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A Crowdfunding-Based Venture Capital Firm for Accredited Investors And

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A Crowdfunding-Based Venture Capital Firm for Accredited Investors And Venture Capital 2.0 in Singapore: a crowdfunding-based WeFund venture capital firm for accredited investors and start-ups in SEA Presented by: Vincent Chin, Mumtaz Demirci, Thomas Jeng, Cerilenne Menendez Mendoza, Victoria Shvydchenko, Fan Wen December 2018 Problem – HNWIs are unhappy with their wealth managers Question asked: “Thinking about the financial assets that you have invested with wealth management firms, roughly how did they perform last calendar year?”; “How satisfied are you with your primary wealth manager (the individual who manages your wealth) and your primary wealth management firm?”; Germany and Indonesia do not feature in any cluster as they are outliers; Only wealth manager satisfaction values are represented in the above chart; Bubble sizes represent absolute satisfaction levels reported in 2018 by HNWIs with their primary wealth managers in the market. Average Investment Performance Q1 2016–Q4 2017 HNWIs are defined as those having investable assets of US$1 million or more, excluding primary residence, collectibles, consumables, and consumer durables. Source: World Wealth Report 2018 / Capgemini Problem – HNWIs are unhappy with their wealth managers n fee comfort was muted with only were comfortable with the fees they pay The primary concerns related to fees charged were: ow value delivered of H s were concerned with fees ow transparency charged ne pected charges of H s mentioned fee transparency as High fees their top concern oor service uality cited value delivered as their primary concern of H s mentioned une pected charges as a top concern Main Issues: Hybrid advice satisfaction dec lined by to in compared with Fee Structure - Low value delivered ow personal - Low transparency connection between s of of H s said they do not the H and wealth connect very wel l with their wealth managers - Unexpected Charges manager - High fees er our survey along with investment - Poor service Quality management H s seek value added services nability of wealth including: inancial planning: Personalization Needs to provide H s a etirement solutions: - Ineffective hybrid services offered one stop resource for Ta and leg al advise: wealth management services asset re uirement to million leaving a large Holistic Services client base unserved and causing friction with - Many firms raised minimum investable asset the H s requirements to US$5 million, leaving a large client base unserved and causing friction with the HNWIs Source: World Wealth Report 2018 / Capgemini Solution – WeFund: a crowdfunding-based venture capital firm Crowdfunding Professional VC Team VC 2.0: WeFund Low credibility Low interest in individuals We serve the underserved HNWIs Few high-quality start-ups Low transparency for LPs We do research like traditional VC Misaligned interests with Slow funding process for founders We co-fund with HNWIs investors We advise founders Misaligned interests with We represent investors to sit on founders the cap table and the board Lightly regulated We charge investors for Commission-based fee for management fee and carry founders Solution – WeFund: a crowdfunding-based venture capital firm 1 2 3 4 5 6 7 Sourcing Screening Due Diligence Deal Flow Publishing Fundraising Distribution Crowdfunding Professional VC Team VC 2.0: WeFund Market: HNWIs The population of HNWIs in Singapore increased by 11.5% in 2017, while wealth increased by 12.8%. 122.4K $633.4 US$ Billion $5.17 US$ Million HNWIs in Singapore HNWI Wealth in Singapore Avg. Wealth in Singapore 6,175.4K $21,592.4 US$ Billion $3.50 US$ Million HNWIs in Asia-Pacific HNWI Wealth in Asia-Pacific Avg. Wealth in Asia-Pacific HNWI Population, 2010–2017 (by Region) HNWI Financial Wealth, 2010–2017 (by Region) Source: World Wealth Report 2018 / Capgemini Market: HNWIs The HNWIs in Asia-Pacific have risk-taking profiles atin m erica $633.4 US$ Billion sia aci c e cl apan ow nterest evels urope n The ence HNWI Wealth in Singapore orth m erica High nterest evels apan $21,592.4 US$ Billion Global HNWI Wealth in Asia-Pacific HNWI Interest in Purchasing/Holding Cryptocurrencies, Q1 2018 (Global and Regions) Total Addressable Market (Singapore) [1] [2] $633.4 US$ Billion * 26.4% * 20% * 2% s t e s s a lternative nvestments f o i ed ncome e = $668.87 US$ Million g b a eal state t n e c ash and ash uivalents r [1] Given the risk-taking strategies used by Asia-Pacific HNWIs, we assume the e uities HNWIs are willing to allocate 20% of their equity investments into start-ups for portfolio diversification purpose [2] We assume WeFund will charge 2% annual management fee sia aci c urope apan atin merica orth merica e cl apan Breakdown of HNWI Financial Assets, Q1 2018 (by Region) Source: World Wealth Report 2018 / Capgemini Market: Start-ups Thailand Vietnam Cambodia 2.225% 0.770% 0.013% Indonesia 22.079% Malaysia 3.196% Myanmar 0.002% Philippines 0.472% Southeast Asia Tech