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…

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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…

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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…

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NICK RICHARDSON - CEO THE INSIGHTS PEOPLE

The Insights People, the Manchester-based company which is a global leader in kids, parents and family market intelligence, has secured a £500k investment from DSW Angels, the business angel network focused on UK regional scale-up companies. The investment will allow The Insights People to boost its international growth and follows its expansion into Brazil, Mexico…

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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…

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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…

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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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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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