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Nov 2, 2015 · 24m · 20vc

20 VC 084: Meet Felix Capital: A Venture Firm For The Creative Class with Antoine Nussenbaum

Antoine Nussenbaum · 15m spoken Harry Stebbings · 6m spoken
0:00 / 0:00

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In this episode of The 20 Minute VC, host Harry Stebbings interviews Antoine Nussenbaum, co-founder of Felix Capital, to explore the firm's thesis on backable digital lifestyle brands, the transition from angel to VC investing, and the strengths of the European tech ecosystem.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Harry holds 27.6% of the talking time here. How this is scored →

Harry as informed peer 1.7 Guest teaching 2.2 Guest disagreement 0.8 Harry pushing back 0.7
05100:0010:0020:002:07–4:39 · Harry as informed peer 1/10 Antoine Nussenbaum's Career Trajectory and Founding Felix Capital Harry invites Antoine to share his background story, and Antoine provides an overview of his path from launching a software tool to M&A, GLG, angel investments, and co-founding Felix Capital. The exchange is purely collaborative and introductory.4:39–8:17 · Harry as informed peer 1/10 Transitioning Strategy from Angel Investing to Venture Capital Harry asks about the shift from angel investing to VC and requests a snapshot of Felix Capital. Antoine explains the heightened need for risk assessment and due diligence when managing institutional capital, detailing Felix's $120M fund cap and lifestyle focus.8:18–12:11 · Harry as informed peer 3/10 Evolving Series A Dynamics and Felix's Competitive Differentiation Harry demonstrates market knowledge by pointing out Series A round size expansion from $3-5M to $8-15M and asks if Felix's advisory structure is unique. Antoine explains valuation pressures driven by competitive defendability and notes their structure was inspired by US micro-VC models rather than being entirely unique.12:12–15:00 · Harry as informed peer 2/10 Evaluating the European Tech Ecosystem and Funding Environment Harry asks why Europe has an edge in tech DNA and whether the European market shows bubble characteristics. Antoine gently pushes back on the 'edge' premise, clarifying that Europe's core strength is its historical heritage in sectors like luxury, fashion, and consumer media.15:00–17:46 · Harry as informed peer 2/10 Identifying Winning Founders and Navigating Brand Loyalty Harry asks about founder traits and whether declining millennial brand loyalty threatens consumer startups. Antoine rejects the notion of reduced loyalty, explaining that loyalty has shifted toward digitally native, social-first brands.17:47–23:19 · Harry as informed peer 1/10 Quick Fire Round: Tools, Publications, Sectors, and Recent Investments A quick-fire segment covering software stack, blogs, activewear/wellbeing sectors, books, and recent investments. The dynamic is lighthearted and mutually agreeable.2:07–4:39 · Guest teaching 1/10 Antoine Nussenbaum's Career Trajectory and Founding Felix Capital Harry invites Antoine to share his background story, and Antoine provides an overview of his path from launching a software tool to M&A, GLG, angel investments, and co-founding Felix Capital. The exchange is purely collaborative and introductory.4:39–8:17 · Guest teaching 2/10 Transitioning Strategy from Angel Investing to Venture Capital Harry asks about the shift from angel investing to VC and requests a snapshot of Felix Capital. Antoine explains the heightened need for risk assessment and due diligence when managing institutional capital, detailing Felix's $120M fund cap and lifestyle focus.8:18–12:11 · Guest teaching 3/10 Evolving Series A Dynamics and Felix's Competitive Differentiation Harry demonstrates market knowledge by pointing out Series A round size expansion from $3-5M to $8-15M and asks if Felix's advisory structure is unique. Antoine explains valuation pressures driven by competitive defendability and notes their structure was inspired by US micro-VC models rather than being entirely unique.12:12–15:00 · Guest teaching 3/10 Evaluating the European Tech Ecosystem and Funding Environment Harry asks why Europe has an edge in tech DNA and whether the European market shows bubble characteristics. Antoine gently pushes back on the 'edge' premise, clarifying that Europe's core strength is its historical heritage in sectors like luxury, fashion, and consumer media.15:00–17:46 · Guest teaching 3/10 Identifying Winning Founders and Navigating Brand Loyalty Harry asks about founder traits and whether declining millennial brand loyalty threatens consumer startups. Antoine rejects the notion of reduced loyalty, explaining that loyalty has shifted toward digitally native, social-first brands.17:47–23:19 · Guest teaching 1/10 Quick Fire Round: Tools, Publications, Sectors, and Recent Investments A quick-fire segment covering software stack, blogs, activewear/wellbeing sectors, books, and recent investments. The dynamic is lighthearted and mutually agreeable.2:07–4:39 · Guest disagreement 0/10 Antoine Nussenbaum's Career Trajectory and Founding Felix Capital Harry invites Antoine to share his background story, and Antoine provides an overview of his path from launching a software tool to M&A, GLG, angel investments, and co-founding Felix Capital. The exchange is purely collaborative and introductory.4:39–8:17 · Guest disagreement 0/10 Transitioning Strategy from Angel Investing to Venture Capital Harry asks about the shift from angel investing to VC and requests a snapshot of Felix Capital. Antoine explains the heightened need for risk assessment and due diligence when managing institutional capital, detailing Felix's $120M fund cap and lifestyle focus.8:18–12:11 · Guest disagreement 1/10 Evolving Series A Dynamics and Felix's Competitive Differentiation Harry demonstrates market knowledge by pointing out Series A round size expansion from $3-5M to $8-15M and asks if Felix's advisory structure is unique. Antoine explains valuation pressures driven by competitive defendability and notes their structure was inspired by US micro-VC models rather than being entirely unique.12:12–15:00 · Guest disagreement 2/10 Evaluating the European Tech Ecosystem and Funding Environment Harry asks why Europe has an edge in tech DNA and whether the European market shows bubble characteristics. Antoine gently pushes back on the 'edge' premise, clarifying that Europe's core strength is its historical heritage in sectors like luxury, fashion, and consumer media.15:00–17:46 · Guest disagreement 2/10 Identifying Winning Founders and Navigating Brand Loyalty Harry asks about founder traits and whether declining millennial brand loyalty threatens consumer startups. Antoine rejects the notion of reduced loyalty, explaining that loyalty has shifted toward digitally native, social-first brands.17:47–23:19 · Guest disagreement 0/10 Quick Fire Round: Tools, Publications, Sectors, and Recent Investments A quick-fire segment covering software stack, blogs, activewear/wellbeing sectors, books, and recent investments. The dynamic is lighthearted and mutually agreeable.2:07–4:39 · Harry pushing back 0/10 Antoine Nussenbaum's Career Trajectory and Founding Felix Capital Harry invites Antoine to share his background story, and Antoine provides an overview of his path from launching a software tool to M&A, GLG, angel investments, and co-founding Felix Capital. The exchange is purely collaborative and introductory.4:39–8:17 · Harry pushing back 0/10 Transitioning Strategy from Angel Investing to Venture Capital Harry asks about the shift from angel investing to VC and requests a snapshot of Felix Capital. Antoine explains the heightened need for risk assessment and due diligence when managing institutional capital, detailing Felix's $120M fund cap and lifestyle focus.8:18–12:11 · Harry pushing back 2/10 Evolving Series A Dynamics and Felix's Competitive Differentiation Harry demonstrates market knowledge by pointing out Series A round size expansion from $3-5M to $8-15M and asks if Felix's advisory structure is unique. Antoine explains valuation pressures driven by competitive defendability and notes their structure was inspired by US micro-VC models rather than being entirely unique.12:12–15:00 · Harry pushing back 1/10 Evaluating the European Tech Ecosystem and Funding Environment Harry asks why Europe has an edge in tech DNA and whether the European market shows bubble characteristics. Antoine gently pushes back on the 'edge' premise, clarifying that Europe's core strength is its historical heritage in sectors like luxury, fashion, and consumer media.15:00–17:46 · Harry pushing back 1/10 Identifying Winning Founders and Navigating Brand Loyalty Harry asks about founder traits and whether declining millennial brand loyalty threatens consumer startups. Antoine rejects the notion of reduced loyalty, explaining that loyalty has shifted toward digitally native, social-first brands.17:47–23:19 · Harry pushing back 0/10 Quick Fire Round: Tools, Publications, Sectors, and Recent Investments A quick-fire segment covering software stack, blogs, activewear/wellbeing sectors, books, and recent investments. The dynamic is lighthearted and mutually agreeable.

