1. BRINGING THE ENTREPRENEURIAL SPIRIT
O EARLY STAGE INVESTMENT IN LATIN AMERICA
VANESA KOLODZIEJ | MANAGING PARTNER | @vanesak

2. The Art and
Science of
Fundraising

3. ABOUT NAZCA VENTURES
• Entrepreneurs Fund
• Santiago and Buenos Aires-based
• 5 Partners, All Entrepreneurs
• LPs in Latam and US

4. OUR TRACK RECORD
• Started 7 companies
• Sold 3
• Participated in 1 IPO
• 2 Latam roll-outs
• Have done 10 investment
• Founded/ lead 2 main
entrepreneurial NGOs in Lat am

5. PROFESSIONAL
INVESTORS
• Accelerators
• Angels (Individual or Groups)
• VCs

6. ACCELERATOR
• Fix time, money, %, terms
• Mentoring/ Contacts
• Demo Day

7. ANGELS
• Their own money
• Much time/ contacts/ industry
expertise
• No structure

8. VCs
• Other people money
• Contacts/ Portfolio
• Structure
• Follow on

9. VC
• Asset class with the higher level of
risk
• Limited Partners: write checks but
do no add value
• General Partners: write checks AND
add value: management

10. FUND s 101
• Philosophy
• Partners
• Rounds
• Portfolio
• Investment Time

11. PARTNERS
• Limited partner: add any value?
• General partners: what are their
domain expertise
• Payment: Management fee 2% +
carried interest 20%
• Brackets of returns

12. FUND s RETURNS
• Portfolio approach: 90% will fail
• 30/30/40 investment spread
• Potential for home run
• 1 company would pay the whole
fund

13. MATERIALS
• One line
• Elevator pitch
• Teaser
• Deck
• Financials

14. NO BP

15. DEMO

16. STAGES
• Intro
• Teaser
• Meeting
• NDA/ Financials
• Due Diligence
• Non Shop/ Offering Letter

17. NVESTMENT READINESS
• Legal Entity
• Bank Account
• Shareholder Agreement
• Lawyer
• Accountant
• IP Fillings

18. EQUITY INVESTMENT
• Valuation Previous to Investment
• Purchase of Newly Issued Shares
• Term Sheet, Stockholder Agreement
• Minority Protections
• Board seats

19. CONVERTIBLE DEBT
• No Valuation
• Issue of Time-limited Debt
• Convertible or not in Next Round
• Cap, Interest, Discount, Expiration
Date

20. TS vs CN
• Takes more time
• Valuation
• More expensive
• More protections
• Bigger deals

21. NEGOTIATION POINTS
• Common or preferred
• Seniority
• Interest
• Vesting
• Golden Parachute

22. INVESTORS SOURCES
• Angel.co
• Thefunded.com
• Lavca.com
• Crunchbase.com
• F6S.com

23. WHAT VC s LOOK FOR
• Huge markets
• Competitive advantage
• Business + Sales + Tech
• Recurrent revenues
• Economy of scale
• No capital expenditure

24. OW VALUATIONS ARE DON
• Growth Potential
• Market Size
• Market “Hotness”
• Number of Competitors
• Money the company needs
• How much will needed next
• % owned by previous investors
• % wanted by new investors

25. VC’s IN LATAM

26. ACCELERATORS

27. QUESTIONS?

28. ABOUT NAZCA VENTURES
• Entrepreneurs’ Fund
• Santiago and Buenos Aires-based 5
• Partners, All Entrepreneurs
• LPs in Latam and US
• Starting Early 2013

29. OUR TRACK RECORD
• Started 7 companies
• Sold 3
• Participated in 1 IPO
• 2 Latam roll-outs
• Have done 10 investment
• Founded/ lead 2 main
entrepreneurial NGOs in Lat am

30. HOW WE INVEST
• Technology (B2B mostly)
• No copycats
• Regional/ Global Potential
• $250-$750k Co-investment

31. WORK WITH THE BEST
LATAM ENTREPRENEURS
WHILE CREATING VALUE
FOR INVESTORS,
ENTREPRENEURS AND
SOCIETY

32. BRINGING THE ENTREPRENEURIAL SPIRIT
O EARLY STAGE INVESTMENT IN LATIN AMERICA