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Martin Hauge - Creandum - Sweden - Stanford Engineering - Mar 3 2014

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Information about Martin Hauge - Creandum - Sweden - Stanford Engineering - Mar 3 2014
Technology

Published on March 4, 2014

Author: burtonlee1

Source: slideshare.net

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European Innovation & Entrepreneurship 2014-03-03 Venture Capital in Europe's Nordic Region Stanford Engineering Follow us at: @mshauge @creandum

Sweden Stockholm

 About Me: A true Scandinavian Entrepreneur; a Norwegian citizen living in Stockholm after 10 years in Denmark •  10 years as General Partner in Creandum •  •  In charge of multiple Creandum exits: •  Currently in charge of investments in Jays AB (IPO on First North) •  Appear TV (www.appeartv.com) •  Iptronics (Acquired by Mellanox) •  Vivino (www.vivino.com) •  Nanoradio (Acquired by Samsung) •  Autobutler (www.autobutler.com) •  Fitbay (www.fitbay.com) •  Former entrepreneur co-founder of multiple Nordic startups like •  •  •  Creuna A/S (www.creuna.com) Interaction Design AS (exited 1999 to Adcore AB) 15+ years CEO experience

AGENDA > THE MARKET & NORDIC OPPORTUNITIES > CREANDUM OVERVIEW AND OUR MODEL > THE NORDIC ECOSYSTEM

MetroPCS Yandex IPO: 6.7 BUSD M&A: 2.75 BUSD IPO: 1 BUSD 1,000 Riverbed Qliktech MySQL Nordic (4) Rest of Europe (7) Instagram Endeca Fortinet Ocado Netsuite Rackspace Hosting Yammer Zappos Sunpower Nicira Kayak Yingli EqualLogic MoneySupermarket First Solar Infinera Dangdang YouTube Fusion.io Omniture A123 Betfair CTC Media Tom-Tom Skype Pandora TeleAtlas Shanda Suntech Splunk Youku.com Exit Value (MUSD) IndiaBulls Palo Alto Networks LDK Solar Perfect World Co Baidu Qihoo 360 Tech Giant Interactive Iliad QQ (Tencent) Zynga Focus Media Renren REC Q-Cells LinkedIn 10,000 Groupon Alibaba Facebook Nordic tech firms represent significant portion of global BUSD exits BUSD Technology Exits 2005-2012 US (26) China (14) Others (3) 100,000 100 •  Nordic companies represented 7-8% of all global billion dollar technology exits •  In terms of M&A exit value, the Nordics represented ~18% vs the US during ‘06-’08 but only 5% of active VC firms and likely 1-2% of capital under mgmt M&A: 1 BUSD Source: NVCA, EVCA, Thompson, Dow Jones, Creandum, Balderton 5

42 tech exits >100 MEUR over a 10 year period Exit Value >500 MEUR >250 MEUR SendIt >100 MEUR 10 MEUR 50 MEUR Median Exit Value: 242 MEUR Average Exit Value: 483 MEUR Sources: Creandum Revenue

Creandum Exit Study: substantial and increasing Nordic tech exit market Total Nordic exit value 1999-2010 (MEUR) MEUR 7 000.0 6 000.0 5 000.0 4 000.0 3 000.0 2.6 BEUR 1.5 BEUR 2 000.0 1 000.0 0.0 1999 2000 2001 2002 2003 2004 Avg. annual exit value 1999-2004 2005 2006 2007 2008 2009 2010 Exit year Avg. annual exit value 2005-2010 •  Average exit value per year (the last 12 years) is 2 BEUR •  Total exit market value: +70% between economic cycle in ’99-’04 and ’05-’10 •  17% of M&A transactions & IPOs represent 82% of total exit value Sources: EVCA, Thompson, Dow Jones, Creandum 7

Currently 10 unexited Nordic BUSD companies* Approximately one such company started per year *Med Tech and Oil and Gas excluded

