2023 0819 True Blue Partners - Investor Conference Presentation.pdf

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TBP Investor Conference 2023
August 19th, 2023

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© 2023 True Blue Partners. Reuse permitted with attribution to True Blue Partners
www.truebluepartners.com
3:00 – 3:30 In Person Registration
3:30 – 4:00 Introductions, Welcome Remarks
4:00 – 5:00 Panel Discussions
AI in the workplace
Generative AI - Data, Security, Applications
5:00 – 6:30 Networking
Agenda

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Its Starts With the Financial Markets…

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0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
Nasdaq
Index
Nasdaq Index
1.4%
1.7%
2.6%
4.2%
5.0%
5.4% 5.4% 5.3% 5.4%
6.2%
6.8% 7.0%
7.5%
7.9%7.8%
8.3%
8.6%
9.1%
8.5% 8.3% 8.2%
7.7%
7.1%
6.5% 6.4%
6.0%
5.0% 4.9%
4.0%
3.0% 3.2%
3.1%
2.8% 2.6% 2.5% 2.3%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23*
Sep-23*
Oct-23*
Nov-23*
Dec-23*
Jan-24*
Feb-24*
Mar-24*
Apr-24*
May-24*
Jun-24*
Jul-24*
Aug-24*
Sep-24*
Oct-24*
Nov-24*
Dec-24*
Inflation
Rate
CPI Inflation rate CPI Inflation Rate Forecast as of Jan 2023
Headline Inflation CPI (Consumer Price Index)
Source(s): 1. Bureau of Labor Statistics
(https://www.bls.gov/news.release/cpi.nr0.htm), 2. NewYork Fed
(https://www.newyorkfed.org/markets/reference-rates/effr), Other
sources - IMF, OECD.org
US Actual and Forecasted CPI Inflation Rate (2021-2024) in comparison with Nasdaq Index
Inflation
– August Fed meeting: All-items index CPI inflation decreased to 3.2% for the 12-month period1
– In recent months, inflation has been decreasing, however, the central bank has continued its contractionary monetary policy
– Nasdaq index did not decline instantly the increase of inflation, and has now increased back up to reached pre-inflation metrics
Nasdaq up 28% YTD
Russian
invasion

5
1.57%
1.56%2.05%
3.12%
3.52%
3.80%
3.87%
3.88%
3.92%
4.31%
4.82%
5.04%
5.21%
5.42%
5.36%
5.03%
4.88%
5.04%
4.70%
4.93%
5.20%
5.10%
4.80%
4.62%
4.69%
4.65%
4.61%
4.65%
4.58%
4.10%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
July-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
July-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Core PCE – Personal Consumption Expenditure – Key driver of Fed Rates
Prices go up, consumer spending goes down. PCE captures the net-net of those two. Gradually declining since Sep 22
Core PCE (Excluding Food and Energy) YOY – “Stubbornly High”
Core PCE = PCE excluding highly volatile Food and Energy
– PCE inflation, excluding food and energy inflation components, is lower recently however is quite volatile
– Provides a more accurate indicator of where overall inflation is heading as Core PCE excluding Food and Energy was recorded as 4.1% in
June 2023
– By the end of next year, Fed officials anticipate core PCE inflation to be around 3.9%
Source(s): 1. Fred Economic Data, Trading Forecast
Maybe not transitory

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0.09%
0.33%
0.83%
1.58%
2.33%
3.08%
3.83%
4.33%
4.58%
4.65%
4.83%
5.06%
5.08% 5.12%
5.10%
5.10%
4.10%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
10.00%
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar--23
Apr-23
May-23
Jun-23
Jul-23*
Aug-23*
Sep-23*
Oct-23*
Nov-23*
Dec-23*
Jan-24*
Feb-24*
Mar-24*
Apr-24*
May-24*
Jun-24*
Jul-24*
Aug-24*
Sep-24*
Oct-24*
Nov-24*
Dec-24*
Fed's Fund Rates Forecasted in Jan 2023
Current Monetary Environment
FOMC is expected to continue increasing the Fed Funds Rate. Controls the Money Supply, Pace of Tightening etc.
Actual and Projected Fed Funds Rate (2021-2024)
Fed Policy
– On December 14, 2022, Fed increased Fed Fund Rate by 50 basis points and expected to increase to 4.25% and 4.50%
– Fed has raised the Fed Fund rate for the 7th time this year however it’s a smaller raise after four consecutive 75 bps hikes between June
and November and unemployment is expected to rise to 4.6%
– The FOMC has been raising interest rates since March 2022 to bring inflation down closer to its 2% long-term target
Source(s): 1. Fred Economic Data, Trading Forecast
Expecting inflation to be transitory
No expectation of Russian invasion

