For part two of our Fundraising 101 series, we focus on how to present traction effectively on investor calls.
We cover the three main traction stories:
And provide tips on how to make them resonate with investors.
For more fundraising resources visit pitchdoctor.app/masterclass.
Subscribe here or via the Associated Collective Substack.
We're bringing you a series on how to ace first meetings. In collaboration with our friends at Pitchdoctor.
We cover the four key narratives that investors want to hear as well as how to frame what your product does effectively.
Sign up to our Substack - theassociatedcollective.substack.com
Check out Pitchdoctor's masterclasses - www.pitchdoctor.app/masterclass
This is a partner episode to a blog post written on our newly launched Associated, The Collective Substack!
Join Associated co-host Danielle as she unpacks a searing question the group has discussed internally for years... are companies from all industries compatible with venture capital financing? The blog post lists out our perceived challenges of being a deeptech company working with alternative capital options and this episode is an interview with a deeptech founder, Barry Bennett. He also happens to be Danielle's father.
He is the CEO of Metals & Materials Engineers (MME) and started his company officially in 2001 after spending time running the metallurgy division of an engineering firm, working for government in an engineering capacity and studying at at top engineering schools in London, Jamaica, New York and Georgia.
We are excited for you to hear this episode. Let us know what you think on X/Twitter or LinkedIn at Associated_Pod.
Links:
We're back! Associated is now Associated, The Collective. A minor detail change, we know, but it means a lot to us. Over the last six months our team has thought deeply about the sustainability of this group and we wanted to ensure that whatever we did next could encapsulate every mode of expression we'd like to showcase. We will now come to you via substack with not just podcasts, but blog posts and much more. All the while, having the same north star: making Venture Capital more accessible.
So without further ado welcome to The Collective !
Notice: If you want to get in contact with us you can reach us via email at associatedpodcast@gmail.com as well as on Twitter (@associated_pod).
We are trying to understand our listeners better, so we can make better content. Please consider filling out our listener survey which can be found here (https://airtable.com/shraJVvUNv6D7PkDP).
Description: For the last episode of our series on ‘How to Raise a Venture Fund’, Danielle, Francesca and Tunde reunite again to discuss their key takeaways from the previous three episodes, where we interview the founding partners of funds with novel strategies and structures.
Our interviews with Adrian (Übermorgen), Ian (Syndicate) and Alice (Entrepreneur First) yielded fantastic insights which we got to unpack. Some of the key themes we discussed were:
We took so many learnings away from each episode and we cannot thank our guests enough for coming on the show!
If you want to get in contact with us you can reach us via email at associatedpodcast@gmail.com as well as on Twitter (@associated_pod).
We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (https://airtable.com/shraJVvUNv6D7PkDP).
Description: In the penultimate episode of Season 8, Danielle and Tunde interview Alice Bentinck, one of the co-founders of Entrepreneur First. Fresh out of a grad program at McKinsey and Co, Alice and her co-founder Matt felt that there was an opportunity to shake up the early stage VC scene and founded Entrepreneur First (EF). Fast forward 12 years, EF has built more than 600 startups across 6 countries that are collectively worth more than US$10B. In this episode, Alice dives deeper into the genesis of EF and the complexities of their business model, unraveling some fascinating twists and turns along the way. She also outlines some of the unique challenges the EF team face such as identifying 'talent investors' as well as exceptional potential founder profiles at pre-ideation stage. A favourite discussion topic of ours is when Alice talks about the importance of social capital during fundraising, so keep your ears pricked for that golden nugget of wisdom!
If you want to get in contact with us you can reach us via email at associatedpodcast@gmail.com as well as on Twitter (@associated_pod).
We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (https://airtable.com/shraJVvUNv6D7PkDP).
Description: This second episode in our final category of fund types, what we are calling peripheral funds, we interview Ian Lee, the co-founder of Syndicate a decentralized investing protocol and social network, the main purpose of this structure is to make investing more accessible to the masses mainly through cost reduction and infrastructure enablement.
