Creandum

“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 …”

“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.”

“In 20, 23, we're five X the plan that was presented to me on the, on, on top line.”

“I think if we look back at all our investments and the ones that have been fantastic it's, they've all been expensive.”

“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.”

“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.”

“And Konto is, is one thinking it was too, too much overlap with Tide.”

“All the outlier rounds that raced on very high valuation have been AI rounds.”

“And if we look at the rounds that have happened here, that being done by very good funds, is, You know, between two and a half million AR and four million AR.”

“So at series A, the average has been around 25 x of the rounds that happened in the past months. And the median there is around 21 x.”

“In the lower multiple buckets, like, in the, let's say, in a range of, like, 15 to 25, you would rather end up at the 15 X multiple range if you are growing, let's say, two to three X. So, solid good growth, but not hyper growth, not, like, very fast growth. T…”

“Typically, I think the multiple comparisons work well from, like, one and a half million, two million ARR upwards. When the base is, you know, much lower than that, then multiples are simply just very high because the denominator is so small in the calculation…”

“So right now it's series A. It starts between like two and a half to three X as the minimum growth expectation. And then at series B, it starts at two to two and a half X as the minimum growth expectation.”

“Where 40% of the people expect a burn multiple between one and one and a half, which is considered to be a great burn multiple. And, 53% want to see one and a half to two X burn multiple. So, 90% of the people, of the funds, want to see burn multiples, ideally…”

“I also always recommend to maximum have five investor calls per day and not go for like 15, because you sometimes realize that people are, you know, worn out at the end of the day. You don't have the right energy of it. So rather, you know, ah, focus your ener…”

“And the most important point here is don't get blinded by initial off. Only a term sheet counts. What do I mean with that? It's the job of a VC to shine, you know, to show you initial love.”

“Typically I said, like, raise money for 24 months of runway, now, or 20 to 24 months of runway, now I would say actually 24 to 30 months of runway, ideally to more towards 30 months of runway, given the uncertain market,”