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Mario Orasche - Eagle Ventures - Stanford - Feb 8 2010
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Mario Orasche - Eagle Ventures - Stanford - Feb 8 2010

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Talk on the state of venture capital in southeastern Europe, with a focus on the Balkans.

Talk on the state of venture capital in southeastern Europe, with a focus on the Balkans.

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Mario Orasche - Eagle Ventures - Stanford - Feb 8 2010 Mario Orasche - Eagle Ventures - Stanford - Feb 8 2010 Presentation Transcript

  • Venture Capital in Central and Southeast Europe
    Mario Orasche
    Managing Partner & Founder, Eagle Ventures
    European Entrepreneurship and Innovation Thought Leaders,
    Stanford Engineering
    February 8, 2010
  • History of the RegionA brief review of about 16 centuries
    Honey and blood over centuries in the Balkans
    Bal = Honey
    Kan = Blood
    Byzantine Empire or Eastern Roman Empire (330-1453)
    A pan-regional symbol: the double-headed eagle
    Sarajevo, Bosnia 1914:
    Assassination triggers WW I.
    As of 19th Century
    The Austrian / Austro-Hungarian Empire is prevailing until WW I.
  • Central and Southeast Europe (‘CSE’) TodayIt remains complicated
    Wars, pain and suffering prevail throughout the 20th century
    Kingdom of Yugoslavia or Serbs, Croats and Slovenes (1918-1941)
    EU Enlargement Process (Today)
    US, UN, NATO, EU Peacekeeping forces inBosnia and Herzegovina (1995-2010)Kosovo (1999-2010)
    Yugoslav Wars and NATO bombing of Bosnia (1991-2001)
    View slide
  • Emerging VC Landscape
    High potential region, weak innovation ecosystem
    CSE vs. CA
    Huge untapped investment opportunity
    Hungary: Pharma / Biotech
    Slovenia:
    RF technology
    Romania:
    IT, Pharma
    Croatia: Chemistry, Telecom
    Bulgaria: Electronics,
    Semiconductors
    Bosnia: Energy Generation,
    Automotive
    Serbia:
    Computer Engineering, Programming
    Macedonia:ICT Outsourcing
    Montenegro: Energy Generation
    * CSE in terms of Eagle Ventures’ focus region: BG, BIH, HR, HU, MK, MNE, RO, SLO, SRB
    ** Eagle Ventures is the first multinational tech VC dedicated to CSE
    Page4
    View slide
  • Major Changes Over Last Decade
    Environment NOW ready forVC investments
    ©
    The CSE landscape has improved markedly for technology firms over the last several years
    Other factors include:
    • Surge in purchasing power
    • Managerial skill sets
    • Technology centers / parks
    • M&A gaining traction
  • ICT Indicators
    Recent significant improvements
    Strong and still growing ICT access indicators
    * CSE in terms of Eagle Ventures’ focus region: BG, BIH, HR, HU, MK, MNE, RO, SLO, SRB
    • Household Internet penetration soared 4.6 times within 5 years (now close to 40%)
    • Mobile phone penetration grew about 3 times to > 100%
  • Investment Activity
    VC barely existent
    Funds raised in 2008: €2.5 Bn (VC&PE)
    Vast majority still into PE, although number of VC deals augments
    €0.2Bn
    vs. $28.6Bn, USA
    Source: NVCA
    Source: EVCA, 2008 (comprises entire Eastern Europe)
    12 deals
    CA:
    - 1,137 VC Deals
    • $8.9 Bn
    Source: NVCA, 2009
    43
    46
    Source: EVCA, 2008 (comprises entire Eastern Europe)
  • Sectors
    Eastern Europe vs. Silicon Valley
    Besides Life Sciences, other high-tech sectors still lag behind in Eastern Europe
    Source: EVCA, 2008 (includes PE investments)
    Source: NVCA 2009, PWC Moneytree Report (VC only)
  • LP Landscape
    Not too different from the US
    Limited investor landscape for emerging VCs
    (€2.5 Bn, includes PE)
    Source: EVCA, 2008
    • Top LPs are FoFs, Pension Funds and Other Sources
    • Endowments and Foundations are of significantly higher importance in the US
  • Introduction to Eagle Ventures A Novel Approach
    Unique investment focus and strategy generates high return potential
    TRIPLE FOCUS
    2
    1
    3
    CSE Region
    • Tier 1: Former Yugoslavia(Bosnia, Croatia, Macedonia, Montenegro, Serbia and Slovenia)
    • Tier 2: Bulgaria, Hungary and Romania
    • Selectively anywhere if there is a clear CSE connection
    Technology Sectors
    • Digital Media
    • Software & IT
    • Electronics
    • Greentech
    Early Stage
    • Primarily A and B investment rounds
    • Selectively, seed or late-stage venture
    • Co-investments with value adding VCs and co-investors
    • Started with €10 Mn cornerstone commitment, Abanka, Slovenia
    • Made first investment in leading-edge live video streaming platform
    • Continue fundraising in Europe and US, Fund target size €40-65 Mn ($100 Mn cap)
  • Management TeamStrong VC, entrepreneurial and tech background
    Tech Exit Value, $1.5 Bn
    Profound local knowledge and sound tech VC track record
    Tech Investment Value, $200 Mn
    Mario Orasche,
    Ljubljana, Slovenia
    Entrepreneurial Experience
    George Sarcevich,
    Belgrade, Serbia
    Corporate Experience
    Ivan Vrdoljak,Zagreb, Croatia
  • Eagle Ventures
    West Coast approach – unique in CSE
    Supervisory Board
    Bostjan Heric
    Tone Pekolj
    Christian Schopper
    Venture AdvisorsAdvice on Investment / Divestment Decisions
    FUNDNew Europe Tech I
    Modeled after West Coast VC organizationsto leverage knowledge and execution
    Fund Management Company
    Alon Adler
    Alan Barrell
    Peter Globokar
    Mario Orasche
    George Sarcevich
    IvanVrdoljak
    Nino Marakovic
    Peter Zaboji
    Managing Partner, SRB
    Managing Partner, HR
    Managing Partner, SLO
    Investment Manager II
    TBA
    Vladimir Delic
    Damjan
    Lampret
    Portfolio Companies
    Analyst, SRB
    Tech Expert, SLO
    Analyst, HR+SRB
    2
    3
    4
    5-15
    1
    Crucial Venture Capital Skill Sets
    Venture Capital + Technology + Finance + Operations
    Venture PartnersHands-on Management Support to Portfolio
    Zdenek Bilek
    Karl Heinz Messer
    Dragan Pleskonjic
    DamirSabol
    Peter Szlavik
    Domen Verdnik
  • First Portfolio Company
    Leading global player in real time video streaming
    • HQ Bay Area, top engineering team in Slovenia, Founded in 2008
    • Revenues $1 Mn
    • Headcount 20
    • Strategic partnership with Alcatel-Lucent
    • Customers:
    • Preparing financing round with Silicon Valley investors
    Offers a unique 2-way (up and down), 3-screen (mobile, web and broadcast) live video streaming platform
    www.livecliq.net
  • Contact
    Thanks 
    Mario Orasche
    Managing Partner, Founder
    EAGLE VENTURES
    mario@eaglevc.com
    www.eaglevc.com