9% 13.6x 9.3x 8.0x 30% 11% 29.2x 11.9x 15.5x
Glu Mobile (US) 619 95% 2.3x 1.9x 1.7x 14% n/m 20.8x 14.6x n/a 9% n/m 23.2x 15.9x
Gumi (AsiaPac) 171 56% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
IGNIS (AsiaPac) 162 44% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Focus Home Interactive (Europe) 144 65% 1.7x 1.3x 1.2x 19% 14.3x 9.7x 8.9x 27% 14% 24.3x 14.0x 13.8x
Ourgame (AsiaPac) 90 39% 1.4x 1.0x 1.0x 18% n/a n/a n/a n/a - n/m 11.8x 7.0x
Boyaa Interactive (AsiaPac) (38) 73% n/m n/m n/m 3% n/a n/a n/a n/a - 6.5x 7.1x 5.9x
Mean 2.7x 2.4x 2.2x 11% 14.7x 13.8x 11.3x 14% 15% 24.4x 17.5x 14.9x
Console & PC
Activision Blizzard (US) 45,760 89% 7.5x 7.0x 6.5x 7% 20.4x 18.7x 16.2x 12% 38% 30.9x 26.8x 23.0x
Electronic Arts (US) 31,100 98% 7.1x 6.6x 6.0x 9% 21.2x 18.5x 15.3x 18% 36% 32.5x 27.4x 23.1x
Take-Two Interactive (US) 9,741 86% 5.6x 4.4x 4.2x 16% 21.3x 17.0x 12.4x 31% 26% 32.7x 26.3x 19.1x
Ubisoft Entertainment (Europe) 9,671 98% 5.3x 4.6x 4.2x 13% 14.5x 10.9x 10.1x 20% 42% 51.8x 31.0x 31.3x
Bandai Namco (AsiaPac) 6,286 99% 1.2x 1.1x 1.1x 4% 9.1x 8.4x 8.0x 7% 13% n/a n/a n/a
Konami (AsiaPac) 4,626 78% 2.3x 2.3x 2.3x 2% 9.6x 9.0x 7.9x 10% 25% n/a n/a n/a
Square Enix (AsiaPac) 3,903 91% 1.8x 1.8x 1.7x 4% 11.6x 10.0x 8.5x 16% 19% n/a n/a n/a
CD Projekt (Europe) 3,047 97% 29.1x 26.1x 8.1x 90% 54.1x 66.7x 13.1x 103% 39% 72.4x 80.8x 21.0x
Sega Sammy (AsiaPac) 2,736 96% 1.0x 1.0x 0.9x 2% 7.8x 7.8x 6.4x 10% 13% n/a n/a n/a
Paradox Interactive (Europe) 2,099 99% 27.0x 18.5x 14.6x 36% 45.4x 29.9x 22.4x 42% 62% 87.0x 51.9x 40.4x
Capcom (AsiaPac) 1,977 96% 2.8x 2.4x 2.5x 6% 10.6x 10.4x 9.3x 6% 23% n/a n/a n/a
Marvelous (AsiaPac) 280 75% 1.4x 1.3x 1.2x 7% n/a n/a n/a n/a - n/a n/a n/a
Mean 7.7x 6.4x 4.4x 16% 20.5x 18.8x 11.8x 25% 28% 51.2x 40.7x 26.3x

Trading Comparables
5
Share Price
(% of year high)
Hardware & Semiconductors
Apple (US) 828,677 99% 4.0x 3.6x 3.5x 7% 13.0x 11.8x 11.4x 7% 31% 18.4x 15.2x 15.1x
Samsung (AsiaPac) 243,011 89% 1.3x 1.2x 1.1x 5% 3.9x 3.3x 3.2x 10% 36% 9.0x 7.5x 7.6x
IBM (US) 141,408 83% 2.1x 2.0x 2.0x 1% 8.5x 8.8x 8.3x 1% 23% 10.0x 10.2x 10.2x
Sony (AsiaPac) 46,359 90% 0.7x 0.7x 0.7x 1% 5.4x 5.4x 5.0x 4% 12% n/a n/a n/a
Hitachi (AsiaPac) 40,941 86% 0.6x 0.5x 0.5x 2% 4.6x 4.8x 4.5x 1% 11% n/a n/a n/a
Philips (Europe) 35,618 96% 2.0x 2.0x 1.9x 3% 12.5x 11.7x 10.8x 8% 17% 23.9x 21.0x 18.7x
HP (US) 26,275 79% 0.9x 1.0x 1.0x (3%) 5.4x 5.7x 5.6x (2%) 18% 12.1x 10.3x 10.2x
Hewlett Packard Enterprise (US) 26,275 79% 0.9x 1.0x 1.0x (3%) 5.4x 5.7x 5.6x (2%) 18% 12.1x 10.3x 10.2x
Nokia (Europe) 24,024 86% 1.0x 1.1x 1.1x (1%) 8.0x 8.3x 7.2x 5% 13% 16.1x 21.6x 16.2x
Motorola (US) 19,733 98% 3.6x 3.1x 3.0x 9% 13.0x 11.4x 10.5x 11% 27% 19.5x 15.2x 14.1x
Toshiba (AsiaPac) 19,261 88% 0.5x 0.8x 0.6x (10%) 1.8x 10.8x 13.1x (63%) 7% n/a n/a n/a
Sharp (AsiaPac) 13,425 69% 0.7x 0.7x 0.6x 4% 9.2x 8.9x 8.7x 3% 8% n/a n/a n/a
Fujitsu (AsiaPac) 11,487 73% 0.3x 0.4x 0.4x (4%) 4.5x 3.8x 4.2x 4% 10% n/a n/a n/a
