Funding Outside VCs What Are The Alternatives?
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1 Funding Outside VCs What Are The Alternatives? Jean-Michel Deligny, Managing Director 2014 Summer Meeting, Barcelona 17 London Paris New York San Francisco 48 Charles Street Berkeley Square London W1J 5EN T: +44 (0) F: +44 (0) W:
2 Disclaimer This communication has been approved and issued by Go4Venture Advisers LLP., which is authorised and regulated by the Financial Conduct Authority. It may therefore be issued to Professional Clients. In addition, this promotion may be issued to persons who are deemed to be exempt under the Financial Services and Markets Act 2000 (Financial Promotions) Order because they meet the criteria to be classified as investment professionals, high net worth individuals, certified or self certified sophisticated investors or associations of such persons. No reliance should be placed on this document by persons who do not meet these criteria and persons who do not have investment experience should seek professional advice. Reliance on this promotion for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. The information contained herein does not constitute an offer to sell or the solicitation of any offer to buy or sell securities and may not be reproduced, further distributed or published by any recipient without prior permission from Go4Venture Advisers LLP. The information and opinions contained in this document are for background purposes only and do not purport to be full or complete. Nor does this document constitute investment advice. No representation, warranty, or undertaking, express or otherwise is given as to the accuracy or completeness of the information or opinions contained in this document by Go4Venture Advisers LLP or its employees and no liability is accepted by such persons for the accuracy or completeness of any information or opinions. As such, no reliance may be placed on the information and opinions contained in this document. Registered address: 10 Wellington Street, Cambridge, CB1 1HW Limited Liability Partnership Incorporated in England No. OC Authorised and Regulated by the Financial Conduct Authority Page 1
3 Venture Is No Longer The Only Option VC Value and Share of Large HTI Deals 1 Venture Capital Investment Value ( mn) Venture Capital as a % of Total Venture Investment Value Key Alternatives to Venture Early stage: crowdfunding and business angels, e.g. 84% 75% 82% 67% Series A/B/C: corporate venturers, e.g. 55% 1,474 1,542 1, ,142 Late stage: private equity, hedge funds and government Large HTI = VC/PE deals above 7.5mn Source: Go4Venture Advisers HTI Database Page 2
4 Angel Investment Is Growing Global Value of Investments by Business Angels ( mn) ( ) 3,995 4,744 5,099 5,543 Key Drivers Lower start-up costs (driven by cloud, outsourcing, etc.) Tax Incentives (EIS / SEIS in UK, FCPI / PEA in France ) Greater # of angel networks in Europe (from 334 in 2009 to 468 in 2013) 1,913 Selected Angel Deals ( ) Source: OECD; European Trade Association for Business Angels, Seed Funds, and other Early Stage Market Players; Go4Venture Advisers Analysis Page 3
5 In Early-Stage, Crowdfunding Activity Is Increasing Global Capital Raised by Crowdfunding Platforms ( mn) ( F) 7,500 % of Capital Raised (2012) By Region 35% 59% North America Europe Other 2,175 3,900 12% 17% 28% By Category 30% Social Causes Other Business Films Music Environemnt 675 1, F By Platform Type 13% Rewards-based 15% 43% Donation-based Equity-based 29% Lending-based Source: GoGetFunding; Massolution 2013; Statista Page 4
6 With 4 Main Types of Platform Emerging % of Total Crowdfunding (2012) Selected Platforms US Europe Reward-based Contributions exchanged for goods or services 43% Donation-based Charitable donations to support social causes and non-profit organisations 29% Equity-based Provision of finance, through syndicate or individual investors, for equity share 15% Lending-based Crowd lends money to be repaid with interest 13% Source: GoGetFunding, Massolution 2013; Statista; Go4Venture Advisers Analysis Page 5
7 Corporates Are Also Stepping Up Activity CVC 1 Value and Share of European Venture Investments Corporate Venturing Investment Value ( mn) Corporate Venturing as a % of Total Venture Investment Value 5.9% % 1, % 1, % YTD Selected Statistics Corporate participation in global venture funding reached $3bn ( 2.2bn) during Q (up 73% from the previous quarter) Average CVC-backed deal sizes were nearly double pure VC-backed deals in Q Key Drivers Accumulation of cash on balance sheet while interest rates remain low Outsourcing of innovation (big pharma model) as internal efforts are increasingly acknowledged to have failed 1. CVC = Corporate Venture Capitalists (includes both corporations and corporate VC funds) Source: Go4Venture Advisers LLP; VentureSource; Global Corporate Venturing Page 6
8 By Value, Investment Remains In Traditional Sectors (1/3) Top 10 European 1 CVCs by Value ( mn) Investment Focus: Traditional 2 (7 of top 10) Internet (3 of top 10) 1. Based on investee company HQ, not investor HQ 2. Includes Hardware, Healthcare, Industrial Technology, Materials, Medical Technology and Semiconductors Source: VentureSource; Global Corporate Venturing; Go4Venture Advisers Analysis Page 7
