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Seedcamp Fund V Fundraising Deck

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Transparency is one of our core values at Seedcamp and we are no strangers to how tough the fundraising process can be. In a continued spirit of openness and to show how - like with startups - our own story and proposition moves on, we're sharing the deck we used to raise our heavily-oversubscribed Seedcamp Fund V.

Read more about our plans to invest in and support the next generation of exceptional European talent on our blog: https://seedcamp.com/news/

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Seedcamp Fund V Fundraising Deck

  1. 1. A N I N V I T A T I O N T O J O I N T H E S E E D C A M P N A T I O N S T R I C T L Y C O N F I D E N T I A L
  2. 2. Global Scale. Europe is building iconic companies and its top founders are raising their first cheque from Seedcamp.12 years in, we are raising £70M to continue our mission of backing the best European founders with global ambition. Seedcamp has delivered best-in-class and consistently accelerating returns to our investors, enabled by our unrivalled access to top early-stage founders. We’re inviting you on board for the next part of our journey. European Entrepreneurs.
  3. 3. We’ve been a foundational player supporting Europe’s decade of success ‘First money in’ 4 of Europe’s most iconic $1B+ businesses …and 6 $100M+ companies $3.5B - Invested in 2011 $5.5B - Invested in 2015$7B - Invested in 2015 A C Q . S T R A T A S Y S ( 2 0 1 4 ) $20B+ Portfolio Enterprise Value 350+ Investments since 2007 4 Funds raised 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 17 8 7 9 8 4 421 44 36 29 20 12 8 421111 New and total $1B+ European tech companies per year founded since 2007 New in year Existing # Source: Atomico, State of European Tech 2018 A C Q . G O O G L E ( 2 0 2 0 ) $1.7B - Invested in 2015
  4. 4. We see accelerating network effects from our deep European roots Cross-geography first mover advantage Network-driven sourcing Recycling of talent 5 10 15 20 25 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Portugal Romania Estonia Germany France # Investments across select European geographies over time We have investments across 31 of 35 European countries (>1m population) We were the first non-local investors in many now important geographies such as Romania, Estonia and Portugal, and played a critical ecosystem role through initiatives like Seedsummit. Our extensive network of founders and co-investors act as core ambassadors, actively referring companies across the continent — enabling us to scalably invest Europe-wide. We are the first port of call for repeat Seedcamp founders and senior talent launching new ventures, after gaining operational expertise within portfolio companies.
  5. 5. O U R P E R F O R M A N C E
  6. 6. Our accelerating returns over the past 12 years attest to the maturation of the European tech ecosystem. While Funds I and II were strong debut funds, Fund III is on track to become one of Europe’s best performing funds ever. L I Q U I D I T Y T O P D E C I L E P E R F O R M A N C E We back our winners for the long run, while concurrently maximising LP returns. The 2017 secondary sale of our first two funds for a 4x return demonstrates this and broke new ground in European venture. We consistently deliver best-in-class returns Fund II Vintage 2010 MOIC: 8.1x DPI: 4.4x in 7 years Net realised IRR: 27.7% Fund III Vintage 2014 MOIC: 9.5x TVPI: 6.6x DPI: 0.6x in 5 years Net IRR: 55.1% Fund I Vintage 2007 MOIC: 7.2x DPI: 3.2x in 10 years Net realised IRR: 14.6% Acquired in 2017 by Past performance is not a reliable indicator of future performance. MOIC: Total Portfolio Value / Cost of Investment TVPI: Total Portfolio Value / Total Fund Size DPI: Total Cash Returns / Total Fund Size Net IRR: Based on TVPI Net Realised IRR: Based on DPI