Unisplendour (AsiaPac) 9,900 83% 1.9x 1.7x 1.4x 16% n/a n/a n/a n/a - 71.6x 60.2x 52.1x
Lenovo (AsiaPac) 8,178 79% 1.7x 1.6x 1.5x 5% 68.8x 53.5x 46.1x 22% 3% n/m n/m 79.6x
LG (US) 6,286 65% 1.7x 1.9x 1.7x (0%) 11.5x 13.2x 11.1x 2% 14% 12.6x 22.3x 19.5x
Quanta Computer (AsiaPac) 5,550 67% 0.2x 0.2x 0.2x 3% 7.6x 7.4x 6.4x 9% 3% 13.4x 12.5x 10.7x
Pegatron Corporation (AsiaPac) 4,865 66% 0.1x 0.1x 0.1x 7% 4.6x 4.6x 3.8x 11% 3% 10.3x 10.6x 8.5x
ASUSTeK Computer (AsiaPac) 3,796 94% 0.3x 0.3x 0.3x 1% 9.2x 7.3x 7.0x 15% 5% 13.8x 13.1x 12.1x
Foxconn (AsiaPac) 1,643 74% 0.4x 0.4x 0.4x 1% 4.5x 4.3x 4.0x 6% 9% 10.3x 10.8x 10.0x
Acer (AsiaPac) 1,444 73% 0.2x 0.2x 0.2x 3% 10.4x 8.9x 7.9x 15% 2% 27.0x 18.9x 17.4x
nLIGHT (US) 1,127 96% n/a 6.9x 5.5x n/a n/a 44.7x 31.4x n/a 15% n/a 85.4x 56.1x
One Stop Systems (US) 41 70% 1.7x 1.3x 0.9x 34% 29.6x 29.6x 11.6x 60% 4% n/m 56.6x 18.2x
Mean 1.2x 1.4x 1.3x 4% 11.5x 12.4x 10.3x 6% 13% 18.7x 23.6x 21.5x
Computer Peripherals & Storage
Hon Hai Precision Industry (AsiaPac) 42,462 72% 0.3x 0.3x 0.3x 2% 7.0x 7.2x 6.2x 6% 4% 11.3x 11.8x 10.0x
Western Digital (US) 27,769 81% 1.6x 1.5x 1.5x 3% 4.5x 4.5x 5.1x (6%) 34% 6.7x 5.8x 6.1x
Seagate (Europe) 15,865 91% 1.7x 1.6x 1.7x 2% 8.4x 7.4x 7.8x 4% 22% 13.9x 9.7x 10.6x
NetApp (US) 12,528 92% 2.5x 2.4x 2.3x 6% 11.1x 10.2x 8.8x 12% 23% 20.3x 17.1x 15.4x
Zebra Technologies (US) 8,912 98% 2.8x 2.6x 2.5x 6% 15.2x 12.8x 12.3x 11% 20% 22.4x 15.3x 14.7x
Logitech (Europe) 5,224 97% 2.5x 2.2x 2.0x 11% 20.8x 17.0x 15.9x 14% 13% 27.6x 23.2x 20.5x
Shenzen Huiding (AsiaPac) 3,796 94% 0.3x 0.3x 0.3x 1% 9.2x 7.3x 7.0x 15% 5% 13.8x 13.1x 12.1x
Pure Storage (US) 3,487 84% 4.0x 3.0x 2.4x 30% n/m 33.7x 20.9x 198% 9% n/m n/m 44.4x
Lite-On (AsiaPac) 1,895 74% 0.3x 0.3x 0.3x (1%) 4.3x 4.3x 3.9x 4% 7% 32.6x 11.4x 10.2x
PCI-Suntek (AsiaPac) 1,636 65% 2.8x 1.9x 1.4x 43% n/a n/a n/a n/a - 61.6x 33.1x 18.5x
Chicony (AsiaPac) 1,462 88% 0.6x 0.6x 0.6x 8% 6.7x 7.1x 5.9x 7% 9% 12.8x 13.2x 10.3x
Synaptics (US) 1,413 66% 0.9x 1.0x 0.9x 2% 7.3x 7.4x 7.3x (0%) 13% 9.3x 9.2x 7.9x
Phison Electronics (AsiaPac) 1,092 62% 0.9x 0.9x 0.8x 4% 5.3x 6.3x 7.0x (13%) 14% 9.4x 12.1x 11.8x
Mean 1.6x 1.4x 1.3x 9% 9.1x 10.4x 9.0x 21% 13% 20.1x 14.6x 14.8x
Semiconductors
Intel (US) 233,863 99% 4.4x 4.0x 3.9x 6% 10.5x 9.4x 8.7x 10% 42% 16.4x 14.0x 13.4x
Taiwan Semiconductor (AsiaPac) 153,204 85% 5.5x 5.1x 4.6x 9% 8.3x 7.7x 6.9x 9% 67% 17.1x 16.1x 14.2x
NVIDIA (US) 126,012 95% 15.3x 11.2x 10.0x 24% 44.7x 28.0x 25.7x 32% 40% 53.1x 31.1x 28.9x
Broadcom (US) 100,563 99% 6.2x 5.6x 5.3x 8% 8.6x 8.9x 8.6x 0% 63% 12.9x 11.7x 10.9x
Texas Instruments (US) 94,262 92% 7.3x 6.8x 6.5x 5% 15.7x 14.4x 13.8x 6% 47% 23.6x 19.4x 17.6x
ASML (Europe) 72,439 97% 8.4x 6.9x 6.4x 14% 26.6x 22.0x 19.1x 18% 32% 37.3x 29.5x 24.5x
Micron (US) 64,723 99% 3.3x 2.4x 2.4x 18% 5.9x 3.7x 3.6x 29% 65% 9.1x 4.9x 5.1x
Qualcomm (US) 60,460 84% 3.0x 3.2x 3.0x (0%) 8.5x 10.6x 7.3x 8% 30% 14.5x 18.5x 15.0x
SK hynix (AsiaPac) 50,029 97% 2.1x 1.6x 1.5x 17% 3.3x 2.3x 2.4x 18% 67% 6.2x 4.5x 4.9x
