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An overview of the VC market and Vækstfonden. 12 March 2010 Uffe Arlø Theilade, Investment Director, Vækstfonden. Agenda. The idea and rationale for VC An introduction to Vækstfonden VC in Denmark Market developments and challenges. Why do we need venture capital?.

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an overview of the vc market and v kstfonden

An overview of the VC market and Vækstfonden

12 March 2010

Uffe Arlø Theilade, Investment Director, Vækstfonden

agenda
Agenda
  • The idea and rationale for VC
  • An introduction to Vækstfonden
  • VC in Denmark
  • Market developments and challenges
slide4
Types of finance (risk profiles)

Traditional companies

Technology companies

Debt

Quasi-equity

Equity

Debt

Equity

slide5
VC Funded Companies in Denmark
  • 20% growth in employment
  • 40% export growth
  • 50% growth in R&D
  • R&D expected to account for 1.5% of GDP in 2010
slide6
VC-backed companies in the US
  • $ 1,800 billion revenue
  • 16% of GDP
  • 10 mil jobs
  • 40% of all IPOs
  • 3 x R&D activity
  • 3 x tax payment
  • 2 x export
who we are
Who We Are
  • Vækstfonden is a government backed investment fund
  • Investment focus on Danish early stage companies - both through direct investments and fund-of-funds
  • Total asset base around EUR 350 million
  • 85 % committed to early stage companies and venture capital funds
  • Largest Danish investor within the ICT and life science spaces
funding activity
Funding Activity
  • Annual investments of DKK 500 million in 25-30 companies – direct as well as through VC funds
  • Loan guarantees on the rise
  • Co-funded more than 3,500 companies to the tune of DKK 6.5 billion
targeted financing
Targeted Financing

Funding Need

Million Euro

Fund of Funds

Growth Capital

Business Angel Matching

Loan Guarantees

Global Growth

Companies

15

International

Growth Companies

5

Regional Growth

Companies

1

Local Growth

Companies

Potential Revenue

Million Euro

5

15

70+

slide12
Vækstfonden’s leverage effect

Vækstvirksomheder - 50 mia. kr.

10 mia. kr.

40 mia. kr.

Private

ventureselskaber

Andre private finansieringskilder

6 mia. kr.

4 mia. kr.

Private investorer

Vækstfonden

main attractors in the danish market
Main Attractors in the Danish Market
  • Strong Research Base
  • Entrepreneurial Culture
  • Flexible Labour Market
  • Dynamic Technology Clusters
slide15
0,25%

0,20%

0,15%

0,10%

0,05%

0,00%

DK

S

FIN

UK

IRL

NL

NO

CH

E

B

F

P

D

A

I

EL

Nationale investorer

Udenlandske investorer

VC-backed companies’ attraction of foreign capital (relative to GDP; 2007)

slide17
Geographic Distribution of VC Investment
  • Large concentration around Greater Copenhagen
  • Generally centered around universities and research institutes
top 3 industries in denmark
Top 3 Industries in Denmark

% of Total Amount Invested

annual capital raisings by vc funds
Annual Capital Raisings By VC Funds

€ Million

Total Capital Under Management

DK: € 2,983 Million

due to follow on investments
..Due to Follow-On Investments

New Investments Under Pressure

the global financial crisis puts exit markets in reverse
The Global Financial Crisis Puts Exit Markets in Reverse

Source: VentureXpert

13. november 2014

26

ipo valuations particularly hard hit
IPO Valuations Particularly Hard Hit

Source: VentureXpert

13. november 2014

27

entry valuations falling
Entry Valuations Falling

Source: VentureXpert

13. november 2014

28

holding periods rising steadily
Holding Periods Rising Steadily

Source: VentureXpert and Vækstfonden

13. november 2014

29

key points
Key Points
  • Raising money for new ventures increasingly difficult
  • New venture capital funds need to be raised
  • Danish VCs under pressure to deliver attractive exits
  • Exit timing is crucial

30

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