Investment funds

Investments in start-ups

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Angel Fund Overview

  • A portfolio of startup and early stage companies selected by a team of seasoned investment professionals, business executives and entrepreneurs.
  • We do extensive research and due diligence so our investors have confidence in our portfolio companies.
  • We take an active role in our investee companies so we can positively influence their development and increase potential returns.
  • Target exit horizon 3 to 5 years.
  • Invest as little as €10,000

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Angel Investments Offer High Potential Returns

Various studies have concluded that angel investment groups have exit multiples of 2.6 times their initial investment with a holding period of about 3.5 years. This equates to an average annual return on investment of about 27%. Source: Rob Witbank of Willamette University, Symfonie Capital research. There is no guarantee or assurance that any level of return can be achieved. Future returns may differ from prior period returns. Investors should carefully consider the risks associated with any investment, including the risk of loss of the entire investment. Historically, seed and venture capital funds have been among the best performing asset classes, generating average annual return of more than 20%. Source: Venture Economics, HFRI Equity Hedge Invest, Rob Witbank of Willamette University, Symfonie Capital research. There is no guarantee or assurance that any level of return can be achieved. Future returns may differ from prior period returns. Investors should carefully consider the risks associated with any investment, including the risk of loss of the entire investment.

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Symfonie Angel Venture Fund – We Do All the Work

Investing in startup and early stage companies is complex and time consuming. An investment in the Symfonie Angel Venture Fund simplifies the process and provides several benefits.

Professional management

The fund is managed by a team of experienced investment professionals and entrepreneurs. Our dedicated team evaluates each potential investment, does extensive research and due diligence, structures each transaction and works with each investee company from the day of investment to the day of exit.

Diversification

The Fund allocates investments among a carefully selected group of early stage and startup companies in a variety of industries. Researchers following angel investment groups and venture capital firms cite the importance of diversification in reducing overall risk and increasing the possibility of achieving better overall returns.

Disciplined investment process

We benchmark each investment against a set of criteria we believe create conditions for success.
Read More About our Investment Process

Active investment style

Studies have shown that angel investors who work closely with their investee companies can generate higher investment returns than angel investors who are relatively passive. According to research published by the Ewing Marion Kauffman Foundation active angel investors experienced overall exit multiples of 3.7X in four years – i.e. 45% annual returns. Our work following each investment includes mentoring, coaching, consulting, reviewing business plans and monitoring strategy execution.

Reporting

We provide our investors regular reporting and updates about the performance of the fund the companies in which we invest.

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Elements of Successful Angel Investing

Studies have shown that angel investors can generate superior returns by:

  • aligning their investments to their own career experience
  • employing a good selection process
  • doing thorough due diligence
  • taking an active role in the development of investee companies
  • investing with groups or teams of dedicated professionals

A study sponsored by the Ewing Marrion Kauffman Foundation and the Angel Capital Education Foundation drew the following conclusions: Adding value counts – Investors who worked closely with their investee companies experienced 3.7X exit multiples compared to 1.3X exit multiples for relatively passive investors. Experience is critical – Exit multiples were twice as high for investments in ventures connected to investors’ industry expertise. Investors with relevant industry experience had fewer failures and more successes. Due diligence pays off – Investors who spent more than 20 hours doing due diligence had average exit multiples of 5.7X while investors who spent fewer hours had average exit multiples of less than 2X. Where investors spent 40 hours doing due diligence exit multiples were more than 7X.

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Symfonie Angel Ventures – Frequently Asked Questions

The following is a general list of questions investors considering making an investment in Symfonie Angel Ventures often ask. The list does not represent the complete set of information on which investors should base their investment decision. Investors should also read the Offering Memorandum, Limited Partnership Agreement, Due Diligence Questionaire and other materials about the Fund as Symfonie may produce and make available. Investors should also consult with their financial advisors. This list does not constitute an offer of investment advisory services or a solicitation of investment.

