Guillaume Jacquet

If you want to see the power follow the money. Dragoneer Investment Group Dragoneer Investment Group, founded in 2012 by Marc Stad, is a San Francisco-based investment firm specializing in technology investments globally across public and private markets. As of 2024, the firm manages approximately $22.6 billion in assets under management (AUM) and employs 83 professionals. Dragoneer's investment strategy focuses on growth-oriented opportunities, partnering with companies with strong potential for expansion and market leadership. The firm's portfolio includes notable investments in Airbnb, Alibaba Group, Atlassian, DoorDash, and Roblox. In the public markets, Dragoneer manages long-only strategy funds that invest in technology companies. For private markets, the firm manages private growth equity funds that provide funding to private technology companies. Dragoneer often employs innovative fundraising methods, such as secondary stock sales or convertible debt notes, to support its investment activities. As of June 30, 2024, Dragoneer's top holdings included Global-E Online Ltd., Atlassian Corporation, Roblox Corporation, Coupang Inc., and PDD Holdings Inc. These investments reflect the firm's focus on high-growth technology companies with significant market potential. By following Dragoneer's investment activities, one can gain insights into emerging trends and influential players within the technology sector, highlighting the firm's role in shaping the industry's landscape.

1

2 Comments

Just finished reading an insightful analysis by John Rikhtegar at RBCx on the Canadian venture capital landscape over the past decade, focusing on capital exited rather than capital invested. This deep dive sheds light on the challenges and successes of our venture ecosystem and provides valuable lessons for the future. Here are my top 5 takeaways: 1️⃣ Liquidity Volatility Challenges the VC Ecosystem Over 50% of Canada's exit value in the past decade occurred in just 2020 and 2021. This surge pulled fund cycles forward as GPs rushed to redeploy record waves of LP capital. Consequently, 2023 and 2024 have seen some of the lowest levels of capital allocated to Canadian venture in years. 2️⃣ The Dominance of Top 50 Exits A staggering 85% of Canada's aggregate exit value came from only 27% of all exits—the Top 50 largest. Achieving such large exit outcomes remains critical for VC investors aiming to build lasting franchises in Canadian venture. 3️⃣ Exit Success Isn't Just About Size There's a misconception that bigger exits equate to greater success. By evaluating exit capital efficiency (exit value relative to total capital raised), we can better assess the profitability to shareholders. Capital-efficient exits often yield higher returns, regardless of their size. 4️⃣ Canada's Exit Growth Outpaces the U.S. While smaller in scale, Canada's exit value and volume have grown faster than the U.S. over the past decade. Given that the U.S. VC market is 30x larger and more mature, this is a healthy sign for Canada's developing ecosystem. 5️⃣ Managing the Exit Value to Fundraised Ratio is Key To continue building a capital-efficient VC ecosystem, Canada must focus on improving its cumulative exit value to capital fundraised ratio. Shrinking the gap between Canada and the U.S. in this ratio is vital as we anticipate exit activity to rebound in the coming years. This analysis aligns closely with Ripple Ventures' strategy. At Ripple Ventures, we prioritize investing early and staying disciplined on entry valuations, all while focusing on capital efficiency. We believe that supporting capital-efficient startups not only drives better returns but also strengthens the overall ecosystem. It's encouraging to see data supporting this approach, emphasizing the importance of disciplined investing and capital efficiency in achieving successful exits. 📖 Read the full analysis below: #VentureCapital #CanadianVC #RBCx #RippleVentures #CapitalEfficiency #StartupEcosystem

