Pedro Silva

Tucano completes the sale of all of its shares in Sundwiger Messingwerk to KME Acquired in November 2020 as a corporate carve-out, Sundwiger Messingwerk’s EBITDA increased more than sevenfold under Tucano’s ownership. Founded in Hemer, Sundwiger Messingwerk, with over 350 employees, generates annual revenues exceeding EUR 200 million. Its products, widely used across industries including automotive, electrical, and telecommunications, have established the company as a leader in copper alloy manufacturing. Acquired by Tucano and fellow investors in November 2020 via a carve-out from the Diehl Group, Sundwiger Messingwerk was transformed into a highly profitable enterprise under Tucano’s ownership. Effective January 6th 2025, Tucano announces the successful sale of all of its shares in Sundwiger Messingwerk, a leading German manufacturer of high-quality copper alloys, to KME Group, one of the world’s largest producers of copper and copper alloy products. Special thanks go to the management that has relentlessly and passionately driven the transformation of Sundwiger Messingwerk over the past years!

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I recently saw this metric from Carta’s 1Q24 VC Fund Report, which is very concerning. DPI... is nowhere to be found in earlier vintages that probably should start showing DPI. Funding early-stage projects is great, but ultimately, these venture dollars need to exit their investments and pay back their limited partners. That’s where the metric Distributed to Paid-In Capital (DPI) comes in. While managing a fund, we get interim measures during the life of the fund (e.g. IRR, MOIC), but ultimately, “you can’t eat IRR.” If you want to build a lasting venture capital organization, you need to start showing DPI for your fund. Keep in mind that this is traditional VC data from Carta, and is not strictly crypto venture. Crypto venture tends to get liquidity earlier (tokens) and things tend to go parabolic sooner (faster, more unicorns) - but I’d wager that the data here is somewhat similar for Crypto VCs… Not as much DPI as there should be from these earlier vintages. Read the full article, as well as a recap of all the crypto fundraising rounds for August, here: https://lnkd.in/g3eVJ-iF

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Check out my recent post on why President Trump is the forcing function for us to solve the “Missing Middle” and catch the industrial Tsunami of onshoring coming to the US!

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Avoiding bloody water (lots of competition) might be the most high leverage way to engineer success…here’s our blue ocean strategy: Avoid venture backed players (who can spend on unsustainable growth practices) by targeting niche industry verticals Avoid private equity buyers (who drive up valuations via auctions) by staying under $3M ARR What else can be layered in to avoid other dimensions of competition? #microsaas #saasgrowth #acquisitionentrepreneur

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"Simply put, there is too much capital seeking too few opportunities, particularly at the seed stage. Multi-stage firms have eliminated pricing discipline at seed stage and the proliferation of seed firms has made the task of investing at this stage as competitive as it’s ever been, leading me to believe that indexed seed investing in today’s environment will produce poor returns. What does this mean for today’s environment? It’s never been more important to break away from median performance. While there is risk in breaking away from the pack, the risk (at least performance wise) of staying part of the herd is simply far worse. Median returns for the recent vintages are simply terrible. One could argue that funds are still in their j-curve phases, but I suspect this doesn’t explain the divergence we’re seeing between GOOD performers and GREAT performers. More than ever before, it’s clear to me that playing the same game as everyone else will not work, so fund managers should question whether they are really capable of being in the top 5% of whatever strategy they are employing. From a LP perspective, allocators should likely ask the same of their managers and consider whether allocating to indexed mega funds or indexing across too broad of a portfolio of managers is tenable in achieving their return targets." https://lnkd.in/g8GqHY-P

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‌I recently returned from spending a week in São Paulo, where I had the pleasure of visiting friends and loved ones. In addition to reconnecting, I engaged in productive discussions with founders, fellow venture capitalists, and other asset allocators. ✈ 👨‍💻 👊 The trip was filled with great meetings, offering valuable insights and market perspectives on early-stage venture capital and the fintech ecosystem in Brazil. 🎯 🌎 💡 #VCs #earlystage #investments #networking

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In 2024, 736 AgTech startups raised a total of $5.7B. There were 37 AgTech exits last year, 36 M&A transactions and one IPO. This is up 32% from 2023. See all the data in my latest CropLife.com article.

