investing in startups through a listed company · standard 2.41% sironi lucia 2.54% pighini stefano...
TRANSCRIPT
INVESTING IN STARTUPS THROUGH
A LISTED COMPANY
MILAN, 13th MAY 2015
Publicly listed holding company
Operates on an international level in Venture Capital
investing in «fast-growth companies» of the digital world
THE COMPANY
Stocks are traded on the MTA segment of Borsa Italiana
OUR STOCK
2014 FY
Performance
75%Above Market
Standard
2.41%
Sironi
Lucia
2.54%
Pighini
Stefano
SHAREHOLDERS
Market LV.EN. Holding
55.06% 39.99%
Ticker: LVEN
ISIN: IT0005013013
Source: Borsa Italiana
WHAT WE HAVE DONE TO
DATE
1,500+Investment
Proposals
33Portfolio
Startups
€3.7mDirect
Investments
€9.3mThird party
Investments
300+Jobs
Created
RANKING
TOP20Most Active
Tech VCs
«The 2014 European Tech Report»
Source: bit.ly/TECH_EU2014
Most
Active VC
in Italy
MISSION
We help startups grow and develop them
into success stories
FUNDING THE GAP
WHO WE ARE
Luigi Capello
CEO
Stefano Pighini
Chairman
Board of
Advisors
Investment
Committee
Operations
Administration
Seed InvestmentsAccelerator
Giovanni Gazzola
COO
Francesca Bartoli
CFO
Augusto Coppola
Director
Ciro Spedaliere
Manager
Board of
DirectorsRoberto Magnifico
Board Member
External
Relations
Bianca Santillo
Manager
Online
Communication
Silvio Gulizia
Manager
Network &
Know-how
Increase
Success
Rate
Providing
essential resources
to de-risk startups
WHAT WE DO
THE ACCELERATOR
Work space: ~2,000 sqm venue on the second floor of
Termini Central Station in Rome
Acceleration Program: by adopting the Extreme
Management Program (XPM) we bring startups to market
within 5 months
THE ECOSYSTEM
SPONSORS
INVESTORS
NETWORKS
PARTNERSADVISOR
S
UNIVERSITIES 50+International
ExecutivesSPECIAL
PROJECTS
CORPORATES
BUSINESS MODEL
7 Startups12
Startups
4 Startups from the market
Deal Flow
LUISS
ENLABS
Accelerator
Micro Seed
€60K
LVenture
Seed
€250k6 Startups EXIT
Every 12 months From the 60th
month
Se
lec
tio
n
Universities
Events
Partners
Online
Other VCs
WoM
Total investment in startups: €3.7m
33 participations
Expected IRR ≥ 30%
Entering at early stage with attractive valuations
Multiple deal sources and professional processes
Full support with an entrepreneurial approach
Small investments and diversified portfolio
UNIQUE APPROACH
Angels
VCs
Seed MoneyEntrepreneurial approach
Operational support
Network size
Follow on round
Professional approach
Investment terms simplicity
Process efficiency
Seed MoneyEntrepreneurial approach
Operational support
Network size
Follow on round
Professional approach
Investment terms simplicity
Process efficiency
KEY INVESTMENT CRITERIA
DIGITAL WORLD
… focus on the Italian lifestyle
PORTFOLIO (1/2)
GAMING
interactiveproject.com
maisonacademia.com
baasbox.com
snapback.io
wineowine.comthingarage.com
cocontest.com drexcode.com
FOOD, FASHION & DESIGN
netlexweb.com
INTERNET OF THINGS & HARDWARE
SOFTWARE AS A SERVICE (SAAS)
appeatit.com
voverc.commajeeko.com
gamepix.com nextwin.com atooma.com bravepotions.com filotrack.com
re-bello.com
PORTFOLIO (2/2)
PLATFORMS ADVERTISING & EVENTS
APPS
whoosnap.com zenfeed.me *
pubsterapp.com qurami.com
spotonway.com
lecicogne.netapps-builder.combulasara.it spotonway.com codemotionworld.com
33 digital startups: 23 accelerated + 10 sourced from the market
* Call option only
risparmiosuper.it
tutored.it
verticomics.com
moovenda.com
tiassisto24.it
soundreef.com
2013 was the first year for LVenture as a group and 2014 was a
year for consolidating activities with a better result than expected
Operating costs grow coherently with revenues in order to achieve
operating margin break-even in 2018
IMPROVING
OPERATING MARGIN
(€000’s)
174
624
1,551
2,145
2,609
3,197
1,3181,513
2,259
2,7512,938
3,157
-1.114 -888
-708 -606
-329 40
2013 A 2014 F 2015 2016 2017 2018
REVENUES
COSTS
EBITDA
Consolidated(€000’s)
2015 2016 2017 2018
Revenues 1,551 2,145 2,609 3,197
Operating Costs (2,259) (2,751) (2,938) (3,157)
EBITDA (708) (606) (329) 40
Write-off (535) (725) (1,144) (1,779)
EBIT (1,321) (1,438) (1,588) (1,863)
Capital Gains 634 2,394 3,815 5,070
Net Result (704) 936 2,207 3,149
SUMMARY BUSINESS
PLAN 2015 – 2018
PORTFOLIO EVOLUTION
EXITS & CAPITAL GAINS
Exit: after 5 years 60% of all Seed Investments assuming 5.45x
CoC
6…
2,394
3,815
5,070
2015 2016 2017 2018
37Portfolio
Startups
48Portfolio
Startups
59Portfolio
Startups
65Portfoli
o
Startup
s
1
4
5
6# of Exits
Capital Gains (€000’s)
FUNDING
CONSIDERATIONS
€1.5mCapital Increase
in 2015
To seize the best opportunities and to pursue strategic goals
€3.5mCapital Increase
in 2016
INVEST IN US
Venture Capital: unique opportunity to invest
Diversification: de-risking startups
Liquid Asset: publicly listed and traded company
High Return Rates: early-stage investment
Motivated Management Team: a passion for
entrepreneurial talents
ONE MORE THING…
