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Road to the UK 
Different Ecosystems and Investment Scenes? 
Stephan von Perger – @vonperger – vonPerger@wellington-partners.com
Road to the UK 
Different Ecosystems and Investment Scenes? 
introducing Wellington Partners 
non obvious facts: SFO <> London <> Berlin 
practical tips for entrepreneurs
My journey from Augsburg to London
Wellington Partners 
European early-stage VC that will help you scale globally
Road to the UK 
Different Ecosystems and Investment Scenes? 
introducing Wellington Partners 
non obvious facts: SFO <> London <> Berlin 
practical tips for entrepreneurs
Entrepreneurs in the Valley are different vs Europeans…
Entrepreneurs in Berlin and London are very similar to their 
peers in Silicon Valley 
Silicon 
Valley Berlin London 
Age 
34.12 
31.86 
35.98 
Gender (F/ M) 
10% / 90% 
3% / 97% 
9% / 91% 
Education (dropout vs. master + PhD) 
1 : 2.5 
1 : 6 
1 : 3 
Serial Entrepreneur 
56% 
40% 
42% 
Non-technical founding teams 
16% 
17% 
15% 
Working hours per day 
9.95 
9.18 
9.78 
Percentage of founders who lived in Silicon Valley 
100% 
7% 
25% 
Motivation (product vs. impact) 
1 : 1 
1.6 : 1 
1.3 : 1 
Customer (B2B vs. B2C) 
2 : 1 
1.5 : 1 
1.8 : 1 
Market (new vs. niche) 
4 : 1 
1.8 : 1 
3 : 1 
Source: StartupGenome 2012
There is a lot of venture capital in Berlin & London…
There is a significantly lower number of experienced Venture 
Funds in Europe vs the United States 
VC funds by number of funds raised as of 2011# 
# 
334 
202 
132 
USA 
Western Europe 
94 
73 
5865 
28 
8 
4 
400 
350 
300 
250 
200 
150 
100 
50 
0 
>=2 
>=3 
>=4 
>=5 
>=6 
Source: DowJones VentureSource
Everything is more expensive in London vs Berlin…
Software developers are paid similarly in London & Berlin but 
well below the United States 
Median annual salary for software engineers # 
USD 
Source: Glassdoor 
90 
63 63 
100 
80 
60 
40 
20 
0 
San Francisco 
Berlin 
London
Exits in Europe are much smaller than in the United States…
Median M&A valuations in Europe have improved and 
overtaken those in the United States in 2013 
Median M&A valuation# 
USD m 
37.8 
USA 
Europe 
60.0 
60.0 
57.5 
23.0 
40.5 
26.7 
63.8 
70 
60 
50 
40 
30 
20 
10 
0 
2010 
2011 
2012 
2013 
Source: DowJones VentureSource, 2014
Road to the UK 
Different Ecosystems and Investment Scenes? 
introducing Wellington Partners 
non obvious facts: SFO <> London <> Berlin 
practical tips for entrepreneurs
What to consider when planning the move to London 
§ Location 
‒ Area / Type of office 
‒ East London / Kings Cross / Clerkenwell / Soho / Notting Hill / 
Southbank / Canary Wharf 
‒ Co-working spaces / sublets / end-of-lease 
‒ campuslondon.com, techhub.com, thebakerylondon.com, 
centralworking.com, innovationwarehouse.org, spaciousapp.com 
‒ White Bear Yard (Passion Capital), Warner Yard (Playfair Capital & 
Techstars), Rainmaking Loft (EC1 Capital, StartupBootcamp)
What to consider when planning the move to London 
§ Team 
‒ Hiring / Contracts / ESOP / Events 
‒ SiliconMilkroundabout.com 
‒ workinstartups.com, movemeon.com, escapethecity.org, 
stackoverflow.com 
‒ EMI (ESOP) www.taylorwessing.com/twtechfocus/options3.php 
‒ startupdigest.com, 3-beards.com
What to consider when planning the move to London 
§ Fundraising 
‒ Tax relief / Investors / Accelerators 
‒ SEIS / EIS www.crowdcube.com/pg/eis-seis-tax-relief-overview-43 
‒ Accel Partners, Atomico Ventures, Balderton Capital, Connect 
Ventures, Dawn Capital, DN Capital, DFJ Esprit, EC1 Capital, 
Episode1, Forward Partners, Google Ventures, Hoxton Ventures, 
Index Ventures, MMC Ventures, Notion Capital, Octopus Ventures, 
Passion Capital, Piton Capital, PlayFair Capital, ProFounders 
Capital, Wellington Partners, White Star Capital 
‒ Microsoft Accelerator, Seedcamp, StartupBootcamp, Techstars, 
Wayra
General tips when 
reaching out to VCs 
§ Team 
‒ get reference from someone in 
our portfolio 
‒ put team competencies into 
pitch deck to show you are 
structured problem solvers 
§ Product & market 
‒ describe product in simple terms 
early on in presentation 
‒ be realistic when estimating 
future revenues 
§ Traction 
‒ explain how you got the first 
users/clients 
‒ show improvement on metrics 
over time
Thank you! 
