chapter 14—enterpreneurial finance and venture capital

Chapter 14—Enterpreneurial Finance and Venture Capital

MULTIPLE CHOICE

1. Entrepreneurial growth companiesa. usually consume more cash than they generate.b. usually have tangible assets as a large part of their values.c. usually have low risk for investors.d. usually compensate employees with large salaries.

ANS: A DIF: EREF: 14.2 Venture Capital Financing in the United States

2. Formal business entities with full-time professionals who seek out and fund promising ventures area. angel capitalistsb. institutional venture capital fundsc. vulture fundsd. business incubators

ANS: B DIF: EREF: 14.2 Venture Capital Financing in the United States

3. With few exceptions over time, ________________________________ have generally provided more total funding to entrepreneurial companies each year.a. angel capitalistsb. institutional venture capital fundsc. vulture fundsd. government sponsored enterprises


4. Which of the following institutional venture capital fund categories controls the dominate share of industry resources?a. small business investment companiesb. financial venture capital fundsc. corporate venture capital fundsd. venture capital limited partnerships

ANS: D DIF: EREF: 14.2 Venture Capital Financing in the United States

5. A rapidly growing source of new money for institutional venture capital funds isa. bank loansb. pension fundsc. individualsd. government grants


6. Pensions are well-suited to the institutional venture capital fund area of investing becausea. pension fund managers are able to take more risk like venture capital fund managers.b. pension fund managers are able to hold investments with longer time horizons like venture

fund managersc. pension fund managers do not face investor scrutiny like other fund managers.d. pension fund managers need high risk/high return investments to boost fund returns as the

baby boom generation reaches retirement.


7. A growing firm seeks $30 million to develop and market its promising new technology. An institutional venture capital fund steps in with an $8 million initial investment. This is an example ofa. low base financingb. staged financingc. scaled financingd. intermitent financing

ANS: B DIF: EREF: 14.3 The Organization and Operations of U.S. Venture Capital Firms

8. Venture capitalists use staged financinga. to limit other investors’ returns.b. to increase the venture capitalist’s ownership stake.c. to reduce the venture capitalist’s risk exposure.d. to increase the probability the portfolio company succeeds.

ANS: C DIF: EREF: 14.3 The Organization and Operations of U.S. Venture Capital Firms

9. If a venture capital investment contract provides for the protection of the venture capital group’s ownership stake if the firm sells new equity under duress, then the contract has a(n)a. demand registration rights provisionb. stock option planc. ownwership rights agreementd. ratchet provision

ANS: D DIF: EREF: 14.3 The Organization and Operations of U.S. Venture Capital Firms

10. The investment contract provision that gives the venture capital fund the right to compel the firm to file with the SEC for a public offering is aa. repurchase rights provisionb. participation rights provisionc. demand registration rights provisiond. ownership rights agreement


11. A provision in the venture capital fund’s investment contract that limits the firm’s ability to sell assets without prior investor approval is an example ofa. a ratchet provisionb. a negative covenantc. a positive covenantd. a participation rights provision

ANS: B DIF: EREF: 14.3 The Organization and Operations of U.S. Venture Capital Firms

12. Venture capital funding is usually not straight equity initially, but rathera. senior debtb. staged loan agreementsc. convertible debt or preferred stockd. stock options


13. Convertible securites are attractive to venture capital investors becausea. they allow for the venture capitalist to exercise control without majority ownership of the

firm’s equity.b. they provide seniority for the venture capitalist relative to the entrepreneur.c. they allow the venture capitalist in the upside of firm success.d. all of the above.

ANS: D DIF: MREF: 14.3 The Organization and Operations of U.S. Venture Capital Firms

14. Venture capital funded firms often use stock options in their compensation plansa. to hide compensation costs from investors.b. to attract and retain talented employees with lower cash outlays.c. to transfer risk to the venture capital investors.d. to enhance the future venture capital fund returns.

ANS: B DIF: MREF: 14.3 The Organization and Operations of U.S. Venture Capital Firms

15. Why is the cancellation option a key aspect of staged financing?a. It allows the entrepreneur the opportunity to exit the contract.b. It allows the venture capital fund to extract excessive returns.c. It allows the venture capital fund to invest at lower expected returns because risks are

reduced.d. It provides either party a “no fault” exit from the investment contract.