In 2021 Syndicate raised $20million let by A16z, other investors included Snoop Dog and Ashton Kutcher. Prior to Syndicate, Ian had an illustrious career across a range of different sectors and roles from automotive to heading up the Crypto division at Citi Bank. It is clear from this episode that Ian is someone that can drive forward new and innovative initiatives and shape them into brilliant success stories, Ian gives a great rendition of some of the learnings he took away from raising multiple different fund types, creating collaborative work structures within large corporations and forming early teams.
Notice
If you want to get in contact with us you can reach us via email at associatedpodcast@gmail.com as well as on Twitter (@associated_pod).
We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (https://airtable.com/shraJVvUNv6D7PkDP).
Description: On the ninth episode of our “How to Raise a Venture Fund” series, we're joined by Adrian Bührer, co-founder and Managing Partner of Übermorgen Ventures, an early-stage Climate Focused fund.
Adrian previously founded students.ch which he ultimately sold to Axel Springer. He was also a prolific angel investor before he decided to set up Übermorgen Ventures alongside 3 partners. Founded in 2019 Übermorgen Ventures, was one of the first Climate Focused venture funds in Europe and boasts a unique structure as an investment company rather than a traditional fund.
During his conversation with Danielle and Francesca, Adrian discusses the challenges inherent in raising the fund. He covers why they chose to create an evergreen dividend-paying company instead of a typical venture fund as well as the difficulties they faced in attracting investors who were unfamiliar with their structure and investment thesis. Adrian also shares details about Ubermorgen’s approach to raising capital, including building a CRM of over 1,000 potential limited partners.
Whether you're an emerging fund manager or an LP interested in investing in a venture fund, this episode is a must-listen. Adrian's insights and experiences are invaluable for anyone looking to navigate the fundraising process successfully. Listen here to learn how to raise a venture fund from someone who's actually done it!
If you want to get in contact with us you can reach us via email at associatedpodcast@gmail.com as well as on Twitter (@associated_pod).
We are trying to understand our listeners better, so we can make better content. Please consider filling out our listener survey which can be found here (https://airtable.com/shraJVvUNv6D7PkDP).
Description: For Episode 8 of Season 8, a series on ‘How to Raise a Venture Fund’, Danielle, Francesca and Tunde reunite again to discuss their key takeaways from the last three episodes launched, these episodes are of Managing Partners who have recently launched their first fund.
Rodney (Cornerstone VC), Reem (Pact) and Manuel (Amino Collective) all have fantastic insights to be delved into and we started this episode discussing the differences between Managing Partners who have raised numerous funds to date and those who have just completed their first. We then expanded on the specific highlights from each episode, specifically around each Partners' specific fund raising and running strategies from both a professional and personal stand point and what it took to shape their fund theses into a tantalising offering for LPs. We took so many learnings away from each episode and we cannot thank our guests enough for coming on the show!
Notice
If you want to get in contact with us you can reach us via email at associatedpodcast@gmail.com as well as on Twitter (@associated_pod).
We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (https://airtable.com/shraJVvUNv6D7PkDP).
Description: On the seventh episode of our “How to Raise a Venture Fund” series, we're joined by Manuel Grossman, Founding Partner at Amino Collective, an early-stage micro fund investing at the edge of health and biology. Prior to Amino Manuel was an operator at tech bio company KRY and was a seed invetor at Allcyte acquired by Exscientia.
Amino Collective started in 2020, has over 22 investments and one exit. Their first fund was 10m EUR and have recently closed a second fund at 30m EUR with ambition of getting to 40m EUR. Amino Collective is a solo GP structure, something that is quite novel, especially in Europe. The fund mainly invests in Europe, but when advantageous also invests in select US companies.
In this episode we cover the evolution of tech bio and health tech in Europe and what has changed in the last 10 years since Manuel entered the ecosystem (i.e. before it became cool post covid), how he raised a fund without having ever been a GP and the community of emerging managers that helped him.
If you want to get in contact with us you can reach us via email at associatedpodcast@gmail.com as well as on Twitter (@associated_pod).
We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (https://airtable.com/shraJVvUNv6D7PkDP).
Description: On the sixth episode of our “How to Raise a Venture Fund” series, we're joined by Reem Mobassaleh Wyndham, General Partner of Pact, a seed stage thematic fund focused on ABCs - access, betterment and climate solutions. They have raised a 15m GBP fund on first close, already starting deploying capital and set to have a 30m GBP fund by second close in 2023.
