Olivia Moore

The state of venture capital is wild right now. We are witnessing a surge of innovation across the spectrum: - Funds merging - VC doing PE - PE doing VC - Secondary funds - Buyout funds - Spin-out funds - Debt funds - Continuation funds - Infrastructure funds - GP turnover - Hard Tech surging - Family Office uptick

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Seed VCs are turning to new ‘pro rata’ funds that help them compete with the big firms Alpha Partners, SignalRank and now SaaS Ventures help seed VCs pay for shares when big VCs try to price — or push — them out Lee Edwards, partner at Root VC, has a saying at his firm that “pro rata rights are earned, not given.” That may be a bit of a stretch since pro rata refers to a term that VCs put in their term sheets that gives them the right to buy more shares in a portfolio company during consequent funding rounds to maintain an ownership percentage and avoid dilution. Still, while these rights are not exactly “earned,” they can be expensive. One of the latest trends in VC investing these days are funds dedicated to helping seed VCs exercise their pro rata rights. https://lnkd.in/dRM3RvdA By Christine Hall

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Want a front-row seat to the frontier of tech? We’ve got the role (or two) for you! We’re expanding our frontier-tech team at Blackbird by hiring a Frontier Tech Investments Associate and Foundry Fellows! Got questions? We've got answers... 1️⃣ What are the roles? 🧪 Associate = a full-time VC investment gig in our Blackbird Investments team, working directly with me. We’re looking for someone with a science and/or engineering background and more curiosity than they can handle. You’ll grow your own investment brand and practice, support our portfolio founders, and will help build Foundry, our early-stage frontier-tech accelerator. ✨ Foundry Fellow = a casual/contract gig in our Blackbird Investments team, ~15h per week for 3 months. The Fellowship is ideal for PhD students and ECRs who want to learn more about startups and VC. You’ll go deep on emerging areas relevant to your expertise (or curiosity!), get a front-row seat to groundbreaking companies in those areas, build out your non-academic network, and develop a solid writing practice. 2️⃣ Why are you hiring? We love frontier tech, and we’re ready to grow our team. 3️⃣ Wow, it’s so great that you’re starting to look at deep tech! Look, we get it: we don’t make a lot of noise about our frontier tech investing. Buuuut we’ve been deep-tech investors since we backed Tim Kentley-Klay to found Zoox back in 2014—we’ve been on incredible journeys with PsiQuantum (building the world's first utility-scale quantum computer right here in Australia!), Inventia Life Science (transforming drug discovery with high-fidelity cell models), Remedy Robotics (surgical robots for remote endovascular procedures), Opto Biosystems (minimally-invasive neural implants to treat cancer), and more. We believe that frontier technologies, and great frontier-tech investing, will be part of the solutions to the greatest problems humanity faces today. 4️⃣ When do applications close? May 31st at 11:59pm AEST. 5️⃣ I have more questions! I’m sure you do! Clare Birch and I are hosting an AMA to answer any and all questions about these roles. Want to know what a week in the life of our team looks like? What’s keeping us up at night? What our ideal candidate looks like? Come along and find out - registration link in the comments 👇 Apply for these roles: Associate - https://lnkd.in/gCfj4EUJ Foundry Fellowships - https://lnkd.in/gj6ATZVZ If you know anyone that we should meet, send me their details! Cameron Elise Ben Andrew Robin Joseph Adelaide James Olivia Lucinda Raghav Jesse Christie Mohamed Tom Amee Pablo Haya Loong Hon Joshua Benjamin Megan Harry Denzil Matthew Diana Daniel Tom Deanna Justin Amar Lilly Stone Thomas

