[PREMONEY 2014] Scale Venture Partners >> Kate Mitchell, "The Fundraising Trenches: How I Closed A $300M Fund In 92 Days"
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Kate Mitchell of Scale Venture Partners gave a presentation about fundraising for their fifth venture capital fund. She discussed how the venture capital industry has right-sized after the boom of the late 1990s. Scale Venture Partners raised their fourth fund in just 92 days, benefiting from longstanding relationships with investors. Mitchell emphasized lessons learned about understanding product/market fit, knowing customers, building relationships over time, and focusing on delivering returns for investors.
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[PREMONEY 2014] Scale Venture Partners >> Kate Mitchell, "The Fundraising Trenches: How I Closed A $300M Fund In 92 Days"
- 1. 1Confidential – Trade Secret Kate Mitchell, Scale Venture Partners, @KateDMitchell Pre-Money Conference June 27, 2014 The Fundraising Trenches: How We Closed a $300M Fund… Faster Than We Expected
- 2. @KateDMitchell Just Mastering the Game • Fund I - Captive • Fund II – Captive Spinout • Fund III – 1st Raise 2008/9 • Fund IV – May 2013
- 6. @KateDMitchell Venture Fundraising Industry Becoming Right Sized $120B 20 60 700 300 500 100 # of Funds VC Capital Raised ($B) VC Capital Raised # of Funds Source: Thomson Reuters and NVCA Note: 2012YTD denotes Q1 2012 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1Q2014
- 7. @KateDMitchell The Last 5 Years… Venture Raised: $92.5B
- 8. @KateDMitchell The Last 5 Years… Venture Raised: $92B Venture Invested: $133B The “Overhang” Of Unfunded Commitments Is Gone
- 9. @KateDMitchell “Survivability is thrivability. You have to be alive to win” »Early VC lesson
- 12. @KateDMitchell Understand Product/Market Fit • Clear Strategy • Fit on Investing Continuum • Ability To Deliver Cash Multiples • Test The Market
- 13. @KateDMitchell Know Your Customer • Mission • Appetite • Investing “Map” • Purchase History • Process
- 14. @KateDMitchell Best CEOs Develop New Sources of Capital …Years Before Needing It
- 15. @KateDMitchell Build Customer Relationship • Contact Builds Trust • Knowledge Reduces Risk • Do What You Say You Do? • Transparent @ Failures & Success? • LPs Have Pattern Recognition – Listen!
- 16. @KateDMitchell Invest In Your Product Launch • Data • Process • People • Message
- 18. @KateDMitchell
- 19. @KateDMitchell 92 Days… • Newest Relationship – 3 Years Old • Diligence Completed...Not Started • Beneficiary of LP Concentration • Never Assumed Success • Honest About Process
- 20. @KateDMitchell 93rd Day… • Focus on Delivering Product: $$$ • Continue Relations For Next Raise
- 21. @KateDMitchell
- 22. 22Confidential Kate Mitchell Scale Venture Partners www.scalevp.com (650)378-6000 kate@scalevp.com @KateDMitchell