Desiree Almodovar’s Post

After 17 incredible years at Kleiner Perkins, a journey filled with learning, growth, and remarkable experiences, I'm embarking on a new chapter – one that resonates deeply with my personal and professional ethos. Today, I’m excited to announce the launch of Matter Venture Partners (MVP for short), a venture fund dedicated to early-stage HardTech startups.  With $300M raised in 2023 from prominent LPs, MVP aims to enhance the meaning of ‘value-add’ in HardTech venture investing. I’ve come to realize that fostering HardTech startups requires more than just technology and money; it's also about the intricate interplay of overcoming hardcore engineering problems, while navigating the realities of trying to scale a small company in a large complex ecosystem. MVP will leverage its HardTech expertise, experiences and strategic partners to help entrepreneurs address such challenges. I turned 50 last year, and I’ve always been inspired by tech leaders like Morris Chang, who founded TSMC in his 50s. My professional journey reflects a life framework that I deeply believe in: the first third of our careers is about learning, the second third is about responsibilities as part of a larger entity and mission, and the remaining third is about forging our own path. MVP embodies this third stage for me – it's about creating a new trajectory, not just for myself, but also for the HardTech startup ecosystem. I am immensely grateful for my time at Kleiner Perkins, where I had the privilege of working alongside and learning from extraordinary people like John Doerr, Brook Byers and Al Gore. Their mentorship has been invaluable in shaping my perspectives on technology innovation, societal impact, entrepreneur support and venture investing. Thanks also to Mamoon Hamid, Ilya Fushman and the other Kleiner Perkins partners who collectively were MVP’s first LP. My gratitude further extends to TSMC, who was MVP’s first strategic LP. Joining me in this new adventure are Haomiao Huang, PhD, my colleague from Kleiner Perkins, and Mel Tang, the former CFO of SpinLaunch and Amazon Ring. Together we combine decades of investing, company building and operational experience, that which will be focused on accelerating and scaling the next generation of HardTech startups. MVP is more than a venture fund; it's a commitment to the entrepreneurs and technologies that will define our future. Stay tuned for more. We’re just getting started on a journey to make a tangible impact on the world - one startup at a time. #MatterVenturePartners #HardTech #NewBeginnings #VentureCapital #Innovation

In 2023, Black founders raised a smaller portion of early-stage venture capital compared to 2021 and 2022. The overall trend is clear: this year marked the lowest share since 2020 across pre-priced, Seed, and Series A rounds. Here are some key insights: 1. Consistent Declines: The decrease in funding has been observed across all early-stage rounds, from pre-priced to Seed and Series A. This consistent decline highlights systemic issues within the venture capital ecosystem that need addressing. 2. Risk Aversion: During the recent venture downturn, VCs have been focusing more on reducing risk by funding repeat founders. Due to historical barriers, Black founders are less represented among repeat founders, making it harder for them to secure funding in this risk-averse environment. 3. Funding Totals: According to Crunchbase, Black-founded startups in the U.S. raised only $705 million in 2023, marking the first time since 2016 that this figure has fallen below $1 billion. This sharp decline underscores the challenges they face in accessing venture capital. 4. Sector Shifts: There have been noticeable shifts in the sectors where Black founders are securing funding. The fintech and health tech sectors, which previously saw significant investment, have experienced the most considerable drops. For these founders, this means navigating a more challenging funding environment. Understanding these dynamics is crucial for aligning fundraising strategies with current VC trends and advocating for inclusive funding practices. In working with early-stage startups mostly led by Black founders, I've seen firsthand the importance of resilience and adaptability. While the statistics can be discouraging, there are pathways to success for those who can effectively navigate the venture capital landscape. We must continue striving for a more equitable future in venture funding. Graph from Peter Walker! #StartupFinance #VentureCapital #DiversityInTech #RaisingCapital #GrowthStrategies #Entrepreneurship

Seattle's startup scene is growing, but it’s clear we have some work to do. That was a main takeaway from our panel discussion last week featuring venture capitalists from top-tier firms including Brentt Baltimore of Greycroft, Victoria Treyger of Felicis, and Sunil Nagaraj of Ubiquity Ventures, moderated by Kirby Winfield. Their goal: analyze Seattle's startup landscape from an outsider’s perspective with active Seattle investments. They see a city rich in technical talent but with several missing pieces. Go-to-market strategies often lag behind technical capabilities; capital is available, but frequently from outside the region; and stronger community cohesion is needed to bridge incumbent tech leaders with founder types. I transcribed and edited our panel last week "Valley VCs 💗 Seattle Startups." https://lnkd.in/ggchXW4B

