Andrej Henkler

Great episode for early stage VC's and capital allocators to check out. https://lnkd.in/ekz7JHJd #vc #fundraising #venturecapital

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Fundraising lessons from the past 12 months + a chat with Ken Thomas (Backfuture VC) https://buff.ly/3ziCRmE Delve into a year of fundraising insights with an exclusive discussion featuring Ken Thomas from Backfuture VC. Acquire valuable knowledge and strategies in the ever-evolving realm of fundraising, navigating obstacles, and capitalizing on opportunities in the venture capital landscape. Draw inspiration and practical guidance from seasoned professionals. Stay abreast of current trends and optimal approaches to enhance fundraising endeavors. #VCInsights #CapitalRaising.

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Liquidity or exit planning is often taboo leading to many companies being ill prepared. Successful outcomes are years in the making - they start and end with proactive prep (e.g. getting your house in order, developing strong relationships with strategic partners, potential investors and advisors). With Scott Colvin & Paul Perrett we lay out some key actions you should embed now that can set you up for exit success and also make you a better run business today Big thanks to Bree Fedele 🖋

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Last month, Uncork Capital celebrated its 20th anniversary with a jubilant gathering attended by 420 guests, marking two decades of success in the venture capital realm. Over the years, the firm, alongside industry peers like First Round Capital and Felicis, has witnessed remarkable growth, now managing billions of dollars in assets. This expansion reflects the flourishing landscape of venture capital, with the industry experiencing exponential growth in investment. Moreover, positive shifts in VC norms, such as the evolving attitudes towards board seats, underscore a commitment to providing tailored support to startups, enhancing their growth prospects. Amidst discussions surrounding sectors like AI, optimism prevails, emphasizing a steadfast dedication to investing in innovative ventures with lasting impact. Read More Here: https://lnkd.in/efN6-Spd Branded Hospitality Ventures Jeff Clavier Susan Liu Ashley Cravens Tripp Jones Sarah Du Andy McLoughlin Amy Saper #innovation #technology #management #venturecapital #startup

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Mikal Ventures Annual Wrap-Up This week Mikal Ventures is pleased to bring you our year-long breakdown of the global venture capital market with an emphasis on the Mikal verticals. Over the 52-week period ending April 27, over 26,500 new companies were added. The market grew to just under 194,700 companies included in the Health Tech, Med Tech, Fin Tech, AI Tech, and Ed Tech verticals. The non-US market saw the largest percentage of new companies added-- the group is trending at over an impressive 22% annual growth rate, with all of the non-US verticals seeing double digit growth.  The total deal count saw about 93% in North America and Europe and Asia at 6.2%. AI Tech saw the largest projected annual percentage of growth in new companies, weighing in at a notable 21% and 35% in the US and Non-US markets, respectively. A global annualized growth rate topping an estimated 28% shows a striking indication of just how active this vertical has become. The 52-week indicated transactions in AI Tech were impressive as well, with US, Non-US and global rates coming in at 22%, 26% and 24% respectively. The use of AI is ubiquitous--AI Tech saw about 35% of the patents filed globally across all 10 PitchBook verticals. We see horizontal flow and crossover impacts of machine learning technology in every vertical we follow. Fin Tech is seeing a spate of uses including risk assessment and workflow improvement. Med Tech boasts new drugs, drug delivery platforms and disease detection systems as well as significant advances in robotic surgery. Ed Tech companies such as Zhipu AI and Cohere Health have incorporated AI in their business productivity software for healthcare and science tech B2B audiences. VC Investors are always adjusting their "Play Book" with a variety of options for investing. Mikal Ventures is one of those alternatives, offering curated solutions to real world problems. Reach out if you have questions on how we can be of assistance and bookmark https://mikalventures.com/ for additional insights and information.

