Understand the VC math and valuation from the investors perspective. What is fair deal and a super deal for the investee and the investor shares Madhukar Sinha, India Quotient
Understand the VC math and valuation from the investors perspective. What is fair deal and a super deal for the investee and the investor shares Madhukar Sinha, India Quotient
Silverwood Capital Fund I LLC formed to take advantage of a narrow niche in the mortgage note industry. The Company will seek to acquire, workout, and manage nonperforming real estate notes secured by residential 1-4 unit properties. While the primary emphasis will be focusing on nonperforming junior and Home Equity Line Of Credit (“HELOC”) notes, we will purchase select senior liens and REOs.
Using our network of banking and equity fund contacts, and advanced marketing techniques, the Fund will purchase mortgages and real estate at significant discounts to its underlying value. By focusing on distressed mortgages and properties, we know the potential for above average returns exist.
These securities are being offered under an exemption provided by SEC Regulation D Rule 506(c). Only accredited investors who meet the SEC Regulation D 501 “accredited investor” accreditation standards and who provide suitable verification of accredited status may invest into this Offering.
• Any historical performance data represents past performance. Past performance does not guarantee future results;
• Current performance may be different than the performance data presented;
• The Company is not required by law to follow any standard methodology when calculating and representing performance data;
• The performance of the Company may not be directly comparable to the performance of other private or registered funds or companies;
• The securities are being offered in reliance on an exemption from the registration requirements, and therefore are not required to comply with certain specific disclosure requirements;
• The Securities and Exchange Commission has not passed upon the merits of or approved the securities, the terms of the offering, or the accuracy of the materials.
2015 Venture Capital & Startup Traction ReportMattermark
Dive into venture funding trends
Take an in-depth look at the funding events, growth signals, exits and other insights into the fastest growing private companies. It’s compiled by our independent, in-house editorial staff to help you make fast, informed and accurate decisions.
CB Insights’ Growth Collective demystifies the growth strategies of the world’s largest organizations. We surveyed 365 corporate venture capital arms to understand how CVCs govern, set objectives, compose their teams, embed processes, and use technology. This research is the most comprehensive look at how CVCs operate and drive growth in their organizations. Growth Collective members also have access to best practices and tools to better deliver on their corporate venture capital goals.
We’re thrilled to announce that we’ve raised Kleiner Perkins’ 18th venture fund -- $600 million to focus on early stage investing. This marks 47 years for our firm, and with a fresh team and strategy, we’re incredibly excited for the next 47 years.
We are big advocates of transparency at Seedcamp and understand first hand just how tough the fundraising process can be. It's not just startups who go through this but funds too. In the spirit of openness, we're sharing the deck we used to go out to investors for Seedcamp Fund IV.
Read more about our plans to invest in 100 new European startups with our biggest and boldest fund yet over on our blog: http://seedcamp.com/seedcamp-fund-iv-announcement/
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Silverwood Capital Fund I LLC formed to take advantage of a narrow niche in the mortgage note industry. The Company will seek to acquire, workout, and manage nonperforming real estate notes secured by residential 1-4 unit properties. While the primary emphasis will be focusing on nonperforming junior and Home Equity Line Of Credit (“HELOC”) notes, we will purchase select senior liens and REOs.
Using our network of banking and equity fund contacts, and advanced marketing techniques, the Fund will purchase mortgages and real estate at significant discounts to its underlying value. By focusing on distressed mortgages and properties, we know the potential for above average returns exist.
These securities are being offered under an exemption provided by SEC Regulation D Rule 506(c). Only accredited investors who meet the SEC Regulation D 501 “accredited investor” accreditation standards and who provide suitable verification of accredited status may invest into this Offering.
• Any historical performance data represents past performance. Past performance does not guarantee future results;
• Current performance may be different than the performance data presented;
• The Company is not required by law to follow any standard methodology when calculating and representing performance data;
• The performance of the Company may not be directly comparable to the performance of other private or registered funds or companies;
• The securities are being offered in reliance on an exemption from the registration requirements, and therefore are not required to comply with certain specific disclosure requirements;
• The Securities and Exchange Commission has not passed upon the merits of or approved the securities, the terms of the offering, or the accuracy of the materials.
