ITD Unplugged: Practical Tips on Securing the Right Funding for You

Copyright © 2021 The Digital insurer. All rights reserved.
ITD Unplugged
Practical Tips on Securing the Right
Funding for You

2
Disclaimer
Presentations are intended for educational purposes only and do not replace independent
professional judgment. Statements of facts and opinions expressed are those of the
participants individually and, unless expressly stated otherwise, are neither the opinion nor
position of The Digital Insurer. The Digital Insurer do not endorse or approve, and assume
no responsibility for, the content, accuracy or completeness of the information presented.

3
Welcome
Simon Phipps
Founder
The Digital Insurer

4
Today’s Agenda
90
Minutes
Welcome & Opening Remarks
Perspectives from each panellist
Panel discussion
Closing Remarks

5
Housekeeping
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Working together to accelerate the digital transformation of insurance
TDI INSURTECH DIRECTORY
Why we’re here today

• Solving the problem of insurers / other potential partners, efficiently finding InsurTechs around the globe
• ….and vice-versa
• An online yellow pages, or digital high-street
• Freely accessible for all
• Not a TDI profit center – value-add services such as Premium Membership charged at cost
• Vision = world’s largest freely accessible InsurTech database & information resource

Categorisation
We know it’s not perfect,
but we had to start
somewhere!
Value Chain
Innovations
New Digital
Business
Models
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Health &
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Eco-systems
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Improving
Today
Reinventing
Tomorrow

Value Chain
Innovations
New Digital
Business
Models
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P
2
P
&
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Health &
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Direct
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Improving
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Reinventing
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Support Services
INSURTECH
WHEEL
Funding & Investment
Incubators,
Accelerators
&
Hubs
System
Integrators
P
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Govt Bodies, Regulators
and
Sandboxes
Strategy Form
ulation
&
Planning
Support Services
A new category
incorporating some of the
best companies helping
InsurTech’s scale around
the world

UN PLUGGED
• Targeted at InsurTech founders and leadership teams
• Sharing insights from Support Services firms on ways to scale more efficiently and effectively
• Free; interactive webinars; available on-demand
• Project & change management – Nov ‘21
• Funding & Investment – 31st March ‘22

11%
22%
67%
Frequency
2 x a year
Monthly
Quarterly

Value Chain
Innovations
New Digital
Business
Models
M
ic
ro
in
su
ra
n
c
e
P
2
P
&
C
o
m
m
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Health &
Wellness
Eco-systems
On Demand
Direct
C
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Support Services
INSURTECH
WHEEL
Funding & Investment
Incubators,
Accelerators
&
Hubs
System
Integrators
P
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Govt Bodies, Regulators
and
Sandboxes
Strategy Form
ulation
&
Planning

Source:
Willis Towers Watson / CBInsights –
Quarterly InsurTech Briefing Q3 2021,
October 2021

Source: Willis Towers Watson / CBInsights - Quarterly InsurTech Briefing Q3 2021, October 2021

19
Today’s Presenters
Benjamin Quinlan
CEO,
Quinlan & Associates
Shwetank Verma
Co-founder &
Partner, Leo Capital
Irene Tsang
Founder & CEO,
LIFTwomen Group
Gordon Tay
Co-founder,
Surer

20
Priority Challenges
(Identified by ITD Members)

21
An InsurTech’s Journey
Gordon Tay
Co-founder,
Surer

Gordon Tay,
Co-founder
● 10 years of business strategy
and marketing experience
● Director at 2 SEA Unicorns
● Specialise in building startups to
achieve growth potential
● Digital ecosystem that connects
intermediaries with insurers
● Launched in Q4 2020
● Raised US$1.1m (pre and seed)
About

Our fundraise journey
Brand building,
networking
Initial pitch
(usually at
analyst level)
More
questions
Second Pitch
(Partner or
higher)
Investor’s
Internal IC
Due Diligence
and Data
Room access
Negotiate
terms
Legal and
paperwork
stuff

Top questions we were asked
The problem you are
trying to solve:
● How big/important is
the problem?
● Is this a proven pain
point or just a
hypothesis?
Competition and
differentiation:
● Anyone doing anything
similar?
● How are you different?
● Why would you
succeed over them?
Business model and size
of prize:
● How do you make
money?
● How much?
● What is the potential?

Do’s and Don’ts in a pitch to an investor with
lesser industry knowledge
Do
● Be Illustrative - show scenarios
● Be layman with terminologies and analogies
● Show initial traction - could be from MVP,
Survey etc. - it is hard to understand an
industry but easy to understand good numbers!
● Keep it simple
Don’t
● Assume investors understand scenarios
● Assume they know the lingo
● Go into the micro details of your solution
and every single technical aspect of it
(unless asked)

28
A VC / PE’s viewpoint
Shwetank Verma
Co-founder &

About Me
• General Partner, Leo Capital, tech VC
• Healthcare entrepreneur – Founder,
MyHealthMate
• Investment and M&A experience at
Clermont Capital
SHWETANK VERMA
@shwetankv
sv@leo.capital

The 3 Ts of Pitching
TEAM
• Founder – market
fit
• Roles and skills
• Ability to work
together
TAM
• Problem
• Solution
• Why now?
TRACTION
• Be precise
• Cohorts are great
• $ or pathway to $

34
A crowd-funding perspective
Irene Tsang
Founder & CEO,
LIFTwomen Group

Irene Tsang
Founder & CEO, LIFTwomen Group
Senior Advisor - Insurance Advisory
• Founder of Australia's first women-focused crowdfunding platform,
connect, inspire and fund women around the world to start own
business and thrive
• 20 years of regional experience in Banking and Insurance across
APAC markets specialized in strategic partnership, business
development, sales and portfolio management
• Head of Partnership spearheaded and led several landmark
bancassurance deals, includes SCB-Prudential, AIA-Citibank, and
CBA-AIA Australia acquisition and strategic alliances
• Head of Sales, Product & Marketing, managed over
US$250million annual P&L, led teams of 30+ and mentor of 500+
frontline sales and staff
• Passionate advocate for gender equality. Determined to make
funding for women-led startups accessible and possible.

