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8 times the initial investment. If the VC fund only held 20% equity in the investment, a $2 million investment in a $10 million capitalised firm has to achieve an exit valuation of nearly $38 million to provide the VC firm with a 25% ROI over the six years. Since few firms consistently achieve this type of growth, the pressure is on the VC firm to choose the right investments and then to actively manage them to get the desired growth rate. Any slippage from the agreed targets will create considerable pressure on the VC to intervene to sell the business or to replace the management team to get the firm back on track.

Data from Scotland shows similar reasons for becoming a Business Angel. 75 – – 140 100 – – Total Source: Stuart Paul, Geoff Whittam and Jim B Johnston, 2003, The operation of informal venture capital market in Scotland, Venture Capital, October, Vol. 5. No. 4 Amounts invested by Angels tend to vary from country to country. Individual investments tend to be somewhat larger than where Angels act in a group to co-invest. The majority of Angel investments are co-investment situations. 16 Chapter Two: An Angel Profile An Introduction to angel investing Co-investments by Business Angels: Co-investor Investments in technology-based firms No.

Funds are often used for expansion, consolidations, turn-arounds, and spinouts of divisions or subsidiaries. Financing provided to research, assess and develop an initial concept before a business has reached a start-up phase. com Accessed 29/12/04 There are only a limited number of VC firms focused on financing seed or start-up stages, although this is often the stage where Business Angels play a major role. Angels often play the financing role between ‘family, friends and fools’, often referred to as ‘close money’ and formal venture capital.

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