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Susa Ventures IV &
Susa Opportunities II
Q1 2021
Susa Ventures is an early
stage venture capital firm
started in 2013, investing in a
growing family of dreamers
and builders.
We believe that entrepreneurs are the lifeblood
of progress, and we exist to help them realize their
visions for a better world.
Rachel Natalie Seth Leo Chad Courtney
At Susa, we practice VC as a Family
Susa Ventures is named after
a mountain gorilla family in
Rwanda called the Susa Family.
These gorillas are extraordinary,
as they were one of the first
species on earth to organize
into strong family groups.
This idea of bringing together an exceptional group
of individuals to form a strong family and
community was the genesis behind the fund.
CHAD BYERS
GP, Co-founder
Led investments in Robinhood,
Stord, & Policygenius
SETH BERMAN
GP, Co-founder
Led investments in Flexport, Viz AI,
Expanse, & Fast
LEO POLOVETS
GP, Co-founder
Led investments in Outlier, Pex,
Scalyr, & Stedi
Investment Team
COURTNEY BUIE LIPKIN
Partner
Prev. Investor at First Round Capital
Led investments in Nova Credit, Lightyear
MISHA GORDON-ROWE
Investor
Prev Operator: Funding Circle (IPO 2018)
Sourced investments in Higo, Okra, Flock
MICHAEL STOPPELMAN
Senior Advisor,
Technical
Former CTO, Yelp
NATALIE ARORA
Head of Operations
Operator with 10 years experience at
3 start-ups, incl Eat Just
RACHEL COFFMAN
EA & Operations
Accountant with expertise in
fundraising and IR
Proven operators, managers and leaders
Experience with investor relations,
fundraising, project management
Operations Team
Operations Team
A six month training program
for aspiring venture investors.
The goal of the Venture Fellows Program
is to build a clear and transparent pathway
into the VC industry for aspiring investors,
increase diversity and access in the
industry, and develop next-gen VCs
through the fellowship.
13 Fellows receive mentorship from
the Susa partnership and other top VCs,
participate in course curriculum, and
participate in Susa’s investment processes
to get hands-on experience. Mentors are
GPs at firms including Benchmark, Kleiner
Perkins, Precursor, Sequoia and USV.
Our goal is to make this program
representative of the diversity of people
VC-backed companies serve.
And in September 2020, we added our first class of
13 Susa Venture Fellows to our team
DERICK
Physician & Operator
VP of Growth at Viz.ai
Harvard-trained Physician
Stanford MBA
A few of our Venture Fellows
EMMA
ML Engineer
Facebook AI Research
Google Deepmind, JPL
CalTech Student
MANJI
Product Manager
PM, Houzz
PM, Microsoft
CS at UW-Madison
Susa Ops | The Susa Founder Experience
Family Dinners
Mountain Tech Summit
Susa Bootcamps
Onboarding swag
Holiday Giving
FOUNDER
NPS
96
PROPRIETARY
DATA
NETWORK EFFECTS ECONOMIES OF SCALE
We invest in businesses building
compounding moats, including:
we’re raising
Two New Funds
$100M seed fund &
$200M opportunity fund
1
2
SUSA I
2013 Vintage
We have an Exceptional Track Record
across our seed funds, our first follow-on fund, and SPVs together representing $395M managed
$25M Fund
##% of Capital Called
#.##x MOIC / #.##x TVPI
