DS9 Document EFTA00810474

" 1 -1 : 1 . 1 . 1 1 1 : 1 7 . Z • _ Z - • - ' t r a i t - • -a - "...II: ass. : .111 • ".111104 EFTA00810474 Valar Fund I / Performance Fund 1 Performance Inception: October 2010 Capital Commitments: $100.0M Current FMV (including distributions made): $400.6M Multiple (Gross & Net): 4.2x / 3.3x IRR (Gross & Net): 35.4% / 29.1% % of Fund Invested / Reserved: 100% DPI: 1.6x Performance Drivers: Xero (95% exited), Transferwise This document is confidential, trade secret, and not for further circulation. This document is informational and is not an offer or solicitation to buy, sell or hold any securities. Except where otherwise indicated. "Fund I" refers to all funds and investment vehicles managed by Valar Ventures Management LLC, on an aggregate basis, prior to the formation of Valar Global Fund II LP, "Fund 2" refers to Valor Global Fund II LP and Valar Global Principals Fund II LP, on an aggregate basis, "Fund 3" refers to Valar Global Fund III LP and Valar Global Principals Fund III LP. on an aggregate basis. and "Fund 4" refers to Velar Global Fund IV LP and Valar Global Principals Fund IV LP, on an aggregate basis. Except where otherwise stated, figures presented herein are unaudited internal estimates in USD as of 10x312018. after giving effect to tam sheets for investments not yet closed. Gross figures arc based on invested capital only and do not include the impact of fees, expenses and carry, and net figures are calculated by reducing gross investment profits by a flat 25% for hypothetical management fees, expenses. and carry. VALAR / EFTA00810475 War Fund I • w * '_ • TransferWise Replacing the Infrastructure for Cross-Border Money 3- — Java Jakarta cluno 4 Suraka, ihov; EFTA00810476 Valar Fund 1 /1),•!-10-! Transferwise Updates I Exceeded projections in Q3, adding 446k new users (+39% year-over-year) and processing £6.5B in transaction volume (+66% year-over-year). 1 Monthly revenue passed £16M in October (more than $250M annualized), with EBITDA in Q3 reaching 7% of gross revenues. 1 Grown team to 1315 employees at the end of Q3 2018, and added three new leased spaces allowing the team to scale to 1750 over the coming year. 1 Rolling out debit card to EU businesses with 5,600 cards issued so far. 1 As Transferwise is profitable, no financing transactions are planned for 2018; Potential secondary round contemplated in mid-2019. 1 Valar is the largest outside investor in Transferwise, retaining over 12% of the company following last year's partial sale. Bye bye bank fees, hello world Janos...1 m•la. peep. •Prea ..“ Ovid bran, to pet • ye* ..cluiveest• end • but.. Ewa" t.n• S lyii IP TreniAnWles see/ Over 4 ',Mae - titte happy offileomen Send meet iterohve 1000 4.1/10 To. B4 es•• Yew to.4d lave up te MOW* Stetetkil sp.. bp Oct IS _s USD - EUR Not all exchange rates are created equal. 0•••• 1.• Valar Cost Basis: Current FMV: Gross Multiple: Current Company Valuation: Other Key Investors: $22.2M $253.6M 11.4x $1.7B IA Ventures, Andreessen Horowitz, IVP VALAR / 3 EFTA00810477 Valar Fund I / Performance Driven Beautiful Accounting Software EFTA00810478 • Valar Fund 1 / Pcrformance Driver. Xero Updates  In 2010, Xero became Valar's first investment, with a $3M check at a $100M valuation.  Today, Xero is a $4B company, publicly traded on the Australian Stock Exchange.  In 2017, Valar sold 95% of its holdings, distributed close to $100M in cash and stock to our investors. Valar Global Fund I still retains a small stake.  Xero now has over 1.5M customers in 180+ countries.  The company is profitable, with A$26.0 million in EBITDA in FY2018.  