WHAT is crowdfunding?
• Alternative/ Non-Traditional financing
• A practice of funding a project or venture by
raising money online from a large number
of people who each contribute a relatively
small amount

Donation-Based Reward-Based Equity-Based Debt-Based
Donors Supporters/Customers Investors Investors/Lenders
Money is used to support a
charitable project or sponsor an
individual.
Money is used to support a
business idea or startup through
pre-ordering its
products/services. Rewards can
be tangible or non-tangible.
Money is used to support an
early stage startup in return of
equity in the firm.
(Peer-to-peer lending) Money is
lend to companies.
Investors/lenders will receive
interest in return.
Non-financial Returns Financial Returns
TYPE
S
of crowdfunding

BENEFITSof crowdfunding
1
Access to Funding
• Access to funding when lack of track record
• Capital raise on own terms
• work well with other capital raise
2 • Generate traffic and brand awareness
• Brand building
• Backers' sharing on social media multiply
reach
3 Validation
• Product market fit validation
• Effective way in gaining first hand customer
feedbacks
4 Social Proof
• Quick way to proof business model and
tractions
• Excellent customer engagement activities
5 Increase Visibility
• Increase exposure to potential customers and
investors
• Excellent networking opportunity
6 Customer Acquisition
• Build early supporters who will become your
customers or advocates
Organic Marketing
Validation
Social Proof
Increase Visibility
Customer Acquisition

40
Strategic Story-telling – Selling the value
Benjamin Quinlan
CEO,

STARTUP PITCHES
A FORGOTTEN ART
MARCH 2022
CEO & Managing Partner
Benjamin Quinlan

2
PITCH DECK
A pitch deck is a short summary of a start-up’s business idea and plans, and is the key
enabler to drive conversations with a company’s key stakeholders, especially investors
Pitch Deck
Values of a Pitch Deck
Communicate
Aspirations
• Pitch decks can be used to
communicate a company’s future
targets, including its vision and
mission, to inspire readers to
embrace the start-up’s aspirations
Showcase
Capabilities
• Pitch decks can illustrate the product /
service offerings, providing the
readers with further information on
what the start-up can do and the
benefits it brings to the market
Drive Further
Conversations
• Pitch decks can often make-or-break
a start-up’s chance to take a
conversation forward, especially for
capital raising and sales / business
development
Key Value

3
COMMON PITFALLS
Having seen thousands of start-up pitches throughout my career, I have observed three
common types of pitfalls: (1) presentation, (2) content, and (3) delivery
1 2 3
Presentation Structure & Content Delivery
Description The “look and feel” of the company,
creating an immediate impression
about the firm’s brand / marketability
The structure and content of the pitch
deck, which conveys the core business
proposition of the start-up
The verbal communication of the pitch
deck, be it in a public speaking or a
private meeting format
Common
Problems
 Unprofessional formatting and
unengaging / incorrect visuals
 Inconsistent design protocols and
errors within slides
 Poorly structured narrative without
a natural flow for the story
 Failure to convey the problem
statement and business proposition
 Unengaging / uninspiring delivery,
especially in short pitch meetings
 Difficulties in delivering story with
confidence and conviction
Implications An unprofessional looking deck will
turn away any reader immediately,
given the poor “first impression”
Investors will not engage with start-ups
that aren’t addressing a quantifiable
problem with a clear / unique solution
Poor delivery reflects badly on the
team, including their commercial
acumen / ability to sell their product

4
1. PRESENTATION
Pitch deck presentation shortfalls can be separated into six categories, across slide
design / format and careless errors
Note that these are general presentation shortfalls, but are directly applicable to start-up pitch decks
Plain Text
Text-Heavy Slides
Poor Colour Palette
Too Many Colours
Unprofessional Fonts
Outdated / Bizarre Fonts
Confusing Visuals
Incorrect Visuals / Graphs
Incorrect Formatting
Misaligned Items
Typographical Error
Spelling / Grammatical Mistakes
HELLLO

5
2. STRUCTURE & CONTENT
The content of a pitch deck needs to flow in a structured manner, in order to keep the
audience engaged and to articulate your key messages
Description Key Questions to Answer
The problem the start-up is trying to solve
and how big the problem is
• What is the problem, and how serious is it?
• What is the wallet opportunity / market size?
• What does the future look like for the industry?
What the start-up offers to address the
problem, and how it differs from competitors
• What is your product / service offering?
• How does it work / what benefits does it bring?
• How does your offering differ from competitors’?
Future growth plans for the start-up and how
the company will be positioned for success
• What are your future plans / aspirations?
• How are you going to execute these plans?
• What challenges do you expect and how will they
be addressed?
How much the start-up is looking for form the
investor, and how funding will be allocated
• How much are you looking for?
• How much runway will this funding provide?
• How will the money be used?
What it means for the investor, especially
in relation to expected returns
• How is your business valued and is it justified?
• What is your exit plan(s) and timeframe(s)?
• What are the expected returns for your investors?
Problem
Statement
Your
Solution
Your
Strategy
Your
Ask
Your
Offer

6
3. DELIVERY
Delivering a pitch deck in an engaging manner relies heavily on communication skills, and
professional training may be warranted
Pitch Deck Delivery
Communication Skills
1. Content Knowledge
Come prepared and with a strong understanding
about what you want to say
2. Body Language
Posture, hand gestures, stance, and facial
expressions all influence your communication
3. Confidence
It is critical to project your message with
confidence and conviction, but avoid arrogance
4. Clarity
Be clear in what you want to say and try to avoid
waffling or losing track of the topic
5. Correct Medium
E-mails, social media, phone calls, and in-person
meetings can be leveraged for different reasons
6. Empathy
Put yourself in the shoes of the person(s) you are
communicating with – understand their position
7. Respect
Actively listen to and respect other ideas, even if
you may not agree with what is being said
8. Open-Mindedness
Ensure you have a flexible, open-minded
approach to encourage open and honest dialogue
9. Friendliness
A warm and friendly tone, coupled with a smile,
instantly makes you more likeable / personable
10. Interaction
Encourage feedback / questions, actively listen,
and provide praise where appropriate

