Truffle fond dinvestissement Cleantech

Cleantech Master Class:
Présentation
Alexandre Ouimet-Storrs
(Partner - Truffle Capital)
Qui est Truffle Capital?
Indépendant
•Truffle est un fond de capital risque technologique crée en 2001 et basé à Paris
International
•Truffle Capital est constitué d’une équipe de 16 avec une forte expérience dans le capital risque, dans les start ups et en industrie. Equipe
avec expérience internationale
Diversification
de risque
•Truffle Capital investit très tôt dans les start up, se concentrant dans les domaines des Cleantechs, la Science de la Vie, et l’IT, en prenant
une position importante du capital des compagnies
•Une diversification propriétaire du dealflow excellente, avec un accès important aux laboratoires de recherche ou de R&D d’entreprises
pour des spin off (e.g. Carmat, Sp3H, etc)
Bon « track
record »
Bonne
capacité de
levée de
fonds
•62 compagnies financer dans tout les secteurs
•34 sorties completes et partielles, 12 IPO complétés, avec plusieurs sorties à des multiples élevés
•Une mentalité « gros risque / gros profit »
•Environ € 700M sous gestion
•€ 410M investis depuis sa création dans des compagnies innovante a ce jour
•€ 110M remboursés aux investisseur depuis son lancement
•Levée de fond annuelle entre € 40 et 50 M
Stratégie d’Investissement
- Investit dans la technologie à un stade « pré-revenus », à une maturité où la majorité
des fonds de capital risque n’investissent pas!
- Prend des positions importantes au capital (minimum 33%)
- Investit dans des technologies pionnières ou des technologies qui peuvent fournir
une valeur ajoutée forte (prix, efficacité, etc) dans les marchés existants
- Evite les investissements « Me too ». Pas peur de nouveaux marchés « Blue Ocean »,
au contraire!
- Travaille en tandem avec les PDGs et fondateurs pour aider la croissance des
entreprises grâce à son réseau d’experts ainsi qu’à ses contacts industriels (e.g. Total
,Shell, VW, etc)
- Se concentre majoritairement sur des compagnies en Europe occidentale avec
certaines exceptions
- Tickets d’investissements entre 500 kEUR à 5 MEUR par tour de financement.
Processus d’investissement chez
Truffle et la majorité des VCs (1)
PHASE 1: Le premier contact
On voit en moyenne 400 dossiers d’investissement par an,
souvent sous forme de « teaser ».
Seulement 1 ou 2 sont sélectionnés en moyenne!
Processus d’investissement chez
Truffle et la majorité des VCs (2)
PHASE 2: Le premier RDV
1 dossier sur 10 passe à la prochaine étape: rencontre avec la
société et envoi de premiers éléments
Les critères importants d’investissement sont: PRODUIT,
MARCHÉ et surtout MANAGEMENT
Processus d’investissement chez
Truffle et la majorité des VCs (3)
PHASE 3: La période de courtage
1 dossier sur 5 passe à la prochaine étape: plusieurs
rencontres, questions/réponses, début de due diligence,
revue approfondie de business plan
NÉGOCIATION DES TERMES D’INVESTISSEMENT… Le fameux
term sheet
Processus d’investissement chez
Truffle et la majorité des VCs (4)
PHASE 4: La demande en mariage
Term sheet signé (1 sur 200 sélectionné)! Processus de
sélection quasi terminé, il ne reste que la due diligence et la
négociation finale.
Processus d’investissement chez
Truffle et la majorité des VCs (5)
PHASE 5: Le mariage
Due diligence terminée et négociation acceptable, « closing »
de l’investissement.
80% pourcent de chances de succès après term sheet.
Processus d’investissement chez
Truffle et la majorité des VCs (6)
PHASE 5: La vie après le mariage!
La lune de miel commence et les divergences aussi!
