The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 7 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Brenner: Creandum does not engineer lower valuations in follow-on rounds
“Honest answer. We never think about that. I mean, if the market tells us this is the valuation, this is the round, we try to participate in the winners. That's honest, Harry. If that ever would come through and be true, we would not be in business.”
Brenner: Trade Republic had just 1,000 customers during its $10M Series A
“Well, it was five, six years ago. It was cheap in today's world. I'll tell you that. But on the other hand I felt expensive at that time, given a thousand customers in an A round of ten million.”
Brenner: Creandum required restructuring Trade Republic's cap table to increase founder equity
“This was actually a deed breaker for us in the end, because we really wanted to see Christian and the team own enough to be able to have, you know, sufficient as a founder to stay with the company long-term.”
Brenner: All of Creandum's best startup investments were expensive at entry
“I think if we look back at all our investments and the ones that have been fantastic it's, they've all been expensive.”
Brenner: Creandum passed on Qonto due to perceived overlap with Tide
“And Konto is, is one thinking it was too, too much overlap with Tide.”
Brenner: Trade Republic's 2023 revenue hit 5x Creandum's Series A plan
“In 20, 23, we're five X the plan that was presented to me on the, on, on top line.”
Brenner initially refused to evaluate Trade Republic in March 2019
“My colleague came to me one evening in, in, in March, nine, 2019 and said, we have this opportunity to look at a Robin Hood of Germany. Do you want to take a look? No, I said, and that was a, that was, so I said to myself, this is, this has been around for 25 …”