Pascal Zuta

Three biggest learnings from a fundraising journey. Shared by Rainer Märkle, General Partner at HV Capital at EUVC 1/ Have a time box with a deadline attached. Have a defined horizon & create a clear plan. Have some urgency to get things done at some point. Execute very transparently and reliably. 2/ Stick to your narrative. But don't do it blindly. Tweak it when necessary. Adapt it. Don't let yourself be surprised by major changes. Keep focusing on delivering according to your strategy & plan. 3/ Fundraising is a marathon with many sprints. There are moments when you'll ask yourself - Why do I do this? Is it gonna work out? But don't get too negative during the down phases. Adapting and pivoting is part of our job. As it is for the founder of a company. How about you? What fundraising lessons have you learned? Join the conversation. 🔽 #venturecapital #angelinvesting #startupfunding #europe

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In Q2 2024, the time between funding rounds for Series D+ companies increased to 2.1 years from 1.2 years in 2021, according to PitchBook. In my view, founders building enduring high-growth companies with products that their customers love can still attract capital, but the questions are: at what price and in what form does it make the most sense? More time typically allows growing startups to raise the capital they need at a higher valuation, resulting in less dilution for management, employees, and inside investors. This dynamic is especially important for those who raised capital at peak prices in 2021 and may now see lower valuation multiples, which in some cases means raising today could be at a flat or lower valuation. As a result, I'm talking about alternative financing options with many founder and investor friends. These include venture debt, SAFEs, convertible notes, and other solutions, which can be used individually or most often together to extend runway without repricing equity or sacrificing growth before a formal priced round. I'm excited to see the startup and venture community appearing to be more agile than I've ever seen it. Ideally, we'll harness our collective energy and creativity to support risk-taking builders with solutions as they navigate the market. See you out there! Note: These thoughts are solely mine and do not reflect the opinions of any company I am associated with.

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An INTJ Fund conversation with Sofie Marien (Co-Founder + CTO of NoMi). NoMi aims to be the Duolingo for self-help. NoMi was in A16Z GAMES SPEEDRUN's recent cohort and backed by Jorge Mazel (previously Chief Product Officer at Duolingo). Sofie is an award-winning mobile developer and marketer with over eleven years experience in games at PlayStation and Hasbro.  She's worked on multiple top-charting games including Horizon Zero Dawn and Monopoly. She's now taking her experience to turn relatable Gen-Z experiences into playable games. I think a lot of people simply need more repetitions in order to learn how to deal with social situations. In the future, I can see people simulating everything from tough conversations to dates in game like experiences. What's a social situation you wished you could have simulated in a game as practice? Want to make friends with people like Sofie? Apply to join the INTJ Fund community - https://lnkd.in/g9tcUZVg #selfhelp #mentalhealth #gaming #INTJFund #INTJ #A16Z #INTJwomen #womeninstem

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Zeitgeist is changing and we need to adapt or to encounter. When we started Climate Founders 4.5 years ago, we had a perfect Product Zeitgeist Fit (explained by a16z: https://lnkd.in/ePtBRVD3) in 2018 and 2019 activist groups like Fridays for Future played an important role to make the societies aware that we are in a climate crisis and need to act, with the beginning of the new decade announcement after announcement was made: politics made important changes from regulation to investment programs, more people than usual voted for green politics, the climate crisis got relevant media coverage, thousands of companies world-wide set decarbonization goals, huge asset managers implemented ESG and decarbonization strategies, billionaires pledged for the climate, hundreds of climatetech fund were established, serial entrepreneurs went into climate topics, Covid made many poeple think about contributing to a better world … in general you could feel change to make this decade to what it is in fact, the decisive decade for humanity. Even with beginning of the Russian war, there was a positive thinking that renewables are the solution to solve energy, industry and dependence problems, even climate chrisis deniers called them „freedom energies“. In 2023 we saw some Zeitgeist changes, the climate crisis seemed not to be a main topic anymore, in the media, in the politics, in companies and the society in general. Ambitious politicians understand that the society is not ready to change, some media work heavily against climate politics, companies realize how hard it is to decarbonize and partly drop their goals, asset managers start to drop ESG and decarbonization goals, investors and entrepreneurs look more at AI, politics goes right and populistic. Regarding Climatetech im still very optimistic: The 2018-2022 Zeitgeist helped to build a massive ecosystem, which is still growing. The current Zeitgeist is not in favor for Climatetech, but it will come back for sure, as unfortunately the climate crisis will hit us harder every year and we always had this typical left-right cycles in politics and societies. Due to our expanded activies our dealflow is still growing, but in general we have the impression that less new founders entered the space in the last 12-18 months and also hear from some other VCs that they see less climatetech teams. We take it as a challenge and re-focus on co-founder matching to make it easier to enter the space for founders. Especially scientists and serial entrepreneurs are our target group for our co-founder matching. Take the world’s biggest challenge as your personal opportunity and apply here: https://lnkd.in/egvTQApi

