The Ledger, every show

“The French, what's the French equivalent of EIF? BPI. BPI. They asked me where my older male partner was.”

“I think actually like the follow on can really damage fund returns in that you should buy your ownership at the lowest possible cost, which is the initial cost of seed or series A.”

“And when we fund them at Series A, we say, you know, here's enough capital for 24, 36 months post our investment. And let's be honest, if you can't raise capital after that point, you probably aren't building a viable business.”

“That's why we did away with the IC at Blossom.”

“We're just going to stay to our swim lane and just do Series A.”

“Not at the A stage. So, our model, because we only make five investments a year, coming back to the concentrated approach, we have three partners, and we say, all of us support you at that stage.”

“So we don't we lead, we don't work with other VCs.”

“I don't think people would say that if I was a man. I think that's a comment that people level up a woman all the time.”

“The best performing fund, at least in Europe, if not the world.”

“I don't know how people would decide on a VC that they want to work with within, you know, 48 hours or a week. Like you want to know how that person's going to be able to support you, how they're going to work with you, challenge you, open doors.”

“And so, 90, 95% of our investment will be for initial”

“The last five deals that we've done, there has been, like, no competitor. No single competing term sheet.”

“So, and for our fund model, you know, we're pretty explicit that we want. 20% ownership, because if you're going to be one of 15 or 20 companies, we really want you to matter in the portfolio.”

“If we look back at the history of European unicorns that have been built and look at who supported them as seed and Series A, it wasn't US multi-stage fat.”

“Venture is a competitive sport. If you want to lead deals and you want to be a great partner to your founders, then you are going to inevitably be a bit sharp elbow.”

“Lots of workflow tools claim to be sticky, but actually, unless you're some kind of system of record and you're really needed on a daily basis, a lot of engagement metrics Can actually paint a very different story to how the product is actually being used.”

“Whatever KPIs, whatever cost of acquisition, whatever lifetime value, whatever you show on a deck at your series A is not going to be true by the time of the series B, and definitely not true by the time of the series See, and certainly not true by the time th…”

“I would say within, you know, the first meeting, for sure, I come out with a decision of go, no go.”

“So, I did the analysis, now we're a few years in. I think we normally know founders for six to eight months pre-investment, sometimes a bit longer.”

“When we're reaching out to speak or spend time with founders, we're partners only at the firm.”

“I think investors can get fooled into thinking something is a great investment thesis, and ignore the practicalities of the execution and execution risk, et cetera. So I think a lot about that, like, you can build a beautiful investment thesis around why a pie…”

“What founders wanted was a 10 K check from one angel and a 10 K check from another angel. They didn't want to group at two 50. So it just didn't work for the market.”

“I mean, I've seen, you know, 10, twelve million dollar series A's happen at 40 K of MRR, and I've seen three, four million dollar series A's happen at a 150 K of MRR.”

“What is born out in the data is if, you know, on a SurveyMonkey or any other survey tool, the average completion rate is about 20%, and the value of Typeform is that completion rate is around 55%.”

“If you kind of brute force spent the marketing to get your few customers, that isn't really clear sign that there's a market need for it. Whereas if you've had, A bunch of inbound beads and people kind of self-serve signing up for it. That's the kind of sign t…”

“When we come to the team, and you talk about where you've been before and you want to go out, and you've proven that you can build a product that delivers to hundreds of millions of people, and you're going out for a second time, that's when you can raise a se…”

“Fund one was 10 companies, fund two is 15 companies, and fund three will target 20.”

“The company had grown to significant millions of ARR without spending a dime on marketing, because there was inherent network effects from the reality in the product, how people were sharing it.”