  7. 7. Two years in, Fund IV is also already showing significant promise Automation platform for internal services €950K Pre-Seed Nov 2018 €3M Seed Jul 2019 2.8x valuation uptick Developer-friendly identity verification tools $600K Pre-seed Dec 2018 $3.6M Seed Aug 2019 8.0x valuation uptick $3.8M Seed Aug 2018 4.6x valuation uptick Next generation cancer screening technology using AI & MRIs $16M Series A Dec 2019 Realistic, plant-based meat products for the mass-market £100k Pre-seed Jun 2018 £3.2M Seed+ Nov 2019 12.0x valuation uptick First all-in-one live online events platform £5M Seed Jan 2020 12.4x valuation uptick £260K Pre-seed Oct 2019 API-first bank, helping companies launch financial products £100K Pre-seed Apr 2018 £3M Seed Jul 2019 6.3x valuation uptick Supercharging payments through a unified API 4.3x valuation uptick £3.2M Seed March 2020 £600K Pre-seed Jan 2020 Ecosystem for collecting and playing with branded crypto-goods €540K Pre-seed Feb 2019 €4M Seed May 2020 6.2x valuation uptick Making it easier than ever to find, analyse and distribute data $6.5M Series A Jun 2020 £1.8M Seed Mar 2018 4.9x valuation uptick
  8. 8. H O W W E ’ V E E V O L V E D
  9. 9. F1 F2 F3 $50M+ $5Bn+ $250M+ $1Bn+ $100M+ $50M+ $3Bn+ $50M+ $100M+ V I N T A G E : 2 0 0 7 F U N D S I Z E : € 2 . 5 M # O F I N V E S T M E N T S : 2 2 P O R T F O L I O E V : $ 2 8 0 M + Our model has been successfully refined over a decade First to unearth early-stage talent in Europe. Solid performance for a first-time, micro fund. Understood the importance of being the first cheque & having a collaborative approach with other investors across the continent. Our first ‘unicorn’ in TransferWise, several exits, and a strong group of VC-backed companies that keep growing nicely. Exceptional performance with already three Bn$+ companies and the potential for several more. Our best companies are not only raising from top VCs but they are getting funded at levels that allow them to compete on the global stage. K E Y L E A R N I N G S Need to invest at scale and leverage our unfair access to the best founders across the continent. Need to do follow-ons and have more flexibility on entry points as not all initial rounds look the same. The strategy works but initial ownership matters and the Seedcamp brand carries more weight than ever when we lead that initial round. K E Y L E A R N I N G S K E Y L E A R N I N G S 1 3 E X I T S T O T H E L I K E S O F : 1 2 E X I T S T O T H E L I K E S O F : V I N T A G E : 2 0 1 0 F U N D S I Z E : € 5 . 2 M # O F I N V E S T M E N T S : 9 7 P O R T F O L I O E V : $ 3 . 7 B N + V I N T A G E : 2 0 1 4 F U N D S I Z E : € 2 0 M # O F I N V E S T M E N T S : 1 2 6 P O R T F O L I O E V : $ 1 4 B N +
  10. 10. 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Funds Current Team Portfolio news R. Sohoni Fund I Fund II Fund III Fund IV C. Espinal S. Houchangnia T. Wilson D. Hunt S. AllottK. Schmidt A. Whitecourt N. Lytton S. Briggs M. Pinho V. Vasquez N. Brennan Investment Investment Investment $1Bn+ val. $1Bn+ val. $1Bn+ val. $7Bn+ val. $3Bn+ val. Fund I & II secondary sale Exit - 40x returnExit - 100x return Exit - 50x return InvestmentInvestment Investment Functional Experts Ops & Support Team Investment Team We’ve been growing our team and funds over the past 12 years D. Supe M. Gorey $1Bn+ val.Investment
  11. 11. Behind these top returns lies an experienced partnership Reshma Sohoni PARTNER MANAGING PARTNERCO-FOUNDER & MANAGING PARTNER Carlos Espinal Sia Houchangnia PARTNER Tom Wilson • Experts at the Seed to Series A journey and beyond – for every transaction and each of our 320+ portfolio companies, at least one of our partners has been involved from Day 1. • Diversity of thought and perspective – with previous backgrounds spanning banking, engineering, law and audit; not one of us is born in the same country.
 • High trust and confidence – 5+ years working together (10+ for Reshma and Carlos).
 • Industry recognised track record – successive Midas List awards (2017, 2018 & 2019); Forbes 30 Under 30 (2018); and many other accolades and awards that keep our brand top of mind.
