Adriana Iordan

Andrei Dudoiu

Angel Hadjiev

Bianca Iulia Simion

Delia Ene

Elena Ghinita

Eric Bartha

Ionut Patrahau

Laura Tibuleac

Oana Ciurea

Patricia Borlovan 

Radu Georgescu 

Sabin Gîlceavă

Sander Peltenburg

From revolutionary advancements in AI and hyperloop technology to fresh educational initiatives and workplace accolades, November was packed with achievements that remind us why these startups are shaping the future. Let’s dive into the highlights from the past month: 
Alcatraz AI has <a href="https://www.prweb.com/releases/alcatraz-ai-publishes-new-security-best-practices-for-data-centers-amidst-projected-growth-in-2025-302300120.html">published </a>new security best practices for data centers amidst projected industry growth in 2025. The company also launched a promotion for its biometric access control solutions, offering trade-in credits for outdated systems. 
DRUID AI is targeting a €50–60 million<a href="https://www.zf.ro/business-hi-tech/liviu-dragan-cofondator-si-ceo-druid-ai-cresterea-de-2-7x-din-t3-22539533"> Series C funding round </a>to expand in North America and strengthen its foothold in Europe. The company also highlighted impressive results from its AI-driven student support platform, which generated over $2.4 million in additional revenue for Georgia Southern University. 
Hunch delivered a 55% boost in pub bookings for Greene King during the Euros, demonstrating the power of automated, personalized local ads in achieving high-impact <a href="https://www.hunchads.com/customers/open-partners-boosted-pub-bookings">marketing results</a>. 
KFactory announced plans to<a href="https://www.zf.ro/techday/zf-tech-day-vlad-cazan-si-adrian-dima-fondatorii-kfactory-vrem-sa-22574945"> raise €2 million</a> to support its international expansion, focusing on the UK market. The company also plans to launch an updated version of its manufacturing digitization solution in 2025. 
Klarna has filed for a U.S. IPO, signaling its intent to expand its footprint in the competitive American market. The filing marks a pivotal moment for the company as it capitalizes on strong growth in &quot;Pay Later&quot; services amid regulatory developments in fintech. 
On November 7, LabBox officially <a href="https://www.zf.ro/techday/zf-tech-day-vlad-cazan-si-adrian-dima-fondatorii-kfactory-vrem-sa-22574945">launched </a>its educational technology product aimed at equipping children with essential skills for the digital future. 
Amid significant financial strain, Northvolt filed for <a href="https://www.breakit.se/artikel/41844/mitt-i-stormen-vill-northvolt-ge-dem-bonusar-pa-59-miljoner">bankruptcy protection</a> in the U.S., citing supplier debts and layoffs exceeding 1,000 employees. Despite these challenges, the company plans to issue €59 million in bonuses to retain key talent and stabilize operations. 
Ondato introduced <a href="https://www.biometricupdate.com/202411/ondato-introduces-reusable-biometric-age-assurance-for-anonymous-online-interactions">reusable biometric</a> age assurance technology, enhancing privacy and security for anonymous online interactions. 
PD Neurotechnology’s digital therapeutic device demonstrated significant benefits for Parkinson’s disease management. A study published in <a href="https://medicalxpress.com/news/2024-11-digital-therapeutics-parkinson.html">Frontiers in Neurology</a> showed that the device’s telemonitoring capabilities enabled improved symptom control and medication adjustments for the majority of patients. 
Plant an App, Questo, and Dronamics were named in the 2024 Deloitte Fast 50 Central Europe &quot;Companies to Watch&quot; list. 
Swisspod Technologies, in collaboration with the LIMITLESS project, achieved the <a href="https://www.miragenews.com/record-broken-for-longest-hyperloop-trial-at-1350685/">longest-ever Hyperloop trial</a> in Europe. This milestone saw a vacuum capsule traveling the full-scale equivalent of 141.6 km at speeds of 488.2 km/h. 
Veridion earned the<a href="https://www.undelucram.ro/en/cumlucram/top-employers-2024-the-most-admired-companies-to-apply-to-in-2025-2262"> Top Employer award</a> in the SME category from Undelucram, demonstrating its commitment to fostering an exceptional workplace environment. 
November reminded us that innovation thrives even in the face of adversity. As our portfolio companies navigate complex markets and achieve incredible breakthroughs, their resilience inspires us to continue championing bold ideas. 
If you’d like to support these forward-thinking startups with your expertise, network, or mentorship, reach out to us at <a href="mailto:investors@seedblink.com">mailto:investors@seedblink.com</a>.

As the year races to a close, our portfolio companies are making bold moves, breaking records, and setting new benchmarks across industries.

Investor Insight: November 2024 portfolio updates

We are delighted to introduce <a href="https://www.linkedin.com/in/vojtarocek/">Vojta Roček</a>, Partner at <a href="https://www.prestoventures.com/techhorizons">Presto Tech Horizons</a>. In this conversation, he shares common misconceptions faced by founders and lessons learned from his entrepreneurial journey, including the sale of his company, <a href="https://blog.workday.com/en-us/workday-advances-into-augmented-analytics-with-stories-bi-acquisition.html">Stories.bi</a>.
As a Partner at Presto, Vojta focuses on supporting their portfolio companies, guiding founders to prioritize critical elements, and accelerating business development and partnership growth. With his experience as a founder, he also assists portfolio companies in crafting and executing effective exit strategies.
Vojta leverages his business intelligence, data analytics, and applied AI expertise, having co-founded and successfully exited an augmented analytics startup. He has mentored over 1,000 startups, established the largest community of data professionals in the Czech Republic, and made angel investments in several local companies.
<h2 id="vojtas-journey-of-going-from-founder-to-investor">Vojta’s journey of going from founder to investor</h2>
Vojta: I spent 10 years building my startup, identified a gap in business intelligence, and, together with my friends, raised half a million to develop an augmented analytics solution. This innovation even influenced Gartner to update their Magic Quadrant. We eventually exited to Workday, the world’s second-largest SaaS company.
After successfully exiting to Workday, he continued to work for the company for another three years. During this time, Vojta began investing in startups, experiencing initial failures due to common mistakes such as focusing too much on the product rather than its market potential. 
I spent three years there as part of my earn-out, during which I started to invest in startups. While testing the waters, I met people from a venture capital fund who pointed out my mistakes. By learning from them and investing alongside them, I improved significantly. 
<blockquote>
That was why I eventually joined Presto as an exited founder and as someone who has been on their side. I am the one who understands startups’ and founders’ problems and knows how to talk about it with them.
</blockquote>
Vojta&#39;s background as an exited founder is now leveraged in his role at the VC firm Presto Ventures. 
<h2 id="what-matters-most-market-team-product">What matters most? Market? Team? Product?</h2>
One key lesson Vojta emphasized was the importance of understanding the market over the team or product. He highlighted that while many founders prioritize the team or product, the market is the most critical factor for early-stage success, referencing <a href="https://a16z.com/author/marc-andreessen/">Mark Andreessen’s principle</a>. Vojta highlighted that 80% of a seed-stage startup’s success depends on the market. 
<blockquote>
Only customers hold true expertise.
</blockquote>
While some VCs position themselves as product experts, Vojta believes only customers hold true expertise. He aims to talk directly to customers, asking simple but powerful questions like, “How important is this to you?”, “Why do you use it?” and “What would you do if this tool was taken away tomorrow?” 
Even strong ideas can fail if the market is not ready or large enough, so as a founder, you must prioritize understanding your market thoroughly. Prioritize customer conversations and assess their genuine needs and willingness to adopt solutions – not necessarily yours, but focus on what they need. A good customer conversation should give you a solid overview of market readiness and insights on how to refine your strategies.
Vojta noticed that many founders expect their product to sell itself and are hesitant to lead sales efforts, which he believes is crucial, especially at the start. Vojta pointed out that even great salespeople might miss key market insights that a founder would catch. 
In the CEE region, founders often focus on improving their product when sales drop, as that feels more familiar, instead of tackling sales or hiring skilled team members. While this is understandable, it can delay growth and make scaling harder. I remember working with a startup that created complex stock management algorithms. We had thought clients would use these advanced features for detailed inventory handling. But when talking to them, we discovered they were only using the product as a simple data analytics tool to see what they had in the warehouse. They weren’t even touching the sophisticated algorithms. It showed me that there’s often a big gap between what startups believe they’re providing and what customers actually need and use.
<h2 id="investing-in-cee--what-makes-it-appealing-for-investors">Investing in CEE – what makes it appealing for investors?</h2>
Vojta also shared his view about Central and Eastern Europe, and according to him, the region is marked by a distinct “hungriness” for success, especially in Eastern Europe. 
In the CEE region, people want to succeed. They have a strong technological talent and less of a bullshit approach. That’s why I like investing in CEE.
While Western Europe emphasizes work-life balance and value-driven approaches, CEE professionals are known for their relentless drive, often putting in 14-hour workdays. This determination makes investing in CEE appealing to Vojta, as it comes with more genuine effort. Vojta also noted a missing regional point: the ability to sell the startup and communicate its value effectively. However, he observed this is gradually improving, aided by platforms like Instagram and TikTok, which encourage creative minds to improve their presentation skills. These tools are helpful for founders who need to learn how to pitch and market their ideas more efficiently.
We are bombarded daily with new influencers, and you watch their progress for some time, only to realize that nobody is born perfect. You see how lame and cringy some people are in the beginning, but they stick to what they do, creating content every day until eventually they get better at it. That is inspiring because it makes you realize that you have to start small and lame to get better and successful.
Vojta also pointed out significant challenges European startups face, particularly in the bureaucratic aspect. He highlighted the need for an initiative to reduce bureaucracy, noting that there is currently no designated effort to push back against these regulatory demands. 
“There is no real standardization. You can never be sure of everything. I would like to measure how much time entrepreneurs spend with bureaucracy in general and why nobody responsible for changing these laws has some KPIs in place to reduce that time.”
Vojta also expressed his support for the <a href="https://www.eu-inc.org/">new EU initiative</a> to incorporate startups more effectively, but at the same time, it reminds us that there are countries with problems around mindset and positioning.
“In CEE, the more successful you get, the more lonely you are, especially if you work hard. You are perceived as someone who is often overdoing it – ‘You should be working less...You should take a break and come to the pub...You should act normally, like the rest of us, etc. Also, there are still some countries where if you say you are an entrepreneur, it carries a stigma. To some people, it still sounds like you are stealing money from the state or from other people...That mindset has to change.” 
<h2 id="founder-mistakes-and-misconceptions">Founder mistakes and misconceptions</h2>
Common founder mistakes often begin with overconfidence and resistance to feedback. Vojta observed that some founders, particularly those who experienced initial success or possess strong technical skills, can fall into the trap of believing they know best. This mindset can impact your company&#39;s growth, as you may dismiss valuable insights from investors, mentors, or even customers. 
“Usually, founders don’t listen to us for the first 12 to 18 months after raising a round. They have money and feel like they hold all the power. This is why we are trying to invest in founders who are responsive to feedback, to whom we can speak regularly and help them drive things.”
Another significant challenge is the struggle with delegation and scaling. Many founders, especially those in the early stages, are used to handling everything and find it difficult to trust others with important tasks. 
&quot;We avoid investing in people who think they know everything best, who believe they’re always right, and who find others to blame rather than taking a look at themselves. It’s either customers don’t get it, or investors are idiots, or employees are not working fast enough – it&#39;s always someone else&#39;s fault. It’s difficult to work with people who can’t delegate and who can’t internalize their own wrongdoings.”
The reluctance to delegate can result in burnout and hinder the company’s ability to scale efficiently. According to Vojta, successful founders must learn to pass on responsibilities and build a team that can support the company’s growth.
Another common mistake founders make is assuming their product will sell itself, which rarely happens. Founders are expected to own the sales efforts, especially in the early stages, and if not run the meetings, at least attend them to gain insights. 
“Even the smartest salesperson in the world cannot realistically portray why sales are not going as planned because there is a lot of ‘meat’ and feedback in those sales meetings. They don’t hear it properly, or they don’t want to talk about it because they want to present themselves and their position as the best solution for the startup or product they’re helping to sell. This is why I think founders have to attend sales meetings and listen to what’s happening.”
Another mistake Vojta pointed out is that founders often struggle with hiring and delegation, especially when faced with sales challenges. Their instinct is to focus on product development—something they are comfortable with and can control—rather than engaging in additional sales efforts or training new hires.
“When things go south, founders&#39; instinct is to build a better product because that’s what they understand, and that’s what they can do. So, they would rather build new features than go to another sales meeting. 
A similar thing happens when hiring. Founders would rather do everything themselves, even if they spend a lot of time doing it. They work hard and push things forward rather than hire and onboard someone else.” 
<h2 id="building-a-repository-of-real-and-useful-resources-for-founders">Building a repository of real and useful resources for founders</h2>
In his investment activity, Vojta realized that many startup challenges are repetitive, leading him to compile useful resources and articles into a <a href="https://prestovc.notion.site/STARTUPS-shortcuts-4a05e25ba7d240999f6bc51f2398a9fe">centralized Notion database for founders</a>. He believes existing startup guides are often too broad or overly simplified, so he aimed to create a digestible and targeted repository. 
<img src="/img/presto-notion-page-for-founders.webp" alt="Presto Ventures centralized Notion database for founders" title="Presto Ventures centralized Notion database for founders">
This Notion page helps founders find relevant information quickly and encourages them to reason from first principles. He uses it as a filter—if founders return with questions after consulting it, he knows they have significant issues worth discussing. We hope you’ll find it useful, especially if you plan to approach Vojta or Presto Ventures to discuss a fundraising deal. :) 
<h2 id="connect-with-vojta">Connect with Vojta</h2>
<a href="https://www.linkedin.com/in/vojtarocek/">Linkedin</a> 
<a href="https://www.prestoventures.com/team/vojta-rocek">Presto Ventures</a>
<h2 id="want-to-learn-more">Want to learn more?</h2>
If you want to learn more about fundraising rounds, best practices, industry trends, and a snapshot of the venture capital market right now, subscribe to our newsletter (below).

Discover Vojta's transformation from founder to investor and his key insights on market importance, overcoming founder mistakes, and driving startup growth.

Building, scaling, and selling: insights from an exited founder turned VC

SeedBlink recently hosted a <a href="https://youtu.be/5VqC_V0PRQ8">webinar on the VC view on early-stage investments</a> with special guests <a href="https://www.linkedin.com/in/dancristianmunteanu/">Cristian Munteanu</a>, Founder and Managing Partner at <a href="https://earlygame.vc/">Early Game Ventures</a>, <a href="https://www.linkedin.com/in/stoyan-nedin-736a492/">Stoyan Nedin</a>, Partner at <a href="https://www.vitosha.vc/">Vitosha Venture Partners</a>, and moderated by <a href="https://www.linkedin.com/in/angelhadjiev/">Angel Hadjiev</a>, Managing Director, SEE at <a href="https://seedblink.com/">SeedBlink</a>.
During the session, they covered:
<ul>
<li>What early-stage investors look for in a startup;</li>
<li>How to prepare for approaching a VC and for an investment round;</li>
<li>Milestones of a funding round, including expected timing;</li>
<li>How much should you ask for in a fundraising round? </li>
<li>How much equity should you give to your investors?</li>
<li>What to expect from the relationship with an investor.</li>
</ul>
The following sections dive into several insights shared during the session, covering the elements that early-stage investors prioritize when evaluating startups. From the importance of a strong founding team and demonstrating traction to crafting the perfect pitch and understanding the role of investors post-investment.
One note before you dive in, on capital availability: Unlike a decade ago, there&#39;s <a href="https://www.stateofeuropeantech.com/">more capital in Europe now</a> - what&#39;s most needed are high-potential startups ready to grow. Now, let’s see what it takes for them to do so. 
<h2 id="the-role-and-impact-of-a-good-team">The role and impact of a good team</h2>
One of the first points of focus of the discussion was the impact and role of a strong founding team in <a href="https://tech.seedblink.com/financing-solutions">securing early-stage investment</a>. Cristian and Stoyan addressed that investors prioritize teams that show trust, competence, and dedication. 
A good team demonstrates technical skills, market knowledge, and the resilience and adaptability a founder need to overcome challenges.
<blockquote>
Cristian:
“What investors are looking for at the early stage in a startup is, in my opinion, a convincing team—a team that can gain your trust as an investor. The team should be able to transmit trust, competence, commitment, and a desire to build something ambitious. So the team, of course, is super important.”
</blockquote>
Investors look for teams with a clear vision and the ability to adapt to changing circumstances. A convincing team has confidence in its ability to execute and build something ambitious. The right combination of expertise, commitment, and chemistry within the team can often decide whether an investor chooses to back a startup.
<blockquote>
Cristian:
“The second thing is that this team should be working on something interesting. All investors have industries of choice and investment theses for specific verticals. There must be a click between what the startup is working on and what the investor wants to invest in. For example, I am interested in AgriTech but not in startups that are very hardware-intensive in agriculture. Even if the team is convincing, competent, and has long experience in the field, it is not a fit for us if they are working on a very hardware-centric idea.”
</blockquote>
Additionally, Cristian and Stoyan pointed out that alignment between the team&#39;s focus and the investor’s interests is another important element. Each investor has industries or verticals they prefer, and a team&#39;s understanding of these preferences can significantly improve their chances. 
Ultimately, a founding team&#39;s ability to convey their passion, competence, and adaptability often makes the difference in attracting early-stage venture capital.
<blockquote>
Stoyan:
“One of the first things we want to see in the team standing before us is that all the assumptions and visions are reasonable. In simple terms, we want to see common sense, which, although a cliche, is not very common. When someone presents reasonable assumptions and ideas, we can project this thinking into all other aspects of their plans and future actions. For example, we want to see a reasonable solution for the market. We want to understand if the team suggests a solution for which people would pay money.
Many founders are delusional about what customers would pay for—they may have an efficient idea, but if it doesn&#39;t address a big enough pain point, especially for people with deep pockets, it won&#39;t work. We also want to see large markets; small solutions for small markets are typical, but we dream of great solutions for large markets. We want to see a plan, a strategy, and the team&#39;s capability to approach the market.”
</blockquote>
<h2 id="traction-goes-beyond-revenue-for-early-stage-startups">Traction goes beyond revenue for early-stage startups</h2>
In addition to the importance of the founding team, another key takeaway from our discussion on early stage investments was the role of traction in securing a fundraising round. 
Cristian and Stoyan say that traction goes beyond early revenue figures. It can include demonstrating proactive efforts like finding the right co-founders, engaging with potential customers, and building prototypes. These efforts show investors that you and your team are taking active steps to understand the market and solve real problems, even before significant revenue is generated.
<blockquote>
Cristian:
“In our first fund, none of the companies we invested in were making money at the time. Fast forward five and a half years, and our portfolio now generates over €45M in annual revenue, with two businesses leading the way and employing more than 400 people. We invested in ideas, stories, and what these founders planned to build. With our second fund, we&#39;re doing the same—investing in companies at the very early stage, often with no revenue. But as Stoyan rightly says, traction isn&#39;t just revenue. Traction is the effort to find the right co-founder, deeply understand the problem, and engage with customers. It’s about showing you&#39;re not just talking but doing, and that&#39;s fundamental for us when investing at this stage. I&#39;m not looking for startups already making €1M in monthly recurring revenue—that&#39;s too late for me. I want to be the first institutional investor in a company that, after my investment, will grow to make millions. Early-stage investing involves higher risks but also offers lower entry prices.&quot;
</blockquote>
As a first-time founder, you can effectively showcase commitment by getting technical help to develop a Minimum Viable Product (MVP) or initiating early conversations with potential partners.
<blockquote>
Stoyan:
“You can, for example, talk to a developer or convince one—maybe your cousin—to create something for the MVP, even without money, by offering equity. Or you could speak to partners or customers. Actions speak louder than words, and we want to see a team that has done everything possible before approaching us. The opposite end of the spectrum is people who’ve spent 10 hours on a pitch deck, haven’t spoken to anyone, and just want funding to get started.”
</blockquote>
The evidence of proactive actions, such as building relationships and setting realistic milestones, helps you as a founder to prove that your startup has what it takes to succeed. Investors appreciate founders who demonstrate they are deeply committed and resourceful, especially when they haven’t reached profitability.
<blockquote>
Angel:
“What I’m hearing is that founders at the seed stage need a blend of resilience, adaptability, and vision. The early journey is incredibly challenging, and you’re looking for dedication. Those who succeed are highly adaptable, able to pivot based on market feedback and grounded in a clear mission and long-term vision. These are critical qualities to demonstrate when speaking with a VC.”
</blockquote>
<h2 id="prepare-the-right-pitch-and-have-realistic-expectations">Prepare the right pitch and have realistic expectations</h2>
Another major takeaway from the discussion was the importance of preparing the right pitch and setting realistic expectations. 
Cristian and Stoyan mention that a compelling pitch is clear, brief, and impactful, capturing an investor’s attention within the first 10 seconds is essential. Before showing your pitch deck in front of investors, make sure this covers all aspects of their business, including market analysis, competition, and go-to-market strategy. The depth of preparation demonstrates to investors that the founders have a solid understanding of their business and the industry landscape.
<blockquote>
Stoyan:
“I encourage you to go deep when developing your pitch deck. The deck is a powerful tool—it’s no coincidence that it’s the standard pitching instrument worldwide across all geographies and sectors. A well-crafted deck answers the essential questions investors need to know and reflects the depth of research, planning, and understanding entrepreneurs should demonstrate. The level of detail in your deck shows us your seriousness, research, and grasp of your business. Missing components or gaps in your story can raise red flags. For example, you might have a great product and business model but fail to research your competition, finding it’s saturated with lower-priced alternatives. Or your go-to-market strategy might not account for a long sales cycle, leaving no realistic way to sell to your target customers.
Every component of the pitch deck matters.“
</blockquote>
It is equally important for founders to set realistic expectations for valuation and fundraising. 
Our guests also added that founders need to be mindful of what venture capitalists look for—namely, a significant growth potential that can lead to a substantial valuation in the future. Aligning a startup&#39;s potential with investor expectations helps foster productive discussions and ensures both parties are on the same page regarding the company’s future trajectory.
Ultimately, a well-prepared pitch and realistic expectations allow founders to establish credibility and build strong relationships with investors. By being honest about what they can achieve and setting attainable milestones, founders can show investors that they are both ambitious and practical, increasing their likelihood of securing funding.
<h2 id="the-role-of-investors-after-the-deal">The role of investors after the deal</h2>
The role of investors after the deal is also an important aspect to consider. Cristian and Stoyan mentioned that investors differ significantly in their approaches, some prefer a hands-on role, while others adopt a light-touch strategy. Hands-on investors provide active guidance, attend meetings, and assist with major business decisions. 
In contrast, light-touch investors are more inclined to offer support only when explicitly requested by the founders. Your goal as a founder is to understand these differences and choose investors whose approach aligns with your preferences and needs.
<blockquote>
Cristian:
“There are hands-on investors and those who prefer a light-touch approach, and this is often reflected in investment documents. Hands-on investors might include clauses requiring their approval for expenses above a certain threshold. As minority investors, we recognize that the founders, as majority shareholders, are the operators. It’s their company, and they make the calls. Our role is to support them with whatever they need and nothing more. That’s why we focus on being helpful where it matters—whether it’s making intros to partners or assisting with recruiting—but we don’t sell for the team. If a startup has no idea how to sell its product or service, that’s a dealbreaker for us. Founders must be capable of driving their own sales and growth.”
</blockquote>
<h2 id="watch-the-whole-webinar">Watch the whole webinar</h2>
For more insights, watch the whole SeedBlink webinar on the VC view on early-stage investments.
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Discover what matters most for early-stage startups when pitching to VCs

The VC view on early-stage investments. Key takeaways for startup founders

Today, we’re excited to announce the launch of SeedBlink Secondaries, a dedicated platform designed to make investing in the secondary market more accessible, strategic, and rewarding. Here’s everything you need to know about this new offering, why it matters, and what it means for your investment journey. 
<h1 id="getting-started">Getting started</h1>
Starting today, all our secondary opportunities will be housed on <a href="https://secondaries.seedblink.com/">secondaries.seedblink.com</a>. Think of it as your go-to hub for opportunities to purchase shares in private limited companies from founders or employees&#39; part of ESOP plans. 
Here’s how to get started: 
<ol>
<li>On your first visit, you’ll need to approve the Terms &amp; Conditions for SeedBlink Secondaries. Once done, your onboarding status will automatically sync across all SeedBlink products. </li>
<li>You’ll immediately gain access to active secondary opportunities. </li>
<li>Your existing SeedBlink investments will sync gradually, ensuring accuracy and consistency across our platforms. </li>
</ol>
In just a few days, you’ll be able to seamlessly navigate between all SeedBlink’s products, including Ventures, Syndicates, and now Secondaries, offering a holistic view of available deals tailored to your portfolio goals. 
<h1 id="why-it-matters">Why it matters</h1>
SeedBlink Secondaries is a strategic step toward diversifying our offering and empowering you to access high-value opportunities with ease. 
SeedBlink now offers: 
<ul>
<li>Accessible secondary deals: traditionally, the secondary market has been dominated by institutional investors with high entry barriers. With SeedBlink Secondaries, you can invest with tickets starting from €2,500 (€1,000 for Club members), opening this untapped market to a broader audience. </li>
<li>Pre-IPO and regional opportunities: from Pre-IPO giants like Klarna to European “shining stars,” our platform taps into growing liquidity demands while bringing regional gems to light. </li>
<li>Early leadership in a growing market: while we’re not the first to enter the secondary market, SeedBlink is among the early players in making these transactions accessible to a community of private investors. </li>
</ul>
<h1 id="why-secondaries">Why Secondaries?</h1>
The secondary market has transformed into a sophisticated space offering significant benefits: 
<ul>
<li>Potential faster liquidity: Skip the long wait for exits with potential shorter timelines to returns.</li>
<li>Immediate diversification: Add proven, mature companies to your portfolio. </li>
<li>Strategic flexibility: Align your portfolio with market trends and evolving opportunities. </li>
</ul>
<h1 id="live-opportunities-on-seedblink-secondaries">Live opportunities on SeedBlink Secondaries</h1>
Klarna | A smarter way to shop &amp; pay 
<ul>
<li>Status: Pre-IPO </li>
<li>Offering: 2,439 shares at €410/share (valuation: €12.4B). </li>
<li>Why now? Klarna is preparing for its US IPO in 2024, making this a timely opportunity. </li>
<li>Closes: December 15. </li>
</ul>
.lumen | Glasses for the blind 
<ul>
<li>Sector: AI-driven HealthTech </li>
<li>Partnerships: NVIDIA, Toyota, Dassault Systems, and others. </li>
<li>Why now? Recent breakthroughs in Japan signal significant growth potential. </li>
<li>Closes: December 29. </li>
</ul>
<h2 id="looking-ahead">Looking ahead</h2>
We’ve already seen significant interest from our community during early testing, and this is just the beginning. Next week, we’ll officially announce SeedBlink Secondaries to the public, but as an early supporter, you have the chance to explore and invest now. 
Stay tuned for new offers and exciting developments as we continue to make private market investing more accessible and impactful. 
Ready to explore? Visit<a href="https://secondaries.seedblink.com/"> secondaries.seedblink.com</a> today.

The private market investment landscape is evolving, and so is SeedBlink.  

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Attending key industry events is one of the best ways to stay ahead, connect with fellow entrepreneurs, investors, and thought leaders, and discover new opportunities. Whether you&#39;re an emerging founder looking to make connections, a venture capitalist searching for promising startups, or a tech enthusiast keen to stay on top of trends, this event list will make your planning for 2025 easier.
<h2 id="techeu-summit-uk">tech.eu summit [UK]</h2>
<a href="https://tech.eu/event/2024/summit-london/">Tech.eu</a>, one of the leading European tech media outlets, organizes an annual conference to discuss the tech industry and foster networking opportunities. In 2024, it attracted more than 1,200 attendees, including entrepreneurs, investors, and industry professionals. The next edition will take place between March 25-26, 2025.
<h2 id="skinnovation-austria">Skinnovation [Austria]</h2>
<a href="https://www.skinnovation.at/">Skinnovation</a> is a unique startup event held annually in the Austrian Alps, bringing together entrepreneurs, investors, and tech enthusiasts for a one-of-a-kind experience. The event attracts startups and industry leaders from across Europe, fostering connections in a dynamic and scenic setting. The next edition will take place between March 26-28, 2025. 
<img src="/img/screenshot-2024-11-26-at-00.46.39-skiinnovation.png" alt="[Austria] Skinnovation " title="[Austria] Skinnovation ">
<h2 id="austrian-startup-summit-austria">Austrian Startup Summit [Austria]</h2>
<a href="https://austrianstartups.com/page/summit">Austrian Startups Summit</a> is an annual event in Austria that unites entrepreneurs, investors, and changemakers to celebrate and advance the local startup ecosystem. The event draws participants from across the country and beyond, fostering connections and sparking new ideas. The next edition will take place on April 1st, 2025.
<h2 id="eu-startups-summit-malta">EU-Startups Summit [Malta]</h2>
<a href="http://www.eu-startups.com/">EU-Startups Summit</a> is an annual startup conference bringing together more than 2,500 founders, investors and corporates from across Europe. It’s all about tech-based and tech-enabled startups with global ambitions! There will be fireside chats with internationally successful founders, insightful keynotes, and an exciting pitch competition on the main stage with some of Europe’s most promising startup teams – selected from about 1,500 applicants! The event is set for April 24-25, 2025 in sunny Valletta, Malta. 
<h2 id="viennaup-austria">ViennaUP [Austria]</h2>
ViennaUP is a startup festival hosted annually in Vienna, connecting startups, investors, and tech enthusiasts. It features conferences, workshops, and networking sessions focused on innovation and entrepreneurship, attracting participants from across Europe. The next edition will take place from May 8-16, 2025.
<img src="/img/screenshot-2024-11-26-at-00.47.24-vienna-up.png" alt="ViennaUP [Austria]" title="ViennaUP [Austria]">
<h2 id="podim-conference-slovenia">PODIM Conference [Slovenia]</h2>
<a href="https://podim.org/">PODIM</a> is an annual startup and tech conference held in Maribor, Slovenia, bringing together startups, investors, and business leaders from across Southeastern Europe. It offers keynote speeches, workshops, and networking opportunities, focusing on startup growth and innovation. The next edition will take place between May 12-14, 2025.
<h2 id="impact-cee-poland">Impact CEE [Poland]</h2>
<a href="https://impactcee.com/">Impact CEE</a> is an annual event that features the startup competition Impact Arena, drawing attention to topics such as AI, digital innovation, mental health, and women&#39;s empowerment. In 2024, it attracted over 6,000 attendees, including entrepreneurs, investors, policymakers, and industry experts. The next edition will take place between May 14-15, 2025.
<h2 id="upstream-rotterdam-the-netherlands">Upstream Rotterdam [The Netherlands]</h2>
<a href="https://www.upstreamfestival.com/">Upstream Rotterdam</a> is an annual event held in Rotterdam that focuses on innovation and scaling startups by connecting founders, investors, policymakers, and corporates. The next edition will take place between May 21-22, 2025.
<h2 id="latitude59-estonia">Latitude59 [Estonia]</h2>
<a href="https://latitude59.ee/">Latitude59</a> is a festival-like event for startups and investors known for its intimate and welcoming atmosphere. The event maintains a balanced startup-investor ratio of approximately 50-50 and features stage content, side events, the L59 Pitch Competition with a €1M prize (as awarded in 2024), matchmaking opportunities, and a demo area. The next edition will take place between 21-23 May, 2025. 
<h2 id="dublin-tech-summit-ireland">Dublin Tech Summit [Ireland]</h2>
<a href="https://dublintechsummit.tech/">Dublin Tech Summit</a> is an annual technology conference held in Dublin, Ireland, bringing together global leaders in innovation, technology, and business to shape the future of global trends. The event features a diverse range of speakers, workshops, and networking opportunities, covering themes such as AI, deep tech, quantum computing, and more. The next edition will take place between May 28-29, 2025.
<h2 id="techsylvania-romania">Techsylvania [Romania]</h2>
<a href="https://techsylvania.com/">Techsylvania</a> is an annual tech conference held in Cluj-Napoca, Romania, that focuses on technology and innovation. It attracts entrepreneurs, investors, and tech enthusiasts, featuring keynotes, panel discussions, and a startup competition. The event is taking place in June, with the exact dates to be announced soon.
<h2 id="tech-open-air-toa-germany">Tech Open Air (TOA) [Germany]</h2>
<a href="https://event.toa.media/">Tech Open Air</a> is an interdisciplinary technology festival held annually in Berlin, combining technology, music, art, and science. It brings together influential speakers, entrepreneurs, and artists, creating a platform for cross-industry knowledge exchange and collaboration. The event is taking place between June 4-7, 2025.
<h2 id="moldova-digital-summit-moldova">Moldova Digital Summit [Moldova]</h2>
<a href="https://moldovadigitalsummit.md/">Moldova Digital Summit</a> connects investors, CEOs, researchers, innovators, and anyone interested in the future of the digital economy. It attracts over 3,000 participants annually, making it one of the region&#39;s largest gatherings for technology and business. The next edition will take place between June 5-8, 2025.
<h2 id="london-tech-week-uk">London Tech Week [UK]</h2>
<a href="https://londontechweek.com/">London Tech Week</a> is a week-long technology conference that draws around 45,000 attendees, including 5,000 startups and 1,000 investors. In 2024, the event highlighted the latest trends in technology and innovation, covering themes such as AI, data security, and green innovation. The next edition will take place between June 9-13, 2025.
<h2 id="viva-technology-france">Viva Technology [France]</h2>
<a href="https://vivatechnology.com/">Viva Technology</a> is a four-day annual event that brings together top speakers and industry leaders to discuss the latest in technology and innovation. In 2024, it featured eight conference tracks covering topics such as AI, deeptech, and future society, alongside five themed stages, a pitch studio, and various workshop spaces. The next edition will take place between 11-14 June, 2025.
<h2 id="the-next-web-the-netherlands">The Next Web [The Netherlands]</h2>
<a href="https://thenextweb.com/conference">The Next Web Conference (TNW)</a> is an annual event that connects startups, investors, and policymakers, attracting over 10,000 attendees each year. In 2025, the conference will cover themes such as &quot;AI &amp; Deeptech,&quot; &quot;Sustainable Societies,&quot; and &quot;Growth &amp; Venture,&quot; along with three additional topics. The next edition will take place between June 19-20, 2025.
<img src="/img/screenshot-2024-11-26-at-01.09.20-amsterdam-june.png" alt="">
<h2 id="european-women-in-technology-the-netherlands">European Women in Technology [The Netherlands]</h2>
<a href="https://www.europeanwomenintech.com/">European Women in Technology</a> is Europe&#39;s largest gathering of inspirational women in tech, attracting over 5,000 tech pioneers and leaders from diverse industries such as energy, healthcare, and finance. The next edition will take place between 25-26 June, 2025.
<h2 id="it-arena-ukraine">IT Arena [Ukraine]</h2>
<a href="https://itarena.ua/">IT Arena</a> is one of the largest tech conferences in Ukraine. It is held in Lviv in Western Ukraine even during wartime, showcasing the resilience of the country&#39;s tech industry. The next edition will take place between September 26 - 28, 2025.
<h2 id="bits--pretzels-germany">Bits &amp; Pretzels [Germany]</h2>
<a href="https://www.bitsandpretzels.com/">Bits &amp; Pretzels</a> is an annual startup festival held in Munich that brings together founders, investors, and industry leaders from across Europe. It attracts over 5,000 attendees, offering a mix of inspiring keynotes, hands-on workshops, and networking opportunities. The next edition will take place between September 29 - October 1, 2025.
<h2 id="techbbq-denmark">TechBBQ [Denmark]</h2>
<a href="https://techbbq.dk/">TechBBQ</a> is an annual event that combines networking and insightful content with a touch of &quot;hygge,&quot; drawing around 7,000 attendees, mainly startups and investors. It began in 2013 as a casual barbecue for tech enthusiasts and entrepreneurs in a Copenhagen park, a gathering that inspired the event&#39;s name and community-driven spirit. The event is taking place in October, and the pre-registrations for the 2025 edition are already open. The exact date will be announced soon.
<h2 id="how-to-web-romania">How to Web [Romania]</h2>
<a href="https://www.howtoweb.co/">How to Web</a> is an annual conference that focuses on startup growth, technology trends, and product development, bringing together founders, investors, and tech enthusiasts. In 2024, it hosted over 2,500 participants and featured keynote speeches, panel discussions, and the regular Spotlight startup competition. The next edition will take place between October 1-2, 2025.
<img src="/img/screenshot-2024-11-26-at-01.09.57-htw2025.png" alt="How to Web [Romania] " title="How to Web [Romania] ">
<h2 id="sifted-summit-uk">Sifted summit [UK]</h2>
<a href="https://summit.sifted.eu/">Sifted Summit</a> is an annual event hosted by Sifted, bringing together startup founders, investors, and tech enthusiasts to explore the latest trends in European tech. The summit attracts over 1,500 attendees, featuring panel discussions, keynote speeches, and interactive workshops. The next edition will take place between October 8-9, 2025.
<h2 id="web-summit-portugal">Web Summit [Portugal]</h2>
<a href="https://websummit.com/">Web Summit</a> is one of the largest European tech conferences, held annually in Lisbon, bringing together over 70,000 attendees, including founders, investors, industry experts, and global leaders. The next edition will take place between 11-14 November, 2025.
<img src="/img/screenshot-2024-11-26-at-01.10.19-websummit.png" alt="Web Summit [Portugal] " title="Web Summit [Portugal] ">
<h2 id="slush-finland">Slush [Finland]</h2>
<a href="https://slush.org/">Slush</a> is an annual startup and tech event held in Helsinki, Finland, bringing together founders, investors, and industry leaders to foster innovation and entrepreneurship. The event features keynote speeches, workshops, and networking opportunities, focusing on actionable company-building advice. The next edition will take place between November 19-20, 2025.
<h2 id="stay-connected">Stay connected!</h2>
Subscribe to our newsletter (see below!) and stay tuned for similar updates and insights into European startup news, equity trends, VCs, and investment opportunities.

