Cc event 130410_esprit
Upcoming SlideShare
Loading in...5
×
 

Cc event 130410_esprit

on

  • 666 views

 

Statistics

Views

Total Views
666
Views on SlideShare
662
Embed Views
4

Actions

Likes
0
Downloads
6
Comments
0

1 Embed 4

http://www.slideshare.net 4

Accessibility

Categories

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    Cc event 130410_esprit Cc event 130410_esprit Presentation Transcript

    • Product Development & Venture Fund Raising April2010
    • Contents 1. Encore Ventures & DFJ Esprit 2. General themes investors look for irrespective of stage 3. Venture funding stages vs. Product development stages 4. Case study 2
    • Who we are Encore Ventures - dedicated secondary vehicle under DFJ Esprit’s umbrella Encore Fund 1 - £130m purchase of 3i’s European venture portfolio Krishna Visvanathan - Partner DFJ Esprit – leading technology focused European VC 11 years as Venture Capital Three funds, with >£350m under management investor. Recently closed our new fund and actively seeking new Previously a partner at 3i investment opportunities responsible for several successful investments including Ezurio, Blue Encore & DFJ Esprit part of DFJ Global Network Lithium, Ubinetics, E2V plc & Fastnet Systems Two brands to cater to the requirements of our investors Currently on the boards of In essence - 12 highly experienced venture investors with Cambridge Semiconductor, Icera, Light Blue Optics, Netronome, >150 years of combined investing experience across all Taptu & The Cloud stages Strategic partner of CCL’s with respect to their spin out activity 3
    • The DFJ network in action LOCAL PRESENCE, GLOBAL REACH ESPRIT RECENT EXITS DFJ Esprit London, UK Holding Cash EBIT@ Revenue DFJ VTB Aurora Company Revenue Exit EV Period Multiple Moscow, Russia Exit Multiple DFJ Hyderabad, India (Yrs) Returned Bengalore, India DFJ Tamir Flashman Tel-Aviv, Israel DFJ Athena $29.8m Negative $225.0m 7.6x 3.0 5.3x Seoul, South Korea DFJ DFJ DragonFund China Beijing, China Shanghai, China Beijing, China $46.0m Breakeven $125.0m 2.7x 1.6 4.8x $10.6m Negative $123.0m 11.6x 3.6 3.1x DFJ Frontier $0.1m Negative $62.2m 1,555x 4.0 3.1x Sacramento, CA Santa Barbara, CA Draper Triangle Draper Fisher Jurvetson Pittsburgh, PA Menlo Park, CA DFJ Gotham $27.6m Negative $100.0m 3.6x 4.6 10.4x DFJ Growth Fund & DFJ Incube New York Menlo Park, CA Element Partners Element Partners Radnor, PA Menlo Park, CA Draper Triangle Pittsburgh, PA $10.8m Negative $36.9m 3.4x 1.5 1.9x DFJ Dragonfund China San Jose, CA EPIC Ventures Salt Lake city, UT Zone Ventures Phoenix, AZ Los Angeles, CA Albuquerque, NM $7.6m Negative $41.5m 5.5x 2.4 2.3x Access Venture Partners Denver, CO & Austin, TX DFJ Mercury Houston, TX $40.0m Negative $40.0m 1.0x 4.3 1.2x DFJ FIR Brazil Fund $0.5m Negative $35.0m 76.1x 9.0 1.1x Sao Paulo, Brazil Median $10.8m - $62.2m 5.5x 3.6 3.1x Average $19.2m - $87.6m 185.2x 3.8 3.7x 4
    • Encore I Portfolio Overview Digital Media & Hardware & NextGen Telecom Healthcare & Software CleanTech Internet Semis & Wireless Biosciences Current Investments Pulmagen Therapeutics Exits 5
    • Contents 1. Encore Ventures & DFJ Esprit 2. General themes investors look for irrespective of stage 3. Venture funding stages vs. Product development stages 4. Case study 6
    • General Themes Investors Look For Irrespective of Stage  There is no generic template for success – huge variations by company/segments e.g. web vs. software vs. hardware vs. biotech/medtech  There are always exceptions  Successful companies/investments share many similar characteristics  People, people, people - the team we are backing is always key:- – Vision, ambition, conviction, hunger  Product meets a need, TAM is sizeable - not a technology looking for a market  Routes to market  Competitive landscape  Business/Revenue model  Scalability – people, product and business model  Understanding of what it takes to create a winning product and a winning company 7
    • Contents 1. Encore Ventures & DFJ Esprit 2. General themes investors look for irrespective of stage 3. Venture funding stages vs. Product development stages 4. Case study 8
    • Venture Capital Funding Stages mapped to Product Development Stages Funding Stage Product Stage Key Questions  Pre-seed/Seed  Concept/ Proof of  Illustrates the vision of the founder(s) Concept (α)  Value proposition – is it credible ? Just a better mouse trap or something truly novel? Visualisation appeals to emotive aspects of an investor 9
    • Venture Capital Funding Stages mapped to Product Development Stages Funding Stage Product Stage Key Questions  Series A  Prototype/  Does it work? demonstrator (β)  Is it really better than state of the art?  Can it be “production-ised”? Is it defensible – IP/know how? Customer feedback loop? 10
    • Venture Capital Funding Stages mapped to Product Development Stages Funding Stage Product Stage Key Questions  Series B  Production ready  Form, fit, function (FCS/GA)  Differentiation/Competitive benchmarking  ASPs & BoM costs 11
    • Venture Capital Funding Stages mapped to Product Development Stages Funding Stage Product Stage Key Questions  Series C  Mass production  Scalability & profitability & beyond  Product Variants  Value potential & metrics  Roadmap  Sustainability vs. One trick pony 12
    • Venture Capital Funding Stages mapped to Product Development Stages Funding Stage Product Stage Key Questions  Pre-seed/Seed  Concept/ Proof of  Illustrates the vision of the founder(s)? Concept (α)  Value proposition – is it credible?  Just a better mouse trap or something truly novel?  Visualisation appeals to emotive aspects of an investor  Series A  Prototype/  Does it work? demonstrator (β)  Is it really better?  Can it be “production-ised”?  Is it defensible – IP/knowhow? Customer feedback loop  Series B  Production ready  Form, fit, function (FCS/GA)  Differentiation/Competitive benchmarking  ASPs & BoM costs?  Series C  Mass production;  Scalability & profitability & beyond product variants Value potential & metrics  Roadmap  Sustainability 13
    • Contents 1. Encore Ventures & DFJ Esprit 2. General themes investors look for irrespective of stage 3. Venture funding stages vs. Product development stages 4. Case study 14
    • 14 Buckingham Gate London SW1E 6LB United Kingdom