Kyle Booysens

Another great #investcanada2024 conference last week. Congrats Canadian Venture Capital & Private Equity Association (CVCA) again and fantastic collaboration with Réseau Capital for curating + delivering such an important ecosystem event that brings together the who’s who in Canadian investing. It’s an interesting macro environment for both founders and emerging VC funds in 2024. The bar for fundraising is higher and the process is more difficult, but it’s an amazing time to build and fund startups. Over the years I’ve been asked what’s made me a successful investor given the number of exits & investor returns delivered. Beyond it being a full-time obsession for decades, one needs to constantly find ways to evolve to founder needs and deliver differentiated value. Earning the right to back and support the best founders is what delivers outsized investor returns. This is easy to say for many investors, but often many fall flat on the everyday execution for different controllable reasons. Reputations are built & lost fast in a more challenging market. Highline Beta's pre-seed VC & venture studio model continues to not only innovate, but also win predominantly because our core investment value is to always “earn the right on the cap table” with the founders that we support. It’s a complete team effort and after 8 years of building out Highline Beta’s foundation let’s us now grow via new vertical venture studios + funds. 🚀

98

3 Comments

It was great to speak with the Logic earlier this week and share Tidal Venture Partners perspective on the subject of fund domiciling strategy.  It may sound like we’re in the weeds on this topic, but the question of where to domicile is a growing conversation and consideration for many Canadian fund managers with big long-term implications for our innovation economy.  The challenge of Canadian companies remaining Canadian owned will only become more acute if more Canadian funds start to domicile in other jurisdictions.

34

This article misses on a couple of key fronts 1. there has been material liquidity in the Canadian VC market - it’s just that since 2019 more than 70% of it - some $18+B - has been in life sciences 2. Canadian liquidity in Life’s sciences has even been proportionately better that in the US 3. The Florida professor used CVCA data - unfortunately the CVCA grossly under reports liquidity in general and life sciences VC liquidity in particular in part because their data misses post IPO acquisitions and in many cases VCs hold to that event 4. Finally, there is no major global economy where governments aren’t deeply engaged in building there innovation economy. In fact, I would argue that compared to China, singapore, the EU, Isreal, and even the US, government engagement in Canada is tiny and should be meaningfully more given the lack of endowment capital and the lack of engagement of by the majority of domestic pension plans. In the US these are the primary allocators to VC. If we want to grow our economy, increase productivity, and give this generation of Canadians the same opportunities enjoyed by prior generations then more capital and engagement is the answer - not less.

29

3 Comments

🌟 Calling all emerging GPs! Walking Ventures is seeking new venture funds to invest in as LPs. With 50+ successful investments and an IRR exceeding 30%, Walking Ventures isn’t just a VC, they’re also LPs in five standout funds that excel in areas outside their own focus. Now, they’re looking to add more LP positions, particularly in first or second funds led by smaller, ambitious firms. Here’s what they’re looking for: 1️⃣ Strong deal flow 2️⃣ Solid internal processes 3️⃣ Operating experience 4️⃣ Relevant network 5️⃣ Sector or geographic expertise Walking Ventures is agnostic on geography, sector, and focused on identifying top-tier emerging funds that deliver exceptional returns. If your fund fits the bill, check out Tim Jackson post for more details on how to connect.

26

Christina Fa (Principal at NewView Capital) brings unique investment perspectives across ecosystems, stages and secondaries. I learn something new every time we chat, so I'm delighted Cheryl Mack and I had the opportunity to open-source her insights on the First Cheque Podcast. Here's a glimpse of what we covered: 〰️ A primer for secondaries: The secondaries market in Australia is nascent; Christina unpacks this in layman's terms, providing a clear framework for navigating this space. 〰️ What good looks like at the growth stage: From revenue traction to due diligence to gaining exposure to growth-stage opportunities and secondary transactions, Christina outlines the key indicators of success at this later stage. 〰️ Differences across ecosystems: From scaling companies in different geographies to finding the right talent, Christina comments on the Australian ecosystem and contrasts it with more mature markets like the Nordics and US. This is a must-listen for anyone looking to learn the nuances of growth-stage investing. Listen here: https://lnkd.in/gVjH8W97 〰️〰️〰️ First Cheque is dedicated to open-sourcing conversations with experienced investors globally. We aim to enhance the craft of early-stage investors, from those writing their first cheques to the veterans in the game. Thank you to our sponsors: Vanta, Scendar, Turo 💛 DayOne.fm Co Ventures Aussie Angels #FirstChequePodcast #venturecapital #investing #tech #startups #fundraising #growthinvesting

