Max-Josef Meier

Thanks (again) Martin and Jan for the great discussion in today’s Investments & Exits episode of Startup Insider. See the link to the episode in the comments. 👉 TL;DR: (1) Congrats to the team from Caeli Wind GmbH for announcing their 11M EUR Series A from Notion Capital and Santander with participation of existing investors HTGF | High-Tech Gründerfonds. Ben Schlemmermeier and Heiko Bartels are building a platform to match wind park developers 🍃 with landlords of suitable locations ⛳. On top of matching these parties and taking out the friction in the market, the solution provides deep tooling for both sides of the platforn. (2) In that context we discussed the potential expansion opportunities and also the general need to be empathetic with both sides of such a marketplace model 🔄 (3) We all shared our fascination for the model and the team's approach and also highlighted that in many instances the real power of such a solution lies beyond the obvious. 🔍 (4) Finally, we reemphasized that we are both Cavalry Ventures and Picus Capital very open to talk to founders in the very early stage, especially on the non-obvious and tricky challenges that e.g., the #EnergyTech and #ClimateTech space is facing. #StartupInsider #InvestmentsExits #Podcast #PreSeed #Seed #Series A

69

4 Kommentare

Today I visited the GREENTECH FESTIVAL in Berlin with my dear friend Andreas. 💚 To make it short: Good vibes, busy floors and a big startup space. But tbh I wondered if it's really worth it for startups. I remember from my active time as an exhibitor that we weren't honest about the hard costs per lead. We argued a lot: being there is everything, you have to be seen, brand building is important, it's where the industry meets, serendipity happens, if we just get one big order it will pay off... not to forget the parties! That's all true, but the opportunity cost of attending a trade show is very high, especially for startups. And while this isn't meant to be a trade show bashing at all, here are a few suggestions from my experience, on how to make the most of it... - Train your team to proactively approach people. - Initiate a challenge to see who can get the most leads. - Prepare in advance and market your attendance by actively inviting customers. - Consider a small side event, such as a VIP dinner. - Try to book a package with a speaking engagement at the conference, that has always paid off for us. - Use the exhibitor directory for your own prospecting. - Calculate cost vs. lead conversion after the show with real data and decide whether to repeat. - Push your presence on social in real time. Good luck to all exhibitors and happy selling 🚀 ____________________________ Sharing my experience as an entrepreneur and angel investor. Investing in early stage B2B SaaS startups. Happy to connect 👋

62

9 Kommentare

Top tips for angel investors for more international deals. From Eva Spannagl, Managing Director of Climatos. The easy part: 👉 Build connections with international investors. 👉 Reach out proactively to international teams. 👉 Use Linkedin The tough one: 👉 Define your unique value proposition for this type of founders 👉 Preach what you want to do a thousand times. Talk about what you want. And the actions will follow. What do you think? What other tips will you add to the list? Join the conversation. #venturecapital #startupinvesting #angelinvesting #europe

4

1 Kommentar

At our VC firm, we don't just fund companies, we fund your existential crises. Every investment comes with a complimentary philosophy book. #vc #startups #investment

8

How is 2024 going for the European VC ecosystem? Well the market seems to stabilise around what could be call a « new normal ». What are the indicators? The number of deal, even though decreasing year on year (-26.6%), is stabilizing at 2398 deals.  The deal value also stabilize at 16.3€B raised by start-ups in Q1 2024. It’s a 18.9% increase YoY. After the 2021 VC hype, a new normal seems to be seeting in since 2022. The amount raised by start-ups now ranges from 13.5€B to 20€B.  To give a comparison point amount raised pre-covid was ranging between 9€B and 15.8€ per quarter. But in this new normal a problem still remains : exits. Start-ups and VCs are still struggling to find a liquidity to get out of deal. Analysts are predicting that 2024 will look like 2023 on this point. For the moment only 1.9€B has been exited (VS 14.9€B in 2023). Only two sectors are doing well in terms of exits : Pharma & Biotech. Thanks to big incumbents, start-ups in these sectors are being acquired, mainly for their technology and IP.    In short, 2024 seems to be a normal year post-covid year in Europe. The only surprises that we can expect will come from the AI ​​which continues to be in a hype cycle.

