Stéphane Zahrai

Team Supercritical has been hard at work over the last month building our marketplace for today’s launch 🚀 For the first time ever, buyers can access live pricing and availability data for projects covering 80%+ of global biochar supply. All projects onboarded onto our marketplace must pass our strict 118-point vetting protocol, including all the CDR usuals (additionality, leakage, permanence, LCA etc.) as well as broader environmental impact, social impact, and delivery risk. 80% of the projects we review fail. And the 15+ page vetting reports are available for any buyer to read. When I speak to overworked sustainability teams trying to buy CDR, I hear the same problems over and over: ♦ “I need 20,000 tonnes, this year for my 2023 emissions. Is this available? How do I know?” ♦ “I ran an RFP. It took 6 months, a ton of back & forth with suppliers, and by the time I selected my shortlist, I learned the tonnes were gone. The data was rapidly out of date and all that work was for nothing.” At Songkick, my last company, we built the world’s most comprehensive database of 100,000+ upcoming concerts in the world, aggregating over 100 data sources to make sure fans never missed a show. What does Beyoncé have to do with biochar? Well, I know how challenging it is to build a transparent, accurate, and real-time data set, but I also know how transformational it can be. #CarbonRemoval #CDR #Sustainability #Biochar #ClimateAction #Supercritical #NetZero #RadicalTransparency

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WVC:E Maternity Research - 2 mins appreciated! 🙏🙏🙏 We’re conducting research into the experiences of women in VC having children, taking parental leave and returning to work. We will be gathering insights on industry issues and best practice, which will be shared back to the community. We’d 𝐫𝐞𝐚𝐥𝐥𝐲 𝐚𝐩𝐩𝐫𝐞𝐜𝐢𝐚𝐭𝐞 if you could take 2 minutes to complete this anonymous form if you have any views on this topic. Link in the comments.

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Really is refreshing to see a founder talk so plainly open and honest about building a startups, low, highs, fundraising and Europe in context of innovation startups: Daniel Khachab at 20VC podcast I used to listen to podcasts on my way to and back from the office Recently not so much - here is the reason: It is mostly about a VC showcasing one of their portfolio companies. Asking half-hearted soft questions that are not only vague but only work to optimise the image and praise the startup as to "how they will change the world" We would like to learn about the real story. The dirty stuff. The nightmares. How you resolved them. Not how everyone wanted to invest and particularly not that you found product market fit with the shittiest product in the world because the problem you were solving was so important and there was no competition It never is like that What other podcasts are doing this? Hope Harry keeps doing more of this - I was just about to churn from 20VC, good thing I listened to this one

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A founder's perspective on Founder Mode: It's about craftsmanship and soul Last week Brian Chesky and Paul Graham ignited the tech startup world with a discussion around "founder mode", which Paul summarizes in this post - https://lnkd.in/gC7swj59 This comparison of founder mode vs. manager mode and stream of bad advice around it really resonates with me as a multi-time founder. I find there are two areas in particular that get systematically eliminated in the process of moving from product-market fit to "building the machine" and scaling up an organization. 🔮 🛠 Craftsmanship: Early days require a lot of craftsmanship - as if you're designing and building custom homes for a small set of early customers. You need to inspire them with your vision, co-create with them, and make constant decisions about how to iterate, where to influence, and how to listen - all shaped with a view to repeatable and scalable patterns you can leverage to scale. This requires a lot of top-down intuition and hands-on crafting to get right - it also benefits from strong and fast decision making from the founder(s). As companies grow, this founder craftsmanship is easy to see as an enemy of scale that needs to be removed in favour of proven process. While it is true that this is not easy to scale, it is possible and worth it to figure out. I saw Zuck do this at Facebook as we scaled, shaping high impact initiatives and role modelling his craftsmanship to high potential people in his "Zuck reviews" for important new products and key initiatives. Combine this with a clear set of values and entrepreneurial people and you can keep the founder's touch on key initiatives without giving in to manager mode. 💙 🙏 Soul: A founder-led business can be felt much easier than it can be described. There is a passion, a set of values, a purpose that gives the company indescribable depth when done right - that feels magical and gives the company soul. This is the part of founder mode that enables people in the company to embody the same values, act with the same standards, and channel the inner purpose and passion of the founder. It attracts people that are entrepreneurial and secure in their abilities. People who see a founder's touch as a secret ingredient to add, not a box to be checked or worse to be avoided. My former Meta (at that time Facebook) colleague Fidji Simo wrote a great perspective on founder mode for non-founders in the information today, which I also see as possible. Founder mentality is a mindset and combined with an ability to imprint a sense of craft and soul into a company. I think founder-led companies like Meta and Shopify have shown a pattern to study and replicate in scaling startups, they have also produced a talent pool to mine for leaders that can operate in founder mode as the company scales. What do you think? Curious to hear your thoughts on founder mode... it's been a fun one to think about over the weekend. 🤔 #foundermode #founders #yc

