Christopher Hill

A few reflections on last week's Budget, from me, and a bunch of our fabulous FieldHouse Associates' clients. https://lnkd.in/exrefrpt #tech #innovation #investment #venturecapital #startups #scaleups #regulation #government #PR #publicaffairs #consultancy

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We've raised $1.3B Balderton Capital in new funds across early and growth to continue supporting UK & European technology founders. This is the 8th(!) fundraise I've been part of and have shared some thoughts on why venture matters, how fundraising in Europe has changed and how we differentiate ourselves through conviction here: https://lnkd.in/e2XRcagq

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Building on the success of Rocket Studio with Simon Kirby and Pivotal with Dominic Joseph we decided to merge with Impact Counsel, led by the awesomely talented John D., Erim Jones and Robert Fok earlier this year. We’ve combined our significant and complimentary skills, experience and passion for growing amazing businesses to create a new breed of VC - Creative Capital Ventures Group (CCV). Fund 1 is focused on Sports, Media & Entertainment. Joining us on this exciting journey is media titan Tom Rogers (ex CEO Tivo & CNBC). We have also assembled a mighty team of Venture Partners bringing their expertise into our team, with the legendary Harvey Goldsmith leading our Immersive Entertainment category, and Cam Blackwood (Platinum award winning record producer) and his team at Rezonate heading up Music Rights acquisition. Creative Capital Ventures is designed to disrupt traditional VC models and accelerate the growth of innovative start-ups. We’ve already secured €18 million in commitments and are raising €35 million in total to fuel the next generation of game-changing businesses. What makes CCV different? •⁠ ⁠Founder-Led Expertise: Our team comprises serial entrepreneurs and operators who have built, scaled, and exited successful companies. We know what it takes to drive rapid growth. •⁠ ⁠Speed Scaler: Through our unique venture studio model, we’re not just funding companies—we’re actively accelerating their growth, shrinking the timeline from seed to exit. •⁠ ⁠Industry Focus: CCV focuses on high-growth sectors like Sports, Media, Entertainment, and Lifestyle, with a unique emphasis on IP acquisition to drive returns in stable asset classes. If you're interested in learning more about how CCV is reshaping the venture capital landscape, let’s connect!  More updates to follow! #VentureCapital #Innovation #Entrepreneurship #Startups #ScalingFast #CreativeCapitalVentures https://lnkd.in/eiuWVtvT

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There has to be a fair and transparent process to any change to taxes and a coherent plan for the future. Unfreezing fuel duty would raise £3bn to absolutely dwarf these taxes on ambition and value creation. And benefit the environment.

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"Funding Collapse sends investment in start-ups to six year low" The Times today covering the shocking stats that VenturePath uncovered, with our partner Beauhurst. Great quotes from supporters Michael Moore CEO, BVCA and Julian David CEO, techUK. * UK VC funding at Series A is -44% from last year, and worsening * Q3 24 is down a staggering 57% from Q2, itself down from Q1 * 9 in 10 seed funded startups cannot access Series A VC funding, the next 'rung on the funding ladder' * Just 32 future scaleup companies across the whole of the UK were able to access their first VC funding round in Q3...a 6 year low * Half a billion less capital is going in to UK scaleups at Series A, than just 2 years ago! As the UK scaleup funding gap widens, we are losing ground against other countries, at both startup stage (a position the UK worked hard to achieve, since 2011), and for scaleup support. OECD data: 13th in the world for scaleup support, and that's before Series A funding access dried up. I get that its confusing. Another report (BBB, Nations & Regions) released this week spoke of positive trends in private investment, stating "The data for Q2 2024 shows that investment value has continued to grow". Great, I love to see optimistic data. But under analysis that bundles venture with private equity (later stage), where a few megadeals skew the numbers. Otherwise the exact opposite is true. Our independent research here, for the UK ScaleUp Investment Mission, is laser beam focussed on Series A. The funding round where companies move from the c.1m startups launched each year, through the 2,179 that access seed funding, into the rarefied category of being recognised as future scaleups, attracting Series A funding (£2-10m). The UK venture landscape is currently funding just 248 pa of these companies, and declining. We've been sharing this urgent call for support with the new Government since the day after the election. I've personally met with several Ministers, and spoke to all the relevant Government departments. I will shamelessly repeat loudly what is at stake. UK scaleup funding at Series A has nearly halved in a year, and continues to decline steeply, more than halving in the last quarter. VenturePath developed The UK ScaleUp Investment Mission to convene the scaleup support ecosystem and £7bn of funders to help address this problem, to improve nationwide access to VC investment, and create more venture-backed successes. We have clear support, clear recommendations to reverse this decline in UK scaleup investment, and have made a clear ask of Government for participation in this, to ensure immediate action is taken to create the conditions for success for UK scaleups, ensuring the focus on growth isn't undermined by lack of capital, or equitable access to it. Government decision makers, we'd love your interest, to progress to action. HM Treasury: Rt Hon Rachel Reeves Spencer Livermore James Murray & CC Poppy Gustafsson (welcome to the debate).

