From pre-revenue to scale 🔧

Learnings from two VC: Seedcamp + Ring Capital.

Hej Venturers,
Just back from a full 8-day break, not relaxed at all but willing to crush this final month of 2020. In today’s Venture Note:
1. Become your better-self.
2. Who is Seedcamp ?
3. Who is Ring Capital ?
Let’s go.

1. Become your better-self

We’ve recently announced the prelaunch of HUMAN FACTOR.

The objective of Human Factor is to help you understand how to take advantage of situations of extreme intensity to become your better-self.

Human Factor is a Community + a Content.

  1. In the Community, you follow the making of the content (see below) + join a tribe of like-minded people willing to achieve their goals by being aligned with themselves, their beliefs, their principles and people surrounding them.

  2. With the Content, we’re building an enriched & immersive 4-episode audio-documentary aiming at understanding what impact evolving human relations through the Y Combinator experience have, on the psychology of an entrepreneur at hypergrowth stage. YC is what we think the best illustration of this situation of extreme intensity. You will discover 16 different experiences from 16 YC French Alumni.

The Human Factor project aiming at building a Community on an audio format is a great first. Human Factor will be a paid Community limited to 50 members and we are launching on Dec. 13, 2020.

In order to launch the Human Factor project, we need your support from the very beginning (not binding).

Pre-register to Human Factor

2. Who is Seedcamp ?

Seedcamp launched in 2007 and its portfolio of over 360 startups includes European decacorn, UiPath, and unicorn businesses Revolut, Transferwise. Fund IV also includes online events platform Hopin (Europe’s fastest-growing company), valued at $2.1bn+ just eight months after launching (and 12 months since Seedcamp invested). So far the VC has reportedly invested in 118 pre-seed and seed stage companies in its previous Fund IV which first closed on Nov 2017.

They’re also famous for releasing their fundraising decks.

See the 2017 FUND IV pitchdeck >>
See the 2020 FUND V pitchdeck >>

I had the great pleasure to welcome Sia Houchangnia, Partner at Seedcamp in London for the 40th Runway Series Originals (listen to the episode on Spotify and on Apple Podcasts).

This is an episode that we recorded with Sia on October 19, 2020 a few weeks before the announcement of the closing of their 5th fund with a size of £ 78m to continue investing in pre-seed and seed in Europe.

Seedcamp is for me an exceptional VC firm in this pre-seed / seed stage
1. with a lot of humility,
2. an equally exceptional track record (which we discuss in this episode) and
3. a real Community approach between Partners, LPs, Mentors and of course the Founders of the portfolio companies.

I strongly recommend that you listen to this very rich episode since Sia talks about:

  • his academic background & his entrepreneurial experience

  • how he joined Seedcamp and how he became the first intern at Seedcamp to be recruited full-time

  • how Sia was quickly put @work and how he helped to rebrand & redesign the value proposition of Seedcamp

  • his personal framework (3 criterias)

  • how the Seedcamp model is different and no to be thesis-driven means for Seedcamp

  • the sectors that Sia follows with several examples + Seedcamp track record

  • how investment theses can be recycled from one theme to another with the example of fintech & healthtech

  • his vision of the Board

  • his advice for pre-seed & seed founders and aspiring VCs ...

.. and many more topics! Listen to the episode on Spotify and on Apple Podcasts.

3. Who is Ring Capital ?

Ring Capital raised in December 2017 their first € 165m fund and plans to invest around 3 to € 15M in fast growing digital companies made by French entrepreneurs generating > € 5M revenues, near break-even.

Ring Capital thinks there’s a Series A and Series B gap in France and thanks to its Operator DNA helps founders to accelerate their companies’ scale on subjects related to internationalization, external growth and the structuring of the c-suite & executive teams.

What sets Ring apart: Ring does not chase the Unicorn per se, but intends to nuture an ecosystem of flourishing companies, eligible for Private Equity rounds (mostly LBO).

I had the great pleasure to welcome Marie-Capucine Lemétais, Partner at Ring Capital for this 41st Runway Series Originals (listen to the episode on Spotify and on Apple Podcasts).

This is a different episode from other Runway Series Originals episodes as we get to the early stage much more often. In this episode, Marie-Capucine gives us a detailed understanding of Ring's operational DNA at later stage and this collective learning approach of Ring’s investment team. You will discover :

  • her first VC experience at Alven in 2008 which led her to meet Nicolas Cellier, future co-founder of Ring in 2017

  • Marie-Capucine's operational career, in particular towards CMO functions at Saxobank

  • why she joined Ring and her involvement in the launch of Ring

  • her ops understanding and what she brings to founders in 3 points

  • how the collective work of an investment team accelerates the learning curve

  • her framework of an investment opportunity in 3 points with an example of a recent investment

  • her vision of recruiting talent in portfolio companies and the role Ring plays in this area

  • Marie-Capucine also goes into detail on the importance of board dynamics..

… and many other topics! Enjoy it on Spotify and on Apple Podcasts.

That is all for today, enjoy your week!

Raph, founder UPCOMINGVC®