anatomy of an early stage vc - berlin tech open air 2014 satellite-event by point nine capital

Anatomy of an Early Stage VCMathias Ockenfels & Nicolas Wittenborn

TOA Satellite July 17, 2014

Don’t know Point Nine? Maybe you know some of our investments:

@PointNineCap

Point Nine Capital

Founded in Berlin 2011

Investing €100k-1M from €40M Fund

In Europe & North America

@PointNineCap

Oslo

Portfolio (exc.)

Vancouver

Washington D.C

Auckland

WarsawEdmonton

New York

Berlin

Barcelona

Paris

Riga

San Francisco

Las Vegas

Investment Focus

Other19%

Marketplaces15%

SaaS65%

We <3 SaaS

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Financing Landscape (EU)

Seed Series A Series B

€100kBusiness Angels

€500k

€1-5M

€5M+

F&F

Crowdfunding

Caveat: Drastically simplified. Expect blurry lines, pixelated logos & a changing landscape.

GrantsAccelerators

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We see a lot of companies

Q1 2014

= 3,000 Startups / Year

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The VC ProcessStartup

First Contact

Evaluation

Due Diligence

Deal Memo Term Sheet Legal DD

Deal

ColdNetwork Outgoing

( )

Agree on terms

Ready to invest

Get lawyers involvedDecide internally

3,000

10

selective?

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Homerun1

Make money2

Money back2

Lose money5

VCs are wrong often

in 10 investments

Fund MathFund SizeGoalExit ProceedsAvg. OwnershipExit req. !

Investments!

Unicorn (1B+)Pony (100M+) Foal (10M+)!

€40M 3x+ Cash on Cash

€120M+ 10-15%

€800M-1.2B !

30-40 !

1-2 10+

100+ !

Fund maker potential

3-5%25-30%250%+

The VC Business Model

LPs & GPs

Cash & Carry

Fund Lifecycle

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Fund Drivers

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That’s all for today!

@PointNineCap

Some good resources - Blogs

www.avc.com

www.bothsidesofthetable.com

www.feld.com

And of course heyni.co :)

@PointNineCap

Some good resources - Books

VCs at Work (Shah)

Venture Deals (Feld & Mendelson)

Delivering Happiness (Hsieh)

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Some good resources - Other

Quora (Q&A)

This Week in Startups (podcast)

Something Ventured (movie)

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Q&A

Thanks!

Get in touch:

mathias@pointninecap.com

nicolas@pointninecap.com

@PointNineCap