The Ledger
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Passion Capital targets 15% to 25% equity in seed rounds
“Generally speaking, we look for equity somewhere between 15 and 25%.”
Stefan Glaenzer: Excessive board meetings waste early-stage founders' time
“I've learned that the hard way as an entrepreneur, as an investor, you have to make sure that you're not wasting time of the entrepreneur. And too many board meetings might have the potential to waste time in very early stage companies.”
Passion Capital avoids gaming investments due to their hit-driven nature
“We tend not to do any games, gaming investments simply because we Just don't understand the segment, and it's a bit too hit-driven in our view”
Stefan Glaenzer: 2x2 competitive slides placing startups top-right are red flags
“You know, these diagrams, these competitive diagrams where you see all the competitive companies, and by some miracle, your own company always ends up in the top right corner, even though being, being just a startup, I've just seen too many of those.”
Stefan Glaenzer: VC investments face a 6-to-9-month honeymoon before reality hits
“In the moment of investing, you're going to love them all, and then you see a honeymoon period between six and nine months, and after that, you come closer to the truth.”
Stefan Glaenzer: Ricardo grew by 1% to 1.5% daily at its peak
“This was a company growing one percent between one and one and a half percent On a daily base.”
Stefan Glaenzer: Ricardo scaled from zero to 200 employees in 18 months
“We grew the team from zero to 200 people in, in 18 months or so.”
Passion Capital invests an average of £200,000 in first rounds
“On average our investment is 200,000 pounds in, in, in the first round.”
Passion Capital receives 2,000 pitches annually and meets 600 to 700 teams
“As a matter of fact, we see roughly 2000 new ideas being pitched to us in any given year over the last two or three years. Out of these 2000 ideas, we meet with, physically, we meet with six to 700”
Passion Capital invests in 10 to 15 new companies per year
“So we tend to invest in any given year in 10 to 15 companies.”
Stefan Glaenzer: Ricardo reached a 400 million euro market cap
“With a market cap, I think, of four hundred million euro or so.”
Half of Passion Capital's portfolio launches from its White Bear Yard space
“Passion Capital runs a co-working space called White Bay Yard here in EC One in London, so more, more the east side than the west side of London, where half of the companies in which we have invested choose as their starting office.”