Sign in to view Mariana’s full profile
Welcome back
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
or
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
New York City Metropolitan Area
Contact Info
Sign in to view Mariana’s full profile
Welcome back
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
or
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
3K followers
500+ connections
Sign in to view Mariana’s full profile
Welcome back
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
or
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
View mutual connections with Mariana
Welcome back
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
or
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
View mutual connections with Mariana
Welcome back
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
or
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
Sign in to view Mariana’s full profile
Welcome back
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
or
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
Activity
Sign in to view Mariana’s full profile
Welcome back
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
or
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
-
Acompanho de perto o empreendedorismo brasileiro há muitos anos e nessa jornada desenvolvi uma grande admiração pela Endeavor. O impacto da…
Acompanho de perto o empreendedorismo brasileiro há muitos anos e nessa jornada desenvolvi uma grande admiração pela Endeavor. O impacto da…
Shared by Mariana Donangelo
Languages
-
Portuguese
-
-
Spanish
-
-
English
-
View Mariana’s full profile
Sign in
Stay updated on your professional world
By clicking Continue to join or sign in, you agree to LinkedIn’s User Agreement, Privacy Policy, and Cookie Policy.
New to LinkedIn? Join now
Other similar profiles
-
Jarrid Tingle
New York, NYConnect -
Jon Lipnick
Partner @Kirkland & Ellis | Venture Capital / Growth Equity Funds
Greater BostonConnect -
Hernan Kazah
UruguayConnect -
Florian Hagenbuch
São Paulo, SPConnect -
Nicolas Szekasy
UruguayConnect -
Santiago Fossatti
São Paulo, SPConnect -
Angie U.
SpainConnect -
Tomás Restrepo Penagos
Bogotá D.C. Metropolitan AreaConnect -
Julian Roeoes
New York, NYConnect -
Andy Young
São Paulo, BrazilConnect -
Rapha Avellar
São Paulo, BrazilConnect -
Bruno Yoshimura
São Paulo, BrazilConnect -
Thaisa Miyazaki
São Paulo, SPConnect -
Matias Barbero
New York, NYConnect -
Carlos Alonso-Torras
Brooklyn, NYConnect -
Natalia Navas
Mexico CityConnect -
Daniel Franco
Mexico City, MexicoConnect -
Jason Lin
San Francisco, CAConnect -
Richard Tapalaga
San Diego, CAConnect -
Tyler V. Engh
Brooklyn, NYConnect
Explore more posts
-
Olga Maslikhova
This part of my conversation with Joao Barbosa, co-founder at the world’s leading wellness platform Gympass (now Wellhub) valued at $2.4 is a testament to the fact that nothing big actually started big 👇 It took Gympass 5 pivots and 2 near death experiences to find the business model that works and is scalable across the globe What I found really interesting is the framework that the team had around pivots - the tripod approach towards creating value. This approach could benefit many founders especially in marketplace kinda businesses Head over to our channels on Spotify, Apple and YouTube to watch / listen to the full conversation link in comment 🔗 The J Curve #thejcurvepodcast #podcastrecommendation #gympass #pivot #entrepreneurship #founder #venturecapital
55
6 Comments -
Stephanie Campbell
VC funding in healthcare has been more resilient than in other industries. Here are some key takeaways from recent Carta data: 👉 At the priced seed, Series A, and Series B stages, dilution for health startups has noticeably decreased, while dilution for SaaS startups has stayed flat or increased slightly. 👉 In priced seed rounds, median dilution for healthcare companies dipped to 14.2%, compared to 20% for SaaS. 👉 The frequency of bridge rounds surged in the health sector in Q1, jumping to 44.3% from 36.9% in Q4 2023. This is the first significant increase in bridge rounds in healthcare over SaaS since early 2022. 👉 More founder-friendly terms for health startups may result from enduring VC interest since COVID. Healthcare has remained strong through economic turmoil, enabling higher valuations with smaller round sizes. What are the implications? The healthcare sector might see a rise in new ventures due to favorable investment conditions and lower dilution rates. The surge in bridge rounds suggests that certain sectors within healthcare face unique challenges that require interim financing solutions. Founders and investors in the healthcare space- what are your thoughts on this? I’d love to hear from you. If you know a founder innovating in healthcare, tag them in the comments! The Artemis Fund is especially interested in groundbreaking care tech companies. You can check out Carta’s full blog linked in the comments. If you haven’t read our latest blog on care tech, you’ll find that there too. #healthcare #caretech #fundraising
21
3 Comments -
Olga Maslikhova
