Cleantech Master Class: Présentation Alexandre Ouimet-Storrs (Partner - Truffle Capital)

Transcription

1 Cleantech Master Class: Présentation Alexandre Ouimet-Storrs (Partner - Truffle Capital)

2 Qui est Truffle Capital? Indépendant Truffle est un fond de capital risque technologique crée en 2001 et basé à Paris International Truffle Capital est constitué d une équipe de 16 avec une forte expérience dans le capital risque, dans les start ups et en industrie. Equipe avec expérience internationale Diversification de risque Truffle Capital investit très tôt dans les start up, se concentrant dans les domaines des Cleantechs, la Science de la Vie, et l IT, en prenant une position importante du capital des compagnies Une diversification propriétaire du dealflow excellente, avec un accès important aux laboratoires de recherche ou de R&D d entreprises pour des spin off (e.g. Carmat, Sp3H, etc) Bon «track record» 62 compagnies financer dans tout les secteurs 34 sorties completes et partielles, 12 IPO complétés, avec plusieurs sorties à des multiples élevés Une mentalité «gros risque / gros profit» Bonne capacité de levée de fonds Environ 700M sous gestion 410M investis depuis sa création dans des compagnies innovante a ce jour 110M remboursés aux investisseur depuis son lancement Levée de fond annuelle entre 40 et 50 M

3 Stratégie d Investissement - Investit dans la technologie à un stade «pré-revenus», à une maturité où la majorité des fonds de capital risque n investissent pas! - Prend des positions importantes au capital (minimum 33%) - Investit dans des technologies pionnières ou des technologies qui peuvent fournir une valeur ajoutée forte (prix, efficacité, etc) dans les marchés existants - Evite les investissements «Me too». Pas peur de nouveaux marchés «Blue Ocean», au contraire! - Travaille en tandem avec les PDGs et fondateurs pour aider la croissance des entreprises grâce à son réseau d experts ainsi qu à ses contacts industriels (e.g. Total,Shell, VW, etc) - Se concentre majoritairement sur des compagnies en Europe occidentale avec certaines exceptions - Tickets d investissements entre 500 keur à 5 MEUR par tour de financement.

4 Processus d investissement chez Truffle et la majorité des VCs (1) PHASE 1: Le premier contact On voit en moyenne 400 dossiers d investissement par an, souvent sous forme de «teaser». Seulement 1 ou 2 sont sélectionnés en moyenne!

5 Processus d investissement chez Truffle et la majorité des VCs (2) PHASE 2: Le premier RDV 1 dossier sur 10 passe à la prochaine étape: rencontre avec la société et envoi de premiers éléments Les critères importants d investissement sont: PRODUIT, MARCHÉ et surtout MANAGEMENT

6 Processus d investissement chez Truffle et la majorité des VCs (3) PHASE 3: La période de courtage 1 dossier sur 5 passe à la prochaine étape: plusieurs rencontres, questions/réponses, début de due diligence, revue approfondie de business plan NÉGOCIATION DES TERMES D INVESTISSEMENT Le fameux term sheet

7 Processus d investissement chez Truffle et la majorité des VCs (4) PHASE 4: La demande en mariage Term sheet signé (1 sur 200 sélectionné)! Processus de sélection quasi terminé, il ne reste que la due diligence et la négociation finale.

8 Processus d investissement chez Truffle et la majorité des VCs (5) PHASE 5: Le mariage Due diligence terminée et négociation acceptable, «closing» de l investissement. 80% pourcent de chances de succès après term sheet.

9 Processus d investissement chez Truffle et la majorité des VCs (6) PHASE 5: La vie après le mariage! La lune de miel commence et les divergences aussi! Maintenant il faut gérer au jour le jour les attentes et le «couple» Le but de l investisseur est que son argent fasse plusieurs «bébés» (multiples sur investissement)

10 Conclusion: le but d un fond de capital risque lorsqu il investit Un VC (responsable) cherche toujours à aligner ses intérêts avec ceux des fondateurs pour faire un maximum de retombées financières pour les deux parties!

11 Questions?

12 Portfolio Sector Exposure Good diversification in several sectors

13 HI Investments Seed Phase Seed Phase Spin off of the LPRL lab that developed radar absorbing paints for the Rafale, Cascade Light Technologies is developing a system to increase the yield of crops by up to 80% without altering the quality or growth period of the crop by shifting the solar spectrum into wavelength range most efficient for photo synthesis. It is also developing a special film for PV cells which increases their efficiency by 2% to 3%. Capnodis aims to develop and commercialize biologically friendly alternatives to chemical pesticides in order to manage pests affecting key crops in the Mediterranean basin and West Africa. It currently focuses on controlling Capnode which kills about 10% of the Apricot plants. Its partnership with the INRA will also enable the company to develop an alternative pesticide for treating pests affecting coffee production. Seed Phase Geocorail is engaged in an innovative process of creating artificial cement on the coast by using electrochemical process in seawater to create,in situ, a strong and rough material which can be applied in coastal engineering to fight erosion and consolidate marine facilities. It is also developing a natural coral reef renewal and heavy metal removal technology (in marine environments) Build Up Phase Dymeo makes speed, position and acceleration sensors using the concept of eddy currents to help regulate and optimize performance in industrial, electrical, automotive and defense sectors. These sensors are low cost, robust, highly precise and require no calibration. Its sensors can significantly improve the performance of low cost electrical motors.

