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We sat down with Daniel Keiper Knorr, founding partner of Speedinvest for a discussion on what he thinks allowed them to raise 500 million during and after the tech reset.

What ensued was a conversation revealing how Speedinvest decided to diverge from traditional VC practices by dedicating substantial resources including the full time attention Daniel, one of the founding partners, to fundraising and investor relations.

This conversation ONLY focuses on the raise process, dynamics and learnings, to understand the thesis behind the fund, go read the original launch post of Speedinvest IV by Oliver Holle.

Chapters:

03:34 Daniel's Journey into Venture Capital
04:02 The Evolution of Speedinvest
05:15 The Unique Approach to Fundraising
06:28 Navigating Fund Generations
07:21 Experiencing Market Cycles and Pivots
08:28 The Strategy Behind Speedinvest's Latest Raise
11:22 Adapting to Changing Market Conditions
12:26 The Impact of Macroeconomic Changes on Fundraising
16:19 Pivoting the Narrative Around the Fund
21:11 Differentiating Between Seed and Growth Stage Investing
24:56 Advice for Fund Managers Raising in Europe
26:03 Understanding LP Preferences and Building Relationships
27:41 Creating Urgency Among LPs
28:53 Thoughts and Advice for Future Fundraisers

Key learnings from the episode

Economic sensitivity and its implications for venture capitalOne of the most striking revelations from Daniel’s experience is the profound impact of global economic conditions on venture capital dynamics. He delves into how the sudden shift in LP inquiries from portfolio-centric to macroeconomic concerns mirrored the broader economic uncertainties, highlighting the necessity for VCs to be economically astute. This sensitivity to macroeconomic shifts is not just about staying informed but about integrating this understanding into the strategic narrative of the fund. Daniel’s recount of adapting Speedinvest’s narrative in response to changing economic sentiments underscores the importance of this adaptability not as a reactionary measure but as a strategic imperative. It serves as a compelling reminder that venture capital, while focused on the future, must navigate the present’s economic realities.

The art and science of LP communicationDaniel’s emphasis on transparent and ongoing communication with LPs underscores a fundamental pillar of successful venture capital operations. The strategic approach to communication — viewed through the lens of building trust and managing expectations — is both an art and a science. Daniel illustrates how Speedinvest’s preemptive communication strategy, especially in times of strategic pivots or market volatilities, has been instrumental in reinforcing trust with LPs. This proactive engagement goes beyond regular updates, encompassing a nuanced understanding of LP preferences, concerns, and the strategic dissemination of information to mitigate surprises and align expectations. It’s a testament to the view that in the realm of venture capital, effective communication is as crucial as financial acumen.

Navigating shifts with agility and insight
The conversation further illuminates the critical importance of agility in the face of market shifts. Daniel’s narrative brings to life the concept of strategic adaptability — not just as a response to changing market conditions but as a proactive stance in anticipation of these changes. This agility, underpinned by...

Today, we are meeting with Ertan Can, the Founding General Partner of Multiple Capital, a venture capital fund based in Luxembourg.

Ertan has just closed his third fund with a target of $50M after investing already in companies like NP-Hard, Angular, Airstreet (1), Lunar, Fly, Inflection, Foreword by Declan, and Remote First Capital by Andi Klinger, Nomad by Marc McCabe.

Go to eu.vc for our core learnings and the full video interview 👀

Chapters:

00:54 Deep Dive into Ertan Can's Third Fund and Investment Strategy
04:07 Ertan's Journey from Family Office to Micro VC
06:04 Challenges and Learnings from Raising Fund III
08:13 Navigating the European Fundraising Landscape
13:47 Strategic Shifts in LP Engagement and Fundraising Realities
21:29 Understanding the Micro VC Ecosystem and Fund Size Dynamics
35:42 Evaluating Emerging Managers and Fund Performance
37:50 The Role of Randomness in Fund Success and Investment Strategy
39:55 Evaluating Investment Consistency and Strategy
40:34 The Importance of Building a Strong Network
41:07 Performance Metrics: Beyond Early Success
43:14 Assessing Portfolio Company Progress and Entry Valuations
53:23 The Rise of Fund of Funds in Europe
54:03 The Role of LPs in the Venture Ecosystem
01:03:02 Advice for Emerging Managers and Fundraising Challenges
01:13:42 Personal Reflections and Future Directions