  12. 12. Complemented by rich internal expertise around critical functional areas Kyran Schmidt ASSOCIATE Antonia Whitecourt HEAD OF FINANCE Natasha Lytton HEAD OF MARKETING & COMMUNICATIONS Shannon Briggs OFFICE MANAGER Miguel Pinho TECH LEAD Vanessa Vasquez HEAD OF LEGALS Diana Supe COMMUNITY MANAGER Rotational Experts in Residence program: Stephen Allott VENTURE PARTNER Nell Brennan ACCOUNTANT Devin Hunt VENTURE PARTNER Functional Experts Portfolio Ops Team Investment Team Fund Ops Team Marina Gorey TALENT LEAD F U L L - T I M E P A R T - T I M E
  13. 13. O U R S T R A T E G Y
  14. 14. Seedcamp Fund V marks the continuation of a successful strategy Pre-Seed We lead 25 deals a year with ticket size of £150-200K for an ownership target of 6-7% Seed We syndicate 10-12 deals a year with ticket size of £200-500K for an ownership target of 5%+ P O R T F O L I O D I V E R S I T Y : S E C T O R D I V E R S I T Y : 100 investments with max 8% exposure to a single asset. max 15% exposure to any specific sector. 1:1 follow-on reserve with a strategy of getting to our ownership target on the initial round and then doing our pro-rata up to Series B from the moment there is a priced, up-round led by a VC. G E O D I V E R S I T Y : T I M E D I V E R S I T Y : investing across the entire European continent. maintaining cadence of investment over 3 years. Consistent Returns through Diversification: A Clear Follow-on Strategy Allowing us to Avoid any Signalling Risk:
  15. 15. We are efficient in our deployment of follow-on capital 0% 25% 50% 75% 100% Initial Follow-on Dead Co Remaining ’90% Co’ Capital allocation in Fund III 15% 90% 35% 10% 50% 0% • Doubling down on winners — over half (54.3%) of our follow on capital is directed towards the sub-segment of breakout companies delivering 90% of portfolio value • Largest cheques reserved for outliers — our biggest capital allocation (~7% of invested capital) lies with our biggest success, Ui Path
 • Early visibility on success — our biggest winners scale fast, raise follow-ons and reach $100M+ and even $1Bn valuations within short timeframes while non- performers emerge relatively quickly • Little good money after bad — only one large write- down to date (Property Partner) among our most significant capital allocations 15% of our companies drive 90% of total portfolio value 35% will deliver some value (10% of total portfolio) and may graduate to that 15% in the future 50% of the portfolio will ‘die’, delivering 0% value, often obvious early on 20.0% 51.2% 28.8% 54.3% 24.3% 21.4%
  16. 16. H O W W E S O U R C E C O M P A N I E S
  17. 17. We process high volume dealflow at pre-seed, leveraging automation Inbound 600+ companies* Internal Review 100+ companies Call ~50 companies Investment Forum 10-15 companies Investment ~1-4 companies Recognising the importance of speed, we run our pre- seed decision making in full-team ‘sprints’ every 6 - 8 weeks. We’ve built an internal tech stack enabling us to process an average of 5,000+ deals per year. We automate rejections and the scheduling of initial calls. Our pre-seed process culminates in our ‘Investment Forum’, where the companies we are considering pitch us and our LPs, enabling the syndication of deals. *Figures: representative of a typical pre-seed cycle. EVERY6-8WEEKS
  18. 18. Our seed strategy provides access to companies that ‘skip’ pre-seed 400-500 10-12 Qualified seed dealflow Seed co-investments companies companies P E R Y E A RP E R Y E A R • A sub-segment of the most promising early stage companies jump straight to £500K+ Seed rounds, avoiding pre-seed rounds entirely • Co-investing at Seed affords us access to these founders, while fitting our strategy of being the first institutional money in • Our seed investments still rely on our extensive network, primarily coming from two sources: 1) First and second degree connections e.g. founder / VC / mentor referrals 2) Invitation to co-invest from the lead i.e. VCs recognise the power of having us on the cap table 
 80% Seedcamp seed investments have not raised prior money Initial Discussion
 Individual-Led Internal Review Collective Partner Pitch Collective Data Gathering Individual-Led Decision Collective