2015 Venture Capital & Startup Traction ReportMattermark
Dive into venture funding trends
Take an in-depth look at the funding events, growth signals, exits and other insights into the fastest growing private companies. It’s compiled by our independent, in-house editorial staff to help you make fast, informed and accurate decisions.
CB Insights’ Growth Collective demystifies the growth strategies of the world’s largest organizations. We surveyed 365 corporate venture capital arms to understand how CVCs govern, set objectives, compose their teams, embed processes, and use technology. This research is the most comprehensive look at how CVCs operate and drive growth in their organizations. Growth Collective members also have access to best practices and tools to better deliver on their corporate venture capital goals.
We’re thrilled to announce that we’ve raised Kleiner Perkins’ 18th venture fund -- $600 million to focus on early stage investing. This marks 47 years for our firm, and with a fresh team and strategy, we’re incredibly excited for the next 47 years.
We are big advocates of transparency at Seedcamp and understand first hand just how tough the fundraising process can be. It's not just startups who go through this but funds too. In the spirit of openness, we're sharing the deck we used to go out to investors for Seedcamp Fund IV.
Read more about our plans to invest in 100 new European startups with our biggest and boldest fund yet over on our blog: http://seedcamp.com/seedcamp-fund-iv-announcement/
You are currently preparing your financing round and want to get an overview of a VC's Investment criteria? This checklist contains the main questions we want to touch base on in financial models for your Seed- and Series A round.
Pitch deck FundedByMe for equity crowdfunding. March 2014 Daniel Daboczy
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Fundraising Hacks - Pioneers Festival 2015 by Fred Destin at Accel PartnersFred Destin
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Bessemer Venture Partners' is proud to share The State of the Cloud for 2017.
As the definitive guide to the biggest trends in the cloud industry, this year’s “State of the Cloud Report” includes:
1. A Look Back at 2016
- 2016 was a marquee year for a number of reasons. First, we all remember the rocky start in February where the Cloud Market dropped 35%
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- The dip in the market had two main outcomes: First, it led to unprecedented amounts of M&A (4x more than any other year and 40% of the total cloud market cap of $300B) – and second, it led to the fewest number of cloud tech IPOs since the financial crisis.
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- How fast should I be growing?
- How much should I burn?
- How do I scale?
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- The year of human assisted AI
- APIs will serve as the backbone for a majority of software infrastructure
- Architect for infinite scale without infinite spend
- Mobile unlocks non-desk worker productivity
- NPS everything
- Diverse teams win
- The screenless software movement
Bessemer Venture Partners' is proud to share The State of the Cloud for 2017.
As the definitive guide to the biggest trends in the cloud industry, this year’s “State of the Cloud Report” includes:
1. A Look Back at 2016
- 2016 was a marquee year for a number of reasons. First, we all remember the rocky start in February where the Cloud Market dropped 35%
- Subsequently, rebounded back to normal levels and ended the year up +15%.
- The dip in the market had two main outcomes: First, it led to unprecedented amounts of M&A (4x more than any other year and 40% of the total cloud market cap of $300B) – and second, it led to the fewest number of cloud tech IPOs since the financial crisis.
- A combination of these factors has led to the highest quality backlog of private cloud companies in history. The top 100 private Cloud companies alone represent over $100B of private enterprise value.
2. We provide a deeper look into the three top questions every private cloud CEO should be discussing with his/her executive team
- How fast should I be growing?
- How much should I burn?
- How do I scale?
3. Bessemer’s 7 Predictions for 2017
- The year of human assisted AI
- APIs will serve as the backbone for a majority of software infrastructure
- Architect for infinite scale without infinite spend
- Mobile unlocks non-desk worker productivity
- NPS everything
- Diverse teams win
- The screenless software movement
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A look at Canadian SaaS Exit (SaaSNorth presentation)
1. D E S I G N I N G Y O U R E X I T S T R AT E G Y :
A D ATA - D R I V E N L O O K AT R E C E N T S A A S E X I T S
2. Private & Confidential | 2
A g e n d a
Introduction
Canadian SaaS Exit Trends
Case Studies
How to achieve your exit?
