Venture Capital in Eastern Europe – theory and reality.pptVIP

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Venture Capital in Eastern Europe – theory and reality.ppt

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Venture Capital in Eastern Europe – theory and reality

Venture Capital in Eastern Europe – theory and reality Allan Martinson Managing Partner MTVP AS MartinsonTrigon: ~12 m EUR investment vehicle Founded in 2005 1st fund of Martinson Trigon Venture Partners Geography: the Baltics and Russia 4 investments signed by far, 2 in works 4 professionals + Trigon Capital investment bank Next fundraising in late 2006 The Team Allan Martinson, Managing Partner Founder of the Baltic News Service in 1990 CEO of MicroLink, the largest Baltic technology holding in 1998-2004 Member of boards in 10 TMT companies Joakim Helenius Trigon Capital The largest Baltic investment bank ~500 m EUR under management AM, CF and direct investments Andres Susi, Associate Sven Nuutmann, Associate Pekka Sivonen, Chairman of the Investment Committee MartinsonTrigon’s investment profile Typical investment between EUR 0.5-3m (average EUR 2m) In syndicates with other VC’up to EUR 10 m Strong control either through majority stake or strong minorities + shareholders agreements Extensive support to the management Earnout option schemes Holding period 3-5 years Exits through strategic sale or IPO Portfolio Offshore programming in Russia What is Venture Capital? Stakeholders of VC industry Venture Capitalist’s life cycle Fundraising Up to 2-3 years of selling the story and concept to the fund’s investors Pipeline generation Active and passive search of potential investee companies in interesting industries Less than 1% of reviewed companies will get investments Early negotiations, signing of term sheet From 1 month to several years Due diligence and final negotiations From 3 to 9 months Signing and closing of investment Holding period 2-7 years Exit Closure of the fund Typical lifetime 7-10 years What is Venture Capital? VC industry produces mature companies from raw ideas and young teams by adding finances, experience and contact network VCs are human and always invest into humans, not into companies Taking in venture capital is an orchestrated marriage