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Angel Investments Made Easy
1.
© Copyright LetsVenture.In
All rights reserved Manish Singhal Founder & CEO manish@letsventure.com @letsventurein
2.
© Copyright LetsVenture.In
All rights reserved Manish Singhal Entrepreneur, Coach, Angel Investor v Several years of experience in start-ups as well as established companies like Sling Media, Ittiam Systems & Motorola v Active Angel Investor v Contributed to MPEG-4 standard as a member of MPEG committee. Hold two patents on video technology v On Advisory board of Freshersworld.com, ApartmentADDA v B Tech Electrical Engineering IIT Kanpur (1992) v Sports Enthusiast, Wildlife Photographer @manish_saarthi http://in.linkedin.com/in/smanishsinghal
3.
© Copyright LetsVenture.In
All rights reserved Agenda v State of the Angel Investment in India v Angel Investments 101 v What is Angel Investment? Why should you do it? v How do you make a return? v How do you evaluate a startup? v Deal Dynamics v Valuation v Process v Primer on Term Sheets / SHA v How do you get started? v Syndicates on LV v Pitches with analysis (Post Lunch)
4.
© Copyright LetsVenture.In
All rights reserved Angel Scenario in the USA Source: http://online.wsj.com/news/articles/ SB10001424052702304402104579149390398554348
5.
© Copyright LetsVenture.In
All rights reserved State of seed/Angel Investments v 2012 Deals and Roughly between 120-150 deals Ø Networks (IAN, Mumbai Angels, Hyderabad Angels, Bangalore Angels) etc contributing to guess estimate of 30-35% of the deals Ø Median investment value for Seed/Angel investment: 1.5 CR Ø Roughly 50 deals between Dec-Mar 13 Ø Rise of the institutional first cheque (Blume, Kae, firstcheque, Harvard, 500startups etc) Ø Start of incubators
6.
© Copyright LetsVenture.In
All rights reserved State of seed/Angel Investments v 2013 • Slight slow down (Impact of Section 56 ?) • New players (including incubators) starting to deploy funds • RISE of the incubation model (today approx 50+ incubators) • Accelerators working on batches 2 & 3 • HOT sectors (not including consolidation): Healthcare, Education
7.
© Copyright LetsVenture.In
All rights reserved Funding ~200 startups / year Source: ventureintelligence Unconfirmed reports say ~500-700 angel investors in India
8.
© Copyright LetsVenture.In
All rights reserved Do you want to change it?
9.
© Copyright LetsVenture.In
All rights reserved Why Angel Invest? v Support Entrepreneurship v Leverage your knowledge and connections v Develop an alternate asset class v Make Money
10.
© Copyright LetsVenture.In
All rights reserved Who is an Angel Investor v Strong Passion for entrepreneurship Ø It is nearly a pseudo entrepreneurship v Bring value to the startups v Anyone with Surplus capital which can be invested
11.
© Copyright LetsVenture.In
All rights reserved What returns can you expect? v 2/3 of startups fail world wide v 75% of the angel investments do not make returns v Very high risk / High Return Game v India, still a young eco-system. Not many data points… Ø Some reports show a return of 3x – 22x
12.