7
Section 1.2 Pitch Deck Example

9
Strictly Private and Confidential
September 2019
BOARDOFDIRECTORS
At its core, the board of directors represents a company’s shareholders, overseeing
the development and operations of an organisation
StrategyDevelopment
The board is responsible for setting the overall direction
for the company, including how to best capture growth
opportunities while mitigating risks
CompanyStructure
The board needs to appoint suitable senior managers to
the company, delegate appropriate responsibilities, and
actively monitor / supervise performance
CultureEstablishment
The board sets the values for the firm, establishes the
right organisational tone, and implements policies to
ensure employee alignment to the company culture
KeyResponsibilitiesofBoardofDirectors
ShareholderManagement
The board manages relationships with shareholders via
clear communication and timely disclosures,
addressing the interests of all relevant stakeholders
PositionofBoardofDirectors
Management Team
Shareholders
Board of
Directors
Answer
to
Report
to
Elect
Appoint
&
Monitor

10
September 2019
*The Business Roundtable, a lobbying group composed of leading CEOs, announced that its members will put an end to shareholder primacy and prioritise sustainability
**ESG stands for environmental, social, and governance, i.e. the three key pillars of sustainability and ethical impact
Source: OECD, Harvard Law School, government / regulator website
REGULATORYDRIVE
In more recent years, regulators across the world have been imposing more stringent
requirements on boards in an effort to enhance transparency / corporate governance
RegulatorsandCorporateGovernance
2018, %
81%…
…of countries deploy public
regulators to enforce governance via
corporate law and securities law
Pillar Description Country ExampleRegulation
Board
Requirement
Appointment of board
of directors of certain
size for both public and
private companies
India requires at least three
directors for public companies
and at least two directors for
private companies
Performance
Evaluation
Requirements regarding
evaluation and
disclosure of board
performance
Hong Kong requires boards to
evaluate and disclose their
own performance and
operational efficiency
Diversity &
Inclusion
Obligations to satisfy
specified level of
diversification in board
composition
Norway mandates listed
companies to reserve at least
40% of their board roles for
women
Stakeholder
Primacy*
Prioritisation of
sustainable societal
benefitsover
shareholders’ wealth
Singapore requires disclosures
on integration of ESG** factors
into a company’s overall
operational processes
Data
Governance
Protocols for data
management, with
regards to protection,
security,and privacy
The United Kingdom calls for
implementation of firm-wide
cybersecurity mechanismson
all technology systems
RegulatorsandCorporateGovernance
Increasingly stringent requirements on corporate governance are driving the need to
bolster boards of directors for both public and private companies

11
September 2019
BOARDMANAGEMENT(1/3)–BOARDBOOKS
Boards rely heavily on board books to manage these regulatory responsibilities, but all
historical solutions are plagued by a number of severe limitations
Gen1
Gen2
Gen3
Gen4
Printed Documents Email Channels Online Networks Collaboration Tools
Board books are printed,
then physically delivered to
board members via post
Board books, and any
updates, are sent to board
members through email
Board books are stored
online, with updated versions
replacing old ones
Board books are stored
online, with all edits available
to be seen in real time
Sharing ✓ ✓ ✓ ✓
Instant Delivery  ✓ ✓ ✓
Version Control   ✓ ✓
Real-Time Edits    ✓
Expensive, with slow
delivery and a lack of
proper version control
Difficult version control,
especially for real-time
edits / updates
Lack real-time updating
and editing functionality,
hindering productivity
Not tailored for board
functions, especially for
security and compliance

12
September 2019
BOARDMANAGEMENT(2/3)–BOARDOPERATIONS
In particular, historic approaches to managing board meetings have failed to provide
support across the core operations of a board, especially with meeting management
Board Book Creation ✓ ✓ ✓ ✓
File Digitalisation  ✓ ✓ ✓
Remote & 24/7 Access   ✓ ✓
Realtime Updates    ✓
Realtime Collaboration    ✓
Meeting Organisation    -
Board Minutes    
Proposal Voting    
Decision Documentation    
Committee Channels    -
Document Archives    -
Task Management    -
Document Organisation    
Reliable Security    -
Paper
Prints
Email
Channels
Pre-
Meeting
During
Meeting
Post-
Meeting
Board
System
Online
Storage
Collaboration
Tools
Gen1 Gen2 Gen3 Gen4
Key
Gaps
in
Service
Offering
Board
Book
✓ - 
Available Dependent Unavailable
Meeting
Management

13
September 2019
BOARDMANAGEMENT(3/3)–BOARDPORTALS
With the need for better operational processes, boards are increasingly turning to “Gen
5” solutions (i.e. board portals), spawning a new and rapidly growing market
SampleBoardPortalSolutionProviders
Provider Description 2018 Revenue
Diligent is the largest
player in the market, with
~50% of the Fortune
1000 as clients
USD 253m
Acquired by Nasdaq in
2016, Boardvantage has
~4,000 clients, with
~130,000 users
~USD 50m*
Admincontrol has over
4,000 active portals with
over 68,000 users, and
was acquired by Visma
~USD 16m
Passageways Onboard
currently serves over
1,500 clients and has
~90,000 users worldwide
USD 13m
*Nasdaq does not provide an explicit breakdown of revenue, and the estimated revenue for Boardvantage is shown here
Source: Quinlan and Associates Analysis, Companies Website
BoardEfficiency
Enhanced process for board
organisation and member
collaboration enables more
efficient and productive
meetings
SolutionAvailability
Increasing availability of
workflow management tools
and collaboration platforms
provide a range of affordable
technology solutions
DigitalTransformation
Companiesare
undertaking
transformation efforts,
and the digitalisation of
the board sets the right
tone from the top
RegulatoryCompliance
Regulations are driving
boards to adopt
structured solutions to
ensure compliance with
increasingly stringent
requirements
DataSecurity
The board is responsible for
recording and managing
sensitive information,and
needs to adopt proper
cybersecurity protocols
Gen5
Board Portals
Gen5BoardPortals
Adoption drivers

