2020 has been a challenging year. Yet, amidst the various trials, widespread digital transformation has sparked several triumphs in SaaS. For instance, UiPath made history this summer when they became the first European Cloud Decacorn. Now we’re 10 months in, the question on everyone’s lips is what’s just happened and what’s coming next? In this keynote presentation, Philippe Botteri, Partner and Varun Purandare, VP at Accel will present original findings from Accel’s 2020 Euroscape. They'll explore the biggest trends in SaaS, deep dive into COVID's impacts on the ecosystem and share the region’s top 100 cloud companies.

1. SaaStock EMEA, October 13th, 2020
Philippe Botteri, Candice du Fretay, Varun Purandare
2020 Accel
Euroscape
DECACORN UNLEASHED

2. A new era for software: the rise of the giants
Software companies > $100bn market capitalisation
Introduction
2010 2020
$172bn
$271bn
$123bn
$1,592bn $235bn
$186bn
$108bn
$125bn
$134bn
$229bn
$180bn
3 Companies
$566bn market cap
8 Companies
$2.7tn market cap
1
Note: As of January 1, 2010 and September 30, 2020
Source: Capital IQ

3. New cloud generation is coming...
Introduction
Note: As of January 1, 2010 and September 30, 2020
Source: Capital IQ
10 Companies
2010
8 Companies
16 Companies
49 Companies
None
Market Cap
1 Company
7 Companies
2020
75 Companies
$100bn <
& >$30bn
>$10bn
>$1bn
2

4. Historical Data Accel Estimate
2015 A 2019 A 2025 E
US$275bn
US$310bnTotal Software
Cloud
US$36bn US$101bn
US$376bn
US$477bn
c. 50%+
c. 50%-
c. US$900bn
We anticipate
cloud will overtake
software by 2025
Cloud players estimated
market shares:
c. 17%
c. 12%
c. 10%
c. 5%
c. 5%
Introduction
...and soon cloud will overtake software
3
Note: 2025 estimates assume market growth rates in line with historical growth rates
Source: Accel analysis, Statista, Synergy Group

5. Europe is jumping into the race
1st European-born
Cloud Decacorn
July 2020
World’s Largest Ever
Software Buyout
August 2020
Origin: Bucharest, Romania
Founders: Daniel Dines & Marius Tirca
Series A: 2017
Rev. $400M+
Origin: Oslo, Norway
CEO: Merete Hverven
Owner: HG Capital
Rev. $1.5B+
Introduction
$10.2B $12.2B
4

6. Our global platform
US EUROPE & ISRAEL INDIA
Series A
2005
Seed
2009
Series A
2011
Series A
2017
Seed
2009
Seed
2011
5
Introduction

7. We love cloud globally
250+ companies
$5bn+ invested
$45B $30B $8B $40B $4B $8B $15B $10B
Source: Capital IQ, market cap as of September 30, 2020 6
Introduction

8. Success can come from anywhere!
Europe & Israel Accel Investments
2011-2015 2016-2020
Expanding fast in Europe & Israel
Unicorns/IPOs
35
$740M
20
14
$149M
7
Number of new investments
Capital invested (during period)
Number of cities
Success can come from anywhere!
Not public
Not public
Not public
7
Introduction

9. Agenda
Market Snapshot
COVID Impact
2020 Accel Euroscape
What’s Next?
2
3
4
1
8

10. Unstoppable: is the sky the limit?
Market Snapshot
Market cap of public cloud companies, USD trillions Public Cloud Index
Sep 2019 Sep 2020
$1.7T
$0.8T
0
100
200
300
400
500
600
700
800
900
1000
Dec, 13 Jun, 14 Dec, 14 Jun, 15 Dec, 15 Jun, 16 Dec, 16 Jun, 17 Dec, 17 Jun, 18 Dec, 18 Jun, 19 Dec, 19 Jun, 20
BVPNasdaq Emerging Cloud Index NASDAQ Index
Sep, 20
+212%
+725%
c.$1 Trillion created in one year Unstoppable momentum?
Note: As of September 2019 and September 2020
Source: Capital IQ 9
BVP Nasdaq Emerging
Cloud Index NASDAQ Index
+$0.9T

