Jonathan Hollis

I couldn’t be prouder to be a Venture Partner at Isomer Capital (aka the best European FoF - at least for me) as we just announced the launch of our pioneering £100m secondaries fund. This fund is dedicated to acquiring stakes from LPs in various VC funds, tapping into a massive and largely unexplored market. 🌟 Key Highlights: - Focused Investment: Primarily targeting stakes in VC funds, with selective investments in private companies. - Robust Funding: Already over 20% funded, thanks to strong support from Nordic family offices and a German foundation. - Market Potential: With a growing number of private tech companies and a VC liquidity crunch, Europe's VC secondaries market is poised for rapid growth. - Track Record: This isn’t Isomer’s first foray into the secondaries market. As a firm we’ve done several secondaries deals with portfolio companies and VC firms, including early-stage VC Seedcamp (in 2021) and mobility giant Bolt (in 2023). - Expert Team: Welcoming the amazing Omolade (Rachel) A., formerly of Coller Capital, as a principal to lead this initiative. 💡 Investment Strategy: - 65-75% of the fund will buy "LP interest" stakes in VC funds. - 15-25% will be directed towards stakes in companies. - Up to 15% reserved for flexible investment opportunities. 📈 Looking Ahead: We're targeting returns of 2-3x, with significant distributions expected in the next 4-7 years. As one of the few players in this space, we're not just participating in the market—we're driving it forward. Read all about it here: https://lnkd.in/dc7sbC3G #VentureCapital #SecondariesFund #EuropeanVC

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In a recent Sifted article, I share thoughts on emerging managers esp. Solo-GPs, here's what I think 👇🏽 https://lnkd.in/eYx7h5Qv I’m a solo-GP building OpenseedVC, here’s what some think this means; 🔻That there is key-person risk 🔻That there is little accountability or governance 🔻That it is a one-person show Here’s what it ACTUALLY often means; 👇🏽 ✅ We've set up governance that foster accountability, not bureaucracy ✅ As a fund, we have a dizzying depth of complementary skillsets ✅ We build conviction and move quickly; critical for early stage ✅ We are process geniuses, automations and efficiency is in our DNA ✅ We have a lean, mean team optimised for high for efficiency There is no "founder-like fund" quite like a Solo-GP emerging manager. For us at OpenseedVC, we invest up to $150k at the angel stage, and are flexible. We can lead your angel round. We can follow if the terms work for us. We don't take board seats. Whatever it is, we are first investors in ambitious and experienced operators just as they start their technology companies! We are founders ourselves, and have parallel experiences to the most ambitious and resilient founders, and this is ultimately superpower 💥 Solo-GPs are outliers, and in the business of #VC #venturecapital, outliers signal potential for outsized opportunity. #operators #openseedvc #europe #africa #soloGPs

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So you missed the 83(b) election, which is holding you back from raising VC money? Here's what you can do: Unfortunately, you can't file a late Section 83(b) election because the Internal Revenue Code requires it to be done within 30 days from the Board consent approving the stock grant subject to vesting. There are no perfect fixes, but here are a few things you can try: 1. Cancel the Stock Grant and Issue New Stock: You can cancel the original stock grant and give yourself new stock instead. Just make sure to avoid any funny business like backdating the grants, and be careful not to raise any red flags with the IRS. To make the new grant different from the old one, you could give out stock options instead, change the vesting schedule, or adjust the number of shares. 2. Remove the Vesting Schedule: Another option is to scrap the vesting schedule from the stock agreement altogether. I like this option, but remember that when you're trying to get venture funding, they might want to put a new vesting schedule in place. That's pretty standard. But before that happens, there's a risk: a founder with stock that doesn't have a vesting schedule might just up and leave, holding onto their stock. It's a real risk especially when there are multiple co-founders. While missing the 83(b) election deadline does come with some tax risks, these options could help you minimize future tax problems. It's always a good idea to talk to a tax lawyer. #startuplawyer #startupfounder #83b

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49 founders and senior startup leaders respond to a survey from Sifted on the relationship between founders and VCs. Are expectations off from the start as VCs try too hard to pander to their founders with over promises of "value-add" and extensive platform teams? Do founders need to be reminded of their primary role - execution?