13

1 Comment

Facts about BDC and why you should avoid them as a Black led startup. According to Crunchbase:  Total investments: 697 Total white investment: 695 Total black/women investment: 2  My experience with BDC: I have no problem paying for the application. But when financial institutions decide to invest in a startup and have a risk department review - that is a red flag. Every damn startup is risky - so what exactly are you looking for and taking the application fee upfront?  They pull you in with a term sheet and take a 1% application fee of the money upfront before determining your risk factor.  You have a sales pitch from their analyst who poured their heart into building their case for your business. My problem is when they demand confidential documents, some information has nothing to do with their decision. They have no clear guidelines on what you should provide, and the decision is based on a handful of people in the "risk department." There is no proper representation of people of colour. Everyone knows BDC is run by top management -aka "risk department". Why steal innocent startup money through application fees, and collect a lot of data and share it with government agencies without prior written consent? That is an abuse of startup data; they have no NDA and do not disclose who they share the company data with. That is privileged information, and there should be a class-action lawsuit.  Instead of advising the startup of the risk of losing the application fee and who they share their information with, they expect you to give privileged information without equal rights.  Think of BDC as a money-making data farm. The question still remains: who else has my company information, and for how long? I don't need your money - I just hate thieves.

14

17 Comments

Despite a growing and robust Canadian tech ecosystem, the country has minted fewer than 30 unicorns in the past decade compared to the US's 700. Should Canadian VCs look to invest internationally? If so, what's the optimal approach to accessing global opportunities, navigating financial and cultural differences, and providing meaningful value? Alternatively, should they focus on strengthening the Canadian tech ecosystem? Is the lack of unicorns primarily a cultural, structural, or financial issue, or a combination? Can VCs play a role in addressing these challenges? Happy to participate in the Canadian Venture Capital & Private Equity Association (CVCA) webinar with Mana Hosseini, JD/MBA and Kim Furlong addressing these topics. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Registration link in the comments #venturecapital #startups #investing #canada

23

6 Comments

🚀 Attention aspiring female entrepreneurs: La Visionnaire Business Idea Competition is closing soon! 🚀 Calling all visionary female entrepreneurs! ⏰ The deadline for submitting your innovative business ideas is fast approaching. Make sure to submit your entry by Monday June 3 evening to be part of this exciting opportunity. This competition is your chance to: 🌟 Showcase your groundbreaking business concept 🌟 Receive valuable feedback from industry experts 🌟 Network with like-minded entrepreneurs and potential investors 🌟 Win incredible prizes and support to help bring your idea to life Don't miss out on this chance to take your entrepreneurial journey to the next level. Submit your application now and seize this opportunity to shine! 💡 📅 Competition Deadline: June 3, 2024 @23:59 🙌 Winner Announced: June 7, 2024 🎯 More Info and Link to Participate: https://lnkd.in/eDCkFyxa For any questions or additional information, feel free to reach out. We can't wait to see your innovative ideas! #Entrepreneurship #WomenInBusiness #LaVisionnaireConference #DiversityAndInclusion #StartupSuccess #Innovation #DiversityInBusiness #WomenEntrepreneurs #WomenSupportingWomen #FemaleEntrepreneurs #WomenLeaders #WomenFounders #BecomeAnEntrepreneur #FlexibleCareer #CareerWithPurpose #WomenManagers #LaVisionnaire

2

M&A activity in 2024 is on track to surpass 2023 levels, despite a temporary dip in September, according to EY's "Merger Monthly" report. September saw a 25% drop in deal value and a 19% decline in volume year over year. However, M&A activity for the first nine months of 2024 is up 19% compared to 2023. EY expects continued growth, driven by strong corporate profits, stabilizing inflation, and healthier debt markets, further boosted by recent Federal Reserve rate cuts. To stay up-to-date on everything finance, hospitality, M&A, + more following me Jimmy Frischling 👍 Read More: https://lnkd.in/dNW8bXXD Alex Zank CFO Brew #Finance Branded Hospitality Ventures Hospitality Headline Newsletter #Hospitality #MandA #Investing Mitch Berlin Julie Sweet David Solomon Mary Callahan Erdoes Jane Fraser Adena Friedman Robert Curtis Smith

