lventure group al “small cap conference 2013” presso la borsa di milano - 21/11
TRANSCRIPT
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Small Cap Conference
Milan, November 21st 2013 Borsa Italiana - Palazzo Mezzanotte
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The Venture Capital
Partecipation Holding listed on Borsa Italiana
Operates on an international level in the Venture Capital field
Makes investments in «fast growing companies» operating in the digital world
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Accelerator
Increase Success
rate
The first integrated ecosystem of Accelerator and VC
Who we are
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Accelerator LVenture Group directly controls LUISS ENLABS which is:
• Startup accelerator founded in 2010, called LUISS ENLABS after the
joint venture of 2012 with LUISS University
• First Italian example in which entrepreneurial system, university and
Venture Capital are linked together
• Represents LVenture Group micro seed investments funnel
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Seed Venture Capital
• LVenture is one of the most important Italian VC in seed stage
• Focus on most promising early stage companies from the market
• Makes follow up investments in startups from the Acceleration Program
• Wide and strong knowledge of italian tech startup scene
• Close relationship with Italian innovation centers, universities, professionals and operators of the digital world
• Consistent track record of co-investments with main Italian investors and funds
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Investors
Corporation Universities
Startups Advisors
Partners
Public Administration
Ecosystem International
VCs
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Accelerator = Incubator 2.0 • Bulding product and getting to market require
less capital
• Online platforms allow to acquire more customers
Faster results with less financial need • Building product -> cheaper, faster, better
• Acquiring customers -> easier, quicker, more measurable
Big opportunity: digital startup
€ 29
€ 32
2009 2010
1,9% GDP
2,0% GDP +10%
Italian Internet Economy Value In billions
Source: Boston Consulting Group
• Market: E-Commerce Italy 2012: € 9,5 Mld (+19%) • Online advertising market Italy: 2012: €1,4 Mld +14% • Italian internet users 2012: 38,4 Mln
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Funding the gap
OPPORTUNITY • Low evaluation • Limited capital availability
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Investments
• Modern and furnished work space
• Business modelling
• Entrepreneurship courses
• Advisory services
• Business networking
• Investor relationship
• “Hands on” approach
• Business developing
• Fundraising network & support
• Follow on investments
• Exit strategies
Micro-seed: 60k Seed: <200k
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Targets
• Disruptive technology
• Complete and heterogeneous team
• International and growing market
• Strong competitive advantages
• Scalable business
• ICT
• M/e-commerce
• Online media
• Gaming
• Web&mobile apps
Sectors Key criteria
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7 Startup
What we do
12 Startup
3 Startup
Deal Flow
LUISS ENLABS Accelerator Micro Seed
€60K LVenture
Seed €200k
6 Startup EXIT
• Total investment in startups: € 1,8 Mln
• 18 partecipations
• Expected IRR: 30%
Every 12 months From the 48° month
Sele
ctio
n Universities
Events
Partners
Online
Other VCs
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Competitive advantages
Business Angels:
• Limited capital
• Limited support
• Few deal sources
• Small Portfolio
VC:
• Not willing to make small investments
• Less entrepreneurial approach
Seed Money Entrepreneurial approach
Operational support
Network size
Process efficiency
Later round financing
Professional approach
Investments terms simplicity
VC
Angels
Limits of Angels & VCs
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Competitive advantages
• Ability to negotiate attractive
valuations
• Enables follow-on rounds
• Full support
• Multiple deal sources
• Professional processes
• Entrepreneurial approach
• Diversified portfolio
• Ability to invest small amounts
LVenture: the best of both
Seed Money Entrepreneurial approach
Operational support
Network size Later round financing
Professional approach
Investments terms simplicity
Process efficiency
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Investors advantages
Adding value by intensive Acceleration Program
Reliable sources with high due diligence
Smaller and multiple investments portfolio
Higher Risk diversification
Exit multiple up to 5.3x
Source: Angel Capital Education Foundation (ACEF)
Exit multiple up to 2.8x
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• Experienced team with combined skills • High reputation and strong networks • Positive track record from sucessful experiences • +50 professional advisors
Who we are
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Where we are
2000 sqm in Termini Station: a strategic place
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What we have done
• 80% of our startup funded • 4 mln € invested with other investors • More than 150 jobs created
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Portfolio
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Key success factors
Deal Flow
Selection
Add Value
Success
Consolidated evaluation models combining professional and entrepreneurial criteria
Sourcing innovative tech startups from numerous and reliable funnels
Active approach: intensive acceleration program, mentorship, advisory, business networking & developing
Focus on most promising deals with active role in achieving highest capital gain
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NEXT STEPS
School for developers
More startups (Boston Mass Challenge +120)
Looking for 10.000 sqm Tech City in Termini
Complete our fundraising
Attract SMEs & Corporations
Government procurement
Attract International VCs
Attract Stakeholders