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Investment Highlights

Company stage: Operating since 2007
Capital raising: €250,000
Shares: Preferred
 
 
Use of proceeds: Product & business development
UK EIS/SEIS: No
Voting rights: Yes
Pre-emption rights: Yes
Anti-dilution clause: Yes
Corporate structure: Netherlands B.V.
Shareholder structure: Founders & Management 35%, Angel investors 65%
Management location: Prague (CZ)
Angel Fund board membership: Yes
Angel Fund investment: €103,000
Company Website: www.360cities.net
Target Raising:
CZK
Type Of Equity:
Pre-Money Valuation:
%

 


Notes:

Angel Fund investment: The initial Angel Fund investment was made in January 2014. The proceeds of our investment, together with the company’s own resources generated by cash flow from operations, were used to improve the Company’s website and expand its revenue generating licensing activities. Follow-on investment: The Angel Fund plans to make a follow-on investment in 360Cities of up to €250,000.  Subject to continued permission of the General Partner the Angel Fund will enable investors to allocate their investments to this follow-on investment round. Minimum investment: €5,000



Company Fundamentals


All in a nutshell

The Idea

360cities.net is the web’s largest collection of stunning, geo-referenced, interactive panoramic photos, created by a network of thousands of the finest panorama photographers from around the world. 360Cities is leveraging the growing demand for rich media digital content in publishing, advertising & film, and mobile app & game development and has become the go-to resource for those in search of high-quality 360 degree panoramas.

Product

360Cities is the world’s leading source of a growing collection of hundreds of thousand of high-quality, high-resolution, interactive, spherical (360 x 180 degree) panoramas that can be licensed for digital publication, mobile app, game, advertising campaign, and more. Panoramas are sourced from a passionate and growing member base of thousands of expert panorama photographers from around the world. Panorama photography enthusiasts consider 360Cities to be the best service to promote their carefully crafted photography. Membership plans are “freemium” with hundreds of members upgrading to paid accounts allowing them the ability, for example, to promote their business customers and earn advertising revenue off of their panoramas. 360Cities panoramas are viewed many millions of times monthly on 360cities.net,via embeds to 3rd party websites, across platform partners’ services, and on clients’ own websites.
 

Customers & Pricing

Demand for interactive panoramas is driven by the fact that viewers spend more time engaging with interactive panoramas than with standard photos, whether on desktop or mobile platforms. Interactive panoramas qualify as rich media and justify a premium pricing model. Panoramas are licensed to clients on a “rights managed” basis, meaning that the price depends on how clients want to use the images, for how long, in what markets, etc. A growing base of hundreds of customers from around the world have licensed 360Cities panoramas for use in both their print and digital content. Customers include verticals like periodicals (Sunday Times, Daily Mail), educational publishers (McGraw-Hill, Pearson), advertising (Leo Burnett, MC&Saatchi), app and game developers, TV and film companies, virtual reality hardware and software providers, fulldome theaters and planetariums, and more.

Distribution Partners

One of the primary goals of panorama photographers is to have their work promoted as much as possible and across multiple channels. 360Cities meets this demand as its panoramas are featured in the photo layer of Google Earth, in the Travel and Food and Drink sections of Microsoft’s MSN.com and in the Flipboard digital magazine app.

Key Performance Metrics

Key Performance Indicators (KPIs) The growth in content, participating photographers, customer base, and revenue generated from licensing are all monitored closely. Views on the Company’s website translate into revenue, so 360Cities closely monitor the number of viewers on the site.  The company continually updates the site with fresh content. The 360Cities website handles millions of views each month. Like any other well run business, 360Cities set targets for revenues and operating cash flows. Over the last year the Company has nearly doubled its revenue base. This of course benefits the Company, but also importantly, the increasing amount of licensing royalties and advertising revenues benefits the growing base of members.

Competitors

None of the major stock photo agencies has taken the plunge into interactive panoramas. The major reason for this is that interactive panoramas are a relatively small niche in comparison to the work involved in building a sourcing mechanism that works for traditional stock photo agencies. Most panorama photographers do not upload panoramas solely to earn money from licensing but to be part of the 360Cities community and experience, which is very difficult for a traditional stock photo agency to duplicate. Competition currently comes from individual photographers who receive assignments or have relationships with local customers. Only 360Cities aggregates panoramas globally and can meet large customer requirements for diverse subject matters and locations.

SWOT Analysis

Strengths:

Leadership position 360Cities has one of the world’s largest collection of quality, licensable panoramic folders.  The Company has a network of photographers around the world that can provide customers with custom made panoramic content. Proven demand 360Cities continues to grow its base of users and its based of customers who license 360Cities content. Skilled, motivated management team The management team is highly experienced and has been working together for over 6 years.  The management team is also highly incentivised.  Management and employees own equity in the company, having personally invested.

Weaknesses:

Funding 360Cities has a limited funding base on which to rely on in order to move fast on development and marketing initiatives.  The company is addressing this weakness with a capital raising program, designed to give the company more flexibility and implement growth projects faster. Location 360Cities management team has not established a presence in technology centers such as silicon valley, California or large international media markets such as New York or London.  Based in Prague, the management team is physically far away from large potential business opportunities related to funding and marketing. Despite this challenge, the Company has become an industry leader.  One of the key advantages of an internet based business is that the cost and time to access customers, suppliers and business opportunities has fallen.  Distance from market is no longer the obstacle it used to be.

Opportunities:

Growing market Over the past few years the demand for panoramic content has expanded. The business opportunity for 360Cities is expand its content library and build out its e-commerce licensing platform thereby growing number of customers, transactions, and revenues. New applications New applications for panoramic content have also developed.  Virtually reality and computer game companies are becoming an increasingly large consumer of panoramic content.

 Threats:

New competitors A large, well capitalised internet company with broad reach can make it possible for photographers to upload their high quality panoramas. This has actually happened, yet photographers who wish to earn money through royalty arrangements continue to upload their content to 360Cities. A large stock photor agency could begin licensing interactive panoramas and source the panoramas themselves – thus competing with 360cities. However, building library of panoramic content is capital and labor intensive. Secondly, curating panoramic content is technically challenging.  Each item in the database must be tagged and identified and made readily accessible on demand via a network of servers. Finally, creating a user experience for the viewers, photographers and customers wishing to license content is technically and creatively challenging. 360Cities has several years of proprietary experience and technological know-how. The breadth and depth of content library, combined with an already entrenched market position effectively create barriers to entry that any new competitor would have to overcome in order to compete effectively with 360Cities.

