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A SCALING TECH HUB
LVENTURE GROUP
Apr / 2019
Safe harbor statementThis document may contain forward-looking statements, which reflect current views of the management of LVenture Group, (the “Group” or “LVG”) with respect to future events and financial and operational performance of the Company and its subsidiaries (the “Group”).
These statements may include terms such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “outlook”, “prospects”, “plan”, or similar terms. Forward-looking statements are not guarantees of future performance, rather, they are based on the Group’s current expectations and projections about future events and, by their nature, are subject to inherent risks and uncertainties.
Any reference to past performance or trends or activities of the Group shall not be taken as a representation or indicate performance, trends or activities will continue in the future. Actual results may differ materially from those expressed in or implied by such statements as a result of a variety of factors, including: the Group’s ability to preserve and enhance the value of its startups; changes in the general economic environment; the Group’s ability to successfully carry out its growth strategy; potential conflicts of interest due to director and officer overlaps with the Group’s largest shareholders and other factors discussed elsewhere in this document.
Any forward-looking statements contained in this document speak only as of the date of this document and LVG does not undertake any obligation to update or revise publicly forward-looking statements to reflect events or circumstances occurring after the date hereof. Further information concerning the Group and its businesses, including factors that could materially affect the Company’s financial results, is included in the reports and filings with Borsa Italiana and CONSOB.
Agenda
WHO WE ARE
MARKET TRENDS & GROWTH OPPORTUNITIES
FINANCIAL HIGHLIGHTS
INVESTMENT OPPORTUNITY
APPENDIX
Agenda
WHO WE ARE
MARKET TRENDS & GROWTH OPPORTUNITIES
FINANCIAL HIGHLIGHTS
INVESTMENT OPPORTUNITY
APPENDIX
WHO WE ARELVenture Group accelerates and invests in digital startups, trasforming them into scaleups companies to create value
MISSIONWe trasform talents in successful entrepreneurs
OUR NUMBERS
€49M INVESTED IN STARTUPS
€13M INVESTED
by LVenture Group
€36M INVESTED
by co-investors
60+ STARTUPS in portfolio
200+ CORPORATES in the Ecosystem
100+ INVESTORS in our network
SECTORSDIGITAL
Analytics & Big Data Events & Travel
Community & Education Fintech & Loyalty
Design & Fashion Food Tech
Dev. Tools Health & Beauty
Entertainment IoT & Smart Mobility
Venture Capital J-CurveRe
venu
es
Competitions Challenges Tech Hubs Incubators
GRANT
€145k
Family & Friends Accelerators
Business Angels
MICRO-SEED
~€0,5M
Business Angels Seed Funds
SEED
~€1,5M
Early Stage Funds
POST SEED
>€3M
Growth Funds
SERIES A
SERIES B SERIES C SERIES D
…
ROUND
VALUATION
Micro-SeedLVG/Hatcher
SeedLVG/CO-INVESTOR
Post SeedLVG/CO-INVESTOR Series A+
€145k
<€1M
~€500k
€1,5-2M
~€1,5M
€2-6M
>€3M
>€6M
ûSTRATEGIAInvestimento LVG fino a €0,4M
€80k €50-150k €50-150k
LVG Investment Model
LVG investment up to €400k
The Acceleration Program
Revenues > 0Minimum target required
80%Success rate @ Seed
€145kStandard deal / 9% + convertible note
5 monthsBatch duration