11

🌟 Spotlight on Female Founders in European Venture Capital! 🌟 The latest Q1 2024 European Venture Report from Pitchbook reveals intriguing trends in VC activity, especially concerning female-founded companies. While the overall investment landscape has been challenging, the resilience and innovation of female entrepreneurs stand out. 📉 Current Trends: Deal activity for female-founded companies started slower this year, with €1.9 billion in deals, marking a 28.6% drop YoY. Despite this, the ecosystem for female-led companies is vibrant, with sectors like femtech showing promising growth. 🚀 Top Deals: The largest female-founded deal was with Everphone, securing a whopping €270 million in venture growth funding. Other notable deals include Medical Microinstruments and Razor Group in the healthcare and B2B sectors. 🔍 Looking Ahead: Female-founded exits appear more buoyant, showing a healthy exit/investment ratio, which highlights the growing investor confidence in female-led startups. With increased focus on diverse and inclusive funding, the future is promising for female founders. Let's celebrate and support the incredible achievements of female entrepreneurs in Europe. Their success is not just a win for gender diversity but a testament to the innovative spirit driving the European venture ecosystem forward. #VentureCapital #FemaleFounders #EuropeanVenture #Innovation #DiversityInTech #StartupEcosystem

6

Three biggest learnings from a fundraising journey. Shared by Rainer Märkle, General Partner at HV Capital at EUVC 1/ Have a time box with a deadline attached. Have a defined horizon & create a clear plan. Have some urgency to get things done at some point. Execute very transparently and reliably. 2/ Stick to your narrative. But don't do it blindly. Tweak it when necessary. Adapt it. Don't let yourself be surprised by major changes. Keep focusing on delivering according to your strategy & plan. 3/ Fundraising is a marathon with many sprints. There are moments when you'll ask yourself - Why do I do this? Is it gonna work out? But don't get too negative during the down phases. Adapting and pivoting is part of our job. As it is for the founder of a company. How about you? What fundraising lessons have you learned? Join the conversation. 🔽 #venturecapital #angelinvesting #startupfunding #europe

5

1 Kommentar

Tips & tricks for European VCs fundraising right now. From Carina N. Partner at Plural. Building a successful VC firm goes beyond a great investment thesis. Here are two aspects to consider: 1/ Strategy & positioning vs. Fund size vs. LP types. What niche are you targeting? How are you unique? What types of deals excite you? What stage do you invest in? Who are the ideal investors for your fund? What check sizes do they typically write? Know the answer to these questions inside out. 2/ Take time to build LP relationships. Building trust with LPs is an investment in itself. Do it consistently. LPs talk. Build a good reputation. Positive experiences from others can open doors. What other advice would you give to emerging VCs? Join the conversation. 🔽 #venturecapital #angelinvesting #startupfunding #europe

17

1 Kommentar

Want to exit as an early-stage founder? Yes, it is possible. But it requires a different approach to typical M&A dealmaking. A bit of context… I get 5-10 messages per week from relatively early-stage founders (traction, but not massively profitable yet) who are looking to exit. There are many reasons why - one of several projects, need more stable finances, tapped out and unsure what to do next. Etc. This also applies to relatively small businesses (sub-£5M revenue), owner-operated with a good team where the motivation may be a life-style change or retirement. Now. To be blunt and honest, in 90% of cases there isn’t an exit path - usually because of mis-match in expectations. (Eg: “We’re just one small investment away from building a $BN+ company”) But. Most of the time you can salvage a £1-10M outcome over a 12-36 month period. How? By treating it as an investment case to deliver an outcome for a specific target company. For example: You have a software product that helps insurance companies manage supply-chain risk. Let’s say the business does £500k revenue and covers costs. Your average M&A Advisory would try to sell the company based on the revenue/EBITDA and (after many months of false hope) fail to do so. They will get offers - but rarely ones you want to accept. My advice - and what I always recommend founders / owners do below 1M EBITDA - is to approach specific targets with an investment case to deliver outcomes. For example: Making / saving a target insurance company Z benefits over an agreed timescale with milestone payments. Becuase taking supply chain risk. This is a multi-million, even billion, sized problem that all wrestle with - and invest significant CapEx and OpEx into annually. If you can solve that - or deliver X saving … you get Y. Sounds fair, no? This is a very standard deal in enterprise consulting land. And beats shutting the venture down and feeling like you’ve failed. No. It’s not the all-cash deal from Google. Yes. It will require work to implement. Yes. It is a viable path for most owners / founders to realise a good return for creating value in a relatively de-risked way. See. What many founders / owners overlook is that the most valuable thing they have created isn’t IP … software … their service offering … etc … It’s actually their understanding of the problem, how to solve it, and a team who can solve it. So. If you are in this situation and looking for an exit. But aren’t really acquirable yet, why not give this a go? First step is putting together a short-list of targets who you might approach and are already investing in the problem (bigger is better). Hope useful. I wish someone had given me this advice on the dozens of early-stage ideas I walked away from over the years! #exitstrategy #founder #openequity