  19. 19. Entrenched roots mean we see the best companies across the continent Success stories Network of co-investors Virtuous cycles High profile success stories amplify our brand visibility in select geographies Close ties to regional investors cemented through a decade of co-investment Top tier talent gains operational expertise before launching their own ventures E S T O N I A R O M A N I A A C Q . S T R A T A S Y S ( 2 0 1 4 ) A C Q . T E A D S ( 2 0 1 6 ) A C Q . T E A D S ( 2 0 1 6 ) A C Q . H O O T S U I T E ( 2 0 1 4 ) Backing repeat talent: 8 repeat Seedcamp founders/senior talent backed via Fund IV E X A M P L E 1 E X A M P L E 2
  20. 20. H O W W E S E L E C T I N V E S T M E N T S
  21. 21. We identify and have exposure to booming categories before anyone else Themes of interest during Fund IV deployment: (Pre-seed) Dealflow Live pulse of trends at the earliest stage across Europe Seedcamp Investment Team Seedcamp Nation Founders, LPs, Venture Partners, EiRs Pre-seed deals Batched investments through a structured curation process Seed deals Pro-actively chasing themes of interest I N V E S T R E F E R D E A L S S O U R C E S T R E N G T H E N I N T E L / F E E D B A C K Pre-seed is the bleeding edge indicator of emerging categories before they become prominent and competed for at Seed or Series A. We were early in high CAGR categories like fintech/insurtech, Robotic Process Automation or Healthtech and saw companies surface before anyone else, resulting in exposure at reasonable valuations. Our volume-based approach and early entry point means we often see a cross-section of companies attacking the same market. We are uniquely able to benchmark these against each other and identify those with the winning edge. Open banking, credit 2.0 Enterprise data ecosystem Voice tech Wellness & preventive medicine Future of work & productivity Sustainability, circular economy Our sourcing and selection process benefits from powerful feedback loops and network effects. The more we invest, the stronger our reach becomes - generating more dealflow and resulting in a more informed decision making process.
  22. 22. Our decision making process places an emphasis on speed & insight Market Founder-Market Fit Team High CAGR Capital efficiency $Bn+ opportunity Complementary skillsets Execution abilities Emotional intelligence • Regular decision making cadence – by making batched pre-seed decisions every 6 - 8 weeks, we understand the pulse of the market well • Crowdsourced insight – we leverage our extensive founder and expert network for sector and market feedback in order to make fast, informed decisions • Speed of conviction – when leading, we’re able to take decisions and execute legals within days of meeting teams, meaning we never lose deals through delay Often investing pre-revenue and even pre- product, we seek ‘founder-market fit’ — where fast-growing markets collide with stellar founders uniquely positioned to tackle them
  23. 23. H O W W E S U P P O R T O U R P O R T F O L I O
  24. 24. P R E - S E E D C O - I N V E S T O R S I N F U N D I V S E E D C O - I N V E S T O R S I N F U N D I V F O L L O W - O N I N V E S T O R S I N F U N D I V U S G E N E R A L I S T S E U G E N E R A L I S T S S E C T O R S P E C I A L I S T S R E G I O N A L M U L T I - S T A G E U S E A R L Y S T A G E E U E A R L Y S T A G E S E C T O R S P E C I A L I S T S U S / E U E A R L Y S T A G E R E G I O N A L S E C T O R S P E C I A L I S T S P R O M I N E N T A N G E L S Paul Forster Bubba Muraka Robert Markwick Michael Pennington Will Neale Sebastian Fallert Thomas France Max Tayenthal Andrew Weisz David Helgason Alexis Bonte Harry Briggs Christian Faes Jon Folland Charlie Delingpole We look for co-investors who add value and further expand our founders’ network and expertise
  25. 25. We have built the infrastructure to deliver value at scale for our portfolio Founders’ Pack 70+ deals worth £500K+ Basecamp 3x yearly / 1x in company’s life CxO Summits 2-3x yearly ~100 functional leaders from the portfolio joining each time 🇺🇸 US Trip 1-2x yearly Office Hours 3x+ weekly Founder/Founder Comms Nation Platform Portfolio wide resource directory and toolkit O N L I N E O F F L I N E • A mix of offline and online channels enables the community-driven recycling of expertise among portfolio founders, removing us as a bottleneck • Mobilize is our private “Quora”, an internal repository of knowledge driven by Founder <> Founder dialogue • Office Hours bring best in-class operators and experts to meet advise our Founders. 100+ sessions and workshops with top experts & investors in 2019 • Flourishing ‘internal economy’ of portfolio companies cross-selling each others’ services, swapping contacts and exchanging customers
