Cogite 10112015
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Transcript of Cogite 10112015
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Why would I invest with you?
Sharing experience as an investor
November 2015
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Who am I?
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Khaled Ben JilaniSenior Partner @ AfricInvest
Engineering studies in France then in the US
First worked at Barclays Bank in Paris (internship then job)Then at BFI in Tunisia
Went back to study in the USWorked @ Proxicom a start-up in IT strategy
Back to Tunisia with Tuninvest: developed and invested an innovation VC fundThen developed a fund to invest in Financial Institutions in Africa
Invested in over 20 companies in 15 years from start-ups to mature institutions
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AfricInvest - A quick story
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Started in 1994 as Tuninvest
Mission: We invest in companies and take an equity stake to help them develop their businesses
We started out of Tunisia with a fund dedicated to Tunisia.
In 2000, we were requested to consider expanding to Morocco and Algeria. Recruited a team in Morocco and covered Algeria from Tunis
In 2004, we expanded to Sub-Saharan Africa: started prudently to cover West Africa
From 2007 started covering other African regions: Central then Eastern and Southern
Now have presence in 6 offices in African hubs: Tunis, Casablanca, Algiers, Nairobi, Abidjan and Lagos and over 1 billion USD of funds under management
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What is private equity and venture capital?
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We invest in and grow companies
Raise funds from investors (institutional, high net worth individual) - Funds have a set investment strategy - Funds have specific targets: size of investments or of companies, stages, sectors, banned sectors
We invest using equity or quasi-equity instruments
We help portfolio companies grow by rationalizing their strategy and their operations
We exit from portfolio companies through IPOs, trade sales, sales back to shareholders
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Where you should look for funding
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You are starting: Seed funding – your own, friends and family, angels, accelerators, crowdfundingYou are taking off: Love funding again and/or Venture CapitalYou are growing or maturing: Private Equity funding
Some advices for Tunisian entrepreneurs: - More money is invested by friends, family and angels that by VC funds - Model with multiple rounds of funding do not work in Tunisia
-> Ideally, raise what you need to break even - Make a careful use of debt - Fundraising is a long and frustrating process. Be prepared for it!
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How to prepare yourself for fundraising
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1. Discuss and write your plans: vision, strategy, financials, needs2. Know the investment strategy of the investor you are meeting with3. Prepare yourself to answer the sensitive questions upfront: valuation, funds needed, go/no go answers
Some advices: - A good investment proposal is not only about IRR, impact counts - Know your strengths but especially your weaknesses - Keep in mind it is a long process, so don’t over stretch your objectives - Value more a quick negative answer that a no answer at all
Phases: - Screening: teaser, information memorandum, term sheet - Offer & Due diligence: term sheet, business plan, financials, bios - Closing: Shareholders Agreement, Bylaws
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About the entrepreneurs we invest in
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Love of work and lots of work
5. Knowledgeable about their sector, with a proven experience4. Focused on objectives and especially on bottom line3. Have a prudent vision on the future of their companies2. Have a talent to attract good if not the best people1. Hard workers with a sense of detail0. Must have a very high level of integrity! Just one advice to future or current entrepreneurs: Be yourself!
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The Tunisian model of a start up
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The typical story of a successful IT company
Preamble: Start with own funding, often as a side job
Chapter 1: Develop a first software but don’t sell itChapter 2: Propose its software for almost nothing to gain references and start selling servicesChapter 3: Decide to focus on one model: software edition or IT servicesChapter 4: Grow internationally
Morale of the story: Not all successful companies follow the Facebook story. Write your own!
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Immeuble Integra, Centre Urbain Nord, 1082 Tunis, Tunisie+216 71 189 800+216 71 189 850www.africinvest.com
Adresse: Phone:Fax:Siteweb:
Contacts
Mr. Khaled Ben JilaniSenior [email protected].: + 216 22 22 08 73