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***Update on Version One Ventures's thesis*** We back mission-driven founders who are early in new areas. As you know, Boris Wertz and I never stop challenging ourselves to be better VCs - it’s one of our core values! An important part of that work is developing a strong investment thesis, and evolving it as technology improves and markets change. Our current investment thesis, “backing mission-driven founders at the earliest stages,” was introduced back in 2020. It encapsulates our focus on backing a certain type of deeply passionate entrepreneur at an early stage when few people might believe in them.    Those words still hold true but they don’t explicitly spell out something we look for when evaluating an investment opportunity: timing. Investors always talk about “Why now”, and we do too, but the more interesting question for us is “Why not?”   Another way to ask it is “What’s possible?” We’re interested in those rare opportunities where a founder is creating a brand new category. These opportunities are fringy and emerging (some might call them crazy, weird, whacky or wild). There’s nothing obvious or inevitable about it. They’re building something the market hasn’t yet imagined and doesn’t fit neatly into an existing market category. But if they’re right, then the fringe picks up momentum and ultimately becomes a wave. So, going forward, we’re evolving our thesis to be even more explicit about the why now and why not: We back mission-driven founders who are early in new areas. Looking back, we predicted a few waves right and invested early into them: Vertical SaaS in 2012-2014 (e.g. Jobber) Crypto in 2016-2020 (e.g. Uniswap Labs) Climate in 2020-2021 (e.g. Patch) These days, the areas on our radar are a combination of “why now” and “why not”. AI – with a focus on AI-native products (e.g. Ada) VR/AR – especially with the recent launch of Apple Vision Pro (e.g REMIO) Crypto – yes, we’ve been investing in crypto since 2016, but it still feels early given that design space has recently opened with new L2 scaling, and the acceleration of mainstream use cases like payments or tokenization of real-world assets Climate/energy – we are looking outside of software and just invested in a materials company replacing lithium ion with sodium ion (as the world is moving towards electrification) Hardtech/biotech – we recently backed a company building the next illumina for proteins Building a startup is hard enough as it is, but pioneering founders need to build on brand new technology, find new markets, and convince everyone of the market need. BUT this is exactly who we, as venture capitalists, want to back. We look forward to meeting more of these courageous and bold founders creating transformational change!

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Excited to share what I learned from Sandro Stark, founding partner at Vanagon Ventures backing FrontierTech from Munich/DACH 🚀 to the World at the YUVC video podcast (links in comments) 💡 Above all, Sandro is a super nice person to get along with and has a great NPS from founders 👋 Here 3 Core Takeaways ✨ 1. Vanagon’s approach to startup evaluation 👀 - Distribution capability is now the key differentiator, not just technical innovation - Customer "stickiness" and deep industry understanding - The solution must demonstrate both climate impact and profit potential 2. Why is Munich's ecosystem strategic? 🇩🇪 - Part of DACH region - third-largest market globally after China and US - Rich concentration of technical talent and corporate headquarters - Untapped potential in Mittelstand venture engagement 3. What's the philosophy behind sustainable success? 😉 - Don't postpone happiness for future achievements - True leadership creates more leaders, not followers - Consistent effort matters more than breakthrough moments Now listen in for more insights! ❤ Kudos to his great co-founders/GPs @Vanagon: Susanne Fromm Axel Roitzsch Shoutout to their amazing portfolios: Senken Particula Renoster youba The Landbanking Group LoopID heartstocks Learn.xyz ExoMatter and more

