Mathilda Bosch

Voodoo didn’t buy BeReal for €500MM. Per reporting, the cash consideration in Voodoo’s acquisition of BeReal is €166MM, with the remainder of the €500MM “valuation” being paid out if performance targets are met in an earn-out. I don’t think that Voodoo’s acquisition of BeReal is motivated by cross promotion. Voodoo states that BeReal features 40MM “active users,” which is vague. I’d estimate BeReal has MAU in the 5-10MM range, with the 40MM number representing a longer timeline. This isn’t enough MAU to justify the price solely on the basis of cross promotion, especially given that BeReal’s MAU is likely stagnant. Further, Voodoo’s own social media app, Wizz, is growing faster than BeReal in the US: it sits at Top Downloaded rank #17 in the Social Networking category vs. 27 for BeReal. The CEO of Wizz, Voodoo’s social media app, will become the CEO of BeReal. My sense is that Voodoo may integrate the functionality of BeReal into Wizz at some point to accommodate BeReal’s core demographic and serve a larger TAM. If cross promotion does factor into the equation, it’s likely from games into the social media properties. Voodoo is a much more valuable company with a scaled social media property than an operator of a hybridcasual gaming portfolio, the titles in which are volatile from a growth perspective (see the chart below). BeReal was something of a gimmick, and it may work better as a feature than a standalone app. If Voodoo can use BeReal’s core mechanic to grow Wizz into a scaled social media property, with strong retention and long-term engagement, it can pair its existing advertising infrastructure with Wizz to service ads not just in its social media footprint but against an audience network across its published titles. But in the meantime, I’d expect traffic to move from Voodoo’s games to Wizz as it scales that property.

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🎉 Exciting time with the incredible team at Isomer Capital 🎉 Super thrilled about the news we shared with the world last week. It has us all buzzing with excitement. At Isomer, we've long been dedicated to providing liquidity in the European VC space. And now, we're taking it to the next level with the launch of our dedicated fund. What is it, you ask? A fund that will invest in secondaries at all levels within the European VC ecosystem—LPs, GPs, companies, founders, angels, and even employees. And because there is limited liquidity solutions to LPs that have invested in European VCs, around 70% of our fund will go towards LP stakes. With the support of our Cornerstone investors, we've reached this significant milestone in our journey. But the work has only just begun, which myself and my incredible team have already started smashing through ... first 2 deals closing in a matter of weeks. Watch this space! 😉 #Isomer #VentureCapital #Secondaries #EuropeanVC #Investing #Liquidity #ImpactInvesting #Teamwork #Milestone

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High time VC and PE funds get back to work and align priorities. Remove nepotism , understand businesses and value creation.

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Striking: Zenobē, a UK climate tech startup, raised £600m from KKR and £270m from Infracapital, bypassing VC entirely. Zenobe captures excess energy from wind farms to stabilize the grid and reduce gas power reliance. This means: Zenobe secured one of 2023's biggest startup fundraises — without any venture capital. #battery #fundraising #venturecapital #energystorage #infrastructure #growthinflection Sifted: https://lnkd.in/g8wF-xA5

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We used to say software is eating the world. Now the talk is AI is eating software. The average valuation multiples for major software businesses in the US market are currently around 5x ARR, trading at a 20% discount to historical levels. Some see this as a buying opportunity, while others argue that software's defensible moat has significantly decreased, with valuations now likely closer to 10x ARR than the previous 20x ARR. In a landscape where the pace of change is accelerating, the costs of building a software business are decreasing, leading to a reduction in the defensible moat. This shift raises concerns for portfolios relying on exit multiples of 15x and above. What do you think? Buying opportunity or is the new normal? #Software #AI #vc #venturecapital #saas

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We don't spend enough time thanking the teams that enable the engine to run under the hood. Thanks Kasun De Silva & team for the great work and interesting article for anyone that wants to know more about what happens behind the curtains of hedge funds, venture debt funds and Bootstrap Europe!