24

2 Comments

Taavet Hinrikus and I made the Financial Times Due Diligence email. https://lnkd.in/ez2AuGQx One 'unintended consequence' is that if there is a 45% tax on carry and CGT (raising £40m per year, remember) it for all intents and purposes closes the door on new VCs in the UK. Especially started by teams from non-traditional backgrounds. To meet the GP commit, you need to be already part of the 'wealthy' as you cannot rely on the value you create - nearly half of it will disappear - to fund it. We have both had extremely successful startups which are few and far between. The smaller number of new VCs will therefore more likely increasingly be for people who have inherited the capital or can draw it from their already rich family. Probably not want they have in mind with this policy.

32

2 Comments

Building a venture capital platform is more than just about money; it's about moving mountains. John Rikhtegar reveals the secrets to orchestrating successful fund-to-fund operations at RBCx. In today's episode of Swimming with Allocators, John shares invaluable advice for corporates venturing into fund-to-fund practices, emphasizing the critical need for alignment at the top. Tune in to learn how strategic alignment, unique value propositions, and deep integration can transform potential into success in the venture capital landscape. Learn from John Rikhtegar how to actively shape the innovation economy and lead transformative fund-to-fund practices that meet the future head-on.

40

2 Comments

Incredible to see Mosaic in the Financial Times this morning in this excellent piece by Sujeet Indap on tech innovation in private equity. Sujeet's research into the historical evolution of Wall Street's analytical horsepower was particularly fascinating. Though I wasn't around for the shift from pen-and-paper to VisiCalc, I can only imagine the step-function productivity increase it unlocked. Anders' assertion that the advent of the spreadsheet in part drove the LBO boom of the late '80s is also intriguing (although I'm sure the <10% min. equity helped, too). Though the spreadsheet was a great advancement in the '80s, it always baffled me that ~30 years later (when I began my PE career) we were still underwriting billion-dollar buyouts using a generic productivity tool and not an industry-focused application. That's precisely why I started Mosaic. With dedicated platforms like Mosaic and Blackstone's Atlas now powering new deal underwriting - could the industry benefit from a similar step-function productivity increase? Also - an open question to anyone who was working as an investment professional in the 1980s/1990s: was the spreadsheet initially met with hesitation / skepticism by a subset of old-school investors who thought there was value in grinding it out until 3am with only pencil and abacus in hand? We're fortunate at Mosaic to work with some of the world's most forward-thinking investors who readily embrace change - but this sentiment does comes up once in a while. What happens to the holdouts? And curious how the innovators - whose shoulders we stand on - navigated it before us. Read the full story here: https://on.ft.com/4dXEvth

122

8 Comments

Today, Conflixis announced its $4M Seed financing. Origin Ventures is pleased to be co-leading the round with Lerer Hippeau, with participation from SpringTime Ventures and mark vc. I first worked with Aaron B. Narva and Vincent Wan at Exiger and it has been exciting to watch them build Conflixis over the past two years. We are thrilled to be partnering with them, and co-founder Joseph Bergen. Conflixis is on a mission to improve transparency in healthcare, in Aaron's words: “We can make it so that hospitals are reducing their regulatory risk significantly, increasing their trust and transparency with their patients, yes, but also making better operational decisions about what they’re buying." Read more here in TechCrunch - https://lnkd.in/e9j63823

