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FreshTracks Capital Vermont private investment landscape 2020

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FreshTracks Capital Vermont private investment landscape 2020

  1. 1. Vermont Private Investment Landscape 2020 Cairn G. Cross, Co-founder FreshTracks Capital https://www.linkedin.com/in/cairncross @vtcairncross 2/8/2021
  2. 2. Cairn G. Cross: Co-Founder / Managing Partner of FreshTracks Capital • Formed in 2000 • Investing from our 5th fund • Completed investments in ~55 companies • 3/4ths of our investments located in Vermont
  3. 3. Agenda • 2020 U.S. Venture Capital Markets o Source: Q4 2020 Pitchbook/NVCA Venture Capital Monitor • 2020 Vermont Venture Capital Data o Source: 2010 – 2019 data from NVCA Pitchbook o Source: H1 2020 NVCA Pitchbook Data, plus Reg D and Reg CF filings • Notable Trends in the VT Ecosystem • Post COVID Vermont thoughts
  4. 4. 2020 National Venture Capital Trends: Total Value Up, Deal Count Down Slightly
  5. 5. 2020 VC – Angel & Early Deals Make Up 72% of Total Deals & 33% of Dollars Invested • Average Angel & Seed Investment - $2MM • Average Early Stage Investment - $12MM • Average Late Stage Investment - $30MM
  6. 6. U.S. VC Funding for Female Founders: 20% of funding by deals, 14% by Dollars. Avg size of round $9MM • Data includes companies with at least one female founder.
  7. 7. SPACs Get Popular • Special Purpose Acquisition Companies SPACS are being used in later stage venture particularly as a bypassing of the traditional IPO market and risk. • Moving down into the early stage financing world • “Bubble” or does this trend have staying power?
  8. 8. 2020 National VC Wrap Up – My Thoughts • COVID – What COVID? • 5X increase in dollars-per-year from ‘10 though ‘20 • 2X increase in number of investments per year ‘10 – ‘20. • Continued slight skewing towards later stage deals • Will digital diligence become the norm? • Approximately 4X increase in number of companies with a female founder receiving VC dollars during past decade, but still more progress to be made.
  9. 9. Agenda • 2020 U.S. Venture Capital Markets o Source: Q4 2020 Pitchbook/NVCA Venture Capital Monitor • 2020 Vermont Venture Capital Data o Source: 2010 – 2019 data from NVCA Pitchbook o Source: H1 2020 NVCA Pitchbook Data, plus Reg D and Reg CF filings • Notable Trends in the VT Ecosystem • Post COVID Vermont thoughts
  10. 10. Vermont VC Investment Trend – Number of Deals tripled from 2010 to 2020 • 2010 is an outlier (larger later stage deals skewed numbers) • Investment dollar amounts per year bounce around • FreshTracks participated in approximately 30% of the 2020 investments
  11. 11. VT Average Deal Size ~$2.3MM in the past 5 Years • Each bar is 3 year rolling average to smooth data. This smooths out the effect of a few large outlier fundings. • As the number of financings tripled, the average deal size settled into low 7 figure range by 2020
  12. 12. 31 VT 2020 Deals Categorized by Size and Dollar Amount • 31 total deals: 20 deals were equity, 11 were debt • Of the 14 deals less than $1MM, 9 were debt (Likely in many cases convertible debt) • 1 of 31 used Reg CF
  13. 13. 2020 Vermont Investments – Average No. of Investors in a Round & Check Size Per Investor Scales with Round Size Round Size Average Investors Required Average Check Size Per Investor Less than $1MM 2 $136K $1MM - $10MM 11 $220K $10MM and up 26 $897K
  14. 14. 2020 VT Deals by Industry: MedTech, Health/Wellness and Consumer/Food/Bev Comprise 39% of Deals Completed Industry Segment Number of Deals MedTech & Health/Wellness 8 Consumer/Food/Bev 4 MarTech 3 Adult Beverage 2 InsurTech 2 Aerospace 2 Agriculture Related 2 Energy 2 Media 2 Other 4 Total 31
  15. 15. Agenda • 2020 U.S. Venture Capital Markets o Source: Q4 2020 Pitchbook/NVCA Venture Capital Monitor • 2020 Vermont Venture Capital Data o Source: 2010 – 2019 data from NVCA Pitchbook o Source: H1 2020 NVCA Pitchbook Data, plus Reg D and Reg CF filings • Notable Trends in the VT Ecosystem • Post COVID Vermont thoughts
  16. 16. Female Founders Involved in 22% of Deal Financings & Received 16% of Total Dollars Female Founder Fundings: • 7 Out of 31 companies (22%) • Those companies raised $17.2MM out of $107MM (16%)
  17. 17. Investment of Note – Shacksbury Cider Shacksbury completed a $1.07MM Regulation CF (Crowdfunding) fundraise via Startup Engine platform from 400 discrete nationwide investors.
  18. 18. Investments of Note (Reg D offerings) – DealerPolicy & CoreMap Dealer Policy (Insurance Technology) CoreMap (Medical Technology)
  19. 19. Investment of Note – Peck Electric, now iSun • Peck Electric (HQ So. Burlington) – EPC Solar company founded in 1972 • Goes public via purchase by Jensyn Acquisition Corp a “SPAC” in June 2019 • Grows to $30MM+ Revenue & $130MM Market Cap in 2020 • Acquires iSun in Jan 2021
  20. 20. Traction in Vermont Industries of Note Marketing Technology (Martech) Aerospace
  21. 21. Active VT Investment Firms/Syndicates •J.H. Capital (Jim Crook family office) •Hula •BT Innovation Fund •Vermont Community Foundation •Vermont Seed Capital Fund •VSJF Flexible Capital Fund •FreshTracks Capital
  22. 22. Agenda • 2020 U.S. Venture Capital Markets o Source: Q4 2020 Pitchbook/NVCA Venture Capital Monitor • 2020 Vermont Venture Capital Data o Source: 2010 – 2019 data from NVCA Pitchbook o Source: H1 2020 NVCA Pitchbook Data, plus Reg D and Reg CF filings • Notable Trends in the VT Ecosystem • Post COVID Vermont thoughts
  23. 23. Final Thoughts: VT Private Financing Ecosystem Strengthening, May See Additional Tailwinds in a Post COVID-19 World • Solid increase in number of financings during past decade. • Small numbers overall. Data skewed occasionally by one off discrete financings. • Several active investment syndicates within the state provide healthy competition and access to capital. Multiple entry points. • Good representation of Vermont companies in national business acceleration programs. • Inflow of Non-VT capital for many financings, particularly those greater than $1MM. • Pandemic enabling companies to employ workers virtually, growing the talent pool. • COVID refugees into VT beginning to emerge and assimilate.
  24. 24. Shameless Promotion - Thanks to CB Insights

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