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On efficient growth. At EmergeOne I speak to ALOT of VCs and founders and our CFOs are in the thick of things every single day. Over the last couple of years there has been a major inflection in the whole VC industry that hasn't gone unnoticed. The first phase was a slowing of both the velocity and volume of deals - fewer companies getting funded and over more time. The second was a reversion to, anecdotally at least, more R&D heavy companies - lots of life sciences, hardware and - of course - AI startups. The third phase has been the one that has a lot of founders and frankly CFOs scrabbling to figure out how to proceed: Efficient growth. What the heck does that even mean? VCs tended to look at businesses that could scale quickly. A template growth pattern would be 33322 meaning a tripling of revenue for a couple of years followed by several years of doubling. If $1m was the starting point it would go: 1m ➡️ 3m ➡️ 9m ➡️ 27m ➡️ 54m ➡️ 108m Reaching the $100m mark on a 10x revenue multiple would lead to the hallowed unicorn status of a $1bn valuation. The 'traditional' way of getting this growth was to pour VC dollars into acquisition and product sprinkled with the odd M&A to juice the numbers up. But that worked when money was "cheap". You could burn capital and simply go out to raise more. But Toto, we're not in Kansas anymore... As money became more expensive and investors retreated they still wanted large outcomes from the businesses they backed but want them to do it with less capital, fewer rounds and a more thoughtful approach to burn and runway. Enter efficiency. CFOs around the ecosystem have been working out how to make each dollar work harder for longer without impacting scale. This is not a simple circle to square for most young businesses as they are starting from a low base, marketing was the tool that got them further, faster. So how can CFOs help drive efficiency without impacting scale? A few pointers: 1. Trim and manage headcount - the impetus to hire when you land new funding is strong. You have to resist and make the case for each new hire. No 'fat' in the system. 2. Move from acquisition to retention - it's cheaper and more valuable in the longer term to retain customers rather than trying to bring ever harder to land new ones. 3. Focus on reducing churn - coupled with that is understanding why customers churn and reducing leakage - as Ivan Hoo recently posted, don't keep trying to fill a leaky bucket. 4. Stop cash leaking through poor working capital management - chase debts, negotiate terms with creditors, manage inventory tightly. 5. Add debt to the mix - debt makes businesses more efficient immediately as repayments force ventures to treat their cash as a more precious resource. 6. Forecast, forecast, forecast - if you aren't planning you're planning to fail. Know numbers intimately. The list is not exhaustive but gives you a flavour. How are you driving efficiency in your venture today?

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Hundreds of books are published each year on venture capital fund raising. But this one rises way above the pack by a long mile -- as it's written by the Managing Partner of Europe's most successful seed investor Seedcamp, Carlos Eduardo Espinal MBE who has been part of over 500+ investment thus far. Highly recommended if you need a refresh on the latest trends (especially when one needs to unlearn and relearn), post pandemic, or is new to the fund raising journey. Hope you find it useful. He'll appreciate the feedback either way (always the best way). #fundraising #ventures #learn #unlearn #relearn

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Are directors of founder-led companies being set-up to fail? That was the question I was asked by the wonderful Anjli Raval this week… https://archive.is/kgN2S 1. You’ve got to properly understand the boards mandate (What can they do vs can’t they?) and the value a founder wants from the board. 2. A founders power over culture is greater than a second generation CEO - the tone the founder sets with the organisation will likely be felt in the boardroom. Watch out for hierarchical rulers - they’re unlikely to welcome NED advice. And you’ll see that in Glassdoor reviews and NED turnover.

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To all the VC associates - you are in a really fortunate job where you are getting to meet really resilient and smart entrepreneurs day in day out. Never burn bridges. Never underestimate and more importantly, never come off as a snob. Be humble, even when you are rejecting a founder. Does not matter how big of a fund you work in. Do not look down upon any founder. I entered the startup ecosystem in 2018 as a junior VC associate. I evaluated around 1400 startups during my 2 year stint there. I passed on over 1300 of them after 1 call, thinking they can never be viable business models. I always tried to close the loop with the founders with genuine feedback - felt feedback was the biggest help I could give them at that point. It has been 6 years now and I am pleasantly surprised to see so many startups I rejected continue to survive and thrive. No funding. No fancy pitches. No fame. No $100M ARR. No burning money for faster growth. They just continue to build frugally. Some of them have also become our customers and trusted us to handle their organic growth strategy. Some of them have referred customers to us. It is a small world and we all are in this for the longer run, collectively trying to forward the ecosystem in our own ways. You never know how people will end up helping you. Relationship is THE most critical asset!