9

☀️ Summer Update: Freshly announced VC funds - €4bn+ since April! ☀️ The VC market is back, great time to build great companies in Europe! 🚀 Due to PitchBook, "The venture capital market (globally) has already bottomed out, with signs that a gradual rebound is underway." (https://lnkd.in/e7G6cQEH) "The venture industry is more active than any time pre-2021. Q2 venture capital investment in Europe is up 14% on Q1, and 12% year on year, and European startups raised $15.6B in Q2 2024." Dealroom.co (https://lnkd.in/egYHgkNg) Here are a bunch of fresh funds: <100m Funds: 💰 Carbon Equity 🇳🇱 - €60m (https://lnkd.in/e6trwJup) 💰 BlackWood 🇩🇰 - €15m (https://lnkd.in/ed__M4Np) 💰 Italian Founders Fund 🇮🇹 - €50m (https://lnkd.in/ehfZpuF8) 💰 Kfund 🇪🇸 - €70m (https://lnkd.in/eWVGi-xE) 💰 Dreamcraft Ventures 🇩🇰 - €66m (https://lnkd.in/eYaRm7WT) 💰 identity.vc I Backing LGBTQ+ Entrepreneurs 🇩🇪 - €15m (https://lnkd.in/eKTSVPXa) 💰 Openseed VC 🇬🇧 - €9m (https://lnkd.in/e_hPphrY) 💰 Pitchdrive | Early-stage VC 🚀 🇳🇱 - €40m (https://lnkd.in/e6r49mMz) 💰 14Peaks Capital 🇨🇭 - €28m (https://lnkd.in/eBSjW-cw) 💰 Elevator Ventures 🇦🇹 - €70m (https://lnkd.in/eahGkeXM) 💰 BOOOM💥🇩🇪 - €17m (https://lnkd.in/eJqWt2MH) >100m Funds: 💰 13books Capital 🇬🇧 - ￡121 (https://lnkd.in/eXhaydg9) 💰 MiddleGame Ventures 🇱🇺 - €150m (https://lnkd.in/eGd69gSx) 💰 Wind 🇫🇷 - €130m (https://lnkd.in/eeaNHZJm) 💰 Vsquared Ventures 🇩🇪 - €214m (https://lnkd.in/eNFj9rGf) 💰 Suma Capital 🇪🇸 - €125m (https://lnkd.in/efk7QJGk) 💰 Creandum 🇸🇪 - €500m (https://lnkd.in/e7ztHAU9) 💰 ETF Partners 🇬🇧 - €285m (https://lnkd.in/eKPdGPkJ) 💰 Norrsken VC 🇸🇪 - €320m (https://lnkd.in/ewxTh7zD) 💰 Alpine Space Ventures 🇩🇪 - €170m (https://lnkd.in/e3SQQwwf) 💰 Accel 🇬🇧 - €600m (https://lnkd.in/eYewqRqj) 💰 imec.xpand 🇧🇪 - €300m (https://lnkd.in/e-S-TyhW) 💰 Lakestar Early+Growth 🇨🇭- €560m (https://lnkd.in/e_SeFicE) 💰 Armira Growth 🇩🇪 - €200m (https://lnkd.in/efVRktgx) 💰 Index Ventures 🇬🇧 - $2.3bn (https://lnkd.in/eVzF5ncE) Forgot one? Feel free to comment! 👇 Link to Dealroom.co's Q2 Report: https://lnkd.in/eAVxFHGx

45

8 Kommentare

I'm speaking at SuperVenture 2024 on the 5th of June in Berlin. The topic of the panel is emerging VC managers: time to shine or out of their depth? Are LPs fleeing to established names and those that cut their teeth during previous cycles? Or is now the time for emerging managers to bring something different to the table? Is volatility leading to true innovation and disruption? We’re on track to see approximately 44% of the total LP capital committed to US VC funds since the start of the year go to just two large established VC platforms, according to PitchBook data. While many established VCs maintain their allure, there is a subset of LPs who are making a deliberate choice to increase their allocations to specialist emerging VC managers - managers who have spun out from established funds and have an attributable track record, founders with deep operational experience turned funders or academics with deep domain expertise. There is non-trivial added complexity when it comes to emerging VC selection – given the large number of funds needed to be screened and the more complicated referencing and DD process. Data highlights how important it is for GPs to identify & back ‘big winners’ early on to drive fund returns. Typically, ~5% of invested capital in a few winners drives most of the return (>50%). The VC model is built around investing in early-stage companies each with the potential to more than return the whole fund. Who has the right to win? Who will the best founders (and LPs) decide to partner with? #SuperVenture #VC SuperReturn

