On July 17th 2014 the crew of Point Nine Capital (www.pointninecap.com) took part in the Berlin Tech Open Air 2014 (TOA) and held a workshop on the "Anatomy of an Early Stage VC" at Point Nine's office in Berlin-Mitte. This is the related presentation held by Nicolas Wittenborn and Mathias Ockenfels. Please also see here: http://de.slideshare.net/PointNineCap/toa-satellite-1-37283121

1. Anatomy of an Early Stage VC
Mathias Ockenfels & Nicolas Wittenborn
TOA Satellite July 17, 2014

2. Don’t know Point Nine?
Maybe you know some of our investments:
@PointNineCap

3. Point Nine Capital
Founded in Berlin 2011
Investing €100k-1M from €40M Fund
In Europe & North America
@PointNineCap

4. Oslo
Portfolio (exc.)
Vancouver
Washington
D.C
Auckland
WarsawEdmonton
New York
Berlin
Barcelona
Paris
Riga
San Francisco
Las Vegas
Krakow

5. Investment Focus
Other
19%
Marketplaces
15%
SaaS
65%
We <3 SaaS
@PointNineCap

6. Financing Landscape (EU)
Seed Series A Series B
€100k
Business
Angels
€500k
€1-5M
€5M+
F&F
Crowdfunding
Caveat: Drastically simplified. Expect blurry lines, pixelated logos & a changing landscape.
GrantsAccelerators
@PointNineCap

7. We see a lot of companies
Q1 2014
= 3,000 Startups / Year
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8. The VC Process
Startup
First Contact
Evaluation
Due Diligence
Deal Memo Term Sheet Legal DD
Deal
ColdNetwork Outgoing
( )
Agree on terms
Ready to invest
Get lawyers involvedDecide internally
3,000
10

9. selective?
@PointNineCap

10. Homerun
1
Make money
2
Money back
2
Lose money
5
VCs are wrong often
in 10 investments

11. Fund Math
Fund Size
Goal
Exit Proceeds
Avg. Ownership
Exit req.
!
Investments
!
Unicorn (1B+)
Pony (100M+)
Foal (10M+)
!
€40M
3x+ Cash on Cash
€120M+
10-15%
€800M-1.2B
!
30-40
!
1-2
10+
100+
!
Fund maker potential
3-5%
25-30%
250%+

12. The VC Business Model
LPs & GPs
Cash & Carry
Fund Lifecycle
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13. Fund Drivers
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Censored

14. That’s all for today!
@PointNineCap

15. Some good resources - Blogs
www.avc.com
www.bothsidesofthetable.com
www.feld.com
And of course heyni.co :)
@PointNineCap

16. Some good resources - Books
VCs at Work (Shah)
Venture Deals (Feld & Mendelson)
Delivering Happiness (Hsieh)
@PointNineCap

17. Some good resources - Other
Quora (Q&A)
This Week in Startups (podcast)
Something Ventured (movie)
@PointNineCap

18. Q&A

19. Thanks!
Get in touch:
mathias@pointninecap.com
nicolas@pointninecap.com
@PointNineCap