The head of Mangrove Capital Partners answered the questions of habra people
David Waroquier , Head of Mangrove Capital Partners, responded with interest to the proposal of the Faculty of Management in the field of Internet technologies to talk with you and answer your questions.
What do you think about the impact of the global crisis on the Internet industry? Who will be hard, and who - all the same?
For the Internet industry, the crisis will be expressed primarily in the complication of the process of obtaining investment. Startups will have a much more serious approach to the business models of their projects, especially if these business models will be associated with making profit from advertising. Since it is advertising budgets that will suffer during a crisis. Startups in the early stages of development will have to demonstrate opportunities for monetization. From projects at later stages of development, investors will expect certain results that they have achieved in monetization. All this will lead to stronger and more thoughtful business plans that the investor will receive.
')
How much do you think the level of investment in Internet companies will fall in 2009? (in comparison with 2008).
In general, the number of investment funds will decrease, some players will disappear from the market. Of course, we will continue our investments :) The remaining investors will begin to impose more stringent requirements and project selection criteria.
What will be the main trend next year? What will be the chip?
The worlds of the Internet and mobile communications will become increasingly intertwined. We will see a huge amount of innovation in this area.
What is Mangrove Capital Partners?
This is a venture capital fund that provides start-up investment capital. The company is based in Luxembourg.
What do you do?
We mainly invest in the early stages of the development of Internet projects. We invest in the Internet, software, Internet media, mobile applications. We work mainly with Europe and Russia, there are investment projects in America.
How are you?
Things are good, thank you. I sit in a Moscow traffic jam, I feel a little cold.
How old are you?
41 year
What is your car?
Audi A5 and Volvo XC 90
Holiday greetings!
Thank you, and you too!
David, why does Mangrove Capital Partners have such a scary site?
We focus on our work with start-ups and not on our own website.
Recently there was an article about “Venture investment based on UIF” - habrahabr.ru/blogs/startup/47056/.
Where 2 mutual funds buy shares of Internet projects.
Could you guess how correct the choice of projects is?
I will quote the author, the list of projects of both mutual funds, so as not to bother the readers.
Finam - Information Technology
* "Mamba" - The system of dating and communication, combining dozens of well-known portals and sites;
* "E-generator" - a service for the implementation of remote projects in the field of advertising and web development;
* "Buka" - the leading company in the Russian market of computer games;
* Ashmanov & Partners is a company that specializes in online consulting and the development of intelligent software.
Atlanta Start
* “Internet tricks” - a place where reviews of new interesting websites, programs, news of web 2.0 projects and various opinions about the Internet are published daily;
* MoeMesto is a service for storing bookmarks and personal information on the Internet;
* "Football Factory" - 3D online football simulator with management elements;
Without more complete information about the project it is impossible to give a professional assessment of which you speak. It is necessary to study in detail all the data, make an analysis of the situation on the market.
We must meet with the owners of the projects, look at the business plan, marketing strategy. It is necessary to understand the technology, it is necessary to evaluate the uniqueness of the product on the market, etc. Market size is a very important indicator. We, for example, refuse to invest in oversaturated markets.
And yet, in which UIF you invested?
Again, I do not have enough information to make this decision. I can not invest only in the name and a brief description of the projects.
- Could you evaluate the correctness of the choice of projects?
- All details are available to you as well as to all who saw the link to the post (Recently there was an article about “Venture investment based on mutual fund” - habrahabr.ru/blogs/startup/47056/.)
The fact is that David could answer your questions in traffic jams between meetings, the Internet was not always at hand and the opportunity to spend time on such an analysis. Moreover, David does not know Russian, which complicates the task.
thank
How to take money from you?
We offer entrepreneurs to send a business plan and take time for analysis. If the project seems interesting to us, we meet with the owner and discuss in more detail. If everything is ok, we invite an entrepreneur to Luxembourg and ask “to pitch” to submit the project to our entire team. If the startup goes through this stage, our auxiliary departments start working - legal, financial ... And you get the money!
The project presentation stage is VERY important - the first impression is the strongest. Your enthusiasm, desire for success, burning eyes, willingness to work are important.
