[{"data":1,"prerenderedAt":361},["Reactive",2],{"content-/levee-de-fonds":3,"translations-/levee-de-fonds":205,"related-articles-/levee-de-fonds":207,"content-query-oydxVgF4xL":223},{"_path":4,"_dir":5,"_draft":6,"_partial":6,"_locale":5,"title":7,"description":8,"date":9,"slug":10,"keyword":11,"lang":12,"body":13,"_type":197,"_id":198,"_source":199,"_file":200,"_extension":201,"sitemap":202},"/levee-de-fonds","",false,"Les conseils de Jean-David Chamboredon pour lever des fonds","Les conseils de Jean-David Chamboredon pour lever des fonds. Son point de vue sur les levées de fonds et l'écosystème du financement des startups","2013-07-24T17:06:04.000Z","levee-de-fonds","fundraising","fr",{"type":14,"children":15,"toc":190},"root",[16,28,44,51,64,69,74,80,85,120,126,131,141,146,151,156,180,185],{"type":17,"tag":18,"props":19,"children":20},"element","p",{},[21],{"type":17,"tag":22,"props":23,"children":24},"em",{},[25],{"type":26,"value":27},"text","Ayant récemment assisté à une Masterclass avec Jean-David Chamboredon (Président Exécutif d'ISAI et initiateur du mouvement de Pigeons), je n'ai pas loupé une miette de celle-ci et vous retranscris donc mes notes. Au programme : son parcours, le métier de VC, et l'écosystème français et européen du financement des startups.",{"type":17,"tag":18,"props":29,"children":30},{},[31,33,42],{"type":26,"value":32},"Je vous laisserai consulter le ",{"type":17,"tag":34,"props":35,"children":39},"a",{"href":36,"rel":37},"http://www.linkedin.com/in/jeandavidchamboredon",[38],"nofollow",[40],{"type":26,"value":41},"profil Linkedin",{"type":26,"value":43}," de Jean-David Chamboredon pour connaître son parcours, et vous livre donc directement le cœur du sujet :",{"type":17,"tag":45,"props":46,"children":48},"h2",{"id":47},"le-métier-de-vc",[49],{"type":26,"value":50},"Le métier de VC",{"type":17,"tag":18,"props":52,"children":53},{},[54,56,62],{"type":26,"value":55},"Pour Jean-David Chamboredon, ",{"type":17,"tag":57,"props":58,"children":59},"strong",{},[60],{"type":26,"value":61},"le métier de VC est un métier « bourrin »",{"type":26,"value":63}," (selon ses mots !).",{"type":17,"tag":18,"props":65,"children":66},{},[67],{"type":26,"value":68},"La première question qu'il se pose est de savoir si investir dans la startup présentée fait partie de son mandat.",{"type":17,"tag":18,"props":70,"children":71},{},[72],{"type":26,"value":73},"Lorsque l'on investit l'argent des autres, il est primordial de l'investir dans ce pourquoi on a dit qu'on allait l'investir, et il vaut mieux rater de bons deals car la vraie difficulté est surtout d'éviter les mauvais (deals) !",{"type":17,"tag":45,"props":75,"children":77},{"id":76},"les-critères-dinvestissement-de-isai",[78],{"type":26,"value":79},"Les critères d'investissement de ISAI",{"type":17,"tag":18,"props":81,"children":82},{},[83],{"type":26,"value":84},"Il y a trois facteurs importants pour Jean-David Chamboredon lorsqu'il songe à investir dans une start-up :",{"type":17,"tag":86,"props":87,"children":88},"ol",{},[89,100,110],{"type":17,"tag":90,"props":91,"children":92},"li",{},[93,98],{"type":17,"tag":57,"props":94,"children":95},{},[96],{"type":26,"value":97},"L'équipe",{"type":26,"value":99}," : Est-ce que les associés ont une vraie complémentarité ? Acceptent t'ils d'être gouvernés de manière collégiale par le board ? Et enfin, est-ce que l'entrepreneur sait être flexible tout en ayant une vraie vision ?",{"type":17,"tag":90,"props":101,"children":102},{},[103,108],{"type":17,"tag":57,"props":104,"children":105},{},[106],{"type":26,"value":107},"Le Business Model",{"type":26,"value":109}," : Est-il progressif ? Si il y a besoin de 10 millions d'euros d'entrée de jeu, ce