People – Meet the 360Cities Team

360Cities has been managed since 2008 by a team of three Americans living in Prague, Czech Republic.

Jeffrey S. Martin, Founder

Creator of world-record gigapixel world-record gigapixel imagery and a pioneer of experimental panoramic photography techniques. Jeff’s a visionary, an artist, and an inventor, happiest when he’s designing and creating either panoramic beauty itself or new ways of creating it. He likes to continually explore the horizon of possibilities in panoramic imagery. Jeff has a B.A. in English Writing (with Philosophy and Art minors) from DePaul University.

Steve Hercher, Commercial Director

With over 20 years experience in international IT related activities, Steve has cultivated the art of empathetic business development and sales to perfection. Steve was instrumental in obtaining the initial round of funding back in 2007 and has built an impressive number of trusted relationships with global brands ever since. Steve wields his debating skills, which he’s been honing since high school, wisely to the benefit of 360Cities. Steve has an M.A. in International History from the London School of Economics and Political Science and a B.A. in Economics and History from Willamette University.

Bruce Pales, CEO

Bruce turned his passion for sports into a successful tennis business in Germany. He went on to develop a career in finance and telecommunications. He worked 13-years stint with Lucent Technologies beginning in Finance and eventually moving to Business Development and Sales roles. Bruce is a passionate believer in communication and a teamwork. Bruce has an MBA in International Business from the Schiller International University and a BSc in accountancy from DePaul University. Bruce has also taken an eclectic mix of courses ranging from ancient Greek to the history of Argentine film at both the Freie Universität in Berlin and the Charles University in Prague.

Symfonie – Why We Invested

360Cities fit many of the criteria we established for the Angel Fund. We highlight our key considerations.

  • Expanding market.
  • Unique, compelling product with proven demand.
  • Scaleable business.
  • Potentially attractive acquisition target.
  • Inherent competitive advantages.
  • Strong, focused, motivated management team.

The range of devices on which panoramics can be viewed has grown. A few years ago the principal viewing medium was a PC or laptop. Now such content can be viewed on tablets, mobile phones. Panoramics can also be used in creating computer games, films, GPS navigators and a burgeoning array of devices designed to create virtual reality experiences.The business is scaleable. The content library grows each month with uploads. Internet and computer technology enable the company to efficiently distribute content to consumers. The business has competitive advantage. 360Cities has a large and growing content library. Replicating the range and scope of the content would certainly be a challenge for any new entrant. Re-creating the user experience and the business relationships established with content providers and content consumers would also be a challenge for any potential new competitor. There is a strong management team in place. Management have been running this company successfully for several years. They understand the business, they have established good corporate governance practices. They are well motivated with equity ownership and capital they personally invested in the business.

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Investment Highlights

Company stage: Operating since 2014
Capital raising: €250,000
Shares: Ordinary share capital
Use of proceeds: Product & business development
 
UK EIS/SEIS: No
Voting rights: Yes
Pre-emption rights: Yes
Anti-dilution clause: Yes
Corporate structure: Slovak limited liability company (s.r.o.)
Shareholder structure: Founders & Management 54%, Angel investors 46%
Management location: Prague (CZ) & Bratislava (SK)
Angel Fund board membership: Yes
Angel Fund investment: €250,000 (subject to milestones and conditions)
Company Website: www.venzeo.com
Target Raising:
CZK
Type Of Equity:
Pre-Money Valuation:
%
 

 


Notes:

Angel Fund investment: The first tranche of the Angel Fund investment was made in April, 2015. The proceeds of our investment, together with the company’s own resources generated by cash flow from operations, are being used to fund further product development and to expand sales and marketing activites with dedicated staff. The Angel Fund plans to to invest up to €250,000 in the company.  Investors can invest in the Angel Fund and or can allocate their Angel Fund investment to Venzeo. Minimum investment: €5,000.  Investments are accepted by private application only.


Venzeo Solution

 


Company Fundamentals


All in a nutshell

The Idea

Photodocumentation – Venzeo provides a secure internet based system that allows companies to quickly and efficiently upload and archive photos to document places and events. Companies in industries such as waste processing, construction, insurance, real estate and telecommunications use the Venzeo system becasuse it is secure, efficient and eliminates costs.

Venzeo Solution

Customer Acquisition & Revenue Generation

Customers pay fees based on the number of users uploading photos and the amount of storage space required. Customers also pay Venzeo for specific customised tailored storage and systems integration solutions.

Finance – How will the Money be Invested

Venzeo is using capital raised firstly to develop value-added features based on customer demand and secondly to hire sales staff to reach new customers in its core market and to establish distribution partnerships in new markets.

Success Drivers

Venzeo has a unique product that provides value customers quickly recognise. Once customers start using Venzeo they tend to increase their usage and their demand. The business is scaleable. The company is backed by a strong base of shareholders who actively work to help Venzeo succeed.

Key Risks

Venzeo’s product can be replicated. A talented team of dedicated developers can create similar products and services. Competition can come from larger companies that are better financed than Venzeo and see the same opportunity. Database security is also a risk.

Product

Photodocumentation – Venzeo provides a secure internet based system that allows companies to quickly and efficiently upload and archive photos to document places and events. Companies in industries such as waste processing, construction, insurance, real estate and telecommunications use the Venzeo system becasuse it is secure, efficient and eliminates costs.

Market

Venzeo can be used around the world. Any business or person who needs to create and store photo documentation in a safe, secure way can use the Venzeo service. exploitable source of demand is to meet needs of users who repeatedly have to go through the process of storing, tagging and archiving the photos they take, and who require an independent source to verify exactly when and where the pictures were taken. Venzeo believes the prime market for its services are companies with up to 250 employees. There are more than 100,000 such companies in the EU and more than 250,000 such companies in the US. Since the market for digital photo documentation services is just opening, very few of these companies are served.
Venzeo Market

Unique Selling Points

The most unique selling point is the fact that Venzeo provides independent certification as to when and where each picture was taken. Second, Venzeo provides safe, secure archiving and backup. The product offers exceptional value, especially when compared to enterprise solutions and customised development. Finally, the service can be customised and developed to suit each client’s invididual needs.

Customers

Venzeo’s customers include waste processing companies, construction companies and facilities management companies. The largest waste processing company in Slovakia was one of Venzeo’s first customers, with nearly 100 users filing reports daily. Their decision to use Venzeo was driven by the time savings Venzeo provides through automation.

