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Venture Capital and Crypto: The Equity Side | Raffaele Mauro | Blockchain Conf

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This presentation analyzes venture funding and the startup ecosystem around Bitcoin, cryptocurrencies and crypto tech / blockchan. The focus is not about speculative currrency / token token trading but on teams, companies and the equity side of investing. Beyond hype, looking at fundamentals.

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Venture Capital and Crypto: The Equity Side | Raffaele Mauro | Blockchain Conf

  1. 1. BLOCKCHAIN & CRYPTO VALUES CONF | June 14 - Milan Venture Capital and Crypto: The Equity Side Raffaele Mauro
  2. 2. Beyond asset trading …. …. looking at technology, teams and companies The Equity side
  3. 3. Today 2018 (5 months): $ 1.6 Bn VC investments in Bitcoin and blockchain startups, exceeding the total yearly amount of 2017, $ 911 M ICOs in 2018: A total amount of $ 5-8 Bn financed through ICOs (depending on source), not including Telegram’s and EOS’ offerings
  4. 4. 2015 2016 2017 2018 (to date) Aggregate funding ($ M) 490 601 911 1.678 N° of rounds 120 58 55 296 Largest round ($ M) 116 100 107 350 Crypto VC funding
  5. 5. 2017: $ 16.5 Bn investments in Fintech companies globally with 1165 deals Q1 2018: $ 5,4 Bn deployed across 323 VC backed equity deals. A growing portion of the fintech industry is in crypto / blockchain companies Let‘s take a step back ... .... looking at Fintech Funding
  6. 6. Why investing in Crypto Startups ? The good reasons • Future vision of decentralized Internet / “cypherpunk dream”: protection against censorship • New tech (e.g.: Lighting Network) • Frontier market with high CAGR • Access to a new asset class • Opportunities outside Silicon Valley
  7. 7. Why investing in Crypto Startups ? The bad reasons • Media hype after 2015 • FOMO / herd behaviour • Short run speculation
  8. 8. • Noise and scams • Immature technology (excluding Bitcoin) • Talent shortage • Market volatility • Regulatory risk Why NOT investing in Crypto Startups ?
  9. 9. 2017 Top VC Deals (examples) R3 is the largest consortium of global financial institutions working on developing commercial applications for distributed ledger technology. They recently raised $ 107 M Coinbase, one of the largest and most well known digital currency wallets, raised $ 108 M in Series D funding in 2017. They have now raised $ 225 M in total and have a post-money valuation of $1.6 Bn Digital Asset, a startup focused on distributing digital ledger technology to financial institutions, raised $40 M, reaching $ 107 M in total funding
  10. 10. 2018 Top VC Deals (examples) Stock-trading app Robinhood raised about $350M in new venture funding and added Bitcoin trading. They are now valued at $ 5.6 Bn Raised $ 75 M and launched a new solution for financial institutions, the Ledger Vault, enabling banks, hedge funds and family offices to manage their crypto assets. Dfinity, an open decentralized platform for smart contracts competing with Ethereum, received a $ 61 M investment from Andreesen Horowitz and Polychain Capital
  11. 11. Source: Crunchbase data Investments by geography USA Other UK Singapore Unknown Crypto & blockchain startups born in 2017-2018 USA Other UK Singapore Unknown • USA holds only 35% of total investments • China and Central Europe in quick expansion
  12. 12. Source: Coindesk Who is investing?
  13. 13. Source: Coindesk 14 Rounds $ 413 M Invested 6 Rounds $ 150 M Invested 5 Rounds 2017 leading players (n° of rounds): 10 Rounds 17 Rounds including ICOs
  14. 14. Specialized Crypto investors Cryptoasset / capital markets firms Venture firms
  15. 15. Institutional Investors Source: Context Capital Partners LP
  16. 16. Large tech companies
  17. 17. Most active corporate crypto / blockchain investors (2012-17): Source: CB Insights – Global Fintech Report Q1 2018
  18. 18. Examples in Italy The Rock Trading platform allows users to trade different crypto currencies and tokens Neutrino develops solutions for monitoring, analyzing and tracking cryptocurrency flows The Conio Bitcoin Wallet is an app that manages bitcoins with a very user friendly interface, allowing users to safely store and exchange the cryptocurrency
