ICE Angel Investment Process
The following process outlines the typical steps taken by start-ups that are seeking capital from the ICE Angels.
• Initial Meeting: Introduce yourself, or even better it, get a warm introduction from a mutual connection to Robbie or Jack. We'll meet to discuss criteria including stage of the business, opportunity to scale, uniqueness and IP position, funding required, and exit opportunities. We'll also help identify relevant angels who can add value.
• Deal Flow Committee Presentation: Selected applicants are invited to present to the ICE Angels deal flow committee. Following the screening, the most fitting applicants will have the opportunity to present at an ICE Angels Investment Evening.
• ICE Angels Investment Evening Presentation: Selected applicants are provided the opportunity to give a 10-minute presentation to the ICE Angels at a monthly Investment Evening.
•Follow on meeting: In the week following the Investment Evening, applicants spend two hours with interested investors in a meeting structured to enable the investors to establish an intimate understanding of the opportunity. Interested investors get together at the end of this meeting to indicate their interest.
• Due Diligence & Term Negotiations: Due diligence is performed by investors who have indicated an interest in the opportunity. The ICE Angels’ identify the key issues to tackle in due diligence and pursue a conclusive decision of whether or not to support the applicant. Due diligence usually takes 4-6 weeks. Negotiations of investment terms either take place throughout due diligence or following the completion of it.
The following are the general criteria that the ICE Angels consider when reviewing an investment opportunity:
• Location: Company and assets must be located in NZ
• Valuation: Company must not have a pre-money > NZD$10m
• Industry: Applicant must not be property, mining, or banking related.
• Applicant must be for-profit.
• Preferred Industries: Software, media, web, mobile, robotics, biotech, medical devices
• Stage: Beta product or service developed with validation or paying customers
• Team: Experienced with deep capabilities relevant to the business opportunity
• Uniqueness: defendable IP and/ or a defendable competitive advantage
• Capital requirements for current round: $250k-$1.5m
• Total capital requirements to exit: ideally, <$10m
• Growth Forecasts: >$20m annual revenue in year 5
• Exit opportunity: intention to achieve an exit within 5 years