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If you're looking for VC funding in the UK, check out FundFinder.live If you're one of those people that likes to just play with all the circles on an Apple Watch because it's super satisfying, but struggle to pick one because playing with the interface is too satisfying, then maybe don't go to this website :) FundFinder has a similar interface to Apple Watches, but on web. Thank you Hector Mason, Jack Richardson, and the team at Focal for sharing this. Simultaneously showing me a very useful tool that could save me time in research, but also could waste lots of my time thanks to my brain (not sure if ADD or something else). And thank you to Concept Ventures and Justified Studio for building it. Oliver Kicks - who deserves the credit? #random #fundraising #startup #vc

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I couldn't help noticing that the debate about UK Capital Gains Tax has been based around first time founders (who don't care about tax) and investors (who may or may not care about tax). Missing from the debate are serial founders. It's a significant blind spot because they are a very important part of creating a self-sustaining (tech) startup culture. It seems that in the general imagination, startup life is like this: 1. Have a great idea 2. Work hard at it 3. Make millions 4. Retire and get a yacht Reality is a lot more messy and convoluted than that. I'd bet that the vast majority of founders don't follow this path. So I hope that the narrative gets wiser to the nuances of the startup sector; I'd love to see the UK building a more self-sustaining tech startup sector. Post here: https://lnkd.in/euKNpjAw

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Over the past few weeks, I've had multiple founders ask if fundraising slows or stops in the summer months. So, I wanted to share my thoughts and some data (thanks Peter Walker & Carta!) for other founders wondering the same thing. Here are a few highlights from the data: - Timeline Insight: Note the subtitle: deals by month SIGNED. It typically takes a few weeks to a few months from the first meeting to close a deal. - December Activity: Despite December often being slow for new investor meetings, it consistently shows a high percentage of deals being signed. This is due to conversations that were initiated prior to December. - Summer Months: Contrary to common belief, summer months like June, July, and August don't see a significant drop in deal activity. Understanding these trends can help you better strategize your fundraising efforts throughout the year. My experience: Over the past year with FTFC, I haven't noticed any slowdown in investor conversations during the summer months. I've had productive discussions with many investors throughout the summer, and they've all been open to exploring aligned deal flow. Investors, what do you think?

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🚀 Navigating the 2024 UK General Election: What It Means for Startups VCs 🚀 As we gear up for the 2024 UK General Election, it's essential we understand how each party's policies might impact us. So I took to the interweb sprinkled with a bit of chatgpt to see what we need to keep an eye on. Conservative Party 🏛️ Economic Policies: Cutting NI by 2p could enhance cash flow for startups. However, a legal cap on migration might restrict access to international talent, essential for innovation. Education: 100,000 high-quality apprenticeships and the Advanced British Standard could produce industry-ready grads, aligning with our tech needs. Labour Party 🌹 Economic Reform: Wide ranging reforms and green energy initiatives could create new opportunities, though higher taxation might affect net earnings. Carried Interest Taxation: Labour plans to change how carried interest is taxed, potentially increasing tax liabilities for VCs by taxing it like income instead of capital gains. This could affect investment returns and strategies, making the UK less attractive for investment managers compared to other European countries. Social Policies: Expanded social safety nets might lead to a more stable consumer base, increasing market potential and share of wallet for tech products. Liberal Democrats 🌼 Healthcare & Mental Health: Investing £8.4 billion in the NHS might improve employee productivity and reduce absenteeism. Green Economy: Support for green energy investments creates opportunities for startups focused on sustainability, climate and greentech. Green Party 🍃 Green Economy Transition: Investments in renewable energy and banning fracking open doors for clean tech startups. Social Justice: Enhanced social programs could expand the customer base for tech products by increasing disposable income across the population. Reform UK 🔧 Tax Reduction & Deregulation: Lower taxes and reduced regulatory burdens can boost profitability and attract VC investment. Immigration Controls: Stricter policies might limit access to the international talent pool. Key Takeaways Opportunities: Tax cuts, apprenticeship programs, and green investments are all net positives for reducing costs and encouraging growth. Challenges: Immigration caps and higher taxation may restrict talent acquisition and increase operational expenses. Labour's proposed changes to carried interest taxation could impact investment returns and disincentivise emerging managers. Obvs I can't capture it all, for example corp tax reform might have an impact on whether you choose to incorporate in the UK or elsewhere. Equally, I didn't go into the detail of how viable these policies or reforms actually are (and obviously only one party gets to implement anyway). What are your thoughts, drop me a comment! 👇 ******************************************** If you enjoyed this, don't forget to share ♲ and follow me, Aarish for more spicy takes :)

