"How to maximise your startup valuation?" - Tomasz Swieboda, Partner, Inovo Venture Partners.
Presentation from Infoshare 2021. You can watch the video here: https://www.youtube.com/watch?v=BFXsTVixWG4
11. Total UK population
Number of GP visits per year
Average consumption
per GP visit in £
Total market size
What is the market for medical consumables
used by GPs/doctors in the UK?
x
63 M
Age bands
<5 5-19 20-49 50-74 75+
4M 11M 26M 17M 5M
# of visits per year, age band
6.9 2.7 4.3 7.1 12.4
£0.34
£120M
Source: L.E.K. analysis. YouTube
x
=
12. Number of GPs and practice nurses
Average working hours per annum
Number of consultations per hour
Total market size
Average consumption per consultation in £
Source: L.E.K. analysis. YouTube
X
X
X
=
What is the market for medical consumables
used by GPs/doctors in the UK?
13. Global advertising market $580B
Global online advertising market
Facebook revenue in 2020
14%
$290B
29%
$84B
Example
19. How does the market
influence valuation?
Market size
(in $M)
Market
leader sales
(in $M)
Market leader
EBITDA
(in $M)
Valuation
(in $M)
Probability
Value today
(in $M)
10 000 2 000 800 12 800 1% 128
1 000 200 80 1 280 1% 12.8
21. “Front has a great user experience!
It is extremely efficient, reliable,
and easy to navigate.”
Bellhops, 1000 seats Baroo, 20 seats
“Wouldn’t go back to
Gmail if you paid me.”
Customers love 10x products
“I’m in love with Front!.”
Guillermo Rauch, this week-end
22. 1 2 3 4 5 6 7 8 9
Jan 100% 103% 106% 109% 112% 115% 118% 121% 124%
Feb 100% 103% 105% 103% 112% 115% 118% 122%
March 100% 90% 106% 108% 114% 122% 120%
April 100% 108% 116% 124% 132% 140%
May 100% 102% 105% 107% 110%
Very good cohorts
23. 1 2 3 4 5 6 7 8 9
Jan 100% 92% 85% 77% 70% 62% 55% 47% 40%
Feb 100% 92% 86% 78% 71% 64% 57% 50%
March 100% 92% 85% 76% 69% 61% 54%
April 100% 90% 80% 70% 60% 50%
May 100% 90% 80% 70% 60%
Bad cohorts