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This is a good resource I've stumbled upon. It covers a plethora of VC and startup-related topics and contains links to expand your knowledge. https://lnkd.in/dqkdV4fA TL;DR: "It's the founders, stupid!" These two lines made me hover over: "I know the physical and emotional tolls that entrepreneurs face". "Resources for Managing Founder Anxiety and Depression" I've been one myself, and it's not for the faint-hearted. I struggled and failed many times. From the standpoint of a person working now for a VC fund, the ability to support a founder who was hit with too much at the same time, to know how to listen, mirror and label Chris Voss's style, and a bit of guidance to build confidence back can do wonders. Assisting portfolio companies doesn't have to be just intros and throwing money or unsolicited advice. And what about identifying troublesome founders before investing to prevent assisting portfolio companies from becoming a nightmare flop? Ahh, that's a tricky one. Startups fail for a variety of reasons. At the early stage, we should look at many things, to name a few: product-market fit, go-to-market, blue ocean or zero to one, CAC and LTV ratio, CAP table, passion, leadership potential, intelligence, technical ability, and many, many more. Crunch the numbers. Sure. What about the early stage? Limited information and knowledge when a decision has to be made, and the outcome is impossible to predict because the future is unknown and unknowable. Examine the founders. If you don't read the founders right and overlook some hidden toxic traits and coping mechanisms that mask something that can derail the startup and founders down the road (vulnerable narcissism, antisocial tendencies, Machiavellism, blameshifting or more benign like anxiety-prone, conflict avoidance, burn-out tendency, inability to delegate, perfectionism, risk aversion, etc.), the chances that it will be your next outlier significantly diminish. How many of you saw dead equity on the capable, founders' clash, low morale, a founder playing the sunk cost game with the fund after burning cash, lying, or even more brazen behaviours like experimenting with horse tranquilisers and smoking weed on a podcast? A "Sudden" shift of values with a splash of megalomania could lead to a CEO removal attempt by the board. Or stealing "HER" voice. It is fun to watch as a TV drama, not to deal with as your portfolio. We won't be able to see it all during a few conversations with the founders and not everyone is Wendy Rhoades from Billions. Knowing how to ask a question behind which is a hidden question and being able to detect when founders say what they think we want to hear to get the funding is a good start. Spending extra time learning that is a good investment. A splash of psychology, empathy, self-awareness, and emotional intelligence to become an excellent GP won't harm your ability to identify and help the right entrepreneurs build great companies.

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Among the many inefficiencies weighing on the heavy construction sector, equipment maintenance management is one of the more costly, particularly for heavy equipment dealers who bear the primary responsibility for managing the maintenance of the equipment they sell. We are pleased to have Digital Iron join C2V's portfolio. Ditial Iron seamlessly integrates machinery manuals, CRM data, and customer ERP systems to create a centralized source of equipment specifications, maintenance parameters, and field usage data and provides a natural language interface for researching these issues (the gen AI piece). Once dealers have established the cause of each issue, Digital Iron will automatically check dealer inventory and third-party suppliers for availability, lead time, and price of the necessary parts. This information can then be instantly shared with customers for approval and immediate order of needed parts. In addition to saving hours (often days) identifying and sourcing replacement parts, Digital Iron’s AI models also compare equipment usage information to manufacturer useful life/replacement recommendations for each component and prompt dealers to proactively suggest parts replacements to customers, allowing them to monetize all of the additional (and substantial) post-sale revenue for each piece of equipment they sell. https://lnkd.in/e2QJeQut #ai #construction #investing

