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39 lakestar noah sf 2012

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Presentation given at NOAH Conference San Francisco on June 26 2012 www.noah-conference.com

Presentation given at NOAH Conference San Francisco on June 26 2012 www.noah-conference.com


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  • 1. Observations of Successful Ecosystems Clear Identity Center Acceleration of Scale Strong Financing Environment© Lakestar 2012 2
  • 2. 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 2012 3
  • 3. Clear Identity Center: Berlin  Highly motivated young workforce Total net moves, 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 2012 4
  • 4. 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 2012 5
  • 5. Observations of Successful Ecosystems  Clear Identity Center Acceleration of Scale Strong Financing Environment© Lakestar 2012 6
  • 6. 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 2012 7
  • 7. Acceleration of Scale: Ramping Up 2 Execution Focused Business Models “Old” Europe “Global Rollouts”  Fragmented  17 companies across shopping clubs, group buying, and shoe  Country specific (e.g. retail classifieds)  ~6 weeks go-live in 8 countries per model  Slow execution into  >$600m revenue run-rate in 2 new markets yearsSource: Lakestar internal reporting. Revenue run-rate figure approximate.© Lakestar 2012 8
  • 8. Success of Our Infrastructure Switzerland Russia Turkey India Mexico MidEast & North Africa Brazil Australia & NZ© Lakestar 2012 9
  • 9. Observations of Successful Ecosystems  Clear Identity Center  Acceleration of Scale Strong Financing Environment© Lakestar 2012 10
  • 10. Where Are We Today? USA China EuropePopulation ~ 300 m ~ 1.3 bn ~ 500 m +11 +11 +2 47 33 36# of Public 22 14 Internet 12Companies 2009 2011 2009 2011 2009 2011Source: Goldman Sachs, World Bank, WDI. All figures approximate for illustrative purposes as of 2011 year end.© Lakestar 2012 11
  • 11. Where Are We Today?Total Internet Public Market Caps 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 2012 12
  • 12. 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 2012 13
  • 13. 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 2012 14
  • 14. 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 2012 15
  • 15. Thank You
  • 16. NOAH Advisors - Europe’s Leading Internet Corporate Finance Boutique Selected Completed NOAH Transactions May 2012 April 2012 Unique Industry Know-How Core Investment Banking Competence Sale of a 100%-stake in 100% focused on Internet companies, covering  The NOAH team has 25+ years of media 150 million growth equity investment from over 25 sub-verticals in this highly complex investment banking experience industry - Routine execution of M&A and financing for a 50% stake alongside Fotolia’s Founders and to - 15+ years active coverage of leading European transactions with sizes of several billion euros Internet companies and investors  The team has been working together closely for 7 Additional $150 million senior debt financing Total $300 million investment Deep understanding of industry dynamics and years (including 6 years at Lehman Brothers) Financial Advisor to Fotolia and its Shareholders Financial Advisor to Toprural and its Shareholders thinking of industry leaders  8 successfully completed NOAH Advisors Ability to add value beyond banking advice transactions underline successful transfer of - Facilitates overall process and minimizes competencies to the Internet sector November 2011 July 2011 management distraction Sale of a majority stake in Sale of a majority stake in Unmatched Network and Relationships Full Commitment - We Are Entrepreneurs! NOAH Advisors is globally very well connected  The NOAH team are entrepreneurs and focused to to and has direct access to virtually all key players in on growing the business and establishing a Quants Financial Services AG the industry reputation for excellence Exclusive Financial Advisor to - Knowledge of and strong relationships with  Full commitment to deliver top quality results in grupfoni and its Shareholders Advisor to EnGrande potential buyers’ key decision makers short time frames - Coverage of over 500 companies and 4,000  Highly success-based compensation structures individuals align interests of clients and NOAH Advisors, and April 2011 April 2011 - Proactively finds and unlocks attractive demonstrate conviction to deliver top results Sale of a majority stake in investment opportunities for leading have acquired a majority stake in investors (e.g. Bigpoint) Annual NOAH Conference to for $350m from The NOAH Advisors Core Team Exclusive Advisor to Advisor to Yatego Summit Partners and TA Associates Marco Yoram Jan Rodzynek Wijngaarde Brandes December 2009 April 2009 Managing Director Director Director Partial sale of $80m partial sale of and Founder to toContact Details Contact Details Contact Details Valuing Softonic at €175mmarco.rodzynek@noah-advisors.com yoram.wijngaarde@noah-advisors.com jan.brandes@noah-advisors.com Advisor to Softonic Advisor to FotoliaUK Mobile: +44 77 85 330 330 UK Mobile: +44 79 17 084 784 German Mobile: +49 174 2010 984Swiss Mobile: + 41 79958 1512
  • 17. Introduction to the NOAH Conference Overview of the NOAH Conference 2011 The NOAH Conference is an annual Internet event taking place once a Summary Overview Conference Program year in London, focused on top management from Internet start-ups to global media companies as well as senior investment professionals  NOAH ‘11 took place on 9-10 November 2011 at Old NOAH’s goal is to create a marketplace for the European Internet eco- Billingsgate in London system to discuss key trends, generate business and facilitate  Fantastic line-up of 90 speakers from 20 countries in keynotes, investment transactions presentations and panels over 2 full days Over the past 3 years numerous high-profile speakers presented at  1,150 attendees from 35 countries – 57% from Internet NOAH, including over 100 CEOs companies, 26% from investors, 15% from corporates (media The NOAH Conference was founded in 2009 by Marco Rodzynek and is companies, advisors, PR and recruiting) and 2% press organised by the NOAH Advisors team with sponsorship from some of representatives from leading on- and offline publications the world’s leading financial investors  NOAH party with additional guests from London and a great live band on the evening of the first day NOAH ‘12 on 6-7 November – Save the Date  Extremely positive feedback from numerous attendees, on twitter and in the press The conference will again take place at Old Billingsgate in London Registration will open in early 2012 Selected Conference Impressions For updates, please check: www.noah-conference.com Event Sponsors Strategic Sponsors