Omer Goldschmidt

In addition to building our own VC practice at AAF Management Ltd., we’ve invested in 37 VCs since 2017. Here is what, I believe, it takes to build a multi-vintage, early-stage, venture franchise: 𝟭- 𝗦𝗵𝗼𝘄 𝗙𝗼𝗰𝘂𝘀: hyper-focused GPs build longevity and consistency in their businesses. If you pitch LPs saying you will invest in early stage consumer but end up doing late stage consumer that’s a massive red flag. Stay germane to your mandate and strategy. 𝟮- 𝗔𝗿𝘁𝗶𝗰𝘂𝗹𝗮𝘁𝗲 𝗮 𝗨𝗻𝗶𝗾𝘂𝗲 𝗩𝗮𝗹𝘂𝗲 𝗣𝗿𝗼𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻: the market is crowded with venture firms, articulate your differentiated value proposition to LPs and founders. Don’t try to be everything to everyone. Focus on 1-2 value propositions to your stakeholders and execute them with excellence and defensibility. 𝟯- 𝗚𝗲𝘁 𝗕𝗲𝘁𝘁𝗲𝗿 𝗮𝘁 𝗦𝘁𝗼𝗿𝘆-𝗧𝗲𝗹𝗹𝗶𝗻𝗴: we tell stories everyday. Raising capital for a fund and building your venture firm requires that same story-telling skillset. Tell consistent narratives to the market to help build your own brand as well as your firm’s brand. 𝟰- 𝗟𝗲𝘃𝗲𝗿𝗮𝗴𝗲 𝘆𝗼𝘂𝗿 𝗦𝘂𝗯𝗷𝗲𝗰𝘁-𝗠𝗮𝘁𝘁𝗲𝗿 𝗘𝘅𝗽𝗲𝗿𝘁𝗶𝘀𝗲: if you possess subject-matter expertise in a certain vertical, domain or industry, you already own a defensible moat. Accentuate that to your advantage when building your firm, raising capital from LPs and winning deals from founders. 𝟱- 𝗠𝗮𝗶𝗻𝘁𝗮𝗶𝗻 𝗮 𝗖𝗼𝗹𝗹𝗮𝗯𝗼𝗿𝗮𝘁𝗶𝘃𝗲 𝗡𝗮𝘁𝘂𝗿𝗲: early stage venture is a highly collaborate asset class. Keep your ego at the door, you will never be able to do everything it takes to build a firm alone. Leverage LPs, partners and founders for deal flow sourcing, diligence and overall industry best practices. 𝟲- 𝗙𝗶𝗻𝗱 𝘆𝗼𝘂𝗿 𝗣𝗿𝗼𝗱𝘂𝗰𝘁-𝗠𝗮𝗿𝗸𝗲𝘁-𝗙𝗶𝘁: in quintessential startup vernacular, ideally find your product-market-fit by the time you launch your second fund. You need product-market-fit before you scale your AUM, grow your team and carry more fiduciary responsibility. 𝟳- 𝗞𝗲𝗲𝗽 𝘆𝗼𝘂𝗿 𝗣𝗮𝘁𝗶𝗲𝗻𝗰𝗲: early stage VC investing is a marathon. Patience will reward you personally, professionally and financially. Build mental, physical and psychological stamina to endure the inherent ebbs and flows of your entrepreneurial journey. 𝟴- 𝗧𝗵𝗶𝗻𝗸 𝗟𝗼𝗻𝗴-𝗧𝗲𝗿𝗺: early stage VC investing is the archetypal long-term financial asset. Think in 10 year increments for your firm’s grand vision, think in 4 years for a given fund’s investment period and think in quarters when reporting material updates on your portfolio to your LPs. 𝟵- 𝗛𝗮𝘃𝗲 𝗙𝘂𝗻: if instant gratification, short feedback loops and a constant need for reaffirmation is what you are looking for in a career then early stage VC investing will not fulfill you. Have fun building, and as Naval Ravikant once said: "𝙗𝙚 𝙖𝙣 𝙤𝙥𝙩𝙢𝙞𝙨𝙩𝙞𝙘 𝙘𝙤𝙣𝙩𝙧𝙖𝙧𝙞𝙖𝙣." Finally, and most importantly, be authentic and true to yourself. #firmbuilding #entrepreneurs #VC