Key Learnings from the episode
Acceptance of Power LawOne must acknowledge that not all VC funds, especially first-time funds, will be outperformers. Ertan works from an expectation that a minority, perhaps 10 to 20 percent, will become outlier funds, with the remainder performing average or below average.
Role of RandomnessErtan Can notes the randomness in fund success, citing that outliers in his experience have come from unexpected places, suggesting a belief in the potential rather than the certainty of each fund being a standout.Assessment
Beyond Immediate PerformanceThe transition from a first to a second fund often does not provide sufficient time to demonstrate real performance in terms of markups or DPI. Early successes or markups are seen as unsustainable for predicting future performance.
Consistency and FocusErtan values the consistency of the emerging manager with their initial strategy and approach. He looks favorably upon GPs who remain focused on their initial thesis and do not chase current market hypes or trends without a well-thought-out reason for any strategic shifts.
Networking and Co-investor QualityThe ability of a GP to build a network, attract follow-on investments from reputable names, and be invited to competitive rounds is viewed as more important than early performance metrics.
Entry Valuations as KPIsAn important KPI for Ertan is the range of entry valuations a fund manager secures. Investing at lower entry valuations, indicative of conviction and an earlier investment stage, is preferred over higher entry valuations that might follow market signals or competitiveness.
Brand Building and RecognitionBuilding a recognizable brand and becoming the go-to GP in a specific region, vertical, or niche is deemed more crucial than first-fund numbers. Recognition in the ecosystem can be a more significant indicator of future success than immediate performance data.

Advice for Emerging ManagersErtan advises maintaining consistency, having a well-defined market thesis, and resisting the urge to significantly upscale the fund size or pivot strategies to follow current hypes....

In this roundtable, we pull the curtain back on some of the core insights from our upcoming State of European VC Fundraising-report and dive deep on the impact of the tech reset for fundraising managers, discuss GP/LP dynamics and uncover how VCs best navigate the current fundraising environment. For the conversation, we brought together some of the most respected investors in our ecosystem:
Daniel Keiper-Knorr, Founding GP at SpeedinvestJoe Schorge, Founding GP at Isomer CapitalEkaterina Almasque, General Partner at OpenOceanChristian Hjort Pedersen, VC Fund Investor at IIP Denmark..And to moderate the whole thing; Tom Hughes Ellis & eu.vc’s Andreas Munk Holm.

Watch it on eu.vc 👀 

Get the full report before anyone else on floww.io/raise ! 👀

Together with our good friends at Isomer Capital and Floww, we’ve spent the winter digging into 300+ interviews as well as the latest market data and Isomer Capital’s vaulted data treasures to uncover how the tech reset has impacted the fundraising market in Europe and how leading VCs across the continent have changed their strategies, tactics and operational handbook.Filled with graphs, beautiful narratives and video interviews providing an entirely new and engaging experience, we’ve created an unparalleled learning experience you won’t just sift through, but actually spend real time with.

Join us as Tom Wilson from Seedcamp and Anthony Danon from Cocoa talk to Eva Spannagl, co-founder & Managing Director of Climatos.

Eva is a builder. She loves to build things and see their outcomes come to life, and she loves to work with people who are building something. Previously, she worked at McKinsey and at Moss, an early-stage FinTech startup from Berlin.

Now, Eva is leading Climatos, a company that builds mini solar panels for urban spaces while nurturing her passion for angel investing.

Go to eu.vc for our core learnings and the full video interview 👀

Chapters:

00:48 Eva's Journey from Consulting to Angel Investing
03:04 Eva's First Investment Story
03:55 The Motivation Behind Becoming an Angel Investor
05:25 Eva's Approach to Angel Investing
05:32 Memorable Deals and the Impact of Angel Investing
08:52 Eva's Investment Thesis and Strategy
11:03 Portfolio Diversification and Founder Support
18:46 The Value of Collaboration with VCs and the Angel Community
22:05 Core Learnings from Angel Investing
26:42 Testing for Founder Drive and Attitude

In the Investing and Scaling in Romania and Beyond webinar, we talk about the vibrant entrepreneurial ecosystem of Central and Eastern Europe, with a specific focus on Romania. From celebrating the local technical skills and historical engineering heritage, countries in CEE examine the nuances of building a startup with a global mindset from day one.