Introducing ‘Real Exits’
01
02
03
04
05
3. Private & Confidential | 3
I n t r o d u c t i o n
M A R K M A C L E O D
F O U N D E R & P R E S I D E N T
S U R E PAT H C A P I TA L PA R T N E R S
Mark has over 14 years experience as a CFO for leading companies such as FreshBooks,
Shopify, Tungle and many others. He also spent 3 years as a General Partner at Real Ventures,
Canada’s largest and most active seed stage venture fund.
He has raised hundreds of millions in capital from investors in Canada, the US and Asia. In
addition, Mark has sold companies to Airbnb, Blackberry, Rackable Systems, Return Path and
others.
4. Private & Confidential | 4
S u r e P a t h : O u r P u r p o s e
Helping you fund, grow and exit your startup
The process of raising growth capital is very different from raising early stage capital
It is cheaper than ever to start companies, but more expensive than ever to build market leaders. If that’s your
aspiration, you need growth capital
We help startups prepare for growth stage and help them raise the capital needed to become market leaders
We have sat on both sides of the table. We have funded, grown and exited many companies
We offer up that experience through ongoing coaching and mentoring.
A low touch, high impact way to help you grow
There are few credible choices for advisors to facilitate sub $100M exits. We fill that gap
We work with you to facilitate the BD and Corp Dev intros that pave the way to an eventual exit
If you decide to exit, we manage the process for you from start to finish
SurePath maximizes your optionality:
We make sure you know what it takes to build a market leader and capitalize you towards that goal.
We ensure you are always in the minds of strategic buyers so that if they decide to make a move in your
space, you are in the conversation. You can then decide; Keep going or exit?
Growth
Funding
Strategic
Guidance
Exits
5. Private & Confidential | 5
S u r e P a t h & S M B
•We have been part of some the most successful SMB SaaS companies
•We have deep relationships with SMB investors and buyers
•SurePath is committed to becoming the leading strategic financial advisor to the global
SMB software market
7. Private & Confidential | 7
E x i t s b y T y p e
Source: pitchbook.com
7
3
13
10
7
13
7
12
9
4
3
1 1
2
4
6
8
10
12
14
2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4
NumerofDeals
Canadian SaaS Exits
Merger/Acquisition IPO
8. Private & Confidential | 8
B u y e r L o c a t i o n & T y p e
Source: pitchbook.com
USA
53%
Canada
32%
Europe
8%
Other
7%
Buyer by Geography
Public Buyers
40%
Private Buyers
60%
Buyer by Type
9. Private & Confidential | 9
B u y e r s
Who’s buying Canadian SaaS companies
Source: pitchbook.com
10. Private & Confidential | 10
E x i t s b y A g e
Source: pitchbook.com
33%
22%
28%
11%
6%
Time to Exit
0 to 5 Years
6 to 10 Years
11 to 15 Years
15 to 20 Years
> 20 Years
11. Private & Confidential | 11
E x i t s b y S i z e
Source: pitchbook.com
10%
7%
2%
2%
3%
76%
Exit Values
$0-$10M
$10-50M
$50-$100M
$100-$200M
$200M +
Non-disclosed
12. Private & Confidential | 12
F u n d i n g S t a t u s
Source: pitchbook.com
3%
55%
42%
Funding Status of Exited
Companies
PE VC Non-funded
$259.4m
$33.1m $2.5m
$0.0m
$50.0m
$100.0m
$150.0m
$200.0m
$250.0m
$300.0m
PE VC Non-funded
Median Valuation
4.0x
5.3x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
PE VC
Valuation /Rev Multiple
13. Private & Confidential | 13
P R O V I N C E E X I T S
O N TA R I O 4 7
B R I T I S H C O L U M B I A 1 9
Q U E B E C 1 6
N O VA S C O T I A 3
A L B E R TA 2
N E W B R U N S W I C K 2
P R I N C E E D WA R D I S L A N D 1
E x i t s b y L o c a t i o n
3
1 9
4 7
1
1 6
2
2
15. Private & Confidential |
Compilr
Year Founded 2010