Distribution Channels

Distribution is via direct contact with each client. Venzeo targets prospective clients taking into consideration the industry they are in, the number of potential users in the business and the industry sector in which the prospect operates. Second, clients come to Venzeo via referral from other satisfied clients. Most recently Venzeo began developing partnerships with companies who service the same base of clients but with complementary products. Venzeo established a partnership with Telefonica’s corporate customer division in the Czech Republic and Slovaka whereby Telefonica refers clients to Venzeo. One of the uses of the capital raising round is to invest in dedicated sales staff who will focus on making further inroads with direct sales and distribution.

Pricing

Customers are invited to trial the system at no charge, so they can experience it, realize the cost savings and understand how the product adds value. Once customers decide to adopt the service, pricing is based on the number of users uploading photos and the amount of storage space customer requires. Customers pay monthly for the service. Smaller customers pays as little as €35 per month. Larger users pay as month as €1,000 per month. This pricing is competitive and affordable. For smaller customers the pricing results in significant cost savings and a high level of customer loyalty. For larger customers the pricing is competitive, especially when compared to the cost customer would incur to develop a similar solution in-house or to pay software solutions provider.

Venzeo pricing model

Demand Profile

Demand is driven by the continuing trend for companies and people to use digital cameras in order to record and evidence events. Mobile phones and tables contain embedded camera and are also increasingly internet linked. This enables users to realize the convenience of taking the photo, tagging the file with a standard language and uploading it securely to the server at the same time.

Key Performance Metrics

Venzeo is focused firstly on the number of customers, secondly on the number of user and finally, on monthly revenue. Average revenue per month is about €100 per client. The largest client has an installed based of 76 users. Venzeo aims to build a base of about 1,000 customers over the next few years.
Venzeo pricing model

Competitive Environment

Competitors:

Only a few companies similar to Venzeo have launched operations, mainly in the US market. Multivista are focused on the construction industry. They incorporate webcam services into their product mix, allowing them to provide automated time lapse photography and live streaming. Pricing is available on request only. Earthcam.net is another US based service. They have a broader focus than construction and are also webcam based. Services such as these are more generally more expensive than Venzeo and require use of webcams. Each webcam requires internet access, so user installation is technically more complex than with Venzeo, which requires only a mobile phone or tablet PC. The other important difference is that webcams provide a particular angle and particular vantage point viewing radius. Venzeo solution goes whereever the person taking the photo goes, making it ideal for companies with multiple users in multiple locations. This is why some of Venzeo’s key customer are companies providing waste pickup and traffic sign placement. One very similar company to Venzeo is FotoIn. They are based in Atlanta, Georgia and have been operating since 2012. Pricing is similar to what Venzeo offers and some of the tools on their website are similar. They are US based, however, and are not seen in markets where Venzeo is operating. The next group of competitors are software solutions that user’s can purchase. Google also provides an application that allows users to upload and store photso taken on mobile phones. Software solutions require more time and effort on the part of the user to implement. Also the many of these solutions are more difficult to integrate into customer systems or are not customisable in a way that Venzeo is. Google itself provides an application as well. The trade-off for the client is a certain loss of privacy, potentially. Also it is more difficult to integrate the service into the systems of medium and large sized customers. For many companies who require a high level of data protection, confidentiality and security, web services such as those provided by Google are not an acceptable alternative. Venzeo’s major challenge is not in the competitive landscape, but rather in simply reaching customers and allowing them to learn and experience the benefits Venzeo can bring. Venzeo is an early mover in an industry with low overall market penetration and no major market player.

Venzeo competitors

Barriers to Entry:

The biggest barrier to entry is the time and effort needed in order for a competitor to develop a similar solution and product. Venzeo was created by the efforts of developers who own the company working on their own time for the better part of three years. In order to create a similar product a company would llikely need to spend several hundreds of thousands of euros and employ a team of coders working for several months. Even then, the end-product might not be appealing to the same set of customer in the same markets where Venzeo operates. The second barrier to entry is the customer relationships that Venzeo has developed. Venzeo’s founders have been in the market speaking with customers for the past few years. They’ve developed a network of contacts and a continually growing database of prospects.

Substitute Products:

The first alternative customers have is the “traditional” approach they current use. A person takes a photo using a digital camera, tablet or mobile phone. The user then has to upload the photo on PC or server, taking care to name the file and store it in a way it can be easily retrieved. This means manually typing ino the computer the file name and following a logical file naming protocol. The files need to be backed up to reduce risk of data loss. One important problem is that verification of time and place of photo is not independently verifiable. Date and time are whatever the user inputs. The Venzeo solution, however, time stamps the picture, names the file automatically, creates backups, allows user access to review the files and recoords gps-co-ordinates.

Finances

Capital Plan:

Venzeo is raising capital to accelerate development of new products and additional features to meet user demand and increase sales. Secondly, Venzeo plans to hire sales staff to reach more customers in more markets and to establish relationships with distributors in markets where Venzeo is not present.

Financial Flexibility

Venzeo’s cost base is extremely flexible. Cost of development are largely covered. The company can accelerate or slow down development according to capital availability. The company employs few staff at present.

Investor Base

Venzeo benefits from a strong investor base. The investors include a leading Slovak entrpreneur who owns one of Slovakia’s largest internet portals, O2 via its Wayra subsidiary,and the Symfonie Angel Fund. The shareholders provide sales support, knowledge and expertise to Venzeo.

SWOT Analysis

Strengths:

Developer Led – Venzeo is innovative and owned by developers who understand the needs of the customer base.Product FocusedVenzeo targets a well defined set of customers and industry segements. The nature of the product lends itselef to a highly targeted marketing strategy.

Shareholder Support – The company is backed by a group of knowledge shareholders who are committed and able to help Venzeo succeed. One of Venzeo’s largest shareholders is a leading Slovak entrpreneur who owns of the country’s leading internet portals. He provides mentoring, contacts to potential customers and general business oversight. Another leading shareholder is Wayra, a startup accelerator owned by Telefonica. In part because of Venzeo’s relationship to Wayra the company was able to establish marketing and distribution relationships with Telefonica’s subsidaries in the Czech Republic and Slovakia. Finally, Symfonie is a committed angel investor. Symfonie provides Venzeo sales and marketing support, capital raising support and corporate governance oversight.

Weaknesses:

Reliance on Key Managers – Venzeo is a small company and relies very much on its key team of founders. This problem should correct itself over time as Venzeo grows.