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Great insights from Adam Agius on what to consider when raising debt for a search fund buyout. Most relevant to the UK market, but a worthwhile read for all searchers. There's more debt capital keen to support search acquisitions than ever before, but approaching it naively can be very costly...

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interesting stats from Sifted on the not so good relationship between founders and VCs. There are natural misalignments between founders and investors. It starts with the valuation. Founders want to keep as much equity as possible and therefore have high valuations from the beginning. Investors want control and return so as much equity as possible, which means a low valuation as they come in. That first interaction often sets the tone for what is coming later where both sides do not fully show their cards. It also does not help that founders are often not aligned between themselves. Both sides also show reluctance to get help from outside to manage their relationship, like a dysfunctional couple who refuses to see a therapist...they only see intermediaries as people who can make the first introduction and that is a costly mistake. Most founders and nearly all investors want the company to make an exit, often within 5 years. The sad reality is that only 2% in the UK and often 1% in other countries succeed to exit. The exit itself is a great subject of misalignments that actually cannot be efficiently discussed between founders and investors : most founders don't a have a clear view of what an exit means for them and try to hide that when they are asked by investors. Misalignments are a major cause of this ridiculously low rate of successful exits. When will investors and founders realise they need support in managing they relationship and to help them to get aligned? Dealing with misalignments has become a central activity of Value Squared and partners, so some people get it, but too many still think this is a "nice to have" that they can make the economy of. If both sides are serious about improving their chances of exit beyond the 2% , more founders and investors need to get help to get the right vision and grow together toward a strong exit. #misalignments #investors #startups #investments #valuation

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In 2019, I led a £9m Seed Round. It was the largest Seed Round in the UK that year. Now... You would expect the usual reasons why we invested so much: 1. A clear story 2. Special founders 3. A large opportunity But there was also something else that was a big reason for why we invested. What was it? The founders were able to hire in some of the best people we had seen. They had already built exactly what this company needed to. They had extreme amounts of success doing it. And now were willing to risk everything to join this tiny little start-up. Funnily enough one of those exceptional hires ended up being the CEO! That’s how good their hiring was. At the end of the day, investors invest into teams. And those teams are the people who are going to be the difference between a successful company or not. So as a founder you have to show investors that you can, will and have hired the best of the best. Because second-rate hires will never cut it. -- P.S. What do you think about team-building and its importance? ♻️ Repost to help a founder in your network

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I am speaking on "Best practices for assessing investment opportunities" on the SeedLegals stage at the Rare Founders DemoDay on Monday. There are over 500 registered attendees so far. Founder tickets are sold out during the day, but there are still a few tickets available for investors and for the evening drinks reception. Link in the comments for 20% off. Hope to see you there! #founders #startups #venturecapital #buildinginpublic #investinginpublic More at unbundled dot vc.

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Raising a pre-seed round? Thinking about starting something new? Daniel Dart (Rock Yard Ventures), Natan Reddy (25madison), Rosie Bradbury (PitchBook) and I are hosting a breakfast to chat through any and all top of mind things to keep in mind at the earliest stages of your journey. 🚀 Link in the comments 🚀 #preseed #earlystage #venturecapital #earlystagestartups #nyctech