n'est pas possible. ISAI peut financer à hauteur de 1,3 millions d'euros maximum par startup, ce qui fait monter le tour de table à 2 millions maximum afin d'être lead. Quel est le délai de ROI ?",{"type":17,"tag":90,"props":111,"children":112},{},[113,118],{"type":17,"tag":57,"props":114,"children":115},{},[116],{"type":26,"value":117},"Le Timing",{"type":26,"value":119}," : Jean-David Chamboredon n'investit que dans des histoires qu'il entend pour la première fois. Certains fonds font le contraire et investissent massivement pour récupérer l'avance du premier entrant.",{"type":17,"tag":45,"props":121,"children":123},{"id":122},"lécosystème-du-financement-des-startups",[124],{"type":26,"value":125},"L'écosystème du financement des startups",{"type":17,"tag":18,"props":127,"children":128},{},[129],{"type":26,"value":130},"En France, l'écosystème est plutôt favorable aux startups :",{"type":17,"tag":18,"props":132,"children":133},{},[134,139],{"type":17,"tag":57,"props":135,"children":136},{},[137],{"type":26,"value":138},"La communauté de Business Angels est développée",{"type":26,"value":140},", et plus nombreuse qu'il y a 10 ans. Elle regroupe principalement ceux ont réussi et sont issus du web 1.0, mais aussi de nombreuses personnes qui ont commencé à investir grâce à la défiscalisation ISF. La situation fiscale est paradoxalement encore plus propice grâce aux engagements pris par François Hollande suite aux assises de l'entrepreneuriat qui a fait suite au mouvement de pigeons.",{"type":17,"tag":18,"props":142,"children":143},{},[144],{"type":26,"value":145},"Concernant les fonds d'investissements Early et Mid-stage (1/3 M€), les investissements ont baissé pour se stabiliser autour de 500 millions d'euros.",{"type":17,"tag":18,"props":147,"children":148},{},[149],{"type":26,"value":150},"Pour des montants supérieurs à 10 millions d'euros, mis à part la BPI, il faut aller à l'étranger.",{"type":17,"tag":18,"props":152,"children":153},{},[154],{"type":26,"value":155},"L'exemple typique est Criteo :",{"type":17,"tag":157,"props":158,"children":159},"ul",{},[160,165,170,175],{"type":17,"tag":90,"props":161,"children":162},{},[163],{"type":26,"value":164},"2006 : 6.6 millions de dollars, DInvest Partners et Elaia Partners (France)",{"type":17,"tag":90,"props":166,"children":167},{},[168],{"type":26,"value":169},"2008 : 10.4 millions de dollars, Index Ventures (UK)",{"type":17,"tag":90,"props":171,"children":172},{},[173],{"type":26,"value":174},"2010 : 6.36 millions de dollars, Bessemer Venture Partners (USA)",{"type":17,"tag":90,"props":176,"children":177},{},[178],{"type":26,"value":179},"2012 : 40 millions de dollars, SoftBank Capital (USA)",{"type":17,"tag":18,"props":181,"children":182},{},[183],{"type":26,"value":184},"Sur 18 ou 19 sorties, Jean-David Chamboredon n'a d'ailleurs jamais revendu à des Français car les offres étaient trop basses (ex. Priceminister : Offre Japonaise = 200 millions, offre US = 150 millions, offre FR \u003C 100 millions).",{"type":17,"tag":18,"props":186,"children":187},{},[188],{"type":26,"value":189},"Merci à Leeaarn pour l'invitation (l'entrée était gratuite pour les étudiants), le Loft 50 Partners pour l'accueil, et bien sûr à Jean-David Chamboredon pour cette masterclass instructive.",{"title":5,"searchDepth":191,"depth":191,"links":192},3,[193,195,196],{"id":47,"depth":194,"text":50},2,{"id":76,"depth":194,"text":79},{"id":122,"depth":194,"text":125},"markdown","content:levee-de-fonds.md","content","levee-de-fonds.md","md",{"loc":4,"lastmod":203,"images":204},"2026-07-02T06:16:44.145Z",[],[206],["Reactive",3],[208,213,217],{"_path":209,"title":210,"date":211,"keyword":11,"lang":12,"translationKey":212,"similarity":191},"/bootstrap-ou-venture-capital","Faut-il