Limited Financial Resources – The company doesn’t have a sizeable balance sheet to run cash flow negative for long periods of time. Like many startup companies, capital needs present an on-going challenge. Capital shortages could prevent the comapny from operating effectively and can slow down product development at this very critical point in the company’s life cycle.

Thinly Staffed – A lack of staff and distribution network mean Venzeo has difficulty developing sales momentum and broad reach.

Opportiunities:

Dynamic Product Market – Venzeo comes to market at the right time – when more and more potential customers are realizing the benefits technoloy can bring to them. Demand is growing and customers are becoming more knowledgable about the solutions that companies like Vezneo offer. The global economy is generally improving, fueling demand from Venzeo’s key segments such as construction services. Importantly for Venzeo,no major well financed direct competitor has emerged. This means Venzeo is the early mover and has the opportunity to lock in market share.

Threats:

Emerging Competition – Applications like that Venzeo has developed are mushrooming. Competitors are likely to emerge sooner rather than later and the time and effort it takes to develop a service similar to what Venzeo offers will shorten.

People – Meet the Venzeo Team

Venzeo is led by a team of managers with strong skills in marketing, product development and software engineering.

Jozef Vodicka, Founder & CEO

venzeo vodicka jozef profile photoJozef Vodicka co-founded and leads Venzeo.  He developed Venzeo after developing its non-profit predecesor project, TrashOut.ngo. Jozef is a career entrepreneur, having also started Matura.sk and Stuzkova.EU. Maturita.sk and its sister site Stuzkova.Eu are Slovak websites geared for university students. Mr. Vodicka prepared marketing plan for portal and provided the complete software design. He is  a TEDx speaker and was listed in the Slovak Forbes 30-under-30.  Me is a member of AIESEC International supervisory group & was voted one of the TOP 5 Student Entrepreneurs in Slovakia. He has a Bachelor of Engineering degree from JAMK University of Applied Sciences, Jyväskylä, Finland and he has a Masters Degree in Applied Informatics from the University of Zilina in Slovakia.

 

 

 

Michal Klacko, Chief Technical Officer

venzeo Klacko Michal

Michal Klacko has more then 3 years experience in developing cloud services for various mobile and web projects and is the principal software engineer behind Venzeo. He programs in multiple language environments, including Node JS (Express JS), .Net, Jade, BlueBird, Gulp, Browserify, MySQL (ORM Sequelize), Azure, HTML, JS, CSS, IP Block, TypeScript, jQuery.  He has  a Masters Degree in Information Systems from the University of Zilina in Slovakia.

 

 

 

 

 

 

 

Symfonie – Why We Invested

Venzeo fit many of the criteria we established for the Angel Fund. We highlight our key considerations.

  • Expanding market.
  • Unique, compelling product with proven demand.
  • Scaleable business.
  • Potentially attractive acquisition target.
  • Inherent competitive advantages.
  • Strong, focused, motivated management team.

The rapid advances in mobile technology and digital imagery we have seen over the past few years opened a new market that companies such as Venzeo can exploit. Cameras embedded in even the least expensive mobile phones are far better and far more versatile than they were just a few years ago. The amount of data and the speed at which that data can be transmitted are significantly greater as well. These factors enable Venzeo to provide its users an increasingly greater value proposition. Venzeo enjoys a first mover advantage because the market it serves is just developing. Customer loyalty is strong for product’s like Venzeo’s. The gains to be had by switching suppliers are small. Once a customer’s basic needs are satified there is little reason to change suppliers. Consequently, Venzeo can build a long lasting, sustainable franchise. The business develops competitive advantage with each customer it on-boards. Venzeo operates in a highly fragmented market. There will be opportunities in the future for companies like Vezneo to merge and develop economies of scale in customer service and sales. There is a highly motivated management team in place. They understand the business, they have established good corporate governance practices. They are supported by shareholders who actively work to help the company succeed and who are well positioned to add value to the company.

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New Senior Generation
SeniorHubLogo


 

Investment Highlights

Company stage: Operating since 2014
Capital raising: €100,000 / £75,000 / CZK 2,750,000
Shares: 10% Preferred
Pre-money valuation: €300,000
Number of shares outstanding: 200,000
Number of shares offered: 70,000 (26% post-money)
Use of proceeds: Product & business development
UK EIS/SEIS: No
Voting rights: Yes
Pre-emption rights: Yes
Anti-dilution clause: Yes
Corporate structure: UK Ltd.
Shareholder structure: Founders & Management 100%
Management location: Prague (CZ)
Angel Fund board membership: Yes
Angel Fund investment: up to €40,000
Company Website: www.seniorhub.cz
Target Raising:
CZK
Type Of Equity:
Pre-Money Valuation:
%

 


Notes:

Angel Fund investment: Symfonie plans an investment of up to €25,000 into New Senior Generation. The Angel Fund has also opened a class for investors who would like to focus their investment around NSG (the “Senior Hub Class”. This class provides investors all the benefits of professional management of their investment and eliminates time and cost investors might otherwise experience in order to complete an investment transaction company.Minimum investment: €500


Sr tab closeup


Company Fundamentals


All in a nutshell

The Idea

New Senior Generation seeks to provide senior citizens a user friendly service including physical outreach and tablet computer with phone app. geared especially for their needs along with an internet based ecosystem of products and services.

Sr Tab Pack

 

In the Czech and Slovak markets there more than 2 million senior citizens. A market share of as little as 1% or about 23,000 clients can generate more than €5 million in sales and open up further e-commerce opportunities in the senior sector.

One of the key drivers behind this product is the fact that elderly people have specific needs that mainstream products don’t often incorporate.  A recent article in Smashing Magazine highlights this need, combined with general demographic trends. A report from the Pew Research Center in the US focused on similar issues.  Publications geared for elederly readers feature reviews about tables and PCs designed for senior citizens.

Furthermore, one of the principles is the Czech Aging 2.0 global platform ambassador, which affords interesting potential for “first peek” opportunities at other senior related startup opportunities on the market. The Slovak interface is ready to be launched.

Customer acquisition / revenue generation

The entry point to this business is the sale of the tablet computer, either directly to the end-user or to a younger family member / relative (Patron) who a) sees the product as a way engaging the senior through involvement of technology b) is not in a position to provide prerequisite physical training.

SrTabFamily

The unique combination of HW / SW and training delivery ensures very strong traction in terms of future customer relationship management and leverage. Following on a general all platforms mobile app. is next in the pipeline, as are agreements with other senior product / service purveyors once a critical mass of clients are reached for reselling.