speaking balance: gold is Harry, purple is the guest (3 minute bins)

0:00 · Harry 74.6% · guest 25.4%0:00 · Harry 74.6% · guest 25.4%3:00 · Harry 9.7% · guest 90.3%3:00 · Harry 9.7% · guest 90.3%6:00 · Harry 15.6% · guest 84.4%6:00 · Harry 15.6% · guest 84.4%9:00 · Harry 13.9% · guest 86.1%9:00 · Harry 13.9% · guest 86.1%12:00 · Harry 20.5% · guest 79.5%12:00 · Harry 20.5% · guest 79.5%15:00 · Harry 32% · guest 68%15:00 · Harry 32% · guest 68%18:00 · Harry 17.5% · guest 82.5%18:00 · Harry 17.5% · guest 82.5%21:00 · Harry 25.3% · guest 74.7%21:00 · Harry 25.3% · guest 74.7%24:00 · Harry 100% · guest 0%24:00 · Harry 100% · guest 0%
Sharpest disagreement ▶ 12:29 Dismantling the 'European tech edge' premise

Antoine explicitly resists Harry's suggestion that Europe holds a tech DNA edge, reframing the region's advantage around legacy strengths in luxury and lifestyle.

 Hardest push from Harry ▶ 11:25 Questioning fund structure exclusivity

Harry presses Antoine on whether Felix's venture advisory network is truly exclusive to them or common across similar funds.

