![CONFIDENTIAL
ComCap, LLC 7
Andy Dunn’s Perspective on DNVB’s & eCommerce Investing
“I had to advocate that [DNVBs] are different. I had to
make it more clear that the e-commerce startups are
selling other people's brands.”
“Creating a DNVB gives you an opportunity to
combine the growth of being an e-commerce company
with the margins of being a brand and with a
proprietary selection of merchandise where you
control distribution and your own destiny.”
“I think there’s a lot more work that we have to do. I
hope that the investing community figures out how to
approach it, because I think right now it’s stuck
between technology investors on the one hand who
are dabbling in retail and consumer retail private
equity investors who are used to bricks-and-mortar
being the essential way that brands grow versus e-
commerce.”
–Andy Dunn,
CEO of Bonobos
1
Tech Investors Retail Investors](https://image.slidesharecdn.com/comcapdigitalnativeverticalbrandsdnvboverview9-160912175157/85/ComCap-DNVB-Overview-Sept-16-7-320.jpg)
ComCap DNVB Overview Sept'16
- 1. CONFIDENTIAL ComCap, LLC STRICTLY PRIVATE & CONFIDENTIAL ComCap, LLC CONFIDENTIAL Digital Native Vertical Brands – Retail Disruptors September 2016
- 2. CONFIDENTIAL ComCap, LLC 2 Index DNVB sector overview1 Profiles of selected DNVBs2 ComCap overview materials3
- 4. CONFIDENTIAL ComCap, LLC 4 Emergence of DNVBs First defined in a blog post by Andy Dunn, digitally native vertical brands (DNVBs) have emerged in the past years, combining the growth of being an e-commerce company with the margins of a brand Executive Summary Decreased foot traffic: on average, traffic to physical stores has declined about 9.8%, while sales have fallen off by 7.6% (2) Commerce as a % of overall shopping: online is increasing vs. in-store Growth of digital commerce still high for markets with high volume of business transacted online Decreasing popularity of the mall and growth in eCommerce fueling DNVB growth 44 venture-backed fashion startups have raised over $1.5bn across more than 130 deals (3) DNVB funding in fashion sector The first generation of digital natives driving demand for DNVBs The concentration of digital natives (young customers between the ages of 15-24 who have been using the internet for at least five years) has reached double digits in developed countries, including 13% in the US (1) These shoppers have become accustomed to online shopping and mobile phones, making them active consumers for DNVBs 1 2 3 A new wave of startup fashion and apparel companies are hoping to create new lifestyle brands by leveraging technology and data to manage supply chains and inventory, or better inform product line decisions Emergence of Apparel DNVBs 4 5 Sources: (1) International Telecommunication Union (2) RetailNext (3) Pitchbook
- 5. CONFIDENTIAL ComCap, LLC DNVBs 5 DNVBs need to rely upon email marketing campaigns and social media marketing to continue to build their direct mail channels − Internet usage has increased significantly in the developing world during the past five years – the ITU believes the digital native population in these regions will more than double by 2017 Executive Summary – How to Leverage this Trend Retailers can adapt through omni-channel strategies to drive sales as malls become less popular Store closures taking place in malls across the country are decreasing retailers’ presence in front of customers Email marketing campaigns keeps brands top of mind with consumers Retailers Investors Investors can capture higher margin businesses by investing in DNVBs which avoid the retail stores’ high fixed rent costs Real Estate investments surrounding retail malls are defaulting on debt payments Investments in clothing companies that are converting to omni- channel models are also a secondary option A B C
- 6. CONFIDENTIAL ComCap, LLC A digitally-native vertical brand meets four criteria: 1. It’s primary means of interacting, transacting, and story-telling to consumers is via the web. In almost all cases the brand is born digitally. Hence the term digitally-native. 2. It’s a brand, and that brand is vertical. The name of the brand is on both the physical product and on the website. It requires the commercialization of an e-commerce channel, but that channel is an enablement layer, it’s not the core asset. 3. The DNVB is usually maniacally focused on customer experience and on customer intimacy. The experience tends to be three-part bundle of physical product, web/mobile experience, and customer service that collectively become the brand in the consumer’s imagination. 4. While born digitally, the brand rarely ends up digital only. This means the brand can extend offline, eventually. Usually its offline incarnation is through its own experiential physical retail or highly selective partnerships. In nearly all cases of partnerships, the brand controls its external distribution versus being controlled by it. 6 What is a digitally native vertical brand (DNVB), as defined by Andy Dunn, CEO of Bonobos? Source: Andy Dunn, CEO of Bonobos; www.bonobos.com 1 ComCap, LLC CONFIDENTIAL
- 7. CONFIDENTIAL ComCap, LLC 7 Andy Dunn’s Perspective on DNVB’s & eCommerce Investing “I had to advocate that [DNVBs] are different. I had to make it more clear that the e-commerce startups are selling other people's brands.” “Creating a DNVB gives you an opportunity to combine the growth of being an e-commerce company with the margins of being a brand and with a proprietary selection of merchandise where you control distribution and your own destiny.” “I think there’s a lot more work that we have to do. I hope that the investing community figures out how to approach it, because I think right now it’s stuck between technology investors on the one hand who are dabbling in retail and consumer retail private equity investors who are used to bricks-and-mortar being the essential way that brands grow versus e- commerce.” –Andy Dunn, CEO of Bonobos 1 Tech Investors Retail Investors
- 8. CONFIDENTIAL ComCap, LLC 8 Digital natives make up 13.1% of the population in the US Note: Digital native defined as someone who is 15-24 years old and has been using the internet for at least five years Source: International Telecommunication Union Digital Natives as a percentage of total population 2 Overall, there are approximately 363 million digital natives out of a world population of nearly 7 billion (5.2%) Internet usage has increased significantly in the developing world during the past five years The ITU believes the digital native population in these regions will more than double by 2017
- 9. CONFIDENTIAL ComCap, LLC 9 Decreasing popularity of the mall and increasing apparel commerce online fueling DNVB growth Decreased foot traffic: On average, traffic to physical stores has declined about 9.8%, while sales have fallen off by 7.6% (1) Commerce as a percentage of overall shopping: Apparel eCommerce increasing from 17% online to 17.5% online by 2018 $45 $52 $60 $68 $77 $86 17.0% 17.1% 17.2% 17.3% 17.4% 17.5% 16.0% 16.5% 17.0% 17.5% 18.0% 18.5% 19.0% 19.5% 20.0% $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $100 2013 2014 2015 2016 2017 2018 Apparel eCommerce Sales % of Total Retail Source: (1) RetailNext, eMarketer $1,321 $826 $158 $403 $395 $47 $83 $367 $202 $1,507 85% 32% 30% 29% 29% 28% 26% 25% 21% 21%20% 30% 40% 50% 60% 70% 80% 90% 100% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 eCommerceas%ofTotalRev eCommerceSales eCommerce Sales eCommerce - % of Total Revenue US Apparel & Accessories Retail eCommerce Sales eCommerce Sales & % eCommerce as % of Total Rev Avg: 33% 3 $B eCommerce as % of Overall
- 10. CONFIDENTIAL ComCap, LLC 10 Gap’s Success of Higher Growth and Margins Online August 2010 – Launching Country-Specific eCommerce Sites − Gap is betting heavily on e-commerce beyond its U.S. home base. It officially launched its Canadian e-tailing sites for its three main chains and earlier this month it rolled out its sites in the U.K. and will do so in China later this year. By the end of 2010, it will offer shipping to 65 countries. “We are a big growth engine for the company,” said Toby Lenk, president of Gap’s online division. “We’re the little engine that could.” Revenue by Segment – Growth in Direct (Online) Segment − As Gap closes locations due to stagnancy in its store sales, its online segment continues to post double digit growth, with operating margins double those of in- store sales Source: RetailNext, eMarketer 3 Financial Data Sales ($MM) Sales Growth % Operating Margin (%) 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Gap.com - Direct 1,030$ 1,118$ 1,299$ 1,560$ 1,927$ 14% 9% 16% 20% 24% 20% 23% 23% 22% 23% Gap.com 333 324 365 433 537 8% -3% 13% 19% 24% Banana Republic 145 134 155 188 247 7% -8% 16% 21% 31% Old Navy 475 473 533 638 748 11% 0% 13% 20% 17% Other 77 187 246 301 395 148% 143% 32% 22% 31% Stores 13,496$ 13,079$ 13,365$ 12,989$ 13,724$ -9% -3% 2% -3% 6% 10% 12% 12% 8% 11% Direct as % of Total 7% 8% 9% 11% 12% 14% 14% 15% 24% 22%
