Desmond Fleming

Super helpful article and accompanying doc with a #Startup #Equity Calculator to determine the equity for early hires, thanks to Pear VC head of talent Matt Birnbaum! Thanks for sharing Pejman Nozad! 🙏🏼 You can read more here How to structure startup equity for early hires: https://lnkd.in/ggmpT5-Y Google Doc: https://lnkd.in/gjsvths6

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Calling all #Founders: Venture Capital Association of Alberta (VCAA)’s Deal Flow Calls represent a great opportunity for #PreSeed to #SeriesA companies to gain exposure to some of the countries most active Venture Capital #investors. If your company is raising equity capital, I strongly encourage you to check out the link below!

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Summary: Harlem Capital, a venture capital firm focused on backing diverse founders, is raising its largest fund to date of $150 million. This would be its third fund and is a testament to the industry's continued support for diverse communities. Key takeaways: Harlem Capital was founded in 2015 with the goal of supporting diverse founders. The firm has $174 million in assets under management and has made investments in over 80 companies. The successful raising of the $150 million fund would be a show of success for both Harlem Capital and the industry's continued focus on diversity and inclusion. #venturecapital #vc #venture #diversity #dei

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Summary: The article discusses the perspective of Notable Capital's managing partner, Hans Tung, on down rounds in investments. He believes that down rounds can still be beneficial in the long run and reveals his continued enthusiasm for the fintech sector. The article also delves into recent changes at the firm and other shifts in the world of venture capital. Key takeaways: Hans Tung believes that down rounds can lead to a successful outcome in the long run and views an IPO as just one milestone in a company's journey. Nearly 11% of the year's VC deals were down rounds, indicating their prevalence in the current market. Hans shares his optimism for the fintech sector and discusses the specific areas within fintech that excite him. Counter arguments: Some investors may still view down rounds as negative and prefer to avoid them in their investments. The article does not provide any potential drawbacks or criticisms of Hans's perspective on down rounds. #venturecapital #economy #startups

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Super helpful #Startup #Equity Calculator to determine the equity for early hires, thanks to Pear VC head of talent Matt Birnbaum! Thanks for sharing Pejman! 🙏🏼 You can read more here How to structure startup equity for early hires: https://lnkd.in/ggmpT5-Y Google Doc: https://lnkd.in/gjsvths6

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"Small funds may have more incentive to produce higher returns The alignment of incentives between GP and LP varies drastically based on fund size. Managers of smaller funds who have invested substantial personal capital demonstrate an unwavering commitment to lucrative returns, while managers at the helm of colossal funds, buoyed by significant management fees, may exhibit a diminishing drive. This constitutes an almost incontrovertible structural benefit of managing a small VC fund. Furthermore, fund managers of established funds may, over time, raise larger subsequent funds and grow more risk averse. This can present a sub-optimal outcome for their LPs and, by virtue, manifests a bad omen for VC investing." https://lnkd.in/gHKgea4e

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The state of venture capital is wild right now. We are witnessing a surge of innovation across the spectrum: - Funds merging - VC doing PE - PE doing VC - Secondary funds - Buyout funds - Spin-out funds - Debt funds - Continuation funds - Infrastructure funds - GP turnover - Hard Tech surging - Family Office uptick

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Summary: This article discusses the challenges and opportunities facing emerging venture capital fund managers in the current market. Despite a decrease in the percentage of capital allocated to emerging managers, many are adapting and finding success through creative fundraising strategies and the support of communities like Raise Global. However, past success is not always a reliable indicator of future performance for these managers. Key takeaways: A decrease in available capital for emerging managers has resulted in a competitive landscape for fundraising. Some emerging managers have had to revise their fund targets and work with larger firms to secure deals. Communities like Raise Global have emerged to support and connect emerging managers with potential investors. Counter arguments: While some emerging managers have been successful, past performance is not always indicative of future success. The decrease in available capital could potentially hinder the growth and success of emerging managers. #venturecapital #vc #fundraising

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NY friends! Please come see me at Tech Day on my panel discussing the future of the NY tech ecosystem and what I hope to bring to it!

