THE INVESTMENTPROCESSGUIDEBOOKABOUT THIS GUIDEBOOKThis guidebook is meant to serve our applicants by helping them navigate theinvestment process with Aristagora VC.
This Guidebook Will:

Provide a general overview
of Aristagora VC’s
investment process.

Describe the DNA ofcompanies that could be agood fit for our portfolio.

Clearly guide startups
through the application
process from start to finish.

Help startups prepare
accordingly for every stageof the application process.

3

About Us

4Our Team
What We’re Looking For

5-6

The Investment Process

7-10Stage 1: Introduction Stage

11-14

Stage 2: Due Diligence Stage

15-17

Stage 3: Aristagora VC Stage

18-21

Welcome to The Family
Contact Us

2223

ABOUT USFounding

AimInvestment

Advantages

Aristagora VC was founded in2020 to disrupt the traditional
venture capital industry. A
collaboration between Israeli
and Japanese general partners,
the fund is vertically agnostic
and does not focus on specificsectors, believing that newly
established start-ups must beafforded creative flexibility andthe ability to adapt themselves
to a dynamic world.

Aristagora VC’s aim is to bring
added value to the negotiatingtable through strategic global
partnerships and the unique
opportunity to survive “StartUp Death Valley.”

Aristagora VC focuses on earlystage companies, providing thefunding and professional help tocontinue development until
additional, later-stage funding
can be secured. Aristagora VC
serves as a feeder for later-stage
investments within the Israeli
market and abroad.

Aristagora VC’s revolutionary
approach provides muchneeded capital, opens doors
tomarkets
thataretraditionallyhardtopenetrate, and offers thepeace of mind that yourcompany will survive to thenext funding round.

OUR TEAM
A Team Fully Committed to Getting a Deal Done
Our team of partners and analysts brings a wealth of knowledge to the table to create a dynamic and versatile work process. Each member of the teamhas experience in a variety of fields—including business, finance, and venture capital—allowing us to take a complete approach toward the many startups
that come through our offices.

Takeshi Shinoda

Gideon Ben-Zvi

Moshe Sarfaty

Anat Tila Cherni

President and General Partner

President and General Partner

President and General Partner

President and General Partner

Takeshi Shinoda operates out of Japan andSingapore. Shinoda-san is the owner andCEO of an asset management, private equity,and wealth management firm for Asianclients. He has a rich background in thefields of banking and investment banking.
His presence in Japan and Singapore will help
portfolio companies penetrate and growwithin Asian markets, which tend to beparticularly
challengingfor
foreigncompanies to enter.

Gideon Ben-Zvi, with decades of experience as aninvestor and as a serial entrepreneur, has
founded and managed four start-ups — three ofwhich made it through successful exits. BenZvi is highly experienced in taking technologies
from academia and transforming them into
successful initiatives within the externalbusiness world. Ben-Zvi currently serves as theCEO of Valens.

Moshe Sarfaty is a graduate of Yale University
with years of experience in early-stage technology
investments as a former managing partner at
Krypton VC, which focused on seed-stage
technology investments. Hailing from the worldof investment banking at Bank of America in New
York, Sarfaty is a lecturer at higher education
institutions in Israel and abroad. He isexperienced in the worlds of banking and financeand works closely with start-ups from around theworld, supporting them from inception to initial
revenue stage.

Anat Tila Cherni brings 10 years ofexperience in the fields of technology
investments,
capitalmarkets,andinvestment banking. She previously led theAsia
DeskatDiscount
CapitalUnderwriting. Tila Cherni has vast
experience in consulting for Asian-based
investors and in leading investment deals for
Israeli technology companies.

WHAT WE ARE LOOKING FOR ?
Early StageWe invest in early-stage start-ups, supporting great teams from inception to growth stage and helping themthroughout their journey to later-stage funding.

Strong Teams
The DNA of a start-up is its team. We think it is of utmost importance that the team we are investing in is strong,
fully committed, and equally invested in their start-up.

Cutting-Edge Technologies
We look for cutting-edge technologies developed by Israeli tech companies. We will look for technologicalbarriers to entry and additional tech intellectual property (IP) in addition to a great idea.

Better LifeThe fund will focus on early-stage investments in products and services that increase sustainability andimprove quality of life. Some areas of interest include safe cities, smart cities, water and air
purification, building tech, campus tech, silver tech, Internet of Things (IoT), sensors, cloud-based tech,
office and housing management, artificial intelligence (AI), and Big Data.

WHAT WE ARE LOOKING FOR ?
Aristagora VC is a vertically agnostic early-stage VC. We believe that at this stage, you should still have thefreedom to make mistakes and adjust your product and go-to-market strategy.
Aristagora VC focuses on early-stage companies with greatteams, supporting them from inception to growth by investing ininnovative urban technologies that impact people’s daily lives.