- 11. CONFIDENTIAL ComCap, LLC 11 Growth of digital commerce still high for markets with high volume of business transacted online 5% 5% 6% 8% 9% 11% 12% 14% 15% 16% 19% 20% 23% 25% 29% 32% 42% 44% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Computers, Peripherals & PDAs Digital Content & Subscriptions Office Supplies Consumer Packaged Goods Consumer Electronics Books & Magazines Computer Software Total Digital Commerce Furniture, Appliances, Equipment Home & Garden Apparel & accessories Jewelry & watches Flowers, greeting & misc. gifts Music, movies & videos Event tickets Sport & fitness Toys & hobbies Video Games, consoles, accessories Growth in online retail sales in 2015 3 Source: comScore Total Digital Commerce achieved its highest % share of consumer discretionary spending ever in Q1 2016, at 16.5%, while mobile continues to grow its share of digital at 18.6% Mobile commerce growth is driving gains in the top growing product categories
- 12. CONFIDENTIAL ComCap, LLC 12 The Closet is Being Taken Over by DNVBs A new wave of startup fashion and apparel companies are hoping to create new lifestyle brands by leveraging technology and data to manage supply chains and inventory, or even inform product line decisions These aren’t necessarily online-only outfits: several brands sell their products on the web and in brick-and-mortar locations Venture-backed fashion brands Source: CB Insights 4
- 13. CONFIDENTIAL ComCap, LLC 13 Amazon benefits from growing web fashion sales Amazon’s move into apparel and accessories sales is being fueled by the increasing willingness on the part of consumers to buy fashion online − Web fashion sales rose 48% from January to April 2015 compared to the same period in 2014 Analysts expect Amazon to surpass Macy’s as the number one US apparel retailer by 2017 Amazon benefits from growing web fashion sales, but suffers from cannibalizing sales in its marketplace Amazon’s move into web fashion sales also appears to be cannibalizing its marketplace, which is believed to be more profitable: − While Amazon’s direct fashion sales rose to to 13.5% of dollar share in 2016 from 10.3% in 2014, its marketplace’s dollar share decreased to 21.5% from 26.3% As Amazon’s own fashion sales rise, its marketplace sellers may continue to fare less well with the increased competition found on the same site − This could be a problem for Amazon, considering that some 40% of its sales come from its marketplace Increasing web fashion sales appear to be cannibalizing its more profitable marketplace 4 Source: 1010data, Cowen&Co
- 14. CONFIDENTIAL ComCap, LLC 14 Selected DNVBs by headquarter location4
- 15. CONFIDENTIAL ComCap, LLC AmountRaised Seed $400m $100m $50m $10m $200m Children's Clothing Clothing Eyewear Luggage Outdoor Gear Shoes Funding Information N/A 44 venture-backed fashion startups have raised over $1.5bn across more than 130 deals 5 15
- 16. CONFIDENTIAL ComCap, LLC AmountRaised Seed $400m $100m $50m $10m $200m Bags Beauty Products Beds Beer Bicycles Coffee Food Furniture Housewares Mobile Phones Perfumes Platform Shaving Various Shopping Watches Funding Information N/A DNVB Landscape (Cont’d)5 16
- 17. CONFIDENTIAL ComCap, LLC AmountRaised Seed $400m $100m $50m $10m $200m Men's Apparel Women's Apparel Children Hobbies Beauty & Personal Care Feminine Care Pet Items Outdoor Activities Dating Funding Information N/A Subscription eCommerce Landscape 17
- 18. CONFIDENTIAL ComCap, LLC Valuation – Public and Private Revenue Multiples5 18 Public Revenue Multiples Private Revenue Multiples 3.4x 3.2x 3.1x 3.1x 1.2x 1.0x 10.5x 4.5x 3.5x 34.3x 14.1x 0.3x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 40.0x 4.8x 4.1x 3.6x 2.6x 1.7x 1.7x 1.5x 1.3x 0.8x 0.8x 0.4x 0.2x 0.2x 0.1x 0.1x 2.0x 1.1x 0.8x 0.6x 0.6x 0.4x 0.4x 0.3x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x STMP EBAY SSTK AMZN SFLY ANGI PETS SALE NILE GRPN PRTS CNXN OSTK PCMI PRSS LB URBN AEO GPS JCP EXPR GES ANF Revenue multiples for public companies of scale are below the higher growth multiples of 3-10x for emerging DNVBs Since these public companies have already achieved scale and market saturation, limited growth prospects results in multiples around 1x revenue Source: CapitalIQ as of 9/9/2016, Pitchbook. Clothing BrandsUS Online Retailers
- 19. CONFIDENTIAL ComCap, LLC Case Studies5 19 Nordstrom’s Investment in Bonobos Neiman’s Acquisition of Mytheresa Net-a-Porter Merged with Yoox April 2012: Announced that Nordstrom will sell Bonobos clothing at select Nordstrom full-line stores and on Nordstrom.com. − Nordstrom led a $16.4 million minority investment round with full participation from insiders July 2014: Raised $55 million in fresh capital — including money from Coppel Capital, Mousse Partners and Nordstrom – to expand the brand in the physical retail world “Bonobos' wholesale channel through Nordstrom is profitable, the catalog business is profitable and the guide shops are profitable.” – Pando, July 6, 2014 September 2014: Acquired on-line luxury shopping business Mytheresa. The company is headquartered in Munich, Germany where the flagship store is also located. The fashion site is quite successful in Germany, has good acceptance in the rest of Europe, and is gaining traction in Asia. Mytheresa.com generates estimated net sales of 100 Million Euro (about $130 Million). The company delivers exclusively designed fashion merchandise to 120 countries worldwide. “Neiman Marcus Group Ltd. swung to a profit in the January quarter, as the retailer reported revenue growth boosted by its acquisition of a German luxury retailer.” – Wall Street Journal, March 10, 2015 March 2015: YOOX S.p.A., Global Internet retailing partner for leading fashion brands, entered into an agreement with the controlling shareholder of The Net-A-Porter Group Limited, the world’s premier online luxury fashion retailer, on the terms of an all- share merger. The transaction created the YOOX Net-A-Porter Group, the independent leading online luxury fashion retailer worldwide. Combined 2014 net revenues of €1.3 billion, and Adjusted EBITDA of approximately €108 million. “Yesterday (July 6) Yoox Net-a-Porter announced a growth plan (pdf) through 2020 that predicts 17% to 20% revenue growth each year. It’s an ambitious goal, even after a strong 2015 that saw revenue jump 31% to €1.7 billion (about $1.9 billion). – Quartz, July 7, 2016
- 20. CONFIDENTIAL ComCap, LLC Case Studies – Largest DNVBs5 20 Vertical Milestones Strategy CEO Commentary Clothing Baby Products Clothing Eyewear • Funds raised: $335m • Last Financing Round Valuation: $1,054m • Funds raised: $222m • Announced the hiring of its 250th employee • Funds raised: $128m • Last Financing Round Valuation: $300m • Funds raised: $196m • Reaches over 35m members worldwide through its portfolio of lifestyle fashion brands. • Business strategy of creating good products that won’t hurt the baby • Established 20 ecommerce stores known as Guideshops - plans to open more in 2016. • Innovations like home try-on • The company is now expanding to brick-and-mortar stores • “Because we have always been very metrics-driven, we have been able to learn quickly and adapt our business.” • “With a dream to create the ultimate family brand.” • “A great brand starts with a hero product.” • "We’re often asked why Warby has been successful. If we sum it up in one word, it’s deliberate. We just want to make sure we’re not making mistakes."
