Scaling startups – partnering with CVC

Arama Kukutai

Finistere Ventures

Finistere – CVC partnering

Full Engagement strategy with Corporate LPs

• Key Areas of Focus – tech/market fit for each partner

• Due Diligence/CVC input to new investments

• Intros to Portfolio companies to trial technologies; other collaborations

• Strategic Partner events to meet regularly

• Confidentiality of portfolio and partners protected

• Defined boundaries/no rights to tech or to invest direct – but interaction facilitated

• CEOs all see benefit of closer network ties while maintaining independence

Engaged Global Agtech “Ecosystem”

Formal Partnering agreements & “Rules of Engagement”

Access to Corporate LPs capabilities

Visibility to deal pipeline & emerging tech

Leading VC Deals & Capital Raised

Planet Labs $772M Series D

Indigo $323.6M Series D

Farmlogs $37M

Series C

Farmobile $q9M

Series A + Bridge

Plenty $226M Series B

Benson Hill Bio $35.4M Series B

Farmers Business Network $84.3M Series C

Plant Response Biotech $7.2M

Series A

High Fidelity Genetics ~$3M

Seed + Grant

Zeakal $20M Series B

+ Grant

Kaiima $92.8M

Epibiome $17M

Series B (estimated)

Bioconsortia $31M

Series C

Terramera $32M

Series B

New Leaf Symbiotic $54.1M Series C

AgBiome $54M

Series B

Granular $300M

Acquired

Conservis $36.5M

Farmers Edge $72M

Debt Financing

Full Harvest $2M

Mercaris $3M raised to date

Prospera $22M

Series B

Taranis $9M

Series A

Ceres Imaging $7M

Series A

Mavrx $13M

Series A

TerrAvion $14M

Series A

Arable $7.2M

Series A

Blue River $305M

Acquisition

CropX $13M

Series A + Bridge

Bright Farms $70.2M Series C

Aerofarms $114.5M Series D

Significant Increase In Global Deal Flow

Agtech activity more than doubled by both value and volume following Climate Corp.’s $1B acquisition

$25M+ rounds have become common, helping push 2017 to a new record

New investors are offering higher valuations and steeper step-ups across the sector

US venture capital accounts for 47% of worldwide capital invested in Agtech startups

‘12 ‘16 ‘13 ‘17 ‘14 ‘15

Climate Corp. acquisition

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2012 2013 2014 2015 2016 2017*

Deal Value ($M)

# of Deals Closed

Monsanto Growth Ventures founded

Granular, Blue River acquisitions

$200M Series B for Plenty

Pontifax Agtech formed

‘18

Deal Flow In Corporate VC Arms Followed Suit

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2012 2013 2014 2015 2016 2017*

Deal Value ($M)

# of Deals Closed

Corporate venture arms followed suit, as well

The Importance of CVC & VC Collaboration

Perception of opposing goals. CVC is acquiring strategic tech and/or talent

“on the cheap” If it only works for one party,

the outcomes are limited.

Best technology companies maximize exits when it

works for all parties.

CVC/VC Alignment: Understanding of strategic goals, relationships,

structure, and performance metrics

CVC/VC Misalignment: Lack of clarity and consensus on stage

of investment, valuation, governance, and exit