Finnvera VC Presentation

1Finnvera Venture Capital 13.3.2012

2Finnvera Venture Capital• Finnvera Plc’s venture capital arm founded in 2003• 19 people located in Helsinki, Kuopio, Oulu and Tampere • 10 managers • CEO + back office + senior advisor• Member of FVCA, EVCA and EBAN

3Fund of funds BAN InvestorExtra Seed Fund Vera Ltd

4Seed Fund Vera Ltd• Evergreen fund founded in August 2005• 113,5 MEUR under management• Current investors: Sitra, Ilmarinen, TEK, Finnvera Plc, Fennia Group• 176 investments; 134 portfolio companies (02/2012)

5Investment Policy• Investments in early stage (seed and startup) technology and technology intensive service companies • No industry limitations • Invests in Finland• Equity and convertible loans • Typical ownership in portfolio companies 15 – 25 % • Typical initial investment 200 – 300 k€; max 500k€• High priority to syndicate / co-invest with business angels and other private investors• Finnvera usually the lead investor

6Co-Investment principles• Finnvera requires a board seat, but usually e.g. a co- investing business angel is appointed to the board• Finnvera’s share of the whole investment round varies between 25 – 70%• Investments are made pari passu• Finnvera has own independent investment decision process, but co-investors are viewed as a positive factor in a deal• DD on co-investors made on a deal by deal basis

7BAN InvestorExtra• Founded in February 2008• 200+ business angels• Services • Pitching Events • Training • Extranet, document templates…

8Deal Flow to Business Angels1. from Finnvera • startups from Finnvera VC’s deal flow or portfolio; typically Finnvera co-investing • has to fit in Seed Fund Vera Ltd’s investment policy • can also include companies from Tekes NIY program2. from Vigo-accelerators • startups from Vigo-accelerators deal flow or portfolio • approved by the accelerators3. through business angel screening (“Enkeliputki”) • startups looking to raise maximum of 200.000 € • selected by screening committee of 4 business angels • www.finnvera.fi/eng/Venture-Capital- Investments/Entrepreneurs/Applying-for-an-investment-from- business-angels

9 Figures 2008 – 2011 2008 2009 2010 2011Number of Business Angels in the Network 98 132 135 179Number of Pitching Events 4 6 6 7Number of companies introduced to the angels 40 39 45 81Finnvera VC’s investments (€) 11,6 M€ 15,1 M€ 16,5 M€ 13 M€Number of business angel co-investing with Finnvera VC 36 56 144 137Amount co-invested by business angels 6,2 M€ 4,2 M€ 8,1 M€ 8,7 M€Finnvera VC’s initial investments (number) 40 29 19 17Finnvera VC’s follow-on investments (number) 31 55 63 63Co-Investments with Business Angels (% of total initial 11 20 11 12investments) (27,5%) (69%) (58%) (71%)Co-Investments with Business Angels (% of total follow- 40 40on investments) (63%) (63%)Companies applying through “Enkeliputki” 36 117Companies accepted from “Enkeliputki” 21 56

Vigo-programme – 10Public and Private Funding in Target Companies 80,00 € Cumulative funding, M€ 70,7 € 70,00 € 60,00 € 57,3 50,00 € 39,60 € 40,00 € Total private 30,00 € Total public 24,20 € Grand total 20,00 € 10,00 € 0,00 € 14 months 19 months 23 months 29 months By 30.9. 2010 By 28.2.2011 By 30.6.2011 By 31.12.2011 13 March 2012

11Portfolio companies Valkee - http://www.valkee.com ; Light relief for SAD sufferers Netcycler - http://www.netcycler.fi swapping “things” you own Digital Foodie - http://www.foodie.fm ; “What would I buy and eat today?” Senseg - http://www.senseg.fi haptic displays 13.3.2012

12Portfolio companies DealDash - http://www.dealdash.com ; penny auctions Magisso - http://www.magisso.fi ; develop and commercialize unique design products and new innovations that will help the every day life. M-Brain - http://www.m-brain.com ; business intelligence Mendor - http://www.mendor.com ; diabetes management 13.3.2012

13Portfolio companies Nervogrid - http://www.nervogrid.eu ; cloud application store Powerkiss - http://www.powerkiss.com ; wire-free crarging ZenRobotics - http://www.zenrobotics.com ; robot-based recycling system Zokem (exit 7/2011, Arbitron inc.) - http://www.zokem.com ; mobile analytics 13.3.2012

14 Thank You! keith.bonnici@finnvera.fi +358 40 179 9584www.finnvera.fi/eng/Venture-Capital-Investments 13.3.2012

Finnvera VC Presentation

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