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 - http://toaberlin.com/) and hosted a workshop on the "Anatomy of an Early Stage …

On July 17th 2014 the crew of Point Nine Capital (www.pointninecap.com) took part in the Berlin Tech Open Air 2014 (TOA - http://toaberlin.com/) and hosted 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.

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  • 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