anatomy of an early stage vc - berlin tech open air 2014 satellite-event by point nine capital
DESCRIPTION
On July 17th 2014 the crew of Point Nine Capital (www.pointninecap.com) took part in the Berlin Tech Open Air 2014 (TOA - http://toaberlin.com/) and hosted a workshop on the "Anatomy of an Early Stage VC" at Point Nine's office in Berlin-Mitte. This is the related presentation held by Nicolas Wittenborn and Mathias Ockenfels.TRANSCRIPT
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:
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Point Nine Capital
Founded in Berlin 2011
Investing €100k-1M from €40M Fund
In Europe & North America
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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!
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Some good resources - Blogs
www.avc.com
www.bothsidesofthetable.com
www.feld.com
And of course heyni.co :)
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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:
@PointNineCap