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His career started when someone said to him, “well, have you thought about venture capital? We don’t think that you’d be any good at it.” The rest is history. Today’s Alt Goes Mainstream episode features one of the legends of the venture capital industry. Peter Barris joined New Enterprise Associates (NEA) in 1992 after a storied operating career as President and COO at Legent Corporation and an executive at GE Information Services. He served as Managing General Partner and Chairman of NEA from 1999 to March 2024. Under Peter's leadership, NEA saw tremendous success, growing into one of the world's largest venture capital firms and raising the largest-ever venture capital fund a number of times. Today, NEA's AUM stands over $25B. Peter was responsible for investing in a number of foundational and industry-transforming technology companies, including Salesforce, UUNET, Groupon, WebMD, Workday, CareerBuilder, Tempus AI, and more. We had a fascinating discussion about the early days of venture capital and how the industry has evolved. We covered: * The inside story of how almost every other Partner said no but Peter's investment turned out to be a 75x return. * What's the “best characteristic and the death characteristic” of an entrepreneur? * In today's hypercompetitive market do VCs have enough time to make good decisions? * Why the world of venture capital is about influence. * What does it mean to earn an entrepreneur’s trust as a VC? * Why VCs with operating backgrounds can bring unique value to startups. * How NEA came up with the term "Venture Growth Equity." * How can a VC tell that a founder is good at experimentation and that they have the good judgment? * Why specialization and domain expertise are prerequisites in today’s venture industry. Thanks to Ultimus Fund Solutions for sponsoring this episode of the Alt Goes Mainstream podcast. Thanks Peter for coming on the show. It was an honor and a pleasure to hear your views on the evolution of an industry and for you to share your wisdom and experiences. https://lnkd.in/eEJGEFWe

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"Advice to GPs was consistently to keep fundraising. Many GPs described hundreds and occasionally thousands of first meetings to LPs. This season of raising capital is particularly challenging. Perhaps nowhere has this been more felt than for emerging managers. The market for emerging managers cratered 97% versus highs in 2021. Yet many LPs described continued dedication to the space, and unique advantages to be gained from partnering with new firms (besides narrowly investment performance). Mohadeseh Abdullahi from Molten Ventures shared insights on the proprietary data the firm gathers through its fund of fund program, suggesting that strategic approaches can still uncover valuable opportunities. Finally, perhaps the one driver for future VC fundraising will be DPI – or realized returns. Without cash returning back to LPs, fundraising will continue to be slow (since they will be squeezed on allocation). One solution covered in multiple panels was the use of secondaries—selling existing investments to realize returns and provide liquidity. This strategy allows firms to get money off the table without necessarily offloading their best assets. The importance of DPI, or realized returns, was underscored as a critical metric for raising subsequent funds."

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I recently had an enlightening conversation with Alex Pattis, general partner of Riverside Ventures and author of the #1 VC syndicate newsletter, "Last Money In." Alex's journey from sales director to launching a syndicate that has completed over 300 deals is truly remarkable. He's deployed over $70 million in capital and built a network of thousands of LPs along the way. During our chat, Alex clarified the intricacies of syndicates, explaining how they differ from traditional venture funds and the unique value they bring to both founders and investors. Syndicates offer a flexible, deal-by-deal approach for LPs, allowing them to cherry-pick investments. Alex highlighted that having a tier-one VC co-investor can significantly boost LP interest in a syndicate deal. Transparency and managing expectations are crucial when working with founders, according to Alex. He also shared insights on how Special Purpose Vehicles (SPVs) can be a strategic tool for founders to consolidate smaller investors. These structures offer a way to simplify cap tables while still accessing a broader investor base. Alex offered his perspective on the current syndicate market, noting the increasing interest in growth-stage and pre-IPO deals due to shorter paths to liquidity. This trend reflects a shift in investor priorities and the evolving landscape of venture capital. Whether you're a founder looking to understand syndicates or an aspiring investor curious about this unique approach to venture capital, Alex's insights are invaluable. Check out Episode 48 of Fundraising Demystified to learn from Alex's experience and gain a deeper understanding of the syndicate ecosystem!