- 21. CONFIDENTIAL ComCap, LLC Solutions • The solutions include Genome platform with Confidence Engine, Discovery Engine, True Omni and True Insight • Provide a recommendation regarding which size of the item which will fit the customer best • It is the basic building block of the fit recommendation suite of products and services • Product features include shopper data entry, fit algorithm and fit recommendation • The solution offers virtual mannequin based on various body types to which users can further adjust each specific measurement according to their body • Managed infrastructure & hosting, cloud services, needs assessment, field support, help desk, disaster recovery, unified communications services, and IT project consulting. Advantage • Analyses & processes apparel and footwear consumer data for retail & brand partners • It processes consumer data in an effort to stem the tide of returns-based losses • The main aim is solving size and fit issues for online shoppers. • It reduces the number of fit- based returns Overview and Technology • A footwear and apparel’s discovery platform • Adding about 150-200,000 users per week • Has over 100 attributes per style • Has offices in Boston, London, Los Angeles and Munich • Develops software solutions that enable retailers and brands to understand their customers in terms of fit and preference • Based on garment technology, fit engineering and retail intelligence • A technology solution which is a virtual fitting room. • The technology enables online shoppers to virtually ‘try before they buy’, providing an online shopping experience which is very similar to the offline model. • Leverages new data science that aggregates consumer information regarding size & fit and applies that information to potential purchases with the intention of matching customers with items that will best suit them Industry • Apparel and Footwear • Apparel • Apparel • Apparel and Footwear Customers • Nordstorm, Macy’s, Hudson’s Bay, Levis, Adidas, House of Fraser, ALDO, BELK, Designer Shoe Warehouse, Kate Spade, New York & Company, Guess, Sperry, Garnet Hill, American Eagle • Henri Llyod, Thomas Pink, Wiggle, Twin-set, PINK, TM-Jewin, QVC, Pretty Green, M&Co., Hawes & Curtis • na • OakLabs, WithMeStore 21 Fit Technologies Enabling More Apparel Shopping Online5
- 22. CONFIDENTIAL ComCap, LLC Key Facts • The company has raised $57.4m to date • True Fit has organized and connected the unique relationships between millions of styles from 10,000 brands to the fit and style preferences of over 100 million consumers. • True Fit’s registered user base also continues to grow, already exceeding 20 million and adding 1.5 million new users each month from its expanded presence on 300 million monthly page views across its network. • The Discovery Engine compares fit data sourced from 1,500 brands and retailers and anonymized transaction data to determine what clothing and shoe shoppers actually keep and return after buying. • The company has raised $16.2m by 2014 • In July 2015, the company was acquired by Rakuten • It has over 25m unique shopper profiles, over 250K garments photographed, over 100k man-hours has been spent and over 35K garments have been tested on the people • The standard entry price for a Fits Me system is about €1,500/$1,650 U.S. monthly • In 2013, the company was acquired by Myntra. The acquisition was part cash, part stock. • The acquisition will strengthen and expand Myntra’s technology platform and drive transformational change in the online shopping space in India • Key partners include: Cisco, Meraki, Microsoft, Lenovo, AT&T Partner Exchange, Vmware Partner, Airwatch, N.able, AT&T, Mozy, GoDaddy, Polycom, Citrix, HP, McAfee, IBM, Business Class, EMC2, APC, DELL, Metalogix, Carbonite, Adobe, Symantec, Silver Peak 22 Fit Technologies Enabling More Apparel Shopping Online5
- 23. CONFIDENTIAL ComCap, LLC Private Placements5 23 All Transactions Announced Date Target/Issuer Total Transaction Value ($m) Buyers/Investors 07-05-2016 American Giant, Inc. 6.0 - 06-23-2016 Outdoor Voices, Inc. 13.0 General Catalyst Partners; Collaborative Fund; Forerunner Ventures; 14W 06-17-2016 AYR, Inc. 6.23 - 06-15-2016 ROKA Sports, Inc. 12.55 - 05-11-2016 Koio Collective, LLC 1.31 Brand Foundry Ventures 05-10-2016 Moment, Inc. 3.0 Maveron LLC; Lux Capital Management; Founder's Co-op 04-18-2016 Stance, Inc. 30.0 August Capital; Kleiner Perkins Caufield & Byers; Menlo Ventures; Shasta Ventures; Mercato Partners; Sherpa Ventures 04-07-2016 Eloquii Design, Inc. 15.0 Greycroft Partners LLC; Blue Sky Private Equity Ltd.; Acton Capital Partners GmbH; Daher Capital; Wildcat Capital Management; Female Founders Fund 03-29-2016 Raden Inc. 3.5 Pritzker Group; First Round Capital; Lerer Hippeau Ventures 03-18-2016 Greycork, Inc. 1.0 ff Venture Capital 03-11-2016 AYR Inc. - - 03-09-2016 Indochino Apparel, Inc. 31.7 Dayang Group Co., Ltd. 02-22-2016 Hungryroot, Inc. 5.78 CrossLink Capital, Inc.; Lightspeed Venture Partners; KarpReilly LLC; Lerer Hippeau Ventures; Great Oaks Venture Capital LLC 01-20-2016 Mizzen and Main LLC 3.0 VTF Capital 12-31-2015 Raden Inc. - Basset Investment Group LLC 12-07-2015 Shoes of Prey Pty Ltd. 15.54 Nordstrom Inc. (NYSE:JWN); Greycroft Partners LLC; Khosla Ventures; Blue Sky Private Equity Ltd. 11-30-2015 Horsefeather Labs, Inc. 2.1 Harrison Metal Capital; Grace Beauty Capital; Endurance Companies, LLC 11-05-2015 ROKA Sports, Inc. 3.0 - 10-19-2015 RCW, Inc. 18.0 Accel Partners; General Catalyst Partners; Breakaw ay Innovation Group; Forerunner Ventures 10-02-2015 Quip, Inc. 30.0 Benchmark; Greylock Partners 09-29-2015 Outdoor Voices, Inc. 7.2 General Catalyst Partners; Atelier de Production et de Création SAS; Collaborative Fund; Forerunner Ventures; 14W 08-18-2015 Tracksmith Corporation 4.1 Pentland Group plc 08-17-2015 AWAY 2.5 Accel Partners; Comcast Ventures; Forerunner Ventures 08-07-2015 JRSK Inc. 2.5 - 07-24-2015 Dakorum, LLC 0.455 - 07-22-2015 Creery Custom, Inc. - Ledbury Inc. 07-20-2015 Brosa Design Pty Ltd 1.48 AirTree Ventures Pty Limited 06-29-2015 Eloquii Design, Inc. 2.25 -
- 24. CONFIDENTIAL ComCap, LLC Private Placements (Cont’d)5 24 All Transactions Announced Date Target/Issuer Total Transaction Value ($m) Buyers/Investors 07-20-2015 Brosa Design Pty Ltd 1.48 AirTree Ventures Pty Limited 06-29-2015 Eloquii Design, Inc. 2.25 - 05-27-2015 Brilliant Bicycle Company 1.5 RREVentures LLC; Great Oaks Venture Capital LLC; Brand Foundry Ventures; Aspiration Grow th 05-04-2015 Cotopaxi Limited 27.4 Beijing Orient National Communication Science & Technology Co., Ltd. (SZSE:300166) 04-23-2015 JAND, Inc. 100.0 General Catalyst Partners; Wellington Management Group LLP; T. Row e Price New Horizons Fund, Inc. (MutualFund:PRNH.X); T. Row e Price Associates, Inc.; Tiger Global Management LLC 04-23-2015 Hungryroot, Inc. 2.0 CrossLink Capital, Inc.; KarpReilly LLC; Lerer Hippeau Ventures; Brooklyn Bridge Ventures; MESA Ventures 03-05-2015 Stance, Inc. 61.29 August Capital; Kleiner Perkins Caufield & Byers; Menlo Ventures; Shasta Ventures; Mercato Partners; Sherpa Ventures 02-27-2015 Dakorum, LLC 0.48 - 02-24-2015 MACK WELDON, Inc. 4.0 RiverPark Capital Management, LLC; Lyrical Partners L.P.; Bridge Investments LLC 02-23-2015 Global Uprising PBC, Corporation 6.5 New Enterprise Associates; Greycroft Partners LLC; Lerer Hippeau Ventures; Forerunner Ventures 02-05-2015 Global Uprising PBC, Corporation - Metamorphic Ventures 02-04-2015 BucketFeet, Inc. 7.5 JumpStart, Inc., Investment Arm 01-30-2015 Outdoor Voices, Inc. 2.23 General Catalyst Partners; Burch Creative Capital; Sw eetgreen, Inc.; Collaborative Fund; Red Sea Ventures 01-27-2015 Tomboy Exchange, Inc. 0.02 MergeLane LLC 01-26-2015 Project Healthy Living, Inc. - Corigin Private Equity Group
