2. Jasmine Tung
WI Harper / VC Investment Analyst
Cross border VC fund has office in Beijing, Taipei and San Francisco.
+ Due Diligence
+ Research
+ Deal Sourcing
++After work, I helped out early stage local Taiwanese startups.
About me
4. Numbers of funding in US
• In 2017, SF + Silicon Valley has 45% of the total
venture capital investment in the entire US.
• San Francisco tops the list with $25biilion in
investment, 3x than Silicon Valley.
• More than 30 unicorns and near-unicorns
are based in San Francisco, including the two most
valuable in the U.S: Uber ($72billion) and Airbnb
($28billion).
• Accumulated Investment Amount Ranking:
San Francisco New York Boston San Jose Los
Angeles Chicago Seattle Washington Austin
Atlanta Miami, above 11 cities topping $1billion in
2017.
Investment Amount Ranking in US from 2010-2017
5. Late Stage
Profitable
Early Stage
Pre-profitability
Seed
Pre-revenue
Exit
IPO/ MA
Startups
Angel
- Ex-founders
Accelerator
- $120k for 7% of shares
Venture Capital
- Early and Late
- X10 return target
Private Equity
15% IRR target
Investment Bank
Investors
Micro VC
($K-$100M)
Big VC
($100-500M)
Mega VC
(500M)
Startups Investors Ecosystem
Corporate
VC
6. Accelerator is a good place for first time founder.
Why?
Demo
Day!
Money
Mentor
Conne-
ction
HAX
• 3-5 teams/month.
• Hardware investment in consumer, industrial,
health, enterprise
• Stage I. Pre-Launch (Shenzhen): Manufacturing.
• Stage II. Post-Launch (San Francisco): Sales.
Prynt
YC
• Twice a year. 3 months program
• Invest $120k for 7% of the equity
• No physical space, dinner once a week
• Funded startup with just an idea to $20mm
revenue company
• Request for startups: 25 categories Link
7. Geography
Stage
Industry
Identify VC firms that invest the amount you need, in your industry, at
your stage of development, in your region.
Where are the firms located? Some VCs may invest based on your location and
others may not. Does it make sense to target them?
Do these firms invest in early stage companies? What’s their industry focus? How
much money did they put in each of the company?
What’s their featured investments? Have they ever made this types of
investments? Who in this firm might be interested in your topic?
8. Reach out investors Convince investors Close the deal
Fundraising is a recurring process, prepare a list of target investors,
raising amount and close date.
• Best by referral, hierarchy below
- Friends/former co-worker of the VC
- Existing portfolio company
• Worst by cold email/LinkedIn
• If you don’t have connection, try
competition/accelerator
• Good story
- Product / Market /
Competitive Landscape
- Financial Forecast /
Target Amount
• Make more conversation
• Don’t wear formal
Target to arrange a 1-1 meeting
• Always tell the truth
• Well-prepared data room
Target to have a follow up meeting Target to close fast
Milestones
Fundraising is a recurring process, ensure you raised the money 6 months before cash out.
9. Good Bad Opportunity to fundraise in Silicon Valley
Good
• Lots of capital available
• Well-defined milestone
• Lots of acceleration and mentorship available
• Efficient investment vehicles (Convertible Note)
Bad
• Lots of capital available
• Higher bar for Seed/Series A
• Silly valuation
• Difficult for international startups to get fundraising
in SV (but getting better)
Opportunity
• International founders is increasing
• YC: 2018 batch 35% of the founders are international
based from 23 countries
• 500 Startup: 2018 batch Over 44% of the team come
outside of the US
• “Local Loyalty” is decreasing