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⛳ Emerging fund managers pulse check. PitchBook tracks over 10,000 funds that are raising money, with 45% being emerging fund managers (defined as firms with less than 3 funds). Despite a dip in available capital—down to 16% from the pre-pandemic 23%—these managers are finding creative ways to stay competitive, like partnering with larger firms. 💼 Joanna Drake (founder turned investor) shared how "wildly different" it is raising a fund versus for a startup. One key datapoint she shared on the fund side was how little feedback you get along the way (and the years you can wait for it). The “long-winded and challenging process to raise capital” inspired Drake and Ben Black to create RAISE Global, a community for emerging fund managers and the “forward-thinking LPs” who back them. (A decade later, several hundred emerging managers with AUM under $200m are on the platform) They've found the newest emerging managers are more diverse and geographically dispersed than Silicon valley, and more were able to crack the ceiling and raise larger $100m funds (although this is still a small % of the market, requiring partnership with larger funds at the late stage). ▶ And not a hugely surprising datapoint: A lot of action is in the sub $49 million range, where roughly 50% of emerging managers are raising. Theresa Sorrentino Hajer, Head of U.S. venture capital research at Cambridge Associates warns that past success isn't actually a strong indicator on it's own to assess emerging managers. We've had a valuation reset. And newer managers with investments during the 2019-2021 "party days", need to build relevant track record and play to their strengths. A lot of emerging managers are specializing (70% who applied for Raise had a thematic focus), and betting on getting in as early as possible in the startup's lifecycle (Raise: 31% at accelerator/ pre-seed stages, and 47% at seed stage). “Emerging managers have to compete on a different dimension,” Nick Moran from New Stack Ventures. You're no longer just dealing with capital. Emerging VC's need to be as innovative and nimble as the startups they invest in, having a unique thesis and insights. They also play a role at the top of the deal-flow funnel: helping larger firms find promising companies, so finding a thesis, sector or philosophy aligned partner at a larger firm is helpful. Onwards! #EmergingManager #Startups #VC

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Fin Capital’s Fintech CEO Pulse Report is out! We surveyed over 50 CEOs and C-suite leaders of private companies from our portfolio and the broader fintech industry during June and July 2024 to get a quick pulse on what’s top of mind for fintech’s leaders. Here are some key takeaways: Optimism in the Air: More than 60% of CEOs reported being bullish or highly bullish on the fintech industry for the second half of 2024. Regulatory Changes on the Horizon: CEOs identified Cryptocurrency, Open Banking, and Buy Now Pay Later as the top three sectors likely to see increased regulation by the end of 2024. CEOs Want Business Development Support: Beyond capital and fundraising, business development support emerged as the top area where CEOs seek investor assistance.For more insights, including comments from my colleagues Ren Riley, Logan Allin, Matthew D. Mann, CFA, and Stephanie Perez, check out the full report here: https://lnkd.in/euHK8-9B

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After the first deep dive discussion w/ founders I often hear a comment "I wish I had heard about this alternative [to all-in must-become-a-unicorn] way to build a startup earlier as I have wasted years in pursuing the wrong thing". Our mission is that no founder would ever need to say that again as it is such a waste. Us preaching the gospel 1:1 just doesn't scale, hence we use mass media to multiply our efforts - that's how Gorillacast came to be. The 1st episode is out, featuring yours truly. "How can you know what food you like unless you taste everything" said a chef. How can founders make informed choices about the best strategy for them to follow unless they know of all alternatives? This might not be of interest to you but pls spread the word so that the founders who should hear it can find it. I have a dream!

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Great analysis by the AGC team on SaaS public company comps. It's worth a look as we recalibrate mid-way through earnings season. The analysis aligns with the broader Nasdaq equity performance, where the Mag 7 (or fab 4 now :-)) have shown more resilience than the rest of the market. #AGC #SaaS #EarningsSeason #Nasdaq #EquityPerformance

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Great conversation with Nate Bek of Ascend (btw, stoked for Founder's Bash this week too) ☔🔥☔ Advisors can truly make a difference for founders navigating the complexities of growth and scaling, but only if they're founder focused.

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Great episode for early stage VC's and capital allocators to check out. https://lnkd.in/ekz7JHJd #vc #fundraising #venturecapital

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What Dave McClure is building resonates well what we are doing with our Siena Secondary Fund. Although one focuses on fund stakes and the other company positions, the journey is the same - need to educate the market about what is #VC #secondary and how to benefit from it...