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We had a fantastic session with Ash Rust, Managing Partner at Sterling Road, during Monday's weekly Pear Persian Founder Circle (PFC) event.  Ash shared some great advice on how to pitch to VCs, and here some takeaways: 1- Follow the right order when making introductions, and always try for a warm intro.  2- First impressions count. It’s worth investing in a designer for your pitch deck. 3- You can learn to pitch well in just 72 hours if you’re committed and you practice, including recording yourself and watching it back. Then do it again and so forth. 4- Keep things simple at first. Share the big, important numbers—save contextual details in the appendix for when they ask. 5- Persistence pays off. Keep following up until you get a clear answer. Thanks, Ash, for an insightful and motivating talk with our founders! 

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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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🚨 EGYM attracts nearly $200 million in primary funding from L Catterton and Meritech at a valuation of over $1 billion 🚨 I'm excited to announce that EGYM / EGYM | DACH / EGYM Wellpass has recently secured nearly $200 million in primary funding from L Catterton and Meritech Capital, valuing the company at over $1 billion. The fundraise last year with Affinity Partners marked a significant achievement for EGYM: we were profitable, debt-free, and maintained a big chunk of the fundraise in the bank, all while experiencing rapid growth. That meant that we no longer relied on investor funds for survival; instead, we could take the time to focus on building relationships with the best possible investors to support EGYM's mission. Phew 😅 that was quite a relief as a founder, and the next round ended up happening much faster than expected. We are a fitness technology company: In my research, I identified L Catterton as the ideal partner for EGYM on the fitness and health side, given that they are the world's largest fitness investor. For the technology piece, Meritech Capital stood out as the best fit, given its deep understanding of SaaS and its success stories with leading companies like Facebook and Salesforce. Therefore, I started reaching out to both firms with the intent of building a long-term relationship, which has turned into a round of funding. I had the pleasure of meeting Marc Magliacano, a Managing Partner in the L Catterton Flagship Fund, and was impressed by his extensive experience in fitness investing. His deep industry knowledge will be invaluable as he joins our board. On the Meritech side, I was equally impressed by Paul Madera, a co-founder of the firm. His sharp questions and focus on the important elements of our business convinced me that he is the right fit for EGYM. The EGYM team has earned the trust of what I consider to be the best possible investor partners for our mission to get to where we are today, and we are much more capitalized than we were planning. However, this trust now comes with even greater responsibility. Our mission to build the leading global platform at the intersection of fitness and health is not just a business goal but a commitment to driving sustainability into the world's largest market—healthcare. We are 120% dedicated to making it happen and are grateful to our existing investors for their continued support. 👋🏻 Welcome aboard, Marc and Paul. 🚀 Let's go, EGYM team!

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Why Development Agencies Are Perfectly Positioned to Expand from Pure Revenue-Generating Projects into Product IP and Venture Building. Significantly inspired by past weeks meetings with Ali Zein and the team from IdeatoLife 😎 Development agencies have long been the unsung heroes of digital transformation, delivering high-impact software and custom applications. But beyond their service-driven model lies a massive opportunity: expanding into product IP ownership and venture building. Here’s why development agencies have the perfect foundation for this leap: Expert Execution Agencies are equipped with strong technical teams and a track record of delivering successful products across industries. This hands-on experience positions them to create and scale their own products efficiently. They know how to build, iterate, and deploy quickly—essential for product development and venture building. Access to "insider" Market Knowledge Agencies work closely with diverse clients and industries, gaining real-time insights into emerging trends and needs. This unique vantage point allows them to spot opportunities ripe for disruption. Capital Efficiency Agencies enjoy steady cash flow from client projects and can leverage their internal teams to develop MVPs and prototypes with minimal cash outlay. This resource efficiency gives them a faster and more cost-effective path to market. Client Relationships as a Launchpad Agencies already have networks of trusted clients, who could serve as early adopters or even partners for new ventures. This built-in customer base can reduce the hurdles that startups face in validating product-market fit. Agility and Iteration Culture Operating in fast-paced, iterative environments allows agencies to pivot and adjust rapidly—an invaluable trait in venture building, where the ability to adapt to feedback and market changes is crucial. Shifting Team Mindsets from Execution to Ownership The biggest challenge for agencies lies in shifting their team’s mindset from delivering projects to owning products. Product owners need to adopt a founder mentality, taking full ownership of the product, the market, and its growth. This shift in mindset is essential for scaling ventures beyond execution. Natural Evolution for Growth Moving into product IP isn’t just a diversification strategy; it’s a logical next step for long-term value creation. While service revenue is consistent, owning and scaling IP offers exponential growth opportunities that can significantly elevate an agency’s market impact. Conclusion Development agencies are uniquely positioned to capitalize on their strengths in execution, market insights, and client relationships. However, making the leap from service provider to venture builder requires a cultural shift—teams must evolve from executors to entrepreneurs. By taking this leap, agencies can transform from short-term revenue generators into long-term innovators, creating lasting value and impact.