- 25. CONFIDENTIAL ComCap, LLC DNVB – Profiles5 25 Company Name Last Financing Date Category Last Financing Size Total Raised Active Investors Whipping Post Bags Glossier 22-Oct-2015 Beauty Products 6.00$ 16.4$ 14W, Andrew Dunn, David Tisch, Forerunner Ventures, Jay Brown, Lerer Hippeau Ventures, Manzanita Capital, Thrive Capital, TOMS Capital, WME Capital Julep Beauty 13-Nov-2015 Beauty Products 7.01$ 69.1$ AFSquare, Alliance of Angels, Altimeter Capital Management, Andreessen Horowitz, Azure Capital Partners, CAA Ventures, David Stern, FUEL Capital, Gregg Bennett, Individual Investor, Jeannie Beckett, Jeff Kearl, Jim Pallotta, John Pedlow, Keith Kegley, Madrona Venture Group, Mark Sugarman, Matt Humphrey, Maveron, MHS Capital, Precedent Investments, Raptor Group, Shawn Carter (Jay-Z), Troy Carter, Version One Ventures, Western Technology Investment, Will Smith Kopari Beauty Beauty Products Casper 27-Sep-2011 Beds Dave Morin, Frontier (aviation), Lee Linden, NBI Investors, Xegasus Aviation Investments Smart Bedding Beds Tuft & Needle Beds Noble Brewer Beer Brilliant Bicycle 27-May-2015 Bicycles 1.50$ 1.5$ Karma Cycles 27-May-2015 Bicycles 1.50$ 1.5$ Andrew Dunn, Aspiration Growth, Bonobos, Brand Foundry Ventures, Bryan Wolff, Chad Byers, Great Oaks Venture Capital, Matt Salzberg, Rameet Chawla, RRE Ventures, TJNS Capital Sole Bicycles Bicycles Pact Coffee 18-Mar-2016 Coffee 0.27$ 4.0$ Connect Ventures, English Business Angels, Ian Hogarth, Ian West, MMC Ventures, Robin Klein, Rowan Gormley, Taavet Hinrikus ALOHA 13-Nov-2014 Food 4.3$ Andrew Wang, Anthony Saleh, Aydin Senkut, Bobby Goodlatte, BoxGroup, BrandProject, Brendan Wallace, Cherry Ventures, Consigliere Brand Capital, Constantin Bisanz, Corigin Ventures, David Gilboa, David Tisch, Emil Capital Partners, Felicis Ventures, First Round Capital, Forerunner Ventures, Founders Fund, Great Oaks Venture Capital, Highland Capital Partners, Jeff Cantalupo, Khosla Ventures, Konstantin Othmer, Maurice Werdegar, Maywic Select Investments, New Ground Ventures, Otter Rock Capital, Pankaj Shah, Robert Wuttke, Shasta Ventures, Shervin Pishevar, Sumit Gupta, Surender Punia, Thomas Lehrman, Western Technology Investment, William Tai, Winklevoss Capital Management Food52 30-Sep-2014 Food 6.00$ 9.0$ 14W, Bertelsmann Digital Media Investments, Dave Lerner, Gary Vaynerchuk, Haystack Partners, Individual Investor, Joanne Wilson, Lerer Hippeau Ventures, Panarea Capital, Scripps Networks Interactive, Vayner/RSE, Vikas Taneja, Vocap Investment Partners, Walden Venture Capital, Zelkova Ventures Hungryroot 08-Mar-2016 Food 5.78$ 7.9$ Brooklyn Bridge Ventures, Crosslink Capital, Great Oaks Venture Capital, John Rigos, KarpReilly, Lerer Hippeau Ventures, Lightspeed Venture Partners, Zelkova Ventures Brosa Design 21-Jul-2015 Furniture 2.00$ 2.0$ AirTree Ventures Greycork 01-Apr-2016 Furniture 0.71$ 1.0$ CoVenture, ff Venture Capital, Foley Ventures, Vocap Investment Partners Interior Define 08-Sep-2014 Furniture 1.00$ 3.2$ Andrew Dunn, Ben Lin, Benjamin Boyer, Brendan Wallace, Darren Bechtel, Great Oaks Venture Capital, Groupon, Jeff Cantalupo, Matt Wilsey, Otter Rock Capital, Peterson Partners, South Park Ventures Snowe Housewares Dakorum 04-Mar-2016 Housewares 1.26$ 1.3$ MI Ventures, Paul Sethi Parachute Home 22-May-2015 Housewares 5.45$ 5.5$ Anthony Saleh, Brad Zions, Daher Capital, Joanne Wilson, Launchpad LA, Mesa Ventures, QueensBridge Venture Partners, Structure Fund, Suffolk Equity Partners, Upfront Ventures Moment 11-May-2016 Mobile Phones 3.00$ 6.8$ Andrew Dunn, Founder's Co-Op, Foundry Group, Galvanize, Jason Seats, Jeremy Andrus, Kickstarter, Lux Capital, Maveron, Michael Schutzler, Morris Wheeler, Richard Tait, Robert Kunz, Saad AlSogair, Steve Singh, Vayner/RSE, Walter Danco Horsefeather Labs 01-May-2015 Perfumes 2.10$ 5.1$ Andrew Rachleff, Grace Beauty Capital, Harrison Metal Capital, Mark Leslie, Zig Capital Pinrose Perfumes Quip 15-Oct-2015 Platform 30.00$ 45.0$ Benchmark Capital, Greylock Partners, Marc Benioff, Yuri Milner Tortuga 10-Apr-2015 Platform 0.10$ 0.1$ Seed Hatchery Bevel Shaving na Dollar Shave Club 19-Nov-2015 Shaving 90.73$ 164.7$ Andreessen Horowitz, Andrew Crichton, Ascend Venture Group, Battery Ventures, Brendan Wallace, Comcast Ventures, Cowboy Ventures, Dragoneer Investment Group, Felicis Ventures, Forerunner Ventures, Kleiner Perkins Caufield & Byers, Matthew McCall, Michael Jones, Otter Rock Capital, Peter Liu, Pritzker Group Venture Capital, Rustic Canyon Partners, Saad AlSogair, Science Media, Shasta Ventures, Shea Ventures, Simon Nixon, Technology Crossover Ventures, Venrock, Vision Ventures, White Star Capital Harry's Razor Company 07-Jul-2015 Shaving 75.60$ 285.4$ BoxGroup, Consigliere Brand Capital, David Gilboa, Grace Beauty Capital, Harrison Metal Capital, Highland Capital Partners, Joshua Stylman, Kal Vepuri, Lakestar, Red Swan Ventures, SV Angel, Thrive Capital, Tiger Global Management, Wellington Management, Zig Capital Tomboy Exchange 22-Apr-2016 Various Shopping 1.00$ 1.1$ Drummond Road Capital, Geoff Harris MVMT Watches Watches
- 26. CONFIDENTIAL ComCap, LLC DNVB – Profiles (Cont’d)5 26 Company Name Last Financing Date Category Last Financing Size Total Raised Active Investors Monica & Andy 24-Jul-2015 Children's Clothing 1.90$ 2.8$ Andrew Dunn, Babak Yazdani, Brendan Wallace, Corazon Capital, Cota Capital, Ian Fisher, MI Ventures, Otter Rock Capital, Sapna Shah, Signatures Capital Tea Collection 05-Mar-2008 Children's Clothing 0.99$ 3.1$ Bay Investment Partners, The Angels' Forum, The Halo Fund BlackMilk Clothing na Combatant Gentleman 19-Jun-2013 Clothing 1.84$ 1.8$ Blazer Ventures, Brian Spaly, Greycroft Partners, Maveron, MHS Capital, Naxuri Capital, Point Nine Capital and VTF Capital Cotopaxi 24-Mar-2015 Clothing 6.50$ 9.5$ Brand Foundry Ventures, Forerunner Ventures, Greycroft Partners, Kickstart Seed Fund, Lerer Hippeau Ventures, New Enterprise Associates, Peterson Ventures, Sherpa Capital, Tekton Ventures Everlane 23-Dec-2013 Clothing 3.13$ 9.0$ Acequia Capital, Adrian Aoun, Benjamin Ling, Betaworks, Brian Sugar, Craig Sherman, Dave Morin, Fritz Lanman, Hironori Maeda, Individual Investor, Karl Jacob, Keith Rabois, Kevin Colleran, Kleiner Perkins Caufield & Byers, Lerer Hippeau Ventures, Matt Humphrey, Maveron, Nils Johnson, SV Angel, Vivi Nevo Adore Me 22-Jan-2013 Clothing 8.49$ 11.5$ Christian Edler, Cyril Vermeulen, Dave Lerner, FJ Labs, Jaina Capital, Mousse Partners, Paul Scheuschner, Redhills Ventures, SOSV, TA Ventures, Teodoro D'Ambrosio, Upfront Ventures, Ventech, White Star Capital All Year Round 16-Mar-2016 Clothing American Giant 13-May-2015 Clothing 4.21$ 12.2$ AYR Clothing na Bonobos 03-Jul-2014 Clothing 55.00$ 127.8$ Accel Partners, Andrew Boszhardt, Babak Yazdani, Brendan Wallace, Bryan Wolff, Coppel Capital, Cota Capital, Felicis Ventures, Forerunner Ventures, Glynn Capital Management, Great Oaks Venture Capital, Haystack Partners, Individual Investor, Jeff Fluhr, Jeff Heitzman, Lightspeed Venture Partners, Mousse Partners, Nordstrom, Otter Rock Capital, Peter Lehrman, Peterson Partners, Pinnacle Ventures, Sandbridge Capital, Sandwith Ventures, Sandy Cass, Sherry Coutu, Signatures Capital, Stage One Capital, Western Technology Investment Chubbies 02-Feb-2016 Clothing 9.00$ 14.1$ Benjamin Lerer, Blair Lambert, Bob Hall, Brian Spaly, Burch Creative Capital, IDG Ventures USA, J. Christopher Burch, Lerer Hippeau Ventures, Peter Livingston, Rothenberg Ventures Cuyana 02-Oct-2014 Clothing 7.20$ 10.8$ Canaan Partners Eloquii Design 07-Apr-2016 Clothing 15.00$ 27.2$ 500 Startups, Acton Capital Partners, Basset Investment Group, Blue Sky Alternative Investments, Daher Capital, Female Founders Fund, Grace Beauty Capital, Greycroft Partners, HDS Capital, Individual Investor, Julien Coustaury, Karlani Capital, LaunchTime, Martin Varsavsky, Paul Holliman, Western Technology Investment, Wildcat Capital Management Frank & Oak 04-Sep-2014 Clothing 15.00$ 20.0$ Anges Québec, Bertelsmann Digital Media Investments, Bolidea, Boris Wertz, Campfire Capital, Daniel Robichaud, Goodwater Capital, Greenoaks Capital, Individual Investor, Investment Quebec, Lightbank, Martin-Luc Archambault, Nima Capital, Real Ventures, Rho Canada Ventures, Speed of Trust Ventures, Version One Ventures, Western Technology Investment Honest Company Clothing 222.0$ AllianceBernstein, Bam Ventures, Dragoneer Investment Group, Fidelity Investments, General Catalyst Partners, Glade Brook Capital Partners, ICONIQ Capital, IVP, Lightspeed Venture Partners, Pritzker Group Venture Capital, Wellington Management Indochino 09-Mar-2016 Clothing 32.69$ 49.9$ Acton Capital Partners, Burda Digital Ventures, Dayang Group, Highland Consumer Partners, Madrona Venture Group, Version One Ventures Jomers Clothing JustFab 28-Aug-2014 Clothing 85.00$ 335.1$ Broadway Video Ventures, Crosscut Ventures, Hercules Capital, Individual Investor, Intelligent Beauty, KEC Ventures, Matrix Partners, Passport Capital, Pinnacle Ventures, Polaris Partners, Rho Ventures, SevenVentures, Shining Capital, Technology Crossover Ventures, Western Technology Investment Lafleur 05-Dec-2014 Clothing 2.0$ Grace Beauty Capital, Haystack Partners, Heidi Zak, William McClelland Ledbury 23-Mar-2016 Clothing 0.85$ 7.8$ Disruptor Capital, Harbert Growth Partners Mack Weldon 15-Dec-2015 Clothing 2.80$ 6.8$ Bridge Investments, Hammerstone Capital, Jason Port, KarpReilly, Lyrical Partners, RiverPark Ventures MeUndies 01-Sep-2015 Clothing 5.74$ 7.6$ 500 Startups, Adam Sharp, Aksel Piran, Alex Bard, Alex Moskalyuk, Anish Shah, Be Great Partners, Ben Eastman, Christopher A. Howard, Cok Mudde, Dany Lennon, David Bolour, David Chie, David Corns, Deependra Bhartari, Gary Benitt, Geoff