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Dirk Hoerig shares how he’s overcome near-death business moments to lead commercetools to Centaur status, all while balancing family life. “This is it, we’re not going to make it next month,” – Dirk Hörig and his team had this same thought over and over again between 2010 and 2014. So, how did they go from this to becoming one of Germany’s only Centaurs? Today, Dirk gives us a peek behind the scenes of his journey building the game-changing e-commerce platform. When asked about his top achievements, Dirk says “Number one, would be not messing up the big opportunity we had—seizing it and not screwing it up. Number two is raising three great kids while building a company. And number three is disrupting a whole category that didn’t even exist before.” From sharing stories from the early days, when they had to fight so hard to survive, to today where the company has undergone impressive growth and success – Dirk has learned to embrace the ups and downs with a cool head. Dirk also talks about what’s kept him grounded - from squeezing in surf workations with friends to traveling with his family and playing sports with his kids. Read on to find out how Dirk finds that sweet spot between work and life; finding a way to lead a fast-growing business without losing sight of what really matters.

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🚀 From Punk to Break-even: My Journey with Disivo 🏗️ When I first came across Disivo (check out their site at disivo.com—their horrible tennis shoe is finally gone 🙏 🤭), it felt like the perfect mix of genius and chaos. This startup was all about making e-commerce pricing smarter, but let’s be real—it also involved a lot of finding themselves, facing mistakes head-on, and ahem breaking stuff along the way. But here’s the thing: mistakes aren’t just okay—they’re mandatory. Every stumble was a lesson, and every lesson got them closer to where they needed to be. Fast forward to today: 🌟 Disivo achieved break-even! 💡 They acquired Azor, a price-scraping tool from Heureka (a game-changing move, IMHO). 🎯 And major props to visionaries like Petr Bláha—because without strategic oversight, they’d still be “finding themselves.” Of course, now comes the hard part: ➡️ Rebooting revenue growth. ➡️ Executing like it’s an Olympic sport. ➡️ Overworking without overkilling the team spirit. Their big, audacious goal? To become the No. 1 dynamic e-commerce pricing platform in the world. 🌎 As an investor, it’s been a wild ride watching Disivo grow, evolve, and navigate the chaos. To everyone grinding it out on your own journeys: Share your messy middle! Success is great, but the chaos that leads there? That’s where the real magic happens. Here’s the hot take, below is the famous tennis shoe, they should put it in the meeting room as a meme! 🏡 💰 👚 🏝️ #Ecommerce #Startups #Leadership

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💰 Why did I invest in AIOSS?   Yesterday, aioss announced their seed round, and this is a good opportunity to give you a glimpse into my brain and explain how business angels make investment decisions.   🧑‍💼 Lead Source:   I heard about AIOSS through a good friend and member of my business angel network, Nick Traulsen.   I have the utmost respect for his expertise in B2C sales and marketing, which is critical for a DTC case like AIOSS. So, when I learned Nick was interested in investing, I was naturally eager to meet the team.   💡Product, Team, and Traction:   Ultimately, my decision hinged on my own assessment of the startup: - Do I believe in the product? - Do I trust that the team has what it takes to build a successful company? - Is the existing commercial traction promising?   The answer was a resounding YES in all three areas. I’ve evaluated many startups in this space, but rarely have I encountered one that ticks all the boxes like AIOSS.   📈 Investor signals:   The company raised its first round only nine months ago (which annoyed me, so why didn’t they reach out to me then? 😉).   However, this timing offered an opportunity to evaluate another investment aspect: Did the existing investors participate in this round?   Fortunately, they did. If they hadn’t, I would have investigated why they decided not to invest.   🧑‍🤝‍🧑 Co-Investors:   One major benefit of investing in ecosystems where I have a strong network is knowing many of the other investors from this round and the previous one.   That was also the case here - I knew most of the co-investors and their solid reputations.   While my decision ultimately rests on my own evaluation, knowing the credibility of other investors is another positive signal to factor into the deal.   💰 Valuation:   The founders did something refreshing: They openly disclosed the valuation of this round: DKK 33 million post-money (DKK 30 million pre-money).   Valuation is always an aspect of my decision-making process. While I understand the power-law dynamics of startup investments, I still pass on deals that I consider too expensive.   For example, I wouldn’t have pursued AIOSS if they were targeting a 150 MDKK valuation.   That said, valuation is just one part of the broader “terms” element!   Did the founders mention the 10X liquidation preference the new investors are getting in this round? Or the 15-year reverse-vesting period for the founders’ shares?   ... Just kidding. 😊   ------------------- Once again, this is a simplified version of how my brain works when making investment decisions! -------------------

