1. 1 Seed-Stage Investing A Totally Different Ballgame Starter Fluid, SM L.P. Robert von Goeben, Managing Director 415.504.9610 rvg@starterfluid.com SM

2. 2 Robert von Goeben Managing Director – Starter Fluid, L.P. –One of few institutionally backed seed funds Founder Redleaf Ventures –One of first Internet-only funds Geffen Records –Head of Internet/Online activities Author – The VC Comic Strip –http://www.thevc.com

3. 3 Starter Fluid Deal Specs SF Initial Investment: $100-500K in Series A of up to $2M or bridge SF Total Investment: up to $3M Valuation: Under $10, usually under $6M Board: Board of Advisors, BOD observer Standard Terms: Right to pro-rata, Market Segments: Enterprise software/services, software infrastructure

4. 4 Evaluating Opportunities “Team, market, product” Do we respect and like the CEO? Gut feeling for opportunity? Can we help, is it in our area? Can we get it more funding? It it a true “seed deal”?

5. 5 Starter Fluid vs. VCs SeedVC Customer Interest Customer Validation Short-term upround funding Long-term upround funding Incomplete team Complete team Minority investor in round Majority investor in round 5-20% ownership 20+% ownership Board of Advisors Board of Directors

6. 6 Role in Company Act very much like quality angel Assist in recruiting Help make industry contacts Develop sales/marketing strategy Intros for next round