Abbott, Giac Vu, Individual Investor, J.D. Fagan, Janis Krums, Joe Farris, Joey Separzadeh, Jonathan funkhouser, Jonathan Neman, Josh Mohrer, Kenneth Ballenegger, Michael Broukhim, Michael Dutka, Michael Jones, Nathaniel Ru, Nicolas Jammet, Ophir Tanz, Paulius Uza, Peter Pham, Praveen Kanakamedala, Prosper Nwankpa, Ryan Sit, Sam Keywanfar, Science Media, Sean Percival, Simon Venture Group, Steven Broukhim, Steven Kallmeyer, Sumner Chase, Tim Liao, Tom Dare, TYLT Lab, Walden Venture Capital, Winklevoss Capital Management, Zach Coopersmith Ministry of Supply 16-Jun-2015 Clothing 1.50$ 6.0$ Alexander Drummond, Andy White, Anthony Hsieh, Brian Kalma, Charlie Hsiao, Consigliere Brand Capital, Craig Breslow, Dan Relihan, Daniel Wallace, Dawna Paton, Eric Friedman, Eric Norlin, James DeMasi, John Carlson, Kevin Henrikson, MassChallenge, SK Ventures, VegasTechFund Mizzen+Main 03-Feb-2016 Clothing 3.00$ 4.4$ Andy White, Ben Nash, Brian Tochman, Bruce Kalmick, David Schottenstein, DSCN Capital, George Couri, Thomas Morstead, VegasTechFund MM.LaFleur 05-Dec-2014 Clothing 2.0$ Grace Beauty Capital, Haystack Partners, Heidi Zak, William McClelland Outdoor Voices 23-Mar-2016 Clothing 7.20$ 9.8$ 14W, Burch Creative Capital, Collaborative Fund, Forerunner Ventures, General Catalyst Partners, Kal Vepuri, Matthew Rising, Red Sea Ventures, SWTLF Ventures Pact Underwear Clothing Ratio Clothing Clothing ROKA Sports 06-Nov-2015 Clothing 3.00$ 13.0$
- 27. CONFIDENTIAL ComCap, LLC DNVB – Profiles (Cont’d)5 27 Company Name Last Financing Date Category Last Financing Size Total Raised Active Investors Stance 28-Apr-2016 Clothing 30.00$ 134.4$ Anthony Saleh, Atom Factory, August Capital, Jeff Kearl, Joshua James, Kickstart Seed Fund, Kleiner Perkins Caufield & Byers, Matt Coffin, Menlo Ventures, Mercato Partners, Nasir Jones, Rick Alden, Science Media, Shasta Ventures, SherpaVentures, Stoneway Capital, Troy Carter, Universal Music Group, Will Smith Taylor Stitch Clothing Tommy John Clothing 1.0$ FirstMark Capital, New York Angels, New York Venture Partners Tracksmith 09-Jul-2015 Clothing 4.10$ 5.8$ BoxGroup, Bridge Boys, Hammerstone Capital, Index Ventures, Lerer Hippeau Ventures, Matt Humphrey, Michael Preysman, Panacea Capital Advisors, Pentland Group, Red Sea Ventures, Silas Capital Warby Parker 30-Apr-2015 Eyewear 100.00$ 195.5$ Jand 30-Apr-2015 Eyewear 100.00$ 216.2$ American Express Ventures, Andrew Boszhardt, Andrew Dunn, Andrew Fine, BoxGroup, Christopher Dixon, Consigliere Brand Capital, Cross Culture Ventures, Dave Lerner, David Tisch, Davis Smith, Felicis Ventures, First Round Capital, Forerunner Ventures, General Catalyst Partners, Grace Beauty Capital, Great Oaks Venture Capital, Hartford Financial Services Group (Mutual Fund Business), Individual Investor, Interplay Ventures, Jeff Fluhr, Josh Spear, Kal Vepuri, Lerer Hippeau Ventures, Menlo Ventures, MentorTech Ventures, Millard Drexler, Nils Johnson, Scott Belsky, Shervin Pishevar, Spark Capital, Suffolk Equity Partners, SV Angel, T. Rowe Price, Thrive Capital, Tiger Global Management, Troy Carter, Wellington Management, Wharton Venture Initiation Program, Zig Capital JRSK 17-Aug-2015 Luggage 2.50$ 2.5$ Accel Partners, Andrew Deitchman, Andrew Dunn, Bam Ventures, Battery Ventures, Brian Lee, Comcast Ventures, Forerunner Ventures, Jeff Kearl, Metamorphic Ventures, QueensBridge Venture Partners, Shawn Carter (Jay-Z), Steven Alan, Will Smith Raden 01-Mar-2016 Luggage 3.5$ Basset Investment Group, First Round Capital, Flybridge Capital Partners, Graph Ventures, Kal Vepuri, Lerer Hippeau Ventures, Pritzker Group Private Capital, Rachel Rosenzweig, Silas Chou Huckberry Outdoor Gear Kuiu Outdoor Gear Global Uprising (Doing business as Cotopaxi) 06-Mar-2015 Outdoor Gear 6.50$ 9.5$ Bam Ventures, Brand Foundry Ventures, Correlation Ventures, Forerunner Ventures, Greycroft Partners, Jeff Kearl, Joshua James, Kickstart Seed Fund, Lerer Hippeau Ventures, New Enterprise Associates, Peterson Partners, Tekton Ventures, William Tai Bucketfeet 24-Jun-2015 Shoes 3.00$ 16.8$ Amer Rehman, Andrew Dunn, Armando Pauker, Brendan Synnott, Brian Spaly, Bridge Investments, Catapult Chicago, Craig Young, Glen Tullman, Gordon Segal, Hydra Ventures, Jeff Cantalupo, Jumpstart Ventures, Lakewest Venture Partners, Levy Family Partners, Listen Ventures, Lon Chow, MI Ventures, Michael Kogan, R.H. Bailin, Rick Desai, Rishi Shah, Shradha Agarwal, Wintrust Ventures, Yunsan Greats Brand 07-Jan-2015 Shoes 1.50$ 3.5$ Adrian Wilson, Individual Investor, Jay Adya, Mark Gerson, Primary Venture Partners, Resolute Ventures Jack Erwin 18-Sep-2014 Shoes 9.00$ 11.9$ Caleres, Crosslink Capital, FundersGuild, Hammerstone Capital, Individual Investor, Menlo Ventures, Phil Boyer, Prolific Venture Capital, Shasta Ventures Koio Collective Shoes Damian Greco, Winklevoss Capital Management M.Gemi 04-Nov-2015 Shoes 18.00$ 32.0$ Accel, Breakaway Innovation Group, Catalyst Partners, Forerunner Ventures, General Catalyst Partners Paul Evans 29-Dec-2014 Shoes 0.10$ 0.2$ Bill Buchanan, James Colbert RCW 03-Nov-2015 Shoes 18.00$ 32.0$ Accel Partners, Breakaway Innovation Group, Forerunner Ventures, General Catalyst Partners Shoes of Prey 07-Dec-2015 Shoes 15.50$ 25.8$ Blackbird Ventures, Blue Sky Capital, Bridge Lane Capital, CrunchFund, David Spector, Greycroft Partners, IFM Investors, Individual Investor, Jodie Fox, Khosla Ventures, Michael Cannon-Brookes, Michael Fox, Mike Knapp, MLC, Monash Private Capital, Nordstrom, Richard Baker, Sequoia Capital, Southern Cross Venture Partners, William Tai
- 28. CONFIDENTIAL Profiles of selected DNVBs 28
- 29. CONFIDENTIAL ComCap, LLC 29 Bonobos Overview www.bonobos.com Company Overview Management Team Andy Dunn, Co-founder and CEO: Dunn is re-appointed as the CEO of the company. He also founded Red Swan Ventures. Currently he serves as Chairman at Interior Define and Chairman at Monica + Andy. Antonio Nieves, CFO: Nieves previously served as CFO at ModCloth. Prior, he served as VP of FP&A and Investor Relations at ModCloth and Head of WW FP&A, Senior Finance Director at Logitech Dominique (Philipp) Essig, Chief Experience Officer: Essig previously served as Vice President Product Management of User Experience, & Design at Gilt Groupe. Prior, he served as Director of Site Health and Enterprise Initiatives at Travelocity Deepa Koita, Director of Finance: Kolta previously served as Global Financial Planning and Analysis at AVON. Prior, he served as Corporate Finance & New Business Development at AVON Source: Company data, press Founded: 2007 Status: Private Employees: 300+ HQ: New York, NY Company Overview: Bonobos is an e-commerce driven clothing brand focused on offering great fit and excellent customer service. The company sells fitted men's trousers through an online platform and produces casual dress trousers in lightweight wool, cotton twill, seersucker, corduroy and cashmere fabrics for men. It also offers shorts, belts and t-shirts. The company has established 20 appointment driven e-commerce stores that is known as Guideshops which plans to open more in 2016. It has 30 customer service employees and over 3,000 variants of washed chinos. Its main audience is young, but it wants to be a brand both older fathers and their sons would want to wear. Its $88 chinos and $98 plaid shirts. Key Facts Financing Summary Date Round Type Amount Post Valuation Jul 2014 Series D $55m $300m Mar 2013 Series C $30m $205m Apr 2012 Venture $16m $164m Dec 2010 Series B $19m $69m Jan 2010 Angel $4m $64m Jun 2009 Angel $3m $34m Sep 2008 Angel $750k $9m Key investors: Accel, Andrew Boszhardt, Jr., Brendan Wallace, Coppel Capital, Felicis Ventures, Forerunner Ventures, Glynn Capital Management, Lightspeed Venture Partners, Mousse Partners, Nordstorm, Otter Rock Capital, Peterson Ventures, Sandy Cass • In 2011 Bonobos extended offline, launching Bonobos Guideshops. • In 2012, Bonobos expanded its distribution partnering with Nordstrom, bringing Bonobos apparel into select doors nationwide and to Nordstrom.com. Currently, 118 Nordstorm locations that sell Bonobos. • Over 200 variants of dress shirts are being offered, 230 variations of casual shirts are being offered and 280 variants of pants are being offered. • According to Crains, Bonobos grew a following and pulled in $4m in gross revenue in 2009 and $10m in 2010 • Non-pants items accounted for more than half of all sales, and the company had more than 250,000 customers who made a purchase in the last 12 months.