14
September 2019
Note that Nano/Micro Cap refers to those with a market cap. of < USD 300m, and Small/Mid/Large Cap refers to those with a market cap. of >USD 300m
Source: World Federation of Exchanges, IMF, World Bank, The Global Journal, National Statistic Bureaus, Quinlan & Associates estimates
MARKETSIZING(1/2)–BOARDMEMBERS
The number of global board members is projected to grow by 60% from 2018-24 as
more companies bolster their boards to manage more stringent corporate governance
GlobalNumberofCompaniesandBoardMembers
2018-2024E, # million
92 94
99
104
110
116
122
36
38
42
46
49
53
58
0
10
20
30
40
50
60
70
80
0
20
40
60
80
100
120
2018 2019E 2020E 2021E 2022E 2023E 2024E
Board
Members
(millions)
Companies
(millions)
Government Agencies Board Members
Corporates
NGOs
MarketDataandAssumptions
2018
CompanyType Entities w/Board BoardSize
BoD
Members
(# Employees) # % Average Total
Nano/Micro Cap 30,000 100% 7 210,000
Small/Mid/ Large Cap 23,000 100% 12 276,000
Micro (<10) 73,500,000 3% 2 4,410,000
SMEs (10-250) 7,400,000 30% 5 11,100,000
Large (>250) 185,000 100% 9 1,665,000
Small (<10) 10,000,000 20% 5 10,000,000
Medium (10-250) 1,000,000 100% 7 7,000,000
Large (>250) 110,000 100% 12 1,320,000
Gov. Org. 4,000 100% 15 60,000
TOTAL 92.3m 36.0m
Listed
Companies
NGOs
Unlisted
Companies
Strong growth in the number of
board members reflects increasing
demand for enhanced corporate
governancearound the world,
driving more companies to:
(1) establish a board of directors
(2) increase the size of their board

15
September 2019
k
0
2
4
6
8
10
12
14
2018 2019E 2020E 2021E 2022E 2023E 2024E
MARKETSIZING(2/2)–BOARDPORTALS
Spend on board portals is forecast to grow at 46% p.a. in coming years, with the total
market size projected to reach USD 10.9 billion by 2024
Source: Daedal Research, Company Reports, Quinlan & Associates estimates
BoardPortalMarketSize
2018-2024E, USD billion*
CAGR:
45.5%
Addressable Users
# millions
24.2 25.9 28.1 31.4 34.1 36.9 40.0
Current Users
# millions
1.8 3.7 5.9 8.8 11.7 14.7 17.8
Penetration
%
7.4% 14.3% 21.0% 28.0% 34.3% 39.3% 44.3%
Low Potential Market
BoD
Members
Board
Admin.
Portal
Penetration
Portal
Users
Micro Company 4,410,000 0 0% 0
Small NGOs 10,000,000 0 0% 0
Low potential due to budget constraints and simple board operations (due to small board size)
HighPotential Market
Listed: Nano/Micro cap 210,000 30,000 20% 48,000
Listed: Small - Large cap 276,000 23,000 40% 119,600
Unlisted: SMEs 11,100,000 2,224,000 5% 666,200
Unlisted: Large Corp. 1,665,000 185,000 25% 462,500
Medium NGOs 7,000,000 0 5% 350,000
Large NGOs 1,320,000 111,000 10% 143,100
Gov. Org. 60,000 8,000 1% 680
TOTAL 21.6m 2.6m 1.8m
MarketSizingAssumptions
2018
*An average subscription price of USD 50 per user per month is used, estimated based on
the five leading vendors in 2018
**The projection includes (1) an additional board administrator for all listed companies
starting 2019 (to support board operations), (2) two additional BoD members for listed
companies starting 2021 (due to increasing board responsibilities), and (3) an additional
BoD member for unlisted companies starting 2021 (due to increasing board responsibilities)
Asia’s share of total
market size and
penetration are both
less than 5%
Subscription Revenue
Implementation Revenue
HighPotential Market
BoD
Members**
Board
Admin.**
Portal
Penetration
Portal
Users
Listed: Nano/Micro cap 355,000 79,000 95% 412,300
Listed: Small - Large cap 434,000 62,000 95% 471,200
Unlisted: SMEs 21,620,000 4,160,000 40% 10,312,000
Unlisted: Large Corp. 2,470,000 247,000 80% 2,173,600
Medium NGOs 8,730,000 0 35% 3,055,500
Large NGOs 1,660,000 139,000 70% 1,259,300
Gov. Org. 60,000 8,000 30% 20,400
TOTAL 35.3m 4.7m 17.8m
MarketSizingAssumptions
2024
We project heavy
penetration rate for
the next 6 years

16
September 2019
GAPINBOARDPORTALMARKET
Despite the existence of incumbent providers, we saw a significant white space for a
more intuitive, cost-effective, and secure solution, spawning the launch of Praxonomy
1
2
3
4
5
1.Affordability
Existing portals are expensive, with annual
costs exceeding USD 10,000, rendering most
of them unaffordable for smaller organisations
2.Functionality
Boards are facing more stringent governance
requirements, and hence are demanding more
functions that current offerings do not provide
3.UserExperience
Existing portals are based on archaic systems,
leading to increasingly clunky and unintuitive
user interfaces as new functions are added
4.DataGovernance
With a focus on enhanced data governance,
more boards are looking for solutions with
better data privacy and security protocols
5.ClientFocus
Most major players are based in US and target
large enterprises, leaving a service gap in the SME
segment, especially in EMEA and APAC

18
September 2019
SERVICEOFFERING
Our board portal solution is powerful, accessible, and innovative, enabling boards to be
more efficient and compliant
IntuitivePortal
Our Praxonomy Portal has a simple interface,
with intuitive functions, such as drag-and-drop
and easy-to-read dashboards, to enable users
to effortlessly adopt this new solution
SecureInfrastructure
Praxonomy bases its solution on robust
technological architecture that is encrypted,
independently audited, and fully compliant with
regulations, for enhanced data governance
ComprehensiveFunctions
The Praxonomy Portal assists boards across
the entire process of board meetings, providing
a host of tools for organisation, collaboration,
and ongoing communication
SaaSSolution
Being a cloud-based SaaS solution, the
Praxonomy Portal provides flexible and remote
access, is cost-efficient, and can easily scale
according to boards’ needs
Our mission is to enable boards to be more EFFICIENT and COMPLIANT
with POWERFUL, ACCESSIBLE, and INNOVATIVE software solutions

19
September 2019
PORTALFUNCTIONS
PRE-
MEETING
DURINGMEETING
POST-
MEETING
The Praxonomy portal assists both board administrators and members throughout
the board and committee meeting processes
Meeting Organisation Agenda Creation Board Pack Compilation
Determine suitable date, time, and
venue (via digital voting) for board
or committee meetings
Create and publish an interactive
meeting agenda to all attendees
via an in-built Agenda Builder
Drag-and-drop relevant files /
documents to suitable agenda
slots, to compile board pack
Attendance Record Minute / Note Taking Board Pack Collaboration
Monitor attendance of board
members via a digital attendance
tracker
Add notes directly against specific
files / documents using an in-built
Minutes Builder
Discuss and make direct edits to
the board pack through a host of
file annotation tools
Meetings Archive Minutes Distribution Task Assignment
Retain board files / documents in
a secure database, which is only
accessible to select members
Share a single, most updated
version of meeting minutes to all
board members
Create, assign, and track action
items from board meetings to
ensure timely completion