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Mikal Ventures Annual Wrap-Up This week Mikal Ventures is pleased to bring you our year-long breakdown of the global venture capital market with an emphasis on the Mikal verticals. Over the 52-week period ending April 27, over 26,500 new companies were added. The market grew to just under 194,700 companies included in the Health Tech, Med Tech, Fin Tech, AI Tech, and Ed Tech verticals. The non-US market saw the largest percentage of new companies added-- the group is trending at over an impressive 22% annual growth rate, with all of the non-US verticals seeing double digit growth.  The total deal count saw about 93% in North America and Europe and Asia at 6.2%. AI Tech saw the largest projected annual percentage of growth in new companies, weighing in at a notable 21% and 35% in the US and Non-US markets, respectively. A global annualized growth rate topping an estimated 28% shows a striking indication of just how active this vertical has become. The 52-week indicated transactions in AI Tech were impressive as well, with US, Non-US and global rates coming in at 22%, 26% and 24% respectively. The use of AI is ubiquitous--AI Tech saw about 35% of the patents filed globally across all 10 PitchBook verticals. We see horizontal flow and crossover impacts of machine learning technology in every vertical we follow. Fin Tech is seeing a spate of uses including risk assessment and workflow improvement. Med Tech boasts new drugs, drug delivery platforms and disease detection systems as well as significant advances in robotic surgery. Ed Tech companies such as Zhipu AI and Cohere Health have incorporated AI in their business productivity software for healthcare and science tech B2B audiences. VC Investors are always adjusting their "Play Book" with a variety of options for investing. Mikal Ventures is one of those alternatives, offering curated solutions to real world problems. Reach out if you have questions on how we can be of assistance and bookmark https://mikalventures.com/ for additional insights and information.

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What does the future hold? 🤔 According to top VC Vinod Khosla, it's looking optimistic! In a recent article, Vinod Khosla at Khosla Ventures shared his views on our plausible futures in 2035-2049, and it's a nice counterbalance against the too-pessimistic doom thinking out there. ⚡ Khosla believes that entrepreneurs, with passion for a vision, invent the future they want. And if we allow it to happen, abundant, awesome, technology-based, “possible tomorrows” are likely ⚡ ----------------------- Are you interested in building the future with/ for your company? Take the first step here 📆 https://lnkd.in/e6kjakzF Let's make the future happen! 🚀 #Future #Venturing #Innovation #Entrepreneurship #Technology #Possibilities

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At an LP’s annual meeting: ~100 quality VC and growth equity firms gave brief overviews. <5 said they invest in consumer. The consumer is the engine of the economy and 2/3 of GDP but is a bad word. Watch - we’ll look back and this will be a great time to invest in consumer.

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Building long term defensibility as a VC is hard and most rely on making good investments to build a good brand which allows them to continue accessing and winning good deals. We should all be doing that, but there is more we can do. We’ve worked hard over the years to ensure our LP base is aligned with our mission at Episode 1. In fact, over 40 highly successful entrepreneurs and operators have invested in our latest fund, including a handful of unicorn founders who invested after featuring as guests on Riding Unicorns. Between Riding Unicorns, Focal, Episode 1 Ventures portfolio founders, and our wider network of founders, we’ve built an extraordinary community who we engage with for deal-flow, DD, customer introductions. Lots of these people end up angel investing in companies alongside Episode 1 when we lead. We’ve worked hard to build defensibility around what we do, and this is really just step 1.