##% Gross IRR
SUSA II
2016 Vintage
$50M Fund
##% of Capital Called
#.##x MOIC / #.##x TVPI
##% Gross IRR
SUSA III
2019 Vintage
$90M Fund
##% of Capital Called
#.##x MOIC / #.##x TVPI
##% Gross IRR
SUSA Opportunity Fund I
2019 Vintage
$50M Fund
##% of Capital Called
#.##x MOIC / #.##x TVPI
##% Gross IRR
Partner SPVs
2014-present
## SPVs
$##M deployed
$##M average SPV size
Series B, C, D
SPVs include: Robinhood,
Flexport, Nest, Intercom
S
E
E
D
TOP 1% Based on benchmarks for 2013 vintage
G
R
O
W
T
H
Unaudited as of 2/28/2021; at current secondary market prices for Robinhood and Flexport, Susa I is at ##x MOIC and ##% Gross IRR
Do pro-rata alongside
the top Series A funds
SEED SERIES B
SERIES A
Source and win the
best seed stage deals
Lead or co-lead
Series Bs in best
performing companies
A barbell approach is the winning strategy for Susa
SUSA IV SUSA OPP II
CALLED
CAPITAL
TOTAL
VALUE
$##M
##%*
$###M
MOIC/TVPI
#.##/
#.##
DPI
#.##
##%,
##%
GROSS IRR,
NET IRR
Susa I | $25M, 2013 Vintage
Top seed-stage fund in US; enabled Susa to become a top seed-stage brand in under 5 years
INITIAL
INVESTMENT
VALUE AT
SECONDARY
PRICE*
COST BASIS
Aug 2013 $#.#M
$#.#M
Mar 2014 $#.#M
$#.#M
Dec 2014 $#.#M
$#.#M
May 2015 $#.#M
$#.#M
Sept 2014 $#.#M
$#.#M
Apr 2015 $#.#M $#.#M
Dec 2016 $#.#M
$#.#M
Unaudited as of 2/28/2021; *Calculated using Robinhood and Flexport’s secondary market prices as of 2/28/2021
$#.#M
$#.#M
$#.#M
$#.#M
$#.#M
$#.#M
$#.#M
CURRENT
VALUE
CALLED
CAPITAL
TOTAL
VALUE
$##M
##%*
$###M
MOIC/TVPI
#.##/
#.##
DPI
#.##
##%,
##%
GROSS
IRR,
NET IRR
Susa II | $50M, 2016 Vintage
Susa II trending similarly to Susa I, with 5+ high potential companies that can be fund-returners
INITIAL
INVESTMENT DATE
CURRENT
VALUE
COST
BASIS
Sept 2016 $#.#M
$#.#M
Apr 2017 $#.#M
$#.#M
Feb 2017 $#.#M
$#.#M
Apr 2018 $#.#M
$#.#M
CURRENT
ROUND
CURRENT
ROUND LEAD
Series C
Series C
Series B
Series C
June 2016 $#.#M
$#.#M Series B
Aug 2017 $#.#M
$#.#M Series B
Unaudited as of 2/28/2021
Oct 2018 $#.#M
$#.#M Series B
Susa III | $90M, 2019 Vintage
Though Susa III only closed in April 2019, we’re excited about some early movers in the portfolio
CALLED
CAPITAL
TOTAL VALUE
$##M
##%*
$##M
MOIC/TVPI
#.##/
#.##
INITIAL
INVESTMENT DATE
July 2020
Feb 2020
Nov 2019
CURRENT
ROUND
CURRENT ROUND
LEAD
Series A
Series B
Dec 2019 Series A
Nov 2019 Series A
June 2019 Note
Mar 2020 Series A
Series A
Oct 2019 Series A
AVERAGE CHECK SIZE
FUND SIZE
100
$
M I L L I O N
RESERVE RATIO
$
1.25
M I L L I O N
1:1
For Pro Rata
in Best Companies
Target Number
of Investments
40
Susa IV will be a $100M seed fund
following the same strategy as Susa I, II, & III
Through our seed
funds, we’ve built
a large portfolio
of great businesses
SUSA BACKED
COMPANIES
AGGREGATE
VALUE OF SUSA
COMPANIES
7K
CAPITAL RAISED BY
SUSA COMPANIES
EMPLOYED BY
SUSA COMPANIES
115+ 1
$
B+
9 $
B+
5
The Susa Family has created $19B+ in enterprise value
2.5x
THAN THE AVERAGE SEED FUND
HIGHER
FOLLOW ON RATE
Pitchbook, aggregated data from
2013-2018, as of Q3 2019.
*CB Insights Follow On Rates Seed Stage Micro VCs
70
OF SUSA
COMPANIES HAVE
RAISED A SERIES A
Analysis of Susa I, vintage 2013.