- 30. CONFIDENTIAL ComCap, LLC 30 Just Fab Overview www.justfab.com Company Overview Management Team Adam Goldenberg, Co-founder & CEO: Goldenberg currently serves as Director.at DermStore.com. Previously co-founded and served as Co- CEO at Intelligent Beauty Traci Inglis, Chief Marketing Officer: Inglis previously served as VP of CRM & Research at JustFab. Prior, he served as Director Digital Marketing, CRM & Customer Marketing at Hot Topic Anton von Rueden, COO: Rueden founded and served as Feensee. Previously he served as Chairman of the Supervisory Board at drivindu. Prior, he served as SVP of General Manager Global Member Services at jJustFab Heidi Crane, CFO: Crane previously served as CFO / SVP Finance at Leiner Health Products. Prior, he served as VP of Strategic Planning / Finance at 99 Cents Only Stores. Source: Company data Founded: 2010 Status: Private Employees: 470+ HQ: El Segundo, CA Company Overview: JustFab is an online fashion retailer offering members a personalized shopping experience based on their fashion preferences. It is a monthly VIP membership program that grants fashion lovers access to celebrity stylists and the hottest shoes and handbags. The company provides access to fashion tips and content, clickable style boards to shop curated outfits and offers a personalized shopping experience based on members' indicated fashion preferences. In August 2014, the company has been valued as $1.0b. In 2013, the company has made few acquisitions including ShoeDazzle, The Fab Shoes and Fabkids. It reaches over 35 million members worldwide through its portfolio of lifestyle fashion brands. Key Facts Financing Summary Date Round Type Amount Post Valuation May 2015 Venture na na Aug 2014 Series D $85m $1.0b Aug 2014 Debt $5m na Dec 2013 Series C $15m na Sep 2013 Series C $40m na Jul 2012 Series B $76m na Sep 2011 Series A $33m na Key investors: Guild Capital, Intelligent Beauty, KEC Ventures, Matrix Partners, Passport Capital, Rho Capital Partners, Rho Ventures, SevenVentures, Shining Capital, Technology Crossover Ventures (TCV), Trinity Capital Investment • Operates through its portfolio of brands including JustFab (www.justfab.com), FabKids (www.fabkids.com), ShoeDazzle (www.shoedazzle.com), and Fabletics (www.fabletics.com). • It offers members in the US, Germany, Canada, UK, France and Spain the celebrity treatment every month as they receive a new and customized selection of shoes, handbags, jewelry and denim. • Each Justfab item is $39.95 and shipping is always free. • It is a specialty retailer which means that it design its own product and hold inventory. It’s a capital intensive business. • The company is expected to build a business worth at least $3-5 bn. It was predicted, the company would earn $500m revenue in 2015 from its four brands. • In 2014, JustFab’s North American operations have been profitable every year
- 31. CONFIDENTIAL ComCap, LLC 31 ModCloth Overview www.modcloth.com Company Overview Management Team Matthew Kaness, CEO: Kaness previously served as Chief Strategy Officer at Urban Outfitters. Prior, he served as Senior Manager of Consumer & Retail at PRTM and Production & Operations Consultant at Burton Snowboards Eric Koger, Co-founder: Koger previously served as CEO of ModCloth. Prior, he co-owned and served as CEO of Biznesshosting. Susan Gregg Koger, Owner and Creative Officer: Koger received a bachelors degree from Carnegie Mellon University. Mary Alderete, Chief Marketing Officer: Alderete previously served as Chief Marketing Officer at True Religion Brand Jeans. Mike Janover, VP of Marketing: Janover previously served as Managing Director of eCommerce & Digital Marketing at Juice Beauty Source: Company data Founded: 2002 Status: Private Employees: 430+ HQ: San Francisco, CA Company Overview: ModCloth is an online clothing, accessories and decor retailer that aims to provide an engaging shopping atmosphere for the user. It sells clothes both retro and quirky, from print ponchos to vibrant dresses. The clothes inside the “fit shop” are meant to be tried on and then ordered to customers’ homes, while the accessories and one-of-a-kind vintage gear can be bought on the spot and taken home. Ships to more than 50 countries and has footholds in Australia, Canada, the U.K., and Hong Kong. The company is looking to expand a bunch of product lines, such as intimates, bridal, athletic wear, accessories, and home goods. It has shipped around 2 million orders in 2014. Key Facts Financing Summary Date Round Type Amount Post Valuation Jun 2015 Series C $15m $38m Jul 2012 Venture $2.5m na May 2012 Series C $25m $185m Apr 2011 Series B $13m na Jun 2010 Series B $20m na Mar 2009 Series A $3m na Jun 2008 Seed $1m na Key investors: Accel, Andrew Boszhardt, Jr., FloodGate, First Round, Great Oaks Venture Capital, Harrison Metal, Innovation Works, Jeff Fluhr, Madison Angels, Norwest Venture Partners • The company focuses on physical stores, new ModCloth-branded label lines, and more growth internationally. • It has raked in more than $150m in revenue in 2014, up from about $100m in 2012, and has achieved profitability over each of the past four quarters • Has positioned itself as a wholly inclusive label that touts positive body image, vowing never to retouch women with Photoshop, offering an extensive plus-size assortment, and using models with different body types. • Focuses on Japan, Germany, and South Korea. It largely targets women in their 20s and 30s. • The company also created its first private-label apparel line and is in talks with potential retail partners.
- 32. CONFIDENTIAL ComCap, LLC 32 Stance Overview www.stance.com Company Overview Management Team Jeff Kearl, Co-founder, Chairman & CEO: Kearl previously served at Innoventures Capital Partners, Monarch Venture Partners and Cymphonix. Currently he serves at Stance Socks, Precedent Investments, Julep Rick Alden, Co-founder: Aldern also co-founded Skullcandy. Previously, he served as Product Development Specialist at Orvis. Prior, he co-founded Device Development Corp and National Snowboard Ryan Kingman, Co-founder & CMO: Kingman previously served as Global Marketing Director at Element. Prior, he served as Team Manager of Communications Director at Giant Distribution Taylor Shupe, Co-founder & Chief Product Officer: Shupe previously founded and served as Chairman at Blacksmith / mfg. Source: Company data, press Founded: 2009 Status: Private Employees: Approx. 200 HQ: San Clemente, CA Company Overview: Stance, a premium apparel company. It is a designer and manufacturer of socks for men, women and kids. The company provides lifestyle apparel for men and women across a variety of lifestyle and performance categories. Through its inimitable brand DNA, the company has ignited a movement of art and self-expression that has drawn athletes, performers, and iconic cultural influencers into a cohesive group known as “Punks and Poets.” In 2016, the company raised funds and bolstered partnership to continue its rapid growth and expansion into strategic, direct-to- consumer initiatives. The company has been profitable since its first round of funding. Key Facts Financing Summary Date Round Type Amount Post Valuation Apr 2016 Series D $30m $370m Mar 2015 Series C $50m na Apr 2014 Series B $30m na Jul 2011 Series A $6m na Dec 2009 Seed na na Key investors: Mercato Partners, August Capital, Kleiner Perkins Caufield Byers, Menlo Ventures, Shasta Ventures, Sherpa Capital, Anthony Saleh, Dwyane Wade, Emagen Investment Group, Josh James, Kickstart Seed Fund, Matt Coffin, Roc Nation, Rick Alden and other • Patterns in all colours range from stylish takes on team logos to geometric patterns to abstract art, including mix-and-match designs that use the same colour palette for variant pairs. • The prices range from $10 to $25, for higher-end performance socks • Developed a proprietary process called INprint that sublimates images directly on the yarn, allowing the company to manufacture • The company has presence across 7,500 retail doors out of which 2,800 are specialty • Stance's positioning has helped it find new areas of growth, such as in women's socks, which was launched in 2013 • In 2015, the company planned to launch a line of men's underwear by the end of year.
