Yatırım Süreçleri ve Değerleme - Ali H. Karabey

ITU CEKIRDEK DECEMBER 8, 2016

@akarabey

212 - All rights reserved 2

ALI H. KARABEY @akarabey

• Partner @ 212

• Financial Management

• Fund Raising

• Business Development

• Life before 212

• Arthur Andersen, New York, TMT Corporate Finance M&A

• Morgan Stanley, New York / London, Financial Operations / Internal M&A

• Deutsche Bank, London, Principal Investments

• University of Michigan

212


TURKEY: GROWING MARKET WITH STRONG DEMOGRAPHICS

96%

43%

47%

43%

72%

57%

28%

… fuelled by young and tech savvy population

Urban Rural

Mobile penetration

Facebook penetration

Internet penetration

Under the age of 24

72 M Mobile Subscribers

32 M Facebook Users

35 M Internet Users

75 M Total Population

32 M Young Population

Sources: US Census Bureau, Internet WorldStats, Facebook, ITU World Bank Database 2013 Population Data, February 2015 ICTA Market Report Q3-2014

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12000

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90

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GDP per capita (current US$)

Success stories are emerging…

Economic growth has been impressive…


OPPORTUNITY FOR TECHNICAL TEAMS TO DISTRUPT THE STATUS QUO

46% 52%

60% 61%

44% 49%

82% 80%

22% 17%

17% 17%

14%

19%

6% 8% 32% 31% 23% 22%

42%

31%

12% 12%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Czech R. Poland Brazil Mexico South Africa World Avg Turkey 2014 Turkey2019E

Hardware Software Service

Source : TURKSTAT, IDC, IMF, Unlu&C0, 212 Estimates

Decomposition of IT Spending in Comparable Economies


TURKISH NEXUS (EXODUS?) – TOP 10 RAISED +USD400M VC FUNDING


ACCESS TO EARLY STAGE INVESTMENT HAS A MATERIAL IMPACT

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350

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

In the last 10 years start-ups with access to early stage financing scaled significantly faster than earlier

entrants, reaching comparable valuations in less time

Year Founded

Cu

rre

nt

Va

lua

tio

n*

US

D m

Received investment within 3-years following year of founding

* 212 Estimates

Note: Sahibinden and Hepsiburada excluded as they are captive start-ups

≈ 600


VC FUNDING – SIGNIFICANTLY LACKING

1 14 16

186

423

0

50

100

150

200

250

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350

400

450

Turkey China Europe US Israel

Relative VC Funding Per Capita

Source : Startups.Watch, Zirra Wisdom


EUROPE

European Countries Ranked

by Their Most Well-Funded Startup since 20141

1- Source : CB Insights 2014-2016 (7/2016)

EUROPE?

Company HQ

Spotify Sweden

Delivery Hero Germany

BlaBlaCar France

FarFetch United Kingdom

Ozon.ru Russian Federation

Adyen Netherlands

Future Finance Ireland

Cabify Spain

Trustpilot Denmark

Avast Software Czech Republic

NEXThink Switzerland

Vinted Lithuania

TTTech Austria

CCP Games Iceland

M-Files Finland

poLight Norway

Carmudi Luxembourg

DocPlanner Poland

UniPlaces Portugal

Itineris Belgium

ShopFully Group Italy

invest.com Cyprus

Lingvist Estonia

Iyzico Turkey

ADASWorks Hungary

CloudPayments Latvia

Busfor Ukraine

Pollfish Greece

Gjirafa Albania

NETOPIA Systems Romania

Oddsium Malta

Content Insights Serbia

SaferPass Slovakia

USD2.3bn

USD100m

USD266m

USD9m

USD1m

USD31m


212 FUND I

CREATING LEADERS • Leading Turkish early and growth stage investment team

• Founded in 2012

• Fund I

• AUM $30 million

• 12investments out of +1,500 Companies reviewed

• Limited Partners include family offices and entrepreneurs

Founded

2012

Fund I Size

$30M

Diverse

investment

team of

3

Invested

In 12 out of +1500

FOCUSED INVESTMENT STRATEGY

• Proprietary deal flow

• Sector – Digital media, e-commerce, fintech, market places, mobile, platform,

software, tech in media, healthcare and education

• Geography – Turkey focused

• Leading investments from early stage to growth capital

• Active role

• High-quality syndicate partners and angels

VALUE CREATION THROUGH ACTIVE INVOLVEMENT • Active involvement helping portfolio companies become disruptive players

