Investment strategy- 101 on VC fund raising for lat am
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Investment strategy- 101 on VC fund raising for lat am
- 1. BRINGING THE ENTREPRENEURIAL SPIRIT O EARLY STAGE INVESTMENT IN LATIN AMERICA VANESA KOLODZIEJ | MANAGING PARTNER | @vanesak
- 2. The Art and Science of Fundraising
- 3. ABOUT NAZCA VENTURES • Entrepreneurs Fund • Santiago and Buenos Aires-based • 5 Partners, All Entrepreneurs • LPs in Latam and US
- 4. OUR TRACK RECORD • Started 7 companies • Sold 3 • Participated in 1 IPO • 2 Latam roll-outs • Have done 10 investment • Founded/ lead 2 main entrepreneurial NGOs in Lat am
- 5. PROFESSIONAL INVESTORS • Accelerators • Angels (Individual or Groups) • VCs
- 6. ACCELERATOR • Fix time, money, %, terms • Mentoring/ Contacts • Demo Day
- 7. ANGELS • Their own money • Much time/ contacts/ industry expertise • No structure
- 8. VCs • Other people money • Contacts/ Portfolio • Structure • Follow on
- 9. VC • Asset class with the higher level of risk • Limited Partners: write checks but do no add value • General Partners: write checks AND add value: management
- 10. FUND s 101 • Philosophy • Partners • Rounds • Portfolio • Investment Time
- 11. PARTNERS • Limited partner: add any value? • General partners: what are their domain expertise • Payment: Management fee 2% + carried interest 20% • Brackets of returns
- 12. FUND s RETURNS • Portfolio approach: 90% will fail • 30/30/40 investment spread • Potential for home run • 1 company would pay the whole fund
- 13. MATERIALS • One line • Elevator pitch • Teaser • Deck • Financials
- 14. NO BP
- 15. DEMO
- 16. STAGES • Intro • Teaser • Meeting • NDA/ Financials • Due Diligence • Non Shop/ Offering Letter
- 17. NVESTMENT READINESS • Legal Entity • Bank Account • Shareholder Agreement • Lawyer • Accountant • IP Fillings
- 18. EQUITY INVESTMENT • Valuation Previous to Investment • Purchase of Newly Issued Shares • Term Sheet, Stockholder Agreement • Minority Protections • Board seats
- 19. CONVERTIBLE DEBT • No Valuation • Issue of Time-limited Debt • Convertible or not in Next Round • Cap, Interest, Discount, Expiration Date
- 20. TS vs CN • Takes more time • Valuation • More expensive • More protections • Bigger deals
- 21. NEGOTIATION POINTS • Common or preferred • Seniority • Interest • Vesting • Golden Parachute
- 22. INVESTORS SOURCES • Angel.co • Thefunded.com • Lavca.com • Crunchbase.com • F6S.com
- 23. WHAT VC s LOOK FOR • Huge markets • Competitive advantage • Business + Sales + Tech • Recurrent revenues • Economy of scale • No capital expenditure
- 24. OW VALUATIONS ARE DON • Growth Potential • Market Size • Market “Hotness” • Number of Competitors • Money the company needs • How much will needed next • % owned by previous investors • % wanted by new investors
- 25. VC’s IN LATAM
- 26. ACCELERATORS
- 27. QUESTIONS?
- 28. ABOUT NAZCA VENTURES • Entrepreneurs’ Fund • Santiago and Buenos Aires-based 5 • Partners, All Entrepreneurs • LPs in Latam and US • Starting Early 2013
- 29. OUR TRACK RECORD • Started 7 companies • Sold 3 • Participated in 1 IPO • 2 Latam roll-outs • Have done 10 investment • Founded/ lead 2 main entrepreneurial NGOs in Lat am
- 30. HOW WE INVEST • Technology (B2B mostly) • No copycats • Regional/ Global Potential • $250-$750k Co-investment
- 31. WORK WITH THE BEST LATAM ENTREPRENEURS WHILE CREATING VALUE FOR INVESTORS, ENTREPRENEURS AND SOCIETY
- 32. BRINGING THE ENTREPRENEURIAL SPIRIT O EARLY STAGE INVESTMENT IN LATIN AMERICA