Our guests discuss the 'UiPath effect', highlighting how success stories like of this one company have inspired new entrepreneurs and attracted increased attention and resources from the venture capital world.

In essence, the webinar provides a comprehensive, nuanced, and up-to-date exploration of the Eastern European startup and venture capital landscape, making it a must-watch for investors, founders, and anyone interested in the local tech scene of Romania and its surrounding regions.

Listen to it here or watch it on eu.vc for a discussion on:
How to crack the code: Understand the challenges and opportunities shaping the Romanian ecosystem.Empowering the future: Delve into the status and growth prospects for women-led startups in the region.Scaling beyond borders: Learn how to overcome challenges and adapt global best practices to the Romanian context from the people who have done it.Pioneering Deep Tech: Explore the intricacies of launching, backing, and scaling a deep tech company in Romania and the region.Success stories: Get inspired by real-life case studies of thriving Romanian scale-ups.This event is a part of the CO-INVESTIN project, focusing on understanding and improving European investment ecosystems.

Chapters:
00:26 The Venture Ecosystem in CEE
04:56 Romania's Flourishing Ecosystem: Insights and Success Stories
07:34 The Technical Talent and Entrepreneurial Mindset in Romania
09:37 Challenges and Opportunities for Romanian Startups
12:51 Investor Perspectives: The Appeal of Romanian Startups
17:27 The UiPath Effect: A Catalyst for Romanian Innovation
23:05 The Global Impact of Romanian Startups and the UiPath Legacy
29:40 Investment Strategies and Considerations in CEE
34:06 Investment Trends and Pricing in the Startup Ecosystem
37:42 Local vs. Global: Startup Challenges in the CEE Region
40:07 Unique Challenges of Building Startups in CEE
41:23 The Role of Engineering Culture in Startup Success
43:24 The Critical Need for More Capital in the Ecosystem
55:16 Addressing Diversity and Gender Gaps in Tech

Today, we have Davor Hebel with us. Davor is the Managing Partner at Eight Roads, a $11bn global venture platform. The firm has over 450 portfolio companies, including 60 IPOs and many unicorns, such as Alibaba, Toast, Flywire, Chewy, Hibob, Neo4j, and Fever. Eight Roads invests in companies at scale-up stages (usually rounds A-C) and helps them win globally.

Davor runs the Europe and Israel franchise with around 45 companies and $1.5bn AUM. Davor’s investments count leaders across SaaS, consumer, digital health, and fintech sectors, including Hibob, Appsflyer, Fever, Fireblocks, Owkin, Wallapop, ScyllaDB, Red Points, Packlink (sold to Auctane), Rimilia (Blackline), Innogames (MTG), and Treatwell (Recruit).

Davor was born in Croatia and studied in the US. Davor is also passionate about sports, and he still tries to find time for some rowing, tennis, and Barry’s Bootcamp 🙂 whilst raising his 3 kids (11, 9, and 6).

Go to eu.vc for our core learnings and the full video interview 👀

Chapters:

01:03 Davor's Journey: From in Venture Capital
03:50 The Role of a VC: Beyond Investment
04:12 Empathy and Support: The VC Approach to Entrepreneurship
06:05 Balancing Business and Personal Life in Entrepreneurship
06:53 The Evolution of a Founder's Role
11:22 The Future of Technology: AI's Impact
14:42 AI in Venture Capital: A Tool for Success
17:00 The European Entrepreneurial Landscape: From Ice Age to Innovation
19:45 The Growth and Potential of European Startups
22:27 US Investor Participation in Europe
24:06 Navigating the VC Landscape in a Changing Europe
30:20 Davor's Top Learnings from a Decade in Venture Capital