Aurel Pasztor

🔍 Exploring the Shifting Dynamics of Midmarket M&A with Andreas Kinsky 🔍 In a challenging 2023, the M&A landscape for new technologies remains dynamic. Andreas Kinsky, co-founder of PAVA, shares insights on how technology influences the art of buying and selling companies and the current state of midmarket M&A. Dive into the conversation to understand the impact of rising interest rates, industry-specific valuation changes, and the evolving role of technology in M&A. 🔗 Discover more in the full interview: https://hubs.la/Q02KhWxn0 #MandA #PrivateEquity #Technology #BusinessInsights #Finance

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🔔 As part of my HealthTech of the Week series, today I recommend a comprehensive study that every health tech enthusiast shouldn't miss: the “Top Disruptors in Healthcare” report created by Koalicja AI i innowacji w zdrowiu! This remarkable report presents an overview of the most innovative medical startups in Poland and the CEE region for 2024. 💪 This is the jubilee, fifth edition of the “Top Disruptors in Healthcare” report, a publication that has become an integral part of the innovation landscape in the medical sector in Poland and the CEE region. It showcases the latest achievements and inspiring solutions of startups that are shaping the future of healthcare. The mission of the organizers aligns perfectly with ours - supporting and promoting medical startups that boldly introduce groundbreaking solutions and technologies. The "Top Disruptors in Healthcare" report is also an invaluable source of knowledge about the rapidly evolving medical startup market. Therefore, I highly recommend this report to everyone passionate about HealthTech. A huge congratulations to the creator's team on this outstanding job! 👏 👉 Discover the future of HealthTech innovation - download the report in Polish here: https://lnkd.in/gPNp77Ah Additionally, I encourage everyone interested in the HealthTech industry to follow my publications in the HealthTech of the Week series. More insights and updates can be found on my blog: 👉 EN: https://lnkd.in/dqK9JJ7X 👉 PL: https://lnkd.in/gGYriBqc Follow me for more exciting updates in the world of HealthTech! 🚀 #HealthcareInnovation #Startups #Reports #HealthTechOfTheWeek #MedTech #DisruptorsinHealthcare

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While much has been said about AI agents and their potential to transform industries, one often overlooked question is how they will reshape the role of limited partners (LPs). At Fairview, we believe the rise of agentic AI will unlock unprecedented opportunities and introduce new complexities. As AI agents accelerate startup formation and fast-track value creation, LPs must adapt to a more dynamic and complex venture capital market. Here’s a look at some of what we expect: • Faster iteration and value creation will intensify competition and increase the dispersion of returns across companies and funds. • Manager selection and access to top-tier deal flow will become even more critical in navigating this new landscape. • The way LPs approach market coverage, due diligence, relationships, and portfolio construction must evolve to stay ahead. Preparing for this shift will be vital. Our latest report explores these dynamics and provides key insights for LPs to succeed in the era of AI agents. Check it out here: https://lnkd.in/gVYReKTf

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According to a recent Forbes article, early stage VCs fail on 80 % of their ventures. That means only 2 out of 10 investments succeed. Another data point in the article says the top 2% of VCs earn 95% of the profits. So, 98% of the VCs are struggling to earn back what they have invested with 35-40% as venture failure rate. It is imperative that while this model is an accepted norm in the industry, there is enormous scope for improvement and value creation if there is a positive intervention. Considering there is +$500 Billion of global investment raised by the VCs, with over 50% raised in America, moving the needle from 20% success rate to 25-30% would be worth tens of billions of dollars of return to the community. This is despite VCs replacing 30%-85% of the entrepreneur with a new CEO within few years of investment.  So, this is surely not working ! The solution lies somewhere else… In my view, based on over 20 years of succeeding and failing with start-ups , the Top 5 reasons for failure among others, are: >      Finding the Product -Market Fit – Failing to find the ideal target market or underestimating the time required to achieve the PMF. >      Building the wrong team – Lack of entrepreneurial and team spirit in early team >      Uncontrolled spending – Spending the money on the wrong priorities.  >      Lack of Focus /GTM plan– Failing to balance short term and long term goals. >      Lack of guidance – Failure to actualise and leverage existing board or advisors. Building a business is a continuous process requiring flexibility, pivoting and building on early success as the founders look for the perfect PMF that could scale with further resources. This requires constant handholding and continued advice from an experienced board or strategic advisors (who are available to help). https://lnkd.in/dj_AsxT7