Maintenant il faut gérer au jour le jour les attentes et le
« couple »…
Le but de l’investisseur est que son argent fasse plusieurs
« bébés » (multiples sur investissement)
Conclusion: le but d’un fond de capital risque
lorsqu’il investit…
Un VC (responsable) cherche toujours à aligner ses
intérêts avec ceux des fondateurs pour faire un
maximum de retombées financières pour les deux
parties!
Questions?
Portfolio Sector Exposure
Good diversification in several sectors
HI Investments
Seed Phase
Spin off of the LPRL lab that developed radar absorbing
paints for the Rafale, Cascade Light Technologies is
developing a system to increase the yield of crops by up
to 80% without altering the quality or growth period of
the crop by shifting the solar spectrum into wavelength
range most efficient for photo synthesis. It is also
developing a special film for PV cells which increases
their efficiency by 2% to 3%.
Seed Phase
Geocorail is engaged in an innovative process of
creating artificial cement on the coast by using
electrochemical process in seawater to create ,in situ,
a strong and rough material which can be applied in
coastal engineering to fight erosion and consolidate
marine facilities. It is also developing a natural coral
reef renewal and heavy metal removal technology (in
marine environments)
Seed Phase
Capnodis aims to develop and commercialize biologically
friendly alternatives to chemical pesticides in order to
manage pests affecting key crops in the Mediterranean
basin and West Africa. It currently focuses on controlling
Capnode which kills about 10% of the Apricot plants. Its
partnership with the INRA will also enable the company
to develop an alternative pesticide for treating pests
affecting coffee production.
Build Up
Phase
Dymeo makes speed, position and acceleration sensors
using the concept of eddy currents to help regulate and
optimize performance in industrial, electrical,
automotive and defense sectors. These sensors are low
cost, robust, highly precise and require no calibration.
Its sensors can significantly improve the performance of
low cost electrical motors.
HI Investments
Growth
Phase
Vity Technology creates products that connect all the
technologies used in houses, conference rooms, hospitals
etc. to a smart digital network and allows to increase
comfort and safety, while reducing energy consumption
by measuring the power consumption. The company
generates roughly 4 MEUR in revenues and is profitable.
Its now positioning itself as a key player in eHealth.
Build Up
Phase
Genes’Ink produces conductive, semi-conductive and
fluorescent inks, based on a technology using
nanoscalemetal or metal oxides particles. These inks are
printable materials for thin film and coating printings in
markets such as printed and flexible electronic supports,
renewable energies and security.
Build Up
Phase
OHT has developed a polymer technology based on the
use of adsorbents (oleophilic and hydrophobic) to
depollute soil and water by removing the hydrocarbons.
The company is present on two markets: local soil and
water depolution and the removal of hydrocarbons from
produced water. It has successfully tested an industrial
scale pilot, depolluting water
in the Oil and Gas Sector.
Growth
Phase
Ramboo is developing construction materials for
wooden houses using a technology that makes use of
the strength and insulating properties of bamboo for
producing energy positive and neutral homes and
buildings. The low cost of bamboo makes this
technology attractive to construction companies.
FCPI Investments
BUILD UP
PHASE
2-B Energy is dedicated to developing and implementing an
innovative 2 bladed 6MW offshore wind turbines, with 30%
lower cost of energy produced. It is currently focused on
demonstrating its turbine in Eemshaven, NL. It has several
properties in the EU where it can deploy several turbines in the
future. It has also recently raised 27MEUR from new investors
including Shell.
BUILD UP
PHASE
Eco-Carbone concentrates on large scale biofuel production
using Jathropha as well as traditionnal sunflower plantations
across Africa. It has teamed up with a large industrial vegetable
oil producer to help commercialize its oils in African and the
EU.
