Pac O'Shea

🌱 Calling all Seed Founders! 🌱 Are you an early-stage startup seeking investment? My latest article is a comprehensive guide to the UK's SEIS and the investors participating in it. Here's what you'll find inside: ✨ Understanding SEIS for early-stage 💼 Must have documents to secure funding 🕵‍♀️ List of 24 active SEIS funds across sectors If you represent a SEIS fund not yet featured, feel free to comment below or reach out to me directly. 💬 I'd love to include you and help connect more founders to the right investors. Link to article in the comments 🔗

57

6 Comments

Counting down to launch :) Eva, Sam and I are hosting a webinar tomorrow at 1300 UK time on cold investor outreach. We'll cover best practice, along with investor + founder perspectives. Now at ~800 registrations - sign up link below. #capitalraising #startups #fundraising #founders

60

10 Comments

Speaking to tens of funds every month, one thing that stands out is the difference of opinion on the impact of follow-on funding for their portfolio. Some believe that doubling down on winners is the thing that'll make their fund a success, whilst others believe that the initial investment is key. To understand this a bit more, I've looked at three different scenarios: 1) Fund A - £50m fund, 20 companies, £2.5m investment per company, no follow on funding. 2 "winners" (20x return), 6 middle (3x return), and 12 losers (no return). 2) Fund B - £50m fund, 20 companies, 50:50 initial investment:follow on funding ratio. Initial funding of £1.25m, and due to the fact that only 40% (8 companies) will receive follow on funding, the follow on funding per company is £3.125m. 2 "winners" (20x return on initial investment, 10x on follow on investment), 6 middle (3x return on initial investment, 1.5x on follow on investment), and 12 losers (no return). 3) Fund C - £50m fund, 20 companies, 50:50 initial investment:follow on funding ratio but with slightly less successful follow on investment. 2 "winners" (20x return on initial investment, 10x on follow on investment), 3 middle (3x return on initial investment, 1.5x on follow on investment), 3 flat (1x initial investment, 0.5x on follow on investment) and 12 losers (no return). For all three scenarios, I've made the assumption that the fund in question is a top quartile seed fund in terms of Seed to Series A graduation rates (40% as per Dealroom.co report). You can see from the DPI calculations, the key of follow on investment, unsurprisingly, is how successful the companies that receive the follow on funding are. If they are a strong, consistent cohort with some stand out winners then it can enhance returns; however, if some of the businesses that receive follow on funding are not successful, it can really hurt returns. For any fund manager, the question is where your strengths lie, and with the information received from being on the cap table of the company, are you able to make great decisions on follow on funding, or is a more mature company not within your remit.

38

2 Comments

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

23

1 Comment

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

5

If you're looking for VC funding in the UK, check out FundFinder.live If you're one of those people that likes to just play with all the circles on an Apple Watch because it's super satisfying, but struggle to pick one because playing with the interface is too satisfying, then maybe don't go to this website :) FundFinder has a similar interface to Apple Watches, but on web. Thank you Hector Mason, Jack Richardson, and the team at Focal for sharing this. Simultaneously showing me a very useful tool that could save me time in research, but also could waste lots of my time thanks to my brain (not sure if ADD or something else). And thank you to Concept Ventures and Justified Studio for building it. Oliver Kicks - who deserves the credit? #random #fundraising #startup #vc

52

11 Comments

Emerging GPs📢 We all know it is a difficult time to raise your first (or second) VC Fund.😟 But AlphaQ Venture Capital is here to help you with the Global Allocator Alliance Pitch events and invite-only GP and LP matching Discovery platform.🎌 With an incredible team of Jocke Martelius, Amina Bijedić, Zerina Zimić and Marius Weber, be sure you will get unmatched support when you most need it. Check how they supported our partner Vadim Balashov of US California-based Viaduct Ventures, raising their Fund II.👇 DM me for a warm intro.🤝 ✅ Looking to raise capital for your #VCfund and increase the international pool of your LPs?   🤝 Need warm #LP introductions?   📝 Selling #secondaries to increase liquidity?   🧐 Looking for co-investments (Series A/Series B)?   ▶ G+QUANT's link for inquiries and fund decks: https://lnkd.in/gjC_EuTE   #VentureCapital #VentureFunding #VentureDebt #Fundraising #Innovation #Technology 

