Financing Trends in the Start-up Nation

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1 6th Meeting of the European TTO Circle January 2014 Financing Trends in the Start-up Nation Adv. Simon Weintraub

2 ABOUT US Established over 55 years ago 1 of the largest and most dynamic law firms in Israel Numbers over 140 lawyers Full service offices in 2 main cities 2

3 SIMON WEINTRAUB Born and raised in Canada Educated in Canada and in Israel Represents a variety of start-up companies, venture capital funds, venture lending funds and angel investors Fields of expertise: Technology, Life Sciences, Corporate Finance and M&A 3

4 Selected M&A Transactions 4

5 Israeli Economic Success Story Israel has more companies listed on New York stock exchanges (NYSE, AMEX, NASDAQ) than any other country except the U.S. and China The world's highest per capita count of engineers The highest density of high-tech startups 5

6 Israel A Hi-Tech Powerhouse In just the last 12 months: acquired for $630M - a leading provider of software against financial fraud and advanced security threats Googl buys Waze for over $1 billion buys for approx. $650 million buys for $475 million They join,,,,,,,,, and others with R&D and production facilities in Israel Israel s VC Industry Largest in Absolute Terms Outside of Silicon Valley: Over 60 active funds with $16 billion under management Major U.S./European funds active in Israel: Sequoia, Benchmark, Greylock, Battery Ventures, Lightspeed, Accel 6

7 Key Data about Israeli M&A and IPO s Over past decade: $15 billion invested in Israeli tech co s $37 billion taken out in M&A/IPOs In 2013: Average M&A deal size was $90 million (increased 48% from 2012) The average IPO was for $198 million The value of M&As set an eight-year high of $6.45 billion (up 20% from 2012) 7

8 Bust - Where are the traditional Israeli VC funds? Only 13 Israeli VC funds raised $ in 2013 in the total amount of $526 million 28% decrease from 2012 Only two funds raised more than $100 million (Aleph and Vintage) accounting for 59% of total raised Israeli Microfunds raised total of $124 million (24% of total amount raised) 38% of Israeli VC funds did not invest in 2013

9 Boom VC backed company raises are on the rise! VC backed Israeli companies raised $225 million in Q3 of 2013 (up from $174 million in previous quarter) $137 million was invested in 5 deals of over $10 million in Q3 Average investment per company in Q3 was $5.4 million 9

10 The Explanation: Increase in micro fund activity Many foreign institutional investors in the past did not invest directly in Israeli portfolio companies Increase in foreign investment (namely, from China, other Asian countries and Russia) VC investment in Israel today dominated by Angels, Super Angels and Micro VC's Most Israeli VC funds are focused on follow-on investments and existing portfolio 10

11 11

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13 Trends in Deal Terms Smaller amounts raised and more seed and pre-seed deals Increase in convertible bridge financing (almost equity) VC funds are more friendly (e.g. Nonparticipating Preferred, low or no interest rates on liquidation preference, no anti-dilution, etc.) Broader veto rights and more involvement in management 13

14 Trends in Structures Significant rise in high tech/life science incubators, accelerators, hubs and shared office space (e.g. Techloft, MESH etc.) Increase in start-ups incorporating in Delaware over Israel (also re-incorporation deals) Significant decline in funding from the Chief Scientist (OCS) 14

15 Trends in Financing Models Opening of US markets e.g. Alcobra and Kamada (pharmaceuticals), Evogene (agriculture chemicals) and Wix (software) Large M&A Deals e.g. Waze and Trusteer Highest M&A rate since 1994 Valuations lower in Israel compared to Silicon Valley Significant decline in venture lending (although increase for more mature companies with asset/ar based lending) Massive increase in crowdfunding e.g. Kickstarter, Indiegogo and OurCrowd 15

16 Conclusions Start-up culture and funding is flourishing Israeli VC funds are in crisis Foreign investment invasion Homeless companies and faceless investors Thank You! 16

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