Christian Saller

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

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💸 ➡️ 🧠 Time to dive back into some REAL work, after a fun week chasing LP in Berlin. Look forward to connecting with AI experts, founders, and corporates to discuss "Autonomous Transformation" for legacy industries. #ai #automaton #aisummit

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Sharing a few thoughts from my annual migration for #SuperReturn #SuperVenture in Berlin. 1) This continues to be the best VC/LP/PE event annually. Many are at the conferences, and almost everyone has a representative in town. Any managers or LPs not in attendance should consider it next year. 2) The European emerging manager scene is on fire. I met with almost a dozen, some old friends, some new, all as sophisticated as their US counterparts with thoughtful strategies and impressive growing portfolios. 3) Europe lacks the concentration that SF provides the US. Many startup hubs, some larger, but everyone in Europe is spending way more time on planes than their US counterparts. 4) Nobody knows where the market is going, and fundraising has been tougher in the last 18 months than before, but most agree a lot of money is still being put into the venture ecosystem. That's resulting in a return to deal pace & valuation acceleration -- is FOMO back? TBD 5) In an ironic twist, there seems to be strong interest from US LPs in European managers, and from European LPs in US managers. What did you see? What interested you this year? Welcome thoughts. P.S. the conference logistics were tough this year. To all those that shared the burden, thank you. Let's hope next year is better. cc: Dale Chang Stephan Eberle Patrick Murphy Carmen Alfonso Rico 🍫Jaime Novoa Sebastian Blum Paul Pruijmboom Jasper Masemann Marie Schildt David York Lior Litwak Karey Barker Maximilian Claussen Ameer Awadiyeh Jonathan Heiliger Oana O. Philipp Moehring

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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

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🚨 We did it again! We've created the ultimate Side Event List for this week's SuperVentures & SuperReturn and TOA Berlin. Plus, we're giving away Tech Open Air tickets and guest list spots for the biggest VC Party, organized by Join Capital, EUVC , Isomer Capital and others. 𝐑𝐞𝐚𝐝 𝐭𝐨 𝐭𝐡𝐞 𝐞𝐧𝐝 𝐨𝐧 𝐡𝐨𝐰 𝐭𝐨 𝐠𝐞𝐭 𝐭𝐡𝐞𝐦👇 What is the Superventure / SuperReturn conferene? How Amy Lewin would describe it: "SuperVenture is the Berlin conference where VCs go to fundraise and catch up with their LPs". Kinda like the definition! And let me say this! The Side Event's this week are on fire 🔥. Here are my top 3 + 1 event from the 45+ Event List: - Diversity Drinks at the stunning Fotografiska space. Networking with a purpose! Organized by Auxxo Female Catalyst Fund, the Evangelistas, Out Investors and identity.vc I Backing LGBTQ+ Entrepreneurs - JOIN CAPITAL is doing it again, and is running the biggest VC Party this Wednesday. We have limited tickets available for FOMO Insider Subscriber. - Cherry Ventures & Felix Capital are coming together to run a networking event at the coolest flagship stores Berlin, at Highsnobiety - FOMO (fearofmissingout): HIT x Yoga meets Rooftop Session, Thursday, 8 am start. ​Amidst a busy week with Super Ventures, Super Return, and TOA, we're creating a sanctuary away from the typical networking and business noise. Link in the comments. Here’s how you can win: - 𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐡𝐞 45+ 𝐒𝐢𝐝𝐞 𝐄𝐯𝐞𝐧𝐭 𝐥𝐢𝐬𝐭: Subscribe to FOMO Berlin and comment below. - 𝐉𝐎𝐈𝐍 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐕𝐂 𝐩𝐚𝐫𝐭𝐲 𝐆𝐮𝐞𝐬𝐭 𝐋𝐢𝐬𝐭: If you're in the VC, LP, EP, GP scene, comment below your favorite Berlin VC fund. - 𝐅𝐫𝐞𝐞 𝐓𝐞𝐜𝐡 𝐎𝐩𝐞𝐧 𝐀𝐢𝐫 𝐭𝐢𝐜𝐤𝐞𝐭: Comment below your favorite event and tag the event organizer & FOMO (fearofmissingout).