Use of Proceeds

The money will be used to give the business a strong base of working capital. This business requires cash to fund purchases of inventory and cash to fund marketing expenses.

Why This Business will Succeed

The business offers a compelling value proposition targeted at a market that is growing and eager to embrace technology.  Seniors want and need such products, but the products on offer a) come at higher price points without any software embedded that is specifically geared for the senior user b) are sold without prerequisite physical training.

SrTabCourse

The business is led by a team of entrepreneurs who are highly experienced and have researched the product and the market well. Once the core product achieves success the business will have mutiple opportunities to cross-sell other products and services. The team has set up their own NGO for B2C senior IT training that has received media coverage and Google NGO support for online activities – this NGO is a soft lead developer for sales.

What Can Go Wrong

This is a product that must be sold with a push strategy. Experience proves that the company must reach the consumer with compelling marketing message that will drive a purchase decision – part of the outreach must be personal.

If sales unfold too slowly, fixed costs that the business incurs for marketing expense, staff and product development costs will create a drain on cash flows.

The management team is small, basically a partnership, so the business depends entirely on these two people plus a growing IT volunteer base that executes senior training.

Business Overview

New Senior Generation seeks to provide senior citizens a user friendly tablet computer, SW (app.) and training geared especially for their needs along with an internet based ecosystem of products and services.
keyboardSrPhone
In the Czech and Slovak markets there more than 2 million senior citizens. A market share of as little as 1% or about 23,000 clients can generate more than €5 million in sales and open up further e-commerce opportunities. Slovakia is “language-prepared” for a 2016 launch.

The Market

The Czech Republic is a market with 2.3 mn people over the age of 60, plus an additional 1.5 mn over the age of 50. Add in Slovakia and the market of people over 60 is about 3 mn in size. Many of these people do not own personal computers or notebooks. However, people generally are healthier than in the past, have longer life expectancy and of course, free time that can be used enjoying the product. A penetration rate of just 1% of the broad market indicates some 30,000 tablets can be sold.

The Product

The most unique selling point is the way it is uniquely packaged as a HW/SW/physical training proposition.

Side package

The tablet comes with a seniorphone app. and a web-based environment designed specifically for the senior user, supported by physical and personalised training. The product is promoted through internet advertising combined with strategy of media outreach so that the product and the services are mentioned in media. The product is also available via ALZA.CZ (https://www.alza.cz/search.htm?exps=Senior%20Tablet), one of the Czech Republic’s leading internet retailers as well as via an own e-shop: http://obchod.seniorhub.cz/ with attendant data / voice packages, extra training and consumer financing.

The Customers

Target customers are firstly the seniors, but also the “sponsors” or “Patrons” – younger generation family members / relatives, such as children and grandchildren.
 
SrHub Family
The Patrons see the product as an entry level product at a competitive price that will a) engage and entertain their loved one b) take away the issue of their having to “train-them-up” with the attendant familial relationship “baggage” that would impede home-training on consumer IT devices.

Distribution Channels

New Senior Generations has set up its own e-shop. Users will be driven to the site with an online campaign and through PR.

PR_Vlasta

Secondly, the company established a pilot sales channel for the seniorTAB via ALZA. Third, the company plans to work with specialty retailers. Additionally, the company has softly “partnered” with mobile telephone provider Vodafone (CZ) for sales of their data and voice tarifs via their NGO.

Pricing

The SeniorTab is priced at Kč 5,549 or about €190 / US$230. This is about a 40% discount to most of the brand name, non-dedicated devices, such as are sold by Lenovo, Apple and Samsung. The pricing reflects the fact that many of the functionalities and features of the competiting products are not present in this device.
 
TabAdvert
This said, the Senior Tablet is configured with applications that make the device user friendly for senior citizens. Second, the pricing and features built-in are designed for an entry level user. Third, none of the other devices come with the personalized customer support and training that this product comes with. The company has setup a net work of on-line and in-person tutors who help customers use the device via its own NGO – Moudra Sovička (the Wise Owl). Numerous references point to the training being the single key decision point for both target groups.

Demand Profile

Demand is driven by the growing aging population, an increasing desire from elderly people to embrace and explore technology and the need of younger generations to engage with their parents and grandparents.
SrTab Closup
Second as technology advances the range of features and benefits that can be embedded into tablets is increasing, making the device inherently more marketable. However, information about this uniquely bundled HW/SW/training proposition now needs to be disseminated.

Key Performance Metrics

The key performance metric is tablet sales, which are at an early stage. The company began soft-selling units during the past few months. The goal is to sell 1950 units during the next 12 months.

Competitive Environment

Only a few companies similar to New Senior Generation have launched operations, mainly in the US market. All follow a “stand-off – fire-and-forget” sales and CRM model, which our NGO experience has clearly shown as not being optimal. The target group will sacrifice HW/SW performance over personalized physical interaction with the vendor. This enables HW pipeline planning / investment to buck the current “6 months and it is old” paradigm. In the EU, the key competitor, Oscar Care, is an app. only and is actually complementary as they deliver a service to a smaller market sub-segment, where the Senior is much less independent. New Senior Generation is developing a relationship with Oscar Care and are preparing a cross-marketing initiative. Another senior app. Koala Phone, has supplied the reworked SeniorPHONE version for the SeniorTAB.

Suppliers & Inputs

There are three key inputs: SW development, HW sourcing and (initially) volunteer trainer.db development. SW/app. development is currently sourced externally. One of the partners has managed IT development and implementation projects in the past. External developers were hired for work required to-date with the simple web-based app. coded using industry standard developer language – there are many quality developers that can be subsequently employed. Part and parcel with this is secure server storage and hosting. Fortunately the server market has expanded dramatically over the last several years and there are many quality, reliable suppliers on the market, one of which is being used. HW sourcing can be streamlined with volume with the potential to tender out provision to minimalize purchase costs. The trainer.db is slowly being produced with preliminary discussions taking place for several larger corporations to donate employee time via their CSR obligations prior to critical mass being reached for an own paid network of skilled seniors.