Our seed companies raise follow-on capital at an extremely high rate
NEARLY
%
Flexport, Newfront,
People Data Labs, Open, Stord
Viz, Stord
Viz
Stedi, Casetext
Whisper.ai,
Robinhood
Pachyderm
Robinhood, Fast
Rigetti, Mux
Expanse,
Robinhood
Andela
Lyst, Mux
SERIES A ROUNDS
BY TOP TIER FIRMS
OVER
Runa HR, Robinhood
50%
And the best Series A funds lead these follow-investments
CrowdAI MycoWorks
Robinhood, Modern Animal, Stedi
NOW IS THE TIME
To double-down on our best-
performing early stage companies
SUSA I SUSA II SUSA III
Note: Unaudited financials as of 9/30/19 for core checks only
Robinhood
Lyst
Casetext
LendUp
Periscope
Vurb
Namo Media
Percolata
Frontback
Zephyr Health
Whisper.sh
Flexport
Rockbot
Rigetti
Hodinkee
Andela
Scalyr
Bonafide
Declara
PipelineDB
Standard Treasury
Move Loot
People.Co
2014 2015
Expanse
Pachyderm
Mashgin
Bright
Policygenius
Outlier
Plan
Human Interest
ScopeAR
Bento Labs
FoxCommerce
SimpleLegal
TigerGraph
Modsy
Mux
TrendMD
Parachute Home
CrowdAI
Troops
Viz
Drivezy
Merit
Clutch
Remedy
ROAM
Newfront
Aquera
WorkRamp
Interviewing.io
FundRocket
Tortuga
Guilded
Whisper.ai
Robin Care
Chatdesk
Awayco
2017 2018 2020
Elliot
People Data Labs
Stedi
Juvena
Persephone
Stord
Treasury Prime
Smile Identity
Naborly
Avro
Cortex Health
Intricately
Fourpost
AMI
HYAS
Pex
Unioncrate
Spring Discovery
Sundae
MycoWorks
Modern Animal
Humble Dot
Locale
Runa HR
Cocoon
Fuzzbuzz
HealthTensor
Nelo
Samacare
Wallmine
Counterpart
Honeybee
Specto
VeriSIM Life
Hallow
Gentem
Fast
Open
Cottage
Miso
Chapter
Paylode
Cascade
Memo
Medallion
Heat Watch
Cerebrae
Spiketrap
Lightyear
LiveControl
Cuttle
OfficeHours
Portex
Flannel
2013 2016 2019
While we have a very high hit rate on our seed investments…
$500M+ valuation
$150M+ valuation
Fund I
Fund II
Fund II
Fund III
Note: Unaudited financials as of 11/13/20
...Ultimately 20% of Susa seed investments drive 90% of returns
Analysis of Susa Ventures I
...Ultimately 20% of Susa seed investments drive 90% of returns
Analysis of Susa Ventures II
Note: Unaudited financials as of 11/13/20
So we’re also raising a $200M Opportunity Fund
to double-down on our best seed investments by leading/co-leading Series Bs and Cs
AVERAGE CHECK SIZE
FUND SIZE
200
$
M I L L I O N
RESERVE
$
10
M I L L I O N
25%
For Pro Rata
in Best Companies
Target Number
of Investments
15
How do we know this is a good idea?
We back-tested this strategy with every Series B round in a Susa company when the Series A was led by a top firm
(Unrealized) Gain
Gross, Net
$###M, $###M
MOIC
#.#x
TVPI
#.#x
Hypothetical Opportunity Fund ($M), Susa core seed investments only
Note: Most of the Series Bs are recent and many are still held at cost (e.g. X, Y, and Z)
$###M
$###M
Hypothetical Opportunity Fund ($M), Susa SPV investments only
How do we know this is a good idea?
We back-tested this strategy with actual SPVs that our GPs raised for growth deals, and we would have produced a #.#x MOIC
(Unrealized) Gain
Gross, Net
$###M, $###M
MOIC
#.#x
TVPI
#.#x
$###M
$###M
We’ve shown we
have access
and can get allocation
in great mid-stage deals
We invested $##M-$##M per deal through SPVs
in growth rounds for great companies outside of Susa’s portfolio
$##M
$##M
$##M
SPV Size
Company
$##M
$##M
And we raised our first $50M Opportunity Fund I in 2019,
which we’ve deployed it quickly in great companies
CALLED
CAPITAL
##%
INITIAL
INVESTMENT DATE
ROUND
INVESTMENT
AMOUNT
May 2019 Series C
$#.#M
CO-INVESTORS IN ROUND
Unaudited as of 2/28/2021
Aug 2019 Series B, C
$#.#M
Sept 2019 Series C
$#.#M
Dec 2019 Series D
$#.#M
Aug 2020 Series D
$#.#M
Feb 2020 Series B
$#.#M
Aug 2020 Series B
$#.#M
July 2020 Series C
$#.#M
Oct 2020 Series E
$#.#M
Nov 2020 Series B
$#.#M
New investments to Susa
Nov 2020 Series B, C
$#.#M
Dec 2020 Series C
$#.#M
Aug 2020 Series B
$#.#M
Summary Terms &
Operational Overview
Target Size
Susa Ventures IV: $100M
Susa Opportunities II: $200M
Simultaneous commitments
to both funds, 1:2 ratio
Term
10 years
Plus two one year
extensions
Contact
Seth Berman
seth@susaventures.com
Chad Byers
chad@susaventures.com
Leo Polovets
leo@susaventures.com
SUMMARY TERMS
Legal Banking
Fund Administrator Accounting
OPERATIONAL OVERVIEW
Thank you

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Susa Ventures - Fund IV - VC Pitch Deck Examples

  • 1. Susa Ventures IV & Susa Opportunities II Q1 2021
  • 2. Susa Ventures is an early stage venture capital firm started in 2013, investing in a growing family of dreamers and builders. We believe that entrepreneurs are the lifeblood of progress, and we exist to help them realize their visions for a better world. Rachel Natalie Seth Leo Chad Courtney
  • 3. At Susa, we practice VC as a Family Susa Ventures is named after a mountain gorilla family in Rwanda called the Susa Family. These gorillas are extraordinary, as they were one of the first species on earth to organize into strong family groups. This idea of bringing together an exceptional group of individuals to form a strong family and community was the genesis behind the fund.