It was an absolute pleasure to sit down with Joao Barbosa, co-founder at the world's leading corporate wellness platform Gympass(now rebranded to Wellhub) for the most recent episode of The J Curve. Five big ideas from our convo 👇💡 1️⃣ Startup pivot is not an event, it’s a process Base your decision on data, customer feedback and other validated learnings. Establish clear KPIs that will guide decision-making and define what should success look like. Be prepared to test and iterate and test again. Flexibility, adaptability and sensitivity to feedback is key 2️⃣ Building a MOAT, or competitive advantage is essential for a startup to compete and sustain growth In Wellhub case the moat is network effect. It’s difficult and expensive to build (CAC was huge) but at scale it represents a huge barrier to exit for corporate clients 3️⃣ Put a lot of thought into pricing model, especially if you operate in a B2B segment Early-stage founders frequently under-price their offering. Once you land 1-2-year enterprise contracts, changing the price will be problematic 4️⃣ International expansion has to be carefully planned and executed post-product market fit Ideally once you have already significantly penetrated your domestic market and gained a clear understanding of how / why every dollar you spend internationally will deliver you more money than if you were to spend it domestically 5️⃣ Standardized processes are at the core of building teams at scale When you hire 100 people a month it’s not about keeping the bar high but about creating a clear set of rules to evaluate the performance and hire and fire fast You can listen to my full conversation with Joao by searching The J Curve Podcast on Youtube, Spotify and Apple Podcast For deeper insights into this conversation + some of my favorite listens and reads of this week check out our newsletter link in comment 🔗
64
6 Comments -
April Stercula
Multiples – Why EBITDA matters It used to be, not too many years ago, that SaaS companies were almost purely valued as a multiple of Revenue. Today, according to a recent report from Aventis Advisors, SaaS EV/Revenue multiples are less than 1/3 of what they were just two years ago, a 66% decrease. Interestingly enough, valuations based on EBITDA (of those same companies), while they have dropped, have only decreased by 25%. In other word - EBITDA matters. Gone are the days where simply posting growing revenue streams was enough to garner a great valuation. Now, you have to be profitable. Get a complimentary Value Builder assessment to see where you’re falling short. It may not be pretty – but isn’t it better to know now and address it vs. have an investor or acquirer give you the bad news? Either way, we’re here when you’re ready. ✅ Click the link in the comments section to 2x Your Value for your Endgame✅
2
2 Comments -
Daniel Fetner
Here’s a question investors are often asked: When evaluating early stage companies, how much time do you spend on due diligence around future exits? It’s not surprising we hear this question a lot. Also not surprising: it’s got a wide range of answers depending on the firm. Some don’t spend much time here at all. Others make it a point to put meaningful time in as part of their process. Our current thinking: take the time to do the work on public market comps. At Alpaca VC, we spend significant time understanding how public market investors will realistically value a business based on margin profile, product, business model & TAM. In short, we want to know: how will this company be valued at scale when we get taken out? Yes, we can acknowledge that the journey toward exit is a windy road and that there may be pivots along the way, but there are still public market companies that have a business model similar to the early stage company you're evaluating. And you can always look at gross profit multiples if you think the margin profile will change over time. So we still do the work on the comps. Quantitative metrics we look at when making the comparison to public market comps include EBITDA multiple, revenue multiple, Gross Profit multiple or all of the above. As part of this process, it’s also important to factor in the public market company’s year-over-year revenue growth as this will also significantly impact the multiple it trades at. Simple example: if you have two public market companies with similar business models and similar margin profiles, but one's growing 100% year over year, and one's growing 50% year over year, then obviously the DCF (discounted cash flow) analysis is going to spit out a very different valuation for the one that's growing faster. Why this matters: When you take all of that information into account as you evaluate an early stage business, you can begin to create a realistic picture of how this company will be valued in the public markets at exit - or how an acquirer will value the company for an acquisition. Strategic acquirers may, of course, pay a premium, but we won’t underwrite for that. This allows us, for example, to form conviction around valuation based on revenue and gross profit predictions. If we think they can do $100M of revenue five years from now, we use this diligence process to form a thesis about whether the characteristics above (product, margin, business model, etc.) will cause the company to be valued at $200M vs. $500M vs. $1B at exit. Curious how other early stage investors think about underwriting an exit and how much time they’re spending on public market comps even though these companies are in their infancy.
