DataBoard ApS: start-ups and downs

This teaching case introduces DataBoard ApS, a newly founded IT start-up offering a user-friendly solution to configure info screens, and its first investment round with the venture capital firm Capnova A/S. The case describes the set-up and challenges of the due diligence process from the perspectives of both the start-up and investor. The case study gives the static viewpoint of the first due diligence on the initial investment (Part 1), followed by the dynamic viewpoint of the progress made until the decision point of the final tranche of investment (Part 2), and then the outcome and reflections (Part 3). The case will allow students to apply early-stage valuation approaches to the start-up. Students analyse it as an investment prospect and discuss the actual investment agreement reached. By following the progress of the start-up to the final milestone and after, students will experience the implications of the terms within the contract and the due diligence processes that occurred throughout the funding cycle. This case study was put together from interviews with the founder and CEO of DataBoard ApS and the leading investor at Capnova A/S.