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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

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Join me on June 5! Angel Investing - Lessons from the Experts: Harvard Business School Alumni Angels announce their Angel Investing Bootcamp https://lnkd.in/eFU7uD7i

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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

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Don't forget your home market. 📍 Advice from Daniel Keiper-Knorr, Founding Partner at Speedinvest. Speedinvest got more than half of its money from Austrian investors. They wouldn't have predicted such strong domestic support. Your home market can be a hidden gem. Don't neglect it in your fundraising efforts. Global markets are tempting but focus matters. If a specific region isn't delivering, don't be afraid! Shift your focus and target more receptive areas. Resources are precious – use them wisely! What other tips do you have to navigate the fundraising journey? Join the conversation below. #venturecapital #angelinvesting #startupfunding #europe

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Please consider following Periodic Ventures and check out our offering for startup companies in the link below!

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𝗕𝗲𝘆𝗼𝗻𝗱 𝘁𝗵𝗲 𝗕𝘂𝗰𝗸𝘀 #𝟰: 𝗪𝗵𝘆 𝗬𝗼𝘂 𝗦𝗵𝗼𝘂𝗹𝗱 𝗖𝗼𝗻𝘀𝗶𝗱𝗲𝗿 𝗕𝗼𝗼𝘁𝘀𝘁𝗿𝗮𝗽𝗽𝗶𝗻𝗴? Because bootstrapped startups are the sexiest for VCs. First, back to basics. Bootstrapping is the startup equivalent of DIY furniture assembly: sure, it might wobble a bit, but it’s your wobble. You build a startup with the goal of it being self-sustainable from day one, and that’s great! The reason we hold bootstrapped startups in such high regard is because they reveal a great deal about their founders. 𝟭. 𝗧𝗵𝗲𝘆 𝗰𝗮𝗻𝗻𝗼𝘁 𝗽𝗿𝗲𝘁𝗲𝗻𝗱 𝘁𝗼 𝗸𝗻𝗼𝘄 𝘁𝗵𝗲𝗶𝗿 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀 Without piles of cash to solve problems, you actually had to spend a lot of time talking to your customers to truly get their needs. Most of the time, without earning a single euro! This statement is also the answer to the first VC question: “Do you genuinely address a market pain point?” 𝟮. 𝗖𝗿𝗲𝗮𝘁𝗶𝘃𝗶𝘁𝘆 𝗶𝘀 𝗯𝗲𝘁𝘁𝗲𝗿 𝘁𝗵𝗮𝗻 𝗰𝗮𝘀𝗵 Marketing budget? Paid acquisition? Paid referrals? 🤯 Tight budgets often mean growth may be slower, yet they underscore the dedication to refining customer acquisition strategies and the necessity to build some hacks to convert effectively. If you’ve mastered the recipes without VC cash, what the hell could you do with it? 𝟯. 𝗧𝗵𝗲𝘆 𝗮𝗿𝗲 𝗻𝗼𝘁 𝗩𝗖-𝗱𝗲𝗽𝗲𝗻𝗱𝗲𝗻𝘁 Naturally, they operate their business and generate profits without relying on venture capital. That's precisely why we admire them! Let's face it, investing in a startup that utilizes funds to replicate a successful model is a means of mitigating our risk. If they choose to approach us, it's indicative of their readiness to scale. In such instances, venture capital becomes a strategic partner. Yet, certain industries operate on a "winner takes all" principle, demanding rapid scaling and substantial expenditure. In such scenarios, fundraising appears to be inevitable. All in all, when you bootstrap your startup, you might trade growth for control. However if you can achieve big numbers, you become the company that many investors are eager to invest in! And welovefounders will be on your list! 🚀 Disclaimer du Jour: The thoughts below are mine alone and have the scientific backing of my university chemistry grade (which was not an A, I swear). Read, enjoy, and consult your dog before implementing any advice. #bootstrapping #freedom #entrepreneurship #startup #productmarketfit Thanks Insight Matters for the visuals.

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📢 Some major final fund closes have been announced this week, despite a relatively volatile market. Here are some highlights: 🇨🇭 Lakestar announced an over-subscribed round for its early stage fund Lakestar Early IV with a final close of EUR 280 million and EUR 320 million for Lakestar Growth II. 🇺🇸 Andreessen Horowitz just closed $7.2 billion for a new feeder Master fund, beating its own target. It will now be investing by thematics, rather than by stage. 🇺🇸 Toyota Ventures closed a total of $300m across Toyota Ventures Frontier Fund II and Toyota Ventures Climate Fund II, putting total AUM since inception at $800. 🇺🇸 New Mountain Capital just announced they have closed their seventh flagship buyout fund, with a close of $12.4 billion, surpassing the fund’s $12 billion target. 🇬🇧 Magnesium Capital LLP, a London-based buyout private equity outfit, has closed the oversubscribed inaugural Magnesium Capital I at EUR 135, exceeding the EUR 100 million fund target. They will be investing between EUR 15 million to EUR 50 million in energy transition companies, most notably energy production, grid resilience, and resource efficiency. 🇨🇦 ambit partners has announced the closing of $20 million Ambit Partners Fund II. This is part of a new breed of search funds such as Novastone Capital Advisors. #privateequity #venturecapital #privateassets #LPs #fundraising

