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Fundraising for Startups
VBI Park15. Marts 2016
Søren MunkInvesteringschefInsero Horsens
For [VC-backed] startups,escape velocity has to dowith becoming thedominant vendor andgrowing indefinitely
David Cummings
bulletsForøge/Formindske
for at skifteforskellige niveauer
Most (early stage) investments fail.A few work out ok. Only one in ten make a home run.
Outcome Return of capital Frequency ROILoss 0 30% 0Troll 1 30% 0,3Small win 2 30% 0,6Skyrocket 10 10% 1total 100% 1,90
bulletsForøge/Formindske
for at skifteforskellige niveauer
Why 95+ % of startups fail
• No problem
• Product, but nocustomers
• No product-market fit
• Premature scaling
• Not enough cash
bulletsForøge/Formindske
for at skifteforskellige niveauer
Development phases and investor types
•Confirm you aresolving ameaningful problem
•Does anybody care
Discovery
•Who’s the customer•What’s the need•Business model•Product-market fit
Validation•Refine businessmodel
•Improve efficiencyof customeracquisition
Efficiency
•Grow aggressively•Expand to newmarkets
Scale•Trade sale or IPO
Exit
6
Bootstrapping, business angels, FFF,crowdfunding, accelerators, grants, etc.
Business angels, VC, corporate investors,private equity
Eric Ries: The Lean StartupSteve Blank: Customer Development
Pivot
MVP
Pre-seed0-1M
Seed1-2M
Startup3-10M
Series A-B-C-10+ M
Sources of Venture Capital
7
Source Motivation(other than ROI)
Pros(other than capital)
Cons
Founders Making their dream a reality You are in charge You are alone
FFF To support someone they care about... They trust youFast decision making
Emotional issues
Government Investors(DK = “Innovationsmiljø”)
Scientific development for society’s greater good.Job creation
Some network Limited validationHigh dilution
Crowd Lending / donation To be involved in something No dilution! Time consuming
BusinessAngels
A sense of ”giving back”To be involved in something
KnowledgeFlexible terms
InterferenceHigh dilution
Crowd Equity To be involved in something Market validation Messy cap table
Corporate Partners Synergy with core business Synergy Dependency
VCs Nothing but ROI… from portfolio companies thatmatch their investment profile
ValidationNetworkValue creation
Complex termsLess control
Banks? NOT a VC source!
bulletsForøge/Formindske
for at skifteforskellige niveauer
Finding the right (equity)investor
Targeted approach
1. Target the investor type that matches thestage you’re at
2. (Be ready to) Quit your job
3. Research the investor and pick the rightone (check for competition)
4. If possible, get a “warm” intro
5. Send the pitch deck
Shotgun approach (works well in parallel)
• Get connected
• Be visible
You should try to avoid corporate financeadvisors: They normally get in the way andthe investor only wants to talk to you
www.inno-overblik.dk
bulletsForøge/Formindske
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The Pitch
9
Your primary aim is to get a
second meeting
CONTENT
1. Problem and solution
2. The market
3. Competition and alternatives
4. Diffentiation (Unique Selling Point)
5. Go-to-market strategy
6. Business and revenue model
7. Status and traction (quantitative)
8. Team and competencies
9. Budget and ask
10.Exit
REMEMBER
• Share your belief
• Don’t omit key information
• Don’t go into details
• Learn from feedback and re-iterate
bulletsForøge/Formindske
for at skifteforskellige niveauer
What do VC’s look for?
• Value Proposition• GTM strategy• Scalable biz model• Capital efficient
• Valuation• Terms• Exit opportunity
• Problem / Solution• Market size• Competition• Timing
• Complimentary• Experience• Execution• Entrepreneurial
TeamTeam OpportunityOpportunity
BusinessModel
BusinessModelDealDeal
bulletsForøge/Formindske
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VC Deal Flow and Process
https://www.quora.com/How-does-deal-flow-apply-to-VC-firms
bulletsForøge/Formindske
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VC exit calculation
Marketsize
Marketshare
ProjectedRevenue /EBITDA
Industry(exit)
Multiples
Enterprisevalue at
exit
Investedcapitaland
ownership
PotentialVC return
13
Dato
Preferably> $1bn
Scalablebusinessmodel
Preferably> $500m
Preferably> $100m
If executedwell >10 %
Similarexits
Typical upto 20 %
bulletsForøge/Formindske
for at skifteforskellige niveauer
Værdisætning, ”Høker metoden”
14
Dato2 + 0,25 + 0,5 = 2,75 mio.
Source: www.keystones.dk
bulletsForøge/Formindske
for at skifteforskellige niveauer
Common Mistakes When Raising VC Money
• Finding the wrong investor• Instead, pick an investor that shares your vision for the opportunity and will provide value beyond capital
• Asking too soon• Gaining traction in the market will decrease risk and increase valuation
• Asking for a signed NDA before sending a plan• Professional investors don’t sign NDA’s
• Being unprepared• Getting a meeting is a big deal. Be prepared with a bulletproof pitch deck
• Unrealistic terms• Base your valuation on historical performance of your company, and don’t expect equal terms
• Misjudging the time needed• Finding the right investor and getting the money may take 6+ months, depending on the case
15
bulletsForøge/Formindske
for at skifteforskellige niveauer
16
Fundraising is not what willmake you successful. It's just ameans to an end. Your primarygoal should be to get it over withand get back to what will makeyou successful—making thingsand talking to users
Paul Graham: How to Raise Money
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Insero Venture Portfolio
bulletsForøge/Formindske
for at skifteforskellige niveauer
Team & Contact
Søren Munk
• Joined Insero 2009
• Senior businessdevelopment positions inMaersk, Systematic
• M.Sc. Robotics + EBA
18
Morten Dahl Iversen
• Joined Insero 2013
• Senior sales positions inSiemens, RTX, Motorola,Bsquare
• M.Sc. EE + E-MBA
Contact:• +45 41 32 98 36• [email protected]
Contact:
• +45 41 77 24 59