Lazard T100 European Venture Growth Index - 2023
We are pleased to present Lazard's 2023 T100 Index. The T100 is a carefully curated list of the most interesting companies in Europe that we expect to undertake a venture growth style financing in the next 12-18 months. Within the T100, we aim to achieve breadth across sector and stage with businesses which have the potential to be truly disruptive, rapidly transform segments of the economy and to become market leaders in multi-billion industries.
2023 T100 Index
The graphics below show the list of active companies in the T100 listed by sector and stage. Please click through to the sector pages to access further detail and full profiles of the companies by clicking on the logo.
Key objectives of the T100 index
- Establish venture growth investments as an institutional asset class in Europe
- Provide exposure to some of Europe’s most interesting companies which are expected to use venture growth style financing
- Provide asset allocators with greater transparency and a measure of performance and quality
- Allow large European pension funds to consider allocating to the asset class
The idea behind the T100 is for it to be broadly representative of the institutionally investable venture & growth asset class, offering a breadth across sectors and stages. By institutionally investable, we mean that there is an identified opportunity to deploy meaningful amounts of capital in order to contribute to a diverse and successful asset allocation strategy for an institutional investor.
We segment the market into three stages and six sectors.
Segmentation by stage
We segment company maturity into three: Venture, Growth and Later Stage. The chart below provides an indication of how we define each. However, these definitions are not absolute and we retain flexibility to account for the following types of situation:
- Revenues are lower than those indicated but there is potential for growth in the future to significantly exceed that indicated
- Sector dynamics increase time to monetization, with asset-heavy industries often taking longer to reach the commercial stage
- The technology or market position being built could be highly strategic to a potential acquirer
Segmentation by sector
We segment the sectors into six; Consumer; DeepTech; Enterprise Software; FinTech; Healthcare; and InfraTech. While there are consistent factors between companies in these sectors, the business models can vary widely. We therefore segment a layer further - by vertical - to differentiate and group companies based on common attributes.
There are four main components to T100 inclusion:
- Key metrics: Ranking potential companies across four main criteria
- Financial disclosure: Evaluation of historic and forecasted financials
- Continuous review: Monitoring constituents on a real-time basis
- Ongoing support: Assisting included companies with investor engagement, research coverage and fundraising support
Meet Lazard's Venture & Growth Insights Team
Managing Director & Co-Team Lead