[premoney 2014] scale venture partners >> kate mitchell, "the fundraising trenches: how i...
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"The Fundraising Trenches: How I Closed A $300M Fund In 92 Days"TRANSCRIPT
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1Confidential – Trade Secret
Kate Mitchell, Scale Venture Partners, @KateDMitchellPre-Money Conference June 27, 2014
The Fundraising Trenches:How We Closed a $300M Fund…Faster Than We Expected
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@KateDMitchell
Just Mastering the Game
• Fund I - Captive
• Fund II – Captive Spinout
• Fund III – 1st Raise 2008/9
• Fund IV – May 2013
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@KateDMitchell
The ViewFrom Fund IV
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@KateDMitchell
The View Towards Fund V
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@KateDMitchell
Environment
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@KateDMitchell
Venture FundraisingIndustry Becoming Right Sized
$120B
20
60
700
300
500
100
# ofFunds
VCCapital Raised
($B)
VC Capital Raised
# of Funds
Source: Thomson Reuters and NVCANote: 2012YTD denotes Q1 2012
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
1Q
20
14
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@KateDMitchell
The Last 5 Years…
Venture Raised: $92.5B
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@KateDMitchell
The Last 5 Years…
Venture Raised: $92B
Venture Invested: $133B
The “Overhang” OfUnfunded CommitmentsIs Gone
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@KateDMitchell
“Survivability is thrivability. You have to be alive to win”
»Early VC lesson
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@KateDMitchell
Lessons LearnedFrom Entrepreneurs
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@KateDMitchell
Lessons LearnedFrom Funding Entrepreneurs
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@KateDMitchell
Understand Product/Market Fit
• Clear Strategy• Fit on Investing Continuum• Ability To Deliver Cash Multiples• Test The Market
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@KateDMitchell
Know Your Customer
• Mission• Appetite • Investing “Map”• Purchase History• Process
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@KateDMitchell
Best CEOs Develop New Sources of Capital
…Years Before Needing It
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@KateDMitchell
Build Customer Relationship
• Contact Builds Trust
• Knowledge Reduces Risk
• Do What You Say You Do?
• Transparent @ Failures & Success?
• LPs Have Pattern Recognition – Listen!
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@KateDMitchell
Invest In Your Product Launch
• Data
• Process
• People
• Message
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@KateDMitchell
ScaleVP Knows Scaling
BeforeInvesting
After Investing
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@KateDMitchell
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@KateDMitchell
92 Days…
• Newest Relationship – 3 Years Old
• Diligence Completed...Not Started
• Beneficiary of LP Concentration
• Never Assumed Success
• Honest About Process
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@KateDMitchell
93rd Day…
• Focus on Delivering Product: $$$
• Continue Relations For Next Raise
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@KateDMitchell
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22Confidential
Kate MitchellScale Venture Partners
www.scalevp.com (650)378-6000
[email protected]@KateDMitchell