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Fundraising in Silicon Valley
- 1. Fundraising in Silicon Valley X Venture Program Fellow Jasmine Tung (董咨均)
- 2. Jasmine Tung WI Harper / VC Investment Analyst Cross border VC fund has office in Beijing, Taipei and San Francisco. + Due Diligence + Research + Deal Sourcing ++After work, I helped out early stage local Taiwanese startups. About me
- 3. Fundraising in Silicon Valley X Venture Program Fellow Jasmine Tung (董咨均)
- 4. Numbers of funding in US • In 2017, SF + Silicon Valley has 45% of the total venture capital investment in the entire US. • San Francisco tops the list with $25biilion in investment, 3x than Silicon Valley. • More than 30 unicorns and near-unicorns are based in San Francisco, including the two most valuable in the U.S: Uber ($72billion) and Airbnb ($28billion). • Accumulated Investment Amount Ranking: San Francisco New York Boston San Jose Los Angeles Chicago Seattle Washington Austin Atlanta Miami, above 11 cities topping $1billion in 2017. Investment Amount Ranking in US from 2010-2017
- 5. Late Stage Profitable Early Stage Pre-profitability Seed Pre-revenue Exit IPO/ MA Startups Angel - Ex-founders Accelerator - $120k for 7% of shares Venture Capital - Early and Late - X10 return target Private Equity 15% IRR target Investment Bank Investors Micro VC ($K-$100M) Big VC ($100-500M) Mega VC (500M) Startups Investors Ecosystem Corporate VC
- 6. Accelerator is a good place for first time founder. Why? Demo Day! Money Mentor Conne- ction HAX • 3-5 teams/month. • Hardware investment in consumer, industrial, health, enterprise • Stage I. Pre-Launch (Shenzhen): Manufacturing. • Stage II. Post-Launch (San Francisco): Sales. Prynt YC • Twice a year. 3 months program • Invest $120k for 7% of the equity • No physical space, dinner once a week • Funded startup with just an idea to $20mm revenue company • Request for startups: 25 categories Link
- 7. Geography Stage Industry Identify VC firms that invest the amount you need, in your industry, at your stage of development, in your region. Where are the firms located? Some VCs may invest based on your location and others may not. Does it make sense to target them? Do these firms invest in early stage companies? What’s their industry focus? How much money did they put in each of the company? What’s their featured investments? Have they ever made this types of investments? Who in this firm might be interested in your topic?
- 8. Reach out investors Convince investors Close the deal Fundraising is a recurring process, prepare a list of target investors, raising amount and close date. • Best by referral, hierarchy below - Friends/former co-worker of the VC - Existing portfolio company • Worst by cold email/LinkedIn • If you don’t have connection, try competition/accelerator • Good story - Product / Market / Competitive Landscape - Financial Forecast / Target Amount • Make more conversation • Don’t wear formal Target to arrange a 1-1 meeting • Always tell the truth • Well-prepared data room Target to have a follow up meeting Target to close fast Milestones Fundraising is a recurring process, ensure you raised the money 6 months before cash out.
- 9. Good Bad Opportunity to fundraise in Silicon Valley Good • Lots of capital available • Well-defined milestone • Lots of acceleration and mentorship available • Efficient investment vehicles (Convertible Note) Bad • Lots of capital available • Higher bar for Seed/Series A • Silly valuation • Difficult for international startups to get fundraising in SV (but getting better) Opportunity • International founders is increasing • YC: 2018 batch 35% of the founders are international based from 23 countries • 500 Startup: 2018 batch Over 44% of the team come outside of the US • “Local Loyalty” is decreasing
- 10. Fundraising in Silicon Valley X Venture Program Fellow Jasmine Tung (董咨均)
- 11. A practice.
- 12. Supplement