ANS: C DIF: MREF: 14.3 The Organization and Operations of U.S. Venture Capital Firms

16. Which of the following will make it more likely the entrepreneur receives funding on more attractive terms?a. the firm is a true start-up, at first stage financingb. the entrepreneur is new to the venture capital marketc. the firm has a promising product/technology close to launchd. there are many alternative investments available to the venture capital investor


NARRBEGIN: IGBBIt’s Gonna Be Big (IGBB)It’s Gonna Be Big (IGBB) is seeking venture capital investment of $8 million. The founder and the venture capital fund agree the firm is worth $15 million today, and the venture capital investor asserts it requires a 35% (compounded annually) expected return. IGBB and the venture capital investor foresee an IPO in four years, at which time IGBB is expected to be valued at $90 million.

NARREND

17. What share of IGBB’s equity is necessary for the venture capital investor to achieve its required return?a. 45%b. 40%c. 35%d. 30%

ANS: D DIF: MREF: 14.3 The Organization and Operations of U.S. Venture Capital FirmsNAR: IGBB

18. If the venture capital investor pushes for a 40% per year expected return, what share of IGBB’s equity will it receive in exchange for its $8 million investment?a. 34%b. 39%c. 30%d. 26%

ANS: A DIF: MREF: 14.3 The Organization and Operations of U.S. Venture Capital FirmsNAR: IGBB

19. Suppose the venture capital investor’s share of the equity in IGBB is 25%, and that in four years at the IPO the firm is valued at $120 million. What annual (compounded) return did the venture capital investor earn?a. 46%b. 39%c. 30%d. 26%

ANS: B DIF: MREF: 14.3 The Organization and Operations of U.S. Venture Capital FirmsNAR: IGBB

NARRBEGIN: PickswinnersPickswinners Venture FundPickswinners Venture Fund invested $10 million five years ago in Robotronics Co. The fund received 6 million shares of convertible preferred stock, each of which can be converted into three shares of common stock. Robotronic is now set to complete an IPO, and its shares are being priced at $40 each. Pickswinners will convert its preferred stock to common at the IPO, and will sell its shares along with Robotronic. The investment banking firm handling the IPO will charge an 8% underwriting fee.NARREND

20. If Pickswinners’ common stock position represents 40% of Robotronics equity, how many shares are being offered in the IPO?a. 15,000,000b. 18,000,000c. 25,200,000d. 45,000,000

ANS: D DIF: EREF: 14.3 The Organization and Operations of U.S. Venture Capital Firms

NAR: Pickswinners

21. What proceeds does Pickswinners expect to receive?a. $662,400,000b. $220,800,000c. $720,000,000d. $552,000,000

ANS: A DIF: MREF: 14.3 The Organization and Operations of U.S. Venture Capital FirmsNAR: Pickswinners

22. What is the annual (compounded) return on Pickswinners’ investment?a. 13%b. 31%c. 131%d. 231%

ANS: C DIF: MREF: 14.3 The Organization and Operations of U.S. Venture Capital FirmsNAR: Pickswinners

23. Palooka Products negotiates a venture capital investment contract, receiving $5 million today, with the expectation that the firm will seek an IPO in five years with an expected value of $50 million. If the venture capital investor requires a 40% expected return, what share of Palooka Products’ equity does it accept in exchange for its $5 million investment?a. 54%b. 38%c. 26%d. 14%

ANS: A DIF: MREF: 14.3 The Organization and Operations of U.S. Venture Capital Firms

24. China has one of the fastest growing and potentially largest economies in the world, yet there is very little or no private equity investment. Why?a. There are not enough attractive investment opportunities yet.b. Basic contracting and property rights issues cannot be legally supported or enforced at this

time.c. Stock market growth provides more than enough funding.d. None of the above.