Revenue has grown from $6M annualized when Valar first invested in 2010 to over $600M annualized today.  Xero's continued success since our partial exit last year will impact our thinking about the timing for exiting our other winners in the future. Wire coming to a city near you Minos to free to meet the etre team sod IN: the 'oleo updates. wishes IS °sumo!, A real-time view of your cash flow small Wiriness accesoning setwine that s onion. smut end ouanpully inatical play vide.) C .) Run your business on the go Get paid faster with online invoicing use ow mob,:{ app to reconcile. send invoices or create 0...trisection+. - learn ewshernie. Send online invoices to sour customers - and get updated when they're married Reconcile in seconds import and categorize your latest bank banns-wont ale are. Then click to reconcile. Valar Cost Basis: Current FMV (includes distributions): Gross Multiple: Company Valuation: Other Key Investors: $31.4M $127.2M 4.0x $3.9B today / $2.0B at time of Valar's major exit Accel, Matrix Capital, Fidelity, Blackstone, TCV VALAR / 5 EFTA00810479 Valar Fund 2 / Pei for Fund 2 Performance Inception: January 2015 Capital Commitments: $102.3M Current FMV: $243.9M Multiple (Gross & Net): 2.7x / 2.1x IRR (Gross & Net): 42.6% / 33.3% % of Fund Invested / Reserved: 100% Performance Drivers: N26, Breather, Kalo, Even VALAR / 6 EFTA00810480 Valar Fund 2 / Performance Drivers N26 Mobile Banking Made Easy $ VALAR EFTA00810481 Valar Fund 2 / Pcrionnanec Dri N26 Updates  Exceeded projections in Q3, reaching £3.9M in monthly revenue in August.  Adding over 100k new customers per month, passing 2.2M total customers.  Revenue per active user is growing faster than forecast, reaching £93 in September.  Successfully launched in the UK in October 2018.  US launch planned for March 2019, with 15 employees already in place in New York City.  Continued rapid pace of new product launches and customer adoption — 150,000 "Spaces" already created since launch in July 2018.  Customers becoming more profitable — 55% margin for each active customer.  Series D financing planned for Q4 2018; following that round, Valar expects to still own approximately 12% of the company. Valar Cost Basis: Current FMV: Gross Multiple: Current Company Valuation: Other Key Investors: $25.7M $182.7M 7.1x $1.5B Tencent, Allianz, Hedosophia, Greyhound VALAR / s EFTA00810482 Valar Fund 2 / MEr aD breather Bringing Flexibility to Commercial Real Estate EFTA00810483 breather Valar Fund 2 / Performance Driver:: Breather Updates  Revenue growing 70% YoY, with September seeing a new high of $2.6M.  Margin has improved significantly since the beginning of the year, a core focus of the company.  Continued move to multi-day and month+ bookings, which are the fastest growing segment of the business. Month+ grew from $91k in December 2017 to $590k in September 2018.  Adding spaces between 2,000 and 10,000 square feet in target zones to take advantage of Month+ demand.  Team continues to grow, now at 119; projected to reach 145 by year end.  CEO transition to the Board; new CEO search making good progress.  $43M Series D financing completed in H1 2018; Company funded into 2020. How Breather works 1. Eaa,ly re: wive ace 2. Scrnia,e and secure access 3. Take a tout As+ is moo urn epos' di pont., NM> furw..t flatus. Valar Cost Basis: Current FMV: Gross Multiple: Current Company Valuation: Other Key Investors: $25.5M $42.3M 1.7x $295.6M RRE, Menlo Ventures, Google Ventures, Temasek  Valar Fund 2 owns 14.3% of Breather. VALAR / 10 EFTA00810484 Valar Fund 2! Pcfrormoncc kalo Work with Anyone, Anywhere EFTA00810485 kalo Ov•ev•r* SOitIPOSIS • Reiourca • 0/140••••• Login R•aushi D•mo Valar Fund 2 / Pcr.aG rmance Drivers Kalo Updates 1 Kalo's core focus is on adding freelancers to its platform. August and September were its strongest months yet, with 80k new freelancers onboarded. 