Connect with fellow founders, investors, and industry leaders, and stay ahead with 2025's must attend events

Founder’s agenda: Your list of top European startup events for 2025

SeedBlink hosted a webinar on <a href="https://www.youtube.com/watch?v=1mvIEQSy4DU">“How to avoid becoming uninvestable to a VC?”</a> with guest speaker <a href="https://www.linkedin.com/in/ted-cominos-jr-0b265013/">Ted Cominos Jr.</a>, Partner at <a href="https://www.eversheds-sutherland.com/en/romania">Eversheds Sutherland</a>, and moderated by by Radu Georgescu, the Founder &amp; Chairman of BoD at SeedBlink. Ted has more than 20 years of experience advising clients on mergers and acquisitions, other complex transactions, commercial and contractual matters, corporate finance and other business matters.
During the session, they covered:
<ul>
<li>Common elements VC investors look for before investing in a startup</li>
<li>The role of cap tables, and equity management in the life of a startup </li>
<li>Tips and tricks on how to prepare for a meeting with a venture fund </li>
<li>Common mistakes at different stages of growth that can make you uninvestable</li>
</ul>
Here are some key take-aways:
<h1 id="1-build-a-strong-team">1. Build a strong team</h1>
First and foremost, investors examine the founding team—a strong, cohesive team that can work together, pivot when necessary, and handle the inevitable challenges.
Investors want to see a group of founders, not just one leader, showing they can collaborate and execute together. The ability to face difficult situations, adapt to changing circumstances, and maintain alignment is vital for any startup&#39;s success.
<blockquote>
Ted:
“No matter what you do, no matter how great your plan is, stuff is going to happen. Your plan will go sideways. Runaways will get elongated. So, you need to have a team that can work together, pivot, and be in alignment down the road with you.”
</blockquote>
<blockquote>
Radu:
“Investors look at a startup from a team structural point of view, so that is very important, besides the ability to generate traction and sales.”
</blockquote>
<h1 id="2-protect-your-cap-table-and-ownership-early-on">2. Protect your cap table and ownership early on</h1>
Maintain a clear, up-to-date cap table that accurately reflects all equity distributions and agreements. A <a href="https://seedblink.com/en/2024-02-20-6-common-cap-table-problems-in-vc-fundraising-1-2">messy cap table</a> is oftentimes a major red flag for your potential investors, especially for venture capital funds that pay high attention to this.
<blockquote>
Ted:
&quot;Ensure that all ownership agreements are formalized and that your cap table is complete and accurate. Hidden equity claims can be a major red flag for VCs.&quot;
</blockquote>
<h1 id="3-be-prepared-for-due-diligence">3. Be prepared for due diligence</h1>
For every investment a VC makes, they&#39;ve likely reviewed over 100 opportunities, with only about 5% making it to the due diligence stage. Even after receiving a term sheet, which is a huge accomplishment, there&#39;s still only a 50% chance of closing the deal.
<blockquote>
Radu:
“As an entrepreneur in the process of raising money, investors ask me to invest a lot of time and other resources while I’m trying to run my company. They want me to focus on something I don’t necessarily know if it’s going to go through.”
</blockquote>
Many entrepreneurs underestimate the rigorous nature of the due diligence process. To succeed means to be well prepared, anticipate the tough questions, and build a data room with all necessary documents—ensuring that corporate housekeeping, intellectual property, and other legal matters are all in order. 
Founders who are unfamiliar with <a href="https://seedblink.com/en/2024-08-19-a-beginners-guide-to-startup-funding-term-sheets-before-fundraising">term sheets</a>, <a href="https://seedblink.com/en/2024-07-08-why-a-clean-cap-table-makes-your-startup-more-investable">cap tables</a>, or the <a href="https://seedblink.com/en/2024-06-20-a-guide-on-how-to-prepare-for-due-diligence-when-fundraising">due diligence</a> process often become overwhelmed or make many mistakes. 
Being well-prepared increases the chances of successfully converting that hard-won term sheet into a final, closed deal. Whether through mentoring, educating yourself on venture norms, or having legal counsel guide you through the process, the more you know upfront, the better your odds of successfully securing funding.
<blockquote>
Ted:
“I think many entrepreneurs come in the fundraising process unprepared, maybe a little overconfident and oversimplifying. Let’s say you’ve already done the pitching and done everything perfectly until you’ve got the interest of VCs. Now, you’re getting to the point where they’re going into due diligence. How are you going to be successful through that process? They’re going to put you through the wringer.”
</blockquote>
<h1 id="4-show-confidence-behind-your-claims">4. Show confidence behind your claims</h1>
VCs expect founders to stand behind their claims contractually. Be prepared to legally validate the information you provide to investors and understand the potential consequences if discrepancies are found.
<blockquote>
Radu:
“VCs are looking for cockroaches. The kind of companies that are very solid and don’t die easily.”
</blockquote>
During the process, VCs check if a startup has its house in order—things like proper corporate governance, handling taxes, and employee structures—and they also want assurances that everything presented is accurate. 
After reviewing the business, the investor will expect the founders to &quot;put their money where their mouth is&quot; by contractually backing the information they&#39;ve provided.
<blockquote>
Ted:
“If we’re going to invest $XM in your company and you told us that the value is Y during the due diligence, now we expect you back it up with reps and warranties contractually. We want you to confirm it’s legit and that you stand by it. Because if there is an issue, if there is a disclosure, if we find something wrong- who will bear those risks?
</blockquote>
<h1 id="5-understand-all-financial-implications">5. Understand all financial implications</h1>
Each round builds upon the previous one, so setting up fair terms early on is important to maintain momentum and attract future investors. Same goes for <a href="https://tech.seedblink.com/equity-calculators">understanding dilutions</a> and ownership structure.
If early-stage investors set too demanding terms, it can disrupt the entire fundraising process. Early-stage investors often include return preferences to prioritize their payout before founders or other investors. These terms can be complex and, if not fully understood, may lead to problematic financial scenarios.
<blockquote>
Ted:
****“I think it’s very important to understand exactly what you’re being proposed and model it carefully, understand financial implications, and get your positioning right. Many companies with early-stage investors sometimes give away aggressive terms early on, which will frustrate your ability to layer on subsequent investment rounds later.”
</blockquote>
<h1 id="6-have-patience-fundraising-is-a-long-process">6. Have patience! Fundraising is a long process</h1>
Fundraising is typically a multi-round process, and investors expect entrepreneurs to have a long-term plan at least on their mind. 
<blockquote>
Ted:
&quot;Those entrepreneurs that educate themselves about the fundraising process in advance and are prepared for what&#39;s to come have the highest chances of coming out successfully. How do you get there? Reach out to friends and people who have already been there. Learn from those who have already made it.”
</blockquote>
For more insights, <a href="https://www.youtube.com/watch?v=1mvIEQSy4DU">watch the full SeedBlink webinar on How to avoid becoming uninvestable to a VC</a>:
<img src="/img/webinar-how-to-avoid-becoming-uninvestable-ted-c-16_9-watch-now.png" alt="How to avoid becoming uninvestable to a VC" title="Webinar: how to avoid becoming uninvestable to a VC">
<h2 id="discover-seedblinks-fundraising-as-a-service-and-lay-the-groundwork-for-success-for-your-next-vc-funding-round-prepare-get-warm-vc-intros-get-help-with-deal-structuring-and-more">Discover SeedBlink’s <a href="https://tech.seedblink.com/financing-solutions">Fundraising as a Service</a>, and lay the groundwork for success for your next VC funding round: prepare, get warm VC intros, get help with deal structuring and more.</h2>
Subscribe to our newsletter below and stay tuned for similar updates and insights into European startup news, equity trends, VCs, and investment opportunities.

Common elements VC investors look for before investing in a startup

Valuable tactics on how to avoid becoming uninvestable to a VC

ESOPs have become an essential tool for today’s companies to motivate, retain, and align employees with long-term goals. This is why we recently hosted a webinar on <a href="https://youtu.be/uCKLMzus6bA">The HR perspective on ESOPs</a> (delivered in 🇷🇴) to discuss its benefits and challenges and how to leverage an ESOP to align employee interests with long-term company growth.
Our guests were <a href="https://www.linkedin.com/in/madalinateodorescu">Mădălina Moraru, VP of HR for EMEA at Verifone</a>, and <a href="https://www.linkedin.com/in/nevenca-doca-5821081/">Nevenca Doca, Senior HR Executive Director, Banca Transilvania</a>, moderated by <a href="https://www.linkedin.com/in/carmensebe/">Carmen Sebe, President of BoD at SeedBlink</a>.
During the webinar, they covered:
<ul>
<li>When to launch an ESOP: Determining the right company stage and structure for an ESOP to be most effective.</li>
<li>How to increase employee motivation and retention: Exploring how ESOPs can make employees feel more invested and connected to their company’s future.</li>
<li>HR challenges &amp; common misconceptions: Recognizing and addressing potential hurdles and myths from an HR perspective.</li>
<li>Eligibility &amp; participation: Designing fair and inclusive participation rules.</li>
<li>Communication strategies: Effectively rolling out an ESOP plan so employees understand and appreciate the program.</li>
</ul>
Let&#39;s dive into the main takeaways.
<h1 id="when-is-the-right-time-for-esop-from-an-hr-perspective">When is the right time for ESOP from an HR perspective?</h1>
Employee Stock Ownership Plans (ESOPs) are effective tools for employee retention and motivation, but their implementation steps or effectiveness depends heavily on the company’s growth stage. 
All speakers agreed on the importance of <a href="https://seedblink.com/en/2024-11-01-at-what-stage-optimal-timing-for-esop-during-a-startup%E2%80%99s-growth-phases">tailoring ESOPs to the company&#39;s specific phase and needs</a>. 
<blockquote>
Carmen:
“In Europe, ESOPs are less prevalent than in the U.S. due to a generally less entrepreneurial culture. However, this is changing, especially in the UK, France, and the Netherlands, where supportive legislation makes ESOPs valuable for employees. In countries like Germany and Austria, the legislation is less favorable, resulting in fewer implementations. In Eastern Europe, ESOPs are emerging gradually, with about 5–10% of companies offering such plans.”
</blockquote>
During startup phases, ESOPs act as motivational instruments when cash is limited, while in more mature phases, they become valuable for retention.
Let us expand on that: For early-stage startups, ESOPs help attract senior talent by offering the company&#39;s future potential instead of immediate high compensation, making it easier to bring talent even when cash flow is limited. 
For more mature companies, ESOPs serve as a mechanism to align employee efforts with the company’s long-term goals, especially during rapid growth or in preparation for an exit. Madalina shared her perspective and identified three key moments when it might be a good time to implement an ESOP.
<blockquote>
Madalina:
“I believe there are several points when it&#39;s opportune to introduce an ESOP, but its success depends on using it in the right way. Primarily, ESOPs work well for startups in their early to mid stages, as these companies need to attract key talent. While they may not be able to offer substantial compensation at that moment, they can use ESOPs to sell the company&#39;s potential. This makes ESOPs the most common tool for attracting key positions.
The second right moment to introduce an ESOP is when a company enters a new maturity phase, particularly during rapid growth. In the current market, we see many situations where retaining key people and aligning them with growth goals becomes crucial—this is where long-term financial incentives like ESOPs are effective.
__
The third scenario is for mature companies which have a well-established market presence. For such companies, especially those that are publicly listed or preparing for an exit, ESOPs help align the interests of employees with the company’s goals.&quot;
</blockquote>
Nevenca shared with us an example from the banking industry, where Banca Transilvania used share plans as early as 1997 to retain top management, contributing to very low employee turnover rates. 
<blockquote>
Nevenca:
“In my experience at Banca Transilvania, where I&#39;ve worked for 22 years, we already had a form of share plan as early as 2002-2003, even though there wasn&#39;t any ESOP legislation at the time in Romania. Shares were granted to the top and middle managers, and I remember my first encounter with this was around 2003, when my colleagues received shares for their performance. It was a differentiator for us as an employer, contributing significantly to our low staff turnover—less than 1% annually for top and middle management, consistently below half of the market average.
__
While ESOPs weren’t the sole factor in this retention, they played a key role in fostering a sense of ownership and financial success for the company. In Romania, ESOPs are one of the few benefits with clear fiscal advantages, making them invaluable if used correctly.&quot;
</blockquote>
<h1 id="challenges-and-misconceptions-of-implementing-an-esop">Challenges and misconceptions of implementing an ESOP</h1>
Implementing ESOPs comes with challenges, particularly regarding misconceptions around them, their complexity, and the legal frameworks required. Employees often do not immediately understand the value of ESOPs, especially in private companies where the liquidity of shares is uncertain until an exit. 
Madalina and Nevenca mentioned that successful ESOP implementation includes clearly communicating the benefits of ESOPs to employees and ensuring that they understand the long-term value, rather than focusing solely on immediate cash rewards. Trust and education are highlighted as key elements to mitigate confusion and hesitation.
<blockquote>
Nevenca:
“If someone has experience with ESOPs, they already know what to expect, but for those who don’t, it’s important to explain what they are receiving, why it benefits them, and how it works. Without this understanding, employees may initially react with skepticism or fear, preferring cash over unfamiliar stock options. However, once a core group of early adopters begins to see the value and talk about their positive experiences, interest grows, leading others to aspire for the same benefits.”
</blockquote>
Misconceptions like equating ESOPs with cash bonuses can undermine their effectiveness. Therefore, structured communication and the support of experienced legal and financial advisors are crucial to implementing successful ESOPs that attract and retain talent while aligning with company objectives.
<h1 id="motivation-vs-retention-the-dual-role-of-esops">Motivation vs. Retention: The dual role of ESOPs</h1>
The conversation also explored whether ESOPs are more useful for employee motivation or retention, revealing that the answer often depends on the roles and circumstances involved. 
<blockquote>
Carmen:
“Trust can only develop as employees experience and understand the program, which is a process, not an event.“
</blockquote>
For certain senior roles, ESOPs are an expectation rather than a perk. Employees who have received shares from similar roles will likely expect ESOPs to be part of their overall compensation. Thus, ESOPs are strong motivators in attracting high-level talent, especially in the competitive startup and technology sectors.
<blockquote>
Madalina:
“For certain senior roles, people already come with the expectation that they won&#39;t just receive a base salary and possibly a bonus or some benefits. They expect, and are often waiting for, stock options or shares, especially if they&#39;ve had similar incentives in previous jobs. In markets where such practices are common, offering these kinds of incentives becomes mandatory to attract top talent.”
</blockquote>
Madalina and Nevenca highlighted that the design of ESOPs must often balance both functions—motivating new talent while retaining existing team members. 
<blockquote>
Nevenca:
“In my experience, ESOPs are less effective for attracting talent but are very powerful for retention and motivation—though not as a stand-alone tool. For retention, ESOPs must be attractive and generous enough to make staying worthwhile. For motivation, however, they need to be part of a broader package of incentives.&quot;
</blockquote>
However, beyond motivation, ESOPs play an important role in retaining key employees, particularly in mature companies where aligning long-term interests becomes vital. 
<blockquote>
Madalina:
“If people understand what they&#39;re getting and find it relevant enough, it becomes a powerful retention factor. But the ESOP alone isn&#39;t enough to motivate them. While ESOPs help, other factors also contribute to achieving your desired results. I wouldn&#39;t choose between retention and motivation because it depends on the situation. Ultimately, we need both to attract and retain people effectively within the organization.”
</blockquote>
<h1 id="esop-management-and-cross-functional-collaboration">ESOP management and cross-functional collaboration</h1>
Another significant theme discussed is the complexity of administering ESOPs and the need for a cross-functional approach. ESOPs are not simple incentives but require the coordinated effort of HR, legal, financial, and sometimes tax advisors to ensure proper implementation. 
<blockquote>
Madalina:
****”A challenge we’ve faced involves the complexity of administering ESOPs across different countries, where legislation varies and continually changes.”
</blockquote>
Different countries have varying legislative frameworks regarding stock options, which necessitates a deep understanding of local rules to make ESOPs effective and compliant. For example, the HR leaders noted that understanding tax implications is critical—failure to comply with these regulations could lead to the ESOPs being reclassified as salary-related taxable benefits, diminishing their attractiveness.
Our guests mentioned that companies often face challenges in ensuring that managers are well-prepared to communicate the benefits of ESOPs convincingly to their teams. Consequently, training managers and providing them with the right tools to explain ESOPs effectively is as important as designing the ESOP itself.
<blockquote>
Madalina:
&quot;We’ve learned that relying solely on managers for this communication was not effective, so we moved it up a few levels. It became clear and important for us that those who explain the benefits of ESOPs have to understand the program&#39;s value.&quot;
</blockquote>
<h2 id="for-more-insights-watch-the-whole-seedblink-webinar-on-the-hr-perspective-on-esops-delivered-in-romanian">For more insights, watch the whole SeedBlink webinar on The HR perspective on ESOPs (delivered in Romanian):</h2>
<iframe width="560" height="315" src="https://www.youtube.com/embed/uCKLMzus6bA?si=AoLYPjUPL2XZjI6I" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>



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Effective strategies to engage and retain talent through an Employee Stock Option Plan

The HR perspective on ESOPs: Benefits and challenges 

<a href="https://www.linkedin.com/in/sven-k%C3%B6hler-9539201a/">Sven Köhler</a>, founder and Co-CEO of SiGaN, is leading a deep-tech revolution in power electronics. Founded in 2021 as a spin-off from Anerdgy, SiGaN specializes in advanced, modular power electronics design and software solutions enabling the next level of energy transition applications across diverse sectors, including renewable energy, electric mobility, and industrial automation. 
SiGaN’s Power electronics as a Service (PEaaS) with the underlying Modular Mission 99 Inverter Platform (MMIP) brings a novel approach, enabling OEMs to achieve cost savings, reduced R&amp;D time, and simplified, automated mass production.
What was the spark that led you to found SiGaN, and how did your background with Anerdgy shape the vision?
At Anerdgy, we designed innovative products to enhance the use of renewable energy sources, such as systems that combined solar and wind power. However, we found there was a lack of power electronics products to support these solutions, so we decided to develop them ourselves after failing to source them from third parties. SiGaN was eventually spun off from Anerdgy when we realized that improvements in power electronics were still an open area, and we had a solid starting point to build on. This led to the development of the MMIP, and now we’re starting to market our Power Electronics as a Service (PEaaS) approach, which has been very well received by ODMs/OEMs.
Can you break down the MMIP platform and what makes it such a game-changer for OEMs?
In short, MMIP consists of more than 100 functional blocks in both hardware and software, which can be combined to create customized power electronics for a wide range of products. It’s like our “secret ingredient” that enables us to realize the PEaaS model.
In practical terms, how does SiGaN’s approach help clients cut costs and speed up development?
We position ourselves as a technology service provider. This means that the ODM/OEM comes to us with their product specifications, and we provide them with a fully customized design without requiring upfront payments. Our license fee, however, more than compensates for our efforts over time.
What are the biggest challenges you’ve faced in getting SiGaN off the ground, and what’s been key to overcoming them?
Proud ODM/OEM engineers can initially have mixed feelings about outsourcing core business elements. Our pre-sales job is to help them feel confident about this collaboration and understand that only through working together can they achieve their targets—almost risk-free.
With demand for renewable energy solutions surging, how is SiGaN preparing to seize market opportunities on a global scale?
We’re already prepared from a technology perspective, as our solutions can scale through our ODM/OEM partners. However, certifications are required for the full product, and our customers need time to complete the rollout.
Who are your ideal partners, and how do collaborations fit into SiGaN’s growth strategy?
Ideally, our investors are passionate about technology and committed to accelerating the energy transition. They’re looking to make a positive impact while achieving a solid return on equity through our license fee model.
For investors, why is now the perfect time to get behind SiGaN, and what growth goals do you have your sights set on?
The time is right because major European brands are actively exploring options for their next generation of products. This year has been challenging for them, and with your support, we can turn this into an opportunity, securing collaborations for 2025 and positioning ourselves to benefit significantly from 2026 onward.
--
SiGaN is currently fundraising on SeedBlink. Explore their investment<a href="https://investors.seedblink.com/invest/sigan-peaas/287"> opportunity here. </a>****

Interview with Sven Koehler – Co-founder of SiGaN

Why this Swiss startup’s power electronics are essential for a sustainable tomorrow

Fundraising remains resilient, with €17.6 billion raised YTD in 2024. In Q3, European venture capital activity has been slower compared to last year, with notable trends in AI and femtech, such as Flo Health becoming the <a href="https://sifted.eu/articles/male-founded-startup-europes-first-femtech-unicorn">first femtech unicorn in Europe</a>. 
Now, let’s dive into the major insights from the latest market report!
<h1 id="european-fundraising-overview-in-q3">European fundraising overview in Q3</h1>
Despite the decline in deal volume, certain verticals like software as a service (SaaS), life sciences, and oncology have steadily grown. The UK continues to dominate with several large fund closes, including six vehicles headquartered in London, each raising over €1B. 
Additionally, macroeconomic and <a href="https://www.eu.vc/p/uk-vc-fundraising-corporate-climate">political factors in regions like the UK</a> are highlighted as key influences on private markets.
The median fund size has increased year over year, but the time it takes to close funds remains long. Despite regional trends, European GPs are resilient to market challenges as fundraising activity continues to align with expectations.
Over 60% of funding for European HQ startups in 2024 originates from European investors, with domestic investors contributing 34%. This trend has remained consistent since 2014, with a growing proportion of cross-border European funding. U.S. investors account for a significant portion, representing 28% of the total in 2024, while Asian and other global investors have maintained smaller but steady contributions. 
<img src="/img/image3.png" alt="Europe Tech Update – Q3 2024" title="Europe Tech Update – Q3 2024">
Source: <a href="https://dealroom.co/reports/europe-tech-update-q3-2024">Europe Tech Update – Q3 2024</a>
Meanwhile, Europe has now created 571 unicorns, according to the same report by Dealroom, with 22 new ones in 2024. Of these, 37 have achieved decacorn status, indicating an increasing presence of high-value companies within the region.
<h1 id="european-seed-and-angel-investments-in-q3">European seed and angel investments in Q3</h1>
European seed-stage funding hit $1.5 billion across 800 rounds last quarter, a drop from $1.8 billion in Q3 2023. However, it&#39;s unclear if this signals a slowdown since seed rounds are often added to the data after the quarter ends, making it too early to draw firm conclusions.
<img src="/img/image13.png" alt=" European Venture Funding by Crunchbase" title=" European Venture Funding by Crunchbase">
Source:<a href="https://news.crunchbase.com/venture/europe-startup-funding-recap-q3-2024/"> European Venture Funding by Crunchbase</a>
<h1 id="european-early-stage-investments-in-q3">European early-stage investments in Q3</h1>
European startups raised $4.5B in early-stage funding last quarter across over 290 rounds. Notable deals include Paris-based <a href="https://www.reuters.com/business/energy/newcleo-raises-151-million-new-investors-moves-paris-2024-09-30/">Newcleo securing $151M</a> for atomic energy and Munich&#39;s <a href="https://techcrunch.com/2024/09/25/marvel-fusion-lands-70m-for-laser-powered-fusion-bet/">Marvel Fusion raising $70M</a> for laser fusion energy. ESG compliance company <a href="https://news.osapiens.com/239923-osapiens-raises-120-million-funding-round-led-by-growth-equity-at-goldman-sachs-alternatives">Osapiens from Germany raised $120M</a>, led by Goldman Sachs.
<img src="/img/image15.png" alt="European Venture Funding by Crunchbase" title="European Venture Funding by Crunchbase">
Source: <a href="https://news.crunchbase.com/venture/europe-startup-funding-recap-q3-2024/">European Venture Funding by Crunchbase</a>
<h1 id="european-late-stage-investments-in-q3">European late-stage investments in Q3</h1>
Late-stage funding for European startups dropped 57% year-over-year, reaching $4.2B across over 70 rounds in the third quarter. 
Noteworthy deals include Berlin-based DefenseTech company<a href="https://techcrunch.com/2024/07/11/defence-ai-startup-helsing-raises-487m-series-c-plans-baltic-expansion-to-combat-russian-threat/"> Helsing raising $488M</a>, women’s Health app <a href="https://techcrunch.com/2024/07/30/fertility-tracking-app-flo-health-raises-200m-at-a-1b-valuation/#:~:text=London%2Dbased%20Flo%20Health%2C%20a,app%20to%20become%20a%20unicorn.">Flo Health securing $201M</a>, becoming Europe’s first FemTech unicorn, and Munich-based fitness company <a href="https://techcrunch.com/2024/09/24/egym-a-connected-fitness-startup-conceived-after-the-founder-hit-a-wall-at-the-gym-is-ramping-up-with-200m-at-a-1-2b-valuation/">Egym landing $200M</a>. 
<img src="/img/image7.png" alt="European Venture Funding by Crunchbase" title="European Venture Funding by Crunchbase">
Source:<a href="https://news.crunchbase.com/venture/europe-startup-funding-recap-q3-2024/"> European Venture Funding by Crunchbase</a>
<h1 id="european-vc-funding-in-q3">European VC funding in Q3</h1>
In Q3 2024, VC investment in Europe slowed down, partly due to the typical summer holiday period in August. Despite the slowdown, the quarter still saw ten significant megadeals over $150M, including a $484M raise by Germany’s DefenseTech company Helsing and $386M by France’s gaming company Voodoo. 
<img src="/img/image2.png" alt="European Venture Pulse Q3 by KPMG" title="European Venture Pulse Q3 by KPMG">
Source: <a href="https://kpmg.com/xx/en/our-insights/operations/q3-24-venture-pulse-report-europe.html">European Venture Pulse Q3 by KPMG</a>
The SpaceTech sector also drew attention, with Italy’s <a href="https://spacewatch.global/2024/09/d-orbit-successfully-closes-166m-series-c-round/">D-Orbit securing $166M</a>. AI investments shifted towards vertical integration and niche applications, with defense-tech companies like Helsing capturing investor interest. 
However, <a href="https://seedblink.com/en/2023-06-07-carbon-market-trading-opportunities-at-the-intersection-of-cleantech-fintech">CleanTech investments</a> declined as VCs prioritized profitability and quicker returns. The Health and BioTech sectors saw renewed interest, with notable deals like $200M for the UK’s<a href="https://flo.health/"> Flo Health</a> and $150M for Germany’s <a href="https://www.catalym.com/">Catalym</a>. The UK’s VC scene showed cautious activity, favoring later-stage companies, while Germany had a strong quarter, including Europe’s largest VC deal of $484M by <a href="https://helsing.ai/">Helsing</a>. 
The Nordics region experienced a quiet quarter, though early-stage funds raised capital at a healthy pace. AI, defense-tech, and biotech are expected to remain strong sectors heading into Q4.
<h2 id="vc-deal-activity-in-q3">VC deal activity in Q3</h2>
European startups raised $11.3B in Q3 2024, marking the lowest quarterly total for venture capital in Europe and globally in four years. Although summer often sees a slowdown in investment, this decline reflects a broader dip in VC activity across the board.
<img src="/img/image1.png" alt="Europe Tech Update – Q3 2024" title="Europe Tech Update – Q3 2024">
Source: <a href="https://dealroom.co/reports/europe-tech-update-q3-2024">Europe Tech Update – Q3 2024</a>
European venture capital investment in 2024 is tracking on par with 2023 levels and remains ahead of the totals from 2019 and 2020, indicating resilience despite broader market fluctuations.
<img src="/img/image5.png" alt="Europe Tech Update – Q3 2024" title="Europe Tech Update – Q3 2024">
Source: <a href="https://dealroom.co/reports/europe-tech-update-q3-2024">Europe Tech Update – Q3 2024</a>
So far in 2024, European startups have raised over 2,000 funding rounds of $2M or more, making the venture industry more active than any time before 2021. This highlights the continued strength of the startup ecosystem in the region.
Early-stage European VC, including pre-seed, seed, and Series A, has remained relatively stable over recent years, reflecting consistent funding levels. In contrast, breakout-stage investments (Series B and C) have shown steadiness in recent quarters. 
However, late-stage investments (above $100M) have experienced a noticeable slowdown in Q3 of 2024, with a clear dip compared to earlier peaks in 2021, when late-stage funding saw significant spikes.
<img src="/img/image8.png" alt="Europe Tech Update – Q3 2024" title="Europe Tech Update – Q3 2024">
Source: <a href="https://dealroom.co/reports/europe-tech-update-q3-2024">Europe Tech Update – Q3 2024</a>
<h2 id="top-3-european-regions-in-vc-deals">Top 3 European regions in VC deals</h2>
The UK, Germany, and France remain Europe&#39;s top venture-funded countries in 2024. The UK leads with $12.4B, despite a 9% drop from 2023. Germany and France followed with $6.6B and $6B, respectively, showing mixed trends, with Germany experiencing a 6% increase and France a 13% decline. Notably, the Netherlands saw a significant 31% rise in VC investment, while Sweden saw the steepest drop of 56%.
<img src="/img/image9.png" alt="Europe Tech Update – Q3 2024" title="Europe Tech Update – Q3 2024">
Source: <a href="https://dealroom.co/reports/europe-tech-update-q3-2024">Europe Tech Update – Q3 2024</a>
On a city level, London is Europe&#39;s dominant VC hub, maintaining a stable $8.8B in 2024. Paris and Munich follow with $4.4B and $2.3B, respectively. While Stockholm experienced a 67% decline, Cambridge and Zurich saw notable growth at 35% and 18%. With a 253% increase, Geneva stands out as an emerging hub, while Dublin continues to show steady growth.
<img src="/img/image11.png" alt="Europe Tech Update – Q3 2024" title="Europe Tech Update – Q3 2024">
Source: <a href="https://dealroom.co/reports/europe-tech-update-q3-2024">Europe Tech Update – Q3 2024</a>
In terms of VC fund-raising, Europe is projected to have $33.9B in dry powder by the end of 2024, with $27B raised so far. While this is slightly lower than the peak of $42.1B in 2022, it reflects a strong trajectory compared to previous years, indicating sustained investor confidence in the European startup ecosystem.
<img src="/img/image10.png" alt="Europe Tech Update – Q3 2024" title="Europe Tech Update – Q3 2024">
Source: <a href="https://dealroom.co/reports/europe-tech-update-q3-2024">Europe Tech Update – Q3 2024</a>
<h2 id="top-3-industries-in-vc-deals">Top 3 industries in VC deals</h2>
In 2024, the Health sector has come back as the most funded industry in Europe, securing $7.9B in venture capital so far, surpassing Energy, which raised $7.2B. This is a significant shift from last year when Energy consistently led funding rounds. The revival of health funding is partly due to several large-scale rounds in the UK. 
<img src="/img/image12.png" alt=" Europe Tech Update – Q3 2024" title=" Europe Tech Update – Q3 2024">
Source: <a href="https://dealroom.co/reports/europe-tech-update-q3-2024">Europe Tech Update – Q3 2024</a>
Other key industries attracting significant VC investment include Enterprise Software, with a total value of $7B; Fintech, worth $6.9B; and Transportation, counting down the value at $5.4B. 
Europe&#39;s top VC investment segments for 2024 (Q1-Q3), with Industrial Technology and Generative AI leading at $3.3B each. Other key sectors include GenAI Model Maker and Applications, Electric Mobility, and Circular Economy. Oncology stands out with $1.6B in funding, experiencing a significant $600M surge in Q3 2024. The chart also highlights investments in emerging fields like Space Tech, Hydrogen, Cybersecurity, and Autonomous Mobility, each attracting over $1B. 
<img src="/img/image4.png" alt="Europe Tech Update – Q3 2024" title="Europe Tech Update – Q3 2024">
Source: <a href="https://dealroom.co/reports/europe-tech-update-q3-2024">Europe Tech Update – Q3 2024</a>
<h1 id="expectations-for-the-end-of-the-year">Expectations for the end of the year</h1>
Expectations for Q4 of 2024 in European venture capital markets are cautiously optimistic, based on several key trends from the Q3 2024 European Venture Report. Despite a slower start in fundraising compared to 2023, the YTD total of €17.6B indicates that fundraising could close the year 4.8% higher than the previous year. 
<img src="/img/image6.png" alt="European Venture Report Q3 2024" title="European Venture Report Q3 2024">
Source: <a href="https://pitchbook.com/news/reports/q3-2024-european-venture-report">European Venture Report Q3 2024</a>
Despite <a href="https://seedblink.com/en/2024-11-03-ready-to-invest-european-vcs-that-freshly-raised-in-q3-2024">a growing number of emerging firms</a> in the ecosystem, most capital (64.8%) continues to be allocated to experienced managers, while first-time funds show less resilience. 
First-time funds have raised €1.8B YTD, a 30.8% decline compared to 2023. However, with several large vehicles still open, additional capital could close before year-end.
<img src="/img/image14.png" alt="European Venture Report Q3 2024" title="European Venture Report Q3 2024">
Source: <a href="https://pitchbook.com/news/reports/q3-2024-european-venture-report">European Venture Report Q3 2024</a>
The UK continues to dominate the European venture capital landscape, particularly in fundraising, with €7.4B raised YTD in 2024. This represents over 41.8% of the total capital raised in Europe and is more than double the amount raised in France &amp; Benelux, the second-largest region. 
The UK’s fundraising performance is further reflected by the large size of funds, with six of the top 10 largest closed funds YTD being UK-based. These include Index Ventures Growth VII and Atomico VI, which exceeded €1B. 
Other regions seeing positive trends include the Nordics, Southern Europe, and Central and Eastern Europe, all of which are tracking higher year over year.
<h1 id="find-the-right-investor-and-financing-vehicle-for-your-round">Find the right investor and financing vehicle for your round</h1>
If you want to connect with these investors or check out other active investors in the region, check out the <a href="https://tech.seedblink.com/vc-network">European VC Network list</a> covering venture capital funds from SEE, DACH, Benelux, and others. 
At the same time, we strongly encourage you to consider more flexible funding options for your next round, such as <a href="https://tech.seedblink.com/syndicates">SeedBlink&#39;s syndicate infrastructure</a> with its <a href="https://tech.seedblink.com/raise-hub">rolling facility</a>.

Discover the latest in European venture capital for Q3 2024! We’ll cover the rise in VC funding, the hottest regions and industries for deals, and key market trends.

State of Fundraising in Q3 2024: key findings from market reports

Investment <a href="https://tech.seedblink.com/syndicates">syndicates</a> have gained popularity in the startup ecosystem as a way for angel investors to pool their resources collectively and for startups to access funding easier from a network of backers. 
Whether you&#39;re considering joining an investment syndicate or initiating your own, this article aims to provide an overview of this innovative investment approach. We&#39;ll explore the concept of investment syndicates, including how they work, their advantages and important points to consider. 
<h1 id="what-are-investment-syndicates">What are investment syndicates?</h1>
An investment syndicate is an alliance between a group of angel investors who pool their resources and invest in an opportunity collectively through a specific investment vehicle - most commonly, a <a href="https://docs.seedblink.com/companies-1/raise-financing-round/understanding-the-nominee-structure">nominee</a> structure. With syndicates, investors can access larger ticket deals that might be out of reach individually, share the risks, and leverage the group&#39;s expertise.
<h1 id="who-initiates-a-syndicate">Who initiates a syndicate?</h1>
Investment syndicates are typically led by a seasoned angel investor, referred to as the lead investor. This individual takes charge of identifying potential deals, performing <a href="https://seedblink.com/en/2024-06-20-a-guide-on-how-to-prepare-for-due-diligence-when-fundraising">due diligence</a>, negotiating terms with startups, and facilitating communication among other syndicate members, known as follow investors. The lead investor’s expertise plays a crucial role in navigating the investment process and identifying promising opportunities.
Members of the syndicate benefit from this expertise as well as the collaborative due diligence efforts, which can enhance investment decision-making. Although they have less direct control over specific investments, members receive regular updates and reports to stay informed.
Startups can also initiate syndicated investments - from private investors not necessarily investing collectively - and bundle them in the same investment vehicle. The main reasons are less administrative burden (as the vehicle provider takes care of these admin aspects and KYC checks), easier post-investment governance, and being better equipped to handle future investments with a clean cap table.
<blockquote>
SeedBlink helps startups create an investment syndicate to pool investors under a single line in your cap table and <a href="https://tech.seedblink.com/raise-hub">streamline your fundraising journey and governance</a>.
</blockquote>
<h1 id="advantages-of-investment-syndicates-for-startups">Advantages of investment syndicates for startups</h1>
<ul>
<li>Access to more capital: Syndicates enable startups to raise more capital faster than securing funding from individual investors, allowing them to accelerate growth plans and pursue ambitious goals.</li>
<li>Clean cap table: All angel investors are bundled into one investment vehicle, which is listed under one line in the startup’s cap table, simplifying shareholder management and the structuring of future rounds.</li>
<li>Simplified fundraising process: The syndicate simplifies communication and streamlines fundraising - since the admin stuff is handled by the lead investor or by the platform that provides the investment vehicle. The post-investment process is also much simpler compared to managing numerous individual investors.</li>
</ul>
<img src="/img/foodfix-social-media-quote-card-syndicates-s.png" alt="SeedBlink FoodFix case study on syndicates">
<blockquote>
Read the full <a href="https://tech.seedblink.com/case-study/foodfix-raises-angel-money-efficiently">FoodFix case study on syndicates here</a>.
</blockquote>
<ul>
<li>Strategic guidance and support: By working with a group of investors that join a syndicate, the startup brings together people with diverse expertise and networks. These connections can be invaluable for founders, as they can leverage the investors&#39; knowledge and networks to their advantage.</li>
</ul>
<h1 id="advantages-of-investment-syndicates-for-angel-investors">Advantages of investment syndicates for angel investors</h1>
<ul>
<li>Increased deal flow and access to more opportunities: Syndicates provide access to a wider range of investment opportunities, including deals that might be outside an individual&#39;s budget. Investors often use syndicates to diversify their portfolios and potentially gain exposure to high-growth ventures.</li>
<li>Reduced risks and shared expertise: Pooled investments mitigate risk for individual angels by spreading funds across multiple startups. Additionally, the lead investor&#39;s expertise benefits everyone involved, as their knowledge and due diligence processes improve deal selection and overall outcomes. Tasks and workloads can be shared among syndicate members also.</li>
<li>Access to deals with lower investment minimums: Syndicates allow individuals to participate in deals with lower investment minimums compared to direct investments.</li>
</ul>
<img src="/img/quote-syndicates-tech-angels.png" alt="SeedBlink Tech Angels Members syndicates case study">
<blockquote>
Read the full <a href="https://tech.seedblink.com/case-study/techangels-members-drive-syndicate-deal">Tech Angels Members syndicates case study here</a>.
<hr>
</blockquote>
<ul>
<li>Follow-on and secondary opportunities: Ability to add investors (new or existing) to the syndicate at a later date; ability to follow-on and execute secondaries within the syndicate, allowing for early liquidity. </li>
</ul>
Secondary opportunities are a very important part of defining exit strategies - and investors should note that not all syndicate platforms offer this option. Carefully consider all aspects of the investment deal, including secondary options.
<blockquote>
This is also an advantage for startups, as it provides flexibility for future rounds.
</blockquote>
<h1 id="other-points-to-consider-regarding-syndicated-investments">Other points to consider regarding syndicated investments</h1>
<h2 id="goal-alignment">Goal alignment</h2>
With syndicated investments, the goals of all syndicated members may not always be perfectly aligned, and direct communication is sometimes hindered. Startups can address this by regularly communicating progress with their investors.
Also, a group of investors can put more pressure and have more negotiating power on the startup, similar to major investors. At the same time, with multiple investors in the syndicate, ownership of the underlying investment may be diluted with future rounds, so special attention needs to be paid here.
<h2 id="fees-and-carried-interest">Fees and carried interest</h2>
Syndicate investments involve various fees and expenses, that are paid by the startup, by the investors, or both. Examples include management fees, success fees, consultancy on structuring the round, or due diligence costs. Syndicate members and providers need to ensure that all costs are transparent to all parties involved.
In a classic syndicate setup, lead investors often charge fees for their services, including management fees and carried interest, which is a share of the profits earned on the investment. These fees can eat into potential returns for syndicate members.
Modern platforms like SeedBlink offer flexibility in how these fees are split, and startups can even raise private rounds without necessarily having a lead investor in the syndicate. Check out <a href="https://tech.seedblink.com/syndicates">SeedBlink’s syndicates offering</a>.
<h2 id="regulatory-compliance">Regulatory compliance</h2>
Regardless of the structure you choose and the number of investors in the syndicate, each party needs to be aware of the regulatory compliance implications for their business and jurisdiction and the steps needed to comply. This includes for example data privacy, legal issues as well as taxation during the investment and upon exit. 
Good to know: SeedBlink&#39;s Austrian based <a href="https://docs.seedblink.com/companies-1/raise-financing-round/understanding-the-nominee-structure">nominee</a> is a tax transparent infrastructure. 
<blockquote>
<hr>
<a href="https://tech.seedblink.com/syndicates">Start a syndicate with SeedBlink today.</a>
</blockquote>

Learn about investment syndicates, how investors and startup founders can initiate one, and the main benefits.