12

3 Comments

Some VCs call it "diversification" when it is really just a lack of conviction.  They spread their investments in as many companies as possible and hope one succeeds—” spray and pray,” as it's called. At Bonfire Ventures 🔥, we do the opposite: Instead of chasing every shiny opportunity, we invest in fewer companies and go all in. We are a low-volume, high-conviction, high-support investor, and as Fred Wilson says, "That is who you want on your side." We invest in 8-10 deals per year, with a first check of $2-4 million each, and reserve plenty of follow-on capital. Why? Anyone can write a check. The real challenge—and the actual value—is in the subsequent and ongoing partnership. You can’t build meaningful relationships with founders, provide hands-on support, and be there for the good days and the bad if you're juggling a hundred projects. You need to know the founders, the market, and the business inside and out. That's what we do. During my investment banking days, I learned that you can’t work with every company that knocks on your door. You pick the ones you truly believe in, where you can see the potential in both the people and the product. Scopely is a prime example. We didn’t just invest in 2012. We worked closely with them and rolled up our sleeves. That partnership turned into a $5 billion cash exit in 2023. That’s what happens when you focus on quality over quantity. At Bonfire, our founders aren’t just another check in a portfolio. We’re not in the game of betting on every horse - we’re here to invest in the right ones - and then we go to work. How do you decide where to focus your energy? What drives your decisions, whether you're building a business, launching a project, or choosing investments?

161

26 Comments

The most satisfying moment in entrepreneurship? That first sale to a stranger. (100%) 😋 I HAD A BLAST 😍 recording the last episode of Mind My Business Podcast#12 with David Laschet 🔥 Extensive (co)founder @The Maul, HowIMetMyCofounders , Le Placard and many other ventures!! In this episode, we dove deep into the ups (like your first sale hehe) and downs of entrepreneurship, and the conversation was packed with valuable insights. Here are a few : 1️⃣ Trust Your Instincts: David reminded me that deep down, we often know what needs to be done. The hardest part is listening to that inner voice. Trust your gut—it knows the way, even when things feel uncertain. 🧠💡 2️⃣ Embrace the Process, Not Just the Outcome: I feel "cliche" writing this. But when you get to the top and you look back, what are the best moments that remain? The journey. The problem-solving, the connections, the learning, the memories, the friends made on the way—that’s the real win. 🛠️ 3️⃣ Don’t Fear Criticism—Use It: Feedback, even the tough kind, is gold. 🏆 David pointed out that every critique can be a stepping stone to refine your pitch, your product, or your approach. Learn to filter out noise and focus on what moves the needle. 🎯 4️⃣ Your Network is Everything: Building strong relationships with the right people can be the key to long-term success. 🤝 Having a supportive network of like-minded people can make all the difference in weathering the storms of entrepreneurship. ⛈️➡️🌈 5️⃣ The Power of Perseverance: When things don’t go as planned (and they often don’t), it’s not about giving up—it’s about adjusting and continuing. 🔄 David’s ability to pivot and keep moving forward through setbacks is a powerful reminder that perseverance is non-negotiable in this game. 💪 Wanna hear more from my conversation with David? ⚡ This episode of the Mind My Business Podcast will definitely get you thinking 🎧👇 👉 https://lnkd.in/gNDCqx6E P.S.: Yes, you'll need to flex your French muscles to listen to it 💬🇫🇷... but don't worry, it's worth it! 😅 P.S.S : Stay tuned, very soon we are gonna speak about starting a venture while being young, growing a company, making big mistakes, and even clothes 👚 🤔 YES, In about 3 weeks (yeah I'm a bit lazy to edit and release the episode quickly 😜) , let's embark in a whole new crazy story with Alexandre De Clercq 🔥 for the episode #13 of Mind My Business, make sure to follow up! #Entrepreneurship #StartupLife #Perseverance #TrustYourGut #Networking #BusinessLessons #Podcast

68

7 Comments

What If Alternatives Aren’t So Alternative? This is something most private market investors and family offices think about on a regular basis. There is a level of simplicity that has been built into the public markets that makes them accessible to almost everyone. This is not the case in the private markets and if it is simplified then it’s likely that you are the one left holding the bag while everyone else is exiting. That is the feature and where the returns are. That’s why I allow other family offices to participate in my deals at F Partners as sometimes they’re so weird and wonderful that the average investor thinks we’re all crazy. Read The Full Article Here: https://lnkd.in/eeF5DrxX #singlefamilyoffice #familyoffices #familyoffice #privateinvestor #privatemarkets