  • What does the Fund invest in?
    • The Fund invests mainly in the equity capital of startup and early stage companies. The Fund may also invest in loans to startup and early stage companies.
  • What are your key investment criteria?
    • We look for companies that offer innovative products or services and are run by experienced, capable entrepreneurs. Other important factors we consider when evaluating an investment include potential to grow revenues and cash flows quickly, ability to become financially stable without large unfunded capital expenditures, the prospects that we can exit the investment within five years and achieve our targeted return on investment.
  • How diversified is the Fund?
    • The fund’s objective is to invest each tranche of the Fund into 8 to 15 companies. There is no guarantee or assurance the objective of diversification can be met. Some tranches may contain fewer than 8 companies.
  • Where does the Fund invest?
    • The fund is focused on companies whose principal offices are in the UK, Czech Republic and Poland. These are the countries where Symfonie has offices and staff who are best positioned to work with the companies in which the fund invests.
  • Where do the companies sell their products and services?
    • The Fund generally invests in companies that can sell their products and services internationally. The internet has dramatically lowered the cost of reaching customers and suppliers over long distances.
  • Is there a focus on particular industries or business sectors?
    • There is no restriction on the industry or business sectors in which the Fund can invest. Our investment team has significant experience in financial services, consumer goods, efficient energy projects, e-commerce and software solutions.
  • How do you find companies?
    • Members of our investment team have careers that span more than a decade. Their wide network of professional contacts helps us identify and evaluate potential investments. We also receive enquiry from the growing community of entrepreneurs in the countries where we have offices.
  • What is your investment horizon?
    • We prefer to make investments that we believe can be exited in three to five years.
  • How much do you typically invest in a company?
    • In general we invest between €50,000 and €250,000 into each company.
  • What are the benefits of your investment process?
    • Our investment process is a tool that can help us make good investment decisions and generate profits for our investors. Several studies have concluded that angel investors who spend more time doing research and due diligence generate higher returns than angel investors who spend less time on research and due diligence. By working closely with our investee companies we can add value and positively influence the prospects that our investments will be successful.
  • When will I receive capital distributions from the Fund?
    • The Fund will distribute capital as and when the Fund exits its investments. Our goal is to exit investments within five years. There can be no guarantee or assurance that the Fund will achieve this goal. Investors should be prepared to hold their investment in the Fund for an undefined period of time.
  • Can I reinvest capital distributions?
    • Yes, providing the Fund is accepting new investments, you can opt to reinvest your capital distributions.
  • Will I receive income from the Fund?
    • You should not expect to receive much income from the Fund. The primary source of return is expected to come from capital gains realised upon exiting investments.
  • Can I redeem my investment from the Fund?
    • No. Unfortunately the Fund can only pay out capital as and when it exits one or more investments.
  • Can I sell or transfer my investment in the Fund?
    • Investors cannot sell or transfer their investment in the Fund without first obtaining written consent of the Fund’s General Partner. There is no guarantee or assurance that permission will be granted. For more information, contact Symfonie.
  • Can I add to my investment in the Fund?
    • Yes, providing that the Fund is accepting new investments.
  • How is the Fund structured?
    • The Fund is a Limited Partnership formed according to the laws of the State of Delaware, in the United States. The Fund has Classes or tranches of capital, that are effectively separate sub-Funds. Currently the only Class open to new investors is the Prague 2013 Class.
  • Can I allocate my investment to specific companies in the Fund?
    • It is possible to allocate your investment to one or more specific companies. Further details are on our Company pages.
  • How is my investment taxed?
    • The Fund’s status as a Limited Partnership means the Fund is generally not subject to taxation in the United States. Investors who are US residents or US citizens must declare and pay tax on their pro-rata share of the Fund’s earnings each year. Non-US investors are generally not subject to taxation in the US and need not file or pay taxes in the US. Non-US investors should consult their local tax advisor to determine how to treat their investment in the Fund for purposes of taxation. In many instances investors are subject to taxation only after they receive profits in the form of income or capital distributions. In some countries long term capital gains are tax-advantageous.
  • What are the key risks of investing in the Fund?
    • Investing in startup and early stage companies is risky. Investors can lose part or all of their invested capital. Capital invested into the Fund can not be redeemed except when the Fund liquidates or exits one or more of its investments. Investors should be prepared to hold their investment for an undetermined length of time. Investors should carefully read the and should seek independent financial advice before making an investment in the Fund.
  • What types of investors may consider the Fund a suitable investment?
    • The Fund is suitable only for investors who are able and willing to accept the risks of an investment in the Fund. An investment in the Fund by itself does not represent a complete investment program. Investors should consider the Fund in the context of their overall investment portfolio and their overall financial situation. Investors should seek independent financial, tax and legal advice before investing.
  • What are the key benefits of an investment in the Fund?
    • Investing in startup and early stage companies can be rewarding. Various studies suggest that angel investors on average earn more than 25% average annual return. An investment in the Fund can also add diversification to a portfolio invested in other asset classes.
  • What reports will I receive?
    • You will receive updates throughout the year about the performance of the Fund and the investments made. The Fund’s accountant, Liccar & Co, prepares a set of accounts annually. Finally, each investor will receive an annual statement of their investment and income earned.
  • Is the Fund regulated?
    • Symfonie Capital, LLC is a registered investment advisor subject to the rules and regulations of the US Securities and Exchange Commission (SEC). The Fund is registered with the US SEC as a private equity fund. The Fund is not registered for sale on the basis of public offer or solicitation. The Fund is open only to private investors who certify to the Fund that they have sufficient experience and knowledge to invest in the Fund and that they are willing and able to bear the risk of investing.
  • What are the investment fees?
    • The management fee is 2% per annum. The incentive fee is 15% of gains over and above a hurdle of 8%.The incentive fee is charged and paid only after investors have received distributions of capital totaling their initial capital plus a net return of 8% per annum.
  • What is the minimum investment in the Fund?
    • Investors should invest at least € 100,000 or local currency equivalent in the Fund. On a case by case basis the General Partner may accept amounts as little € 10,000.
  • How do I invest?
    • Download and complete the Investor Application and Subscription Agreement. These can be returned by post, e-mail, or fax. Send your investment by secure bank transfer. For regulatory and compliance reasons investors must remit funds from a bank account registered in their own name. Once we receive your investment we’ll send you written confirmation. Investors are urged to consult an independent advisor and to carefully consider the risks of investing.