ANS: B DIF: M REF: 14.1 International VC

25. Which country shows a great potential for future private equity investment?a. Canadab. Chinac. Indiad. Japan

ANS: C DIF: E REF: 14.4 International VC

26. The financing provided for equity investments in rapidly growing private companies is calleda. venture capitalb. junk bonds

c. initial public offeringsd. none of the above


27. Which of the following is not considered a type of an institutional venture capital fund?a. small business investment companiesb. financial venture capital fundsc. corporate venture capital fundsd. all of the above are types of institutional venture capital funds


28. Which of the following is a type of covenant in a private equity investment contract?a. ownership right agreementsb. ratchet provisionsc. stock option plansd. all of the above


29. Among the possible exit strategies employed by venture capitalists, which of the following describes the redemption option?a. exit through an initial public offeringb. exit through a sale of the company directly to another companyc. exit through selling the company back to the foundersd. none of the above


30. A wealthy individual who makes private equity investments on an ad hoc basis, is called a(n)a. angel capitalistb. small business investment companyc. financial venture capital fundd. venture capital limited partnership


31. John Smith seeks $15 million from a VC fund. John and the VC agree that the company should be ready to go public in 8 years. At that time the company should have a net income of $6.75 million. If comparable firms are expected to be trading at a P/E ratio of 25, what will be the company’s market capitalization at the time of the IPO?a. $375 millionb. $168.75 millionc. $126.35 milliond. $254.75 million

ANS: B25(6.75) = 168.75 million

DIF: E REF: 14.3 The Organization and Operations of U.S. Venture Capital Firms

32. John Smith seeks $15 million from a VC fund. John and the VC agree that the company should be ready to go public in 8 years. At that time the company should have a market capitalization of $368.75 million. If the VC requires a 45% return on their investment, what is the VC’s stake at the time of the IPO?a. $368.75 millionb. $293.11 millionc. $202.65 milliond. $15 million

ANS: B15(1.45)^8 = 293.11


33. John Smith seeks $15 million from a VC fund. John and the VC agree that the company should be ready to go public in 8 years. At that time the company should have a market capitalization of $368.75 million. If the VC requires a 45% return on their investment, what is the fraction of the firm that the VC will receive for its $15 million investment?a. 20.51%b. 15%c. 79.49%d. 63.47%

ANS: C15(1.35)^8 = 293.11293.11/368.75 = .7949

DIF: M REF: 14.3 The Organization and Operations of U.S. Venture Capital Firms

NARRBEGIN: Miller Venture CapitalMiller Venture CapitalMiller Venture Capital made a $5 million investment in Bavarian Sausage Technology (BST) 8 years ago and in return received 1 million shares of convertible preferred stock that can be converted into 2 shares of common stock. After all stock has been converted BST will have 15 million shares outstanding. In addition, the company is planning on issuing an additional 3 million shares in an IPO.NARREND

34. Refer to Miller Venture Capital. What fraction of BST’s common stock will Miller own after the IPO? a. 15.24%b. 11.11%c. 45.32%d. 23.56%

ANS: B2/18 = .1111

DIF: E REF: 14.3 The Organization and Operations of U.S. Venture Capital FirmsNAR: Miller Venture Capital

35. Refer to Miller Venture Capital. If the value of BST stock is $25 at the end of the first trading day, what is the value of Miller’s investment?a. $50 millionb. $25 million

c. $30 milliond. $5 million

ANS: A2,000,000(25) = 50,000,000

DIF: E REF: 14.3 The Organization and Operations of U.S. Venture Capital FirmsNAR: Miller Venture Capital

36. Refer to Miller Venture Capital. If BST’s stock trades at $25 at the end of the first trading day, what is the annual return on Miller’s investment?a. 900.00%b. 24.65%c. 33.35%d. 350.00%

ANS: C2,000,000(25) = 50,000,00050,000,000 = 5,000,000(1+r)^8 r = .3335

DIF: M REF: 14.3 The Organization and Operations of U.S. Venture Capital FirmsNAR: Miller Venture Capital

37. Miller Venture Capital Fund wants to average a 34.375% return on its investments. Of the 15 total investments 5 have failed (i.e a return of -100%), and 7 generated a zero return. Two other projects yielded a return of 80% and 85%, respectively. What has to be the return on the last outstanding investment in order for Miller to reach its investment goal?a. 425%b. 1,250%c. 885%d. 680%

ANS: C.34375 = 5(-1) + 7(0) + .80 + .85 + r)/15r = 8.85


38. Miller Venture Capital Fund wants to average a 50% return on its investments. Of the 15 total investments 5 have failed (i.e a return of -100%), and 7 generated a zero return. What has to be the average return on the three outstanding investment in order for Miller to reach its investment goal?a. 268%b. 417%c. 124%d. 930%