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As an investor who moved from New York to South Florida two years ago, I’m often asked about the tech ecosystem here. After spending much of my time in the region since then, one thing is abundantly clear: 📈 The tech ecosystem in the region is growing - and rapidly. More and more founders and investors are operating from South Florida. In addition to me, Alpaca VC has two full-time team members based here, David Goldberg and Sophia Delgado. We also maintain a regional growth tracker that currently sits at 150+ GPs and counting. And the growth is not limited to Miami. We’re seeing the presence of founders and funders stretch throughout the Tri-County area, from Miami Beach to Palm Beach. Amid the growth, we’ve had the chance to connect with many people from the South Florida tech landscape during our Venture, Tech & Capital Markets dinner series (we’ll likely continue this fall). From conversations at those events, it’s clear most people in the ecosystem agree that the growth is obvious and palpable. Here are a few stats to back up the anecdotal: 🌴Miami (and surrounding area) jumped 7 places in 2024 in Startup Genome’s ranking of global startups ecosystems to become 16th on the list ahead of Chicago, Seattle, Austin and San Diego and Atlanta, as well as Delhi, Sao Paulo, and Toronto. Notably, while Miami is not in the top 10 (yet) it had the most growth year-over-year. ☀️Three of the top 10 investors from the recently released Midas Seed List 2024 (which Forbes and TrueBridge Capital Partners started in 2022 and ranks Top 25 seed stage investors globally) reside in Miami-Dade County. 📊There are more than 3.3K funded companies, 373 investors and nearly 140K startup employees in the region, according to the Refresh Miami Innovation Ecosystem dashboard. No surprise: we continue to be super excited about the South Florida tech ecosystem, so much so that we’ve chosen it as the location for our 2025 AGM in January, which will coincide with a massive ecosystem event we will be sharing details about soon. Check out the comments for the links to the sources above and get in touch if you’re an investor or founder in the ecosystem interested in upcoming events and opportunities to connect. #venturecapital #southflorida #miamitech

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When the big deals dry up, Wall Street adjusts and digs deeper into the middle market. The headline story over the last few years is the significant decrease in funding and deal activity - particularly in the earlier stage VC and the later stage PE mega-deals. However, deals in the middle-market space have remained surprisingly robust, as detailed in this The Wall Street Journal article. From the story: "Middle-market deals made up a record 74% of private-equity buyouts by count in 2023, outpacing the previous high of nearly 72% set in 2019, according to PitchBook." It's important to remember that success in every industry comes down to the strength of relationships. Finance is no different. The upside to the big banks of getting involved with smaller companies is the opportunity to build those banking relationships earlier in the business maturation process. Without question those relationships will bear fruit down the road for the banks as those companies grow. Endeavor Colorado #privateequity #venturecapital #investing #innovation #entrepreneurship #Founders #startups #finance https://lnkd.in/gkqmUnRU

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Please check out my latest newsletter where I share insights from Carta's "State of the Private Markets: Q1 2024" report: 📉 New funding rounds down by 29% from last quarter, with bridge rounds dominating seed and Series A financing. 📈 Down rounds surged to 23%, reflecting market challenges but also opportunities for resilient startups. 💰 Despite fewer deals, total cash invested increased to $16.3B, with the West region leading VC investment. ⏳ Median time between rounds is increasing, impacting startup runway and strategy. Plus, learn about Oklo Inc's SPAC debut and the latest research on immigrant entrepreneurship's impact on innovation. Read the full report for in-depth insights: https://lnkd.in/g7Q3Ud34 #PrivateMarkets #VentureCapital #StartupTrends #EconomicIndicators #Innovation #Carta #Oklo #Entrepreneurship #InvestmentTrend

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It was a real honor to interview Brad Burnham co-founder of Union Square Ventures and partner Placeholder on the history of hype cycles in technology and the value they bring to capital and market formation. Brad has had tremendous success across decades investing at the frontier - when it was the frontier/ before it was obvious. Crypto is still the underdog and his views on the opportunity and its nuances are prescient. Specifically it is both a technical and financial innovation which can lead to excess volatility and a unique muscle as it relates to being a venture manager. But the returns are real. And the innovation is real despite some of the the common narratives. No one debates the breakthrough applications in AI at M13 we have been very active. It is also very clear that incumbents have massive data and distribution advantages which can make it challenging to find the right pockets to invest. AI is on its own hype cycle and as always the best teams (typically with contrarian takes) win. Very exciting times to be a venture investor.

