Mark Shepherd’s Post

Sharing a few thoughts from my annual migration for #SuperReturn #SuperVenture in Berlin. 1) This continues to be the best VC/LP/PE event annually. Many are at the conferences, and almost everyone has a representative in town. Any managers or LPs not in attendance should consider it next year. 2) The European emerging manager scene is on fire. I met with almost a dozen, some old friends, some new, all as sophisticated as their US counterparts with thoughtful strategies and impressive growing portfolios. 3) Europe lacks the concentration that SF provides the US. Many startup hubs, some larger, but everyone in Europe is spending way more time on planes than their US counterparts. 4) Nobody knows where the market is going, and fundraising has been tougher in the last 18 months than before, but most agree a lot of money is still being put into the venture ecosystem. That's resulting in a return to deal pace & valuation acceleration -- is FOMO back? TBD 5) In an ironic twist, there seems to be strong interest from US LPs in European managers, and from European LPs in US managers. What did you see? What interested you this year? Welcome thoughts. P.S. the conference logistics were tough this year. To all those that shared the burden, thank you. Let's hope next year is better. cc: Dale Chang Stephan Eberle Patrick Murphy Carmen Alfonso Rico 🍫Jaime Novoa Sebastian Blum Paul Pruijmboom Jasper Masemann Marie Schildt David York Lior Litwak Karey Barker Maximilian Claussen Ameer Awadiyeh Jonathan Heiliger Oana O. Philipp Moehring

In September 1999, when I was a puppy just having closed my first A round (what today would be considered an early-stage Seed), I was invited to a CEO event hosted at Pebble Beach. Dana Carvey was the after-dinner entertainment. Caviar was served. All the captains of industry had their champagne glasses in the air doing the clinky-clinky. Heady times, and I had no idea what was going on. I only knew that something exciting had happened, and I had mostly missed it   Six months later I closed a Series A at a valuation much higher than my company deserved by any rational measure, but such were the times. After the crash of 2000, I went to three years of Board meetings packed with investors who were mostly grumpy at themselves for giving me all that money. Four years of hard, hard company-building commenced.   The lesson I drew was that, in the future if the champagne flowed again, I'd go to the party and have a glass, but I wouldn't drink the kool-aid. I would never believe that I was worth 100X revenue again, no matter who told me that I was. If I was lucky, I'd start building at the bottom, not at a peak, try to catch a wave, and ride it if I could.   I co-founded the next company in late 2009 when markets were still shaking off the debilitating effects of the Great Recession -- as close to a bottom as we were going to find. The end of that journey was an acquisition for 17X revenue in 2016. We worked hard and persisted long enough to enjoy a small bit of luck. A bunch of people told me I was a genius, but the truth is that I was no smarter the day after the acquisition closed than I was the day before.   Four years ago, in 2020, when private market SaaS valuations were 22X at the low end, 34X at the median, and 50+X for the high-fliers, 17X looked more like a chump move than a stroke of genius. I didn't believe the 50X then any more than I believed the 100X I got in 2000. The point is, don't tie your sense of professional or moral worth to the numbers. The numbers reflect nothing more than market willingness-to-pay at a moment in time; they're not reliable indicators of the long-term value of the the company you're building.   If you're a SaaS company-builder right now, hopefully you didn't drink the kool-aid and take a valuation you have no way of growing into. If you did and you just want to enjoy a good trip, I ain't mad at ya.   If you didn't take a caffeinated valuation, and you're truly committed to the craft of company-building, take a moment to thank your lucky stars that you get to build now at the bottom of a trough. Your next round might happen at a price that's 30% lower than what it might have been two years ago. But five years from now, if and when you land the plane, you won't remember the ignominy of the price you feel you're forced to accept now. The truth is, you won't remember the price at all. #companybuilding #earlystagestartups #saas

Don't tie your sense of professional or moral worth to the numbers [valuations] — tattoo-worthy advice from company-builder Tom Chavez.👇🏼 I wasn’t around for Tom’s first company, but I joined him, Vivek Vaidya, and a team of incredible peeps for the second company-building adventure. I learned a lot from that journey, including how to think about growth and value beyond the numbers. Check out Tom’s post below for background and lessons learned.👇🏼 #startup #leadership #marketing super{set}

