VC Meets Angels interaction between early stage investors
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1 VC Meets Angels interaction between early stage investors SECA: Seed Capital & Business Angels Zurich Widder 24. April 2007 Redalpine Capital I Chasseralstrasse 1-9 Bankplassen 1A 4900 Langenthal 0151 Oslo Switzerland Norway fon fon fax fax Venture Capital Fund [email protected] [email protected] [email protected] [email protected]
2 Topics About me Why VCs don t invest early Angels invest more money in early stage Differences Experience Emotions Contribution Valuation & Terms Peformance Examples of VC - angel interaction Summary Redalpine Venture Partners AG, Switzerland - Copy for Peter Niederhauser 2
3 About me Nicolas Berg (46), Partner Founder of 8 start-ups since 1984 Trade-sale of Borsalino to Cash-Ringier angel investments since 2000 MSc (BA), start-up coach, interim-ceo, board mandates, journalist (technology & finance) Dr. Massimo Lattmann (59), Partner Founder & Chairman of Venture Partners AG, Lecturer at ETH Zurich Chairman SECA (Swiss Private Equity & Corporate Finance Association) Founder & Chairman of Instrumatic Group (CHF 80m Revenue) PhD Computer Sc, M.Sc. chemical engineering, board mandates, M&A, start-up coach Peter Niederhauser (43), Partner Founder and serial entrepreneur since 1986 Co-founder of Miracle software 1986 Venture investments through Masterinvest BSc (IT), BA, start-up coach, project manager, interim management, board mandates, M&A Dr. Michael Sidler (38), Partner Partner at Nordic American CDFC, Oslo Dallas Zurich Business Developer/Head Food Safety Prionics Boston Consulting Group PhD Molecular Biology University of Zurich, Investor, M&A Transactions, Analyst, Consultant The redalpine team has been working together for many years now and has built a network through active engagement in business networks and business angel networks, including ASBAN, BAS Business Angel Network, b-to-v Investorenkreis, Biovalley, CTI Invest & CTI venturelab, EVCA, SECA, SVC, TEK ETH-KMU, and Venturelab a.s. Redalpine Venture Partners AG, Switzerland - Copy for Peter Niederhauser 3
4 Entrepreneurial Approach Needed to Exploit the Early Stage Opportunity Early-stage = smaller transactions = small fund = lower fees But it offers potential of high returns by higher exit multiples Funding gap between Family & Friends and traditional VC s Entrepreneurial skills needed to select winning early-stage deals Redalpine Venture Partners AG, Switzerland - Copy for Peter Niederhauser 4
5 Angels Invest More Money in Seed VC s Angels finance $24b or about 90% of all seed and start-up rounds They do more transactions and provide more capital Professional angels reach a better performance with early stage deals (10-15%) Angels Sources: - PWCmoneytree Prof. Jeffrey Sohl - Thesis Jan Bomholt 2006 Redalpine Venture Partners AG, Switzerland - Copy for Peter Niederhauser 5
6 Differences Angels VC s Experience: Angels may have more entrepreneurial experience Emotions: Some angels may show more emotions so what Contribution: Angels may spend more time for door opening/shaping Valuation/Terms: Lower valuations but equity kicker for founders Less VC terms such as liquidation preference etc. - no influence on performance! (Bomholt 2006) Redalpine Venture Partners AG, Switzerland - Copy for Peter Niederhauser 6
7 Deals with and without VC s XING/openBC:* 2004 Angels, 3rd round Wellington (2005) IPO 06 Plazes:* 2005 Angels (including Tim Draper), 2006 Doughty studivz: 2006 Angels, 2nd round Holtzbrink Ventures Trade-sale 06 Borsalino: Angels, 3rd round Netinvest Trade-sale 00 Hitflip: 2005 Angels TagWorld: 2006 Draper Fisher & Angels Trade-sale 06 Whitestein: 2001 Angels Cellntec: Angels & Novartis Venture Fund Neurotune: 2005 about 40 Angels, 2nd round ZKB Pioneer & Core GenevaLogic: 2001 about 15 Angels Speedlingua: 2006 Angels 10 other deals with no VC s * : Named by CNN-Money as one of the world's hottest 20 start-ups" Redalpine Venture Partners AG, Switzerland - Copy for Peter Niederhauser 7
8 Summary Angels: Network with VC s before you need them Don t count too much on VC s for start-ups/seed Close a fair shareholder agreement (tag along, drag along, pool votes with one voice) VC s: Network with angels before you need them Let the angels do a lot of free post-investment support Focus on your strength Take risks Think entrepreneurial Slides available on my blog nicoberg.wordpress.com Redalpine Venture Partners AG, Switzerland - Copy for Peter Niederhauser 8
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