gemini israel funds presentation @ techaviv ca
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Confidential© Gemini Israel Funds 2009, Private & Confidential
Tech Aviv, March 31st, 2009
Confidential2
DEMO!!
Confidential3
The entrepreneur tries to get an answer from the VC.
Confidential4
The Partners Meeting
Confidential5
The VC Brush-off
Confidential6
DATA
Confidential7
US Venture Capital Data
Q3 2008
Q4 2008
Diff
# of Companies Funded 283 236 -17%
Average Investment per Company $5.4M $4.6M -15%
Total VC Funding $8M $3.5M -56%
Internet Deals $1,100M $787M -28%
Clean technology Deals $1,100M $909M -17%
• Any news?
• Angels decreased $ invested (-26%), but not
the overall # of deals (-3%)
Confidential8
Israel Venture Capital Data
Q3 2008
Q4 2008
Diff
# of Companies Funded 78 81 4%
Average Investment per Company $5M $3.5M -30%
• VC Fund raising in 2008: $1.1bn, projected to
be $300M in 2009
• Overall, 2008 was excellent, with Q4 much
stronger in Israel than in the US
• But the news from the west coast travels fast…
Confidential9
The LP Story (1)
Confidential10
The LP Story (2)
• Endowments – No liquidity
• Fund of funds – Will they survive?
• The ongoing fears
• Defaults
• Capital Calls
• In an odd way, US looks better than Europe
• Asia?
Confidential11
The VC Story (1)
Perception is
Reality
Confidential12
The VC Story (2002 vs. 2009)
2002 2009
Term Sheets 3x Liquidation 1x Liquidation
Valuation 50% down 50% down
Angel Investing Gone Not Yet
Sectors Enterprise SW Cleantech
Deal Flow Weak Strong
Labor Market Lots of talent Lots of marketing, Eng.?
Bootstrapping Harder Hard
Investment Period Great ?
Down Turn Shut downs Cost Cutting. 2010?
Fund Raising length
6 Months ?
Confidential13
Summary
• Good time to start a company?
Confidential14
The Real Summary
• 2 Years, 10 Months
• 1 Board -> 7 Boards, 1 Company shutdown
• 3 Girls -> 4 Girls
• 10 Pounds
• 70,000 Miles
• Bruce Springsteen, Eddie Vedder, Switchfoot,
Foo Fighters ,כנסית השכל, ריטה
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