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Excited to share the news from Theo Ai —founded by Patrick Ip, Alex Alben, and Tiago Luchini—announcing that our team at nvp capital and NextView Ventures have co-led their $2.2M pre-seed round! TheoAI’s innovative legal prediction engine, designed to forecast the outcomes of legal disputes, aligns perfectly with our vertical AI focus. We believe it has the potential to become an essential tool for legal firms nationwide, streamlining decision-making and maximizing efficiency. Thrilled to partner with this visionary team and support their mission to transform the legal tech landscape! Congrats to my partner Daniel Borok and Skylar Dorosin on your work here. Read more at https://lnkd.in/ezgzwQsN

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Indoor farming has attracted over $6 billion in investments since 2019: It's a year-round method of crop production that optimizes space through its use of vertically stacked layers. It’s projected to grow (10% by 2032, reaching $96 billion*), yet many are struggling to deliver returns. Notably, AppHarvest recently filed for bankruptcy after reporting a net loss of $177 million, highlighting the challenges in achieving profitability in this sector. ⬆️On the up - Plenty® is one to watch - they are flush with funding from SoftBank and have formed a JV with Abu Dhabi-based Mawarid Holding Investment .They are building a network of indoor farms, likely starting with an indoor strawberry farm in Abu Dhabi. If successful, it would help elevate indoor farming as a more marketable proposition - particularly in locations that are too dry for traditional farms. Indoor farming has appeal for sure..but they an infrastructure-heavy, pricey endeavor that has proven incompatible with venture exit time frames. This begs the question around the sustainability of funding models in industries focused on longer-term growth. #VentureCapital #IndoorFarming #Investment #Sustainability #Agriculture *Statista

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🚀 This one’s for the founders: a masterclass in execution and innovation. This week, I sat down with Adhemar M., founder and CEO of Kovi, a Brazilian company redefining mobility through car subscriptions and connected tech in a market plagued by high costs and limited credit access. Backed by ~$145M in funding from the likes of Valor Capital Group, monashees, MAYA CAPITAL, Globo Ventures, Norte Ventures and Peter Thiel's family office, Kovi is addressing high car costs, tough credit barriers, and insurance gaps in one of the world’s most exciting markets. What we covered 👇🏻 ​🔑 Driving innovation: How Brazil’s mobility challenges are powering market transformation ​🤝 Connect the dots: Building stronger founder/VC partnerships through transparency and market education ⚙️ Complexity doesn’t scale: Lessons in building efficient, scalable operations 🌐 Break down silos: Creating synergy between tech and operations in a startup ​⚡ Clean win: How Brazil’s renewable edge and gig economy lead the EV growth Link in comments—don’t miss this one! 🎧 PS: Thank you Vander Corteze, MD for the intro to Adhemar and for some excellent question suggestions 👏🏻

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Kettleborough VC has been active for ~6 years, invested in ~30 companies, gone through ~80 funding rounds, witnessed ~12 exits including ~4 instances of partial principal erosion, seen ~4 seed to $100M journeys, tracking ~29% XIRR across the portfolio. A couple of IPOs from the portfolio surely seem very much in line ahead.