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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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I just ran an incredible panel with Maxine of Co Ventures, Tom of Skalata and Matt of Birchal. My key takeaways from the panel today: ⭐️ Awesome founders and founding teams are what sways early stage investment decision making, whether investment is made via CSF or more traditional startup investment. ⭐️ For founders, there's a tension between having strong conviction and being coachable. Have conviction and don't be a push over at the first piece of investor advice you get, but make sure you're open to testing new ideas or ways of thinking that might challenge your views. ⭐️ Investors are excited about AI but don't need to see it in your business model. It represents a huge shift, so while there's nothing wrong with traditional business fundamentals, make sure you've got it integrated in your ops at the very least. -- 👉 Brinley and I are running a workshop on Getting Investment Ready next week to give you the tools and skills to get investment ready and avoid common pitfalls in the investment process (link to sign up in the comments). -- If you missed out on the session, message me for a recording!! LUNA

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Calling ALL Emerging VC Managers in my network 📢 This is worth applying for 👇 Jonathan, Gregor and their teams have put together a strong plan to help you accelerate your fund launch. If you're investing in European tech then that's good news for you. I've been speaking with both 1-2-1 and attended their latest webinar on it. I'm definitely convinced I'll throw my hat in the ring. 👊 If you're serious about building your firm to invest in European tech, you may consider doing it too. And if you think I'm silly for sharing and increasing the competition... Ok maybe don't apply. We have enough assholes in Europe thinking VC is a 0 sum game. Trust me: paying it forward and see what happens is a much better game to play. So yeah, go for it, and help us all make Europe a much better and stronger ecosystem if you think this is one for you 💪 A couple of answers I got that may be useful to you: - Do you need the fund to be domiciled in Europe or even legally launched yet? No, but you must be investing in Europe. And your goal should be to be to have the fund in object live in 2025 (even tail end) - Do you need a deck? It helps but if you are in between funds like me, you can come up with a pre-deck "something" and add to your old deck. - Is it in person? The core bits yes, but the schedule is easily manageable and will be synced with the LP/GP top events schedule next year, so you'd be silly to even want to be remote if you want to really raise a fund. More detail on the post below 👇 👇

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“Do things that don’t scale” is advice that sticks with many Y Combinator founders, but it means more than simply rolling up your sleeves. Early on at Simplifine (YC S24), we chose to work directly with researchers—getting on calls, testing workflows, and uncovering their specific challenges. Those hours spent in detailed conversations and hands-on support weren’t efficient, but they gave us insights data alone couldn’t provide. This approach may seem counterintuitive, yet it’s helped us understand the deeper, often overlooked needs that drive our product direction. Taking this non-scalable route has led to surprising breakthroughs. By focusing on direct feedback and support, we’ve identified critical patterns and quickly adapted our platform based on real-world use, rather than assumptions. This clarity in direction means we aren’t investing in features or workflows that don’t have real impact. Instead, we’re building exactly what researchers need, helping us keep Simplifine focused and practical. Ultimately, our commitment to “doing things that don’t scale” is more than just a startup tactic; it’s our way of staying aligned with our users. The temptation to grow fast is real, but by choosing to engage personally with researchers, we’ve grounded Simplifine in what truly matters. These early, authentic connections have shaped our product and guide us as we scale—ensuring that Simplifine continues to serve the research community in ways that are both meaningful and impactful. #dothingsthatdontscale

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How much deal flow are you missing out on? How many startups are missing out on the right investors? Huge congratulations to Sophie Winwood Rachel Drapper and the team at WVC:E for their latest report. Here’s the deal: having female VCs on your team brings a collective sharpness and depth that’s hard to find elsewhere. They’ve encountered different challenges, navigated different networks, and bring new insights that others might miss. It’s about seeing opportunities through a lens that broadens your reach—because the market isn’t one-size-fits-all, and neither is the talent. By bringing in these perspectives, you gain a strategic edge, spotting the talent and opportunities that others might overlook. It’s not just about adding women to your firm—it’s about setting yourself apart as the VC that consistently identifies and backs the winners. Stop the leaky bucket! To discover how delve into the report. Link in the comments. If you like this post, 🔁 Reshare it, and if you want more like this, 📬 subscribe to our newsletter! ✨https://lnkd.in/ejfaPcpR

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We've ticked off another item from our bucket list: launching our very own podcast on Spotify! It's a pleasure to share with all of you that we at The VC Fellowship have started a series of conversations around VC Careers. The mission is to create more awareness around Venture Capital and how to break into it. In these episodes, Shawrya Mehrotra will be hosting different professionals working with VCs and it would also be interesting to know their career trajectory and how they landed up at a VC role. In our latest episode, we have Shobhankita Reddy, who have talked about her transition into Venture Capital and her thoughts about the ecosystem. Please find the link to the episode in comment section

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