Valuations in early-stage investments

Valuations in early-stage investments Recent posts have focused 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…

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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…

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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…

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Business coworkers discussing managing the cap table

This is the fourth in a short series from DSW Angels on what your choices are in structuring a venture deal, whether as investor or founder. This blog examines the management of the cap table and avoiding traps affecting company control. Behind the spreadsheets, rules, and percentages there are real-world issues relating to management of…

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DSW Angels David Ellie Keith

DSW Angels plan £10m investment in year ahead   DSW Angels is planning £10m of new investment over the next year to help support the post-Covid recovery. The network, which focuses on focused on UK regional scale-up companies, closed its largest investment at the start of the lockdown with a £1.7m funding round for One…

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Leaver shares and option vesting

This is the third in a short series from DSW Angels on what your choices are in structuring a venture deal, whether as investor or founder. This blog examines structuring for the vesting of founder shares and for employee options – looking at both sides of the debate. What is vesting anyway? It’s a VC…

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share options in venture capital deals

This is the second in our short series from DSW Angels on what your choices are in structuring a venture deal, whether as investor or founder. This edition looks at the benefits of creating a cohesive team around the founder or founders, how they should be rewarded, and who pays the cost.  Investors back teams…

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Poptop afternoon tea

Poptop – the events booking platform backed by DSW Angels, has found renewed success – delivering afternoon teas and virtual entertainment. The Newcastle-based company introduced food deliveries and online events in an attempt to find new sources of income for the suppliers on its platform after live events were cancelled. However the demand for traditional…

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venture capital

This is the first blog in a short series from DSW Angels on structuring a venture deal, whether as investor or founder. The focus of this blog is on leverage and its role in a venture capital funding structure. While we have our own structuring preferences, who’s investing and specific circumstances matter. First principles: what…

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Oneutilitybill

One Utility Bill – which simplifies utility billing for tenants, landlords and letting agents – has raised £1.7m in a funding round led by DSW Angels, the venture capital business of the Dow Schofield Watts group, and including existing investors the North East Innovation Fund, supported by the European Regional Development Fund and managed by…

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