Paul Cocker

Proud to announce the first investment of Brilliant Minds: To&From by Bridget Johns-Pavlopoulos. 🎉 A retail powerhouse turned visionary entrepreneur, she's taking on the e-commerce world and redefining it with AI. As she says, "Success doesn’t require a sanitized version of yourself; it thrives on authenticity." You can read more about her vision and journey here: https://lnkd.in/eQd4wt54. More to follow soon! #investments #startups #brilliantminds #longevity

78

7 Comments

"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).

735

195 Comments

Great conversation yesterday at Preqin with Preqin's Cameron Joyce, CFA, CAIA, Blue Owl Capital's Cara Griffiths, Bain Capital's Tom Sargeant on the future of fundraising for private markets. Where will AUM come from going forward? What are the challenges that funds will face in fundraising? What strategies will be most popular going forward? It was fascinating to hear the perspectives of some of the industry's biggest platforms in Blue Owl Capital and Bain Capital from Cara and Tom, respectively, as to where fundraising is headed given their purview on the market and from Cameron on his data-driven insights from market research and plenty of numbers crunching on what it will take for private markets to grow to $30T AUM by 2030.

40

🔮 The quality of emerging managers will INCREASE in the next two vintages Being a GP at a large VC is frustrating. Deals sourced no longer have significant impact at mega-funds, leaving limited control over upside Carry gets blended across the partnership. The best pickers will move on The best three VC vintages in the last 25 years came in the three years after the GFC - 80% of those returns came from emerging managers. 2024 to 2026 can be a repeat 🐠 LP money is gravitating towards established funds right now, the exact opposite direction it should be heading. Those who swim against the current will be the real winners. #VC #venturecapital

294

35 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

Great to see SIS Ventures make this list by TechRound https://lnkd.in/eDtRbggM A bit more about what we look for below. If you're a founder and these hit the mark 👇 then please get in touch Investment targets SIS Ventures is focused on high-impact, high-growth potential businesses our investee companies are innovation-led, often spun out of Scotland’s leading university innovation programmes. Portfolio companies are also carefully selected for their commitment to developing their environmental, equality and diversity, social impact and governance practices. SIS Ventures seeks to provide equity investment to: ✔ High growth potential with a global scale and intent to provide significant impact ✔ Focus on social and/or environmental impact, aligning with impact themes / at least one of the UN SDGs ✔ Product or service backed by defensible technology or proprietary know-how ✔ EIS or SEIS qualifying ✔ Low capital-intensive businesses ✔ Sector agnostic, but historically invested across Life Sciences, MedTech, Climate Tech, Circular Economy, Biotech ✔ Pre-seed – Series A ✔ Headquartered in Scotland

28

1 Comment

The news of consumer goods distributor Supreme acquiring white label manufacturer Clearly Drinks for £15Mn from private equity firm NorthEdge this week is a shot in the arm for the Food & Beverage industry, that has seen very little M&A activity recently. AIM-listed Supreme has paid 5x EBITDA for the Sunderland-based business, which is a contract manufacturer for a number of the world’s largest soft drinks companies. Supreme are aiming to leverage their expertise and resources to further develop Clearly Drinks' market position and expand its operations, as part of a broader diversification strategy, according to Sandy Chadha, Supreme's Chief Executive Officer. Supreme also recently established a Sports Nutrition & Wellness division to produce wellness and energy drinks. It shows the FoodBev industry is brimming with new opportunities for patient investors. Although, some might argue that in Clearly Drinks' case taking 135 years to get to a £15Mn valuation is not that attractive. 'Clearly' Supreme are seeing it differently! #MichaelHCowan #GlobalStrategicAdvisor #ConsumerBrands #FoodBev #aahVentures #Advisory #Investment #Growth https://loom.ly/zcB9vl0 Source/credit: William Dodds, Food Manufacture

