# Profoundd archive — Epstein Files
# Bates number: EFTA00591045
# Title:        915 BROADWAY. SUITE 1101
# Dataset:      9
# Pages:        22
# Images:       22 detected
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#----------------------------------------------------------------------

=== SUMMARY ===
915 BROADWAY. SUITE 1101 NEW YORK. NEW YORK 10010 ANDREW@VALAR.COM JAMES@VALAR.COM VALAR VENTURES VALAR VENTURES IS AN INTERNATIONALLY -FOCUSED VENTURE CAPITAL FIRM fin OWNMet IS COMOfnb.Y.IMl 54041. and 00ICOF !UMW CIMINICA Alst DMtlm3M,I41Ny.1gnlM M MuNIMLItl. Mato NKr mite nivil pipits 44060n31 Alta lift 101006/01M414 alseamors. This donamm d Wont .1110.141 YW6 MC 40&(01W bIJ SOIL Mid Of a SMC[YOOI011uf.SC9 a hold atqmmitios. Mom had la iN Mau Pilcomat Mimaanada W Its tom 01 an/ relabordelp w


=== EXTRACTED TEXT ===
915 BROADWAY. SUITE 1101 
NEW YORK. NEW YORK 10010 
ANDREW@VALAR.COM 
JAMES@VALAR.COM 
VALAR VENTURES 
VALAR VENTURES IS AN INTERNATIONALLY -FOCUSED VENTURE CAPITAL FIRM 
fin OWNMet IS COMOfnb.Y.IMl 54041. and 00ICOF !UMW CIMINICA Alst DMtlm3M,I41Ny.1gnlM M MuNIMLItl. Mato NKr mite nivil pipits 44060n31 Alta lift 101006/01M414 alseamors. This donamm d Wont .1110.141 YW6 MC 40&(01W bIJ SOIL Mid Of a SMC[YOOI011uf.SC9 a hold atqmmitios. 
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EFTA00591045
INTRODUCTION 
VALAR HIGHLIGHTS 
INCEPTION - 2010 
TOTAL INVESTED - $78.0 mil 
TOTAL GROSS & NET VALUES 
$271.2 mil / $223.0 mil 
GROSS & NET MULTIPLES 
3.5x / 2.9x 
GROSS & NET IRRs 
120% / 98% 
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memos <r0 ten VALAR, A GLOBAL VENTURE CAPITAL MANAGER, HAS ACHIEVED 
EXTRAORDINARY RETURNS FOR ITS CLIENTS, TRIPLING ASSETS IN 
JUST OVER THREE YEARS AND VASTLY OUTPERFORMING INDUSTRY 
BENCHMARKS. 
VALAR VENTURES 
Since 2010, the value of client assets has risen from US 
$78 million to $271 million, for gross multiples and IRR of 
120% and 3.5x; net multiples and IRR are 2.9x and 98%. 
Valar is managed by Andrew McCormack and James 
Fitzgerald; Peter Thiel, one of Silicon Valley's most 
successful venture capitalists, serves as the firm's advisor 
and chairman. 
The firm is launching its first institutional fund, which will 
deploy up to $150 million during 2015-2019, its primary 
investing phase. NET MULTIPLE NET IRR 
VALAR 2.9x 98.4 % 
CAMBRIDGE US VC INDEX 1.7x 31.3% 
CAMBRIDGE GLOBAL EX-US 1.1x 5.5 % 
DEVELOPED MARKET VC/PE INDEX 
CAMBRIDGE GLOBAL EMERGING 1.0x 01% 
MARKETS VC/PE INDEX 
S&P 500 1.6x 10.5 % 
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INTRODUCTION / VALAR ADVANTAGES / PORTFOLIO / TERMS CONFIDENTIAL & TRADE SECRET 2 
EFTA00591046
INTRODUCTION / TEAM 
ANDREW AND JAMES FOUNDED VALAR IN LATE 2010 TO PARTNER 
WITH THE BEST ENTREPRENEURS OUTSIDE THE UNITED STATES. 