11. Revenue multiple breaking historical record
Cloud Average EV / Forward Revenue Multiples 2005-2020
Average
6.6x
Note: Selection of global cloud companies, as of September 30, 2020
Source: Capital IQ
0x
2x
4x
6x
8x
10x
12x
14x
16x
18x
Jan, 05 Oct, 05 Jul, 06 Apr, 07 Jan, 08 Oct, 08 Jul, 09 Apr, 10 Jan, 11 Oct, 11 Jul, 12 Apr, 13 Jan, 14 Oct, 14 Jul, 15 Apr, 16 Jan, 17 Oct, 17 Jul, 18 Apr, 19 Jan, 20
Max: 17.1x
Sep 2020
Min: 1.8x
Dec 2008
Sep, 20
10
Market Snapshot

12. IPOs: Supersize me!
$19bn
$16bn
$11bn
$11bn
$7bn
$6bn
$5bn
$5bn
$3bn
$3bn
$2bn
$2bn
$1bn
$1bn
$70bn
$18bn
$16bn
$13bn
$10bn
$8bn
$6bn
$6bn
$5bn
$5bn
$5bn
$3bn
$3bn
$3bn
Market Cap, USD billions Market Cap, USD billions
2019 Cloud IPOs 2020 Cloud IPOs (YTD)
Note: Represents market cap at close of first day of listing. Includes direct listings
Source: Keybank, Capital IQ
14 IPOs
Average:
$6bn
14 IPOs
Average:
$12bn
EU/IL-born companies
US-born companies
11
Market Snapshot

13. Twice as much capital raised in 2020 vs. 2019
2019
$2bn
$4bn
$2bn
$1bn
$1bn
$1bn
2019 2019 2020 YTD
IPO Secondary offering Convertible
$1bn
$1bn
$1bn
$1bn
$1bn
$1bn
$1bn
$2bn
$1bn
$1bn
$1bn
$1bn
2020 YTD2020 YTD
$8bn
$12bn
$5bn
$9bn
$8bn
$17bn
Note: IPOs include primary and secondary issuance
Source: Keybank, Pitchbook
Market Snapshot
12

14. $95.5bn
10 companies Combined market cap
Countries
Growth: 2013-2020
+506%
What about Europe?
Unveiling the Accel Euroscape Index
Note: As of September 30, 2020
Source: Capital IQ
1st IPO: Wix in 2013
13
Market Snapshot

15. 0
100
200
300
400
500
600
700
800
Dec, 13 Jun, 14 Dec, 14 Jun, 15 Dec, 15 Jun, 16 Dec, 16 Jun, 17 Dec, 17 Jun, 18 Dec, 18 Jun, 19 Dec, 19 Jun, 20
Accel Euroscape Index NASDAQ Index
Accel Euroscape Index is outpacing the NASDAQ
Source: Accel analysis, Capital IQ
Sep, 20
+212%
+506%
14
Market Snapshot

16. And the next generation is growing fast!
$1B+
$2.5B+
$5B+
$10B+
2019 2020
European Cloud Unicorns
16 companies 25 companies+56%
Source: Accel analysis 15
Market Snapshot

17. Fuelled by very large rounds
$165M
Notable rounds 2016-2017
USD Millions
Notable rounds 2019-2020
USD Millions
$568M
$300M
$284M
$268M
$230M
$110M
$88M
$75M
$75M
$413M $479M
$400M
$400M
$381M
$340M
$253M
$180M
$180M
$131M
Source: Accel analysis, Crunchbase, Pitchbook,
Company S-1 Filings
Average:
$103m
Average:
$330m
Average:
$231m
Average:
$400m
Fuelled by very large rounds
$165M
Notable rounds 2016-2017
USD millions
Notable rounds 2019-2020
USD millions
$568M
$300M
$284M
$268M
$230M
$110M
$88M
$75M
$75M
$413M $479M
$400M
$400M
$381M
$340M
$253M
$180M
$180M
$131M
Source: Accel analysis, Crunchbase, Pitchbook, Company S-1 Filings
Average:
$103m
Average:
$330m
Average:
$231m
Average:
$400m
16
Market Snapshot

18. As VC cloud funding continues to catch-up
Source: Accel analysis, Crunchbase, Pitchbook
US VC cloud funding:
c. $20B
Europe close to 50%
of the US market
$7-7.5bn
2019 YTD 2020 YTD
$9-9.5bn
Investment in private cloud companies born in Europe and Israel
17
Market Snapshot

19. Agenda
Market Snapshot
2020 Accel Euroscape
What’s Next?
1
3
4
2 COVID Impact
18

20. Digital transformation: Shifting into 6th gear
Note: As of September 30, 2020
Source: Capital IQ
10 biggest
jumps in value
=
$446bn
created in 9
months
$134bn
Market Cap
$229bn
Market Cap
+$115bn +$84bn +$79bn +$40bn +$27bn
+$16bn+$20bn+$20bn+$22bn+$23bn
$125bn
Market Cap
$93bn
Market Cap
$40bn
Market Cap
$37bn
Market Cap
$42bn
Market Cap
$30bn
Market Cap
$31bn
Market Cap
$45bn
Market Cap
COVID Impact
19