1 Monthly revenue hit $80k in September 2018, still small, but up 6X from the beginning of the year. 1 Key logos closed in Q3 including Lululemon, Mic, Complex Magazine, ESPN and RGA. 1 Pipeline of new strategic logos includes The New York Times, Walmart, Compass, Linkedln, Levi's Nike and TechCrunch. 1 COO/CFO search underway, important to building out the team's operational capabilities. 1 Kalo maintains significant cash reserves, with funding into 2020.  Valar Fund 2 owns approximately 24% of Kalo. Make working with freelancers a breeze. Ka;o s freelancer management piatform is trusted by Google. Airbnb. Expedia, IDEO and more to onboard freelancers in minutes. track their profiles and contracts. and get them paid on time. Okra/Amain 0 SURFACE o gle %.' d • IDEO airbre Cnail=ii• NM IN • FIF Expedia 'pre-Kaha was a maze of multr.tablzedGooe* soremr:kzets. rims my, z one prase. Onboatd.ng takes minutes not days and our freelancers get pad on time' Lily Wan. Surface Magaxine Valar Cost Basis: Current FMV: Gross Multiple: Current Company Valuation: Other Key Investors: $12.4M $16.5M 1.3x $70.0M Kindred, Goldcrest, SciFi VC (Max Levchin) VALAR / 12 EFTA00810486 EFTA00810487 = Even The Even ago Offa Shen as a benefit COWn10210 t”e aap Valar Fund 2 / Peribrmance Driver,. Even Updates I Exceeded member growth and revenue plans, hitting $1.69M revenue in September 2018; On track to achieve $18M in revenues for full year 2018. I Served over 25,000 people and delivered over $200 million in access to wages. I Grown team from 19 to 50 so far in 2018. I Set aggressive goals for the end of 2018 — to serve over 25% of Walmart's employees, add an additional 40,000 members outside of Walmart, and onboard 150,000 Even members to the Savings account platform. I Demonstrated a significant retention advantage between Walmart employees using Even and those that are not; Actual numbers are very impressive (although not yet publicly announced).  Valar is the second largest investor in Even, with a 13.2% ownership stake in the company. psyched n 8 day• $28O 0 ?.) How busy people master their money Get pad on demand, budget instantly, and save automatically wrth Even. 12.7k ratings 12.6k ratings 4.9 AppSrore 4.8 ► -"c"; 4%,..„ Valar Cost Basis: Current FMV: Gross Multiple: Current Company Valuation: Other Key Investors: $5.4M $10.4M 1.9x $99.3M Khosla Ventures, BoxGroup, Allen & Company VALAR / 14 EFTA00810488 Valar Fund 3 / PCITOI 111:IIICC Fund 3 Performance Inception: July 2016 Capital Commitments: $103.9M Current FMV: $176.8M Multiple (Gross & Net): 2.1x / 1.7x IRR (Gross & Net): 69.8% / 54.2% % of Fund Invested / Reserved: 100% Performance Drivers: Stash, Qonto, Octane, Petal, Jetty VALAR / 15 EFTA00810489 Valar Fund 3 / sTt Investing Made Simple VALAR / to EFTA00810490 STASH Par• ••••••••• 8.1r•no Cnod Learn Si.opm for Valar Fund 3 / Pcriorm:Inec I )rivers Stash Updates  Continued rapid user growth, reaching 2.5M users and 1.5M funded accounts in September. CAC remains stable at < $20 per new user. 1 Revenue has grown 5x YoY, exceeding forecasts with $3.8M in Q3. Revenue expected to hit $100M annualized by the end of next year. 1 Gross margins (negative last year) are now positive and nearing 50%. I Accelerated pace of new product launches. Retirement and custodial accounts, as well as insurance referrals, all growing exponentially. Stash debit card, cash back and gifting launching in Q4. 