Anatomy of an Early Stage VC
Mathias Ockenfels & Nicolas Wittenborn
TOA Satellite 	 	 	 	 	 	 	 	 	 	 	 	 July 17, 2014
Don’t know Point Nine?
Maybe you know some of our investments:
@PointNineCap
Point Nine Capital
Founded in Berlin 2011
Investing €100k-1M from €40M Fund
In Europe & North America
@PointNineCap
Oslo
Portfolio (exc.)
Vancouver
Washington
D.C
Auckland
WarsawEdmonton
New York
Berlin
Barcelona
Paris
Riga
San Francisco
...
Investment Focus
Other

19%
Marketplaces

15%
SaaS

65%
We <3 SaaS
@PointNineCap
Financing Landscape (EU)
Seed Series A Series B
€100k
Business
Angels
€500k
€1-5M
€5M+
F&F
Crowdfunding
Caveat: Drasticall...
We see a lot of companies
Q1 2014
= 3,000 Startups / Year
@PointNineCap
The VC Process
Startup
First Contact
Evaluation
Due Diligence
Deal Memo Term Sheet Legal DD
Deal
ColdNetwork Outgoing
( )
...
selective?
@PointNineCap
Homerun

1
Make money

2
Money back

2
Lose money

5
VCs are wrong often
in 10 investments
Fund Math
Fund Size

Goal

Exit Proceeds

Avg. Ownership

Exit req. 

!
Investments

!
Unicorn (1B+)

Pony (100M+)	 

Foal...
The VC Business Model
LPs & GPs
Cash & Carry
Fund Lifecycle
@PointNineCap
Fund Drivers
@PointNineCap
Censored
That’s all for today!
@PointNineCap
Some good resources - Blogs
www.avc.com
www.bothsidesofthetable.com
www.feld.com
And of course heyni.co :)
@PointNineCap
Some good resources - Books
VCs at Work (Shah)
Venture Deals (Feld & Mendelson)
Delivering Happiness (Hsieh)
@PointNineCap
Some good resources - Other
Quora (Q&A)
This Week in Startups (podcast)
Something Ventured (movie)
@PointNineCap
Q&A
Thanks!
Get in touch:
mathias@pointninecap.com
nicolas@pointninecap.com
@PointNineCap
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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) and held 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.

Please also see here: http://de.slideshare.net/PointNineCap/toa-satellite-1-37283121

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Anatomy of an Early Stage VC - Berlin Tech Open Air 2014 Satellite Event by Point Nine Capital

  1. 1. Anatomy of an Early Stage VC Mathias Ockenfels & Nicolas Wittenborn TOA Satellite July 17, 2014
  2. 2. Don’t know Point Nine? Maybe you know some of our investments: @PointNineCap
  3. 3. Point Nine Capital Founded in Berlin 2011 Investing €100k-1M from €40M Fund In Europe & North America @PointNineCap
  4. 4. Oslo Portfolio (exc.) Vancouver Washington D.C Auckland WarsawEdmonton New York Berlin Barcelona Paris Riga San Francisco Las Vegas Krakow
  5. 5. Investment Focus Other 19% Marketplaces 15% SaaS 65% We <3 SaaS @PointNineCap
  6. 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. 7. We see a lot of companies Q1 2014 = 3,000 Startups / Year @PointNineCap
  8. 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. 9. selective? @PointNineCap
  10. 10. Homerun 1 Make money 2 Money back 2 Lose money 5 VCs are wrong often in 10 investments
  11. 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. 12. The VC Business Model LPs & GPs Cash & Carry Fund Lifecycle @PointNineCap
  13. 13. Fund Drivers @PointNineCap Censored
  14. 14. That’s all for today! @PointNineCap
  15. 15. Some good resources - Blogs www.avc.com www.bothsidesofthetable.com www.feld.com And of course heyni.co :) @PointNineCap
  16. 16. Some good resources - Books VCs at Work (Shah) Venture Deals (Feld & Mendelson) Delivering Happiness (Hsieh) @PointNineCap
  17. 17. Some good resources - Other Quora (Q&A) This Week in Startups (podcast) Something Ventured (movie) @PointNineCap
  18. 18. Q&A
  19. 19. Thanks! Get in touch: mathias@pointninecap.com nicolas@pointninecap.com @PointNineCap

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