- 33. CONFIDENTIAL ComCap, LLC 33 Warby Parker Overview www.warbyparker.com Company Overview Management Team Neil Blumenthal, Co-founder & Co-CEO: Blumenthal previously served as Summer Associate at McKinsey & Company and Director at VisionSpring Jeffrey Raider, Co-founder: Raider previously served as Senior Associate at Charlesbank Capital Partners. Prior, he served as Associate at Charlesbank Capital Partners Dave Giloba, Co-founder & Co-CEO: Giloba previously served as Business Development and Strategy Intern at Crescendo Bioscience. Prior, he served as Special Assistant to the CEO at The TriZetto Group and Associate at Allen & Company Lon F. Binder, VP of Technology: Binder currently serves as Technology Advisor at VisionSpring. Also serves as a Member of New York CTO club. Previously he served as VP of Technology at Folica Source: Company data Founded: 2010 Status: Private Employees: 500 HQ: New York, NY Company Overview: Warby Parker is a provider of vintage-inspired prescription eyewear. The company designs, assembles and sells prescription eyewear, including sunglasses. The frames are made from cellulose acetate and ion-plated titanium and the polarized lenses are made from polycarbonate with anti- reflective coatings. It offers ultra-high-quality, vintage-inspired frames for $95 including prescription lenses and shipping. It has retail locations across the US and in Canada. It has 27 stores in 22 US cities. In 2015, the company has raised funds to expand its chain of retail shops, where the company generates a growing portion of sales. It is a blend of offline and online. In 2013, the company had $35m revenue according to PrivCo’s internal estimates Key Facts Financing Summary Date Round Type Amount Post Valuation Apr 2015 Series D $100m $1.2b Dec 2013 Series C $60m $520m Jan 2013 Series B $42m $290m Sep 2011 Series A $12m $128m Jul 2011 Seed $2m $38m Oct 2010 Debt $500K na Key investors: American Express, Andrew Boszhardt, Jr., BoxGroup, Davis Smith, Felicis Ventures, First Round, General Catalyst Partners, Grace Beauty Capital, Interplay Ventures, Jeff Fluhr, Lerer Hippeau Ventures, Menlo Ventures, MentorTech Ventures, Millard Drexler, Red Swan Ventures • The company is not profitable but it has reduced cost by cutting out licensing fees, working directly with suppliers and shipping products directly to consumers. • It has created a popular brand by marketing designer frames for under $100. • Also building new technology to make shopping for frames in stores and online easier. It is investing in technology to let customers conduct eye exams using just their mobile phones. • Has a popular service called Home Try-On in which customers can test up to five frames at home free of charge. • The company claims that the stores soon became profitable, making an average of $3,000 per square foot annually. • It has sold over one million pairs and given away one million pairs since 2010
- 34. CONFIDENTIAL ComCap, LLC 34 YepMe Overview www.yepme.com Company Overview Management Team Vivek Gaur, Co-founder & CEO: Gaur previously served as Business Head North & East of Magazines at HT Media. Prior, he served as Executive Director at Living Media India and Regional Sales Manager at Hindustan Unilever Sandeep Sharma, Co-founder, CTO & COO: Sharma previously served as CEO of Yepme.com. Prior, he served as Senior Manager at Accenture & Sapient and Program Manager at NSPL Anand Jadhav, Co-founder & President: Jadhav previously served as Joint Managing Director at Omved Lifestyle. Prior, he served as VP of Marketing, Strategy & IT at Reliance Trends and Head of Marketing & Projects at Infiniti Retail Manish Shrivastava, Chief Revenue Officer: Shrivastava previously served at Snapdeal, Bacardi, Hindustan Unilever Limited Source: Company data, Press Founded: 2011 Status: Private Employees: 180+ HQ: Gurgaon, India Company Overview: Yepme.com, an online fashion brand showcasing menswear and accessories featuring formal, casual, outdoor and party wear. The portal also sells apparels, watches, specs, footwear and other items. The brand targets style conscious men & women between the age of 20-29 years, in India. It offers services in over 1,000 cities and delivers close to 500,000 units a month. In 2015, the company was doing almost 20,000 transactions a day, and the firm is generating net sales of $4.4m - $5.1m. Plans to have 400 stores by the end of 2016. Yepme also started an international business, Yepmeworld.com, in April 2014. It currently sells to customers in the US and plans to expand its presence to others markets. Key Facts Financing Summary Date Round Type Amount Post Valuation Sep 2015 Series B $75m na Jan 2015 Series A $13m na May 2014 Venture $500K na Key investors: Brand Capital, Capricorn Investment Group, Helion Venture Partners, J.S. Oliver Capital Management, Khazanah Nasional Berhad, TC Capital • It will use the money to grow its ethnic wear category, a relatively new segment • In august 2015, Helion and Capricorn together hold close to a 60% stake in the company while Morpheus has a stake of about 8%, The founders hold close to 20% of the company. • The company, besides selling fashion wear on Yepme.com, also retails its products on marketplaces such as Flipkart, Myntra and Snapdeal. Marketplaces generate close to 30% of overall sales for the company. • The company is targeting a revenue of over $29.3m by March 2015 and $88.0m by the next fiscal year. According to the company, 70% of its revenue comes from the men’s category. • In FY 2012-13, its GMV was $9m, FY 2013-14 it was $27m, FY 2014-15 was $40m and 2015-16 was $65m
- 35. CONFIDENTIAL ComCap, LLC 35 WearYouWant Overview www.wearyouwant.com/en/ Company Overview Management Team Julien Chalté, Co-founder & Managing Director: Chalté previously served as CTO of TransacWeb SARL. Prior, he served as Managing Director at LetMotiv Asia, and CEO at LetMotiv SARL. Martin Toft Sørense, Co-founder & Managing Director: Sorensen previously served as Sales Executive at Visit Beyond. Prior, he served as Consultant at Den Sociale Konsulenttjeneste and Store Manager at Intermezzo. Thomas Kroman, CMO: Kroman previously served as Marketing Director at STYLEPIT. Prior, he served as Head of Marketing at Miinto.dk and Marketing Manager at Miinto.dk. Sukanya Potten, Social Media Manager & Marketing Team: Potten previously owned and served as Managing Director at Sukanya Thai Travel & Tours. Source: Company data, Press Founded: 2011 Status: Private Employees: 20+ HQ: Bangkok, Thailand Company Overview: WearYouWant is a fashion and beauty e- commerce platform in Bangkok that offers an online B2B platform for offline retailers. It is number one hotspot for a wide range of brands, boutiques and labels. The website works with almost 500 boutiques and offers online fashion shoppers a choice of 450 brands and 15,000 items, unique local brands and well known international brands, across a range of women’s and menswear including bags, accessories and cosmetics. On December 2015, the company reported a revenue of $12m. The company offers branded product lines across womenswear – including dresses, shoes, accessories, bags, skirt, cosmetics and glasses – and menswear, including jeans, t-shirts, shoes and shirts. Key Facts Financing Summary Date Round Type Amount Post Valuation Feb 2016 Series B na na Sep 2015 Series B na na Aug 2014 Series A $1.5m na Key investors: Sebrina Holdings, Start Today, DMP VC, IMJ Investment Partners, Julien Chalte, Kimura Shinji, OPT Sea • WearYouWant is a business relying on several partners through a B2B2C business model. • It serves as a marketplace, allowing offline vendors to set up a shop and manage customer orders • In 2016, the company raised funds to strengthen its brand assets and presence in vertical markets. It is also eyeing expansion in regional markets and will continue developing its native app. • The company has recently entered in partnerships with various major brands, including LINE, Samsung, Sanook, and others. • It allows customers to pay cash on delivery and works with two logistics companies, CJ Korea and KWC Logistics, to ship its orders. • Plans to offer next-day deliveries soon in order to enhance its competitive strength.
- 36. CONFIDENTIAL ComCap, LLC 36 Temple & Webster Overview www.templeandwebstergroup.com.au Company Overview Management Team Mark Coulter, Interim CEO: Previously, Mark co-founded the National Online Retailers Association, and is a co-founder of ParcelPoint/Fluent Retail, a logistics and technology company servicing many of Australia's largest online and omni-channel retailers. Michael Henriques, Co-founder: Michael previously served as VP, Managing Director and Technology & Operations Manager of Wayfair Australia, and prior to that he held several roles at Wotif Group. Adam McWhinney, Chief Experience Officer & Co-Founder : Prior to co-founding Temple & Webster, Adam was a Product Director at News Limited. Adam was the creator of Taste.com.au Mark Tayler, Interim Chief Financial Officer: Previously served as CFO of DealsDirect Group. Mark holds a Bachelor of Commerce from the University of Western Sydney and is a Certified Accountant. Source: Company data, Press Founded: 2011 Status: Private Employees: 54 HQ: Alexandria, Australia Company Overview: Temple & Webster Group Ltd operates as an online retailer of furniture and homewares in Australia. The Group currently operates the Temple & Webster, ZIZO and Milan Direct online platforms, each of which targets the furniture and homewares buyer. The company was founded in 2011 and is based in Alexandria, Australia. The Company has grown rapidly and has over 190,000 active customers. Its websites received more visits than any other Australian online-only furniture retailer in FY15. Key Facts Financing Summary Date Round Type Amount Post Valuation Sep 2015 Series B $75m na Jan 2015 Series A $13m na May 2014 Venture $500K na Key investors: Brand Capital, Capricorn Investment Group, Helion Venture Partners, J.S. Oliver Capital Management, Khazanah Nasional Berhad, TC Capital • Temple & Webster, Australia's leading members-only shopping club for the home by FY15 website visits and with over 1.3 million members. • Temple & Webster provides a curated offering of over 10,000 different products a month from over 400 suppliers. • ZIZO, one of Australia's largest marketplaces for furniture and homewares with over 100,000 products on sale from over 700 suppliers. • ZIZO runs an innovative drop-shipping model, whereby products are sent directly to customers by the supplier reducing fulfillment costs and allowing a larger product range. • Milan Direct, one of Australia's largest online retailers of furniture which has operations in Australia and the UK.