lever des fonds ?","2020-08-09T20:06:04.000Z","bootstrapping-vs-venture-capital",{"_path":214,"title":215,"date":216,"keyword":11,"lang":12,"similarity":191},"/comment-lever-35-millions-dollars","Comment lever 35 millions de dollars?","2013-08-15T17:06:04.000Z",{"_path":218,"title":219,"date":220,"keyword":221,"lang":12,"similarity":222},"/10-conseils-youtube","10 conseils pour développer une chaîne YouTube à succès","2015-04-15T07:43:55.000Z","marketing",0,{"_path":4,"_dir":5,"_draft":6,"_partial":6,"_locale":5,"title":7,"description":8,"date":9,"slug":10,"keyword":11,"lang":12,"body":224,"_type":197,"_id":198,"_source":199,"_file":200,"_extension":201,"sitemap":359},{"type":14,"children":225,"toc":354},[226,233,243,247,256,260,264,268,272,299,303,307,315,319,323,327,346,350],{"type":17,"tag":18,"props":227,"children":228},{},[229],{"type":17,"tag":22,"props":230,"children":231},{},[232],{"type":26,"value":27},{"type":17,"tag":18,"props":234,"children":235},{},[236,237,242],{"type":26,"value":32},{"type":17,"tag":34,"props":238,"children":240},{"href":36,"rel":239},[38],[241],{"type":26,"value":41},{"type":26,"value":43},{"type":17,"tag":45,"props":244,"children":245},{"id":47},[246],{"type":26,"value":50},{"type":17,"tag":18,"props":248,"children":249},{},[250,251,255],{"type":26,"value":55},{"type":17,"tag":57,"props":252,"children":253},{},[254],{"type":26,"value":61},{"type":26,"value":63},{"type":17,"tag":18,"props":257,"children":258},{},[259],{"type":26,"value":68},{"type":17,"tag":18,"props":261,"children":262},{},[263],{"type":26,"value":73},{"type":17,"tag":45,"props":265,"children":266},{"id":76},[267],{"type":26,"value":79},{"type":17,"tag":18,"props":269,"children":270},{},[271],{"type":26,"value":84},{"type":17,"tag":86,"props":273,"children":274},{},[275,283,291],{"type":17,"tag":90,"props":276,"children":277},{},[278,282],{"type":17,"tag":57,"props":279,"children":280},{},[281],{"type":26,"value":97},{"type":26,"value":99},{"type":17,"tag":90,"props":284,"children":285},{},[286,290],{"type":17,"tag":57,"props":287,"children":288},{},[289],{"type":26,"value":107},{"type":26,"value":109},{"type":17,"tag":90,"props":292,"children":293},{},[294,298],{"type":17,"tag":57,"props":295,"children":296},{},[297],{"type":26,"value":117},{"type":26,"value":119},{"type":17,"tag":45,"props":300,"children":301},{"id":122},[302],{"type":26,"value":125},{"type":17,"tag":18,"props":304,"children":305},{},[306],{"type":26,"value":130},{"type":17,"tag":18,"props":308,"children":309},{},[310,314],{"type":17,"tag":57,"props":311,"children":312},{},[313],{"type":26,"value":138},{"type":26,"value":140},{"type":17,"tag":18,"props":316,"children":317},{},[318],{"type":26,"value":145},{"type":17,"tag":18,"props":320,"children":321},{},[322],{"type":26,"value":150},{"type":17,"tag":18,"props":324,"children":325},{},[326],{"type":26,"value":155},{"type":17,"tag":157,"props":328,"children":329},{},[330,334,338,342],{"type":17,"tag":90,"props":331,"children":332},{},[333],{"type":26,"value":164},{"type":17,"tag":90,"props":335,"children":336},{},[337],{"type":26,"value":169},{"type":17,"tag":90,"props":339,"children":340},{},[341],{"type":26,"value":174},{"type":17,"tag":90,"props":343,"children":344},{},[345],{"type":26,"value":179},{"type":17,"tag":18,"props":347,"children":348},{},[349],{"type":26,"value":184},{"type":17,"tag":18,"props":351,"children":352},{},[353],{"type":26,"value":189},{"title":5,"searchDepth":191,"depth":191,"links":355},[356,357,358],{"id":47,"depth":194,"text":50},{"id":76,"depth":194,"text":79},{"id":122,"depth":194,"text":125},{"loc":4,"lastmod":203,"images":360},[],1782973132315]