9 Example: Healthcare Top 10 European Healthcare CVCs by Value ( mn) Key Drivers One third of active CVCs are healthcare focused 2 and concentrate capital onto their own sector Healthcare investment waves: pharma (biotech), medtech, not digital healthcare Selected Investments Based on investee company HQ, not investor HQ 2. Source: VentureSource; Global Corporate Venturing; Go4Venture Advisers Analysis Page 8
10 Example: Internet / Digital Media Top 10 European CVCs by Volume 126 Key Drivers Telecoms companies strategically investing in startups that drive mobile usage (such as gaming and mobile marketing) 51 Retailers getting on the e-commerce bandwagon Publishers investing to offset declines in traditional revenues (backing digital media and e-commerce) Selected Investments Investment Focus: Traditional 1 (4 of top 10) Internet (6 of top 10) 1. Includes Hardware, Healthcare, Industrial Technology, Materials, Medical Technology and Semiconductors Source: VentureSource; Global Corporate Venturing; Go4Venture Advisers Analysis Page 9
11 Example: Energy Top 10 European 1 Energy CVCs by Value ( mn) Key Drivers Utilities investing to keep pace with changes caused by a burgeoning smart grid Energy Companies stepping in to invest in cleantech as VC interest fades following high-profile failures (e.g. Solyndra, Fisker) Selected Investments Based on investee company HQ, not investor HQ Source: VentureSource; Global Corporate Venturing; Go4Venture Advisers Analysis Page 10
12 In Late Stage, Private Equity Is Becoming Prevalent Share of Large HTI Investments 1 by Value ( YTD 30 April) Private Equity Family Offices / Hedge Funds Governments 45% Key Drivers Private Equity: as leverage becomes less readily available, PEs are increasingly moving to growth equity 22% 15% 7% 19% 2% 14% 26% 16% 6% 38% 10% 10% 4% 34% 12% 5% Family Offices and Hedge Funds: direct venture investments are a way to get an inside track on IPOs and high growth companies Governments: Sovereign Funds are increasingly active YTD 2% 1. Large HTI = VC/PE deals above 7.5mn Source: Go4Venture Advisers HTI Database Page 11
13 Top 10 PE Investors And Selected Investments Top 10 PE Investors in Europe 1 by Value ( mn) ( YTD 30 April) Selected Investments ( YTD 30 April) Based on investee company HQ, not investor HQ 2. The only investment made by BlackRock, Fidelity Investments and Sailing Capital was a 306mn round in MobilEye in 2013 Source: Go4Venture Advisers LLP, VentureSource, Global Corporate Venturing Page 12
14 Family Offices, Hedge Funds And Government Investors Top 5 Family Offices & Hedge Funds in Europe by Value ( mn) ( YTD 30 April 1 ) Selected Investments ( YTD 30 April) Top 5 Government Investors in Europe by Value ( mn) ( YTD 30 April 1 ) Based on investee company HQ, not investor HQ Source: Go4Venture Advisers LLP, VentureSource, Global Corporate Venturing Page 13
15 Case Study Summit Partners Overview Key Information: Founded in 1984 US headquarters in Boston, with additional offices in Menlo Park and London Latest Fund: 560mn (2013 vintage); AUM: 11bn Has invested in over 385 companies globally Investment Criteria: Size: $5mn to over c.$500mn Stage: all stages from growth to buyout Sectors: fast-growing products and services (e.g. consumer, education, energy, financial services, industrial), Healthcare / Life sciences and Technology Geographies: all Selected Investments (Ranked Alphabetically) Sweden Belgium US > 20mn, September 2012 Internet Services Provider of online department store with operations in Asia N/A, May 2010 Acquired by Ingenico in January 2013 for an enterprise value of 360mn Financial Services Provider of online financial transaction processing services for businesses in Europe 882mn, Internet Services Provider of on-demand transportation service platform Investment Activity Total Value of Investments ( mn's) # of Investments US Singapore 6mn, November mn IPO in August 2005, and acquired by IBM in 2010 for 405mn Software Provider of enterprise marketing software 74mn, May 2013 Internet Services Provider of online fashion and beauty retailer in Asia mn's # Source: Go4Venture Advisers LLP, VentureSource, Global Corporate Venturing Page 14
16 Case Study Companies Which Have Raised From PE Participating PE Investor(s) Date Amount Overview Netherlands Jul mn Developer of vision-based driver assistance systems for the automotive industry c. 380mn total investment to date; 1.1bn pre-money valuation IPO filing in March 2014 Other investors participating in this round included Wellington Management and Enterprise Holdings Sweden Nov mn Provider of streamed music services both over the web and via smartphone apps c. 400mn total investment to date; 3bn valuation Rumoured IPO in the fall of : 430mn revenue; 60mn losses TCV joined more than 10 existing international investors Germany Jan mn Portal that provides centralised ordering from a variety of take-away food suppliers c. 150mn total investment to date As of January 2014, had net annual run-rate revenue of 58mn Insight Venture Partners joined 8 existing European Investors Source: Go4Venture Advisers LLP, VentureSource, Global Corporate Venturing Page 15
17 Go4Venture Advisers For more information please visit London 48 Charles Street Berkeley Square London W1J 5EN T: +44 (0) F: +44 (0) W: Paris 16 Passage Jouffroy Paris FRANCE New York 303 Cognewaugh Road Greenwich, CT USA San Francisco 50 California Street, Suite 3200 San Francisco, CA USA Page 16
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