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Hvordan vurdere investeringsmuligheter i tidlig fase @ First Tuesday Bergen

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Hvordan vurdere investeringsmuligheter i tidlig fase
Hilde Støle Pettersen - Partner @ Momentum Partners

Hilde vil gi en innføring i hvordan Momentum tenker når de vurderer selskaper til sin portefølje, og vise et rammeverk som publikum kan velge å bruke i sin egen vurdering av deltakerne i dagens pitche-konkurranse. Det finnes dessverre ingen fasit på hvilke selskaper som vil lykkes, men det har likevel en verdi å gå systematisk og analytisk til verks i vurderingene. Samtidig vil det komme frem at det viktigste (og vanskeligste) å vurdere er ting som ikke så lett lar seg måle i trafikklys eller tall.

Hilde er partner i investeringsselskapet Momentum, som fokuserer på fasene såkorn og tidlig venture. Momentum er en aktiv eier og Hilde har styreverv i flere av porteføljeselskapene. Der bistår hun med bl.a. i strategiske valg, med forretningsutvikling, finansiering, forhandlingsstøtte og økonomistyring. Før Momentum kom Hilde fra The Boston Consulting Group der hun primært jobbet med strategi, organisasjonsutvikling og lønnsomhetsforbedring i en rekke bransjer, alt fra IT og media til matvareproduksjon og humanitære organisasjoner. Hilde har en mastergrad i finans fra NHH og en bachelorgrad i økonomi og administrasjon fra Université de Toulouse 1 i Frankrike.

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Hvordan vurdere investeringsmuligheter i tidlig fase @ First Tuesday Bergen

