Investor Insights Follow the money

One of the most important and emotive issues facing a venture-stage investor is whether to double-down on an existing investment. This post examines how to prepare for a follow-on, and the issues for an angel investor to consider when deciding whether and how to invest in a follow-on round. Anticipating the need to follow your…

Read More
Founder remuneration

Founders have a dual function. Firstly shareholders, secondly as managers. They need and deserve rewarding in each role. Getting the balance right isn’t easy, especially at the start-up and seed stages. Founder remuneration – the considerations In start-ups and scale-ups, there is never enough money to go around. There just isn’t. Maybe there should be…

Read More
How to write a pitch deck

Start-up insights: How to write a pitch deck – first impressions count A pitch deck is a key part of raising venture capital – it is the first thing an investor will see of your business, and potentially the last if it doesn’t make the cut. DSW Angels’ Eleanor Boardman gives some tips on how entrepreneurs…

Read More
Structuring a deal

Continuing our ongoing series on technical aspects of structuring a venture investment, we’re now going to look at Advanced Subscription Agreements (ASAs) and convertible loans. David Smith sets out why these are popular instruments, and some of their drawbacks. As we refer to the tax environment, note our usual caveat: this post is not tax…

Read More
Valuations in early-stage investments

Valuations in early-stage investments Recent posts have focussed around the technical aspects of structuring a transaction. We’ll be returning to that theme, but in the meantime, we’re going to take a look at the massive issue of how venture capital investors value a business when they first invest. Valuation is a big topic. Books galore…

Read More
The Portfolio Effect of EIS

Relief against income tax of losses on EIS investments. Most investors’ view of EIS relief is focused on the level of day one relief against income tax. There are, of course, plenty of other tax benefits of EIS investing. And a distant second is the possibility of some loss relief to mitigate the pain if…

Read More
Ellie Boardman

Ellie Boardman joined DSW Angels as an Investment Executive in October. Several months on (two being spent under lockdown) she talks us through a day working from home in her not-so-new role. 09:00 Sit down at my desk and catch up on emails. Each morning I scroll through newsletters, keeping an eye out for anything…

Read More