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We had the pleasure of speaking to the inimitable Gordon Sanghera, co-founder and CEO of Oxford Nanopore Technologies, valued at around $6.8bn in 2021. Gordon somewhat accidentally ended up as an entrepreneur, breaking the conventional VC wisdom around 'born founders'. The technology is wild - democratising access to genomic sequencing giving us a new understanding of living organisms. In the episode of Riding Unicorns, we cover: 00:00 Defining Entrepreneurship 00:55 Understanding Oxford Nanopore's Technology 06:10 Gordon's Journey to Founding Oxford Nanopore 12:09 Commercialization Challenges and Strategies 16:27 Building a Strong Founding Team 20:55 Navigating the Ups and Downs of Deep Tech 25:54 Innovative Applications of Nanopore Technology 28:57 Company Culture and Operational Insights 35:05 Attracting Talent in a Competitive Market 37:22 The IPO Experience and Future Outlook https://lnkd.in/eQZVSGeK

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✨ Breaking: Bek Ventures Announces New Fund.- Bek Ventures Fund III: Launched in November 2024, Fund III from Bek Ventures focuses on investing in founding teams from Central and Eastern Europe with potential for billion-dollar outcomes. Despite not specifying the exact fund size in the article, it is confirmed to be over €235 million. The fund, which was oversubscribed, primarily invests in technology sectors, from seed to growth-stage startups. https://lnkd.in/dAX6WFEQ Please share to let other #Founders know For the ❤️ of Startups #Fusion42 #Startups #Venturecapital

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I sat down with Rakefet Russak-Aminoach, Managing Partner at Team8, a global Venture-Creation and VC Fund with over $1 billion in AUM, that creates and invests in companies focusing on Fintech, Cybersecurity, Data & AI, and Digital Health. Since launching in 2014, Team8 has built 20 companies and achieved over two billion dollars in exits. Prior to Team8, Rakefet was the CEO of Bank Leumi בנק לאומי, which she drove to become the largest company by market cap in all of Israel. In this Fintech Leaders episode, we discuss: - Team8’s process to incubate and launch massive companies   - Why embedded fintech will drive the future of financial services   - Transforming and building a company’s culture   - How great talent is the most important ingredient behind achieving great results… and a lot more! Full Story -> https://bit.ly/4f6ClsC

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To Launch a New Service, Customers Must Love Your Existing Products. I sat down with Mikhail Lomtadze, CEO of Kaspi.kz (NASDAQ:KSPI), a $24 billion behemoth traded on the Nasdaq and the leading tech platform in Kazakhstan. Mikhail philosophy is that to launch new products successfully, customers must love your existing ones because if current customers don't love a company's products, they won't adopt or recommend any new products being launched. Customers who dislike existing products will spread negativity and not give new products a chance. Ensuring high quality of current products builds trust and loyalty that carries over to gaining adoption of new services. Links to full Fintech Leaders episode ⤵⤵⤵ Substack: https://bit.ly/3z7UGF6   Spotify: https://spoti.fi/4evnszN Apple: https://apple.co/3VMXjVu Youtube: https://bit.ly/3VPjR8s

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NYC & Nasdaq should be the premier destination for global tech IPOs. But Why? I sat down with Mikhail Lomtadze, CEO of Kaspi.kz (NASDAQ:KSPI), a $24 billion behemoth traded on the Nasdaq and the leading tech platform in Kazakhstan. - Interestingly, Kaspi IPOd in the London Stock Exchange in 2020, but decided to move to Nasdaq three years later -The US market is much deeper and more liquid, and has allowed for 20x greater trading volumes compared to LSE - The US market has provided Kaspi access to a much wider pool of sophisticated investors who understand their business model - A successful IPO on Nasdaq gives a tech company a "quality stamp" and validates their business model anywhere in the world Links to full Fintech Leaders episode ⤵⤵⤵ Substack: https://bit.ly/3z7UGF6   Spotify: https://spoti.fi/4evnszN Apple: https://apple.co/3VMXjVu Youtube: https://bit.ly/3VPjR8s

