Venture Capital


Created by a team of founders and investors with extensive experience in the growth and financing of startups

Next course: September 26, 2023


10 weekswith lifetime access to recorded content after completion


6 hours/week  (Theory + practice)






€ 1450

Start date

Start date 
Septembe, 26

Course objectives

Understand the structure and internal mechanisms of Venture Capital

Grasp the different alternatives to raise funds for a Venture Capital fund

Identify the various exit options and their impact on a fund's profitability

Learn different valuation methods for companies at various maturity stages

Model and understand different types of venture capital transactions

Build a network of motivated professionals eager to dive into the world of Venture Capital and entrepreneurship

Study plan


  • Pre-read: Introductory materials (news, documents, book chapters…) related to each topic
  • Theory videos: Recorded sessions explaining all relevant concepts of the topic
  • Slides: Theory in “slides” format to follow the recorded videos and complete the practical case


  • Case Statement: Practical cases based on real companies and situations. A statement and a supporting excel will be provided for case resolution
  • Case Solution: An excel solution will be provided so that students can refer to it when solving the case
  • Live Video Class: After discussing the case in a live class, the video will be uploaded for students to watch as many times as they want

Lesson 1 · Introduction to Venture Capital

  • What is a Venture Capital firm? What is a Venture Capital fund? Presentation of the main VC stakeholders: Managers, LPs, entrepreneurs.
  • History of Venture Capital: origin and deep dive of its evolution in Spain.
  • What companies do Venture Capital funds invest in. Examples.
  • Life phases of startups and the role of investors in each phase: when do funds enter, with what amounts and what role do they play?
  • Case study

Lesson 2 · Fund structure and operations I

  • Different types of funds (Pledge Funds, Evergreen Funds, …)
  • VC fund profiles and career paths: GPs, LPs, Principals, Investment Associates, typical profiles, typical years in each role.
  • Fund life cycles: duration, investment phase, disinvestment, recycling, fund chaining, initial investment management vs. follow-ons, etc. Comment on evergreen.
  • Incentives in funds: management fees and carry. Cash flow in funds
  • Case study


Lesson 3 · Fund structure and operations II

  • Main fund metrics: Vintage, TVPI, DPI, IRR, Capital Call, Loss Ratio.
  • Benchmarking the performance of different funds in Europe and in the USA.
  • Legal clauses of the funds: the rules and regulations and Venture Capital fund tech stack: tools used by funds
  • Case study

Lesson 4 · Dealflow

  • Investment thesis of the funds: main variables (stage, vertical/general, geographic). Examples of some funds: Sequoia, Fifth Wall, Airstreet.
  • Investment process: from the first meeting to the Term Sheet. Investment Committee. Materials needed at each step of the process
  • Potential deal analysis
  • Case study


Lesson 5 · Startup valuation

  • Main typical valuation methods in startups:
    • Dilution
    • The VC method
    • Comparable multiples
    • DCF. Does it work?
  • Stages at which each business model is typically used and dilution benchmarks
  • Examples of valuations – Is it ideal to raise the most money at the highest valuation? Implications of doing so
  • Case study


Lesson 6 · Execution of a Venture Capital transaction

  • Captable: what is it
  • Pre-money and post-money valuation, primary and secondary, convertible notes, ESOPs…
  • Term Sheet: main clauses Preferred shares, Liquidation Preference, Antidilution rights, Right of First Refusal, Tag Along & Drag Along…
  • Due Diligence: actors, timing, red flags
  • Case study

Lesson 7 · Portfolio management

  • Venture Capital portfolio management: power law (distribution of returns) & home runs
  • Company management:
    • Board dynamics throughout the life of the company
    • Internal follow-on management
  • The VC fund as a platform: examples of how funds help companies
  • Case study


Lesson 8 · Exits

  • Types of exit: M&A, IPO/SPAC, Aquihire, Secondaries/buy-outs
  • Exit terms: Equity purchase/Asset purchase, Earn-out, Lock-in period, Implications of liquidation preferences in an exit…
  • Waterfall
  • Case study

Lesson 9 · Financing of a VC fund

  • Fundraising process of a fund: timing, sources, costs, evolution of amounts
  • What do LPs look at? GPs selection criteria: team, track record, market, investment thesis
  • Public financing: role and requirements of the EIF, ICO, etc.
  • Leverage
  • Case study


Lesson 10 · Reporting from GPs to LPs

  • Relationship GPs – LPs: motivations behind LP investments and matching with GPs
  • Reporting content and tools
  • Main problems and points of discussion
  • Reporting cadence and meetings with LPs
  • Case study

Enrollment process

Pre-registration and enrollment

In order to continue to guarantee the quality of the profiles that make up the community, we review and select students. If you are accepted, you will be able to complete your registration by filling out a short form.


Resolution of doubts

For pre-registered profiles there is a period of resolution of doubts about the operation of the course until September 26th. If you have already pre-registered and you have any doubts, please contact us through the web or email

Beginning of the course

On September 26 there will be a live briefing on how the course works and all course materials will be made available to students.


Jordi Vidal  


  • Principal at Kibo Ventures
  • Strategy Manager at Deliberry
  • Consultant at Odgers Berndston
  • Financial Risk Management at KPMG

Jaime Medina  


  • CEO at The Startup CFO
  • Private Investor at BackFund
  • VP of Finance at Geoblink
  • Head of Finance at Ontruck
  • Consultant at McKinsey & Company

Remember that to join the course you must PRE-REGISTER NOW

Leave us your details and we will send you more information about the course and the registration process.



I am just writing to let you know that I have joined Nauta Capital’s M&A team as an associate!

I wanted to express my gratitude for the help and time you spent advising me about my career and getting me in touch with people in the industry. Without this course, the enthusiasm you spread for the startup ecosystem and your help in my journey from consulting to VC,
am 100% sure that this would never have happened.

That’s why I can’t stop recommending this course to people who have similar interests to mine

I hope The Startup Academy keeps growing a lot!

Again, thank you very much!

Laura Homedes

Academy Alumni