Manfred Schneider

There’s a lot to love about the Seed phase 🌱 My passion for Seed phase technology investing springs from a profound appreciation for this particular phase of company building. There’s an undeniable allure to being part of a company’s early growth, where progress is swift, and the potential for impact is vast. What truly captivates me is the opportunity to engage with diverse ideas, innovations, and technologies. As an investor, I leverage my expertise to collaborate with different visionaries, having a larger circle of impact and contributing to meaningful change. Beyond the excitement of innovation and growth lies the human connection inherent in early-stage investing. Witnessing a founder’s triumphs and supporting them through challenges enriches the journey. Sharing in the highs and lows with passionate founders adds a profoundly gratifying dimension to the investment process, transforming it from a mere business endeavour into a deeply personal one. https://lnkd.in/gbaPX9_j

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Idea (feel free to take): AGM Capital I remember talking with a big fund that had a fund of funds strategy as well - "If you just did the companies that were the main presentations at each fund's AGM, the data says you'd have a 20x fund" Do a fund of funds that simply goes to the AGM of every portfolio fund, and index across all of the highlighted companies. A friend does a fund that simply follows on to rounds when a quality institutional lead does $500K or more, and he has a 6x DPI fund.

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Which international VC has invested most actively in NZ? Here's the slide we prepared recently for our Investor Masterclass. Let me know who I'm missing. Four more sessions coming up including: Valuation, Terms, Governance, and War Stories. Join the fun by registering here: https://lnkd.in/ghJJpdR4

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This government really hates investors. Add to the list - taxing unrealised gains in super funds, but only if you are deemed as rich. Why anybody who thinks that innovation sector is something we need and should be nurtured does not speak out on the record of successive ALP led regimes is living in cloud cuckoo land. I can see the future, as we stand amid a shattered start-up scene that looks like 2010 again with the typical noisy empty heads proud that at least the other guys weren't in charge. The list goes : - ESOP screw up from Rudd/Gillard - 2019 proposal to halve CGT concession (dodged that bullet - but for how long) - sophisticated investor current mess with investors needing to beg to Canberra as to why they should not make Australia less globally competitive for investment - looming Angel group regulation (... wait for this one to break).

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A little while back I had the privilege of sitting down with Wild Hydrogen CEO James Milner to chat all things Hydrogen and the incredible process they are building to make it truly sustainable. We're fortunate to have them in our portfolio SyndicateRoom and hope they make it for all of our sakes. I hope you enjoy the #podcast and if you do, leave a comment, a share and a like. https://lnkd.in/eusMGUjh #angelinvesting #venturecapital #entrepreneur #startups #episode

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Board Meetings for Seed / A companies should be open discussions on ideas and strategy 🗣️ All investors should have read the Board Pack in advance (and it should be sent 48 hours+ in advance). Specific governance / finance questions can be asked in an email chain or WA group beforehand. When the Board starts, nail any votes required in first 5 mins. Core focus of Board should = 2-3 key things that the Founders want to have a deep dialogue on, where the other members can be the sounding board. "This is our idea around our new marketing campaign. These are our channels." "We've narrowed down these three candidates for x role." "Here is prototype for our new product feature launching next month." "Here's the template for our Sales playbook for moving up market." "We a/b tested these two acquisition channels and have some preliminary data." No need to spend half the Board meeting talking about financials, the Board Pack will show if you've overspent, the reasons why and can be discussed async beforehand.

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Complete list of all active pre-seed & seed lead investors in NZ below. Thank you to all those who helped fill in the gaps. Quite a few people have reached out and said it was helpful, which is great. Next, I am thinking of creating the list of pre-seed & seed investors in NZ who follow and fill in investment rounds. As the list will be quite long, help would be appreciated. Please add in the comments. Aera VC AgriZeroNZ Blackbird Brandon Capital Bridgewest Ventures NZ Cure Kids Ventures Ecliptic Even Capital GD1 (Global From Day One) Hillfarrance Venture Capital Icehouse Ventures Maker Partners Motion Capital Movac Nuance Connected Capital NZ Growth Capital Partners NZVC Outset Ventures Pacific Channel Phase One Ventures Punakaiki Fund Quidnet Ventures Soul Capital Sprout Agritech WNT Ventures

