Global Venture Capital Funded Startups January 2018
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Contents Introduction 3 Acknowledgments 8 Chapter 1: Seed Fundraising 101 9 Chapter 2: How to Run a Swift Seed Fundraise 29 Chapter 3: Fundraising Narrative Preparation 40 Chapter 4: Researching and Engaging Angels 56 Chapter 5: Researching and Engaging VCs 68 Chapter 6: Pitching & Closing 88 Conclusion 111 Join the Community 112 Join the Community Oversubscribed isn’t just a book—it’s an ongoing community of founders and fundraising experts. Join thousands of others in the Oversubscribed community by signing up for our weekly newsletter, where we share stories and tips from founders, real decks that companies have used to raise their rounds, and inside knowledge from angels and VCs. The newsletter is also the best way to stay informed about our live events. Read a sample issue, sign up for ongoing updates, and access our full back archives at oversubscribed.club/join. You can also follow us on Twitter at @mwil20 (Mike) and @maxnuss (Max). We’d love to hear from you! —Mike & Max Oversubscribed: A Founder’s Guide to Seed Fundraising propellerdb.com/oversubscribed Introduction We’re writing this book because too many founders are daunted by fundraising. The truth is that there are more seed-stage investors, and more seed-stage capital being invested, than ever. Just as founders often feel that they have to scrape and claw their way to raising money, VCs often feel they have to go through similar trials to find good investments. But too many founders struggle with fundraising because they don’t understand how the seed fundraising ecosystem works and how to fundraise effectively and efficiently. -
Lucene in Action Second Edition
Covers Apache Lucene 3.0 IN ACTION SECOND EDITION Michael McCandless Erik Hatcher , Otis Gospodnetic FOREWORD BY DOUG CUTTING MANNING www.it-ebooks.info Praise for the First Edition This is definitely the book to have if you’re planning on using Lucene in your application, or are interested in what Lucene can do for you. —JavaLobby Search powers the information age. This book is a gateway to this invaluable resource...It suc- ceeds admirably in elucidating the application programming interface (API), with many code examples and cogent explanations, opening the door to a fine tool. —Computing Reviews A must-read for anyone who wants to learn about Lucene or is even considering embedding search into their applications or just wants to learn about information retrieval in general. Highly recommended! —TheServerSide.com Well thought-out...thoroughly edited...stands out clearly from the crowd....I enjoyed reading this book. If you have any text-searching needs, this book will be more than sufficient equipment to guide you to successful completion. Even, if you are just looking to download a pre-written search engine, then this book will provide a good background to the nature of information retrieval in general and text indexing and searching specifically. —Slashdot.org The book is more like a crystal ball than ink on pape--I run into solutions to my most pressing problems as I read through it. —Arman Anwar, Arman@Web Provides a detailed blueprint for using and customizing Lucene...a thorough introduction to the inner workings of what’s arguably the most popular open source search engine...loaded with code examples and emphasizes a hands-on approach to learning. -
Philadelphia Investment Trends Report
Venture impact Technology investment in the Greater Philadelphia region Trends and highlights, January 2008 to June 2013 Innovation, investment and opportunity On behalf of EY, Ben Franklin Technology Partners of Southeastern Pennsylvania and the Greater Philadelphia Alliance for Capital and Technologies (PACT), we are pleased to present this review 421 companies of technology investment trends and highlights in the Greater Philadelphia region. $4.1 billion The technology investment community in the Greater Philadelphia region includes a wide variety of funding sources supporting a diverse array of companies and industry sectors. In this report, Total investment since we’ve analyzed more than a thousand investment rounds and January 2008 exits that occurred in the Philadelphia region since 2008 – including investments from venture capital fi rms (VCs), angel investors (Angels), corporate/strategic investors, seed funds, accelerators and other sources of funding. As shown in this report, 2012 reversed a post-recession slowdown in venture funding in Greater Philadelphia, and to date, 2013 has brought a welcome increase in the amount of new funds available at regional investment fi rms. These are positive signs for our region’s technology companies, as are the increasing number of exits via IPO and acquisition, which serve as further validation of the investment opportunities created by our region’s growing technology sector. We encourage you to explore this report, and we hope that it will provide useful insights into the current state of -
RESI Boston Program Guide 09-26-2017 Digital
