Investment strategy- 101 on VC fund raising for lat am
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Investment strategy- 101 on VC fund raising for lat am Presentation Transcript

  • 1. BRINGING THE ENTREPRENEURIAL SPIRITO EARLY STAGE INVESTMENT IN LATIN AMERICA VANESA KOLODZIEJ | MANAGING PARTNER | @vanesak
  • 2. The Art and Science ofFundraising
  • 3. ABOUT NAZCA VENTURES •  Entrepreneurs Fund •  Santiago and Buenos Aires-based •  5 Partners, All Entrepreneurs •  LPs in Latam and US
  • 4. OUR TRACK RECORD•  Started 7 companies•  Sold 3•  Participated in 1 IPO•  2 Latam roll-outs•  Have done 10 investment•  Founded/ lead 2 main entrepreneurial NGOs in Lat am
  • 5. PROFESSIONAL INVESTORS•  Accelerators•  Angels (Individual or Groups)•  VCs
  • 6. ACCELERATOR•  Fix time, money, %, terms•  Mentoring/ Contacts•  Demo Day
  • 7. ANGELS•  Their own money•  Much time/ contacts/ industry expertise•  No structure
  • 8. VCs•  Other people money•  Contacts/ Portfolio•  Structure•  Follow on
  • 9. VC•  Asset class with the higher level of risk•  Limited Partners: write checks but do no add value•  General Partners: write checks AND add value: management
  • 10. FUND s 101•  Philosophy•  Partners•  Rounds•  Portfolio•  Investment Time
  • 11. PARTNERS•  Limited partner: add any value?•  General partners: what are their domain expertise•  Payment: Management fee 2% + carried interest 20%•  Brackets of returns
  • 12. FUND s RETURNS•  Portfolio approach: 90% will fail•  30/30/40 investment spread•  Potential for home run•  1 company would pay the whole fund
  • 13. MATERIALS•  One line•  Elevator pitch•  Teaser•  Deck•  Financials
  • 14. NO BP
  • 15. DEMO
  • 16. STAGES•  Intro•  Teaser•  Meeting•  NDA/ Financials•  Due Diligence•  Non Shop/ Offering Letter
  • 17. NVESTMENT READINESS •  Legal Entity •  Bank Account •  Shareholder Agreement •  Lawyer •  Accountant •  IP Fillings
  • 18. EQUITY INVESTMENT•  Valuation Previous to Investment•  Purchase of Newly Issued Shares•  Term Sheet, Stockholder Agreement•  Minority Protections•  Board seats
  • 19. CONVERTIBLE DEBT•  No Valuation•  Issue of Time-limited Debt•  Convertible or not in Next Round•  Cap, Interest, Discount, Expiration Date
  • 20. TS vs CN•  Takes more time•  Valuation•  More expensive•  More protections•  Bigger deals
  • 21. NEGOTIATION POINTS •  Common or preferred •  Seniority •  Interest •  Vesting •  Golden Parachute
  • 22. INVESTORS SOURCES•  Angel.co•  Thefunded.com•  Lavca.com•  Crunchbase.com•  F6S.com
  • 23. WHAT VC s LOOK FOR•  Huge markets•  Competitive advantage•  Business + Sales + Tech•  Recurrent revenues•  Economy of scale•  No capital expenditure
  • 24. OW VALUATIONS ARE DON•  Growth Potential•  Market Size•  Market “Hotness”•  Number of Competitors•  Money the company needs•  How much will needed next•  % owned by previous investors•  % wanted by new investors
  • 25. VC’s IN LATAM
  • 26. ACCELERATORS
  • 27. QUESTIONS?
  • 28. ABOUT NAZCA VENTURES •  Entrepreneurs’ Fund •  Santiago and Buenos Aires-based 5 •  Partners, All Entrepreneurs •  LPs in Latam and US •  Starting Early 2013
  • 29. OUR TRACK RECORD•  Started 7 companies•  Sold 3•  Participated in 1 IPO•  2 Latam roll-outs•  Have done 10 investment•  Founded/ lead 2 main entrepreneurial NGOs in Lat am
  • 30. HOW WE INVEST•  Technology (B2B mostly)•  No copycats•  Regional/ Global Potential•  $250-$750k Co-investment
  • 31. WORK WITH THE BESTLATAM ENTREPRENEURSWHILE CREATING VALUE FOR INVESTORS, ENTREPRENEURS AND SOCIETY
  • 32. BRINGING THE ENTREPRENEURIAL SPIRITO EARLY STAGE INVESTMENT IN LATIN AMERICA