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It's incredible when I see so much angst and hatred towards funds from want-to-be-founders. 'How can you call yourselves pre-seed?' , 'Funds have no risk appetite', 'Funds invest in rubbish not our great company' - These are just some of the typical things I've heard or seen across conferences, forums, long LinkedIn threads. Yes, capital allocation is occasionally unfair. There's a bias towards PLU (people like us) from some funds, which is glaringly obvious. "Oh you were in my batch at Wharton then went to McKinsey? I went to Bain! Here's a cheque" is definitely the modus operandi of some funds out there. The vast majority though are fairly good folks, especially with the rise of former founders/operators there's a lot of (examples include Titan Capital, All In Capital, Gruhas , Shastra VC , Vibe Capital, Mars Shot Ventures, Artha Group with me!). Similarly, there are a LOT of folks looking at pre-seed, which seems to be the crying need of the hour. Sharing some realities: 1. Every business isn't a venture backable business: Fruit ripening plant? Sorry, not venture scalable. Another driver booking app? Saturated, no moat, pass. 2. Capital Allocation: India still receives under 4% of global VC capital. VC itself represents less than 3% of global capital allocation (remaining in Equity, Bonds, Real Estate etc). We receive 6000+ of applications a year. A fund can invest in ~30-100 (depending on your fund thesis and size). That translates to an investment rate of ~0.5-1% of the companies that reach out to us 3. Risk: Any fund manager investing a single rupee in a startup knows there's an 80-90% chance that it's going to zero. So there's already a STRONG risk taking appetite. 4. Traction: It's NEVER been easier in the world to start a company. Building product? So many no-code, low-code platforms out there. Social media for outreach. Build blogs and content. Any founder (barring deep tech) who essentially cries that "I can't build till I get this pre-seed funding" isn't one I want to fund. I reiterate, Phil Knight worked at PwC to make enough money to build Nike on the side. Generate REVENUE from customers. 5. Grants: Govt grants, corporate grants, educational grants, whenever I see a founder(s) who come for a raise having secured any amount of money in grants, I'm automatically more inclined to like them since they've managed to secure capital (no debt, no equity) that's up for grabs Overall, the Indian investment ecosystem is still really nascent, US & Europe have had decades of development. We're getting there! Share thoughts and comments, but hatred/anger is really strange. #venturecapital #vc #startups #india #funding

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🎊 Big News from Our Team at Titanium Ventures! 🎊 Today, we’re thrilled to share that we've evolved from Telstra Ventures to Titanium Ventures! Why Titanium? Because it captures the essence of who we are and aspires to be—a firm that supports exceptionally strong and resilient entrepreneurs, those who thrive under pressure. Titanium is not just a metal with the highest durability and strength-to-weight ratio; it represents the extraordinary capability and determination of the leaders we back—leaders who consistently punch way above their weight. Our commitment remains steadfast: to unearth and scale the most promising ventures in AI, digital, and software sectors. With 99 investments, including 12 IPOs, 17 unicorns and 42 liquidity events, we’re just getting started. Holding almost US$1B in funds under management and having returned US$678M to our investors, we are more driven than ever. This is more than a name change—it’s a reaffirmation of our promise to accelerate the extraordinary, fueling the growth of standout disruptors. We've been doing this for over a decade, and it's what our investors and founders expect us to do for many more to come. Here's to the next chapter in our journey with all of you! #VentureCapital #Innovation #Entrepreneurship #TitaniumVentures

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Please read an intro to how our latest innovative enterprise helps to sequester GHGs.

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📣 Calling Queensland’s most ambitious climate tech founders looking to raise capital! EnergyLab is coming to Queensland and applications are now open: https://lnkd.in/e-ft9mK7 The brand new Investment Ready Program runs over 12 weeks and will equip startups with the right tools and know-how to navigate the many challenges of raising capital: - understanding VCs’ investment criteria and screening processes, - how to streamline your investor outreach, - how to articulate the opportunity by thinking at investors’ level, - developing a clear path to growth, - nailing the pitch, and - closing the deal. Successful applicants will be mentored by experienced climate tech experts and introduced to Australia’s most active climate tech investors. ✨ The program is backed by QIC and completely free to eligible Queensland-based startups working on solutions to help reduce greenhouse gas emissions, address the impacts of climate change, and other environmental issues such as waste and biodiversity. Apply now: https://lnkd.in/e-ft9mK7 Cake EquityCallum Davidson Audun Fiskerud EnergyLab

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Who are the NZ venture capital leaders in 2024? Which New Zealand funds are LEADING investment into pre-seed and seed stage companies? Below, I have provided a summary of these investors. Have I missed any key players? Are there any included that shouldn't be? Note: I have excluded any funds that have not made an investment in the past 12 months, based on available evidence. Blackbird Cure Kids Ventures Even Capital GD1 (Global From Day One) Icehouse Ventures Motion Capital Movac Nuance Connected Capital NZ Growth Capital Partners NZVC Outset Ventures Pacific Channel Phase One Ventures Soul Capital WNT Ventures

