Fundraising
Supporting deep-tech start-ups in their process of raising venture capital. We maintain a global network of (deep-tech focused) (C)VCs with direct access on partner-level.
VC Services
We deliver focused, expert-led support across the investment lifecycle. Our services streamline valuations, round preparation, dashboards, and strategic progress tracking, driving faster, sharper decisions through every critical stage of the process.
Fundraising Discovery
This is our standard step before any project is started: only when we understand the company, the team, the story, the USP and the ambition, do we know if we can make a difference. For our team to support a startup in making The Next Step, we first need the understanding. From that point on, we know what needs to be done to get the company ready for its Next Step.
Even though we typically execute a Fundraising Discovery in combination with either Fundraising or Exit, VCs are also greatly helped by a Discovery as it is mutually beneficial: to < VC and to a Startup.
Based on the results of the Fundraising Discovery, MT and investors have an accurate picture of where the startup is and what it needs to do to get ready for raising a round of venture capital.
Over the past 10 years we have executed more than 40 Fundraising Discoveries in the deep-tech segment.
Due Diligence
Due diligence is part of any funding as well as M&A transaction. It requires a deep dive into a company’s inner life, ranging from Management Team to technology, USP, business model and customer traction. It requires a methodical dissection of a company and its key parts. It also requires a methodical and accurate reporting so that it can serve as a foundation for the transaction decision.
Given by the venture model, we execute due diligence in two steps: (1) pre-term sheet and (2) post-term sheet. Invoice is typically done AFTER the post-term sheet step where we invoice the startup upon completion of its round.
TD Shepherd has executed over 15 due diligence projects over the past 4 years, covering deals ranging from Seed to Series D.
We work with investors across the deep-tech space, located in North America and Europe.
Dashboarding
The basic purpose of a dashboard is to present key information in an easily accessible way.
We construct a startup’s dashboard based on three specific views of the company: (1) strategical, (2) tactical and (3) topical.
Tactical and strategical view of the startup’s progress is critical as it should demonstrate that tactical progress contributes to the strategic targets set for the company at the time of its founding. Any misalignment should be a reason for MT and Board to perform a deep-dive and understand the nature of the misalignment. The third view—the topical view—is a compilation of key fields where we have determined that the startup needs to make substantial progress WHILE continuing their product development.
Company Valuation
TD Shepherd is not like a regular corporate finance company – we understand the deep-tech world, we are still part of it and through our corporate network as well as our partners we share the trends, developments and disruptions on a regular basis. We use the relevant tools such as Pitchbook, Crunchbase and Statista to track the market. Part of TD Shepherd’s team are a number of Associates which are officially recognized company valuators.
Using the regular models, valuation reports are produced for both startups and M&A transactions. Based on our sector insight and experience we not only have the financial view of a company’s valuation, but we also have the understanding to analyze the market and eco-system within which they operate and compile the strategic multipliers that apply. The ability to define these strategic multipliers is key to a successful investment round/exit: know what the company’s value is vis-à-vis the potential investor/acquirer.
Round Preparations
Many startups are not well equipped to work on their (next) investment round. Their existing investors are equally short on time and also sometimes on the relevant network and the knowledge to support the startup in their preparations.
We help startups to prepare for their round by identifying the gaps in their story and the related materials. We help the startup build the story but can also provide relevant templates to quicker progress. Creating an outlook for the next round including financials and milestones/deliverables. Equally, we can assist the startup in the proper setup of their data room.
TD Shepherd has assisted more than 20 startups over the past years with their fundraising efforts. Depending on the experience of the team, that support ranged from front bench (driving mode) to back bench (reactive).
Progress Tracking
Through its strategic advisory program TD Shepherd tracks companies as well as startups on a regular basis. From companies still in the early stages (tracking technology and team development) to companies having commercial traction (quarterly business reviews).
Providing VC teams with a clear view on the progress of their startups is an essential value of this service. It provides the VC teams with a clear insight into the progress of their startups and, as important, where to apply their network and knowledge to support their startups.
(Early) Exits
Each startup has its own fingerprint. Important is to determine if a specific startup would be an interesting acquisition target. This requires determining where the startup is with respect to its technology and product development, the TRL achieved and potential customer traction. Based on this first snapshot, we perform a quick scan based on our extensive corporate network to determine potential interest. This is typically done using an anonymous teaser of the startup.
If we find that there is a reasonable and relevant/strategic interest in the startup’s technology and product we perform the deep dive to build the full Acquisition Package (Acquisition Memorandum, valuation, teaser, Management Presentation, long list, short list, ….). From there we engage the process as any other regular sell-side M&A.