39
3 Comments -
Ben Lakoff, CFA
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
42
1 Comment -
Haomiao Huang, PhD
Every day is a reminder that startups are unpredictable as hell. As alums of YCombinator's Summer 12 batch, we've long taken pride in being "the batch that broke YC" - as PG calls us. So it tickles me to no end to see this in the 2024 YC Top Companies list: "The S12 batch is the best represented, with 5 companies on the list: Benchling, Coinbase, Instacart, SmartAsset and Zapier" 🤣💪 #ycombinator #ycs12 #startups https://lnkd.in/gNDewZfn
26
1 Comment -
Jonathan Hakakian
Interesting concept to rename rounds by milestones. But "Series Client Expansion Extension" just doesn't have the same ring to it 😋 . Maybe we can start incorporating it into a descriptor to add context, "Series Seed Extension: client expansion." #startups #venturecapital
24
2 Comments -
Danny Elkhoury
Brex is one of my favorite fintechs. Ever wonder what their journey from $0 to over $300M in revenue within 7 years looked like? 2017-2018: The Birth of Brex • Henrique Dubugras and Pedro Franceschi, both 22-year-old Stanford dropouts, decided to flip the fintech world on its head by launching Brex, a corporate credit card tailored for startups. • With their co-CEO model (which has become popular), they doubled their management bandwidth. Internal & external duties? No problem when you have twice the number of CEOs to lead folks 2019-2020: Rapid growth • Brex quickly partnered with big names like DoorDash, Flexport, and Roblox. • In 2019, they secured $300 million in funding, catapulting their valuation to $2.6 billion. It’s amazing what you can achieve when you’re swimming in a pool of investor cash. 2021-2022: Diversification and challenges • Brex expanded its product suite to include expense management, bill pay, & travel booking services. If you’re going to burn through cash, you might as well make it convenient. • Despite their success, they faced some “minor” hiccups. Layoffs in 2022 were a delightful reminder that even fintech unicorns aren’t immune to cutting costs by cutting people. 2023: Strategic shifts • Transitioning to a single CEO model, Pedro took the helm while Henrique became chairman. Having two brains was slowing things down? • They continued to innovate, integrating AI into their platform. By the end of 2023, Brex hit over $300 million in revenue, proving that even with all the chaos, they were still making bank. 2024: Path to profitability • With a goal of being cash-flow positive by 2025, Brex halved its cash burn by chopping 20% of its staff and focused on sustainable growth. Making money instead of burning it is always a sound strategy. • Serving 30K+ customers globally, Brex’s commitment to transparency & customer-centric solutions has kept them in the game. They’re not just participating – they’re rewriting the rules. Want to copy their homework? 1. Identify a significant pain point in an industry and create a solution that addresses it. Please don't start a business without doing this. 2. Utilize a strong co-founder dynamic to maximize efficiency & divide responsibilities effectively. Two heads are better than one, until they aren’t. 3. Secure early partnerships with influential companies to build credibility and a customer base. It’s always about who you know. 4. Listen to your customers. & Expand your product offerings to meet their evolving needs. 5. Maintain a strong focus on transparency & trust to build a loyal customer base. People surprisingly prefer not being lied to. 6. Strategically manage growth, and make tough decisions like layoffs when necessary to ensure long-term sustainability. 7. If you want to go public, be profitable. Did I miss anything?