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▪ Impact on Valuations
– Since December 2021, multiples of SaaS index and Nasdaq index have witnessed a sharp decline as spike in the Fed Funds rate
immediately impacts borrowing cost and spending capacity of the consumer
Monetary Policy on Valuations
Sources: CapIQ as of August 2023
Performance of TEV/Revenues of SaaS and Nasdaq VS Fed Funds Rate (2018 – 2025*)
Opportunity for an expected valuation (July 2020 – Nov 2021) is over with an increase Fed Funds Rate
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
0.00x
2.00x
4.00x
6.00x
8.00x
10.00x
12.00x
14.00x
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
Jan-23
Apr-23
Jul-23
Oct-23
Jan-24
Apr-24
Jul-24
Oct-24
Jan-25
Apr-25
Jul-25
Oct-25
Fed
Funds
Rate
TEV/Total
Revenues
SaaS Index - TEV/Total Revenues NASDAQ Index - TEV/Total Revenues Fed Fund Rate
13x
6x
Q1 2019

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9.3x
10.7x
6.1x
8.4x
6.5x
15.9x
8.9x
20.2x
15.5x
12.0x
13.7x
8.8x
28.4x
11.9x
13.7x
8.1x
11.0x
12.1x
8.8x
13.9x
12.0x
5.3x
4.8x
3.7x
6.0x
4.3x
2.9x
5.7x
6.4x
4.8x
3.5x
7.1x
4.3x
2.8x
5.5x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
CRM Data/Analytics ERP &
Accounting
HCM Industry
Vertical
Communication IT
Median
EV/LTM
Revenue
EOY 2019 EOY 2020 EOY 2021 EOY 2022 Jun-23
8.7x
6.3x
9.1x 9.5x
11.1x 11.5x 12.0x
17.0x
10.9x
9.5x
11.8x
10.5x
4.2x 4.2x
5.1x 4.8x
4.5x 5.0x 5.3x 4.9x
0.0x
5.0x
10.0x
15.0x
20.0x
<60% 60-70% 70-80% >80%
Median
EV/LTM
Revenue
Gross Margin
EOY 2019 EOY 2020 EOY 2021 EOY 2022 June 2023
Median Multiples: 2019 – June 2023
Median multiples have declined across sectors, with Communication falling most drastically
EV/LTM Revenue by Gross Margin % EV/LTM Revenue by Revenue Growth %
Sources: CapIQ as of December 2019, 2020, 2021, 2022 and June 2023
EV/LTM Revenue by Company Classification EV/LTM Revenue by Enterprise Value
3.5x
5.9x
12.2x 11.6x
2.3x
5.8x
12.2x
19.7x
5.7x
7.7x
12.1x
15.8x
2.5x 3.0x
6.7x 7.2x
2.8x 3.2x
7.3x
8.2x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
<$1B $1B-2.5B $2.5B-10B >$10B
Median
EV/LTM
Revenue
Enterprise Value
5.1x
6.3x
9.5x
14.8x
5.3x
10.6x
13.7x
26.8x
5.6x
7.5x
14.1x 14.4x
3.0x
5.3x
3.0x
6.4x
3.3x
4.5x
6.9x
4.9x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
<10% 10-20% 20-30% >30%
Median
EV/LTM
Revenue
Revenue Growth

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▪ Innovations in AI/ML impacting every business process application and related tools and infrastructure to administer and manage these applications
▪ Data collected and processed using AI/ML technologies in fundamentally different ways and new companies can be built with that framework
▪ These in-turn boost employee productivity 10x+ by predicting, recommending, and automating business processes
▪ Demands on platform and infrastructure upgrades resulting in 10x+ improvements from startups there as well
Why AI in the enterprise?
Explosion of data presents numerous opportunities to apply AI/ML and generate 10x+ productivity and costs improvements
Artificial
Intelligence
Data Science
Machine
Learning
Deep
Learning
Platform & Infrastructure
Business Applications
Administration/Productivity Tools
CRM ERP
Marketing
Sales
Customer Service
Finance & Accounting
Project Mgmt
Production
HCM
Talen
t
Payroll & Benefits
Workforce
Security
Infrastructure
Application
Endpoint
Infrastructure/ App Performance BI/Analytics
Industry Vertical
ITSM
Mobility
Life Sciences
Rapid Mobile App Dev.
MDM, EMM
Supply Chain
Procurement
Const. & Real Estate
MAM
Retail
BPM
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From 2021