Investment syndicates explained: A collaborative funding path for startups and angels

If you&#39;re a founder gearing up for a fundraising round in the last quarter of this year, you&#39;ll want to keep these venture capital firms on your radar. They’ve recently raised new funds, making them more likely to explore fresh investment opportunities.
By identifying which VCs have available capital, you can direct your efforts more strategically. Understanding each firm’s investment focus and preferred stage allows you to fine-tune your pitch to align with their interests.
To help you get started, we’ve compiled a list of venture capital funds from the SEE, DACH, and Benelux regions that have secured new capital in Q3 2024. Take a look below!
<h2 id="new-vc-funds-raised-in-see">New VC funds raised in SEE</h2>
Here is a list of new venture capital (VC) funds raised in the third quarter of 2024 in the SEE region: 
[The Czech Republic] <a href="https://therecursive.com/europe-s-industrial-tech-transformation-fueled-by-a-new-e50m-fund/">Jet Ventures</a> --&gt;raised a new venture capital fund targeting €50M and focusing on industrial B2B startups across the Czech Republic, Germany, Austria, Poland, and Slovakia. 
[Hungary] <a href="https://therecursive.com/a-new-e40m-vc-fund-powering-sustainable-innovation-in-hungary-and-cee/">Impact Ventures III </a>--&gt; The European Investment Fund (EIF) and the Hungarian National Capital Holding launched a €40M venture capital fund focused on supporting early-stage startups and small to medium-sized enterprises (SMEs) in Hungary and Central Eastern Europe.
[Hungary] <a href="https://therecursive.com/hungarian-lead-ventures-launches-e100m-fund-for-cee-startups/">Lead Ventures</a> --&gt; announced the launch of its new €100M fund, targeting startups in CEE. Investment tickets between €2M and €10M are available for startups raising Seed and Series A rounds. 
[Hungary] <a href="https://www.vestbee.com/blog/articles/nesprit-launches-750k-micro-fund">Nesprit </a>--&gt; announced a €750,000 early-stage micro fund to invest in climate tech, water tech, foodtech, and IIoT startups across CEE. 
[Bulgaria] <a href="https://therecursive.com/brightcap-ventures-announces-first-close-of-e60m-fund-to-scale-see-startups/">BrightCap Ventures</a> --&gt; announced the closing of its new fund, targeting €60М, which aims to invest in founders from Southeastern Europe.
[The Czech Republic] <a href="https://www.vestbee.com/vc-list/tensor-ventures">Tensor Ventures</a> --&gt; raised €1.3M from Venture Club for its deeptech fund to invest in deeptech startups in Luxembourg and the Czech Republic. 
[Poland] 24Ventures, Digital Ocean Ventures Starter, Hard2beat, and Tar Heel Capital Pathfinder --&gt; recently received a total investment of <a href="https://therecursive.com/polish-pfr-ventures-with-e46-7m-investment-in-four-new-early-stage-vc-funds/">€46.7M from PFR Ventures</a>. 
CEE-based startups are also on <a href="https://therecursive.com/metis-ventures-enters-cee-and-appoints-romanian-principal/">Metis Ventures</a>&#39;s radar, where Mircea Ghita, our former Country Manager, was appointed their lead CEE expansion. The company is looking to invest in 8-10 startups next year, with tickets up to €3M for AI-enabled areas. 
If you are a founder looking to raise funds in this geographical area, these funds will continue to invest in and support the growth of startups in the SEE region. 
<h2 id="new-vc-funds-raised-in-dach">New VC funds raised in DACH</h2>
Here is a list of new venture capital (VC) funds raised in the third quarter of 2024 in the DACH region: 
[Germany] <a href="https://www.vestbee.com/blog/articles/sunfish-partners-launches-sunfish-cee-ii-fund">Sunfish Partners</a> --&gt; announced Sunfish CEE II fund to support tech startups in the CEE region at the pre-seed and seed stages. Investment tickets range between €250,000 and €500,000 and are targeting deep tech startups across Eastern Europe.
[Germany] <a href="https://tech.eu/2024/09/19/capmont-raises-eur100m-to-invest-in-early-stage-b2b-tech-startups-in-europe-us/">Capmont Technology</a> --&gt; the venture firm focusing on B2B tech companies across Europe and the US raises €100M to invest in early-stage B2B tech founders. 
[Germany] <a href="https://www.vestbee.com/vc-list/alpine-space-ventures">Alpine Space Ventures</a> --&gt;raised €170M fund to support the global space ecosystem, especially in Europe and the US. 
[Germany] <a href="https://sifted.eu/articles/solo-gp-booom-e17m-fund-news">BOOOM</a> --&gt; run by solo GP Felix Plapperer announced the final close of the first €17M to invest in European B2B SaaS startups. 
If you are a founder looking to fund in this geographical area, these funds are keen to invest and support the growth of startups in the DACH region, giving you a reason to be hopeful. 
<h2 id="new-vc-funds-raised-in-benelux">New VC funds raised in Benelux</h2>
Here is a list of new venture capital (VC) funds raised in the second quarter of 2024 in the Benelux region: 
[Belgium] <a href="https://www.eu-startups.com/2024/09/belgium-based-vives-iuf-fund-raises-additional-e5-million-to-invest-in-luxembourg-startups/">VIVES IUF</a> --&gt; raised an additional €5M from the Luxembourg Future Fund 2 (LFF 2) to invest in Luxembourg startups, bringing its total funding to € 75M.
[Switzerland] <a href="https://www.eu-startups.com/2024/08/zurich-based-venture-capital-firm-redalpine-closes-a-new-record-fund-of-over-e179-million/">Redalpine Ventures</a> --&gt; announced the final close of its largest-ever fund, Redalpine Capital VII (RAC VII), at over €179M. 
[The Netherlands] LUMO Labs --&gt; raised <a href="https://lumolabs.io/e100-million-venture-capital-for-a-greener-and-stronger-society-through-european-technology-fund-lumo-rise-fund/">LUMO Rise Fund</a> with €100M ready to invest in up to 35 impact-driven digital startups across the Netherlands, Belgium, Germany, Spain, Portugal, Scandinavia, and the Baltics. 
[The Netherlands] <a href="https://goldeneggcheck.com/en/gec-capital-raises-e5m/">Golden Egg Check </a>--&gt; raised a €5M fund, aiming to co-invest in 30-35 early-stage companies, focusing on pre-seed and seed rounds.
Earlybird Venture Capital‘s family of funds will soon focus on two distinct entities: <a href="https://www.eu-startups.com/2024/08/earlybird-venture-capital-restructures-into-two-entities-to-provide-more-support-for-portfolio-companies/">Earlybird and Earlybird Health</a>. The goal is to provide more support for existing and new portfolio companies. 
Additionally, Atomico introduced <a href="https://blog.pitchndeal.com/european-vc-atomico-presents-two-new-funds-totalling-e1-12-billion-its-largest-ever-fundraise/">two new funds with a total of €1.12B</a> and a specialized team for each stage of maturity. 
<h2 id="find-the-right-investor-and-financing-vehicle-for-your-round">Find the right investor and financing vehicle for your round</h2>
If you want to connect with these investors or check out other active investors in the region, check out the <a href="https://tech.seedblink.com/vc-network">European VC Network list</a> covering venture capital funds from SEE, DACH, Benelux, and others. 
At the same time, we strongly encourage you to consider more flexible funding options for your next round such as SeedBlink&#39;s Fundraising as a Service - where we do the warm intros and handholding for your next round.

Discover the latest European VC funds raised in Q3 2024. 

Ready to invest: European VCs that freshly raised in Q3 2024

How much equity should I give to my first employees? How do I deal with company shares at different stages that my company is undergoing? How do I create a work environment where my employees feel part of it? How do I create a fair and consistent plan in the long run?
These are just some of the questions we’ll try to address and explain when and how employee stock option plans are needed in your company and what exactly you should do, depending on your current growth stage.
In this article, we&#39;ll explore how ESOPs can benefit your company at different stages of its life cycle, guiding you in what steps you need to take in each stage of growing your company, what resources you need, and how much equity you should allocate.
<h1 id="why-do-startups-need-employee-stock-option-plans">Why do startups need employee stock option plans?</h1>
Employee stock option plans, or ESOP, are a form of employee benefit plan that gives employees an ownership interest in the company by providing them with company stock, often at no upfront cost to them.. In the context of startups and growing businesses, the strategic implementation of these plans can play a tremendous role in aligning employee engagement with the company&#39;s goals, thereby helping to build a sense of ownership, dedication, and shared purpose during day-to-day activities.
<h2 id="esop-benefits-for-employees">ESOP benefits for employees:</h2>
<ul>
<li>Early financial savings: Employees become owners and directly benefit from the company&#39;s success through profit sharing or stock ownership. This can help them build wealth over time.</li>
<li>Increased job security: Employee-owned businesses tend to be more stable and profitable, which can lead to greater job security for employees.</li>
<li>More engagement and motivation: When employees have a stake in the company&#39;s success, they are often more motivated to work hard and contribute to its goals.</li>
<li>Greater voice and influence: Employee-owned companies often have more democratic structures, giving employees a greater say in running the company.</li>
</ul>
<h2 id="benefits-for-businesses">Benefits for businesses:</h2>
<ul>
<li>Improved productivity and performance: Studies have shown that employee-owned businesses are more productive and profitable than traditional businesses. This is likely due to the increased motivation and engagement of employees.</li>
<li>Better decision-making: Employee owners tend to think more about the company&#39;s long-term health, leading to better decision-making.</li>
<li>Stronger company culture: Employee ownership can foster a more collaborative and cooperative company culture.</li>
<li>Easier succession planning: Employee ownership can provide a smooth ownership transition when a founder or owner wants to retire.</li>
</ul>
<h1 id="esop-pools-by-startup-growth-stage">ESOP pools by startup growth stage</h1>
<h2 id="pre-seed-stage--thinking-ahead">Pre-seed stage — thinking ahead</h2>
This stage is often characterized by high uncertainty and high risk, as you’re still testing whether there’s a market fit for your idea.
While implementing an ESOP might be premature at the pre-seed stage, you can start planning for it. During this phase, you focus on developing the business concept, securing initial funding, and perhaps bringing on a few key team members. You should consider:
<ul>
<li>Future talent needs: Outline the key roles and skills needed to grow the business. An ESOP can provide a way to attract talent when cash resources are limited by offering a share in the company’s future growth.</li>
<li>Investor expectations: Early-stage investors often expect to see a plan for an ESOP, which indicates a commitment to building and retaining a core team.</li>
</ul>
At the pre-seed stage, valuations are typically low and highly speculative, usually in the range of €500K to €3M. The valuation is largely based on the business idea&#39;s potential, the team’s experience, and the perceived market opportunity.
If you decide to set up an ESOP so early, allocate a portion of equity (typically 10% of total equity) specifically for these early hires and key employees. This is critical in attracting and retaining talent without a large cash outlay. Early on, it’s easier to allocate a significant percentage to an ESOP before valuations rise and the pool’s value increases.
At this stage, an ESOP can serve as a powerful incentive for early employees who are taking a risk by joining a young company. These employees often play essential roles in getting the company off the ground, and equity offers them a stake in its potential success. An early ESOP plan helps create alignment and commitment among your team from day one.
The fact that you have an ESOP pool does not mean you have to allocate it all from the start. By creating a sizable ESOP early on, a company can cover a significant portion of its future hiring needs without having to add more equity to the pool at a higher valuation. This minimizes the need to issue more shares later, which would dilute the founders&#39; and early investors’ stakes more heavily due to the company’s higher valuation.
<img src="/img/esop-size-index.png" alt="Source: Rewarding talent by Index Ventures" title="Source: Rewarding talent by Index Ventures">
Source: <a href="https://www.indexventures.com/rewarding-talent/esop-size-at-series-a-and-beyond">Rewarding talent by Index Ventures</a>
<h2 id="seed-stage--implementation-time">Seed stage — implementation time</h2>
At this point, the company shows initial traction through indicators like early sales, user growth, and milestones in product development. Investors now seek evidence that the business can scale, and valuations start to reflect these tangible metrics. In the seed stage, valuations rise as traction builds; in Europe, they typically range from €2M to €8M, depending on factors like sector, market response, and growth potential.
With a validated business model and either early revenue or funding rounds underway, setting up an ESOP becomes a priority. Here’s why the seed stage is ideal for creating an ESOP:
<ul>
<li>Attracting talent: As demand grows for specialized skills, offering equity can help bring in top talent, especially when cash is limited.</li>
<li>Aligning interests: An ESOP aligns the team’s goals with long-term company success, encouraging ownership and commitment.</li>
<li>Preparing for growth: Setting up an ESOP early creates a structured framework to support future scaling efforts and funding rounds.</li>
</ul>
Creating an Employee Stock Ownership Plan (ESOP) during the seed stage is a strategic step that can set your startup up for success as it scales. If you don&#39;t already have an ESOP in place, the seed stage is definitely the time to start one, and we strongly recommend doing so. Here’s why an ESOP matters at this point:
Creating an ESOP during the seed stage is a strategic move that can set the company up for future success. If you haven’t already, we strongly recommend establishing one now. Typically, about 10% to 12% of equity is allocated to the ESOP pool at the seed stage, providing a reserve to attract essential talent without excessive dilution in later rounds.
Beyond the founding team, seed-stage ESOPs often include early employees who joined close to inception and play a vital role in early growth. By awarding these employees equity, you align their incentives with the company’s success, building loyalty and engagement that benefit the company as it scales.
<h2 id="series-a-stage--adjusting-and-expanding">Series A stage — adjusting and expanding</h2>
In the European market, Series A valuations span a broad range, typically between €8M and €500M+, depending on factors like growth rate, market potential, and revenue trajectory. At this stage, larger institutional investors are often drawn to a startup’s growth potential.
To close a Series A round, startups generally offer investors 10% to 25% equity, depending on the valuation and capital raised. This equity allocation is a balance between securing sufficient funding and minimizing dilution for existing stakeholders.
Having an ESOP at the Series A stage can be highly advantageous, as the company enters a period of rapid growth. An ESOP pool of about 12% to 15% is recommended, supporting the hiring of new talent and realigning incentives for existing team members who may experience dilution from recent funding.
At this stage, ESOP eligibility is often extended beyond the founding team to include senior management, as well as essential hires in sales, marketing, and operations. Offering equity to these roles promotes a unified culture, encouraging team members to contribute to scaling the company effectively.
As the company scales—possibly expanding into new markets or accelerating customer growth—the ESOP may require adjustment to reflect these changes:
<ul>
<li>Valuation adjustments: As the company&#39;s valuation increases, the value of equity grants also rises, so adjusting the ESOP helps ensure incentives stay aligned with the company’s current valuation.</li>
<li>Supporting new hires: With rapid growth, expanding the ESOP can ensure competitive equity offers to continue to attract top talent.</li>
<li>Retention: Adjusting ESOP allocations can also aid in retaining critical employees, which is essential during high-growth phases.</li>
</ul>
At the Series A stage, these adjustments help align the ESOP with the company’s growth objectives, supporting both talent acquisition and retention as the startup scales.
<h2 id="series-b-and-beyond--refinement">Series B and beyond — refinement</h2>
At the Series B stage in Europe, valuations generally range from €50M to €1B+, reflecting a stable business model, consistent revenue, a solid customer base, and in some cases, profitability. Investors at this point are backing a proven company aiming to solidify its market position.
Companies typically offer 10% to 20% equity to Series B investors, striking a balance between raising substantial capital and minimizing dilution for existing shareholders.
The ESOP pool at the series B stage often targets 15% to 20% of equity, focusing on retaining key personnel and incentivizing senior leadership and essential technical talent. These allocations are designed to align the team with the company’s long-term vision.
For companies at Series B and beyond, ESOP strategies evolve to emphasize retention and motivation for executives and employees who can drive innovation, oversee large-scale operations, and support ongoing growth. Even with an established ESOP, considerations at this stage include:
<ul>
<li>Refinement for retention: Structuring equity grants to secure high-performing talent and leadership crucial for sustaining growth and fostering innovation.</li>
<li>Alignment with long-term goals: ESOP allocations that reinforce long-term objectives, whether preparing for a public offering or maintaining a strong position in a competitive market.</li>
</ul>
<h2 id="the-impact-of-dilution-on-esop-at-different-growth-stages">The impact of dilution on ESOP at different growth stages</h2>
As a company grows, the ESOP pool generally stays within a range of about 10% to 20% of total equity. However, the purpose and allocation strategies within the pool adapt to meet the evolving needs of each stage.
Early-stage employees often receive larger individual allocations, especially those hired early on, who contribute to foundational work and are compensated partly with equity due to limited cash resources. Over time, while the ESOP pool size may increase slightly, individual equity grants often become smaller as company valuation rises, making each share more valuable. Founders and early team members usually hold a larger equity percentage, while later hires receive smaller percentages but with higher share value due to the company’s growth. This balance rewards early contributors&#39; risk-taking and provides newer hires the opportunity to benefit from a more mature, stable company.
As employees leave before fully vesting their equity, reclaimed shares can be redistributed or reserved for new hires, creating natural fluctuations in the ESOP’s cap table percentage. Dilution, which happens as the company issues new shares (typically during funding rounds), reduces the ownership percentage for existing shareholders, including ESOP participants, impacting the value of current equity grants and influencing future ESOP allocations.
Key considerations in managing ESOP dilution:
<ul>
<li>Decrease in ownership percentage: Each new share issued lowers the relative ownership stake of existing shares, including those within the ESOP. This reduction in ownership percentage can impact employees&#39; perception of their equity’s value, potentially requiring adjustments to maintain alignment with company goals.</li>
<li>ESOP refreshes: To counter dilution’s effects on employee incentives, companies often refresh the ESOP by allocating additional shares. This maintains an attractive pool of equity compensation for both current and future employees.</li>
<li></li>
</ul>
Valuation and exit implications: Although dilution can decrease the relative ownership percentage, an increase in valuation ideally offsets this by raising the absolute value per share. This balance is crucial for ESOP participants, as it affects their potential return in an acquisition or IPO scenario.
<ul>
<li></li>
<li>Strategic planning and communication:* Effective planning for dilution impacts, especially on ESOP allocations, is essential. Transparent communication with employees about how funding rounds and dilution affect their equity grants builds trust and alignment.
</li>
</ul>
<h2 id="build-a-culture-of-ownership-today">Build a culture of ownership today!</h2>
ESOPs are viewed as instruments capable of positively impacting company performance through motivation, productivity, financial enhancements, employee engagement, and competitiveness. 
While the implementation and long-term effects may vary based on specific contextual factors within each company, you are not alone on this journey.
SeedBlink has brought a team of financial and legal experts closer to help you take the first steps in this journey. The <a href="https://tech.seedblink.com/esop-design">ESOP Design program</a> guides you through creating, launching, and managing the whole Employee Stock Option Plan without hassle. You&#39;ll be connected with legal and tax advisors to ensure your plan and program meet regulatory approval and align with the best tax practices. 
If you already have an ESOP in place but want a streamlined, fully digital way to manage it, explore the SeedBlink ESOP management platform. 
<a href="https://tech.seedblink.com/esop-management">Manage your ESOP with SeedBlink</a>

A guide to implementing and adjusting an ESOP at each stage of a startup’s journey

When to launch an ESOP: Timing it right for maximum impact in your startup’s growth

Portfolio management in venture capital is an ongoing process of managing and optimizing investments in early-stage startups to maximize returns and minimize risk. For investors, this involves making strategic decisions on capital allocation, follow-on investments, and how best to support portfolio companies through their growth stages. 
Unlike traditional asset management, which deals with liquid, publicly traded assets, VC portfolio management focuses on private companies with uncertain futures. Investors look for portfolio management strategies to minimize the risks associated with investing in startups and new ways to generate returns. 
Effective portfolio management in venture capital often involves a longer time horizon than public market investments, reflecting the illiquidity of startups and the time it takes to mature. This article will explore the key components of portfolio management, the challenges investors face, and how to approach them.
<h1 id="core-elements-of-effective-vc-portfolio-management">Core elements of effective VC portfolio management</h1>
With this basis of what portfolio management is, we can now dive deeper into the elements that shape a strong VC portfolio management strategy: data analysis, performance tracking, risk management, and capital allocation. Each of these elements helps investors and VCs to maintain a diversified and growing portfolio.
<h2 id="data-analysis">Data analysis</h2>
Without a comprehensive understanding of how each company in a portfolio performs, it is difficult for VCs to manage their deals. 
Analyzing data enables investors to spot trends, identify high-performing companies, flag potential issues early, and gain insights for potential follow-on investments and exits. 
Investors typically analyze a variety of data points when managing their portfolios. These can be broadly categorized into three main areas, with the caveat that these are just highlights of data points that can be adjusted and looked at more granularly depending on the stage of the startup:
Pre-investment due diligence data:
<ul>
<li>Market analysis (size, growth rate, competitive landscape)</li>
<li>Team capabilities and track record</li>
<li>Financial projects and business model viability</li>
<li>Product-market fit assessment</li>
<li>Intellectual property status</li>
<li>Customer traction and feedback </li>
</ul>
Ongoing portfolio company performance metrics:
<ul>
<li>Revenue growth rate</li>
<li>Gross and net margins</li>
<li>Burn rate and runaway</li>
<li>Customer acquisition cost (CAC) and customer lifetime value (CLTV/ LTV)</li>
<li>Recurring revenue for SaaS companies - MRR, ARR, etc.</li>
<li>Customer retention rate</li>
<li>User engagement metrics (for digital products)</li>
<li>Product development progress</li>
<li>Key hires and team expansion</li>
</ul>
Board-level insights:
<ul>
<li>Strategic decisions and pivots</li>
<li>Challenges and risks identified during board meetings </li>
<li>Long-term vision and roadmap updates</li>
</ul>
<h2 id="performance-tracking">Performance tracking</h2>
Without consistently monitoring key metrics, you will struggle to assess whether your investments are on track to deliver the desired returns. 
Having a clear overview of specific numbers will guide your decisions on follow-on investments, exit timing, and overall fund strategy. It also helps demonstrate value to LPs and ensures the portfolio is progressing toward meeting its financial objectives.
There are several key investment-specific metrics that VCs use to track the performance of their investments, and some of the common ones include:
****<a href="https://seedblink.com/en/glossary/internal-rate-of-return-irr">**Internal Rate of Return (IRR)**</a> — IRR is a time-sensitive metric that calculates an investment&#39;s annualized rate of return, accounting for the timing of cash flows in and out.
It considers both the amount and the timing of each cash flow (<a href="https://www.moonfare.com/glossary/capital-call">capital calls</a>, distributions, etc.), giving a percentage that represents the investment’s growth rate. IRR helps compare investments with different timelines. Depending on the investor’s goals, a lower IRR on a shorter investment period might be better than a slightly higher IRR over a long period. 
This outcome gives investors the ability to free up and reinvest capital sooner, which outweighs the appeal of marginally higher returns stretched over a longer timeframe. This approach also emphasizes the importance of liquidity and the potential for compounding gains through reinvestment, aligning well with strategies that prioritize agile capital deployment.
****<a href="https://seedblink.com/en/glossary/multiple-on-invested-capital-moic">**Multiple of Invested Capital (MOIC)**</a> — It’s a gross measure of how much value an individual investment has generated relative to the capital invested in it without taking into account fund fees and expenses. It’s calculated as the (current value + any cash distributions) divided by the initial investment amount.
Gross MOIC is simple and shows how much each dollar invested in a single portfolio company has grown. For example, a Gross MOIC of 2.0x means the investment has doubled, while 0.8x means it’s currently underwater.
<h2 id="risk-management">Risk management</h2>
Investing in startups and early-stage companies has many challenges and risks, as companies have a high failure rate. 
Proactively managing risk helps protect investments, optimize returns, and ensure the <a href="https://seedblink.com/en/2023-07-27-the-winning-edge-in-angel-investing-embracing-the-power-of-long-term-thinking">long-term viability of a portfolio</a>. By implementing structured risk identification and mitigation approaches, VCs can better <a href="https://seedblink.com/en/2022-03-29-investing-in-uncertain-times">navigate through periods of uncertainties</a> inherent in early-stage investments.
VCs typically manage risk across multiple dimensions by utilizing various strategies, including:
Market and industry risks
Market shifts, competitive threats, and changes in the regulatory landscape can directly impact the performance of your companies and your portfolio. One key activity here is monitoring the macroeconomic landscape, sector-specific developments, and how new technologies and consumer behavior impact companies. 
<a href="https://seedblink.com/en/2024-08-19-portfolio-diversification-101-how-to-include-cross-border-investment-strategies-in-your-portfolio">Diversifying your investment portfolio</a> across other industries and geographies can also avoid market risks.
<img src="/img/_img_blog-1920x1080-16_9-tia-3-diversify.png" alt="Portfolio diversification 101: How to include cross-border investment strategies in your portfolio">
Financial risks
Companies with high burn rates or limited cash reserves are more <a href="https://seedblink.com/en/2023-11-01-bull-vs-bear-understanding-markets-ups-and-downs">vulnerable to downturns</a> or delays in securing additional funding. Regular financial reviews and scenario planning help you anticipate capital needs and avoid funding gaps.
As an investor, you have <a href="https://seedblink.com/en/2022-10-06-i-invested-in-a-startup-now-what">a role and an impact in guiding portfolio companies</a> through periods of uncertainty. It often includes providing strategic advice, connecting founders with industry experts, or offering additional operational support during the most important growth phases. 
Execution and operational risks
Delays in product development, challenges in scaling operations, or key employees leaving can impact a company’s performance. If you identify these risks through close communication with founders and <a href="https://seedblink.com/en/2024-07-08-the-hourglass-company">board-level insights</a>, there is a chance you can prevent things from getting complicated.
Capital allocation
The core element of an investor’s strategy is deciding how to distribute limited funds effectively across a range of portfolio companies. VCs typically base their capital allocation decisions on several key factors, including a company’s growth stage, market potential, and performance metrics.
Here are two strategies for capital allocation that you can use: 
<ul>
<li>Follow-on investments: In a follow-on round, VCs provide additional funding to existing portfolio companies during later funding rounds. As an investor, you can guide founders on when and how much additional capital to request. So, you can use follow-on rounds to support those companies in your portfolio that show strong performance and drop those that may not justify further capital. </li>
<li>Bridge rounds: A form of short-term financing that provides additional capital to a startup between larger funding rounds, often when the company needs liquidity to hit certain milestones, extend its runway, or prepare for a larger round (e.g., Series A or Series B).</li>
<li>Staging capital: Another approach to capital allocation is staging investments, where VCs provide funding in phases based on a company’s achievement of specific targets or milestones.</li>
</ul>
<h1 id="best-practices-for-portfolio-management">Best practices for portfolio management</h1>
Best practices provide a framework for decision-making, guiding VCs in managing their investments and ensuring that their portfolio aligns with the fund’s objectives. They also help maintain consistency and accountability, which are critical when reporting to limited partners (LPs).
The main areas where best practices should be followed include:
<h2 id="clear-goals-and-strategies-for-each-portfolio-company">Clear goals and strategies for each portfolio company</h2>
Clear goals and strategies for each investment ensure that capital is allocated efficiently and that startups are aligned with the fund’s expectations for growth and returns. 
For example, a fund focusing on early-stage tech startups might prioritize rapid growth and market share over short-term profitability, while a later-stage fund might focus on ensuring portfolio companies are on the path to profitability and ready for acquisition or IPO.
<h2 id="review-and-adjust-investment-thesis-based-on-performance">Review and adjust investment thesis based on performance</h2>
Once a portfolio is established, the next step is to review and adjust your investment thesis based on how your companies perform. Markets, industries, and company dynamics evolve, and your portfolio needs constant adaptation to these changing elements.
Performance tracking metrics used in these reviews include revenue growth, burn rate, customer acquisition costs, internal rate of return (IRR), and several others already mentioned above. A portfolio company that consistently exceeds growth targets may warrant additional capital to scale faster, while a struggling company might require strategic intervention or an exit plan.
<h2 id="transparency-and-constant-communication-with-portfolio-companies">Transparency and constant communication with portfolio companies</h2>
Open, frequent communication with portfolio companies helps identify operational issues and strategic opportunities. You can join board meetings and regularly engage with founders and leadership teams to keep constant communication.
Transparency also plays a critical role in identifying potential risks early. Startups are often reluctant to share challenges or underperformance, but an open, constructive and transparent communication culture allows VCs to address issues proactively.
<h2 id="consistent-reporting-to-lps-and-other-stakeholders">Consistent reporting to LPs and other stakeholders</h2>
Regular reporting serves several purposes. For VCs, it provides a clear, data-driven overview of how the portfolio is performing relative to the fund’s objectives. For LPs, it offers transparency and accountability, giving them confidence that their capital is being managed effectively. 
<h1 id="manual-portfolio-management-vs-advanced-portfolio-management">Manual portfolio management vs. advanced portfolio management</h1>
Traditionally, many VCs have relied on manual methods, such as Excel spreadsheets, to manage their portfolios. While these tools are widely accessible and familiar, and are widely used for small portfolios, they have limitations that can hinder efficiency and data accuracy. 
As portfolios become larger and more complex, manual management becomes increasingly challenging, often leading to errors, decision-making delays, and difficulty maintaining transparency with limited partners (LPs).
Advanced portfolio management solutions, on the other hand, offer specialized tools designed to address the inefficiencies of traditional methods. Online platforms allow VCs to centralize all data related to their investments, providing real-time insights and enabling streamlined workflows.
Here is a short comparison of the advantages and disadvantages of manual portfolio management and using dedicated solutions. 
<img src="/img/portfolio-mngt-comparison-manual-dedicated.png" alt="Manual vs dedicated portfolio management tool comparison" title="Manual vs dedicated portfolio management tool comparison">
<h1 id="specialized-tools-for-vc-portfolio-management">Specialized tools for VC portfolio management</h1>
As mentioned above, dedicated portfolio management software brings several key advantages over manual methods. Real-time data access is one of the biggest benefits, allowing VCs to track KPIs from portfolio companies seamlessly. 
Additionally, these platforms support secure document storage, making it easier to manage sensitive financial reports and business information.
SeedBlink offers a <a href="https://tech.seedblink.com/vc-portfolio-management">portfolio management solution</a> that includes aggregated visibility into ownership structures across their entire portfolio, ensuring a clear understanding of equity stakes, investor positions, and cap table dynamics. 
<img src="/img/social-quote-1920x1080-16_9-egv-vcs-1.png" alt="EGV quote on SeedBlink&#39;s portfolio tracking and management">
Additionally, its simulation tools enable investors - and founders alike - to confidently project future investment rounds, helping them assess dilution impact, funding needs, and long-term financial outcomes.
SeedBlink’s solution also automates the process by automating KPI tracking and reporting. Key performance metrics are consistently tracked and reported, helping you keep LPs and other stakeholders informed without relying on manual updates. 
With centralized data and clear reporting formats, you can quickly understand portfolio companies&#39; performance and make better decisions based on real-time information.
<a href="https://tech.seedblink.com/vc-portfolio-management">Learn more about portfolio management here.</a>
<h2 id="stay-connected">Stay connected!</h2>
Subscribe below to our newsletter and stay tuned for similar updates and insights into European startup news, equity trends, VCs, and investment opportunities.

Explore best practices in VC portfolio management, from data anlaysis and performance tracking to risk management and capital allocation strategies.

Early-stage VC portfolio management: tools and tactics for investors

Dive into these success stories from October – featuring Alcatraz AI, Arcanna.ai, bonapp.eco, Brainhero, Bright Spaces, dotLumen, DRUID AI, Dronamics, finqware, FLOWX.AI, Kinderpedia, SalesOMMO, SoCyber, Spark, Swisspod, Telios, Vestinda, and Yarooms – let’s explore their achievements, as highlighted in the press.
Alcatraz AI has expanded its reach through a strategic partnership with CBORD, a prominent technology solutions provider for higher education and healthcare. This collaboration enables Alcatraz AI to provide facial authentication for safer campuses. Additionally, Alcatraz AI has joined Convergint’s extensive network of partners, strengthening its role in enterprise security and authentication globally.
Arcanna.ai - David Pearson has joined Arcanna.ai as Chief Product Officer, bringing his expertise to drive platform adoption and enhance SOC transformation. Pearson remarked, “I was stoked to join the team to help address critical challenges and build new capabilities to revolutionize SOCs worldwide.”
bonapp.eco achieved a remarkable milestone with over 350,000 users in Romania. Since its launch, the platform has helped save over 450 tons of food from waste, with 1,200 participating merchants offering discounts of up to 80% on near-expiration items, making an impactful contribution to sustainability.
Brainhero is making strides in hybrid neurotherapy, with plans to bring its revolutionary treatment approach to Düsseldorf, broadening accessibility to innovative neurological solutions.
Bright Spaces received the “Proptech of the Year” award at the SEE Property Forum Gala. This recognition highlights Bright Spaces’ pioneering role in the property technology sector, as the Property Forum acknowledged the category for the first time this year.
dotLumen showcased its innovative solution at IMS Luxembourg and GITEX Dubai. In Luxembourg, dotLumen founder Cornel Amariei performed a live demo, training an audience member to navigate blindfolded in under four minutes. This memorable moment demonstrated dotLumen’s mission to enhance accessibility.
DRUID AI has launched DRUID Conductor, a new low-code platform for orchestrating autonomous AI agents. With integrations like Microsoft Copilot, DRUID continues to lead in conversational AI, offering scalable automation solutions for enterprises.
Dronamics joined a select group of European innovators at the European Pavilion at GITEX Dubai. As part of the European Innovation Council, Dronamics showcased its advancements in autonomous cargo drones and is currently expanding its team.
Five SeedBlink portfolio companies—Finqware, Kinderpedia, SoCyber, Spark, and Telios—were selected for the prestigious Sifted 30: Eastern Europe &amp; Baltics leaderboard. This recognition reflects the impressive growth and impact of these innovative startups in the region.
At MoneyLIVE North America, Ioan Iacob presented FLOWX.AI’s multi-agent AI strategy designed to meet the stringent compliance and safety standards in banking. This approach ensures collaboration between specialized AI agents, providing banks with confidence in safe and reliable AI adoption.
SalesOMMO&#39;s CEO Mihai Guran shared that the startup has repositioned its product and reached over 100 test users. The team is targeting expansion and seeking a €300,000 investment to grow its user base further.
Swisspod will host a Hyperloop Day at the world’s largest hyperloop R&amp;D center in Pueblo Plex, Colorado, on November 20. This event, led by founder Denis Tudor, offers insights into Swisspod’s ongoing contributions to hyperloop innovation.
Vestinda’s co-founder, Alin Breabăn, announced the launch of an investor education program in Romania and plans for expansion into Italy and Germany. Currently, over 20,000 users across 40 countries benefit from Vestinda’s automated investment solutions.
Yarooms has surpassed 300 global clients, primarily in North America. The platform’s next phase focuses on expanding into new territories through strategic partnerships.
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Discover which of our portfolio companies made it onto the prestigious Sifted 30: Eastern Europe & Baltics Leaderboard, cementing their place among the region’s most promising startups.

Investor Insight: October 2024 portfolio updates

This technology promises to cut travel time between cities from hours to minutes, all while using a fraction of the energy traditional transportation systems require. 
But while the concept is clear, the path to realizing it has been riddled with both promise and setbacks. Today, companies like Swisspod are carrying the torch, pushing boundaries, and presenting fresh opportunities for investors seeking to participate in transformative infrastructure projects.
<h2 id="a-brief-history-from-musks-blueprint-to-swisspods-innovation">A brief history: from Musk’s blueprint to Swisspod’s innovation</h2>
The term &quot;Hyperloop&quot; entered the public consciousness in 2013 when Elon Musk unveiled a white paper describing a new form of transportation. Musk&#39;s concept was simple yet revolutionary: a near-vacuum tube in which pods could travel at speeds of over 1,000 kilometers per hour, reducing friction to almost nothing and achieving an efficiency level that traditional rail or air travel couldn&#39;t match. He described it as a “fifth mode” of transport, distinct from cars, planes, boats, or trains.
But despite the excitement generated by Musk’s announcement, the idea wasn’t entirely new. The roots of the concept stretch back to the 18th century when pneumatic transportation systems were explored. In the early 1900s, Robert Goddard, the father of modern rocketry, had already imagined a vacuum-sealed tube transport system. What Musk did, however, was galvanize modern engineering into taking the leap from theory to practice.
<h2 id="trials-errors-and-early-failures">Trials, errors, and early failures</h2>
With Musk leaving Hyperloop development to other companies and research teams, the real-world trials began. One of the first companies to take up the challenge was Hyperloop One (rebranded as Virgin Hyperloop until 2022), which conducted its first test in 2017 in Nevada. It was a modest success, with a pod reaching 309 km/h (192 mph) during testing. However, technical challenges soon followed, from maintaining vacuum conditions over long distances to creating reliable propulsion and braking systems in a vacuum tube.
Hyperloop Transportation Technologies (HTT), another key player, promised much but also encountered hurdles. Building a large-scale, vacuum-sealed tube that could withstand changes in temperature and structural strain without constant maintenance proved more difficult than anticipated. The regulatory environment also lagged behind the technology, with questions about safety and infrastructure costs still largely unanswered.
The failures were not terminal, however. These early struggles laid the groundwork for the next generation of companies to take on the Hyperloop challenge with renewed vigor and improved engineering techniques.
<h2 id="the-present-and-future-swisspod-leads-the-charge">The present and future: Swisspod leads the charge</h2>
<a href="https://www.swisspod.com/">Swisspod Technologies</a>, co-founded by Romanian engineer Denis Tudor, has emerged as a leader in the Hyperloop race. Unlike many of its competitors, Swisspod is focused on making Hyperloop technology scalable, practical, and cost-effective. Their goal is not only to build a functional Hyperloop but to make it commercially viable. The company&#39;s unique approach involves building a system that uses a passive infrastructure, shifting the complex technology to the vehicle itself. This results in greater efficiency and lower implementation and maintenance costs. 
Their philosophy revolves around reducing the energy requirements and costs associated with Hyperloop systems. By incorporating innovative systems for electromagnetic propulsion, levitation, thermal management, and other advanced technologies, they aim to create a system that is both sustainable and economical. Their approach has earned them recognition from investors like Felix Porsche, who recently joined the company’s board, signaling growing confidence in Swisspod’s potential to lead the Hyperloop revolution.
One of the key strengths of Swisspod is its strategic partnerships, particularly in regions like Europe and India. These collaborations allow Swisspod to test and refine its technologies while building a global network of supporters and stakeholders. The company’s recent partnership in India is a prime example of how they are positioning themselves to tackle regional transportation inefficiencies by deploying energy-efficient Hyperloop systems.
Swisspod’s advancements have not gone unnoticed. In 2024, they set a world record for the longest Hyperloop mission during testing and have since secured letters of intent from Swiss Federal Railways and other partners. These milestones demonstrate the growing confidence in Swisspod’s ability to bring Hyperloop from concept to reality. Earlier this year, Swisspod raised €3.8 million to further its research and development efforts, focusing on building test tracks and refining its prototype models.
<blockquote>
“We’ve made significant progress in advancing our hyperloop technology, setting world records in Switzerland and constructing the largest Hyperloop R&amp;D Center in the U.S., where full-scale testing will soon begin. While challenges remain, from navigating regulations, ensuring safety, to securing funding, the tangible progress we’ve made enables us to tackle them head-on and build strong synergies across public and private sectors worldwide to bring this transformative technology to life”, says Denis Tudor, the CEO of Swisspod.
</blockquote>
<h2 id="hyperloop-the-case-for-investment">Hyperloop: The case for investment</h2>
Hyperloop’s evolution is a classic tale of innovation—an idea that began centuries ago, only to be revitalized by 21st-century technology and ambition. From Elon Musk’s original blueprint to Swisspod’s ongoing development, the path has been filled with both challenges and triumphs.
Yet today, the dream of ultra-fast, sustainable transport is closer than ever. For investors, the Hyperloop represents an exciting, albeit long-term, opportunity. With governments worldwide increasingly prioritizing green infrastructure and sustainable transport solutions, Hyperloop systems could become central to future transportation networks. The market potential is staggering. The global high-speed rail market is expected to grow at a compound annual growth rate (CAGR) of 5.6%, reaching $87 billion by 2027. Hyperloop systems could easily capture a significant portion of this market, given their faster, more energy-efficient approach. 
But what truly sets Hyperloop investments apart is their potential for disruption. This isn&#39;t just an incremental improvement on existing technology—it’s a game-changer. 
Swisspod’s strong academic partnerships and ability to raise substantial capital demonstrate that it’s not just a dream but a tangible, growing business. Investors on SeedBlink, the investment platform known for identifying high-growth tech companies, now have the chance to <a href="https://investors.seedblink.com/invest/swisspod/278">join the Hyperloop movement</a> by backing Swisspod.
Swisspod’s leadership in sustainable transportation and its commitment to making Hyperloop technology commercially viable are exactly the qualities disruptive investors should look for in a growth-stage company. The time for Hyperloop might have been delayed by early setbacks, but now the pieces are falling into place.

