NOAH IS A UNICORN BREEDING GROUND Challengers with a combined valuation of > $150bn and Champions with a combined market cap of > $2,800bn presented at NOAH since 2009 Speaking # of Times First Segment Founded Raised Current Status Speaking # of Times First Segment Founded Raised Current Status Company at NOAH Time ($m) Company at NOAH Time ($m) Challengers Challengers Adyen 11 2010 Payments 2006 266 Reached unicorn status Uber 1 2016 Taxi Apps 2009 11,562 Reached unicorn status AutoTrader 4 2010 Classifieds - Cars 1977 - $4.74bn market cap Waze 3 2011 Navigation & Parking 2007 67 Sold to Google for $1.1 Avast 1 2012 Cybersecurity & Anti-Virus 1988 100 Reached unicorn status WeWork 4 2015 Workspaces 2010 9,854 Valued at $20bn AVG 2 2009 Cybersecurity & Anti-Virus 1991 252 Sold to Avast for $1.3bn Wix.com 4 2012 Horizontal SaaS 2006 59 $3.07bn market cap after IPO Wooga 7 2011 Gaming 2009 32 Successful private company Babylon Health 2 2013 Health & MedTech 2013 85 Successful private company XING 9 2009 Content & Media 2003 7 $1.74bn market cap BlaBlaCar 7 2013 Rider Sharing & Car Pooling 2006 335 Reached unicorn status Yad2 6 2012 Classifieds - Horizontal 2005 - Sold to Axel Springer Careem 1 2017 Rider Sharing & Car Pooling 2012 571 Valued at $1.2bn for $228m CHECK24 2 2015 Lead Generation Services 1999 - Reached unicorn status Yandex 7 2012 Content & Media 2000 - $10.23bn market cap Cloudflare 2 2016 Cybersecurity & Anti-Virus 2009 182 Valued at $3.2bn Zooplus 1 2011 Vertical E-Commerce 1999 - $1.13bn market cap CTS Eventim 7 2012 Marketplaces 1999 - $4.11bn market cap Zalando 7 2011 Fashion E-Commerce 2008 468 $12.92bn market cap Criteo 8 2009 Display & Retargeting 2005 63 $2.89bn market cap Zendesk 4 2012 Horizontal SaaS 2007 86 $2.94bn market cap Deliveroo 1 2015 Meal Delivery 2013 860 Reached unicorn status Delivery Hero 9 2010 Meal Delivery 2011 2,581 $7.17bn market cap Total Capital Raised: $34bn Total Valuation: > $150bn Farfetch 2 2011 Fashion E-Commerce 2007 702 Reached unicorn status Fotolia 10 2009 Marketplaces 2005 225 Sold to Adobe for $800m Champions Gett 7 2012 Taxi Apps 2010 613 Reached unicorn status GetYourGuide 7 2013 Travel 2008 96 Successful private company Adidas 1 2016 Consumer Goods 1949 - $48.14bn market cap Immobiliare 3 2014 Travel 2005 - Successful private company AXA 3 2015 Insurance & Finance 1982 - $72.8bn market cap Ironsource 2 2012 Developer Tools 2009 105 Reached unicorn status Axel Springer 10 2010 Digital & Media 1946 - $7.17bn market cap iZettle 2 2013 Payments 2010 269 Successful private company Bayer 3 2015 Healthcare 1863 - $114.17bn market cap Just Eat 2 2014 Meal Delivery 2001 72 $6.16bn market cap Bertelsmann 9 2010 Digital & Media 1835 - Private company Klarna 4 2012 Payments 2005 637 Valued at $2.5bn BMW 3 2015 Automotive 1916 - $67.79bn market cap King.com 7 2010 Gaming 2003 84 Sold to EA for $5.9bn after IPO Daimler 3 2015 Automotive 1998 - $85.82bn market cap Kreditech 8 2010 Personal Loans 2012 497 Successful private company Deutsche Bahn 2 2015 Travel & Transportation 1994 - Government controlled company Markafoni 2 2012 Fashion E-Commerce 2008 8 Sold to Naspers for $200m Deutsche Börse 6 2012 Finance & Banking 1992 - $21.29bn market cap Momondo Group 5 2011 Travel 1996 152 Sold to Priceline Group eBay 11 2010 Digital & Media 1995 - $40.3bn market cap for $550m Facebook 12 2009 Digital & Media 2004 2.336 $498.65bn market cap MoneySuperMarket 3 2011 Lead Generation Services 1993 - $2.86bn market cap Google 10 2010 Digital & Media 1998 - $678.60bn market cap Photobox 3 2013 Marketplaces 2000 305 Sold to Exponent & Electra Huffington Post 4 2012 Digital & Media 2005 - Acquired by AOL for $615m IAC 1 2015 Digital & Media 1995 - $9.76bn market cap Privalia 5 2011 Fashion E-Commerce 2006 219 Sold to Vente-Privee for $560 innogy 6 2014 Industrials 2015 - $24.97bn market cap Scout24 9 2011 Marketplaces 1998 - $4.3bn market cap Klöckner & Co 3 2016 Industrials 1906 - $1.20bn market cap SeLoger 7 2010 Classifieds - Real Estate 1992 - Sold to Axel Springer for $847 Lufthansa 5 2015 Travel & Transportation 1953 - $13.64bn market cap Showroomprive 8 2010 Fashion E-Commerce 2006 44 $717m market cap METRO Group 6 2011 Consumer Goods 1996 - $7.33bn market cap Sigfox 2 2016 Internet of Things 2010 327 Valued at $708m Naspers 10 2010 Digital & Media 1915 - $103.4bn market cap SimilarWeb 5 2014 Analytics & Intelligence 2007 112 Successful private company Porsche 5 2015 Automotive 1931 - $9.88bn market cap Skrill 6 2009 Payments 2001 800 Sold to Optimal Payments Priceline Group 8 2011 Travel & Transportation 1997 - $94.18bn market cap for $1.98bn ProSiebenSat.1 Media 10 2010 Digital & Media 2000 - $8.16bn market cap Skyscanner 3 2012 Travel 2003 197 Sold to Ctrip for $1.7bn RTL 10 2009 Digital & Media 1931 - $11.74bn market cap Spotify 5 2009 Music 2006 2,563 Getting ready for $16bn Schibsted 7 2011 Digital & Media 1839 - $5.64bn market cap rumoured IPO Siemens 7 2013 Industrials 1847 - $127.19bn market cap Stripe 3 2015 Payments 2010 440 Valued at $9.2bn Tencent 1 2014 Digital & Media 1898 - $429.81bn market cap Taboola 2 2014 Content Advertising 2007 160 Reached unicorn status ThyssenKrupp 1 2017 Industrials 1999 - $17.00bn market cap tado° 6 2013 Internet of Things 2011 56 Successful private company TUI 1 2017 Travel & Transportation 1923 - $10.17bn market cap TeamViewer 4 2015 Communication & Collaboration 2005 - Sold to Permira for $1bn Vivendi 3 2012 Digital & Media 1853 - $32.50bn market cap TomTom 2 2015 Navigation & Parking 1991 - $2.55bn market cap VISA 1 2017 Insurance & Finance 1958 - $245.9bn market cap Trainline 3 2011 Travel 1997 - Sold to KKR for $681 WPP 5 2012 Advertising 1971 - $23.36bn market cap Transferwise 4 2011 Banking Fintech 2010 116 Reached unicorn status Total Market Cap: $3tn trivago 5 2011 Travel 2005 54 $3.17bn market cap Unicorns Source: Unicorn definition actual reported data where available and NOAH estimates. 24