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Its About Enterprise Tech Market…

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© 2019 True Blue Partners, LLC. All rights reserved. | 11
TBP Investment Approach
Iterate and figure out the right product market fit and GTM motions.
Enterprise
Value
Time
Incubation, founding team, initial products, beta customers
Product Market Fit
From $100k to $2M ARR
GTM initiatives High Growth Phase
$2 to 100M+ ARR
TBP VF1
investment
Managed Growth
$100M ARR+
When we invest, we look for team and
product portfolio potential to generate
$100M+ ARR in a capital efficient way
Benchmarks
$100k ARR (waived for proven entrepreneurs)
$1M ARR
$2M ARR and very high growth rate

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Current TBP Portfolio Companies
TBP portfolio companies in the sub sectors
Artificial
Intelligence
Data Science
Machine
Learning
Deep
Learning
Industry Vertical
CRM HCM
A client onboarding automation
platform that bridges the gap
from closing an enterprise
software deal to customer success
Apps for leading video conferencing
platforms to drive engagement in
corporate events
AI-based platform providing
employee analytics for a digital
workplace
AI-powered plagiarism detection
& essay grading platform
Digital freight broker for
fresh produce
SaaS-based autonomous support
platform to solve complex
enterprise problems for
customer support
AI/ML driven physical security
automation platform that better
manages security risks and
reduces operating costs
Voice-based real-time AI
assist platform to assist call
center agents automate
workflows and improve KPIs
Cyber security application for
protecting PII data in the cloud
that predicts attack paths so
dev-ops can prioritize and
address vulnerabilities
Big data analytics platform that
improves speed and reduces total
cost of ownership for processing
petabytes of data in the cloud
1 Petabyte = 106 Gigabytes
Business Applications
Administrative/Productivity Tools
Platform/Infrastructure

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Dates for initial investments
acquired by
2.00x
2.50x
3.00x
3.50x
4.00x
4.50x
5.00x
5.50x
6.00x
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
NASDAQ Index - TEV/Total Revenues
Smaller Investments:
Brex – Apr 2022, Tesorio – Mar 2022, Observe.AI – Mar 2022,
Teamraderie - Sept 2022, Caspar.AI – Nov 2022
CC 15% CC 30% CC 45%
Follow-on investments in
Erudit and MinervaCQ
Q1 2019, 4.5+ years
Benchmark
P
A
P
P
P->A
P
A->P
P
A
A
P
A = Active Helping Role
P = Passive Watching Role

14
Its About Managing Risk……

15
Fund Structure
$25M+ to fund application of Artificial Intelligence (AI), Machine Learning (ML) and Data Science (DS) to enterprise SaaS
15
Fund Length
Active Period
Core Fund
GP Commitment
Currently
Invested
$250k avg. per
initial
investment
Current
Portfolio
Follow-on
investments of
$1-3m
Return Target
10
Years
5
Years
$25M+
30%+ ~$9M
20-30
Companies
10
Companies
5-10
Companies
3-5x
20%
($5M)
Reserve Strategy
Significant GP commitment to aligns interests for value creation and capture
From 2021

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© 2019 True Blue Partners, LLC. All rights reserved. |
Individual Investor - Investment Portfolio Allocation
Bonds
3-10% return
Public Stock
7-15% returns
TBP Venture Fund
Targeting 20-30%
returns
Options/Derivatives
High risk/returns
US households typically allocate 40-45% of their financial assets to equities, 20% to bonds and the rest to cash & real estate
Accredited investors should allocate to TBP venture Fund from the portion of their investment portfolio targeting 20-30% IRR
returns typically from PE/VC funds
Highly illiquid investments – Allocate money that you don’t need for expenses but want to grow above typical returns of
investing in bonds, real estate or public equity
From 2021

