Andrej Kiska - Credo Ventures - CZ - VC & Startup Ecosystem in Central Europe - Stanford - Jan 22...
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VC & Startup Ecosystems in Central Europe Andrej Kiska, Credo Ventures Stanford Europreneurs – School of Engineering January 22 2018 DISCLAIMER: This presentation contains super confidential proprietary information, some or all of which may be legally privileged. It is for the intended recipient only. If you are not the intended recipient you may not read, use, disclose, distribute, copy, print or rely on this presentation. © 2018, Credo Ventures a.s.
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Transcript of Andrej Kiska - Credo Ventures - CZ - VC & Startup Ecosystem in Central Europe - Stanford - Jan 22...
VC & Startup Ecosystems in Central Europe
Andrej Kiska, Credo VenturesStanford Europreneurs – School of Engineering
January 22 2018
DISCLAIMER: This presentation contains super confidential proprietary information, some or all of which may be legally privileged. It is for the intended recipient only. If you are not the intended recipient you may not read, use, disclose, distribute, copy, print or rely on this presentation.
© 2018, Credo Ventures a.s.
“Partnering with outstanding technology founders from CEE with
global ambitions to realize their dreams”
Advisory board
€71Millionin assets under management
7 investment professionals based in Prague + 1 in Menlo Park
Esther Dyson ChairReshma Sohoni (Seedcamp)Stuart Chapman (DFJ Esprit)Jan Hammer (Index Ventures)Andrew Banks (True)
Exits
Current Portfolio2fundsCredo Stage I founded 2010 – 18 MMCredo Stage II founded 2015 – 53 MM
Venture partnersMartin Rehak (Cisco)Michal Pechoucek (Cisco)Tobias Rataj (Teradata)Karel Obluk (AVG)Tomas Orlik (GCWare)
Cred
CREDO VENTURES’ TEAM
Prague office:Ondrej Bartos, involved in the CEE startups scene since 1999, previously starred on the Czech Dragon’s DenJan Habermann, co-founded and operated several companies before entering the VC world in 2006, Kauffman FellowVladislav Jez, launched the first VC fund in the region in 1994 and served as the president of the Czech PE and VC Association
Menlo Park office:Andrej Kiska, opened our Silicon Valley office in 2017, Forbes 30 under 30, Central European Investor of the year 2016 by CESA
4 general partners working together since Credo’s inception in 2010 supported by a team of associates, executive assistants and advisors
FUND WITH MOST INVESTMENTS AND MOST EXITS IN CENTRAL EUROPE THIS DECADE
Raised $30M Series A from:
Sold to:
Sold to:
Sold to:
Sold to:
6
1. Historical Context
2. Czechs vs Slovaks
3. Our challenges
4. Funding Ecosystem Overview
Agenda
1. Historical Context
/ Presentation title / date8
STRONG HISTORY OF CREATIVE INVENTIONS…
Drunk tank / Sobering-up station
Invented by Jaroslav Skala, Czech Republic
Over 63 existing stations treated over 1.2mm
people in Czechoslovakia
Shutdown of such stations in Poland created
overflow of patients in hospital‘s ERs
Earthquake Machine
N. Tesla (Croatia) deployed a small oscillating
device that, when attached to his office and
operating, nearly shook down the building.
The Device weighted a few pounds
The timing of the oscillator was tuned at such
frequency that each little vibration added just
a little more energy to the wave of flex in
a building
/ Presentation title / date9
…AND EVEN SOME SERIOUS ONES
Lightning rodInvented by Propok Diviš
in 1750’s
Ship propellerInvented and patented in 1827
by Josef Ressel
Contact lensesInvented by Dr. Otto Wichterle
(Nobel Prize nominee 1993)
RadioCo-invented by Josef Murgaš
in 1900’s
Nikola TeslaOver 300 patents: alternating
current, x-ray, telecommunications…
Ejection seatFirst layout proposed by Anastase
Dragomir in late 1920’s
TODAY: HOME OF THE BEST TECH TALENT
2017 Data
2. Czechs versus Slovaks
Slovak Success Stories
Czech vs Slovak Success Stories: USD 100 MM+ Successes
Slovakia Czech Republic
Czech vs Slovak Success Stories: USD 10 – 100 mm Successes
Slovakia Czech Republic
Slovakia Czech Republic
Czech vs Slovak Potential Success Stories
CZ 2014 Exits Israel 2014 Exits
Big Picture
Cred
€ 4.2€ 4.9
€ 10.1
€ 14.4
€ 16.2
1,290
1,853 2,120
2,566
3,376
621 967
996
1,301
1,748
245 317 378567
879
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
€ 0
€ 2
€ 4
€ 6
€ 8
€ 10
€ 12
€ 14
€ 16
€ 18
2012 2013 2014 2015 2016
Fundraising in Europe
Deal value (€B) Deal volume (total) Angel/Seed Series A
Source | Dealroom.co
Europe is home to 30+ unicorns
US funds participate more and more in European deals
25% of funding in 2016 came from US funds
Opportunities come from all over Europe
UK and Germany slowing down to make room for the rest of Europe
At €25 per capita VC funding, Europe has a lot of room to
match the US’s €231
WHILE EUROPEAN ECOSYSTEM AS A WHOLE IS GROWING FAST…
17
Cred
67
238
0
50
100
150
200
250
2010 2016
Central Europe Venture Capital Deal # by Stage
Seed Start-Up Later Stage Total
Sources | Invest Europe; KPMG; DealRoom.com; PWC
€550M early stage capital invested in Central Europe since 2015. A level similar
to Colorado, the 6th largest tech ecosystem of the US
Launch of Credo Stage 1
2010 - 2016 VC Deal # CAGR: 20% Central Europe, 6% Europe, 6% USA
Cred
… CENTRAL EUROPE IS GROWING EVEN FASTER
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3. Where are the company builders
Our (aspiring) Stars*The USD 100 MM Business
Lack of billion dollar success stories leads to…
…lack of billion dollar ideas
Result of the Problem
4. Funding Ecosystem Overview
Our Funding Ecosystem
With CredoJ
