This document discusses venture capital investing from the perspective of SWAIN, a venture capital firm. It provides statistics on SWAIN's 104 deals over 14 years, including a typical post-money valuation of under £1 million and a failure rate of around 21%. The document notes received wisdom about investment rounds is often not reality and shares statistics on SWAIN investors, such as 85 total investors, most completing only 1 deal, and a few completing multiple deals. It aims to provide insight into venture capital deals and investing from SWAIN's experience.

1. Venturefest bristol 2011
The Investor perspective
3rd November 2011
Philip Tellwright
Managing Director SWAIN

2. About SWAIN

3. When the rate of change outside exceeds
the rate of change inside, the end is in
sight. Jack Welch

4. “I’ve never yet come
across an engineer
who can turn his
hand to business”
Alan Sugar The
Apprentice

6. Deal profile
104 deals (14 deals per year);
68 businesses (64% first round);
£7.5m from SWAIN investors;
£64m total finance;
Ave. Stake 18.5%
Typical post money valuation <£1m
Failure rate approx 21%

7. 0
5
10
15
20
25
1 2 3 4 5 6 7 8
Series1

8. Received wisdom 3-4-2-1
Reality (a) 1-1-3-2
Reality (b) 2-0-0-0
Reality (c) 4-1-1-0
Success rate

9. Investor statistics
94 investment rounds into 67 companies
36 completed by 1 investor 58 syndicated (62%)
85 investors have invested
64 investors have completed 1 deal
15 2 deals
4 3 deals
4 4 deals
2 5 deals
1 6 deals
1 9 deals

11. Venturefest bristol 2011
The Investor perspective
3rd November 2011
Philip Tellwright
Managing Director SWAIN