  19. 19. ICOs ...
  20. 20. Source: Wikiped Definition Initial coin offering (ICO) is an unregulated means of crowdfunding via use of cryptocurrency, which can be a source of capital for startup companies. In an ICO a percentage of the newly issued cryptocurrency is sold to investors in exchange for legal tender or other cryptocurrencies. The term may be analogous with 'token sale' or crowdsale, which refers to a method of selling participation in an economy, giving investors access to the features of a particular project starting at a later date. ICOs may sell a right of ownership or royalties to a project. (Wikipedia)
  21. 21. Source: Coinspeaker.com 2017-18 ICOs Boom Total amount raised $ 9-12+ Bn (depending on source and ICO definition)
  22. 22. ICO ? • Easy, fast and flexible • Global • Accessible to anyone BUT • Bubblish environment -> scams, dumb money & noise / low quality projects • Immature technology / not truly decentralized • Distorted incentives for teams
  23. 23. July: Tezos, a platform for smart contracts and decentralized applications, completed its ICO raising $ 232 M in bitcoin and ether December: Sirin Labs, a consumer electronics and high- end smartphone manufacturer based in Switzerland raised $ 157 M September: Filecoin, a blockchain-based storage network, raised more than $257M with an ICO 2017 ICO Deals (examples)
  24. 24. Dragon Coin is an Ethereum-based cryptocurrency launched by a Macau-based hotel and casino corporation that is designed for gamblers, raised $ 320 M Bankera, who offer all the services of traditional banking but in a decentralized way, raised more than $ 150 M in an ICO that ended in March 2018 ICO Deals (examples)
  25. 25. Raised $ 1.7 Bn from private sale investors, plans to build the TON (Telegram Open Network), a blockchain-based platform that extends its already successful messaging app with 200 M monthly active users. 2018 Outliers (1): Telegram
  26. 26. Source: Cointelegraph.com Raised $ 4 Bn with a long-run “open” ICO. EOS aims to be a decentralized operating system supporting industrial-scale applications, with claims to eliminate transaction fees and conduct millions of transactions per second. 2018 Outliers (2): EOS
  27. 27. 1. Team and community 2. Technology/Product/Service 3. Blockhain / decentralization needed ? ICO needed ? 4. Token sale economics / incentives 5. Security Evaluing ICOs
  28. 28. Future scenarios Basic: - Cryptofinance as sub-industry of Fintech innovation Optimistic: - Decentralized crytpotech as the new store of value and/or payment layer of the Internet, like SMTP for email - Re-shaping of entire industries: e.g. Internet of Things Pessimistic: - Bubble & crash in cryptoasset (second mega-bubble) - Bubble & crash in VC in vestments Utopian / Dystopian (its not a bubble, it’s the pin!): - Decentralized technology radically disrupts governments, organizations and financial institutions
  29. 29. Thank you! rmauro@post.harvard.edu raffa.mauro@gmail.com
  30. 30. Raffaele Mauro is passionate about technology, policy and global finance. Now Managing Director at Endeavor Italy, he is focused on high-impact entrepreneurship and venture capital, providing companies access to smart capital, talent and markets. Previously he was Head of Finance for Innovation & Entrepreneurship at Intesa Sanpaolo and worked at venture capital funds such as United Ventures (formerly Annapurna Ventures), P101 and OltreVenture. Raffaele is a Kauffman Fellow and holds an MPA from Harvard University, a Ph.D. from Bocconi and is alumnus of the Singularity University Graduate Studies Program at NASA Ames. Raffaele co-authored the book “Hacking Finance”, an essay on Bitcoin, blockchain and cryptocurrencies, and was invited speaker at EY EMEIA Accelerate, Wired Money and the Bundesbank. He invested and advised several companies including Multiply Labs (YC 2016). Raffaele is also Junior Fellow at the Aspen Institute, member of the Young Leaders group of the US-Italy Council, member of the “Young European Leaders – 40 under 40” cohort of 2011 and member of the executive committee at the Global Shapers Hub - Milano, a World Economic Forum community. Twitter: @rafr

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