The team brings extraordinary operational, deal-sourcing, and reputational assets to its investing activities. 
kor ContaAzul 
Canopy Labs TransferWise 
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4tINTRODUCTION / VALAR ADVANTAGES / PORTFOLIO / TERMS CONFIDENTIAL & TRADE SECRET 3 
EFTA00591047
INTRODUCTION / TEAM 
ANDREW 
McCORMACK 
PARTNER 
Andrew McCormack Andrew is a founding Partner at Valar Ventures. 
Andrew's career in technology has included business and corporate 
development roles at eCount (acquired by Citicorp) and Yahoo!. He joined 
PayPal in 2001, where he worked closely with Peter in preparing for the 
company's IPO. After PayPal's sale to eBay, Andrew helped launch Clarium 
Capital and later founded a restaurant group in San Francisco. 
In 2008, Andrew rejoined Peter at Thiel Capital, where he led various 
international initiatives for Thiel Capital and Peter personally. Andrew 
received his B.A. in Political Science from the University of Pennsylvania. JAMES 
FITZGERALD 
PARTNER 
James Fitzgerald James is a founding Partner at Valar Ventures. Prior 
to Valar, he was COO and General Counsel of Peter Thiel's global parent 
company, Thiel Capital, where he helped manage Peter's extensive network 
of investments and businesses. In that capacity, he worked closely with the 
Founders Fund, Mithril, and Clarium. 
Prior to joining Thiel Capital, James practiced law for seven years in the New 
York office of Skadden, Arps, Slate, Meagher & Flom LLP. He received his J.D. 
from the University of California, Los Angeles and his undergraduate degree 
from Brigham Young University. 
INTRODUCTION / VALAR ADVANTAGES / PORTFOLIO / TERMS CONFIDENTIAL & TRADE SECRET 4 
EFTA00591048
INTRODUCTION / TEAM 
EPETER THIEL 
CHAIRMAN 
Peter Thiel is a founding Partner and the Chairman of Valar. As a technology 
entrepreneur, investor, and philanthropist, he first gained attention for 
innovations in banking and startup finance. Today he is known as the mentor 
of the PayPal network of entrepreneurs. He works to accelerate innovation 
by identifying and funding promising technology ideas and by guiding 
successful companies to scale and dominate their industries. 
In 1998, Peter made e-commerce easier, faster, and more secure by co-
founding and leading PayPal. In 2002, he sold PayPal to eBay and founded 
a global macro fund, Clarium. In 2004, he co-founded Palantir Technologies, 
which offers platforms for finance companies and intelligence, defense, and law enforcement communities to integrate, visualize, and analyze the 
world's information. In the same year, he made the first outside investment 
in Facebook. 
In 2005, he co-founded Founders Fund, a leading Silicon Valley venture 
capital fund that has pioneered new methods of venture financing that benefit 
founders. Through Founders Fund, as well as through his private investing, 
Peter has helped build the next generation of tech companies. 
Peter earned a B.A. in philosophy from Stanford University and a J.D. from 
Stanford Law School, where he occasionally teaches on globalization and 
technology and serves on the board of overseers of the Hoover Institution. 
His articles have appeared in Policy Review and the Wall Street Journal. He 
lives in San Francisco. 
As Chairman of Valar Ventures, Peter provides strategic advice and mentoring 
to Valar and its portfolio companies. 
INTRODUCTION / VALAR ADVANTAGES / PORTFOLIO / TERMS CONFIDENTIAL & TRADE SECRET OS 
EFTA00591049
VALAR ADVANTAGES / EXECUTIVE SUMMARY 
VALAR IS DIFFERENTIATED BY SEVERAL DISTINCT 
ADVANTAGES: 
TRACK RECORD: Valar's managers have 
shown exceptional investing acumen. 
Returns are at the top of class. with a net 
multiple and net IRR of 2.9x and 98.4%. 
respectively. 