Download FAQ Setup your investment account

How to Invest

Investing in the Fund is easy.

Review Fund Offering Materials

Read the Fund’s Offering Memorandum and Limited Partnership Agreement.

Ask Questions

Contact Symfonie if you have questions or concerns. You can also review our Fund FAQ, Risk Disclosure and other materials about the Fund. Investors should also consult their own independent financial advisor.

Apply to Invest

Complete and return your subscription agreement.

Bank Wire

Send your investment via secure bank transfer.

Download investor materials Setup your investment account

Key Fund Facts

3 to 5 Year Horizon

The targeted holding period for each investment the Fund makes is three to five years.

Capital gain distributions

As the fund liquidates its investments the fund will make distributions of capital and capital gains.

Fund vehicle

US limited partnership, open to US and non-US investors. The Fund is registered with the US Securities and Exchange Commission as a private equity fund. Fund accountants – Liccar & Co (www.liccar.com)

Management & Incentive fees

2% management fee /15% incentive fee, subject to 8% hurdle rate

Priority return structure

No incentive fee is charged until investors have received all their initial capital plus a net return of 8% annually.

Minimum investment

€100,000*

*On a case-by-case basis the General Partner may accept as little as €10,000

Fund FAQ How to invest Setup your investment account

Our Investment Process

Successful investing begins with a disciplined investment process. Our process is divided into several steps.:

Deal origination

We find innovative businesses founded by capable entrepreneurs. We look for businesses in industries where the experience of our team of professionals can be most applicable.

Deal evaluation

We analyse each company’s business plan. We rate each opportunity based on our investment screening criteria and the risk/reward potential.

Research and
due diligence

We do background checks on the company and its key shareholders and managers. We conduct product research, competitive analysis, business plan analysis. We understand the challenges and risks our investee companies face and identify opportunities for us to add value.