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I finally got around to reading Omri Amirav-Drory’s piece, and it’s fantastic. NFX always brings valuable insights to the VC world, and I can confirm—they’re excellent investors. Omri’s main point is spot on: the daily grind of VC can be emotionally and physically exhausting. Fundraising VCs face constant rejection, ghosting, and endless comparisons to other VCs. It’s tough. (Yes, not as tough as being a founder, but still hard.) This grind can make even the best-intentioned VCs act like assholes. Here are a couple of thoughts on that: First, VCs aren’t simply good or bad. Like everyone else, they operate on a continuum, having good and bad days, good and bad periods. Even great investors can sometimes ghost founders, give bad advice, apply unnecessary pressure, and take too long to decide. They just do it less often than what Omri calls jerk investors. Some VCs are awful most of the time, but many, like myself, strive to be better. It pains me when I realize I’ve been bad to my teams. With age and self-awareness, I’ve learned to keep that side of me in check. Second, being a jerk is often within a VC’s control. Some investors can hide their jerk side surprisingly well, acting based on the perceived power dynamics. The more powerful you seem, the more they’ll keep their bad side in check. Unfortunately, foreign teams, women, non-elite university grads, and non-native English speakers often get worse treatment. I’m fortunate to work alongside an incredible investor who’s rarely a jerk. It has helped me grow into the investor I want to be. Jimena Pardo was once a founder dealing with bad investors—often including me, Hi Ventures (formerly ALLVP) was her lead VC. Thankfully, she’s forgiven me :) At the end of the day, we’re all works in progress, aren’t we? So, if you encounter a VC being a jerk, cut them some slack—it might just be a bad week. But if it happens again, move on and call them out. Life’s too short to partner with VCs who can’t control their inner jerk.

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At Selva Ventures we operate a highly concentrated strategy Each fund invests in 10 to 15 companies (for reference, the average seed / series A venture firm invests in 25+ and some upwards of 50) Our largest positions represent 10-15% of a fund This strategy is a key foundation of our firm, for a few key reasons: 1. Diminishing marginal conviction Investing in 10 to 15 companies per fund means 2 to 4 investments per year This creates an incredibly high bar for conviction, which we think is a good thing We believe that a fund making 3 to 4 times as many investments can’t maintain that conviction threshold. By the way, they might not need to; if they’re hunting for a 500x, their best bet might be maximizing shots on goal But in our experience, beyond the 4th or 5th investment in a given year you start to see declining conviction in the marginal ideas And we think generating high conviction is key to our purpose and service offering 2. Attention per portfolio company We genuinely aspire to provide our companies with an unfair advantage We have no delusions of grandeur in the value we provide, but we listen to what they need help with and invest in capabilities to solve their problems We’re only capable of identifying and providing that value if our portfolio is a manageable size — when a fund invests in 50+ companies I do not know how they can fulfill that promise… 3. Size our winners to matter The worst thing you can do in venture or growth is be right in a big way, but not size your bet large enough to matter Nearly all of the best performing funds have at least one fund returning company Our space (consumer facing wellness companies) has much fewer 50x opportunities, so if you land a 10-20x you need it to return your fund (so the bet must be 5-10% of the fund) 4. More proof means fewer losses While we have smaller winners, we have the benefit of more proof at the time of investment In tech, a seed stage co hasn’t launched and a series A co is barely in market In consumer products at that stage, we have a clear sense of customer reception, repeat purchase, margin structure and growth With that data, we should have a much higher batting average, and therefore a lower loss ratio and the opportunity to take fewer swings 5. Our investors want outperformance To do right by our customers (our LPs) we need to consider what they are looking for from us They are taking meaningful risk in stage and illiquidity, and for it they want higher return potential Diversification is ultimately the enemy of outperformance — by definition it’s reversion to the mean Our savviest LPs have told us: “we’re already diversified, we want to be invested in your best ideas”

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Preparing a VC-Backed Company for an Exit Event Excited to share insights on navigating exits for private companies! 💼 Achieving liquidity through M&A exits requires preparation and strategic oversight. Founders and managers must ensure internal alignment among stakeholders before embarking on the sale process. Timing is key—keeping a close eye on market conditions and managing burn rates can maximize value. Starting early with the proper mix of financial and legal advisers, being on top of legal housekeeping, and diligently negotiating the term sheet can simplify the process and lead to a very rewarding outcome for all parties involved. Read More Here: https://bit.ly/4dcbZnT #MandA #StartupSuccess #BusinessStrategy Branded Hospitality Ventures

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We believe in extreme vetting of our founders. You can't build a unicorn if you spend time on silly stuff, like seeing family and friends. Grow up, and focus on investor returns. #vc #startups #investment

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