THESIS & MARKET: Persistent inefficien-
cies in venture markets outside the US 
provide compelling opportunities for 
future returns. 
Net Ivies ve es oi (.150/20U aM eve min:kilned en win," gross Flails 
Dv 01412Y6 for mre9ernern hes. moms end cloy TEAM: Valar's team has a successful and 
long record of working together to find and 
oversee investments. 
REPUTATION: In addition to an outstand-
ing track record and strong credibility with 
portfolio companies, the team is advised 
by Peter Thiel. consistently named one of 
the most influential venture capitalists in 
the world. ACCESS: Valar has access to deals at 
propitious moments - when local VCs have 
moderately de-risked the company but 
before scale makes the investment obvious 
to large, less price-sensitive investors. 
We believe these characteristics serve as 
a solid foundation for outperformance in 
Valar's new fund. 
INTRODUCTION / VALAR ADVANTAGES / PORTFOLIO / TERMS CONFIDENTIAL & TRADE SECRET 06 
EFTA00591050
VALAR ADVANTAGES / THESIS 
GLOBAL VENTURE CAPITAL IS HIGHLY INEFFICIENT 
COMPELLING OPPORTUNITIES 
While the abundance of capital in Silicon 
Valley has compressed returns for all but 
the best venture firms (most of which 
are closed to new investors). start-
ups outside Silicon Valley have much 
more limited access to both capital 
and experienced start-up investors. 
This creates compelling, well-priced 
opportunities for Valar. GLOBAL VENTURE FUNDING — NON-US STARTUPS ARE RELATIVELY UNDER FUNDED 
$50 
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INTRODUCTION / VALAR ADVANTAGES / PORTFOLIO / TERMS CONFIDENTIAL Si TRADE SECRET 07 
EFTA00591051
VALAR ADVANTAGES / THESIS 
VALAR BELIEVES THAT THESE INEFFICIENCIES WILL PERSIST, 
EVEN AS US FIRMS EXPAND OVERSEAS, A PHENOMENON EMBODIED 
IN THE LACKLUSTER RETURNS OF US VCs OPERATING OVERSEAS. 
I. Local entrepreneurs perceive satellite II. The best Silicon Valley VCs generally III. This creates opportunities for Valar. 
offices as merely regional players without do not travel outside the US - they have which has deep links to Silicon Valley. 
access to the marquee talents of the flag- sufficient deal flow at home and have strong access to capital, and an explicit 
ship office and disfavor them for deals. partnership and family dynamics that mandate to invest overseas. 
make frequent travel difficult. 
INTRODUCTION / VALAR ADVANTAGES / PORTFOLIO / TERMS CONFIDENTIAL & TRADE SECRET OS 
EFTA00591052
VALAR ADVANTAGES / A GROWING GLOBAL NETWORK 
• • • 
• • • • • • 
•   •••• ••••e• ••• 
A. PayPal network develops in San Francisco. 
James joins Andrew at Thiel Capital in 2008: 
the two begin working on special investment 
opportunities for Peter. 
B. Team diligences investments in New Zealand, 
leading to an investment in Xero and an eventual 
partnership with NZ government. 4 • • • • 
• • • 
• • • 
• • • • 
• • 
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C. Team expands Australasian presence. making 
two investments in Australia and establishing 
their network there. 
D. Oppa's founder. aware of the growing 
reputation of the Thiel team, meets with Valar 
as it begins exploring opportunities in Brazil. The firm invests and its relationship with Oppa 
and its syndicate produce three additional 
investments in Brazil. 
E. Introductions from colleagues and contacts 
lead to investments in Toronto, establishing the 
beginnings of a Canadian network. F. Max Levchin, co-founder and COO of PayPal 
and a former colleague of Andrew's, introduces 
the team to Transferwise, establishing Valar's 
first presence in Europe. 
G. Valar establishes its own offices in New York 
to better manage international operations. 
