Ben Goodenough

If you want to raise money, you need vesting schedules that allow investors to exit at least some liquidity during the bull run. Nobody will invest into a project with an 8 month cliff whilst expecting the bull market to end in January 2025. Not only do they miss out on huge gains by not deploying capital elsewhere, but they also start getting their tokens as the market is falling to $0. Pointless.

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New Solo GP: Backfuture Ventures Fund I🚀 By the time Alexander Theuma had run his annual software startup conference, SaaStock, for several years, speakers and investors began encouraging him to launch an investment fund. Initially, he thought it would be a distraction, but not anymore. Recently, the first close at $3m of his target $10m fund for BackFuture Ventures was announced. The firm aims to invest in early-stage SaaS companies, primarily in Europe, leveraging SaaStock's extensive network.💰 “It has, unsurprisingly, been hard,” Theuma says, referring to the market downturn making it challenging for emerging VCs to raise funds. Despite this, he has secured 48 LPs, and hopes to reach the final close by September.💪 The strategy is to write £100k-200k cheques for pre-seed and seed-stage SaaS companies. The firm won’t lead deals and will likely avoid many AI deals for now due to high costs. About 70% of the portfolio will be based in Europe, 20% in the US, and 10% in the rest of the world. Theuma emphasizes the strategic value of Backfuture, stating, “The least interesting thing about us is the money. It’s a strategic play for the founders. No other VC has access to a community and network like SaaStock; through it, we can provide access to VCs and experienced founders.”🎯 Backfuture's initial investments include: - Happl - Tipple Theuma is currently working part-time on the fund, his associate, Kenneth Kashif Thomas, whom he met at a SaaStock event, is full-time. By the second fund, Theuma hopes to dedicate himself full-time to Backfuture.⏰ Inspired by an episode of Harry Stebbings’ podcast 20Minute VC, Theuma adopted the strategy of accepting LP cheques of any size to get the ball rolling. Initially, he accepted nothing below £10k. He later raised the minimum to £50k, then £150k, noting that “people typically come in at the minimum.” To keep the pool of LPs manageable, he plans to raise the minimum further near the final close, aiming to keep it well under 100 LPs.🏃‍♂️ So far, Theuma has spoken to around 200 LPs, with 48 committed. Notable LPs include: - Phil Chambers, cofounder of Workday Peakon Employee Voice. - 🔥 Bridget Harris, CEO of YouCanBookMe. - Taeh Hea Nahm and Ryan Floyd, managing partners B2B VC Storm Ventures. - Christian Reber, founder of Pitch. - Gregory Galant, CEO of Muck Rack. 🦸‍♂️With Backfuture Ventures, Theuma joins a growing community of solo GPs in Europe, excited to support a new generation of SaaS founders. 🚀 ✅ Looking to raise capital for your #VCfund and increase the international pool of your LPs?   🤝 Need warm #LP introductions?   📝 Selling #secondaries to increase liquidity?   🧐 Looking for co-investments (Series A/Series B)?   ▶ G+QUANT's link for inquiries and fund decks: https://lnkd.in/gjC_EuTE #VentureCapital #SaaS #StartupFunding #EarlyStageInvesting #EuropeanTech #SoloGP #SaaStock #Innovation #TechInvesting

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Many thanks to Sam Smith highlighting .. "There are exciting things happening in the UK if you choose to see them" ... ✅ largest ever investment into a UK AI tech company. $1bn Series C fundraise (yes fundraise not valuation) into Wayve, a UK based Automative AI business. ✅ £800m raised for Abound, a UK based fintech lender/credit score business ✅ £270m for Awoca, another UK based fintech lender. A mixture of debt and equity from a variety if investors. #growth #funding #UK #ambitionnation #scaleupbritain #largestfundraise #entrepreneurship

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we invested in the infrastructure for quick commerce - Wherehouse & Blitz (both founding stage rounds) - with the picks and shovels argument well before we believed in the wider potential of the the quick commerce rails. sometimes investing in the picks & shovels helps you understand the gold rush better :)

