Daniel Keiper-Knorr’s Post

On Friday I attended the Speedinvest AGM at the stunning Park Hyatt in Vienna (fittingly, formerly the central bank of Austria), hearing more about the fascinating, and impressive, evolution of Speedinvest over the last 15 years from a micro fund to an almost €1bn AUM European VC staple. Here were three of my key takeaways from the event: 1) It's well known that VC is an "access class" but this works on both sides - LPs need to access the best funds, and funds need to access the best opportunities. In 2011, their first year of operation, Speedinvest saw <250 pitch decks. In 2023, they saw almost 10,000. Of course, the team still need to choose well, and schmooze their way into the deal, but if you're not seeing the best deals, you can't win them. 2) DPI is a balancing act. Funds need to provide liquidity to LPs, but LPs need to accept that there is a trade-off when seeing earlier liquidity. If LPs want to truly benefit from outlier returns that are possible in venture, patience is a virtue as it could take 10-15+ years. 3) Portfolio size matters at the early stage. Investing at pre-seed and seed is difficult and whilst the prize for investing well can be exceptional, even the best investors can't be certain which of their portfolio will end up being the breakout successes over the following decade post investment. Tying in great access and sourcing with more shots on goal can de-risk the variance of early stage investments whilst also having the potential for those outlier returns. Thank you to Oliver Holle and the rest of the Speedinvest team for the invite and insight, and also great to meet some familiar faces who had previously just been images on a screen! Vito Tomasi Katharina Porenta

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How do you craft a compelling value proposition for an Australian VC as an international company? We asked top VCs to share their tips for foreign companies raising money in Australia, including Bree Kirkham of F5 Collective, Jayden Basha of Investible and Terry Hilsberg of Fork Ventures. Here are their top tips: 💸 Identify investor motivations: understand and appeal to their investment hypotheses 💸 Demonstrate customer focus: highlight how your product addresses local needs 💸 Position as a testing ground: Show your scale by positioning Australia as your launch pad into larger markets 💸 Navigate nuances: Educate investors on market nuances and tailor your pitch accordingly 💸 Understand the 5 types of value propositions that attract Australian investors to international companies Cracking the Australian VC code can be tough for a foreign founder. The good news is that local VCs are increasingly looking towards global tech. Read the full article for all the insights and strategies: https://lnkd.in/gE4pCgSg #venturecapital #investment #australiaexpansion #globaltech #vc

💡 European VC Valuations Show Strong Recovery in Q3 2024! 💡 Optimistic news from the Q3 2024 European VC Valuations Report! 📈 Here are some takeaways: 🔹 Valuation Rebound: Median deal values are outpacing 2023 across all stages. Larger rounds signal growing investor confidence. 🔹 Sector Highlights: Fintech leads the pack with high valuations across stages. SaaS sees exceptional growth, while AI & ML shows resilience in early-stage rounds. 🔹 Investor Dynamics: Nontraditional investors (CVCs, PEs) play a crucial role, participating in larger, higher-valued deals. 🔹 Exit Environment: Improved IPO and buyout valuations mark a recovery, but the challenge of European firms listing outside Europe continues. This signals a promising trajectory for 2025, as the ecosystem adapts to stabilizing interest rates and slowing inflation. 🌍 https://lnkd.in/dBmx8Gtf #VCInsights #EuropeanStartups #InvestmentOpportunities #Innovation

Is private equity picking up speed? Based on Q2 activity, it appears we’re gradually getting back on track. Investments are up, fundraising is as strong as ever, and crucially, there’s momentum in the exit markets. Europe, in particular, is showing encouraging signs of recovery. According to Moonfare’s mid-year report, exit values increased by 90% in the second quarter, with a notable boost in IPOs. While the potential rebound is still in its early stages, I’m optimistic that private equity is again on an upward trajectory. Read our H1 recap for a detailed look at how 2024 is unfolding so far. Link: https://lnkd.in/eUPSidaG #PrivateMarkets #PrivateEquity #InvestorInsights #MidyearReport #ExitActivity #Opportunities