This episode dives into the ins and outs of how a fund is akin to a pre-seed investment, how to tactfully keep in touch with LPs (tip - nothing is over until there is a no!), and how they raised in the midst of one of the worst market downturns in recent history from the co-founders of Crunchbase, the Head of AI at Google and artist Anne Hathway while all getting pregnant with their first kids! Listen in to how to start a fund through it all here.
Adding to the podcast from Reem's perspective:
In regards to having kids while raising the fund, what originally we perceived as a burden has pushed us to cultivate a superpower of extreme focus and organisational maturity.
From a positioning and value add perspective we also saw the opportunity to be hands on early stage investors because not only have we been investors, bankers and lawyers, but we have also been operators at the small and large scale - ones we grew and sold, as well as another that ultimately listed. We have done this while also having worked across almost a dozen countries. This background has positioned us to working closely with a relatively concentrated portfolio providing both operational insight as well as access to a deep global network not just in the US but also in typically hard to access markets in the Middle East and Asia
Notice
If you want to get in contact with us you can reach us via email at associatedpodcast@gmail.com as well as on Twitter (@associated_pod).
We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (https://airtable.com/shraJVvUNv6D7PkDP).
Description: On the fifth episode of our “How to Raise a Venture Fund” series, we're joined by Rodney Appiah, Managing Partner at Cornerstone VC, an early-stage diversity-focused fund investing in sustainability, productivity, and connectivity. Rodney started his career as an investment banker before moving into venture capital, where he's worked at various funds including Foresight Group as a Director and the British Growth Fund. Alongside his partners, Rodney started Cornerstone because he realized in his investment roles that in VC, the chips were stacked against diverse founders. Cornerstone evolved from an angel group into a £20m Venture fund backed by a institutional LPs.
In this episode, Rodney shares his insights on raising a first-time fund under the current market conditions, talks about convincing LPs to let you innovate on strategy and discusses what areas LPs focus on and why. He also provides a detailed taxonomy of the different types of LPs and what to expect when raising from each of them. Lastly Rodney provides a useful primer on the materials that were fundamental to Cornerstone’s fundraise and how they were put together. Whether you're an emerging fund manager or an LP interested in investing in a venture fund, this episode is a must-listen. Rodney's insights and experiences are invaluable for anyone looking to navigate the fundraising process successfully. Listen here to learn how to raise a venture fund from someone who's actually done it!
If you want to get in contact with us you can reach us via email at associatedpodcast@gmail.com as well as on Twitter (@associated_pod).
We are trying to understand our listeners better, so we can make better content. Please consider filling out our listener survey which can be found here (https://airtable.com/shraJVvUNv6D7PkDP).
Description: For Episode 4 of Season 8, a series on ‘How to Raise a Venture Fund’, Danielle, Francesca and Tunde do a full episode together for the first time!
We have all listened back to Julian, Staffan and Leila's episodes and have come with thoughts on the overlaps between funds and their structures. Whether it was the fact that all three spent time in Silicon Valley or the psychology behind working with LPs (keep them close even if it is a soft no!) - this episode breaks down what we heard while the mics were live and what we figured out in-between the lines whilst making this season. 6 more guests and 2 more synthesis episodes to go!
If you want to get in contact with us you can reach us via email at associatedpodcast@gmail.com as well as on Twitter (@associated_pod).
We are trying to understand our listeners better, so we can make better content. Please consider filling out our listener survey which can be found here (https://airtable.com/shraJVvUNv6D7PkDP).
Description: For Episode 3 of Season 8, a series on ‘How to Raise a Venture Fund’, Francesca and Tunde talk to Staffan Hegelsson, the Founder of Creandum. Founded in 2003, the franchise is one of the oldest early stage venture capital examples in Europe. They have since managed over $1.3B in assets under management (AUM), have six funds+, over 38 exits and offices in San Francisco, Stockholm, Berlin and London. They have invested in some of Europe's biggest stars and unicorns including Spotify and Depop. Staffan speaks to his entrepreneurial journey starting with investing in mobile in the late 90s/early 2000s to the generalist first franchise Creandum is today. We talk about everything from how their prioritize limited partners (LPs) to how not to 'bloat' a fund to how they thought about their most recent expansion to London. Staffan provides some great insight here into the psychology of a LP. This isn't one to miss!