  • 4. CHAD BYERS GP, Co-founder Led investments in Robinhood, Stord, & Policygenius SETH BERMAN GP, Co-founder Led investments in Flexport, Viz AI, Expanse, & Fast LEO POLOVETS GP, Co-founder Led investments in Outlier, Pex, Scalyr, & Stedi Investment Team COURTNEY BUIE LIPKIN Partner Prev. Investor at First Round Capital Led investments in Nova Credit, Lightyear MISHA GORDON-ROWE Investor Prev Operator: Funding Circle (IPO 2018) Sourced investments in Higo, Okra, Flock MICHAEL STOPPELMAN Senior Advisor, Technical Former CTO, Yelp
  • 5. NATALIE ARORA Head of Operations Operator with 10 years experience at 3 start-ups, incl Eat Just RACHEL COFFMAN EA & Operations Accountant with expertise in fundraising and IR Proven operators, managers and leaders Experience with investor relations, fundraising, project management Operations Team Operations Team
  • 6. A six month training program for aspiring venture investors. The goal of the Venture Fellows Program is to build a clear and transparent pathway into the VC industry for aspiring investors, increase diversity and access in the industry, and develop next-gen VCs through the fellowship. 13 Fellows receive mentorship from the Susa partnership and other top VCs, participate in course curriculum, and participate in Susa’s investment processes to get hands-on experience. Mentors are GPs at firms including Benchmark, Kleiner Perkins, Precursor, Sequoia and USV. Our goal is to make this program representative of the diversity of people VC-backed companies serve. And in September 2020, we added our first class of 13 Susa Venture Fellows to our team DERICK Physician & Operator VP of Growth at Viz.ai Harvard-trained Physician Stanford MBA A few of our Venture Fellows EMMA ML Engineer Facebook AI Research Google Deepmind, JPL CalTech Student MANJI Product Manager PM, Houzz PM, Microsoft CS at UW-Madison
  • 7. Susa Ops | The Susa Founder Experience Family Dinners Mountain Tech Summit Susa Bootcamps Onboarding swag Holiday Giving FOUNDER NPS 96
  • 8. PROPRIETARY DATA NETWORK EFFECTS ECONOMIES OF SCALE We invest in businesses building compounding moats, including:
  • 9. we’re raising Two New Funds $100M seed fund & $200M opportunity fund 1 2
  • 10. SUSA I 2013 Vintage We have an Exceptional Track Record across our seed funds, our first follow-on fund, and SPVs together representing $395M managed $25M Fund ##% of Capital Called #.##x MOIC / #.##x TVPI ##% Gross IRR SUSA II 2016 Vintage $50M Fund ##% of Capital Called #.##x MOIC / #.##x TVPI ##% Gross IRR SUSA III 2019 Vintage $90M Fund ##% of Capital Called #.##x MOIC / #.##x TVPI ##% Gross IRR SUSA Opportunity Fund I 2019 Vintage $50M Fund ##% of Capital Called #.##x MOIC / #.##x TVPI ##% Gross IRR Partner SPVs 2014-present ## SPVs $##M deployed $##M average SPV size Series B, C, D SPVs include: Robinhood, Flexport, Nest, Intercom S E E D TOP 1% Based on benchmarks for 2013 vintage G R O W T H Unaudited as of 2/28/2021; at current secondary market prices for Robinhood and Flexport, Susa I is at ##x MOIC and ##% Gross IRR
  • 11. Do pro-rata alongside the top Series A funds SEED SERIES B SERIES A Source and win the best seed stage deals Lead or co-lead Series Bs in best performing companies A barbell approach is the winning strategy for Susa SUSA IV SUSA OPP II
