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Media, Telecom & Gaming ($5.1bn) 2006 28% $1.4bn 72% $3.7bn Europe US 538 149 140 125 123 80 80 72 50 32 Spotify Deezeer Kobalt Shazam SoundCloud Truecaller Silent Circle Fon LiveU Wooga 2006 2009 2000 2002 2007 2009 2012 2006 2006 2010 1,300 580 500 340 245 210 153 116 108 104 Pinterest Vice Media Tinder Slack Mode Media Nextdoor Roku Kaltura Vox Media Twilio 2006 2012 2013 2011 2010 2009 2007 2002 2006 Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors. Note: Data only includes the 10 largest funding in the segment considered. The oldest, largest internet segment with the most multi-billion dollar companies Online music Online music Online music Online music Online music Telecom Telecom Telecom Online video Gaming Social network Online media Social network Connectivity Online media Social network Online video Online video Online media Cloud services 8 Europe - Capital Raised ($m) / HQ / Year Founded US - Capital Raised ($m) / HQ / Year Founded Funding - Europe vs. US Most Active Investors in Europe Most Active Investors in the US Presenting at

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