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Funding strategy y valoraciones

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Presentación en Campus Seedrocket sobre valoración de startups en España en fase seed y estrategias de financiación.

Publicado en: Tecnología
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Funding strategy y valoraciones

  1. 1. Valoración startups Estrategia de “funding” y valoración de startups Miguel Arias Seedrocket Campus 2013
  2. 2. Quien soy
  3. 3. Ingeniero de caminos
  4. 4. Ingeniero de caminos
  5. 5. Super manager Los MBA te dan herramientas, pero NO respuestas
  6. 6. Emprender “a golpes” El mayor riesgo está en no intentarlo nunca
  7. 7. Servicios para erasmus
  8. 8. La familia... Prepárate para afrontar todo tipo de presiones
  9. 9. Ferias de empleo 2º gran idea, finalmente algo ESCALABLE
  10. 10. La crisis...
  11. 11. Eventos virtuales 3º gran idea: WEB e INTERNACIONAL
  12. 12. IMASTE & ON24 join forces
  13. 13. Emprendedor Mentor & Profesor Business Angel / Advisor Networking Presencia web @mike_arias emprenderagolpes.com
  14. 14. Una idea final... Ability to respond in real time to unpredictable realities Will Sahlman
  15. 15. Empezando... Miguel Arias Seedrocket Campus 2013
  16. 16. You want advice or money?
  17. 17. Te conocen tus inversores?
  18. 18. El poder de las introducciones
  19. 19. Pacto de socios!
  20. 20. Madura tu marca
  21. 21. Mentores
  22. 22. Crea una sensación de urgencia
  23. 23. Siempre ten una alternativa...
  24. 24. Cash is king
  25. 25. la valoración
  26. 26. Retos de la valoración de startups No hay historia previa Apenas hay ingresos (si es que hay) Pérdidas operativas Tienen baja tasa de supervivencia En fase seed es imposible!
  27. 27. ¿Cuánto vale para tí?
  28. 28. Cómo valora un emprendedor: Cuánto necesito para llegar al siguiente nivel Cual será tu valoración entonces? Qué factores son claves para tí en esta fase? Efecto Tech Crunch - Silicon Valley Cuánto me diluyo ahora mismo Lo más importante es tu dilución en el “exit”
  29. 29. Esfuerzos e inversiones pasadas
  30. 30. Criterios externos Define las expectativas con Mentores Encuentra un punto de acuerdo con co-fundadores Entiende y atiende a la lógica financiera de los inversores
  31. 31. intentando ser formal
  32. 32. Métodos de valoración Descuento de flujos de caja futuros computa el valor presente de los flujos de caja generados a lo largo de la vida de la empresa PV = CF1 / (1 + d) + CF2 / (1 + d)2 + ... + CFn / (1 + d)n + TV / (1 + d)n d: tasa de descuento --> Refleja el coste de oportunidad ponderado de los inversores, comparado con otras inversiones alternativas: WACC TV: valor terminal --> Captura el valor de los FCF después del último año estimado. Asume que el margen e ingresos son constantes a perpetuidad
  33. 33. Problemas del DFC con startups Flujos de caja: La estimación de flujos de caja a 5 años puede variar muchísimo Tasa de descuento: El coste del capital es muy distinto para comprador y vendedor Cual es el coste de oportunidad de un FUNDADOR?? Cálculo del valor terminal Descuento por personal clave
  34. 34. Ojo!, esto te puede llevar al LADO OSCURO
  35. 35. Cuando entras en el LADO OSCURO Cambios de paradigma Invención de nuevas métricas Lo que importa es la “historia” y no los números
  36. 36. Valoración relativa: Múltiplos Múltiplos de EBITDA Múltiplos de facturación Múltiplos de usuarios / Otras métricas
  37. 37. Valoración por estado
  38. 38. cómo funciona en fase seed
  39. 39. Cap table inicial Pre-money = 650K Ronda seed Fundadores: 500K Mgt Pool: 150K Inversores Seed Ronda Seed Acciones a 1,00 € Accionariado post-ronda 66,6 % 20 % 100K 13,3% Post-money = 750K
  40. 40. Evolución siguientes rondas Seed Serie A Serie B Mentores BAs VCs nacionales VCs nacionales VCs internacionales Product/market fit Ingresos relevantes Marketing/Ventas Tracción fuerte Exit Internacionalización Camino al EBITDA! 100K5o0K 500K1,5 mill 3 mill5 mill 500K1 mill 85-95 % 1,5 mill 4 mill 60-70 % 10 mill15 mill 30-50 % Precio venta 20-30 mill 7-10 mill founders
  41. 41. Una startup española...
  42. 42. Cuál y cuándo es el exit? Para los fundadores Qué es life-changing? Qué quieres conseguir? Para los inversores de cada ronda BAs --> Hobby muy caro - emocional VCs --> Retorno 5x en 3 años
  43. 43. Estadísticas de M&As Precio medio de adquisición en EEUU $ 15-20 million Precio medio de adquisición en Europa $ 10 million Multiplos de valoración medios para empresas de software EBITDA Ingresos 13,3x 2,2x
  44. 44. Caso práctico Deal size 10 mill$ Post-taxes --> 7 mill$ Es decir: 5,2 mill € a repartir Cap table probable 2 founders: 20 % cada uno BAs --> 15 % con una inversión de 150K VC --> 30 % con una inversión de 750 K Empleados clave - FFFs --> 15 %
  45. 45. Caso práctico Founders 1 mill € neto para cada uno BAs 765K por una inversión de 150K retorno 5,1x (más riesgo asumido que VCs) VC 1,56 mill por una inversión de 750K retorno 2,01x (no good)
  46. 46. Préstamos convertibles
  47. 47. Préstamos convertibles Más fáciles de implementar que una ronda Puedes añadir BAs uno a uno No hay que negociar Term sheet Puedes posponer negociación de la valoración Valoración en Serie A suele ser más facil Hay que acordar el % de descuento
  48. 48. No se trata sólo de dinero...
  49. 49. Optimizing for people, not valuation

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