19

2 Comments

$3-6M ARR SaaS companies with moderate growth (15-30%) enter the no-mans land of capital. ❌They are too large for a seed check ❌ Not growing fast enough for a Series A ❌ Debt providers offer too little capital and amortize quickly, and ❌ Too small for private equity Luckily, I’ve found a few funds with a viable option for companies at this juncture: HYBRID FUNDS A hybrid fund offers a product with elements of debt and elements of equity. This can take the form of a term loan with minimal amortization but with a warrant to create equity upside or it could come in the form of two securities invested at the same time such as a term loan and a convertible note. With structures like these, the funds often are willing to put up more capital. Sometimes as much as 1.5x ARR. This level of investment gives a founder the firepower they need to scale their way to $10 million in ARR. Once the $10 million ARR milestone is reached, the world of private equity becomes a lot more attractive to founders. They are able to sell shares creating a large windfall for founders and employees AND maintain some ownership in the go-forward business creating an opportunity for another windfall down the road. Do you know any founders using or interested in this capital pathway?

49

16 Comments

The private markets are so much more forgiving than the public markets They’re two different universes. Private investors could benefit from public experience to better feel the reality of multiples and the importance of profitability. Public investors could benefit from private experience to think longer-term rather than quarter-to-quarter. While technically the public markets live downstream of the private markets, it’s really the public markets that upstream dictate the realities of the private markets. So there’s benefit to having feet in both markets.

87

7 Comments

Another great #investcanada2024 conference last week. Congrats Canadian Venture Capital & Private Equity Association (CVCA) again and fantastic collaboration with Réseau Capital for curating + delivering such an important ecosystem event that brings together the who’s who in Canadian investing. It’s an interesting macro environment for both founders and emerging VC funds in 2024. The bar for fundraising is higher and the process is more difficult, but it’s an amazing time to build and fund startups. Over the years I’ve been asked what’s made me a successful investor given the number of exits & investor returns delivered. Beyond it being a full-time obsession for decades, one needs to constantly find ways to evolve to founder needs and deliver differentiated value. Earning the right to back and support the best founders is what delivers outsized investor returns. This is easy to say for many investors, but often many fall flat on the everyday execution for different controllable reasons. Reputations are built & lost fast in a more challenging market. Highline Beta's pre-seed VC & venture studio model continues to not only innovate, but also win predominantly because our core investment value is to always “earn the right on the cap table” with the founders that we support. It’s a complete team effort and after 8 years of building out Highline Beta’s foundation let’s us now grow via new vertical venture studios + funds. 🚀

99

3 Comments

I had the privilege to sit down with William Carbone, who you may already know from his work as CEO and co-founder of Evalify (under Nobody Studios), as well as his role at The Adjacent Possible. For the last 14+ years, William has been a significant innovator in the technology and entrepreneurship space. He has also been a substantial contributor to AI, Aerospace, and Quantum Computing back at IBM. William has been honored with two Stevie Awards for his contributions to business technology and sales/customer service, and recognized in competitions like ESA Nordic Launch 2022, Kiuas Accelerator 2021, and Peter Drucker Forum Challenge finalist. He holds a leadership role at the Rome Business School as a Program Director for the Master in AI, and currently lives a globetrotting lifestyle, shaping innovation ecosystems worldwide. In his downtime he plays piano (he's a self-taught concert pianist), music fuels his creativity and complements his professional endeavours. Evalify is an AI-driven platform designed to assist startups, investors, and legal professionals in assessing intellectual property (IP) risks. The platform analyzes nearly 200 million global patent documents across over 170 jurisdictions to provide a "Freedom-to-Operate" (FTO) score. This score helps users identify potential patent infringements and other IP-related risks quickly, often within minutes, by simply uploading a pitch deck or a product brief. The platform is particularly valuable for early-stage startups, venture capitalists, and legal departments, as it allows them to evaluate the originality of a startup idea, assess competitors, and identify potential legal challenges without the need for traditional, time-consuming, and costly IP analysis. Evalify's AI-powered analysis is designed to be fast, scalable, and cost-effective, making it accessible even for startups that may not have large budgets for extensive legal services​ at their early stage. In a recent collab, Evalify shared their comprehensive reports with some of the members of PTH Venture Studio, and it was highly appreciated by the founders! Mushtaq Ansari Jeremy Barr Maria Pienaar Zeeshan Shahid Zeeshan Shamsi Tahir Ahmed Joshua T. Russell Taylor Khalid Boulhala Ahsan Tariq A.R. Nasir Qureshi Yawar Abbas Charletta Jean-Louis #Evalify #startups #startsuccess #IP #IntellectualProperty #intellectualpropertyrights #DDOA