Deal structure
and negotiation

We establish terms of each investment so we can protect our rights as investors.

Post-investment
monitoring and execution

We monitor the performance of our investee companies. We assist and support them as necessary while they execute their business plans.

Deal exit

The last step in our process, but also the start of the process. Before we make an investment we consider how we ultimately will realise the returns on our investment and what the company must do in order to get to the point where our exit can be realised. Our targeted exit point is 3 to 5 years.

The Process in Detail

Identifying Prospective Companies

We have a continual pipeline of potential investments to review. We source opportunities through the network of contacts developed during the long careers of our investment team. We get referrals from angel investment networks around the world. We also accept applications directly from companies seeking finance.

Deal Evaluation

We have a defined list of screening criteria. We evaluate each company based firstly on how well it meets our criteria. We analyse each company’s business model and evaluate the strength of its management team. We look at the potential rewards and risks of investment to determine the range of expected return on investment.

Research and Due Diligence

Research and due diligence is a risk management tool as well as an investment tool. We do background checks on the company, its management and shareholders. We inspect the corporate records, accounting and financial statements, and legal issues. We analyse the competitive environment, the opportunities the company sees and the risks and challenges the company faces. We consult outside, independent advisors.

Deal Structuring

We negotiate deal terms with a view to protecting our interests as investors.

Monitoring and Execution

We meet with our investee companies regularly to review their performance and discuss new business development initiatives. By taking an active role in the business and governance of our portfolio companies we can be a resource to management, helping them make operating decisions and introducing them to potential suppliers, customers and investors.

Deal Exit

This is the last stage of our investment process, but also in many ways the beginning. One of our key baseline investment criteria is to evaluate the possibilities that we will be able to exit our investments within our targeted horizon of 3 to 5 years. Once we make an investment we work with our portfolio companies to ensure they are actually preparing the base of documents, policies and procedures they will need in order to negotiate an eventual transaction that will create the exit opportunity. We also are continually evaluating potential exit opportunities as and when market and business conditions change.

Risks of Angel Investing

Put Risk into Perspective

Angel investing is, plain and simple, risky. On the other hand, the most successful angel groups are well rewarded. They achieve exit multiples in excess of 4X. It’s deceptively easy to diversify among several startup and early stage companies via the internet. The clear and present danger of that strategy is that the winning investments might not compensate for the losing investments. Secondly, many companies present well, but are inherently more risky or more prone to failure than they appear.The successful angel investor should do three things. First, understand the risks associated with each investment. Second, be selective. Avoid investments where the risks are just too great. Third, control and manage the risks. One of the reasons why groups of angel investors and professionally managed angel investment funds tend to perform well is because they have the experience necessary to evaluate and understand risks and because by taking an active role in the investee company they can help manage and control those risks.

Words from the Wise

“Go out on a limb. That’s where the fruit is.” (Jimmy Carter, 39th US President (1977-81). Nobel Prize for Peace in 2002. b.1924) “Man cannot discover new oceans unless he has the courage to lose sight of the shore.” (Andre Gide, French writer, humanist and moralist, 1947 nobel prize for literature, 1869-1951)“We took risks. We knew we took them. Things have come out against us. We have no cause for complaint.” (Robert Frost, American poet, 1874-1963) “Take calculated risks. That is quite different from being rash.” (General George S. Patton, American General in World War I and II, 1885-1945) “Financial risk taking is the practice, within a well-defined investment, risk management philosophy and business model, of creating economic value by finding profitable opportunities to take financial risks. Financial risk management is… the qualitative and quantitative identification and measurement of risk sources and the formulation of plans to address and manage these risks.” (Tim Grant, MSc in Metallurgy, MA in Financial Engineer, Entrepreneur and Managing Director at O’Connor, responsible for Global Risk, Quantitative Research and Technology)

Company Specific Risks

Most startups fail. There is a plethora of literature about startups, the risks they face, the reasons they fail and the reasons they succeed. Many of the reasons are specific to the company. The product might be excellent, but if the management is poorly organised or doesn’t find customers, the business is likely to fail. We categorise company specific risks into three basic groups. Commonly cited reasons are what we call “core business issues.” These problems tend to appear early in the life cycle of a company. Less commonly cited, but also prevalent, are organisational problems. Finally, the least likely issues appear to be legal or regulatory in nature. Notably, outright fraud is rarely cited as being the reason for failure.