Last month, we celebrated our WealthBuilders Academy Graduates! They were all new investors, just finished our virtual summit, and looking to build passive income. ...and they did just that. I coached and mentored almost 100 people and gave them everything I learned on Wall Street over the course of 3 months. It's exciting to know that their journey started during our first EVER virtual summit. They came, ready to learn and wanted to know how to build passive income utilizing stocks and REITs. …and they did it…in spite of their fears. Now, like a crazy person, I decided to do one more Cash Flow Creation Virtual Summit to start the year! We now have 1,400+ people, from all over the world, who purchased tickets. 1,400 people who are learning how to invest! A few days ago we only had 700 people, and now we’ve doubled our attendance!!! Everyone coming out of this summit will: - Invest in REITs - Invest in Dividend Stocks - Pass down wealth for their family - Build a Passive Income - Have a millionaire wealth building mindset! I am grateful, and readyyyyy! 5 straight days of learning, growing and stretching everyone to a new level. In 2024 You Matter More!! Doors close to the summit tomorrow at Midnight! So get your ticket NOW! Visit www.mycashflowcreation.com Let’s build!! 💪🏾

How early should you prepare for an IPO? According to Eric J. Dimise, PhD, Sector Lead, Healthcare & Life Sciences Capital Markets at NYSE, it’s never too early to start the journey. One of his standout points was the importance of early preparation and relationship-building. Eric highlighted that companies often believe they should start conversations with exchanges, bankers, and analysts just 12 months before their IPO. In reality, he recommends beginning these relationships as early as possible—even two or three years in advance. Another piece of advice he gives is, "You date your banker, but you marry your analysts." Analysts play a crucial role in publishing research and providing buy, sell, or hold advice to investors. Building strong relationships with them early on by attending sell-side conferences and engaging in meaningful dialogue can significantly benefit companies in the long run. Tune into the full video recording, “What Does 2024 Hold For the Frozen IPO Market?” to hear more from this incredible group of panelists on what to expect in 2024 and beyond. Available on our website and YouTube Channel. Featured Panelists: • Kimberly Ha — KKH Advisors • M. Jaione Maiz, PhD, MBA — Anzu Partners • Eric J. Dimise, PhD — NYSE • Shayne Kennedy — Latham & Watkins Catch more panels like this at LSI USA ‘25 March 17th - 21st in 2025. Our hotel room block at the Monarch Beach Resort is already nearing capacity, and is expected to sell out well in advance. Secure your spot today to ensure you get the best rate and secure a hotel room onsite before they’re sold out.

🥁 My proudest professional moment to date… I'm thrilled to announce that Harris & Trotter Digital Assets Limited has successfully closed a $10 million Strategic Round! ✨ Key Players: With Orbs leading the round and contributions from Kingsway Capital, Re7 Capital, and members of the Web3 community, this marks a significant milestone for us. 💰 Valuation: The round, structured as a priced equity round, values the firm at $85 million. 👩💼 Expert Team: Our executive team comprises talented individuals with extensive experience from major accountancy firms like PwC, KPMG, Deloitte, EY, and BDO, totalling over 45 members. 🔍 Vision: "This strategic investment aligns us with some of the largest movers and shakers in this industry, which allows us to grow our technological arm further as we release our growing suite of SAAS products and services." 📈 Growth Strategy: The funding will accelerate our growth, expanding our client base and strengthening our technological focus to boost SAAS revenue and competitiveness. Read the full announcement: https://lnkd.in/e6aSM8ug Exciting times lie ahead for Harris and Trotter Digital Assets! Stay tuned for more updates. 🫡 #CryptoAccountancy #DigitalAssets #FundingRound #Web3Revolution