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Big rounds are back. VC Funding is flowing. In April, there were 28 fundraising rounds announced with >$10M in funding. We've seen private market (pre-launch) deals valued >$3B recently. Private Markets are hot. Public Market comps (FDVs) are hot. But who will buy our multi-billion dollar bags? Deal Flow Digest April w/: - Recap of largest web3 funding rounds - Airtable with ALL the data - Hackathons & Demo Days - VC Fundraises Read more here: https://lnkd.in/g7V4KrAj

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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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How to Profit by Divesting from Companies with Anti-Israel Stances As savvy investors, we must always be alert to the implications of a company's political stance on its financial health. Take, for instance, hims & hers, whose CEO, Andrew Dudum, recently made a controversial statement about hiring pro-Palestinian protesters just days before a potentially underwhelming quarterly earnings report. This statement, coinciding with a 5% drop in share value—erasing $100 million in market equity—raises the suspicion that it might be a psychological maneuver by a CEO fearing for his job ahead of poor earnings results. Given hims & hers' history of underperformance, with shares gaining only 8.32% since its IPO compared to a 23.33% increase in the S&P 500 and similar growth in the Nasdaq, investors could have seen better returns elsewhere. Furthermore, analysts are also showing signs of concern. Recently, Jefferies downgraded hims & hers from 'Buy' to 'Hold' and reduced the price target to $15 from $17, signaling a cautious stance on the company's growth prospects. This downgrade, coupled with the anticipated poor earnings, paints a troubling picture for the future of hims & hers. Additionally, the related Supernova festival tragedy on 10/7, where victims mirror the typical hims & hers customer base, might further alienate its clientele. Customers may sympathize more with the victims than with a company perceived to be exploiting political events to distract from business failures. This scenario suggests potential for increased customer churn and a continued decline in share value, making it a critical time for shareholders to consider divesting. For those open to risk, short selling could capitalize on anticipated downturns.

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If you're building a fintech startup, you likely know of this investor, but just in case... This week's findfunding.vc spotlight is on Neil Kapur from TTV Capital. He: 🛫 Is based in SF & Atlanta 💲 Has spent time at Google in consumer-facing payments & at two fintech startups  🏔️ Loves alpine mountaineering and has climbed Kilimanjaro, Denali, Rainier, and more!! Amongst founders, Neil and the team at TTV Capital , including Gardiner Garrard, Mark Johnson, Sean Banks, Lizzie Guynn, and Laney Lewis are known for saying “lift, not lean.” They believe that their job as investors is not to create work for founders, but instead ask the right questions and help navigate to the best outcomes. Knowing Neil well personally, he's not only my go-to person for anything related to fintech but I can also highly recommend having him on your cap table - he's the kind of human you want to have in your corner during both good times and bad. Make sure to: ✉️ Pitch him at nkapur@ttvcapital.com ➡️ Follow TTV Capital on LinkedIn For more, check out our funder spotlight card below along with TTV Capital's profile on findfunding.vc (link in comments).

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Dan Primack of Axios has some choice words for VCs in this post. If you are an investor, LP or a founder raising money from VCs - worth the read. I tend to agree with Dan here and have some thoughts... 1) Private Equity is an ecosystem that relies on flow not a one-way transfer of assets. VC is semi-broken right now because no one wants to sell off a portfolio below performance targets. Could mean game over for the GPs. Seems like public, private and venture are all trying to remain optimistic while waiting for a drop in interest rates and an uptick in IPOs or PE buyouts to start the liquidity flow again but Fed and inflation data keep frustrating this kicking off. 2) VC have one core job as far as LPs are concerned....Create a magic black box that is a cash multiplier. Not a black hole! When and how early investments become liquid need to change also. 3) We have an 80 year old VC fund model that requires wild, best-case scenario power-law returns to generate the performance numbers the asset class promises to investors. This handcuffs GPs to staying in deals for a very long time as the early exits or lower deal multiples can drag funds performance and then their job security, fee structure, etc as I alluded to above. This also drives companies to "go big or go home" and operate with inherently more risk than stability. 4) Dan talks about the need for liquidity and to get back to the money flow. This is easier said than done as a minority investor. Incrementally easier if you and your co-investors are able to steer the company at the board level but its still "not your company" and the "market is the market" re comps/multiples and demand. 5) So - what can we, as an industry, do about this? We have to evolve. We have to have some hard conversations around the table and not let staid endowment funds and Goldman Sachs dictate how our industry looks at the future...feel like this becomes a new post or a series so I'll leave it here for now. #venture #VC #startups #privatequity

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