Show	
  Me	
  the	
  Money	
  
TechMeetups	
  
19th	
  November	
  2013	
  
Cass	
  Business	
  School	
  

Ma?	
  Rothman...
Overview	
  
• 
• 
• 
• 
• 
• 

Hemisphere	
  
Funding	
  strategy	
  
Investor	
  selecIon	
  
PresentaIon	
  
Terms	
  
...
• 
• 
• 
• 
• 
• 

Investment	
  and	
  advisory	
  
Focus	
  on	
  plaJorms	
  
Growth	
  stage	
  
InternaIonal	
  expan...
•  Funding	
  strategy	
  is	
  as	
  important	
  as	
  product	
  or	
  
markeIng	
  strategy	
  
–  Rule	
  of	
  the	
...
Select	
  investors	
  

–  Stage,	
  HNW,	
  strategic	
  
–  With	
  industry	
  or	
  sector	
  knowledge	
  
–  Round	...
Presenta4on	
  
–  Focus	
  on	
  a	
  single	
  business	
  line	
  
–  Address	
  business	
  objecIons	
  upfront	
  
•...
Presenta4on	
  content	
  
•  Opportunity	
  size:	
  TAM,	
  pipeline	
  
–  Customers/users:	
  how	
  many,	
  how	
  l...
•  Product	
  pipeline	
  
–  Where	
  is	
  it	
  now?	
  Milestones	
  

•  Team	
  
–  ExecuIon,	
  experience,	
  hole...
 
Terms	
  
•  ValuaIon	
  
•  Series/round	
  
•  Lead	
  &	
  followers	
  
•  SyndicaIon	
  
•  ConverIble	
  debt	
  
...
Timetable	
  
•  90	
  days	
  
•  Due	
  diligence	
  
–  Cap	
  table	
  
–  Customer	
  contracts	
  
–  Employees	
  
...
Ma?	
  Rothman,	
  managing	
  partner	
  
ma?@hemispherecapital.com	
  
	
  

11	
  
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Show me the money -- Raising Venture Capital in the UK

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A primer in how to raise venture capital in the UK from Hemisphere Capital.

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Show me the money -- Raising Venture Capital in the UK

  1. 1. Show  Me  the  Money   TechMeetups   19th  November  2013   Cass  Business  School   Ma?  Rothman,  Managing  Partner  
  2. 2. Overview   •  •  •  •  •  •  Hemisphere   Funding  strategy   Investor  selecIon   PresentaIon   Terms   Timetable   2  
  3. 3. •  •  •  •  •  •  Investment  and  advisory   Focus  on  plaJorms   Growth  stage   InternaIonal  expansion   PorJolio  of  six  companies   Raised  capital  in  San  Francisco  &  London  over   the  past  13  years.     3  
  4. 4. •  Funding  strategy  is  as  important  as  product  or   markeIng  strategy   –  Rule  of  the  Raise   •  Raise  more  than  you  think  you  need   •  Raise  it  when  you  don’t  need  it     •  Raise  it  from  people  who  bring  more  than  money   4  
  5. 5. Select  investors   –  Stage,  HNW,  strategic   –  With  industry  or  sector  knowledge   –  Round  ‘sweet  spot’   –  A  network  of  customers  and  execuIves   –  Experience  as  entrepreneurs   –  Investment  track  record   –  Geography     •  Follow-­‐on:   –  ParIcipate  in  the  next  round     •  Advisors  &  Governance   5  
  6. 6. Presenta4on   –  Focus  on  a  single  business  line   –  Address  business  objecIons  upfront   •  Revenues,  markeIng,  opportunity  size   –  Show  don’t  tell   –  Pitch  by  analogy:  examples  that  amplify/validate   –  Concept  vs  Data  driven  (vision  vs  numbers)   6  
  7. 7. Presenta4on  content   •  Opportunity  size:  TAM,  pipeline   –  Customers/users:  how  many,  how  long?  quotes   •  •  •  •  GTM   Risks   CompeIIve  landscape:  idenIfy  USP   Metrics:  measure  success   –  Users,  partners,  growth,  revenues,  profits   7  
  8. 8. •  Product  pipeline   –  Where  is  it  now?  Milestones   •  Team   –  ExecuIon,  experience,  holes   •  Financials   –  Reasonable  assumpIons   –  Comparables       •  Use  of  Funds   •  Recap  the  focus,  forecast  and  funding     8  
  9. 9.   Terms   •  ValuaIon   •  Series/round   •  Lead  &  followers   •  SyndicaIon   •  ConverIble  debt   •  Warrants/opIons   •  Founders  shares   9  
  10. 10. Timetable   •  90  days   •  Due  diligence   –  Cap  table   –  Customer  contracts   –  Employees   •  Legals   •  Closing   •  Next  round  –  valuaIon  appreciaIon   10  
  11. 11. Ma?  Rothman,  managing  partner   ma?@hemispherecapital.com     11  
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