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You will have seen that Index Ventures has raised $2.3bn in new funds to support founders from seed to IPO. We believe we are at a historical tipping point in which entrepreneurs have unprecedented opportunities to create new, category-defining businesses. Since starting out almost 30 years ago in 1996, 🚀 108 Index-backed startups have reached a valuation of +$1bn 🎉 23 have surpassed a valuation of $10bn 🌐 57 have IPO’d 💪 and 200,000 jobs have been created by our portfolio companies As we wrote “Index is not in the business of aggregating assets or facilitating moderately successful companies. Instead, we’ve spent decades figuring out how best to identify and coach truly transformative founders – those who have been put on this Earth to build their business and would be doing it whether they got funded or not.” Personally, it’s such a privilege to partner with Hanno Renner at Personio, Job van der Voort at Remote, Charmaine Chow at GetHarley, Tom Leathes at Motorway, Jaroslaw (Jarek) Kutylowski at DeepL, Marcia Kilgore at Beauty Pie, Vidya Peters at DataSnipper and many more, and to be able to help with their most crucial talent decisions. More in the comments 👇🏼

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I'm delighted to announce the launch of the TempoCap Liquidity Indices, which, on a quarterly basis, track the largest European VC-backed exits since January 2020. We are tracking three main types of exits: all cash, cash and shares, and public listings.   We struggled to find this information in a single place or in a comprehensive format, so we decided to compile it ourselves from a range of data sources. Of course, we may have missed some exits, so please don't hesitate to get in touch if we have.   Here are a few notable trends from the data: 🔴 On all cash exits: A limited number of these were above $1 billion in Europe over the last nearly five years - we counted only five. Out of the top 15 cash exits, six were companies from the U.K., four from Germany, three from France, and two from Scandinavia - including the largest, Tink. 14 out of the top 15 exits were to strategics (with only one PE buyer), and 60% of buyers were U.S. companies. The average time to exit from the founding date was ten years. 🔴 On exits for cash and shares: There have been a limited number of these above $1 billion in Europe over the last circa five years, too —we counted only four. The U.K. had five companies out of the top 15, and interestingly, two each came from Poland and Germany, while the largest, Wolt, is Finnish. Again, 60% of buyers were from the U.S. The average time to exit from the founding date is nine years. 🔴 On public listings: Here, all 15 listings were above $1 billion—but some didn't stay above that level post-IPO, and three are no more! Out of the top 15, seven (or nearly half) came from the U.K., three came from Germany, and the largest, UI Path, came from Romania. The average time to IPO from the founding date was 11 years. We have researched various sources to ensure that we have the most accurate information possible, but if you've spotted something that needs to be corrected or a company that needs to be added, please let us know at [email protected].

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A recent piece in the Financial Times highlights a renewed sense of confidence among investors in European technology startups. This year, the European VC industry has seen significant growth, with nearly €29bn in venture capital deals completed in the first half of the year alone. The establishment of Noteus further reflects the strong appetite for investment in innovative companies.   Artificial Intelligence startups, in particular, are attracting considerable attention as investors seek to capitalise on the sector's rapid expansion. It’s an exciting time for the European tech ecosystem, with some of the brightest founders pursuing investment opportunities across the continent. #VentureCapital #StartUps #Tech #AI https://lnkd.in/ez2a-CVs

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My interview to Alpha Week. It's only a few minutes read but there are a quite a few insights on the current state of venture market and the use of AI tools in venture capital business. Hope you will enjoy reading. https://lnkd.in/ddC6BjE4

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We don't spend enough time thanking the teams that enable the engine to run under the hood. Thanks Kasun De Silva & team for the great work and interesting article for anyone that wants to know more about what happens behind the curtains of hedge funds, venture debt funds and Bootstrap Europe!

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🚀 The Startup Funding Journey: A Data-Driven Reality Check from Crunchbase Have you ever wondered about the odds of progressing through the startup funding stages? Data reveals some eye-opening insights: Seed to Series A: Only 19% of European startups make it (20-30% in the US) Series A to B: A hopeful 50% graduation rate Series B to C: The journey gets tougher, with 30-40% moving forward Series C and beyond: A mere 15-25% reach Series D+ What does this mean for founders and investors? 🔍 Early-stage startups face the steepest climb, with less than 1 in 5 securing Series A funding. 💡 The Series A to B transition offers a glimmer of hope, but expectations skyrocket. 🏆 Later stages demand proven scalability and operational excellence. Remember, these aren't just numbers – they're opportunities for innovation, resilience, and strategic thinking. Whether you're a founder navigating this journey or an investor shaping the future, understanding these trends is crucial. What's your take on these figures? How can we better support startups at each stage? Share your thoughts below! #StartupFunding #VentureCapital #EntrepreneurshipInsights

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Great article by Kjartan on "Family Offices & Venture Capital: The shift from direct investments to partner funds" 👇🙌 🙌 🙌 This aligns well with my worldview. An additional challenge for FO direct investment is access (or lack thereof) to the right opportunities with the underlying power law dynamics and return asymmetries (I believe). https://lnkd.in/dzh_dd6t

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WSJ reporting Foundational Model company Mistral is raising $600mm at a $6 Billion Valution. For VCs goes to show Foundational Models are a big boys game with hundreds of millions if not Billion + needed to be raised to be competitive. But I wonder longer term if these are + ev bets or simply a way for the blue chip VC firms who have raised billions for their new AI funds to deploy massive amounts of capital in low-risk low-return bets. The more interesting companies are still worth $50 million or less but; 1. Finding them is hard 2. Check sizes are by definition smaller so for big VCs won't move the needle 3. The risks of failure are extremely high But that is where the highest expected value lies.