6

Useful and timely analysis Overall: could have been worse

13

Really interesting report by Paul Charity and Propel that Soft drinks surge as Gen Z move away from alcoholic drinks. At Boxfund VC we are keen to support non alcoholic drink alternatives. If you’ve got a great product that needs help and funding to grow please contact us at www.boxfund.co.uk ‘ The on premise is witnessing a marked decrease in alcohol consumption across the globe, a shift evident in the UK, with a -23pp net decrease, resulting in a growing appetite for soft drink options, according to CGA by NIQ’s OPUS data. Among the legal drinking age (LDA) to 24-year-old demographic, almost a third (30%) report drinking less than they did a year ago, with 13% completely abstaining from alcohol. This demographic is also more health-conscious, with three quarters striving to lead a healthier lifestyle (74%) and actively seeking to make environmentally conscious choices (73%). However, this reduction in alcohol intake has not negatively impacted younger consumers’ engagement with the on premise sector, with 86% of LDA-24 year old consumers having visited the on premise in the last three months and 60% going out weekly (over-indexing by +17pp versus the average for all GB consumers). Despite the growing preference for non-alcoholic drinks, the total soft drinks sales performance has remained flat. Although certain segments are showing promise, with a +8% year-on-year (YOY) value increase in bars and bar restaurants and a +2.7% YOY value growth in hotels. This data indicates untapped potential for soft drinks during higher tempo occasions, especially among younger consumers who are increasingly adopting ‘zebra striping’ – alternating between alcoholic and non-alcoholic drinks throughout the night. In fact, 18-24-year-olds are more likely to choose soft drinks in a bar or late-night setting, over-indexing by +6pp versus the average consumer. In terms of consumer preferences when it comes to soft drinks, the focus on fizz remains intact, holding half (49%) of the market share despite health trends bolstering the rate of sale for sport drinks, water plus and juice drinks. This effervescent outlook is driven by consumer desire for value for money and the increased consumption of fizzy drinks among 18-24-year-olds, with almost a third (30%) reporting they are drinking more carbonated soft drinks than a year ago. CGA client director Violetta Njunina said: “As moderation becomes a key trend, particularly among younger generations, the ability to offer appealing, high-quality and health-conscious soft drinks is crucial for success. Suppliers who tap into these insights and align their strategies are better positioned to lead in this new era of beverage consumption.”

8

3 Comments

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

43

https://lnkd.in/e-ngwA3N With the summer break nearly halfway done... this Blog Post is perfect to read, get yourself in order, and then implement in a few weeks so the transition from summer to school is seamless, with a few of those summer magic takeaways sprinkled in for the coming year again. Read now!

7

The 54th edition of the Alt Goes Mainstream AGM Weekly newsletter is out! The €20M soccer match. I’m still thinking about the electric scenes after attending last night’s UEFA Champions League match at Wembley Stadium between Real Madrid C.F. and Borussia Dortmund, where Real made the most of its chances and lifted the trophy with a 2-0 victory. The Champions League is the pinnacle moment in European club football. It’s why the best players in the world go to Europe — for a chance to play in the match that defines a European club’s season. It also happens to have a lot on the line for the business side of these clubs. Former Blackstone & Airbnb CFO and Founder & Managing Partner of WestCap Laurence A. Tosi said on a recent Alt Goes Mainstream podcast that “scale begets scale.” Well, in sports, that quote could be translated into “success begets success.” That’s certainly the case for clubs that advance through the stages of the Champions League. The prize for winning last night’s match? €20M. A win last night meant that Real would pocket a total cash prize of around €118.5M. A win for Dortmund would bring home €102.1M, according to Diario AS. Add €100M in additional revenues to the club’s income statement and those figures start to look incredibly meaningful. Read on for more about why the quest for Champions League glory can be so impactful for soccer clubs 👇 The AGM Weekly, brought to you by 3i Members covers: 🗂️ AGM Index, an index that tracks the leading publicly traded alternative asset managers. 🗞️ AGM News of the Week, this week covering: 📌 Institutional Investor's Michael Thrasher on how and why insurers are increasing their allocations to private markets and what it means for the future of private markets. 📌 Citywire's Alex Steger on J.P. Morgan CEO Jamie Dimon's warning call and comments on the evolving private credit landscape and Goldman Sachs's $20B raised for their senior direct-lending fund, West Street Loan Partners V. 📌 Financial Times' David Stevenson & Emma Dunkley on Hargreaves Lansdown evolution as a business and the recent bid on their business by CVC Capital Partners. 💻 Who is hiring: Senior-level positions from companies Blackstone, Apollo Global Management, Inc., iCapital, Blue Owl Capital, AltExchange, Brown Advisory, LemonEdge, Canoe Intelligence, Allocate, PitchBook. Subscribe 👇 to see the latest trends & navigate this rapidly changing landscape as alts go mainstream. https://lnkd.in/eXEbi6Nd