If you want to get in contact with us you can reach us via email at associatedpodcast@gmail.com as well as on Twitter (@associated_pod).
We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (https://airtable.com/shraJVvUNv6D7PkDP).
Description: For Episode 2 of Season 8, our newest series on ‘How to raise a venture fund’, Danielle and Tunde talk to Julian Rowe, a GP of Latitude, a sister fund of Local Globe and under the parental umbrella that is Phoenix Court Group. Founded in 2002, the Local Globe is one of the oldest pre-seed and seed specialists in Europe and have recently launched two new later stage funds, Latitude (Growth) and Solar (pre-IPO). They have raised over ten separate funds and have invested in some of Europe's biggest unicorns including Zoopla and Transferwise. Julian unveils his fascinating journey into venture and delves into his perception of the LP landscape in Europe compared to the more mature US scene. In addition, Julian gives some fantastic advice to future GPs on how to build strong relationships with LPs and how to think about your strategy and team composition as your fund matures. It is not an episode to miss!
Notice
If you want to get in contact with us you can reach us via email at associatedpodcast@gmail.com as well as on Twitter (@associated_pod).
We are trying to understand our listeners better so we can make better content. You can really help us out by filling out our listener survey which you can find here (https://airtable.com/shraJVvUNv6D7PkDP).
Description To kick off Season 8, a series on ‘How to raise a venture fund’, Francesca and Tunde are talking to Leila Zegna, one the founding partners of Kindred, a stalwart of the European venture ecosystem. Hailing from the US, Leila boasts a background from Yale, Harvard and Bain before becoming an operator ultimately working as the COO of Genapsys before raising Kindred. Alongside operating she was also a prolific angel investor investing in companies such as Matterport, ID.me, Bloom & Wild, and Thread. Leila has served as a board member of several companies, including LabGenius, Gaia, Eleven Therapeutics, Ori Biotech, and Pave.
Kindred Capital is Seed fund known for its unique approach to investing, where every entrepreneur they invest in becomes a co-owner of the fund, called 'equitable venture.’ Kindred was founded in 2015. They have raised and deployed two $100m funds since then and when we spoke to Leila were extremely close to closing their largest ever third fund at around $130m.
Leila covers how she and her partners came up with the idea for Kindred, raising multiple fund while pregnant, finding the right LPs and building trust with them inside and outside of the fundraising cycle and much more.
Our final special Christmas episode with Deniz Kent CEO of Prolific Machines, we could not think of a better person to listen to ensure that you round out the year on a high!
In this episode Deniz shares fascinating insights such as:
- What makes Prolific Machines such an exciting technology
- His funding raising journey and the different experiences he had with US and European investors
- Recommendations for founders on how to think about choosing your geographic HQ, hiring a first-class team and selling your vision to investors
Enjoy!
Full disclaimer - swear words are used in this episode.
We are so delighted to release this special Christmas episode with Briehan Burke from Keen Venture Partners. This year has had its highs and lows, but what is an absolute celebration is the fact that since this episode was recorded, Briehan has been promoted to General Partner - so well deserved 🥳
In this episode Briehan covers some fascinating points such as:
- Pattern recognition: Talent dissemination from main tech hubs both in the US and Europe - the similarities and differences
- The impact of US funds coming into Europe for both funds and founders
- Capital foie gras. What is it you ask? Have a listen to find out!
Enjoy!
As an early holiday present to our listeners. We are releasing 4 of the interviews that we recorded for our Series on the influx of American capital into the European tech ecosystem in their raw form. Hussein covers topics like:
We hope you enjoy!
As an early Christmas present to our listeners. We are releasing 4 of the interviews that we recorded for our Series on the influx of Amercian capital into European VC in their raw form. Judith covers topics like:
- Why the interactions between American and European funds are simultaneously collaborative and competitive
- How the 🇪🇺 venture ecosystem has changed both in terms of capital, founder quality and diversity
- How hiring from outside central casting is can fix American VCs' struggle when it comes to staffing their 🇪🇺 offices
We hope you enjoy the episode!