Entrepreneurial Finance: Venture Capital Financing

Investment in startups plays a key role in the current economy. New companies create most of the new employment, generate innovations and disrupt existing markets. From the investors’ point of view, there is an opportunity to get high returns by investing early in some of the most successful companies of the decade. Angel investment in new startups has been growing significantly, even during the crisis, with over €6 billion invested across Europe in 2015, and with a growth rate of 8.3% annually since 2012 (EBAN). Venture capital investments accounted for €5.8 billion in 2015. This is a very active market and understanding its dynamics, and how to get involved – from an investor or an entrepreneur perspective – is key for being successful.

The Entrepreneurial Finance program covers the whole cycle of investing in new ventures. It is targeted at individuals, with some financial knowledge, interested in learning about investing in startups. Potential participants are entrepreneurs, with good financial acumen, business angels, family offices, consultants, regional development organizations and advisors. Other professionals who interact with startups in the process of raising funds, or who advise venture capital funds and need to understand how they work, will also benefit from attending this program.

How you will benefit 

• Analyze and understand the process of startup financing
• Learn how to get deal flow and analyze a business plan
• Learn about valuation of new ventures
• Examine the effect of dilution and different rounds of financing
• Explore the legal side of investing in startups and get to know the term sheet and its key clauses
• Participate in negotiating a deal
• Gain practical experience with several case studies
• Review the different options for harvesting an investment in a new venture

Faculty:

Cyril Demaria is a private markets expert advising investors on asset allocation, funds and direct investments. He is also the author of multiple books on private equity and asset allocation.

He started his career in 2000 by investing in software and e-commerce start-ups for a transatlantic venture capital fund. He then proceeded to build his personal track record through direct investments. He notably advised start-ups in fundraising. He currently manages two venture capital funds (late and growth stage investing in IT firms).

Until 2020, Cyril was a Partner at Wellershoff & Partners, an independent CIO service provider for family offices and financial institutions in Switzerland. His extensive knowledge of the asset class spans more than 25 years during which he has notably held positions at the CIO of UBS, where he was in charge of private markets research (buy-side). He is currently Head of Private Markets Strategy at Bank Julius Baer.

Cyril combines academic expertise with his practical experience. He lectures at top academic institutions and is an Affiliate Professor at EDHEC Business School in Nice. He has authored best-selling books such as “Introduction to Private Equity, Debt and Real Assets” (Wiley, 3rd edition) which has been translated into multiple languages, and “Private Equity Fund Investments” (Palgrave). His book “Asset Allocation and Private Markets” (Wiley) was published in 2021.

Cyril Demaria received his PhD in Economics and Business Administration from the University of St. Gallen, Switzerland. Furthermore, he has a Master’s degree in European Business Law from Université Paris-V, a Master’s degree in Geopolitics from Université Paris-VIII, and he is a graduate of HEC Paris.