Since October 2020, B-hub has been working daily with blockchain startups. 45 companies in total are supported by the B-hub project in their go-to-market strategy, growth, marketing, intellectual property and internationalisation between other services.
Development stage, fundraising, intellectual property, protocols – where do blockchain startups stand? Discover below some key statistics from EU top blockchain startups.
4 years is the average age of supported startups. Out of the 45 accelerated startups, 16 were created in 2018, and 10 in 2017. 7 startups were founded in 2019. 5 more started their activty in 2016, and 3 in 2020. The remaining 4 startups were founded in 2015 or before.
From the 45 selected companies, most teams (19 reported) counted with 1 to 5 people by year 2020. 15 startups employed 6 to 10 people. 4 employed 11 to 19, and 2 employed more than 30 people. 1 additional startup counted with 20 to 29 people. Finally, 4 out of 45, did not disclose number of staff.
Regarding turnover, a majority of companies (23) reported an annual turnover inferior to 50K euros. 7 startups reported a turnover between 100K and 250K, and 5 of them reported a turnover superior to 500K euros annually. 4 startups did not disclose their turnover information. 3 out of 45 reported between 250K and 500K; and 3 more between 50K and 100K euros.
Intellectual property: an increasingly important asset
35 companies out of 45 report to own some intellectual property, ranging from patent (granted or pending) to trademark, copyright, software and research.
14 companies owned or applied for a patent, and 21 reported to own trademarks, copyrights or softwares.
Protocols: minority of proprietary blockchains and Ethereum as the most frequently used blockchain
Ethereum is the most used protocol, with 14 reported companies. Hyperledger (Fabric, BESU) comes second, with 5 reported uses. Bitcoin is seemingly used by 3 startups out of 45.
Other protocols are cited minoritarily, such as Stellar, Tezos, Algorand, IOTA and Corda between others.
Only 2 companies report to currently use a proprietary blockchain in their business.
Within the cohort of accelerated startups, 19 were raising at the time of applying, against 26 not raising.
11 of the raising startups were in seed phase. The average amount sought by this group, was 868K euros.
The remaining 8 startups were seeking venture capital. On average, the latter sought to raise 2.1 million euros.
Regarding valuation: out of 19 raising, 42.1% were valuated between 3 and 5 million euros. 26.3% were valuated 1 to 2 million euros, while 26.3% additional percent were valuated between 5,1 million and 10 million euros. Finally, 5.3% were valuated to more than 11 million euros.
Overall, the average valuation was 7 million euros.
France, Italy and Germany most represented countries
France (15), Italy (13) and Germany (6) are the countries where most B-hub selected startups are based.
Additionally 4 Spain-based and 2 Estonia-based startups are accelerated in the program. The following countries are also represented : United Kingdom (2), Luxembourg (1), the Netherlands (1) and Tunisia (1).
Gender imbalance in founders
We should note a gender imbalance when it comes to startup founders and co-founders. Only 9 startups from the total reported a female founder or co-founder.
Disclaimer: all statistics based on self-declaration from startups; with a group of 45 companies. Article should be interpreted as a benchmark on the basis of project environment.
Image credits: OpenClipart-Vectors