1 Over $2.5M has been pre-funded for the Stash Debit product, with 50k sign ups during a 3 week period. 1 Series D financing expected in Q4 2018. 1 Valar is the second largest investor in Stash, with a 19% ownership stake in the company. 1 Put your money where it matters Fro nroatco to V. *nom, g. tvc n W.Y raters )a you WO SLIM You can met in a Seam of sans a-ci LW. mai .s Grotty waled bir our •Iv•IbTOM Pt•• tasel On same ralo0.Itieng flak proles Erpbre an •••••••1••••• ren. LLC tr, in. el •• rve:, Valar Cost Basis: Current FMV: Gross Multiple: Current Company Valuation: Other Key Investors: $29.6M $65.6M 2.2x $347.5M USV, Coatue, Goodwater, Jim Breyer VALAR / 17 EFTA00810491 Valar Fund 3 / Octane Lending Fast and Easy Lending for Powersports Dealers VALAR / 1 EFTA00810492 Octane Lending Home Features Lenders About Us Login Sign Up Free Add Financing Link Valar Fund 3 / Per!hi-mance Drivers Octane Updates  Now servicing 857 active dealers across multiple verticals.  Reached $850k in monthly revenue in September ($10M annualized); Expect revenue to pass $1M monthly before year end.  Hit $6.5M in originations in August 2018 (2.4x year- over-year growth)  Targeting $150M in originations and $23M in revenue in 2019.  Strong hiring for the company's Direct-to-Consumer initiative, to be launched in 2019.  Valar Fund 3 is the largest shareholder in Octane, with a 16% ownership stake in the company. FINANCE MORE CUSTOMERS IN LESS TIME. Octane Lending provides fast and easy powersports lending for dealers. For free, LILARN MORt TRY IT IOII Mt Valar Cost Basis: Current FMV: Gross Multiple: Current Company Valuation: Other Key Investors: $16.2M $20.3M 1.2x $130.5M IA Ventures, Third Prime Capital, Contour VALAR / 19 EFTA00810493 Valar Fund 3 / Performance Drivers Petal Credit Underwriting Without FICO ca\ \GIs:0 VALAR / 20 EFTA00810494 Valar Fund 3 / ['orlon-Imre,' Drivers Petal Updates  Product went live in July with 5,000 cards issued to date. Forecast to issue 75,000 additional cards over the next 12 months.  Average spend per card per month so far is $650 per month, 10% above forecast.  Monthly revenue currently at $100k, expected to 10x in the next 6 months, reaching $2M by next summer.  Rapid rollout of product features in the near term, including cashback and card linked offers, split payments for large purchases, credit score in the app and companion savings accounts.  Team growing quickly, from 16 at the end of 2017, to 45 today. Plan shows 67 further hires by June 2019.  In December 2017, Valar Fund 3 led Petal's Series A financing, acquiring a 20% stake in the company. Valar Fund 4 is now leading Petal's Series B round at a $100M pre-money valuation and will acquire an additional 14% of Petal. Valar Cost Basis: Current FMV: Gross Multiple: Current Company Valuation: Other Key Investors: $28.6M $38.1M 1.3x $125M Third Prime Capital, Brooklyn Bridge Ventures VALAR / 21 EFTA00810495 War Fund 3 / Jetty Revolutionary Renters Insurance VALAR / 22 EFTA00810496 Valar Fund 3 / l'cribrrimnrc Drivers Jetty Updates 1 Between Q1 and Q2, policy sales increased by 31%, with the real estate partner channel growing 85%. I Launched 12 new partners including Related, Greystar and Tishman Speyer, with nearly 200k units signed. I Generated $275k in revenue in Q2 with close to $800k in gross premium sold in June 2018. 1 The current product offering includes traditional renters insurance, security deposit coverage and a lease guarantee product; The company plans to roll out a pet insurance product next. 1 Series B financing expected in Q4 2018. 