Chasing Unicorns - Impact Poland 2017

2. DN is an early-stage and growth technology investor with top quartile performance • Established in 2000 with operations in London, Palo Alto and Berlin. • 60+ years of combined investment experience. • €0.5 billion raised across 4 funds, investment in over 50 companies since 2000. • Generating realised multiples of 3.21x on invested capital and a NET IRR of 18.7% across 3 funds. Portfolio HighlightsExit Highlights Data as at December 2016 (*) 2001 vintage Fund I €47.5m raised 2012 vintage Fund III €144m raised 2008 vintage Fund II €47.5m raised 2016 vintage Fund IV €200m target

3. Can European Venture Create Billion Dollar Companies?

6. Ingredients to make a great company 1 2 3

7. #1: A great idea

8. #2: A fantastic team

9. #3 :Capital Raised by EU unicorns 19% 14% 19% 16% 16% 16% <$50m $50m-$100m $100m-$150m $150m-$250m $250m-$300m $300m+ Average capital raised: $260m Source: GP Bullhound Approximately US$140 million Approximately EUR200 million

10. One Final Thought… All babies are born beautiful … and so are all venture-backed start-ups

Hinweis der Redaktion

Hello, my name is Nenad Marovac. I am the founder of DN Capital, which is a venture capital firm with operations in London, Berlin and Silicon Valley.
Very briefly about us: DN Capital has been around since 2000, and we have been fortunate enough to back some great start ups such as Auto1, Shazam, Endeca, OLX, Purplebricks and others. Collectively we have approximately half a billion dollars under management. We are early stage investors, with a focus on Seed and Series A in Marketplaces, SaaS, Software, FinTech, Digital Media, and Healthcare companies.
So the question on a lot of people’s minds, is can Europe create a billion dollar company?
The answer is definitely yes! At DN Capital, we have invested in four companies that have achieved valuations over $1 billion, three of which are European companies. Shazam is a British company that you hopefully all have on your phones (!), which we first invested in a turn-around round at a $1 million valuation, and its most recent private round valued them at $1 billion. Endeca, is a US company that we first invested in 2001 when it was worth approximately $20 million, and we sold it to Oracle 10 years later for $1.1 billion. PurpleBricks is a British company that we first invested in a Seed round that valued them at under $10 million, we floated the company in the UK at a valuation of US $300 million in December 2015, its peak valuation 15 months later was $1.1 billion and it is currently trading just under $1.3 billion. And Finally, Auto1 is a German company where we first led a Series A round at a $20 million valuation and it is currently worth about $2.8 billion. In my previous job, we invested in a Polish company, @Entertainment which had an IPO on the NASDAQ; go Polska! These companies have an impact!
Across Europe, there are over 47 unicorns; with an average valuation of $2.8 billion and generating a 55x return on investment. 11 are enterprise focused, and 36 are consumer focused. I find it interesting to note the diversity in the business models: fintech, proptech, games, marketplaces, ecommerce, musictech, software.
What are the ingredients to building a Unicorn? I believe you need 3 things: a great idea, a fantastic team, and capital.
It all starts with a great idea! Think Big!
The most important differentiator in great companies is the quality of the team. Uniting all great ideas are real A-players who have the intelligence, passion, knowledge and drive to really make their idea succeed.
Thirdly - companies that are worth a lot, generally need to raise a lot of capital to get there! The average European unicorn raised $260 million. Just looking at some of the DN Capital unicorns: Shazam raised $140 million, and Auto1 has raised over 300 million euros in just 4 years.
A final thought: Remember that all babies born beautiful, but not all grow up as pretty as Ivanka here. And like babies, all start-ups too start out beautiful, but not all can grow into unicorns. The chances of failure of high. As a VC 1 out of 10 companies we fund we will expect to be a potential fund-returning business, and we will only invest in about 1 out of every 100 deals we see. But hopefully, even a failure will make you learn, and that experience will allow you to then grow the next big idea. Thank you. Any questions? [end]

Chasing Unicorns - Impact Poland 2017

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