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VC world can be cruel and unforgiving. With LPs more and more pushing for distribution and liquidity, fund managers in the mid-tenure of their fund with zero DPI and TVPI around 1.0 would have much more difficulty to raise new fund. The ability to fundraise is one of the crucial indications and validation of the job for VCs. Key highlights from the article below: Thirteen percent of venture General Partners (GPs) no longer plan to raise another fund due to LP pullback. This rate has doubled since H1 2023 when only 6% of GPs had no plans for another fund. Nearly 44% of venture firms surveyed in mid-2023 had previously postponed their fundraising plans due to concerns about overexposure to the asset class. Many emerging managers entered venture capital in 2019 or 2020 when the LP market supported more funds. However, slow exits in the first half of 2024 have led to challenges in raising second funds without significant cash distributions to LPs. Some venture GPs are now actively participating in the secondaries market to demonstrate returns. Despite the challenges, GPs who secured fresh capital remain optimistic. They expect the 2023 and 2024 vintages to be the strongest return years since 2019. 🚀📈 #VC #VentureCapital #Fundraising #LPs #EmergingManagers #TechInvestment #MarketTrends #CountdownCapital #IndustryInsights #JetVentures #JetInvestment‍‍‍‍‍‍

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🔶 End of the venture capital winter? 🔶 Around mid 2022 the VC world took a turn for the worse: winter was coming and the availability to raise fresh capital from new investors fell by a factor of ~10x. Today Crunchbase has released new figures on global AI-Funding and it looks like the ice is beginning to thaw: ignoring outliers funding is on the rise again. But investors have become more selective: more money is flowing to fewer deals. As always your thoughts and comments are highly welcome.

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🚀 SaaS Startup Funding Falls in 2024 🚀 Software as a service (SaaS) companies have raised $4.7 billion in seed- through growth-stage financing so far this year. However, this falls significantly short of last year’s $17.4 billion total. The cooling interest in SaaS investments comes amidst a challenging period for publicly traded SaaS and enterprise software companies. Despite the decline, some notable rounds are still closing, including Wiz’s $1 billion Series E and Glean’s $200 million Series D. While funding hasn’t evaporated, megadeals are less frequent than a few years ago. 😊👍 #SaaS #StartupFunding #TechNews #VC #VentureCapital #InvestmentTrends

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A key to success in entrepreneurship is understanding the needs and goals of your business before building. At Hyperspace Ventures, we prioritize this tried and true approach with our entrepreneurs. By fully comprehending their needs and goals, we can ensure that we are building a product that will meet their unique requirements.

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My passion for innovation has always propelled me to seek solutions and build from the ground up. This drive aligns perfectly with the fast-paced, dynamic world of venture capital (VC). While I possess a strong academic foundation and vast industry experience, I firmly believe in the "learning by doing" philosophy. That's why I actively pursued a venture capital certificate program. It wasn't just about acquiring knowledge; it was about equipping myself with the tools to evaluate deals, understand market trends, and navigate the complexities of the VC landscape. #ColumbiaBusinessSchoolExecutiveEducation #VentureCapital #LearningbyDoing #IdentifyingGroundbreakingCompanies #FosteringGrowth #ShapingtheFutureofHealthCare

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#leadership and #success requires difficult conversations. If you are going after that higher purpose and game-changing #innovation, hard talks are mandatory to make everyone on the team better. But the key is that the team knows it comes from the right place. At Energy Capital Ventures we know that no matter how difficult the conversations get, it all comes from the higher purposes of creating clean, safe, reliable, cost-effective #energy for all communities. #entrepreneurship #startups

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Over the past few weeks since the launch of Jefferson Capital Partners, many have asked about the meaning behind the 'Growth' in our name. Our latest article "Why JCP 'Growth'?" dives into the core reasons for this. Personally, helping companies accelerate their growth trajectory and achieve ambitious goals is what drives Bailey and I each day. We're passionate about empowering founders with the strategic guidance, resources, and expertise they need to unlock their full potential. That's why 'Growth' is paramount to our mission and shapes every aspect of how we partner with ventures. I'm excited to share this article that encapsulates the JCP Growth philosophy. For us, it's about fostering collaborative, trusted relationships focused on driving sustainable growth and shared success.

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