INTRODUCTION / VALAR ADVANTAGES / PORTFOLIO / TERMS CONFIDENTIAL & TRADE SECRET 09 
EFTA00591053
VALAR ADVANTAGES / PORTFOLIO PHILOSOPHY 
THE FIRM IS FOUNDER FRIENDLY AND EMPHASIZES LONG-TERM VALUE 
CREATION: IT ENCOURAGES FOUNDERS TO RESIST SHORT-TERM FINANCIAL 
PRESSURES IN FAVOR OF MAXIMIZING LONG-TERM (BUT LIQUID) VALUE. 
The firm generally enters after a local partner has partially de-risked the 
investment but before standard metrics make the company an obviously 
good investment to purely financial investors. 
The firm prefers to lead initial investments of US $3-10 million. 
The firm does not believe board seats are inherently valuable, preferring to 
secure rights via observation and its financing documents. 
4tINTRODUCTION / VALAR ADVANTAGES / PORTFOLIO / TERMS CONFIDENTIAL & TRADE SECRET IO 
EFTA00591054
VALAR ADVANTAGES / INVESTMENT PROCESS 
DEAL SOURCING 
Andrew and James have sourced all of 
Valar's deals and will continue to find new 
companies and manage the portfolio. Peter 
provides advice to the firm and its portfolio 
companies. 
Valar intends to run a concentrated portfolio 
of 7-10 significant investments in each fund, 
aggressively following on in its winners. DILIGENCE 
U.
INVESTMENT 
DECISION 
Investment decisions must be unanimous 
between James and Drew: Peter provides 
advice and counsel prior to and following 
the investment decision. ADVICE & MENTORING 
r.-
INTRODUCTION / VALAR ADVANTAGES / PORTFOLIO / TERMS CONFIDENTIAL & TRADE SECRET 11 
EFTA00591055
PORTFOLIO / XERO 
XERO - ACCOUNTING SOFTWARE AS A SERVICE FOR SMALL BUSINESS 
AMOUNT INVESTED: $3.0 mil 
VALUE AT 6/30/2014. 561.2 mil 
GROSS MULTIPLE. 20.4X 
AMOUNT INVESTED: $3.3 mil 
VALUE AT 6/30/2014: $33.2 mil 
GROSS MULTIPLE: 10.0X 
AMOUNT INVESTED: $20 mil 
VALUE AT 6/30/2014: $92.7 mil 
GROSS MULTIPLE: 4.6X 
AMOUNT INVESTED: $5 mil 
VALUE AT 6/30/2014: $7.5 mil 
GROSS MULTIPLE: 1.5X 
TOTAL 
AMOUNT INVESTED: $31.4 mil 
VALUE AT 6/30/2014: $194.7 mil 
GROSS MULTIPLE. 6.2% • Beautiful "scarping software SMALL BUSINESSES ACCOUNTANTS S BOOKKEEPERS M 
FEATURE TOUR 
ALL YOU NEED TO RUN YOUR BUSINESS
Online accounting 
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so many people around the world love xero 
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INTRODUCTION / VALAR ADVANTAGES / PORTFOLIO / TERMS CONFIDENTIAL & TRADE SECRET 12 
EFTA00591056
PORTFOLIO / XERO 
THESIS 
The market for accounting software is large, growing and surprisingly untapped 
(with many consumers relying on ad hoc ledgers rather than formal software). 
Incumbent players, e.g. Intuit, are trapped in legacy architecture and have not 
successfully migrated to the cloud; they also view their accounting products 
as leaders for more profitable ancillary services and have under-developed 
their marquee products as a result. 
Because the opportunity for sales was large even without disrupting incumbents 
and because few investors were willing to underwrite a multi-year development 
cycle, Valar saw the opportunity for durable and compelling returns. 
