[PREMONEY 2014] Scale Venture Partners >> Kate Mitchell, "The Fundraising Trenches: How I Closed A...
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Transcript of [PREMONEY 2014] Scale Venture Partners >> Kate Mitchell, "The Fundraising Trenches: How I Closed A...
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
@KateDMitchell
Just Mastering the Game
• Fund I - Captive
• Fund II – Captive Spinout
• Fund III – 1st Raise 2008/9
• Fund IV – May 2013
@KateDMitchell
The ViewFrom Fund IV
@KateDMitchell
The View Towards Fund V
@KateDMitchell
Environment
@KateDMitchell
Venture FundraisingIndustry Becoming Right Sized
$120B
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# ofFunds
VCCapital Raised
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VC Capital Raised
# of Funds
Source: Thomson Reuters and NVCANote: 2012YTD denotes Q1 2012
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1Q
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@KateDMitchell
The Last 5 Years…
Venture Raised: $92.5B
@KateDMitchell
The Last 5 Years…
Venture Raised: $92B
Venture Invested: $133B
The “Overhang” OfUnfunded CommitmentsIs Gone
@KateDMitchell
“Survivability is thrivability. You have to be alive to win”
»Early VC lesson
@KateDMitchell
Lessons LearnedFrom Entrepreneurs
@KateDMitchell
Lessons LearnedFrom Funding Entrepreneurs
@KateDMitchell
Understand Product/Market Fit
• Clear Strategy• Fit on Investing Continuum• Ability To Deliver Cash Multiples• Test The Market
@KateDMitchell
Know Your Customer
• Mission• Appetite • Investing “Map”• Purchase History• Process
@KateDMitchell
Best CEOs Develop New Sources of Capital
…Years Before Needing It
@KateDMitchell
Build Customer Relationship
• Contact Builds Trust
• Knowledge Reduces Risk
• Do What You Say You Do?
• Transparent @ Failures & Success?
• LPs Have Pattern Recognition – Listen!
@KateDMitchell
Invest In Your Product Launch
• Data
• Process
• People
• Message
@KateDMitchell
ScaleVP Knows Scaling
BeforeInvesting
After Investing
@KateDMitchell
@KateDMitchell
92 Days…
• Newest Relationship – 3 Years Old
• Diligence Completed...Not Started
• Beneficiary of LP Concentration
• Never Assumed Success
• Honest About Process
@KateDMitchell
93rd Day…
• Focus on Delivering Product: $$$
• Continue Relations For Next Raise
@KateDMitchell
22Confidential
Kate MitchellScale Venture Partners
www.scalevp.com (650)378-6000
[email protected]@KateDMitchell