Dargons’ Den
Founders, don't say "I am raising this amount of money for this percentage of my business". It makes it sound like you've spent too much time watching Dragons' Den.
Founders, don't say "I am raising this amount of money for this percentage of my business". It makes it sound like you've spent too much time watching Dragons' Den.
Always go with "at this pre-money valuation."
Evening update - 4 Jan 23
Today I…
#TodayI
Shared my terror when someone pivots on my advice.
Spent time on my fundraising strategy.
Was called a visionary 🤣 in a highly targeted LinkedIn inbound.
Met my parents and Dylan Cohen for lunch.
Had a quick call with Aarish Shah of EmergeOne.
Had my Important Not Urgent day.
#NowI
Am meeting Darren Vogel for coffee.
Oh hi LinkedIn inbound
I hope this message finds you well. My name is XXX, and I am reaching out to you because of your esteemed reputation as an experienced and visionary investor.
Oh hi LinkedIn inbound!
"I hope this message finds you well. My name is XXX, and I am reaching out to you because of your esteemed reputation as an experienced and visionary investor.
I am excited to present to you a unique investment opportunity that aligns perfectly with your interests and expertise."
Forgive me if I don't reply.
I took your advice and pivoted
This terrifies me. Every single time.
"I took your advice and pivoted."
This terrifies me. Every single time.
I give hundreds of pieces of feedback every year. Every now and again a founder comes back and tells me this.
Now I feel responsible.
Evening update - 3 Jan 24
Today I…
#TodayI
Shared that I need to be tighter with my diary.
Reviewed 7 video pitches, passed 5 with feedback and scheduled 2 calls.
Had 2 inbound pitch with leads (book straight into my diary if you have a credible lead).
Reminded founders, VCs and investors that Landscape is critical.
Worked on my next article for Business Brief, First Principles Hiring. Deadline Friday.
Have 9 startups in flight with calls scheduled or to be scheduled. Unusually, 7 are Seed and 2 are Pre-seed.
#LaterI
and my parents, who arrived in Guernsey today, are going to watch my son play table tennis.
Please share any questions you'd like me to answer in future posts in the comments.
Landscape reminder
Founders, your regular reminder that Landscape anonymous founders slack channel is where you need to be for unfiltered feedback on VCs.
Founders, your regular reminder that Landscape anonymous founders slack channel is where you need to be for unfiltered feedback on VCs.
VCs, you need to know what your reputation is there. It heavily affects your deal flow.
LPs/VC investors, you need to know a fund's reputation there before you invest because it heavily affects its deal flow and ability to get into competitive deals.
Pitch and newsletter links at unbundled dot com.
Please share any questions you'd like me to answer in future posts in the comments.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
Meeting discipline
I need to manage my time more effectively. This year, I will be more disciplined in taking meetings.
I need to manage my time more effectively. This year, I will be more disciplined in taking meetings.
Please don't be afraid to ask, just don't be offended by a no!
Please share any questions you'd like me to answer in future posts in the comments.
#founders #startups #venturecapital #buildinginpublic #investinginpublic
Evening update - 2 Jan 24
Today I…
#TodayI
Shared I am back and ready to invest.
Had an impromptu call with @nickdavisio of @alto_ski.
Reviewed 6 video pitches, passed 5 with feedback and have asked 1 for a pitch call. A factor in the one I would like to meet is I have a network that can validate if the pain point it solves is real.
Have a backlog of another 7 or 8 pitches to review. Scheduled two pitch calls with founders who I've previously met. Because of this I know they meet my founder + business bar for a call. This isn't a warm intro thing.
'm finally recording how much of my deal flow is from female and black founders. I've been good at investing in female founders. Black founders, less so.
Started on my admin backlog.
Please share any questions you'd like me to answer in future posts in the comments.
Funding secured
Yesterday I found out that an introduction between a VC and one of my companies that was raising led to them leading their round which has now closed.
#YesterdayI
Found out that an introduction between a VC and one of my companies that was raising led to them leading their round which has now closed.
A lovely way to end the year.
Late update -15 December 23
Yesterday I…
#YesterdayI
Shared it was my last full day of the year and thanked founders for all their support.
Did some more admin.
Had an impromptu coffee with MATHEW GULLY of miles per gallon marketing .
Had a postponed founder catchup.
Had coffee with Viviane Kemgne, ACCA and Niall Hollingworth of Trainerfy.
#NowI
Will turn on my out-of-office.
Thank you founders
Today is my last full day in the office. It's been an incredible year.
Today is my last full day in the office. It's been an incredible year.
unbundled vc has committed to five new investments - Monika Holod's OMA Mind (fka wangie.app), one that isn't public, Matt Ong's Ctrl Alt, Mica Vaipan's RunYourself and Tash Grossman's Slip -
and two follow-ons that have not yet closed.
I'd like to thank every founder who has pitched me this year. I know I only invest in a small proportion of you. But I can't do that if you don't make the effort to come to me.
Thank you 🙏
The Displacement of Inertia
Being a founder is about making things happen rather than waiting for things to happen.
Being a founder is about making things happen rather than waiting for things to happen.
A friend calls it "The Displacement of Inertia".
For the best founders, not only are you a motivated displacer, you are the optimal person to do that.
That's a question I ask myself as an investor - if I had to mentally design the right people to solve this problem, who would they be?
Evening update - 13 December 23
Today I…
#TodayI
Shared it will be brutal for VCs in the next couple of years.
Did a chunk of admin for a follow-on investment.
Had a quick call with Jonny Rosenblatt of Spacemade.
Had coffee with James Hunt of Boost.
Had a meeting with a founder who didn't reply to my emails saying I wasn't looking at anything new, then sent me two emails today, then didn't respond to my reply to that, then didn't show.
#LaterI
Have the last session of an online course.
VC Winter
The next couple of years are going to be brutal for VCs.
The next couple of years are going to be brutal for VCs.
Too much money invested in '20 and '21 at too high valuations in, on average, not high enough quality opportunities means investor returns will be terrible.
Non-zero interest rates mean investors have other opportunities to earn decent returns - they don't have to take so much risk.
Expect fewer emerging managers to raise, those with just funds I and II to be most affected (because most of their returns are affected), VC mergers that are distressed acquisitions in all but name, and zombie funds that can never raise again but have to manage their investments to expiry.
If you're an emerging manager considering raising, you may have to be as creative as the businesses you are considering investing in.
It will be easier for startups.
Fewer businesses getting funded since then and everyone managing their burn aggressively means there will be fewer companies asking for less money less often.
Startup funding will normalise first.
Evening update - 12 December 23
Today I…
#TodayI
Shared that culture is set by actions not words.
Had coffee with Tom Carey of Carey Olsen.
Spoke with Daisy Rowland of Innovate UK.
Had coffee with Callum Hockey.
Attended a panel meeting.
Culture setting
Culture is set by actions not words.
Culture is set by actions not words.
Do as I say not as I do does not work in business or parenting.
Evening update - 11 December 23
Today I…
#TodayI
Shared that you have to aim for unicorns.
Had coffee with Marc Winn.
Shared I can't open child-proof medicine.
Had lunch with Bruce MacInnes of ABAKA.
Spoke with Winter Mead of Coolwater Capital.
Practised my standup set.
Child-proof = Marc-proof
Child-proof medicine lids are also Marc-proof.
Child-proof medicine lids are also Marc-proof.