Core business issues

Lack of demand for the product Inability to achieve economies of scale/scope High costs Lack of capital Organisational problems Poor management Poor corporate governance Too few staff Over-reliance on key people Founder attrition Disagreements among the shareholders Legal issues Trademark and patent disputes Regulatory problems Fraudulent corporate governance External Risk Sometimes companies fail due to factors that are generally outside of the company’s control. These are external factors. We categorise these issues into two groups – microeconomic and macroeconomic.

Microeconomic Risks

Low or non-existent demand for the product Low demand at or near the general cost of production The product is not attractive relative the alternatives Market is crowded with competitors Better, stronger, more efficient competitors dominate the market Key production inputs are too expensive or too hard to find Alternative competing technologies shorten the product life cycle Macroeconomic Risks Recession lowers demand for the product Capital becomes too scarce Regulator or central authority introduces rules that stifle the market for the product Input and/or output prices change adversely Foreign exchange rates change adversely Technology changes make the product obsolete Fashion trends, demographics, and consumer preferences shift adversely The social or political environment changes War, terrorism, fire, flood, and other types of force majeure General RisksThe last category we address is the risks inherent to the asset class and to investing generally.Lack of liquidity – there is not a readily liquid market for shares and debt securities of private companies. Foreign exchange risk – exchange rates between the investor’s currency and the currency in which the shares or debt securities are denominated may move adversely. Changes in taxation regimes – during the life of the investment there may be adverse changes in the tax treatment of gains and losses the investor faces. Changes in the investor’s financial needs and circumstances –What might have been an appropriate investment for an investor at one point in time may become inappropriate at a later point in time. The investor might not be able to liquidate the investment or make other portfolio adjustments to suit the new financial needs and circumstances.

What’s an Investor to Do?

The risks we’ve listed are not exhaustive and the types of risks embedded in the investment may vary depending on the particular circumstances. We outline some techniques investors can adopt.

Risk Assessment

Risk assessment means understanding the sources of risk in an investment and determining how and whether those risks might become the sad reality. Educated investors readily have many of the tools and techniques at their disposal. We outline some of them here: Interview the management and founders of the prospective investee company.Assess the depth, quality and experience of management Test the product the company produces. Research the product. Find out what drives demand for the product, what solution the products provides its consumers, who are the competitors and what advantages do they have. Review the company’s business plan. Understand the critical assumptions and how variances in those assumptions impact the financial model. Look at the company in light of strategic analytical frameworks. Michael Porter’s competitive analysis framework is particularly useful. Another useful tool is a SWOT analysis, which is used to assess the company’s strengths, weaknesses, opportunities and threats and how they impact the company. Understand the company’s capital requirements. Determine how much capital the company will need, when the company will need that capital, how the company plans to raise additional finance and what prospects the company has to generate cash from operations. Look at the company’s sustainability. If the management work for zero or low salaries, assess how long potentially are they willing to forego salaries and other opportunities? Review the company’s corporate governance structure. Find out if the company is audited, if there are checks and controls embedded in the cash management process, if the company has transparent accounting and management information systems, how the company makes day to day decisions and how the company makes longer term strategic decisions. Review the company’s disaster recovery plans. Determine how adequate they are and if there are important flaws or gaps. Review the company’s legal structure. Make sure the company is incorporated, in good standing, a shareholder register is properly maintained updated and verified transparently. Review the Articles of Association. Understand your rights as a shareholder, how important decisions are made and what shareholder protections are present. Review the legal environment the company operates in. Find out about key regulations and laws which impact the company, how those regulations and laws might change and how the company can adapt. Consult with experts. Review the potential investment with experience, educated angel investors. Find independent third parties who understand the industry and the product and can offer insight and opinion. Discuss the investment with your personal financial, legal and tax advisors.