Aristagora VC aims to change the world through anever-ending search for products and services that
increase sustainability and improve quality of life.

We look for early-stage startups across various verticals, including:

Smart Cities &Urbanization Technologies

Internet – Cloud

Office/Building Management Vehicle Security - Smart City

Next-Generation Data
Center Storage

Next-Generation Industrial
Innovative Tools

Internet – Cloud -Big - Data

IoT

Urbanization
Cybersecurity

Better LifeAI

Assistive Devices

THE INVESTMENT PROCESS
1Introduction
Stage2Due Diligence
Stage

3

STEP 1

STEP 2

STEP 3

STEP 4

STEP 5

STEP 6Company
Application

Initial
Review

Introductory
Meeting

Partner Meeting#1

Partner Meeting#2Market Due
Diligence

STEP 7

STEP 8STEP 9STEP 10

STEP 11

Technical Due
Diligence

Legal Due
Diligence

Legal Due
Diligence

Final Investment
Committee
Approval

Aristagora
VC Step

Aristagora VC
Stage

THE INVESTMENT PROCESSIntroduction Stage

STEP 1

STEP 2

STEP 3

STEP 4

STEP 5Company
Application

InitialReview

Introductory
Meeting

Partner
Meeting #1

Partner
Meeting #2

Aristagora VC receives
your one-pager and/or
investment deck

One of our teammembers conducts apreliminary review ofyour start-up materials
to assess fit with ourinvestment scope

We meet in person toget to know you andmatch faces to ideas

One of our managing
partners will meet youin person

A second managing
partner will meet youin person

THE INVESTMENT PROCESSDue Diligence Stage

STEP 6

STEP 7

STEP 8-Market Due Diligence

Technical Due Diligence

Legal Due Diligence

We evaluate the market, yourcustomers, and yourcompetition

Internal processing with yourCTO and our tech advisors toensure your venture isarchitecturally sound

Legal processing to make sure
your paperwork is in orderand your legal structure is
ready for investment

THE INVESTMENT PROCESS
Aristagora VC Stage%

STEP 9STEP 10

STEP 11

Deal Terms
Negotiations

Final Investment
Committee Approval

Aristagora
VC Step

Now it's time to negotiate
a deal that makes sense
for both sides

The terms of the deal arepresented to our local andglobal investment board

Once we're officially on thesame team, the real magic
begins—but a good magician
never reveals his secrets!

THE INVESTMENT PROCESS
Please fill out our online application at https://aristagoravc.com/investment-process/application-form/

1

Introduction
Stage

2

Due Diligence
Stage

3

Aristagora VC
Stage

STEP 1

STEP 2

STEP 3

STEP 4

STEP 5Company Application

Initial Review

Introductory Meeting

Partner Meeting #1

Partner Meeting #2

Aristagora VC receives your one-pager and/or investment deckYour one-pager/deck should include sections on:
Your Team:Who you are? What is your background?

Your Competitors:
Who else does the same thing?

Company Status:
Where does your product stand today?

Your Market:
What market are you trying to enter?

Your Marketing Strategy:
How do you plan on gaining exposure?

Your Marketing Strategy:
How do you plan on gaining exposure?

Your Business:
What exactly do you do?

Your Revenue Model:
How will you make money?

Fundraising:
What is your equity structure?
What previous investment rounds have you gone through?
Financing:
What is your burn rate? What funds do you have remaining?

THE INVESTMENT PROCESS
1Introduction
Stage

2

Due Diligence
Stage

3

Aristagora VC
Stage

STEP 1

STEP 2

STEP 3

STEP 4

STEP 5Company Application

Initial Review

Introductory Meeting

Partner Meeting #1Partner Meeting #2

One of our team members conducts a preliminary review of your start-up materials to assess fit with our investment scope
After receiving your one-pager, one of our fund analysts will review your company and determine if your start-up fits into our investment prospectus.

What you should do after submitting your application:

Expect to hear back from us withina couple of days.

Be ready to answer any questions ourfund analysts might have.

THE INVESTMENT PROCESS
1Introduction
Stage

2

Due Diligence
Stage

3

Aristagora VCStage

STEP 1

STEP 2

STEP 3

STEP 4

STEP 5Company Application

Initial Review

Introductory Meeting

Partner Meeting #1

Partner Meeting #2

We meet in person to get to know you and match faces to ideas

This meeting:

You should prepare a presentation that includes information on:

 Gives us a chance to get to know you.
 Gives you a chance to demonstrate yourproduct and get to know us.
 Gives us a chance to ask you questions about
your start-up.






