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October Investor Forum: Shareholder value in ESG investing

58: Valuations in venture investing | Dave Foreman of Praetura Ventures

06 Sep 2022 / Podcast Tax Enhanced

By Dr Brian Moretta

Praetura Ventures

Valuations are a frequent topic of discussion for venture capitalists and founders alike, and are extra topical just now. We get Dave Foreman to draw on his experience to place them in context.

He starts off by outlining what’s happened in the past couple of years and where the market is now. He talks about what is or is not a reasonable valuation, with a particular focus on SaaS companies. Dave draws on examples to give us an idea of what he is seeing.

We then dig into how valuations fit into the investment process. We talk about founder expectations and to what extent they are realistic or not. Dave drills into how dilution of founders is also a key factor when looking at valuations. He also discusses to what extent as a manager you have to keep investing when valuations are high, and what he thinks of down rounds and market approaches to them.

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Dave Foreman, Managing Director and Founder of Praetura Ventures, has championed tech and health founders from the region and helped them grow exceptional businesses. Praetura Ventures is one of the only VCs headquartered in the North and the Praetura Ventures investment team reviews over 200 funding applications a month and £3bn worth of opportunities each year, deploying to just 15 to 20 select businesses per year. The Praetura EIS Growth Fund has now backed success stories such as BaniFi, Culture Shift, Patchwork, PEAK, Transreport and XR Games. Praetura prides itself on the ‘more than money’ approach, which helps its portfolio founders build the best businesses it can. This includes initiatives such as its Operational Partners programme, which matches founders with active mentors from dedicated industry heavyweights from companies such as Apple, Dr Martens, AO.com and Social Chain.