  • 12. CALLED CAPITAL TOTAL VALUE $##M ##%* $###M MOIC/TVPI #.##/ #.## DPI #.## ##%, ##% GROSS IRR, NET IRR Susa I | $25M, 2013 Vintage Top seed-stage fund in US; enabled Susa to become a top seed-stage brand in under 5 years INITIAL INVESTMENT VALUE AT SECONDARY PRICE* COST BASIS Aug 2013 $#.#M $#.#M Mar 2014 $#.#M $#.#M Dec 2014 $#.#M $#.#M May 2015 $#.#M $#.#M Sept 2014 $#.#M $#.#M Apr 2015 $#.#M $#.#M Dec 2016 $#.#M $#.#M Unaudited as of 2/28/2021; *Calculated using Robinhood and Flexport’s secondary market prices as of 2/28/2021 $#.#M $#.#M $#.#M $#.#M $#.#M $#.#M $#.#M CURRENT VALUE
  • 13. CALLED CAPITAL TOTAL VALUE $##M ##%* $###M MOIC/TVPI #.##/ #.## DPI #.## ##%, ##% GROSS IRR, NET IRR Susa II | $50M, 2016 Vintage Susa II trending similarly to Susa I, with 5+ high potential companies that can be fund-returners INITIAL INVESTMENT DATE CURRENT VALUE COST BASIS Sept 2016 $#.#M $#.#M Apr 2017 $#.#M $#.#M Feb 2017 $#.#M $#.#M Apr 2018 $#.#M $#.#M CURRENT ROUND CURRENT ROUND LEAD Series C Series C Series B Series C June 2016 $#.#M $#.#M Series B Aug 2017 $#.#M $#.#M Series B Unaudited as of 2/28/2021 Oct 2018 $#.#M $#.#M Series B
  • 14. Susa III | $90M, 2019 Vintage Though Susa III only closed in April 2019, we’re excited about some early movers in the portfolio CALLED CAPITAL TOTAL VALUE $##M ##%* $##M MOIC/TVPI #.##/ #.## INITIAL INVESTMENT DATE July 2020 Feb 2020 Nov 2019 CURRENT ROUND CURRENT ROUND LEAD Series A Series B Dec 2019 Series A Nov 2019 Series A June 2019 Note Mar 2020 Series A Series A Oct 2019 Series A
  • 15. AVERAGE CHECK SIZE FUND SIZE 100 $ M I L L I O N RESERVE RATIO $ 1.25 M I L L I O N 1:1 For Pro Rata in Best Companies Target Number of Investments 40 Susa IV will be a $100M seed fund following the same strategy as Susa I, II, & III
  • 16. Through our seed funds, we’ve built a large portfolio of great businesses
  • 17. SUSA BACKED COMPANIES AGGREGATE VALUE OF SUSA COMPANIES 7K CAPITAL RAISED BY SUSA COMPANIES EMPLOYED BY SUSA COMPANIES 115+ 1 $ B+ 9 $ B+ 5 The Susa Family has created $19B+ in enterprise value
  • 18. 2.5x THAN THE AVERAGE SEED FUND HIGHER FOLLOW ON RATE Pitchbook, aggregated data from 2013-2018, as of Q3 2019. *CB Insights Follow On Rates Seed Stage Micro VCs 70 OF SUSA COMPANIES HAVE RAISED A SERIES A Analysis of Susa I, vintage 2013. Our seed companies raise follow-on capital at an extremely high rate NEARLY %
  • 19. Flexport, Newfront, People Data Labs, Open, Stord Viz, Stord Viz Stedi, Casetext Whisper.ai, Robinhood Pachyderm Robinhood, Fast Rigetti, Mux Expanse, Robinhood Andela Lyst, Mux SERIES A ROUNDS BY TOP TIER FIRMS OVER Runa HR, Robinhood 50% And the best Series A funds lead these follow-investments CrowdAI MycoWorks Robinhood, Modern Animal, Stedi
  • 20. NOW IS THE TIME To double-down on our best- performing early stage companies