Deals by Stage 10 Singapore 71.243% 8 6 4 2 0 2012 2013 2014 2015 2016 2017 Southeast Asia Total Tech Funding from 2013 to 2017 (in US$ Billions) Southeast Asia Total Tech Funding by destination (2017) Source: https://www.cbinsights.com/reports/CB-Insights_Southeast-Asia-Tech.pdf Source: https://www.cbinsights.com/research/southeast-asia-tech-financing-trends-investors/ Market: Start-ups $7.22 US$ Billion raised by Singapore start-ups in 2017 $9.27 US$ Billion raised by SEA start-ups in 2017 $16.36 US$ Billion raised by SEA start-ups from 2012-17 Total Addressable Market (Singapore) $7.22 * 5 * 2%[1] + $7.22 * 4%[2] = $1.01 US$ Billion[3] [1] We assume the average investment period will be 5 years, and the annual investments volume is $7.22 US$ Billion. WeFund charge 2% for all AUM. [2] We assume WeFund will charge 4% one-time admin fee. [3] This only includes the management and admin fees but not the carries or the co-investment return. Source: https://www.cbinsights.com/reports/CB-Insights_Southeast-Asia-Tech.pdf BIGSource: https://www.cbinsights.com/research/southeast-asia-tech-financing-trends-investors/ Market: Start-ups (fintech as an example) Thailand Singapore is leading the tech and 53+ Fintech startups fintech investment in Southeast Asia Top 3 Sectors: Vietnam Online Funding Platforms, region: Payments, InsurTech 33+ Fintech startups Top 3 Sectors: 52% of fintech deals during 2012-2016 comes Payments, InsurTech, from Singapore; Investment Platforms 41% of the funding invested in tech companies in SEA comes from Singapore in 2016; Malaysia 3% of the worldwide blockchain deals comes from Singapore, which is the 3rd largest 71+ Fintech startups Top 3 Sectors: source. Payments, Online Funding Platforms, Personal In 2018, Singapore has the most (270+) Finance fintech companies in SEA. The second largest market is Indonesia, which has 100+ Indonesia fintech companies. Singapore 100+ Fintech startups Top 3 Sectors: 270+ Fintech startups Payments, InsurTech Top 3 Sectors: Investment Platforms Investment Platforms, Payments, Lending Source: https://lending-times.com/2017/12/13/singapore-fintech-market-overview/ Business Model Management Fees 2% annually for four years (capped) Administration Fees One time, 4% (capped until exit) for direct reimbursement of V’s e penses Co-investment Drawn down as expenses are incurred. Investment minus Carried Interest admin and mgmt 20% on profits up to 5x of the amount invested. Investment fees Proceeds in excess of 5x of the amount invested will be subject to carried interest at a rate of 25%. Example: Gross Investment $1,120,000 Return on exit Return on exit - Net investment into company $1,000,000 minus carried - Management fees (2% over four years) $80,000 interest - Administration fees (One time, 4%) $40,000 Upon Exit Investors WeFund Start-ups Exit proceeds $5,000,000 HNWIs in Seed/A/B-round - Carried interest for <5x Return: (5,000,000-1,120,000 ) x 0.2 = Singapore start-ups for ($776,000) S$500K to 5M - Total Investor return $4,224,000 Competitive Landscape WeFund Business model P2P lending platform P2P lending platform P2P lending platform Equity investment platform charging investors 18% of charging investors 1% charging investors 20% of charging investors 2% annual the interests they earned of the total repayments the interests they earned admin fee, 4% one-time mgmt fee, and 20%-25% carry Products Short to medium-term (3-24 Short to medium-term (1-24 Short to medium-term (3-12 Middle to long-term (36 – 60+ months) unsecured business months) unsecured business months) unsecured business months) equity investment loans and invoice financing loans and invoice financing loans and invoice financing Targeted Singapore SMEs not qualified Singapore SMEs not qualified Singapore SMEs not qualified Early-stage (seed/pre-A/A/B fundraisers for traditional bank loans for traditional bank loans for traditional bank loans round) start-ups in SEA Targeted At least 18 years old; Min S$ At least 18 years old; Min S$ 1,00 At least 18 years old; Min S$ HNWIs (or accredited investors) investors 1,000 deposit deposit; Singapore resident 1,00 deposit; Singapore resident from SEA and other countries Investment / Min S$ 50 investment Min S$ 500 investment Min S$ 1K investment Min S$ 5K investment funding size Up to S$ 3M funding Up to S$ 3M funding S$ 50K to S$ 2M funding S$ 500K to S$ 5M funding Annual Returns 16 - 30% for business loans; 8 8 - 24% for business loans; 15 - 25% after fees 15 - 20% annual return Rate – 15% for invoice financing Up to 12% for invoice financing Co- Founders and employees co- No No The firm’s own fund will co- investment invest in every loan invest in every project Source: https://www.valuechampion.sg/best-p2p-crowdfunding-platforms-investors Competitive Landscape WeFund Business model Equity investment platform Equity investment platform Equity investment platform Equity investment platform charging start-ups 6% (cash) charging start-ups a 5% fee charging investors 2% annual charging investors 2% annual plus 2% (equity) of the of total funds raised.
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