Finding the right Early Stage opportunitiesNordic Seed Capital Summit 2012Alex van Someren – Amadeus Capital              ...
Amadeus Overview              Slide 2
Introduction to Amadeus•   A leading European technology investor    –   Invested in >80 companies, over 14 years, from se...
We invest across Europe…             Portfolio composition by country                           Slide 4
We are present in the Nordic region for >10 years          DK    Software as a service behavioural marketing          S   ...
Strong track record of achieving liquidity at IPO       US Exchanges                          Rest of World Exchanges     ...
Strong record of trade exits through M&A           US Acquirers                    Rest of World Acquirers              Ya...
Finding the right early stage opportunities                    Slide 8
The Moments to Invest…..   Seed                      Early Rev                                                           ...
What makes a great Seed investment?• The three most important things are:   – Great Team   – Great Team   – Great Team• Ve...
What makes a Great Team?• Serial entrepreneurs   –   Experience counts for a lot   –   Mistakes, disasters, scars are all ...
We increasingly back serial entrepreneurs…                     Slide 12
What makes a Great Team?• Serial entrepreneurs• Diverse skills mix   – Aim is to cover major functional requirements      ...
Market trends• Very low capital intensity required to build businesses   – Possible for small, lean teams to succeed fast•...
Growth & Internationalization• European markets alone are generally not large enough    – We want to build $1 Billion busi...
What value can a Seed VC add?• Business model innovation   – Macro viewpoint helps to evolve new approaches• Recruitment o...
Investment focus for Amadeus Seed/Early Stage•   Low-power computing/Internet of Things    – explosion of endpoints enable...
Nordic Seed Capital Summit              Thank you!Email:     AvanSomeren@AmadeusCapital.comTwitter:   @alexvans           ...
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Alex van Someren Nordic Seed Capital Summit 2012

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Alex van Someren Nordic Seed Capital Summit 2012

  1. 1. Finding the right Early Stage opportunitiesNordic Seed Capital Summit 2012Alex van Someren – Amadeus Capital Amadeus Capital Partners Ltd is authorised and Slide 1 regulated by the Financial Services Authority
  2. 2. Amadeus Overview Slide 2
  3. 3. Introduction to Amadeus• A leading European technology investor – Invested in >80 companies, over 14 years, from seven funds with commitments of £500m• Longstanding sector focus in – Mobile/Communications – Software and Services – CleanTech – MedTech/Healthcare IT• Backs high-growth companies to become leaders in large markets• Builds successful global companies from start-up• Has generated 5x plus returns many times Our ambition is to be the leading European technology investor Slide 3
  4. 4. We invest across Europe… Portfolio composition by country Slide 4
  5. 5. We are present in the Nordic region for >10 years DK Software as a service behavioural marketing S Ultra-low power video storage appliances DK Content Delivery Platform for mobile operators S Web content management software S Automated camera surveillance service S Hardware & software for managing broadband networks FIN (Acquired by Seven) Software platform for mobile messaging S Remote eye-tracking systems S Optical data transport systems for metropolitan networks S Processors for high speed network appliances Slide 5
  6. 6. Strong track record of achieving liquidity at IPO US Exchanges Rest of World Exchanges NASDAQ (2004); NASDAQ OMX (2011) merged with Illumina NASDAQ (2006) LSE (2006) NASDAQ (2000) AIM (2005) LSE (2004) LSE (2001) LSE (2000) AIM (2000) Slide 6
  7. 7. Strong record of trade exits through M&A US Acquirers Rest of World Acquirers Yammer (2012) Marvell (2011) NVIDIA (2011) Lyceum Capital (2011) Kopin (2011) IK Investment Partners (2010) Oracle (2010) Samsung (2010) Broadcom (2001) MACH (2005)entropic Microsoft (1999) Portrait Software (2005) Slide 7
  8. 8. Finding the right early stage opportunities Slide 8
  9. 9. The Moments to Invest….. Seed Early Rev  Expansion ..but sometimes timing of take-off is difficult to predict! Slide 9
  10. 10. What makes a great Seed investment?• The three most important things are: – Great Team – Great Team – Great Team• Very large market opportunity• Disruptive technology innovation Slide 10
  11. 11. What makes a Great Team?• Serial entrepreneurs – Experience counts for a lot – Mistakes, disasters, scars are all helpful – Potential for re-recruiting colleagues – Established personal networks• Keen younger people with poor sense or risk! – You have to get experienced somehow Slide 11
  12. 12. We increasingly back serial entrepreneurs… Slide 12
  13. 13. What makes a Great Team?• Serial entrepreneurs• Diverse skills mix – Aim is to cover major functional requirements • I.e. CEO, CTO, VP Sales, VP Marketing, CFO • But, could also be e.g. PhD + MBA• ABCDE qualities: – Aggression – Brilliance – Commitment – Determination – Ethics• Luck! Slide 13
  14. 14. Market trends• Very low capital intensity required to build businesses – Possible for small, lean teams to succeed fast• Global access from web/cloud-based platforms – No national barriers; multi-currency payments• Mobile access to online applications – Always-on customer engagement• Social networks are driving customer adoption – Viral effects can drive up user numbers fast Slide 14
  15. 15. Growth & Internationalization• European markets alone are generally not large enough – We want to build $1 Billion businesses! – Accepting this and planning for it is strongly advised• Selling into North America & Asia is usually required – Much larger customer base, often with greater spending power – Different culture requires local engagement • Sending inexperienced local team there is usually a #FAIL • Examples mentioned earlier e.g. Russia, China• Bridging from smaller countries into larger ones is effective – We see this model a lot in Scandinavia – We see this model a lot in Israel Slide 15
  16. 16. What value can a Seed VC add?• Business model innovation – Macro viewpoint helps to evolve new approaches• Recruitment of team – Plentiful supply of CVs – Referencing for new hires – No charge!• Customer & Partner introductions – Usually have good market knowledge – Regular contact with potential product users• Corporate Development – Good existing networks with strategic corporates• Exits – Understanding the M&A, IPO environment Slide 16
  17. 17. Investment focus for Amadeus Seed/Early Stage• Low-power computing/Internet of Things – explosion of endpoints enables disruptive business opportunities – impacts both macro (e.g. datacentre) and micro (e.g. mobile) – enables the application of IT to new sectors such as CleanTech• Software (including Cyber-Security) – Cloud/Mobile generates hyper-growth opportunities – low-capital-intensity enables rapid time to market – excellent liquidity potential due to high-intensity M&A• MedTech and Healthcare IT – compelling need to shift from Treatment to Prevention & Diagnosis – Engineering, Software & Social Networking applied to Life Sciences – strong European capability and favourable regulatory environment Slide 17
  18. 18. Nordic Seed Capital Summit Thank you!Email: AvanSomeren@AmadeusCapital.comTwitter: @alexvans Amadeus Capital Partners Ltd is authorised and Slide 18 regulated by the Financial Services Authority

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