32

11 Comments

If you are a #Canadian #startup frustrated by the lack of #investment opportunities and wondering if #SiliconValley is worth the trip ... I wanted to share a few notable comments from #startups that recently participated in our CELS - Canadian Entrepreneurs in Life Science Showcase. To the companies that participated, I won't drop the F bomb and risk being banned from LinkedIn 😆 but feel free to chime in and share, in your own words, why you think your peers need to take a leap ✈️ and visit #SiliconValley. It's really close to 🇨🇦 but in so many ways, a 🌏 apart. ✍️ "A lot of the people we met with will be relevant in the future. CELS made the introduction. We now have to build the relationship." 💰 "Everyone we met with had a friend or a contact that is relevant to us, even if they were not in our space, so basically everyone we met with was relevant!!" 🚀 "The biggest take away was the different mentality. Risk taking is seen positively here! Innovation is seen as a value driver. Investors want to see the BIG idea!" 🎙 "The Showcase format allowed us to have meaningful conversations. There was lots of time for real networking. Everyone asked, 'what is your ask?'. That was so refreshing!" ⏰ "It's just more sophisticated here. Time to market is faster in the US. We didn't have to spend our time explaining the tech and it felt like conversations got progressively better". So the next opportunity to leverage Connection Silicon Valley to build your network here is May 14th to 16th - open to #FemaleFounders. Don't let fear stop you. If you are looking for global capital, #SiliconValley is where you need to be to build the right connections. Register here - https://bit.ly/48SDuzF Or DM me to chat!

74

9 Comments

Over the last 3 months, we’ve added over 300 investors to the Mainshares platform If you’re curious why we’ve got so much support from the largest investors in the space, let me tell you… What we do for Searchers/Operators: ✅ Targeted Investor Outreach: Finding the best investors for your deal is way harder than most people think. We’ve already done the hard part for you and curated a huge list of active investors with clearly defined investment criteria, waiting to invest in your deal. Operators on the Mainshares platform can share deals directly with that curated network. Don’t waste your time trying to find the right investors, they’re already signed up with us. ✅ Streamlined Presentation: First impressions matter. Our tools help you present deals in a way that speaks directly to investors’ priorities, filtering for the best possible investors and giving them the info they need to move fast. Your job should be to search, close, and operate. A good deck is the start of every successful fundraise. ✅Seasoned experts: Our team is in deals non-stop. We know “what is market” from what isn’t, and can sniff out hair on bad deals, and advise on how you confront it in a seller negotiation. We see all kinds of industries, all kinds of structures, and all kinds of sellers. Mainshares is in your corner like Bundini Brown (Muhammad Ali’s Corner Man) Oh… And let’s not forget about the value we provide investors! For investors: ✅ Exclusive Access: The deals we share are high-quality, SMB-focused, and vetted for clarity. Investors know they’re exploring opportunities with operators who are serious about execution. Most of our revenue comes post-transaction which means the business needs to be successful for us to make money which aligns our interests. ✅ Transparency: Our platform prioritizes trust by giving investors the information they need upfront — clear terms, strong financials, and a compelling narrative. No fishing through a poorly constructed offering and having to follow up with a bunch of questions to a busy operator, you get all the info you need on day 1. ✅ Aligned Opportunities: Investors often want more than just ROI—they want to back businesses that resonate with their expertise and values, they want a unique advantage to help operators. We help bridge that connection. When we started mainshares, we started with intentionality. Right now, there is a huge constraint on the ability for investment to flow into the small businesses that run 70% of our country. No one is professionalizing this space, no one is relieving that constraint, no one is removing friction and bringing operators and investors closer together. But that’s what we’re building. If you’re tired of navigating a disconnected capital-raising process, Mainshares is here to help. DM me right now, let’s get a conversation started. Even if you just enjoyed reading this, reach out to me, I’d love to hear from you 💪