~500Application per year
3-4%Acceptance rate
Open Innovation
EDUCATION
Digital transfer
INCUBATION
Deal flow origination
SPONSORSHIP
Network improvement
Open InnovationSTRATEGIC PARTNERSHIP
“SUPPLY CHAIN” PROGRAMINNOVATION ADVISORY EDUCATION EMPOWERMENT OPEN INNOVATION INCUBATION ACCELERATION
INVESTMENT PROGRAM
€1,24 MILLION INVESTMENT, WILLING TO DOUBLE
Investment Pipeline
INCUBATION MICRO-SEED SEED SERIES A
Pre-Acceleration sponsored projects
UP TO 2018
NOW
2 Acceleration Programs - €80k for
each startup
2 Acceleration Programs - €145k for
each startup thanks to Hatcher+
25+ Business Angels - APG
200+ Business Angels - IAG
-
Indaco Fund+ Pre-Acceleration sponsored projects
THE MAGIC HUB
SPACE
COMMUNITY
ECOSYSTEM
STARTUPS
EVENTS
Management Team
Agenda
WHO WE ARE
MARKET TRENDS & GROWTH OPPORTUNITIES
FINANCIAL HIGHLIGHTS
INVESTMENT OPPORTUNITY
APPENDIX
LVenture European Leadership#1 in ITALY
0
2
4
6
8
10
12
14
LVentureGroup
SeayaVentures
SabadellVentureCapital
InvereadyTechnologyInvestment
Group
AngelPartnerGroup
KFund 3LB SeedCapital
NautaCapital
KiboVenturesPartners
Vertis SGR
#1 in SOUTHERN EUROPE
Most Active Venture Capitalist 2018
VC European Investment Landscape
Venture Capital is a growing Asset Class
INTERNATIONALIZATION ITALIAN MARKET ADVANTAGE
€7,7B€7,1B
€4,4B
€2,8B
€3,7B
€2,5B
€1,4B€0,9B
€0,6B€0,2B
Record Startup Investments in Italy 2018 = 2x 2017 amount
€1,5M
€5M
€10M
€6M
€10M
€15M €15M
€30M
€40M
@ Seed @ Series A @ Series B+
Why invest in Italian startups
01
40% FISCAL
BENEFIT FOR
STANDARD
INVESTMENTS
02 03 04
ITALIAN MARKET READY TO TAKE OFF
50% FISCAL
BENEFIT FOR
ACQUISITIONS
BY CORPORATES
UP TO 10% OF
PENSION FUNDS
AUM ALLOWED
TO BE INVESTED
IN VC
NEW “FONDO
NAZIONALE PER
L’INNOVAZIONE”
Agenda
WHO WE ARE
MARKET TRENDS & GROWTH OPPORTUNITIES
FINANCIAL HIGHLIGHTS
INVESTMENT OPPORTUNITY
APPENDIX
*NAV calculated following the Alternative Performance Indicator (IAP) based on startups post-money value as of 31.12.2018
**Selected startups as detailed in slide 25 - NAV calculated on IAP as of 31.12.2018
LVG portfoglio growth* (M)
€2,8M Invested in 2018
€15,5M Net Assets (€12,8 M at 31.12.2017)
~€50M Cumulative value of selected startups**
~€26M Cumulative value of startups revenues
KEY FINANCIAL HIGHLIGHTS 2018
15,417,1+11%
€3,4MREVENUES +42% YoY
-€0,7EBITDA +17% YoY
€0,5MEBIT +200% YoY
€0,4MNET INCOME +160% YoY
€2,8MINVESTMENTS +8% YoY
-€0,8MNET FINANCIAL POSITION -88% YoY
KEY FINANCIAL HIGHLIGHTS 2018
Partnership LVenture Group 2018
HATCHER+
APG - IAG MERGE
FONDAZIONE CARIPLO
Key Selected Startups
Soundreef is a digital music copyright and royalties management platform. Soundreef came in as the disruptive alternative in the market by combining innovative technology with personal customer service.
• 25k songwriters & publishers worldwide - 11k in Italy
• Operations in 20 countries
Cash invested €398k Share 6,76% Last Portfolio Value €1,29M
Codemotion is an event format and a digital platform that connects developers with corporates. It is the pioneer of Hackathons events in Italy and one of the European leaders.
• 100+ corporate partnerships
• +28k developers • ~10 European conference
a yearCash invested €160k Share 9,01% Last Portfolio Value €563k
Gamepix is an online platform that publishes and promotes HTML5 videogames. It has been one of the first companies in the world to specialize in HTML5 games.
