Anatomy of an Early Stage VC Mathias Ockenfels & Nicolas Wittenborn TOA Satellite July 17, 2014
Anatomy of an Early Stage VC - Berlin Tech Open Air 2014 Satellite Event by Point Nine Capital
Sep 17, 2014
On July 17th 2014 the crew of Point Nine Capital (www.pointninecap.com) took part in the Berlin Tech Open Air 2014 (TOA) and held a workshop on the "Anatomy of an Early Stage VC" at Point Nine's office in Berlin-Mitte. This is the related presentation held by Nicolas Wittenborn and Mathias Ockenfels.
Please also see here: http://de.slideshare.net/PointNineCap/toa-satellite-1-37283121
Please also see here: http://de.slideshare.net/PointNineCap/toa-satellite-1-37283121
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Transcript
Anatomy of an Early Stage VCMathias Ockenfels & Nicolas Wittenborn
TOA Satellite July 17, 2014
Don’t know Point Nine? Maybe you know some of our investments:
@PointNineCap
Point Nine Capital
Founded in Berlin 2011
Investing €100k-1M from €40M Fund
In Europe & North America
@PointNineCap
Oslo
Portfolio (exc.)
Vancouver
Washington D.C
Auckland
WarsawEdmonton
New York
Berlin
Barcelona
Paris
Riga
San Francisco
Las Vegas
Mathias Ockenfels
Mathias Ockenfels
Krakow
Investment Focus
Other19%
Marketplaces15%
SaaS65%
We <3 SaaS
@PointNineCap
Financing Landscape (EU)
Seed Series A Series B
€100kBusiness Angels
€500k
€1-5M
€5M+
F&F
Crowdfunding
Caveat: Drastically simplified. Expect blurry lines, pixelated logos & a changing landscape.
GrantsAccelerators
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We see a lot of companies
Q1 2014
= 3,000 Startups / Year
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The VC ProcessStartup
First Contact
Evaluation
Due Diligence
Deal Memo Term Sheet Legal DD
Deal
ColdNetwork Outgoing
( )
Agree on terms
Ready to invest
Get lawyers involvedDecide internally
3,000
10
selective?
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Homerun1
Make money2
Money back2
Lose money5
VCs are wrong often
in 10 investments
Fund MathFund SizeGoalExit ProceedsAvg. OwnershipExit req. !
Investments!
Unicorn (1B+)Pony (100M+) Foal (10M+)!
€40M 3x+ Cash on Cash
€120M+ 10-15%
€800M-1.2B !
30-40 !
1-2 10+
100+ !
Fund maker potential
3-5%25-30%250%+
The VC Business Model
LPs & GPs
Cash & Carry
Fund Lifecycle
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Fund Drivers
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Mathias Ockenfels
Mathias Ockenfels
Censored
That’s all for today!
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Some good resources - Blogs
www.avc.com
www.bothsidesofthetable.com
www.feld.com
And of course heyni.co :)
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Some good resources - Books
VCs at Work (Shah)
Venture Deals (Feld & Mendelson)
Delivering Happiness (Hsieh)
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Some good resources - Other
Quora (Q&A)
This Week in Startups (podcast)
Something Ventured (movie)
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Q&A
Thanks!
Get in touch:
@PointNineCap
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