123

14 Comments

Recently, CEO Rehan Jalil joined Walter Thompson on our Fund/Build/Scale podcast to discuss Securiti's funding journey and how they scaled to $1M #ARR. If you are in the #startup space, you know how challenging sustainable growth can be. Securiti is a great example of how to scale efficiently and effectively. Check out the podcast transcript below to learn more about Rehan and his team's approach: #ITLeadership #Startup #Entrepreneurship

8

📣 We’ve got a big ESG_VC event planned for Tuesday next week – featuring the latest updates to our measurement framework, news of our 2025 benchmarking with the British Private Equity & Venture Capital Association (BVCA), and an introduction to our new platform partners… 📣 On the afternoon of Tuesday 26 November, we’ll be gathering 200+ VCs for the latest update on the ESG_VC Measurement Framework – from what it covers to how it informs industry-leading research, and how you can now work with our accredited data collection partners. This will be our first event delivered in partnership with our cohort of platform partners: Apiday, Novata, and PortF. I’m excited to share with our members how these partners can support a big step up in your ESG initiatives. Join us for a jam-packed event that will feature: 🟢 An update from Suzi Gillespie of the BVCA on how you can take part in our 2025 research – we analysed ESG performance in c.600 VC-backed companies in 2024 and we’re looking to deliver an even more ambitious piece of research next year… 🟢 Insights from Emily Havers of Fidelity International Strategic Ventures on the updates that have been made to the framework and what it means for our members, their portfolio companies, and the broader ecosystem. 🟢 Perspectives from Emily Matthews of Oxford Science Enterprises and Nina Foote of Volution on how the ESG_VC Measurement Framework has supported their work on ESG. 🟢 Presentations from our platform partners: Edouard Audi of Apiday, Conor O'Laoire’Laoire of Novata, and Alex Lu of PortF. It’s going to be a good one so do register. Link to sign up in the comments! #ESG_VC #sustainability #venturecapital

47

1 Comment

🇨🇦OH CANADA! WARREN HINTS AT A "WE THE NORTH" BIG BET 🇨🇦 BRK ANNUAL MEETING a bit of a snooze fest; a few intriguing nuggets/ dropped hints of coming bets à la their Japan sogo shosha foray. I. GENERAL INSIGHTS (CASH HOARD, SUCCESSION, MACRO): * BRK propping up T auctions (see below) in lieu of foreign direct bidders; reallocating out of equities; but a sudden retracement of rates would sting * a triumvirate will take over from WB (as I posted Friday) with final veto power from CEO Abel on future new positions * WB sounded hoarse, off his game--mistaking CEO Abel for Munger (R.I. P.) * "USA gov owns BRK in part" ascribed to the 21% tax rate along w exhortations for other corporates to pay fair share of Federal taxes * "primary investments only in USA" core names AXP, KO, GEICO; the most important business of the BRK empire? Clearly, I N S U R A N C E * railcar loadings trending down (key macro economic indicator)--BRK exposed * his cryptic comments around Canada: WB has invested in the Great White North before. What is this new play? Probably Energy BEFORE SPECULATING FURTHER, notable highlights as follows: I. APPLE: "2024 SHARE DECLINES YTD PARTIALLY DUE TO BRK SALES" * $189bn cash hoard, invested in "T bills and chill"---awaiting a big bet; a net seller of equities * trimmed AAPL stake (by 13%. 115mn+ shares) to lock in gains < CapGains changes 2025; BRK trim fueled NASDAQ: AAPL recent 2024 declines * fears that AAPL is "losing its moat" in China, Europe as competition intensifies and EU regulatory "takes a bite"; Cook's $110bn buyback a propping up tactic? II. RISK, INSURANCE AND AI: * "USGov = BRK's largest shareholder" begs a Q: would it ever be nationalized? * increased insurance unit exposure to FL last year in the face of others leaving "at the end of the day, still possible to make a decent profit" (in FL) * "in future, largest AI growth industry will be scams"---WB does not understand it, but knows it is potentially dangerous as well as beneficial * self driving cars w AI could be an unknowable threat to BRK insurance cash engine, e.g. GEICO which is in urgent AI catch-up mode (data analytics gap) III. BRK ENERGY: * "we have the money and the knowledge" to win in Energy * rebuilding utilities for AI, data centers is a massive undertaking along with wildfire and other risks to power generation * CEO Abel spent inordinate time on Energy indicating that might be the big bet ----------------------------- NET, BRK MORPHED into a quasi universal bank (asset mgt/money market, credit cards and insurance) with candy and tech sprinkled on top. Insurance alone generates $300bn in revenue: world's biggest insurance company by far. James Eagle has a fascinating visualization on BRK evolution here: https://lnkd.in/gNNRKYJM #BRK #risk #warrenbuffet #strategy #activemanagement #energy