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Portugal Calling: Venture Capital -- in Portugal!? I just set a meeting in a couple of weeks I didn't imagine I'd ever have. I'm meeting with a GP raising money for a new fund to make angel investments in Portugal. I've been on this bandwagon for awhile. I thought I might try to raise a fund myself, but I just don't have the bandwidth right now. But I'm glad it's happening. There's money here. While there are retirees who are here because, flatly, they knew they'd run out of money if they stayed in the US, there are plenty of others who made their bag and have investable assets. Why invest here? 1. Valuations are attractive - there isn't a lot of risk capital here - and what there is seems to be going to real estate (if you are from Atlanta you know exactly what I mean.) 2. Portugal is producing a strong number of startup entrepreneurs. If you're not from Portugal, you're not familiar with the education system, but there are top-notch universities here. 3. Portugal is one of the youngest countries in Europe, demographically. In fact, one of the top three economic problems the country faces is keeping all the young talent here. They emigrate in large numbers. 4. Portugal attracts a lot of young talent from abroad because of its low cost of living and relatively easy-to-obtain visas. Americans tend to hear about Portugal as a retirement destination, but those of us who know recognize that there's business to be done here. 5. In many ways, Portugal's overall cost of doing business is low - much lower than Silicon Valley, London, Stockholm, or Berlin. 6. The government started smartly supporting startup formation, and this is likely to accelerate with its right-of-center government in place (assuming it can remain in power.). European Union innovation support funds are being under-utilized and are a tremendous opportunity. 7. Entrepreneurs can quit their jobs and not lose healthcare. And you don't have to take my word for it. Microsoft announced the launch of an artificial intelligence innovation hub in Lisbon this year. Alphabet already has had a technology center here for a few years. I'm attending the SIM startup conference in Porto the first week of May and I can't wait to start to see some of the startups firsthand. (Are you going too? Let's meet up!) #portugal #unblakeable My name is Mike (Stage Name - Unblakeable) - Helping you win your best business decisions at your most critical moments.   Liked this post? Want to see more? Ring the bell on my profile. Connect with me (also @unblakeable on Instagram, Facebook, and Twitter) Subscribe to my YouTube channel! https://lnkd.in/dPBgT8gx Join the LinkedIn group "Unblakeable's Group That Doesn't Suck"   Welcome!

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Today's rant is sponsored by........ founders who try and hustle you into a FOMO decision. I was chatting with a founder this week, when they starting pushing, saying they've got a term sheet from 'Big Fund' at 'Big Valuation', so if I wanted to participate, I need to match terms and move super fast. I simply responded "Amazing, glad to hear this, I wish you the best". What followed was a Series of Hilarious Events. To start with, the valuation had suddenly been slashed to a number far closer to what I had suggested. Then, the round size had reduced. A following call suggested the admiration the founder had for Artha, our ethos etc and how they'd 'make room for us'. All this points to a simple fact. They lied. At this fragile point, where I've barely interacted with you enough to start building conviction, if you shatter my trust, there's NO WAY I'm entering into a 10 year partnership with you. The biggest turnoff when it comes to many things in life (dating, hiring, friendship) is a lack of authenticity. While you may want to create a sense of urgency, there are many strategies to create this in a genuine manner. Oversubscribed is a great book for first time founders to check out. #venturecapital #founders #fundraising

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Founders, improve your future by letting the experts know your challenges so they can build the solutions you need. Long-standing friend Christina Richardson (and VenturePath partner) is researching founder resilience issues to help founders (just like and likely including you). It's an important cause and 10 mins of your input today will be useful for all founders. Please do it 🙏

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"I overpaid £2M. Outdated valuation cost me dearly. Never again." Sadly this happened to one of our clients, who overpaid by £2M for a company that couldn’t deliver on its promises. Imagine investing in a promising tech startup, convinced by their impressive pitch and glowing projections. You go ahead with the deal based on an outdated valuation. Six months later, the market shifts, and the startup's growth stalls. The outdated valuation didn’t reflect current market realities or potential risks. By the time the issues became apparent, the money was spent, and the return on investment wasn’t forthcoming.   This painful lesson underscores the importance of accurate, current valuations. They provide a realistic picture of a business’s worth and help investors make informed decisions. At bizval, we interrogate every aspect of a business’s financials, market conditions, and potential risks to safeguard you from overpaying and ensure your investment is sound. The takeaway? Always base your investments on thorough, up-to-date, and trusted valuations. It’s not just about avoiding losses—it’s about making smart, strategic choices.   Stay informed. Know your value. Make wise investments. P.S. Update: Our coaching at Outcomes Business Group UK has empowered the new owner to revitalise the business and set it on a path to success. Together, we have developed efficient new routes to market, built strong trust within the marketplace, and fine-tuned the services offered. With a dedicated and powerful team executing flawlessly, customers are now delighted and wholeheartedly supportive of the business. #BusinessValuation #SmartInvesting #Entrepreneurship #StrategicPlanning #BusinessGrowth

