The document discusses various resources available for start-up fund raising, including venture capitalists (VCs), private investors, angel clubs, investment banks, and incubators. It then covers the key aspects of a fund raising campaign, such as setting parameters, selecting between private investors and VCs, campaign management, and negotiation. The final section provides an overview of factors to consider during the negotiation process.

1. ¯
Start-Up Fund Raising
26 April 2010

2. Resources
• VCs
• Private investors
• Angel clubs
• Investment banks
• Incubators
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3. VCs
• Generic VCs
• Special/Vertical VCs
• 1st Tier VCs
• 2nd Tier VCs
• Israeli/American VCs
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4. Private Investors (Angels)
• FF
• " "
• High-tech exits
• Families
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5. Investment Banking
• Investment banks
• “Investment Bankers” - ¯
• Angel clubs – AfterDox, StartUp-Factory
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6. Incubators
• Private ( )
• Public ( )
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7. Fund Raising Campaign
1. Setting fund raising parameters
2. Selecting between private investors and
VCs
3. Campaign Management
4. Negotiation
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8. Setting fund raising parameters
1. 1st round = 18 months, $600K min
2. Exec summary – One-pager + 2
3. 16 slides
4. Two years expenses + quarterly table
5. Four to five years P&L
6. Break Even point end of 2nd round
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9. Private Investors Vs VCs
1. VCs – 1sr Tier: the $400M target value
2. Private – Three years ROI 1 to 3 ratio
3. VCs time to money: 6 months
4. VC + private investors combinations
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10. Campaign Management
1. 9 6 3
2. Contamination
3. Are you failing or succeeding?
4. When do you decide to change the
presentation
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11. Negotiation
1. Funding types:
a. Bridge Loan + discount/warrants
b. Owners Loan
c. Convertible Loan
d. Venture Loan
2. Lead Investor
3. Valuation before and after money
4. ESOP dilution
5. VCs preferred rights
6. Board of Directors
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12. Good Luck
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