© Copyright LetsVenture.In
All rights reserved How do you exit? v Since you own equity in the venture, only when you sell equity to someone else, you make money Ø You do not make money on dividends / profit share
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All rights reserved How do you exit? v Subsequent Rounds of Funding v M&A v Promoter Buyback v IPO
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All rights reserved Typical Curve 0 1 2 3 4 5 6 7 8 9 Valuation Year Seed Round Angel Round Series A Series B Series C Bridge Round*
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All rights reserved Typical Curve 0 1 2 3 4 5 6 7 8 9 Valuation Year Seed Round Angel Round Series A Series B Series C Return* Bridge Round* *20-25% Discount from the round valuation
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All rights reserved Valuations Jump 0 1 2 3 4 5 6 7 8 9 10 0 5 10 15 20 25 30 35 Money Raised (CR) ValuationMultiple Bridge Round Series A
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All rights reserved Valuations Jump 0 1 2 3 4 5 6 7 8 9 10 0 5 10 15 20 25 30 35 Money Raised (CR) ValuationMultiple Bridge Round Series A ValuaFons can jump by 2-‐3x in a Bridge Round 5x-‐8x in a Series A
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All rights reserved Understanding Investments
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All rights reserved Understanding Investments Source: Wikipedia
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All rights reserved When ? v Idea in a slide v Prototype Ready v Customer Traction v Paying Customers v Product-Market Fit v Multiple customer segment v Business Model Fit
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All rights reserved Milestones & Raise Milestones/Stage Age Revenue Raise Amount From Whom 1 Venture Launched 0 – 0.5 0 5 – 25 L Self, Friends, Family 2 Beta Product Launched B2C : Product used by real customers, Few paying customers B2B : Good Customer Pipeline, 1-2 customers in trial 0.5 – 1 yr Small amount 25L-75L Self, Friends, Family, Individual Angels, Accelerators 3 Stable version Regular Customer growth 1 – 1.5 yrs 10 – 15 L per year 50 L – 1.5 Cr Self, Accelerators, Seed Funds, Individual Angels 4 Product- Market fit found Strong & Consistent Customer Growth Clear Product & Revenue for next 2-3 yrs 1 – 2 yrs 20 – 50 L per year 1CR – 4 Cr Individual Angels, Seed Funds, Few Venture firms 5 Business Model Fit found Clear growth Path for next 3-5 yrs Consistent growth in paying customers Potentially breakeven 1.5 – 3 yrs 2Cr – 5Cr per year 3 Cr – 20 Cr Venture Funds Note: The values in the above table are indicative only
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All rights reserved Typical Raise 0 1 2 3 4 5 6 7 8 9 Valuation Seed Round Angel Round Series A Series B Series C Product Market Fit Business Model Fit Bridge Round*
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All rights reserved Typical Raise 0 1 2 3 4 5 6 7 8 9 Seed Round Angel Round Series A Series B Series C Product Market Fit Business Model Fit Bridge Round* 3CR – 20CR 5-25L 25-75L 50L-1.5CR 1CR – 4CR 50L-1.5CR
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All rights reserved Evaluating Startups
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All rights reserved
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All rights reserved As an Angel Investor – what do you really care for?
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All rights reserved Exit!
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All rights reserved What is needed for an exit?
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All rights reserved Scale!
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All rights reserved 0 1 2 3 4 5 6 7 8 9 Seed Round Angel Round Series A Series B Series C Product Market Fit Business Model Fit Bridge Round*
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All rights reserved 0 1 2 3 4 5 6 7 8 9 Seed Round Angel Round Series A Series B Series C Product Market Fit Business Model Fit Bridge Round* Do not spend too much time on revenue models instead spend more time on how the team is figuring their way to PM fit. Evaluate whether the core team is coming together Evaluate whether the team knows how to scale and remain in PM fit even after a business model launch Ability to build & run a larger team. Role definition among the founding team is clear Is the team capable or open to bring in senior talent to really grow the business.
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All rights reserved
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All rights reserved Team v Chemistry & Coachability v Skills / Domain Expertise v Structure & Role Definition v Founder’s skin in the game v Ownership distribution v Previous track record v Access to Advisory Board / Mentors
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All rights reserved Other Factors v Is it a “Me too” business? v Do they have an edge in the market place which is defendable (Entry Barrier) v Is the market size big enough for them to keep scaling? v Are they focused on profitability or growth?