through sector expertise

• Leverage relevant network: successful entrepreneurs and emerging leaders

in Turkey, Europe and US

• Top-tier co-investors in the region

Focus on

Internet &

Tech


212 – BUILDING A VC

Number of Blog Posts Website Activity Advised & Assisted

People Interviewed International Media Events

+50 Blog Posts

+200 Interviews conducted for portfolio

company recruitment

Attended +280

Presented +190

Countries 30

Views +100K

Countries +30

Others

University Lectures

Standard Seed/Angel

investment agreement

initiative

212 Talks

212 Coffee Meetings

Kauffman Fellowship


212’s DEAL FLOW WITH NUMBERS

26%

E-COMMERCE

26%

OTHER

16%

SOFTWARE

8%

MOBILE WIRELESS

3%

ENTERPRISE

21%

CONSUMER WEB

DEAL FLOW BY INDUSTRY

DEAL SOURCES

40

+1500

12

DEAL FUNNEL

INTRODUCTIONS

CONFERENCE

INVESTORS

WEBSITE

OTHERS

44%

11% 11%

27%

7%


PORTFOLIO CO-INVESTORS

USD22M from 212

+USD55M in total


TOP PERFORMERS

•

• Payment Services Provider powering merchants with a platform with various value added services such as recurring billing, credit

card storage, mobile SDK, international payments

• +500% transaction growth YoY, +2.5K merchants, entering Iran

•

• SaaS-based management and digital marketing platform for hotels and suppliers of short-term lodging

• +24,000 properties, +125 OTAs, and +100 marketplace partners in 127 countries

•

• SaaS provider of advanced supply chain optimization solutions

• Home Depot, Vestel, A101

•

• B2B marketplace for the promotion and sales of automotive parts directly to car services

• +15m parts from 30brands, reaching +11K services across Turkey

•

• Software enables websites and mobile applications to create highly personalized experience with automated behavioral targeting

• 5 International offices

• Singapore Airlines, Uniqlo, Virgin



YATIRIM SÜREÇLERİ


YATIRIM

• Ne amaçla

• Ne zaman

• Kimden


TOPLANTI ÖNCESİ

#1 Yatırımcıyı gözünüzde büyütmeyin…

#2 Yatırımcı ile kurdugunuz ilk iletişim…

#3 Toplantıya zamanında gelin…

#80 Yatırımcılarla kontağa geçmeden önce ev ödevinizi yapın…

#19 VC daha önce kimlere yatırım yapmış öğrenin, bunlarla konuşmayı talep

edin, potansiyel ortaklarınızın güçlü ve zayıf yönlerini bilin


TOPLANTI & SONRASI

#61 Yaptığınız her sunum, paylaştığınız her doküman, email işinizin ve

ekibinizin vitrini

#23 Mümkün olduğu kadar fazla yatırımcı ile konuşun

#97 Yatırımcılara en son ne zaman bir güncelleme attınız?

#36 Yatırım almayan girişim başarısız olacak diye bir şey asla yok. Enseyi

karartmayın.

#37 Yatırım alanların başarılı olmasının hala düşük bir ihtimal olduğunu da

atlamayın

#38 Bu VC denen adamların her dedikleri doğru çıksa şu an aynı masada

oturmuyordunuz

DEĞERLEME


VC’den çok temiz kullanılmış iPhone 6 64GB


‘DOĞRU’ DEĞERLEME?


‘DOĞRU’ DEĞERLEME?

• S&P 500

• In order to be added to the index, a company must satisfy liquidity-based size

requirements

• Market capitalization >= USD5.3 billion

• Annual dollar value traded to float-adjusted market capitalization >1.0

• Minimum monthly trading volume of 250,000 shares

• 2013 - USD264 billion

• 2014 - USD179 billion

• 2015 - USD5.79 trillion


BLIND MEN AND AN ELEPHANT


DEĞERLEME

• Ne amaçla

• Ne zaman

• Kim tarafından


DEĞERLEME

• Discounted cash flow (DCF)

• Comparable transactions method

• Multiples method

• …


DEĞERLEME

#55 Doğru değer diye bir şey yok

#14 şirketinizin 2-3 yıllık bir mazisi yoksa DCF modeli vs kullanarak şirketinize

değer biçmek gibi bir faaliyete girişmeyin

#13 Değerleme, alacağınız yatırım, vereceğiniz % hakkında gerçekçi olun.

#72 Her yatırımcının şirketinizi değerleme şekli farklı olacaktır.


ÖNEMLİ OLAN

1. Yatırım - Şirket doğru miktarı aldı mı

2. İki taraf da masadan mutlu kalkıyor mu

3. Yapılan ortaklık, anlaşılan şartlar bundan sonraki adımları kolaylaştırıyor mu

BEN NEYE BAKIYORUM?


MASA DA KİM OTURUYOR?


HANGİ YATIRIMCILAR ÇOKTAN MASADA?

• Girişimci(ler)

• Çalışanlar

• Müşteriler

• Mentörler

• Yatırımcılar

• …


[email protected]

@akarabey

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