Risk management

Once risks have been assessed the task at hand is to decide how best to deal with them. The options are as follows:

De-select

Sometimes the best thing to do is walk away. Each angel investment can result in 100% loss of capital. Successful angel investors have good returns in part because they find good companies, but also because they are selective. They ask many questions, they have the benefit of experience and lessons learned and the knowledge and understanding they have gained to their selection process.

Control the risk

Angel investors who take an active role and work closely with their investee companies can mitigate many of the risks stemming from core business issues. One of the major reasons why angel investors can generate higher than average returns is because they have relevant industry and business experience they can draw on to add value to their investee companies. Active investors can mitigate risks across the spectrum through their involvement with the investee companies. Here are some examples:

  • Generating sales leads
  • Identifying new customers and new market segments
  • Working with management to design business plans and strategies
  • Introducing new investors to the company
  • Overseeing corporate governance issues such as audits, financial control systems, design and review of operating systems and procedures
  • Benchmarking to industry competitors
  • Mentoring managers
  • Finding additional managerial talent or external consultants

Delegate investment selection to professionals

One of the major reasons why angel groups and angel funds can be successful is that they have highly specific knowledge experience and skills sets that are required in order to make good angel investments. Their value-added comes from the following activities:

  • Evaluation of companies, business plan, management teams and business strategies
  • Creating synergies among their investee companies
  • Sharing information, research and due diligence with their professional networks
  • Negotiating deal terms
  • Monitoring the activities of the investee companies
  • Identifying problems at the investee companies and discussing solutions with management
  • Helping investee companies prepare for the eventual exit
  • Introducing investee companies to new sources of capital
  • Developing diversified portfolios of investments in startup and early stage companies

Invest in companies where key risks have been addressed

When evaluating companies to investing, map or benchmark the characteristics of the investee companies against a set of key risks. Set certain criteria for investments you consider acceptable. Some criteria worth considering might be as follows:

  • The company is already generating revenues
  • Company operates in fast growing market
  • Capital requirements are modest
  • Financing is ample to take the company to the point where it generates free cash from operations
  • Management team is strong and is not overly reliant on one or a few particular managers
  • The skill sets needed to run the company are not highly specific
  • The company has a strong market position and a unique service that is costly and difficult to replicate
  • Company has good corporate governance practices and treats investors as valued partners
  • Select angel investments in the context of your financial planning

Consider your risk tolerance not only in the present, but where it is likely to be in the future. Invest only what you can afford to lose and take into account the fact that your angel investment might not be liquid when you will have strong need for liquidity. Review angel investments in light of FX fluctuations. Evaluate whether or not you need to hedge all or part of your investment against adverse FX fluctuations. Take time to exit into consideration. Select investments that are likely to generate return on capital well before you expect you are likely to need that money. Diversify your angel portfolio. Take into account that failure rate within angel portfolios may be high. Estimate the returns you can expect from investments that are successful and estimate the failure rate you are likely to experience. Research suggests that failure rate among angel investments is as much as 50%. On the other hand, successes can result in exits at multiples of 3X to 30X. Most literature we have reviewed suggests that beyond 15 companies the benefits of further diversification are marginal. When building a portfolio, take into account how similar are the businesses among the portfolio. Having mix of companies that operate in a variety of industries, and sell a variety of products is also important to generate benefits from diversification. Diversify your overall portfolio. Angel investments by themselves do not constitute a complete and diverse investment program. Ensure your financial portfolio has a mix of assets that are appropriate for your financial situation.

Parting thoughts

This discussion paper is intended to provide a general framework for considering risks associated with angel investing. The lists of risks and ways to evaluate and manage risk are not exhaustive. Investors should not rely solely on this discussion paper when making an investment decision. Investors should also consult with independent legal, tax and financial advisors before making any investment decision. . This paper was produced for publication 12 May 2014. Investing in startup and early stage companies (making angel investments) is considered suitable only for sophisticated investors with the knowledge, willingness, experience necessary to undertake such an investment and accordingly to bear the risks associated. Angel investing on its own should not be considered a complete investment program and investors are strongly advised to consider an angel investments the context of their overall portfolio objectives, liquidity requirements and risk tolerance. There are no assurances or guarantees of any return on investment.Symfonie makes no guarantee or representation is made that angel investing will be a successful investment strategy or returns will exhibit low correlation with an investor’s traditional securities portfolio.

