Andrew Carroll

Taavet Hinrikus and I made the Financial Times Due Diligence email. https://lnkd.in/ez2AuGQx One 'unintended consequence' is that if there is a 45% tax on carry and CGT (raising £40m per year, remember) it for all intents and purposes closes the door on new VCs in the UK. Especially started by teams from non-traditional backgrounds. To meet the GP commit, you need to be already part of the 'wealthy' as you cannot rely on the value you create - nearly half of it will disappear - to fund it. We have both had extremely successful startups which are few and far between. The smaller number of new VCs will therefore more likely increasingly be for people who have inherited the capital or can draw it from their already rich family. Probably not want they have in mind with this policy.

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I couldn’t be prouder to be a Venture Partner at Isomer Capital (aka the best European FoF - at least for me) as we just announced the launch of our pioneering £100m secondaries fund. This fund is dedicated to acquiring stakes from LPs in various VC funds, tapping into a massive and largely unexplored market. 🌟 Key Highlights: - Focused Investment: Primarily targeting stakes in VC funds, with selective investments in private companies. - Robust Funding: Already over 20% funded, thanks to strong support from Nordic family offices and a German foundation. - Market Potential: With a growing number of private tech companies and a VC liquidity crunch, Europe's VC secondaries market is poised for rapid growth. - Track Record: This isn’t Isomer’s first foray into the secondaries market. As a firm we’ve done several secondaries deals with portfolio companies and VC firms, including early-stage VC Seedcamp (in 2021) and mobility giant Bolt (in 2023). - Expert Team: Welcoming the amazing Omolade (Rachel) A., formerly of Coller Capital, as a principal to lead this initiative. 💡 Investment Strategy: - 65-75% of the fund will buy "LP interest" stakes in VC funds. - 15-25% will be directed towards stakes in companies. - Up to 15% reserved for flexible investment opportunities. 📈 Looking Ahead: We're targeting returns of 2-3x, with significant distributions expected in the next 4-7 years. As one of the few players in this space, we're not just participating in the market—we're driving it forward. Read all about it here: https://lnkd.in/dc7sbC3G #VentureCapital #SecondariesFund #EuropeanVC

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The secondhand and alternative goods market is growing at a clip. Think Facebook Marketplace and Depop. Shopfront one of Antler's recent investments, is capitalising on this growing market, with a new platform that enables users to do everything from creating listings and selling products across multiple marketplaces in one place. Launching within the APAC region where competition is still limited and green, Shopfront is striking at the right time to succeed. With already 50 users using its MVP and plans to secure 500 sign-ups for its waitlist and roll out its beta platform next month, this business is certainly one to keep an eye on. Read more via Startup Daily👇 https://lnkd.in/gyD5St6e

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"Funding Collapse sends investment in start-ups to six year low" The Times today covering the shocking stats that VenturePath uncovered, with our partner Beauhurst. Great quotes from supporters Michael Moore CEO, BVCA and Julian David CEO, techUK. * UK VC funding at Series A is -44% from last year, and worsening * Q3 24 is down a staggering 57% from Q2, itself down from Q1 * 9 in 10 seed funded startups cannot access Series A VC funding, the next 'rung on the funding ladder' * Just 32 future scaleup companies across the whole of the UK were able to access their first VC funding round in Q3...a 6 year low * Half a billion less capital is going in to UK scaleups at Series A, than just 2 years ago! As the UK scaleup funding gap widens, we are losing ground against other countries, at both startup stage (a position the UK worked hard to achieve, since 2011), and for scaleup support. OECD data: 13th in the world for scaleup support, and that's before Series A funding access dried up. I get that its confusing. Another report (BBB, Nations & Regions) released this week spoke of positive trends in private investment, stating "The data for Q2 2024 shows that investment value has continued to grow". Great, I love to see optimistic data. But under analysis that bundles venture with private equity (later stage), where a few megadeals skew the numbers. Otherwise the exact opposite is true. Our independent research here, for the UK ScaleUp Investment Mission, is laser beam focussed on Series A. The funding round where companies move from the c.1m startups launched each year, through the 2,179 that access seed funding, into the rarefied category of being recognised as future scaleups, attracting Series A funding (£2-10m). The UK venture landscape is currently funding just 248 pa of these companies, and declining. We've been sharing this urgent call for support with the new Government since the day after the election. I've personally met with several Ministers, and spoke to all the relevant Government departments. I will shamelessly repeat loudly what is at stake. UK scaleup funding at Series A has nearly halved in a year, and continues to decline steeply, more than halving in the last quarter. VenturePath developed The UK ScaleUp Investment Mission to convene the scaleup support ecosystem and £7bn of funders to help address this problem, to improve nationwide access to VC investment, and create more venture-backed successes. We have clear support, clear recommendations to reverse this decline in UK scaleup investment, and have made a clear ask of Government for participation in this, to ensure immediate action is taken to create the conditions for success for UK scaleups, ensuring the focus on growth isn't undermined by lack of capital, or equitable access to it. Government decision makers, we'd love your interest, to progress to action. HM Treasury: Rt Hon Rachel Reeves Spencer Livermore James Murray & CC Poppy Gustafsson (welcome to the debate).

