Presentation at Nordic Female Investor Meetup by Heather Henyon, Founding General Partner, Mindshift Capital

1. © Mindshift Capital
Why start a VC fund investing
in global women-led tech
companies?
Heather Henyon, Founding General Partner
Mindshift Capital
September 17, 2018
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NFIM18 Malmo, Sweden

2. © Mindshift Capital
Who We Are
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Heather Henyon, Founding General Partner, Dubai / NY
• Venture investor with over 80 direct and fund investments in the US, Europe and Middle East.
MENA regional operator. International finance professional for almost 20 years.
• Women’s Angel Investor Network (WAIN) (Founder & Board)
• Dubai Angel Investors (IC, former Board & LP)
• NextWave U.S. Impact Fund (IC & LP)
• CoFund (Advisor & LP)
• Rising Tide Europe (LP)
• Board Director and Audit & Risk Committee Chair, Sekem Holding, Egypt
• Nominated as Investor of the Year by Arabian Business, 2016 and 2017
Marcia Dawood, General Partner, San Francisco
• Venture investor with over 40 direct and fund investments and experience as a founder and
board member/director of a sports franchise; 16+ years with Kaplan Education in
sales/marketing/operations/compliance.
• Angel Capital Association (Board, Membership Committee Chair)
• NextWave U.S. Impact Fund (IC & LP)
• Rising Tide US Fund (LP)
• Golden Seeds (Member, New York & Dallas)
• BlueTree Capital Group (former Managing Partner, DD Chair, Education Chair)

3. © Mindshift Capital 3
Female Founders Raise Less Capital…
Chart: Valentina Zarya – Source: PitchBook
$0 $1 $0 $1 $1 $1 $1 $1 $2 $2 $1 $2
$18
$23 $24
$18
$22
$35
$31
$35
$55
$63
$58
$67
$1 $2 $2 $1 $2 $3 $4 $4 $6 $9 $7
$16
0
10
20
30
40
50
60
70
80
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Total value of VC deals by Gender ($B)
Female founded Male founded Female & male founded
$B

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… But Generate More Revenue
MassChallenge BCG Analysis of 350 venture capital funded companies:
258 founded by men, 92 founded or cofounded by women
AVERAGE FUNDS INVESTED PER COMPANY AVERAGE REVENUE GENERATED PER COMPANY
$2.1M
$935,000
$730,000
$662,000
Source: BCG June 2018
Female-founded ventures
converted investment dollars
into revenue on average at a
higher level than male-founded
ventures

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There is a Big Opportunity…
38%62%
Female founders are the fastest
growing segment of entrepreneurs …
…yet they receive only a fraction
of venture funding.
<5%
Source: McKinsey and Pitchbook. 5

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“All of my returns have come
from the ones run by women or
owned by women.”
-Kevin O’Leary, Shark Tank

7. © Mindshift Capital
Women Invest in Women
of female
partners in the
top 100 U.S.
venture capital
firms
8%5%
Sources: TechCrunch, HBR
VC investment in companies
with female CEO’s
58%
15%
Female Partners No Female Partners
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8. © Mindshift Capital
Women-Led
Investment
Opportunities
Collaborative
Approach
Global Network
Enhanced
Returns
Sector focus:
FinTech
FoodTech
EdTech
HealthTech
Addressing
the post-seed
funding gap
Why Mindshift Capital was created
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9. © Mindshift Capital
Leading a mindshift
towards investing
with a gender lens to
enhance returns
Increasing access to
capital for women-led
companies and
maximizing growth
Leveraging global
network to connect
the EMEA & US
markets
Our mission

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Tech Focus: Global Trends, Local Market Validation
Food Tech Education TechHealth TechFinancial Tech
Clean meat, plant-based
protein, vegan industry
Digital banks, wallets,
blockchain, access
Remote & universal access,
cross-border learning &
LMS
Biodata platforms,
medtech, femtech
The global food tech
market is expected to
grow over $250.43 billion
by 2022.
Nearly a third of
worldwide consumers use
two or more financial
tech services.
The ed tech market is
expected to grow to
$40.9 billion by 2022, at a
CAGR of 18.3%.
The digital health
market is expected to
reach $206 billion U.S.
dollars by 2020.