Time To Exit 4 Years
Rounds Raised 1
Total Funding $110K
Investor(s) Seedcamp
Headquarters
Halifax,
Nova Scotia
Employees 12
15
C a s e S t u d y : C o m p i l r
Source: pitchbook.com, Entrevestor, Techcrunch, Financial Post, Techvibes
Acquired By Valuation Date Of Acquisition
$20M USD*
*Estimated
Oct 2014
• Compilr tried to raise capital and was rejected by 35 VCs
• They were profitability driven - focused on improving ARPU from
existing clients as opposed to growing via freemium
• Acquisition allowed lynda.com to grow its reach with
developers and allowed cloud-based platform to create code
• lynda.com was an inbound acquirer, reaching out in 2013 to
buy Compilr
• Founders started looking for acquirers a year before acquisition
• CEO Patrick Hankinson took the lynda.com offer and reached
out to every education platform competitor to shop around
• After a year, lynda.com shuttered the technology and got rid of
the Compilr team, CEO regrets not digging deeper
16. Private & Confidential |
Universe
Year Founded 2011
Time To Exit 4 Years
Rounds Raised 3
Total Funding
$2.2M
($250K Debt)
Investor(s) Real Ventures
Headquarters Toronto, Ontario
Employees 33
16
C a s e S t u d y : U n i v e r s e
Source: pitchbook.com, Techvibes, angel.co, hypebot
Acquired By Valuation Date Of Acquisition
Not Disclosed June 2015
• Universe had a clear buyer from the outset - they garnered
the attention of Ticketmaster when they raised their round in
May 2014 and were acquired a year later
• Universe had an important differentiating factor - users did
not have to travel to another website in order to buy tickets
which created a better user experience
• Acquisition allowed Ticketmaster enter the DIY ticketing
market
• They used an M & A advisor on the deal
• Universe is currently operating independently - they have
doubled headcount and opened offices in NY and London
since being acquired
17. Private & Confidential |
Monexa Services
Year Founded 1998
Time To Exit 17 Years
Rounds Raised 2
Total Funding $6.23M
Investor(s)
Ansera Capital
Partners, PenderFund,
Yaletown Partners
Headquarters
Vancouver,
British Columbia
Employees 51
17
C a s e S t u d y : M o n e x a S e r v i c e s
Source: pitchbook.com, Finsmes, Newswire, BCTechnology
Acquired By Valuation Date Of Acquisition
$33.1 Million USD August 2015
• Monexa’s subscription commerce platform allowed
businesses to manage complex product and services billing
requirements - capabilities that Netsuite did not have and
would have been costly to build
• Monexa leveraged its market leadership to raise funding to
rapidly iterate upon its existing product to be able to
outcompete new SaaS companies entering the space
• Netsuite acquired Monexa because they needed an agile
billing system in order to compete and their existing
product was insufficient
• Netsuite retained all employees and Vancouver was made
the centre of Netsuite’s subscription billing efforts
23. Private & Confidential | 23
Buyer Types
Founder
✓ Product-driven
✓ Based on desire
✓ Top down
✓ No prior relationship needed
Manager
✓ Fact-driven
✓ Based on clear business case
✓ Pushed up to CEO
✓ Need evidence (joint customers)
24. Private & Confidential | 24
Drivers of Deal Value
✓ Alternatives (runway, competition)
✓ Scarcity
✓ Mortal enemies
✓ Growth (fear)
✓ Market leadership (2 way)
✓ Does the buyer’s CEO Want this?
✓ On strategy
✓ Currency
✓ Time and timing (including markets)
25. Private & Confidential |
T h e R o l e o f A d v i s o r s
25
✓ Should you hire one? Yes
✓ What to look for: Relevant relationships, completed deals and expertise.
Senior people involved
✓ Role:
✓ Prepare you
✓ Quarterback
✓ Create / manage demand
✓ Good cop/ bad cop
✓ Objectivity
✓ Create urgency