  26. 26. We combine this community-driven support with bespoke guidance • Portfolio companies are assigned a primary & secondary contact internally — either a GP or Venture Partner • Hyper-focused support in first 18 months. As companies mature , our energy is focused on key inflection points, such as financing events • Not a GP-heavy structure — founders are closely acquainted with wider team including our Head of Marketing, Talent Lead & EIRs • One-on-one consultative approach combined with group sessions on critical functional topics - primarily product & sales • Sales engine build-out & management coaching led by VP Stephen Allott, former CFO at Micromuse (NASDAQ: MUSE) • Customer and data-driven product development methodology spearheaded by VP Devin Hunt, founder and ex-CPO, Lyst • We have honed a highly programmatic approach to investor outreach and funnel management ahead of Seed and Series A fundraises • Close collaboration with founders to assess fundraising requirements, assemble plans and manage outreach • Weekly Fundraising Reviews with input from whole Investment Team & Venture Partners to track and assist fundraising efforts across portfolio ‘Point of Contact’ Relationships P O R T F O L I O M A N A G E M E N T Venture Partner Support F U N C T I O N A L E X P E R T I S E Fundraising Sprints F U T U R E F I N A N C I N G
  27. 27. Basecamp CxO Summits Nation Platform Founders’ Pack CxO Summits CxO Summits CxO Summits CxO Summits CxO Summits CxO Summits Series ASeedPre-Seed 12 months 18 months Office Hours Office Space US Trip🇺🇸 We focus on supporting our companies on their journey from Day 0 to Series A. We know what Series A investors expect to see and can help our companies navigate that messy journey. Getting our companies funded by the best follow-on investors allows us to decrease the need for custom support, while still giving them access to our infrastructure support. T I M E - C O N S T R A I N E D C U S T O M S U P P O R T A L L O W S U S T O S C A L E Immediate Support via Telegram group Functional Support via Venture Partners, Head of Marketing, Talent Lead & EiRs Strategic Support “Progress, Plans, Problems” updates & catch ups + Board Observer Fundraising Sprint Fundraising Sprint Continuous access for lifetime of the company Mostly focused on the journey to Series A Custom support Scalable infrastructure support Our support is hyper concentrated in the first 2.5 years toward Series A
  28. 28. We are seeking a broad and value-add LP base V C I N V E S T O R SF U N D O F F U N D S S E E D C O - I N V E S T O R S C O R P O R A T E S P R O M I N E N T F O U N D E R S A N D E X E C U T I V E S F R O M In Fund IV, we assembled a broad spectrum of investors: • Cross geography representation amplifies our dealflow sourcing across the continent & is an asset for our portfolio companies when expanding internationally • Downstream capital in the form of later-stage VCs (investing in Seedcamp since 2007) provides fundraising optionality for portfolio companies • World-class operators and angels investing in the fund provide insight and expertise for founders to tap into • Partnership and sales opportunities come from corporate investors, opening doors for the portfolio • Diversity in our LP base enables us to gauge ecosystem sentiment on emerging categories and technologies
  29. 29. - Seedcamp is the best known European Seed Fund - We were Europe’s first seed fund, set up in 2007 to invest across the footprint. We have an entrenched brand with a first mover advantage. - We deliver top decile returns - First 2 funds performing >4.0x. Fund 3 at >6.5x. And Fund 4 is on track to deliver similar multiples. - Seedcamp has seeded close to 10% of Europe’s unicorns - 4x $Bn+ companies and 1x $100M+ on deck to become future unicorns across multiple sectors. - Disciplined - Highly disciplined focus on all things Seed (Pre-Seed and Seed only). - 1st cheque of choice for founders - Differentiated high volume, early-stage strategy in which we are the first cheque of choice for founders. - 50+ of our own founders are LPs in Seedcamp. Why invest in Seedcamp
  30. 30. T H A N K Y O U
