VVN Jan 2015
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January 2015 presentation from Cairn Cross, co-founder of FreshTracks Capital to the Vermont Venture Network on entrepreneurship and VC in Vermont.
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VVN Jan 2015
- 1. www.freshtrackscap.com @FreshTracksCap & @VT CairnCross cairn@freshtrackscap.com & www.linkedin.com/in/cairncross
- 2. FreshTracks Capital Overview • Founded in 2000 • Based in Shelburne and focused on investing in VT • 3 Funds Raised – (2001, 2007 & 2013) • Invested in 30 portfolio companies to date
- 3. FreshTracks Named Business of the Year
- 4. Roadmap to VT’s Innovation Economy
- 5. Commercial Interruption for Peak Pitch • 3/12 @ Sugarbush • Signups now Open • Space is Limited • Best Early Stage Networking Event of the Year
- 6. Matt Dodds @ • From Matt’s talk to Vermont Legislators on first day of 2015 session • “Evolving Brand Vermont”
- 7. My first thought was… “Holy crap Matt Dodds has been stalking me this year”
- 8. National VC trends Slightly Improved in 2014 • Q1 – Q3 2014 186 firms raised $24Bn vs. $18Bn for all four quarters of 2013 • In Q3, 5 firms accounted for 50% of the money raised by the industry > there continues to be concentration in hands of a few big firms • IPO activity in 2014 highest since 2000 • Lots of M&A activity at crazy looking valuations: $19Bn for WhatsApp which had $20MM in revenue • Crazy looking venture valuations: What do Instacart, WeWork Companies, Stripe and Kabam have in common?
- 9. What about the Angels? Q2 SVB Halo Report • Round size of “angel only” deals drops • But, more angels cooperating with venture and “non angel” investors in syndicates • Median valuations up – ($3MM “Pre” compared to $2.7MM in Q1) • Angel groups active in non-traditional markets – Texas in top three – Maine in top eight • Healthcare deals up • Internet & Mobile deals down
- 10. Alternative Funding • Kickstarter (Rewards Crowdfunding) – In 2013, Kickstarter platform raised $480MM from 3MM people. – In Q2 ’14, Kickstarter raised $144MM from 1.1MM people • Equity Crowdfunding Portals: – In 2013, helped raise $204MM – In Q1 2014, helped raise $90MM
- 11. But cracks in the “social fiber” of VC & Tech Communities are appearing
- 13. 2013 VT VC Funding Compared to the Region Stat e Deals/MM populatio n U.S. Rank VT 16 7 NH 12 11 ME 3 36 CT 15 9 MA 53 1 NY 20 4 RI 12 10 http://www.ssti.org • In 2013 VT was well below average for Dollars invested per 1MM residents – 2013 U.S average $53MM per 1MM – 2013 VT was $34MM per 1MM • Q1 – Q3 2014 VT is $50MM per 1MM
- 14. Vermont VC Trends Remain Positive (PWC Data)
- 15. Additional Detail for VT Private Investments 2014 Vermont “Reg D” deals not included on previous slide: •23 companies raised at least $17MM – From small deal at $30K, to – NG Advantage raising $5.5MM •Of note: – 3 breweries – 3 Ag-related deals – Several consumer product cos. – 2 food deals
- 16. • Ello Accolades: – 9 most significant deals of 2014 (Inc. Mag) – 2015 most surprising things to watch (Forbes) – # 9 most popular social network (Cowen & Co) • What the conversation should be about: – Why Burlington and Boulder, not Silicon Valley? – Why is a tech co. a Public Benefit Corporation (PBC)? – Venture investors will invest in a PBC? – How is this different that a B-Corp? – Does this signal a convergence of values and $s? – What does this mean for the VT Technology ecosystem? Vermont Deals of Note
- 17. Vermont Deals of Note IrisVR •Graduate from Middlebury •Win LaunchVT •Hire handful of young professionals •Raise angel capital •Accepted into TechStars NY •Get ready for really big things in 2015
- 18. Vermont Deals of Note • CleanEthics based in Richmond, VT & Founded in 2010 • Take a bike ride, end up with stale Camelbak & find a pain point to solve • Start your company & build a product • Apply to Shark Tank > Get a deal with a Shark.
- 19. Additional FreshTracks Highlights from 2014 Faraday wins $1MM SunShot Grant from DOE Bridj expands into Boston/urban transportation
- 20. An IPO? • Files S-1 January 5th 2015 • This will be first VT company to go public in more than a decade • Still relatively small company to go public ($45MM revenues first 9 months of 2014) • Will be interesting to watch this offering progress • Zero press coverage so far in Vermont
- 21. Road Pitch – First Annual August 2014 • 30 riders • 1 Lt Gov • 4 days • 7 towns • 28 pitches • 500 miles • 1 rain storm
- 22. www.freshtrackscap.com @FreshTracksCap & @VT CairnCross cairn@freshtrackscap.com & www.linkedin.com/in/cairncross