I hope you'll join us at SuperVenture North America, November 11, 2024, The Marriott Marquis, Times Square, #NYC 10% discount – VIP code: FKR3566VVC Register by Friday October 18 to save a further $100: https://lnkd.in/e6MxRevF Get an update on LP allocations and how LPs and GPs are faring in today's market. Plus get the latest on exit strategies, venture debt, cross-border funds and developing new GP relationships. 200+ attendees. 75+ influential LPs. 100+ industry leading VCs. Build new partnerships with international LPs from North America venture capital's most influential and fastest-growing firms. In 2023, we saw speaker from such firms as BlackRock, Business Development Bank of Canada, Top Tier Capital Partners, Andrew W. Mellon Foundation, Menlo Venture, StepStone Group and more. #venturecapital Georgia Paisis  @superventure Informa

Most companies that contact us for funding aren’t a match with us, often as they’re too early stage. I always try to think along and mention other investors, but I often forget names - don’t say I’m getting old! - and this process can be more efficient.  Therefore, we’ve made this overview of the Benelux VC landscape 🗺️ 👉 Ready to find your future investor?  Head to the comments to check out the VC landscape and database! 💬 Have feedback or suggestions?  Teun's your guy! Reach out to him on LinkedIn, as this overview will always be work in progress. Hope you find it helpful! #venturecapital #funding

DealStreetAsia has unveiled in today’s coverage the significant learning curve confronting Asia-focused LPs, as GPs overseeing PE funds increasingly delve into alternative exit strategies to ensure investor liquidity. LPs in Asia are less accustomed with unconventional exit paths like GP-led secondaries, NAV financing, GP stakes, or dividend recapitalization. Notably, Asia trails the US and Europe by approximately five years in the adoption of these alternative exit strategies. Our founding partner, Yuliang Chen alongside with industry experts took the opportunity to share the unvarnished realities to consider when it comes to GP-led secondaries as an alternative exit option especially in areas of ensuring alignment of interest and mitigating conflict of interest. Some of the key excerpts are as follows: “As investor in continuation funds, we always assess as an incoming LP whether there is considerable alignment of interests between the GP and us” This entails either through GP commitment or tiered carried interest. “As part of the GP’s fiduciary duty, LPs can request GPs to engage third-party advisors to provide independent valuation reports or manage the whole process of the GP-led transaction. This ensures transparency and confirms that all acquisitions and transaction terms are conducted at arm’s length, mitigating potential conflicts of interest.” Thanks DealStreetAsia and Kavitha N. for the coverage! #BeeAlternatives #Dealstreetasia #PrivateEquitySecondaries #liquidity #Alternativeinvestments #Asia https://lnkd.in/dypEybjY

When I speak with Investors, they tell me there are 2 biggest reasons why startups fail at the first contact. 1. As mentioned below - wrong match. Reinder Lubbers not only highlights this in his post, but also offers a map of Benelux investors that can help you target better, and increase your chances of a meeting. 2. Too much information. A long email and a 27 slide attachment simply don't get read. The advice from investors I've spoken with? Instead, send a 5-sentence email (info in the comments) and a summary slide deck or one pager that the investor can scan in 2 minutes. --- Thanks Reinder for sharing this and kindly responding to startups - trying to help them rather than ignore a team that's not in your scope.

Tips & tricks for European VCs fundraising right now. From Carina N. Partner at Plural. Building a successful VC firm goes beyond a great investment thesis. Here are two aspects to consider: 1/ Strategy & positioning vs. Fund size vs. LP types. What niche are you targeting? How are you unique? What types of deals excite you? What stage do you invest in? Who are the ideal investors for your fund? What check sizes do they typically write? Know the answer to these questions inside out. 2/ Take time to build LP relationships. Building trust with LPs is an investment in itself. Do it consistently. LPs talk. Build a good reputation. Positive experiences from others can open doors. What other advice would you give to emerging VCs? Join the conversation. 🔽 #venturecapital #angelinvesting #startupfunding #europe