20
September 2019
*We have plans to move servers to Switzerland, due to better privacy laws, to enhance protection of our clients’ data
DATAPROTECTION
Praxonomy is ISO 27001-certified, and our portal was designed with data security and
privacy in mind, safeguarding all sensitive and confidential information
2
1
3
PrivacyPolicy
Praxonomy is fully compliant with EU
privacy laws and only collect necessary
information (only after receiving client
consent), and is committed to helping
clients fulfil GDPR obligations
Storage&Transit
All data transiting to and from the Praxonomy server
is encrypted using secure SSL / TLS-protected
channels, and all client data stored is protected by
the Transparent Data Encryption (“TDE”) mechanism
TransparentDisclosure
Praxonomy discloses all lawful data
inquiries from third parties and
processes through which requests are
handled and publishes a transparency
report on an annual basis
RobustArchitecture
Praxonomy’s infrastructure
incorporates failover mechanisms to
mitigate risks of failures, with built-in
redundancy to ensure service
reliability and to prevent data loss
‘[The] Cure53 black-box security
assessment…[found] the Praxonomy application
makes a ratherpositive, robust impression’
Cure53 conducts penetration tests
to evaluate the level of cybersecurity
Despite repeated efforts, Cure53’s
analysts were UNABLE to break
Praxonomy’s document security
DocumentProtection
Every file is protected via a combination of
proprietary multi-level encryption and industry-
standard encryption algorithms, with rights managed
via access control and unique decryption keys
ISO27001
Certified
ServerProtection
The Praxonomy server is hosted in ISO
27001-certified data centres in
Netherlands*, under constant protection
via security officers, CCTV surveillance,
and biometric access controls
Secure by design, secure by default

21
September 2019
PRODUCTBENEFITS
Our portal enhances the productivity of boards through the delivery of powerful tools
for members and administrators, supported by a tailored collaboration platform
1
For Board Members
Provides board members with a convenient
platform to manage responsibilities
A
B
C
PersonalDashboard
An intuitive interface to access
relevant information
FlexibleAccess
Remote and 24 / 7 access to
all board-related information
DigitalBoardPacks
A superior manner to prepare
for board meetings
2
For Board Administrators
Provides board administrators with tools to
facilitate board operations
A
B
C
MeetingManagement
A full toolset to organise and
track all meetings
DigitalMinutes
Real-time and digital capture
of discussions and decisions
DataGovernance
Complete control over data,
with permission-based access
3
For Board Collaboration
Provides the board with tailored functions
to enhance overall productivity
A
B
C
DedicatedWorkspace
Self-containeddigital spaces
for committee members
SecureCollaboration
Digital collaboration to
enhance productivity
TaskManagement
Functions to assign, prioritise,
and track relevant tasks
A DIGITAL PORTAL TO EMPOWER BOARDS BY ENABLING THEM TO WORK SMARTER

22
September 2019
*Illustrative visual, and positions of solutions / vendors are not exact
INDUSTRYLANDSCAPE
Our portal is one of the most affordable and easy-to-use solutions in the market that is
specifically tailored for the core functions of company boards
IndustryLandscape*
Low High
Affordability
Low
High
Ease-of-Use
Provider Description
Workflow
Solutions
Workflow solutions are designed
specifically to enable task
management,but the offerings do
not include functions required by
boards, especially on collaboration
and file archiving
Collaboration
Tools
Collaboration tools facilitate
meetings and file sharing, but may
lack functionalities around task
management and typically fail to
satisfy organisational and file
governancestandards
Board
Portals
Existing board portals satisfy the
basic needs for boards, but can be
expensive and are based on
archaic software structures,
limiting potential for upgrades and
making them clunky to use
Founded in 2017, Praxonomy aims
to enable boards to be more
efficient and complaint with
powerful, accessible, and
innovative software solutions
Board Portals
Collaboration
Tools
Workflow
Solutions
Amoreaffordableand
intuitivesolution

23
September 2019
Note that the subscription is charged on an annual basis, and we aim to acquire clients with 3-year commitment periods
*For 6, 9, and 12 members for Small, Mid-Sized, and Large boards respectively; Diligent fee sourced from Daedal Research; Boardvantage fee based on USD 12,000 per year for 12 users; BoardEffect
fee based on a flat rate of USD 6,000 for up to 20 users; OnBoard fee based on USD 50 per user per month; and Admincontrol fee based on USD 310 per user per year
PRICING
Our portal is competitively priced vs. incumbent solutions, with board members
charged on a monthly subscription basis (vs. enterprise-wide for most competitors)
TRIAL ESSENTIAL
USD 0
/ 30 days
USD 39
/ month per user
Agenda Builder ✓ ✓
Board Book Creation ✓ ✓
Secure File Repository ✓ ✓
Attendance Tracker ✓ ✓
Minute Builder  ✓
Note Taker  ✓
Personal Dashboard  ✓
Task Management  ✓
Flexible Access Control  ✓
Multi-Org. Management  ✓
24/7 Support  ✓
Annual Cost
per User*
N/A USD 468
AnnualSubscriptionCost(USD)*
Vendor
Small
Board
Mid-Sized
Board
Large
Board
6,800 15,500 30,900
6,000 9,000 12,000
6,000 6,000 6,000
3,600 5,400 7,200
2,808 4,212 5,616
1,860 2,790 3,720
Competitively priced,especially for smallerboards