" ... so are we lazy in Europe?" This follow-up question on difference in the U. S. and European startups ecosystems, was addressed to the panel where Edda Becker, Annegret Schewe, Dr. Jonas Soluk, Timo Stellpflug and I spoke about corporate venture clienting. Seemingly simple, this question comprised so many layers of today's highly debated topics such as funding growth gaps in Europe, outflow of the European tech startups, Equity in startup ecosystems etc. The panel on Venture Clienting organized by Hamburg Invest took place at the foodlab. in Hamburg last week. Coincidentally a very similar point was also raised in the Investor Panel at Morgan Stanley Inclusive Venture Lab in London this week, where Neha J Tanna from equation, Mina Mutafchieva Van Ingelgem from Dawn Capital and Lilac Watt from Venrex spoke about fundraising. Summarizing two panels and perspectives of Corporates, VCs and Founders: No founder is lazy. 🙂 But there is a difference in mindsets when it comes to running a startup and investing in a startup in the U. S. and Europe. While European founders tend to strive for perfection in technology, our overseas counterparts are laser-focused on business metrics and profitability. 💡 Tech + 📈 Business metrics + 🍀 Impact is a winning combination that sells to the game-changing clients, attracts bigger investment and creates the greatest values. How to achieve this in today's tough investment market? I don't have a perfect answer, but what helps me is staying clear by focusing on values, disciplined and consistent by focusing on my team, company's performance and impact that we create. Founders who were and were not at the Scaleup Landing Pad Hamburg event last week feel free to reach out if you have any questions.

Pop quiz - how mature is your local venture ecosystem? Lots of potential ways to measure this question, but we looked at the most basic: what percentage of all venture capital invested into startups is early vs growth vs late stage? 𝗗𝗲𝗳𝗶𝗻𝗶𝘁𝗶𝗼𝗻𝘀 (𝗮𝗻𝗮𝗹𝘆𝘀𝗶𝘀 𝗹𝗼𝗼𝗸𝘀 𝗮𝘁 𝗼𝘃𝗲𝗿 $𝟭𝟬𝟬 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 𝗶𝗻 𝗩𝗖 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁) • Early-stage: Pre-seed, Seed, Series A • Growth-stage: Series B & C • Late-stage: Series D and beyond In Silicon Valley, early-stage takes about a third of total invested capital. In a place like Denver (not SV but a growing ecosystem), that percentage is more like 43%. In less-mature places like Detroit, Phoenix, etc, early-stage represents more than half of the whole market. Conversely, in Silicon Valley more than 20% of total VC dollars go to late-stage rounds. Late-stage is much less impactful in many more nascent ecosystems like Philly, Atlanta, etc. 𝗕𝗮𝘀𝗶𝗰 𝗕𝗿𝗲𝗮𝗸𝗱𝗼𝘄𝗻 • Mature ecosystems have early, growth, and late-stage capital available. Each play a major role in the total investment landscape.    • Developing ecosystems may have a good portion of early-stage capital for founders but lack institutional capability on the growth and especially late-stage side.    •  Basically, "start anywhere but move to SF and NY when you get big enough". This analysis poses an interesting question to cities that are trying to boost their venture profiles - is generating early-stage funding enough? It's definitely the way to get started (look at Miami's position of lots of seed/Series A but very little upstream) but in order to make your way up the ranking list late-stage dollars are required at some point. Now - local champions can raise from the Silicon Valley firms without having to be located in SV, that's for sure. But many do end up having a presence in mature ecosystems if only to build investor relationships. #startups #fundraising #venturecapital #founders Data bottled at the source - subscribe to the Data Minute newsletter at the link in graphic for a weekly refreshment of startup facts & figures

Founders are increasingly bootstrapping startups by running consulting businesses on the side, or spending years working in private equity before launching their new venture. As profitability becomes a bigger focus, it's reshaping the origin stories of founders. In this piece by Gabriela Barkho, we speak to Manica Blain of Top Knot Ventures Inc., Catherine Zhu of Modern Dose, and Jess Windell 💥 and Lindsey Rosenberg 🔆 of Dryft Sleep.

🚀 The Nova Ventures Journey Begins 🚀 At Nova Ventures, we empower founders at every stage of their entrepreneurial journey. From the first spark of an idea to scaling on a global level, we provide the resources, mentorship, and strategic funding needed to help startups thrive. 🌟 Holistic Support: We're with you from day one, helping refine your business model and navigate growth. 💡 Expert Guidance: Our mentors and industry experts offer insights to guide your startup to success. 💼 Smart Capital: It's not just about funding—it’s about finding the right capital for long-term growth. 🌍 Global Scale: Ready to take your startup global? We’re here to help you expand beyond borders! Join a community of innovators and take your startup to the next level with Nova Ventures. Let’s kickstart your entrepreneurial journey today! https://lnkd.in/e2G4R5g5 #StartupJourney #EntrepreneurSupport #NovaVentures #GlobalScale #Innovation

