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Venture Capital (Eng)

The Venture Capital industry is an industry specialized in investing in start-up companies in the early stages, but which already demonstrate or expect to obtain high growth rates.



The Venture Capital industry is an industry specialized in investing in start-up companies in the early stages, but which already demonstrate or expect to obtain high growth rates.

With this course we want to show you the main keys of this sector as well as teach you to present a financial model to this type of investors. It is ideal for both entrepreneurs and investors.

Learn how the investment process works, what are the characteristics of the companies that attract investment, and how these types of operations are structured.

Our intention is that at the end of this course you can:

  • Understand the key terms and definitions of the Venture capital industry
  • Knowing Introduce the key hypotheses in a financial model
  • Prepare the three financial statements (profit and loss account, balance sheet, cash flow)
  • Perform cash flow discount and business DCF valuation

In the course we will include financial model templates that you can download for your own use. Each business is unique and you can adjust the design, but the important thing is that you have acquired the necessary modeling skills to work on any business.

Jose María Hernanz

José María Hernanz worked as Associate Director at UBS and is currently an investment associate at JME Ventures. He is also co-founder of “The shirt factory”. He is also a board member of Ironhack. José María Hernanz holds a degree in Business Sciences.

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Program of the online Venture Capital Course

Startup Valuation

Modelling best practices

  • Model inputs
  • Model processing
  • Model outputs

Forecasting income statement and balance sl

  • Revenue Projections
  • Expense Projections
  • Balance Sheet and Cash Flow Statement Drivers
  • CapEx and Depreciation Assumptions
  • Linking the Statements
  • IRR and Money-on-Money Multiple Calculations
  • Debt Schedeule

Building a free cash flow forecast

Financial Model – Assumptions Sections

  • Overview of Key Assumptions
  • Traffic, conversions and orders
  • Customers
  • Expenses
  • Balance sheet items

Financial Model – Income Statement

  • Introduction
  • Revenue to EBITDA

Financial Model – Balance Sheet

  • Introduction
  • Linking balance sheet items
  • Subtotals and totals

Financial Model – Supporting Schedules

  • Introduction
  • Capital assets – openings and additions
  • Capital assets – depreciation and closing balance
  • Debt Schedule
  • Completing the income statement
  • Completing the balance sheet

Financial Model – Cash Flow Statement

  • Introduction
  • Operating clash flow
  • Investing clash flow
  • Financing clash flow
  • Change in cash and completing the balance sheet

Customer Metrics

  • Introduction
  • Calculate customer metrics

DCF Valuation

  • Introduction
  • Tax lox carry forward
  • Unlevered free cash flow
  • DCF analysis

Charts & Graps

  • Introduction
  • Linking the chart data

Cost to duplicate

Market multiples

Valuation by stage

Pre & post money

Fund raising for e-commerce companies

  • Indentification of fundraising prospects
  • Types of Found Raising
  • Found raising strategy
  • Tips for successeful Fundraising

Future of the industry

  • Role of the M&A and Consolidation in the growth of e-commerce industry
  • Investor’s game and how long will they play


Venture Capital

1.- Sources of financing

FFF / Seed / VC / Private Equity /Bank / IPO /

2.- Venture Capital

  • Within the dynamics of venture capital funds
  • Venture Capital bonus systems, what motivates VCs
  • Portfolio Management

3.- Investment criteria

  • How to identify a great start-up with high chances of success.
  • The industry’s perspective on opportunities in rapidly changing environments.
  • Markets / Competitive Advantage / Equipment / Timing / Scalability / Output

4.- Valuation techniques

  • Brief Analysis: Comparables + DCF + Venture Capital Methods
  • In-depth analysis: Venture Capital Method
  • Case studies and modeling in Excel (VC Method)

5.- How to structure a spreadsheet

  • Pre-Post Money / Cap Table / Share Classes
  • Anti-dilution / Full Ratchet / WAR / Liquidation Preference
  • Drag Tag Along / ESOP

6.- Practical case and Excel modeling

During the sessions, the construction and use of the model will be put into practice, as well as obtaining results oriented to decision-making.
The model will be developed from scratch jointly between the teacher and the students, in computer support (Excel) and will refer to a real company.
A final version of the finished model (and exercises) will be delivered to the students at the end of the course, as well as the slides presented during the course.



Who is this online course for?

This course is for professionals of the sector who need to gain confidence in the development of an Excel financial model oriented to Venture Capital:

  • Entrepreneurs
  • Investment Analyst
  • Financial Analysts

And any professional involved in the analysis of new businesses or new investments.

  • Investment Banking / Venture Capital / Private Equity
  • Financial advice / Patrimonial advice
  • Consultancy
  • Family businesses
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