Substitute Products

A substitute product could be any tablet with someone willing to teach a senior how to use it. For example, in the US and the UK a software application called Breezie is being marketed at a price point of about €150. The product requires a Samsung Tablet with Android operating system. However, market experience and personal references time and time again clearly demonstrate that the ability to successfully pass on IT consumer knowledge to seniors in a familial environment is extremely limited at best. Secondly, the seniorTAB comes equipped with software and a web-based app. for training purposes and a seniorPHONE app. with large buttons for free, that is installed during the introductory training session. New Senior Generation delivers REAL customer relationship management for 5499 Kč along with HW and SW, not just clicks in an enterprise SW solution.

Finance

Capital Needs

New Senior Generation is raising capital to purchase stock from the producer, market said stock, develop a complementary app., but again for own 3rd party sourced HW bundled with training. Secondly, New Senior Generation plans to hire online marketing staff to reach more Patron customers. Sale of 2/3rds of current stock will ensure that New Senior Generation will break even in Q1 2016

Profitability

The current business plan shows New Senior Generations generating cash profits as early as 2017. The current round of capital financing should cover Venzeo’s operating and capital expenditure needs through the middle of 2017.

Cost Base Flexibility

New Senior Generation’s cost base is extremely flexible. The company can accelerate or slow down development and sales according to capital availability. The company employs few staff at present.

Investor Base

New Senior Generation looks to diversify its funding base with a combination of pure financial investors as well as business angels who are active and add value. Investors should believe that they can make a difference in individual senior’s lives, help unlock an exciting CEE segment and a the same time make a fair and reasonable return.

SWOT Analysis

Strengths

Compelling product – The SeniorTAB product speaks to the desire of elderly people to embrace technology. The product addresses the needs of young and old to engage, for example, through e-mail, photo sharing and the intenet as an information sharing medium.

We’ve seen examples of this trend in other markets.  In the UK, for example, an article in the Guardian, recently highlighted the surging demand among senior citizens for tablets.  In the popular press we see articles often about selecting tablets and computers for senior citizens.

Unique selling point – Bundling the solution with the product creates demand. More and more potential customers (Patrons) are realizing they need help with seniors in getting them online and need the sort of bundle that only seniorHUB / TAB provides. Seniors themselves welcome the holistic approach of the well supported product.

Management experience – New Senior Generation is managed by its founders, who understand the demography and sector. They have a long career history in marketing, brand building and application development.

Weaknesses

Small company – The company is run by its two founders and a small team of part-time workers. The business is reliant on these two key individuals. With additional capital and business development this should change, the business should be expanded and the company will have a stronger foundation.

Limited balance sheet – The company main asset is the inventory of tablets purchased for re-sale. The main source of cash for marketing and brand building will be the capital raised, plus revenues from the sale of the inventory. If the product takes hold in the market working capital to buy further inventory may be a challenge. At the same time, penetrating new markets will also be a challenge without additional capital. With a small capital base the company is vulnerable to the possibility that it can run out operating cash.

Opportunities

Complementary product environment – SeniorTAB provides an entry in the opportunity to market related products and services. The SeniorHub internet application not only supports the SeniorTAB, but provides a portal through which other products and services can be marketed

Scaleability – The product concept can be translated and placed into markets in neighboring countries. This can be done through organic development or by building a franchise.

Growing market – Generally the population of older people is expanding, both in absolute terms and relative to the overall population. Product marketers and brand builders who understand this market and can identify its needs will see an increasing array of opportunities and customers to serve.

Threats

Competition – Competition can come from two sources. A strong, well financed company can enter the market with similar product and at similar price. Thus far, no direct competitor has emerged. Secondly, branded product can feature and embed software that caters to the elderly user. In the Czech and Slovak Republics a software application called Oscar is available that can be loaded onto many types of tablet with Android operating system. The product is free, but the user must supply his/her own hardware and the product does not contain the tutorial and support elements that SeniorHub provides. To the extent the elederly user is tech savy and willing to pay for software and hardware features the market for tablets generally is highly competitive with many brands from well known companies with sizeable marketing budgets. On the other hand, SeniorTab speaks to the niche of customers who would otherwise likely not be in the market for tablet to start with. The appeal of SeniorTab is that it is an ideal starting ground for the senior citizen who has little or no experience with computer technology.

People – Meet the NSG Team

NSG was founded by a team of two.  Pavel Kucera brings a wealth of marketing and business experience. Tomas Hublak has a strong base of skills in IT, application devleopment, training and programming.

Pavel Kucera, Founder

Paul Kucera

Paul (Pavel) Kucera has many years experience in PR and communication and specifically executing complex public outreach projects in the health sector, including initiation the still running Incoforum incontinence project in 2000, as well as local PR projects for (amongst other) international IT / consumer electronic clients, including LG, Siemens, Motorola, NetApp etc. He recently sourced the SEE PR team for Viber’s successful launch in those markets. Over the last decade he has been involved in several startups in different sectors including FMCG and Financial Services. He is currently the Aging 2.0 platform local ambassador.

He likes challenging tasks to fully use his potential and experience in different sectors and his ambition is to develop New Senior Generation as the “go-to” player in all things innovative in the senior sector for CEE, including mentoring and discovering other exciting senior startups and delivering them to the Aging 2.0 Generator Ventures financing platform and local investors. Paul is convinced that getting seniors online and active will help to unlock their “SoftGDP” potential.

 

 

 

 

 

Tomas Hublaek, Founder

Tomas HubalekTomáš Hubálek has more than 7 years of project management experience and is the “god-father” of the seniorHUB / TAB concept. Tomáš is a unique IT guy, in that he understands seniors, has developed significant training skills and insight from being the heart and soul of the New Senior Generation NGO – Moudrá Sovička – and the patience and enthusiasm to make a real difference, one senior at a time. Tomáš is also an expert in complex solutions at a B2B level for energy acquisition and management via auctions, consulting and SW / HW implementations. This holistic approach is now being put to good use for seniors.

A calm and collected person, his passion is to deliver a holistic a solution to getting seniors on the internet, saving money for products and services and being as active as possible via better management of (not only) online intergenerational relations.

 

 

 

 

 

Symfonie – Why We Are Invesing

New Senior Generation fits many of the criteria we established for the Angel investmens we make. We highlight our key considerations.

  • Expanding market.
  • Unique, compelling product with proven demand.
  • Scaleable business.
  • Potentially attractive acquisition target.
  • Inherent competitive advantages.
  • Strong, focused, motivated management team.