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It’s a great time to be a Queensland startup founder. In case you missed the news, QIC has established the QVCDF with $130 million in commitments from the Queensland Government. So what does this mean for you as a founder? 💰💰 Investment capital: To date, QVCDF has invested in Antler, Five V Capital, Main Sequence, Mandalay Venture Partners, and Salus Ventures. These firms are obligated to deploy the capital to back Queensland startups. 🚀 📈 Accelerators and programs: EnergyLab, Farmers2Founders, Cohort Innovation Space, UQ Ventures, and 77 Partners will run programs supporting exclusively Queensland founders. Be sure to connect with these firms and programs; they want to hear from you. Nicola Wightman, Stefan Knight, Ed Bigazzi, Alezeia Brown, Mark Gustowski, Timothy Hui, Philippe Ceulen, Dan Bennett, Marten Peck, Megan Fisher, Dren Xërxa, Nimrod Klayman, Tyson Jennings, Brent Watts #founder #entrepreneur #startup #venturecapital #vc"

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As predicted, zero engagement with respect to the true innovation economy (life sciences, ag tech, mfg innovation, SAS, AI etc etc). Do these people not understand the critical need for a long-term and well-funded next generation innovation strategy as the foundation for a productive and wealthy nation? This sounds like a lot of hand waving to privatize government assets and to put governments under pressure to privatize these assets under preferred terms to these investors given that they are CDN (isn't this exactly what Stephen Poloz alluded to a couple of months ago when he suggested giving CDN pension plans "incentives" to invest in Canada) Does the Canadian Venture Capital & Private Equity Association (CVCA) have anything to add? Would be great to see an opinion piece on how the continued lack of engagement by the largest capital pools in the country in Canada's innovation sector is likely to hurt our long-term competitiveness as a nation. Also, what are the implications for the non-pension plan PE members of the CVCA - could this potentially wipe out their businesses by effectively bringing a massive pool of government subsidized PE capital to their markets? I don't know the answers, but shouldn't someone be asking the questions and doing the research?

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Fundraising and optics. For better or worse, fundraising is a partial game of psychology. A few do's and don'ts that I've learnt from being on both sides of the table, investing and raising: Do's - ✅ Raise when your business is on 🔥 : Investors love coming in after something awesome has happened. If you've signed TCS as an implementation partner (for SaaS), cracked a massive client, signed a distribution deal etc ✅ Referrals : The ideal way to connect is through referrals, ideally from existing or exited portfolio founders. If one of my portco founders or close people in my network refers a potential investment, it moves to the top of my to-do ✅ Research : Reach out to contextual investors. Pitching Deep-tech to a consumer fund? Not a great idea. Pitching Series A to a late-stage growth investor? Also not going to fly. ✅ Review : An awesome call just happened, I want to see your data room. Have it ready, with everything relevant in it, typically trailing 12 month MIS, financial model for the next 12-24 months, team deck, captable, some industry research Don'ts ❌ Spray & Pray : The industry is small and we all refer opportunities to each other, if you've hit every single person's inbox, it's viewed negatively. ❌ Flip & Flop : Quoting different valuations to different investors, or quoting ridiculously high valuations in anticipation of negotiation. A valuation isn't a game. It's derived from a multiple of your earnings/topline or similar metrics. Build a solid reason for a valuation (or a range) and be ready to defend it ❌ Seller's Regret : Align your numbers, valuation and what you want to raise beforehand. I've seen founders who wake up halfway during the process and back out, after we've spent 1-2 months with them working on the terms. Especially if you back out after IC, it leaves a fairly upset investment team. ❌ Complexity & Confusion : I just sat through a pitch where the founders are selling 25% stake to a strategic at a 40% discount and want investors to come in to the same round at a higher price. FYI, we don't like differentiated terms and complex structuring. Happy to answer any questions about do's and don'ts, add them in comments #funding #fundraising #startups #venturecapital

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Why GP Carry Economics for Syndicates are Superior to Venture Funds Sharing #2 of 5 learnings Zachary Ginsburg posted via Last Money In Media yesterday on reflecting back after 500 SPVs completed. 500 SPVs is not a typo :) – “The carry economics are arguably far superior for Syndicate GPs than the carry economics for fund GPs. We previously put out an article discussing the economics of venture, and the reality is that while venture can be the best performing major asset class the returns are skewed to the top funds with the average fund barely returning 1x capital back. There is no major asset class that has dispersion of returns quite as high as venture capital. This underscores the benefits for Syndicate GPs. For one, it means the time to actually receive carry income can be extremely quickly. Despite starting Calm Ventures in 2020, we had one nice exit in 2021 (~10x outcome in 12 months). While the returns from that investment were only ~10% of the capital deployed to that point, we still received carry (over a half million dollars). In a traditional fund if you returned only ~10% of capital back, you would not be seeing a dollar in carry from that sale. To further underscore the GP benefit, as mentioned, around half of funds return <1x DPI. Meaning half of GPs aren’t seeing a dollar in carry from their funds. You can have a <1x fund in SPVs and still receive an enormous amount of carry distributions. To take the extreme case, let’s say we invest $1M each into 100 investments via SPVs over the course of 3 years - so $100M invested total. 99 of those investments go to zero and one 100x’s or returns $100M. While LPs in aggregate didn’t make any money (we received $100M in distributions and invested $100M), the GP actually makes almost $20M dollars (20% carry x $99M in returns on the single performing investment). It’s worth pointing out that while the carry economics are superior, the fee economics are substantially worse for Syndicate GPs, who often aren’t drawing any consistent income or salary.” Link to full post w/4 other key learning in comments. -- Powered by Sydecar and Forge, Last Money In Media is the most actionable venture capital newsletter. Written by Zachary Ginsburg and Alex Pattis, global syndicate leaders with 800+ SPVs closed.