1 Valar Fund 3 owns 19% of Jetty and will look to increase its stake in the Series B round. Better, more affordable renters insurance from S5/mo. tt- as 111 Valar Cost Basis: Current FMV: Gross Multiple: Current Company Valuation: Other Key Investors: $8.1M $8.1M 1.0x $42.5M Ribbit Capital, BoxGroup, SV Angel VALAR / 23 EFTA00810497 Valar Fund 4/ Port Fund 4 Portfolio Update Inception: January 2018 Capital Commitments: $133.4M Deployed Capital: $67.1M (all investments held at cost) Gross Multiple: 1.0x % of Fund Invested / Reserved: 75% Portfolio Companies: Petal, Coya, Bestow, Qonto, TaxFix, LoanStreet VALAR / 24 EFTA00810498 Valar Fund 4 / qonto Business Banking Made Easy MAR / 25 EFTA00810499 qonto On. .••••••• Valar Fund 4 / h,\ C St Qonto Updates I Product launched in July 2017 and customer base has grown to 22,500 business clients. I Reached $575k in revenue in August 2018. I Received European Passporting license in June 2018, allowing for expansion to 11 other European countries. I In the process of building and deploying their own payment infrastructure and core banking systems.  Valar led Qonto's Series B financing through Valar Fund 4 in September 2018. We also led the Seed and Series A rounds though Fund 3. I In aggregate, Valar funds own 25% of Qonto. Your finances on auto-pilot Saw time :a. 3 Monitor your expenses, for free4ancers and teams Make accounting easier Checkout ow, Snit:Waft Valar Cost Basis: $27.0M Current FMV: $52.3M Gross Multiple: 1.9x Current Company Valuation: El 55.0M Other Key Investors: Alven Capital I VALAR / 26 EFTA00810500 Valor Fund 41 CO :'A Digital, Flexible, Affordable Insurance EFTA00810501 Valar Fund 4 / •,,I I >1111C II IS Coya Updates  Insurance license issued in June 2018.  First products went live in Germany in September.  Initial renters policy can be obtained in less than 60 second. Users receive a digital offer by simply entering their name, postal code and apartment size.  Plans to offer customizable products that adapt to clients' individual needs, including so-called "micro policies" that allow clients to insure individual objects for only a few days or even hours.  First corporate partnership also now live. B2B2C channel is attractive as Coya can innovate on the actual insurance product offered (as opposed to other "insuretechs" who are limited by the products their underlying license holder is willing to underwrite).  Valar led Coya's Seed financing round through Valar Fund 3 in 2017, and Valar Fund 4 led Coya's Series A financing in May 2018. In aggregate, Valar funds own 31% of Coya. A new view insurance. Digital. Fl Valar Cost Basis: Current FMV: Gross Multiple: Current Company Valuation: Other Key Investors: $21.8M $26.0M 1.2x €75M E.ventures, SCOR, Yabeo VALAR / 28 EFTA00810502 Valar Fig. 4 1/4nCi 4') bestow Life Insurance that is Fast, Easy and Affordable EFTA00810503 ValarFund4/CIr \!..11,111,, Bestow Background I Bestow is a life insurance company that is expanding the market for term life insurance through technology. 1 The company currently operates as an MGA and has secured agency licenses in 49 states. Bestow is in the process of becoming a fully licensed insurance carrier in Texas. 1 By selling directly to consumers and removing blood draws from the underwriting process, Bestow is able to offer term life in much smaller and more affordable increments — to a wider population. 1 The company has partnered with Sammons and Munich Re to underwrite its policies and to reinsure the risk. I In April, Valar led Bestow's Series A financing with an $11M investment at a $44M pre-money valuation.  