Our first year
in Germany
Berlin, Nov 20 2013
Heritage

2	
  
Introduction

Founded and Funded 2006
Independent VC
Entrepreneurial
Fund I+II EUR 250m

3	
  
Target Investment
Size

Areas

Approach

€3-8m tickets

Digital media & marketing

Buy & Build

Late Series A, Series B

M...
Portfolio
Digital media

Television

Digital marketing

E-commerce

Enterprise services

5	
  
Last 14 months
Looked at 86 companies
Discussed 11 intensely internally
Made 6 offers
0 Investments

6	
  
1. Timing/ Speed
Being so “young” in the market, more time to assess is needed
§ 

Being honest: VCs are not the fastest
...
2. Internationalization Strategy

8	
  
3. Founders’ Shares
Founders’ shares often rather low
§ 

Median per founder share
§ 
§ 

§ 

in portfolio higher than...
4. Company Structure
Focus and unity
§ 

Multiple VC/ Angel investors on board at Series B (A)
§ 

“New Kid on the Block...
5. Valuation Expectation
Difference in “potential-view”/ maybe Dutch “problem”
§ 

Simplified example: eCommerce
§ 

exp...
1. Warm Welcome
Has been easy to become part of the community
§ 

Many events to network

§ 

People open and happy to c...
2. Political/ Governmental Support
Many “political” helping hands
§ 

IBB (venture and debt)

§ 

KfW (venture and debt)...
3. Highly Experienced Talent
Through the many large/ professional players,
§ 

a group of talented and trained entreprene...
Conclusion
We need more time, but we will definitely soon get there!

15	
  
"Our first year in Germany" - Ein Praxisbericht von Christoph Neuhaus von "van den Ende & Deitmers"
Upcoming SlideShare
Loading in …5
×

"Our first year in Germany" - Ein Praxisbericht von Christoph Neuhaus von "van den Ende & Deitmers"

734 views

Published on

"Our first year in Germany" - Ein Praxisbericht von Christoph Neuhaus von "van den Ende & Deitmers" am 20. November auf dem Forum Finance Berlin

Published in: Economy & Finance, Business
0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
734
On SlideShare
0
From Embeds
0
Number of Embeds
85
Actions
Shares
0
Downloads
9
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide

"Our first year in Germany" - Ein Praxisbericht von Christoph Neuhaus von "van den Ende & Deitmers"

  1. 1. Our first year in Germany Berlin, Nov 20 2013
  2. 2. Heritage 2  
  3. 3. Introduction Founded and Funded 2006 Independent VC Entrepreneurial Fund I+II EUR 250m 3  
  4. 4. Target Investment Size Areas Approach €3-8m tickets Digital media & marketing Buy & Build Late Series A, Series B Mobile Coach & Commit Co-investments with VCs/angels Edtech Internationalisation E-commerce & Enterprise services 4  
  5. 5. Portfolio Digital media Television Digital marketing E-commerce Enterprise services 5  
  6. 6. Last 14 months Looked at 86 companies Discussed 11 intensely internally Made 6 offers 0 Investments 6  
  7. 7. 1. Timing/ Speed Being so “young” in the market, more time to assess is needed §  Being honest: VCs are not the fastest §  And being more honest: Dutch are not the fastest §  Clearly a case of 1 + 1 = 3 §  Must have time to get to know opportunity/ management 7  
  8. 8. 2. Internationalization Strategy 8  
  9. 9. 3. Founders’ Shares Founders’ shares often rather low §  Median per founder share §  §  §  in portfolio higher than 20-30% - post our round for companies we looked at so far less than 15% - pre our round Less money at the beginning (NL = more US than DE approach) 9  
  10. 10. 4. Company Structure Focus and unity §  Multiple VC/ Angel investors on board at Series B (A) §  “New Kid on the Block” §  “Too many cooks spoil the broth” 10  
  11. 11. 5. Valuation Expectation Difference in “potential-view”/ maybe Dutch “problem” §  Simplified example: eCommerce §  expected going in valuation of 1.5 - 2.0x Revs FY1 §  sold today at 1.0x Revs FY0 §  Must 3 to 4-fold before money is back and no profit has been made §  Could be own experience only: Albumprinter and CentralPoint §  Not seen anyone else do these deals, we denied on valuation 11  
  12. 12. 1. Warm Welcome Has been easy to become part of the community §  Many events to network §  People open and happy to connect §  A broad network of investors wanting/ looking to work with us 12  
  13. 13. 2. Political/ Governmental Support Many “political” helping hands §  IBB (venture and debt) §  KfW (venture and debt) §  HTGF §  … 13  
  14. 14. 3. Highly Experienced Talent Through the many large/ professional players, §  a group of talented and trained entrepreneurs created §  but also “onliners”/ online experts 14  
  15. 15. Conclusion We need more time, but we will definitely soon get there! 15  

×