HISTORY 
Based on the Valar team's reputation and Silicon Valley connections, a high 
profile New Zealand entrepreneur introduced one of Xero's directors to Valar 
in 2010. Valar was convinced that the founder had extraordinary execution 
abilities, a flair for sales, a plan for rapid global growth and the energy 
necessary to convert users away from entrenched systems. Xero's driven and 
experienced COO also gave Valar confidence that the firm would have the 
institutional heft to support the founder's vision. 
INTRODUCTION / VALAR ADVANTAGES / PORTFOLIO / TERMS OUTCOME 
The firm has grown quickly, taking dominant positions in New Zealand 
and Australia. It has launched in the US and will continue to expand in the 
Anglophone world. Valuation rose from less than US $100 million at the time 
of Valar's initial investment to US $2.9 billion (based on publicly traded prices 
as of 6/30/2014). Xero is now approaching its liquidity window. 
WWW.XERO.COM 
CONFIDENTIAL & TRADE SECRET 13 
EFTA00591057
PORTFOLIO / TRANSFERWISE 
TRANSFERWISE - LOW-COST CURRENCY TRANSFER SERVICES 
SERIES A 
INVESTED: $3.8 mil 
VALUE AT 6/30/2014: $23.1 mil 
GROSS MULTIPLE: 6.2X 
APR 2O14 / SERIES B 
INVESTED: $6.7 mil 
VALUE AT 6/30/2014: $6.7 mil 
GROSS MULTIPLE: 1.0X T-T 
rc.r TransferWise Send money Money Help & Support About Us 
Hey, hidden fees. 
Your secret's out. 
Sending money abroad is deceptively expensive, 
thanks to the hidden fees we've all been forced to pay. 
Now TransferWise lets expats. foreign students and 
businesses transfer money wherever it's needed, at the 
lowest possible cost. No hidden fees, no headache. 
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INTRODUCTION / VALAR ADVANTAGES / PORTFOLIO / TERMS CONFIDENTIAL & TRADE SECRET 14 
EFTA00591058
PORTFOLIO / TRANSFERWISE 
THESIS OUTCOME 
The market for currency-driven financial services is high-fee for historical rather All metrics continue to show extraordinary growth — users, monthly revenues 
than technological or business reasons — and is thus ripe for disruption. The and transfer volumes (now nearing $200 million monthly) all grew over 7x 
partners know the space well from Andrew's and Peter's history at PayPal and during 2013. 
James' work at Clarium, giving them an informational advantage in the space. 
WWW.TRANSFERWISE.COM 
HISTORY 
Max Levchin, one of PayPal's co-founders and its CTO, referred the partners 
to the founders. The teams met several times, and the partners believed that 
Transferwise had the ideal combination of a strong technical bench, deep 
knowledge of finance, and a history of successfully building companies - 
Taavet Hinrikus was the first employee at Skype and Kristo Kaarmann had a 
long career at PwC and Deloitte helping financial institutions modernize their 
infrastructure. Valar led the company's Series A and Series B financings in 
rounds that closed in early 2013 and 2014, respectively. 
INTRODUCTION / VALAR ADVANTAGES / PORTFOLIO / TERMS CONFIDENTIAL & TRADE SECRET IS 
EFTA00591059
PORTFOLIO / VEND 
VEND - CLOUD-BASED RETAIL MANAGEMENT SOFTWARE 
MAR 2014 / SERIES D 
INVESTED: $8.6 mil 
VALUE AT 6/30/2014: $8.6 ro 
GROSS MULTIPLE: 1.0X yen'Tour Examples Pricing About - Resources - Sign In 
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INTRODUCTION / VALAR ADVANTAGES / PORTFOLIO / TERMS *itCONFIDENTIAL & TRADE SECRET 16 
EFTA00591060
PORTFOLIO / VEND 
THESIS 
Traditional retail relies on archaic payment and management systems: while 
online stores have achieved various efficiencies, the much larger offline market 
relies on idiosyncratic, expensive and antiquated systems of cash registers, 
disparate software packages, and non-networked computers. 
By creating a point-of-sale system that both customers and retailers find easy 
to use and native to the cloud, Vend makes offline retailing more efficient 
and reliable (Vend even works when a store temporarily loses connectivity). 
