1. Odyssey Venture Partners
Transforming Hellenic Technology Innovation into Business Opportunity
Open Coffee Presentation, November 30, 2012
Thanasis “A.K.” Kalekos & Spyros Trachanis
Managing Partners
www.odysseyvp.com
1
2. Odyssey Fund I
An EIF JEREMIE-Program Fund
Size: €30M – €40M
Industry Sector: Information and Communication
Technology
Geographic Region: Greek startups with global market reach
Investment size: €20,000 to €1.5M per funding round
Investment method: “Silicon Valley Standard”
Saturday, December 01, 2012 2
3. Odyssey Management Team
Two investing partners
Operating in Greece & Silicon Valley
Thanasis Kalekos Spyros Trachanis
Bridge Silicon Valley & Greece
Saturday, December 01, 2012 3
4. Investment Thesis
Concept Seed Series A Series B Exit
Funding Funding Funding (Acquisition
or IPO)
Thesis 2: Thesis 1:
Seed Funding
Series A Funding
Thesis 1: Series A funding
At an earlier stage than Silicon Valley VC’s would invest in
Hands-on work with company to “catch up” to Valley standard by Series B
Thesis 2: Seed Funding
Stimulate interest in creating startups – academic community, research institutes and industry
Properly prepare for Series A investment – proof of concept, plan, customers, team
Maintain equity position in subsequent funding rounds in all cases
Saturday, December 01, 2012 4
5. Investment Thesis 1: Early Stage – Series A
Portfolio of 15-20 companies
Initial investment of € 250,000 - 1,500,000 for 20%-35% equity position
Expectation to participate with pro-rata share in subsequent rounds
4-6 companies added to the portfolio each year
Prerequisites:
A comprehensive business plan – addressing global markets, reach profitability and grow
revenue to over € 100M in 5-7 years
Product prototype or first product release
Proof of concept from initial customer engagements
Completed due diligence and review by Odyssey investment committee
Management team deliverables:
Execute to plan
Commitment to operate to “Silicon Valley standard”
Odyssey deliverables:
Coaching, “acting” in management positions, recruiting, bridge to global markets and
investors
Saturday, December 01, 2012 5
6. Investment Thesis 2: Seed Stage
5%-7% of Fund dedicated to seed investing
€ 20,000 -70,000 investment for 15%-30% equity position
Hosting and coaching the entrepreneur(s)
Assistance in receiving additional EU funding
Prerequisites:
An intelligent and highly motivated entrepreneur/team
A “big idea” (an idea that can grow a “big” company)
Deliverables:
Prototype proof of concept
Establish relationship with at least one prospective customer
Complete a (fundable) business plan
Expect to invest in 20-40 promising ideas in the first 4 years
Expect fundable success ratio of 1 in 5
7. Enabling a “Virtuous Cycle”
Innovation
(Καινοτομία)
Business
Business Success Access to Capital
Know-how
(Χρηματοδότηςη)
(Επιχειρηματικό
τητα)
Odyssey Value-Added
Saturday, December 01, 2012 7