Applied Materials (US) 45,346 83% 3.4x 2.9x 2.8x 10% 10.9x 9.1x 9.0x 10% 32% 13.6x 10.9x 10.9x
Analog Devices (US) 35,930 96% 7.3x 6.9x 6.6x 5% 14.3x 15.0x 13.6x 3% 46% 18.9x 16.7x 16.0x
Infineon (Europe) 26,030 93% 3.6x 3.4x 3.2x 7% 13.7x 11.7x 11.0x 12% 29% 27.0x 22.8x 20.7x
Microchip Technology (US) 20,127 94% 6.0x 5.6x 5.3x 6% 13.5x 11.5x 11.4x 9% 48% 17.6x 15.1x 14.2x
STMicroelectronics (Europe) 17,804 94% 2.2x 1.9x 1.7x 12% 10.7x 8.0x 7.2x 22% 23% 22.0x 15.1x 13.5x
Renesas Electronics (AsiaPac) 15,099 70% 2.5x 2.4x 2.2x 5% 10.7x 9.4x 8.5x 12% 25% n/a n/a n/a
Skyworks Solutions (US) 14,042 85% 4.3x 4.2x 3.9x 5% 9.7x 9.5x 8.7x 6% 44% 14.4x 13.8x 12.4x
Xilinx (US) 13,489 87% 6.3x 5.7x 5.4x 8% 20.0x 17.2x 16.7x 9% 33% 26.6x 22.8x 21.4x
Maxim Integrated Products (US) 13,182 79% 6.4x 6.0x 5.7x 6% 15.5x 14.6x 13.9x 6% 41% 23.7x 20.6x 19.2x
AMD (US) 11,505 85% 2.5x 2.0x 1.9x 16% 33.2x 17.1x 16.0x 44% 12% 87.6x 25.0x 19.0x
MediaTek (AsiaPac) 11,336 84% 1.6x 1.6x 1.4x 8% 21.5x 14.2x 9.9x 47% 11% 23.1x 19.5x 15.0x
Sanan Optoelectronics (AsiaPac) 11,197 70% 9.5x 7.3x 5.7x 29% 17.4x 13.7x 11.2x 24% 53% 28.8x 19.9x 16.8x
ON Semiconductor (US) 11,096 94% 2.4x 2.2x 2.2x 5% 10.3x 9.3x 8.6x 9% 24% 17.9x 14.2x 12.7x
ASE Group (AsiaPac) 10,636 92% 1.3x 1.0x 0.9x 21% 6.9x 4.8x 4.2x 28% 20% 14.7x 13.9x 11.0x
Microsemi (US) 8,454 100% 5.3x 4.8x 4.6x 8% 15.2x 14.2x 12.9x 9% 34% 17.3x 17.7x 13.9x
Marvell Technology Group (AsiaPac) 7,834 87% 3.8x 3.6x 3.5x 4% 12.9x 11.8x 11.1x 8% 31% 17.8x 15.8x 14.7x
SMIC (AsiaPac) 7,775 69% 22.7x 20.6x 18.6x 10% 68.8x 64.2x 55.0x 12% 32% n/m n/m n/m
ROHM (AsiaPac) 6,149 77% 2.0x 1.9x 1.7x 7% 8.3x 6.9x 6.0x 18% 27% n/a n/a n/a
United Microelectronics (AsiaPac) 6,084 98% 1.4x 1.4x 1.3x 4% 3.6x 3.6x 3.5x 2% 38% 21.3x 20.0x 17.5x
Mean 5.0x 4.5x 4.1x 10% 15.4x 13.1x 11.7x 15% 36% 22.5x 16.9x 14.9x

Trading Comparables
6
Share Price
(% of year high)
Healthcare & Science
Quintiles (US) 25,965 90% 3.7x 3.0x 2.8x 15% 14.8x 13.7x 12.7x 8% 21% 19.7x 17.9x 16.1x
Cerner (US) 16,667 81% 3.7x 3.6x 3.3x 6% 11.5x 11.8x 10.8x 3% 30% 24.1x 23.4x 20.8x
ResMed (US) 12,581 96% 6.7x 6.0x 5.5x 10% 24.0x 20.3x 18.9x 13% 29% 34.8x 28.6x 26.3x
M3 (AsiaPac) 11,885 94% 16.8x 13.8x 11.8x 19% 49.3x 43.7x 37.1x 15% 32% n/a n/a n/a
Athenahealth (US) 5,433 96% 5.2x 4.6x 4.2x 11% 23.8x 16.8x 14.7x 27% 28% 75.7x 34.5x 29.5x
Allscripts (US) 3,762 79% 2.4x 2.0x 1.9x 12% 11.9x 10.0x 9.3x 13% 20% 20.0x 16.1x 14.1x
Cotiviti (US) 3,204 73% 5.4x 4.9x 4.5x 10% 13.9x 12.1x 11.2x 11% 40% 21.4x 17.3x 15.5x
Teladoc (US) 2,819 99% 14.0x 9.1x 7.2x 40% n/m n/m 90.6x n/a 2% n/m n/m n/m
Evolent Health (US) 1,286 73% 3.4x 2.6x 2.2x 25% n/m 69.7x 35.3x n/a 4% n/m n/m n/m
HealthStream (US) 632 91% 3.0x 3.2x 3.1x (2%) 19.5x 18.6x 17.0x 7% 17% n/m 95.0x 78.2x
CPSI (US) 508 92% 2.2x 2.0x 2.0x 6% 12.2x 11.2x 11.5x 3% 18% 20.7x 14.1x 14.3x
Mean 6.1x 5.0x 4.4x 14% 20.1x 22.8x 24.5x 11% 22% 30.9x 30.9x 26.9x
Internet of Things (IoT)
Forescout Technologies (US) 866 79% 4.6x 3.6x 3.0x 23% n/m n/m n/m (62%) (11%) n/m n/m n/m