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All rights reserved Key is to develop one or two specific points why will this startup succeed (Investment Thesis)
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All rights reserved When not to Invest v Exit Discomfort v Founder Discomfort v Business Discomfort v Structure Discomfort
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All rights reserved Deal Dynamics
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All rights reserved Understanding Valuation v “Worth” of the company typically ascertained while raising capital v More of an art rather than science v Determines the % dilution the entrepreneur will go through while raising money
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All rights reserved Terminology v Investor wants to invest 1CR for 20% of the company Ø Post Money Valuation = 1CR / 20% = 5 CR Ø Pre Money Valuation = 5CR – 1CR = 4CR v Investor wants to invest 1CR for a 3CR pre- money valuation Ø Post Money Valuation = 1CR + 3CR = 4CR Ø % of the company = 1CR / 4CR = 25%
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All rights reserved Understanding Valuation v Models for Valuation Ø Discounted Cash Flow (DCF) • Forecast several years of revenue & expenses • Discount the resulting cash flow back to the present using a expected rate of return Ø Cost-To-Recreate Model • An estimate of what it would cost to duplicate the venture • Make vs Buy decision thinking
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All rights reserved Understanding Valuation v Models for Valuation Ø Market Multiple Model • Most commonly used • Value the company by looking at recent sales or offerings of comparable companies and then using a multiple to adjust • Typically 3x to 5x of projected revenues
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All rights reserved Understanding Valuation v Models for Valuation Ø Exit Based Equity Planning • Estimate target exit return • Calculate how much further dilution the company will go through to get to that target • Plan for that dilution upfront and ask for higher stake • Popular with institutional investors
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All rights reserved Valuations – Recent Examples MoneyRaised(CR) Annual Revenue (CR) 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 0 1 2 3 4 5 6 Series1
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All rights reserved Valuations – Recent Examples Pre-Money(CR) Annual Revenue (CR) 0 2 4 6 8 10 12 14 0 1 2 3 4 5 6 Series1
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All rights reserved %Dilution Annual Revenue (CR) Valuations – Recent Examples 0 5 10 15 20 25 30 35 40 0 1 2 3 4 5 6 Series1
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All rights reserved Typical Dilutions 0 1 2 3 4 5 6 7 8 9 Seed Round Angel Round Series A Series B Series C Product Market Fit Business Model Fit Bridge Round* 3CR – 20CR 5-25L 25-75L 50L-1.5CR 1CR – 4CR 50L-1.5CR 5-15% 10-30% 25-40%
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All rights reserved Dilution over Lifecycle Year 0 1 3 5 Start Initial Hires Seed Round Create Pool VC Round Pool Refresh 2nd VC Round Founders 100.0% 90.0% 68.4% 59.9% 44.9% 43.2% 32.4% Seed Investors 0.0% 0.0% 24.0% 21.0% 15.8% 15.2% 11.4% Initial VC Investors 0.0% 0.0% 0.0% 0.0% 25.0% 24.1% 18.1% Later VC Investors 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 25.0% Early Employees + Advisors 0.0% 10.0% 7.6% 6.7% 5.0% 4.8% 3.6% Employee Pool 0.0% 0.0% 0.0% 12.5% 9.4% 13.0% 9.8% Total 100% 100% 100% 100% 100% 100% 100% Note: The values in the above table are indicative only
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All rights reserved Convertible Debt v Early stage companies are difficult to value v Deferred valuation tied to next event of funding v Typically a discount on valuation is given v Not very popular in India
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All rights reserved Convertible Debt v Base Valuation – Minimum Discount v Monthly Discount v Cap on the maximum discount
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All rights reserved The Funding Process Pitch to Investors Verbal Commitment to Invest Term Sheet SHA Closure Legal DD Fix Issues Financial DD Drop Issues too serious? YN All Ok? Y N
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All rights reserved Understanding Term Sheets v Management typically holds common stocks v Professional investors, both angels and venture capitalists, take preferred stock Ø More control over decisions Ø Better economic terms v Interests of common stocks and preferred stocks needs to be negotiated in the term sheet agreement v Economic & Control Interests