17

Hey Founders out there, have you ever applied for Grants? How was your experience with it? Its usually a perception of "IT HAS TO BE SOME SORT OF MEDICAL , SCIENTIFIC ONLY PROJECT...." THE FACT: The innovation is key... !!! - Is there a major societal problem which needs a solution? - Do YOU have a unique solution for that issue? - Does your solution have it all to become commercial? - Is your team committed to it, like really COMMITTED!? You have to think about it this way: That's tax payer money. Would you want THIS to be funded to become reality?? IF YES, GO FOR IT. We are doing it with Grantify. Those guys seem to have the edge for it. Especially in Tech smart Grants. ITS NOT EASY to become their client, but once you do, your chances to be accepted go from 4.4% to 40-70% so more than 10X. Investors also say it makes you 10X MORE INVESTABLE! The £5k +VAT is worth it. Check it out and apply if you want to get to the next stage LINK BELOW https://lnkd.in/epBkaSke

4

2 Comments

🤯 I had a brilliant time last week pitching VIRTUS TECH to NoBa Capital in London but something suddenly clicked. 😱 Practicing your pitch for investor meetings is important, but there’s more to it… 🤔 Yes pitching is crucial in the world of VC, yet what truly wins over investors isn’t just the pitch itself… 🙋‍♂️ In my experience, a great first investor meeting isn’t just a pitch. It’s a compelling storytelling conversation. 💥 An engaging story captivates investors and keeps them interested. 🗣 A 1:1 pitch that feels rehearsed and robotic doesn’t capture an investor’s imagination. 🎯 So, when you get those first meetings, be prepared to pitch but focus on telling your story. The best founders know their business inside out, are dynamic, and can weave their knowledge into a captivating narrative. 💪 Most importantly, they can confidently address any question or challenge an investor may pose. 🤩 So, while it’s important to practice your pitch for investor meetings, ensure you can tell a compelling story about your business. 😎 This storytelling approach will be much more valuable in the long term… Thank you, Vanesa Pazos, for inviting me to take part in the latest Pitch Day! #innovation #funding #pitch #startup #technology

43

7 Comments

My shout-out for this week is a different one. Not a startup, but a book. The Fundraising Field Guide was written by Carlos Eduardo Espinal MBE. Here is why I think it is a kick-ass book helping founders decipher fundraising. 👉 Is designed specifically for early-stage, high-growth tech startup founders. 👉 Is a guide that explains fundraising through practical advice. 👉 Lays a good foundation on all things fundraising-related. 👉 Adds both the soft and hard challenges encountered. So, here is my thank you note to Carlos! For launching an updated version of this guide. Get the book here 👉 https://buff.ly/4byUywn #venturecapital #startupfunding #fundraising #europe

38

4 Comments

Industry experts call for tailored AI rules in post-election UK

8

1 Comment

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

77

3 Comments

Lots of conversation with the election coming up around policy around crypto and web3 and implications for the UK economy. We thought it would be super interesting to find out what young people thought about the issue (something politicians could try occasionally 😞). So we worked with our friends at Focaldata to run a survey: * 34% of young adults believe the growth of the crypto sector should be top of mind for politicians. * 44% of Londoners see it as vital for economic growth. * 38% of 18-24 year-olds have invested in cryptocurrencies. With the UK set to become a digital assets hub, it's crucial that our government supports this burgeoning sector. A resilient future financial system should look to incorporate new ideas and structures that provide added value for consumers. Read the full research here https://lnkd.in/ddzSu7Vf

36

2 Comments

🔥 UK’s Top 10 Conscious Angel Investors 🌱 It's inspiring to see angel investors backing tech for good, driving positive change and innovation. Today, I'm excited to highlight the UK's top 10 conscious angel investors making a difference. These investors are not just funding startups; they’re empowering ventures that aim to make the world a better place. Sarah Drinkwater Chris Adelsbach Nick Lyth Amina Ahmad Vera Elizabeth B. Oksana Stowe Meganne Houghton-Berry Andrea Sinclair Scott Mackin Andy Ayim MBE These visionaries are investing in tech that addresses social, environmental, and economic challenges. Their commitment to conscious investing is setting a new standard in the industry. #ConsciousInvesting #TechForGood #AngelInvestors #Sustainability

171

24 Comments

This is an excellent article (loong one, pls note) on a step by step guide to hitting PMF or product-market fit. Love how PostHog cofounder 🦔 james hawkins visualises PMF akin to a game, with 5 levels and how to jump levels. More relevant for B2B / SaaS founders than B2C given James' experience w Posthog. One quibble would be keeping the ICP definition process on Level 5, whereas it should be something that you freeze on with picking the problem (his Level 1) ideally. While James describes this as getting to PMF, in my #pmfplaybook this is actually PPF or product to problem fit. In my definition, PPF + MMF (GTM Motion to Market Fit) = PMF. Repeatable scaling post this stage (5 reference customers) via a scalable GTM playbook is what is truly PMF. But this is my opinion against his opinion + track record of building to $20m ARR. This is a truly masterful resource for iterating to PMF. Every B2B / SaaS founder starting out or an aspiring B2B / SaaS founder should eyeball / read this. https://lnkd.in/ghGhBn-v