AGENDA > THE MARKET & NORDIC OPPORTUNITIES > CREANDUM OVERVIEW AND OUR MODEL > THE NORDIC ECOSYSTEM

Creandum in short >  Founded 2003 >  Only Tech VC with head quarter in Stockholm >  Invest broadly in Nordic early stage Technology companies >  Focus on seed and A-rounds (50/50) >  Appr 0.1-2 MUSD in Seed, 2-5 MUSD in A-rounds and 5-10 MUSD in “late” A-rounds >  Approximately 40 investments to date >  Most recent fund 135 MEUR >  One GP on the ground in the US/West Coast

Creandum´s investment strategy is made up by three key principles > Diversified technology portfolio > Focus on homerun potential >  First institutional investor •  Better risk/return profile •  +10x potential •  Approximately 30 investments (15, 10, 5; seed, early, late) •  VC returns driven by home runs •  Getting in first à superior returns •  Focus on very large markets rather than technology in itself •  Early investor (A round) à greater ability to influence •  Entrepreneurs centric decisions •  Active investor à leverages the team experience from building fast growing companies •  Diversified across consumer, software and hardware industries (40%, 40%, 10-20%) •  Require new lead for A-round when doing seed 11

Some of our investments

A diverse high-caliber team with broad, deep and relevant experiences Staffan Helgesson Johan Brenner Martin Hauge Fredrik Cassel Daniel Blomquist Joel Enquist Lasse Pilgaard Erik Olofsson Hjalmar Winbladh General Partner, 45 General Partner, 52 General Partner, 57 General Partner, 40 Principal, 40 Associate, 27 Associate, 26 Associate, 35 Venture Partner, 45 New Hire 20+ years of startup activities 10+ years of VC • 10 years at McKinsey, IKEA and P&G • BSc Lund University • Kauffman Fellow • Ex Chairman Nordic Venture Network 10+ years of VC • 5 years as Balderton GP • Serial entrepreneur • 12 years at ABB and Kinnevik • MBA SSE Stockholm 10+ years of VC • Co-founder of 7 companies • 10+ years of CEO experience • MSc NTH-NTNU Trondheim • Stanford GSB SEP • NYU Stern & Stanford GSB SEP Founded 20+ Tech companies 10+ years of VC • 5 years of internet experience across Europe • MSc Royal Institute of Technology • Kauffman Fellow 6 years of VC • 7 years of software startup experience in Europe, US & ME • MSc Linköping University & MBA SSE Stockholm • Kauffman Fellow 2 years of VCe •  EIR at Nebula Ventures •  Advisor at U Ventures New Hire •  3 years at McKinsey & Co Copenhagen •  Technology Strategy Consultant •  Marketing manager within online gambling affiliation •  MSc Chalmers University •  Masters in Economics •  4 years at Bain & Co •  CEO and Cofounders of Fakturino (market place for funding) and Klipster (digital coupon booklet) •  Founder Rebtel, Sendit, Epidemic Sound, Wrapp, Pedal etc. •  Worldrenowned startup advisor •  INSEAD •  M.S. at Havard University 5 IPOs, 10+ M&A Exits 4 realized €100M+ exits

AGENDA > THE MARKET & NORDIC OPPORTUNITIES > CREANDUM OVERVIEW AND OUR MODEL > THE NORDIC ECOSYSTEM

The dinosaurs

Todays Nordic BUSD Companies www.ubiindex.com

The entrepreneurial ecosystem Tax, Legal & Public Framework VC’s & Angels Government Incubators/ Accelerators Universities Service providers ENTREPRENEURS Community & Role Models Limited Partners Enterprises

Largest Nordic ecosystem issues Limited Partners Tax, Legal & Public Framework •  •  •  •  •  •  •  •  •  •  Unclarity on key tax issues Difficult to issue stock options Marginal tax Regulated housing market Immigration legislation State pension fund legislation Enterprises •  •  •  •  •  •  Lack of critical mass Rules and regulations Often short sighted “Grass is greener on the other side” phenomena “Not Invented here” attitude Do not understand the power of ecosystems Unwilling to take risk “Jante” lag Focus short term on profitability vs growth Do not buy from or partner small companies

THANK YOU European Innovation & Entrepreneurship 2014-03-03 Stanford Engineering Follow us at: @mshauge @creandum

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