Luke Boase

I couldn’t be prouder to be a Venture Partner at Isomer Capital (aka the best European FoF - at least for me) as we just announced the launch of our pioneering £100m secondaries fund. This fund is dedicated to acquiring stakes from LPs in various VC funds, tapping into a massive and largely unexplored market. 🌟 Key Highlights: - Focused Investment: Primarily targeting stakes in VC funds, with selective investments in private companies. - Robust Funding: Already over 20% funded, thanks to strong support from Nordic family offices and a German foundation. - Market Potential: With a growing number of private tech companies and a VC liquidity crunch, Europe's VC secondaries market is poised for rapid growth. - Track Record: This isn’t Isomer’s first foray into the secondaries market. As a firm we’ve done several secondaries deals with portfolio companies and VC firms, including early-stage VC Seedcamp (in 2021) and mobility giant Bolt (in 2023). - Expert Team: Welcoming the amazing Omolade (Rachel) A., formerly of Coller Capital, as a principal to lead this initiative. 💡 Investment Strategy: - 65-75% of the fund will buy "LP interest" stakes in VC funds. - 15-25% will be directed towards stakes in companies. - Up to 15% reserved for flexible investment opportunities. 📈 Looking Ahead: We're targeting returns of 2-3x, with significant distributions expected in the next 4-7 years. As one of the few players in this space, we're not just participating in the market—we're driving it forward. Read all about it here: https://lnkd.in/dc7sbC3G #VentureCapital #SecondariesFund #EuropeanVC

23

1 Comment

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

Introducing Cambrai Partners and our Investment Thesis    Who We Are:    At Cambrai Partners, we are a boutique UK buyout fund dedicated to investing in businesses that strengthen national resilience. Our mission is simple: to acquire, grow, and hold companies that are essential to the security and prosperity of the UK and Europe.    Our Backgrounds:    Our backgrounds blend military leadership, operational experience, entrepreneurship, and financial acumen, enabling us to partner with businesses and management teams to unlock growth and deliver enduring value.    What Is National Resilience?    National resilience is a country’s ability to withstand, adapt to, and recover from shocks such as geopolitical disruptions, economic crises, or technological threats. It’s about ensuring the strength of critical sectors like energy, data, financial services, and defence to safeguard our way of life.    Why Is It Important—and Why Now?    Recent geopolitical events like Brexit, the COVID-19 pandemic, and global conflicts have exposed vulnerabilities in our supply chains, infrastructure, and cybersecurity. The need to protect and strengthen critical sectors has never been more urgent, as the UK must adapt to an increasingly uncertain world.    Our Focus Segments:    We are starting with three pivotal sectors:    Cybersecurity – Ensuring digital resilience against evolving threats.  Industrial Services – Supporting the backbone of the UK economy.  Defence – Investing in technologies and capabilities vital to national security.    Our Value:    We go beyond capital, acting as partners to help companies scale sustainably through:    Servant Leadership inspired by our military ethos.  Strategic expertise, operational support, and network-building.  Long-term investment horizons focused on growth and stability.    Call to Action:    If you’re a business leader or founder in one of our focus sectors and looking for a trusted partner to take your business to the next level, we’d love to hear from you.    📩 Contact us: [email protected]    Together, let’s build a stronger, more resilient future for the UK.  

87

9 Comments

🎉 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

108

11 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

📣 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

Lots of activity in the Media for Equity space in this autumn, and just in the last two days we have had some great news, one coming from the UK and second from Australia. 🫡 dmg ventures has announced the launch of their new fund with 50M GBP in cash capital, as well as their traditional media credits. They plan to invest into European as well as US-based startups, from two separate funds: "The Headline Fund will target startups between seed and series A, while the second, the Scale Fund, is for more established startups. The Scale Fund has already made two investments, into Trip, a UK maker of sparkling drinks that contain CBD, and Blue Stripes, which makes cacao-based products by reusing the fruit that is wasted by the chocolate industry." - Global Corporate Venturing The second announcement is coming from the Scaleup Mediafund, "backed by investors including News Corp Australia, NOVA Entertainment, Foxtel Group, REA Group, and oOh! Media and has committed over $45 million in advertising and marketing inventory to support the Australia's startup ecosystem. The two new investments are, Naked Life, a non-alcoholic cocktail drinks business, and Settle Easy, an online property conveyancing platform. 💪 These are great news for the media for equity, media capital, media credits or may you call it media investments, and great new set of proof points for the investment model. #MediaForEquity #MediaCapital #MediaCredit #MediaInvestments cc: Flavius Floare Borderbridge

9

1 Comment

A few weeks ago, Openseed VC, in partnership with Dentons and PKF Littlejohn, hosted a webinar on Launching a First-Time Fund for first time managers - if you missed it 👇🏾 The recording is now available: See link in comments 🔗 I often get lots of messages from people looking to set up their first fund, and there’s been interest not only from first-time fund managers but also principals from potential corporates and family offices. With this in mind, I’ve decided to create a small, intimate community of up to ten people to support in their journey to launching a #FirstFund in 2025. Together, we’ll work out how I can best support your process to a first fund in a way that’s valuable to you—while respecting my bandwidth. If this sounds interesting, share more about yourself - link in comments 👇🏾: You should hear back in the new year. Let’s see where this takes us 🌍 #VentureCapital #FirstTimeFund #Entrepreneurship #FundManagers #Innovation #VC

37

7 Comments

There's no doubt that sentiment in the market is improving and it feels easier to raise funding than it did a year. At least this side of the pond. But a new report from @wilson sonsini highlighting US/UK venture financing trends and deal terms for first half of this year doesn't show such a great picture with valuations pretty much on hold to their end 2023 levels. Some thawing in capital markets might open up IPO exit opportunities and ungunge the machine. Full report https://buff.ly/4e38UWM

11

European VC funds outperforming US funds over last 20 years (top quartile). Interesting results here, I wonder how much of this comes down to fund strategy (fund returner vs lose less), fund landscape (more first time smaller funds) or just pricing (Europe’s cheaper).

