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April 23, 2006
London Biz Angel Network Shows Seed Investing Pays
London Business Angels, one of several active angel networks in Europe won recognition last week for achieving 17X money on an investment in contextual ads company, Vibrant Media. It sold the shares to an incoming VC firm.
LBA invested €700K in 2001after the dotcom bubble burst. The pre- money valuation was about €4M. Upon exit the firm was valued at €85M. The angel syndicate included eight LBA investors.
The company [Vibrant Media] is now generating revenues of 1.5m euro + per month and these are rapidly increasing primarily in USA... The company was valued at circa 85m Euro in June 2005 for purposes of a new money investment by a West Coast VC subscribing circa 12m euro of new money. In addition existing investors were given the opportunity of selling part of their shareholding to the VC at the same valuation.Existing investors including the founders were offered the opportunity to dispose of part of their existing shareholding to the VC at a value of circa 85m Euro representing a multiple of 17 times for the angels compared to their original investment less than five years earlier. VC Funding of 9m Euro was set aside for this purpose.
Read - Most Promising Exit (eban report)
Posted on April 23, 2006 08:58 AM | Posted to Advertising | Venture Capital | Permalink
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