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🙌 Huge congrats to portfolio company Emidat for closing their $4M seed round, led by General Catalyst, with participation of BOOOM💥 , Auxxo Female Catalyst Fund, Übermorgen Ventures, and incredible angels. With NP-Hard Ventures we're proud to double down! 🌍 Construction and real estate amount for around 40% of global greenhouse gas emissions. Emidat has built a software platform for automating the generation of validated Environmental Product Declaration (EPD) certificates for this sector. Basically, they help the construction industry understand their environmental impact and support them in reducing it. 👩‍🚒 The speed of execution of this team is incredible. Lisa Oberaigner & Florian Fesch started Emidat a bit over a year ago, and already have 25 customers who have used or are using its platform for some 350 construction plans. Their database of materials contains information on over 150,000 construction products, spanning 13 product categories so far. But it’s just getting started. Thanks for having us on your journey! NP-Hard Ventures // Paul Veugen, Micha Hernandez van Leuffen // Melissa van den Brink - Romero More on TechCrunch: https://lnkd.in/ezctG2GU

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If you missed SEED CRUST: State of the Seed Venture Market event last week, you can download the report and watch the recording. Here's what I expect to see in the coming year as it relates to Seed *phase* venture capital: 🐖 The "pig in the pipe" (the exit backlog) will clear this year, which is great for late stage, but it won't be felt at Seed until next year. 🔁 Which means more of the same this year for Seed: more shut downs 😢, more extension rounds 🌉, more pressure on founders to stretch their existing capital 💸. It also means the bifurcation at Seed will continue through this year. 💫 3-Round Seed is the new normal. Pre-Seed, Seed, Seed 2, call it what you will, Series A isn't coming back down to $20-30m valuations. Mind your dilution to make that work. 📈 Seed 2 valuations will continue to go up over the next year, covering territory in the $20-30m post range that used to be a small Series A. 📉 But there will be less capital available in the Seed phase than in the last three years, and less of that will be deployed into first checks. How did we end up here? Here's the full story: https://lnkd.in/gwuGVSii What do you think? What would you add to this? Check out the recording to hear the full presentation and get Peter Walker's take on it, too. (Thanks for coming Peter!) #venturecapital #vc #fundraising #seed #startups

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VC world can be cruel and unforgiving. With LPs more and more pushing for distribution and liquidity, fund managers in the mid-tenure of their fund with zero DPI and TVPI around 1.0 would have much more difficulty to raise new fund. The ability to fundraise is one of the crucial indications and validation of the job for VCs. Key highlights from the article below: Thirteen percent of venture General Partners (GPs) no longer plan to raise another fund due to LP pullback. This rate has doubled since H1 2023 when only 6% of GPs had no plans for another fund. Nearly 44% of venture firms surveyed in mid-2023 had previously postponed their fundraising plans due to concerns about overexposure to the asset class. Many emerging managers entered venture capital in 2019 or 2020 when the LP market supported more funds. However, slow exits in the first half of 2024 have led to challenges in raising second funds without significant cash distributions to LPs. Some venture GPs are now actively participating in the secondaries market to demonstrate returns. Despite the challenges, GPs who secured fresh capital remain optimistic. They expect the 2023 and 2024 vintages to be the strongest return years since 2019. 🚀📈 #VC #VentureCapital #Fundraising #LPs #EmergingManagers #TechInvestment #MarketTrends #CountdownCapital #IndustryInsights #JetVentures #JetInvestment‍‍‍‍‍‍

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DUAL USE. Proud of this. Farmers are inundated with data, but it often lack the insights needed for effective decision-making. Tesseract Ventures has developed an integrated platform that synthesizes data from a multitude of sources, including robots, in-field sensors, data sources, drones, imagery, and more. This comprehensive approach provides farmers with unprecedented insights into increasing profitability and efficiency of their operations, enabling them to optimize every aspect of their farms. We call it Tesseract Synthesis. We are learning, listening, testing and working carefully + methodically to create something very timely as well as a vision of a Future State. #Farmers #Synthesis #FarmTech #Sustainability #invention #Agriculture #drones #robotics #military #sbir Landus LANDWERX Kansas Department of Agriculture Kansas Department of Commerce #veterans #ussocom

