Silverpeak advises Origami Energy on Series C funding round led by Barclays

Silverpeak, the technology investment bank, acted as the exclusive financial advisor to Origami on £20.5m of new funding to help drive its next phase of growth. Barclays PLC led the round, investing as part of their Sustainable Impact Capital initiative, set up to back companies that are focused on sustainability and driving the transition towards net zero. Follow-on investment was provided by Origami’s existing shareholders, including Octopus Ventures, Aggreko, and Cambridge Innovation Capital.

Origami is a technology company on a mission to build a green energy world, powered by smart technology. As ambitious climate targets drive a transition to renewables, energy systems are becoming more distributed, complex, and volatile. We cannot turn the wind and sun on or off to meet supply and demand in the same way that we have done previously with power stations. Smart digital solutions are required to better manage our power grid as more and more renewable assets are added. Powerful real-time solutions are critical to coordinate networks of renewables, flexible demand and energy storage, to build a green energy system that is efficient, profitable, and sustainable for the long term.

Origami’s trading and automation software provides power traders with real-time data and machine-learning decision support tools to reduce risk, improve visibility and capture valuable opportunities within new and rapidly evolving energy markets.This new investment enables Origami to enhance its products, serve a growing customer base and scale up for international markets. The success of this funding round also highlights the increasing investor appetite to back leading tech companies pursuing the reduction of global carbon emissions.

Silverpeak was engaged due to its expertise in SaaS / Software and fund raising to advise Origami on its Series C financing, positioning the company as a future global software leader in the energy sector. As part of the process, Silverpeak approached an international range of financial investors (VC & mega infrastructure funds looking to fund enabling technologies ) as well as strategic counterparties with a strong interest in renewable energy and ESG focused software investments.

Silverpeak assisted the Origami team in developing a clear and compelling equity story, prepared an in-depth international expansion fuelled business plan, actively supported management during their interaction with investors, and negotiated management friendly terms, resulting in a successful investment round with a Tier 1 ESG focused Financial Institution.

Peter Bance, Origami CEO, said, “Origami’s recent fund raise will help us become the leading independent technology platform for the energy sector, and accelerate the global transition to net zero. Silverpeak really understands technology companies, and they helped us ‘translate’ our equity story into a language that investors would easily understand.”

Paddy MccGwire, Silverpeak Managing Partner leading the transaction said, “Origami’s evolving SaaS platform is a game changer for the energy sector globally as it addresses the opportunities and liabilities of increasing volatility caused by renewable energy on the grid. We are very pleased to have advised the Origami team and sourced this Series C investment led by Barclay’s Sustainable Impact Capital with follow on from existing investors.”

For further information please contact Paddy MccGwire – pm@silverpeakib.com

SILVERPEAK SPACETECH REPORT: Investment in Space Technologies continues to accelerate

Augmenting its expertise in the deeptech, Silverpeak is actively advising companies in the space technology sector, and interfacing with a wide range of financial investors and corporates.

This new report provides an overview of the main themes in space tech, identifying some of the key trends, themes and transactions, and also looks at some of the questions that investors are grappling with.

It covers:

• The development of space sector investment, and main drivers

• Investor types and focus; and the recent SPAC phenomenon

• Subsectors:

• Launch vehicles
• Propulsion
• Satellite Comms
• Remote Sensing
• In-Orbit Services
• Ground Segment
• China market

Download report

Please contact David Ford df@silverpeakib.com to discuss any themes, trends or questions you may have regarding this report.

The State of the Market for Series B & C Rounds in European Tech Companies

Silverpeak has updated its research into Series B & C round in European Tech Companies.

Key takeaways:

  • Series B&C VC investment in European tech companies reaches a new high in 2020 with investment totalling €4.5B, an increase of 37%
  • General trend towards larger rounds, with a tripling to 15% of B rounds above €50m and 40% of C rounds above €50m
  • The UK still dominates as the destination of capital, and grew 42% in 2020 vs 2019
  • The Nordic region shows a strong presence in B rounds with the region recording a 120% increase in capital invested on a 20% increase in deal count compared to 2019
  • The largest B rounds were dominated by companies from the UK, producing 6 out of the top 10 largest rounds in 2020
  • H2 2020 had 4 out of the 10 largest C rounds since 2016

Paddy MccGwire, Managing Partner, commented that “The European capital market for private companies has never been so strong, with a 37% surge of B &C round capital invested in 2020.”

Silverpeak – B&C Rounds Research April 2021

Silverpeak advises on investment in video compression solutions leader V-Nova

Silverpeak, the technology investment bank, acted as the exclusive financial advisor to V-Nova on its $22m equity financing round.

V-Nova is a London-based, IP and software company founded by Guido Meardi, Pierdavide Marcolongo and others. The company’s technology improves data compression as the core enabler of a vast portfolio of innovative applications based on the game-changing use of AI and parallel processing for video and image compression and analytics.