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(Open source) software is eating the world. Open + Free + Commercially Sustainable = Paradox? At Serena, we wanted to understand better the relation between Open Source values and commercial success - which is key for entrepreneurs, customers, VCs and, more importantly, projects' sustainability. So, being data-driven as we are, Matthieu Lavergne put together our first Commercial Open Source Report - together with the Serena team and with the help of awesome contributors such as JB Onofré from the Apache Software foundation, open-source entrepreneurs such as OpsMill's Damien Garros, Kotzilla's Arnaud GIULIANI and Miguel Valdes Faura, IT-law expert Gilles Rouvier and of course our very own Bertrand Diard who co-founded open-source and Nasdaq-listed Talend. There's a ton of insights in there that hopefully will help navigate, benchmark and understand COSS. Some takeaways that I find exciting: - VC funding of COSS has steadily been growing. - US unsurprisingly dominates VC-funding of COSS but Europe is on the rise. But there's also a lot to learn when looking at software categories, correlation between funding and success metrics, impact of the license models, relationship with foundations, etc... It's free and accessible here: https://lnkd.in/d5uBvjAU

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Without Venture Capital, the US economy would be half its size (public markets). Europe continues to underappreciate the impact that VC has on the broader economy. Next to its big brother Private Equity, venture capital is often discarded by larger investors as “not in our focus”. And I get it - as an asset class it has to further mature. But already today its impact is massive. According to a recently updated paper of researches at UBC and Stanford, Venture capital-backed companies account for 41% of total US market capitalization and 62% of US public companies’ R&D spending. Among public companies founded within the last fifty years, VC-backed companies account for half in number, three quarters by value, and more than 92% of R&D spending and patent value. In Europe, data is less readily available but various sources point to it being in the 20-25% range - obviously less but still quite significant. What other data do you have on this point?

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Getting ready for an upcoming workshop on angel investing led me to the Angel Next Door Podcast episode on 2024 trends (sharing the link in the first comment 👇). Here are a few key takeaways: 🔍 With AI technology evolving rapidly, it's essential to stick to the basics when conducting due diligence. Asking fundamental questions about the business model, target market, sales cycle, expenses, use of funds, deal terms, valuation, risk assessment, and exit strategy is crucial. Quality data will be a game-changer in evaluating AI companies effectively. 💡 The future is looking brighter for tech industry, and it’s a great time to be an angel investors. Angel investment was the most resilient asset class in 2022, as well as very consistent — capital invested was down but not dramatically different than VC, capital invested per deal and capital invested annually per angel group was similar to previous years. We stay the course in 2024. 🌍 Angel world is changing — Gen Z investors will seek a more tech-savvy approach to investing compared to traditional angel investors. Gone are the days of in-person dinner meetings; instead, transactions will be conducted swiftly and electronically through apps on mobile devices. If you want to be a part of this transformation, join us in ICLUB: https://lnkd.in/dWdsCxp9 #AngelInvesting

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Christian Sinding of EQT Group at #qatareconomicforum listed that the #Europe an PE VC scene is best described by lack of #capital, plenty of #regulation, and scare #exit opportunities. We, at IMPETUS Capital, have been stressing these critical point with major European ecosystem players for a long time. #privateequity #venturecapital #alternatives #investing #tech #innovation #QEF2024

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Angel Invest Coaching #6 Our View on the Macro. Summary: Q3 2023 was the bottom in the private tech market. Now on the upswing, good visibility of behaviour and prices.

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It is ironic that VC funds invest in the newest technologies but do not adopt cutting edge technologies at all. Well, thanks to people like Dr. Andre Retterath and the Data-Driven VC, this is changing. We at Mindset Ventures are proud to be in such a prestige group of funds which is taking this leap forward. https://lnkd.in/eq9GvNcE #DDVC #AI #venturecapital #technology

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