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Raising money to launch a SaaS Startup? Stop - you need to watch this. I spoke with hundreds of founders last week whilst speaking at #Climb24 and the stories that I heard shocked me. The way you think money gets raised for early startups is probably not aligned with the reality. In this weeks video I deep dive into: - How money really gets raised at a pre-seed level - How to execute a 7 figure SaaS launch in 12 months - How to find PMF faster than the typical result (16-24 months) https://lnkd.in/eSkYfURG

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Recent findings by SplitMetrics reveal that UK #neobanks are on track to exceed UK #legacybanks in lifetime Android app downloads by early 2025. In the first half of 2024, neobanks gained 9.5 million new users, significantly outpacing the 4 million new users added by #traditionalbanks. These UK stats reflect global trends. While one might assume that mobile banking app users demand advanced features like AI-driven assistants, the reality is much simpler. According to an iSky Research survey, the top features globally are: 🔹 Cancel lost or stolen card 🔹 View account balance 🔹 View account transactions 🔹 Access digital account documentation 🔹 Support for forgotten login credentials 🔹 Suspend/block all debit or ATM card transactions These preferences have remained consistent, even through the pandemic, highlighting the demand for convenience in everyday transactions. Why do users prefer neobank apps if traditional banks offer similar features? The answer lies in the #userexperience. For instance, 11:FS found that 22% of customers who signed up for a banking app were frustrated by the excessive information required. This often results from banks digitising analogue processes without leveraging technology to improve them. Tech giants like Google, Amazon, Facebook, and Apple (GAFA) have set high expectations for seamless #digitaljourneys, completed with minimal steps. When banks fail to meet these expectations, users lose interest and look elsewhere. Do you agree? #digitalbanking #mobilebanking #UX

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Brilliant question from the Blockchain Scotland crowd asking about the practicality of utilising blockchain system architecture in games moving forwards. I think it's fair to say that I believe DePin and roll-ups for integrating real-time user inputs on chain are going to be a major factor in continuing to demonstrate the disruptive power of blockchain in games. Why? DePin = Decentralised Physical Network. In laymen's terms, this means a bunch of people or actors which provide combined compute power in no fixed location. Why is this potentially disruptive? Several reasons: 1) It allows server prices to be forced down and stops any one server provider from monopolising the market (ICYMI there's already a land grab between AWS and Google occurring). 2) There's no single point of failure. See below 👇 3) Therefore, attacks are much less likely. I'm sure this will be debated, but whilst I'm sure large hosting providers will have amazing CySec teams, the likelihood of attackers gaining 51% of a DePin network (providing there are a large amount of providers), is much slimmer. 4) With no fixed geographical location for the compute provision, how does that change the game with respect to content hosting and current regulations for: tax nexus, governance and law? There's more, but let's finish here for now. Meanwhile... Another reason is: Roll-ups. For example, MagicBlock are quite literally adding real-time user inputs on-chain. Something we're about to explore for Neolyfe. Why is this powerful? 1) Data: games studios can analyse user behaviours through provable user inputs. They can also sell/share this data too. 2) Transparency: proof of traction/users on the game. Simply share the transactions to prove players are playing the games. 3) Reducing exploits: through having immutable onchain data, this increases the barrier to entry for tampering with game inputs from novice to expert. It will not 100% solve it, but when you make anything more difficult a reduction will occur exploiting the system. 4) Provable fairness: for elements which require chance in games (think online e-gaming or even RNG based games), utilising technologies such as Chainlink's VRF and wrapping it onto a blockchain in real-time via game engines, continues to change the ball game. Thanks for having me Dr. Maciej Zurawski.