86
3 Comments -
Dan Trajman
Interesting new surrvey about the VC industry by PitchBook: 13% of VC firms are not planning to raise a new fund and 27% of VC firms have been pushed further thier plans to raise a new fund. That means a 40% decline. No wonder that startups are haveing tough time to raise funds. See article below. https://lnkd.in/exYYyCPu
4
1 Comment -
Salem Bagami
Seed VCs are turning to new ‘pro rata’ funds that help them compete with the big firms Alpha Partners, SignalRank and now SaaS Ventures help seed VCs pay for shares when big VCs try to price — or push — them out Lee Edwards, partner at Root VC, has a saying at his firm that “pro rata rights are earned, not given.” That may be a bit of a stretch since pro rata refers to a term that VCs put in their term sheets that gives them the right to buy more shares in a portfolio company during consequent funding rounds to maintain an ownership percentage and avoid dilution. Still, while these rights are not exactly “earned,” they can be expensive. One of the latest trends in VC investing these days are funds dedicated to helping seed VCs exercise their pro rata rights. https://lnkd.in/dRM3RvdA By Christine Hall
9
-
Anup Jain
This is for LPs (and those exploring #VCcareers), continuing the #LP Series. How to identify a "Change in Product" and act accordingly Lets take an analogy Imagine booking a hotel room with breakfast for $100. If breakfast isn't included, would you still pay $100? No. You'd demand a discount or find a better deal elsewhere. Why? Because what you're purchasing has fundamentally changed. So should the price. Similarly, in #venturecapital, decisions hinge on people, not just data, especially in early stages. So when Key Persons/ IC members like Partners/ Managing Partners exit mid-fund and 'replacements' come in, it alters the financial promise to LPs Why ? Because, the Product you are purchasing is essentially different. Thus, the price should be different too Is this change significant? Absolutely. #LPs expected their individual track record and contribution to firm governance to deliver the promised outcomes How can LPs spot if breakfast was removed or the view downgraded ? Compare the fund's initial and current PPMs (PPM stands for Pre Placement Memorandum regd with Securities and Exchange Board of India (SEBI) by the firm and ask the following : ✅ Are these "replacements" given different titles or paid less? Is the firm diluting the product and pocketing more from fees? Or struggling to attract talent? Or both? ✅ Can you compare the performance metrics of new vs old members? IRR, DPI, and MOIC of those who exited vs their replacements. Who performs better? ✅ Have replacements led investments or are they 'window dressing' from support functions? ✅ Compare IRR and MOIC of past and current funds with and without exited Key persons ✅ When did internal replacements join and what was their role? Were they promoted post-exit? Scrutinize LinkedIn for career paths Obscurity on past designations suggests a story hard to explain. Why hide career advancements? Answers reveal if the price payable by LPs ie ( Fee, Hurdle rate and Carry %) remain steady but the Product doesn't Risk increases while prices hold Under #AIF Regulations (Reg. 39) 2012, #material changes allow LPs to exit from a Fund when there is an adverse impact on their interests I hope these insights into "Change of Product" are helpful for those currently invested into Funds and those evaluating it This is especially crucial for those managing #taxpayer funds from the Government of India Official to exercise #caution, #safeguards and added #duediligence in decisions on Funds where the Product is claimed to be unchanged, despite concerning findings from the questions mentioned above Those seeking #vccareers - hope this adds insight to your journey as well ! ( Past #LPSeries links in comments) PS : Pl feel free to send in queries for me to work on future posts as always #transparency #venturecapital #regulations #culture #fairness
64
10 Comments -
Larry Cheng
The profitability sanity test for VC-backed unprofitable cos. Ask this question: How much revenue would it take to be breakeven if: - gross margin % is held constant - all opex spend is held constant on a $ basis Is that revenue achievable with no additional cost? In the attached example, the company needs to grow revenues from $50,000,000 to $87,500,000 with no additional expense to be breakeven. That's $37,500,000 of incremental revenue with $0 of added expense. The question for this business is whether that's possible. If the gap seems too large, then to make the gap more attainable there are two levers: - increase gross margin % - reduce operating expense The best means to do that varies by business, but those are the two levers. And this needs to happen while the company is growing revenues. If the gap seems impossible, then you may have a fundamental business model issue that will make profitability a remote possibility. Of course, there are means in which companies can grow to achieve scale which will help with the profitability likelihood over time - but that will require outside capital which should never be treated as categorically attainable.