ANS: B.50 = (5(-1)+7(0)+3(r))/15r = 4.1667


39. John Smith seeks $7.5 million from a VC fund. John and the VC agree that the company should be ready to go public in 4 years. At that time the company should have a net income of $3.75 million. If comparable firms are expected to be trading at a P/E ratio of 18, what will be the company’s market capitalization at the time of the IPO?a. $7.5 millionb. $67.5 millionc. $135 milliond. $95.7 million

ANS: B3.75 million (18) = 67.5 million


40. John Smith seeks $7.5 million from a VC fund. John and the VC agree that the company should be ready to go public in 4 years. At that time the company should have a market capitalization of $254.35 million. If the VC requires a 54% return on their investment, what is the VC’s stake at the time of the IPO?a. $7.5 millionb. $42.18 millionc. $254.35 milliond. $36.74 million

ANS: B7.5(1.54)^4 = $42.18


41. John Smith seeks $7.5 million from a VC fund. John and the VC agree that the company should be ready to go public in 4 years. At that time the company should have a market capitalization of $146.75 million. If the VC requires a 54% return on their investment, what is the fraction of the firm that the VC will receive for its $7.5 million investment?a. 28.74%b. 71.26%c. 54.00%d. 38.57%

ANS: A7.5(1.54)^4 = 42.1842.18/146.75 = .2874


NARRBEGIN: WIMMP Venture CapitalWIMMP Venture Capital“Where Is My Money” Professional Venture Capital (WIMMP) made a $10 million investment in Bavarian Sausage Technology (BST) 5 years ago and in return received 2.5 million shares of convertible preferred stock that can be converted into 1.5 shares of common stock. After all stock has been converted BST will have 22.5 million shares outstanding. In addition, the company is planning on issuing an additional 5 million shares in an IPO.NARREND

42. What fraction of BST’s common stock will WIMMP own after the IPO? a. 16.67%b. 11.11%

c. 9.09%d. 13.64%

ANS: D2.5m(1.5) = 3.75M3.75/27.5 = .1364

DIF: M REF: 14.3 The Organization and Operations of U.S. Venture Capital FirmsNAR: WIMMP Venture Capital

43. If the value of BST stock is $21.50 at the end of the first trading day, what is the value of WIMMP’s investment?a. $48.375Mb. $80.625Mc. $63.425Md. $37.557M

ANS: A2.5M(1.5) = 3.75M3.75M(21.50) = 80.625M


44. If BST’s stock trades at $21.50 at the end of the first trading day, what is the annual return on WIMMP’s investment?a. 51.81%b. 45.69%c. 35.26%d. 68.21%

ANS: A2.5M(1.5) = 3.75M3.75M(21.50) = 80.625M80.625M = 10M(1+r)^5r = .5181


45. Al Bert seeks $15 million from a VC fund. Al and the VC agree that the company should be ready to go public in 6 years. At that time the company should have a net income of $8.95 million. If comparable firms are expected to be trading at a P/E ratio of 18, what will be the company’s market capitalization at the time of the IPO?a. $213.67 millionb. $142.25 millionc. $161.10 milliond. $123.78 million

ANS: C8.95(18) = 161.10


46. Al Bert seeks $15 million from a VC fund. Al and the VC agree that the company should be ready to go public in 6 years. At that time the company should have a market capitalization of $161.1 million. If the VC requires a 45% return on their investment, what is the VC’s stake at the time of the IPO?a. $139.41 millionb. $21.75 millionc. $112.67 milliond. $156.23 million

ANS: A15(1.45)^6 = 139.41


47. Al Bert seeks $15 million from a VC fund. Al and the VC agree that the company should be ready to go public in 6 years. At that time the company should have a market capitalization of $161.1 million. If the VC requires a 45% return on their investment, what is the fraction of the firm that the VC fund will receive for its $15 million investment?a. 69.32%b. 13.46%c. 56.89%d. 86.54%

ANS: D15(1.45)^6 = 139.41139.41/161.1 = .8654


48. “ALOTACASH” Venture Capital Fund wants to average a 45% return on its investments. Of the 12 total investments 3 have failed (i.e a return of -100%), and 6 generated a zero return. Two other projects yielded a return of 70% and 83%, respectively. What has to be the return on the last outstanding investment in order for “ALOTACASH” to reach its investment goal?a. 852%b. 358%c. 687%d. 152%

