1.
finding funding
utrecht, january 22, 2013
herman kienhuis (@kienhuis)
investment director sanomaventures (@sanomaventures)

2.
•introduction
•funding options
•investment criteria
•approaching investors

3.
chemical engineering /
mckinsey / mba / sanoma
finance & strategy / product
development / recruiting
family-man / music-maker /
vintage-lover / internet-geek

4.
Sanoma Corporation: European
media & learning group, based in
Helsinki; presence in NL:
• Sanoma Media: #1 magazine
publisher (a.o. Libelle, Donald Duck,
VTWonen, Autoweek), #1 online
publisher (a.o. NU.nl, Kieskeurig.nl,
Startpagina.nl, Viva.nl)
• SBS:#2 commercial broadcaster
(SBS6, Net5, Veronica TV), #1 TV-
guide publisher (Veronica Magazine)
• Malmberg: #1 educational publisher

5.
SanomaVentures
• Venturingarm of Sanoma
Corporation, started in 2012
• Strategicinvestor in early-stage
internet start-ups
• Offering:
cash, media, network,
expertise and mentoring
• Focus:
online consumer media,
marketing services, video, mobile,
e-commerce, e-learning

6.
SanomaVentures Portfolio
•fashionchick.nl
•veilingacties.nl
•vault79.com
•scoupy.nl
•peerby.com
•trulyyours.nl
•virtuagym.com

7.
•introduction
•funding options
•investment criteria
•approaching investors

8.
start
>20.000 stock exchange
private equity
20.000
10.000
capital need (EUR x 1000)
venture capital
5.000
2.500
1.000 bank loans
strategic (corporate) investors
500
250 informal investors
100
50 crowdfunding
supplier credit
friends & family
25
preparation start-up inital growth fast growth consolidation maturity
high risk low risk
development phase
(source: ABNAMRO)

9.
• family & friends: quickstart, trust
• crowdfunding: creative projects,
creating ambassadors
• supplier credit: quickwin, co-creation
partner
• informal
investors: cash, network,
involvement
• strategicinvestor: cash, customers,
expertise, network (and potential exit)
• venture capital: cash, industry network
• bankloan: cash (at lower cost),
government guarantees

10.
•introduction
•funding options
•investment criteria
•approaching investors

11.
criteria
•team: complementary experience
•product: solving customer need
•market: customers, price, competition
•plan: roadmap, marketing, cashflow
•deal: funding needed, valuation

12.
People: mindset vs. experience
1.Team: commercial + UX + tech
2.Track record in getting things done
3.Unique skills, assets, relations
4.Focused, decisive, persistant, passionate

13.
Product: execution vs. uniqueness
1.User-centric design; new solution for
existing customer need
2.Effectively simple UX
3.Technical performance and scalability
4.Proven examples

14.
Market: bottom-up vs. top-down
1.Target audience segment (“Q”)
2.Launching customers’ reviews
3.Alternatives and (future) competition
4.Pricepoints (”P”)
5.Customer acquisition cost

15.
Plan: realism vs. hockeystick
1.Resource planning & recruiting
2.Focused product roadmap
3.Concrete sales & marketing agenda
4.Financial forecast (e.g. 24 months
cashflow) based on tested assumptions

16.
Deal: cards on the table vs. NDA
1.Funding required
2.Shareholding willing to give away
3.Investor characteristics, value-add
4.Request for term sheet

17.
•introduction
•funding options
•investment criteria
•approaching investors

18.
connect: introduction, linkedin, twitter
mail: teaser, demo-invite
call: propose 20 min. skype
meet: at lunch, at event, ..
pitch: investor deck, product demo

19.
www.sanomaventures.com
@kienhuis / @sanomaventures