The only listed early stage VC September 2017 1 Lugano IRTOP Investor Day 22.09.2017
The only listed early stage VC
September 2017
1
Lugano IRTOP Investor Day 22.09.2017
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LVG: European Excellence
3
VC Overview
4
5
Our Corporate Structure
Accelerator Venture Capital
Portfolio of 45+ startups
PARTNER NETWORK OF
BUSINESS ANGELS
S.p.A.
Investment Strategy
Series A
Investment
Priority
International
VC Funds
Co-investors:
Standard deal:
• Investment: €80k
• Post-money: €890k
• Equity stake: 9%
• Sole investor
Seed deal:
• Investment: max €250k
• Pre-money: €1.5-2m
• Rounds: <€1m
• Equity stake: 15-20%
Micro Seed Seed
6
2x
Focus on the Acceleration Program
Startups from the Acceleration Program that
receive investments from third party investors
90%
7
Competitive Advantage: the Ecosystem
PARTNERS
ADVISORS
50+
International
Champions
COMMUNITY OF
BUSINESS ANGELS
CORPORATES
INVESTOR
NETWORK
UNIVERSITIES
8
45+ Startups
PLATFORM
GAMING
HARDWAREMARKETPLACE
&
E-COMMERCE
SAASFOODTECH EVENTS
VIRTUAL
REALITYIOT
FASHION &
DESIGN
9
Including 7 startups that have just completed the Acceleration Program
Strategic Goals
Exit Revenues
Maximization of
startup values
Grow corporate relations
and operating margin
Expansion
Build leading
international Startup Hub
10
Portfolio Update
11
Main Deals Last 12 Months
1st Portfolio Exit 2016
2.7x
45+
Startups in portfolio
€8mnInvested by LVG
€24mnInvested by third parties
36 months
Portfolio maturity
Results (as of 1H2017)
550+
Jobs created
12
Market Opportunity
13
Amount invested in Venture Capital (€bn)
3.2 2.7 2.0 1.6 0.6 0.2
2,400 2,200 3,100 500 1,100 1,700GDP
(€bn)
VC and J-Curve (Airbnb Case Study)
14
2008: close to bankrupcy
2016: $31bn valuation
LVG and J-Curve: Total Portfolio Revenues
15
2.4x
2015 2016 2017E
8.2
12.8
>20.0
€mn
LVG and J-Curve: Total Portfolio Value
16
6.3
9.5
11.2
8.0
11.7
14.0
2015 2016 1H2017
IFRS LPV
+75%€mn
STRATEGIC PARTNER
€2-3mn
INTERNATIONAL PROGRAM
(Milan)
ACCELERATION
NEW SPACES
LOCATION
ANCHOR INVESTOR
VERTICAL ACCELERATOR
Artificial Intelligence
OPEN INNOVATION
CONTINUITY FUND
€50mn+
INVESTMENTS
LVG: an Exciting Vision
17
Early stage investments have the highest expected returns
among the VC landscape1 High Expected Returns
Long term strategic partners: Wind, BNL, Accenture & Sara Assicurazioni,
JV with LUISS University for the brand LUISS ENLABS5 Excellent Network
Hands-on approach with a medium term view3 Medium term approach
Listed on the main segment of the Italian Stock Exchange4 Visibility
Strong Investment Opportunity
18
Diversified portfolio of 45+ startups2 Diversification
CORPORATES (IRES)
30%(Net benefit)
Significant Fiscal Benefit
19
7.2%(Net benefit)
INDIVIDUAL (IRPEF)
Fiscal benefit recognized only for investments in capital increase
€100k INVESTED
€30k TAX REDUCTION
€100k INVESTED
€7k TAX REDUCTION
“PIR” ELIGIBLE
20
Fundraising 2017 - Update
€2.6 mnMay
2017
Capital increase of €2.6mn dedicated
to institutional and strategic investors:
BP 2017-2020 – Recap (€mn)
21
€mn 2015A 2016A 2017E 2018E 2019E 2020E
Investments 2.2 2.3 2.6 3.0 3.1 3.2
Revenues 0.9 1.7 2.7 3.4 4.2 5.0
EBITDA (1.1) (1.0) (0.8) (0.4) 0.1 0.6
Write-offs (0.1) (0.7) (0.6) (0.6) (0.8) (0.9)
Exits Gains - 0.1 0.4 1.5 5.0 8.5
Net Income (1.2) (1.9) (1.1) 0.3 4.1 7.7
The ‘‘Secret Sauce’’: Our Team
22
Investments
Communication
Board of Directors
(9 members) Stefano
Pighini
Chairman
Administration
Operations
Giovanni
Gazzola
COO
Bianca
Santillo
Manager
Francesca
Bartoli
CFO
Guido
Pezzin
Advisor
Luigi
Capello
CEO
Augusto
Coppola
Director
Lorenzo
Franchini
Advisor
Open Innovation
Exit StrategyAccelerator
Roberto
Magnifico
Board Member
Luigi
Mastromonaco
Investment Manager
New hires of top talent to continue on our growth path
Invest in Us
Venture
Capital
Mkt Cap.
€20mn
High
Return
Diversified
Portfolio
Listed
Company
23
LV.EN. Holding S.r.l 2° trim.
LV.EN. Holding S.r.l.
36.6%