The idea of high-speed, ground-based transport is hardly new, but in the last decade, the vision of a Hyperloop system has rapidly moved from sci-fi concept to near-reality, presenting an unparalleled opportunity for disruption in the transportation sector. 

Hyperloop: the high-speed evolution of transport

As we look back on SeedBlink&#39;s secondary market performance in 2024, it’s clear that the platform is entering an important phase of growth. In the world of early-stage and growth-stage investments, liquidity is often the elephant in the room. The allure of a potential 10x return is tantalizing, but traditional venture capital has always required patience—waiting for that long-awaited exit often takes years. Secondary markets change this dynamic, offering investors the option to cash out earlier and providing more flexibility in managing portfolios.
SeedBlink’s secondary market has done just that—enabling investors to realize returns sooner while allowing new investors to enter exciting deals at different stages of a company’s growth.
<h2 id="lets-talk-numbers">Let’s talk numbers</h2>
In the first nine months of 2024, SeedBlink’s secondary market showed strong growth, driven by two distinct types of transactions:
<a href="https://seedblink.com/secondary-market">Bulletin Board Secondaries</a>
Focused on 45 portfolio companies financed via SeedBlink in their primary rounds, this platform enables investors to exit early. In Q3 alone, 20 transactions worth €142,807 were completed. More impressively, personal exits have delivered returns of 2.5x to 3x for some investors within just two years.
The total transaction volume for 2024 has reached €893,395, adding to €526,761 from 2023, bringing the all-time total to €1,517,938. The activity on this secondary market has surged, with some investors completing over 10 transactions each, and others surpassing €100,000 in total transaction value, underscoring the growing confidence within the SeedBlink investor community.
Currently the bulletin board applies only for companies with equity rounds executed in first years of SeedBlink through SPVs.
<a href="https://tech.seedblink.com/secondaries">Secondaries in mature scale-ups or pre-IPO companies</a>
Launched in February 2024, this new asset class targets larger, mature scale-ups or pre-IPO businesses. Six transactions have already been completed, involving well-known companies such as Einride, Klarna, and Northvolt, raising a total of €2,211,664 in 2024. These opportunities appeal to investors seeking exposure to high-growth companies with clearer paths to liquidity.
<h2 id="over-€37m-in-secondary-market-activity">Over €3,7M in secondary market activity</h2>
SeedBlink’s secondary market has generated a combined total of €3,729,602 since March 2023, combining both the Bulletin Board and mature scale-up transactions. This significant growth reflects increasing demand for flexible exit strategies, allowing investors to balance risk, lock in returns, or reinvest capital into new opportunities.
The rise of secondary transactions is driven by the natural desire for liquidity. In a world where tech IPOs can be delayed due to macroeconomic factors or market instability, the option to exit early provides security. Positive market news, such as new partnerships, product launches, or major funding rounds, inevitably attracts more attention to secondary shares, driving up both demand and price.
Companies like FLOWX.AI and Alcatraz AI exemplify the ongoing success of SeedBlink’s portfolio, presenting opportunities for investors to join mid-flight or realize gains earlier than traditional venture cycles might allow.
SeedBlink is no longer just a platform for raising capital; it has evolved into a comprehensive equity and investment infrastructure, solidifying its place as a key player in Europe’s tech investment landscape. The secondary market is becoming a strategic tool for seasoned investors, allowing them to manage liquidity, optimize their portfolios, and engage in high-potential ventures at various stages.
As SeedBlink continues to grow, its secondary market is proving to be a cornerstone of its offering—empowering investors with flexible exit strategies and fostering confidence within the tech investment ecosystem.

Reflections on SeedBlink’s Secondary Market in 2024: a healthy indicator of maturity

SeedBlink Secondary Market surpasses €3,7M in transaction volume, driving startup investor liquidity

When founders are in the early stages of building their startups, one of their biggest challenges is <a href="https://tech.seedblink.com/fundraising-101#introduction-to-fundraising">securing the necessary funding</a> to turn their ideas into reality.
Beyond family, friends, and other familiar sources of capital, angel investors can be an appealing option. These individuals invest their wealth in promising startups, often at an early stage before larger venture capital firms take notice.
In this article, we’ll explore the advantages, disadvantages, and everything in between to help founders navigate the world of angel investing.
Angel investors often offer speed, flexibility, and personal involvement that larger institutional investors might not provide, making them an attractive option for early-stage startups. Let&#39;s take a closer look at the pros and cons of angel investing:
Advantages of angel investors:
<ul>
<li>Speed: Angel investors can often provide funding more quickly than institutional investors, which is crucial for startups needing capital to seize time-sensitive opportunities.</li>
<li>Flexibility: Angels tend to be more flexible in terms and conditions compared to institutional investors. They are often willing to accept higher risk in exchange for the potential of significant returns.</li>
<li>Equity expectations: Angel investors typically expect equity in exchange for their investment, usually ranging from 5% to 15% in pre-seed rounds and 15%-20% in seed rounds, depending on factors like investment size and company valuation.</li>
<li>Personal involvement: Angels are often deeply invested in the success of the startups they fund, providing valuable advice, mentorship, and support.</li>
<li>Less bureaucracy: Deals with angel investors usually involve less paperwork and fewer formalities, streamlining the fundraising process.</li>
<li>Industry-specific knowledge: Many angels specialize in certain industries, offering insights and connections that can be invaluable to a startup’s growth.</li>
<li>Bridge to future funding: A successful angel round can validate a startup&#39;s potential and attract larger institutional investors in subsequent funding rounds.</li>
<li>Local focus: Angel investors often focus on startups in their geographic region, which can benefit companies seeking local market expertise and resources.</li>
</ul>
Disadvantages of angel investors:
However, alongside the advantages come a few challenges, such as less structured support and the potential for investor interference:
<ul>
<li>Less structured support: Unlike VC firms, angels may not provide the same level of structured support, such as dedicated legal, marketing, or recruitment teams.</li>
<li>Fragmented funding: Raising significant capital from multiple angel investors can be time-consuming and result in a complex cap table.</li>
<li>Potential for interference: Some angel investors may want to be involved in the day-to-day operations, which can create conflicts with founders.</li>
<li>Lack of standardization: Terms can vary widely between angel investors, leading to complex legal and financial structures.</li>
<li>Potential conflicts of interest: If an angel invests in multiple companies within the same industry, there may be conflicts of interest or divided attention.</li>
</ul>
<h2 id="what-type-of-rounds-are-angel-investors-interested-in">What type of rounds are angel investors interested in?</h2>
Angel investors typically <a href="https://tech.seedblink.com/fundraising-101#stages-of-fundraising">focus on early-stage rounds,</a> though their involvement can vary depending on the size and goals of the startup.
Pre-seed funding
Pre-seed rounds are often the first fundraising stage, where founders seek capital to turn an idea into reality.
Angels are particularly valuable at this stage, as traditional venture capital sources are less likely to invest in unproven ideas. Pre-seed investments by angel investors usually range from €10K to €500K.
Seed funding
Seed funding is where many angels are most active. By this stage, a startup usually has an MVP (Minimum Viable Product) or some early market traction. Angel investors are drawn to the early signs of product-market fit and growth potential.
Bridge rounds
Bridge rounds are short-term rounds aimed at helping a startup extend its runway or reach key milestones. Angel investors often step in at this point, providing lower-risk funding to companies with some traction before larger institutional rounds.
Follow-on rounds
Many angel investors participate in follow-on investments during subsequent rounds to avoid dilution or because they believe in the company&#39;s long-term potential. Super angels or institutionalized angels are more likely to participate in these rounds, as they require larger capital contributions.
<h2 id="angel-investors--syndicate-platforms">Angel investors &amp; syndicate platforms</h2>
Early-stage startups often require more capital than a single angel investor can provide. <a href="https://tech.seedblink.com/syndicates">Syndicate investments</a> allow multiple investors to pool their resources, collectively meeting a startup’s funding needs.
How do syndicate investments work?
Syndicate platforms allow individual angel investors to pool their resources and invest collectively in startup opportunities while helping startups manage this group of investors more efficiently, particularly after funding. 
The platform typically provides an investment vehicle—often a <a href="https://docs.seedblink.com/companies-1/raise-financing-round/understanding-the-nominee-structure">nominee </a>structure—which simplifies the startup&#39;s ownership records by consolidating multiple investors into a single, legally recognized entry into their cap table, facilitating governance and future funding rounds.
Syndicate investments simplify fundraising by allowing startups to pitch to a group of investors at once rather than negotiate individually. These deals are often led by seasoned angels who manage communication, negotiations, and due diligence on behalf of the group. The syndication platform simplifies all parties&#39; administrative tasks, KYC, and other compliance obligations.
<img src="/img/screenshot-2024-10-21-113029.png" alt="">
&gt;&gt; Raise a syndicate round with SeedBlink’s <a href="https://tech.seedblink.com/raise-hubhttps://tech.seedblink.com/raise-hub">Raise Hub</a>.
<h2 id="how-to-find-angel-investors-for-your-early-stage-round">How to find angel investors for your early-stage round?</h2>
Your professional network
You are closer to angel investors than you think! Tap into your LinkedIn connections or reach out to former colleagues, mentors, or industry peers who might introduce you to angel investors.
Events and conferences
Attend sector-specific conferences or pitch events where angel investors often look for new opportunities. Many cities and online platforms host regular events tailored to startups.
Check out the <a href="https://seedblink.com/en/2024-12-02-founder%E2%80%99s-agenda-your-list-of-top-european-startup-events-for-2025">top startup conferences</a> to attend in Europe.
Accelerators and startup programs
Accelerators and startup programs can be excellent launchpads for connecting with angel investors. Many accelerators have extensive networks of alumni and mentors who are active angel investors themselves.
Programs like <a href="https://www.ycombinator.com/">Y Combinator</a>, <a href="https://www.techstars.com/">Techstars</a>, and<a href="https://500.co/"> 500 Startups</a> have strong track records of helping founders secure angel investments. Even if you don&#39;t secure funding directly through the program, the connections and credibility gained can be invaluable in your fundraising efforts. 
<a href="https://sharpsheets.io/blog/top-startup-accelerators-europe/">Check out the top European accelerators and startup programs here.</a>
Angel clubs and communities
There are many angel networks and online platforms specifically designed to connect startups with investors. These networks bring together groups of angel investors actively seeking new opportunities.
Here, you have a list of <a href="https://seedblink.com/en/2022-10-27-the-bulgarian-angel-investment-landscape-with-milen-and-elena">local and regional versions</a> of European angel clubs and communities.
<a href="https://seedblink.com/en/2022-03-08-becoming-an-angel-investor-your-guide-from-a-to-z">Check out the top European Angel investment platforms &amp; clubs here. </a>
<h2 id="how-to-pitch-to-angel-investors">How to pitch to angel investors</h2>
​​Your <a href="https://tech.seedblink.com/pitch-deck-review">pitch deck</a> is often the first interaction potential investors will have with your company, and it needs to tell a concise, engaging, and convincing story. Angels are looking for more than just a great idea—they want a clear vision, a strong business model, and a passionate team capable of executing that vision. 
What do angel investors look for at pre-seed?
Before seeking pre-seed funding, founders should prepare by ensuring they have clear business fundamentals, a developed MVP or prototype, a strong core team, and basic financial projections. 
You’ll also need a solid pitching toolkit with a compelling pitch deck, product demo, and early market validation from customers or research. Lastly, outline your post-funding goals and growth strategy. 
For detailed support,<a href="https://tech.seedblink.com/fundingsprint"> SeedBlink’s Funding Sprint program</a> can help startups build a strong foundation and secure the necessary funding for growth.
What do angel investors look for at seed level? 
Before seeking seed funding, founders should have refined business fundamentals, a functional product beyond the MVP stage, and strong product-market fit indicators. Your team should be fully identified, with key hires and employee stock option plans in place. 
The next step is to show product traction, including user data, growth metrics, and partnerships. Prepare detailed financial projections, a refined pitch toolkit, and market validation while also having a clear funding strategy and <a href="https://seedblink.com/en/2024-06-20-a-guide-on-how-to-prepare-for-due-diligence-when-fundraising">due diligence documentation</a> ready. 
Lastly, define post-funding goals and future fundraising plans.
<h2 id="angel-investors-vs-vcs">Angel investors vs. VCs</h2>
Though both angel investors and venture capitalists provide capital to startups, their approaches differ. Here&#39;s a quick comparison:
<img src="/img/screenshot-2024-10-22-121637.png" alt="">
<h2 id="angel-investors-vc-crowdfunding-platforms">Angel investors vc. Crowdfunding platforms.</h2>
Another option for raising early-stage capital is <a href="https://tech.seedblink.com/financing-solutions">crowdfunding</a>. Here’s how it compares to angel investing:
<img src="/img/screenshot-2024-10-21-120520.png" alt="">
<h2 id="raising-funds-from-angel-investors-case-study-foodfix">Raising funds from angel investors. Case study: FoodFix.</h2>
FoodFix, a UK-based startup, aims to innovate in food recipe-sharing, focusing on environmental impact. The company sought pre-seed funding from angel investors to support its early-stage growth.
<img src="/img/screenshot-2024-10-21-120622.png" alt="">
Key points of FoodFix&#39;s fundraising round:
<ol>
<li>The startup used SeedBlink&#39;s syndicate service to facilitate their fundraising, using the <a href="https://docs.seedblink.com/companies-1/raise-financing-round/understanding-the-nominee-structure">nominee </a>vehicle and infrastructure to aggregate angel investors.</li>
<li>The service offers flexibility for follow-on and secondaries within the syndicate, as well as facilitates governance and investor relations.</li>
</ol>
Mihai Gavan, CEO and Co-Founder of FoodFix, commented on the process:
&quot;With SeedBlink&#39;s syndicate investment vehicle and infrastructure, we were able to bring together our preferred angel investors and close the round quickly and efficiently.&quot;
Read the full <a href="https://tech.seedblink.com/case-study/foodfix-raises-angel-money-efficiently">FoodFix case study here</a>.
<h2 id="stay-connected">Stay connected!</h2>
To dive deeper into the fundraising process, explore SeedBlink&#39;s resources to learn more about angel investing, gain insights into raising capital, and find the right strategy for your startup&#39;s growth. <a href="https://tech.seedblink.com/fundraising-101#stages-of-fundraising">Check out our Fundraising 101 </a>guide and subscribe to our newsletter below!

Description: Explore the advantages and disadvantages of angel investors for startup founders, learn how to find the right investors for your business, and get actionable tips and tricks on how to manage your relationships with angels.

Angel investment explained - a practical guide for founders

The term sheet is an agreement that outlines the key terms of an investment, such as valuation, equity stakes, and investor rights. We previously explored its definition and key components in <a href="https://seedblink.com/en/2024-08-19-a-beginners-guide-to-startup-funding-term-sheets-before-fundraising">part I of this article</a>. 
In the current part II, we’re discussing strategic considerations for negotiating with investors - mainly VCs and private equity investments, highlight how the term sheet differs from other fundraising documents, and outline what to expect once the agreement is finalized.
<h2 id="how-to-negotiate-a-term-sheet-with-your-investors">How to negotiate a term sheet with your investors</h2>
Negotiating a term sheet is a pivotal step in securing funding and setting the foundation for your relationship with investors. The key to successful negotiations is balancing investor protections with your ability to drive the company forward. Here’s how to approach the process:
Understand your company&#39;s valuation—but don&#39;t fixate on it
While knowing your company&#39;s valuation is critical and one of the most important aspects of a term sheet, it shouldn&#39;t be the only focus. Valuation dictates how much equity you&#39;re giving up for the investment, but there are other critical terms that can affect the company&#39;s future. Don&#39;t overlook important factors such as liquidation preferences and control rights, which can also have a big impact down the road.
Control percentage stakes
When multiple investors are involved in a deal, each may have different preferences or requirements regarding their ownership. For example, some investors may request preferred stock, which gives them certain advantages, such as priority in receiving dividends or liquidation proceeds. Others may seek exclusivity on certain decisions or actions like voting rights on major company matters.
Discuss these terms to ensure that the structure of ownership in your company is balanced and does not overly favor one group of investors at the expense of others or the founders.
Consider board seats
Being a representative on the board of directors is highly important for investors, especially venture capital funds. A board seat allows investors to vote on major decisions, such as approving budgets, executive appointments, or large spending. 
While this helps investors protect their interests, as a founder your focus is on the balance of board representation. Too many investor-controlled seats could shift decision-making power away from the <a href="https://seedblink.com/en/2022-10-19-founders-most-wanted-qualities-character-part-1">founding team</a>.
Legal support is crucial
When negotiating a term sheet, having experienced legal counsel is essential. Lawyers familiar with startup agreements can help you flag potential issues, clarify complex terms like <a href="https://seedblink.com/en/glossary/anti-dilution-clause">anti-dilution provisions</a> or <a href="https://seedblink.com/en/glossary/liquidation-preference">liquidation preferences</a>, and ensure that the deal serves your long-term vision. 
Limitations are particularly important as clauses that restrict your ability to raise additional funds or give certain investors exclusive rights that may not align with your long-term goals. 
Build a strong team &amp; focus on relationships
More than just the numbers, many investors place significant value on the strength of the team behind the startup. Investors often seek founders who can execute the business plan and navigate challenges. A solid, trustworthy relationship between founders and investors can sometimes be just as important as the financial terms in the term sheet.
Don’t rush the process
Take the time to thoroughly understand each clause, ensuring that you and the investors are aligned on the long-term vision and that there are no hidden clauses that could limit future fundraising or growth. Getting everything in writing and maintaining clear communication are critical steps to avoid misunderstandings later on.
By preparing well and balancing investor needs with your ability to lead, you can successfully negotiate a term sheet that sets the stage for both capital infusion and sustained growth.
<h2 id="term-sheet-vs-other-fundraising-documents">Term sheet vs. other fundraising documents</h2>
A term sheet is distinct from other fundraising documents in several key ways, primarily in its purpose, content, and binding nature.
Term sheet vs. Letter of intent
Term sheets and letters of intent are two ways that you can lay out your expectations or perspective of a deal without entering into a formal and binding contract. While letters of intent and term sheets are not (in principle) legally binding as formal contracts, both can be valuable for streamlining and expediting a contract negotiation. 
So, what sets them apart?
The main difference between these two types of documents is how they are written. As the name suggests, the letter of intent is a traditional letter from one party to another. On the other hand, the term sheet document is drafted more as a bullet-point list featuring the important terms and agreements between all the parties involved.
Also, a letter of intent usually outlines the intent to engage in a transaction or partnership, often used in a wider range of business negotiations, including mergers, acquisitions, or joint ventures, while a term sheet usually outlines the key terms and conditions of a potential investment or deal, typically used in venture capital and startup funding.
A term sheet focuses more on financial terms and control rights in investment scenarios. In contrast, the letter of intent covers broader aspects and intentions of the transaction, setting the stage for detailed negotiations.
Term sheet vs. Memorandum of understanding 
A term sheet and a memorandum of understanding are preliminary documents used to outline the basic terms and intentions of the transaction. However, they differ in scope, specificity, and typical usage. 
For the term sheet overview please refer to the above section.
A memorandum of understanding (MOU) is a formal document that outlines an agreement between two or more parties. While it is typically not legally binding, its enforceability depends on the intent of the parties and the specific language used in the document. An MOU reflects the parties&#39; commitment to proceed towards a contract.
Often viewed as the initial step in negotiations, the MOU defines the scope and purpose of discussions. It is commonly used in international treaty negotiations but can also apply to significant business transactions, such as merger discussions.
<h2 id="what-happens-after-a-term-sheet-is-signed">What happens after a term sheet is signed?</h2>
Once a term sheet is signed in a fundraising deal, the process of finalizing the investment officially begins. While the term sheet itself is generally non-binding (aside from a few key provisions), it outlines the framework for the deal. However, this is just the start of a more involved process, which includes due diligence, legal negotiations, and completing all necessary documentation.
Here’s a detailed look at what typically happens next:
Due diligence
Purpose: To verify all the information presented by the company and assess any potential risks.
Once the term sheet is in place, investors will begin a thorough due diligence process. Due diligence is a detailed investigation where the investor reviews the company’s financials, legal aspects, business operations, intellectual property, and other aspects of the business. We’ve written extensively about due diligence, but here’s a quick recap.
What’s involved:
<ul>
<li>Financial Review: Investors will examine the company’s financial health, including balance sheets, income statements, and cash flow, closely.</li>
<li>Legal Due Diligence: This includes reviewing any contracts, intellectual property (IP) rights, employee agreements, and pending litigation.</li>
<li>Operational Analysis: Investors may review the company’s internal operations, supply chain, and key customer relationships to assess business viability.</li>
<li>Market Assessment: Investors will evaluate the company’s market position and competitive landscape to ensure its growth prospects align with expectations.</li>
</ul>
This phase can vary in length depending on the complexity of the business and the investors&#39; concerns. Any <a href="https://seedblink.com/en/2024-02-01-4-red-flags-that-make-startup-investors-think-twice">red flags</a> uncovered during due diligence may require renegotiation or clarification before moving forward.
Drafting and negotiating definitive agreements
Purpose: To formalize the deal and finalize the legally binding terms.
Following due diligence, the next step is drafting the definitive agreements. These are legally binding documents that outline the detailed terms of the investment, protecting both the investors and the company.
Key documents include:
<ul>
<li>Investment Agreement: A broader agreement that details the terms and conditions of the investment. It may include clauses related to warranties, conditions precedent, representations, and the obligations of both parties before and after the investment is made.</li>
<li>Shareholders&#39; Agreement (SHA): Defines the rights and obligations of the company’s shareholders, particularly after the investment. It typically covers areas such as governance, share transfer, voting rights, and dispute resolution mechanisms. The SHA ensures that all parties understand their roles and responsibilities moving forward.</li>
<li>Convertible Loan Agreement (if applicable): In some cases, investors may choose to provide <a href="https://seedblink.com/en/2024-07-11-understand-the-impact-of-convertibles-on-your-ownership-structure">funding via a convertible loan</a> instead of directly purchasing equity. This agreement outlines the terms under which the loan will convert into equity, including the conversion rate, timeline, and any conditions for the conversion to occur.</li>
</ul>
During this phase, both parties negotiate the finer details of these agreements to ensure alignment with the initial term sheet and to clarify specific terms such as liquidation preferences, board composition, and vesting schedules for founders.
Final legal review and signing
Purpose: To confirm all legal obligations and ensure there are no outstanding issues.
Once the final agreements are drafted, both the company&#39;s legal team and the investors’ legal representatives will do a final review. This is the last opportunity for either side to raise concerns or request changes. 
Lawyers will review the documents to ensure that everything is properly worded, all agreed-upon terms are reflected accurately, and there are no ambiguities that could lead to future disputes.
Closing the deal
Purpose: To officially complete the transaction and exchange the agreed-upon funds for equity.
Once due diligence is completed, the definitive agreements are signed, and the final legal review is complete, the deal moves to the closing stage. This is where the investment becomes official.
What happens at closing:
<ul>
<li>Investors transfer the agreed-upon funds to the company.</li>
<li>The company issues new shares to the investors in exchange for their investment.</li>
<li>Any changes to the board structure, governance, or company operations agreed upon during negotiations are put into effect.</li>
<li>Documents are signed by all parties to formalize the transaction.</li>
</ul>
<h2 id="you-dont-have-to-be-an-expert-right-from-the-start">You don’t have to be an expert right from the start</h2>
No doubt, understanding what you sign has its advantages. However, don’t feel overwhelmed by the legal terms and processes you must learn.
Take them one by one, and whenever you are unsure about something, revert back to these guides or reach out to the SeedBlink team for further <a href="https://tech.seedblink.com/financing-solutions">advice on how to best prepare for a fundraising round.</a>

Learn how to understand and manage term sheets. Understand the role of a term sheet in closing the fundraising deal.

A beginner's guide to startup funding: Navigating term sheets [Part 2]

It felt necessary to revisit SeedBlink’s offer, as we’ve evolved into a much different player than when we first started. 
SeedBlink offers a comprehensive product suite for startups and investors, focusing on equity management and fundraising solutions. It includes crowdfunding through SeedBlink Ventures, investment syndicates via SeedBlink Syndicates, secondary market trading, and cap table management with SeedBlink Equity. Let&#39;s dive in!
<h2 id="seedblink-ventures">SeedBlink Ventures</h2>
Primaries spotlight: <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Dc15c28b8fa%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C4a3a0c327bda45df643b08dcec19b588%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638644842437891161%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=K9Ns4Lfw73oh38Z2FZjODiZGcMuAQArbrCqQ1DqfDWw%3D&amp;reserved=0">Swisspod </a>has extended its Pre-Series A round to bring hyperloop technology closer to reality, with Felix Porsche joining as an investor and Board member.
3 companies are actively raising now. <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D613e927728%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C4a3a0c327bda45df643b08dcec19b588%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638644842437908059%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=5ksO81iTbZP22IjYubh6tGr%2FlUV7TGBXDDW3brAPyig%3D&amp;reserved=0">Explore them</a>.
On the Bulletin Board: Gain freedom and flexibility with your investments. Buy or sell shares in 45 promising tech companies with no minimum ticket. <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D8efefa7beb%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C4a3a0c327bda45df643b08dcec19b588%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638644842437922441%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=f7T5ZlFe%2FNJ8m%2FV3QsWUuCUyjs7TfTeZ3XqpGWL6Q%2F8%3D&amp;reserved=0">Check it out</a>.
<h2 id="seedblink-secondaries">SeedBlink Secondaries</h2>
<a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Dec20a6053d%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C4a3a0c327bda45df643b08dcec19b588%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638644842437935997%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=Jv9H478FiJZMYtnCncR4OsNq2kSPP856f%2Bdew7pnFQ8%3D&amp;reserved=0">Klarna</a> | A smarter way to shop &amp; pay
Klarna, a global fintech leader, has evolved beyond &quot;buy now, pay later,&quot; serving 150M users across 45 countries with over 500,000 retail partners.
<h2 id="seedblink-syndicates">SeedBlink Syndicates</h2>
&quot;When choosing SeedBlink as a <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Da23dab1105%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C4a3a0c327bda45df643b08dcec19b588%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638644842437949163%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=KoEMTg2pVaDVm2dW7xiOEJppoZq4WZg8jOw%2FeULf7TU%3D&amp;reserved=0">syndication platform</a>, we had these two things in mind: to resolve the need of the founders to raise more money and to allow business angels to be part of this financing round, angels who otherwise might not have been able to place a substantial ticket enough to directly enter the cap table.&quot;
— Marius Istrate, Chairman of the Board, TechAngels.
<h2 id="seedblink-equity">SeedBlink Equity</h2>
SeedBlink Equity, one of the platform&#39;s four pillars, acts as the core glue integrating all services.
A prime example is <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Dd7bea7b7b7%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C4a3a0c327bda45df643b08dcec19b588%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638644842437962202%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=xKlTr0a94aqgfsq0jaoYfAbrrJY1TR5kgYynPwsfosE%3D&amp;reserved=0">Raise Hub</a>, which simplifies the fundraising process for startups by providing tools and infrastructure for founders to raise capital directly from their networks through the Syndicates platform. This minimizes paperwork and legal costs, ensuring a streamlined experience.
If you have a company, you can efficiently syndicate your supporters using Raise Hub. Know a founder who could benefit? Help us spread the word about this effective solution.
<h2 id="good-reads">Good reads</h2>
State of AI Report 2024 | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D0c3ca411a4%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C4a3a0c327bda45df643b08dcec19b588%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638644842437975294%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=BO1FhlULWaGUwbHdZMrzmQgxajUbbhDTxWhQ14AED%2BM%3D&amp;reserved=0">Read more</a>
Air Street Capital’s latest report showcases Europe’s progress in AI, especially in language models and techbio. The UK now leads Germany in AI research contributions in Europe. The report also predicts challenges as the EU’s AI Act impacts big tech services in the region.
Europe is falling behind in climate tech investment |<a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D6e1e7a1cc8%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C4a3a0c327bda45df643b08dcec19b588%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638644842437990356%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=iu79j%2FsLzLy4P3vbPnI58kJ71WuOZW486LBqS24CiV4%3D&amp;reserved=0"> Read more</a>
While examining the impact of Hurricane Milton’s intensity, driven by extreme heat, PitchBook’s Q3 2024 analysis provides insights into European VC trends in climate tech and compares them with global competitors. 
From investor to founder and back as an investor | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D4d9dd7709a%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C4a3a0c327bda45df643b08dcec19b588%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638644842438008351%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=gasaVIGayKkdMK%2BItJInzF9lXqHcul0EkRKzAeWKcDw%3D&amp;reserved=0">Read more</a>
Nicola McClafferty shares her journey, revealing how her founder background influences her investment approach, providing a unique perspective that supports scaling companies effectively.
Podcast of the week |<a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D28a53d6c20%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C4a3a0c327bda45df643b08dcec19b588%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638644842438022374%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=%2Fn5ttD3oHFBA33%2FHxkg78fYPKoFpTwIhaQuXeBIMGPA%3D&amp;reserved=0"> Tune in</a>
&quot;If you don’t risk anything, you risk everything.&quot; This week’s must-listen: the Slo Mo podcast featuring Rob Moore. Tune in to learn how to improve your relationship with money and make bold financial choices that can transform your life. 
<h2 id="meet-us-at">Meet us at</h2>
🇧🇪 OCT 15: Global Women TechLeaders, Bucharest
🇦🇪 OCT 13-16: Expand North Star Conference, Dubai
🇧🇪 OCT 15-16: European Angel Investment Summit, Brussels. EBANxMEMBERS2024 for <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D1377f2a38f%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C4a3a0c327bda45df643b08dcec19b588%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638644842438035872%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=tSxBxoFUy4KBwvLK4n%2Bl%2BXajoZsjoE8sBirE6HzJ%2FZA%3D&amp;reserved=0">discounted tickets</a>. 
🇧🇪 OCT 17: KPMG, Bucharest
🇷🇴 OCT 21-22: I Love Failure INNOVATION, Bucharest. SEEDBLINK20ILF for discounted <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D722baf6f0e%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C4a3a0c327bda45df643b08dcec19b588%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638644842438048574%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=4aIXv5DS6outueYrrBn4ykOGQVS28aunFQ%2BbL6IYOv4%3D&amp;reserved=0">tickets.</a>
🇧🇪 NOV 14: Gala Campioni in Business, Bucharest

Welcome to our weekly conversation starter.

Weekly Digest: curated tech news & food for thought

Have you ever wondered how to attract capital from investors, and easily trade your most important asset – equity - to build &amp; retain a strong team, and grow your business? Are you seeking additional funding to accelerate growth but hesitant due to the perceived costs, lack of solutions, or the size of your enterprise?
This is where SeedBlink comes in a modular platform that empowers you to launch and manage your fundraising without fear of losing money due to poor timing, investor apathy, or market rejection. Here, you can choose the journey that best suits your needs and focus on your strengths, while leaving the technical details and administrative details to the platform. 
<h2 id="what-seedblink-offers">What SeedBlink offers</h2>
SeedBlink provides a comprehensive ecosystem for startups and investors, offering three key assets:
<ul>
<li>Network: Over the past five years, we have fostered a thriving community of over 14,000 active investors and more than 350 funded startups. SeedBlink has facilitated thousands of investments, connecting startups with both individual investors (retail, High Net Worth individuals, business angels, family offices) and institutional funds (we’ve partnered with over 150 VCs). </li>
<li>Nominee infrastructure: A nominee account allows you to aggregate individual investors under a single entity, ensuring their legal rights are protected while simplifying the investment and governance process. This is essential for attracting larger investments and maintain a clean cap table; be transaction-ready for future events.</li>
<li>Technology and expertise: Our modular digital investment and equity management platform streamlines your fundraising process and equity growth. Your company&#39;s needs are reflected in optimal investment structures, allowing you to improve stakeholder relations and significantly reduce costs by translating your company&#39;s needs into investment structures.</li>
</ul>
<h2 id="seedblinks-product-suite">SeedBlink&#39;s product suite</h2>
Building upon these core assets, SeedBlink has developed a range of products tailored to different needs and market segments: 
<ul>
<li><a href="https://tech.seedblink.com/ventures">SeedBlink Ventures</a>: Top up your round, with money from an equity crowdfunding campaign (private or public in our extended network). Don’t have a lead investor or looking to structure your round, we have introduced a consulting service: <a href="https://tech.seedblink.com/case-study/lumen-raised-1000000-in-record-time-on-seedblink">Fundraising-as-a-Service</a>: where we work with you to identify and connect with VCs or angel investors for tailored funding solutions. </li>
<li><a href="https://tech.seedblink.com/syndicates?sb_chn=gads&amp;gad_source=1&amp;gclid=CjwKCAjwmaO4BhAhEiwA5p4YL62AYzwCf8m9aGyB4vMvGR-VUrJMevTt4kEQEcN5BecXcxZ9DTJI0hoCCxsQAvD_BwE">SeedBlink Syndicates</a>: Addresses both startups and angel investors. Angels can create investment syndicates with like-minded investors to expand their portfolio into promising opportunities, by entering with a larger ticket. Startups get streamlined fundraising with simplified investor relations, including<a href="https://seedblink.com/en/2024-06-12-forget-huge-funding-efforts-rolling-facility-and-bridge-rounds-keep-your-startup-thriving"> Rolling Facilities</a> allowing you to secure continuous funding through flexible financing options. </li>
<li><a href="https://tech.seedblink.com/secondaries">SeedBlink Secondaries</a>: Facilitate the trading of existing equity shares in our network or in private data rooms you control (for Series B+ companies). </li>
<li><a href="https://tech.seedblink.com/equity">SeedBlink Equity:</a> A comprehensive platform offering cap table management, equity incentives for your employees (ESOP), and instruments to prepare for fundraising and execute a syndicate on your own (Raise Hub) using our infrastructure. </li>
</ul>
In summary, SeedBlink is here to help companies manage their fundraising journey - from preparing for the process, to executing the round, to post-investment management. All while keeping a strategic grip on equity and using it wisely to secure funding or incentivize your team or access early liquidity with secondaries transactions. 
Visit seedblink.com or contact our team directly to start your fundraising journey at <a href="mailto:&#115;&#116;&#x61;&#x72;&#x74;&#x75;&#x70;&#115;&#64;&#x73;&#x65;&#101;&#x64;&#98;&#108;&#x69;&#x6e;&#x6b;&#x2e;&#x63;&#111;&#109;">&#115;&#116;&#x61;&#x72;&#x74;&#x75;&#x70;&#115;&#64;&#x73;&#x65;&#101;&#x64;&#98;&#108;&#x69;&#x6e;&#x6b;&#x2e;&#x63;&#111;&#109;</a>.  
I felt it was necessary to revisit SeedBlink’s platform, as we’ve evolved into a much different player than when we first started. SeedBlink is your one-stop solution for fundraising and equity growth, providing the tools, resources, and community you need to succeed. 
As we continue to improve the platform with new and necessary features, we invite you to try it out and give us as much feedback as possible. 
-- 
SeedBlink is the all-in-one equity and investment platform that provides the infrastructure, financial services and network coverage for European tech companies and their stakeholders to access, manage and trade equity at every stage of growth.   
With a comprehensive suite of products and services, SeedBlink streamlines investment processes and provides robust support throughout the equity lifecycle, from initial funding rounds through to mature investment opportunities and secondary markets. 
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I felt it was necessary to revisit SeedBlink’s offer for companies, as we’ve evolved into a much different player than when we first started. 

SeedBlink: your partner in funding & growth 

Dive into these success stories from .lumen, Authic Labs, FLOWX.AI, MOCAPP, Originis, Quarks Interactive, SalesOMMO, and Swisspod Technologies - let’s explore their achievements, as we found them in press. 
Alcatraz AI has been making waves in the security industry with the launch of Rock X, a new high-performance AI-powered facial authentication solution. Unveiled at GSX 2024, this product promises to simplify security by making access control seamless and frictionless. You can read more about this exciting launch here.
Ambr, the London-based startup, just secured new funding from Look AI Ventures. This investment will help the company continue its mission of using AI to tackle workplace stress and improve employee well-being. By offering insights into the root causes of workplace burnout, Ambr’s platform empowers companies to foster healthier, more productive work environments. For more details, check out the full announcement here. 
<a href="https://www.linkedin.com/company/authic/">Authic Labs</a> is gearing up to pitch at the <a href="https://www.linkedin.com/company/european-blockchain-convention/">European Blockchain Convention’s Startup Battle</a>, where they’ve been named one of the 50 finalists. Their blockchain-based solutions are set to transform how businesses build and manage customer relationships, providing a more secure, and transparent approach to loyalty programs. 
DRUID AI has beem recognized as a Star Performer in the Everest Group’s Peak Matrix. DRUID’s Conductor platform, which enhances Generative AI agent orchestration, is changing how businesses interact with customers through conversational AI. Their upcoming Symbiosis 3 event will highlight their latest advancements. For more on their success, check out their recognition <a href="https://www.druidai.com/chatbots-in-the-press/druid-star-performer-everest-group-peak-matrix?utm_campaign=Press%20releases&amp;utm_source=linkedin&amp;utm_medium=social&amp;utm_term=DRUID%20-%20Press%20Release%20-%20EVEREST%20Report">here</a>. 
FlowX.AI is helping banks accelerate digital transformation, as highlighted in a recent IBM blog. Their platform enables banks to modernize systems and launch digital products faster while navigating complex global regulations. Read more about their impact <a href="https://www.ibm.com/blog/how-fintechs-are-helping-banks-accelerate-innovation-while-navigating-global-regulations/">here</a>. 
.lumen recently took part in the <a href="https://www.linkedin.com/company/dassaultsystemes/">Dassault Systèmes</a> Meshmerize event in Paris, representing their technology for the visually impaired. Their appearance at the 3DEXPERIENCE Lab showcases their commitment to redefining mobility for blind individuals with their pioneering Glasses for the Blind, which integrate pedestrian autonomous driving AI. 
MOCAPP has announced the launch of the third edition of its Influencer Accelerator (IAM) program. This initiative is designed to shape the next generation of responsible content creators, offering them the tools and knowledge to succeed in the fast-evolving influencer marketing landscape. Read more about this initiative <a href="https://www.iqads.ro/articol/69551/mocappiam3">here</a>. 
<a href="https://www.pressalert.ro/2024/09/compania-originis-fosta-oncochain-a-finalizat-cu-succes-proiectul-innovation-norway/">Originis </a>(formerly Oncochain) just completed its project with Innovation Norway, marking a pivotal moment in their journey to develop data management solutions for oncology. For more insights into their accomplishment, you can read the <a href="https://www.pressalert.ro/2024/09/compania-originis-fosta-oncochain-a-finalizat-cu-succes-proiectul-innovation-norway/">full report here. </a>
Quarks Interactive is preparing for the Steam release of their educational game Quantum Odyssey, expected to launch this fall. After investing over €700,000 and six years of development, Quarks has built a game that demystifies the complex world of quantum mechanics, making it accessible and fun. Find out more about Quarks’ journey in their latest interview with ZF Corporate <a href="https://www.zfcorporate.ro/business-hi-tech/zf-it-generation-start-up-update-laurentiu-nita-fondatorul-quarks-22495934?utm_source=newsletter&amp;utm_medium=li2500_mi338250&amp;utm_content=articol&amp;utm_campaign=Business+Hi-Tech%3A+Stirile+zilei+de+la+ZFCorporate&amp;utm_term=li2500_mi338250_s4866">here</a>. 
SalesOMMO, the startup improving sales processes through new solutions, is currently raising an additional €300,000 to expand its platform. The company has gained significant traction, offering a solution that helps sales teams work more efficiently. You can read more about SalesOMMO’s plans <a href="https://www.revistabiz.ro/startup-ul-salesommo-vizeaza-inca-o-finantare-de-300-000-de-euro/">here</a>. 
Swisspod Technologies is celebrating an exciting milestone with the addition of Felix Porsche to its board of directors. Felix’s investment in Swisspod, along with his leadership, is expected to accelerate innovation in hyperloop technology. For more on this story, check out Swisspod’s latest press release <a href="https://www.swisspod.com/press-releases/felix-porsche-invests-in-swisspod-and-joins-the-board-of-directors-to-drive-hyperloop-innovation">here</a>. 
We remain dedicated to fostering trust and transparency by engaging with our funded startups and sharing their latest updates with our community of investors and tech enthusiasts. 
If you are interested in supporting any of our portfolio companies with your network, knowledge, or mentorship, please contact us at <a href="investors@seedblink.com">investors@seedblink.com</a>.

