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Getting Value from InvestorsNick Davidov
About myself
Director and co-founder of iTech Capital
CEO of Pult Group
Chairman of AdCamp
BoD member in IconText, Realweb, Apps4All, AppInTop
iTech portfolio:
Agenda
3
Investments and investors classification What values do they bring? Searching for your perfect investor Funds’ lifecycle Approaching investors and marketing Q&A
Investor Classification
Why do they invest? Financial Investors:
Private Investors Institutional Private Equity Institutional Public Equity
Strategic Investors Expansion Vertical Integration Horizontal Integration Diversification
Investment stages and investors classification
Investment stage Typical company development stage
Sources of funds Typical investment size for internet companies*
Seed/pre-seed Idea/prototype Grants, incubators, business angels, FFF
$10-500k
Round-A First revenues Early VCs, business angels
$500k-$5M
Round-B Expansion, rapid growth, chasing break-even point
VC funds $2M-$10M
Round-C Expansion, re-structuring, first M&A, growing profits
Growth / Late stage VCs
$5M-$50M
Round-D Pre-IPO stage Private Equity arms of large public investment funds
$50M+
Public IPO Everyone $200M+
Financial Investors, based on stage:
What values do financial investors bring?
Outside view and experience Transparency, structure and overall liquidity Reputation and introductions Research and legal support Further investor marketing Oh and some money as well
Deal and funds lifecycle
Approaching and marketing your company
Pitching anyone passing by - not for you. Do proper homework:
Get your deck done nicely Choose possible investors by country and industry focus Filter by investment stage Take a look at their portfolio
Ask someone to introduce, if impossible – track on conferences, write an email “out of the blue”.
Balance between an auction and a future zoo on your board.
9
Q&A