Today, Forbes unveiled the seventh annual Midas Europe List, highlighting the most sensible venture capitalists from Europe and the Middle East. The investments from corporations that helped investors make it to the list this year are largely consistent with last year’s. But unlike in recent years, none of the 10 highest-impact corporations on the list went public in 2023, underscoring the market’s current challenges, according to research by Midas knowledge partner TrueBridge Capital.
For seven of the next ten corporations that were also on last year’s leading list, their enduring good fortune has continued, with venture capital firms earning a spot on Europe’s Midas List, even if opportunities to exit have been few and far between. Google-backed corporations, such as those detailed below, have continued to grow, in part embracing the AI wave, announcing new features and product enhancements that promise greater efficiency.
Here are the ten most sensible companies that helped investors earn a spot on the Midas Europe List 2023:
#1: Cupang
Earning the top spot on the drivers list, e-commerce giant Coupang had one of the biggest IPOs of 2021. Despite having minimal operations in the U.S., Coupang, the largest online marketplace in South Korea, relocated its headquarters from Seoul to Seattle to take advantage of the availability of rich local tech and e-commerce talent.
Despite a limited presence (Coupang operates in South Korea and Taiwan), the company last reported net sales of $5. 8 billion and increased its gross margin year-over-year by 32%.
Where it matters the most on the Midas Europe 2023 list:*
Avi Eyal – España | Entry Capital | #1
#2: DoorDash
As delivery demand persists beyond the initial Covid boom, DoorDash continues to dominate the space, with a 24% year-over-year increase in orders as of this month. This comes as DoorDash continues to announce its global expansion – the company has a presence in the U. S. and Canada. It has opened the U. S. , Canada, Japan, New Zealand, Australia, and 27 European markets after completing the acquisition of Finnish food delivery company Wolt for $8 million in the last year.
Since inception, DoorDash has facilitated five billion consumer orders, driven over $100 billion in sales for merchants, and helped Dashers earn over $35 billion through the platform. Earlier this summer, the delivery giant launched its largest product update in a decade. Now DoorDash customers can benefit from universal search across its platform and tabs for grocery and retail.
Where It Counted the Most on the Midas List Europe 2023:*
Rahul Mehta | DST Global | #16
Roblox, a leader in the gaming industry, reported more than 70 million active users in a recent quarterly earnings report, highlighting the enduring strength of the gaming market and the company’s leading position in the industry. This summer, to expand its platform beyond its number one audience of kids, Roblox brought in a new age category for consumers 17 and older, offering more mature content and adult themes. The organization of 17- to 24-year-olds is the fastest-growing category for Roblox, and the company needs to attract new users while also allowing its author network to create more mature products as they age.
Where it matters the most on the Midas Europe 2023 list:*
Neil Rimer | Business Index | #8
#4: Gojek
Following a merger with Indonesian e-commerce platform Tokopedia in 2021, Gojek has become the cornerstone of Indonesia’s largest tech company, GoTo. The company made its rare debut in the public market in 2022 and, as of this year, contributes 2% of Indonesia. GDP. Gojek, originally a ride-sharing platform founded in 2009, has expanded into other industries, adding food delivery and payments, adapting to Indonesia’s larger virtual ecosystem. GoTo is aiming for profitability this year by expanding its customer base through sustainable incentives.
Following the merger, Gojek’s co-founder and CEO, Andre Soelistyo, took the helm of the merged company, though he announced his resignation earlier this year. Soon after, GoTo announced the sale of its GoPlay video-on-demand platform and Loket ticketing platform. platform to Soelistyo.
Where It Counted the Most on the Midas List Europe 2023:*
Rahul Mehta | DST Global | #16
#5: user path
Process automation and AI-enabled robotics giant UiPath was a knockout win for early investors including Accel, Index Ventures and Seedcamp, when it made its $29 billion debut in the public markets in 2019. Despite the valuation instability of the past two years, UiPath’s early focus in the field of AI has paid off handsomely. Notably, UiPath helps companies reduce costs and operational errors by automating repetitive work-related tasks such as data entry. As companies globally push to improve efficiency and deliver profitability, UiPath has benefitted from a surge of customers.