14 HI Investments Growth Phase Build Up Phase Vity Technology creates products that connect all the technologies used in houses, conference rooms, hospitals etc. to a smart digital network and allows to increase comfort and safety, while reducing energy consumption by measuring the power consumption. The company generates roughly 4 MEUR in revenues and is profitable. Its now positioning itself as a key player in ehealth. OHT has developed a polymer technology based on the use of adsorbents (oleophilic and hydrophobic) to depollute soil and water by removing the hydrocarbons. The company is present on two markets: local soil and water depolution and the removal of hydrocarbons from produced water. It has successfully tested an industrial scale pilot, depolluting water in the Oil and Gas Sector. Build Up Phase Growth Phase Genes Ink produces conductive, semi-conductive and fluorescent inks, based on a technology using nanoscalemetal or metal oxides particles. These inks are printable materials for thin film and coating printings in markets such as printed and flexible electronic supports, renewable energies and security. Ramboo is developing construction materials for wooden houses using a technology that makes use of the strength and insulating properties of bamboo for producing energy positive and neutral homes and buildings. The low cost of bamboo makes this technology attractive to construction companies.

15 FCPI Investments BUILD UP PHASE GROWTH PHASE 2-B Energy is dedicated to developing and implementing an innovative 2 bladed 6MW offshore wind turbines, with 30% lower cost of energy produced. It is currently focused on demonstrating its turbine in Eemshaven, NL. It has several properties in the EU where it can deploy several turbines in the future. It has also recently raised 27MEUR from new investors including Shell. Acerde is an expert in the development of advanced materials, with applications notably in the medical sector. It is currently developing light rotating anodes that can reduce the weight of existing anodes by up to 4 times which has net benefits for medical equipment manufacturers. ACERDE can also as well as refurbish existing used anodes. All the major equipment manufacturers have teamed up with ACERDE on several commercial and R&D programs BUILD UP PHASE Eco-Carbone concentrates on large scale biofuel production using Jathropha as well as traditionnal sunflower plantations across Africa. It has teamed up with a large industrial vegetable oil producer to help commercialize its oils in African and the EU. GROWTH PHASE Neelogy develops and commercializes innovative sensors for measuring both AC and DC current, based on the Neel Effect, which enables highly accurate, hysteresis-free measurement of alternating and direct currents. It addresses the Test and Measurement and embedded components markets.

16 FCPI Investments Growth Phase Growth Phase Actility is the provider of ThingPark, the Internet of Things and M2M service platform. Actility is also a Demand Response aggregator for industries and smart energy management provider. It is currently deploying a unique long range connectivity network for low power consumption sensors for B2B and B2C clients in Europe and Asia. Dietswell is a publicly-listed (Mnemo : ALDIE) company focused on delivering customized onshore & offshore drilling solutions to O&G operators worldwide. It is now fully focused on services like audit, engineering solutions and consulting. Build Up Phase SP3H has developed a microanalyzer based on combination of infrared technology and specific data treatment software. SP3H s key approach is to profile the molecule structure of the fuel and add to its extensive database. Its fuel quality sensors have application in automotive, oil refining, stationnary and marine markets. These sensors can help optimize motors enabling a 1-5% reduction in GHG emissions.

17 Energy Portfolio Exits Isis Innovation (now a subsidiary of Nexeya), offers software and services for industrial command and control systems to large blue-chip customers in aeronautics, defense, space, transport, energy and telecommunications. First investment in Partial exit in 2007 through a trade sale to Nexeya and full exit in 2009 and 2010 on the stock market, at a multiple over 3,5x. Osead is a French company founded in 2006 and specialized in exploration and production of energy resources. First investment in Photon Technologies is a provider of photovoltaic installations targeting individuals as well as industrial, agricultural, and public buildings. First investment in Partial exit in 2007 through reduction of capital, second partial exit in 2011 through sale to another fund, final exit in 2012 at an overall multiple of 2,8x. Trade sale to EDF Energies Nouvelles in 2010, with a multiple over 3x. Velcan is specialized in electricity generation and in the reduction of greenhouse gas emissions through the production and the trading of carbon credits. First investment in Exit through an IPO in 2007 at multiple over 1,2x. Cybernétix is a specialist in robotics of complex systems in hostile environments. First Investment in Sale to other shareholders in 2007 at a multiple over 2,5x. Dietswell is a publicly-listed (Mnemo : ALDIE) company focused on delivering customized onshore & offshore drilling solutions to O&G operators worldwide. IPO in 2007, partial exit on the stock market at a multiple over 3x.

18 Types de Fond Truffle Truffle commercialises trois types de fonds : Fonds Commun de Placement en Innovation (FCPI): - Fond de détail souscrit par des particuliers ou des banques avec des règles d investissements spécifiques (ex. 80% des fond investie doive être dans des compagnie technologique en Europe avec moins de 250 MEUR en revenue) - Tickets d investissement par tour entre 1MEUR to 5 MEUR. - Cible généralement les tours A or B d investissements. Holding Incubatrices (HI): - Fonds levers en 2010 permettant les particuliers de recevoir un allègement fiscal (80 MEUR lever). - Chaque holding a au moins 2 compagnies subsidiaire. - Utiliser prioritairement pour un investissement d amorçage et agis en tant que une structure d incubation informelle. - Truffle prend un majorité des enjeux dans les compagnies. - Investissement varie entre 200 KEUR a 1 MEUR Fond Commun de Placement a Risque (FCPR) - Banques ou fonds de pensions souscrit un a fond concentrer sur la technologie avec un taille variante entre MEUR par fond. - Stratégie d investissement similaire au fond FCPI