Giuseppe Zocco - Index Ventures - Switzerland - Stanford Engineering - Feb 24 2014
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Giuseppe Zocco - Index Ventures - Switzerland - Stanford Engineering - Feb 24 2014
- 1. Index Ventures! Monday, February 24, 2014 ! Giuseppe Zocco! Co-founder,! Index Ventures! ! ! European Entrepreneurship & Innovation! Stanford Engineering !
- 2. Index Ventures ! – Active since 1996! – Geneva, London, San Francisco! – Active in multiple tech hubs! – 120 companies in 20 countries, 39 cities, employing 20k people worldwide! – Create (seed), develop (venture), accelerate (growth) ! ! Index Ventures! Stanford Engineering! 2!
- 3. Who we look for ! – European born, building global category leaders! – US companies with breakout international potential! – Regional heroes! – Tech and business model innovation! – + scalability + originality + missionary + product DNA ! Index Ventures! Stanford Engineering! 3!
- 4. Seed is the new A Index Ventures! Stanford Engineering! 4!
- 5. Seed is the new A! – Seed is fundamental to a healthy ecosystem! – It can also produce great rewards e.g. Climate! – Why we helped start Seedcamp in 2007! – New models: Angellist, Kickstarter and Funding Cirlce! – Pushes us to look earlier ! ! Index Ventures! Stanford! 5!
- 6. Reshaping every sector of the economy Index Ventures! Stanford! 6!
- 7. VC Backed cos are reshaping every sector of the economy! – Web+cloud+saas+fb=! – aws+ios+android+hadoop=! – new frontiers beyond communications / media / entertainment ! – Agriculture, Healthcare, Financial Services, Education, Work, Fashion ! Index Ventures! Stanford ! 7!
- 8. Massive increase in economic relevance of VC-backed companies ! – Share of economy! – Share of employment; new employment! – Index portfolio alone in 2013: ! Generated EUR 4bn revenue! Grew 75%! Created 12k new jobs ! ! Index Ventures! Stanford ! 8!
- 9. The US venture opportunity Index Ventures! Stanford! 9!
- 10. Index Ventures! Presentation Title Date! Section Title! 10!
- 11. European Unicorns 2013! Index Ventures! Stanford ! 11!
- 12. VC is a risky business! – We are all expert at killing deals! – But need to keep thinking about what could go right?! Index Ventures! Stanford ! 12!
- 13. Focus on the game-changers, leads to outsized returns ! Index Ventures! Stanford ! 13!
- 14. Risk with reward ! – Power law: 62% of investments 1x and less but winners are massive! – For example; ASOS, Climate Corp, Criteo, MySQL, Playfish, Pure Storage, Skype, Supercell! – …but big exits can take time! Index Ventures! Stanford ! 14!
- 15. VC is not a local business! – Index made 30 early and later stage investments since early 2012! – + 40 seed deals! Amsterdam Aachen Copenhagen Dusseldorf Paris Los Angeles San Francisco Prague Helsinki New York London Index Ventures! Stanford ! Tel Aviv Chicago 15!
- 16. It’s a global business! Index Ventures! Stanford! 16!
- 17. N. American v. European VC! Geographic Split of VC Investment (2013)! $bn Invested in Europe and N. America (2013)! 35 Europe $4.7bn 11% 30 $bn Invested RoW $3.9bn 10% $29.5bn $32.5bn 25 20 15 10 5 $4.1bn $4.7bn 0 Europe North America 2012 2013 No. of Deals in Europe and N. America (2013)! 5,000 4,499 4,000 # of Deals North America $32.5bn 79% 4,267 3,000 2,000 1,000 857 1,064 0 Europe Source: CB Insights! Index Ventures! Stanford! North America 2012 2013
- 18. European VC is Growing, Relatively! Total $ of Venture Capital Invested Over Time (Rebased to 100)! 350 +215%! $ Venture Capital Invested (rebased to 100) 300 250 +95%! 200 150 100 50 -‐ Q1 Q2 Q3 2009 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2010 Q3 Q4 Q1 2011 Europe Funding Q2 Q3 2012 Q4 Q1 Q2 Q3 Q4 2013 US Funding Source: CB Insights! Index Ventures! Stanford! 18!
- 19. Investments Are Across Stages! 2013 VC Investments into European Companies by Stage! 300 $1,200m $1,106m 250 235 $1,000m 241 $833m Number of Deals 200 $800m $605m 150 $600m $490m $368m 100 69 50 $400m $237m 69 $200m $119m 24 4 0 $0-‐1m $1-‐5m $5-‐10m $10-‐25m Amount Invested $25-‐50m $50-‐100m 2 $100-‐250m $0m No of Deals Source: CB Insights! Index Ventures! Stanford! 19!
- 20. And Across Geographies! 2013 VC Investments into European Companies, Top Countries! $1,600m 350 $1,400m 300 250 $1,000m 200 $800m 150 No. of Deals Total Amount Invested $1,200m $600m 100 $400m 50 $200m $0m 0 UK Germany France Sweden Netherlands Ireland $ Invested Italy Belgium Spain Denmark # of Deals Source: CB Insights! Index Ventures! Stanford! 20!
- 21. Types of approaches! – New entrants attacking entrenched incumbents! – Lifeline for incumbents! – New entrants creating a market ! ! Index Ventures! Stanford ! 21!
- 22. Embrace Risk ! ! – It’s a lot cheaper to fail now! – Too much capital is chasing fast IRR rather than big multiple! – Focus on enabling innovation! Index Ventures! Stanford! 22!
- 23. Index Ventures! February 24, 2014 ! Giuseppe Zocco! Co-founder,! Index Ventures!