Pricing for tablets has come down in recent years, making the product more affordable. The range of applications has broadened and new applications are continually being introduced. Data traffic and bandwidth are far more accessible than in the past, so the product can be used more often and with more comfort. Receiving, sending and viewing photos, for example, is a matter of seconds, whereas only a few years ago it was a matter or minutes. Content such as movies, music and TV can be more readily accessed now than in the past. The advance of technology has been rapid and a large segment of the population is underserved, but sees the possibilities and wants to explore them. Whereas in the past the monetary and non-monetary price point was higher, both elements of price have moved down to a point where people not only desire the product, but also they are willing and able to pay for it.

 

 

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Investment Highlights

Company stage: Post-startup
Investment: £200,000
Shares: Preferred & EIS/SEI Common
% of Equity: 13%
Pre-money valuation: £1,200,000
Use of proceeds: Product & business development
UK EIS/SEIS: Yes
Voting rights: Yes
Pre-emption rights: Yes
Anti-dilution clause: Yes
Corporate structure: UK Ltd
Shareholder structure: Founders & Management 48%, Angel investors 52%
Management location: London (UK), Prague (CZ), Warsaw (PL)
Angel Fund board membership: Yes
Target Raising:
CZK
Type Of Equity:
Pre-Money Valuation:
%
Company Website: www.symcredit.com

 


Notes:

Angel Fund investment: The initial Angel Fund investment was made in October, 2013. The proceeds of our investment were used to develop the Company’s infrastructure and operations. Follow-on investment: The Angel Fund has agreed to make a follow-on investment up to £200,000. Subject to continued permission of the General Partner the Angel Fund will enable investors to allocate their investments to this follow-on investment round. Direct investment: UK investors wishing to take advantage of the EIS/SEIS tax incentive schemes may purchase Common shares directly from the Company. On a case-by-case basis investors may also purchase Preferred shares directly from the Company. Minimum investment: £2,500  or currency equivalent


 

Company Fundamentals

All in a nutshell

The Idea

Symfonie P2P Ltd (“SymCredit”) is launching a peer to peer finance platform focused on Central Europe. SymCredit will offer consumer and business loans to credit worthy consumers and businesses, initially in the Czech Republic and Poland. Savers will have the opportunity to invest in these loans and receive regular payments of principal and interest.

Market Overview

The Czech Republic and Poland, the first two markets where we will launch services,  represent a combined market with population of about 48 million.  Consumer lending in the two countries totals about €40 billion and is growing.  Lending to the SME sector in the two countries is about €50 billion. On the investor side, savers in the two countries have amassed about €250 billion in savigs deposits and investment funds.

Demand Drivers

On the investment side, demand is driven in part by the low interest rate environment.  Investors are simply thirsty for higher yielding investment alternatives, in our view.  When interest rates risk demand for our investment product starts to become more a question or relatively low volatility compared to bond and equity funds.  Overall economic growth and rising disposable income among investors are also favourable for demand.  On the lending side, demand is driven by overall economic growth, rising consumer purchaing power that enables consumers to take on more debt.  High interest rates and tight credit conditions in the bank sector also are good for our demand profile.

Product

On the lending side our product is a consumer or business loan with relatively flexible terms and an interest rate that is competitive with rates found in the banking sector. In some instances borrowers will select us simply because they are underserved by a banking sector with tightening lending standards. On the savings side, there are very few alternatives that are relatively safe and high yielding.  Bank deposits are safe but offer low yields.  Also the client must lock up the entire principal in term deposit.  Bond and stock funds are relatively volatile and risk.  Our product should find a comfortable middle ground.

Customers

On the consumer lending side our target customers are middle market consumers looking for loans between €1,000 and €15,000.  We believe the typical consumer will be looking to refinance relatively high interest rate bank loans. On the business lending side our target customers are small and medium size enterprises looking to borrow between €10,000 and €150,000.  We see the typical profile being a family owned firm that has been in business for several years and is looking for capital to expand the business. On the investor side we believe our typical clients will be moderate and high income individuals looking for a relatively safe, high yielding alternative to bank deposits and classical investment funds.

Distribution Channels

Our service is internet based. Mainly our customers will transact with us via the internet, but we will support our internet services with in bound customer sales and support classically with telephone and on-line chat.  We will use the internet for highly targeted brand building efforts.  We will focus our marketing efforts on internet sets and print publications that specifically cater to middle market consumers in the lending space and relatively sophisticated savers who are most likely to relate and understand our investment product.  In business loans segment we plan on hiring in-house commercial loan officers with established relationships to credt worthy borrowers.

Pricing

Loans generate an origination fee. Typically this between 1% and 3% of the loan amount. Additionally, the business earns a loan servicing fee for administering loans, collecting and distributing payments. This fee is typically 1% of loan value annually.

Key Performance Metrics

The key metrics for our business are the number of loan contracts closed annually, and the number of investors served, the value of loans originated and the value of loans serviced. These metrics drive the revenue and cost structure for the business. In other markets where peer to peer lending has taken root the peer to peer lenders have typically gained between one and five percent of loan origination volumes past few years. Given the size of our markets (about €10 bn in consumer loans and about €50 bn in business loans, in next few years similar penetration implies a peer to peer lending market of about 250,000 consumer borrowers, lending volume of about €500 mn.

Competitors

Our product is an alternative or substitute for bank deposits and bank loans. Our competitors by definition are banks. As a peer to peer loan company we have a built in advantage.  We can find a middle ground between savers and borrowers that banks cannot profitably find. We can provide investors higher rates than they can obtain in bank deposits. With respect to borrowers peer to peer lenders offer both an alternative and a complementary product to what is offered by the banking sector. We need not provide steep discounts to bank interest rates.  Rather, we can offer more flexible terms and conditions and fewer service charges. We believe also there is a large base of credit worthy borrowers who are systematically underserved by the banking sector. This has been one of the drivers of peer to peer lending globally. In the peer to peer space we would be the first genuine middle market peer to peer lender to take hold in the Czech Republic.  In Poland a few peer to peer lenders have begun operating.  Our product is fundamentally different in that we offer investment into an automatically diversified pool of loans.  Our consumers need not spend time getting educated about the bulletin boards and the process of investing.  Second, we differentiate ourselves with our credit process, which we think we will be more robust and more transparent than that of our competitors.  Finally, we are likely to be the first entrant into the business loans space.

Use of Proceeds

We are using the money to complete installation and testing of our systems and launch operations. We expect to be operational in the coming months.

Finances

We budget that we would be generating profits with three years after we launch.  We are performing in line with or better than the capital expenditure and startup cost budget we envisioned.  Our capital requirements could be subject to change if we fail to generate as munch revenue as we anticipated or if we have to incur more costs to develop our business faster than we anticipated.