21. Growth in cloud spending is at or below
historical levels
Enterprise Cloud spending QoQ change
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
1%
9%
14%
-3% -3%
10%
9%
7%
5%
13%
9%
20%
4%
8%
2017 2018 2019 2020
Source: Bain & Company 20
COVID Impact
Q2 growth slightly
below historical
average of 10%

22. Private cloud
companies:
COVID
proof?
Median values for companies
with $5M+ in 2019 ARR
ARR Growth
Gross New Bookings
as a % of Starting ARR
Gross Dollar Churn
FCF Margin
Blended CAC Ratio
Europe & Israel US
40% 38%
53% 51%
(26%)
(21%)
(9%)
(15%)
$1.25 $1.32
$1.11
$1.39
2020 Original Forecast 2020 Original Forecast
2019 2019
2019 2019
2019 2019
2020 Current Forecast 2020 Current Forecast
2020 YTD 2020 YTD
2019 2020 YTD Annualized 2019 2020 YTD Annualized
2020 YTD 2020 YTD
2020 Current Forecast 2020 Current Forecast
27% 20%
14% 14%
12.5% 13.4% 11.9% 13.3%
Respondents: Europe & Israel: 53, US: 223; May-20 survey
Source: Keybank
SaaS Survey
21
COVID Impact

23. Covid Impact
One of a kind crisis: navigating uncertainty
Europe & Israel
NO
51%
YES
47%
2%
NO RESPONSE
US
NO
63%
YES
37%
% of companies that have made reductions in workforce
SaaS Survey
22
COVID Impact
Respondents: Europe & Israel: 53, US: 223; May-20 survey
Source: Keybank

24. Doctolib video
23
COVID Impact

25. UiPath Foundation video
24
COVID Impact

26. Agenda
Market Snapshot
2020 Accel Euroscape
What’s Next?
1
4
2
3
COVID Impact
25

27. 2020 Accel Euroscape
Who? How? What’s New?
1,500+
• Market attractiveness
• Differentiation
• Technology
• Team strength
• Momentum (MRR, EEs)
• Customer Reviews from G2
• COVID resilience
• New payment/banking
infrastructure category
• Unicorns only in Champions
League category
2020 Euroscape
26
EU & IL born
SaaS Companies
countries
20+

28. Accel Euroscape 2016 - 2020: Looking back
Total financing
Amount raised by Euroscape winners, USD billions
Top 100
Champions
Largest round raised
Amount raised, USD millions
65
2016 2017 2018 2019 2020 YTD
88
265
568
300
14.1
2.5
2.5
2016
6.7
2020 YTD
7.4
27
2020 Euroscape
6x
Source: Accel analysis, Pitchbook, Crunchbase

29. Euroscape 2016 - 2020: Global impact
UnicornsJobs
73,300+ employees 25 Private Unicorns
$60bn+ combined value
3,000 1,400
3,977
1,000 1,000 1,000
1,2001,2951,447
Companies with employees > 1,000 displayed
1,095
28
2020 Euroscape
Source: Accel analysis, Linkedin, Pitchbook

30. 2020 Accel Euroscape: Champions League
Unicorns, high growth, category-defining
$48B $6.7B
12 9
$350M 42%
Value
Created
Total
Funding
Cities Countries
Avg.
Funding
LTM FTE
Growth
Source: Accel analysis, Linkedin, Pitchbook, Crunchbase 29
2020 Euroscape

31. 2020 Accel Euroscape: Champions League
Unicorns, high growth, category-defining
30
2020 Euroscape
Source: Accel analysis, Linkedin, Pitchbook, Crunchbase

32. 2020 Accel Euroscape: Champions League
31
2020 Euroscape
$48B $6.7B
12 9
$350M 42%
Value
Created
Total
Funding
Cities Countries
Avg.
Funding
LTM FTE
Growth
Unicorns, high growth, category-defining
Source: Accel analysis, Linkedin, Pitchbook, Crunchbase

33. Top 100 EU & Israel cloud companies with revenues above $1mn and valued at less than $1bn
2020 Accel Euroscape
Source: Accel analysis, Euroscape Survey
SALES / SUPPORT PROD. / COLLABORATION COMPLIANCEECOMMERCE / MARKETING FINANCE / HR / LEGAL VERTICALS
FINANCE
OTHER
DATA /
ANALYTICS
AUTOMATION
PAYMENTS /
BANKING INFRA
SECURITY
DEVELOPERS /
INFRASTRUCTURE
32
2020 Euroscape