Learn which portfolio company caught the eye of Felix Porsche (Yes, that Porsche!), which startup secured fresh funding, and who's gearing up to raise another round. September brought exciting news from our portfolio.  

Investor insight: September 2024 portfolio success stories 

Cancer is a global health crisis, with approximately <a href="https://www.who.int/news-room/fact-sheets/detail/cancer">20 million</a> new cases diagnosed and <a href="https://www.who.int/news/item/01-02-2024-global-cancer-burden-growing--amidst-mounting-need-for-services">9.7 million</a> deaths in 2022 alone. Treatments for cancer vary depending on the type and stage but typically include chemotherapy, radiation therapy, immunotherapy, and surgery. For many patients, surgery remains a critical option to remove tumors and prevent the spread of cancer. However, these surgeries often involve significant blood loss, and effective blood management is essential to improving patient outcomes. 
Recent advancements in cancer surgery are transforming patient care. AI-powered tools like Synaptiq improve the detection of tumors by providing clearer, more precise imaging. <a href="https://link.springer.com/article/10.1007/s11701-023-01801-w">Robotic-assisted systems</a>, such as the <a href="https://docquity.com/articles/robotic-assisted-surgery/">da Vinci Surgical System</a>, allow surgeons to perform minimally invasive surgeries with greater precision and faster recovery times. <a href="https://openmedscience.com/the-da-vinci-technology-pioneering-a-new-era-in-medical-imaging-and-patient-care/">3D printing technology</a> is now being used to create patient-specific models for complex tumor resections, while blood management innovations like CATUVAB® ensure safer surgeries by filtering cancer cells from the patient&#39;s own blood. These technologies work together to enhance both the accuracy and safety of cancer treatments. 
Managing blood during surgery, especially in cancer cases, is crucial for reducing the risks of complications such as immune suppression, increased infection rates, and extended recovery times. Traditionally, donor blood has been used to replace lost blood, but this comes with its own risks. <a href="https://wjso.biomedcentral.com/articles/10.1186/s12957-018-1456-9">Transfusion-related</a> complications such as<a href="https://www.who.int/news-room/fact-sheets/detail/cancer"> transfusion-related acute lung injury</a> (TRALI) and immune suppression can lead to higher hospitalization costs and more severe health issues. 
Additionally, donor blood is a scarce resource, and surgeries can be delayed due to shortages. The use of autologous blood transfusion—where a patient’s own blood is salvaged and returned—has been explored, but the presence of cancer cells in the blood limits its use, as these cells can trigger metastasis. 
A breakthrough in this area comes from <a href="https://www.lindis-bloodcare.com/">Lindis Blood Care</a>, a German research team that developed CATUVAB®, a medical device designed to remove cancer cells from salvaged blood during surgery. This allows patients to safely receive their own blood without the risk of reintroducing cancer cells, offering a safer alternative to donor blood. CATUVAB® has been shown to be effective across 14 major tumor types in clinical studies, making it a promising tool in cancer surgeries. 
Unlike traditional <a href="https://www.cancerresearchuk.org/health-professional/cancer-statistics/worldwide-cancer">intraoperative blood salvage</a> (IBS) methods that use filters to reduce the number of tumor cells but cannot eliminate them entirely, CATUVAB® completely removes cancer cells from the blood. This device provides a reliable solution for autologous blood transfusions, reducing the need for donor blood and minimizing associated risks. Hospitals and medical teams have already expressed strong interest in adopting this technology once it receives CE certification, expected by the end of 2024. 
Although CATUVAB® offers a promising solution, other blood management methods are also in use across Europe: 
<ul>
<li><a href="https://www.cancer.org/research/cancer-facts-statistics/global-cancer-facts-and-figures.html">Radiation methods:</a> Some hospitals use radiation methods to sterilize blood and remove cancer cells. This technique is effective but highly complex and expensive, limiting its availability to only a few specialized centers. </li>
<li><a href="https://ourworldindata.org/cancer">Cell saver with filters</a>: Companies like Haemonetics offer intraoperative blood salvage systems, commonly referred to as &quot;Cell Saver.&quot; These systems filter the patient’s blood during surgery, but the filters can only reduce, not eliminate, cancer cells. Therefore, while helpful, they are not as effective as CATUVAB® in ensuring complete removal of cancer cells. </li>
</ul>
<blockquote>
Dr. Franzpeter Bracht, founder and Managing Director of Lindis Blood Care, commented:
 “Except for radioactive irradiation there is currently no approved product available on the market, that reliably eliminates the risk of contamination with cancer cells with metastasizing potential during autologous blood transfusion in oncological surgeries. An effective and easy-to-implement method is urgently needed to avoid typical risks associated with allogeneic red blood cell transfusions and decrease the usage of donor blood. CATUVAB® has the potential to set the new ‘gold standard‘ in oncological blood management by combining current filter technologies available at nearly all hospitals with our trifunctional antibody to reliably remove cancer cells from intraoperative blood. We are very much looking forward to further develop this promising new product.” 
</blockquote>
As cancer cases continue to rise globally, solutions like CATUVAB® are becoming increasingly important. With its ability to eliminate cancer cells from salvaged blood, CATUVAB® provides a safer, more efficient approach to blood management during oncologic surgeries. The product is expected to receive CE certification by Q4 2024, and with FDA approval already secured, it is set to transform the standard of care in cancer surgeries. 
Lindis Blood Care is currently raising funds to expand the reach of CATUVAB®, with an open funding <a href="https://investors.seedblink.com/invest/lindis-blood-care/273">round on SeedBlink</a>.

How patient blood management improves outcome in oncologic surgery

Tech for good - advancements in cancer surgeries nowadays

We recently hosted a webinar on “Winning strategies for startup investors - portfolio building &amp; investment instruments.” 
Our expert panel featured <a href="https://www.linkedin.com/in/stefan-k%C3%B6ppl/">Stefan Köppl</a>, Managing Director at <a href="https://samira-advisors.com/">Samira Advisors</a>, an M&amp;A boutique and experienced VC fund professional. Stefan has 10+ years of experience as a founder in venture capital investing, strategy consulting, and international M&amp;A. 
He was joined by <a href="https://ro.linkedin.com/in/andreihancu">Andrei Hancu</a>, General Counsel at <a href="https://seedblink.com/">SeedBlink</a> and a tech lawyer specializing in venture capital, and <a href="https://at.linkedin.com/in/ronald-rapberger">Ronald Rapberger</a>, DACH Regional Manager at <a href="https://seedblink.com/">SeedBlink</a>, who moderated the session. 
<iframe width="560" height="315" src="https://www.youtube.com/embed/2EChiXIizZ4?si=7fD_Gs3cwIavK4mv" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>

<h2 id="during-the-session-they-covered">During the session, they covered:</h2>
<ul>
<li>Strategic portfolio building, focusing on risk management and diversification across verticals, stages, and geographies.</li>
<li>Understanding different investment instruments like equity, CLAs, and SAFEs and how they impact investor portfolios.</li>
<li>Real-life examples from the speakers&#39; experiences showcasing both successful and challenging cases of portfolio building and term sheet negotiations.</li>
</ul>
<h2 id="startup-investments---lessons-from-stefan-koppl">Startup investments - lessons from Stefan Koppl</h2>
The session begins by addressing common misconceptions about startup investing, particularly the idea that nine out of ten startups fail. 
Statistically, it&#39;s more accurate to say that out of ten investments, one or two may succeed and yield significant financial returns, while the others may either fail or fail to generate meaningful returns, often referred to as &quot;walking zombies.&quot; It reflects the &quot;power law&quot; in venture capital, where many successful investments account for most returns. 
<h2 id="how-do-you-diversify-your-portfolio">How do you diversify your portfolio?</h2>
Identifying deals that succeed early on is often easier, but the real challenge lies in managing the rest of the portfolio. Successful portfolio construction is at the balance between taking risks in new opportunities and diversifying across different verticals and stages of investment. 
For example, a later-stage investment like a Series A is less risky. Still, it offers lower potential returns than a pre-seed investment, where the risk of failure is significantly higher. Diversifying across different stages helps mitigate the overall risk.
The conversation also points out the dangers of following market trends out of fear of missing out. During the COVID-19 pandemic, many investors rushed into e-commerce and marketing tech companies based on temporary success. 
When interest rates shifted, these sectors faced significant downturns. A similar pattern is emerging with the current wave of AI investments.
<blockquote>
“I see the next FOMO bubble blowing up, and I’m wondering if people are now intelligent enough to see that if they focus a huge part of their portfolio on AI, they will risk way more than the rewards they’ll get by the end.”
</blockquote>
Mentions<a href="https://www.linkedin.com/in/stefan-k%C3%B6ppl/"> Stefan Köppl,</a> Managing Director at <a href="https://samira-advisors.com/">Samira Advisors.</a>
<h2 id="how-do-you-manage-risks-and-expectations">How do you manage risks and expectations</h2>
During a <a href="https://seedblink.com/en/2023-11-01-bull-vs-bear-understanding-markets-ups-and-downs">bull market</a>, with periods of high investor interest, equity rounds are more common, where investors buy shares at a set valuation. However, when investor enthusiasm goes down and companies find it challenging to attract capital, they often turn to alternative fundraising methods, such as bridge rounds. 
<blockquote>
“In 2020 and 2021, low interest rates and the effects of COVID-19 led to a period of high activity in venture capital and public markets, which some referred to as a phase of &quot;irrational exuberance.&quot;
</blockquote>
<blockquote>
However, starting in 2023, the market began to normalize, with a healthy correction continuing into 2024.”
</blockquote>
Mentions <a href="https://at.linkedin.com/in/ronald-rapberger">Ronald Rapberger</a>, DACH Regional Manager at <a href="https://seedblink.com/">SeedBlink</a>.
Bridge rounds have become more common during this period. They often involve existing investors and smaller amounts of new capital and are frequently executed using<a href="https://seedblink.com/en/2024-07-11-understand-the-impact-of-convertibles-on-your-ownership-structure"> convertible instruments</a> such as convertible loan agreements (CLAs) or <a href="https://seedblink.com/en/2021-01-18-introduction-to-safe-financial-instrument-how-it-works">SAFEs</a>.
They provide a flexible way for companies to secure funding without setting a fixed valuation immediately, which can be difficult during uncertain market conditions. The goal is to &quot;bridge&quot; companies through to 2025, with hopes that macroeconomic conditions, particularly interest rates, will improve, making capital more affordable.
Convertible instruments allow investors to invest in a company with the understanding that their money will convert into equity at a future date—typically during the next major financing round. This delay in setting a valuation is especially useful for startups that may not have a clear market value or those in transitional phases. 
However, investing in convertibles introduces additional risk since the investor does not know whether the next round will be a &quot;down round&quot; (where the valuation decreases) or a more favorable one.
To address this risk, startups often offer protective terms like valuation caps or discounts. A valuation cap sets an upper limit on the price at which the investment will convert to equity. It helps to ensure that even if the company’s valuation skyrockets in the next round, the investor can still convert at a more favorable rate. 
<blockquote>
&quot;Retail investors often see VC funds as a kind of validation. If a VC invests in a startup, it signals that someone has done thorough due diligence, so it feels like a green light. It indicates the startup is, at the very least, doing okay.
However, investing before an equity round is riskier since the valuation hasn’t been set yet.&quot;
</blockquote>
Adds<a href="https://ro.linkedin.com/in/andreihancu"> Andrei Hancu</a>, General Counsel at <a href="https://seedblink.com/">SeedBlink</a>.
<h2 id="understand-market-cycles">Understand market cycles</h2>
As long as the market is on an upward trend, valuations and opportunities for profitable exits increase. However, when the market declines, it becomes challenging to sell investments, especially in sectors experiencing downturns. 
Not all sub-markets decline simultaneously, so a well-diversified portfolio may allow some investments to maintain value or recover when others struggle.
In periods of market correction, growth-stage companies may raise equity rounds with substantial liquidation preferences to maintain valuations without eroding investors&#39; returns. It makes it difficult for early-stage investors to exit during downturns, as they may face unfavorable deal terms.
<blockquote>
&quot;As long as you diversify across different industries or verticals, there’s a good chance that one of them will perform well, allowing you to exit at a fair valuation.
For the others, you can wait for the market to recover. If you panic and sell during a downturn, the outcome may not be in your favor.&quot;
</blockquote>
Mentions <a href="https://www.linkedin.com/in/stefan-k%C3%B6ppl/">Stefan Köppl</a>, Managing Director at <a href="https://samira-advisors.com/">Samira Advisors</a>.
<h2 id="the-ideal-number-of-startup-investments-in-your-portfolio">The ideal number of startup investments in your portfolio</h2>
<a href="https://seedblink.com/investors">For an angel investor</a>, the general rule of thumb is to have at least ten investments to spread risk effectively. Investing in fewer than ten startups within a short time frame increases the probability of relying on luck, which raises the risk. 
Spreading investments across different verticals and stages can help mitigate the potential downsides of individual startup failures. The stages of the startups in the portfolio also play a significant role in risk management. 
<blockquote>
&quot;It takes you a while to build it up because you won’t invest in ten startups simultaneously, but I’d tell myself to choose a ticket size where I can afford at least ten investments to spread the risk equally.&quot;
</blockquote>
Mentions<a href="https://www.linkedin.com/in/stefan-k%C3%B6ppl/"> Stefan Köppl</a>, Managing Director at <a href="https://samira-advisors.com/">Samira Advisors</a>.
Early-stage investments, like pre-seed, carry higher risks but offer greater opportunities for returns, whereas later stages, such as Series A or B, tend to be less risky but have smaller potential returns. 
While late-stage companies may seem safer, they can still fail to deliver returns if their valuations are inflated before going public. Therefore, having a mix of investments at different stages can optimize the chance of a positive outcome.
Even though venture capital is typically considered an illiquid asset class, selling your shares at reasonable multiples when opportunities arise can lead to stable returns. 
Investors who hesitated to sell stakes in 2021 and 2022 missed opportunities for real cash profit despite high valuations on paper. 
<blockquote>
&quot;I remember we had a company on our platform that has been quite successful. We had a SAFE investment with a cap, and they later raised an equity round at five times that cap, meaning investors made a 5x return.
I saw two very different strategies emerge on the secondary market. Some investors took the &#39;double down&#39; approach, reinvesting in the equity round and secondary market to maximize their gains.
Others chose a more cautious route, returning their initial investment and letting the rest ride, prepared for further gains or potential losses. It shows the balance between not getting greedy and not getting scared.
The company raised a great valuation in a tough market, showing they are doing something right. But the best strategy depends on the rest of your portfolio—if you have multiple successes or some struggling companies, that context matters.&quot;
</blockquote>
<h2 id="going-from-growth-at-all-costs-to-focus-on-profitability">Going from “growth at all costs” to “focus on profitability.”</h2>
In venture capital, success is measured by multiples, with the goal to at least triple the investors&#39; money over a VC fund&#39;s typical 10-year lifespan.
When calculated on an Internal Rate of Return (IRR) basis, this typically results in annual returns of around 15-25%, which, while solid, may not seem exceptional considering the high risks involved in venture investing. Some investors also focus on liquidity and the time to exit, recognizing that quickly flipping investments, such as through secondary markets, can lead to significantly higher IRRs.
In recent years, tougher market conditions have led us to a change in investor focus from hyper-growth to profitability. Startups are increasingly being pushed to become profitable sooner to ensure they can survive if fundraising opportunities dry up. 
<blockquote>
&quot;In the last 5-7 years, everyone focused on growth. Revenue growth was everything, and costs didn’t matter. You could grow your revenue five times, but nobody cared if your costs were ten times higher.
It worked for some companies, like Amazon, but ultimately, a business&#39;s purpose is to make money for its founders, investors, and stakeholders. Growth without profitability is useless.&quot;
</blockquote>
Mentions <a href="https://at.linkedin.com/in/ronald-rapberger">Ronald Rapberger</a>, DACH Regional Manager at <a href="https://seedblink.com/">SeedBlink</a>.
Investors now recognize the need for startups to manage their cash flow more carefully and avoid insolvency during difficult fundraising periods. The change has brought venture capital thinking closer to private equity (PE), where profitability and EBITDA multiples have always been fundamental value measures.
In the past, startups were often valued based on revenue growth and market capture, but now they are evaluated based on their profitability, leading to lower valuations than the previous emphasis on revenue multiples.
<blockquote>
&quot;Investors are starting to realize that some companies are growing but don’t know how to be profitable.
For founders, shifting from growth to profitability requires a different skill set. It’s not just about growing anymore; it’s about managing expenses, making money, and delivering returns to stakeholders.&quot;
</blockquote>
Mentions<a href="https://at.linkedin.com/in/ronald-rapberger"> Ronald Rapberger,</a> DACH Regional Manager at <a href="https://seedblink.com/">SeedBlink</a>.
<h2 id="stay-connected">Stay connected!</h2>
For more insights, watch the whole SeedBlink webinar on Winning strategies for startup investors - portfolio building &amp; investment instruments below.
<iframe width="560" height="315" src="https://www.youtube.com/embed/2EChiXIizZ4?si=7fD_Gs3cwIavK4mv" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>



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Strategic portfolio building, risk management, and investment instruments. 

Winning strategies for startup investors - portfolio building & investment instruments

Europe&#39;s tech landscape is evolving in front of our eyes.
Get the inside scoop on the stories shaping the continent&#39;s innovation ecosystem.
<h2 id="active-opportunities">Active opportunities</h2>
Spotlight: VC-Backed <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D3f6eb40ab4%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5e7f97cc38fa4e3e7fe808dce11b6aff%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638632755095319510%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=HqQTwQ8kcLXcT3%2FQOcNUq7IzEoYOuVyNNovn9BqKsyM%3D&amp;reserved=0">Native Teams</a> is raising a €15,000,000 Series A, having $10M ARR under its belt. 
13 companies are actively raising now. <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D042582b759%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5e7f97cc38fa4e3e7fe808dce11b6aff%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638632755095365564%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=lAqK0yapLD1NlB2M07J5so%2FnAnzO5kvLGCzF9Ddm1Do%3D&amp;reserved=0">Explore them all</a>.
🎙️Pitch of the Week: <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Dce76e1a721%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5e7f97cc38fa4e3e7fe808dce11b6aff%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638632755095424404%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=B3CS7RTKYUlB%2FNqnCm7cT4ziBb8%2BATpwaua8Bltj5j8%3D&amp;reserved=0">Lindis Blood Care</a>, the German groundbreaking cancer cell removal solution. 
<h2 id="on-the-bulletin-board">On the Bulletin Board</h2>
Gain freedom and flexibility with your investments. Buy or sell shares in 45 promising tech companies with no minimum ticket. <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D532a950ffe%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5e7f97cc38fa4e3e7fe808dce11b6aff%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638632755095483378%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=HKcrvLnlpLORHDe3D4PRZXgurd5CzZ4cM7%2BiJUSu0cc%3D&amp;reserved=0">Check the Bulletin Board</a>.
<h2 id="good-reads">Good reads</h2>
European Growth VC funds | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D62d923bb5e%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5e7f97cc38fa4e3e7fe808dce11b6aff%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638632755095530305%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=t6LdeOk7sLiwWC2qcXMs4pTji6JSPrUrCYIdKxEF%2Bks%3D&amp;reserved=0">Read more</a>
2024 marks a strong year for high-growth funds in Europe, with global VC funding for European tech startups rising from 5% to 18% over the last two decades, though still trailing the region&#39;s economic potential.
Defense tech overview | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Dbb1d708426%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5e7f97cc38fa4e3e7fe808dce11b6aff%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638632755095572475%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=1LTRzrS9xfoKMuRfUo%2FvDRFDltquelFZC8aJ67aarqc%3D&amp;reserved=0">Read more</a>
Defense VC investment in NATO countries has surged to a record-breaking $3.9 billion in 2024, a staggering 4x increase since 2019. Discover the top 10 investors driving this surge.
The Nordics | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Dc61dae6350%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5e7f97cc38fa4e3e7fe808dce11b6aff%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638632755095635476%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=yp7ONgswxcIr%2F6l%2BS2bX%2FibbSh6MWCl4TiYZQrdCcRg%3D&amp;reserved=0">Read more</a>
The Nordics have become a hotbed for tech startups, especially in the energy sector. Energy startups have raised over $500 million in 2024 alone, and the region has produced 82 unicorns, with healthtech and fintech leading the way. 
Podcast of the week | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D06eaf8400e%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5e7f97cc38fa4e3e7fe808dce11b6aff%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638632755095689591%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=c%2BHBLpRUvwZKnJhaCylrBhZeoBDV9RW%2BtOjPN03cHow%3D&amp;reserved=0">Tune in</a>
This week&#39;s must-listen is Sequoia Capital podcast, featuring Sebastian Siemiatkowski, Klarna&#39;s CEO. It explores how OpenAI-powered assistant handled 2/3 of customer service chats in its first month. This is projected to boost Klarna&#39;s bottom line by $40 million.
<h2 id="lets-meet-at">Let&#39;s meet at</h2>
🇷🇴 Sep 30: <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D7e8e12083a%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5e7f97cc38fa4e3e7fe808dce11b6aff%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638632755095730488%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=xZxgSF3Oxm4Xxd9Cj5rZk8ao2NZ83PT8QMHaLktRmGc%3D&amp;reserved=0">Founders Club</a>, Bucharest
🇷🇴 OCT 1: Invest in Moonicorns by Growceanu, Bucharest. SeedBlinkxGROW10 for <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Da5cc16e9c9%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5e7f97cc38fa4e3e7fe808dce11b6aff%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638632755095783074%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=RINPuC7AhDueQvtMeMLCipO1GyXMpe9yXifGSjPBmRM%3D&amp;reserved=0">discounted tickets</a>. 
🇷🇴 OCT 2-3: How to Web, Bucharest | Visit our booth. 
🇽🇰 OCT 7-8: Endeavor’s Dare to Scale in Pristina
🇧🇪 OCT 15-16: European Angel Investment Summit, Brussels. EBANxMEMBERS2024 for <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Db6e2c93925%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5e7f97cc38fa4e3e7fe808dce11b6aff%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638632755095834878%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=o8BJNtxvkMlA90R3XmeWVhxsM5j5WtogVgdJOGyU%2F7w%3D&amp;reserved=0">discounted tickets</a>. 
🇦🇪 OCT 13-16: Expand North Star Conference, Dubai
🇷🇴 OCT 21-22: I Love Failure INNOVATION, Bucharest. SEEDBLINK20ILF for discounted <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Dded78e8f7e%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5e7f97cc38fa4e3e7fe808dce11b6aff%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638632755095895134%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=NX1owztwA2RHPkC5NzsisBNomZ4d0dWhf7u3IqGWrpI%3D&amp;reserved=0">tickets</a>.

Welcome to our weekly conversation starter

We know that fundraising can be a full-time job for founders – distracting you from what really matters: building your product, growing your team, and making progress. That’s why at SeedBlink, we’ve created Raise Hub – a toolkit designed to simplify and streamline fundraising for European startups. 
Whether you&#39;re looking to raise capital from your network, perfect your pitch deck, connect with investors across Europe, or manage investors post-funding, Raise Hub has you covered.
Here’s a quick overview of what Raise Hub brings to the table:
<h2 id="raise-a-round-from-your-network">Raise a round from your network</h2>
Flexible financing options with SeedBlink Raise
Forget one-size-fits-all fundraising! With SeedBlink Raise, you can raise capital using SAFE or Convertible Notes, and even choose between standardized or custom agreements. It&#39;s flexible, founder-friendly, and gives you the control you need to run your round on your terms. Our team is ready to assist with equity rounds, covering the full spectrum of fundraising needs.
SeedBlink handles the investment vehicle (Austrian incorporated <a href="https://intercom.help/seedblink/en/articles/9776541-nominee-structures">nominee</a>), contracts, signatures, banking transfers, and KYC/AML verifications, relieving you of these complex admin stuff that no founder should spend precious time on.
PLUS! The nominee structure syndicates all investors under one row in your cap table, simplifying ownership and governance while maintaining transparency and compliance.
Private deal rooms for secure fundraising
We know how important it is to keep your fundraising organized and confidential. Raise provides private deal rooms where you can manage your round and track investor interest in real-time. It’s a streamlined and secure way to keep everything in one place. One click is all it takes to share a link to the deal room with your investors. Plus, you build credibility with investors by raising on a trusted platform. 
<a href="https://tech.seedblink.com/raise">Get started with Raise</a>
<h2 id="preparation-is-your-secret-weaponget-ready-to-raise-capital-with-confidence-and-clarity">Preparation is your secret weapon—get ready to raise capital with confidence and clarity</h2>
AI-powered pitch deck review
You&#39;ve spent hours refining that deck, but there&#39;s nothing like an external sounding board who knows what it takes to create a compelling pitch. 
Raise Hub features an AI-powered pitch deck review tool, trained by investment specialists, that provides actionable insights to help you refine your presentation. Because a great pitch can make the difference between closing your round successfully or not.
<img src="/img/pitch-deck_raise-hub-grafica-2-p-800-ss.png" alt="Pitch deck review with SeedBlink" title="Pitch deck review with SeedBlink">
<a href="https://tech.seedblink.com/pitch-perfect">Get your pitch deck reviewed &gt;</a>
Access to a VC network
With a curated database of 1,800 European VCs, founders can find and connect with the right investors for their stage of growth. Filter investors by investment thesis, region or stage of investment to get a shortlist. And because options can be overwhelming and cold calling is no one’s favorite, SeedBlink&#39;s investment managers are also here to help with introductions and matching you with the best-fit investors.
<a href="https://tech.seedblink.com/vc-network">View the VC database &gt;</a>
Funding simulations
Simulate different funding scenarios to understand how your next round of funding will impact stakeholder ownership. Simulate dilution based on investor terms to avoid surprises. This helps you make data-driven decisions and negotiate with confidence.
<img src="/img/simulations_raise-hub-grafica-4-ss.png" alt="Simulate different funding scenarios with scenario modelling" title="Simulate the impact of all security types and multiple funding scenarios">
<h2 id="theres-value-in-managing-investors-post-raise">There’s value in managing investors post-raise</h2>
Once your round is complete, Raise Hub integrates with SeedBlink’s equity management tools and its syndicates infrastructure (helping you to control admin costs and maintain a clean cap table), making it seamless to manage your investor relationships and governance. It’s all about setting your company up for future success and the next rounds.
Automated reporting tools simplify your communication with investors and shareholders. The platform also enables you to keep all essential documents centralized and accessible for future rounds or audits.
<h2 id="next-steps">Next Steps:</h2>
In short, Raise Hub is here to take the headache out of fundraising and more – leveraging the back office of our financing services processes and infrastructure. It gives you autonomy, visibility and control over the round without the administrative burden. 
All in all, SeedBlink’s Raise Hub helps you raise the bar on fundraising and gives you more time to focus on your business. I&#39;m excited to see how founders across Europe use it to grow their businesses! 
<ul>
<li>Access Raise Hub with a 30% discount on your preferred plan and start a round until end of October - use code RAISE30OFF. </li>
<li>Learn more by joining our webinar on September 26th: &quot;Streamlining Fundraising with SeedBlink&#39;s New Raise Hub - How It Works&quot;. <a href="https://us02web.zoom.us/webinar/register/8017271162800/WN_ASthelbSQwq51lF_ca_H5A">Register here.</a></li>
</ul>
<img src="/img/webinar-raise-hub-register-now-ssr.png" alt="Raise Hub by SeedBlink explained" title="Streamlining Fundraising with SeedBlink&#39;s New Raise Hub - How It Works ">
<h2 id="learn-more-and-get-started-with-raise-hub"><a href="https://tech.seedblink.com/raise-hub">Learn more and get started with Raise Hub</a></h2>

Essential tools and guidance to raise funds from your network: Reduce the complexity of fundraising, from pitching to round execution to post-investment management.

Introducing SeedBlink’s Raise Hub: Simplifying Fundraising for Startups

Jack Thorogood is the Founder and CEO of Native Teams, a comprehensive payments and employment platform designed to support freelancers, remote workers, and their employers. With over a decade of experience in the fintech and remote work sectors, Jack has successfully led multiple companies focused on knowledge management, video software, and smart building technologies. His entrepreneurial journey includes founding and exiting InPlayer.com, a video monetization specialist, and BuildingBrain.com, a smart building platform. Native Teams, founded in 2021, is Jack&#39;s largest project, operating in more than 70 countries and employing a global team.
Native Teams addresses the growing needs of remote workers and freelancers by offering seamless payment solutions and local employment status. The platform provides tools for managing global work payments and creating a streamlined process for cross-border employment. Recently, Native Teams raised €6.2 million to enhance its platform and further establish itself as a leader in the evolving world of remote work payments, becoming the go-to platform for freelancers and global employers.
1. What inspired you to start Native Teams, and how did the idea evolve into the platform it is today?
Simply put, Native Teams solved a problem we had ourselves. I had a small digital agency building software for others. Even in that company of 15 people, we had issues paying people in a way that gave them the biggest intangible and in-work benefits, for example, the creditworthiness that comes from a good job.
We fixed that for ourselves and then had first a friend then some friends of friends ask if we could help them too. That was the genesis and the driver that made us go ‘all in’ on the idea that Native Teams grew from.
2. What gap did you see in the remote work and freelance space that Native Teams was created to address?
First off, we’re ‘employee-first’. Unlike any of our competitors, we’re happy to work directly with employees. It is that group of users we are building our feature set around. If we can look after employees better than anyone else, we&#39;ll win their employer&#39;s business.
Secondly, we needed to build a cost-effective platform that works for all knowledge and tech sector workers. When we launched some of our initial users were lower-earning remote workers. Our cost base and pricing reflect that and open up a world of opportunity even to less well-remunerated talent.
Our competitors were charging fees that in some cases exceeded what the actual end talent was earning each month. That made no sense to us and felt like price gouging.
3. How does Native Teams simplify global payments for remote workers and freelancers, and what unique solutions does it offer?
We offer a wide variety of payment tools - for example, an invoicing platform and multi-currency wallet - and employment options (including payouts through the payroll system in the country of a user’s tax residency) for remote workers and freelancers.
This provides remote workers and freelancers with the best of both worlds of work: The freedom and opportunity of freelancing and remote work combined with all the benefits of a local employment contract.
4. What are some of the key features of Native Teams that set it apart from other global payment platforms?
Compared to other EOR (employer of record) platforms we’re built around a multi-currency wallet, giving absolute flexibility and transparency for payments.
Compared to generalist payment platforms, we are unique in supporting our payments via the in-country payroll system. We also go much further when it comes to functionality such as automating access to tax-free allowances, enabling our users to keep more of the money that they earn.
5. How do you see the future growth of Native Teams, especially with the increasing shift towards remote work?
We expect the company to grow 2.7x during 2025 which will be on the back of 3x growth this year. 
While the trends towards remote work help us - and despite some of the recent ‘back to the office’ drives, remote work is still growing in popularity - it isn’t the sole driver behind our growth. We can work with local firms and distributed teams too to improve the way they think about and manage remuneration.
6. Do you have a mentor or figure who has inspired or influenced your entrepreneurial journey?
My business partner and co-founder Alex has had the biggest impact on my journey to date. Moving from zero to one is exceptionally hard and there is no way I could have made the progress I’ve contributed to without her.
7. What are potential exit scenarios for investors supporting Native Teams?
This depends a bit on the journey that the investors want! We expect to grow the business over the next 3-5 years ourselves. We have a unique opportunity to grow shareholder value over this period and while we have had a couple of significant acquisition offers already, we can add a lot more value for Native Teams shareholders ourselves over the short- to mid-term time horizons.
Having said that, we are regularly approached by potential investors who are keen to buy out existing investors’ positions. For those looking for a shorter-term exit, therefore, there remains optionality.
8. Why should investors consider being part of Native Teams&#39; journey?
Fundamentally I’d summarise this as:
<ul>
<li>We have product/market fit and consistent growth, month over month.</li>
<li>We are in a uniquely massive market. We are relevant to anyone getting paid for the work that they do, which is basically anyone with a job (although we are of course segmenting this and not trying to boil the ocean).</li>
<li>There are many adjacent and ‘upsell’ products we can and are adding to the stack to increase both ARPA and ARPU.</li>
</ul>
<a href="https://investors.seedblink.com/invest/native-teams/277">Explore the opportunity on SeedBlink.</a>

Discover how Native Teams is simplifying work payments globally and explore the potential growth and impact of this innovative start-up.

Redefining global work payments: a conversation with Jack Thorogood, founder & CEO of Native Teams

CUSTO has developed a technology that allows more than 1,500 couriers worldwide to deliver packages simply and efficiently. Our solution simplifies the delivery process for couriers by allowing them to scan packages directly to a parcel box, reading each package&#39;s unique barcode, eliminating the need for complicated procedures when a customer is away. This eliminates the need for complicated procedures when the customer is not at home and makes the delivery process not only faster but also more user-friendly and secure.
CUSTO started in 2021 with a focus on B2C, developing both hardware and software to create a marketable product. Already it quickly became clear, through market feedback and interest from large letterbox manufacturers, that CUSTO&#39;s technology is unique and that our expertise lies primarily in that area. Large manufacturers are already active in hardware development, but our strength lies in combining both areas of expertise to create an innovative scalable product. The recognition from B2B parties came primarily through validation from the B2C market, with the CES Innovation Award 2024 helping further that our product is very unique. 
Thanks to this nomination, CUSTO was awarded a booth at the CES trade show, which allowed us to further expand our network. This accelerated the process toward LOI agreements, of which we have now signed contracts with multiple partners. In this new business model, CUSTO will sell a cassette to B2B parties, who will then integrate it in their turn and sell it to consumers. CUSTO will maintain the relationship with the end customer, by driving the application provided. This grant application aims to scale as well as enable further optimization and expansion of our technology. This is to continue to meet the growing demand from the logistics sector.
1. What motivated you to start Custo, and how has the concept evolved since its inception?
Custo was born out of personal frustration. More and more, as founders, we were buying online which resulted in more and more courier companies coming to us. Each of them with their delivery terms. This usually went well when we were at home, but went we weren&#39;t there it became difficult to find our packages. We wanted a safe, easy guaranteed way to receive but also send our packages, and that for all couriers. That&#39;s how the idea was born. On top of that, when we saw that there was no smart home version of a mailbox and online sales kept increasing we started.
2. In your opinion, why is it important to address security and convenience in the delivery process for customers?
According to McKinsey there were 100 billion parcels delivered in 2020, and this number will double by 2030, knowing that 75% of deliveries are at home, we face a huge problem in the future. In the US already more than 2M parcels a day are stolen. If you read all those figures there is a clear need to build a solution that goes a lot further than a metal box. There is a clear need for a custodian/concierge in front of the door that will manage all your purchases/returns easily and conveniently. That is what our technology does.
3. How do you envision Custo making a difference in the delivery solutions market?
Our ambition is to become the standard in the market in terms of mailbox tech. Today we talk with the biggest players in the European market to integrate our technology as they are not tech companies… We will be their tech partner to convert the box into a fully connected/monitored concierge that customers will manage from their pocket.
4. What are some of the key features of Custo that set it apart from other delivery and mailbox solutions?
<ul>
<li>Opens by scanning the parcel&#39;s T&amp;T code, without knowing the details upfront as we do a real-time check via (+-1500) courier APIs. </li>
<li>Owners can give access (via mobile app) to everybody sharing unique QR codes (once or recurring), knowing that every delivery is notified on their smartphone. </li>
<li>The box can also easily be shared with multiple users.</li>
</ul>
5. What challenges have you encountered in bringing Custo to market, and how have you addressed them?
We have developed the product from scratch, building the PCB, infrastructure, and app.
 It took us 3 years and a few million to build and test it. 
 Once this was done the real test started as we didn&#39;t know how it would be used by couriers. Today we know, having tested it in 4 countries with 20 couriers and having received thousands of parcels that it works. So now it&#39;s time to increase the pace and start integrating in large European parcel box manufacturers. 
6. How do you see Custo&#39;s growth?
We have signed Belgian contracts with big mailbox companies. We aim to sign 2 more (International) by the end of the year which means that volumes will quickly increase to thousands of pieces. We have the ambition to work with the top 3 manufacturers in the coming 3-5 years. We aim to roll out 1 piece of hardware (cassette) that is integrated with the old car radios from the nineties. This hardware costs less than 150€ and has a recurring revenue-sharing model for the manufacturers. This will certainly boost sales, as this is unique in the market.
7. What are potential exit scenarios for investors supporting Custo, and how do you plan to ensure long-term growth?
We aim to be able to sell the company in 5-7 years based on the wramp up. After Europe, the US is certainly a market we want to quickly look at (max 24 months) as the parcel theft issue is a big problem over there.
8. Why should investors consider being part of Custo&#39;s journey?
We believe that CUSTO will become a unicorn based on its unique position and the demand from the logistic market for a structural solution. We have a global patent on the technology!
<a href="https://investors.seedblink.com/invest/custo-box/276">Invest in the opportunity on SeedBlink.</a>

Discover more about the inspiration behind Custo, the challenges of integrating advanced technologies, and Francis's vision for the future of secure deliveries.