 Biggest teaching moment ▶ 16:41 Correcting assumptions on millennial brand loyalty

Antoine reframes Harry's prompt about millennial brand disloyalty, educating him that loyalty hasn't vanished but migrated to agile digital-first channels.

 Harry holds his own ▶ 8:18 Citing precise Series A bracket inflation figures

Harry showcases informed domain knowledge by specifically identifying how Series A target ranges shifted from $3-5 million to $8-15 million.
the scores for every segment, with the reasoning behind each
ChapterTopicHarry as informed peerGuest teachingGuest disagreementHarry pushing backWhy
Antoine Nussenbaum's Career Trajectory and Founding Felix Capital 1100 Harry invites Antoine to share his background story, and Antoine provides an overview of his path from launching a software tool to M&A, GLG, angel investments, and co-founding Felix Capital. The exchange is purely collaborative and introductory.
Transitioning Strategy from Angel Investing to Venture Capital 1200 Harry asks about the shift from angel investing to VC and requests a snapshot of Felix Capital. Antoine explains the heightened need for risk assessment and due diligence when managing institutional capital, detailing Felix's $120M fund cap and lifestyle focus.
Evolving Series A Dynamics and Felix's Competitive Differentiation 3312 Harry demonstrates market knowledge by pointing out Series A round size expansion from $3-5M to $8-15M and asks if Felix's advisory structure is unique. Antoine explains valuation pressures driven by competitive defendability and notes their structure was inspired by US micro-VC models rather than being entirely unique.
Evaluating the European Tech Ecosystem and Funding Environment 2321 Harry asks why Europe has an edge in tech DNA and whether the European market shows bubble characteristics. Antoine gently pushes back on the 'edge' premise, clarifying that Europe's core strength is its historical heritage in sectors like luxury, fashion, and consumer media.
Identifying Winning Founders and Navigating Brand Loyalty 2321 Harry asks about founder traits and whether declining millennial brand loyalty threatens consumer startups. Antoine rejects the notion of reduced loyalty, explaining that loyalty has shifted toward digitally native, social-first brands.
Quick Fire Round: Tools, Publications, Sectors, and Recent Investments 1100 A quick-fire segment covering software stack, blogs, activewear/wellbeing sectors, books, and recent investments. The dynamic is lighthearted and mutually agreeable.

Statements from this episode (8)

Disclosure
Felix Capital closed its debut fund at a $120M hard cap
“Originally we were trying to raise eighty million dollars, hoping to go to a hundred million, and we were very lucky that the fundraising went well we had investors from US and Europe trusting us, and we ended up closing the fund at our hard cap set up by our …”
Antoine Nussenbaum Nov 2, 2015 ▶ 5:53
Disclosure
Felix Capital employs an 11-member global venture advisory team
“We have basically 11 guys on board that are, some of them are entrepreneurs we've backed in the past, some are all of them are actually people we know for a very long time. And they are very, they are great operators in all the segments that we actually cover.…”
Antoine Nussenbaum Nov 2, 2015 ▶ 10:49
Prediction Held up
Nussenbaum predicted a surge of new UK VC firms in late 2015
“There's much more new VCs coming in the market in the UK. We've seen a few last year with Arcef, Mosaic, and so on, and there will be much more in, in the next few months.”
Antoine Nussenbaum Nov 2, 2015 ▶ 14:19
Disclosure
Felix Capital avoids local champions in favor of globally scalable businesses
“We don't like, we're not so fan of backing local champion, which much more looking at business that has really the capacity to scale worldwide, but Usually in quite capital efficient.”
Antoine Nussenbaum Nov 2, 2015 ▶ 15:46
Assertion Supported
Swimwear brand Triangl generated millions in sales primarily through Instagram
“I just have in mind a brand that I've been found very fascinating in this space is for example, the baby suit brand called Triangle that has been doing most of his growth for Instagram and now been Selling millions and millions of dollars of bathing suit just …”
Antoine Nussenbaum Nov 2, 2015 ▶ 17:18
Assertion Supported
Salesforce discontinued RelateIQ's European clients after acquiring the CRM startup
“On the CRM side, we started with RelateIQ. Sadly, they got bought out by Salesforce, and they decided to discontinue their European clients, which was a bit annoying.”
Antoine Nussenbaum Nov 2, 2015 ▶ 18:02
Disclosure
Felix Capital co-invested in The Food Assembly alongside Union Square Ventures
“I think it's going to be again LaRuche, LaRuche qui dit oui it's again called, it's called the Food Assembly in the UK. So it's a food marketplace. It's an investment we did with Union Square Venture and Fred Wilson.”
Antoine Nussenbaum Nov 2, 2015 ▶ 22:07
Prediction Not checkable as stated
Nussenbaum: The Food Assembly could be Felix Capital's longest-held position
“There's still a lot to do, and it could be, it might end up being one of the position we're going to hold for the longest in, in the phone, but we are truly passionate about what they are building.”
Antoine Nussenbaum Nov 2, 2015 ▶ 23:06
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