17
Its About Company Building in Repeatable Predictable Ways……

18
Basic concepts
Case Studies
Panel Discussions
Q&A
Reference materials
▪ Company building journey
▪ Company Building and Fundraising Stages
▪ Establishing a Product Market Fit
▪ Executing a Go To Market Strategy
▪ Building and improving hiring, talent development, firing practices
▪ Key Concepts in Accounting, Finance, Budgeting and Cash Flow Management
▪ Key Concepts in Fundraising
▪ Establishing and Tracking Financial Metrics that Matter
▪ Managing the exit process
Introducing: TBP’s Company Building Series for entrepreneurs in B2B AI/SaaS

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Its About the Company You Keep
Ecosystem with IIT Startups – Institutional Sponsor since 2018

20

21
Ecosystem with University of Chicago Data Science and AI Accelerator
Invitation to be involved in with TRANSFORM / Deep Tech Ventures as a Founding Venture Partner

22
Don’t Try This at Home……

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“Only buy something that you’d be perfectly happy
to hold if the market shut down for 10 years.”
Words of inspiration from the greatest investor of all times….
“It’s good to learn from your mistakes. It’s
better to learn from other people’s mistakes.”
"Never invest in a business you cannot understand."

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Notable pre-fund investments – Managed downside risk w 10x+ upside potential*
15x
3-4 years
Part of first institutional investment syndicate @ $17M post money
• Structured GTM alliance with 3CLogic that re-architected their solution to be more call-center
alliance friendly
• Cofounder / CRO is now LP in TBP Venture Fund 1
• Obtained 2x partial liquidity in 2 years
Led process for first institutional investment syndicate and negotiated favorable investment
terms
• Recruited co-investors and board members
• Subsequently helped acquire strategic tuck-in
• Obtained 2x partial liquidity in 3 years
10x
3-4 years
70x
3-4 years
Part of initial SAFE investment with $20M cap
• Careful sourcing through relationships, selection and action in limited window
• Obtained 2x partial liquidity in 2 years * Multiples for companies represent equity value
MOIC based on new round of recapitalization
(growth equity + secondary). Downside risk
eliminated by taking 2x partial liquidty
Part of initial SAFE investment with $5M cap
• Sourced investment through accelerator/incubator program
• Helped structure go-to-market strategy through software platform ecosystems like Netsuite and
Salesforce.com
25x
8-10 years

25
Company Building, Value Creation and Value Capture Journeys
Former advisory clients and counter-parties*
Has been acquired by
Has acquired
Has received a growth equity
investment from Has been recapitalized by
Has been acquired by Has made an investment in
Has made an investment in
*some of the deals completed by TBP founder while at martinwolf

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Pre-Fund Investments (Some Active, Some Passive)
(Exited)
(Exited)
(Partial Exit)
Has received a growth equity
investment from
(Exited)
(Exited)
(Partial Exit)
(Exited)
(Partial Exit)
Received an investment from
2019
Invested at $2M ARR
now at $10-12M ARR
Recapitalization, AI enablement
2017
Invested at $4M ARR
today at $10M ARR
Starting in 2014
Growth Equity
Has received an
investment from

27
© 2019 True Blue Partners, LLC. All rights reserved. | 27
Pre-Fund Investments in Funds In B2B SaaS/Services
Comparing notes on best practices in company building
Enterprise
Value
Time
Monitoring and supporting 100+
companies company building journeys

28
It Takes Talent, Time, Money, Resilience, Timing, Mindset and a lot more…..
acquired by
2.00x
2.50x
3.00x
3.50x
4.00x
4.50x
5.00x
5.50x
6.00x
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
NASDAQ Index - TEV/Total Revenues
Smaller Investments:
Brex – Apr 2022, Tesorio – Mar 2022, Observe.AI – Mar 2022,
Teamraderie - Sept 2022, Caspar.AI – Nov 2022
CC 15% CC 30% CC 45%
Follow-on investments in
Erudit and MinervaCQ
Q1 2019, 4.5+ years
Benchmark
P
A
P
P
P->A
P
A->P
P
A
A
P
A = Active Helping Role
P = Passive Watching Role