24
September 2019
BENCHMARKING(1/2)–EXISTINGBOARDSOLUTIONS
Our portal provides a number of distinct competitive advantages relative to existing
industry solutions
Workflow
Solutions
Collaboration
Tools
Board
Portals OurEdge
Collaboration  ✓ ✓ ✓
• Praxonomy enables real-time sharing and
editing, enhancing board collaboration
Task Mgmt. ✓ – ✓ ✓
• We provide workflow solutions to assign and
track tasks for board members
Meeting Mgmt. ✓ – ✓ ✓
• Board secretaries can easily set up board
meetings and share relevant information
Tailored   ✓ ✓
• All our functions are designed specifically to
enable boards to work smarter
Upgrades   ✓ ✓
• Upgrades and additional board-relevant
functions are planned and will be added
Intuitive – –  ✓
• Our portal is highly intuitive, with minimal, if
any, training required for board members
Support – – ✓ ✓
• 24/7 supported is provided via phone, email,
and chat, in addition to self-support services
Archive  – ✓ ✓
• Board documents are archived and indexed
in an easily-trackable manner
Security  – ✓ ✓
• Praxonomy is ISO 27001-certified, and
updates security mechanisms constantly
Privacy  – ✓ ✓
• We plan to move our servers to Switzerland,
where privacy regulations are the strongest
SME Focus    ✓
• We adopt a blue ocean strategy, and actively
target SMEs in need of solutions
Affordability ✓ –  ✓
• Our solution is significantly cheaper than
industry incumbents’
✓ – 
Yes / Provided Dependent on Vendor No / Not Provided
Functions
User
Experience
Data
Business

25
September 2019
BENCHMARKING(2/2)–LEADINGBOARDPORTAL
When compared to Diligent, the leader in the board portal industry, our solution is
considerably more affordable and intuitive to use
Affordability
Intuitiveness
Security
Functionality
Optimised
Support
DirectComparisonagainstIndustryLeaders
Praxonomy vs. Diligent
Criterion
Affordability
• Our board portal is significantly cheaper,
allowing us to target smaller organisations
Intuitiveness
• The Praxonomy portal is easy to use compared
with Diligent’s archaic and clunky interface
Security
• We are industry best-practice,being ISO 27001-
certified with advanced cybersecurity
Functionality
• Our solution provides focuses on core board
functions as opposed to “fringe” functionality
Optimised
• We are continuing to refine portal capabilities in
order to maximise value for boards
Support
• We provide comprehensive, in-context support
and 24/7 direct access for our customers
Key Strengths against Board Portal Industry Leader
Praxonomy Diligent

26
September 2019
UNIQUESELLINGPOINTS
The Praxonomy portal differentiates itself against incumbent offerings across a
number of distinct criteria
Intuitive
The Praxonomy portal is easy to
use, with an intuitive interface
requiring little training to use
Purchase Data Future Usage
Trackable
All documents are archived and
indexed, enabling the board to
track data in an organised manner
Efficient
Digitalisation of operations
enhances overall efficiency and
productivity of the board
Accessibility
The Praxonomy portal has wide
accessibility, providing remote
access through any device
Supported
A host of self-support services and
24/7 dedicated assistance team to
ensure smooth running
Affordable
The Praxonomy portal is
significantly cheaper than
market leading board portals
Scalable
Boards are charged on a per user
basis, enabling flexible scaling,
both upwards and downwards
Secure
Praxonomy is ISO 27001-certified,
and we implement both physical
and virtual security mechanisms
Private
Our servers and protocols are
selected with privacy in mind,
protecting confidential data
Expandable
We have a number of planned
upgrades to further support the
operations of boards

27
September 2019
OURTEAM
Praxonomy is led by a synergistic team with over 70 years of combined experience
that previously worked together on a successful venture that sold for USD 67 million
Leads research and
development
Leads engineering, SaaS
infrastructure, and security
Leads development of
matching services
Leads direct sales to
various potential clients
Forms relationships with
agency sales partners
Hires and manages
account executives
Leads global marketing
initiatives
Leads sales operations &
go-to-market strategy
Leads sales, marketing,
and support alignment
Leads user experience and
client support
Leads onboarding training
for board members
Creates up-scale
opportunity
JonathanLeung
Chief Technology Officer
KarenSteggles
Head of Sales
SimonLaw
Senior Manager Go-To-Market
WilliamTam
Client Services Manager
Previously worked together at NetDimensions,
which was sold for USD 67 million in 2017
JAYSHAW
Founder & Chairman
KatyCheung
Managing Director
Complementary team, each with own specific
expertise along the client service value chain
Over 70 years of combined experience in the
technology industry, in global IT companies
✓
✓
✓

29
September 2019
1 2 3 4
Channel Stock Exchanges Industry Associations Business Services Professional Services
Description Stock exchanges have direct
access to public companies,
and we can target listed small-
and mid-cap clients listed on
non-main boards
Through industry
associations, we can establish
relationships with many
potential clients, including
private companies and NGOs
B2B vendors have a network
of clients across diverse
industries, and cross-referral /
revenue-sharing agreements
may be arranged
Professional services firms
can promote our offering as a
solution to complement their
service to enhance their
clients’ operations
CurrentPartners In Discussion
PotentialPartners
(&clients)
2,390 75,000 50,000 100,000+
1,300 4,000 40,000 100,000+
860 800 40,000 100,000+
510 160 15,000 100,000+
CLIENTS–PARTNERSHIPCHANNELS
In addition to growing our in-house sales team, we plan to work with suitable channel
partners to rapidly scale our distribution efforts
Source: organisation websites

30
September 2019
*We expect two industry reports to be released in October 2019, one by Quinlan & Associates and one by Aragon Research
CHANNELS– MARKETINGSTRATEGY
We will leverage a range of marketing channels to drive our global visibility,
emphasising a clear message to our potential user base
DirectOutreach
Using member lists obtained from our
sales partners, we can reach out via cold
e-mail / phone calls, to drive direct
engagement with potential clients
SocialMedia
Professional social media channels,
such as LinkedIn, will be leveraged, to
enhance visibility with tailored content to
drive reverse enquiries
Campaign
We will employ a number of professional
marketing campaigns, including the
release of industry reports*, to advertise
the need for board portal solutions
Events
Our team will attend and may present at
industry / corporate events, distributing
marketing collateral to increase
awareness of our service offering
KEYMESSAGES
Simple Affordable Secure
The Praxonomy board portal is intuitive and easy
to use, with minimal onboarding and training
required for board members
The Praxonomy board portal solution is cost
efficient and charges on a per user basis, making it
a highly affordable solution
Praxonomy is ISO 27001-certified and constantly
upgrades its security mechanisms, placing privacy
and security at the core of its offering

