Download - Presnetación IE Lisbon June 2013
7/29/2019 Presnetación IE Lisbon June 2013
http://slidepdf.com/reader/full/presnetacion-ie-lisbon-june-2013 1/10
June 2013
The new era of the lean VC
The Cabiedes & Partners view of investing
7/29/2019 Presnetación IE Lisbon June 2013
http://slidepdf.com/reader/full/presnetacion-ie-lisbon-june-2013 2/10
WE ARE GOLD SEEKERS
We act as a “superangel fund”
• We invest our own money, which makes us more of an angel
• We also do follow-on rounds, series A and B, and sometime end up investing up
to 3 million in a single company, which leads us into a VC.
Focused & Proven Strategy: Only Internet, only seed, only Spain
Nothing new: we’re around since ‘98
It’s about Process !
• Rational /Analytical Selection Process, not intuitive
• Phased Investments (1/3 – 2/3 & 25% Rule)
We are financial investors (hands-off approach)
• We are not entrepreneurs, we do not manage companies;
• We are not Mentors, Coaches, Therapists… Our entrepreneurs are much better
than we are! … and know much more about their business!
• We don’t participate in M&A or Fin-Engineering: independent assets.
7/29/2019 Presnetación IE Lisbon June 2013
http://slidepdf.com/reader/full/presnetacion-ie-lisbon-june-2013 3/10
WE BELIEVE IN LEAN START-UPs
7/29/2019 Presnetación IE Lisbon June 2013
http://slidepdf.com/reader/full/presnetacion-ie-lisbon-june-2013 4/10
…SO WE NEED TO BE A LEAN VC
INVESTMENT MODEL:
We all live under extreme uncertainty…
Invest in “many” startups,
a kind of “experiment farm”
Let them test > iterate > scale
using incremental investment:
o “controlled” initial investment
We are going to do 32-40 seed investment of around 200K,
o + expand investment ONLY in successes… It’s about Investment Process
Hopefully 8-10 of these, that is one out of four, will be a winner, and we will invest an
additional 1 or 2 million
o We’ll depart whenever we cannot keep our “key minority” shareholder status
To us, the Shareholders’ Agreement is a key tool to guarantee engagement, maintain value
creation and ensure a fair deal among stakeholders
7/29/2019 Presnetación IE Lisbon June 2013
http://slidepdf.com/reader/full/presnetacion-ie-lisbon-june-2013 5/10
WHEN IT WORKS… WE SUPPORT!
7/29/2019 Presnetación IE Lisbon June 2013
http://slidepdf.com/reader/full/presnetacion-ie-lisbon-june-2013 6/10
6
WHAT WE LOOK FOR
PRODUCT (A must!): We do not invest in I+D
TESTED MARKET-GROWTH HYPOTESIS:
A HUGE Market Opportunity => SCALABILITY
… that is capable of being MONETIZED!
PROFITABLE Economics (LTV >> CAC)
TEAM
Well KNIT & COMPLETE Team
MANAGERIAL Capabilities & Market EXPERIENCE
LUCK with Timing & Uncertainty
PROFITABLE INVESTMENT
• RETENTION Cash Flow / A Biz FOR the Investor
• FAIRNESS in valuing the financing role
THIS IS NOT ABOUT IDEAS… IT’S ABOUT EXECUTION
Feasible
• Team
• timing
Investable
• Scale
• Exit
Viable
• Market
• CompetitiveAdvantage
7/29/2019 Presnetación IE Lisbon June 2013
http://slidepdf.com/reader/full/presnetacion-ie-lisbon-june-2013 7/10
K.I.S.S.: ONLY 6, NOT 35
¿ 200% COMMITTED ?
¿ CAN YOU MAKE €15mio REVS IN
YEARS?
¿Return ON-EQUITY?
“I do not invest in web pages or products;
I bet on P&Ls”
¿ DO YOU REALLY NEED AN
INVESTOR, or just some clients?
¿ CAN YOU HAND BACK 10X the
solicited amount?
¿ ARE CONDITIONS
(SHAREHOLDERS AGREMENT)ACCEPTABLE ?
“You should not be playing rugby with a softball”
7/29/2019 Presnetación IE Lisbon June 2013
http://slidepdf.com/reader/full/presnetacion-ie-lisbon-june-2013 8/10
• A GREAT (small !) TEAM in a garage-office
• PRE-SALES STATUS
NO ASSET Base … this is internet!
LOSS (Not profit!) MARGIN aprox. 50% of Sales
UNPROVEN DISTRIBUTION Channel
… IT’s an OPTION … into a promising (?) future
… under EXTREME UNCERTAINTY
All you may have learned DOES NOT WORKOUT here… Sorry!
VALUATION:
7/29/2019 Presnetación IE Lisbon June 2013
http://slidepdf.com/reader/full/presnetacion-ie-lisbon-june-2013 9/10
PORTFOLIO COMPANIES (so far)
7/29/2019 Presnetación IE Lisbon June 2013
http://slidepdf.com/reader/full/presnetacion-ie-lisbon-june-2013 10/10
WHO WE ARE:
j o s e @ m a r t i n c a b i e
d e s . c o m