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#SHEIN Global fashion online retailer SHEIN announced the launch of a new Circularity Fund, with the company providing an initial investment of €200 million, aimed at supporting startups in Europe and the UK focused on textile-to-textile circularity solutions. The new fund comes as the fashion industry, and the fast-fashion sector in particular, face increasing pressure to address the climate impact of their businesses. The European Commission, for example, has proposed rules aimed at supporting the sustainable management of textile waste, and placing responsibility for the full lifecycle of textile products in the hands of producers, noting that only 22% of post-consumer textile waste is collected for re-use or recycling, with the remainder often landfilled or incinerated, and that consumption of textiles has the fourth highest impact on climate change and the environment, and is one of the top factors impacting water and land use as well as greenhouse gas emissions. https://lnkd.in/d2zBPmpF

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Learn about how we unleash potential that result in increased growth, profitabillity and customer satisfaction!

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💡 Investment Criteria: Angel, Playfair and ACF Investors As we head into a new investment ‘term’, here is an overview of the broad investment criteria across three 🎩 I wear: 😇 As an Angel      •           UK-focused      •           Pre-seed or seed      •           £20k–£125k initial cheques      •           4–6 new investments per year      •           Generalist technology      •           Lead or follow 👥 Playfair VC      •           UK and Europe      •           Pre-seed (or first institutional investor)      •           £100k–£1.5M initial cheques      •           6–8 investments per year      •           Generalist technology      •           Lead or co-lead 👔 ACF Investors The ACF Investors offers £ support for UK businesses through co-investment. Their criteria checker is a great starting point to see if you’re eligible: https://lnkd.in/ehS6zifi 📋 The best way to apply to Playfair or the ACF is via their website as I am not involved in our initial deal sourcing. I am also on the board of the Cambridge Angels group but I will cover this in another post DM me if you have any questions on the above! 🚀

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Introducing Cambrai Partners and our Investment Thesis    Who We Are:    At Cambrai Partners, we are a boutique UK buyout fund dedicated to investing in businesses that strengthen national resilience. Our mission is simple: to acquire, grow, and hold companies that are essential to the security and prosperity of the UK and Europe.    Our Backgrounds:    Our backgrounds blend military leadership, operational experience, entrepreneurship, and financial acumen, enabling us to partner with businesses and management teams to unlock growth and deliver enduring value.    What Is National Resilience?    National resilience is a country’s ability to withstand, adapt to, and recover from shocks such as geopolitical disruptions, economic crises, or technological threats. It’s about ensuring the strength of critical sectors like energy, data, financial services, and defence to safeguard our way of life.    Why Is It Important—and Why Now?    Recent geopolitical events like Brexit, the COVID-19 pandemic, and global conflicts have exposed vulnerabilities in our supply chains, infrastructure, and cybersecurity. The need to protect and strengthen critical sectors has never been more urgent, as the UK must adapt to an increasingly uncertain world.    Our Focus Segments:    We are starting with three pivotal sectors:    Cybersecurity – Ensuring digital resilience against evolving threats.  Industrial Services – Supporting the backbone of the UK economy.  Defence – Investing in technologies and capabilities vital to national security.    Our Value:    We go beyond capital, acting as partners to help companies scale sustainably through:    Servant Leadership inspired by our military ethos.  Strategic expertise, operational support, and network-building.  Long-term investment horizons focused on growth and stability.    Call to Action:    If you’re a business leader or founder in one of our focus sectors and looking for a trusted partner to take your business to the next level, we’d love to hear from you.    📩 Contact us: [email protected]    Together, let’s build a stronger, more resilient future for the UK.  