GROWTH
PHASE
Acerde is an expert in the development of advanced
materials, with applications notably in the medical sector. It
is currently developing light rotating anodes that can reduce
the weight of existing anodes by up to 4 times which has net
benefits for medical equipment manufacturers. ACERDE can
also as well as refurbish existing used anodes. All the major
equipment manufacturers have teamed up with ACERDE on
several commercial and R&D programs
GROWTH
PHASE
Neelogy develops and commercializes innovative sensors
for measuring both AC and DC current, based on the Neel
Effect™, which enables highly accurate, hysteresis-free
measurement of alternating and direct currents. It
addresses the Test and Measurement and embedded
components markets.
FCPI Investments
Growth
Phase
Growth
Phase
Actility is the provider of ThingPark, the Internet of Things
and M2M service platform. Actility is also a Demand
Response aggregator for industries and smart energy
management provider. It is currently deploying a unique long
range connectivity network for low power consumption
sensors for B2B and B2C clients in Europe and Asia.
Dietswell is a publicly-listed (Mnemo : ALDIE) company
focused on delivering customized onshore & offshore
drilling solutions to O&G operators worldwide. It is now
fully focused on services like audit, engineering solutions
and consulting.
Build Up
Phase
SP3H has developed a microanalyzer based on combination
of infrared technology and specific data treatment
software. SP3H ‘s key approach is to “profile” the molecule
structure of the fuel and add to its extensive database. Its
fuel quality sensors have application in automotive, oil refining,
stationnary and marine markets. These sensors can help
optimize motors enabling a 1-5% reduction in GHG emissions.
Energy Portfolio Exits
Isis Innovation (now a subsidiary of Nexeya), offers software and services for industrial
command and control systems to large blue-chip customers in aeronautics, defense,
space, transport, energy and telecommunications. First investment in 2003.
Osead is a French company founded in 2006 and specialized in exploration
and production of energy resources. First investment in 2006.
Partial exit in 2007 through a trade sale to
Nexeya and full exit in 2009 and 2010 on
the stock market, at a multiple over 3,5x.
Partial exit in 2007 through reduction of
capital, second partial exit in 2011
through sale to another fund, final exit in
2012 at an overall multiple of 2,8x.
Photon Technologies is a provider of photovoltaic installations targeting
individuals as well as industrial, agricultural, and public buildings. First
investment in 2008.
Trade sale to EDF Energies Nouvelles
in 2010, with a multiple
over 3x.
Velcan is specialized in electricity generation and in the reduction of
greenhouse gas emissions through the production and the trading of
carbon credits. First investment in 2006.
Exit through an IPO in 2007 at
multiple over 1,2x.
Cybernétix is a specialist in robotics of complex systems in hostile
environments. First Investment in 2005.
Sale to other shareholders in
2007 at a multiple over 2,5x.
Dietswell is a publicly-listed (Mnemo : ALDIE) company focused on
delivering customized onshore & offshore drilling solutions to O&G
operators worldwide.
IPO in 2007, partial exit on the stock
market at a multiple over 3x.
Types de Fond Truffle
Truffle commercialises trois types de fonds :
Fonds Commun de Placement en Innovation (FCPI):
-
Fond de détail souscrit par des particuliers ou des banques avec des règles d’investissements spécifiques (ex. 80%
des fond investie doive être dans des compagnie technologique en Europe avec moins de 250 MEUR en revenue)
Tickets d’investissement par tour entre 1MEUR to 5 MEUR.
Cible généralement les tours A or B d’investissements.
Holding Incubatrices (HI):
- Fonds levers en 2010 permettant les particuliers de recevoir un allègement fiscal (80 MEUR lever).
- Chaque holding a au moins 2 compagnies subsidiaire.
- Utiliser prioritairement pour un investissement d’amorçage et agis en tant que une structure d’incubation
informelle.
- Truffle prend un majorité des enjeux dans les compagnies.
- Investissement varie entre 200 KEUR a 1 MEUR
Fond Commun de Placement a Risque (FCPR)
- Banques ou fonds de pensions souscrit un a fond concentrer sur la technologie avec un taille variante entre
50-70 MEUR par fond.
- Stratégie d’investissement similaire au fond FCPI