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Insightful look into bioplatform strategy, and what it takes to raise a Series A from my partner, Omri Amirav-Drory: https://lnkd.in/dFv7GbF6

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Germany-based venture capital fund Robin Capital closed its Robin Fund One at 13 million euros (about $13.6 million). #venturecapital #veteranventures

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A milestone worth celebrating! Five years ago, our Index Ventures team launched #NotOptional alongside more than 500 CEOs and founders to improve stock options and conditions for employee ownership at European startups. A lot has changed since we started in 2019: The most celebrated win so far goes to Germany 🇩🇪, one of the biggest economies in the world that used to have one of the worst stock options policy in Europe. Last year, the German Parliament voted to turn their failing policy into one of the best in the world. 10 other countries also updated their stock options legislation: the UK 🇬🇧, Portugal 🇵🇹, France 🇫🇷, Austria 🇦🇹, Czechia 🇨🇿, Spain 🇪🇸, Latvia 🇱🇻, Lithuania 🇱🇹, Greece 🇬🇷, and the Netherlands 🇳🇱. 7 countries now have policies that match or exceed the US: Germany, France, Portugal, the UK, Lithuania, Estonia and Latvia. Only one, Estonia 🇪🇪, already had a policy better than the US in 2019. That includes Europe’s three largest economies and the largest VC hubs. There’s still a long way to go for some countries. Finland 🇫🇮, Switzerland 🇨🇭 and Norway 🇳🇴 have the worst policies, followed by the Netherlands (even with updated legislation already), Belgium 🇧🇪 and Denmark 🇩🇰. These are countries with strong tech credentials where the tech innovation flywheel is being hampered. With the help of European entrepreneurs everywhere, we will keep pushing until every single European country’s options policy is at least as attractive as the US! There is no reason why they can’t be. We are also working on taking it to the next level: standardization at the EU level through a single corporate entity. The “EU Inc.” initiative launched earlier this month and builds on the success of #NotOptional at Andreas Klinger European Accelerationism. Thankfully, the challenges European startups face are more in the spotlight than ever because of Mario Draghi’s report to the European Commission in September, which emphasized that innovative startups should have the opportunity to adopt a new EU-wide legal statute. Already, the European Commission has established a Stock Options Working Group, the European Securities and Markets Authority has urged the Commission to consider a dedicated EU-wide framework for ESOPs, and commission president Ursula von der Leyen appointed the first-ever commissioner for startups. Every improvement makes it easier for startups to attract and retain talent and makes it more likely that the next tech giant will come out of Europe. To everyone involved in this fight, congratulations on five years of progress. Now let’s keep going!

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After receiving a huge response, over the past three weeks I selected and had Clarity Calls with 7 incredible founders. Let me introduce you to them: Bettina Mueller Reichl with Cape de Coeur, a luxury rainwear brand that’s both sustainable and sophisticated. Watch "She Came To Me", and you'll see Anne Hathaway wearing one of her pieces! Daphné Eastmond, CPA with Frizz + Co., elevating the standard of curl care through innovative, intentional products, bridging the education gap within the curl community. Dallas Barnes with Reya Health, helping women and people with ovaries take control of their health and lives, fostering healthier families and communities. Lee-Anne Reuber with Sekond Skin Society, an inclusive fitness app where people with and without disabilities can work out together. Frankie Leigh Shelton with Wisdom Medicine, providing hormone-informed care for women at every stage of life, from puberty to menopause. Sajna Massey, P. Eng, MBA with Couth Studios, a brand leveraging AI to combat overproduction and overconsumption. Deb Flanagan with Bizzidy, democratizing access to funding information, offering trauma-focused programs for women entrepreneurs, and building connected, meaningful communities where no woman is left behind. From Canada to the US to Europe, I’ve been working with founders on everything from branding and marketing to planning pop-ups, navigating things when we're stuck in comparison (we all face it!), onboarding talent, developing fundraising strategies, and prioritizing the steps to move forward. I genuinely love this work — it’s what drives me. If you’re a self-aware woman builder or operator ready for clarity and progress, I’ve opened up more space for Calls. And yes, you can be based anywhere in the world. Link in the comments to apply👇🏽 #WomenFounders #StartupSupport #InnovationForGood #Mentorship #Entrepreneurship #AriseAndLead