77

7 Kommentare

The idea or the team? There has long been a debate about what is more important: the idea or the team? For me, it's undoubtedly the team! A strong team can overcome any challenges and find the right product and model that will work. We in Mento vc have a checklist where we score each point (from 0 to 5). There is no rule on how many points need to be scored. It’s more for us to ensure we don't forget to look at certain aspects. 1. Founders' experience. Have they built a business before, and to what scale. 2. Industry experience. Do they have experience specifically in the field where they are developing the project. 3. Intelligibility. This is our subjective criterion and can't be quantified 🙂 4. Personality (Match). How well do we fit together? We invest with a horizon of 3-4 years (minimum), which means a long-term partnership. If things don’t click now, it will be difficult moving forward. 5. Team. Who is already on board and what is their background? 6. Location. Where are the team and the founders based. Are the founders located in the primary market for their project. Have you ever analyzed your own or someone else's project from the perspective of the team? Share your thoughts in the comments 👇

11

Fundraising is a long and continuous process, usually taking no less than 3-4 months to finish, and it's better to start it when you have at least 9-12 months of runway (cash in the bank divided by monthly burn rate) #fundraising #startups #investors

9

How to right-size your DeepTech fund in Europe? 1. "Opportunity vs. Necessity". Balance opportunity and the necessity to stay on the right track. You need to manage both to be successful. 2. Capital constraints. The last two generations of venture funds are around $100-200M. Deploying even $20M in a successful company can be a struggle. 3. Multi-stage approach. Most firms pick up first checks at seed, seed plus, and sometimes Series A. Transitioning to Series B and C requires more capital. 4. Hardware challenges: In hardware, you can't just do the seed and leave it at that. The ecosystem isn't fully developed, and capital is key. 5. Growth opportunity funds: Growth funds help right-size venture opportunities. They are often invested in late-stage rounds. 6. Focus on signals: Don't just top up capital; focus on the right signals. Avoid making early investments to prevent underperformance later. 7. Late-stage investments: Investing at late Series B and C stages is common. Look for an outside lead investor writing a big check. 8. Proven product: By late-stage, companies should have a proven product and market. They should have initial customers and sales. 9. Limited hardware companies: Challenges and capital intensity limit the number of hardware companies in portfolios. 10. Capital intensity: Capital intensity is a major challenge in deep tech. Learning how to manage it effectively may be the most important thing you can do for your fund. What do you think? Join the conversation below. 🔽 #VentureCapital #StartupFunding #Fundraising #Europe #diversity

17

3 Kommentare

Vsquared VC: New Fund II Raised💰 Vsquared Ventures has successfully closed its Fund II at €214m to invest in early-stage deeptech startups across Europe. The fund significantly exceeded its initial target of €165m, reflecting the growing momentum and understanding of deeptech's importance in Europe. Founding partner Thomas Oehl attributes this success to the increasing recognition of deeptech's potential.🌟 The fund will invest between €500k and €5m in approximately 25 companies, reserving two-thirds of the fund for follow-on investments. The portfolio already includes notable startups: cylib, Synthara AG, and NEURA Robotics.🤖 🔎The new fund will focus on six key themes: AI and next-gen software, energy transition, new computing and sensing, space, tech bio, and robotics and manufacturing. Oehl emphasizes that Vsquared aims to be the first institutional investor in these deeptech startups, positioning itself as a leading supporter of innovative technologies.🦸‍♂️ Vsquared's latest fund is primarily backed by European LPs, including Novo Holdings, the NATO Innovation Fund (NIF), the Export and Investment Fund of Denmark, the European Investment Fund (EIF), and Germany’s KfW Capital . This deliberate choice showcases Vsquared as a pan-European fund. The fund also includes founders as LPs, such as Simon Bolz of Klara, and Dr. Oliver Trinchera and Dr. Alexander Huettenbrink, co-founders of KINEXON.💵 GP Lise Rechsteiner, PhD notes a significant shift in the perception of deeptech investments over the past few years. "Two or three years ago, you had to explain a lot why you were doing deeptech investments, and that has completely changed. There is no question around that anymore," she says. Rechsteiner emphasizes that Europe's strength in deeptech is underpinned by its high-quality universities, scientific research, and graduate talent. Rechsteiner highlights several emerging deeptech hubs outside the traditional powerhouses of Munich, London, Paris, and Stockholm. She sees Vilnius as strong in cybersecurity and tech bio, and Copenhagen emerging as a hub for quantum and biomanufacturing.🏦 Despite the immense opportunity for Europe to build deeptech champions, Rechsteiner points out challenges such as fragmentation in the European IPO market. Unlike the centralized Nasdaq in the US, Europe's decentralized IPO markets create a fragmented investor base, making it difficult for not-yet-profitable companies. "Getting rid of hurdles and trying to really see Europe as a united region would be amazing," Rechsteiner concludes. 🌍✨ ✅ Looking to raise capital for your #VCfund and increase the international pool of your LPs?   🤝 Need warm #LP introductions?   📝 Selling #secondaries to increase liquidity?   🧐 Looking for co-investments (Series A/Series B)?   ▶G+QUANT's link for inquiries and fund decks: https://lnkd.in/gjC_EuTE   #Deeptech #VentureCapital #EuropeanInnovation #Startups #TechInvesting