34

Extremely worrying data about VC funding in the UK. While we all understand that taxes must go up to pay for the mismanagement of the Covid crisis by the then administration - allied to economic headwinds caused by Brexit - surely we must also protect the parts of our economy that can stimulate jobs and growth...ie - early-stage business?! In my opinion the most impactful and simple way to do this would be to increase the SEIS allowance to £1m from £250k and make it applicable to companies upto 5 years from their initial trading date from the current 3 year limit. This will bring a huge amount of fresh capital into the early-stage investment market...especially if the govt increases CGT overall. If we don't protect early-stage innovation we will never get out of economic trouble. #earlystageinvestment #venturecapital #SEIS #funding

5

1 Comment

It was great to get the investment in Stacatruc Limited completed. The first of many to come at YFM Equity Partners from Matt Gordon-Smith, with huge support from Callum Long. It took us longer to convince Matt Gordon-Smith to come and join us than it did for him to complete his first investment with us. Stacatruc is the 4th investment in the last 5 months - with another 6 in diligence across the business. We have a big team now though so plenty of capacity across all of our offices to talk about new opportunities. We can invest between £3m and £15m of equity. Either to fund a Change of Ownership when a business has £1m+ profit (MBO's, partial cash outs, carve outs etc), or Growth Capital to go faster when a business has £1m+ Revenue or ARR.

37

I have a new blog out today for Third Nature Investments exploring how behind the sweet treat we love so much - chocolate - lies a quietly destructive industry ripe for disruption. Read it here 👉 https://lnkd.in/eK_En9y8   While the lion’s share of cocoa hails from West Africa, chocolate bars are largely produced in Europe and beyond. Due to a crowded and expansive supply chain, the local cacao farmers typically walk away with only measly sums, far from providing enough to support themselves and their families. Adding insult to injury, the industry inflicts immense environmental harm, including deforestation and biodiversity loss.    Beyond Good -- a portfolio company of Desert Bloom Foods, a Third Nature Partners investment and strategic fund partner -- is proving that with vision and business model innovation, an industry can be transformed. By manufacturing chocolate at the source in Madagascar and investing in local communities, they are not just making better chocolate—they are setting a new standard for ethical and sustainable business, uplifting farmers and the environment.    Julia P. Hans Taparia Alexandra Peterson Tim McCollum

38

13 Comments

Tesco has just launched an online marketplace, giving their customers the ability to shop thousands of third-party products alongside their groceries. Why this is a game-changer: Tesco noticed that customers were searching for products they didn’t carry. This new marketplace addresses those gaps, offering a wider range of items. For instance, “suitcases” were a top search with no results. Now, customers can find them easily on Tesco.com while earning clubcard points. How it Works~ - Products appear alongside Tesco groceries on Tesco.com and the Tesco app. - Items are fulfilled directly by the suppliers. - Separate payments and delivery fees for third-party items. - Free standard delivery for orders over £50 from the same seller or for Anytime Delivery Saver members. - customers can earn Clubcard points on all purchases! So far 17 vetted sellers at launch, including brands like Tefal, Silentnight, Tommee Tippee, and Charles Bentley. Sellers are monitored for delivery speed, returns, and success rates. They will also soon have the ability for Customer ratings and reviews. #TescoMarketplace #NewLaunch https://lnkd.in/d86AJeVb

2

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!

81

4 Comments

The secondhand and alternative goods market is growing at a clip. Think Facebook Marketplace and Depop. Shopfront one of Antler's recent investments, is capitalising on this growing market, with a new platform that enables users to do everything from creating listings and selling products across multiple marketplaces in one place. Launching within the APAC region where competition is still limited and green, Shopfront is striking at the right time to succeed. With already 50 users using its MVP and plans to secure 500 sign-ups for its waitlist and roll out its beta platform next month, this business is certainly one to keep an eye on. Read more via Startup Daily👇 https://lnkd.in/gyD5St6e

59

10 Comments