Valar Fund 4 owns 20% of Bestow. S bestow Take our 3 minute assessment. 0 T II tittle Neu. yourself. This hey we ton twee • perfect helot, Mal is &Pored la ,wan. yOur I arra,/ ',III A out ol So quenlearsItt r Bask auntkffit about yo u• Inettelosna I health so we (err get the hest .at. lot you. Valar Cost Basis: Current FMV: Gross Multiple: Current Company Valuation: Other Key Investors: $11.0M $11.0M 1.Ox $55M NEA, 8VC, Morpheus Ventures VALAR / 30 EFTA00810504 &MVO WWII/ err • _tad Valar Fund 4 / 'monf amalgam.* taxfix Hassle-Free Tax Filing from Your Phone POWER OF PARKS • •• ••• • •• • - -. •• 0 -0 I. • •• • • I • • o • • • • • , •' 4 1 • • • •' • • • 1 • • • • es* • * • • • • • IP • ` • •• I •• • • 0•1/) • • • • • • • a V 0 • • • • s • • • AN • • • • • • • • " • • • • • , • • • • a I % • I • • • a • I a • a 0 • a • • • 0; • • % t be • • a • • • • St‘‘ • I 1 •• 1 0 •• • • • • k .• • *lb. 711,• • ,,,, _ • • VALAR / 31 EFTA00810505 CS Valar Fund 4 / Core In\ estinctit!, Taxfix Background  Taxfix was founded in Berlin by Mathis Buechi and Lino Teuteberg, repeat entrepreneurs who previously founded Smallpdf, a SaaS business with over 15 million customers. 1 Taxfix asks users simple questions and optimizes their taxes intelligently - completing the whole process in 60 minutes or less. 1 While it is not currently tax season, the company is experiencing 38% month-over-month revenue growth, with approximately 10,000 new installs per week. 1 Taxfix is focused on preparing for the next tax year in Germany and taking steps towards expansion to Italy, France and the UK. 1 In August, Valar led the Series A round for Taxfix, investing E6.6M at a €25M pre-money valuation. 1 Valar Fund 4 owns 20% of Taxfix. taxfix The Tax App File your taxes on your mobile phone! Answer simple questions and receive 935 € tax return in average. d Appgrore Google Play Doing your taxes in 5 simple steps 1st lent4 No M1 ••••••••• WWI nee loam .11 set aa•I pas.. • nin. *W. dl 0 0 Valar Cost Basis: Current FMV: Gross Multiple: Current Company Valuation: Other Key Investors: $7.8M $7.5M (change due to FX) 1.0x £33M Creandum, Redalpine Venture Partners VALAR / 32 EFTA00810506 Valar Fund 4/ LOANSTREET A Marketplace for Commercial Loans A A A EFTA00810507 LOANSTREET Clients Services About Us Media Resources Careers Sly Up Login Valar Fund 4 / ( of LoanStreet Background  LoanStreet connects financial institutions to a network of lenders by standardizing and automating the complex process of loan syndication. 1 LoanStreet's mission is to bring simplicity and innovation to all aspects of a lender's syndication program. 1 LoanStreet's registered users and AUM are growing steadily month-over-month. Growth acceleration is expected starting in Q4 of this year. 1 LoanStreet's long-term goal is to expand its platform beyond credit unions to regional and national banks, and ultimately to alternative lenders.  In June, Valar led the Series A round for LoanStreet, investing $5.2M at a pre-money valuation of $19.5M. 1 Valar Fund 4 owns 20% of LoanStreet. • III • • • • .• 0 • • ... s • • • • • * • tot • • • SERVICES LoanStreet's products and services allow lenders of all sizes to originate, manage and trade loans on infinitely scalable infrastructure. PARTICIPATION & SYNDICATION REPORTING Il ANALYTICS ORIGINATION & ADMINISTRATION • • • • • • • • • • • re • • • • • • • • • • • • • . • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • Valar Cost Basis: Current FMV: Gross Multiple: Current Company Valuation: Other Key Investors: $5.2M $5.2M 1.Ox $26M Third Prime Capital VALAR / 34 EFTA00810508