1 - Lakestar Presentation Noah 2011

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1 - Lakestar Presentation Noah 2011

  1. 1. © Lakestar 2011 2
  2. 2. © Lakestar 2011 3
  3. 3. © Lakestar 2011 4
  4. 4. Dr. Klaus HommelsNovember 2011
  5. 5. A Sentimental Journeyof European Internet Burst of $ Billion+“American Bubble CompaniesCompanies inEurope + ISPs” TodayEuropeanInternet Titans?© Lakestar 2011 6
  6. 6. A Sentimental Journeyof European Internet Burst of $ Billion+ Bubble Companies TodaySource: Lakestar internal.© Lakestar 2011 7
  7. 7. Where Are We Today? USA China EuropePopulation ~ 300 m ~ 1.3 bn ~ 500 m +11 +11 +2 47 33 36# of Public 22 14Companies 12 2009 2011 2009 2011 2009 2011Source: Goldman Sachs, World Bank, WDI. All figures approximate for illustrative purposes as of 2011 year end.© Lakestar 2011 8
  8. 8. Where Are We Today?Total Market Cap 2011 ~ $645 bn ~ $7 bn ~ $130 bnPopulation 300 m 500 m 1.3 bnSource: Goldman Sachs, World Bank, WDI. All figures approximate for illustrative purposes as of 2011 year end.© Lakestar 2011 9
  9. 9. Does Europe Have its Internet Titans? ?© Lakestar 2011 10
  10. 10. Observations of Successful Ecosystems  Clear Identity Center  Acceleration of Scale  Strong Financing Environment© Lakestar 2011 11
  11. 11. Clear Identity Center: Berlin  Moderate cost and Average salary (USD) salary level $ 59,000 $ 38,400 London BerlinSource: Statistik Berlin Brandenburg, Berliner Zeitung, HMRC© Lakestar 2011 12
  12. 12. Clear Identity Center: Berlin  Highly motivated young workforce Total net move, 20-35 years 9,239 8,212 7,140 6,936 6,602 4,979 5,321 4,434 4,450 Q1 `09 Q2 `09 Q3 `09 Q4 `09 Q1 `10 Q2 `10 Q3 `10 Q4 `10 Q1 `11Source: Statistik Berlin Brandenburg, Berliner Zeitung, HMRC© Lakestar 2011 13
  13. 13. Clear Identity Center: Berlin  Hub for international talent  Strong attraction of nationalities from all continents Net moves of foreigners, 20-35 years 3,871 3,905 2,438 2,471 2,497 1,783 729 875 -173 Q1 `09 Q2 `09 Q3 `09 Q4 `09 Q1 `10 Q2 `10 Q3 `10 Q4 `10 Q1 `11Source: Statistik Berlin Brandenburg, Berliner Zeitung, HMRC© Lakestar 2011 14
  14. 14. Acceleration of Scale: Ramping Up 1 Technological Focused Business Models  By definition Global  IP or user-experience driven  Low staff requirements in local countries© Lakestar 2011 15
  15. 15. Acceleration of Scale: Ramping Up 2 Execution Focused Business Models Historical Europe A New Model for Europe?  Fragmented  “Global rollouts” landscape of players  Rocket Internet execution of  Local companies and CityDeal / Groupon models once International Revenue > dominated USA • e.g. directory / classifieds  Springstar execution of Shopping Clubs, Group Buying, and AirBnB global expansion© Lakestar 2011 16
  16. 16. Strong Financing Environment:Does Europe Have It?  Europe still shows room for improvement  Stark difference when comparing valuations achieved for companies based in USA vs. Europe  Environment developing, but financing metrics lag© Lakestar 2011 17
  17. 17. Strong Financing Environment:Does Europe Have It?Venture Capital per capita, approximate, 2010 $1,800 $114 $76 $10 $1 $ 0.5 Silicon Valley US Israel Europe China IndiaSource: Hoxton Ventures, Ernst & Young Global Venture Capital report, census data. Data as of 1H’2010© Lakestar 2011 18
  18. 18. Strong Financing Environment:Does Europe Have It? USA China EuropeInvested Capital $12,413 $1,336 $2,559US$mInvestment Rounds 1,346 108 535Median Round Size $4.75 $10.00 $2.94US$mIPO Capital Raised $1,569 $10,079 $600US$Source: Ernst & Young, Global venture capital insights and trends report 2010. Data for 1H’2010 except for Europe IPO Capital Raised, which is adjusted to include Betfair and Ocado approximate capital raised.© Lakestar 2011 19
  19. 19. How Does Our Group Address TheseStructural Points? 1 Technology Focused Investing  Investing in Skype, Spotify, Facebook and other early stage companies at forefront of building Internet platforms 2 Ready to Finance  Lakestar has proprietary access to invest large sums early on 3 Accelerate Scale Quickly  30,000+ square feet of offices in Berlin, Sao Paulo, and Delhi  1,000+ people housed in infrastructure  2,500+ people employed in group companies© Lakestar 2011 20
  20. 20. Success of Our Infrastructure Switzerland Russia Turkey India Mexico MidEast & North Africa Brazil Australia & NZ© Lakestar 2011 21
  21. 21. Thank You
  22. 22. © Lakestar 2011 23

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