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💼 Why ScaleupStream is Your Best Choice! 🎯 Pitch your ideas to investors every week. 🔍 Receive expert feedback to perfect your strategy. 🌐 Network with ambitious entrepreneurs just like you. Turn your vision into reality, join ScaleupStream today! 👉 scaleupstream.com 🚀

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Angel Investing! It's About the Long Game The world of angel investing can be thrilling, but also deceiving. Too often, I see startups promising sky-high valuations and "unicorn" potential based on little more than a strong pitch deck and a trending industry. Successful angel investing isn’t about finding the next big IPO or "disruptive" tech. It's about backing founders who are solving real problems, with sustainable business models and a clear path to profitability. The real value isn’t born from hype, it's born from hard work, resilience, and solving something people truly need. As an investor, it's tempting to follow the latest buzzword whether it’s AI, blockchain, or sustainability. But if the underlying business model isn’t sound, the chance of success diminishes dramatically. For every 100 startups you hear about, maybe 1 or 2 will make it big. So, here's my advice! Stop getting caught up in the latest trends. Instead, invest in what truly counts, founders with passion and perseverance, a deep understanding of their market, and the capability to scale their business successfully. That’s where you’ll find the true potential for growth and meaningful returns. 📈

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𝗧𝗵𝗲 𝗺𝗲𝗱𝗶𝗰𝗮𝗹 𝗰𝗮𝗻𝗻𝗮𝗯𝗶𝘀 𝗶𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗶𝘀 𝗮𝘁 𝗮 𝘁𝘂𝗿𝗻𝗶𝗻𝗴 𝗽𝗼𝗶𝗻𝘁 – 𝗺𝘆 𝟲 𝗽𝗿𝗲𝗱𝗶𝗰𝘁𝗶𝗼𝗻𝘀 𝗳𝗼𝗿 𝟮𝟬𝟮𝟱 As CEO of enua, I believe 2025 will be a decisive year for the European medical cannabis industry. The pace of change is accelerating, and only those who can adapt will thrive. Here are my six predictions for what’s ahead: 1️⃣ Political change in Germany: A double-edged sword The upcoming elections could reshape the cannabis landscape. A CDU/CSU-led government may attempt to roll back recreational cannabis policies, which would be a huge setback for the broader market. However, the medical cannabis sector is likely to remain stable, highlighting its importance for patient care and the health industry. 2️⃣ Putting patients first The industry is moving beyond merely selling products. Patients expect better outcomes, and companies that integrate telemedicine, digital tools, and personalized care will rise to the top. It’s not just about offering cannabis; it’s about improving lives through tailored solutions. 3️⃣ Data and BI: Thriving in oversupply Oversupply will be a first for Germany’s medical cannabis market. Companies must use data and business intelligence to navigate pricing pressures and identify the most promising opportunities. Quick adaptation will be key to staying competitive. 4️⃣ Growth at home and abroad Germany’s market is projected to grow from 70 tons in 2024 to 120 tons in 2025 - a massive leap. Simultaneously, markets in the UK, Poland, and the Czech Republic are expanding rapidly. Companies capable of scaling both domestically and internationally will dominate this next phase of growth. 5️⃣ Market consolidation: Only the strong will survive Fragmentation is ending. In 2025, national mergers and acquisitions by international players will intensify. Smaller companies will face increasing pressure, while professional, resourceful businesses with the ability to expand and scale will stay ahead. 6️⃣ Medical cannabis goes mainstream In 2025, medical cannabis will transition from niche to mainstream in Europe, becoming an integral part of standard care. Companies must focus on educating healthcare providers, delivering proven outcomes, and integrating seamlessly into healthcare systems to succeed. 2025 is the year for bold moves. Companies that innovate and focus on real impact will lead the way. Markus Musiol Lars Möhring Dr. Ingo Wieck Melanie Korthing Eray Aksahin Amir Farsar Christian Paffhausen and our great enua team are prepared! We’re ready to shape the future - with unwavering commitment to patients, growth, and staying ahead of the curve. What do you think? Which trends will shape the industry in 2025?

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