{"id":14435,"date":"2019-05-03T00:30:15","date_gmt":"2019-05-03T03:30:15","guid":{"rendered":"https:\/\/www.pnst.com.br\/?p=14435"},"modified":"2023-07-13T14:12:44","modified_gmt":"2023-07-13T17:12:44","slug":"capitalisation-de-startups-au-bresil","status":"publish","type":"post","link":"https:\/\/www.pnst.com.br\/fr\/articles-fr\/startups-et-innovation\/capitalisation-de-startups-au-bresil\/","title":{"rendered":"Capitalisation de Startups au Br\u00e9sil"},"content":{"rendered":"\n<p>La France et le\nBr\u00e9sil sont parmi les 10 pays qui d\u00e9tiennent le plus grand nombre de startups\nen activit\u00e9, selon le <em>startupranking.com<\/em>. La France occupe la 7\u00e8me position,\navec 1.384 startups, et le Br\u00e9sil, en 10\u00e8me, en a 1.069. Cet article a pour but\nde capter cette \u00e9nergie, qui \u00e9veille la curiosit\u00e9 de plusieurs dans la\ncommunaut\u00e9 franco-br\u00e9silienne, en donnant quelques points d\u2019\u00e9clairage sur les\nd\u00e9marches usuelles dans le cadre d\u2019une lev\u00e9e de fonds d\u2019une startup\nbr\u00e9silienne, \u00e0 la lumi\u00e8re du droit applicable au Br\u00e9sil, et des pratiques de\nmarch\u00e9 locales. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">N\u00e9gociation Pr\u00e9alable <\/h4>\n\n\n\n<p>Dans le domaine\nde l\u2019investissement en startups, il existe une myriade de questions l\u00e9gales, \u00e0\ncommencer par savoir si la soci\u00e9t\u00e9 ou ses <em>founders <\/em>sont titulaires de\nleur propri\u00e9t\u00e9 intellectuelle, c\u2019est \u00e0 dire si les marques, brevets, mod\u00e8les\nd\u2019utilit\u00e9, programmes d\u2019ordinateur, sont bien la propri\u00e9t\u00e9 de la soci\u00e9t\u00e9 ou de\nses associ\u00e9s. Mais celle-l\u00e0 est d\u00e9j\u00e0 une question raffin\u00e9e. Plusieurs startups\nn\u2019ont jamais cl\u00f4tur\u00e9 de bilan, ou dress\u00e9 de PV d\u2019assembl\u00e9e. Certaines,\nfigurez-vous, n\u2019ont m\u00eame pas de <em>CNPJ<\/em>. Et cela est parfois parfaitement\nacceptable. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Term sheet <\/strong><\/h4>\n\n\n\n<p>Les <em>Letter of\nIntent <\/em>(LoI), <em>Memorandum of Understandings <\/em>(MoU), et <em>Term-Sheet <\/em>sont\nutilis\u00e9s au d\u00e9but des \u00e9changes entre investisseurs et <em>founders <\/em>et\naccomplissent une m\u00eame finalit\u00e9 : \u00e9voluer dans les n\u00e9gociations et formaliser\nles intentions de chaque partie. Pour avoir un <em>Term-Sheet <\/em>complet, c\u2019est\nindispensable de r\u00e9unir des dispositions concernant au moins : l\u2019op\u00e9ration\nenvisag\u00e9e ; les conditions de l\u2019affaire et la participation de chacun ; le prix\nselon la <em>valuation <\/em>(\u00e0 d\u00e9pendre de la <em>due diligence<\/em>, infra) ;\ndroits et obligations r\u00e9ciproques ; et finalement des dispositions de\nconfidentialit\u00e9. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Due Diligence <\/strong><\/h4>\n\n\n\n<p>La <em>due\ndiligence <\/em>dans le cadre d\u2019une startup comporte des att\u00e9nuations, dans la\nmesure o\u00f9 l\u2019on parle d\u2019une soci\u00e9t\u00e9 en naissance, sans structure de gouvernance.\nDans un monde id\u00e9al, la due diligence devra recouvrir une analyse fiscale, des\nrelations d\u2019emploi et travail, <em>corporate <\/em>et accords parall\u00e8les affectant\nles parts sociales en n\u00e9gociation, des contrats avec les clients et\nfournisseurs, de la propri\u00e9t\u00e9 intellectuelle, et des questions r\u00e8glementaires.\nL\u2019analyse de la r\u00e9putation des associ\u00e9s est fondamentale, car les personnalit\u00e9s\ndes founders et de la <em>startup <\/em>se confondent \u00e0 ce stade. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Mod\u00e8les\nd\u2019Investissement <\/strong><\/h4>\n\n\n\n<p>Une fois que les\nparties aient trouv\u00e9 un int\u00e9r\u00eat commun, l\u2019accord d\u00e9finissant les termes du\nbusiness, prix et participation de chacun, il est temps de passer au choix de\nla forme d\u2019investissement. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Dettes <\/strong><\/h4>\n\n\n\n<p>Par le biais de\nla signature d\u2019un contrat de <em>m\u00fatuo convers\u00edvel<\/em>, soit d\u2019un pr\u00eat conversible,\nla soci\u00e9t\u00e9 va se compromettre \u00e0 rembourser le capital investit par un\ninvestisseur ange (r\u00e9guli\u00e8rement) \u00e0 un taux d\u2019int\u00e9r\u00eat d\u00e9fini d\u2019un commun\naccord, qui sera \u00e0 l\u2019expiration du contrat converti en participation en\ncapital. Les questionnements les plus r\u00e9currents tournent autour du pourcentage\ndu capital auquel le pr\u00eat correspondra lors de la conversion. Il y a deux\nmod\u00e8les populaires : le premier, plus simple, qui est de fixer un pourcentage\nimmutable consid\u00e9rant une <em>valuation pre-money<\/em>. Dans le second, la\nparticipation sera fix\u00e9e lors de l\u2019\u00e9valuation de la lev\u00e9e suivante, quand une\nnouvelle valeur sera attribu\u00e9e \u00e0 la compagnie. Ici, les parties conventionnent\nnormalement un cap maximum et un discount. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Equity <\/strong><\/h4>\n\n\n\n<p>L\u2019achat de\nparticipation sociale est celui qui va demander le respect total ou quasi-total\ndes r\u00e8gles de due-diligence vues ci-dessus. Il a comme points positifs un\ncontr\u00f4le plus effectif des op\u00e9rations, permettant de mieux guider le parcours\nde la soci\u00e9t\u00e9. En revanche, l\u2019entr\u00e9e dans le capital social va faire naitre\npour l\u2019investisseur la succession des passifs ant\u00e9rieurs. Plusieurs types de\nparticipations existent, avec des droits de vote et de paiement de dividendes\ndiff\u00e9rents. Un pacte d\u2019actionnaires est conseillable, englobant le droit de\nvote, les restrictions \u00e0 la cession de parts, clauses de <em>drag-along <\/em>et\nde <em>tag-along<\/em>, et de non-concurrence. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Autres <\/strong><\/h4>\n\n\n\n<p>Le Contrat de\nParticipation, ins\u00e9r\u00e9 dans la loi du <em>Simples <\/em>est un accord par lequel\nl\u2019investissement ange n\u2019int\u00e8gre pas le capital social, pour prot\u00e9ger\nl\u2019investisseur. Cette option ne s\u2019est pas popularis\u00e9e, car elle pr\u00e9sente des\ncontraintes ainsi qu\u2019une fiscalit\u00e9 d\u00e9favorable. Un autre exemple est celui du <em>SAFE<\/em>,\nd\u00e9velopp\u00e9 par <em>Y Combinator<\/em>, qui est une sorte d\u2019option de souscription\no\u00f9 l\u2019investisseur fait un apport en capital, qui sera ajust\u00e9 dans le futur,\nselon des r\u00e8gles de valuation pr\u00e9\u00e9tablies. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Conclusion <\/strong> <\/h4>\n\n\n\n<p>Les discussions entre investisseurs et founders se concentrent sur les m\u00eames th\u00e8mes : les premiers veulent un maximum de retour sur l\u2019argent inject\u00e9, avec le minimum d\u2019exposition \u00e0 des passifs financiers et juridiques, alors que les seconds veulent un maximum de capital pour un minimum de contrepartie dans leur equity. Cet article ne doit pas \u00eatre interpr\u00e9t\u00e9 comme conseil l\u00e9gal ; vous \u00eates conseill\u00e9s \u00e0 demander l\u2019avis professionnel de votre avocat. <\/p>\n\n\n<br>\r\n<em><strong>Adriano B. Consentino<\/strong> \u00e9tait associ\u00e9 chez Pacheco Neto Sanden Teisseire Advogados.\r\n<\/em>\n","protected":false},"excerpt":{"rendered":"<p>La France et le Br\u00e9sil sont parmi les 10 pays qui d\u00e9tiennent le plus grand nombre de startups en activit\u00e9, selon le startupranking.com. La France occupe la 7\u00e8me position, avec 1.384 startups, et le Br\u00e9sil, en 10\u00e8me, en a 1.069. Cet article a pour but de capter cette \u00e9nergie, qui \u00e9veille la curiosit\u00e9 de plusieurs [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14436,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_joinchat":[],"footnotes":""},"categories":[209],"tags":[],"class_list":{"0":"post-14435","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-startups-et-innovation","8":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Capitalisation de Startups au Br\u00e9sil - PNST<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pnst.com.br\/fr\/articles-fr\/startups-et-innovation\/capitalisation-de-startups-au-bresil\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capitalisation de Startups au Br\u00e9sil - PNST\" \/>\n<meta property=\"og:description\" content=\"La France et le Br\u00e9sil sont parmi les 10 pays qui d\u00e9tiennent le plus grand nombre de startups en activit\u00e9, selon le startupranking.com. La France occupe la 7\u00e8me position, avec 1.384 startups, et le Br\u00e9sil, en 10\u00e8me, en a 1.069. 