Redefining parcel delivery: an interview with Francis Delplanque, CEO & founder of Custo

Welcome to your weekly European tech digest. We&#39;ve handpicked the most impactful news, insightful reads, and essential podcasts shaping the continent&#39;s innovation landscape. Let&#39;s dive into the content that will keep you informed and ahead in the ever-evolving tech investment world.
<h2 id="active-opportunities">Active opportunities</h2>
Spotlight: <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D04035f5180%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5683d2abd4ef4fd21bef08dcd61d469c%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638620668493468660%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=DRUjGM%2BGkmOgI0Na7E5JeF7nANzTJaku8hRjgXg8QEI%3D&amp;reserved=0">Lindis Blood Care</a> is raising €1.05M to revolutionize blood management in cancer surgeries. 
10 companies are actively raising now. <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D3125e62136%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5683d2abd4ef4fd21bef08dcd61d469c%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638620668493477809%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=gAXOBInKOIgu6IJxYJVLVGChJGgY8UmKGWSFzWNavjE%3D&amp;reserved=0">Explore them all</a>.
🎙️Pitch of the Week: <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D7941ac6006%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5683d2abd4ef4fd21bef08dcd61d469c%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638620668493484677%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=OnXOeLDrlyHerk07KHK%2Fu0mpkz7AUn3zDGfeVBcyVDk%3D&amp;reserved=0">Native Teams</a>, the Fintech that transforms companies&#39; management of global talent and payments. 
<img src="/img/winning-strategies-zoom-320x100-v1-modified.png" alt="">
<h2 id="secondary-market">Secondary market</h2>
Freedom, flexibility, and control are at the forefront of every smart investor&#39;s mind. Invest or sell your ownership in 45 tech companies with different maturity levels and no minimum ticket. <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D8064dac4fe%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5683d2abd4ef4fd21bef08dcd61d469c%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638620668493497052%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=SXuxxlhfB5cCVvsrjO6Q%2BM9DHKl7xFVnNyYVhkzw2Bg%3D&amp;reserved=0">Check the Bulletin Board</a>. 
<h2 id="on-our-radar">On our radar</h2>
The rise of secondaries | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D43726c605c%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5683d2abd4ef4fd21bef08dcd61d469c%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638620668493503053%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=xM5aN9PLtoPwgJDjKmFbTRMgf5Guwu4pwEBqnu8PYuY%3D&amp;reserved=0">Read more</a>
Investors are increasingly accepting secondary transactions at earlier stages. A few years ago, they were less tolerant of founders selling shares before Series A.
The players in an exit | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D628faf6517%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5683d2abd4ef4fd21bef08dcd61d469c%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638620668493509212%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=mDugxKAlufbwEWYiiMe3OwXxFa%2BUt8Ad2fEl004YEpM%3D&amp;reserved=0">Read more</a>
Explore the different roles of players in a startup&#39;s journey and discusses the factors influencing the timing of an exit. It highlights the importance of understanding the motivations of founders and investors and the role of VCs in the investment process.
Baltics going strong | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D00dfde6edf%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5683d2abd4ef4fd21bef08dcd61d469c%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638620668493515095%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=GhYWtJK3Icq%2Bgt0PBGWP3qkmlx%2Fh2KcxnYpHn%2FU63OA%3D&amp;reserved=0">Read more</a>
Estonia ranks second globally in funded startups per capita, closely trailing Israel and outperforming most European countries. 
Podcast of the week | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3De2c0b8e376%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5683d2abd4ef4fd21bef08dcd61d469c%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638620668493520981%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=eRL1UzUELg5avwtEwZ8bKVsklQTd2J8P1cOrscRgyzQ%3D&amp;reserved=0">Tune in</a>
This week’s must-listen is The Tech For Good Podcast, where Ben Mouncer speaks to GoStudent co-founder Felix Ohswald about being the CEO of an edtech unicorn in the post-COVID-19 era. 
<h2 id="lets-meet-at">Let&#39;s meet at</h2>
🇷🇴 SEP 17: eCommerce Talks by EasySales, Bucharest
🇷🇴 SEP 19: Forbes CEE Forum, Bucharest
🇷🇴 SEP 26: Ready to Sell by Exit by Choice, aimed at founders preparing for an exit. 
🇷🇴 OCT 1-2: Invest in Moonicorns by Growceanu, Bucharest. SeedBlinkxGROW10 for <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Dd30704c131%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5683d2abd4ef4fd21bef08dcd61d469c%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638620668493527055%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=f9lQ1ju2qTOWxl8x2yX1ouIrmHDTvdUOhaLNTTbpqps%3D&amp;reserved=0">discounted tickets</a>. 
🇷🇴 OCT 2-3: How to Web, Bucharest
🇽🇰 OCT 7-8: Endeavor’s Dare to Scale in Pristina
🇧🇪 OCT 15-16: European Angel Investment Summit, Brussels. EBANxMEMBERS2024 for <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D7b96f911e7%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5683d2abd4ef4fd21bef08dcd61d469c%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638620668493533207%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=Oo4drv2KDJrQ2IdOTOWHr8QJHHKltdqL4qOO9fQTr1I%3D&amp;reserved=0">discounted tickets</a>. 
🇦🇪 OCT 13-16: Expand North Star Conference, Dubai
🇷🇴 OCT 21-22: I Love Failure INNOVATION, Bucharest. FLASHSALE35 for <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D056543e63e%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C5683d2abd4ef4fd21bef08dcd61d469c%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638620668493539153%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=LY5jm9tXf0AwFi8VFFGTc7WwSIUVVZMgPTqmFRZtMTc%3D&amp;reserved=0">discounted tickets</a>.

Mihai Cepoi is the Founder and CEO of Jobful, Romania&#39;s first gamified recruitment platform. With a strong background in HR solutions and sales, Mihai previously worked at SAP, where he was recognized as the MVP for HR sales. In 2018, he left SAP to fully dedicate himself to Jobful. Under his leadership, Jobful secured a pre-seed investment of 250,000 euros in 2020 and an angel investment of 100,000 euros in 2019. The company was also the only Romanian participant in the SAP.io accelerator in Berlin and was invited to the Numa Accelerator in New York.
Jobful leverages gamification to revolutionize the recruitment process, helping HR departments attract talent more effectively. The start-up simplifies hiring processes, making it easier for companies to connect with the right candidates.
1. What ‘aha’ moment led to the founding of Jobful?
The very first ‘aha’ moment we had was one year prior to launching Jobful. The team at that time delivered gamification projects for HR processes and we witnessed a spectacular transformation for a large Telco company in their onboarding process. From 30% churn - people leaving during the first month - to 0% churn and a very happy group of new hires. That’s when we knew the engagement models we’re creating have a large business impact, not a marginal one. 
2. What was your drive back then, and what change did you aim to make?
In terms of drive and motivation, it has always been a mix. The people centric mindset is a core part of our culture and business, so the idea of making a difference for professionals in their career endeavors is a big part of our drive. In today’s very competitive landscape, placing ourselves at the forefront of potentially worldwide innovation is also a big part of our internal motivation. For the last couple of years, investing in projects focusing on the long-term social good and prosperity of vulnerable communities has been an amazing addition to our drive and motivation.
The change we aim to make has been defined as an employment manifesto based on principles. These include: people above processes, technology that empowers people, harmony over power, respect for the counterpart, equal opportunity by design and ethical recruitment over anything else.
3. How does Jobful&#39;s platform contribute to modern recruitment practices, and what specific market gap does it address?
We identified a missing puzzle piece in employment processes across the global market. For more than three decades now (since PeopleSoft launched the first technology for talent acquisition), the innovation in the area of recruitment has been incremental. We still rely on “Applicant Tracking Systems”, on a process centric approach, mapping professionals to our models. This also means that candidates are treated as data sets and recruitment teams are firefighting business needs as positions to be filled. And what we know for sure is that nobody wants to be a data set on a topic as important as work or career.
Today, we hire less than 1% of the profiles we pay job boards to share with us and in most cases ignore the other 99% of professionals interested to join our organizations. Yet we’re surprised our brand as an employer is suffering.
<pre><code>(stat) 65% of candidates don’t receive consistent communication.
</code></pre>
The missing puzzle piece we developed is a talent community platform. With Jobful, we enable employers to empower talent. We make sure all candidates receive consistent communication, we make sure all interested professionals join the employer community, we diversify how professionals can engage with employers (through courses, challenges, events, awards, groups) and we mitigate the dependency risks for sourcing. In a few words, we transform employment from a burden for both parts (recruitment teams and candidates) into a connection process. 
4. From an investor’s perspective, how did the platform grow since its previous raise in 2020?
It’s been a bit more than 4 years since that previous raise. In the meantime we’ve been through a pandemic with market freeze, a large military conflict in eastern Europe, economical instability, pivoted twice and the list goes on. 
During these years we’ve been strong (resilient) enough to: 
<ul>
<li>Rebuild the entire team from 3 members to 16</li>
<li>Double the business for 3 consecutive years, now getting close to 400K in annual recurring revenue</li>
<li>Deploy the technology for large enterprises (Regina Maria, Raiffeisen, Publicis)</li>
<li>Launch international projects (Wyndham Hotels EMEA, Startup Refugees in Finland)</li>
<li>Build a highly scalable model for expansion</li>
<li>Develop strategic partnerships with NESsT, IKEA Foundation, BCR and EBRD</li>
<li>Maintain 0 churn rate (happy customers)</li>
</ul>
Maybe just as importantly for investors in today’s market conditions, we demonstrated agility and resilience during incredibly difficult times.
5. What’s your specialization in terms of company type, roles you support and geography? - How are you different from other recruiting platforms? 
The gamification framework and expertise, deeply embedded in our proprietary technology, is today our strongest differentiator. As mentioned above, other recruitment platforms or solutions are still iterating on process centric models often ignoring the candidate experience or at least putting it in second place (best case scenario). Any expert in recruitment can tell you this process is about people. We enable employers to make the process about people and the impact on business outcomes is spectacular. 
6. How does Jobful guide and empower HR departments to make informed decisions about their recruitment strategies?
Our technology provides an amazing opportunity for HR leaders, enabling their organization to make people processes a critical part of their business success. In most cases recruitment is rather tactical not strategic, the volume of work is based on requests (we need to hire / replace x people as soon as possible) which led to this firefighting approach. 
In a very unpredictable future, after COVID recession, economical instability and generative AI driven fears, the solution can only be preparation and agility. This is exactly what our solution offers to employers, a model to build, grow and engage talent communities, enabling foresight instead of forecast. A broader perspective regarding possibilities and opportunities instead of an estimation that things will be more or less the same / predictable.
7. How does Jobful address the inclusivity framework nowadays?
When we discuss inclusivity we have to look at the entire ecosystem. Inclusivity has a strong pillar in people &amp; culture processes, another pillar regarding infrastructure including technology, another pillar in education and the list can go on.
On our end, we’re very proud with our progress over the years on this topic:
<ul>
<li>We have a very diverse team with representatives from every single active generation in the workforce market and representatives from different key groups (people with disabilities, from minority groups). This broadens our perspective and offers us insights in everything we do.</li>
<li>We reengineered the entire interface of our platform in order to make our platform accessible to people with visual impairment (WCAG 2 international standards). It&#39;s very sad to say, but only 3% of the Internet is for everyone. The other 97% is only for the people who have the fortune to see. We’re very proud to be part of the 3% today.</li>
<li>We added a step in the selection process called the matching system. Professionals profiles are anonymized and can only be unlocked after both parties have confirmed. This eliminates by design any potential bias on gender, age, vulnerability, disability, etc. leading to an equal opportunity framework for hiring.</li>
</ul>
8. What advisors do you have? 
Our current advisors are experts on key pillars for Jobful’s growth. We work with Dr. Mirko Knaak for AI/ML strategy, with Emanuela Modoran for grants, Mihaela Toader for financial planning, with Jaco Fok for innovation and different mentors from our ecosystem.
9. Do you have a mentor or figure whom you admire and draw inspiration from?
I admire my colleagues and their dedication to make everything happen within our organization. I admire our mentors and advisors. Generally I crowdsource inspiration from every context possible.
10. Why should investors consider being part of Jobful&#39;s journey?
There are plenty of reasons an investor should consider joining our journey. Starting from the financial incentive and return of investment, that’s part of the definition for “investor”. I would add some other potential motivators:
<ul>
<li>They work in the industry and their experience, network and passion can contribute to our growth and implicitly to better returns</li>
<li>They empathize with our mission (and values) and want to contribute to its success</li>
<li>They want to be part of an amazing entrepreneurial experience and maybe one day join as part of the team too</li>
<li>They understand the importance of empowering vulnerable people and want to contribute</li>
<li>They believe Romania deserves better representation in the global startup scene and see the opportunity just like we do</li>
</ul>
I believe the list is a bit longer, the point being there’s plenty of reasons to join our journey regardless of the capacity.
<a href="https://investors.seedblink.com/invest/jobful/263">Invest in the opportunity on SeedBlink.</a>

Discover how Jobful empowers HR departments with strategic tools to attract talent making B2B’s life easier.

Redefining the recruitment process: an insightful discussion with Mihai Cepoi, CEO & founder of Jobful

Recharged and back to full speed with ambitious goals for the rest of the year! Join us in exploring the European future alongside the tech visionaries shaping it.
<h2 id="active-opportunities">Active opportunities</h2>
🇷🇴 VC-Backed | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Df0dbde2d52%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C62617cc4f00f4d39e25a08dcd098e04a%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638614602244788059%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=XLZpI5m%2FOZ8Q9G1uOLvcAqmXek9HGxC4sE%2F4bS423hw%3D&amp;reserved=0">Questo</a>, the travel startup used by 500,000 people worldwide, is raising €630,000 funding round to scale its gamified event solution.
🎙️Pitch of the Week: <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D45c68a85f8%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C62617cc4f00f4d39e25a08dcd098e04a%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638614602244822004%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=32qpHEu9dV%2FgFgu40dYITaadbyOddiqhJExu%2FZvrflk%3D&amp;reserved=0">Jobful </a>- gamified recruitment platform. 
🎙️Webinar - <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Da1ed34368c%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C62617cc4f00f4d39e25a08dcd098e04a%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638614602244839111%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=o1x3WvPVpHZ6w%2FDmjOn78D%2BrblCkw%2FPaHQZF%2Fax2ncY%3D&amp;reserved=0">Winning strategies for startup investors</a> - portfolio building &amp; investment instruments. 
<img src="/img/3dd17508-4da6-4220-b88b-34a00ec3a36a.png" alt="">
<h2 id="secondary-market">Secondary market</h2>
Freedom, flexibility, and control are at the forefront of every smart investor&#39;s mind. Invest or sell your ownership in 45 tech companies with different maturity levels and no minimum ticket. <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Dd828351515%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C62617cc4f00f4d39e25a08dcd098e04a%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638614602244872187%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=qRzmeygjJ7T9dA%2FRIgqFs%2F0GWlT1Voxupydb%2FzNp%2FHs%3D&amp;reserved=0">Check the Bulletin Board</a>. 
<h2 id="on-our-radar">On our radar</h2>
August portfolio updates |<a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D15c3de7500%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C62617cc4f00f4d39e25a08dcd098e04a%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638614602244888661%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=xVqu43%2FWNs6ywtqXYzbG4BiFWSmsDjhgFuj97sNhBsQ%3D&amp;reserved=0"> Read more</a>
Learn about significant achievements from Arcanna AI, Bonapp, Dronamics, DRUID AI, FLOWX AI, .lumen, PROCESIO, Quarks Interactive, and Swisspod Technologies. 
Liquidity spotlight | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Da9929736c6%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C62617cc4f00f4d39e25a08dcd098e04a%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638614602244918145%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=aHeWhUxB5l%2FIj%2Fwv2b6JjNWKpBBaVfDt5ghFlfP85KM%3D&amp;reserved=0">Read more</a>
Public market investors increasingly seek exposure to private assets, as most returns now occur before an IPO. This has driven the growth of secondary markets, offering liquidity for early investors and access for those in public markets.
August stats | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Db5cade5eed%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C62617cc4f00f4d39e25a08dcd098e04a%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638614602244932602%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=oWfp4jEb1QPyNBxj1T3YcUPkD9%2BWBYdnlkTkefav1Yo%3D&amp;reserved=0">Read more</a>
Discover key trends in European tech investment for August 2024 in this comprehensive report. Despite the summer slowdown, €1.9 billion was raised across 203 deals, with energy and healthtech leading. 
Most active deeptech investors | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D9b330ebf08%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C62617cc4f00f4d39e25a08dcd098e04a%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638614602244946113%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=ajTLVKmv210%2Bjd4UQ4JrRDDJzVRL%2FR8S1OOmD8Guyvo%3D&amp;reserved=0">Read more</a>
Investors are being wooed by the promise of cutting-edge technology and science — and they’ve put €6.5bn worth of cheques for 488 deeptech deals so far in 2024.
Podcast of the week | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D6e50fdda9a%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C62617cc4f00f4d39e25a08dcd098e04a%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638614602244961382%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=%2BwTeCJV1GIJM9JiEDIpxaf7pgsE77NFudplIeRJsxKY%3D&amp;reserved=0">Tune in</a>
This week’s must-listen is Think Big and Act Fast featuring Brad Jacobs, who has done 500 M&amp;A transactions and raised 30 billion dollars of debt and equity capital. 
<h2 id="lets-meet-at">Let&#39;s meet at</h2>
🇷🇴 SEP 17: eCommerce Talks by EasySales, Bucharest
🇷🇴 SEP 19: Forbes CEE Forum, Bucharest
🇷🇴 SEP 26: Ready to Sell by Exit by Choice, aimed at founders preparing for an exit. 
🇷🇴 OCT 1-2: Invest in Moonicorns by Growceanu, Bucharest
🇷🇴 OCT 2-3: How to Web, Bucharest
🇽🇰 OCT 7-8: Endeavor’s Dare to Scale in Pristina
🇧🇪 OCT 15-16: European Angel Investment Summit, Brussels. Use EBANxMEMBERS2024 for <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Db9063a2128%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C62617cc4f00f4d39e25a08dcd098e04a%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638614602244974789%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=1PVutZmK%2B1cekTREjMbw5vRvTjawTYpJnYTW3aEkN4A%3D&amp;reserved=0">discounted tickets</a>. 
🇦🇪 OCT 13-16: Expand North Star Conference, Dubai
🇷🇴 OCT 21-22: I Love Failure INNOVATION, Bucharest. Use SEEDBLINK20ILF and get 20% off all regular attendee <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D49f37c6d89%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C62617cc4f00f4d39e25a08dcd098e04a%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638614602244985690%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=5k20aD%2BlpzGWxZq0He7jXZn6zO%2BCDSUcEdVhogjbY5k%3D&amp;reserved=0">tickets</a>.

Tech Investors Academy, powered by SeedBlink, is an English-only hybrid learning program designed for all investors registered on the SeedBlink platform who want to enhance their venture capital knowledge.
The fourth Tech Investors Academy learning module by SeedBlink focused on liquidity and secondary market transactions. We discussed the role of liquidity in private markets, why secondary transactions are great exit opportunities for investors, how to assess market trends and opportunities in a secondary transaction, how to evaluate investment timelines and align different expectations, and more that we invite you to discover below. 
This session was led by <a href="https://www.linkedin.com/in/eric-bartha-08154810b/">Eric Bartha</a>, Head of Revenue at SeedBlink, and he was joined by: 
<ul>
<li><a href="https://www.linkedin.com/in/markus-oberg-a1a7b9172/">Marcus Öberg</a>, COO and co-founder of <a href="https://accumeo.com/">Accumeo</a>, with a background in finance and corporate strategy, focusing on secondary transactions.</li>
<li><a href="https://www.linkedin.com/in/oden-vallien-2511b8149/">Oden Vallien</a>, CEO and co-founder of <a href="https://accumeo.com/">Accumeo </a>who specializes in providing liquidity solutions for private company shares, leveraging his diverse experience in finance and tech. </li>
</ul>
<h2 id="what-do-you-need-to-know-about-liquidity-and-secondary-market-transactions">What do you need to know about liquidity and secondary market transactions?</h2>
Liquidity events traditionally refer to the sale of a company, either partially or entirely, or through an initial public offering (IPO). However, the path to an IPO has become longer and less certain, with many companies choosing to stay private rather than go public. 
Notable examples include companies like Stripe, which raised significant funds with a portion dedicated to secondary transactions, and Revolut, which pursued a large secondary round. This trend shows that even large, successful companies opt to remain private, which has implications for investors&#39; thinking about liquidity and returns.
Venture investments operate on a longer timeline than some might expect, with a standard VC fund&#39;s lifespan of around ten years. 
However, it’s not uncommon for the most significant returns to be realized even later, sometimes 13 years or more after the initial investment. It contrasts with some investors&#39; expectations, looking for returns within a much shorter timeframe. 
For example, the approach of some VCs, like Sequoia, reflects a shift toward holding investments for even longer periods, challenging the traditional 10-year model. This is one of the reasons why the IPO model is becoming more of a long-term plan for investors, and secondary transactions have become more attractive for short-term gains.
“I think a lot of investors who are primarily active in public markets are noticing more and more that the majority of returns are made before an IPO these days. So, there is a major demand and build-up from public investors to gain exposure to private assets.
This is why secondary markets became a business in themselves. On the one hand, there are many early investors and employees who want to find a liquidity window, but there are also many investors in public markets who feel left out.&quot;
Mentioned <a href="https://www.linkedin.com/in/oden-vallien-2511b8149/">Oden Vallien</a>, CEO and co-founder of <a href="https://accumeo.com/">Accumeo </a>
<h2 id="lessons-learned-from-spotify-and-the-swedish-startup-ecosystem">Lessons learned from Spotify and the Swedish startup ecosystem</h2>
In recent years, much of the value creation in companies has occurred outside the stock exchanges, as many businesses, like <a href="https://northvolt.com/">Northvolt </a>and<a href="https://www.h2greensteel.com/"> H2 Green Steel</a>, have opted to remain private due to strong access to private capital and interest from private investors. 
Companies staying private is becoming a common trend as more delay goes public, making secondary markets attractive for investors who want to benefit from early-stage gains. These transactions allow stakeholders to achieve some gains without waiting for an IPO, while new investors gain access to potentially high-growth opportunities before a company enters the public market.
Spotify is an excellent example of how a company can build significant value while remaining private. Founded in 2006, it remained unlisted for 12 years before its IPO in 2018.
During this period, Spotify created substantial value between 2006 and 2018, offering opportunities for early investors to realize gains through secondary sales before the IPO
Mentioned <a href="https://www.linkedin.com/in/markus-oberg-a1a7b9172/">Marcus Öberg</a>, COO and co-founder of <a href="https://accumeo.com/">Accumeo
</a>
Historically, these opportunities have been less accessible to retail investors, especially in markets like Sweden, where the investment landscape has been relatively closed.
Going toward longer periods before IPOs means that by the time companies go public, much of their value has already been realized.
We see a contrast with earlier cases like Amazon, which went public just two years after its founding, allowing public investors to participate in more of its early-stage growth. 
Today, the challenge for retail investors is finding ways to invest in these companies earlier in their lifecycle, before they have matured and gone public.
Mentioned <a href="https://www.linkedin.com/in/oden-vallien-2511b8149/">Oden Vallien</a>, CEO and co-founder of <a href="https://accumeo.com/">Accumeo</a>
Investors generally find it easier to understand the value of consumer tech companies like Spotify because they can personally experience the product and recognize its impact. As a revolutionary product, Spotify demonstrated its growth potential, making it an attractive investment. 
Spotify&#39;s case illustrates how trading in the secondary market before an IPO can yield quick returns. Investors who bought shares just a week before the IPO earned a 40% return on the first trading day. 
On the other hand, companies like H2 Green Steel, which focus on less familiar industries such as eco-friendly steel production, may not be as immediately obvious to retail investors. 
However, these companies address well-known global issues like CO2 emissions, making their business models increasingly attractive as media exposure and public awareness grow.
<h2 id="4-factors-to-consider-before-selling-on-the-secondary-market">4 factors to consider before selling on the secondary market</h2>
1. Portfolio diversification.
Diversification is one of the biggest factors to consider before selling shares on the secondary market. Many early investors or employees may find that their shares in a private company have grown to represent a significant portion of their net worth. 
Concentrating capital in a single asset can be risky, so selling a portion of those shares can help diversify a portfolio, reducing risk without completely exiting the investment.
2. Seller profile.
The type of seller plays another significant role in secondary market transactions. Sellers often include early investors who have been with a company since its founding or employees who received shares as part of their compensation. 
Additionally, institutional investors or funds might need to liquidate shares to return capital to their investors, which can result in quicker, sometimes less favorable sales.
3. Market focus.
Most trades in the secondary market are concentrated around large companies that are expected to go public soon. 
However, there is also a market for mid-sized companies, though these transactions are rarer. Investors often look at whether the company they hold shares in will likely attract interest based on its growth potential, profitability, and proximity to an IPO.
4. Legal considerations.
Before selling, it’s important to understand the legal aspects of secondary transactions. 
For example, companies often have a &quot;right of first refusal&quot; period, where existing shareholders can choose to buy the shares being sold. This process can extend the time it takes to complete the sale, so sellers need patience and to be aware of the potential delays.
<h2 id="stay-connected">Stay connected!</h2>
<a href="https://seedblink.com/newsletter">Subscribe to our newsletter</a> and stay tuned for similar updates and insights into European startup news, equity trends, VCs, and investment opportunities.

Explore the importance of liquidity in private markets and how secondary transactions offer exit opportunities. Learn key factors, risks, and trends shaping secondary investments.

Portfolio building 101: Understanding liquidity and secondary market transactions

As we transition into the vibrant fall days, we are excited to share the latest updates from our portfolio companies, highlighting their impressive progress.
Here’s a snapshot of the achievements of the startups we&#39;ve proudly backed: 
Arcanna AI will be showcasing its latest technologies at The AI Hot 100 Conference, hosted by The AI Furnace, on September 18th in New York City. This event is a key gathering for AI professionals and innovators, providing a platform for Arcanna AI to present its newest developments and share insights into the future of artificial intelligence. Learn more about the conference <a href="https://www.aifurnace.co/">here</a>. 
Bonapp recently celebrated a significant milestone in <a href="https://www.linkedin.com/posts/pennyreweromania_celebrating-a-milestone-with-penny-rewe-activity-7234470967576584192-6URq?utm_source=share&amp;utm_medium=member_desktop">partnership with PENNY | REWE Romania</a>. Together, they have saved 24,000 products from going to waste, which translates to rescuing 7.2 tons of food. This effort has made an environmental impact equivalent to planting 622 trees, showcasing Bonapp’s commitment to sustainability and reducing food waste. 
Dronamics, supported by over £7 million in UK government funding through Innovate UK&#39;s <a href="https://www.sustainabletimes.co.uk/post/7-million-funded-medical-drone-delivery-trial-marked-as-a-technological-revolution">Future Flight Challenge</a>, has made remarkable strides in the medical logistics space with its CarbonNeutral certified drones. 
DRUID AI is gearing up for its online annual event, Symbiosis 3, where the latest in DRUID AI&#39;s platform technology will be showcased. The event will highlight advancements in Generative AI agent orchestration with the DRUID Conductor, a tool designed to enhance conversational AI capabilities. More details about the event can be found on their <a href="https://www.linkedin.com/events/7236374379918426112/about/">LinkedIn page</a>. 
EasySales is set to participate in two events this month. On September 10th and 11th, they will be at the Seamless Europe Startup Innovation Showcase in Munich, Germany, showcasing their latest e-commerce innovations — here you can <a href="https://lnkd.in/dtNVJ_ky">register for a free pass.</a> Then, on September 18th, they will host <a href="https://lnkd.in/dQJpusiJ">eCommerceTalks in Bucharest</a>, where they’ll engage in a panel discussion on international sales strategies with leading industry experts. See you there? 
FLOWX.AI has been featured in last month’s FinTech Magazine for its collaborative efforts with the National Bank of Canada. The article (<a href="https://fintechmagazine.com/magazine/fintech-magazine-july-2024">available on page 84</a>) explores the successful partnership and how FLOWX.AI&#39;s platform is driving digital transformation in the banking sector. 
.lumen has secured a second US Patent for their innovative Glasses for the Blind and Pedestrian Autonomous Driving AI. The patent includes advancements in detecting the environment, recognizing obstacles, and determining safe pathways for pedestrians, offering non-visual feedback to users.
PROCESIO is now a pilot participant in Bitdefender&#39;s <a href="https://www.linkedin.com/company/the-console-project/">CONSOLE Project</a>, underlining its commitment to maintaining the highest security standards for its technologies. By serving a diverse clientele that includes enterprises, freelancers, and SMBs, PROCESIO continues to demonstrate versatility and performance in the business process automation space. 
Quarks Interactive has successfully launched a version of Quantum Odyssey for iPhones and iPads, expanding its reach beyond Android devices. The app, free to download, is touted by the founder as the most comprehensive quantum computing educational software and video game available on handheld devices. Quantum Odyssey can be downloaded for <a href="https://lnkd.in/gCnKFJXP">Apple devices here</a> and for <a href="https://lnkd.in/giBAEvt5">Android devices here</a>. 
Sessions, the Romanian startup, has been facing significant challenges despite initial momentum. After raising funding earlier this year, the company has encountered delays with its latest financing round, causing difficulties in paying employees and continuing operations. Founder Radu Negulescu recently shared that they are now five months late on payroll, despite strong early traction.
 To stay updated on their journey and learn more about how they’re navigating these challenges, check out the full story on<a href="https://www.zf.ro/business-hi-tech/drama-unui-start-up-dupa-5-luni-runda-finantare-fondatorul-start-up-22456618"> ZF Business Hi-Tech</a>.
Swisspod Technologies is inviting you to a historic celebration in Lausanne. Founder Denis Tudor will host a special ceremony on September 17th, in collaboration with EPFL DESL, to celebrate Swisspod&#39;s world-record achievement for the longest hyperloop ride. With 80 successful rides already under their belt, Swisspod is setting new benchmarks in the hyperloop industry. If you&#39;re interested in attending this event, please reach out to Denis at <a href="mailto:denis@swisspod.com">mailto:denis@swisspod.com</a>. 
We remain dedicated to fostering trust and transparency by engaging with our funded startups and sharing their latest updates with our community of investors and tech enthusiasts. 
If you are interested in supporting any of our portfolio companies with your network, knowledge, or mentorship, please contact us at <a href="mailto:investors@seedblink.com">mailto:investors@seedblink.com</a>.

Significant achievements from Arcanna AI, Bonapp, Dronamics, DRUID AI, FLOWX AI, .lumen, PROCESIO, Quarks Interactive, and Swisspod Technologies. Let's dive into their success stories. 

Investor insight: August 2024 Portfolio success stories 

Written by Ionuț Pătrăhău, Managing Partner and Corporate Development @ SeedBlink. In addition to his extensive experience in banking, Ionuț Pătrăhău has also worked in the healthcare sector. He was the CEO of the private healthcare network Regina Maria and co-founder of the Brain Institute, a neurosurgery center developed in collaboration with Monza Hospital. 
As a first-time tech founder, you’re no stranger to the highs and lows of bringing an innovative idea to life. While your industry knowledge and passion drive you forward, the reality of needing financial backing to fuel your vision becomes increasingly pressing. After bootstrapping with your savings and small investments from supportive friends and family, you’re ready to enter the world of business angels and venture capitalists (VCs). 
<h2 id="the-shifting-realities-of-venture-capital">The shifting realities of venture capital</h2>
The venture capital ecosystem is defined by specific investment criteria, ticket sizes, and timing, all of which can fluctuate depending on broader economic conditions. Startups today are navigating an environment where VCs are not only scrutinizing the viability of a product or service but are also laser-focused on the resilience of financial planning and the strength of founding teams. These demands are altering day by day, influenced by economic uncertainties, inflation rates, and global market shifts. What VCs are looking for in a startup can change rapidly, making it increasingly difficult for founders to anticipate and meet these expectations. 
The harsh truth is that less than 1% of startups globally are successful in securing VC funding. According to Eurostat&#39;s Venture Capital Glossary and Statistics, about 5-10% of startups in Europe succeed in securing VC funding. Even for those with a solid network, accessing this world effectively can be a significant challenge. The VC arena is vast, often intimidating, and populated by seasoned investors who are increasingly selective in their investments. For many startups, the dream of finding &quot;the one&quot;—an investor who perfectly aligns with their vision and provides the necessary backing—is often an illusion, even for those with undeniable potential. 
Creating a compelling pitch remains crucial, but it’s no longer enough to simply highlight your product&#39;s uniqueness, market potential, business model, and growth strategy. Even the most well-crafted pitch can falter if it doesn’t align with the current investment climate. Founders must now demonstrate an acute awareness of market dynamics and the ability to pivot or adapt as circumstances evolve. The bar for securing VC interest is higher than ever, with investors seeking not just innovation, but also the assurance that startups can weather economic storms and emerge stronger. 
<h2 id="alternatives-to-traditional-vc-funding">Alternatives to traditional VC funding</h2>
Given these challenges, startups need to consider alternatives to traditional VC funding. While securing VC backing may seem like the ultimate goal, it’s not the only path to success—and for many, it may not be the best one. This realization shifts the focus from merely raising funds to finding alternative pathways that offer the capital, guidance, and strategic support needed to grow, without the pressure of conforming to the often-narrow criteria of venture capitalists. 
This is where we come in, offering support for these alternatives. 
Our team supports startups in their quest for the right investors by providing expert knowledge, warm introductions, and guidance throughout the fundraising process. We help you understand the nuances of the VC world while also opening doors to a broader network of investors and partners who are aligned with your specific goals and values. 
Our team advice is tailored to your specific stage and sector, ensuring you&#39;re well-prepared to engage with potential investors. This includes refining your pitch, honing your financial forecasts, and crafting a compelling narrative. We’re taking advantage of our extensive network to make warm introductions to venture capitalists, business angels, and alternative funding sources aligned with your business goals, increasing the likelihood of finding investors who share your vision for growth. 
In this ever-changing ecosystem, the ability to adapt and remain flexible is just as important as the original idea itself. The journey to securing funding is fraught with challenges, but with the right strategy and support, startups can navigate these uncertainties and find their path to success. 
If you are a first-time founder embarking on your fundraising journey or don’t want this process to be your full-time job in the following months, consider us as your trusted ally in finding the right partner—whether in the VC world or beyond. Reach out to us at <a href="mailto:&#x73;&#x74;&#97;&#x72;&#116;&#x75;&#x70;&#x73;&#64;&#115;&#101;&#101;&#100;&#x62;&#108;&#105;&#x6e;&#107;&#46;&#99;&#x6f;&#109;">&#x73;&#x74;&#97;&#x72;&#116;&#x75;&#x70;&#x73;&#64;&#115;&#101;&#101;&#100;&#x62;&#108;&#105;&#x6e;&#107;&#46;&#99;&#x6f;&#109;</a> for more details on how we can support you on this crucial journey. 
--
SeedBlink is the all-in-one equity and investment platform that provides the infrastructure, financial services and network coverage for European tech companies and their stakeholders to access, manage and trade equity at every stage of growth.   
With a comprehensive suite of products and services, SeedBlink streamlines investment processes and provides robust support throughout the equity lifecycle, from initial funding rounds through to mature investment opportunities and secondary markets. 
<a href="https://sso.seedblink.com/realms/seedblink/protocol/openid-connect/auth?client_id=nimity&amp;redirect_uri=https://equity.seedblink.com&amp;response_type=code&amp;scope=openid&amp;_gl=1*16conh7*_ga*MTc0NDUwMDY4LjE2ODQyMTU1MDY.*_ga_KSNT1WVLT2*MTcyNTM0NDg4NC4xMDk1LjEuMTcyNTM0NzI0MS4yOS4wLjA.*_gcl_aw*R0NMLjE3MjE5MTg5NzUuQ2p3S0NBanc3NGUxQmhCbkVpd0FicU9BakhHODQ2VmV5aFRGb1h1S1hoRnhhWER1YWZ2d0NzZmNjc3FYbmNRak9vMEFPRGhveGliOG54b0NBaVVRQXZEX0J3RQ..*_gcl_au*NDU2NDI0NDcwLjE3MTk4MTc5NDc.">Become part of our community. </a>

The harsh truth is that less than 1% of startups globally are successful in securing VC funding.

Finding the right partner beyond the VC dream 

Cătălin Mester is the driving force behind &quot;I Love Failure,&quot; an event series that has gained recognition for its candid and transformative approach to personal growth. 
Launched in 2017, &quot;I Love Failure&quot; was born from Cătălin&#39;s desire to create a space where individuals could openly share their experiences with failure, learn from each other, and ultimately turn their setbacks into stepping stones for success.
His events have grown into a proper movement, inspiring thousands to redefine their relationship with failure and embrace it as a natural part of the growth process.
Building on the success of &quot;I Love Failure,&quot; Cătălin is now venturing into the digital space with a new app focused on personal development and combating fear. This app aims to provide users with the tools and resources they need to face their fears head-on, set meaningful goals, and achieve personal and professional growth.
1. What motivated you to start &quot;I Love Failure,&quot; and how has the concept evolved since its inception?
&quot;I Love Failure&quot; started at the lowest point in my life when fear had completely taken over, and I was too scared to make any moves. I was afraid to walk too far from home and was always in fight-or-flight mode. One night, I went to a business event where I was too afraid to ask questions for fear of being noticed. During the networking session, I met an entrepreneur who, for 15 minutes, was vulnerable and shared his failure story with me. He didn’t share it as a victim but more like a storyteller. This showed me that I was not the only one who hadn&#39;t found my way yet, and it gave me the courage I needed.
That night, an idea formed in my head: what if this guy had been on stage? I think he would have inspired the whole room. So, I went home and decided to create an event called &quot;I Love Failure,&quot; where people get on stage and share their failure stories and the lessons they learned. Since that first event six years ago, our failure stories have touched ten thousand people in physical locations and millions online.
We have also started to reduce the fear of failure in companies.
2. In your opinion, why is it important for people to confront and understand their fears in the context of personal and professional development?
For any kind of growth to happen in personal or professional life, you need to have a good relationship with failure and setbacks. We are born with an &quot;I Love Failure&quot; mentality; we learn by doing, falling, and getting back up. However, along the way, we are told that we are wrong if we don&#39;t score well on a test or if we do things a certain way. As a result, our relationship with failure deteriorates, along with our ability to grow.
3. How does your new app intend to build on the principles of &quot;I Love Failure&quot; to help users overcome fear and achieve their goals?
First, users will start with a test to assess their fear of failure levels across various aspects of their lives, including professional and romantic. From there, they will be able to access failure stories categorized by topics such as romance, business, education, and many more. Users will also become part of a community that hosts numerous events where they can meet, network, and find inspiration. We will also offer masterclass courses on personal development from some of the most inspiring individuals, including CEOs, athletes, artists, and more. Courage is contagious; the more people are exposed to &quot;I Love Failure&quot; content and community, the better their fear levels should be.
4. How do you envision your app making a difference in the personal development space, especially in a market saturated with self-help tools?
Personal development means growth, and growth, as I said, comes from failure. Our app will be the first where you can measure your fear level and help you negotiate your relationship with failure. Another aspect is our events and community, which take personal growth to a whole new level.
5. What are some of the key features of your app that will set it apart from other personal development platforms?
First is our “fear measurement” feature, which helps people always know how exposure to &quot;I Love Failure&quot; impacts their growth mindset. Then there is the quality of our content and the quality of our speakers and mentors. I would also mention the online and physical community and events.
6. What challenges have you encountered in transitioning from event-based initiatives to developing a digital platform, and how have you addressed them?
We knew that this was the next logical step in having an impact on the world—the digital platform. So we planned this for some time, looking for the right timing and partners to build it and having enough content when we launch. The difficult parts are, of course, the content and development. For the content, we will launch our first studio at the beginning of next year, where we can take production to new levels. We are also expanding our conferences to more cities in Romania, as well as outside Romania in a franchise model to produce more content and grow our community. On the development side, we found the right partner who is also an &quot;I Love Failure&quot; conference organizer, so it’s a perfect match.
7. Who has been the most significant influence or mentor in your journey, and how have they impacted your approach to entrepreneurship?
This is a very hard question to answer because, at each step of the journey, you have different mentors who can guide you to the next level. If I had to choose one, it would be Dan Vidrascu from Litera and the current CEO of Voxa. Our interactions while building Voxa helped both of us grow. It was more like an exchange, not a mentorship.
8. How do you plan to attract users to your new app, and what strategies are you employing to ensure long-term engagement and value for your users?
Our first approach to user acquisition is, of course, our conferences and the companies we work with, where people will first see the speeches in our app. Also, our speakers and mentors are some of the biggest influencers in Romania, and soon the world. The value that they bring and their association with us will attract users and create long-term engagement.
9. Why should investors be interested in supporting your mission?
We are working on one of the biggest problems in the world, and our solution gives amazing, measurable results. The bigger the problem you solve, the higher the reward. I think we can become the go-to personal development app in the next few years—the &quot;Netflix of failures.&quot;
Join the live pitch with Catalin Mester on September 9th, 4PM, to learn more about how she developed the ILoveFailure solution. <a href="https://us02web.zoom.us/meeting/register/tZ0of-mupz4tEtUhYm63DyjwQNfDNRLxCJIV">Register here</a>.