34. 2020 Accel Euroscape:
Success can come from anywhere
$7.4B23,300
$74M 118%
The Silicon Valley State of Mind
Perm
Oslo
Copenhagen
Stockholm
Vienna
Prague
Wuerzburg
Bucharest
Istanbul
Athens
Sofia
Munich
St Gallen
Madrid
Barcelona
Dublin
Manchester
London Ramillies
Ghent
Aarhus
Stuttgart
Paris
ZurichLyon Chemnitz
Bonn
Cologne
Berlin
Tel Aviv
Helsinki
Lysaker
Tallinn
Riga
Source: Accel analysis, Linkedin, Pitchbook, Crunchbase
Total
FundingEmployees
34
Cities
Avg.
Funding
LTM FTE
Growth
21
Countries
33
2020 Euroscape

35. 2020 Accel Euroscape: Where is the money going?
Total financing
eCommerce /
Marketing
Funding by category, USD millions
Security Finance /
HR / Legal
Payments /
Banking
Infra
Verticals Developers /
Infrastructure
Compliance Automation Productivity /
Collaboration
Data /
Analytics
Sales /
Support
Total Raised ($mn)
• eCommerce /
Marketing boosted
by COVID
• Security becoming
pervasive
• Data analytics still
early but growing
# of Cos. 13 12 13 10 10 11 5 7 6 9 4
34
2020 Euroscape
Source: Accel analysis, Linkedin, Pitchbook, Crunchbase
2,500
1,875
1,250
625
0
1,372
977
909
850
706 668
458
416 399
344 308

36. 2020 Accel Euroscape: Customer centric
Sales /
Support
Security
Productivity /
Collaboration
eCommerce /
Marketing
Finance / HR
/ Legal
Payments /
Banking Infra
Data /
Analytics
Dev /
Infrastructure
Automation
78
78
75
74
73
72
70
68
67
Note: Companies with more than 10 reviews
Source: G2
33
EU1k Employees Euroscape 2020
72+118%
105%
EU1k Employees Euroscape 2020
216%2x
G2 Average Score
G2 Average Review Growth
Score by Category Score Review Growth
35
2020 Euroscape

37. 2020 Accel Euroscape: Demographics
# of Employees
0-99
100-199
200-299
300-399
400+
14
27
30
16
13
Capital Raised
$0-25M
$25-50M
$50-100M
$100-150M
$150M+
15
34
15
1322
16
Founding Country
UK
FRANCE
GERMANY
ISRAEL
OTHER
(17 COUNTRIES)
25
20
32
8
15
Category
DATA / ANALYTICS
PRODUCTIVITY / COLLABORATION
ECOMMERCE / MARKETING
SALES / SUPPORT
SECURITY
VERTICALS
7 9
6
4
12
10
13
10
5
13
11 PAYMENTS / BANKING INFRA
COMPLIANCE
FINANCE / HR / LEGAL
DEV / INFRASTRUCTURE
AUTOMATION
36
2020 Euroscape
Source: Accel analysis, Linkedin, Pitchbook, Crunchbase, Company data
Number of companies by category

38. How long does it take to be on the list?
13
20
#companies
Year founded
2010 2011 2012 2013 2014 2015 2016
2017
2018
10
0
7
17
12
10
12 12
10
7
3
0
5
2010
Year founded
2011 2012 2013 2014 2015
10
# companies
8
2
3
1
2
2017
Median = 6 years Median = 9 years
Year founded - Euroscape Year founded - Champions
37
2020 Euroscape
Source: Accel analysis, Crunchbase

39. Agenda
Market Snapshot
2020 Accel Euroscape
What’s Next?
1
2
3
4
COVID Impact
38

40. 5
What’s next in cloud?
4
3
2
1 Work coming home
Doctors now online
Hyperautomation - Bots and citizen
developers transforming the Enterprise
Fintech stack moving to the cloud
Cybercriminals feasting on COVID
39

41. Work coming home
Doctors now online
Hyperautomation - Bots and citizen
developers transforming the Enterprise
Fintech stack moving to the cloud
Cybercriminals feasting on COVID
1
2
3
4
5
What’s next in cloud?
40

42. 1
3
4
5
2
What’s next in cloud?
Work coming home
Doctors now online
Hyperautomation - Bots and citizen
developers transforming the Enterprise
Fintech stack moving to the cloud
Cybercriminals feasting on COVID
41