Retailers no longer have to bear the high fixed and variable costs of ad hoc 
payment and retail management systems, freeing them to spend time on their 
area of highest competitive advantage: curating compelling off-line shopping 
spaces. 
INTRODUCTION / VALAR ADVANTAGES / PORTFOLIO / TERMS HISTORY 
Vend was founded in New Zealand by Vaughan Rowsell, a programmer with 
a long history at emerging companies. Valar's partners met Vaughan while 
completing their first investment in Xero - a company Vaughan admired. Over 
the next two years, Valar followed Vend as it scaled in its home markets and 
expanded its team. Persuaded that the founder had both the deep technical 
knowledge to develop a comprehensive but intuitive retail system from first 
principles, complemented by a dedicated and business-savvy chairman, 
Valar led an expansion round of financing in 2014. 
OUTCOME 
The company has now opened offices in Australia, Canada, and the United 
States and growth is accelerating, with more than 8,000 stores now relying 
on Vend for their POS needs. 
WWW.VENDHO.COM 
CONFIDENTIAL & TRADE SECRET 17 
EFTA00591061
PORTFOLIO / OPPA 
OPPA - SELF-BRANDED e-COMMERCE 
AUG 2C.77 SERIES B 
AMOUNT INVESTED: $8.0 mil 
VALUE AT 6/30/2014: $17.3 mil 
GROSS MULTIPLE: 2.2X 
SEP 2013 / CONVERTIBLE NOTE 
AMOUNT INVESTED: $5.3 mil 
VALUE AT 6/30/2014: $6.7 mil 
GROSS MULTIPLE:1.3X 
JUN 2014 / SERIES C 
AMOUNT INVESTED: $2.S mil 
VALUE AT 6/30/2014: $2.S mil 
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INTRODUCTION / VALAR ADVANTAGES / PORTFOLIO / TERMS CONFIDENTIAL & TRADE SECRET IS 
EFTA00591062
PORTFOLIO / OP PA 
THESIS 
The merger of high-end design, low-cost manufacturing, and elimination of 
traditional furniture industry middlemen allows Oppa to deliver both well-
priced goods and comparatively high gross margins relative to other retailers. 
Direct sales, both online and offline, plus careful maintenance of lean inventory 
allow Oppa (much like Warby Parker in the US eyeglass market) to consistently 
exceed conventional industry margins. Brazil's import regime also favors 
domestic manufacturers like Oppa, providing additional barriers to entry for 
competitors (such as IKEA). 
HISTORY 
Oppa's founder had followed the Thiel team; contact was made and after several 
rounds of diligence, Valar invested. After Valar's first priced investment, Oppa 
came to the firm for expansion capital. Valar designed its follow-on investment 
to give the founder the time and flexibility to explore additional sales channels 
to accelerate growth otherwise unavailable with standard funding mechanisms. 
INTRODUCTION / VALAR ADVANTAGES / PORTFOLIO / TERMS OUTCOME 
Oppa has grown rapidly, gaining market share by maintaining high-quality, 
fresh designs manufactured quickly and locally. Sales roughly doubled during 
2013 and Oppa is well positioned to meet or exceed that growth in 2014. 
WWW.OPPA.COM 
CONFIDENTIAL & TRADE SECRET 19 
EFTA00591063
PORTFOLIO / OTHER PORTFOLIO HIGHLIGHTS 
tlContaAzul 
SEP 2013 
INVESTED: $0.9 mil 
VALUE: $0.9 mil 
GROSS MULTIPLE: 1.0X 
Valar's thesis for ContaAzul mirrors that 
it held for Xero: the demand for intuitive, 
web-based and well-priced accounting 
sof tware for smaller businesses issurprisingly 
underserved. This dynamic is especially 
pronounced in emerging economies with 
non-Anglophone accounting needs. 