  • 21. SUSA I SUSA II SUSA III Note: Unaudited financials as of 9/30/19 for core checks only Robinhood Lyst Casetext LendUp Periscope Vurb Namo Media Percolata Frontback Zephyr Health Whisper.sh Flexport Rockbot Rigetti Hodinkee Andela Scalyr Bonafide Declara PipelineDB Standard Treasury Move Loot People.Co 2014 2015 Expanse Pachyderm Mashgin Bright Policygenius Outlier Plan Human Interest ScopeAR Bento Labs FoxCommerce SimpleLegal TigerGraph Modsy Mux TrendMD Parachute Home CrowdAI Troops Viz Drivezy Merit Clutch Remedy ROAM Newfront Aquera WorkRamp Interviewing.io FundRocket Tortuga Guilded Whisper.ai Robin Care Chatdesk Awayco 2017 2018 2020 Elliot People Data Labs Stedi Juvena Persephone Stord Treasury Prime Smile Identity Naborly Avro Cortex Health Intricately Fourpost AMI HYAS Pex Unioncrate Spring Discovery Sundae MycoWorks Modern Animal Humble Dot Locale Runa HR Cocoon Fuzzbuzz HealthTensor Nelo Samacare Wallmine Counterpart Honeybee Specto VeriSIM Life Hallow Gentem Fast Open Cottage Miso Chapter Paylode Cascade Memo Medallion Heat Watch Cerebrae Spiketrap Lightyear LiveControl Cuttle OfficeHours Portex Flannel 2013 2016 2019 While we have a very high hit rate on our seed investments… $500M+ valuation $150M+ valuation Fund I Fund II Fund II Fund III
  • 22. Note: Unaudited financials as of 11/13/20 ...Ultimately 20% of Susa seed investments drive 90% of returns Analysis of Susa Ventures I
  • 23. ...Ultimately 20% of Susa seed investments drive 90% of returns Analysis of Susa Ventures II Note: Unaudited financials as of 11/13/20
  • 24. So we’re also raising a $200M Opportunity Fund to double-down on our best seed investments by leading/co-leading Series Bs and Cs AVERAGE CHECK SIZE FUND SIZE 200 $ M I L L I O N RESERVE $ 10 M I L L I O N 25% For Pro Rata in Best Companies Target Number of Investments 15
  • 25. How do we know this is a good idea? We back-tested this strategy with every Series B round in a Susa company when the Series A was led by a top firm (Unrealized) Gain Gross, Net $###M, $###M MOIC #.#x TVPI #.#x Hypothetical Opportunity Fund ($M), Susa core seed investments only Note: Most of the Series Bs are recent and many are still held at cost (e.g. X, Y, and Z) $###M $###M
  • 26. Hypothetical Opportunity Fund ($M), Susa SPV investments only How do we know this is a good idea? We back-tested this strategy with actual SPVs that our GPs raised for growth deals, and we would have produced a #.#x MOIC (Unrealized) Gain Gross, Net $###M, $###M MOIC #.#x TVPI #.#x $###M $###M
  • 27. We’ve shown we have access and can get allocation in great mid-stage deals
  • 28. We invested $##M-$##M per deal through SPVs in growth rounds for great companies outside of Susa’s portfolio $##M $##M $##M SPV Size Company $##M $##M
  • 29. And we raised our first $50M Opportunity Fund I in 2019, which we’ve deployed it quickly in great companies CALLED CAPITAL ##% INITIAL INVESTMENT DATE ROUND INVESTMENT AMOUNT May 2019 Series C $#.#M CO-INVESTORS IN ROUND Unaudited as of 2/28/2021 Aug 2019 Series B, C $#.#M Sept 2019 Series C $#.#M Dec 2019 Series D $#.#M Aug 2020 Series D $#.#M Feb 2020 Series B $#.#M Aug 2020 Series B $#.#M July 2020 Series C $#.#M Oct 2020 Series E $#.#M Nov 2020 Series B $#.#M New investments to Susa Nov 2020 Series B, C $#.#M Dec 2020 Series C $#.#M Aug 2020 Series B $#.#M
  • 31. Target Size Susa Ventures IV: $100M Susa Opportunities II: $200M Simultaneous commitments to both funds, 1:2 ratio Term 10 years Plus two one year extensions Contact Seth Berman seth@susaventures.com Chad Byers chad@susaventures.com Leo Polovets leo@susaventures.com SUMMARY TERMS
  • 32. Legal Banking Fund Administrator Accounting OPERATIONAL OVERVIEW