29
Panel Discussion Focus: HCM/HR Tech

30
HCM Pillars In-Depth
30
HCM Skills Management
Administrative HR Talent Management Workforce Management Integrated HR Service Employee Experience &
Engagement
Core HR Data & Life Cycle
Transactions
Recruiting Time & Attendance Policy & Procedure Guidance Voice of the Employee
Position & Organization
Management
Onboarding Absence Management HR Knowledge Base Corporate Communication
Payroll Administration Performance & Goals
Management
Workforce Scheduling HR Contact Center Personalization of User
Experience
Benefits Administration Career Planning Task & Activity Management HR Case Management Employee Life Cycle Journeys &
Workflow Management
Employee & Manager Self-
Service
Succession Planning Labor Forecasting Employee Relations Case
Management
Environment, Social,
Governance (ESG)
Occupational Health & Safety Learning Fatigue Management HR Document Management Employee Well-being
Expense Management Compensation Management Other Timekeeping Use Cases
(e.g.m T&E)
Transition Management Rewards & Recognition
Source: Gartner
Blue: Present or Past Fund Company is in this category
Grey: Case-study company is in this category

31
3.6%
3.6%
3.5%
3.7%
3.5%
3.7% 3.6% 3.5% 3.4%
3.6% 3.5% 3.4%
3.7% 3.6% 3.5%
2.8% 2.8% 2.7% 2.7% 2.7% 2.6% 2.7% 2.6%
2.5% 2.6%
2.5% 2.4%
2.6% 2.4%
60.0
59.9 59.9
60.1 60.1
60.0
59.9
60.1
60.2
60.2 60.4 60.4
60.3 60.3
60.4
59.6
59.7
59.8
59.9
60.0
60.1
60.2
60.3
60.4
60.5
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
May
2022
June
2022
July
2022
August
2022
September
2022
October
2022
November
2022
December
2022
January
2023
February
2023
March
2023
April
2023
May
2023
June
2023
July
2023
E,ployment-Population
Ratio
Unemployment
&
Quite
Rate
Unemployment Rate Quit Rate Employment-Population Ratio
HCM/HR Software Sector – Labor Market Analysis
With an increase in Employment Population ratio there is an instant decline in the unemployment rate
Source: Bureau of Labor Statistics
▪ Labor market trends for the Sector
– Drivers for HCM/HR technology offering are strong:
• Low unemployment rate
• High quit rate
• High awareness of workplace experience
▪ Implications
– High inflation coupled with low unemployment has led to a
challenging hiring environment for employers
– The labor force participation rate i.e., the portion of eligible
workers who are currently working or actively looking for
work, has yet to rebound to pre-pandemic levels and
remains low
– There are more job openings than workers seeking
employment as companies have increased hiring following
the pandemic
– Driver for wage inflation that leads to PCE/CPI inflation
Unemployment and Quit Rate (May 2022-July 2023)
The employment-to-population ratio is a macroeconomic
employment metric that shows the number of people
employed as a percentage of the total working-age
population

32
9.3x
10.7x
6.1x
8.4x
6.5x
15.9x
8.9x
20.2x
15.5x
12.0x
13.7x
8.8x
28.4x
11.9x
13.7x
8.1x
11.0x
12.1x
8.8x
13.9x
12.0x
5.3x
4.8x
3.7x
6.0x
4.3x
2.9x
5.7x
6.4x
4.8x
3.5x
7.1x
4.3x
2.8x
5.5x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
CRM Data/Analytics ERP & Accounting HCM Industry Vertical Communication IT
Median
EV/LTM
Revenue
EOY 2019 EOY 2020 EOY 2021 EOY 2022 Jun-23
HCM/HR – Multiples Performance – best amongst various segments
Source: CapitalQ; As of June 30, 2023

33
Enterprise Value Range (Values in $M)
HCM/HR – Public Comparables
Source: CapitalQ; As of June 30, 2023

34
SaaS Public Comparables
Enterprise Value Range (values in $M) - EV < $1Bn
Sources: CapIQ as of December 31, 2022 and June 2023

35
Enterprise Value Range (values in $M) - EV < $1Bn

36
Enterprise Value Range (values in $M) - $1Bn – $2.5Bn

37
Enterprise Value Range (values in $M) - $2.5Bn – $10Bn

38

39

40
Enterprise Value Range (values in $M) - EV > $10Bn

41
Enterprise Value Range (values in $M) - EV > $10Bn

2023 0819 True Blue Partners - Investor Conference Presentation.pdf

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