Valar found the team earnest, open-minded 
to the Silicon Valley approach and cohesive 
(having previously worked together). Valar 
invested in September 2013 and traction 
has already been strong. 
WWW.CONTAAZUL.COM Canopy Labs granify 
NOV 2012/MARCH 2014 
INVESTED: $0.7 mil 
VALUE: $0.7 mil 
GROSS MULTIPLE:1.0X 
Canopy Labs takes customer data and. 
applying a proprietary algorithm. allows 
companies to find and prioritize their most 
valuable customers and more efficiently 
target marketing campaigns. 
WWW.CANOPYLABS.COM AUG 2012/MAY 2014 
INVESTED: $0.4 mil 
VALUE: $0.4 mil 
GROSS MULTIPLE: 1.0X 
Using Al and large data sets. Granify helps 
companies identify and convert the large 
population of users who visit commerce 
websites but fail to make a purchase -
offering significant increases in conversion 
rates at effective costs. 
WWW.GRANIFY.COM omplica. 
NOV 2012/DEC 2013 
INVESTED: $0.3 mil 
VALUE: $0.4 mil 
GROSS MULTIPLE:1.5X 
Descomplica is Brazil's largest on-line 
classroom and brings high-quality, data-
driven classes to a wired, middle-income 
market underserved by traditional off-line 
education. The company now has more 
than 5.000 lessons and videos available and 
has served more than 4.5 million students. 
WWW.DESCOMPLICA.COM.BR 
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INTRODUCTION / VALAR ADVANTAGES / PORTFOLIO / TERMS CONFIDENTIAL & TRADE SECRET 20 
EFTA00591064
TERMS 
INVESTMENT PERIOD 
5 Years 
LEGAL COUNSEL 
Cooley LLP TARGET SIZE MANAGEMENT FEES 
$150 Million 2.5% / year (subject to step-down) 
INCENTIVE FEE 
20% scaling to 25%/30% at 3x/6x returns 
MINIMUM INVESTOR COMMITMENT AUDITORS 
$5 Million (subject to GP discretion) BOO GP COMMITMENT 
1% of overall fund commitments 
(in addition to Peter Thiel's investment) 
INTRODUCTION / VALAR ADVANTAGES / PORTFOLIO / TERMS CONFIDENTIAL & TRADE SECRET 21 
EFTA00591065
TERMS 
915 Broadway, Suite 1101 
New York. NY 10010 THIS DOCUMENT IS CONFIDENTIAL AND FOR QUALIFIED PURCHASERS 
ONLY. The information in this presentation may not be copied, reproduced 
or redistributed without the express written permission of Valar Ventures 
Management LLC (the "Sponsor"). This presentation is not intended for 
distribution to, or use by, any person or entity in any jurisdiction or country 
where such distribution or use is contrary to local law or regulation. 
Nothing in this presentation should be construed as an offer to sell or 
solicitation of an offer to buy any securities and may not be relied upon 
in connection with the purchase or sale of any security. This presentation 
is not intended to provide. and should not be relied upon for. legal, tax. 
regulatory, investment, financial or accounting advice or investment 
recommendations. 
Any investment in a program offered by the Sponsor or its affiliates 
should be based on a careful review of the applicable offering memoranda 
and other governing documents (the "Offering Documents") containing 
detailed descriptions of the particular investment program, risks, fees 
and expenses. All statements herein are qualified in their entirety by 
reference to the Offering Documents. To the extent that this presentation 
contradicts the Offering Documents, the Offering Documents govern in 
all respects. Statements contained herein are made as of April 30, 2014 
unless otherwise noted, and are subject to change without notice. The 
valuations. forecasts, estimates, opinions and projections contained herein 
involve elements of subjective judgment and analysis. There can be no 
assurance that the assumptions made in connection with such valuations. 