The capital raised will be used to further develop and accelerate the commercial rollout of V-Nova’s video compression software:

  • MPEG-5 LCEVC, the first and only enhancement standard that improves any video codec, can address the totality of the video distribution market. It boosts the quality of experience of existing video services and enables new user experiences while improving video delivery to the end-user in a cost and energy-efficient way.
  • SMPTE VC-6 is a professional production codec that offers higher quality at faster speeds than existing alternatives. Furthermore, VC-6 accelerates AI media indexing multi-fold, enabling the next generation of intelligent media.

Silverpeak was appointed due to its expertise in Deeptech, relationships with global growth investors and reputation as a trusted advisor to the best tech companies. The deal team worked with management to determine the ideal funding strategy. Silverpeak then ran the optimal process exploring multiple funding options, which culminated in the $22m financing by prominent tech entrepreneurs, investment firms and returning shareholders.

Guido Meardi said: “Silverpeak has been at our side with huge dedication and provided very valuable support throughout the deal. They have brought unparalleled skills in presenting V-Nova’s unique story and created a lot of interest from investors. Their professionalism, drive and execution capabilities gained them the trust of our Board and management team. It has been a pleasure working with them.”

Pietro Strada, a Managing Partner at Silverpeak added “We are proud to have advised V-Nova and to have worked with Guido, Pierdavide, Antonio (Filippi) and the other team members. V-Nova is a true global leader and has huge potential. We are confident that this financing round will accelerate its growth and propel it to even greater successes.”

For more information please contact Pietro Strada ps@silverpeakib.com

Silverpeak advised Playgiga on acquisition by Facebook

Silverpeak, the technology investment bank, acted as the exclusive financial advisor to Playgiga SL, the Madrid-based cloud gaming company, on its acquisition by Facebook (NASDAQ:FB). This acquisition has enabled this month’s launch of the Facebook Gaming cloud streaming service.

Founded in 2013, PlayGiga has been working with telcos to create streaming game technology for 5G, to help tech companies to reach more mobile gamers. It also developed a gaming-as-a-service platform, using Intel’s Visual Cloud platform, that enabled telcos and communication service providers to offer streaming games to their customers. Investors included Adara Ventures and Caixa Capital.

More than 380 million people play games each month on Facebook, and people will play cloud-streamed games alongside those playing instant games in HTML5. Facebook intends to add more games to its library, including PC games, but it is prioritising free-to-play titles at the moment. Facebook joins Google Stadia, Sony PlayStation Now, Nvidia GeForce Now, Amazon Luna and Microsoft xCloud in the game streaming market.

Silverpeak were engaged by Playgiga to run a twin track process of: a series B fund raising from both financial and corporate investors; and a sale to strategic acquirers. After numerous discussions with counterparties globally, the management and shareholders found Facebook’s strategic need and proposition compelling. Silverpeak negotiated the sale, and worked with lawyers J.G.H. & Abogabos in Madrid and Gunderson Dettmer in San Francisco.

Paddy MccGwire, a Managing Partner at Silverpeak, added “We are thrilled to have advised Playgiga in this highly strategic transaction with Facebook. Playgiga has a proven cloud gaming technology platform in an high opportunity market that was evolving fast. To be the enabler of Facebook’s Gaming cloud streaming service is a great outcome for Playgiga’s core team and shareholders.”

For more information please contact Paddy MccGwire: pm@silverpeakib.com

Silverpeak advises Armilar Venture Partners on Continuation Fund transaction

Silverpeak, the technology investment bank, acted as the exclusive financial advisor to Armilar Venture Partners on the creation and financing of a Continuation Fund backed by a heavyweight new investor.

Armilar Venture Partners, the largest venture capital firm in Portugal, is an investor in several leading software companies, having started to invest more than a decade ago. Since then, their stakes have grown enormously in value, as the companies went from strength to strength and some became widely regarded as the market leaders in their sector.

Armilar Venture Partners wanted to offer its limited partners a liquidity option through a Continuation Fund.

Silverpeak was appointed due to its track record with enterprise software/SaaS growth companies, deep relationships with late-stage technology investors, and excellence in execution of complex transactions. The deal team designed an accelerated process, targeting a selection of knowledgeable investors who could confidently invest with a limited due diligence process. Silverpeak advised Armilar Venture Partners on structuring the transaction and managed the process from start to finish.

Joaquim Sérvulo Rodrigues, Partner at Armilar Venture Partners said: “Silverpeak provided exemplary support throughout this complex transaction. The strength of their relationships with investors enabled us to solicit indicative offers within a few weeks of their engagement. Their team then skilfully negotiated the right structure to accommodate the requirements of all parties. We were able to rely on their advice throughout the entire process.”

Pietro Strada, a Managing Partner at Silverpeak added: “We thoroughly enjoyed working with Duarte, Joaquim and the Armilar Venture Partners team in establishing their new Continuation Fund. They have an impressive track record with great tech companies. This new vehicle will facilitate additional value creation over the next few years for their limited partners and the new investor.”

Silverpeak advises fibre broadband network operator Zzoomm on £100m investment by Oaktree

Silverpeak, the technology investment bank, acted as the exclusive financial advisor to Zzoomm on an initial £100m equity investment by funds managed by Oaktree Capital Management, L.P. (“Oaktree”).