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The UK is well ahead of its continental counterparts when it comes to tech startups* generating revenue. 🇬🇧 👑 💂 *Let’s be honest, at these revenue levels most of the companies counted here aren’t startups. They’re scaleups or established privately held tech companies. https://lnkd.in/ebSnfcYz #vc #venturecapital #startups #entrepreneurs #entrepreneurship #tech #technology #innovation #money #business

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The Crypto flywheel! ⚙ 🔝 ETH's ETF and the UK's stable coin have broken two more regulatory barriers and are fueling mainstream adoption by retailers and brands. As part of this movement, crypto cashback is becoming a notable feature, enhancing engagement with a broader audience. This momentum encourages regulators to remove additional regulatory barriers, creating a positive flywheel for innovation! 🚀

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Just went to London's Spitalfields market for Lunch. Hundreds of independent stalls, each carving their niche. And it got me thinking about the app world... Many founders chase the "million user" dream, unicorn status, big exits. But what if success looks different? Maybe your app doesn't need to be the next Amazon. It could be the friendly local bakery app, serving a dedicated community and thriving. Success can come in many forms: a loyal user base, passionate reviews, or achieving a specific impact. Being small, but still profitable and serving customers. So I genuinely think it’s time to redefine how success for a digital product looks like. And it's totally fine if you build something small and simple. #entrepreneurship #appdevelopment #startup

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➡️ Just a little demo video of our long range bird detector. 🦅 It’s a bit of #AI, #blockchain, #DePIN and #DeSCI. 😌 Now that there is another COP meeting happening in Columbia, it seems like a good time to tell people what we've been up to... The sensor is good for measuring #biodiversity through #bioacoustics, checking the weather; and Listening to the Earth. If you're going to fund stuff then reporting is a must… We've entered into the Blockchain for Good competion coming up in Thailand next month, and you can vote for us here: https://lnkd.in/dAq8iZGg But only if you think Birdsong is the real Twitter that is... #web3 #startups #madeinafrica

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💡Decentralised Storage:  Part 2 One of the key projects I am excited about that we have recently invested in is Seal Storage.  Seal Storage effectively act as a scaling solution for Filecoin.  Let me explain. The demand for Filecoin has grown exponentially;  it’s 70% cheaper than AWS. They are targeting a USD$480B global storage market and have only captured 0.1% of the market so far. Seal storage essentially helps Filecoin do three things: 99% of data is incompatible with Filecoin’s network. It helps FileCoin be more compatible with Web2 data and integrates it. It’s tough to put data in its native formats into Filecoin. FileCoin has a rigid ecosystem, so the contract terms are misaligned with enterprise data needs with contracts with 6,9, 12 month contract terms. They need a more robust incentive model. Their model currently reduces rewards as participation decreases, which can be a reflexive loop. Filecoin has USD$12B in fully diluted valuation and market cap. However, 10% of all data on Filecoin (amounts to just over 2000 petabytes of data) comes from Seal Storage, which has significantly less FDV and market cap.

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Building self-help SaaS (without plugging into no code platforms - except for Stripe!) is harder than we had initially thought / planned. There are so many edge cases and ways that a user could lose direction, and therefore lose interest in moving forward with our tool. It’s not just the payment piece - but also setting up teams, inviting people, upgrading subscriptions, creating free trials - the list goes on. Jacob, Ryan and Heather have done an excellent job designing and developing teams, payments, billing and all the other aspects that come with self-help processes. Well done guys! Now to gamify the sign-up and payment process! BITE: Supply Chain Screening

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"I overpaid £2M. Outdated valuation cost me dearly. Never again." Sadly this happened to one of our clients, who overpaid by £2M for a company that couldn’t deliver on its promises. Imagine investing in a promising tech startup, convinced by their impressive pitch and glowing projections. You go ahead with the deal based on an outdated valuation. Six months later, the market shifts, and the startup's growth stalls. The outdated valuation didn’t reflect current market realities or potential risks. By the time the issues became apparent, the money was spent, and the return on investment wasn’t forthcoming.   This painful lesson underscores the importance of accurate, current valuations. They provide a realistic picture of a business’s worth and help investors make informed decisions. At bizval, we interrogate every aspect of a business’s financials, market conditions, and potential risks to safeguard you from overpaying and ensure your investment is sound. The takeaway? Always base your investments on thorough, up-to-date, and trusted valuations. It’s not just about avoiding losses—it’s about making smart, strategic choices.   Stay informed. Know your value. Make wise investments. P.S. Update: Our coaching at Outcomes Business Group UK has empowered the new owner to revitalise the business and set it on a path to success. Together, we have developed efficient new routes to market, built strong trust within the marketplace, and fine-tuned the services offered. With a dedicated and powerful team executing flawlessly, customers are now delighted and wholeheartedly supportive of the business. #BusinessValuation #SmartInvesting #Entrepreneurship #StrategicPlanning #BusinessGrowth

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Entrepreneurship is a business of risk … If you dont like risks, dont take the route.