• 100k publishers • 300+ games • 110M+ users
Cash invested €310k Share 20,58% Last Portfolio Value €1,83M
IAP ~€19M IAP ~€6,5MGitHub main competitor, sold to Microsoft for $7,5B
IAP ~€9M
Manet is an innovative solution for hotels, b&bs and their guests designed to revolutionize hospitality and the whole travel experience. It combines smartphones with a web dashboard operations.
• ~3k active smartphones • ~3k hotels & b&bs • Partnerships with Samsung
and Vodafone
Cash invested €350k Share 10,28% Last Portfolio Value €0,75M
IAP ~€7,5MHandy main competitor, $1,5B valuation
Insoore is changing the way insurance companies operate their claims management. It’s a platform that drastically reduces their costs by connecting the companies to users paid to provide real-time photo-documentation of a vehicle.
• ~3k active smartphones • ~3k hotels & b&bs • Partnerships with Samsung
and Vodafone
Cash invested €350k Share 10,28% Last Portfolio Value €0,75M
IAP ~€7,5M
Strategic Roadmap 2019-2022Investments growth Investments in startups up to €4,5M in 2022, reaching cumulative €30M at
the end of 2019-2022 Plan
Operational efficiency Break even at EBITDA level in 2019
Maximise startups portfolio & ExitsStartups revaluations YoY thanks to additional capital increase and extensive rounds. #15-20 Exits expected at the end of the period, with significant return on capital invested
Strengthen of Balance Sheet Up to €8M capital increase in 2019
Dividend policy Dividend distribution from 2020 - dividend payout ratio of 15%
Boost european presence Build-up a physical presence in Europe
2019-2022 Business PlanKEY FINANCIAL GUIDELINE (€M)
REVENUES
EBITDA
NET RESULT
INVESTMENTS
CASH IN FROM EXITS
2018
3,4
(0,7)
0,4
2019E
5,0
0,0
0,8
2022E
8,3
0,8
2,4
2,8 3,0 4,5
0,9 2,2 9,7
36% CAGR
54% CAGR
125% CAGR
40% CAGR
244% CAGR
Funding pipeline 2019
2019
STRONG REVALUATIONS EXPECTED IN 2019, DRIVEN BY LARGE INVESTMENT ROUNDS
Exits pipeline 2019SIGNIFICANT PIPELINE OF EXITS EXPECTED, CREATING VALUE FOR ALL SHAREHOLDERS
2019-2020 2021-2022
Agenda
WHO WE ARE
MARKET TRENDS & GROWTH OPPORTUNITIES
FINANCIAL HIGHLIGHTS
INVESTMENT OPPORTUNITYAPPENDIX
LV.EN. Holding 32,0%
Futura Invest 6,0% (57,7% owned by Fondazione Cariplo)
Luiss 4,2% (not listed)Kairos 3,8%
Sara Assicurazioni 2,2% (1,1% not listed)
Free Float 51,8%
LVG on the Stock Exchange
Market Cap ~€20 million*
*33.467.119 shares, o/w 1.787.789 not listed
CAPITALIZING ON
DIGITAL SECTOR
GROWTH
HIGH RETURNS FROM
EXITS
STRONG
MANAGEMENT TEAM
MATURE PORTFOLIO
OF SCALEUPS
INVESTMENT OPPORTUNITY
Agenda
WHO WE ARE
MARKET TRENDS & GROWTH OPPORTUNITIES
FINANCIAL HIGHLIGHTS
INVESTMENT OPPORTUNITY
APPENDIX
Portfolio Analysis
Poor Performers 32%
Investment Recovery (~1x) 26%
High Potential (1x-3x) 10%
Stars (>3x) 32%
Stars (>3x) 45%
High Potential (1x-3x) 12%
Investment Recovery (~1x) 25%
Poor Performers 18%
42% of LVG portfolio startups (Stars + High Potential) are performing extremely well
57% of LVG portfolio investments are made in the best startups (Stars + High Potential)
N. of startups in % % of investments
56 startups with more than 12 months + Lybratech out of 65 - data as of 31.12.2018
CONTACT USTELEFONO
+39 06 4547 3124EMAIL
luigi.capello@lventuregroup.comWEB
www.lventuregroup.com
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