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Want tailored support to soothe your startup’s growing pains?👇🏽 I'm running complimentary 1:1 consultations drawing from our extensive experience supporting 100+ startups and scaleups. We know it's a wild, and, at times, lonely world out there and we want to help out. So after learning about your business and people needs, I'll offer insights on: 🎯 How to define your cOS (company Operating System) to ensure alignment and increase accountability. 🛠 How to establish effective working methodologies to navigate change and enhance performance. 🚀 How to maximise your cOS components to drive impactful outcomes and increase value, for your people and your business. It’s a private, 30-min call with no strings attached – I’m genuinely looking to help out. I'm opening up 4 slots per month. To participate, simply comment 'Interested' below or reach out via DM, and let's connect to explore how I can support you. #startupgrowth #leadership #employeexperience

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🔎 Case Study: 28x Return on Investment, 24h saved per employee monthly, a team shining with a 60% increased confidence and proficiency in using AI in their daily consultants work life. This is the result we have achieved for 100 people at Kemény Boehme Consultants powered by our AI platform with support of our trusted ecosystem partner aicx. Our work reality is set to change. We are entering a new age of work which last has seen such impact to it's routines with the widespread adoption of the PC in the 90s, the internet in the 00s or mobile accessibility in the 10s. AI is here to complement our daily lives and take over mundane task such as working and finding the right information, helping us to communicate better and structure our thinking. The human being in the driver seat. In such times it needs true leaders to educate and upskill full businesses functions and teams for common success. It's a mission of a decade and we are happy to lead by educating 1.9 Million individuals about AI every month with our content, but also in close partnership with companies all around the Atlantic. In the first comment you find our case study with more details.

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🚀 Navigating the 2024 UK General Election: What It Means for Startups VCs 🚀 As we gear up for the 2024 UK General Election, it's essential we understand how each party's policies might impact us. So I took to the interweb sprinkled with a bit of chatgpt to see what we need to keep an eye on. Conservative Party 🏛️ Economic Policies: Cutting NI by 2p could enhance cash flow for startups. However, a legal cap on migration might restrict access to international talent, essential for innovation. Education: 100,000 high-quality apprenticeships and the Advanced British Standard could produce industry-ready grads, aligning with our tech needs. Labour Party 🌹 Economic Reform: Wide ranging reforms and green energy initiatives could create new opportunities, though higher taxation might affect net earnings. Carried Interest Taxation: Labour plans to change how carried interest is taxed, potentially increasing tax liabilities for VCs by taxing it like income instead of capital gains. This could affect investment returns and strategies, making the UK less attractive for investment managers compared to other European countries. Social Policies: Expanded social safety nets might lead to a more stable consumer base, increasing market potential and share of wallet for tech products. Liberal Democrats 🌼 Healthcare & Mental Health: Investing £8.4 billion in the NHS might improve employee productivity and reduce absenteeism. Green Economy: Support for green energy investments creates opportunities for startups focused on sustainability, climate and greentech. Green Party 🍃 Green Economy Transition: Investments in renewable energy and banning fracking open doors for clean tech startups. Social Justice: Enhanced social programs could expand the customer base for tech products by increasing disposable income across the population. Reform UK 🔧 Tax Reduction & Deregulation: Lower taxes and reduced regulatory burdens can boost profitability and attract VC investment. Immigration Controls: Stricter policies might limit access to the international talent pool. Key Takeaways Opportunities: Tax cuts, apprenticeship programs, and green investments are all net positives for reducing costs and encouraging growth. Challenges: Immigration caps and higher taxation may restrict talent acquisition and increase operational expenses. Labour's proposed changes to carried interest taxation could impact investment returns and disincentivise emerging managers. Obvs I can't capture it all, for example corp tax reform might have an impact on whether you choose to incorporate in the UK or elsewhere. Equally, I didn't go into the detail of how viable these policies or reforms actually are (and obviously only one party gets to implement anyway). What are your thoughts, drop me a comment! 👇 ******************************************** If you enjoyed this, don't forget to share ♲ and follow me, Aarish for more spicy takes :)