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📖 Insights from Mark Leonard from Constellation Software through his annual shareholder letters on outperforming the market 📈: 1. Buy vs build - think like an owner 2. Focus on return on invested capital - proxy for a company's moat 3. It's all about capital allocation - will determine long-term outcomes for shareholders 4. Strong reinvestment opportunities - grow organically with little incremental capital 5. Autonomy creates value - decentralized business model 6. Size matters - easier to compound a small pool of capital 7. Founder-led business - it's my baby mentality 8. Cash is king - seize opportunities quickly 9. Corrections are great - entry price drives returns 10. Culture - alignment of interest of all employees on creating value for shareholders 11. Price vs. intrinsic value - over the long-term they will converge so focus on fundamentals rather than valuation. #privateequity #investing #saas Guillaume Mounier Sain Godil, MSc Marcelo Taboada https://lnkd.in/e8T7QAMn

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European VC funds outperforming US funds over last 20 years (top quartile). Interesting results here, I wonder how much of this comes down to fund strategy (fund returner vs lose less), fund landscape (more first time smaller funds) or just pricing (Europe’s cheaper).

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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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2024 LAVCA Trends in Tech - LAVCA https://buff.ly/4dfL6Qf by @LAVCA sector and country-specific breakdowns, average round sizes across investment stages and the current role of global investors co-investing alongside local fund managers! #rafAIgual #vc #trends #investment #latam

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Big changes are shaking up the venture capital landscape! As investors hit the brakes on funding, the era of "megafunds" is winding down, signalling a slowdown in startup dealmaking. With venture firms raising $30.4bn in the first quarter of this year—way down from 2023—limited partners are tightening their belts. Why the caution? Rising interest rates, sluggish startup exits, and lacklustre returns are prompting a more conservative investment approach. #VC #venturecapital #megafunds

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Very much looking forward to talking to founders that are enabling enterprises to get their data ready for AI consumption. Sign up below!

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VC Industry Data coming out much earlier this year!!! Let us get you up to speed on: levels of fundraising, exits achieved; investment trends; sectors attracting the most capital; and so much more. Interested in joining us for the VC Industry Survey Launch and sharing your industry perspectives? Please register your interest below. See you there!

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🚀 "Funds under €250m have gained share. Smaller funds now represent 57.6% of capital raised so far in Europe, compared with 41.6% in 2023" This is a BIG win for smaller funds in a tough fundraising environment "The run rate of activity for European VC fundraising this year implies capital raised will reach €19.1 billion, compared with €22.1 billion in 2023." Supply is reducing. Demand is rising. The pace of technology development is greater than ever. The US is a 2.0x premium to Europe at Seed. Talent is cheaper than in the US and is the same quality. The opportunity is very much there to take advantage of for LPs. LPs who don't back VC vintages in 2024 and 2025 will look back with regret. #venturecapital #VC

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Despite England’s loss at the Euro 2024 last night in Berlin, the UK has retained its crown for venture capital investment! 🇬🇧👑 Data from Dealroom, a global provider of data and intelligence on start-ups and tech ecosystems, revealed that UK start-ups and scale-ups raised £7.4bn during the first six months of the year. That’s a 16% increase from the same period last year, accounting for nearly one-third of all venture capital funding in Europe! Some standout funding rounds include: • Wayve, the autonomous vehicles technology firm, raised £861m in May. • Credit technology company Abound secured £400m. • Highview Power, focused on long-duration energy storage, raised £300m. • Online bank Monzo gathered £150m. • Electric vehicle charging group Char.gy raised £100m. The second half of the year looks promising with Index Ventures announcing it has raised $2.3bn in two new funds to invest in start-ups, with a significant portion expected to be deployed in the UK. Tech companies specialising in energy attracted the lion’s share of funding, with £4.3bn across Europe, followed by generative AI companies, which attracted £2bn. Having been deeply involved in the UK tech sector, I’ve witnessed the resilience and innovation driving these impressive numbers. The UK continues to be a powerhouse for tech innovation and investment, and it’s exciting to see the impact these investments will have on the future of technology and sustainability. What are your thoughts on the future of UK tech investments?

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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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