Impinj (US) 321 31% 2.9x 3.3x 2.8x 1% n/m n/m n/m 112% (22%) n/m n/m n/m
ShotSpotter (US) 249 86% 12.4x 8.6x 6.5x 39% n/m n/m 33.1x 163% 9% n/m n/m 99.1x
Internet of Things (Canada) 9 47% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Mean 6.6x 5.2x 4.1x 18% - - 33.1x 39% 5% - - 99.1x
Online Brokerage
Charles Schwab (US) 46,092 92% n/m n/m n/m 15% n/m n/m n/m 21% 49% 33.9x 22.5x 19.0x
TD Ameritrade (US) 23,927 93% n/m n/m n/m 22% n/m n/m n/m 30% 43% 33.3x 17.6x 14.7x
E*TRADE (US) 17,105 94% n/m n/m n/m 14% n/m n/m n/m 17% 52% 25.4x 17.5x 16.1x
IG Group (Europe) 3,430 95% n/m n/m n/m 2% n/m n/m n/m 1% 49% 16.7x n/a n/a
Plus500 (Middle East) 1,921 95% n/m n/m n/m 17% n/m n/m n/m 17% 56% 10.2x 7.4x 7.2x
Alfa Financial Software (Europe) 1,051 58% 10.4x 9.8x 8.7x 9% 22.5x 20.8x 18.7x 10% 47% 30.2x 28.0x 25.3x
SwissQuote (Europe) n/m 97% n/m n/m n/m 10% n/a n/a n/a n/a - n/a 20.3x 17.6x
Interactive Brokers (US) n/m 92% n/m n/m n/m 18% n/m n/m n/m 43% 94% 48.0x 31.7x 27.9x
Mean 10.4x 9.8x 8.7x 13% 22.5x 20.8x 18.7x 20% 49% 28.2x 20.7x 18.2x
Online Travel
OTAs
Priceline Group (US) 88,398 93% 8.1x 7.0x 6.2x 15% 21.6x 17.9x 15.9x 17% 39% 26.9x 23.2x 20.5x
Ctrip.com (AsiaPac) 21,501 75% 5.9x 5.0x 4.0x 21% 29.8x 25.6x 17.7x 30% 20% 42.1x 31.7x 22.8x
Expedia (US) 16,495 73% 1.9x 1.7x 1.5x 12% 10.9x 10.3x 8.9x 11% 16% 24.1x 22.1x 18.7x
TripAdvisor (US) 5,377 98% 4.0x 3.8x 3.5x 7% 19.4x 17.4x 15.8x 11% 22% 43.6x 36.3x 31.9x
MakeMyTrip (AsiaPac) 2,693 92% 6.1x 4.8x 4.1x 22% n/m n/m n/m (29%) (21%) n/m n/m n/m
Trivago (Europe) 1,266 19% 1.4x 1.4x 1.2x 7% n/m n/m n/m n/a (4%) n/m n/m n/m
Despegar.com (LatAm) 1,045 62% 2.3x 1.9x 1.6x 22% 14.6x 11.4x 9.4x 24% 17% 39.3x 26.4x 20.3x
Webjet (AsiaPac) 978 94% 5.8x 4.9x 4.0x 20% 19.5x 15.3x 11.5x 30% 32% 35.1x 24.2x 17.4x
eDreams ODIGEO (Europe) 828 75% 1.6x 1.6x 1.5x 5% 7.1x 6.9x 6.4x 5% 22% 12.3x 10.2x 8.6x
On The Beach (Europe) 668 74% 6.6x 5.6x 4.8x 18% 18.4x 14.9x 12.2x 23% 37% 26.0x 21.4x 17.6x
Hostelworld (Europe) 376 85% 3.8x 3.7x 3.4x 6% 12.8x 13.5x 11.4x 6% 27% 17.1x 18.4x 15.4x
Tuniu (AsiaPac) 328 67% 0.2x 0.1x 0.1x 21% n/m n/m 29.2x n/a (8%) n/m 59.2x 8.8x
HolidayCheck (Europe) 157 93% 1.3x 1.2x 1.1x 10% 82.2x 21.9x 14.3x 140% 6% n/m n/m 69.5x
Travelzoo (US) 155 97% 1.7x 1.6x 1.5x 9% 28.4x 18.8x 14.1x 42% 8% n/m 38.6x 29.4x
Lastminute.com (Europe) 113 82% 0.5x 0.5x 0.5x 4% 7.4x 5.9x 5.8x 13% 8% n/a n/a n/a
Asiatravel (AsiaPac) 9 41% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Mean 3.4x 3.0x 2.6x 13% 22.7x 15.0x 13.3x 25% 15% 29.6x 28.3x 23.4x
GDS
Amadeus IT (Europe) 31,695 99% 6.5x 6.3x 5.9x 5% 17.0x 15.8x 14.6x 8% 40% 28.6x 27.1x 25.4x
Sabre Corp (US) 8,438 97% 2.7x 2.6x 2.4x 6% 9.1x 8.9x 8.4x 4% 29% 17.5x 16.4x 14.9x
Travelport (Europe) 3,709 96% 1.8x 1.7x 1.6x 5% 7.3x 7.2x 6.8x 4% 23% 13.1x 12.1x 10.9x
Mean 3.7x 3.5x 3.3x 9% 11.1x 10.6x 9.9x 34% 15% 19.7x 18.6x 17.1x
Payments
PayPal (US) 74,733 94% 6.7x 5.6x 4.9x 17% 25.6x 21.5x 18.2x 19% 26% 42.0x 33.9x 28.4x