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La France occupe la 7\u00e8me position, avec 1.384 startups, et le Br\u00e9sil, en 10\u00e8me, en a 1.069. Cet article a pour but de capter cette \u00e9nergie, qui \u00e9veille la curiosit\u00e9 de plusieurs [&hellip;]","category_list":"<a href=\"https:\/\/www.pnst.com.br\/fr\/c\/articles-fr\/startups-et-innovation\/\" rel=\"category tag\">Startups et Innovation<\/a>","comments_num":"0 comments","uagb_featured_image_src":{"full":["https:\/\/www.pnst.com.br\/wp-content\/uploads\/2019\/05\/capitalisation-de-startups-au-bresil.jpg",360,217,false],"thumbnail":["https:\/\/www.pnst.com.br\/wp-content\/uploads\/2019\/05\/capitalisation-de-startups-au-bresil-150x150.jpg",150,150,true],"medium":["https:\/\/www.pnst.com.br\/wp-content\/uploads\/2019\/05\/capitalisation-de-startups-au-bresil-300x181.jpg",300,181,true],"medium_large":["https:\/\/www.pnst.com.br\/wp-content\/uploads\/2019\/05\/capitalisation-de-startups-au-bresil.jpg",360,217,false],"large":["https:\/\/www.pnst.com.br\/wp-content\/uploads\/2019\/05\/capitalisation-de-startups-au-bresil.jpg",360,217,false],"1536x1536":["https:\/\/www.pnst.com.br\/wp-content\/uploads\/2019\/05\/capitalisation-de-startups-au-bresil.jpg",360,217,false],"2048x2048":["https:\/\/www.pnst.com.br\/wp-content\/uploads\/2019\/05\/capitalisation-de-startups-au-bresil.jpg",360,217,false],"single-featured-image":["https:\/\/www.pnst.com.br\/wp-content\/uploads\/2019\/05\/capitalisation-de-startups-au-bresil.jpg",360,217,false],"blog-featured-image":["https:\/\/www.pnst.com.br\/wp-content\/uploads\/2019\/05\/capitalisation-de-startups-au-bresil.jpg",360,217,false],"home-featured":["https:\/\/www.pnst.com.br\/wp-content\/uploads\/2019\/05\/capitalisation-de-startups-au-bresil.jpg",360,217,false],"gb-block-post-grid-landscape":["https:\/\/www.pnst.com.br\/wp-content\/uploads\/2019\/05\/capitalisation-de-startups-au-bresil.jpg",360,217,false],"gb-block-post-grid-square":["https:\/\/www.pnst.com.br\/wp-content\/uploads\/2019\/05\/capitalisation-de-startups-au-bresil.jpg",360,217,false]},"uagb_author_info":{"display_name":"admin","author_link":"https:\/\/www.pnst.com.br\/fr\/author\/admin\/"},"uagb_comment_info":0,"uagb_excerpt":"La France et le Br\u00e9sil sont parmi les 10 pays qui d\u00e9tiennent le plus grand nombre de startups en activit\u00e9, selon le startupranking.com. La France occupe la 7\u00e8me position, avec 1.384 startups, et le Br\u00e9sil, en 10\u00e8me, en a 1.069. Cet article a pour but de capter cette \u00e9nergie, qui \u00e9veille la curiosit\u00e9 de plusieurs\u2026","_links":{"self":[{"href":"https:\/\/www.pnst.com.br\/fr\/wp-json\/wp\/v2\/posts\/14435","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pnst.com.br\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pnst.com.br\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pnst.com.br\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pnst.com.br\/fr\/wp-json\/wp\/v2\/comments?post=14435"}],"version-history":[{"count":0,"href":"https:\/\/www.pnst.com.br\/fr\/wp-json\/wp\/v2\/posts\/14435\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pnst.com.br\/fr\/wp-json\/wp\/v2\/media\/14436"}],"wp:attachment":[{"href":"https:\/\/www.pnst.com.br\/fr\/wp-json\/wp\/v2\/media?parent=14435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pnst.com.br\/fr\/wp-json\/wp\/v2\/categories?post=14435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pnst.com.br\/fr\/wp-json\/wp\/v2\/tags?post=14435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}