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There’s lots of opinions in the press about Amazons’ decision to bring employees back to the office five days a week from next year. Our experience from talking to VC and PE investors about their office attendance has rested on three days a week in VC and four days a week in PE. Friday tends to be the most popular day at home. Of course, this is subject to deal related activity and there are some people who just prefer to work in the office every day. Would be interested to hear if your experience of a normal working week in the office in VC or PE is different to this or if you agree?

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Cambridge Future Tech builds DeepTech ventures and last week we hit another milestone; we're co-founding our 15th venture 🤘 It's awesome building new ventures from the ground up. It's why we started CFT in the first place. It always feels great to be at the start of the build phase, helping founders articulate a new venture’s tech and potential, building a strong narrative. We’re collaborating closely with founders to transform groundbreaking ideas into companies. 🚀🚀🚀 More to come on this. I'm hyped to share what we're building 🤘 #venturebuilder #deeptech #startups #cambridge

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Interesting to see a venture fund invest in a production co A24 at a $3.5B valuation, up 40% from their last round, yet A24 explored a sale with a floated asking price of $2.5 billion to $3 billion a few years ago. Three years later the perceived value has gone up (probably due to new IP, pipeline and residuals) yet it has to significantly grow and expand in order for the fund to make a sizable, venture expected return. Which begs the question is this less about the IRR on one deal but instead learning an industry and the players for a larger move? That’s my hot take. Could an A24 be exploring buying assets, a rollup or other mechanisms to grow their value? #entertainment #content #media

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Very proud to see the WVC:E dream team - Anisah Osman Britton MBE & Rachel Drapper - alongside long time friend and rockstar Ekaterina Gianelli on stage at TechBBQ discussing "Fixing the Talent Exodus in VC". Key Takeaways: 💰Impact of Consolidation on Culture and Talent: The ongoing consolidation in the VC industry is reshaping company culture, affecting morale, and influencing talent. 🚀Emerging Managers Aren’t Diversifying VC: Despite the rise of emerging managers, the industry remains largely homogenous, with many new managers still coming from the same traditional, non-diverse backgrounds. ⚠️Perceptions of Diversity as High Risk: Many in the VC industry continue to view diverse hires, investments, and business models as "high risk," "too time-consuming," or "too costly," perpetuating a cycle of exclusion. 🚼 Parental Leave Inequality: Inequities in parental leave policies are disproportionately affecting women in venture, creating additional barriers to progression. But there are funds, investors, LPs and organisations (like us!) that are trying to change this!

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Happy to have Ray Rike, CEO of Benchmarkit, on the Expert Voices podcast once again to help make sense of the metrics madness. Ray and team publish what is becoming the industry standard benchmark report (https://lnkd.in/dUnd7jdV), and we just launched our Q2 Growth report (https://lnkd.in/d_U4eH65). Ray and I use the two reports to explore what is happening–today—in the SaaS Private Market. Our focus is on VC and PE backed companies between $1-$100M. If you are a CEO or CFO of one of these companies, I would HIGHLY recommend you listening as these insights could help you frame your YTD results and help you set up your FY25 planning. In this episode, we explored the growth trends playing out for companies <$1M and >$1M. The trends would surprise you! We also explored how shifting market dynamics are influencing growth rates, breaking down the key distinctions between small companies and their larger counterparts. Finally, we discussed, the role of pricing models, and how investment behaviors and market conditions are shaping which sectors are thriving. 👉 A must-listen! Catch the full episode here: https://lnkd.in/dgjxBdgs

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These VC firms have fresh capital and are eager to deploy. 🔴 Olivia Wilde launched her new VC firm, Proximity Ventures, with Neil Sirni, Jason Mack, and Santi White. The firm expects to hold a close next month and will invest in consumer and enterprise sectors. 🔴 Greenwich based Tamarack Global closed its $72M Opportunities II fund to focus on energy transition, defense-tech, the space economy, robotics & automation, AI, and more. 🔴 New York based BBG Ventures raised a $60M fund to support diverse founders. 🔴 Los Angeles based MaC Venture Capital raised its third $150M fund to back diverse founders and industries such as aerospace, enterprise software, fintech, health tech, and defense, among others. 🔴 Lisbon based Faber closed its €31 million Faber Tech III fund to support early stage innovation in Southern Europe. 🔴 Chicago based Listen Ventures is planning to raise $75M for its fourth fund to back consumer-obsessed founders building brands at the tipping point of behavior shifts. 🔴 Mumbai based Inflexor Ventures closed its first ₹350 crore Opportunities Fund to support its existing portfolio companies. 🔴 France based Axeleo Capital closed its new €125M greentech fund. 🔴 Singapore’s Nanyang Technological University (NTU) partnered with venture capital firm Walden International to establish a new VC fund, Nanyang Frontier Fund. The fund is looking to raise $37.9M to back deep tech spin-offs from the university.