Our last big event for #UncommonExperiences this year features two titans Andy Lark previous CMO of Commonwealth Bank, Dell, Foxtel, Xero, All Blacks and Finbar OHanlon - CCInO, CInP innovator with taking startups to ASX listing, holding global patents and working with some of the most innovative technologies. If you are considering attending, make sure to watch this video. Join us and bring a client, colleague, or supplier to workshop together. The goal? Leave leveled up and more connected. Interesting fact: last year, one attendee brought a client and a prospect who are now two of his largest clients. Talk about a successful outcome! The ability to spend time to see how they think and work with them on ideas that bought both companies closer is a lot more powerful than selling you. Connect with Andy and Finbar to discuss your reasons for attending. This workshop is designed to enhance your business, forge connections, and equip you to navigate and lead effectively in this evolving landscape. Don't miss out on this opportunity to grow your network, the way you think and upgrade your skills and your personal OS #UncommonExperiences #ProfessionalDevelopment #Burningmind #beintheroom

Harris & Trotter Digital Assets Limited has successfully closed a $10 million Strategic Round! ✨ Key Players: With Orbs leading the round and contributions from Kingsway Capital, Re7 Capital, and members of the Web3 community, this marks a significant milestone for us. 💰 Valuation: The round, structured as a priced equity round, values the firm at $85 million. 👩💼 Expert Team: Our executive team boasts experience from major accountancy firms like PwC, KPMG, Deloitte, EY, and BDO, totalling over 45 members. 🔍 CEO's Vision: "This strategic investment aligns us with some of the largest movers and shakers in this industry, which allows us to grow our technological arm further as we release our growing suite of SAAS products and services," says CEO Nicholas Newman ACA. 📈 Growth Strategy: The funding will accelerate our growth, expanding our client base and strengthening our technological focus to boost SAAS revenue and competitiveness. Read the full announcement: https://lnkd.in/eBTdcfRg Big things are in store for Harris and Trotter Digital Assets! Stay tuned for more updates. 🫡 #CryptoAccountancy #DigitalAssets #FundingRound #Web3Revolution

We’re thrilled to be starting the year with a bang 🎆 Following a monumental year of growth, we are incredibly proud to announce that we’ve raised a $25 million Series B, led by our friends at 83NORTH and Bessemer Venture Partners. It’s an amount that we truly believe is both ambitious and responsible. Our growth to date has been achieved with tremendous capital efficiency, and we expect that sustainable ascent to continue into 2024 and beyond. In other words, we practice what we preach. The best bit for customers (or those keeping an 👀 on what we’re up to) is that this will allow us to ship more products, release more features and build out our innovation roadmap more swiftly than ever. We’re also planning on accelerating our expansion across the globe so that we can help even more companies streamline their procurement, and significantly reduce their cloud and SaaS spend. To read the announcement in full, check out our recent blog article in the comments.

Yesterday on BFMTV’s Good Morning Business, I had the chance to share the story behind Najar (formerly Welii) and talk about one of the biggest challenges facing businesses today: navigating the overwhelming world of SaaS. There are now over 300,000 SaaS solutions out there. Choosing the right ones is a daunting task, and it's a challenge I’m deeply familiar with from my days as a CFO. Back then, I was dealing with scattered software spending, hidden costs, and never-ending renewals. It was chaotic. That chaos inspired the creation of Najar. We didn’t just build a tool to save on SaaS. We built a solution to bring clarity and control to procurement. Here’s why that matters: 👉 Companies are losing millions to inefficient software purchases. 👉 The SaaS market is massive and hard to navigate. 👉 Finance teams don’t always have the time or resources to optimise procurement. That’s where Najar steps in—giving businesses the transparency they need to optimise costs and spending, without the chaos. Now that we’ve raised €15M, we’re focused on continuing our growth by evangelizing the European market and investing heavily in our product. Every company in Europe, from those with 100 employees to those with hundreds of thousands, needs to modernize their procurement processes to stay competitive. Going live on BFMTV and raising this fundraising was a proud moment, but the true reward is the impact we’re making for our clients every day. Helping businesses save money while turning complex financial processes into a seamless experience—that's the part that drives us. #Najar #ArchitectsOfTrust #BFMTV Catch the full interview here 👇 https://lnkd.in/e7je6FXU