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I’ve been an angel investor, VC partner, and now fundraising founder. Having been on all sides of the table, it’s incredible that despite how easy it is not to be a sh*tty VC, so many VCs insist on being sh*tty. Let’s make this constructive though. Are you a sh*tty VC? I’m here to help. Here are some actionable pro tips for little things you can do to be a less shitty VC 👇 1️⃣ Respond to founders Have you requested pitches to be submitted to you from startups? Don’t be surprised when startups submit pitches. Return the favor by responding to said pitches even if it’s a short immediate no based on it being out of thesis or not passing the vibe check. 2️⃣ Be clear about your thesis On that note, ‘Investing in the disruptors of tomorrow’ is maybe not the best way to define your criteria. Get more specific and filter out the stuff you don’t want to see by sharing where you’re investing. It saves everyone time. 3️⃣ Give feedback This is probably the easiest and most helpful of them all. After sending founders through a process of mandatory warm intro, pitch submission, actually pitching, and then multiple rounds of due diligence, the best thing you can do is give a why if you decline. 4️⃣ Stop ghosting Feels like an obvious one, but surprised to see it still happen. Even if it’s out of thesis, even if you didn’t like the pitch, even if you skip feedback, don’t take a meeting and then vanish. Being a founder is spooky enough as it is without the disappearing act. With a little (and I mean just a little itty bit) of effort, you too can be a not shitty VC. You can do it! 🙌 #startups #tech #fundraising‍‍‍‍‍

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I've been discussing (some would say "banging on" about) our new DealDirect platform for a while.... and it truly lives up to the hype. Check out the example below from our BETA trial. With over 19,000 active board advisers guiding more than 35,000 boards, our network is rich with exclusive (off-market) deal opportunities. Our annual survey revealed that 85% of our members, who advise private companies with (typical) revenues between £2m and £100m, focus on strategic exit planning. This places them at the heart of M&A activities. 🚀💥 However, many company founders lack the extensive access to legal, tax, and M&A advice that is second nature to us who live and breathe professional services. They're preoccupied with running their businesses! And that's a good thing..... til they come to eye up a raise or an exit....! Interestingly, a sample survey indicated that non-executives can hold a low opinion of many advisers. I am sure the feeling can run both ways! However, this insight sparked a realisation at Virtualnonexecs. 😳🤯🤯🤯 We boast 19,000+ NEDs and Chairs who advise boards with typical revenues of £2m to £100m. Our members are proactive in connecting professional advisers and have the vision to anticipate their clients' needs, unlocking thousands of transactions. 😉 Additionally, we maintain hundreds of relationships with Private Equity, Venture Capital, and Family Offices, which utilise our Operator Network to recruit their chairs and NEDs. Combining these elements gave birth to VNXD DealDirect. 🔥 Take, for example, a business with £11.5m in revenue currently seeking an M&A Adviser and a Tax Adviser for a capital raise through our platform. Imagine the potential if we opened our Operator Network to M&A Advisers and Tax Advisers where they could access the DealDirect platform. Oh wait a minute, that's exactly what it's there for!! For more information, direct message me or contact our team. #DealDirect #Offmarket #Dealflow #PE #VC #FamilyOffice #Tax #virtualnonexecs

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