@vonperger 
Stephan von Perger – vonPerger@wellington-partners.com

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"Road to the UK" presentation - Berlin, October 2014

  • 1. Road to the UK Different Ecosystems and Investment Scenes? Stephan von Perger – @vonperger – vonPerger@wellington-partners.com
  • 2. Road to the UK Different Ecosystems and Investment Scenes? introducing Wellington Partners non obvious facts: SFO <> London <> Berlin practical tips for entrepreneurs
  • 3. My journey from Augsburg to London
  • 4. Wellington Partners European early-stage VC that will help you scale globally
  • 5. Road to the UK Different Ecosystems and Investment Scenes? introducing Wellington Partners non obvious facts: SFO <> London <> Berlin practical tips for entrepreneurs
  • 6. Entrepreneurs in the Valley are different vs Europeans…
  • 7. Entrepreneurs in Berlin and London are very similar to their peers in Silicon Valley Silicon Valley Berlin London Age 34.12 31.86 35.98 Gender (F/ M) 10% / 90% 3% / 97% 9% / 91% Education (dropout vs. master + PhD) 1 : 2.5 1 : 6 1 : 3 Serial Entrepreneur 56% 40% 42% Non-technical founding teams 16% 17% 15% Working hours per day 9.95 9.18 9.78 Percentage of founders who lived in Silicon Valley 100% 7% 25% Motivation (product vs. impact) 1 : 1 1.6 : 1 1.3 : 1 Customer (B2B vs. B2C) 2 : 1 1.5 : 1 1.8 : 1 Market (new vs. niche) 4 : 1 1.8 : 1 3 : 1 Source: StartupGenome 2012
  • 8. There is a lot of venture capital in Berlin & London…
  • 9. There is a significantly lower number of experienced Venture Funds in Europe vs the United States VC funds by number of funds raised as of 2011# # 334 202 132 USA Western Europe 94 73 5865 28 8 4 400 350 300 250 200 150 100 50 0 >=2 >=3 >=4 >=5 >=6 Source: DowJones VentureSource
  • 10. Everything is more expensive in London vs Berlin…
  • 11. Software developers are paid similarly in London & Berlin but well below the United States Median annual salary for software engineers # USD Source: Glassdoor 90 63 63 100 80 60 40 20 0 San Francisco Berlin London
  • 12. Exits in Europe are much smaller than in the United States…
  • 13. Median M&A valuations in Europe have improved and overtaken those in the United States in 2013 Median M&A valuation# USD m 37.8 USA Europe 60.0 60.0 57.5 23.0 40.5 26.7 63.8 70 60 50 40 30 20 10 0 2010 2011 2012 2013 Source: DowJones VentureSource, 2014
  • 14. Road to the UK Different Ecosystems and Investment Scenes? introducing Wellington Partners non obvious facts: SFO <> London <> Berlin practical tips for entrepreneurs
  • 15. What to consider when planning the move to London § Location ‒ Area / Type of office ‒ East London / Kings Cross / Clerkenwell / Soho / Notting Hill / Southbank / Canary Wharf ‒ Co-working spaces / sublets / end-of-lease ‒ campuslondon.com, techhub.com, thebakerylondon.com, centralworking.com, innovationwarehouse.org, spaciousapp.com ‒ White Bear Yard (Passion Capital), Warner Yard (Playfair Capital & Techstars), Rainmaking Loft (EC1 Capital, StartupBootcamp)
  • 16. What to consider when planning the move to London § Team ‒ Hiring / Contracts / ESOP / Events ‒ SiliconMilkroundabout.com ‒ workinstartups.com, movemeon.com, escapethecity.org, stackoverflow.com ‒ EMI (ESOP) www.taylorwessing.com/twtechfocus/options3.php ‒ startupdigest.com, 3-beards.com
  • 17. What to consider when planning the move to London § Fundraising ‒ Tax relief / Investors / Accelerators ‒ SEIS / EIS www.crowdcube.com/pg/eis-seis-tax-relief-overview-43 ‒ Accel Partners, Atomico Ventures, Balderton Capital, Connect Ventures, Dawn Capital, DN Capital, DFJ Esprit, EC1 Capital, Episode1, Forward Partners, Google Ventures, Hoxton Ventures, Index Ventures, MMC Ventures, Notion Capital, Octopus Ventures, Passion Capital, Piton Capital, PlayFair Capital, ProFounders Capital, Wellington Partners, White Star Capital ‒ Microsoft Accelerator, Seedcamp, StartupBootcamp, Techstars, Wayra
  • 18. General tips when reaching out to VCs § Team ‒ get reference from someone in our portfolio ‒ put team competencies into pitch deck to show you are structured problem solvers § Product & market ‒ describe product in simple terms early on in presentation ‒ be realistic when estimating future revenues § Traction ‒ explain how you got the first users/clients ‒ show improvement on metrics over time
  • 19. Thank you! @vonperger Stephan von Perger – vonPerger@wellington-partners.com