The Ledger
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Lacher: European Series A venture market is a bloody red ocean
“So yeah, we think, you know, if you look at Europe when we started Visionaries, we thought Series A was pretty crowded. You have an incredible amount of funds with kind of a hundred to seven hundred million in fund size that typically enter Series A, but that …”
Lacher: Two-thirds of European founders reject US multi-stage seed term sheets
“I see, to be honest, two thirds of the founders at seed stage that have those term sheets, rather going for European seed fund setup, because they want to keep the A-Round open to choose from those funds.”
Lacher: Visionaries targets 10–15% ownership in 80% of seed investments
“We say 80% of our seed portfolio is 10 to 15% ownership and 20% will leave room if they're exceptional teams”
Lacher: Visionaries Club trades low base salaries for higher carry
“We don't pay high salaries at Visionaries. I think if you go to some of the multi-stage funds in London, maybe you get twice the salary, but we're pretty generous with Kerry, and people know that they can build a career faster than at other funds if they perfo…”
Lacher: Visionaries Club sources 60%-70% of deal flow via WhatsApp groups
“So the way we source deals, I'd say some 60, 70% are through our founder networks that we typically were operated in WhatsApp groups and that's kind of how they share deals”
Lacher: VC candidates demanding high salaries lack entrepreneurial risk tolerance
“So if someone is asking for a high salary, that person is not willing to take risks. It's not willing to, it's not believing enough in the entrepreneurial spirit to really kind of build something essential”
Lacher: Visionaries Club allocates 60% of seed fund to follow-on reserves
“We have 60% reserve in a seed fund to follow on.”
Lacher: Visionaries aims for 5 to 10 seed deals per year
“We want to rather have maybe five to 10 investments a year in a seed fund, spending time with the founders and then just having maybe 40 deals and just knowing maybe the name of one or two founders.”
Lacher: Visionaries Club Avoided Doing Many Secondaries During Market Peak
“We didn't do many secondaries, for example, in our portfolio, which would have been maybe attractive because we still believe those companies have such a great kind of journey ahead of them.”
Lacher: Visionaries Club Scaled to $600M AUM in Three Years
“We've built Visionaries within three years, a great fund, now six hundred million under management”
Lacher: Visionaries Club's LPs are exclusively unicorn founders and family business owners
“Look, I think the main difference, if you look at visionaries, is that on, on our investor side, we only have successful entrepreneurs. On the one hand side, we have 30 unicorn founders that have built great digital companies, like the founders of Miro, UiPath…”