Course

Venture Capital

LEARN EVERYTHING YOU NEED TO KNOW ABOUT VENTURE CAPITAL

Created by a team of startup founders and VC investors with extensive experience in growing and funding innovative ventures

Next course: Tuesday, September 24th 

Duration

10 weekswith lifetime access to recorded content after completion

Commitment

3 hours/week (1h theory + 1h case + 1h live session)

Format

Onlinewith applicable content from day one

Language

English

Price

€ 1450 (payable in up to 3 payments)

Start date

Introductory session: Tuesday, September 24th
First live session: 
Tuesday, October 15th

Course objectives

Understand the structure and internal mechanisms of Venture Capital

Grasp the different alternatives to raise funds for a Venture Capital fund

Identify the various exit options and their impact on a fund's return

Learn different valuation methods for startups at various maturity stages

Model and understand different types of venture capital transactions

Build a network of motivated professionals eager to dive into the world of Venture Capital and entrepreneurship

Study plan

Lesson 0 · Introduction to modelling in Excel

  • Key principles: Main pillars of a good Excel file
  • Visuals: The art of crafting easy to follow Excel sheets
  • Robustness: Learning how to build a bulletproof workbook
  • Tricks and tools: Small tips that will make your life easier

 

Lesson 1 · Introduction to Venture Capital

  • What is a Venture Capital firm? What is a Venture Capital fund? Presentation of the main VC stakeholders: Managers, LPs, entrepreneurs.
  • History of Venture Capital: origin and deep dive of its evolution in Spain.
  • What companies do Venture Capital funds invest in. Examples.
  • Life phases of startups and the role of investors in each phase: when do funds enter, with what amounts and what role do they play?
  • Case study

Lesson 2 · Fund structure and operations I

  • Classification of VC funds: Definitions and analyses by strategy, stage, geography, industry, etc
  • VC team structure: Roles, responsibilities, time allocation and tech stack
  • Case study: VC deck analysis of Susa

 

Lesson 3 · Fund structure and operations II

  • Fund life cycle: Capital calls and distributions, investment and divestment periods and concatenation
  • Incentive structure: Expected returns from LPs and compensation of GPs and management
  • KPIs and benchmarks: Measurements and distribution of funds’ performance
  • Cash flows: Detailed examples of cash flow distributions in VCs
  • Case study: VC fund modeling at eCapital

 

Lesson 4 · Dealflow

  • Investment process: What is the process from first meeting until the investment is done
  • Origination and funnel: Where and how do VCs source their own dealflow
  • Analysis of potential transactions: Main things that VCs due diligence to get conviction for an investment
  • Case study: Investment process at Sequoia South Europe

 

Lesson 5 · Startup valuation

  • Traditional valuation methods: DCF, multiples on profit, book value
  • Startup valuation methods: Dilution analysis, multiples over business metrics, VC method
  • Examples: Practice and analysis of real examples
  • Case study: Valuation at Graphext

 

 

Lesson 6 · Execution of a Venture Capital transaction

  • Key terms in deal execution: Dilution, valuation, cap table, phantoms, convertibles, equity evolution…
  • Term sheet and SHA: Main concepts and example documents review
  • Due diligence: Players, timeline, covered topics…
  • Case study: ACME’s almost real cap table evolution

 

Lesson 7 · Portfolio management

  • Portfolio performance: Expected returns, power law, unicorns vs camels
  • Follow-on strategy: Fund allocation, good vs bad follow-on
  • Contribution to portfolio companies: Board dynamics, value-add, platform
  • Case study: Follow-on strategy at eCapital

 

Lesson 8 · Exits

  • Types of exits: M&A, IPO, Acquihire, Secondaries
  • Exit clauses: Earn-out, lock-in, other clauses
  • Waterfall: Enterprise Value, Equity Value, Equity Waterfall
  • Case study: Exit waterfall at Mya Systems

 

Lesson 9 · Financing of a VC fund

  • Fundraising process: Timeline, sources, costs, evolution of candidacies
  • Selling points: LPs’ points of interest, GPs’ team, track record, market, investment thesis
  • Types of LPs: Institutional, public entities, corporates, HNWI
  • Indebtment: How some funds use debt to enhance their ROI
  • Case study: Fundraising of a VC fund

 

Lesson 10 · Reporting from GPs to LPs

  • GP/LP Relationship: GPs’ strategy and alignment with LPs’ motivations
  • Reporting: Key metrics and tools for effective reporting
  • Discussion topics: Addressing common challenges
  • Cadence: Determining reporting frequency and the importance of regular meetings
  • Case study: Reporting of a VC fund

 

THEORY

  • Pre-read: Introductory materials (news, documents, book chapters…) related to each topic
  • Theory videos: Recorded sessions explaining all relevant concepts of the topic
  • Slides: Theory in “slides” format to follow the recorded videos and complete the practical case

 

PRACTICE

  • Case Statement: Practical cases based on real companies and situations. A statement and a supporting excel will be provided for case resolution
  • Case Solution: An excel solution will be provided so that students can refer to it when solving the case
  • Live Video Class: After discussing the case in a live class, the video will be uploaded for students to watch as many times as they want
 

Registration process

PRE-REGISTRATION AND ENROLLMENT

The application period is open until September 23rd. For pre-registered profiles, there is a period until September 26th to resolve any doubts about how the course works.

PRE-REGISTER!

COURSE PRESENTATION

On September 24th there will be a live briefing on how the course works and all course materials will be made available to students. academy@tscfo.com.

FIRST LIVE SESSION

After reviewing the course materials, you can mark your calendar for the first live session where you'll engage with our instructors and fellow students in real-time.

Instructors

Jordi Vidal 

  • Principal at Kibo Ventures
  • Strategy Manager at Deliberry
  • Consultant at Odgers Berndston
  • Financial Risk Management at KPMG

Jaime Medina 

  • CEO at The Startup CFO
  • Private Investor at BackFund
  • VP of Finance at Geoblink
  • Head of Finance at Ontruck
  • Consultant at McKinsey & Company

Aristotelis Xenofontos 

  • Partner at Seaya Ventures
  • Advisor at J.P. Morgan

Johannis Hatt 

  • Founder of JVH Ventures
  • Co-founder & Advisor at Productsup
  • Co-founder at Panazeee

Assaf Shamia 

  • Investor at G+D
  • Board member at PHM Technology
  • Principal at next47

Patricia Camarero 

  • Early Stage at Octopus
  • Board Member at Uniplace
  • Angel Investor at PYRATEX

Paula Pastor 

  • Legal and Operations Manager at Air Street Capital
  • Advisor at Point Nine

Borja Breña 

  • Partner at Nauta Capital
  • Investor at BRELA Inversiones
  • CVC Senior Investment Manager at Telefónica

Rodolfo Condessa 

  • Principal at Armilar VP
  • Board Observer at Brighter AI

Remember that to join the course you must PRE-REGISTER NOW

Leave us your details and we will send you more information about the course and the registration process.

Here’s what students who have already taken a course at The Startup Academy have to say

JAIME, I HOPE EVERYTHING IS GOING WELL!

I am just writing to let you know that I have joined Nauta Capital’s M&A team as an associate!


I wanted to express my gratitude for the help and time you spent advising me about my career and getting me in touch with people in the industry. Without this course, the enthusiasm you spread for the startup ecosystem and your help in my journey from consulting to VC, I am 100% sure that this would never have happened.


That’s why I can’t stop recommending this course to people who have similar interests to mine.


I hope The Startup Academy keeps growing a lot!


Again, thank you very much!


Laura Homedes

Academy Alumni