How does the fund intend to exit Russian investments?
In most cases, we sell our share. Less often by conducting an IPO (initial public offering).
What percentage of shares remains with the founders at the time the fund leaves the project? Concrete, if possible.
Too general question. There are no rules here. Each specific case, business project is considered separately. But in each case, we understand that if the founder receives few shares, he has no desire to work, fight. Therefore, we try to provide our startups with a fair amount of share to maintain motivation.
Investors and entrepreneur is a team. And the role of the investor, including maintaining the motivation of the creator.
Who manages the fund in Russia? Who selects projects? More in detail =)
In general, Mangrove is eight professionals, all together we make a decision on investments. I am the one who is responsible for a specific market - Russia. We are very serious about working with Russia, we spend a lot of time and effort on your country. I personally come to Moscow at least once a month. In addition, we have a local partner - ABRT, to which an entrepreneur can turn.
How will the foundation help entrepreneurs, specifically?
We are “hands on” investors. Keep your finger on the pulse. This means that we not only give money, but also work closely with the entrepreneur at all stages of project development. We very often meet with the team, and depending on specific needs, we help them, guide them, warn, protect :) We work together to develop a marketing strategy, help with recruitment, help with everything that arises the need for a successful project.
How does a foundation differ from ABRT, Finam, RVK, Baring Vostok?
I have never analyzed in detail, therefore it is difficult to answer.
I would note that we are different in that we are global and international. In many cases, the entrepreneur sees in us an excellent partner for the development of a global strategy for promoting his project.
We also have a multinational company :) Of the 8 people partners - 6 nationalities - Spain, Belgium, Great Britain, America, Germany, Italy. Well, and our Russian "component" - ABRT.
How to start cooperation with the foundation? The minimum investment and the level of planned capitalization? Team requirements? And other standard questions, specifically desirable.
The first investments on average can be from 500,000 to several million Euros. Of course, it all depends on many factors and the startup stage. Maybe less, maybe more.
About how to get started with us, I already wrote above. In general, write to me if you have an interesting project david@mangrove-vc.com
Thank you for your questions, good luck!
What do you think about the impact of the global crisis on the Internet industry? Who will be hard, and who - all the same?
For the Internet industry, the crisis will be expressed primarily in the complication of the process of obtaining investment. Startups will have a much more serious approach to the business models of their projects, especially if these business models will be associated with making profit from advertising. Since it is advertising budgets that will suffer during a crisis. Startups in the early stages of development will have to demonstrate opportunities for monetization. From projects at later stages of development, investors will expect certain results that they have achieved in monetization. All this will lead to stronger and more thoughtful business plans that the investor will receive.
')
How much do you think the level of investment in Internet companies will fall in 2009? (in comparison with 2008).
In general, the number of investment funds will decrease, some players will disappear from the market. Of course, we will continue our investments :) The remaining investors will begin to impose more stringent requirements and project selection criteria.
What will be the main trend next year? What will be the chip?
The worlds of the Internet and mobile communications will become increasingly intertwined. We will see a huge amount of innovation in this area.
What is Mangrove Capital Partners?
This is a venture capital fund that provides start-up investment capital. The company is based in Luxembourg.
What do you do?
We mainly invest in the early stages of the development of Internet projects. We invest in the Internet, software, Internet media, mobile applications. We work mainly with Europe and Russia, there are investment projects in America.
How are you?
Things are good, thank you. I sit in a Moscow traffic jam, I feel a little cold.
How old are you?
41 year
What is your car?
Audi A5 and Volvo XC 90
Holiday greetings!
Thank you, and you too!
David, why does Mangrove Capital Partners have such a scary site?
We focus on our work with start-ups and not on our own website.
Recently there was an article about “Venture investment based on UIF” - habrahabr.ru/blogs/startup/47056/.
Where 2 mutual funds buy shares of Internet projects.
Could you guess how correct the choice of projects is?
I will quote the author, the list of projects of both mutual funds, so as not to bother the readers.