Where it matters the most on the Midas Europe 2023 list:*
Philippe Botteri | Speed Up | #3
Luciana Lixandru | Sequoia | #10
Carlos Eduardo Espinal | Seedcamp | #18
#6: Stripe
Stripe continued its run as one of the most valuable privately held companies and drivers of the Midas List Europe this year. Earlier this year, the company announced a $6.5 billion capital raise valuing the company at $50 billion, a fall from its peak valuation of $95 billion, but in line with valuations across the industry at large.
Stripe co-founders John and Patrick Collison, who have two headquarters for the company in San Francisco and Ireland, have long refused to comment on or commit to an IPO, saying the latest investment circular is not required to operate the company, but instead raised to supply liquidity to employees.
Where it matters the most on the Midas Europe 2023 list:*
Avi Eyal – France | Entry capital | #1
Tom Stafford | World Daylight Saving Time | #5
#7: Figma
Adobe and Figma appear to be preparing for a fight: media reports have speculated that the US Department of Justice could try to block the merger due to antitrust violations, while agencies in the United Kingdom and the European Union have initiated their own investigations.
However, Figma has continued to grow since the acquisition was announced, adding another 500 people to its workforce and launching its newest product, FigJam AI, a suite of generative AI equipment for its collaborative whiteboard service designed to save designers time by offering a non-unusual design. templates and plan projects.
Where it matters the most on the Midas Europe 2023 list:*
Danny Rimer – España | Index Companies | #2
#8: Confluence
Confluent, which describes itself as the central nervous system for data streaming, went public with an $11.4 billion IPO in 2021. The company was founded in 2014 by Jay Kreps, Jun Rao and Neha Narkhede, the developers of Apache Kafka, a popular open-source data streaming platform.
In 2023, Confluent expanded its flagship data streaming platform with an Apache Flink service, making it easier for consumers to analyze their business insights. The company also announced plans for its AI-powered tool powered through OpenAI, giving consumers better analytics tools. At the same time, the company announced the launch of its new Confluent AI Assistant, a chatbot aimed at making Confluent Cloud easier to use.
Where it matters the most on the Midas Europe 2023 list:*
Matt Miller | Redwood | #17
#9: Nubanking
Experiencing remarkable movement in 2023, Nubank’s inventory is up 78% year-to-date through November. Founded by David Vélez in 2013, the Brazilian neobank is the largest fintech bank in Latin America. With 85 million customers, representing almost a share of Brazilian adults, the company’s offering includes credit cards, virtual banking, and credit products.
The bank made headlines earlier this year with the launch of its cryptocurrency, Nucoin, even in the midst of a tough market for crypto, which will form the centerpiece of a loyalty program for its customers across Brazil, Mexico and Colombia. According to the company, Nucoins will initially only be available within the Nubank ecosystem, sold only between customers. However, the company plans to expand to include other companies offering digital currencies in their loyalty programs.
Nubank’s recent good fortune and expansion into a broader, more challenging environment is impressive given the overall functionality of the fintech sector this year.
Where it matters the most on the Midas Europe 2023 list:*
Tom Stafford | World Daylight Saving Time | #5
#10: lundi. com
Israeli productivity software company monday. com, founded as dapulse in 2014 by Roy Mann and Eran Zinman, helps groups track projects, assign responsibilities to Americans and teams, and manage workflows. The company went public in June 2021, just before the tech crisis. , for a valuation of about $7 billion.
Despite a challenging SaaS market, monday. com announced plans earlier this year to increase its workforce by up to 10% in 2023. In November, the company’s shares were also up 18% so far this year, a rare feat for many SaaS corporations that have recently gone public.
The company is also continuing its products and will launch its new in-house mondayDB data engine this summer. The new generation is expected to provide consumers with scalability and speed.
Where It Counted the Most on the Midas List Europe 2023:*
Avi Eyal | Entrée Capital | #1
*Comes with all corporate investors.