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I'm looking forward to joining Walshs on Monday evening for a deep dive webinar on Venture Capital discussing: ➡ Investing in Venture Capital as part of a diverse portfolio ➡ The Venture Capital landscape ➡ Update on the Sprint Ventures funds ➡ Announcement of Sprint Fund III and our institutional investor ➡ Potential tax benefits of investing in an Early Stage Venture Capital Limited Partnership ESVCLP I hope you can join us! #venturecapital #investing #alternativeassets #diversification #portfolio #fundmanager #growthcapital #ESVCLP

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Attended a really great fundraising masterclass by Isaac Kato from Two Ravens VC this week as part of #vsw2024. Some thoughts & reflections 👇 On so many levels it makes sense to get Vancouver more connected with the Seattle (and surrounding areas) investment community. This seems like an obvious win on both sides. American investors investing in Canadian companies get a $1.38 conversion rate on top of a skilled talent pool that has significantly lower salary expectations (see accompanying graphic). Isaac clearly had presented on this topic several times in his past experience as a managing director at TechStars. Despite having done this all for many years, he brought a level of patience and curiosity that I find often lacks with people in this position. There is a humungous gap between someone who has worked at multiple startups and funded multiple others vs. someone thinking about starting a company. He was respectful of every question that came up, and whether it was true or not, I felt like if someone presented him a strong idea after that session, that genuinely could lead to a funding opportunity. His interests in Vancouver stem from a thesis around investing in non-traditional founders. Which is great to see, but in reality, I would expect this not to be most american investors. I think there's an easy, more America-style, pure capitalism incentive for investing in Canadian companies that if promoted correctly could draw more southern investment. Between lower salaries and better government funding, the cost of a Canadian startup will be less than an American one. In my opinion, I see a lack of desire to build, grow, and run a company from individuals in Vancouver. There appears to be a level of contentness with just working a normal salaried job. The number one complaint I hear resurfacing is that getting funding in Vancouver is difficult. Based what I'm seeing, I would agree that is true, if the bar is what you can do in San Francisco. But in the entreprenurial world, you have to work with the constraints of your environment. At the end of the day, the goal of a business is to make money...not to get funding. I don't see the fundraising landscape changing in Vancouver/BC any time soon, so it seems logical to strengthen abilities to generate revenue and grow a business. I'm not here writing this believing that I am an expert on the topic. Just sharing some thoughts and processing them publicly. Feel free to agree or disagree below, or completely ignore this altogether.

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A little over five months ago, I wrote a post about the mission behind Electrifi Ventures (see link in comments), a Climate Tech-focused angel syndicate I’m running alongside GrowthStream, an advisory business in the energy transition space. By sharing my time and knowledge with both seasoned and aspiring investors, I aim to amplify our collective climate impact through angel investing. Fast forward to today, I am thrilled to share with you our incredible journey to being one of the largest independent Angel Syndicates, with over 250 Angel Investors / LP’s across ANZ! In less than a year since starting Electrifi Ventures, we are proud to have invested in seven industry-transforming climate startups, and we are backing these companies with conviction: Sicona Battery Technologies: a game changer for the uptake of Electric Vehicles, is a deep tech company creating advanced materials that improves the overall performance of lithium-ion batteries. Sicona believes it is able to increase charging speed by 40% and deliver 20% more range on EVs.  GOTERRA: an autonomous circular food waste management infrastructure that is integrated with existing systems to create enduring industry solutions.  Harvest B: a food technology business that develops and manufactures plant proteins with animal protein-like textures that are easier to consume and more affordable for everyone.  NRN - National Renewable Network: a connected network of solar and storage systems that radically changes the way renewable energy is delivered for energy retailers. Stealth DAC Innovator: an innovative technology that is removing carbon dioxide from the atmosphere, at scale, in a cost-effective way, via Direct Air Capture (DAC). Threadlet: an energy efficiency platform that aims to automatically identify SME energy usage and switch business energy accounts to the best energy rate provider for every venue, every month. 📣 Would love to invite anyone interested to learn more (or invest) in innovative solutions tackling the climate crisis to join the Electrifi Ventures angel syndicate (link in comments).

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