4. 24.11.2015
I have a confession…
3
I AM a VC
for 20 years
I knew nearly
nothing about
Venture Debt
5. 24.11.2015
So I decided to go for Growth
Debt
4
Founders
Venture Capital
funds
& shareholders
Management Family Offices
And address a real need of:
6. 24.11.2015
Typical case scenario
✓ You are the founder of a start up company
✓ Your revenues exceed 10M
✓ You need 5M to reach breakeven
✓ You are under huge pressure to maintain fast growth
rate
✓ You gave too much of the equity, too early
✓ Further equity raise? Oh no, not again!
✓ Banks? Not an option
5
Any other option?
7. 24.11.2015
Growth Debt! (real case)
✓ Papaya LTD generates 20M, break-even
✓ O.5M annual interest generated 10M additional rev
✓ All Shareholders kept their equity
✓ 3 years loan was paid back
✓ Year 4 company was sold
✓ Return to investors: 5X
✓ Return to lender: 1.5X
6
Debt is far cheaper than equity!
8. 24.11.2015
Growth Debt is a great solution
7
Cheapest money
you can get
Simple process
fast, easy to understand
Tailor made
Flexible draw-down
and payback terms
You keep control
You keep your equity undiluted!
You keep your focus on your company
9. 24.11.2015
Debt to Equity ratio
landscape
8
Us Tech Funding
Microsoft
Fortune 100
Only ◁ 5% in European startup
scene
Siemens
115%
144%
150%
170%
15%
10. 24.11.2015
Why is this the right
time?
9
Mature
founders
Educated investors
gained experience
Trust Supply
Growing
need
12. 24.11.2015
Who am I?
• Venture Capitalist that crossed the
lines
• 20 years of VC experience
• Founder of HPV (three funds) and
HPC (Family Office)
• Over 100 direct investments
• 20 exits
• 10 VC years in Tel Aviv, Israel
• 10 VC years in Berlin, Germany
• Creator of FIRST German/European
Technology Debt Fund
11
15. Focus on Leading European Internet companies
Covering over 400 companies across 25
online verticals, a broad range of over 500
investors as well as 100+ online-focused
corporates
Deep understanding of industry dynamics
Ability to add value beyond banking advice
Facilitates overall process and minimizes
management distraction
NOAH Advisors is globally well connected
and has direct access to virtually all key
players in the industry
Knowledge of and strong relationships
with potential buyers’ key decision makers
Proactively finds and unlocks attractive
investment opportunities for leading
investors
Annual NOAH Conference in its 8th year
Over 40 years of combined relevant M&A
experience
Routine execution of M&A and financing
transactions with sizes of several billion
euros
22 successfully completed NOAH Advisors
transactions underline successful transfer of
M&A competencies to the Internet sector
Entrepreneurial mind-set, focused on growing the
business and establishing a reputation for
excellence
Ability to deliver top results in short time frames
Highly success-based compensation structures
align interests of clients and NOAH Advisors,
and demonstrate conviction to deliver top results
Creative deal solutions
September 2015 December 2014
September 2014October 2014
May 2014 February 2013
May 2012 April 2011
Sale of a 70% stake in
to
Exclusive Financial Advisor to
Drushim and its Shareholders
Sale of 100% of
for $800m to
Exclusive Financial Advisor to
Fotolia and the Selling Shareholders
Sale of 100% of
for €80m to
Exclusive Financial Advisor to
Trovit and its Shareholders
Sale of controlling stake in
to
Exclusive Financial Advisor to
Facile.it and its Shareholders
sold 100% of
for $228m to a joint venture between
Exclusive Financial Advisor to Yad2
and its Shareholders
Growth equity investment from
for a 30% stake alongside Softonic’s Founders
and Angel Investors at a valuation of €275m
Exclusive Financial Advisor to
Softonic and its shareholders
150 million growth equity investment from
for a 50% stake alongside Fotolia’s Founders and
Additional $150 million senior debt financing
Total $300 million investment
Financial Advisor to Fotolia and its Shareholders
have acquired a majority stake in
for $350m from
Exclusive Advisor to Summit Partners and TA Associates
Selected Completed
NOAH Transactions
Unique Industry Know-How
Unmatched Network and Relationships
Strong Investment Banking Competence
Full Commitment - We Are Entrepreneurs!
EUROPE’S LEADING INTERNET CORPORATE FINANCE BOUTIQUE
®