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The early years of any new company can be challenging. Whether you are raising money for a product or you're bootstrapping a new services company, there are some errors that I've encountered (and done!). Firstly, expanding the product range too early can dilute focus and resources. I think it's essential that you concentrate on refining your core offering based on detailed customer feedback. In services, this can be harder because you can bend and flex for any customer problem, making every new engagement completely different. Getting the balance right between exploration and focus will be part of the early years. Secondly, while it may be tempting to scale your team in anticipation of growth, this can lead to inefficiencies and a deviation from your business's trajectory. A lean, agile team allows for more focused development and innovation. Thirdly, oversized marketing campaigns before achieving product-market fit (PMF) can result in wasted expenditure. Growth should be pursued in a measured, targeted manner, ensuring that each marketing dollar is spent wisely. These insights help avoid common missteps and lay a solid foundation for sustainable growth. It's about strategic patience, focusing on building a strong initial offering and growing your team and customer base in a way that supports long-term success. #startup #investment #business #growth #entrepreneur

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PSA: If you send a founder product nits + feedback with concomitant screenshots/mocks you instantly vault into being an S-tier user. (Friction logs are even better, of course.)

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Point solutions are going the way of the Dodo Bird.  I’ve talked to multiple Founders recently who are all fixated on building “platforms” way earlier in their life cycle than one would assume. Why? Because building software has become easier over the last few years (in no small part thanks to AI). And as a consequence the number of point solutions and software companies has EXPLODED. For any given category, there are now dozens of competitors and more coming every day. The answer, according to the Founders I’ve talked to, is to build a platform from the very beginning. Many are taking inspiration from the incredible work that Parker Conrad has done at Rippling. If you could build a multi-product company from the very beginning, you have a chance for differentiation and you have a chance to solve a larger more complicated problem for a buyer that is focused on solutions not features, especially now. One buyer in particular is struggling with multiple integrations and point solutions - the CMO. CMOs are under siege trying to build pipeline and brand all with the right amount of attribution and, most of the time, are forced to either spend millions for bloated legacy platforms or cobble together integrations and solutions across dozens of vendors. That's why one company I’m particularly excited about is HockeyStack. They started by solving one of the biggest problems in marketing: attribution, got to product-market fit with 150+ customers in a year, and are now focused on rapid expansion with 3 new products: ABM, warm outbound, and an AI agent. Any one of these solutions might be good in isolation. But the intentional early integration of multiple products into a new marketing platform, particularly so early in their development, is both inspiring and an example of startups leveraging the low cost of software development to go bigger earlier and work to provide a comprehensive integrated solution to CMOs that reduces the pain of 10 million point solutions. I’m excited to partner with Emir Atli and the team as they work to help CMOs drive growth in a world where every dollar is scrutinized and everyone is looking for efficiency. Efficiency starts with understanding the value of every dollar.  HockeyStack solved that problem first. The next obvious step once you know the value of every dollar is to instantly deploy those dollars to drive efficient growth and that’s where they’re going next. The vision is a comprehensive all-in-one platform that instantly solves the most important pain points for a CMO in seconds and helps every CMO drive better growth for their company. That’s good for companies and great for CMOs.

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This year is all about survival. I've seen enough data to call it. Multiple reports are showing Flat -> No growth. Wayflyer/Iris Finance report had Q1 overall growth at +4% YoY. Common Thread Collective Index has same store sales flat YoY. What does this mean? This year is about survival. The industry as a whole isn’t growing. We can blame this on whatever we want. But the outcome remains the same. Instead of obsessing about your topline growth. (Which is a steep mountain to climb.) Focusing on growing your bottom line. In a low topline growth year, spend time becoming more profitable. 100% YoY growth doesn’t do you any good if you’re out of biz in 2 years. The goal needs to be surviving to 2025. #shopify

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