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1 CIB Pitchbook in PowerPoint v1 a viable alternative to Venture Capital? svs Capital Partners the strategy and corporate finance advisor to ambitious start-up teams and SMEs Berlin, March 22, 2018 STRATEGIC VALUE SERVICES

2 svs CapitalPartners leading edge in fundraising Capital markets (330+m EUR) 3 plain vanilla IPOs 1 despacing IPO 1segment change / quasi IPO Various secondaries Sven v. Schilling 12+ years CFO and CEO of listed tech companies 4 years Mngt Consultant (CSC Index, McKinsey) Founder/CEO of Germany s second SPAC Kellogg MBA VC & Business Angels (20m EUR) Various fundings ranging from 0.3m EUR to 3m EUR Crowdfunding (3+m EUR) i.a. two of Germany s largest six projects (Volocopter, Freygeist) ICO two projects in progress, several in the pipeline Ruben Bach 7 years Director of a VC fund 11 years as advisor to ambitious tech companies senior innovation policy advisor to the EU and EIT MA in philosophy (Constance, Oxford, Bologna) 1

3 The traditional way to fund start-ups... Source: 2

4 ... was disrupted by Crowdfunding Show me the money! 3

5 So, what happened to start-up funding? ICO Crowdfunding Source: 4

6 VC funding diverging volume and $ invested Global venture financing by stage 2010 Q4'17 $50 $45 $40 $35 $30 $25 $20 $15 $10 $5 $0 1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q ,000 5,000 4,000 3,000 2,000 1,000 0 Capital invested ($B) # of deals closed Angel/Seed Early VC Later VC Source: Venture Pulse, Q4 17. Global Analysis of Venture Funding, KPMG Enterporise 5

7 Crowdfunding* growing tremendously Crowdfunding volume in bn EUR Asia-Pacific Americas Europe * Includes all forms of crowdfunding Source: The 3rd European Alternative Finance Industry Report, Cambridge Center of Alternative Finance 6

8 ICOs very strong growth in 2017, but... Link to video: Source: 7

9 ... ICOs still come with big risks! Low quality diligence Mismatch market and business Regulatory risk Too few professional investors Lack of post ICO Investor relation ICO founder risk 8

10 Some recent findings on ICOs... 87% - no information on their regulatory status 76% - no financial plan nor intended use of proceeds 69% - no information about the applicable laws 69% - no information at all about the initiators 52% - no post-ico information on the actual subscriptions (i.e. on how much money participants invested in the project/company) 48% - no mentioning of the name of the iniator(s) nor any background information on them (such as the address) 33% - differing names for the author of the white paper and the issuer resp. initiator 32% - no information on the issuing entity's or promoter's geographic origin source: The ICO Gold Rush It s a Scam, It s a Bubble, It s a Super Challenge for Regulators 9

11 ICOs best of old and new world IPO Venture Capital ICO ICO Crowd funding Why are ICOs so popular? Democratization of access to capital/investments riding the next wave No middle men Liquidity/trading 10

12 Comparison of fundraising methods ICO Venture Capital Crowdfunding IPO Company life cycle seed / early stage seed late stage seed / early stage late stage / established Consideration extremely flexible equity equity, debt, product equity Regulation starting only to LPs partly strict Investors Access to money darknet to institutional investors relatively easy Institutional investors difficult supporters relatively easy Institutional investors, retail difficult Liquidity medium low low high 11

13 How do ICOs compare to late stage VC or Private Equity expansion financing? Investors Management/ Corporate Governance Transaction cost / security side benefits ICO unlimited international pool no dilution, no new shareholder, maintain entrepreneurial spirit correlation marketing spend and ICO success utilize campaign for PR & marketing purposes, build customer base and/or platform strategy VC / PE limited pool, frequently US-based active, demanding shareholder, comprehensive reporting, professionalization of companies significant upfront cost, little transaction security leverage network and experience of VC or PE ( smart money ) 12

14 What does it take for ICOs to become a viable and sustainable fundraising method? Liquid exchanges for ICO token Appropriate regulation and consideration (security vs. utility lk token) Influx of VC funds and asset managers Seasoned ICO teams and solid business models/ plans More Kodaks and telegrams 13

15 Thank you for your Attention! Sven-Roger von Schilling

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