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Ever wonder what its like to run a Private Equity fund? Now you have the chance to follow along with successful investment managers by participating with Fund Launch Partners. Join me and Lincoln Archibald and next week for the Third Thursday @ Three to hear about direct investment opportunities with General Partnerships in the one of the fastest growing portfolio investment sectors. Pick up a free ticket here: https://lnkd.in/dd2yzxDd #HolyGrailofInvesting #GPOpportunities #FundLaunch #Alternatives

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Understanding AppLovin In the latest episode of the Mobile Dev Memo podcast, I present a long-form analysis of AppLovin's business and its significant recent growth. But understanding AppLovin the company is fundamentally predicated on understanding the market in which it operates, mobile games advertising, and the direct response digital advertising landscape more broadly. And so the podcast is structured in three parts: - Understanding direct response advertising - Understanding mobile gaming advertising - Understanding AppLovin’s growth Link below.

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Always fantastic to hear the insightful takeaways from Peter Walker Head of Foresight Carta and the State of Venture at TRIUM Angels. The TL;DR: Venture Capital 2024: The Market’s Tough Love The venture capital (VC) game is a tale of excess, correction, and recalibration. What’s happening now? The ecosystem is doing what it always does—punishing hubris. Let’s break it down: The Boom Is Over (and It’s Your Fault) In 2021, VC raised $70 billion in a quarter. That’s like handing out Ferraris on a college campus. Predictably, by Q3 2022, the music stopped—$20 billion. In 2024, you’re lucky if the DJ shows up. But now: this isn’t the Great Recession; it’s the Great Reality Check. Founders are being forced to grow up and fundraise like it’s their last meal. Two-Year Runway or Two Minutes to Midnight? If you don’t have two years of cash in the bank, you’re a few bad tweets away from closing your doors. Median times between rounds have ballooned. Translation? Stop thinking like it’s 2021. That market is gone. Down Rounds Are the New Black 20% of funding rounds now? Valuations are down, and guess what—everyone’s doing it. Stop worrying about optics and start worrying about survival. Embrace humility, take the hit, and live to fight another day. Pre-Seed Still Holds Strong The irony? The riskiest bets—pre-seed—are the least affected. SAFEs dominate, and over $1 billion flows here quarterly. What’s the lesson? People love potential more than reality. The more unproven your idea, the more capital you’ll attract. AI and the Valuation Mirage AI companies are the prom queens of 2024—everyone loves them, even if most are just wearing lipstick on a chatbot. Non-AI companies? Don’t despair; there’s still money, but you better show real traction. The Talent Market Is a Mess Hiring has fallen off a cliff—from 70,000 hires in Jan 2022 to 27,000 now. Remote work, automation, and tighter wallets mean your next hire might be AI—or just someone who works twice as hard for half the pay. Founders, Here’s the Playbook 1.. Stop chasing a unicorn valuation: Your company’s survival > your ego. 2. Plan for longer cycles: Cash is your oxygen—act like it. 3. Get a damn good lawyer: Venture terms aren’t a handshake; they’re a chess match. Peter emphasized resilience, strategic planning, and adaptability as critical for navigating the current VC landscape. Founders must be prepared to operate efficiently and align closely with market dynamics while building sustainable businesses. The VC market is rebalancing, and it’s about time. This isn’t failure; it’s a return to fundamentals. Or as we like to call it: the way things should be. Tap his insights here: https://lnkd.in/eYFzgrqc Thank you Peter Walker - proud to be your alumni - you are a champion! #founders #venturecapital #ittakesavillage #fundraising #downrounds #spvs #earlystage #seedstage #growthstage

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🎉 Exciting time with the incredible team at Isomer Capital 🎉 Super thrilled about the news we shared with the world last week. It has us all buzzing with excitement. At Isomer, we've long been dedicated to providing liquidity in the European VC space. And now, we're taking it to the next level with the launch of our dedicated fund. What is it, you ask? A fund that will invest in secondaries at all levels within the European VC ecosystem—LPs, GPs, companies, founders, angels, and even employees. And because there is limited liquidity solutions to LPs that have invested in European VCs, around 70% of our fund will go towards LP stakes. With the support of our Cornerstone investors, we've reached this significant milestone in our journey. But the work has only just begun, which myself and my incredible team have already started smashing through ... first 2 deals closing in a matter of weeks. Watch this space! 😉 #Isomer #VentureCapital #Secondaries #EuropeanVC #Investing #Liquidity #ImpactInvesting #Teamwork #Milestone

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Liquidity or exit planning is often taboo leading to many companies being ill prepared. Successful outcomes are years in the making - they start and end with proactive prep (e.g. getting your house in order, developing strong relationships with strategic partners, potential investors and advisors). With Scott Colvin & Paul Perrett we lay out some key actions you should embed now that can set you up for exit success and also make you a better run business today Big thanks to Bree Fedele 🖋

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