Cătălin Mester, Founder of "I Love Failure" and entrepreneur 

A business around reducing fear of failure

Recharged and back to full speed with ambitious goals for the rest of the year? Join us in exploring the European future alongside the tech visionaries shaping it.
<h2 id="active-opportunities">Active opportunities</h2>
🇷🇴 VC-Backed | Gaming | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Db3e1edb67b%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C9e52d5f7c9c84f58bf6308dccb254039%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638608608097895117%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=w65CVTOO3ie8WAFFQoF824Fqr5lxuMihqmOppQjmc6o%3D&amp;reserved=0">Questo</a>, the travel startup used by 500,000 people worldwide, is raising €630,000 funding round to scale its gamified event solution.
🇷🇴 Community-Led | Personal Development | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Dfb61a36840%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C9e52d5f7c9c84f58bf6308dccb254039%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638608608097937535%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=5PmYkxXR%2BKh%2FJWD1xF2CHsT4ueLYgtETjER8Wk3AwVc%3D&amp;reserved=0">I Love Failure</a> is raising €300,000 to expand its platform dedicated to personal and professional growth.
🎙️ Pitch of the Week: Flairmakers - revolutionizing the heart of hospitality. <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D7b24e22659%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C9e52d5f7c9c84f58bf6308dccb254039%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638608608097959876%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=k%2Buwrk4Avom1XeR%2F%2FTX6sNrC08zHFI0gEU7fIMcN5Us%3D&amp;reserved=0">Register here</a>.
🎙️ Ask me Anything with Questo - this Wednesday. <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D85a6cb66d4%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C9e52d5f7c9c84f58bf6308dccb254039%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638608608098013634%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=KMpxsCfbdjVAerZoBfO8uMfBxKMhQ5bN2cZrPaozNZE%3D&amp;reserved=0">Register here</a>. 
<h2 id="secondary-market">Secondary market</h2>
Freedom, flexibility, and control are at the forefront of every smart investor&#39;s mind. Invest or sell your ownership in <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D6e74c89d19%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C9e52d5f7c9c84f58bf6308dccb254039%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638608608098034438%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=bLRfxwCFx6f31o%2Firuw6JBYOnFWIWZqIQWz4IxeFu2Y%3D&amp;reserved=0">45 tech companies</a> with different maturity levels and no minimum ticket. <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D6e74c89d19%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C9e52d5f7c9c84f58bf6308dccb254039%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638608608098034438%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=bLRfxwCFx6f31o%2Firuw6JBYOnFWIWZqIQWz4IxeFu2Y%3D&amp;reserved=0">Check the Bulletin Board. </a>
<h2 id="on-our-radar">On our radar</h2>
European versus Silicon Valley | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D90b2d25379%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C9e52d5f7c9c84f58bf6308dccb254039%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638608608098050984%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=S7F6%2FECEq%2FNkIpdle97mzCu24JTJBhI2jfsYh2%2FZ0j8%3D&amp;reserved=0">Read more</a>
Europe is falling behind on many levels, from commercialization, to risk tolerance to access to capital, and it is crucial to further address these gaps to remain competitive.
The new generation | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Dc4b99bca91%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C9e52d5f7c9c84f58bf6308dccb254039%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638608608098070197%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=egJQvSDYBxEpctDqiq2N6NUJgfqgmHSktFOa%2BVLHMMk%3D&amp;reserved=0">Learn more</a>
Antler believes that the historically low number of European unicorns is closely tied to the scarcity of technical founders in the region. However, this trend is now shifting in Europe’s favor. 
Hearing sickness | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Dfa3ae65862%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C9e52d5f7c9c84f58bf6308dccb254039%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638608608098088977%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=A2ht9C65EfX7pU0iGLrIQ0wc7W6trdUY0TdzW7iWy2U%3D&amp;reserved=0">Read more</a>
Given everything you’ve already heard about AI, you may not be surprised to learn that Google is among other outfits beginning to use sound signals to predict early signs of disease. 
Y Combinator finalists | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D6a65de7e30%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C9e52d5f7c9c84f58bf6308dccb254039%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638608608098113260%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=0vDmeo88gfyB5NR3DghV9XcyTzhNcthf49DWK4G%2FERI%3D&amp;reserved=0">Read more</a>
Y Combinator S24 has accepted only 10 European startups, the lowest since 2018, with 54% of the global cohort working on AI.
Podcast of the week | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Db0890cff83%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C9e52d5f7c9c84f58bf6308dccb254039%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638608608098139286%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=Tg272ErDELVE%2F5de3WcgWNuhq%2BPTfBM9T7C3kH2tImw%3D&amp;reserved=0">Tune in</a>
This week’s must-listen is The Tim Ferriss Show featuring Ray Dalio, often referred to as the Steve Jobs of investing. Ray discusses how &quot;almost everything happens over and over again through history, and the key to success is to identify which one of those it is, and see how it’s worked in the past.&quot;

Raluca Epureanu, CEO and Founder of FlairMakers, brings 18 years of distinguished experience in the hospitality industry across 16 countries and 4 continents. Having worked with global brands such as The Ritz-Carlton, JW Marriott, and Marriott International APAC Regional Office, and holding an EMBA from the University of Oxford, Raluca has established herself as a leader in the field. She founded FlairMakers to address the industry&#39;s most pressing issue: a shortage of talent. FlairMakers is the UK’s premier on-demand platform for hospitality talent, aiming to revolutionise the industry by seamlessly connecting businesses with skilled freelancers.
FlairMakers is set to transform the hospitality sector by providing a marketplace where businesses can find and hire freelancers with ease, promoting inclusiveness and reducing inequality within the industry.
1. What ‘aha’ moment led to the founding of FlairMakers?
From my early days as a frontline hospitality associate, I witnessed first-hand the invaluable contributions of talented individuals who breathed life into every corner of the industry and worked extremely hard. Yet, I also observed the systemic shortcomings that often left these very talents feeling undervalued and the challenges of running a successful hospitality business with high seasonality.
For example, while establishing a career in events, we consistently depended on temporary talent to join us during peak periods or for events with high attendance.
Traditionally, we lacked direct involvement in choosing every temporary talent for event service. Often, it felt like chance who would attend, their grooming, and service capabilities. Additionally, guests couldn&#39;t differentiate between full-time and temporary talent. Guest feedback, collected through satisfaction surveys and social media, highlighted challenges despite our internal training efforts. Maintaining high scores for &quot;staff service&quot;(and high guest satisfaction) remained an ongoing struggle.
Therefore, understanding the seasonality of our hospitality businesses, recognising the necessity for temporary talent alongside (and not instead!) full-time and part-time talent, and managing the intricate processes of recruitment and retention while upholding motivation and reducing turnover resonate deeply with anyone experienced in running a hospitality business.
During these intense conversations, FlairMakers was born. 
2. What was your drive back then, and what change did you aim to make?
When I started FlairMakers, my drive stemmed from a deep-rooted passion for the hospitality industry and a profound understanding of its challenges. Having spent years in various hospitality roles, I witnessed firsthand the struggles faced by both businesses and professionals. The industry was plagued by a shortage of skilled temporary talent, leading to stress &amp; diminished service quality.
My aim is to create a solution that addresses these pressing issues. I envisioned a platform that could bridge the gap between hospitality businesses in need of flexible, short-term freelancers and professionals seeking opportunities for growth and development. I want to empower hospitality freelancers by providing them with higher income, career development opportunities, and a sense of belonging within a supportive community.
3. How does FlairMakers&#39; platform contribute to the hospitality market, and what specific market gap does it address?
FlairMakers addresses the talent shortage in the hospitality industry by attracting two main groups: experienced hospitality professionals who prefer not to work full-time and individuals from other industries seeking additional income, including underserved groups and students. By offering flexible, well-paid engagements, the platform taps into these diverse talent pools, ensuring a steady supply of freelancers while providing opportunities for those who need flexible work arrangements.
FlairMakers addresses inconsistent service quality by implementing a robust rating system and investing in training for freelancers. The rating system ensures that only top-performing professionals are recognized and rewarded, allowing businesses to choose high-quality talent. Additionally, FlairMakers invests in training to upskill freelancers, enhancing their ability to deliver consistent great service.
Fundamentally, FlairMakers is addressing two key issues in the hospitality industry: a shortage of skilled talent and inconsistent service quality.
4. How do you scale FlairMakers’ business model?
To scale FlairMakers, the focus is on two key strategies:
<ul>
<li>Geographical Expansion for in-person engagements: Targeting countries with strong hospitality sectors (such as Spain, France, Greece), FlairMakers will establish a local presence to meet the demand for skilled freelancers, ensuring compliance with local regulations and practices. To accelerate this expansion, pursuing mergers and acquisitions of small regional players in the field is a strategic option.</li>
<li>Global Expansion for remote engagements: By enabling global engagements, such as an event planner in Dubai working for a hotel in London, FlairMakers expands its reach and offers businesses access to top-tier talent worldwide, regardless of location, thus enhancing its global footprint.</li>
</ul>
Viewing talent globally, rather than locally, is essential in today’s interconnected world. This approach addresses labor shortages by accessing a diverse, specialized talent pool beyond local limits. As remote work grows, leveraging global talent will be key to driving innovation, resilience, and sustainable growth.
5. How does FlairMakers guide and empower hospitality businesses and freelancers to make informed decisions about their engagements?
FlairMakers guides and empowers hospitality businesses and freelancers through several key features designed to facilitate informed decision-making:
<ul>
<li>Transparent Engagement Details: The platform provides detailed information about each engagement, including job requirements, expected tasks, and compensation. This transparency allows freelancers to evaluate whether a gig aligns with their skills and preferences, while businesses can clearly outline their expectations to attract suitable candidates.</li>
<li>Personalised Notifications: The platform analyses the backgrounds of freelancers and automatically sends notifications to those whose experience aligns with the requirements of newly posted gigs. This ensures that freelancers with the most relevant skills are informed about opportunities that match their expertise, increasing the likelihood of successful engagements.</li>
<li>Comprehensive Rating System: FlairMakers implements a robust rating system where both businesses and freelancers can evaluate each other after each engagement. This system ensures transparency and helps users make decisions based on the performance and reliability of potential partners. High ratings and positive reviews build trust, allowing businesses to select top-rated freelancers and freelancers to choose reputable businesses.</li>
</ul>
6. How do you envision FlairMakers&#39; future growth?
I envision FlairMakers&#39; future growth as a strategic expansion driven by two key pathways: global reach and technological innovation.
<ul>
<li>Global Reach: FlairMakers will expand into markets with strong hospitality sectors but talent shortages, adapting services to local needs. One way of doing this is through M&amp;A as there are a lot of small traditional players.</li>
</ul>
More than this, by leveraging the trend of globalization of talent—viewing the global market on a local scale—FlairMakers will connect freelancers with opportunities worldwide. For example, a Michelin-starred chef from France could remotely design a hotel&#39;s restaurant menu in London, train the kitchen staff virtually, and then fly in to oversee kitchen operations during the hotel&#39;s first week, ensuring culinary excellence.
<ul>
<li>Technological Innovation: Continued investment in AI, data analytics, and a user-friendly platform will drive scalable growth, offering personalized job matches and empowering informed decisions for both freelancers and businesses. This adaptability will ensure FlairMakers remains competitive in a dynamic market.</li>
</ul>
<ol start="7">
<li>What are potential exit scenarios for investors supporting FlairMakers?</li>
</ol>
Potential exit scenarios for investors supporting FlairMakers could include the following:
<ul>
<li>Acquisition by a larger player (potential time frame 2 years): FlairMakers could be an attractive acquisition target for larger companies in the hospitality, HR tech, or other gig economy players. For example, big hospitality job boards might seek to acquire FlairMakers to integrate its platform and expand its service offerings, particularly if they are looking to enhance their talent solutions or enter new markets.</li>
<li>Secondary buyout (potential time frame 2 -4 years): A private equity firm or another investor buys out the current investors. This is our preferred strategy.</li>
<li>Initial public offering - IPO (potential time frame above 5 years): As FlairMakers scales globally and achieves substantial market penetration, an IPO could be a viable exit strategy. Going public would provide liquidity to investors and could help raise additional capital for further expansion.</li>
</ul>
These exit strategies provide solid avenues for investors to realize returns on their investments, depending on the company’s growth trajectory and market conditions.
8. Do you have a mentor or figure whom you admire and draw inspiration from?
Yes, I have several mentors who have deeply influenced my journey, starting with my family. My mother taught me resilience and the importance of empathy in leadership, while my father instilled in me the value of hard work and integrity. Both of my grandmothers showed me the power of perseverance and creativity, especially in the face of adversity. Their wisdom has been a guiding force throughout my life.
Beyond my family, I also admire the highly successful entrepreneurs &amp; experts who are part of the FlairMakers advisory board, known for their excellence, business acumen, and boundary-pushing in tech and hospitality. They continue to inspire me to evolve FlairMakers and stay ahead in the industry. As I stand on the shoulders of giants, I&#39;m able to see so many opportunities that once seemed out of reach. For this, I am deeply grateful.
9. Why should investors consider being part of FlairMakers&#39; journey?
When considering being part of FlairMakers&#39; journey investors should focus on market demand, scalability, social impact, and the exit strategy:
<ul>
<li>Market Demand: FlairMakers is addressing a significant and persistent market need for the hospitality world. We are offering a product for which we don’t need to generate the demand per say; it exists and it is global (up to £52bn).</li>
<li>Scalability: The business model of FlairMakers is designed for scalability. As the company grows, the marginal cost of adding new customers or expanding into new markets is low, meaning that profitability can increase significantly as the company scales, making it an attractive investment opportunity.</li>
<li>Social Impact: FlairMakers, a woman-founded and woman-led company, is dedicated to promoting equality through fair pay (performance-driven freelancers rates), career growth (investing in the service education and development of freelancers), and inclusion for all (welcoming talent from all walks of life). We focus on tackling illegal labor, ensuring fair compensation, promoting diversity, providing training, and practicing responsible sourcing. This commitment to social impact enhances consumer preference, reduces customer acquisition costs, and builds long-term loyalty, strengthening the company’s market position and revenue potential.</li>
<li>Exit Strategy: Investors have a compelling exit strategy with FlairMakers, with the potential for up to 10X returns. The company is strategically positioned for an acquisition by a larger player in the industry, or it may pursue an IPO as it scales. The combination of strong market demand, a scalable business model, and social impact makes FlairMakers an attractive target for acquisition. </li>
</ul>
In essence, FlairMakers offers a rare blend of addressing high market demand, scalability, meaningful social impact, and a lucrative exit strategy, making it a compelling investment for those looking for significant returns.
Join the live pitch with Raluca Epureanu on September 2nd, 4PM, to learn more about how she developed the FlairMakers solution. <a href="https://us02web.zoom.us/meeting/register/tZMtd-ugqDwuGtb8LxiwR9OnwOP9HfE5BRsl">Register here</a>.

In this interview, Raluca Epureanu, CEO and Founder of FlairMakers, shares her journey in creating a platform that addresses the talent shortage in the hospitality industry.

Shaping the future of hospitality talent: insights from Raluca Epureanu, CEO & founder of FlairMakers

Florina Popirtac, CEO and Co-founder of Spark Generation leads a visionary team dedicated to transforming education and creating a meaningful impact. With over 15 years of experience across various industries and an MBA in service innovation, Florina combines creativity, strategic thinking, and a passion for making a difference in learning and teaching. In her role, she spearheads efforts to revolutionize educational experiences for students and educators alike.
Spark Generation is a B2B SaaS marketplace that delivers personalized learning and teaching solutions to students. The learning platform has more than 55 courses built in and features to create an experience between students, teachers, and the platform, such as Virtual Assistants, Adaptive Assessments, and Automated Grading. Spark Generation’s solution will analyze students&#39; learning patterns and preferences to deliver personalized learning experiences, adapting content and pacing to individual needs. 
1. What notable achievements has Spark Generation accomplished in the past year?
Over the past few years, we&#39;ve made significant strides across various facets of our platform. We achieved intellectual property (IP) at Cambridge IGCSE and A levels for over 55 subjects, enabling us to offer fully digital courses. Our innovation and educational contributions have garnered recognition from esteemed organisations, earning accolades such as the EIC Seal of Excellence, Cambridge Accreditation, and awards like &quot;Best Innovation in Romania&quot; and &quot;Ruxandra - The Woman That Changes Education.&quot; We successfully launched an MVP for our Learning Management System (LMS), further enhancing the platform&#39;s capabilities. Our substantial 3X revenue growth over the past three years underscores strong market demand and financial sustainability. We have expanded into new markets and regions, now serving users in 25 countries with a solid Annual Recurring Revenue (ARR) of $0.7M and tapping into a vast Total Addressable Market (TAM) of $23B.
Additionally, over 9,000 students from 85 schools are enrolled on our platform. We&#39;ve strengthened our team with top talent in education, technology, and business development to further drive innovation and growth. Strategic partnerships with leading educational institutions and industry players such as Educate Online, Franklin Covey Education, COBIS (Council of British International Schools), G30 Schools, and Banca Transilvania have enhanced our offerings and extended our reach. We&#39;ve also continuously improved our learning platform with features like AI assistants, Automated Grading, and Automated Assessments, based not only on user feedback and market trends but also on our unwavering commitment to providing an optimal learning experience, ensuring our users feel valued and integral to our success.
2. What excites you most about the current developments?
What excites me most about the current developments is how we&#39;re advancing the integration of AI to revolutionize education.
Personalized Learning is at the forefront. Our AI algorithms analyze students&#39; learning patterns and preferences to deliver highly customized educational experiences, adjusting content and pace to fit individual needs.
The progress in Predictive Analytics is also incredibly exciting. Our enhanced AI-powered tools can now analyze student behavior, performance, and engagement data to predict future outcomes, identify at-risk students, and inform timely interventions.
Lastly, the innovation in Content Creation and Recommendation stands out. We’re leveraging AI to generate and curate educational content tailored to students&#39; interests and learning goals, such as interactive simulations, videos, and learning materials. This makes learning more engaging and effective, and it&#39;s thrilling to see how these advancements will shape the future of education.
3. What feedback have you received from your clients about Spark Generation&#39;s platform, and how has it influenced your approach?
Our clients, including students, schools, and educational stakeholders, have provided us with invaluable feedback, significantly influencing our approach. For instance, teachers requested more efficient ways to handle student assessments, leading us to develop and integrate Automated Assignments into our platform. They also highlighted the need for streamlined grading processes and more effective ways to provide timely feedback, a common challenge they faced.
By incorporating Automated Assignments, we were able to address these needs directly. The feature allows for the automatic grading of assignments, freeing up teachers’ time to focus more on personalized instruction and student engagement. This enhancement not only meets educators&#39; requests but also improves the overall efficiency of the assessment process, making it easier for teachers to manage their workload and provide more meaningful feedback to students.
This feedback-driven development reflects our commitment to co-creating with our users. By actively involving teachers and educational stakeholders in the design process, we ensure that Spark Generation continues to evolve in ways that deliver genuine value and address the practical needs of our academic community.
4. How have angel investors supported Spark Generation on its journey, and what is their role in your growth strategy?
Angel investors have been pivotal in Spark Generation&#39;s journey and growth strategy. From the outset, they provided crucial early-stage funding that enabled us to develop our platform, establish our initial market presence, and validate our business model. Their financial support allowed us to invest in critical areas such as technology development, product enhancement, and market expansion.
Beyond capital, angel investors have contributed invaluable mentorship and strategic guidance. Their experience and networks have helped us navigate the challenges of scaling a tech-driven educational platform, refine our business strategy, and forge essential partnerships. They have also offered insights into market trends and best practices, which have been instrumental in shaping our growth trajectory.
5. What are your plans for Spark Generation over the next 2-3 years, and how do you intend to achieve them?
Over the next 2-3 years, Spark Generation is set to embark on an ambitious expansion plan and technological advancement. We aim to scale significantly, targeting over 100,000 users and establishing partnerships with more than 1,500 schools by the end of 2027. This growth will be supported by our strategic entry into the Asian and U.S. markets, enhancing our global footprint.
In parallel with this expansion, we will advance our technology to enrich our platform further. Our Personalised Learning initiatives will see improvements in AI algorithms that analyze students&#39; learning patterns and preferences, enabling even more customized &amp; tailored educational experiences. We will also enhance our predictive analytics capabilities by using AI-powered tools to analyze student behavior and performance data better to predict outcomes, identify at-risk students, and guide interventions. Additionally, we will focus on Content Creation and Recommendation, employing AI to generate and curate interactive simulations, videos, and learning materials tailored to students&#39; interests and goals. As part of our commitment to comprehensive education, we will integrate Continuous Professional Development (CPD) for educators, ensuring that teachers benefit from ongoing training and resources.
6. What are potential exit scenarios for investors supporting Spark Generation?
For investors supporting Spark Generation, several potential exit scenarios offer opportunities to realize returns on their investment. The company could be acquired by a more significant player in the education or technology sector (Pearson Education, Inspired Group), providing a direct sale opportunity. Alternatively, an Initial Public Offering (IPO) could allow investors to sell their shares on the public market. At the same time, a merger with another entity might create additional value and provide a profitable exit. Investors could also consider a secondary sale, selling equity stakes to other private investors or firms. A management buyout (MBO) might enable the current leadership to purchase investor shares, and an Employee Stock Ownership Plan (ESOP) could offer another exit route if employees acquire ownership.
7. Do you have a mentor or figure you admire and draw inspiration from?
Yes, I draw significant inspiration from Gary Zukav. His work resonates deeply with me, particularly in personal transformation and understanding the deeper aspects of human consciousness. Zukav&#39;s insights into aligning personal values with professional goals, and his emphasis on authentic leadership and spiritual growth, offer profound guidance. His perspective helps me navigate the challenges of leading and innovating at Spark Generation, fostering a more holistic approach to personal and organizational development. I strive to integrate his teachings on embracing a higher purpose and creating a meaningful impact into our company&#39;s mission and vision.
8. Why should investors consider being part of Spark Generation&#39;s journey?
Investing in Spark Generation provides an opportunity to be part of a rapidly growing tech company with a scalable platform designed to meet global educational needs. Our innovative approach, including AI-driven features, positions us as leaders in personalised learning and educational technology. With a diversified revenue model that includes B2B and B2B2C subscriptions, we offer financial stability and risk mitigation. As an early-stage investor, you gain access to substantial growth potential and the chance to capture a significant market share. Your investment also contributes to transforming education by improving student outcomes and supporting teachers, while strategic partnerships enhance our industry credibility. Our well-defined exit strategy, with options for acquisition, merger, or IPO, ensures a clear path to realising returns on investment.
<a href="https://investors.seedblink.com/invest/spark-generation/261">Explore the opportunity on SeedBlink.</a>

Discover how Spark Generation, a start-up founded by three female entrepreneurs, empowers students with innovative tools and courses and explore this start-up's potential growth and impact.

Innovating education through technology - Insights from Florina Popirtac, CEO & Co-founder of Spark Generation

Tech Investors Academy, powered by SeedBlink, is an English-only hybrid learning program designed for all investors registered on the SeedBlink platform who want to enhance their venture capital knowledge. 
The third learning module of Tech Investors Academy by SeedBlink focused on Cross-border Investment strategies. We discussed what this means for investors, how to build cross-border networks, the main benefits, and more. 
This session was led by <a href="https://www.linkedin.com/in/robbin-hoogstraten/">Robbin Hoogstraten</a>, the Regional Director for Benelux at SeedBlink and founder of Symbid. Robbin was joined by <a href="https://www.linkedin.com/in/willem-hulsink-627497/">Willem Hulsink</a>, a lecturer and researcher at the <a href="https://www.rsm.nl/">Rotterdam School of Management</a>, specializing in international entrepreneurship and entrepreneurial finance. 
<h2 id="what-you-need-to-know-about-cross-border-investments">What you need to know about cross-border investments</h2>
From their discussion, we have unpacked the most important things you should know to learn about different round types and the legal conditions each of them has.
Cross-border investments refer to investments made by individuals or companies across national borders. This type of investment is important for several reasons:
<ul>
<li>Portfolio diversification: Investors can <a href="https://seedblink.com/en/2022-02-16-portfolio-diversification">diversify their portfolios</a> and reduce their overall risk by investing in different countries. Economic conditions and market trends can vary significantly across regions, and investing across borders can help mitigate the impact of local market fluctuations.</li>
<li>Access to new opportunities: Cross-border investments allow investors to access a wider range of opportunities that may not be available in their domestic market. These include emerging markets, innovative technologies, or more developed industries in other countries.</li>
<li>Global growth: As the world becomes more interconnected, cross-border investments can expose investors to the growth and development of the global economy. By investing in companies or assets in different countries, investors can potentially benefit from the economic growth and expansion of these markets.</li>
</ul>
When considering cross-border investments, start by evaluating the company and its founders. Are they already active internationally and looking to expand further? 
If so, they may need a special investor from the target country who can provide strategic insights and capitalize on local opportunities. 
mentioned <a href="https://www.linkedin.com/in/willem-hulsink-627497/">Willem Hulsink</a>, a lecturer and researcher at the <a href="https://www.rsm.nl/">Rotterdam School of Management</a>
A company with some international investor support may offer a more promising potential for high returns and fewer risks than one seeking its first foreign backer. In contrast, a new company seeking additional finances might be in survival mode, with limited opportunities and a high burn rate.
One factor influencing this is the experience and knowledge of founding or management teams in internationalizing companies. Lacking specialists and comprehensive research, these startups are not yet multinationals, and often, the founders handle the internationalization process while juggling other responsibilities. 
Companies that have already worked with foreign venture capitalists and have a presence in foreign markets present a different scenario. Investors, in such cases, can be more relaxed and strategic, asking detailed questions and expecting the company to hire specialists to go international.
Additionally, a startup or scale-ups maturity level significantly impacts cross-border investments, as these companies operate within frameworks different from those of domestic pre-seed or seed-round companies. 
In countries like the Netherlands, investors might set up a stock entity to combine multiple investors into one, but different countries have different frameworks that can affect investment opportunities. 
mentioned <a href="https://www.linkedin.com/in/robbin-hoogstraten/">Robbin Hoogstraten</a>, the Regional Director for Benelux at SeedBlink
<h2 id="cross-border-investments-in-2024">Cross-border investments in 2024</h2>
Cross-border connections with startups in cities like Berlin, Paris, and London are becoming more accessible, and venture capitalists are increasingly investing in these cities. 
Different European initiatives are facilitating this trend despite setbacks like Brexit, which has introduced export and legal barriers, particularly affecting SMEs in sectors like horticulture.
The current landscape shows increased connectivity and investment activity within Europe, driven by ongoing integration efforts. Entrepreneurs and investors benefit from these developments, enabling smoother cross-border operations and investments. 
Familiarity with different frameworks and cultures is growing, fostering a more collaborative and integrated European market.
mentioned <a href="https://www.linkedin.com/in/willem-hulsink-627497/">Willem Hulsink</a>, a lecturer and researcher at the <a href="https://www.rsm.nl/">Rotterdam School of Management</a>
The US sees rapid internationalization with startups like Airbnb and Uber, termed &quot;blitz scalers.&quot; These companies quickly achieve global reach, often with initial backing from US investors and later support from other regions like the Middle East.
However, European integration continues to strengthen, allowing entrepreneurs and investors to move more freely and become familiar with each other’s cultural and regulatory frameworks. 
__
<h2 id="understand-current-macroeconomic-challenges">Understand current macroeconomic challenges</h2>
Startups face <a href="https://seedblink.com/en/2022-03-29-investing-in-uncertain-times">several macroeconomic challenges</a> that can significantly impact the companies and the investors involved. 
Government programs, such as grants for incubators and accelerators, and European fundraising support have contributed significantly in the past years to developing the venture ecosystem. However, recent cuts across different countries and even at the European level can influence the growth of startups or investors raising new funds.
Additionally, fluctuating interest rates influence investment exits and sales, affecting the overall investment strategy. Policies on intellectual property rights and technology transfers, along with corporate governance structures, are other elements with a possible strong influence. 
These factors create a complex environment that requires startups and investors to adapt to constant changes and navigate new regulatory landscapes. 
&quot;There are always incidents at universities or excessive bureaucracy to contend with. 
Corporate governance is also a key issue—whether the board is one-tier or two-tier and how easily you can hire or fire personnel. These aren&#39;t easy topics to navigate, often requiring consultation with lawyers, experts, or consultants, or seeking help from your embassy to connect with specialists.&quot;
mentioned <a href="https://www.linkedin.com/in/willem-hulsink-627497/">Willem Hulsink</a>, a lecturer and researcher at the <a href="https://www.rsm.nl/">Rotterdam School of Management</a>
__
<h2 id="adapt-your-due-diligence-process">Adapt your due diligence process</h2>
Another aspect that startups and investors must consider in the cross-border fundraising process is <a href="https://seedblink.com/en/2024-06-20-a-guide-on-how-to-prepare-for-due-diligence-when-fundraising">due diligence</a>, which involves more than just evaluating a startup&#39;s viability. 
When considering cross-border investment strategies, Willem mentioned two key concepts: 
<ul>
<li>the &quot;liability of foreigners.&quot; </li>
<li>the &quot;liability of outsiders.&quot;</li>
</ul>
Cross-border investments include understanding regulatory requirements, cultural differences, and personal <a href="https://seedblink.com/en/2024-06-19-shareholders-and-stakeholders-in-your-cap-table">compatibility among stakeholders</a>. Startups entering new markets must recognize the challenges of being outsiders, including language barriers, legal differences, and cultural nuances. 
Investors, in turn, need to assess whether startups are prepared for international markets and have the necessary support systems. This thorough evaluation helps mitigate risks associated with international expansion and ensures a smoother transition into new markets.
“We call this liability of foreigners. From the startup&#39;s perspective, entering a new country and meeting a new investor brings the risk of failure in internationalizing. 
As an outsider trying to become an insider, you might need to collaborate with a partner, investor, supplier, or distributor. Both investors and startups must create a network of supporters or companies to back them.” 
mentioned <a href="https://www.linkedin.com/in/willem-hulsink-627497/">Willem Hulsink</a>, a lecturer and researcher at the <a href="https://www.rsm.nl/">Rotterdam School of Management</a>
__
<h2 id="the-role-of-communities-hubs-and-clusters">The role of communities, hubs, and clusters</h2>
Strategic hubs are crucial for startups seeking investors, especially those engaging in cross-border investment strategies. 
Notable clusters like Cambridge, Stockholm, Helsinki, Amsterdam, Berlin, and Paris have established themselves as centers of entrepreneurial activity, attracting investors due to their track records of success. A clustering effect means successful hubs continue attracting more investment, while regions without such networks may lag. 
Clusters need specialization.
Successful clusters often rely on strong universities with excellent technology transfer and commercialization policies, which can generate a steady flow of new technologies and spin-offs. Large companies in these clusters can also support the ecosystem by creating opportunities for former employees or partnering with startups.
“Certain regions may focus on sectors like FinTech, semiconductors, or software. For example, the semiconductor industry in Saxony attracts investments from companies like Intel due to its strong specialization.”
mentioned <a href="https://www.linkedin.com/in/willem-hulsink-627497/">Willem Hulsink</a>, a lecturer and researcher at the<a href="https://www.rsm.nl/"> Rotterdam School of Management</a>
However, there is a risk of over-specialization, which can lead to lock-in. These clusters must remain dynamic by attracting young entrepreneurs and new investors abroad. They are expanded by the presence of universities that develop the right talent, especially for tech-heavy industries. 
Investors with expertise in specific verticals often focus on clusters where their knowledge can be effectively utilized, ensuring they add value beyond just capital. 
__
<h2 id="stay-connected">Stay connected!</h2>
<a href="https://seedblink.com/newsletter">Subscribe to our newsletter </a>and stay tuned for similar updates and insights into European startup news, equity trends, VCs, and investment opportunities.

Learn about cross-border investment strategies and how to diversify your portfolio with international investments. Insights from Tech Investors Academy by SeedBlink. 

Portfolio diversification 101: How to include cross-border investment strategies in your portfolio. 

The legal or financial terms used in fundraising can be intimidating initially, especially for early-stage startups and entrepreneurs. When you bring your startup to investors, you must understand their language and the wording used in private equity and venture capital.
This article will explain what a term sheet is, why it differs from other investment documents, and what you need to know about it.
<h2 id="what-is-a-term-sheet">What is a term sheet?</h2>
A term sheet is a crucial starting point for nearly all venture capital and private equity transactions. It outlines the key terms and conditions of the investment and serves as a roadmap for the structure of the deal, including details on the parties involved, timelines for due diligence, and the deadline for closing. While not typically legally binding (except for certain sections), it sets the foundation for the upcoming negotiations and legal agreements.
The term sheet sets the groundwork for ensuring that both parties are on the same page regarding the investment and helps to prevent misunderstandings later in the negotiation process. 
It typically includes details about investment amount, equity stake, voting rights, and other key terms governing the relationship between the investors and the company. A term sheet covers the main financing aspects and facilitates the execution of the final transaction documents, serving as a template or the starting point for other detailed, <a href="https://seedblink.com/en/2021-12-20-understanding-the-term-sheet-the-power-of-collective-negotiation-seedblink-talks-with-andrei-h%C3%A2ncu-general-counsel-seedblink">legally binding documents</a> (e.g., SSHA).
A term sheet is typically signed after preliminary discussions between the investor and the company (once both parties agree on the terms) and before the commencement of detailed due diligence. It helps solidify investors&#39; understanding of the potential return on investment. It shows the principal components for the proposed investment, such as commercial terms (e.g., the investment amount, <a href="https://seedblink.com/en/2024-05-07-startup-valuation-understanding-409a-83b-bspce-and-hmrc">the company&#39;s valuation</a>, the equity the investors will receive), and any investors’ rights and protection they might have (e.g., liquidation preference, pre-emption rights, lock-up period, reverse vesting, drag along/tag along, put option, right of first refusal). 
<img src="/img/screenshot-2024-08-19-154950.png" alt="">
Source: <a href="https://www.hsbcinnovationbanking.com/en-gb/campaigns/venture-capital-term-sheet-guide-2024">Venture Capital Term Sheet Guide 2024 by HSBC Innovation Banking</a>
For example, the liquidation preference right determines who gets paid first and how much they get paid in case of exit events (e.g., sale of the company, transfer, disposal, or similar, of all or substantially all of the shares or assets in the company, liquidation, dissolution or winding-up of the company). 
The term sheet also outlines governance rights, such as your involvement in the company&#39;s decision-making, board composition (the investors usually require a board seat), and information rights, as well as any restrictive covenants applicable to the company’s founders.
On the other hand, a term sheet helps companies understand what they&#39;re giving up in exchange for the investment during the fundraising process. It details how much the equity of the company&#39;s existing shareholders will be diluted by bringing on the investor. 
The valuation determines your company&#39;s worth, and future funding rounds could further dilute your ownership. 
Look at these points to ensure you <a href="https://tech.seedblink.com/equity">manage your equity efficiently</a> through multiple fundraising rounds and maintain enough control over the company&#39;s direction.
<h2 id=""></h2>
<h2 id="what-does-the-structure-of-a-term-sheet-include">What does the structure of a term sheet include?</h2>
The structure of a term sheet can vary depending on the terms agreed upon between the parties. However, a few key terms are important and should be taken into account.
Let’s briefly tour the core components a term sheet should have!
Parties
Any document starts with the details of each part involved in the fundraising process, where you describe the target company, any existing shareholders, details about the founders, and details about investors. 
Current capitalization table
A<a href="https://seedblink.com/en/2023-04-07-managing-startup-equity-what-is-a-cap-table-and-why-you-need-one"> cap table </a>captures the current &amp; envisaged capital structure and percentage of shares. For example, Founder A has a 50% stake, and Founder B has a 50% stake. When an investor joins, you need to know where everyone is staying and how much ownership percentage each part gets in view of the current round. 
As an industry standard, <a href="https://www.hsbcinnovationbanking.com/en-gb/campaigns/venture-capital-term-sheet-guide-2024">HSBC Innovation Banking</a> recommends that founders include a cap table in the term sheet and create an exit waterfall that takes the cap table and evaluates the distribution to different shareholders’ classes, liquidation preferences, and priority stakes.
Closing schedule and terms
This section usually captures the tentative closing date and any other additional conditions or terms that ensure the protection of all stakeholders.
These terms state what needs to happen and when before the closing and may refer to the<a href="https://seedblink.com/en/2024-06-20-a-guide-on-how-to-prepare-for-due-diligence-when-fundraising"> due diligence process</a> run by investors, which covers a few basic legal, financial, and technical checks on the company and its founders. These terms are further detailed in the transaction documents and can be found as conditions precedent prior to closing (conditions that must be satisfied by a party to the transaction; otherwise, the other party is not obligated to close the transaction).
Commercial terms
It covers all the commercial elements required for the funding process and contains the following:
<ul>
<li>The pre-money valuation of the company which raises the funding.</li>
<li>The price per share is the pre-money valuation divided by the company&#39;s total number of issued (outstanding) shares.</li>
<li>The structure of the financing and how much money each party will bring.</li>
<li>The post-money valuation includes the pre-money company’s valuation plus the new investment amount.</li>
</ul>
Representations &amp; Warranties
This section includes key elements (e.g., regarding the company&#39;s corporate status), which the company states here but has not yet been officially proven (the proof usually comes later, during the due diligence process).
These statements are made by the parties involved (usually the company and its founders) to assure the investors about the accuracy of certain facts (legal and business aspects, which will be further detailed in the transaction documents) and the condition of the company at the time of signing the term sheet.
Diversity
Founder diversity has become a new section of European term sheets in the last few years, and according to <a href="https://www.hsbcinnovationbanking.com/en-gb/campaigns/venture-capital-term-sheet-guide-2024">HSBC Innovation Banking’s</a> report on term sheets, it has increased from 1% in 2021 to 11% in 2023.
<img src="/img/screenshot-2024-08-14-165524.png" alt="">
Source: <a href="https://www.hsbcinnovationbanking.com/en-gb/campaigns/venture-capital-term-sheet-guide-2024">Venture Capital Term Sheet Guide 2024 by HSBC Innovation Banking</a>
Confidentiality
While the term sheet document is usually a non-binding agreement, all parties involved are expected to maintain the confidentiality of the investment and not disclose any sensitive information without the investor’s approval.
Miscellaneous
This section usually covers any terms about the marketing and communication activities connected with the funding, possible trademarks for the company, or other information about the startup’s obligations to protect the investors.
If previously agreed upon, the time frame after the document expires can also be mentioned.
Investor rights &amp; Investor protection
Another important section introduces the type of rights and protection investors will have after joining the funding round. 
The list below covers some of the standard and essential ones:
<ul>
<li>Pre-emption rights — are the most important from a commercial perspective and refer to opportunities for existing investors to join future financing rounds. It does not mean that investors should invest more money, but they have the right to maintain their ownership if they want.</li>
<li>Down-round protection — refers to the company&#39;s value decreasing after the initial investment, one of an investor&#39;s greatest fears. The company protects the investor by allocating additional shares for the shareholder to obtain such shareholding as if having made the initial investment round at the new subscription price per share agreed for the subsequent down-round.</li>
<li>The lock-up period — refers to an interval after a new investment round when the company&#39;s founders cannot sell their shares. The company&#39;s dependency on the founders will decrease in time, but typically, the founders are committed to staying and contributing for a certain period after the investment.</li>
<li>Reverse vesting — brings a sensitive clause that protects the investment if the founders decide to step down. This clause means that founders accept not to have access to their shares until the lock-up period ends. Like vesting, they get access to a specific percentage each year, so the investors can buy the unvested shares if the founders leave.</li>
<li>Right of first refusal — if a shareholder wants to sell their shares, investors and the other shareholders can buy them on the same terms, pro-rata. In this case, the investor (together with the other shareholders) is the first to get the news and has a specific time frame to decide.</li>
<li>Drag along — defined as an obligation, all shareholders in a company have to sell their shares on the same terms, pro-rata, to the same acquirer in case the majority shareholder wants to sell. It protects everyone from small shareholders who refuse to sell their shares in an acquisition offer, blocking the deal for everyone else.</li>
<li>Tag along — defined more as a right, this allows minority shareholders (including investors) to sell their shares to the same acquirer on the same terms in case the shareholders want to sell them.</li>
<li>ESOP — ESOP means <a href="https://tech.seedblink.com/esop-management">employee stock option plan</a>, and its mention in a term sheet document ensures that the company will establish one after the investment. ESOP is mandatory to retain and incentivize team members.</li>
<li>Put option — it gives holders of the option the right, but not the obligation, to sell a specified amount of their shares at a specified price within a specified time frame. This means that investors can exit the company whenever they want; for example, it can be agreed that the investors have a put option right, according to which founders must buy all the investor’s shares for the nominal value. </li>
<li>Reserved matters — investors don’t want to interfere with founders&#39; decisions and day-to-day operations but have a list of decisions or voting rights they could use; these are reflected as actions that the company, its directors and shareholders must not do without the explicit approval of the investors or by at least a certain proportion of specific persons. </li>
<li>Restrictive covenants — a clause that protects the company by ensuring that if founders leave, they cannot start a competing company or take employees to another firm. It covers both the investment and the other co-founders. The restrictive covenants apply for the duration of the founder’s employment with the company, typically 24 months after it expires.</li>
<li>Information rights — This part ensures that investors have the right to receive regular status updates from the company, such as quarterly reports based on a template provided by investors or any information about the business and a potential new financing round.</li>
</ul>
<h2 id="an-example-of-a-term-sheet-template">An example of a term sheet template</h2>
Y Combinator also has a<a href="https://www.ycombinator.com/series_a_term_sheet"> good example</a> of what a term sheet template for a Series A round should look like. 
<img src="/img/screenshot-2024-08-14-165143.png" alt="">
Source: <a href="https://www.ycombinator.com/series_a_term_sheet">Y Combinator - Series A Term Sheet Template</a>
Now, let’s closely examine each of these elements as reflected in the Y Combinator template to understand their meaning and what you should know about filling them in.
<ul>
<li>Investment amount: The amount of money the investor is willing to invest in the startup.</li>
<li>Valuation: The pre-money (company valuation before investment) and post-money valuation (pre-money valuation + investment amount) of the startup.</li>
<li>Liquidation preference: A clause that determines the order and amount of payments to preferred shareholders in the event of a liquidation event, such as the sale, merger, or dissolution of the company. It specifies the priority of returns, ensuring that preferred shareholders are paid before common shareholders.</li>
<li>Dividends: These are the payments made to shareholders out of the company&#39;s profits or reserves.</li>
<li>Voting rights: The rights and privileges that shareholders have in voting on corporate matters. These rights determine how much influence shareholders have over the company&#39;s decisions, including the election of directors, approval of major corporate actions, and other significant business matters or reserved matters.</li>
<li>Drag-along: A provision that allows majority shareholders to compel minority shareholders to join in the sale of the company under the same terms and conditions. This right ensures that if the majority shareholders decide to sell their stake, the minority shareholders must also sell their shares, facilitating a smoother and more straightforward sale process.</li>
<li>Board: The number of board seats that the investor will have and who will fill those seats.</li>
<li>Vesting: The period of time over which the employees’ shares will vest in case of an employee stock option plan or a specified period during which founders cannot leave the company in the case of reverse vesting.</li>
</ul>
<h2 id="a-better-understanding-of-your-next-term-sheet">A better understanding of your next term sheet.</h2>
We hope this has provided you with a clearer understanding of term sheets and how to prepare for them as a founder. A well-crafted term sheet is essential for bringing both parties together for meaningful discussions and thorough negotiations before fundraising. While our recommendations offer a solid starting point, we&#39;re here to help if you have any further questions. <a href="https://tech.seedblink.com/financing-solutions">Reach out to the SeedBlink team</a> for expert guidance on getting ready for your next fundraising round.