9

8 Comments

Flourish Ventures team is excited to back the indomitable Chris Brummer as he builds Bluprynt to transform the infrastructure for disclosures. We feel privileged to be part of an amazing group of industry leaders and backers working with Chris. Arguably, we are living through a pivotal moment for disclosures and trust and transparency in finance. The concept of financial disclosure became prominent with the Securities Acts of 1933 and 1934, following the 1929 market crash. Digitization began in the 1990s with EDGAR and XBRL in the early 2000s. Today, we face a new phase in disclosures with the integration of digital assets into the financial system. This evolution reflects market changes and regulatory responses, presenting an opportunity to transform the technological underpinnings of disclosure systems fundamentally. #fintech #digitalassets #crypto #disclosures https://lnkd.in/eme7fgDE

93

9 Comments

TLDR: EIS should be scrapped as a fund structure but retained for Angel investments by individuals. Alex Chalmers has done all the work which in 10 years I've never got around to doing: why 95% of EIS/VCT funds are bad for our tech ecosystem, rip #startups off, and why as a Founder you should push back against their stupid fees or not take their money. https://lnkd.in/dnq9ZScS

35

7 Comments

Yesterday was Shilling VC's AGM. It was interesting to think and present a condensed version of some of the coolest things Platform accomplished in 2023! Platform is the fund vertical focused on driving pre-investment initiatives, sometimes acting as the primary catalyst for deal flow sourcing and post-investment support, aiding portfolio companies in overcoming growth hurdles more efficiently, always with one goal: enhancing fund performance. Looking at the deal flow-related stuff: - Developed an automated system to engage over 100 co-investors quarterly effectively; - Launched a transparent newsletter to share deal flow, fostering strong relationships with top-tier co-investors; - Invited select co-investors to experience our hometown, Lisbon, strengthening partnerships; - Introduced our Scouting program, which leverages industry expertise to identify startups aligned with our investment thesis; To ensure efficiency in those deal analyses, we've embraced a Tech-driven VC approach: - Developed an AI-driven screening process to filter opportunities aligning with our investment thesis; - Implemented a scoring process to evaluate startups based on their potential; - Introduced an AI tool for market analysis, reducing time spent on traditional research methods by our investment team.; On the Portfolio Support, our founders rated us 9/10 ❤️ - Launched a Support Tickets Platform for timely and efficient responses to their inquiries; - Tripled the number of experts available for Office Hours on the Founder’s Portal (now 51 top-tier experts); - Hosted several topic-focused dinners, providing founders the opportunity for in-person learning. - Conducted monthly webinar style Sessions to ensure consistent support for the portCo based abroad; Finally, we've solidified our brand as a community center by hosting over 34 events, with an impressive turnout of over 1,300 participants, either remotely or in person, locally and internationally, with the support of amazing partners such as Endeavor, Google, or AWS. 🎈

