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Mergers & Acquisitions Modelling

Achieve Corporation act as either the buy or sell side advisors on corporate transitions. This experience in a dual role gives us a valuable insight into the metrics, thought process and modelling needed to successfully plan the financial aspects of a merger or acquisition.

Our modelling can be used as either a:

  • Pitch deck to seek funding for a project
  • Back up financials for sign off at Board level planning committee
  • Feasibility studies to highlight potential financial synergies on acquiring targets in either a horizontal or vertical sector

The Achieve Corporation M&A modelling includes:

  • Acquirer & Target Models – Map financials, 3-statement model, discounted cash flow model
  • Deal Assumptions – Inputs, synergies, financing, value added and goodwill
  • Accretion/Dilution – Pro forma per share metrics
  • Closing Balance Sheet – Acquirer + target, adjustments, goodwill and pro forma
  • Sensitivity Analysis – Intrinsic value per share, ROE, ROI, changes in assumptions
  • Pro Forma Model – Combination of synergies, 3-statement model, Discounted Cash Flow  

For a discussion in the strictest confidence about the benefits of our M&A model, please contact Mark Roberts Senior Partner at

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Coronavirus deals latest blow to China’s struggling VC landscape

China’s once-booming venture capital scene is grappling with its latest setback as the coronavirus outbreak derails fundraising for companies in the region.

In the past month and a half, venture capital activity in China—both in terms of the number of deals and the money raised by startups—has fallen more than 60% compared with the same period last year, according to PitchBook data.

“It’s very difficult to be able to get things done,” said Drew Bernstein, co-managing partner at Marcum BP, an accounting firm that advises Chinese companies. “It would be hard for me to imagine a business in China that’s not affected by this.”

From the start of the year through Feb. 12, venture capital activity in China fell from 340 to 144 deals, and the capital raised declined from $4.3 billion to $1.4 billion, when compared to the same period last year. The drop-off was particularly pronounced following the Lunar New Year in late January.


Even before the outbreak, the venture landscape in China suffered from waning confidence in the domestic startup scene. After years of red-hot funding activity, investors were shaken by the poor post-IPO performance of several tech companies, including electric car maker NIO and smartphone manufacturer Xiaomi.

“The valuations of a lot of companies got cut” after going public, said Ted Chan, a data analyst at PitchBook. “Investors were seeing that happen and got more careful about investing.”

Past outbreaks, such as SARS in 2003 and the 2016 Zika virus, both weighed on public and private investment activity. In the case of Zika, the amount raised through venture deals in South and Central America declined by a third, according to PitchBook data.


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Who are Israel’s most active VCs?

Israel’s startup ecosystem is booming, with a record amount of venture capital funding coming through the country’s gates. Companies hailing from the region have seen a steady increase in capital invested in recent years, culminating in an eye-watering €2.4 billion across 310 deals in 2018, per the PitchBook Platform.

This year got off to a similar start through 1H, as businesses have been making headlines with mammoth rounds. In May, one of Israel’s most valuable startups, Gett, raised a whopping $200 million worth of debt and equity, valuing the provider of a ridehailing app at $1.5 billion. Just a month later, LiDAR developer Innoviz Technologies closed its Series C on a total of $170 million.

The fact that so much capital is going toward Israeli businesses may not surprise. While the country is relatively small in size, it is fast becoming one of the most technologically influential hubs in the world, driven by a young, well-educated workforce and a favorable entrepreneurial environment.

What might raise a few eyebrows is the amount coming from non-Israeli VCs. Some 71% of the country’s rounds include foreign investors, compared with 44% for London-based deals and 24% for those in Silicon Valley, per data from High-Tech Connect Suisse. Israel’s proportion of foreign VC activity is in keeping with a growing global trend of cross-border investment. In fact, around 92% of venture deals last year had participation from foreign investors, according to data from PitchBook, an increase from 89.5% in 2017. The US is responsible for the majority of the deal count, with a total of 1,329 since 2014.


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The Future Of Urban Mobility Has Two Wheels (or so VC’s think)

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FoodShot launches investment vehicle to improve agtech and food systems

The future of farming has a tough row to hoe, as the global population is projected to reach nearly 10 billion by 2050. New strains on the food supply created by this growth will come to test the very business models that large producers and distributors have deployed in the past to address similar challenges. But FoodShot Global hopes to smooth the path ahead by backing moonshot technologies and supporting business models that can help overcome the major barriers to feeding a growing population.

The newly launched investment platform represents a partnership between a number of important players in the food and agtech space, including Rabobank, Mars, The Rockefeller Foundation, Generation Investment Management, Armonia and Acre Venture Partners, among others.

For co-founder and chairman Victor Friedberg (pictured), FoodShot represents a means to bring solutions to market. Friedberg, who also co-founded  S2G Ventures, spent years investing in the food and ag sector, and he believes that new tools are required for change. FoodShot’s strategies include using integrated funding across debt, equity and cash to cultivate and commercialize new tech focused on the program’s theme of “Soil 3.0,” a framework for conceptualizing a food system capable of sustainably producing nutrient-dense food while increasing yields for producers.

“The consumer is still going to drive this change, whether that’s in Africa, China, Europe or the US,” Friedberg told PitchBook. “My belief is that if you’re going to actually produce a healthy, sustainable and democratized food supply, then everything down the system is going to have to change, starting with the soil.”

The program plans to make equity investments of up to $10 million and back debt funding of up to $20 million annually. And FoodShot is looking to support projects located at the intersection of food and agtech—or, as Friedberg is fond of saying, from “soil to shelf”—by employing a systems investment thesis that addresses consumer preferences for personalization and sustainability from the food supply.

“For millions of years, nature has basically evolved to balance the books, but for the last 10,000 years or so we’ve perfected a system where we make mostly withdrawals,” he said. “At some point in the future, nature is going to make a margin call.”

For FoodShot, heading that off means backing regenerative farming practices and the agtech that can verify the efficacy of those practices with investments into soil sensing and measuring systems.

This area of agtech has garnered significant attention from the wider VC world in recent years, with sensors and farm equipment enjoying a bumper crop of investment last year. In 2017, VCs struck 46 deals in the space comprising some $94 million. And this year has sustained that heady pace of activity, already hitting a decade high for capital invested with $106 million across 31 financings.

“Venture capital is an amazing tool for change, but as food, agriculture and climate systems are global in nature and deeply interdependent,” Friedberg cautioned, “they will require new tools, and multistakeholder and multidisciplinary solutions.”

Although producers know a lot about what’s going on above the soil, they know far less about what happens underground. And that’s why FoodShot is particularly interested in methods of below-ground phenotyping, which can examine a plant’s physiological and biochemical properties at the interface of root and soil.

“We don’t have a global soil map. So, we need to get to this baseline where we get below the surface and invest in tech that can do that, and that will create efficacy around regenerative farming,” Friedberg said.

To that end in particular, FoodShot will award a “groundbreaker prize” of $500,000 to support research in and development of new economic models. One example is transitional acreage where the farmer, regardless of location, would be able to look at the soil and understand quickly what’s wrong in order to identify resources—from, say, microfunders—that can help to transition vulnerable tracts from destructive to regenerative practices. And Friedberg believes capital access here could come from extant companies to support new entrants.

FoodShot-backed projects will gain access to its entire network of partners, including the University of California at Davis’ Innovation Institute for Food and Health to receive lab and faculty support to develop new products and conduct field tests. Finalists will also have access to Rabobank resources, such as Terra, its food + ag tech accelerator.


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