31
September 2019
GEOGRAPHIES
We will focus our initial sales efforts in Hong Kong and the UK, and subsequently
develop our reach to relevant Asian, European, and North American markets
GlobalFootprint
Hong Kong
ASEAN
UK
Western Europe
North America
China
India
Japan
S. Korea
Switzerland
Planned Offices (2020):
• United Kingdom
• Switzerland
Short-Term Mid-Term Long-Term Upcoming Offices
Opportunistic
Short-Term
Mid-Term
Long-Term
Hong Kong & UK
Well-developed regions, with mature
corporates that have the demand for
board portals but are underserved by
existing players, where we can readily
leverage established relationships
ASEAN & Western Europe
ASEAN members are rapidly growing with
significant increase in the number of
companies (especially SMEs), while
western Europe is well-developed with
mature corporatesrequiring board portals
Asia & North America
Long-term aspirations and expansion
regions where we will opportunistically
look to manage regulatory conflicts,
cultural differences, lack of visibility, and
the existence of local incumbent players
Opportunistic
Rest of the World
Typically less developed markets but with
significant growth potential (e.g. Russia,
Dubai, South Africa, Brazil), which we will
look to enter on an opportunistic basis,
likely through strategic partnerships

32
September 2019
PRODUCTS–PLANNEDUPGRADES
We have planned a number of upgrades to the Praxonomy portal over the next two
years, with three major – and monthly interim – releases per year
• Agenda export
• Smart scheduling
tool
• Board pack export
• E-signature
• Presenter mode
• Proposal voting
• Minutes export
• Meeting action
tracker
• File version tracker,
with access to old
versions
• Resource centre,
with extended file
repository
• Enhanced e-mail
and system
notifications
• Audit trail for
system events
• Alerts on meetings
and file version
updates
• UI / UX
enhancements
• Multifactor
authentication,
with affiliate login
2019 2020
2019 2020
PRE-
MEETING
DURINGMEETING
POST-
MEETING
SYSTEM
INFRASTRUCTURE

33
September 2019
PRODUCTS–NEWPRODUCTS
We plan to introduce a virtual data room service in 2021, addressing ad-hoc needs for
data access and sharing
Company Board
Virtual Data Room
Approved Users
Company board
places select data /
information in the
virtual data room,
and sets associated
access rights
✓
Approved users
can access the
information in the
virtual data room
?
Users may transfer
files out of data
room, based on
access rights
Advanced
cybersecurity
measures will be
implemented to
protect data
VirtualDataRoom
Planned for 2021
AdditionalResponsibility2
Data Governance
1
Assist the company in facilitating the due diligence
process with external parties, particularly during
M&A and IPO processes
Implement proper data governance and sharing
systems and protocols, to ensure confidential
information is managed appropriately
2
DemandDrivers
M&AActivity
M&A activity globally has experienced significant increase
over the past decade (with deal count growing by over 2x
in the past decade), and is expected to continue rising as
economy continues to develop
DigitalDueDiligence
The traditional model of “hotel room” due diligence is
costly and inefficient, and the process is undergoing a
trend of digital transformation as companies move to
digitalise their processes

34
September 2019
PRODUCTS–INTEGRATEDPLATFORM
Via our planned upgrades, we aim to develop Praxonomy into a synergistic, one-stop-
shop for boards
1
• The virtual data room
offering provides a
complementaryservice
for boards, and may be a
channel to acquire board
portal users
2
• The board portal service
provides a pipeline of
users, both in terms of
position listings and
board members seeking a
position
3
• The director matching
platform provides a
channel of clients for the
virtual data room offering,
especially during
recruitment due diligence
A
• The board portal service
provides a pipeline of
clients for the virtual data
room offering, especially
those undergoing due
diligence processes
B
• Director matching service
provides an additional
function for board
members, enabling us to
monetise the process of
succession planning
C
• A virtual data room
provides a secure space
for board member
candidates to conduct
due diligence to evaluate
suitability of the position
C
3
B
2
A
1
Board Portal
Virtual Data Room
Director Matching
Current Offering Future Offering

FINANCIALPROJECTIONS
Section 4

36
September 2019
*Projected MoIC and Projected IRR based on trailing sales multiples if investor exits at planned trade sale in 2024
**Staff Cost represents fully burdened salaries, including pension contributions and insurance
***Others include VAT, GST, and permits
INVESTMENTOPPORTUNITY
We are looking to raise USD x million for our Series A to execute our growth strategy,
for which we will provide an x% equity stake in Praxonomy
CostBreakdown
2020E-21E, USD million
0.4
3.2
0.4
0.9
0.1 0.1
~63%…
…will be spent on expanding our
team to a total of 89 staff by
end of 2021
Item Details/Terms
Target Raise USD xm
Founder Commitment USD x00,000
Pre-Money Valuation USD x.x million
Ownership on Offer x%
Target Round Close Date 31 December 2019
Target IPO Date 31 December 2022
Target Trade Sale Date 31 December 2024
Projected MoIC*
Xx
Projected IRR*
x%
Cost of Sales Staff Cost** Operations
Sales & Marketing Professional Services Others***

37
September 2019
Business staff include admin, board members, senior management, legal, marketing, and sales; technology staff include engineering / products, SaaS team, and technical support
*Staff Cost represents fully burdened salaries, including pension contributions and insurance
**Others include VAT, GST, and permits
CostProjections
55
89
119
156
222
End-of-YearHeadcountProjections
2020E-24E, #
0 50 100
2024E
2023E
2022E
2021E
2020E
81.4
52.0
18.7
9.5
4.4
COSTPROJECTIONS
We expect to spend a total of USD 166 million between 2020 and 2024, as we expand
our team to over 220 full-time employees
26
29
41
48
55
64
74
82
101
121
Cost of Sales Staff Cost* Operations Sales & Marketing Professional Services Others** Business Staff Technology Staff

38
September 2019
*60% of revenue from indirect sales will be paid to partners under revenue sharing agreement
**Based on revenue from board portal only (i.e. excluding revenue from Other Services)
***Based on an assumption of 6 users per client
+Renewal Revenue refers to contract renewals (assuming minimal client churn)
++Other Services include training, director matching platform, and virtual data room services
REVENUEPROJECTIONS
With our growth plans, we expect to have nearly 70,000 clients by 2024, translating to
a userbase of 417,000 and revenues of USD 124 million (~1% global market share)
RevenueProjections*
BoardsSubscribed Users
Mkt. Share**
Direct Indirect Total Total*** Mkt. Share
0.0% 180 500 680 4,080 0.1%
0.1% 480 3,500 3,980 23,880 0.3%
0.3% 1,380 13,500 14,880 89,280 0.8%
0.6% 4,860 33,500 38,360 230,160 1.6%
1.0% 10,980 58,500 69,480 416,880 2.3%
0 50 100 150
2024E
2023E
2022E
2021E
2020E
123.7
61.7
20.0
5.3
1.1
Direct Sales Channel Sales Renewal Revenue+ Other Services++