75

1 Comment

The 56th edition of the Alt Goes Mainstream AGM Weekly newsletter is out! A new asset manager looks to be joining the fray. Bloomberg reported this week that Todd Boehly's Eldridge Industries is planning to transform into a new firm that will combine at least six existing platforms and launch with $65B in assets. News of Boehly’s new venture highlights what’s becoming an increasingly popular trend among alternative asset managers: a focus on permanent capital. Boehly’s success in asset management has very much been a result of his long-standing focus on leveraging the power of permanent capital. The crown jewel of Boehly’s expansive Eldridge Industries empire? Security Benefit, a life insurance business based in Topeka, Kansas. Eldridge certainly isn’t the only alternative asset manager who can see the value in having permanent capital, which some call the “holy grail of private investing.” Who is the leader of them all when it comes to permanent capital? Read on for more to find out which alternatives manager has leveraged the power of permanent capital, with data and analysis from Evercore's Glenn Schorr on why not all capital raised is necessarily created equal👇 The AGM Weekly, brought to you by 3i Members covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 🗞️ AGM News of the Week, this week covering: 📌 The Wall Street Journal's Marc Vartabedian on StepStone Group seeing an opportunity in venture secondaries. 📌 Financial Times' Tabby Kinder on Lightspeed's shifting focus to secondary markets and what it could mean for the future of venture. 📌 Bloomberg's Marion Halftermeyer on how US pensions are pursuing PE co-investment deals in a bigger way like their institutional investor peers. 📌 Bloomberg's Eleanor Duncan & Francine Lacqua on Deutsche Bank's Hoby Buvat comments about banks and private credit firms teaming up to finance major trends like decarbonization and digitization. 📌 Institutional Investor's Alicia McElhaney on Aflac's approach to GP stakes investing and portfolio management. 💻 Who is hiring: Senior-level positions from companies Blackstone, Apollo Global Management, Inc., iCapital, Blue Owl Capital, 73 Strings, AltExchange, LemonEdge, PitchBook. Subscribe 👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream. https://lnkd.in/ecjTxztj

21

THIS is one of the best analyses I've read on the VC ecosystem as of late. While John Rikhtegar spends the report covering the Canadian ecosystem, I find it as useful - and lots of parallels to the US VC ecosystem and where LP dollars went - for the broader global economy. It's a longer read, but I promise, worth every minute. Some of the notes that stuck out most for me: 1/ 50% of the past decade's exit values were generated in 2020 and 2021. Great liquidity for LPs, but that forced LPs to have an unprecedented amount of capital to redeploy, which made them redeploy quickly to VC, but caused a vacuum and left 2023 and 2024 years far drier for GPs fundraising in market. 2/ From peak in 2021/2022, there's been a 76% drop in exit value in the Canadian ecosystem, 85% drop in Canadian VCs fundraising, and a 77% drop in capital Canadian VCs invest into the ecosystem. 3/ The median exit age of for the top 50 Canadian companies is 12 years. The median time between first financing and its exit for the top 50 is 8 years, leaving a median time of 4 years from a company's founding to their first financing. As such, if a Canadian VC's deployment period is 4 years, it's right to assume as an LP, that you're not going to see the end of the fund till 12 years after you invest. Even if the GP pitches a 10-year fund. 4/ Not all exits are created equal. The top quartile of top 50 exits raised more capital than the lower quartile. The median exit capital efficiency for Canada's top 50 companies for was 7.7X. Meaning the median company exited for $7.70 on every $1 they raised. 5/ Median US exit values are 2X Canada's. That said, Canada is catching up. In the past decade, the US produced $2.6T in exit value, compared to Canada's $56B, only a 46X. Lowest delta on record.

35

1 Comment

As a founder, have you ever been curious about this whole angel investing thing? This week's findfunding.vc spotlight is on an investor who's an expert in it you simply have to know: Matt Wilson, MBA from Allied Venture Partners. He: 🇨🇦 Is Calgary based 😇 Manages one of Canada's largest angle investor syndicates (now at 1,800+ members!) 🏒 Worked as a professional ice hockey referee, which he says shares remarkable similarities with investing Amongst founders, Matt Wilson, is known for bringing empathy and perspective as a former founder himself. Aside from financial support, his goal is to be the 'right' investor - one that aligns with a founder's vision, shares his network, and provides strategic insights when asked. ✉️ Make sure to pitch him, invest, scout, advise and more at https://linktr.ee/alliedvc For more, check out our funder spotlight card below along with Allied Venture Partners' profile on findfunding.vc (link in comments).

24

6 Comments