Your TeamYour Market
Your Competitors
Your Marketing StrategyYour Revenues (and any other relevant stats)
How much capital you are seeking

THE INVESTMENT PROCESS
1Introduction
Stage

2

Due Diligence
Stage

3

Aristagora VC
Stage

STEP 1

STEP 2

STEP 3

STEP 4

STEP 5Company Application

Initial Review

Introductory Meeting

Partner Meeting #1

Partner Meeting #2

Our managing partners will meet you in person.
We schedule two separate meetings in order tomake sure our partners are in agreement before
proceeding to the next steps in the process.

We respect your time and want tomake sure we reach consensus when it
comes to your venture before asking
you to do any more work.

THE INVESTMENT PROCESS
1Introduction
Stage2Due DiligenceStage3Aristagora VC
Stage

STEP 6

STEP 7

STEP 8Market Due Diligence

Technical Due Diligence

Legal Due Diligence

We evaluate the market, your customers, and your competition.
At Aristagora VC, we believe that your competitors are your best friends. In the age of information, when data is readily available on the Internet, it
is relatively easy for us to learn from the successes and failures of your competition. We are most interested in learning about the competitors thatentered the market in the last one to three years and are making money now.
The purpose of these meetings is to:

See who is making money in themarket and, most importantly,
how they are making it.

Determine what the barriers toentry might be and how to best
confront those obstacles.

Help determine the best goto-market strategy for yourstart-up.

THE INVESTMENT PROCESS
1Introduction
Stage

2

Due Diligence
Stage

Aristagora VC
Stage

3

STEP 6

STEP 7

STEP 8Market Due Diligence

Technical Due Diligence

Legal Due Diligence

Internal processing with your CTO and our tech advisors to ensure your venture is architecturally sound.
This meeting provides us with:
A deeper understanding of thedevelopment team’s capabilities.

A sense of where there may be holes
or weaknesses in the product thatneed to be addressed.

A sense of potential
scalability.

For this phase, all you need to do is bring your CTO and/or Development Team to explain your internal infrastructure and yourtechnical vision going forward.

THE INVESTMENT PROCESS
1Introduction
Stage

2

Due Diligence
Stage

3

Aristagora VC
Stage

STEP 6

STEP 7

STEP 8Market Due Diligence

Technical Due Diligence

Legal Due Diligence

Legal processing to make sure yourpaperwork is in order and your legal
structure is ready for investment.

We have to ensure yourlegal structure is sound.

Our analysts and legal team members will ask
for some paperwork in order to better
understand your company’s legal status.

Don’t worry!
We know you are early-stage company

This stage helps us to know what we will need to improve down the road.

THE INVESTMENT PROCESSIntroduction
Stage

1

2

Due Diligence
Stage

3

Aristagora VC
Stage

STEP 9STEP 10

STEP 11

Legal Due Diligence

Final Investment Committee Approval

Aristagora VC StepNow it's time to negotiate a deal that makes sense for both sides.

The usual procedure is:

Presentation of a “white paper” to outline the guiding businessprinciples that will go into the contract.
Presentation of a terms sheet once our legal department has
translated the white paper into a more concretely structured deal.
Execution of the contract and celebration.
Forwarding of the signed contracts to our lawyers for the creationof a definitive agreement.

A few key points:

Aristagora VC does not negotiate deal terms via email.
We believe all business decisions need to be made in personwith everyone around the table together.
Aristagora VC does not negotiate directly with lawyers.
We ask that all changes be communicated directly by eachparty to avoid additional confusion.
We ask that deal terms be kept private until the deal isclosed and made official.

THE INVESTMENT PROCESS
1Introduction
Stage

2

Due Diligence
Stage

3

Aristagora VC
Stage

STEP 9STEP 10

STEP 11

Legal Due Diligence

Final Investment Committee Approval

Aristagora VC StepThe terms of the deal arepresented to our local and global
investment board.

This step is an internal process.
You don’t need to do anything.

We will approve proposed deals
with our international
investment committee.

THE INVESTMENT PROCESS
1Introduction
Stage

2

Due Diligence
Stage

3

Aristagora VC
Stage

STEP 9STEP 10

STEP 11

Legal Due Diligence

Final Investment Committee Approval

Aristagora VC StepOnce we're officially on the same team, the real magic begins—but a good magician never reveals his secrets!

WELCOME TO THE FAMILYLife On Planet Aristagora VC

Hard work

Opendiscussion

ExcellenceInternational
thinking

Teamwork

Strategicpartnerships

RespectGuidanceNo wastedtimeISRAEL
Aristagora VC
Tel: +972-3-3761005

One Azrieli Center Round
Building, 39th floor
Tel Aviv 6701101
IsraelJAPAN
Aristagora VC
Atago Green Hills MORI Tower, 35thfloor 2-5-1 Atago, Minato-ku
Tokyo 105-6235
Japan

Tel: +813-6452-8840
Fax: +813-6452-8841

info@aristagoravc.com