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All rights reserved Economic Interests v Liquidation Preference Ø In the event of sale / liquidation, preferred stock holders are entitled for a pre-determined return before common stock holders Ø Participating clause further allows the preferred stock holders to get further returns on pro-rata basis Ø If there is not enough cash, the preferred clause can take the founders with no returns
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All rights reserved Liquidation preference v Typical clauses Ø 1.x or Investment Amount (higher of the two) Ø 1.5x with a cap on time or money
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All rights reserved Example v Amount Invested = 5CR @ 20CR pre-money v Number of shares before series A = 1M Stake 20% [5CR / 25 CR] Number of Shares Issued 250K Price / Share 200 INR [5CR / 250K]
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All rights reserved Example Liquidation Preference Basic Share (CR) Participating Share (CR) Total (CR) Simple Prorating 10CR [20% of 50CR] NA 10CR 1x 5CR 9CR [20% of 45CR] 14CR 1.5x 7.5CR 8.5CR [20% of 42.5CR] 16CR v Amount Invested = 5CR @ 20CR pre-money v Investors hold 20% stake v Company exited at 50CR
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All rights reserved Economic Interests v Future Participation in Financing / Sale Ø Right of First Offer – Preferred Stock holders get the first right to participate. Ø Exit Provisions v Waterfall model v Strategic Sale -> IPO -> Drag Along v Drag Along before the time out above a certain value
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All rights reserved Control Interests v Restriction on Founders Shares Ø Vesting Curve Ø Lock-in Ø Right of First Refusal Ø Tag Along v Board Seat Ø Reserved Matters
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All rights reserved Others v Legal & Accounting Fees Ø Mostly all investors put the burden of the legal fees on the entrepreneur v No Shop Ø This prevents entrepreneurs from shopping around with other investors while the dialogue is on. Time period can range from a few weeks to a few months. v Due Diligence
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All rights reserved How do you start?
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All rights reserved Getting Started v Set aside a “forgettable” corpus v Make a portfolio of ~10 investments over 2-3 years and possibly ~20+ over 4-5 years v Lean on experienced angels to get started with v Invest in your area of expertise v Help the startup without being over bearing v Meet the founders, spend time with them
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All rights reserved Gradually work towards having your own Investment Thesis
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All rights reserved Investment Thesis v Your theory of investment v Examples Ø Product Companies with differentiation and potential to go global Ø Both niche & mass products / services startups with potential for emerging and developed markets Ø Invest in ventures which work towards bringing a change in the social sector
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All rights reserved Lead Investor v Typically an investor leads the team in a syndicate. A lead investor has the following major tasks Ø Setting up the terms of the deal Ø Help Build a syndicate Ø Possibly take a board seat and help run the company Ø Facilitate next round of funding
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All rights reserved Post Deal Management v Good to build a rhythm of a monthly review / quarterly report v Provide them help without being over bearing Ø Exercise patience when startup founders are not taking your suggestions v Open Doors
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DISCOVER Efficient
Startup Listing Comprehensive Investment Ready Profiles Investor Listing with Interests & Portfolio SYNDICATE 1 Syndicate closed in 7 days 5 Syndicates opening COMMITMENT-TO-CLOSURE 5 Complete
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DISCOVER Efficient
Startup Listing Comprehensive Investment Ready Profiles Investor Listing with Interests & Portfolio SYNDICATE 1 Syndicate closed in 7 days 5 Syndicates closed in total COMMITMENT-TO-CLOSURE 5 Complete
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DISCOVER Efficient
Startup Listing Comprehensive Investment Ready Profiles Investor Listing with Interests & Portfolio SYNDICATE First Syndicate closed in 7 days 5 Syndicates opening COMMITMENT-TO-CLOSURE 5 Complete
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Thank You! © Copyright
Saarthi Integrated ConsulFng LLP. All rights www.LetsVenture.com letsventurein @letsventurein manish@letsventure.com
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All rights reserved Quick Tips v Get started by participating in syndicates v Network with experienced investors v Invest in the area of your expertise v Develop relationships with the entrepreneurs v Allocate corpus v When in doubt, do not invest! v In the end, go with your gut!
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