First Data (US) 33,773 96% 3.2x 4.5x 4.3x (13%) 12.8x 11.7x 11.0x 8% 38% 12.5x 12.8x 11.5x
Worldpay (US) 27,327 91% 14.9x 8.1x 7.4x 42% 31.1x 17.1x 14.8x 45% 48% 36.2x 19.6x 16.3x
Square (US) 19,242 97% 23.0x 15.5x 11.8x 40% n/m 88.1x 51.7x 78% 18% n/m n/m 61.1x
Wirecard (Europe) 14,969 97% 10.1x 7.6x 6.2x 27% 36.4x 27.5x 21.4x 30% 28% 63.5x 45.9x 34.3x
Shopify (Canada) 11,741 93% 20.5x 13.3x 9.7x 45% n/m n/m n/m 121% 4% n/m n/m n/m
Ingenico (Europe) 5,716 72% 2.3x 2.1x 2.0x 8% 11.3x 10.7x 9.7x 8% 20% 14.4x 13.4x 11.9x
Q2 Holdings (US) 2,016 98% 12.0x 9.8x 7.9x 23% n/m n/m 66.7x 89% 10% n/m n/m n/m
Qiwi (Europe) 609 63% 0.1x 0.0x 0.0x 19% 0.1x 0.1x 0.1x 28% 33% 0.3x 0.2x 0.2x
Boku (US) 232 91% 8.4x 6.3x 5.0x 29% n/m 44.0x 17.2x n/a 14% n/m n/m 27.5x
Intershop Communications (Europe) 55 78% 1.5x 1.5x 1.3x 8% 18.0x 21.7x 14.4x 12% 7% n/m n/m 54.8x
Seamless Distribution (Europe) 4 7% 0.2x 0.3x 0.3x (6%) n/m n/m 2.5x n/a (10%) n/a n/m 9.2x
Mean 8.6x 6.2x 5.1x 20% 19.3x 26.9x 20.7x 44% 20% 28.1x 21.0x 25.5x
Search / Portals
Alphabet (US) 555,252 89% 5.8x 4.7x 4.0x 21% 14.6x 12.8x 10.8x 16% 37% 32.3x 23.6x 21.5x
Tencent (AsiaPac) 423,612 84% 16.0x 11.3x 8.4x 38% 41.1x 30.4x 23.9x 31% 37% 57.6x 44.3x 33.6x
Baidu (AsiaPac) 66,750 85% 5.9x 4.8x 4.0x 22% 22.7x 16.7x 13.9x 28% 29% 25.9x 23.1x 19.2x
Naver (AsiaPac) 13,497 69% 3.6x 3.1x 2.7x 16% 12.1x 11.8x 9.9x 10% 26% 23.6x 22.8x 18.9x
Yahoo! Japan (AsiaPac) 13,282 72% 1.9x 1.8x 1.6x 7% 5.9x 6.9x 6.7x (6%) 25% n/a n/a n/a
Yandex (Europe) 8,502 73% 0.1x 0.1x 0.1x 28% 0.4x 0.3x 0.2x 36% 31% 0.7x 0.5x 0.3x
Sogou (AsiaPac) 2,283 65% 2.9x 2.0x 1.5x 37% 17.2x 14.6x 9.3x 36% 14% 36.2x 25.5x 16.6x
Wirtualna Polska (Europe) 418 94% 3.9x 3.4x 3.1x 11% 12.9x 11.2x 10.3x 12% 30% 39.4x 25.4x 18.3x
Sohu.com (AsiaPac) 415 52% 0.3x 0.2x 0.2x 15% 4.1x 5.2x 2.1x 39% 4% n/m n/m n/m
Phoenix New Media (AsiaPac) 271 69% 1.3x 1.3x 1.1x 9% 30.1x 30.0x 17.5x 31% 4% 45.3x 53.2x 24.1x
Mean 4.2x 3.3x 2.7x 21% 16.1x 14.0x 10.5x 23% 24% 32.6x 27.3x 19.1x

Trading Comparables
7
Share Price
(% of year high)
Social Networking
Facebook (US) 427,291 95% 12.3x 8.7x 6.9x 33% 18.7x 14.2x 11.4x 28% 62% 30.8x 24.2x 20.3x
Twitter (US) 19,739 93% 9.5x 7.8x 7.0x 17% 28.8x 20.4x 17.4x 29% 38% 88.2x 45.1x 39.1x
Weibo (AsiaPac) 18,808 72% 19.1x 12.0x 8.7x 48% 48.8x 30.1x 19.7x 57% 40% 59.4x 35.7x 24.6x
Match Group (US) 10,652 84% 9.4x 7.3x 6.4x 21% 26.4x 19.2x 16.4x 27% 38% 49.5x 28.0x 22.7x
Snap (US) 9,926 49% 14.5x 9.7x 6.7x 47% n/m n/m n/m (21%) (60%) n/m n/m n/m
Momo (AsiaPac) 7,131 96% 6.3x 4.1x 3.5x 33% 22.7x 14.4x 12.3x 36% 28% 26.1x 17.3x 15.0x
LINE (AsiaPac) 6,704 72% 4.9x 4.2x 3.6x 16% 23.9x 36.5x 20.1x 9% 11% n/a n/a n/a
Daum Kakao (AsiaPac) 5,365 64% 3.4x 2.8x 2.5x 17% 22.2x 24.7x 17.5x 13% 11% 61.1x 61.2x 41.5x
Mail.ru (Europe) 4,989 73% 0.1x 0.1x 0.1x 25% 0.3x 0.3x 0.2x 25% 31% 0.4x 0.4x 0.3x
YY (AsiaPac) 4,855 75% 3.2x 2.3x 1.9x 28% 12.3x 9.6x 7.8x 26% 24% 17.4x 13.2x 10.9x
SINA (AsiaPac) 4,283 72% 3.2x 2.2x 1.7x 38% 9.3x 7.3x 4.9x 39% 29% 31.0x 25.4x 16.8x