ANS: C.45 = (3(-1)+6(0)+.70+.83+r)/12r = 6.87


49. “ALOTACASH” Venture Capital Fund wants to average a 45% return on its investments. Of the 12 total investments 3 have failed (i.e a return of -100%), and 6 generated a zero return. What has to be the average return on the last three outstanding investment in order for “ALOTACASH” to reach its investment goal?a. 280%b. 840%c. 460%d. 625%

ANS: A.45 =[3(-1)+6(0)+3(r)]/12r = 2.8


50. “ALOTACASH” Venture Capital Fund currently has its money tied up in 12 investments. Of those investments 3 are expected to fail (i.e a return of -100%), and 6 are expected to generate a zero return. The three remaining projects are supposed to yield a return of 70%, 83% and 167%, respectively. What is the average return on “ALOTACASH”s investments?a. 12.68%b. -4.57%c. 8.93%d. 1.67%

ANS: D[3(-1)+6(0)+.70+.83+1.67]/12 = .0167


51. What is considered the leading cause(s) of the death of young entrepreuneral firms?a. not enough customersb. too many customersc. too much cashd. a and b

ANS: D DIF: EREF: 14.1 The Challenges of Financing Entrepreneurial Growth Companies

52. Which of the following is not a difference between entrepreneurial finance and “ordinary” finance?a. entrepreneurial companies generally have faster growth than ordinary companiesb. most of the assets of entrepreneurial companies are often intangible assetsc. entrepreneurial companies must attract, motivate, compensate, and retain highly skilled

technical and entrepreneurial talent with minimal cash flowd. none of the above

ANS: D DIF: EREF: 14.1 The Challenges of Financing Entrepreneurial Growth Companies

53. Which of the following is the most likely method of financing for a high technology entreprenuerial firm?a. equityb. mortgage bondsc. debenturesd. junk bonds

ANS: A DIF: MREF: 14.1 The Challenges of Financing Entrepreneurial Growth Companies

54. Modern venture capital is defined asa. a professionally manged pool of money raised for the sole purpose of making actively

managed direct equity investments in rapidly growing private companies.b. a professionally manged pool of money raised for the purpose of making equity

investments in slowly growing private companies.c. a professionally manged pool of money raised for the sole purpose of making actively

managed direct equity investments charitable ventures.d. none of the above.

ANS: A DIF: MREF: 14.2 Venture Capital Financing in the United States

55. The roots of the American venture capital industry can be traced toa. the American Research and Development Company.b. the American Reinvestment and Development Company.c. the Alternative Direct and Reinvestment Company.d. none of the above.


56. Most of the capital for early venture funds came froma. corporate backers.b. wealthy individuals.c. family trusts.d. all of the above.


57. Which of the following had a significant impact on the change that the venture capital industry went through in the early 1970’s?a. the lowered top personal tax rate on capital gains from 35% to 28%b. the adoption of the “Prudent Man Rule”in 1979c. the restructuring of the economy in 1975d. a and b

ANS: D DIF: MREF: 14.2 Venture Capital Financing in the United States

58. During most years, which source has generally provided more total investment in entrepreneurial companies?a. institutional venture capital fundsb. angel fundsc. a and b have provided approximtely equal total investmentd. none of the above

ANS: B DIF: MREF: 14.2 Venture Capital Financing in the United States

59. Which type of venture capital fund has the ability to borrow from the U.S. Treasury?a. financial venture capital fundsb. corporate venture capital fundsc. small business investment companiesd. venture capital limited partnerships

ANS: C DIF: MREF: 14.2 Venture Capital Financing in the United States

60. Which type of venture capital firms dominate the industry?a. small business investment companiesb. financial venture capital fundsc. corporate venture capital fundsd. venture capital limited partnerships


61. In recent history, the largest portion of venture capital investments have occurreda. in California.b. in New England.c. in the airline industry.d. in start up stage financing.


62. Venture Fund A focuses on start up technology companies while Venture Fund B focuses on middle-stage technology companies. Which firm would require the highest returns on its investments?a. Venture Fund Ab. Venture Fund Bc. venture funds require the same returnd. it is imposible to say which firm would require the highest return


63. A study by the National Venture Capital Association found that the sales of venture firms during the 1970 - 2000 period wasa. half that of non-venture backed companies.b. equal to that of non-venture backed companies.c. twice that of non-venture backed companies.d. three times that of non-venture backed companies.