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🌟 Interesting yet unsurprising findings from the latest VC performance report: 📈 Established European venture capital funds (fund 5+) are delivering 2x the IRR of New (fund 1-2) and Developing (3-4) funds. 🌍 European VC funds consistently outperform their US counterparts, underscoring Europe's strength in the global investment landscape. Read the article at sifted https://lnkd.in/eZYF4THT

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2024 LAVCA Trends in Tech - LAVCA https://buff.ly/4dfL6Qf by @LAVCA sector and country-specific breakdowns, average round sizes across investment stages and the current role of global investors co-investing alongside local fund managers! #rafAIgual #vc #trends #investment #latam

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Can European companies become massive without having to go outside of Europe? Hear Balderton Capital General Partner Rana Yared discuss the opportunity in European venture, particularly in fintech, where giants have been built. Listen to the full podcast on Alt Goes Mainstream: https://lnkd.in/e7EXWQa5

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When the first alphabet in these conversations changes from 'M" to 'B', you know the funding winter is transforming into spring 🌱 #VC #VentureCapital #Earlystagefunding Read more about the latest monthly funding report for VC funding in July 2024 here: ttps://https://lnkd.in/dhdWF8fP

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I'm speaking at SuperVenture 2024 on the 5th of June in Berlin. The topic of the panel is emerging VC managers: time to shine or out of their depth? Are LPs fleeing to established names and those that cut their teeth during previous cycles? Or is now the time for emerging managers to bring something different to the table? Is volatility leading to true innovation and disruption? We’re on track to see approximately 44% of the total LP capital committed to US VC funds since the start of the year go to just two large established VC platforms, according to PitchBook data. While many established VCs maintain their allure, there is a subset of LPs who are making a deliberate choice to increase their allocations to specialist emerging VC managers - managers who have spun out from established funds and have an attributable track record, founders with deep operational experience turned funders or academics with deep domain expertise. There is non-trivial added complexity when it comes to emerging VC selection – given the large number of funds needed to be screened and the more complicated referencing and DD process. Data highlights how important it is for GPs to identify & back ‘big winners’ early on to drive fund returns. Typically, ~5% of invested capital in a few winners drives most of the return (>50%). The VC model is built around investing in early-stage companies each with the potential to more than return the whole fund. Who has the right to win? Who will the best founders (and LPs) decide to partner with? #SuperVenture #VC SuperReturn

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The 54th edition of the Alt Goes Mainstream AGM Weekly newsletter is out! The €20M soccer match. I’m still thinking about the electric scenes after attending last night’s UEFA Champions League match at Wembley Stadium between Real Madrid C.F. and Borussia Dortmund, where Real made the most of its chances and lifted the trophy with a 2-0 victory. The Champions League is the pinnacle moment in European club football. It’s why the best players in the world go to Europe — for a chance to play in the match that defines a European club’s season. It also happens to have a lot on the line for the business side of these clubs. Former Blackstone & Airbnb CFO and Founder & Managing Partner of WestCap Laurence A. Tosi said on a recent Alt Goes Mainstream podcast that “scale begets scale.” Well, in sports, that quote could be translated into “success begets success.” That’s certainly the case for clubs that advance through the stages of the Champions League. The prize for winning last night’s match? €20M. A win last night meant that Real would pocket a total cash prize of around €118.5M. A win for Dortmund would bring home €102.1M, according to Diario AS. Add €100M in additional revenues to the club’s income statement and those figures start to look incredibly meaningful. Read on for more about why the quest for Champions League glory can be so impactful for soccer clubs 👇 The AGM Weekly, brought to you by 3i Members covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 🗞️ AGM News of the Week, this week covering: 📌 Institutional Investor's Michael Thrasher on how and why insurers are increasing their allocations to private markets and what it means for the future of private markets. 📌 Citywire's Alex Steger on J.P. Morgan CEO Jamie Dimon's warning call and comments on the evolving private credit landscape and Goldman Sachs's $20B raised for their senior direct-lending fund, West Street Loan Partners V. 📌 Financial Times' David Stevenson & Emma Dunkley on Hargreaves Lansdown evolution as a business and the recent bid on their business by CVC Capital Partners. 💻 Who is hiring: Senior-level positions from companies Blackstone, Apollo Global Management, Inc., iCapital, Blue Owl Capital, AltExchange, Brown Advisory, LemonEdge, Canoe Intelligence, Allocate, PitchBook. Subscribe 👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream. https://lnkd.in/eXEbi6Nd

