DEEP TECH, EARLY STAGE - EUROPEAN VC LEADING - Louis Bachelier
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LEADING
DEEP TECH, EARLY STAGE
EUROPEAN VC
MANIFESTO: PERFORMANCES WITH VALUES
Our mission is to deliver Performance & Intelligence to our investors
by giving them access to the best early stage deep tech startups
Our Values
v We respect Entrepreneurs; their successes are our successes
v We love Technology and understand how it creates value
v We value and stand-up for Diversity
.
A SEASONED TEAM WITH A BROAD RANGE OF EXPERTISE
THE FOUR PILLARS OF OUR INVESTMENT STRATEGY
Focus: Tech, B2B, International Ambition
Early stage: lead Pre-seed, Seed, Series A
Entrepreneur-friendly & active insider
Advanced Portfolio Management
DELIVERING PERFORMANCES
16
Years in business
€420m
Under management
€5B 25% (2019)
Gross IRR
Of shareholders
value created in our
portfolio companies 68 1 out of 5
Investments of our historical
portfolio companies
has a valuation
20
Exits >€100m
BUILDING UP ON A SOLID TRACK RECORD
Proud 1st investor in success stories such as:
Premium video ad network World 3rd largest adtech company Master Data Management
Acquired by Altice [€ 330M] Listed CRTO Nasdaq [$ 3B] Acquired by Tibco [x10+]
Global marketplace platform First IoT global telco network AI-based insurance fraud detection
$70m Series C €100m Series D $60m Series C
Alongside leading VC such as:
ELAIA’S UNIQUE STRATEGY, FROM TECH TO SCALE-UP
2003 2010 2012 2017 2020
4 GENERATIONS OF
Fund 1 Mandate Fund 2 Fund 3 Fund 4
DIGITAL VENTURE Ventures Sigma Alpha Delta Delta 2
€ 67M € 22M € 46M € 150M € 150-200 M
2018 2019
DEEP TECH SEED
ACADEMICS-RELATED
PRACTICE € 75M € 65-90M
Mandate
Bioseeds
€ 43M
Recognized leader in deep tech
BEST IN CLASS PERFORMANCE
2003 2012 2017
Fund Fund Fund
Ventures Alpha Delta
€ 67M € 46M € 150M
NET IRR 15.2% 23.76% -3.63%
NET MULTIPLE 3.26x 2.77x 0.96x
DPI 325,4% 22.1% 0%
TVPI 326,5% 276.7% 96,1%
HOW TO INNOVATE FOR A CORPORATE IN 2019?
- Corporates are looking to increase their innovation potential by multiplying their internal or external
initiatives; the most interesting external partners are start-ups: reactive and creative
- Digital transformation is one of the most complex but promising area of innovation
- It’s about technology and usage
- It’s about organisation and processes
- It’s about inspiration and role models
The expected impact could be as ambitious as the transformation of the business model
VENTURE CAPITAL IS THE ANSWER
- Facing a new idea brought by a start-up, alternatives are: Build, Buy, Partner or Invest (&
Partner)
Disruption/Emergency/Novelty
Invest (late stage) Buy (late stage)
Digital
Transformation Buy (mature) Invest (early stage)
Diversification/ Core Business
Complementarity
Partner Build
Improvement/Long Term/Continuity
- Corporates can invest via 2 channels:
o Direct: the corporate owns its team and fund (Corporate Venture Capital)
o Indirect: the corporate invests in several VC funds which cover their sectorial &
geographical needs (Fund of Funds)
10THE MOMENTUM OF THE DIGITAL ECONOMY IN FRANCE
“FRANCE WILL BE THE INNOVATION GATEWAY TO
EUROPE AND A START-UP NATION OF THE WORLD”
JOHN CHAMBERS, CISCO
“FRANCE IS AT THE FOREFRONT OF DEFINING WHAT
THIS NEW ERA OF TECHNOLOGY WILL MEAN TO OUR
SOCIETY, GLOBALLY ”
SATYA NADELLA, MICROSOFTTHE MOMENTUM OF THE DIGITAL ECONOMY IN FRANCE
$23B 40%
Invested in Europe’s tech YoY growth - Investment in
ecosystem the French tech ecosystem
4x$5B 2nd
4 IPOs over $5B EU country with most
valuation in Europe capital in deep tech
x15
Europe is producing $B+
companies at a level that is
15xhigher than a decade ago
Source: Atomico The State of European Tech 2018 Report, DealRoom 2018An advertising platform for the open internet
Overview Key figures / traction
$2.3B Revenues 2018
$3B Valuation CRTO on Nasdaq when
Elaia divested its last shares
RUDELLE Jean-Baptiste LE OUAY Franck NICCOLI Romain
CEO CSO CTO
• HQ: Paris • Employees: Ambition
• Founded: 2005 3500 Become the global leader in performance display.
• Sector: AdTech
Investment metrics Business
• Total investment: 47m€
Criteo invented the Retargeting concept in 2008, allowing
• o/w 2.9m€ from Elaia e-merchants to optimize the conversion rates on visitors who
left the web-site without purchasing
• IPO in October 2013 (CRTO Nasdaq)
Criteo is the first & largest independant network to offer at
scale AI Based automated digital solutions for advertizing
Criteo entered the Japanese market in 2011 with a
strategic partnership with Yahoo Japan, including an equity
investment from Yahoo Japan and Softbank in the pre-IPO
roundCloud provider of end-to-end marketplace solutions
Overview Traction
+200 Clients in 40 countries
$2B+ Total GMV for Mirakl’s customers
CORROT Philippe NUSSEMBAUM Adrien Ambition
CEO CEO Transform the traditional e-commerce & e-business
landscape into the platform business era
• HQ: Paris • Employees: 245
• Founded: 2011 • Sector: Software Product
Mirakl targets both B2B & B2C retailers and products &
services providers:
Investment metrics • Mirakl provides cloud based solutions to create and
operate a marketplace which will be embedded in an
e-shop or a media web site.
• Seed investment: 2,5m€ in Nov. 2012 led • Mirakl is also putting in place a service offering for its
by Elaia customer to enhance their capacity to drive their
marketplace successfully.
• Series A investment: 18m€ in July 2015 led
Extending the B2B catalogue
by 83North to 1,200,000 references
• Series B investment: €63m in March 2019
Business Model transformation
led by Bain Capital : from procurement to resellingYou can also read