forecasts, estimates. opinions and projections will prove accurate. These 
materials may contain forward•looking statements that are subject to 
certain risks and uncertainties. The Sponsor undertakes no obligation to 
update these forward•looking statements for events or circumstances that occur subsequent to such dates or to update or keep current any of 
the information contained herein. Certain information and data contained 
herein are based on sources the Sponsor believes to be reliable, but such 
information has not been independently verified. PAST PERFORMANCE 
IS NOT INDICATIVE OF FUTURE RESULTS AND SHOULD NOT BE RELIED 
UPON FOR MAKING AN INVESTMENT DECISION. ANY INVESTMENT IN 
A PROGRAM OFFERED BY THE SPONSOR OR ITS AFFILIATES WILL BE 
HIGHLY SPECULATIVE AND THERE CAN BE NO ASSURANCE THAT SUCH 
PROGRAM'S INVESTMENT OBJECTIVE WILL BE ACHIEVED. INVESTORS 
MUST BE PREPARED TO BEAR THE RISK OF A TOTAL LOSS OF THEIR 
INVESTMENT. 
Interests in the fund contemplated herein (the "Fund") have not been 
approved or disapproved by the U.S. Securities and Exchange Commission 
(the "SEC") or by the securities regulatory authority of any state or of 
any other jurisdiction, nor has the SEC or any other such regulatory 
authority passed upon the accuracy or adequacy of this presentation. Any 
representation to the contrary is a criminal offense. The interests in the 
Fund (the "Interests") have not been registered under the U.S. Securities 
Act of 1933, as amended (the 1933 Act"), the securities Laws of any state 
or the securities laws of any other jurisdiction, nor is such registration 
contemplated. The Interests will be offered and sold under the exemption 
provided by Section 4(2) of the 1933 Act and/or Regulation D promulgated 
thereunder and other exemptions of similar import in the laws of the states 
and jurisdictions where the offering will be made. 
INTRODUCTION / VALAR ADVANTAGES / PORTFOLIO / TERMS CONFIDENTIAL & TRADE SECRET 22 
EFTA00591066



=== IMAGE DESCRIPTIONS ===
[Image 1] The image appears to be a screenshot of a webpage. The webpage is titled "Transferwise" and is described as a "Low-cost currency transfer service." The main feature of the screenshot is a promotional advertisement for Transferwise. The advertisement includes a photo of a man and a woman, both smiling and looking directly at the camera. The text on the advertisement reads, "Hey, yeah, we're Transfe

[Image 2] The image appears to be a screenshot of a webpage or a digital presentation slide. The main content of the image is a photograph of a man, who is likely the founder of a company named Vend. He is smiling and looking directly at the camera. The man is wearing a dark jacket and has a beard.

The slide or webpage includes text that reads "VEND - Cloud-based retail management software." Below the phot

[Image 3] The image appears to be a screenshot of a webpage or a digital presentation slide. The slide is titled "XERO ACCOUNTING SOFTWARE A SERVICE FOR SMALL BUSINESS" and includes a photo of a man, presumably the CEO or a key figure associated with the company Xero, which is known for its cloud-based accounting software. The slide also features a screenshot of the Xero website, showcasing its user interfa

[Image 4] The image appears to be a screenshot of a webpage, specifically a section titled "OPPA Self-Branded 6-Commerce." The webpage is divided into two main sections: a header with a navigation bar and a main content area. The main content area features a photograph of a man, presumably the founder of the company, with a brief description of him and the company's investment status. Below the photograph, 

[Image 5] The image appears to be a screenshot of a webpage or a digital document with a section titled "INTRODUCTION TEAM." It features two photographs of men, presumably the team members, with their names and titles listed below each photo. The text is too small to read in detail, but it seems to be a professional or corporate context, possibly related to a company or organization. The style of the image 

[Image 6] The image shows a page from a document, which appears to be a legal or official document given the formal language and structure. The text is dense and includes paragraphs with headings such as "Terms," "Conditions," and "Disclaimer." There are also references to "User Agreement," "Privacy Policy," and "Terms of Service." The document includes a disclaimer stating that the information provided is