We welcome Sophia Tran 🚀 to our SevenVentures Pitch Day jury this year!    Sophia Tran is the Founder & CEO of Spotlight! Ventures, where she empowers emerging digital #startups. As both an investor and the NRW spokeswoman for the German Startup Association, she is deeply attuned to the needs of young companies and understands what it takes to turn promising startups into successful ventures. Sophia is also a prominent speaker and host on German television, publisher and founder of an online lifestyle magazine and tech blog author. As a passionate world traveler and business angel, Sophia adds the perfect balance to our five-member #jury. We sat down with Sophia to ask her some questions before she makes her first appearance on the #7VPD stage. 1. Sophia, this is your first time on the SevenVentures Pitch Day jury! Where does your passion lie? I’m deeply committed to fostering diversity and inclusion in the tech industry. Through my work with Spotlight! and Spotlight! Ventures, we aim to support underrepresented founders and bring more diverse perspectives into the european start-up ecosystem. My passion lies in empowering founders to create innovative solutions that not only push the boundaries of technology but also drive meaningful social impact.    2. What are you most looking forward to at SevenVentures Pitch Day 2024? Are there any current start-up trends or innovations that you are super excited about at the moment? I’m excited to see how start-ups are embracing diversity in their approaches to solving problems. Sustainability continues to be a major trend, and I’m particularly interested in how founders are tackling environmental issues with innovative business models. Additionally, the way AI is evolving and being applied across industries really fascinates me—I’m looking forward to seeing how start-ups harness this potential to create scalable solutions.    3. How can Pitch Day finalists pitch to impress you this year?  To impress me, finalists should present a clear and compelling vision of how their product or service addresses a real need, especially if it has the potential to create a lasting impact. I value start-ups that not only have strong business fundamentals but are also mindful of diversity and inclusion in their teams and solutions. Authenticity and passion for your mission are crucial - it’s important to show that you’re truly committed to making a difference.    4. And lastly - what do you want to see from a Pitch Day winner?  I want to see a start-up with a truly innovative and scalable solution, but equally important is the potential for real-world impact. The winner should have a well-defined business model and a strong team capable of executing their vision. I’m particularly drawn to companies that are not only commercially viable but also contribute positively to society or the environment - those that aim to leave a meaningful legacy.    Thanks Sophia and see you 15th October at the New Com Summit!

Chicago:Blend recently released a report on the state of venture funding and startup diversity in Chicago.  Here's a quote I can't get out of my mind... "We see a similar story for new Black-founded companies in Chicago. Despite having the second highest percentage (10.4%) of venture-backed companies founded by Black or African American founders in the last five years relative to other cities, these startups raised just 2.4% of all VC funding allocated to Chicago companies, placing Chicago fifth behind Atlanta (42%), New York (10.6%), Los Angeles (9.4%), and San Francisco (8.1%)." What did you do today to level the playing field? Thanks Joey Mak+Salvador Dueñas+Chicago:Blend for all of your hard work! Read the full report here: https://lnkd.in/gQyfcGFU

Big day for us — Latitud Ventures is formally coming out of stealth today! In April 2021, Brian and I started investing out of the small Latitud rolling fund; building on top of the amazing work that Gina was doing with the Latitud Fellowship and community. We quickly saw a pain: some of the best founders in LatAm needed an "inception stage" partner that could provide a first, small check and be fully aligned to help with the "zero to one" phase. Fast forward 3 years: we've raised two funds, partnered with 70+ of the best teams of this last vintage... slowly becoming the top option for founders raising *pre-seed* rounds across all LatAm. We’ve been lucky to be the first check in the pre-seed rounds of companies such as Pomelo, BHub, Finkargo, Alinea Saúde, Elevva, Clivi, Pulppo, Reworth, Darwin AI or Extendeal; as well as pre/seed investors in now post Series A companies like STARK BANK, Yuno, treble.ai, Melonn, Fudo, Clubbi, Dinie, among many others. Our companies have gone to raise $425M+ in follow-on capital, after LV invested. It’s hard to mention in one short post all the amazing entrepreneurs we’ve partnered with (check the comments section!). I’m personally thankful to each and every one of them, for choosing to work with us. We’re also very grateful to our LPs. We’re lucky to have as investors some of the top entrepreneurs of the region (founders of MercadoLibre, Nubank, Creditas, Kavak, Rappi, QuintoAndar, iFood, Brex, Vtex) and some of the top VCs in the world (at firms like NFX, FJ Labs, QED, DST, Valiant, Index, Riverwood, Ribbit, Accel), as well as leading institutions such as Industry Ventures, Globo Ventures, Galicia Ventures, Olivo Capital. With their support, we're now already deploying capital out of our Fund II. Finally, I'd like thank Brian & Gina for choosing to work with me as their partner; and for the rest of the team that built Latitud Ventures with us these past three years (from Yuri to Marcial, Fe, Luisa, Nai, Bruno and to the whole Community team). Check out the comments section for the Forbes piece, and for our Manifesto. Day zero. Back to work. #LongLatAm!