Meitu (AsiaPac) 3,346 61% 6.8x 3.8x 2.5x 66% n/m 40.5x 19.5x n/a 9% n/m 54.0x 27.6x
XING (Europe) 1,415 87% 7.7x 6.1x 5.3x 20% 24.7x 18.8x 16.4x 23% 33% 55.0x 43.4x 34.2x
Mixi (AsiaPac) 977 49% 0.6x 0.7x 0.7x (11%) 1.6x 1.7x 2.1x (13%) 40% n/a n/a n/a
Renren (AsiaPac) 588 47% 3.4x 1.3x n/a (100%) n/m n/m n/a (100%) (8%) n/m n/m n/a
MeetMe (US) 230 61% 2.2x 1.7x 1.7x 14% 8.7x 11.9x 9.6x (5%) 15% 8.7x 13.6x 9.9x
Mean 6.6x 4.7x 3.9x 20% 19.1x 17.8x 12.5x 11% 21% 38.9x 30.1x 21.9x
Software
Cloud Infrastructure, Hosting & VoIP
VeriSign (US) 13,780 100% 13.7x 13.1x 12.6x 4% 19.8x 18.4x 17.8x 6% 71% 32.2x 28.5x 26.5x
United Internet (Europe) 12,537 89% 3.0x 2.5x 2.3x 14% 12.1x 10.4x 9.4x 13% 24% 22.8x 24.3x 19.4x
GoDaddy (US) 11,369 99% 5.9x 5.0x 4.5x 15% 22.6x 17.7x 16.3x 18% 28% 28.7x 21.6x 16.9x
Akamai Technologies (US) 11,074 97% 5.1x 4.7x 4.3x 9% 13.9x 12.1x 10.9x 13% 39% 29.3x 23.1x 20.5x
Nutanix (US) 6,951 87% 8.2x 6.6x 5.5x 23% n/m n/m 61.1x n/a (7%) n/m n/m n/m
RingCentral (US) 4,927 92% 11.4x 8.9x 7.2x 26% n/m 74.4x 57.4x 75% 12% n/m n/m 83.8x
New Relic (US) 4,577 100% 16.2x 12.2x 9.7x 29% n/m n/m 81.2x 297% 11% n/m n/m n/m
Twilio (US) 4,207 95% 12.5x 9.0x 7.3x 31% n/m n/m n/m n/a 2% n/m n/m n/m
j2 Global (US) 4,200 94% 4.3x 3.9x 3.7x 9% 10.4x 9.8x 8.7x 9% 40% 15.0x 13.9x 12.3x
Endurance International (US) 2,665 95% 2.6x 2.7x 2.6x (0%) 9.0x 9.8x 9.6x (3%) 27% 9.2x 10.8x 11.4x
FireEye (US) 2,593 85% 4.0x 3.6x 3.4x 9% 34.2x 28.5x 25.4x 16% 13% n/m n/m 88.1x
Vonage (US) 2,510 95% 2.9x 2.8x 2.7x 4% 16.1x 14.9x 14.0x 7% 19% 37.2x 26.4x 26.6x
Qualys (US) 2,303 90% 11.6x 9.6x 8.2x 19% 31.5x 26.3x 22.2x 19% 36% 71.5x 48.9x 40.7x
Presidio (US) 1,822 68% 0.7x 0.7x 0.7x 3% 8.8x 9.5x 8.6x 1% 8% 10.3x 9.4x 8.1x
Econocom Group (Europe) 1,617 66% 0.6x 0.5x 0.5x 4% 9.4x 8.6x 7.7x 10% 6% 12.7x 12.5x 10.8x
Switch (US) 1,424 51% 4.4x 3.8x 3.2x 16% 8.5x 7.6x 6.4x 16% 51% n/m 37.9x 13.2x
8x8 (US) 1,308 78% 5.4x 4.5x 3.8x 19% 71.7x n/m n/m (57%) (1%) n/m n/m n/m
Carbonite (US) 1,052 100% 4.9x 4.0x 3.5x 18% 25.7x 15.0x 13.0x 41% 26% 48.1x 22.3x 18.1x
Acacia Communications (US) 897 67% 2.7x 3.6x 3.0x (6%) 13.4x 45.2x 19.6x (17%) 8% 18.8x n/m 39.3x
SendGrid (US) 881 82% 9.3x 7.2x 5.8x 27% 94.7x 64.7x 49.3x 39% 11% n/m n/m n/m
SecureWorks (US) 636 79% 1.6x 1.4x 1.3x 10% n/m n/m 51.7x n/a (1%) n/m n/m n/m
Tucows Inc. (Canada) 621 87% 2.2x 1.9x 1.8x 10% 18.4x 14.1x 11.4x 27% 13% n/a n/a n/a
Bandwith (US) 498 94% 3.5x 3.0x 2.6x 16% 27.3x n/m n/m n/a 2% 74.6x n/m n/m
Sonus Networks (US) 488 64% 1.7x 1.0x 1.0x 33% 16.6x 7.6x 5.5x 73% 13% 24.5x 15.0x 10.2x
Aquantia (US) 296 65% 3.3x 2.7x 2.2x 23% n/m 43.5x 16.0x 186% 6% n/m n/m 29.2x
Tintri (US) 44 6% 0.4x 0.5x 0.4x (3%) n/m n/m n/m (50%) (36%) n/m n/m n/m
Mean 5.5x 4.6x 4.0x 14% 24.4x 23.0x 23.8x 33% 16% 31.1x 22.6x 27.9x
Applications
Microsoft (US) 613,967 99% 7.0x 6.2x 5.7x 11% 17.8x 14.8x 13.2x 16% 42% 28.2x 24.4x 22.8x
Oracle (US) 155,509 86% 4.6x 4.4x 4.3x 4% 10.0x 9.5x 9.1x 5% 47% 15.4x 13.7x 13.2x