39
September 2019
*Non-GAAP, cash profit projections that do not consider corporate profits tax
PROFITPROJECTIONS
We expect to become profitable from 2022 onwards, and forecast a non-GAAP profit
of USD 42 million by 2024, with a profit margin of 34%
ProfitProjections*
-25
0
25
50
75
100
125
150
Profit
Margin
N/A N/A 7% 16% 34%
Revenue Cost Profit Loss
2020E
(USD 3.3m)
2021E
(USD 4.2m)
2022E
USD 1.3m
2023E
USD 9.7m
2024E
USD 42.2m

40
September 2019
*Based on a Forward P/S multiple of 6.7 for 2019
**Trailing P/S multiple
***If investor exits at the planned trade sale in 2024
Note that we aspire to reach a valuation by Forward P/S multiple, but treat Trailing P/S multiple as the base case
Source: Software Equity Group, Quinlan & Associates analysis
VALUATIONPROJECTIONS
Based on a trailing P/S multiple of 7.6x (the industry average for SaaS solutions in
2018), Praxonomy will be valued at USD 934 million by 2024
Valuation*
7 8
40
151
466
934
7
35
134
413
829
1,382
0
500
1,000
1,500
2019E 2020E 2021E 2022E 2023E 2024E
Incumbent Transaction Date P/SMultiple**
Acquired by
Nasdaq
2016 ~10x
SaaS industry
average (trailing)
2018 7.6x
SaaS industry
average (forward)
2018 6.7x
Acquired by Insight
Venture Partners
2016 ~6x
Multiple Used
Based on Trailing P/S of 7.6x (CAGR: 164%)
Based on Forward P/S of 6.7x (CAGR: 186%)

41
September 2019
Source: SEC, Business Wire, Software Equity Group, Quinlan & Associates analysis
CASESTUDY–DILIGENT
Looking at the recent success story of Diligent (the current industry incumbent), we
see this as a realistic and achievable target future valuation
0.6
2.2
9.1
0
2
4
6
8
10
2016 2019 2024E
ValuationofDiligent
Based on industry average trailing P/S, 2016-24E, USDbn
Item Value
2015 Revenue USD 99 million
2016 Valuation USD 624 million
2018 Revenue USD 253 million
2019 Valuation…
…based on past transaction multiple USD 1.6 billion
…based on industry average multiple USD 2.2 billion
2024E Revenue USD 1.6 billion
2024E Valuation USD 9.1bn
Diligent grew its
revenue by 150% with
a current valuation of
>USD 1.5bn within
three years of its
acquisition
If Diligent is able to maintain its current
growth trajectory, it will reach a
valuation of over USD 9bn by 2028
With a SIMPLE, AFFORDABLE, and SECURE solution in a largely unpenetrated market,
Praxonomy is well-positioned to replicate this SUCCESS STORY
If Diligent is able to maintain
a revenue growth of ~37%
per year, it will see revenues
of USD 1.2bn in 2023,
translating to a valuation of
USD 9.1bn in 2024
After its acquisition,
Diligent managed to
grow rapidly and saw its
valuation increase by
over 3x within 3 years

42
September 2019
EXITOPTIONS&INVESTORRETURNS
We plan to IPO in 2022 in order to rapidly scale for a trade sale in 2024, delivering an
MoIC of 76% and IRR of 138%, based on our projected valuation
Note that Projected MoIC and Projected IRR is calculated based on an investment in the current round and an exit at time of IPO / trade sale at the projected valuation
Source: LSE, HKEX
IPO
Planned for 2022
151m
Projected Valuation (USD)
12x
Projected MoIC
131%
Projected IRR
Alternative Investment Market (“AIM”)
London Stock Exchange
Growth Enterprise Market (“GEM”)
Hong Kong Stock Exchange
Listings 800+
Average Market Cap. USD 130 million+
Daily Turnover ~USD 250 million
Listings 350+
Average Market Cap. USD 40 million+
Daily Turnover ~USD 15 million
TradeSale
Planned for 2024
934m
Projected Valuation (USD)
76x
Projected MoIC
138%
Projected IRR
Enterprise Software Vendors
Horizontal expansion to
diversify service offering
Established client base with
strong projected demand
1
2
Stock Exchanges
Diversification into corporate
services for listed companies
Easy implementation of
requirements for boards
1
2
Corporate Administrators
Complementary solution to
current service offerings
Direct access to large client
base with strong demand
1
2
We plan to list on a SECONDARY BOARD
in a region in which we operate
Acquisition Drivers

2
Today’s Panel
Benjamin Quinlan
CEO,
Shwetank Verma
Co-founder &
Irene Tsang
Founder & CEO,
LIFTwomen Group
Gordon Tay
Co-founder,
Surer

4
Poll 1
Question
Would you like to make contact with any of our speakers?
1. Gordon Tay
2. Shwetank Verma
3. Irene Tsang
4. Benjamin Quinlan

5
Poll 2
Question
Future Unplugged events: Which topics are of most interest to you – please choose 3
1. System Integration
2. Working with Industry Associations, Regulators & Sandboxes
3. Incubators & Accelerators
4. Strategy & Planning
5. Scaling – practical tips
6. Other (please put suggestions into chat on Zoom)

6
Feedback please!
Feedback on Today’s Event, Four Ways...
▪ Use the link in the chat now
▪ End of today’s event using survey prompt
▪ When you receive the recording link email
▪ Directly to TDI or any of the speakers

7
Contact Details
Simon Phipps simon.phipps@the-digital-insurer.com
Gordon Tay gordon@surer.sg
Benjamin Quinlan bquinlan@quinlanandassociates.com
Shwetank Verma shwetank@leo.capital
Irene Tsang irene@liftwomen.com

ITD Unplugged
Practical Tips on Securing the Right
Funding for You
Thanks for your time!
(feedback please)

ITD Unplugged: Practical Tips on Securing the Right Funding for You

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