72

June 9 2024 – 5 Notable Articles To Read Article: More VC money than ever is going into impact-driven start-ups Takeaway: Europe's VC sector is dedicating a growing portion of its investments to companies developing products or services that support sustainable development goals. The proportion of total VC funding directed towards these "impact start-ups" has risen from 18% in 2019 to 37% in 2023, during which European VCs raised €53B. Source: Science|Business Link: https://lnkd.in/dfZ5Mihm Article: Mena AuM rises by 13% to $2.3T Takeaway: According to Boston Consulting Group (BCG), the asset management sector experienced a 12% increase in assets under management (AuM), reaching $120T, recovering from the previous year’s decline. Source: Funds Europe Link: https://lnkd.in/d8nDjkmm Article: High-Flyer Capital Management: the Chinese quant fund-turned-AI pioneer Takeaway: Since its launch in 2015, it has grown into an asset manager with approximately Rmb60B ($8B) under management, utilizing AI and algorithms to identify patterns or variables that could impact stock prices. Source: Financial Times Link: https://lnkd.in/djrXTBUP Article: Billionaires Mittal and Ambani take on Musk in India’s internet space race Takeaway: India’s largest telecom companies are set to launch satellite internet services, positioning themselves to compete with Elon Musk’s efforts to introduce Starlink in the country. Source: Financial Times Link: https://lnkd.in/dyn2arfU Article: Charities create fund to invest in spinal cord injury companies Takeaway: SCI Ventures has begun with $27M in commitments and aims to raise $40M by year-end. Five spinal cord injury charities have collaborated to establish this investment vehicle, which will support companies developing innovative treatments for those affected by the condition. Source: Financial Times Link: https://lnkd.in/du8eZHJe #news #business #research

6

Raising a VC Fund in Europe? We've gathered insights from over 300 VCs and LPs. Here’s what you need to know: 1. Build trust-based connections. 👉28.6% of our guests emphasize the power of strategic and authentic networking Deep, sector-specific insights + broad, meaningful networks = the winning combo! 2. Stand out in a crowded space! 👉19.7% highlighted the need for a compelling narrative that aligns with investors’ goals. Showcase your investment thesis and team expertise to carve out your niche. 3. Be consistent & committed. 👉18.9% stressed the importance of resilience, grit, and continuous improvement. Success requires enduring the trials of fundraising and staying dedicated to your long-term goals. 4. Show knowledge & expertise. 👉14.3% mentioned the value of deep knowledge and effective communication. Blend your expertise with a forward-thinking vision to articulate your thesis in a compelling way. 5. Keep it real. 👉 10.9% advised authentic engagement and integrity. Build genuine relationships and be transparent about your strengths and weaknesses to foster trust. 6. Stay flexible! 👉 7.6% underscored the need for a flexible mindset to navigate uncertainties and seize new opportunities. Pivot strategies and embrace continuous learning. Learn how to navigate the effects of the #TechReset. Get insights from The State of European Fundraising Report. https://buff.ly/4boUlfm #EUVC #fundraising #venturecapital #industryreport

7

1 Kommentar

Thanks Rachel Braun Scherl for shedding light on this ! One of key markers investors look for in early stage companies is the evidence of deep understanding of your customer and your domain. Women building in femtech not only understand the problems personally but have tremendous conviction to solve them. We at She Raises Capital are proud to be working with so many female founders building in femtech . Pipeline issue is a myth! Looking to to back trailblazing women with high growth femtech businesses? Simply reach out. Shalini Sardana (She/Her) , Diane Bailey, Alice Zheng , Springboard Enterprises, Janna Meyrowitz Turner , Azin Radsan van Alebeek , Sophia Yen, MD, MPH , The Female Quotient #femtech #fundinggap #investmentreadiness #dealflow #customer #emotionalhook #convictions #purpose #founderjourney #earlystageinvesting #femtechinvestor

15

1 Kommentar