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Our mission is clear: to make top-tier services affordable and accessible to the mid-market. Freelancers were often the only viable option in the past, while consultancies came with high costs and other downsides. Our experience shows that a small integrated team of senior operators delivers the best results. A rapidly growing number of repeat customers agrees. Reach out to learn how we can help you accelerate growth affordably yet through a best-in-class delivery model. #operatingpartner #commercialexcellence #privateequity #freelancer #managementconsultant Mitul Ruparelia Pedro Correia Krishna Chaitanya Simon Blackburn

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NOTWICS would like to alert founders to this lovely message I got from my good mate Tom Britton @ SyndicateRoom This excellent Cambridge based pre-seed and seed stage VC is looking for top founders and hopefully this is the first of many funds ringing the bell saying they are now deploying 💥 - akin to top man Dan Bowyer’s LP post yesterday. The winds of change are coming - funding is coming back From Tom “Hey Chris - We've partnered with Carbon13 to launch their next Climatech SEIS fund. The fund will open to investors on Tuesday and aims to deploy in the current tax year. And on Carbon 13 Carbon13 companies have gone on to raise up-rounds totalling more than £38m. The average age of their cohort participants is 37, a quarter hold PhDs and 63% of their teams are mixed gender”. Their portfolio now has 71 ventures across five key sectors: chemicals and materials, energy, food systems, enabling platforms and the built environment. Founders find out more here and get applying https://lnkd.in/es6EvuN5 Or Direct Message Tom for more Apologies for spelling mistakes - rushing to host a huge defence tech breakfast with FieldHouse Associates and others #startups #scaleups #vc #angel

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On Thursday the stock market declined, led by tech and consumer services. Disappointing earnings from Salesforce and others dragged the market down. GDP growth came in lower than expected, raising talks about interest rate cuts again. On world markets, business confidence in the Eurozone edged up. BTC and ETH are holding their week's levels, with the rest of the crypto market hanging out. #crypto #cryptocurrency #bitcoin #exchange #assets #investing #cryptonews #market #trading #blockchain #ethereum #token #analytics #Markets #Finance #Economy #Business #Evernomics #Svetrating Read the full text: https://lnkd.in/gViNcj9Z

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Its's a deal flow time! We are about to share the details of 637 start-ups who joined Rare Founders London's largest #demoday 2 weeks ago with all the investors (only verified ones) in our community. If you are a #founder who is #fundraising and want to get more exposure to investors (IT'S FREE) - submit your details following the link in comments. If you are an #investor interested in pre-seed to series A start-ups join our community (link in comments) to get access access to the monthly deal flow. Please tag #investors and #founders who this might be applicable for.

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🚀 Unlock the Potential of AI in Deal Sourcing and Screening! 🚀 The 2024 Investment Benchmark Report reveals that European VC firms face fluctuating engagement and deal flow. Top firms leverage data to adapt and thrive, showing a notable 86% uptick in Q4 2023 deals. 🌟 Key Takeaways: Data-Driven Decisions: Firms using multiple data sources outperform peers. Enhanced Network Growth: Proactive outreach leads to more deals. Tech Adoption: AI and automation streamline operations and improve efficiency. Empower your VC strategies with AI for better sourcing, screening, and success! 👉 Try Yuno AI and become an early beta tester. We're seeking feedback to create the best tool for identifying investment opportunities in the private market industry. Read the full report here - https://lnkd.in/ddgiyWxH #VentureCapital #AI #DealSourcing #Investment #TechInnovation

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