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Mikel Ventures 26-Week Wrap-Up for October 2024 This week Mikal Ventures is pleased to bring you our half-yearly breakdown of the global venture capital market with an emphasis on the Mikal verticals. Over the 26-week period ending October 28, just under 16,500 new companies were added. The market grew to 211,248 companies included in the Health Tech, Med Tech, AI Tech, Fin Tech, and Ed Tech verticals. The non-US market again saw the largest percentage of new companies added--the group is trending at an impressive 21% annual growth rate, with all of the non-US verticals projecting double digit growth.  The total projected 52-week deal count has slowed a bit from last quarter and now is estimated at about 14% in US and 20% in non-US verticals. AI continues to dominate. AI Tech again saw the largest projected annual percentage of growth in new companies, weighing in at a notable 31% and 37% in the US and non-US markets, respectively. A global annualized growth rate topping an estimated 34% shows a striking indication of just how active this vertical remains. Worldwide, the 52-week indicated transactions in AI Tech were impressive as well, coming in at about 29%, with the lion’s share resulting from non-US deals (32%). Mikal Ventures publishes these stats on a rolling 4-week, quarterly and annual basis to provide a perspective on how the verticals and new startups move through time. We hope you find them informative and thought-provoking. VC Investors are always adjusting their "Play Book" with a variety of options for investing. Mikal Ventures is one of those alternatives, offering curated solutions to real world problems. Reach out if you have questions on how we can be of assistance and bookmark https://mikalventures.com/ for additional insights and information.

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Time to turn up the heat on cold outreach 🔥Because guess what - it works. Startup investors Yana Abramova and Eva Dobrzanska are both big advocates of a cold email done well and they gave us their top tips on how to do it. Check out our guide to investor outreach and get ready to land some funding👉 https://lnkd.in/eYpfkdZ9

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"Embracing the Pivot: How Investors Support Startups in Transition" Exploring the crucial role of adaptability in startups As investors, our role extends beyond funding—we must provide strategic guidance during these pivotal moments. Read more about navigating pivots in today's dynamic startup ecosystem: lool ventures Yaniv Golan Maya Azoulay Dina Walker Lena Young Roy Katzenelson Yair Kfir Maria Osipov

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Looking forward to joining this panel to discuss the fine balance between growth and burn for SaaS companies in the current funding environment alongside some great investors and operators:Jaysri, Julia, Rasika & Eva!

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This week marks the first anniversary of ESH. While many of you already heard about it earlier, the first “official” ESH check was written on June 27, 2023. A total of 14 investments were sourced so far by the great ESHer community. The last year wasn’t short of challenges on almost every front, but early-stage deals backed by repeat founders have demonstrated surprising resilience. Maybe it isn’t really surprising: the combination of talent density, market expertise, and platform shifts has historically provided new opportunities to shine in product and GTM, yielding abnormal returns. We saw it in the past with mobile, cloud, and microservices, and we are experiencing it again with AI. As the enabling platform becomes a “tech commodity,” founder and investor experience becomes a key differentiator. An anniversary is just a number, but it is also an opportunity to thank the repeat founders and industry experts in the ESH network, and the founders they backed, for allowing us to work together - and all the great women and men who helped me refine the ESH model since the get-go. Thanks Adi, Dan, Ron, Ron, Pramod, Noa, Eynat, Ziv, Gil, Shuly, Nadav, Roni, Idan, Guy, Mani, Omer, Alon, Michal, Tal, Sergey, Dov and everyone else who supported ESH along this first year.

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Danyal Özdüzenciler's story is one of sheer grit and determination. It is conversations like these that remind me why we do what we do at Outward VC, and from a personal perspective, what a privilege it is to work with such talented entrepreneurs. Danyal is the CEO and co-Founder of Capsa AI, the startup on a mission to create the AI operating system for #PrivateEquity professionals.

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