Seed-Stage Investing

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• Seed-Stage Investing
• A Totally Different Ballgame
• Starter Fluid,SM L.P.Robert von Goeben, Managing
  Director415.504.9610rvg_at_starterfluid.com

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Robert von Goeben

• Managing Director Starter Fluid, L.P.
• One of few institutionally backed seed funds
• Founder Redleaf Ventures
• One of first Internet-only funds
• Geffen Records
• Head of Internet/Online activities
• Author The VC Comic Strip
• http//www.thevc.com

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Starter Fluid Deal Specs

• SF Initial Investment 100-500K in Series A of
  up to 2M or bridge
• SF Total Investment up to 3M
• Valuation Under 10, usually under 6M
• Board Board of Advisors, BOD observer
• Standard Terms Right to pro-rata,
• Market Segments Enterprise software/services,
  software infrastructure

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Evaluating Opportunities

• Team, market, product
• Do we respect and like the CEO?
• Gut feeling for opportunity?
• Can we help, is it in our area?
• Can we get it more funding?
• It it a true seed deal?

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Starter Fluid vs. VCs
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Role in Company

• Act very much like quality angel
• Assist in recruiting
• Help make industry contacts
• Develop sales/marketing strategy
• Intros for next round