  31. 31. DISCLAIMER BEGINS: Seedcamp Investment Management LLP (“Seedcamp”) is registered in England & Wales, Company No. OC391626. Registered office: 4-5 Bonhill Street London EC2A 4XB United Kingdom. Seedcamp is Authorised and Regulated by the Financial Conduct Authority (FRN: 628313). This document (the “Presentation”) has been approved as a financial promotion by Seedcamp pursuant to s.21 of the Financial Services and Markets Act 2000. The Presentation is for information purposes only and is being delivered on a confidential basis to a select number of institutional and sophisticated prospective investors (the “Recipients”) to provide certain information in respect of an investment fund which is not yet formed to be known as ‘Seedcamp V’ (the “Fund”) and the offer of limited partnership interests therein (the “Interests”).  “ The Presentation is only made available to professional investors, accredited investors and to persons to whom an unregulated collective investment scheme can be promoted to in accordance with the provisions of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) Order 2001. Any Recipient who is not eligible to receive this Presentation should return it to Seedcamp immediately.   Any reproduction or distribution of this Presentation, in whole or in part, or the disclosure of its contents to any person other than to a Recipient’s professional advisers, without the prior written consent of Seedcamp, is prohibited.  All Recipients agree they will keep confidential all information contained herein and not already in the public domain. By accepting this Presentation, each Recipient agrees to the foregoing. The content of this Presentation is not intended to constitute investment, tax or legal advice. We recommend you seek independent investment, tax or legal advice before making any investment decisions. This Presentation is intended as a summary of Seedcamp and the Fund and not as a complete description thereof and is subject to updating, revision and/or amendment (although there shall be no obligation for Seedcamp to do so). In considering any prior performance information contained herein, Recipients should bear in mind that past performance is not indicative of future results, and there can be no assurance that the Fund will achieve comparable results, that targeted returns, diversification or asset allocations will be met or that the Fund will be able to implement its investment strategy and management approach or achieve its investment objective.   Information contained in this Presentation constitutes “forward looking statements” which speak only as at the date of this Presentation. Due to various risks and uncertainties, actual events or results, the actual performance of the Fund may differ materially from those reflected or contemplated in such forward looking statements and no reliance should be placed by Recipients on any forward looking statement and no responsibility is accepted in respect thereof. The Presentation is based in part on information derived from information provided by independent third party sources Seedcamp does not guarantee the accuracy of such information and has not independently verified the assumptions on which such information is based Seedcamp makes no representation or warranty, express or implied, as to the accuracy or completeness of the information contained in the Presentation and Seedcamp does not accept any responsibility whatsoever or liability for any direct, indirect or consequential loss or damage suffered or incurred by any Recipient or any other person or entity however caused (including but not limited to negligence) in connection with the information contained herein or the authenticity, accuracy, or completeness of such information.   Investment in unquoted companies carries high risks, it is highly speculative and potential investors should be aware that they could lose the total value of their investment.   This document does not constitute, and may not be used for the purposes of, an offer of Interests or an invitation to apply to participate in the Fund by any person in any jurisdiction in which such offer or invitation is not authorised or in which the person endeavouring to make such offer or invitation is not qualified to do so or to any person to whom it is unlawful to make such an offer or invitation.  It is the responsibility of prospective investors in the Fund to satisfy themselves as to full compliance with the relevant laws and regulations of any territory in connection with any application to participate in the Fund, including obtaining any requisite governmental, regulatory or other consent and adhering to any other formality prescribed in such territory.   

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