7

To achieve outsized returns in a maturing and increasingly crowded private markets space, investors should start leveraging all dimensions of diversification when building their portfolios! That comes with building the right teams to unlock differentiated sources of dealflow 🔔

12

1 Comment

As a Partner at Antler, one of the most active early-stage investors in the world, I’m thrilled to announce our latest round of investments—£840k across seven exciting new British startups! The eleventh UK residency brought together over 2,400 applicants from across the globe, with 78 founders making the cut. This group reflects incredible diversity, representing 24 nationalities and 18% female founders. After a rigorous selection process that included over 200 hours of due diligence per company, we’re backing just under 1% of applicants, confident in the impact they’ll have. Here are the seven ventures joining the Antler family: 🔎 Vente AI: Changing the recruitment game by automating how agencies discover roles and optimize their candidate pipelines. 💡Distillery: Unlocking rapid insights for businesses, providing crucial product and marketing data 25x faster than traditional methods. (Vasil Yakov, Edward Louth) 🏦 Banqora: Uses AI to automate document processing and streamline post-trade operations, saving financial institutions significant time and money. 🏠 AskVinny: Simplifying property management with AI, making tenant-landlord interactions effortless and improving service delivery. 🪲 Omma: Supporting sustainable farming with AI-driven insect incubation, reducing the need for pesticides in large-scale horticulture. 🧑‍🏭️ Tradestack: Helping trades businesses quote quicker and win more jobs with an AI-backed productivity tool. 🏨 Inntelo AI: Transforming hotel operations with AI that automates guest services, making every stay smoother and more personalized. With some of them already speaking to follow-on investors and closing investment rounds, I’m personally excited about what lies ahead for them all. If you’d like to connect with any of the founders or learn more, drop me a message! 🚀 🦄 #VentureCapital #Investments #Founders #TechStartups

161

20 Comments

I'm speaking at SuperVenture 2024 on the 5th of June in Berlin. The topic of the panel is emerging VC managers: time to shine or out of their depth? Are LPs fleeing to established names and those that cut their teeth during previous cycles? Or is now the time for emerging managers to bring something different to the table? Is volatility leading to true innovation and disruption? We’re on track to see approximately 44% of the total LP capital committed to US VC funds since the start of the year go to just two large established VC platforms, according to PitchBook data. While many established VCs maintain their allure, there is a subset of LPs who are making a deliberate choice to increase their allocations to specialist emerging VC managers - managers who have spun out from established funds and have an attributable track record, founders with deep operational experience turned funders or academics with deep domain expertise. There is non-trivial added complexity when it comes to emerging VC selection – given the large number of funds needed to be screened and the more complicated referencing and DD process. Data highlights how important it is for GPs to identify & back ‘big winners’ early on to drive fund returns. Typically, ~5% of invested capital in a few winners drives most of the return (>50%). The VC model is built around investing in early-stage companies each with the potential to more than return the whole fund. Who has the right to win? Who will the best founders (and LPs) decide to partner with? #SuperVenture #VC SuperReturn

77

7 Comments

Jessie Healy and I talked last week on #EcommerceImpact about some do's & don'ts for early stage brands who are seeking additional capital for their business. The age old question of - how to raise money :) We're both here in #NewZealand helping entrepreneurs and brands get the best help they need to grow their marketing & operations. Thank you so much for having me, Jessie! https://lnkd.in/gQsTnPsv

32

1 Comment

VC Industry Data coming out much earlier this year!!! Let us get you up to speed on: levels of fundraising, exits achieved; investment trends; sectors attracting the most capital; and so much more. Interested in joining us for the VC Industry Survey Launch and sharing your industry perspectives? Please register your interest below. See you there!

4

"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).

738

195 Comments

Top 10 Most Active UK Angel Networks The UK’s startup ecosystem is flourishing, thanks to the tireless efforts of angel networks who back the next generation of innovators. Beauhurst recently highlighted the top players in this space, and I’m thrilled to share some of the standout names driving change and growth. 1. Susie Fisher - Kelvin Capital 2. Lynne Cadenhead - TRICAPITAL Angels Limited 3. Alex Davies - Wealth Club 4. Paul Tselentis - 24Haymarket 5. Oliver Woolley - Envestors 6. Jock Millican - Equity Gap 7. Niki McKenzie - Archangel Investors Limited 8. Alexis Toft - Minerva Business Angels 9. Emmi Nicholl - Cambridge Angels 10. Eileen Modral FRSA - Oxford Innovation Finance These networks have consistently provided invaluable support to early-stage ventures, catalysing the growth of some of the most promising startups in the country. 🎯 What angel network are you part of?

140

36 Comments

Maternity in VC in the spotlight. Well done Rachel Drapper, Sophie Winwood & the WVC:E team on getting this important report out there. In VC we’re dealing often with small firms, network & event heavy schedules and FOMO of being left behind if we take time out (I refuse to use the word off as anyone who’s had a child knows that’s the furthest from how it feels). If you’re thinking about having a child or in the throes of the early-stages, navigating how to even try and get some semblance or balance, then hopefully this report can provide some useful tips. Most importantly showcasing that you’re not alone.

66

5 Comments