Anatomy of an Early Stage VC - Berlin Tech Open Air 2014 Satellite Event by Point Nine Capital

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On July 17th 2014 the crew of Point Nine Capital (www.pointninecap.com) took part in the Berlin Tech Open Air 2014 (TOA) and held a workshop on the "Anatomy of an Early Stage VC" at Point Nine's office in Berlin-Mitte. This is the related presentation held by Nicolas Wittenborn and Mathias Ockenfels. Please also see here: http://de.slideshare.net/PointNineCap/toa-satellite-1-37283121

Technologie

Anatomy of an Early Stage VC
Mathias Ockenfels & Nicolas Wittenborn
TOA Satellite July 17, 2014

Don’t know Point Nine?
Maybe you know some of our investments:
@PointNineCap

Point Nine Capital
Founded in Berlin 2011
Investing €100k-1M from €40M Fund
In Europe & North America
@PointNineCap

Oslo
Portfolio (exc.)
Vancouver
Washington
D.C
Auckland
WarsawEdmonton
New York
Berlin
Barcelona
Paris
Riga
San Francisco
Las Vegas
Krakow

Investment Focus
Other

19%
Marketplaces

15%
SaaS

65%
We <3 SaaS
@PointNineCap

Financing Landscape (EU)
Seed Series A Series B
€100k
Business
Angels
€500k
€1-5M
€5M+
F&F
Crowdfunding
Caveat: Drastically simpliﬁed. Expect blurry lines, pixelated logos & a changing landscape.
GrantsAccelerators
@PointNineCap

We see a lot of companies
Q1 2014
= 3,000 Startups / Year
@PointNineCap

The VC Process
Startup
First Contact
Evaluation
Due Diligence
Deal Memo Term Sheet Legal DD
Deal
ColdNetwork Outgoing
( )
Agree on terms
Ready to invest
Get lawyers involvedDecide internally
3,000
10

Homerun

1
Make money

2
Money back

2
Lose money

5
VCs are wrong often
in 10 investments

Fund Math
Fund Size

Goal

Exit Proceeds

Avg. Ownership

Exit req.

!
Investments

!
Unicorn (1B+)

Pony (100M+)

Foal (10M+)

!
€40M
3x+ Cash on Cash
€120M+
10-15%
€800M-1.2B
!
30-40
!
1-2
10+
100+
!
Fund maker potential
3-5%
25-30%
250%+

The VC Business Model
LPs & GPs
Cash & Carry
Fund Lifecycle
@PointNineCap

Some good resources - Blogs
www.avc.com
www.bothsidesofthetable.com
www.feld.com
And of course heyni.co :)
@PointNineCap

Some good resources - Books
VCs at Work (Shah)
Venture Deals (Feld & Mendelson)
Delivering Happiness (Hsieh)
@PointNineCap

Some good resources - Other
Quora (Q&A)
This Week in Startups (podcast)
Something Ventured (movie)
@PointNineCap

Thanks!
Get in touch:
mathias@pointninecap.com
nicolas@pointninecap.com
@PointNineCap

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Anatomy of an Early Stage VC - Berlin Tech Open Air 2014 Satellite Event by Point Nine Capital

1. Anatomy of an Early Stage VC Mathias Ockenfels & Nicolas Wittenborn TOA Satellite July 17, 2014

2. Don’t know Point Nine? Maybe you know some of our investments: @PointNineCap

3. Point Nine Capital Founded in Berlin 2011 Investing €100k-1M from €40M Fund In Europe & North America @PointNineCap

4. Oslo Portfolio (exc.) Vancouver Washington D.C Auckland WarsawEdmonton New York Berlin Barcelona Paris Riga San Francisco Las Vegas Krakow

5. Investment Focus Other 19% Marketplaces 15% SaaS 65% We <3 SaaS @PointNineCap

6. Financing Landscape (EU) Seed Series A Series B €100k Business Angels €500k €1-5M €5M+ F&F Crowdfunding Caveat: Drastically simpliﬁed. Expect blurry lines, pixelated logos & a changing landscape. GrantsAccelerators @PointNineCap

7. We see a lot of companies Q1 2014 = 3,000 Startups / Year @PointNineCap

8. The VC Process Startup First Contact Evaluation Due Diligence Deal Memo Term Sheet Legal DD Deal ColdNetwork Outgoing ( ) Agree on terms Ready to invest Get lawyers involvedDecide internally 3,000 10

9. selective? @PointNineCap

10. Homerun 1 Make money 2 Money back 2 Lose money 5 VCs are wrong often in 10 investments

11. Fund Math Fund Size Goal Exit Proceeds Avg. Ownership Exit req. ! Investments ! Unicorn (1B+) Pony (100M+) Foal (10M+) ! €40M 3x+ Cash on Cash €120M+ 10-15% €800M-1.2B ! 30-40 ! 1-2 10+ 100+ ! Fund maker potential 3-5% 25-30% 250%+

12. The VC Business Model LPs & GPs Cash & Carry Fund Lifecycle @PointNineCap

13. Fund Drivers @PointNineCap Censored

14. That’s all for today! @PointNineCap

15. Some good resources - Blogs www.avc.com www.bothsidesofthetable.com www.feld.com And of course heyni.co :) @PointNineCap

16. Some good resources - Books VCs at Work (Shah) Venture Deals (Feld & Mendelson) Delivering Happiness (Hsieh) @PointNineCap

17. Some good resources - Other Quora (Q&A) This Week in Startups (podcast) Something Ventured (movie) @PointNineCap

18. Q&A

19. Thanks! Get in touch: mathias@pointninecap.com nicolas@pointninecap.com @PointNineCap