SWOT Analysis

Strengths:

We have a strong investor base, having been seeded by an angel investment fund.  This fund is our lead investor and provides us a supervisory board of knowledgable, well connected professionals who can help us develop our business.  More recently we’ve obtained financed from sophisticated, high net worth individuals who share our vision and have direct finance and corporate governance experience. Our core strength is in our understanding of credit and the credit process.  Our key management members have been in the business of analysing and investing in credit instruments for more than 10 years.  Second, we’ve put in place a high quality management team that is focused on executing the business plan. We are finding that the peer to peer space allows the opportunity to expand the business not only into new markets, but across the product spectrum into equity finance.  Being a startup we are constrained by a low capital base, especially relative to banks, but also relative to our peer companies operating in other markets who are well funded with venture capital finance.  The threat is that one or more of these well financed competitors will come into our market more quickly than we can develop an entrenched position. We have a strong management team. Our key inputs are internet technology and people. Our operating systems are developed and managed in-house by a team of dedicated, experienced professionals. We obviously depend on a well motivated, talented base of employees to handle our operating processes and develop sound lending models. We are fortunate to operate in a market where well trained, highly educated people are the norm.

Weaknesses:

We are startup operation. We are not as well capitalised as larger, established firms in other markets. We don’t have a track record of proven performance originating loans and generating returns for investors. Our credit models must be tested and adjusted based on actual experience issuing loans.

Opportunities:

There are a wide variety of investment alternatives to choose from and a wide variety of lending products to choose from.  Customer loyalty in our business is maintained by providing investors relatively safe, predictable investment returns they can rely on, and by providing borrowers flexible terms and conditions that suit their needs. The business opportunity in our region extends beyond peer to peer lending and into a wide range of investment and financial services products. In other markets we have seen equity crowd funding companies move into debt finance. We have also seen peer to peer lenders move up the credit spectrum into larger loans, property loans, secured loans and receivables financing. By serving our customers well and generating a reputation for being a reliable, well managed financial services firm we can launch products that expand the scope of our business.

Threats:

We consider our business to be highly regulated. Applicable ares of law and regulation include financial services authorities supervision and consumer protection laws.  However, the regulations are not uniform from country to country.  Generally speaking there is a well developed regulatory and commercial framework that we can operate in.

Business Risks

Our revenue stream is difficult to predict. We may have trouble attracting and keeping customers. Our expenses may be greater than we anticipated and our capital might not be sufficient to incur a long period of operating losses. The regulatory and legal environment may change so as to prevent us from operating as we planned to operate. We may incur higher legal costs as a result of changes in regulations and laws. Our ability to attract and keep investors is a function of our ability to attract borrowers whose behaviour is consistent with our lending models. If credit losses are larger than we anticipate our investors may suffer poor or negative returns and we will have difficulty attracting and keeping customers as a result. We are dependent on well functioning, fast IT systems. If our systems don’t function as we anticipated we can incur high costs and have difficulty attracting customers.

People – Meet the SymCredit Team

Michael Sonenshine, Excutive

michael_sonenshine_small_res Mr. Sonenshine has more than 20 years of experience in finance and investment management.  He is a specialist in credit analysis and structuring credit portfolios.  He has a track record of success managing high yield credit funds.  His career experience includes senior positions at Credit Suisse First Boston, ING Bank, and ING Investment Management.  He has an MBA in Finance from the University of Rochester.

Jitka Rombova, Finance

Ms. Rombova has a career in finance spanning more than twenty years.  She is a Partner in CQK Invest which provides financial and business support to innovative startup companies. Her professional experience also includes 10 years in senior management positions in HBO Europe, where she was ultimately promoted to Chief Financial Officer. Ms. Rombova holds an MBA from University of Pittsburgh.

Stepan Alexa, Information Technology

Mr. Alexa has 15 years of experience developing, testing and implementing database software solutions. His held senior positions at major software and systems providers such as Oracle and Sitronics. Mr. Alexa was chief architect and director of R&D for telecommunications solutions for delivery to tier one companies such as MTS, T-Mobile and Vodafone. He holds a Masters Degree in Computer Science and Psychology from the Prague University of Economics.

Ewa Chronowska, Business Development

Ms. Chronowska has ten years of experience in corporate finance, strategy consulting, business development and capital transactions. Prior to joining Symfonie she was CEO and co-founder of Capital Ventures, advising and providing financial and business support to start-up, early stage and SME companies. She was also CEO at Grasp Capital, which provided consulting and seed capital finance to Polish companies. She holds a Master’s Degree in Finance and Accounting from Warsaw School of Economics.

Peter McGregor, Operations

Mr McGregor has over 20 years of banking operations experience. He was Chief Operations Officer on assignment at Banco Nacional de Guinea Ecuatorial, overseeing implementation of banking and risk management IT systems, policies and procedures. He also spent 14years with ING, managing operations at ING installations in Central Europe and Monaco. He has a BSc (Hons) in Mathematics from the University of Witwatersrand, Johannesburg, South Africa, and a D.Phil in Computer Science from Oxford University, England.

 

 

Katerina Stanikova, Business Development

Ms. Stanikova has more than ten years of experience in journalism and communications. Her career includes producing and reporting for broadcasters such as Czech Radio, FTV Prima. She also worked for U-Turn Media Group, one of the first providers of mobile news in the world. She works with Helgi Library, a start-up company providing economists around the world with statistics and data. She holds a Master Degree of Journalism and Media communication from Charles University, Prague.

 

Symfonie – Why We Invested

Symfonie Angel Ventures is the lead shareholder in this company. SymCredit fit many of the criteria we established for the Angel Fund. We highlight our key considerations.

  • Expanding market.
  • Unique, compelling product with proven demand.
  • Scaleable business.
  • Potentially attractive acquisition target.
  • Inherent competitive advantages.
  • Strong, focused, motivated management team.
  • A business the leverages our core competence.

Symfonie Angel Ventures invested in this company because we believe in the potential peer to peer finance has if done well in the Czech Republic and Poland and in Europe generally.  Second, we think the management team is strong.  They understand the business and how to execute the strategy.  Third, the business is scaleable. It can expand into other markets and into other product lines.  Fourth, given the developments in peer to peer lending generally, we think this business can attract premium valuation in time. Symfonie Angel Ventures brings expertise to this venture.  We are helping the business implement sound financial and management practice. We are also bringing knowledge and understanding of retail financial product marketing.

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