124

7 Comments

Delighted to announce that Antler UK has backed 9 new early-stage tech companies, bringing our portfolio to a total of 96 investments in the UK. Antler offers the most comprehensive early-stage due diligence in the industry with 200+ hours of due diligence enabling Antler to make high-conviction and data-driven investment decisions at the earliest stage of investing. Antler's 10th residency in London attracted 1,100 aspiring founders. From this group, 66 founders were carefully selected, representing 27 different nationalities, with 24% of the cohort comprising of women. These eight investments span diverse sectors like Industrials, Fintech, B2B software and Mobility. In addition, Antler has made one seed investment in the first quarter of 2024, in a ClimateTech startup still operating in stealth mode. We are delighted to welcome the following eight startups to Antler’s portfolio in the UK, and are excited to be on this journey with you! ⚙️ AlphaLoops - Automating investment management operations using AI ⚠️ BankBridge - Bridging the due diligence gap between financial institutions 🔎 Capsa AI - AI Operating System For Private Equity 📝 Falco - AI-powered platform that empowers financial firms to identify and translate regulatory changes into actionable insights 🚚 Fleevo - The AI-driven Operating System for Modern Commercial Fleets. Driving Efficiency, Uptime, and Sustainability 🛍️ frnt - Optimising retail operations with digital workers 🎯 Intriq - Transforming businesses with the power of AI through the use of private equity playbook strategies 🦾 RoboMinder - Elevating industrial robot uptime with AI-powered computer vision

94

9 Comments

🍋 lemon.markets raises additional funding 🍋 I'm proud to announce that lemon.markets has secured an additional €12 million in funding - equipping us with further resources to execute on our mission to grow investing opportunities. 🏦 I deeply believe that capital markets are a tool for the good of all, allowing everyone to secure their pension and participate in the wealth creation of owning great companies. However, even today, only a minority of people across Europe are active participants in capital markets. This must change! Luckily, we’re not alone with this belief, standing side by side with our partners, lemoneers and the wider industry that we collaborate with. Because we envision a world in which investing is ubiquitous, and ideally powered by a fully digital, real-time and easy to integrate investment infrastructure. 😉 🤝 In Jonas, Heiko and the entire CommerzVentures team, we found like-minded spirits that will accompany us on this journey from now on. We share a passion for building great products run by great people in the pursuit of a big mission. I look forward to collaborating with you over the coming years and adding another expert voice to our table. Together with the team at Heliad and our existing investors and angels, we have gathered a strong backing behind us. 🔦 Milestones like this one always put you in the spotlight, but I’d like to use this opportunity to shed some light on all the people that truly made this happen. To say it with our guiding principles: #Customer First - To our partners, that let us power their investment products and work on our mission with us on a daily basis.  # Be a team player - To each and every lemoneer (past and present), thank you for the hard work that you have put in to bring us to where we are today. Every day, I come to the office with a big smile, having the privilege to work alongside such a talented, experienced and passionate crew. A special shoutout goes out to our leadership team for having my back, especially throughout the last months.  #Lead with empathy - This circle is much wider of course, including all the kind people that are supporting us/me through this intense, but exciting period - a heartfelt thank you! 🏗 So what’s next? “Back to building”. We have a clear opportunity in front of us and are equipped with the resources and team to tackle it. I am looking forward to rolling out the next products together with our upcoming partners and working with many more like-minded organizations in the future. Can’t wait to see what the second half of this year holds for us, we certainly have been off to a good start - LMG! 🍋 PS: In case our mission resonates with you, we are actively looking to bring in exceptional individuals across engineering, product and our partner onboarding org. Feel free to drop me a DM or apply via the link in the comments! 👨‍💻 👩‍💻

791

79 Comments

Great to see SIS Ventures make this list by TechRound https://lnkd.in/eDtRbggM A bit more about what we look for below. If you're a founder and these hit the mark 👇 then please get in touch Investment targets SIS Ventures is focused on high-impact, high-growth potential businesses our investee companies are innovation-led, often spun out of Scotland’s leading university innovation programmes. Portfolio companies are also carefully selected for their commitment to developing their environmental, equality and diversity, social impact and governance practices. SIS Ventures seeks to provide equity investment to: ✔ High growth potential with a global scale and intent to provide significant impact ✔ Focus on social and/or environmental impact, aligning with impact themes / at least one of the UN SDGs ✔ Product or service backed by defensible technology or proprietary know-how ✔ EIS or SEIS qualifying ✔ Low capital-intensive businesses ✔ Sector agnostic, but historically invested across Life Sciences, MedTech, Climate Tech, Circular Economy, Biotech ✔ Pre-seed – Series A ✔ Headquartered in Scotland

28

1 Comment