Zzoomm was founded by industry veteran Matthew Hare, who launched rural broadband player Gigaclear a decade ago, and this year hired former Virgin Media and TalkTalk executive Richard Sinclair as its chief operating officer. The company has built a full-fibre network in Henley-on-Thames over the past 12 months and plans to expand to similar locations to build a telecoms company focused on market towns that need higher internet speeds. The Oaktree investment will fund a rollout to pass 1m homes with freshly laid fibre optic cables within five years.

Silverpeak was appointed due to its expertise in growth fundraising and connections with global investors. A range of infrastructure investors with strong interest in telecoms and tech infrastructure were approached. The deal team advised the company on the funding strategy and managed the process from start to finish.

Matthew Hare said: “Silverpeak has been at my side with huge dedication and provided very valuable support throughout the whole deal. They have created a lot of interest from investors, helped us to choose the right financial partner and skillfully negotiated the deal. The Board really trusted their advice”.

Pietro Strada, a Managing Partner at Silverpeak added: “It has been a pleasure to work with Matthew and the Zzoomm team and helping them bring in the right partner for the next phase of their journey.”

For more information please contact Pietro Strada: ps@silverpeakib.com

WEBINAR Optimising exits for European technology companies – 17 September 2020

Silverpeak, in association with international law firm Taylor Wessing, held a webinar on Thursday 17 September 2020.

A recording of the webinar is available to view here.

This briefing was to provide practical guidelines and best practice for those seeking to sell or make a partial realisation in the current environment with real-life stories from an entrepreneur’s recent exit experience together with a viewpoint from the Private Equity industry.

Who attended

CEOs, Chairmen, FDs/CFOs, Non-executive Directors, shareholders and VC/PE investors with a stake in technology companies.

Programme

08.30 Introduction
08.35 M&A trends & valuation metrics
08.45 Trends & Risk in M&A Transactions
09.00 Achieving a strategic value
09.10 My Exit Experience
09.30 Panel discussion – Lessons for an optimum exit
09.45 Q&A to Panel
10.00 Close

Optimising exits for European technology companies

Silverpeak advises multi-modal urban transport platform Trafi on Series B financing

Silverpeak, the technology investment bank, acted as the exclusive financial advisor to Trafi, the Vilnius and London based multi-modal urban transport platform, on its financing round led by Sumitomo Corporation and Aioi Nissay Dowa Insurance. The two Japanese corporates were joined by existing investors Octopus and the European Bank for Reconstruction and Development (EBRD).

Founded in 2007, Trafi is a technology platform for mobility. Their holistic technology suite enables partners to offer multi-modal transit services and systematically optimize cities., Trafi works with cities such as Berlin, Zurich and Munich, and with leading companies like Lyft, Google, Apple, Gojek and the Volkswagen Group.

David Ford, Managing Director at Silverpeak, said, “Trafi clearly is a leader in multi-modal mobility and its technology is chosen by the most demanding clients. Martynas and the Trafi team continued to execute on their plan even in the current environment, which provided the comfort to the investors to get the transaction done.”

Silverpeak was appointed due to its expertise in the Mobility sector, to advise the company on its financing strategy, aimed at capturing the growth in demand for multi-modal enabling technologies. We approached a range of financial and strategic counterparties who have strong interest in Mobility investment and then managed the transaction to closing.

Pietro Strada, a Managing Partner at Silverpeak, said, “It’s been a pleasure working with Martynas and helping them on this next step in their journey. They’ve built an amazing platform and we’re excited to follow their progress over the coming years.”

This is Silverpeak’s fourth deal in the Mobility sector in the last two years.

UK cross-border Software & IT Services (SITS) deals dwindle

Cross-border M&A activity plummets in Q2 but strategic deals complete
Although Q2 transaction numbers collapsed, as many transactions were initially frozen or terminated entirely, Silverpeak has seen activity in the market begin to rebound with a number of highly strategic transactions announced in June. The SITS market, in particular, has been seen as robust and a beneficiary of any long-term impact of COVID-19, as reflected by the share prices of SITS businesses recovering strongly in the public markets and already returning to pre-COVID-19 levels.

Strategic M&A transactions remain resilient
Despite the fall in M&A activity, completed transactions in Q2 appear to be those with strong underlying strategic rationale. Perhaps the most notable transaction in UK SITS was the acquisition of London-based Eggplant, by NYSE-listed Keysight Technologies, in a deal valued at $330m. Keysight is seeking to build out a testing software portfolio of high-quality recurring revenue, to complement its existing testing hardware business. The transaction is rumoured to have taken place at a valuation of c. 10x Eggplant’s 2019 revenues.

IPOs surprisingly robust
Despite a fairly poor volume of European IPOs in 2019, there has since been an uptick in the first half of 2020. The highlight in the European SITS market was the $200m+ IPO of Pexip, a video conferencing service and Zoom competitor that could only be described as a “COVID-19 beneficiary”. While the remainder of 2020 remains uncertain, with the highly unpleasant combination of winter flu and COVID-19 resurgence on the horizon, there continues to be a stream of announcements of major upcoming SITS IPOs – especially in the US.

IndustryViews Corporate Activity Q2 2020 270720