Why Invest with Symfonie?

When you invest with Symfonie you invest with a team of professionals who have the wide range of skills and expertise necessary to find good companies, conduct extensive due diligence, negotiate favourable deal terms and work to make your investment successful. Investing with Symfonie provides the following benefits:

An experienced team manages the entire investment process.

Symfonie brings together a team of highly experienced investment professionals, seasoned business executives and successful entrepreneurs. We apply our detailed knowledge of industries and companies and our wealth of career experience to the process of selecting investments, evaluating companies, and helping our investee companies succeed. Learn More about Our Team

We employ a rigorous investment selection process.

Successful investing starts with a screening and evaluation process designed to select investments that are likely to succeed. We invest where we specialise. We focus on investments in industries we know well, fit within our professional experience and where we have a strong network of well informed contacts.

We do extensive research.

We take a significant amount of time to understand the companies in which we invest and the sectors in which they operate.

We use localised knowledge.

We focus on companies where we and our partners know the company and its management. Many of our deals come to us by referral. We build and develop trust and confidence so that we understand the company, its challenges and potentials.

We do thorough due diligence.

We have a vigorous due diligence process so we understand the legal and financial situation of each company in which we invest.

We actively manage investments

We work closely with the owners and management of the companies we invest in. We meet them and their board members regularly. We help them with projects in finance, marketing, business analysis, business planning and execution. We help them find competent professionals and staff members who add value.

Fund Portfolio – Featured Companies

360Logo-Horizontal.master

SymVest_web_bulletin_foto_preview-7

Company Overview

360Cities.net is the web’s largest collection of stunning interactive panoramic photos, created by a network of thousands of the finest panorama photographers from around the world. Since its founding in 2007 360Cities has become uniquely positioned. Thousands of photographers around the world upload their content each month and the Company has partnerships with Google Earth, Microsoft, Nokia Maps, Oculus and Flipboard. 360Cities offers commercial licensing of its vast library of high quality 360 content to leading digital publishers, including The Sunday Times Online, Daily Mail, Die Welt and McGraw-Hill, as well as leading advertising agencies, mobile app and game developers, film and video producers.

www.360Cities.net

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SymCredit_web_bulletin_foto_preview-16

Company Overview

Venzeo solves an important problem for businesses that have to create, store and maintain photo documentation. The Venzeo application installed on a mobile telephone, digital camera or tablet enables users to upload photos that are independently certified with timestamp and gps co-ordinates to secure file servers. This saves businesses significant time and costs. Key use cases are in the construction industry, waste processing, merchandising, advertising, retailing, insurance and telecommunication. Photo documentation applications are a relatively new, undeveloped market. Many companies have large numbers of field staff who manually upload and tag photos and can increase productivity by adopting the automated, customisable solution Venzeo offers. Venzeo benefits from proven demand, a well developed product and a base of knowledgable, value-adding shareholders, such as Telefonica’s Wayra accelerator.

www.venzeo.com

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SeniorHub Logo

360cities

Company Overview

New Senior Generation provides 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. 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. 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 etc. are ready to be launched.

www.seniorhub.cz

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SymCredit_web_bulletin_foto_preview-10

Company Overview

SymCredit, a wholly owned subsidary of Symfonie P2P Ltd, is building a Peer to Peer (P2P) finance platform in Central Europe. SymCredit will make business and consumer loans in the Czech Republic and Poland. P2P is one of the fastest growing areas of finance. P2P platforms enable investors to earn attractive interest rates by investing in loans made to credit worthy borrowers. The Czech Republic and Poland together represent a growing lending market of about €50 billion. Savers in these two countries have amassed nearly €200 billion in deposits. The Angel Fund made a seed investment into SymCredit and the Company is now raising additional finance from angel investors in the US, the UK and the Czech Republic.



www.symcredit.com

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