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𝐒𝐢𝐦𝐩𝐥𝐞 𝐀𝐠𝐫𝐞𝐞𝐦𝐞𝐧𝐭 𝐟𝐨𝐫 𝐅𝐮𝐭𝐮𝐫𝐞 𝐄𝐪𝐮𝐢𝐭𝐲 (𝐒𝐀𝐅𝐄) The Simple Agreement for Future Equity, often referred to as SAFE, is a popular financial instrument used by early-stage startups to raise capital without determining an immediate valuation or issuing equity. Here are the key elements of the SAFE: 1. Future Equity Conversion: The primary purpose of a SAFE is to convert into equity at a future financing round, typically triggered by a qualified financing event such as a priced equity financing or a sale of the company. 2. Investment Amount: Specifies the amount of money the investor is putting into the company in exchange for the SAFE. 3. Discount Rate: Many SAFEs include a discount rate which allows investors to receive shares at a lower price per share than investors in the subsequent priced round. This rewards early investors for taking on more risk. 4. Valuation Cap: A valuation cap is a maximum valuation at which the investment in the SAFE will convert into equity. If the subsequent financing round values the company above the cap, the investor in the SAFE benefits by converting their investment at a lower valuation, effectively receiving more equity for their investment. 5. Conversion Event: Specifies the events or conditions under which the SAFE will convert into equity. 6. Dilution Protection: Some SAFEs may include anti-dilution provisions to protect investors in case the company issues equity at a lower valuation than the SAFE's conversion price in a subsequent financing round. 7. Maturity Date: Although less common, some SAFEs may have a maturity date, after which the investment converts into equity regardless of whether qualified financing has occurred. 8. Termination Events: Events that can terminate the SAFE, such as a change of control or dissolution of the company, may also be specified. 9. Rights and Obligations: Outlines any rights or obligations of the investor and the company, such as information rights or restrictions on the company's ability to incur debt. These elements vary depending on the terms negotiated between the investor and the startup. SAFEs are designed to be simple and streamlined compared to traditional equity financing, making them attractive for early-stage startups and investors seeking flexibility and simplicity in fundraising. Please click this link for a two-minute video on SAFE Basic Elements: https://lnkd.in/gdZCZ4Yk? Follow me on LinkedIn (https://lnkd.in/dUKQjs3u) or contact me at [email protected] to learn more about how we can assist you in your Startup journey. #innovation #technology #entrepreneur #venturecapital #startup #digitalmarketing #management #vc #venturecapital #startups #entrepreneurs #entrepreneurship #tech #deeptech #ai #artificialintelligence #future #money #business

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I really enjoyed recording this episode of The Digital Industrial Podcast with Ty Findley. We talked about common misconceptions for deep tech, the "Why Now" for the category, and differences between investor diligence for deep tech and traditional tech. https://lnkd.in/eKtwjauu

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I'm excited to announce that Canapi Ventures has led OpenYield's seed round. OpenYield is redefining how bonds are traded and who gets to trade them. Despite being one of the largest global asset classes, fixed income has long lagged behind equities in terms of innovation. Outdated systems, fragmented liquidity, and barriers to access have made bond trading inefficient, opaque, and inaccessible to many, particularly retail investors.   OpenYield is changing that. By delivering an equity-like trading experience for bonds, the platform transforms the fixed income market into a space defined by transparency, efficiency, and access. With real-time pricing, seamless execution, and intuitive workflows, OpenYield is making bond trading easier and more effective for institutional players, market makers, and retail investors alike. This progress wouldn’t be possible without the exceptional leadership of Jonathan Birnbaum and Hilton Lipschitz, whose decades of experience in capital markets and fintech have earned them the right to build a category leader in this market. Also hard to believe that meeting Jonathan over 20 years ago led to this partnership today!   For Canapi’s network of financial institution LPs, OpenYield represents an exciting opportunity to enhance wealth platforms, attract new client assets, and deepen advisor relationships. As the competition for wealth clients intensifies, access to efficient fixed income trading will be a critical differentiator, delivering real value for customers and strengthening client loyalty. Thrilled to be partnering with Ben Savage and Ned Daoro at Clocktower Ventures. Shoutout to Harrison Kioko. More thoughts on our investment thesis here:

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