SAP (Europe) 113,414 95% 4.8x 4.7x 4.3x 5% 13.8x 13.5x 12.7x 4% 34% 22.5x 22.0x 20.0x
Adobe (US) 99,538 98% 15.9x 13.0x 11.0x 20% 37.8x 28.5x 23.6x 27% 46% 56.5x 37.0x 32.8x
Intuit (US) 42,396 99% 9.0x 7.9x 7.2x 12% 24.6x 21.9x 19.7x 12% 36% 42.6x 34.1x 28.6x
VMware (US) 41,425 83% 6.1x 5.5x 5.1x 9% 16.4x 15.2x 14.0x 8% 36% 26.1x 22.4x 20.5x
Autodesk (US) 24,835 92% 14.0x 11.5x 9.0x 25% n/m 78.8x 29.6x n/a 15% n/m n/m 40.8x
Constellation Software (Canada) 13,973 96% 8.6x 6.8x 6.0x 19% 32.9x 27.0x 23.1x 19% 25% 46.1x 35.0x 31.0x
Symantec (US) 13,786 61% 3.2x 3.3x 3.2x 1% 7.0x 7.6x 6.9x 1% 44% 13.5x 12.2x 11.0x
Citrix (US) 13,014 98% 5.3x 5.2x 5.0x 3% 14.8x 15.2x 15.6x (3%) 34% 19.5x 19.5x 18.7x
Check Point Software Technologies (Middle East)
11,974 81% 7.4x 7.3x 7.0x 3% 13.3x 13.5x 13.0x 1% 54% 17.5x 17.2x 16.6x
Sage Group (Europe) 9,000 80% 4.6x 4.2x 4.0x 7% 15.4x 14.5x 13.3x 8% 29% 21.6x 20.3x 18.6x
Tableau (US) 6,167 98% 8.2x 7.3x 6.4x 13% n/m n/m 89.8x 18% 2% n/m n/m n/m
Trend Micro (AsiaPac) 5,541 91% 4.7x 4.3x 4.0x 8% 13.8x 13.3x 12.4x 5% 32% n/a n/a n/a
Ceridian HCM Holding (US) 5,164 88% n/a 8.1x 7.6x n/a n/a 39.9x 33.6x n/a 20% n/a n/m 66.1x
LogMeIn (US) 4,569 80% 5.2x 4.3x 4.0x 14% 14.3x 11.8x 10.6x 16% 37% 26.0x 20.2x 17.9x
Nemetschek (Europe) 3,886 92% 9.8x 8.6x 7.5x 14% 37.0x 32.7x 28.1x 15% 26% 61.6x 53.0x 46.0x
Teradata (US) 3,701 90% 2.0x 2.0x 1.9x 2% 11.5x 11.5x 10.3x 6% 17% 28.7x 27.3x 22.4x
MongoDB (US) 1,764 98% 13.4x 9.5x 7.1x 38% n/m n/m n/m (16%) (32%) n/m n/m n/m
Appian (US) 1,615 73% 11.1x 9.1x 7.8x 20% n/m n/m n/m 11% (18%) n/m n/m n/m
Carbon Black (US) 1,571 89% n/a 9.0x 7.3x n/a n/a n/m n/m n/a (27%) n/a n/m n/m
MicroStrategy (US) 679 66% 1.6x 1.5x 1.5x 2% 7.6x 16.8x 13.8x (26%) 9% 26.8x 46.4x 37.5x
Rosetta Stone (US) 290 98% 1.8x 1.9x 1.7x 2% 30.3x n/m 35.3x (7%) (4%) n/m n/a n/a
Gridsum (AsiaPac) 168 45% 0.3x 0.2x 0.1x 48% n/m 1.5x 0.5x n/a 13% n/m 1.9x 0.6x
Perion (Middle East) 91 61% 0.4x 0.4x n/a (100%) 4.1x 3.7x n/a (100%) 10% 5.0x 5.0x n/a
MuleSoft (US) - 100% n/m n/a n/a (100%) n/m n/a n/a (100%) n/a n/m n/a n/a
NIC (Africa) - 85% n/m n/m n/m 3% n/a n/a n/a n/a - 6.1x 4.8x 5.6x
Mean 6.5x 5.9x 5.4x 3% 17.9x 19.6x 20.4x (4%) 20% 27.3x 23.1x 24.8x

Trading Comparables
8
Share Price
(% of year high)
Software (Cont'd)
Software as a Service (SaaS)
Salesforce.com (US) 79,602 97% 8.8x 7.2x 6.0x 21% 40.9x 31.2x 25.0x 28% 23% 96.1x 56.7x 44.5x
Workday (US) 22,744 93% 12.3x 9.8x 7.9x 24% 75.6x 52.5x 38.6x 40% 19% n/m 96.4x 67.4x
Xero (US) 10,066 74% 1.1x 1.2x 1.2x (2%) 6.8x 6.3x 6.3x 4% 18% 8.0x 7.5x 7.3x
Dropbox (US) 9,735 86% n/a 8.3x 7.1x n/a n/a 39.0x 33.0x n/a 21% n/a n/m 69.7x
Veeva Systems (US) 8,598 95% 14.6x 12.0x 10.2x 20% 43.7x 35.9x 30.4x 20% 33% 77.2x 50.8x 42.8x
Ultimate Software Group (US) 6,839 98% 8.5x 7.1x 6.0x 18% 36.8x 28.6x 23.6x 25% 25% 72.5x 46.5x 38.1x
DocuSign (US) 6,764 99% n/a 12.5x 10.3x n/a n/a n/m n/m n/a 3% n/a n/m n/m
Paycom (US) 5,291 88% 14.1x 11.2x 9.1x 25% 46.0x 27.4x 22.4x 43% 41% 83.1x 41.7x 33.8x