99
13 Comments -
Austin Walters
Allocate just released an analysis on a dataset of 253 venture funds, with only pre-2019 vintage years being included. The analysis shows a clear negative correlation between high risk / high reward investment profiles and size of venture fund, i.e. the smaller the funds, the higher the performance, but also the higher the risk. Two ways that LPs can mitigate the higher risk of smaller funds: 1. Diversify across more emerging managers, and 2. Invest across vintages with said managers. Here are the details: Small Funds (0-100MM): Mean TVPI: 4.3 Standard Deviation: 2.4 Median Portfolio Companies: 26 Mid-Sized Funds (100-250MM): Mean TVPI: 3.6 Standard Deviation: 2.0 Median Portfolio Companies: 24 Mid-Large (250-500MM): MeanTVPI: 3.0 Standard Deviation: 1.2 Median Portfolio Companies: 35 Large (500MM+): Mean TVPI: 2.7 Standard Deviation: 0.9 Median Portfolio Companies: 43
32
-
Anarghya Vardhana
As a VC, I recognize how hard it is to build companies in the environment we’re in now. We need to acknowledge that. In the past few months, I’ve been talking to a lot of investors to put together some thoughts for you on how to navigate today's market & landscape. Hope it's helpful! And happy to answer any fundraising-related questions, as always. Drop me a comment or DM me. https://lnkd.in/gxhpyUgm
33
-
Jeff Becker
The hidden years of inception stage. Founders & LP’s rarely understand that the journey of building a great company can involve up to three years of work before an early stage VC will get involved. h/t Peter Walker for the years from incorporation data from Carta https://lnkd.in/e5fFkvDt #vc #founders #investing Antler
74
11 Comments -
Latif Peracha
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.
39
-
Ed Sim
❤️ this from Mattias Ljungman - thanks for expanding on my Inception stage investing framework, no pun intended, with what comes after Inception with "Seed Expansion". Yes, seed is so confusing as everyone from pre-seed firms to multi-stage firms are writing checks. Hopefully founders can get some clarity with Mattias' post below on where to go for their early rounds. Also check out my initial post on what's happening in the venture market, The Race to Be First and What is Inception Investing? https://lnkd.in/eJhEsZ4s
19
-
Soumitra Sharma
[new investment] A bit late...but stoked to participate in the $6Mn seed round of Loop AI - Delivery Intelligence Platform alongside Base10 and Afore Capital. Loop's AI-powered platform helps multi-location food chains manage their operations via data-driven workflows including managing store availability, insights-driven marketing, delivery accounting reconciliation, financial intelligence, and driving store performance. Anand Karthik T. is one of the most intense founders I have met, who is also executing like a beast. This was one of those cases where I committed to invest in the first meeting and was also (I think!) one of the first investors to commit. Looking forward to partnering in the trenches to build this out! PS: after a bit of a gap, will be announcing 2 more investments soon. Stay tuned! https://lnkd.in/dkvNai2W
116
5 Comments
Explore collaborative articles
We’re unlocking community knowledge in a new way. Experts add insights directly into each article, started with the help of AI.
Explore MoreOthers named Mariana Donangelo
1 other named Mariana Donangelo is on LinkedIn
See others named Mariana Donangelo