43. 1
2
4
5
3
What’s next in cloud?
Work coming home
Doctors now online
Hyperautomation - Bots and citizen
developers transforming the Enterprise
Fintech stack moving to the cloud
Cybercriminals feasting on COVID
42

44. 1
2
3
5
4
What’s next in cloud?
Work coming home
Doctors now online
Hyperautomation - Bots and citizen
developers transforming the Enterprise
Fintech stack moving to the cloud
Cybercriminals feasting on COVID
43

45. 1
2
3
4
5
What’s next in cloud?
Work coming home
Doctors now online
Hyperautomation - Bots and citizen
developers transforming the Enterprise
Fintech stack moving to the cloud
Cybercriminals feasting on COVID
44

46. 45
Work coming home
Source: World Economic Forum
50% of workers want to work from
home 3+ days per week
Workers adapting to the new normal Productivity during COVID-19
Key driversExamples of companies
• Entire companies moving remote
• Need to stay connected becoming even more critial
• Physical events moving online
How productive
have you been
during COVID-19?
Slightly more
32%
Considerably more
24%
Considerably less
5%
Slightly less
23%
No change
18%

47. 46
Doctors now online
Telehealth is here to stay Key drivers
Likelihood of continuing to use telehealth
Note: Responses of “I don’t know” excluded from survey data
Source: Bain US Healthcare Trends 2020
Purpose of
telehealth
Primary care
physician
Medical
oncologist
Endocrinologist
General surgeon
Non interventional
cardiologist
Orthopaedic
surgeon
Percentage of respondents likely to continue using telehealth
0% 20% 40% 60% 80% 100%
Neurosurgeon
Cardiac surgeon
18%
Substitute for
in-person care
82%
Complement to
in-person care
• Healthcare systems under immense
pressure - needs productivity boost
• Telemedicine regulation changed
overnight
• Patients used to video conferencing
• Doctors and hospitals ready to adopt
new technologies after lagging historical
investments in technology
Less than now Same More than now

48. 47
Hyperautomation - Bots and citizen developers
transforming the Enterprise
Low-Code dev platform market Predictions
2017
$0B
$12.5B
$25B
2018 2019 2020 2021 2022
By 2023, # of active citizen
developers will be 4x # of
professional developers
Source: Forrester, Gartner, Statista
RPA market
$6B
$12B
“One robot for
every person”
2018
2
3
4
5
7
10
2019 2020 2021 2022 2023
• Digital transformation initiatives
moving processes online
• Data availability enabling digitisation
of complex processes
• Growth of best of breed cloud
services pushing companies to
automate data flow
4
4
7
10
15
21
$0B

49. Fintech stack moving to the cloud
48
Status quo Banking-as-a-Service Stack Key drivers
Examples of companies
Source: Pymnts, 11:FS
• Modern microservices and APIs making
monolithic banking and payment
infrastructure obsolete
• Growing number of cloud companies ready to
add financial services to complement
their offering
• New regulations opening doors to innovation
(e.g., Open Banking)
of bank IT costs spent
on maintenance
75%
Time it takes for
incumbents to launch
a new service
6-12months
User interface
Compliance
Risk management
Financial crime
Payments
Customer operations
Products
Treasury
General ledger

50. Cybercriminals feasting on Covid
49
COVID-themed attacks
Top 5 cybersecurity CIO investment
areas (since COVID)
Key drivers
20%
MFA
Week 22Week 18Week 14Week 10Week 6
0mn
3mn
6mn
Endpoint
device
protections
Anti-phishing
tools
End-user
education
VPN
17%
16%
14%
12%
Source: Microsoft
“Cybercriminals are developing and boosting their attacks at an alarming pace, exploiting the fear
and uncertainty caused by the unstable social and economic situation created by COVID 19”,
Jurgen Stock, INTERPOL Secretary General
• Increasing number of attacks during
COVID making need for security
more acute
• Distributed workforce creating new
vulnerabilities, pushing companies
to zero trust architecture and
data encryption
• Need for new developer security tools
(shift left) as software development
becomes ubiquitous in the enterprise

51. Thank you

52. Legal Disclosures
This document has been prepared by Accel Partners Management LLP (hereinafter Accel). Accel is a limited
liability partnership incorporated in England and Wales with registered number OC303424, having its registered
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This document forms part of a presentation to persons who have been invited to attend such presentation and
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This document does not contain personalised recommendations or advice and is not intended to substitute any
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