Pivotal Software (US) 5,053 92% n/a 9.4x 7.5x n/a n/a n/m n/m n/a (14%) n/a n/m n/m
Zendesk (US) 4,837 98% 13.1x 9.8x 7.6x 31% n/m n/m 83.7x 120% 7% n/m n/m n/m
Okta (US) 4,747 100% 21.1x 15.8x 12.0x 33% n/m n/m n/m (33%) (17%) n/m n/m n/m
RealPage (US) 4,611 96% 7.9x 6.2x 5.5x 20% 32.8x 23.5x 19.8x 29% 26% 62.9x 37.5x 30.3x
Blackbaud (US) 4,397 85% 6.4x 5.8x 5.3x 10% 26.1x 23.1x 20.7x 12% 25% 44.9x 34.0x 29.5x
Medidata Solutions (US) 3,746 88% 7.9x 6.8x 5.8x 17% 32.9x 26.5x 21.3x 24% 26% 58.5x 43.1x 34.4x
Wix.com (Middle East) 3,225 95% 8.8x 6.2x 5.0x 33% 55.4x 34.3x 22.1x 58% 18% n/m n/m 53.0x
Box (US) 3,194 95% 7.3x 6.1x 5.0x 21% n/m n/m 80.5x n/a 2% n/m n/m n/m
Ellie Mae (US) 2,980 93% 8.3x 6.9x 5.9x 19% 28.8x 26.3x 20.5x 19% 26% 67.0x 56.1x 39.4x
Zscaler (US) 2,719 74% 20.6x 15.4x 11.6x 33% n/a n/m n/m n/a (10%) n/a n/m n/m
Paylocity (US) 2,612 99% 9.1x 7.3x 6.0x 23% 45.6x 33.6x 25.4x 34% 22% 75.6x 42.3x 45.8x
Cornerstone Ondemand (US) 2,368 98% 5.7x 5.4x 4.9x 8% 41.9x 29.8x 21.0x 41% 18% n/m 63.8x 39.4x
Coupa (US) 2,316 94% 14.7x 11.6x 9.3x 26% n/m n/m n/m n/a (2%) n/m n/m n/m
SmartSheet (US) 2,038 96% n/a 15.2x 10.8x n/a n/a n/m n/m n/a (32%) n/a n/m n/m
Altair Engineering (US) 1,885 94% 6.6x 5.8x 5.2x 13% 97.8x 64.6x 40.6x 55% 9% n/m n/m 58.6x
Zuora (US) 1,853 93% n/a 10.0x 7.9x n/a n/a n/m n/m n/a (24%) n/a n/m n/m
SailPoint (US) 1,838 93% 12.2x 9.3x 7.6x 27% 99.9x n/m 80.4x 12% 8% n/m n/m n/m
Blucora (US) 1,779 100% 4.1x 3.7x 3.5x 9% 20.6x 17.8x 15.6x 15% 21% 28.7x 20.0x 17.4x
BlackLine (US) 1,769 89% 11.7x 9.1x 7.3x 27% n/m n/m n/m 246% 5% n/m n/m n/m
Cloudera (US) 1,713 68% 5.5x 4.5x 3.8x 20% n/m n/m n/m (21%) (19%) n/m n/m n/m
Five9 (US) 1,661 97% 9.7x 8.1x 6.9x 19% n/m 66.1x 48.4x 57% 12% n/m n/m 73.1x
Alteryx (US) 1,560 83% 14.1x 9.7x 7.4x 38% n/m n/m n/m (32%) (6%) n/m n/m n/m
Talend (Europe) 1,410 97% 11.0x 8.0x 6.3x 32% n/m n/m n/m (91%) (5%) n/m n/m n/m
Yext (US) 1,121 95% 7.6x 5.8x 4.4x 32% n/m n/m n/m (7%) (17%) n/m n/m n/m
Apptio (US) 1,089 96% 6.8x 5.5x 4.7x 20% n/m n/m 75.9x n/a 3% n/m n/m n/m
Everbridge (US) 1,072 99% 11.9x 8.9x 7.1x 30% n/m n/m n/m n/a (2%) n/m n/m n/m
Benefitfocus (US) 988 91% 4.5x 4.5x 4.0x 6% 60.3x n/m 55.0x 5% 3% n/m n/m n/m
SPS Commerce (US) 975 100% 5.1x 4.6x 4.2x 10% 35.3x 25.5x 21.3x 29% 18% 81.0x 51.6x 43.5x
LivePerson (US) 967 100% 5.1x 4.6x 4.1x 11% 61.4x 49.4x 38.0x 27% 9% n/m n/m n/m
Synchronoss (US) 358 35% 0.9x 1.0x 1.0x (7%) 3.6x 5.1x 6.7x (27%) 19% 8.2x 46.5x n/m
Cardlytics (US) 340 93% 3.0x 2.5x 1.6x 37% n/m n/m 45.7x n/a (10%) n/m n/m n/m
ChannelAdvisor (US) 292 96% 2.7x 2.6x 2.4x 7% 72.2x 41.9x 31.6x 51% 6% n/m n/m n/m
Veritone (US) 246 28% 18.5x 13.4x 7.2x 60% n/m n/m n/m 13% (190%) n/m n/m n/m
EQS Group (Europe) 122 95% 3.8x 3.3x 2.9x 16% 36.0x 75.9x 35.5x 1% 4% n/m n/m n/m
Callidus (US) - 88% n/m n/a n/a (100%) n/m n/a n/a (100%) n/a n/m n/a n/a
Mean 9.1x 7.7x 6.2x 18% 45.5x 34.7x 35.3x 22% 3% 58.7x 46.3x 42.7x

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