  1. 1. FIRST TUESDAY Hvordan investere i oppstartsselskaper? Bergen, 18. september 2018
  2. 2. THE MOMENTUM PEOPLE FRANK MOHN Chairman ARVE JANBU FRESVIK Managing Partner HILDE STØLE PETTERSEN Partner CORE COMPETENCE: strategy, business development, transactions, organizational development, management EXPERIENCEROM:
  3. 3. THE MOMENTUM PORTFOLIO Amount invested in parenthesis (in total 37,4 MNOK) Booking platform for cleaning services (4,1 MNOK) Molo: Innovative formulated feed for marine larvae (5,1 MNOK) Self-service communications and marketing platform (4,25 MNOK) Offshore personnel safety system using sensor technology (7,7 MNOK) Next generation pressure washers (2,25 MNOK) Peer-to-peer insurance concept (3,0 MNOK) AI technology maximizing the value of any building site (2,3 MNOK) Automating travel and expenses once and for all (1,1 MNOK) Continuous temperature measurement (3,0 MNOK) Happiness for cats and dogs all over Norway (4,6 MNOK)
  4. 4. ⎸ Momentum is an active investor ▪ All our portfolio companies are closely followed up and supported – by Momentum and/or by our trusted partners ▪ Often on the board, but no requirement. The opportunities and the crises occur between board meetings ⎸ We have a clear preference for co-investing ▪ Co-investing with trusted partners for shared screening and follow-up ▪ Helping founders navigate in the investor space ⎸ An informal, but systematic process ▪ We meet with the teams many times before we invest, preferably over some time ▪ We use our standard criteria for screening and evaluating ▪ We do deep-dive into financials and risk assessments ▪ Investment committee makes final call ▪ So far in 2018: screened ~200 companies; met with ~55; had a deeper process with 16, and invested in 2 new companies Chapter 1 HOW WE WORK (“suksessoppskriften”…?)
  5. 5. Chapter 1 HOW WE EVALUALATE INVESTMENT OPPORTUNITIES 1 IS THE COMPANY WITHIN OUR SCOPE? 2 DO WE THINK IT IS A GOOD INVESTMENT?
  6. 6. DIMENSION GEOGRAPHY1 EXIT POTENTIAL MARKET POTENTIAL CO-INVESTORS 4 VALUATION 5 TYPE OF COMPANY NO-GO INDUSTRIES 8 6 7 Where the company and the founders have their base (share of portfolio) EXPLANATION BERGEN / WEST COAST (~50%) NORWAY (~40%) NORDICS (~10%) OUTSIDE NORDICS PRINCIPLES Assessment of valuation potential at exit relative to post-money at investment date >10x 3-10x <3x Assessment of potential market penetration «GLOBALLY» NORDICS/ NORTHERN EUROPE NORWAY REGIONALLY IN NORWAY Whether other investors participate in the round YES, EXISTING RELATION YES, NEW RELATION NO, BUT MOMENTUM HAS DEEP INSIGHT Pre-money valuation <50 MNOK 50-100 MNOK > 100 MNOK Industries in which we do not invest MP/ CO-INVESTOR DO NOT HAVE DEEP DOMAIN INSIGHT MUSIC, FILM, PHARMA, UNETHICAL Different types of companies and primary customer groups DISRUPTIVE TECH DIG. SERVICES / NEW BUS. MODELS «LOW TECH» B2B B2C, P2P B2B B2C, P2P B2B B2C, P2P NO, AND MOMENTUM W/O DEEP INSIGHT PHASE Which phase the company is in SEED PRE-SEED SERIES B+2 3 CAPITAL INTENSIVE INDUSTRIES (OIL & GAS) SERIES A MOMENTUM INVESTMENT PHILOSOPHY
  7. 7. MAIN CRITERIA ELEMENTS INCLUDED IN ASSESSMENT TEAM 1. TEAM COMPOSITION: Is the total competence need covered by the team? Does the team complement each other in natural roles? Does the team have a mutual commitment? Do we see an «x-factor»? 2. EXPERIENCE: Does the team have domain knowledge, relevant education, (entrepreneurial) track record? 3. INTEGRITY/PERSONNALITY: Does the team have integrity, honesty, humility, passion, execution power, ability to cooperate, attraction power on employees, customers and investors in the long run? Are they coachable? 4. INVESTOR TEAM: Is the industry/concept well covered by the total competence of the investor team? MARKET POTENTIAL AND TIMING 5. CUSTOMER INSIGHT: Is the problem, the opportunities and the needs in the market well defined? Does the team have deep customer insight and understanding of the customers’ decision processes (B2B)? 6. MARKET POTENTIAL: How do we assess the market size, segments, competition, barriers to entry, trends, industry dynamics, new niches and growth potential? 7. TIMING: Is the timing for the concept in the market right? Do the customers need convincing and “training”? BUSINESS POTENTIAL AND SCALABILITY 11. BUSINESS MODEL: Is the business model and value chain well defined? Does the team have a strong go-to-market plan? 12. SCALABILITY: Is it realistic to take market shares and/or extend the market? How does the cost base scale with high sales volumes? Can we add new products/services? What are efficient bottle necks for scaling? 13. METRICS: Do we have a strong understanding of relevant value drivers and KPIs / success factors? Are potential margins robust in the long run? Do they have paying customers or other metrics as of today that can be extrapolated? PRICING AND STRUCTURE 14. VALUATION AND EXIT: Is the pricing reasonable, and is an interesting ownership share available? Do we see realistic exit routes? 15. CAPITAL NEED: Is the capital need and timeline to commercial sales reasonable? How is the risk for delays / need for more capital? 16. OTHER TERMS: Any unfriendly or non-aligning terms in SHA? Commitment from the founders? 17. SHAREHOLDERS: Is there agreement with main shareholders about future direction/strategy? Can we add something? PRODUCT / SOLUTION 8. SOLUTION: To what extent does the concept solve a problem / cover a need? Is quality and uniqueness sufficient? 9. PRODUCT/SERVICE: How far has the team come in product development (MVP, prototype, pilots, etc.) and product/market fit? Do we see clear USPs? Is the product/service unique, with disruptive potential? 10. TECHNOLOGY/IPR: Is the solution proprietary and possible to protect? Are patents / IP in place or pending? MOMENTUM INVESTMENT CRITERIA E D C B A
  8. 8. Discover more at www.momentumpartners.com

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