mmc ventures europas slide deck - 17.04.14
TRANSCRIPT
EIS Fund Manager of the Year(2008)Finalist (2009, 2011 & 2012)
7 portfolio companies in the SVC2UK ‘100 Club’ 2013
Equity Gap Fund of the YearShortlisted (2012 & 201313)
17th April 2014
Important notice
This presentation constitutes a financial promotion and is made by MMC Ventures Limited (“MMC”) of 2 Kensington Square, London W8 5EP, a firm authorised and regulated by the Financial Conduct Authority (“FCA”). Prospective Investors are advised to consult their own independent financial adviser authorised by the FSA before contemplating any investment. Prospective investors should not regard the contents of this presentation as constituting advice relating to legal, taxation or investment matters and are advised to review the MMC EIS Fund Information Memorandum and to note the section headed Risk Factors when considering an investment.
Whilst MMC has taken reasonable care to ensure that all the information in this presentation is materially accurate and not misleading, no representation or warranty, express or implied, is given by or on behalf of MMC as to the accuracy or completeness of the information or opinions contained in this presentation.
Past performance is not necessarily a guide to future performance and may not be repeated. You should be aware that share values and income from them may go down as well as up and you may not get back all or any of the amount you originally invested.
The information in this presentation makes reference to EIS relief, IHT relief and CGT Deferral relief. The tax reliefs are those currently available and may be subject to future change and their availability is dependent on upon the individual circumstances of each investor.
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Our heritage
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Syndicate of experienced High Net Worth business angels
FCA authorisation secured
EIS and non-EIS deals
MMC launches EIS Fund
EIS deals only
MMC ECF raises £30m 10 year LLP incl. £20m from HMG and attracts endowments to MMC Co-Fund
Co-invests with EIS Fund
2004
£14m MMC London Fund from Mayor of London
Co-invests with EIS Fund
2000 20062002 2008 2010 2012 2014
MMC today: £130m+ of funds
raised;£10m+ invested
by team
• Extensive due diligence by institutions and Government • Invest only on the commercial merits of the deal: we co-invest institutional
and EIS money• Team has personal exposure to every EIS deal
Investment Focus
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Focus on sectors where UK is a world leader with a deep pool of expertise and talent available
Sector breakdown of current MMC investments(by number of companies)
19%
8%
12%
15%
23%
23% Business Services
Financial Services
Other
Digital Media
E-Commerce
Business Software
Investment stage
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Proof of Concept
Seed Stage
First Round
Second Round
Expansion Capital
Major Scaling Capital
Sou
rce
s o
f P
riva
te
Equ
ity
Fun
din
g
Founders, family, friends
Accelerators
Business angels & networks, seed funds
Corporate venture funds
IPO
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Early stage VCs
Growth VCs, private equity etc.
Deal Flow
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Focus on fast developing businesses that we can fund along the growth curve.
Aim to invest £5-6m per company over 2-3 rounds
1,000 plans reviewed
175 teams met
21 individual investment
rounds (new & follow on)
14 year old networkProactive search for deals in chosen sectors
Thorough filteringHuge bank of sector expertise
Co-investments with international VCs – e.g. Bessemer Venture, Chernin Group ,Tiger Global
In 2013
Recent investments
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Multi-niche e-commerce business focused on furniture retail
December 2013
Online home swapping community
September 2013
An online marketplace to list, discover and book short-term
retail space around the UK.
November 2013
Cloud-based CRM software tool for recruitment services market
March 2014
A recipe box business that delivers a weekly box of healthy, responsibly-sourced ingredients
November 2013
A curated online-movie service catering to independent and
art-house film enthusiasts
March 2014
The UK's largest fitness network.
February 2014
Europe's largest independent, full service mobile marketing
specialist.
February 2014
Considered approach to management
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Across current portfolio:
• Average revenue growth: 5x
• Over 2,000 jobs created
• Hands-on approach helps businesses build strong teams and drive good processes
• Attract substantial follow-on funds from major global institutional VCs
• Exit strategies explored and agreed from outset
“For investors with an appetite for backing young growth companies, MMC EIS is one of the most experienced and responsible managers in this sector.”
Allenbridge Tax Shelter Report (February 2013)
Attracting co-investment
• We are getting industry recognition for our deals, attracting generous co-investment. In 2013 alone we attracted over $100 million in total investment into the portfolio.
• During 2013 we invested in 18 companies, these deals attracted co-investment in every case, mostly from international institutional investors.
“Recognition in the industry goes a long way to illustrating the great work we’ve been doing funding and supporting high-growth businesses. We’re demonstrating significant long-term value being built in our portfolio.” – Bruce Macfarlane, Managing Partner
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Outstanding team: over 50 years of combined VC experience
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Bruce Macfarlane Managing Partner
Former ManagingDirector at Merrill Lynch.Bruce qualified as abarrister in London andan attorney in New York.
Alan MorganChairman
Alan spent 28 years atMcKinsey & Co where hewas head of the financialservices practice in UK,Europe and the Middle East
Jon CokerPartner
Formerly of globalleveraged fund team at JPMorgan. Jon has an MEngin Engineering Sciencefrom St Peters, OxfordUniversity.
Rory StirlingPartner
Rory was in the UK M & Ateam at Greenhill & Co,before going on tofound a start-up businessin the social media space.
Camilla DolanInvestment Manager
Formerly Consultant andCase Team Leader at Bain &Co specialising in fin-tech.She has an MA in Law fromMerton College, Oxford.
Simon Menashy Investment Manager
Previously senior consultantin the Strategy practice atDeloitte, working withmedia, telco andtechnology companies.
Margaret Perchik Financial Analyst
Has a BSc in Physics,completed a course inFinancial Engineering taughtby Columbia Universityprofessors and is training forher CFA I.
Anna SlemmingsSales & Marketing
Previously the marketingmanager for a mediaproduction company andpublisher of special interestreports for The Times.
Venetia Kennedy Investor Support & Team Assistant
Previously assistant atOxygen, an insurancebroker in the City.
Victoria FergusonLegal Counsel
Victoria is a qualifiedsolicitor. She waspreviously in privatepractice at the Londonoffices of Jones Day.
MMC in a snapshot
Offers investors exposure to a portfolio of hard-to-access, fast growing private UK companies, combining real capital upside potential with very
generous tax incentives.
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Experienced: founded in 2000 with c. £110m AUM
Dynamic: ranked 3rd most active early stage investor in the UK
Discerning: all new deals selected each year from massive deal flow
Focused: tech-enabled business in sectors where UK is a world leader
Engaged: active and supportive MMC involvement on every deal
Successful: strongly performing portfolio of 28 companies
Aligned: the team has invested over £10m across the portfolio
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Contact details
Anna Slemmings, Sales & marketingEmail: [email protected]: 020 7361 0221Website: www.mmcventures.com
MMC Ventures Limited2 Kensington Square
London W8 5EP