40

8 Comments

The Ultimate Cheat Sheet collection for SaaS leaders & Founders - by Vencha, Included #VC & Notion Capital Here you have 15 cheat sheets on marketing, sales, fundraising, pitch decks and more: 💵 How to price and package your software ? 🎢 The 5 prospect stages 🚀How fundable is your company? 💸 Leadership transitions at different stages of business growth 🎯 SaaS monetisation in 8 steps 🕹️ Identifying your market: TAM, SAM & SOM demystified 🛠️ How to skyrocket SaaS sales? ⚖️ The ICP Grid, goal setting and how to prioritize ? #Fintech #saas #CheatSheet #isaphr #isapone #isapsolutions #starthubagency #isapinvestments www.isap.group www.isap.one www.isap.hr www.isap.agency www.isap.investments iSAP Solutions ltd iSAP ONE iSAP.HR StartHub.Agency iSAP Group Investments ltd Tino Herold

3

In today's financial services landscape, #data remains the cornerstone of many deals I evaluate. I discuss this regularly in LP conversations, on social media and via targeted communication channels such as my recent appearance on The Real Maxime podcast (link in comments). Near the end of my conversation with Maxime Seguineau, I specifically talk about data, automation, and risk management as three opportunity areas I am paying close attention to. Despite the financial industry's advancements in technology and all the rage about #AI applications, inefficiencies in data collection and ingestion persist, often resulting in missed or siloed information. This highlights a fundamental gap: without accurate and comprehensive data, even the most advanced AI tools are ineffective in their risk assessment. Automation is key to unlocking the potential of data—streamlining collection and integrating diverse data types can transform raw information into actionable insights. This enables enterprises to optimize their operations, identify new opportunities, and manage costs more effectively. What’s more exciting yet is that we are gradually transitioning towards real-time data utilization, which promises even more accurate and timely decision-making. Risk management is a recurring theme in my investment portfolio, encompassing various aspects of financial and operational risk. Successful technology adoption often hinges on the clear articulation of the consequences of not addressing these risks. Enterprises are more likely to embrace new solutions when they recognize the material negative outcomes of failing to leverage the now accessible data to proactively address business risk. If you’re interested in the intersection of these themes, in addition to giving the podcast a listen, you might also enjoy reading a longer piece I’m developing exploring risk management as an investment frontier. Message me if you’d like to be in touch when the paper is complete. #fintech #startups #vc #venturecapital Altari Ventures

14

2 Comments

€25M, to build the one finance platform to rule them all. Proud to be partner of Pauline Glikman and Joseph A. from Day 0! When we first invested in Payflows, there were many other FinTech SaaS startups focusing on individual pain points felt by CFOs and their teams. Some of these companies try to improve accounts payable or procurement. Others tackle cash management or try to modernize the payment stack. Payflows stands apart by offering this and more as modules within an automated platform bigger than the sum of its parts. Each module can be purchased and deployed independently, but the offering becomes much more powerful when all the pieces of the puzzle are combined.   We partnered with Payflows team on their €5M Seed round, together with Ribbit Capital - all thanks to an intro from my friend Salomon Aiach, GP at Origins Fund. Their product quickly turned out to be such a customer hit that they never had time to announce the round. Fast forward one year. Customers include both public enterprise companies as well as growth-stage tech companies like Ornikar, Spendesk, and Swile and Podimo. Welcome Balderton Capital in today’s combined €25M funding round! In the comments, the story on Les Echos and an in-depth piece on why we invested. Can't wait to continue seeing the ultimate financial automation platform come together! (Photo by Samuel Sotto)

279

17 Comments