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.

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

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  • 1. Show  Me  the  Money   TechMeetups   19th  November  2013   Cass  Business  School   Ma?  Rothman,  Managing  Partner  
  • 2. Overview   •  •  •  •  •  •  Hemisphere   Funding  strategy   Investor  selecIon   PresentaIon   Terms   Timetable   2  
  • 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. •  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. 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. 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. 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. •  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.   Terms   •  ValuaIon   •  Series/round   •  Lead  &  followers   •  SyndicaIon   •  ConverIble  debt   •  Warrants/opIons   •  Founders  shares   9  
  • 10. Timetable   •  90  days   •  Due  diligence   –  Cap  table   –  Customer  contracts   –  Employees   •  Legals   •  Closing   •  Next  round  –  valuaIon  appreciaIon   10  
  • 11. Ma?  Rothman,  managing  partner   ma?@hemispherecapital.com     11