SEPTEMBER 26 , 2017 BOSTON, MA Early stage investors, fundraising CEOs, scientist-entrepreneurs, strategic partners, and service providers now have an opportunity to Make a Compelling Connection ONSITE GUIDE LIFE SCIENCE NATION Connecting Products, Services & Capital #RESIBOS17 | RESIConference.com | Boston Marriott Copley Place FLOOR PLAN Therapeutics Track 2 Investor Track 3 & track4 Track 1 Device, Panels Workshops & Diagnostic & HCIT Asia Investor Panels Panels Ad-Hoc Meeting Area Breakfast & Lunch DINING 29 25 30 26 31 27 32 28 33 29 34 30 35 Breakfast / LunchBreakfast BUFFETS 37 28 24 27 23 26 22 25 21 24 20 23 19 22 exhibit hall 40 15 13 16 14 17 15 18 16 19 17 20 18 21 39 INNOVATION 14 12 13 11 12 10 11 9 10 8 9 7 8 EXHIBITORS CHALLENGE 36 38 FINALISTS 1 1 2 2 3 3 4 4 5 5 6 6 7 Partnering Check-in PARTNERING Forum Lunch BUFFETS Breakfast / Breakfast RESTROOM cocktail reception REGISTRATION content Welcome to RESI - - - - - - - - - - - - - - - 2 RESI Agenda - - - - - - - - - - - - - - - - - - 3 BOSTON RESI Innovation Challenge - - - - - - - 5 Exhibiting Companies - - - - - - - - - - 12 Track 1: Therapeutics Investor Panels - - - - - - - - - - - - - - - 19 Track 2: Device, Diagnostic, & HCIT Investor Panels - - - - 29 Track 3: Entrepreneur Workshops - - - - - - - - - - - - - - - - - - 38 Track 4: Asia-North America Workshop & Panels - - - - - - 41 Track 5: Partnering Forum - - - - - - - - - - - - - - - - - - - - - - - - 45 Sponsors & Media Partners - - - - - - - - - - - - - - - - - - - - - - - 46 1 welcome to resi On behalf of Life Science Nation (LSN) and our title sponsors WuXi AppTec and Johnson & Johnson Innovation JLABS, I would like to thank you for joining us at RESI Boston. LSN is very happy to welcome you all to Boston, the city where it all began, for our 14th RESI event. -
Looking Somewhere in the Middle
OUR FIRM LMM GROUP CLIENTS TRANSACTIONS NEWS & INTEL CONTACT IN THIS SECTION LOOKING SOMEWHERE IN THE Executive Perspective IT Index MIDDLE News Room Quarterly Earnings March 10, 2006 Scoreboard Spotlight by: Kelly Holman Tracker VDI Accel-KKR LLC didn't set out to specialize in middle-market private equity buyouts in the high-tech sector. Its founders, an Subscribe unusual combination of dealmakers, were focused in 2000 on the bright prospects of the Internet, just as many other investors and entrepreneurs were. But that vista quickly turned as dark as night when the dot-com bubble burst, and Accel-KKR suddenly needed to make a rapid course correction. It did. Today the Menlo Park, Calif.-based firm has made a name for itself acquiring small but fast-growing technology companies. Even as top-tier buyout groups lick their chops over the possibility of doing deals involving big software corporations, Accel- KKR keeps its attention on midmarket and small tech outfits with $15 million to $150 million in annual revenue: software developers, hardware makers, Internet firm and information technology services businesses. To be sure, it's hardly the only middle-market private equity group interested in technology businesses - a number of buyout groups, large and small, have made technology their core investment focus. But Accel-KKR's board and the background it represents set it apart. Members include financial engineering icons Henry Kravis and George Roberts of Kohlberg Kravis & Roberts & Co.; KKR partner Marc Lipschultz; veteran venture capitalist and Accel managing partner Jim Breyer; and former Wells Fargo & Co. chief executive Paul Hazen. -
Associate Enablement Perspectives
CONFIDENTIAL 1H2020 Associate Enablement Perspectives DISCLAIMER: ComCap LLC make no representation or warranty, express or implied, in relation to the fairness, accuracy, correctness, completeness, or reliability of the information, opinions, or conclusions contained herein. ComCap LLC accepts no liability for any use of these materials. The materials are not intended to be relied upon as advice outside of a paid, approved use and they should not be considered a guarantee of any specific result. Each recipient should consult his or her own accounting, tax, financial, and other professional advisors when considering the scenarios and information provided. An introduction to ComCap ▪ ComCap is a premier boutique investment bank focused on the intersection of commerce and capital, with key focus on B2B SaaS, B2C e-commerce, payments, mobile commerce, marketplaces and B2B services for retail technologies (IT and marketing services, in-store, fulfillment, logistics, call center, analytics, personalization, location intelligence) ▪ Headquartered in San Francisco with European coverage from London & Moscow, and LATAM coverage from Sao Paulo. Our firm works with mid-cap public companies on buyside initiatives and public and private growth companies on financing and strategic M&A ▪ In addition to being the only boutique focused on disruptive commerce models, we differentiate by: ‒ Bringing bulge bracket techniques to emerging models; ‒ A strong and uncommon buyside/strategy practice; ‒ Deep understanding of industry drivers and synergy analyses; -
Valuing Young Startups Is Unavoidably Difficult: Using (And Misusing) Deferred-Equity Instruments for Seed Investing