- 37. CONFIDENTIAL ComCap, LLC 37 Shoes of Prey Overview www.shoesofprey.com Company Overview Management Team Michael Fox , Co-founder & Co-CEO: Fox manages operations, logistics and the customer happiness team at the company. Previously he served as Agency Team Lead at Google and Relationship Manager at Google Mike Knapp, Co-founder & CTO: Knapp previously served as Software Engineer at Google. Prior, he served as Senior Associate of Google AdWords at Google Jodie Fox, Co-founder and Chief Creative Officer: Fox previously served as Senior Account Manager at The Campaign Palace. Prior, she served as Lawyer at Blake Dawson and Export Market Planner at Griffith University Christopher McCallum, COO: McCallum previously served as Senior Manager of Operations, Management Consulting at PwC Source: Company data, Press Founded: 2009 Status: Private Employees: ~200 HQ: Santa Monica, CA Company Overview: Shoes of Prey is a global retail brand that enables shoppers to design their own shoes online. The company has a strategy to operate both online and in-store. It has specialised in flats, heels, wedges, sandals, boots and others. The shoes are designed by women shoppers, for shoppers. Using the Shoes of Prey 3D DESIGNER customers can choose the shape, colour and height of their shoes. In addition, to its global English speaking customer base. It also operates French, German, Spanish and Japanese language sites to serve those local customers. The shoes are designed, made & shipped within 14 days. The company has added an express option for $50, which cuts this time in half. Key Facts • In 2014, Shoes of Prey offered 12 different styles including ballet flats, heeled oxfords and wedge sandals, in over 300,000 trillion permutations, taking into account a wide range of size and style options • The business broke even at two months and hit multi-million dollar revenue in under two years • In 2015, 5 million unique viewers have visited shoesofprey.com • Shoppers have designed 6 million shoes with Shoes of Prey • Plans to become an international retailer over next five years. • It also regularly invest in existing technologies, like 3D printers and oculus rifts • Currently, the company has 5 physical shop-in-shops at Nordstrom stores across the US and 1 store in David Jones in Sydney, Australia • The company has also teamed up with Mad Men costume designer Janie Bryant and New York-based contemporary designer Jonathan Simkhai for one-off collections. • It has won and had been nominated for various awards. The recent prizes include Best International Conqueror 2015 and Online Retailer of the Year 2014 at the Online Retail Industry Awards, and Kogan Australian Online Retailer of the Year 2013 at the Australian Retail Awards
- 38. CONFIDENTIAL ComCap, LLC 38 Shoes of Prey Overview www.shoesofprey.com Strategy Overview Financing Summary Source: Company data, Press, PitchBook Snap Shots Date Round Type Amount Post Valuation Dec, 2015 Series B $15.5m $64.2m Nov, 2014 Series A2 $5.5m $29.7m Sep, 2013 Seed $1.6m $21.2m Jun, 2012 Seed $3.0m $13.4m Key investors: Blue Sky Venture Capital, Khosla Ventures, Nordstorm, Greycroft Partners, Blackbird Ventures, Bridge Lane Capital, Monash Private Capital, Crunch Fund, David Spector, IFM Investors, Richard Baker, Southern Cross Venture Partners, Heidi Zak and others • In 2014, the company raised funds to establish a second factory and facilitate a partnership with Nordstrom. • The company vertically integrated its operations in 2013 by establishing its first dedicated factory in Southeast Asia. • The second factory will be able to handle five times more orders than the first. • Shoes of Prey’s shop-in-shops does not hold actual inventory whereas they provide customers an opportunity to see, touch and try on products that can be customised and ordered via iPad, meaning the shop-in-shops stand to yield higher sales densities than traditional retail spaces. • In 2015, the company raised more funds to continue its growth in the US market via its omni-channel strategy. • Also aggressively hiring to support its rapid growth, currently at 120 per cent year on year. • It will also increase production capacity in the company’s dedicated factory in China to cater to increased consumer demand in the US and globally for customised products • Plans to enhance its relationship with Nordstorm, which was established in November 2014. The brand is available on Nordstrom.com, which the company consider as "an important new sales channel” • Aims to accelerate future expansion into new products, starting with women’s handbags and smaller leather goods • The materials are sourced from all over, production is based in Guangdong, China, where the company opened its own specialized factory in 2014. By controlling the manufacturing process rather than outsourcing, as the brand did when it started, it's able to make changes more quickly and produce faster.
- 39. CONFIDENTIAL ComCap, LLC 39 Shoes of Prey-Nordstrom Partnership www.shoesofprey.com PRESS RELEASES: • November 17, 2014: Shoes of Prey announces their exclusive partnership with leading fashion specialty retailer Nordstrom to house their “design-your-own” shoes studio concept in six major locations across the country. • The first Shoes of Prey Design Studio at Nordstrom will open on November 17th at the retailer's Bellevue Square location in Bellevue, WA (which will be the brand's first US offline presence), and is set to complete the remaining concept studios by Q1 of 2015. • December 7, 2015: Shoes of Prey announced a capital raise from global investors and, most notably, from retail giant Nordstrom. • On Dec. 7, the company announced a $15.5 million Series B capital raise. In addition to Nordstrom, top investors included BlueSky Venture Capital, Greycroft and Khosla.
- 41. CONFIDENTIAL ComCap, LLC ComCap – A leading boutique at the intersection of Capital and Commerce Value Proposition Unique, Focused, Global, Strategy and Investment Banking Boutique Recent transactions completed or underway in the United States, Japan, China, Singapore, Argentina, UK, Sweden, Belgium, France, Germany $2bn revenue Japanese ecommerce BPO co. #3 Russian Internet company #1 UK Internet company Multiple private B2B ecommerce systems integrators Selected ComCap Clients #1 Asian ecommerce B2B company $200mm rev US public company Multiple US and EU private equity funds Three ecommerce SaaS companies Google eBay Previous Clients Dice.com Internet Brands Yahoo Digital River Selected Team Members Aron Bohlig Managing Partner Sakshi Goel Associate Back office Team Shiv Ng PPG Sabhi Muhammed Analyst Cindy Lang Administration and Ops Experience 21 years Credit Suisse Become, Nortel Education Wharton MBA Location San Francisco Mr. Bohlig is a registered representatives of and Securities and Investment Banking Services are offered through BA Securities, LLC Member FINRA SIPC. ComCap and BA Securities, LLC are separate and unaffiliated entities Fermin Caro Vice President 12 years Credit Suisse Yale MBA San Francisco Alex Martin Associate 9 years Credit Suisse Richard Ivey School of Business San Francisco Uren Dhanani Associate 5 years UBS, DaVita McCombs School of Business San Francisco 41
- 42. CONFIDENTIAL ComCap, LLC 42 Why ComCap? Who is ComCap? − Ecommerce-focused boutique, accepting clients only by word of mouth recommendation − Proven team with background at Credit Suisse, 100% focused on the ecommerce value chain − Senior execution, no bait-and-switch, but with a strong bench team for support − We are small, so we must be selective, working only on the best probability engagements, but working ferociously to achieve a great outcome − We do deals where we add unique value – not untargeted auctions to test the market How do we differentiate? − Vertical focus enables deep understanding of your value proposition − Unique synergies identification and advocacy process – based on bottoms up revenue and profit analysis of the value of entering new geographies, new verticals for strategic investors / buyers − Huge network among strategics in the US, Europe and Asia − 50% of our transactions are cross border (active in the US, Asia, Europe and LatAm) − New market entry experience on buyside Win-win proposal and differentiated proposition for our clients − While we may charge premium pricing, we offer greater levels of service than other firms, and our client references will attest to this
- 43. CONFIDENTIAL ComCap, LLC 43 ComCap helps DynamicAction raise $15m strategic round • DynamicAction (DnA) is a San Francisco based SaaS predictive analytics platform for retailers • DnA’s solution leverages >600 algorithms to provide large retailers with big data insights, derived from $12bn in annual GMV (2nd only to Amazon), and proscribe prioritized actions related to critical issues that are largely not visible today - across primarily merchandising, site operations and customer interactions • Marquee retailers in the US, UK and Europe such as Victoria’s Secret, Abercrombie, American Eagle Outfitters, Brooks Brothers, Eddie Bauer, Cole Haan, Otto Group, Tesco, and El Corte Ingles achieved >20% Y/Y growth in profit during the 4Q (the most important season for retailers) • At the time of the transaction, DnA surpassed its 2016E target revenue and had visibility into >70% of its 2017E target standalone revenue (112% including its weighted pipeline) • The round valued DnA at 7.3x 2017E target standalone revenue and 5.3x 2017E revenue (including synergies) ComCap process differentiation ComCap successfully executed a capital raise and partnership with committed resources to accelerate growth and realize material revenue synergies • Extensive pre-transaction engagement to optimize company’s positioning emphasizing first mover advantage and differentiation • Process designed to engage with key strategics and targeted private equity players on a global basis • Created detailed analysis of historical financials to support key value drivers, customized for each strategic investor, and detailed synergy models to gain commercial buy-in • Aggressively engaged with commercial and strategic investment teams to foster commitment to and consideration for synergies in the valuation rationale • Accenture’s retail practice corroborated the commercial opportunity and, along with the strategic investment, committed to accelerating DnA’s penetration of the largest retailers worldwide. • Synergies to DnA are expected to contribute 33% in incremental annualized revenues vs. DnA’s 2017E standalone revenues $5 $9 $23 $0 $3 $9 $5 $12 $33 $0 $10 $20 $30 $40 2016E 2017E 2018E DnA Standalone DnA Synergies 5.3x Multiple DnA revenue ramp including synergies ($m) implies a ‘17 multiple in-line with vertical SaaS leaders
- 44. CONFIDENTIAL ComCap, LLC ComCap helps drive global ecommerce outsourcing expansion through $15mm equity investment Global outsourcing leader with premier client base, seeks expansion via digital services & new geographies • Based in Tokyo, founded in 1985, (TSE: 09715) since 1997 • $1.5B in sales, ~16,000 employees, ~ 800 clients • Leading BPO, contact center, digital marketer w. Asia expertise • Proactively sought to meet clients’ Int’l. expansion needs • Identified ecommerce as next evolution in outsourced services 44 International outsourced ecommerce with robust capabilities and iconic global brands • Based in Texas, founded in 1994, IPO 1999 on NASDAQ: PFSW • $250M in sales, 1,400 employees, >60 brand name clients • Best in class provider of end-to-end ecommerce outsourcing • Established operations in N. America and Europe • Seeking strategic partners to achieve a global solution Capabilities Capabilities Clients Clients Working with fifteen different strategic partners over four months, #commeracapital brought together a large strategic and a best-of-breed point provider to create a best-in-class, end-to-end, global solution
- 45. CONFIDENTIAL ComCap, LLC Software and Service Leaders Payments & Fintech End to end Players Global Logistics Leaders Agencies and Systems Integrators Retailers and Corporate VCs eCommerce Leaders 45 ComCap’s strategic partner landscape
- 46. CONFIDENTIAL ComCap, LLC 46 ComCap’s ecommerce / digital retail investors landscape US Stage agnostic Buyout / Alternate Early stage Late stage Strategic International