Finam - Information Technology
* "Mamba" - The system of dating and communication, combining dozens of well-known portals and sites;
* "E-generator" - a service for the implementation of remote projects in the field of advertising and web development;
* "Buka" - the leading company in the Russian market of computer games;
* Ashmanov & Partners is a company that specializes in online consulting and the development of intelligent software.
Atlanta Start
* “Internet tricks” - a place where reviews of new interesting websites, programs, news of web 2.0 projects and various opinions about the Internet are published daily;
* MoeMesto is a service for storing bookmarks and personal information on the Internet;
* "Football Factory" - 3D online football simulator with management elements;
Without more complete information about the project it is impossible to give a professional assessment of which you speak. It is necessary to study in detail all the data, make an analysis of the situation on the market.
We must meet with the owners of the projects, look at the business plan, marketing strategy. It is necessary to understand the technology, it is necessary to evaluate the uniqueness of the product on the market, etc. Market size is a very important indicator. We, for example, refuse to invest in oversaturated markets.
And yet, in which UIF you invested?
Again, I do not have enough information to make this decision. I can not invest only in the name and a brief description of the projects.
- Could you evaluate the correctness of the choice of projects?
- All details are available to you as well as to all who saw the link to the post (Recently there was an article about “Venture investment based on mutual fund” - habrahabr.ru/blogs/startup/47056/.)
The fact is that David could answer your questions in traffic jams between meetings, the Internet was not always at hand and the opportunity to spend time on such an analysis. Moreover, David does not know Russian, which complicates the task.
thank
How to take money from you?
We offer entrepreneurs to send a business plan and take time for analysis. If the project seems interesting to us, we meet with the owner and discuss in more detail. If everything is ok, we invite an entrepreneur to Luxembourg and ask “to pitch” to submit the project to our entire team. If the startup goes through this stage, our auxiliary departments start working - legal, financial ... And you get the money!
The project presentation stage is VERY important - the first impression is the strongest. Your enthusiasm, desire for success, burning eyes, willingness to work are important.
How does the fund intend to exit Russian investments?
In most cases, we sell our share. Less often by conducting an IPO (initial public offering).
What percentage of shares remains with the founders at the time the fund leaves the project? Concrete, if possible.
Too general question. There are no rules here. Each specific case, business project is considered separately. But in each case, we understand that if the founder receives few shares, he has no desire to work, fight. Therefore, we try to provide our startups with a fair amount of share to maintain motivation.
Investors and entrepreneur is a team. And the role of the investor, including maintaining the motivation of the creator.
Who manages the fund in Russia? Who selects projects? More in detail =)
In general, Mangrove is eight professionals, all together we make a decision on investments. I am the one who is responsible for a specific market - Russia. We are very serious about working with Russia, we spend a lot of time and effort on your country. I personally come to Moscow at least once a month. In addition, we have a local partner - ABRT, to which an entrepreneur can turn.
How will the foundation help entrepreneurs, specifically?
We are “hands on” investors. Keep your finger on the pulse. This means that we not only give money, but also work closely with the entrepreneur at all stages of project development. We very often meet with the team, and depending on specific needs, we help them, guide them, warn, protect :) We work together to develop a marketing strategy, help with recruitment, help with everything that arises the need for a successful project.
How does a foundation differ from ABRT, Finam, RVK, Baring Vostok?
I have never analyzed in detail, therefore it is difficult to answer.
I would note that we are different in that we are global and international. In many cases, the entrepreneur sees in us an excellent partner for the development of a global strategy for promoting his project.
We also have a multinational company :) Of the 8 people partners - 6 nationalities - Spain, Belgium, Great Britain, America, Germany, Italy. Well, and our Russian "component" - ABRT.
How to start cooperation with the foundation? The minimum investment and the level of planned capitalization? Team requirements? And other standard questions, specifically desirable.
The first investments on average can be from 500,000 to several million Euros. Of course, it all depends on many factors and the startup stage. Maybe less, maybe more.
About how to get started with us, I already wrote above. In general, write to me if you have an interesting project david@mangrove-vc.com
Thank you for your questions, good luck!
Source: https://habr.com/ru/post/47152/
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