University of New Hampshire University of New Hampshire Scholars' Repository University of New Hampshire – Franklin Pierce Law Faculty Scholarship School of Law 6-25-2020 Valuing Young Startups is Unavoidably Difficult: Using (and Misusing) Deferred-Equity Instruments for Seed Investing John L. Orcutt University of New Hampshire Franklin Pierce School of Law, Concord, New Hampshire, [email protected] Follow this and additional works at: https://scholars.unh.edu/law_facpub Part of the Banking and Finance Law Commons, and the Commercial Law Commons Recommended Citation John L. Orcutt, Valuing Young Startups is Unavoidably Difficult: Using (and Misusing) Deferred-Equity Instruments for Seed Investing, 55 Tulsa L.Rev. 469 (2020). This Article is brought to you for free and open access by the University of New Hampshire – Franklin Pierce School of Law at University of New Hampshire Scholars' Repository. It has been accepted for inclusion in Law Faculty Scholarship by an authorized administrator of University of New Hampshire Scholars' Repository. For more information, please contact [email protected]. 42208-tul_55-3 Sheet No. 58 Side A 05/15/2020 10:30:18 ORCUTT J - FINAL FOR PUBLISHER (DO NOT DELETE) 5/14/2020 9:49 AM VALUING YOUNG STARTUPS IS UNAVOIDABLY DIFFICULT: USING (AND MISUSING) DEFERRED- EQUITY INSTRUMENTS FOR SEED INVESTING John L. Orcutt* I. ASTARTUP’S LIFE AND FUNDING CYCLES ............................................................... 474 II. VALUING YOUNG STARTUPS ................................................................................. -
VC Glossary Index VC Glossary .⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄..⁄..3
VC Glossary Index VC Glossary .⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄..⁄..3 Basic Processes ..⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄..⁄⁄.4 Business Actors ..⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄5 Documents and Statements ⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄.7 Funding Subcategories ⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄..8 Indicators and Criteria ⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄..10 Investor Types ⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄..⁄⁄⁄⁄.11 References⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄.⁄⁄.14 Credits⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄⁄.⁄.17 VC Glossary The world of Venture Capital is often overwhelming at first sight, even more so when you do not have the primary knowledge. This guide will help you understand the basic context to start getting into this subject. In addition, there will be occasional videos that we believe will help you gain a greater understanding of the concepts listed. 3 Basic Processes First, for a company to raise capital, foundation rounds are necessary. The basic ones that need to be taken into account for these processes are the following. Acquisition: When one company purchases most or all of another company's shares to gain control of that company. Funding Anytime a company raises money from one or more Round: investors. TheyÊre given a letter, such as A Round, B Round, C Round, etc. because each round follows another. The letter identifies which number of rounds theyÊre on. A. Early-Stage Funds: These funds are generally from $2 million to $15 million in size and invest in seed stage and Series A companies but occasionally lead a Series B round. They are also referred to as Seed Rounds, as they help lay the foundation for a company. B. Mid-Stage Funds: These funds usually range from $30 million to $60 million. They generally invest in Series B and later rounds. C. Late-Stage Funds: Take place when the company is successful and self-lowered. -
Instagram’S Success, Networking the Old Way
April 13, 2012 Behind Instagram’s Success, Networking the Old Way By SOMINI SENGUPTA, NICOLE PERLROTH and JENNA WORTHAM SAN FRANCISCO — Past midnight, in a dimly lighted warehouse jutting into the San Francisco Bay, Kevin Systrom and Mike Krieger introduced something they had been working on for weeks: a photo-sharing iPhone application called Instagram. What happened next was crazier than they could have imagined. In a matter of hours, thousands downloaded it. The computer systems handling the photos kept crashing. Neither of them knew what to do. “Who’s, like, the smartest person I know who I can call up?” Mr. Systrom remembered thinking. He scrolled through his phone and found his man: Adam D’Angelo, a former chief technology officer at Facebook. They had met at a party seven years earlier, over beers in red plastic cups, at the Sigma Nu fraternity at Stanford University. That night in October 2010, Mr. D’Angelo became Instagram’s lifeline. “Adam spent like 30 minutes on the phone with us,” Mr. Systrom recalled, “walking us through the basic things we needed to do to get back up.” Mr. Systrom, now 29, offered this as a parable for the roomful of would-be entrepreneurs who came to hear him talk at Stanford last spring: in the intensely competitive start-up scene here, success is as much about who you know as what you know. “Make sure to spend some time after the talk getting to know the people around you,” he told his audience. Those people, he might have added, might one day shape your destiny. -