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We've never offered our #vc salary data through a partner, but today ... that changes! 👇 If you complete Juniper Square's "State of VC" survey, you'll receive a copy of our VC Salary Stat Sheet (get a sneak peak in the screenshot below) Here's the link to take the survey and get the full results + the VC Salary Stat Sheet: https://lnkd.in/ec7Ss3iK

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🚨 Important Update for the VC Community! 🚨 The SEC just made a significant move that could redefine the venture capital landscape, particularly for smaller firms. 💥 Here's what you need to know: 1. Asset Threshold Raised: The SEC has increased the asset threshold from $10 million to $12 million. This change means that more venture capital firms can now operate without the need for heavy regulatory registration. It’s a substantial relief for smaller and emerging VCs, allowing them to focus more on what matters—investing in the next big idea. 2. Implications for Emerging Managers: This regulatory shift is a huge win for emerging managers. By easing compliance burdens, it opens the door for more diverse and innovative investors to enter the market. This diversity in capital sources is crucial for fostering a more dynamic and inclusive startup ecosystem. 3. Benefits for Early-Stage Startups: With more VCs able to participate without stringent regulatory hurdles, early-stage startups stand to benefit. Increased access to capital means more opportunities for innovative ideas to get the funding they need to scale. This could be a pivotal moment for entrepreneurs looking to make their mark. 4. Long-Term Impact: This adjustment by the SEC could lead to a new wave of entrepreneurial success. By lowering barriers and widening access, we might see a surge in groundbreaking innovations, with more startups getting the support they need to thrive. #VentureCapital #Entrepreneurship #Startups #Innovation #InvestmentStrategy #EmergingManagers #RegulatoryChanges #SEC #CapitalRaising #TechNews #SmallBusiness #StartupFunding #VCTrends #FinancialRegulation #InclusiveInvesting #TechCrunch

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2024 Fundraising Trends: What We’ve Seen “This year, we guided exceptional founders through shifting fundraising landscapes. From navigating the Series A crunch to unlocking opportunities in emerging markets, one thing was clear: adaptability is key. In 2025, Pay Close Attention will continue to champion innovative strategies for founders scaling their dreams.” #FundraisingStrategy #VentureCapital #2024Recap

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Even in a challenging funding market, venture capital funding continues to expand globally, as detailed in this TechCrunch article - featuring Endeavor CEO Linda Rottenberg. From the article: "Venture capital has become a more global industry as the tech sector slowly decentralizes. In 2022, more than 50% of VC deployed globally was invested in startups outside the U.S., according to data available from the National Science Foundation (NSF) — a stark contrast to 20 years ago, when nearly 80% of the world’s venture capital went into U.S. companies." Obviously, great ideas paired with great businesses are not limited to the Bay Area. However, historically, funding has been focused there. It is encouraging to see early and growth stage capital markets begin to deepen even further around the globe. Endeavor Colorado is grateful to be playing a part. Zeb King Tegan Stanbach Kathryn Dickson #privateequity #venturecapital #entrepreneurship #investing #innovation #founders #startups https://lnkd.in/gXtw4s6e

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VC platform teams rarely add meaningful value to portfolio companies. They’re mostly a tool for GPs to justify raising larger funds and collecting higher management fees.

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Are you a #VC who needs #finance or #legal advice as fast as possible? Or are you someone who doesn’t already have an advisor working for you, and you need quick answers? This Axios article has introduced me to Decile Base by VC Lab: a free AI-powered chatbot tool that could potentially help VCs save money on third-party accountants or lawyers. To develop this tool, VC reached out to industry experts and converted over a thousand of those conversations into #OpenAI’s API, resulting in a chatbot that can cover a broad range of financial topics, like #tax advice. Decile Base is still in beta, and according to the CEO of VC Lab, Adeo Ressi, the techology is “not always right, but it is shockingly right.” To avoid hallucination, the chatbot will not provide answers to anything that’s outside of its field of knowledge. So, does Decile Base interest you? Have you used it before, and has it given you useful advice/information? I probably wouldn’t let go of your lawyers yet, but this is a handy tool to keep in mind in the future.

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