11. © Mindshift Capital
Where do we fit in? Mindshift bridges the gap
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Mindshift targets the Post-Seed Gap. Our sweet spot is post
product/market fit, revenues, derisked yet attractive valuation.
There has been a surge in seed funding but Series A
funding has lagged
Start-ups often raise a bridge round between Seed/Series
A (“Seed Plus”); Seed is the new “A” (“Pre-Seed”)
Targeting companies raising
$1-3M in EMEA and $2-10M US

12. © Mindshift Capital
WAIN Track Record: Dec 2014 – April 2018
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Investment
Years Since
Investment
Financing
Instrument
Investment
Round
Total Round
Raise
Pre-Money
Valuation/Cap at
Initial Investment
Current Valuation
(Pre-Money or Cap)* Multiple Gross IRR
Edtech (MENA) 3.4 Equity Seed 150,000$ 1,200,000$ 6,500,000$ 5.4 65%
Healthtech (US/global) 2.0 Equity Seed 1,150,000$ 3,500,000$ 50,000,000$ 14.3 290%
Cleantech (US/global) 1.5 Equity Bridge 400,000$ 3,000,000$ 3,000,000$ 1.0 0%
Edtech follow-on (MENA) 1.4 Convertible Equity Bridge 500,000$ 5,000,000$ 6,500,000$ 1.3 21%
AI ecommerce (UAE) 0.9 SAFE Seed 500,000$ 3,000,000$ 5,000,000$ 1.7 79%
Fintech (UAE/Saudi) 0.7 SAFE Bridge 1,460,000$ 8,000,000$ 8,000,000$ 1.0 0%
Marketplace (global) 0.8 SAFE Pre-Seed 140,000$ 2,000,000$ 5,000,000$ 2.5 200%
Total 4,300,000$ 3.8 110%
*Valuation from most recent third party funding round.

13. © Mindshift Capital
Our Global Network
Angel
Capital
Association
U.S.
MENAEurope
Golden
Seeds
Next Wave
Ventures
Dubai Angel
Investors
Women’s
Angel
Investor
Network
Rising Tide
Europe
CoFund
GLOBAL
OFFICE
HOURS
INTERNATIONAL
SPEAKING
ENGAGEMENTS
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14. © Mindshift Capital
Gender lens landscape – grassroots angel groups
U.S.- WEST COAST
True Wealth Ventures (Austin)
Next Wave Ventures
Rising Tide US
Babel Ventures (SF)
Capita3 (Minneapolis)
U.S.- EAST COAST
Xfactor Ventures (Boston)
Female Founders Fund (NY)
Golden Seeds (NY/Boston/SF/Dallas)
Portfolia
Astia
Springboard
CANADA:
Pique Ventures
EUROPE & UK:
Netherlands: Karmijn / The Next Women
Switzerland: Rising Tide Europe
Scandinavia: Sisters Fund / Nordic Female
Business Angels Network (NFBAN)
Prague: Aspire
France: Femmes Business Angels
UK: Angel Academe
Scotland: Investing Women
MENA: WAIN / WOMENA
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15. © Mindshift Capital
Problem isn’t pipeline, it’s capital
$100 M
$10
$4
$20
$5
$7
$10
$5
$5
$5
$5
$5
$9
$10
Healthtech
Healthtech
Healthtech
Healthtech
Medtech
Fintech
Fintech
Fintech
Fintech
Edtech
Foodtech
AI ecommerce
AI Project Mgmt
Total
Figures in $M USD
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Female Founders: Our Investments

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The Opportunity
• Women generate higher financial returns
• Women invest in women
• Massive pipeline
• Global problem & opportunity
• Time to disrupt!
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18. © Mindshift Capital
Thank You
Heather Henyon
heather@mindshiftcapital.com
Dubai +971.50.273.2367
U.S. +1 646.217.9895
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Marcia Dawood
marcia@mindshiftcapital.com
U.S. +1 917.790.3501
www.mindshiftcapital.com
@mindshiftcap

19. © Mindshift Capital 19
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