PEM Holds a Final Close on Its Fourth Direct Co-Investment Fund
Performance Equity Management, LLC Has Held a Final Close on its Fourth Direct Co-investment Fund Greenwich, CT – March 08, 2021 – Performance Equity Management, LLC (PEM) is pleased to announce the final closing of Performance Direct Investments IV (PDI IV), its fourth co-investment fund. The fund will focus on small and middle-market co-investment opportunities, continuing its successful strategy that was executed for its predecessor funds. PDI IV was significantly oversubscribed and closed on its hard cap of $300 million. Investors include public and corporate pension plans, university endowments, private foundations, insurance companies, family offices, and high net worth individuals across the globe. PDI IV is a continuation of our long-established investment strategy of partnering with premier GPs with demonstrated experience with a focus on defensive growth opportunities to build a high quality, diversified portfolio. Our selection capabilities and disciplined execution has enabled our strong performance and will continue to help us construct a resilient portfolio. “We are pleased with the 100% support of our long-standing investors and grateful to our new investors who have backed us in these unprecedented times,” said John Clark, President of PEM. “We believe our time-tested investment strategy will continue to support us in generating significant alpha for our investors.” Last year PEM also closed on it fourth venture capital fund of funds, Performance Venture Capital IV (PVC IV), in addition to several separate accounts. PVC IV closed above its target and is over 95% committed across premier venture capital funds. The fund’s largest commitments include Accel, Andreessen Horowitz, Redpoint Ventures and Spark Capital. -
Draper Esprit Initiation of Coverage
Draper Esprit Initiation of coverage Europe’s leading pureplay listed VC Listed venture capital 3 February 2021 Draper Esprit is the leading listed VC in Europe, committing £120m of funding annually to European start-ups, with a proven track record (over Price 766p 125 deals since 2006, US$13bn of exits) and a high-quality management Market cap £1bn team. Since 2016 Draper Esprit has been scaling its model, building the breadth and maturity of its underlying portfolio, with multiple core Net cash (£m) at 30 September 2020 62.1 holdings ready to exit in 2021, market conditions permitting. Through a Shares in issue 139.0m diversified investment holding company, Draper Esprit provides liquid exposure to a growing portfolio of Europe’s leading, high-growth tech Free float 90% start-ups, an investment class that is hard to access for the public market Code GROW investor. In our view, Draper Esprit’s 15.1% FY16–20 NAV/share CAGR, Primary exchange AIM together with the latent value in its portfolio, justify a premium rating. Secondary exchange Euronext Growth Dublin Period plc cash* Gross portfolio NAV NAV/share P/NAV Share price performance end (£m) value (£m) (£m) (p) (x) 03/18 56.6 243.5 300.5 416 1.84 03/19 50.4 594.0 618.6 524 1.46 03/20 34.1 702.9 659.6 555 1.38 09/20 62.1 702.4 714.7 600 1.28 Note: *Includes restricted cash but not funds held on behalf of EIS/VCT investors. Team with proven investment and exit track record Draper Esprit is an active investor providing venture and growth capital to Europe’s fast-growing technology businesses. -
Semi-Annual Market Review
Semi-Annual Market Review HEALTH IT & HEALTH INFORMATION SERVICES JULY 2019 www.hgp.com TABLE OF CONTENTS 1 Health IT Executive Summary 3 2 Health IT Market Trends 6 3 HIT M&A (Including Buyout) 9 4 Health IT Capital Raises (Non-Buyout) 14 5 Healthcare Capital Markets 15 6 Macroeconomics 19 7 Health IT Headlines 21 8 About Healthcare Growth Partners 24 9 HGP Transaction Experience 25 10 Appendix A – M&A Highlights 28 11 Appendix B – Buyout Highlights 31 12 Appendix C – Investment Highlights 34 Copyright© 2019 Healthcare Growth Partners 2 HEALTH IT EXECUTIVE SUMMARY 1 An Accumulating Backlog of Disciplined Sellers Let’s chat about fireside chats. The term first used to describe a series of evening radio addresses given by U.S. President Franklin D. Roosevelt during the Great Depression and World War II is now investment banker speak for “soft launches” of sell-side and capital raise transactions. Every company has a price, and given a market of healthy valuations, more companies are testing the waters to find out whether they can achieve that price. That process now looks a little more informal, or how you might envision a fireside chat. Price (or valuation) discovery for a company can range from a single conversation with an individual buyer to a full-blown auction with hundreds of buyers and everything in between, including a fireside chat. Given the increasing share of informal conversations, the reality is that more companies are for sale than meets the eye. While the healthy valuations publicized and press-released are encouraging more and more companies to price shop, there is a simultaneous statistical phenomenon in perceived valuations that often goes unmentioned: survivorship bias.