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BRINGING THE ENTREPRENEURIAL SPIRIT TO EARLY STAGE INVESTMENT IN LATIN AMERICA
VANESA KOLODZIEJ | MANAGING PARTNER | @vanesak www.nazcaventures.com @nazcaventures
The Art and Science of
Fundraising [email protected] @vanesak www.nazcaventures.com @nazcaventures
ABOUT NAZCA VENTURES
• Entrepreneurs’ Fund
• Santiago and Buenos Aires-based
• 5 Partners, All Entrepreneurs
• LPs in Latam and US
[email protected] @vanesak www.nazcaventures.com @nazcaventures
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
[email protected] @vanesak www.nazcaventures.com @nazcaventures
PROFESSIONAL INVESTORS
• Accelerators
• Angels (Individual or Groups)
• VCs
[email protected] @vanesak www.nazcaventures.com @nazcaventures
ACCELERATOR
• Fix time, money, %, terms
• Mentoring/ Contacts
• Demo Day
[email protected] @vanesak www.nazcaventures.com @nazcaventures
ANGELS
• Their own money
• Much time/ contacts/ industry expertise
• No structure
[email protected] @vanesak www.nazcaventures.com @nazcaventures
VCs
• Other people money
• Contacts/ Portfolio
• Structure
• Follow on
[email protected] @vanesak www.nazcaventures.com @nazcaventures
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
[email protected] @vanesak www.nazcaventures.com @nazcaventures
FUND’s 101
• Philosophy
• Partners
• Rounds
• Portfolio
• Investment Time
[email protected] @vanesak www.nazcaventures.com @nazcaventures
PARTNERS
• Limited partner: add any value?
• General partners: what are their domain expertise
• Payment: Management fee 2% + carried interest 20%
• Brackets of returns
[email protected] @vanesak www.nazcaventures.com @nazcaventures
FUND’s RETURNS
• Portfolio approach: 90% will fail
• 30/30/40 investment spread
• Potential for home run
• 1 company would pay the whole fund
[email protected] @vanesak www.nazcaventures.com @nazcaventures
MATERIALS
• One line
• Elevator pitch
• Teaser
• Deck
• Financials
[email protected] @vanesak www.nazcaventures.com @nazcaventures
NO BP
[email protected] @vanesak www.nazcaventures.com @nazcaventures
DEMO
[email protected] @vanesak www.nazcaventures.com @nazcaventures
STAGES • Intro
• Teaser
• Meeting
• NDA/ Financials
• Due Diligence
• Non Shop/ Offering Letter
• Term Sheet/ Convertible Note [email protected] @vanesak www.nazcaventures.com @nazcaventures
INVESTMENT READINESS
• Legal Entity
• Bank Account
• Shareholder Agreement
• Lawyer
• Accountant
• IP Fillings
[email protected] @vanesak www.nazcaventures.com @nazcaventures
EQUITY INVESTMENT
• Valuation Previous to Investment
• Purchase of Newly Issued Shares
• Term Sheet, Stockholder Agreement
• Minority Protections
• Board seats
[email protected] @vanesak www.nazcaventures.com @nazcaventures
CONVERTIBLE DEBT
• No Valuation
• Issue of Time-limited Debt
• Convertible or not in Next Round
• Cap, Interest, Discount, Expiration Date
[email protected] @vanesak www.nazcaventures.com @nazcaventures
TS vs CN • Takes more time
• Valuation
• More expensive
• More protections
• Bigger deals
• Faster
• No valuation
• Cheaper
• Less protections
• Smaller deals
[email protected] @vanesak www.nazcaventures.com @nazcaventures
NEGOTIATION POINTS • Common or preferred
• Seniority
• Interest
• Vesting
• Golden Parachute
• Stock Options
• Board Seats
• Pro rata
• Participation
• Termination
[email protected] @vanesak www.nazcaventures.com @nazcaventures
INVESTORS’ SOURCES
• Angel.co
• Thefunded.com
• Lavca.com
• Crunchbase.com
• F6S.com
[email protected] @vanesak www.nazcaventures.com @nazcaventures
WHAT VC’s LOOK FOR
• Huge markets
• Competitive advantage
• Business + Sales + Tech
• Recurrent revenues
• Economy of scale
• No capital expenditure
[email protected] @vanesak www.nazcaventures.com @nazcaventures
HOW VALUATIONS ARE DONE
[email protected] @vanesak www.nazcaventures.com @nazcaventures
• 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
VC’s IN LATAM
[email protected] @vanesak www.nazcaventures.com @nazcaventures
ACCELERATORS
[email protected] @vanesak www.nazcaventures.com @nazcaventures
QUESTIONS?
[email protected] @vanesak www.nazcaventures.com @nazcaventures
ABOUT NAZCA VENTURES
• Entrepreneurs’ Fund
• Santiago and Buenos Aires-based 5
• Partners, All Entrepreneurs
• LPs in Latam and US
• Starting Early 2013
[email protected] @vanesak www.nazcaventures.com @nazcaventures
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
[email protected] @vanesak www.nazcaventures.com @nazcaventures
HOW WE INVEST
• Technology (B2B mostly)
• No copycats
• Regional/ Global Potential
• $250-$750k Co-investment
[email protected] @vanesak www.nazcaventures.com @nazcaventures
WORK WITH THE BEST LATAM ENTREPRENEURS WHILE CREATING VALUE
FOR INVESTORS, ENTREPRENEURS AND
SOCIETY
[email protected] @vanesak www.nazcaventures.com @nazcaventures
BRINGING THE ENTREPRENEURIAL SPIRIT TO EARLY STAGE INVESTMENT IN LATIN AMERICA
VANESA KOLODZIEJ | MANAGING PARTNER | @vanesak www.nazcaventures.com @nazcaventures