ANS: C DIF: EREF: 14.2 Venture Capital Financing in the United States

64. As a limited partner in a venture capital limited partnership, today you committed to investing $70 million dollars. What amount must you contribute immediately?a. $70 millionb. $80 millionc. $90 milliond. probably less than $70 million


65. Venture capital funds typically use stage financing in order toa. ensure that the entrepreneur is displined in goal achievement.b. to minimize risk.c. to retain an option for funding future developmental stages of the firm.d. all of the above.


66. In order to protect the rights and the investment of the venture capital firm, the entrepreneur is usually subject toa. a covenant spelling out what the entrepreneur must do.b. a covenant spelling out what the entrepreneur cannot do.

c. a gentleman’s agreement.d. a and b


67. Most venture capital firms invest capital in order to purchasea. equity of the entrepreneurial firm.b. debt of the entrepreneurial firm.c. an investment that is convertible into common stock of the entrepreneurial firm.d. none of the above.


68. You are a venture capitalist that is going to invest $10 million dollars today in a firm that is projected to be worth $100 million four years from today when it is expected to have an initial public offering. If you require a 40% annual retun on investments with this kind of risk, then what portion of the equity of the firm should you own after the investment?a. 10.00%b. 38.42%c. 40.00%d. none of the above

ANS: B10 MM (1.4)4 = 38,416,000

38,416,000/100,000,000 = 38.42%


69. You are a venture capitalist that is going to invest $7 million dollars today in a firm that is projected to be worth $200 million six years from today when it is expected to have an initial public offering. If you require a 35% annual retun on investments with this kind of risk, then what portion of the equity of the firm should you own after the investment?a. 3.50%b. 21.12%c. 35.00%d. none of the above

ANS: B7 MM (1.35)4 = 42,374,11642,374,116/200,000,000 = 21.12%


70. You are a venture capitalist who is approached by a firm that is willing to sell you 30% of the firms common stock. You believe the firm will be worth $800 million dollars when it IPOs in 5 years. If you require a 50% return on investments with this firm’s risk characteristics, what amount will you have to invest today in order to purchase 30% of the firm’s common shares?a. $240.000 millionb. $105.350 millionc. $31.605 milliond. none of the above

ANS: C800 MM / (1.5)5 = 105,349,794

105,349,794 .3 = 31,604,938

DIF: H REF: 14.3 The Organization and Operations of U.S. Venture Capital Firms

71. You are a venture capitalist who can invest only $10 million dollars in a firm today. The firm is expected to be worth $100 million five years from now when it has its IPO. If you require to be a 50% owner of the firm’s common stock at the time of the IPO, then what is your annualized rate of return on this investment?a. 158.49%b. 100.00%c. 37.97%d. none of the above

ANS: C100 MM .5 = 50 MM of value will be owned in 5 years ====>

10 MM (1 + r )5 = 50 MM

r = .3797

DIF: H REF: 14.3 The Organization and Operations of U.S. Venture Capital Firms

72. Which type of public market is good for the future of entrepreneurial firms as they mature into potential IPOs?a. a healthy capital market for small stocksb. a healthy capital market for large stocksc. a weak small capital marketd. neither as these firms are not publicly traded yet

ANS: A DIF: MREF: 14.3 The Organization and Operations of U.S. Venture Capital Firms

73. Which of the following is the most poplular exit strategy that VCs use?a. IPOb. through sale of the portfolio company directly to another companyc. by selling the portfolio company back to the entrepreneurd. none of the above

ANS: A DIF: EREF: 14.3 The Organization and Operations of U.S. Venture Capital Firms

74. Which European country is noted for having the largest amount of venture capital invested in its firms?a. Germanyb. Francec. Italyd. Britain

ANS: D DIF: EREF: 14.4 International Markets for Venture Capital and Private Equity

75. Which country has been the largest recipient of VC financing as a percentage of GDP?a. China

b. Australiac. South Africad. Israel

ANS: D DIF: MREF: 14.4 International Markets for Venture Capital and Private Equity

chapter 14—enterpreneurial finance and venture capital

Economy & Finance

professionally manged pool

venture capital investor

venture capital firmsnar

venture capital firms

bsts stock trades

bavarian sausage technology

venture backed companies

healthy capital market