Explore the language of startup funding: discover what a term sheet is, its significance in the investment process, and its role as a foundation for future negotiations.

A beginner's guide to startup funding term sheets - before fundraising 

Daniel Ionescu, Founder and CEO of InstaSun, has been a key player in the digital world, managing global SEO campaigns and leading teams to success across various markets. His expertise spans developing smart marketing strategies and providing consultancy for mergers and acquisitions. However, his latest venture, InstaSun, marks a significant milestone in his career, revolutionizing the way we protect our skin from solar radiation.
This 100% Romanian project integrates the latest technologies, energy sustainability, and eco-friendly products to provide fully automated, 360-degree sun protection. Launched in 2023 after extensive research and development, InstaSun offers a sun protection solution, applying sunscreen evenly to the entire body in just 7 seconds. 
What ‘aha’ moment led to the founding of InstaSun?
The &#39;aha&#39; moment for Instasun came during a summer vacation when I noticed how many people struggled with applying sunscreen evenly, if at all. I saw children with sunburned patches and realized that the process was not only cumbersome but often ineffective. The idea of an automated solution that could deliver perfect, even coverage in a matter of seconds struck me as a way to solve this problem efficiently. That&#39;s when the concept of Instasun was born – a device that could revolutionize sun protection by combining convenience, effectiveness, and innovation.
What was your drive back then, and what change did you aim to make?
Back then, my drive was rooted in the desire to make a meaningful impact on public health by reducing the risk of skin cancer and other sun-related skin issues. I aimed to change the way people approach sun protection – transforming it from a tedious chore into a seamless, automated experience. I wanted to ensure that everyone, regardless of age or skin type, could enjoy the outdoors safely without the hassle of applying sunscreen manually.
How does InstaSun&#39;s platform contribute to enhancing sun protection, and what specific market gap does it address?
Instasun enhances sun protection by providing an automated, touchless, and consistent application of sunscreen, ensuring even coverage across the entire body in just 7 seconds. This addresses a critical market gap where traditional methods often result in uneven application or are simply skipped due to inconvenience. Moreover, Instasun integrates sustainable energy solutions and eco-friendly products, aligning with the growing consumer demand for environmentally responsible innovations.
How do you scale InstaSun’s business model?
We scale Instasun’s business model through strategic partnerships with beach resorts, hotels, and public pools, where our machines can be deployed in high-traffic areas. We’re also exploring opportunities in urban environments, such as parks and outdoor events. Additionally, our dual revenue streams – direct sales from sun lotion application and advertising revenue from digital displays on the machines – provide a scalable, diversified business model that can be adapted to different markets globally.
How does InstaSun guide and empower users to make informed decisions about their sun protection needs?
Instasun empowers users by providing them with accessible and easy-to-understand information about their sun protection needs right at the point of use. Our machines are equipped with educational content on the importance of SPF, the dangers of UV exposure, and tips for safe sun practices. Users can choose from different SPF levels and after-sun care options, ensuring they are protected based on their skin type and environmental conditions.
What are potential exit scenarios for investors supporting InstaSun?
There are several potential exit scenarios for investors in Instasun. These could include a strategic acquisition by a larger company in the sun care, beauty, or outdoor lifestyle industries, particularly those looking to integrate innovative technologies into their product offerings. Another possibility is scaling the business to a point where we can consider an IPO, allowing investors to capitalize on the public markets. We’re also exploring franchise and licensing models, which could provide ongoing revenue streams for our investors.
How do you envision InstaSun&#39;s future growth?
I envision Instasun’s future growth as a global leader in automated sun care solutions. We plan to expand into new markets, starting with Dubai in October 2024, followed by strategic entries into other sunny regions. Our growth will also involve continuous innovation – from adding new features like UV monitoring to developing partnerships in the tech and wellness spaces. Ultimately, we aim to be synonymous with sun safety and outdoor advertising.
Do you have a mentor or figure whom you admire and draw inspiration from?
One figure who has always inspired me is Elon Musk. His relentless pursuit of innovation and his ability to turn bold ideas into reality, even in the face of significant challenges, is something I deeply admire. Musk’s vision of using technology to solve complex problems has been a guiding principle in my own journey with Instasun – striving to create a product that not only addresses a critical need but also pushes the boundaries of what’s possible.
Why should investors consider being part of InstaSun&#39;s journey?
Investors should consider being part of Instasun’s journey because we are uniquely positioned at the intersection of health, technology, and sustainability – three sectors that are poised for exponential growth. Our innovative product addresses a significant global need, with scalable potential in diverse markets. Moreover, our dual revenue streams offer stability and growth, while our commitment to sustainability and energy efficiency resonates with today’s conscientious consumers. Joining Instasun now means being part of a pioneering venture with the potential to make a global impact.
<a href="https://investors.seedblink.com/invest/instasun/260">Explore the opportunity on SeedBlink.</a>

Learn about the inspiration behind InstaSun, how it addresses key challenges in the sun care market, and Daniel's vision for scaling the business.

Sun care innovation: an interview with Daniel Ionescu, CEO & founder of InstaSun

As the Founder and CEO of Maskots, Stéphane Druet is leading the development of an app for pet care, integrating advanced AI-driven solutions to transform how we care for our pets. With over 20 years of leadership experience in high-tech sectors, including consumer technology, travel, payments, and telecom, Stéphane is focused on building and growing Maskots by developing its product and brand, expanding the team, and establishing a robust ecosystem of partners.
Maskots is designed to simplify and enhance pet care by offering personalized services for each registered pet. These services include a customized care plan with reminders, detailed health monitoring, an AI-powered chatbot for instant answers, tailored advice per life stage, and a digital wallet centralizing all pet IDs and travel documents. The app supports all mixed breeds and over 60 pure breeds and is available in English, Spanish, and French. With high demand, evidenced by a survey showing 77% of pet owners&#39; interest in subscribing, Maskots aims to create a lasting impact on the global pet care community.
What ‘aha’ moment led to the founding of Maskots?
Over the past few years, I&#39;ve been captivated by the rise of super-apps that transform specific consumer life areas, such as WeChat for communication and payments, Rappi for fast home delivery, and Uber for mobility and travel.
As an entrepreneur, I was seeking a new market to innovate with this super-app concept. During the pandemic, I observed how outdated and fragmented many health-related processes were—like managing health data, ordering PCR tests, and pharmacy services. Clearly, there was an opportunity for disruption.
I discovered an inspiring benchmark in Singapore, where individuals manage their health entirely via mobile. However, creating a super app for human health involves significant challenges, particularly around managing sensitive personal health data and aligning too many stakeholders.
My real &quot;aha&quot; moment struck one day while we needed to find a new veterinary for our family cat. Why not apply the super-app concept to pet care? Pets, much like humans, require comprehensive care involving a variety of services and products. Additionally, addressing the specific needs of each breed presents a unique and interesting challenge which could be addressed with AI.
An all-in-one app could dramatically enhance the pet owner experience without the complexities associated with human health data. After discussing the idea with numerous veterinarians and pet owners, it was evident that there was significant potential to disrupt the pet care market and improve the lives of millions of pet owners and their pets.
What was your drive back then, and what change did you aim to make?
My primary motivation was to enhance consumer lives by digitizing and simplifying critical aspects of their daily life. For pet owners, managing their pets&#39; care is a significant part of life, and they genuinely strive to do the best they can.
My goal was not only to streamline pet care management through the latest digital and AI technologies, but also to significantly improve the well-being and lifespans of pets. This mission deeply resonated with me and drives our team forward.&quot;
How does Maskots&#39; platform contribute to the pet care market, and what specific market gap does it address?
Traditional pet care is mostly driven reactively by veterinarians who typically engage with pet owners when issues arise or during routine visits or for vaccinations. Outside these interactions, pet owners are largely left to handle their pet’s health on their own. They often turn to unreliable internet sources for guidance and struggle with managing their pet’s medical records and finding information across various apps and websites.
Maskots addresses this gap by centralizing all essential pet data in one place and streamlining the process of pet care. Our platform doesn’t just store information; it actively assists users in finding the best care providers for their pets’ specific needs, backed by vet-supervised recommendations. Additionally, Maskots AI provides instant answers to the pressing questions pet owners have about their pets’ health, making the care process much more proactive. This approach not only enhance efficiency but significantly enhances the quality of care each pet receives.
How do you scale Maskots’ business model?
Maskots business model will be based on a small subscription per pet per month after a period of free trial during the commercialization phase. This primary revenue stream will grow directly with the number of pets registered on our platform.
Beyond subscription fees, Maskots is strategically poised to further monetize our customer base by developing a marketplace. This marketplace will feature recommended providers of various pet-related products and services, such as insurance, food, accessories, pet sitting, training, and even pet DNA testing. We plan to generate additional revenue through commissions, booking fees, and targeted advertising within our app.
As we expand and integrate more services into our ecosystem, we anticipate an increase in the average revenue per registered pet. This strategy not only diversifies our income streams but also significantly enhances the value we offer to pet owners, positioning Maskots as the go-to app for managing all aspects of pet care.
How does Maskots guide and empower pet owners to make informed decisions about their pets&#39; care?
Maskots&#39; core mission is to empower pet owners to provide the best possible care tailored to their specific pets. We achieve this in three ways:
First, Maskots delivers actionable recommendations categorized into three levels of importance—required, important, and optimal. These are customized to each pet&#39;s age, breed, and health conditions, helping owners effectively prioritize care actions.
Second, the platform offers comprehensive, breed-specific advice that evolves with the pet’s life stages. This includes nutritional guidelines, healthcare plans, vaccination schedules, behavioral training tips, and advice to adjust the environment of the pet, ensuring pet owners are well-informed throughout their pet&#39;s life.
Finally, Maskots AI, the first AI specifically designed for pet care, provides 24/7 instant and reliable answers about health concerns, care tips, and more. Informed by each pet’s data, this AI delivers precise information and assessments, aiding pet owners in making informed decisions quickly, even before consulting a vet.
All these features are developed and continuously reviewed by professional veterinarians, ensuring that Maskots not only guides but also educates pet owners, empowering them with the knowledge and tools needed for proactive pet care.
How do you envision Maskots&#39; future growth?
Maskots is set for extensive expansion in the coming years across multiple dimensions.
Our first objective is to enhance breed coverage within the app. Currently, we support all mixed breeds and 60 pure breeds, accounting for about 80% of the domestic dog and cat breed market. However, there are roughly 400 additional breeds to integrate, which is vital since pet owners frequently want specific breed-related information.
Additionally, we plan to increase the app’s linguistic accessibility by adding languages such as Portuguese, German, and Italian. This enhancement will make Maskots adaptable for key markets across Europe and the Americas. Concurrently, we will boost Maskots&#39; market presence by actively promoting the app in the top 20 promising markets, potentially engaging half a billion pets.
To augment revenue, we will develop a comprehensive marketplace within the app, consolidating an ecosystem of partners, including veterinary clinics and other pet product and service providers. This strategy will transform Maskots into an all-encompassing platform for pet owners, increasing transaction frequency and diversifying our revenue streams through commissions and booking fees.
Lastly, as Maskots evolves, it will collect extensive data across different breeds and geographies. This wealth of information will enable us to refine our proprietary life cycle models and offer even more personalized services, establishing Maskots as a leader in data-driven pet care solutions.
What are potential exit scenarios for investors supporting Maskots?
Maskots is tapping into a vast global market with enormous expansion potential, and I see three viable exit strategies for our investors:
The first likely scenario is acquisition by a major player within the pet care ecosystem, such as veterinary groups, insurance companies, or specialized pet service providers. Such player might be interested in leveraging Maskots to cross-sell their products and services or to integrate our comprehensive app into their offerings, enhancing overall value and customer experience.
Given the recent industry trends, another potential exit could be acquisition by a Private Equity firm specializing in pet care. These firms often aim to bolster their portfolios by acquiring promising tech-driven ventures, optimizing operations, and driving significant growth. A notable example includes the recent acquisition of Rover Inc. by Blackstone fro more than $2 billion. 
As Maskots continues to scale and solidify its presence internationally, an IPO could also be a strategic exit. This route would establish Maskots as an independent, market-leading brand in pet care, centralizing a comprehensive ecosystem across multiple regions.
Each of these scenarios offers a strategic pathway to realize significant returns.
What are potential exit scenarios for investors supporting Maskots?
Maskots is tapping into a vast global market with enormous expansion potential, and I see three viable exit strategies for our investors:
The first likely scenario is acquisition by a major player within the pet care ecosystem, such as veterinary groups, insurance companies, or specialized pet service providers. Such player might be interested in leveraging Maskots to cross-sell their products and services or to integrate our comprehensive app into their offerings, enhancing overall value and customer experience.
Given the recent industry trends, another potential exit could be acquisition by a Private Equity firm specializing in pet care. These firms often aim to bolster their portfolios by acquiring promising tech-driven ventures, optimizing operations, and driving significant growth. A notable example includes the recent acquisition of Rover Inc. by Blackstone fro more than $2 billion. 
As Maskots continues to scale and solidify its presence internationally, an IPO could also be a strategic exit. This route would establish Maskots as an independent, market-leading brand in pet care, centralizing a comprehensive ecosystem across multiple regions.
Each of these scenarios offers a strategic pathway to realize significant returns.
Why should investors consider being part of Maskots&#39; journey?
Maskots represents a unique early-stage investment opportunity in a B2C app with unicorn potential, backed by a product that has already been tested and delivered. 
Here are 5 compelling reasons to consider investing in Maskots:
<ul>
<li>Maskots is an innovative AI-driven super app: </li>
</ul>
Maskots leverages generative AI to provide unmatched personalized guidance and convenience ton pet owners, and position itself as an all-in-one app for pet owners.
<ul>
<li>Maskots operates in a massive and growing market potential: </li>
</ul>
Positioned in a robust sector with a USD 2 billion global pet care app market growing at a CAGR of 18%, and a broader USD 307 billion global pet care market expanding at 5% CAGR. 
<ul>
<li>Masktos is ready for international expansion: </li>
</ul>
The app is already available in English, Spanish, and French, starting with two home markets. Maskots benefits from a powerful and protected brand, enhancing its scalability.
<ul>
<li>Investment in Maskots represent a moderate risk as a robust first version of the product is already delivered:</li>
</ul>
The app is up and running and has been extensively tested. Officially launched on July 1st, it has already begun acquiring users through veterinary clinic pilots, reducing typical early-stage investment risks.
<ul>
<li>Investors can expect important return as the valuation is still early stage:</li>
</ul>
Investors have a unique chance to enter before the app reaches the first tens thousands of users milestone, a point expected to significantly increase its valuation.
By investing in Maskots, you&#39;re not just funding a startup; you&#39;re supporting a visionary platform poised to redefine the pet care landscape. This is an unique opportunity to join a mission-driven company dedicated to transforming pet care through digital and AI innovation, enhancing the well-being of millions of pets and improving the lives of their owners.
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Explore this early-stage opportunity while it lasts, <a href="https://investors.seedblink.com/invest/maskots/264">on SeedBlink.</a>

Read about the inspiration behind Maskots, how it addresses key challenges in the pet care market, and Stéphane's vision for scaling the business.

Transforming the lives of our furry friends

Laurentiu Niță is the visionary founder of Quarks Interactive, the company behind the groundbreaking educational game Quantum Odyssey. Driven by a mission to democratize access to quantum computing education, Laurentiu has combined his passion and expertise to create interactive platforms that make complex quantum concepts accessible to learners of all backgrounds. Under his leadership, Quarks Interactive has successfully developed award-winning software that bridges the gap between gaming and advanced scientific learning. Laurentiu&#39;s commitment to providing equitable educational resources in the quantum field has positioned him as a notable figure in both the tech startup ecosystem and the broader quantum computing community.
Let’s learn more about your recent work at Quarks Interactive.
Certainly! The most significant recent development is that we secured funding from EEA Grants to transform our prototype versions into Quantum Odyssey: Essentials for handheld devices. We’re also working on completing a full video game version that we plan to release on Steam this year. The timing couldn’t be better since UNESCO has declared 2025 as the Year of Quantum. We are on track to offer the best software solutions in quantum education, whether it’s through learning on-the-go on handheld devices, the upcoming Steam version, or Quantum Odyssey Academia, a toolset designed for deployment in schools and universities worldwide.
In terms of partnerships, we’ve put Romania on the map in multiple ways. We founded Digiq.eu and became the first Romanian startup invited by the Korean government to participate in the K-Startup Grand Challenge program. Our R&amp;D successes and the support from our partners have earned us numerous nominations and awards, including the “Best Startup” award in Singapore at a leading quantum tech conference (q.tech) and multiple prizes such as PatriotFest and the Stevie Awards. We’ve even seen professors win significant accolades for improving educational standards using Quantum Odyssey.
Quantum computing can be tough to grasp. How does the game make it easier for beginners?
There’s a lot of media hype around quantum computing, and many attempts to explain concepts like qubits, superposition, and entanglement are often misleading or overly complicated. Quantum Odyssey started as a research project during my Ph.D., aiming to simplify these concepts. We showed that any computation or algorithm you can perform on a real universal quantum computer can be distilled into a visual set of elements and just four colors. By achieving this, we proved that quantum computing isn’t as complex as it’s often made out to be!
Our platform allows users to create visuals that represent quantum concepts, see the underlying equations, and even export the code to run directly on quantum hardware. We always saw solving equations as akin to solving puzzles, so Quantum Odyssey naturally evolved into a beginner-friendly puzzle game where the rules are grounded in actual quantum computing principles. We rigorously tested the software in schools and universities alongside professors, publishing papers on the results. Players as young as 12, with no prior knowledge of mathematics, physics, algorithms, or coding, can learn the fundamentals of quantum computing—and best of all, they’ll enjoy doing it!
What’s been the most rewarding part of creating Quantum Odyssey, and what challenges have you faced?
The most rewarding moments came when we developed the first course materials on famous quantum algorithms. For the first time, we—the theoretical physicists working on it—could truly grasp the intuitive understanding behind the mathematical behavior these algorithms imply. We had some incredible &quot;Eureka&quot; moments, and I believe more are yet to come. Reading the user feedback we gather anonymously through our platform is also immensely gratifying. One memorable comment was: “This module deserves more stars than there are in the universe. I finally succeeded in teaching complex numbers to my nephew!”
As for challenges, being a Romanian quantum software company has certainly had its difficulties. We&#39;ve struggled over the years to find funding sources to complete our project. Many Eastern European VCs we approached wanted us to abandon our IP and focus on outsourcing (i.e., building quantum software for other companies) to secure funding. The deep tech nature of our software required substantial upfront investment before it could be released, so it took us about six years to bring Quantum Odyssey to its current level. We never had VC backing, and most of our R&amp;D was funded through revenue from licenses sold. We generated twice as much revenue as our initial angel investment and three times that amount in grants, which kept us moving forward. Friends in the U.S. quantum startup scene often tell us that if we had started in the U.S., we would easily have a mid-8-figure valuation by now.
It’s been a tough journey building in-house IP in Romania, but thanks to the EEA Grants program and their generous (and equity-free!) funding, we are now in a position to deliver a near-complete version of Quantum Odyssey on Steam this year and have successfully ported the older versions to handheld devices.
How do you plan to spread the word about Quantum Odyssey: Essentials and reach more users?
We’re currently raising funds and seeking partners to prepare a marketing campaign. Besides our efforts on LinkedIn, Reddit, and through our partners (such as APS Quantum Village/Defcon32, Womanium, IBM, and Digiq.eu), we can’t do much more until we secure a marketing budget.
Will the game stay free, or do you have a monetization plan?
The “Essentials” versions for iPhone, iPad, and Android are free to play, with commercials shown every three puzzles and the option to unlock an ad-free experience for $10. From what we’ve seen, it’s by far the best quantum game available on handheld devices. However, these are simplified versions of what’s to come later this year: Quantum Odyssey on Steam. This installment will take things to the next level, featuring a modern video game experience where players can collect achievements, unlock badges, and follow a well-crafted story with cutscenes and multiple endings. It will also introduce exciting features like “quantum hacking” other players. I don’t want to spoil too much, so if you’re interested in our progress, I suggest following me on LinkedIn. This will be a premium game targeted at $30, a Steam exclusive that many believe will significantly push the boundaries of what an educational game should look and feel like.
<img src="/img/steamedition.jpg" alt="">
Steam edition, screenshot of a learning module. The text opens an interactive Encyclopedia, where all “quantum words” are interconnected and clickable within any learning module. 
<img src="/img/steamknowledgemap.jpg" alt="">
Steam Edition, Knowledge Map (wip). The players decide what sort of “quantum skills” they want to learn, by following through different learning modules, led by 4 different Sages
How big is the team at Quarks Interactive now, and how are you managing the runway to ensure the company’s growth?
When it comes to coding, I was fortunate to have a lead developer, Razvan Suciu, who took this project under his wing from day one. I’d like to give credit to Razvan and his startup, Magma Flow Games SRL. He has been working on Quantum Odyssey since 2019, and it would be hard to find a line of code that wasn’t written by him—or at least improved by him. For the past two years, we’ve been a team of five full-timers, all dedicated to seeing this project through to completion. No matter the challenges, we are committed to making it a great success on Steam.
__
<img src="/img/qi-team.jpg" alt="">
Do you see Quantum Odyssey becoming part of formal education or training programs? Any partnerships in the works?
We have indeed formed an impressive list of partnerships over the years. Notably, Quantum Odyssey has become the flagship educational software for the EU’s Quantum Flagship initiative and the pan-European project to teach quantum computing called Digiq.eu. This year, we won Patriotfest’s first prize for Creativity in National Security, which opened the door for discussions with the Romanian government about introducing our learning platform on a national level. We’ve also formed exciting partnerships this year with CERN’s Open Quantum Institute and DEFCON’s Quantum Village. For a longer list, please visit our website.
We’ve been organizing hackathons in quantum computing and have been involved in National Quantum Day events in Romania for years through partners like OctagonHub Romania, Măgurele Summer School, Womanium, and IBM Quantum Explorers. We are also in ongoing talks with officials in the Romanian government and at the EU level. We’ve demonstrated that kids can learn quantum computing; the challenge is that there aren’t enough educators around the world to teach it. Hopefully, with UNESCO proclaiming 2025 as the Year of Quantum, we’ll see more schools and universities wanting to add quantum to their curricula. By then, we hope everyone will know that Quantum Odyssey is the world’s most accessible, yet challenging—and incredibly fun and addictive—quantum educational resource.
You can experience Quantum Odyssey: Essentials on your preferred platform:
<ul>
<li>iPhone Version: <a href="https://apps.apple.com/us/app/id6502397417?ct=Tap33737577">Download on the App Store</a></li>
<li>Android Version: <a href="https://play.google.com/store/apps/details?id=com.QuarksInteractive.QuantumOdyssey&amp;hl=en_AU&amp;pli=1">Get it on Google Play</a></li>
<li>Steam Version: <a href="https://play.google.com/store/apps/details?id=com.QuarksInteractive.QuantumOdyssey&amp;hl=en_AU&amp;pli=1">Play on Steam</a></li>
</ul>
For bulk license purchases and other inquiries, visit QI website.
Dive in and start your quantum journey today!

Interview with Laurentiu Niță, founder of Quarks Interactive – A SeedBlink Portfolio Company

Quantum computing education for everyone – the startup changing the game

Alex Govoreanu and Claudiu Petria are the visionary co-founders behind Questo, a platform revolutionizing city exploration through gamification. Alex, a serial tech entrepreneur and product visionary, has been recognized as a Young Leader in Travel by Phocuswright. Claudiu, a tech entrepreneur with over a decade of experience in advertising and marketing, is an IAA Young Global Leader dedicated to creating authentic local experiences.
Questo offers a unique blend of travel and gaming, creating a new category of city exploration games that serve both discovery and entertainment. The platform allows partners worldwide to create and offer their own city exploration games, fostering local engagement and community development. Alex and Claudiu&#39;s innovative approach aims to make cities entertaining for both travelers and locals, driving the future of travel through digitalization and gamification.
How would you describe the founding team of Questo? In what are you alike and how are you different?
The best way to describe us is probably how others see us. During hiring interviews, everyone mentions that we are different: we&#39;re natural, direct, and allergic to bullshit and fancy words. Our relationship has evolved over time as the business has grown. We&#39;ve learned to listen to and trust each other. We share the same vision, the same dream—to make people happy. If you see us together, you might think we&#39;re different: one of us is more focused on numbers, while the other is more involved in operations. But at our core, we believe we share the same values.
What was your drive back then, and what change did you aim to make?
The first Questo game was created by Alex, and Claudiu played it. When we met and started discussing the experience, we had the feeling that many others would love it, and we could be the ones who bring joy to those people. We then had our first participants in public testing, followed by the first 1,000 attendees at an event in one night, and eventually reached 100,000 players, and so on. From day one until now, we&#39;ve continued to grow and evolve. The main driver for us remains the same: the people&#39;s joy, only the scale changed in time. Now we plan to do the same thing for millions.
How does Questo&#39;s platform contribute to enhancing city exploration, and what specific market gap does it address?
If you&#39;re a traveler, your options are limited. You can book a tour, but you&#39;ll be stuck with a rigid schedule, doing the same things as everyone else at the same time. There&#39;s no privacy, no flexibility, and no extra time to enjoy beyond what&#39;s scheduled. Alternatively, you could try audio or other self-guided tours, but if you check the reviews, you&#39;ll see that many of them barely reach 2 out of 5 stars. This is one reason why half of travelers don’t book a tour or activity—about 700 million people.
We offer flexibility—you can start and play at any time. We offer privacy because you can play with your friends or family. We also add gamification, role-playing, and storytelling, transforming a simple walk into an adventure.
When you&#39;re in your city, we give you a reason to go out, meet your friends or family, and spend quality time together, creating new memories.
How do you plan to scale Questo’s business model? How do you envision Questo&#39;s future growth?
We will focus on fewer but more significant projects once the path becomes clear. Our plan is to work with the world&#39;s most popular IPs and bring them to life in the real world—whether from movies, books, anime, or other games.
Secondly, we will continue to attract more creators to our ecosystem. The plan here is straightforward. Once these two verticals reach millions, we aim to expand into education and other areas.
How does Questo guide and empower partners to create engaging city exploration games for their customers?
We focus on building the tools and providing them to creators, along with the knowledge we&#39;ve gained throughout our journey. We consistently introduce new technologies, share insights and feedback, and host webinars or one-on-one sessions. All of this is aimed at helping our creators build faster, build better, and sell more.
Was there any milestone or pure joy Questo has brought to you in these years? 
We can definitely share a few memorable moments. Like when we welcomed our first players, when we received payment from our very first customer (hello, Mihai! Thank you again), and when we won the prize from Booking.com, along with many other international recognitions. But our biggest source of energy comes from the 35,000+ photos and 110,000+ reviews from players, which arrive daily to remind us that we are on the right track.
What are potential exit scenarios for investors supporting Questo?
Products like Questo have the potential to serve hundreds of millions, and we believe we are on the right track to achieve that. In the near future, we are focused on building and increasing our supply of experiences while serving our first 10 million users. From there, the path to an IPO will be crystal clear.
Do you have a mentor or figure whom you admire and draw inspiration from?
We draw inspiration from everywhere and stay in constant contact with professionals in related industries, such as gaming, entertainment, and travel. One of our biggest sources of inspiration continues to be sports teams, with Jürgen Klopp being one of our greatest influences.
Why should investors consider being part of Questo&#39;s journey?
You didn’t have the opportunity to invest when Apple, Airbnb, or UiPath were at 5 million in revenue. Now, you have the chance to invest in Questo. For more arguments,<a href="https://investors.seedblink.com/invest/questo/270"> visit our campaign page.</a>
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ASK ME ANYTHING WITH QUESTO | On September 4, starting at 4pm EEST, join Alex Govoreanu and Claudiu Petria, the co-founders of Questo, for an exclusive online Ask Me Anything session. <a href="https://us02web.zoom.us/meeting/register/tZEvde-srjovHtTEYh9B_k0i1Z9-33-BpSJ7">Register here</a>.

Alex Govoreanu and Claudiu Petria, the innovative minds behind Questo, share their journey in creating a platform that revolutionizes city exploration through gamification.

Exploring cities through games: a discussion with Alex Govoreanu & Claudiu Petria, founders of Questo

<a href="https://seedblink.com/en/press-room/2024-05-02-seedblink%E2%80%99s-tech-investors-academy-returns-for-3rd-edition-with-practical-insights-for-startup-investors">Tech Investors Academy, powered by SeedBlink</a>, is a hybrid learning program designed for startup investors who want to enhance their venture capital knowledge. Check the wrap-up of <a href="https://seedblink.com/en/2024-08-07-portfolio-building-101-how-to-assess-a-startup-investment-opportunity">lesson one here</a>. 
The second learning session of the Tech Investors Academy by SeedBlink focused on the legal conditions influencing various types of investment rounds. This session delved into the details of priced and unpriced rounds, explaining how each can affect an investor&#39;s portfolio under different market scenarios.
This session was led by <a href="https://www.linkedin.com/in/andreihancu/">Andrei Hancu</a>, Head of Legal at SeedBlink and one of the hosts of the Tech Academy series. His conversation partner was <a href="https://www.linkedin.com/in/nicoleta-cherciu-lawyer-technology-and-investment-expert/">Nicoleta Cherciu</a>, a Romanian-based lawyer and the Managing Partner of Cherciu &amp; CO. This law firm works with investment funds and technology companies during their financing rounds.
From their discussion, we have unpacked the most important things you should know to learn about different round types and the legal conditions each of them has.
<h2 id="what-investment-instruments-are-available">What investment instruments are available?</h2>
There are two types of financing rounds: priced rounds and unpriced rounds.
In a priced round, the company has a determined valuation and share price, and investors receive equity in exchange for their investment. It’s known as an equity round. Priced rounds occur when the company has reached a stage where it can be valued, often after achieving key milestones.
In an unpriced round, the company does not have a determined valuation, so investors do not receive equity directly. Instead, they provide a loan to the company, which is later converted into equity at the next priced financing round. These unpriced rounds are often referred to as bridge rounds, as they help the company bridge the gap between financing events.
<h2 id="what-you-need-to-know-about-priced-rounds">What you need to know about priced rounds</h2>
One of the most important parts of a priced round is the negotiation, where investors sit with the company&#39;s founders to discuss over a term sheet document. 
The conversation starts with the company&#39;s valuation. It includes other important commercial provisions, such as: 
<ul>
<li>drag-along rights (forcing minority shareholders to join a sale)</li>
<li>tag-along rights (allowing minority shareholders to participate if a majority shareholder sells)</li>
<li>liquidation preferences (determining payout order in a sale or liquidation)</li>
<li>reserve matters (critical decisions requiring investor approval).</li>
</ul>
&quot;You have these rights as shareholders right after you sign the fundraising documents and shares have been issued. Even if the law doesn’t allow the creation of preferred shares, investors get these rights, which to a certain extent, make these shares preferred.&quot;
mentioned <a href="https://www.linkedin.com/in/nicoleta-cherciu-lawyer-technology-and-investment-expert/">Nicoleta Cherciu</a>, Managing Partner of Cherciu &amp; CO.
Investors need this information to understand how the investment round is governed and what rights shareholders will have. In some cases, lawyers often discuss these decisions, but as they directly impact control over the company and future decision-making, you should be involved or aware of what is being decided.
The structure of a priced round
The structure and dynamics of a typical priced round depend on the mix of investors. When VC funds are involved, the lead investor often secures a board seat, possibly allocating another seat if the majority of preferred shareholders can appoint one. 
The concept of reserved matters doesn&#39;t require unanimous investor decisions but is subject to a threshold and voting majority, often around 60%. This setup resembles a democratic process where, even if you are a minority or retail investor, you don&#39;t directly influence decisions.
mentioned <a href="https://www.linkedin.com/in/nicoleta-cherciu-lawyer-technology-and-investment-expert/">Nicoleta Cherciu</a>, Managing Partner of Cherciu &amp; CO.
Holding a small percentage of the company means their voting rights won&#39;t sway major decisions. However, private investors can evaluate the lead VC&#39;s reputation and track record and align with reputable VCs with significant rights and board memberships. 
While private investors might have limited direct power, aligning with experienced and reputable VCs who share the goal of maximizing returns offers security and indirect influence. Angels and private investors might have less power, but organized structures like those <a href="https://seedblink.com/investors">we offer at SeedBlink</a> give rights to smaller investors. 
How do you protect your ownership in a priced round?
Unlike private equity, venture capital investors often have to balance their investment protection with their non-controlling role in the company. To safeguard their investments, they usually use a liquidation preference clause. 
In the event of an exit or liquidation, preferred investors can either get back their initial investment or participate in the proceeds as common shareholders, whichever yields a better return. It’s a 1x non-participatory liquidation preference, providing a safety net even for private investors. 
Moreover, there&#39;s another, less common, type of liquidation preference, the 1x participatory liquidation preference. This clause offers an even higher level of protection and potential return by allowing investors to &quot;double dip.&quot; With this clause, investors return their initial investment (1x) and then participate pro rata in the remaining distribution alongside common shareholders. 
It is not a common solution because industry standards consider it too much. I understand that you want your money back in a worst-case scenario, but getting your money back and getting something extra doesn’t look good. The founders worked for that exit, and they deserve something, regardless of how much it is.
mentioned <a href="https://www.linkedin.com/in/nicoleta-cherciu-lawyer-technology-and-investment-expert/">Nicoleta Cherciu</a>, Managing Partner of Cherciu &amp; CO.
Liquidation preferences can be structured in different ways. Investors receive their return simultaneously or on a waterfall basis. Companies have different dynamics as they grow and move to more advanced funding rounds. 
Initial investors might find their control decreasing, facing dilution as new capital flows in. It’s especially true in Series C or D rounds, where the likelihood of early-stage investors still holding significant ownership is low.
New investors, whether VCs or private equity funds, often aim to buy out earlier investors, seeking as much equity as possible at each funding round. This strategy labels early investments as &quot;<a href="https://seedblink.com/en/2024-07-08-divestment-dead-equity-how-do-you-manage-your-cap-table-in-unusual-situations">dead equity</a>,&quot; meaning the initial investors have already made a return and are seen as no longer contributing actively to the company&#39;s growth. 
If you’d like to learn more about exit power plays, <a href="https://seedblink.com/en/2024-08-13-exits-in-startup-investing-maximizing-returns-power-plays">check this out. </a>
<h2 id="what-do-you-need-to-know-about-unpriced-rounds">What do you need to know about unpriced rounds?</h2>
Convertible instruments, like convertible notes or <a href="https://seedblink.com/en/2021-01-18-introduction-to-safe-financial-instrument-how-it-works">Simple Agreements for Future Equity (SAFEs),</a> are common in unpriced rounds. 
Investors are generally familiar with convertible rounds, a debt and equity financing hybrid. A convertible round is a contract where investors lend money to a company with the agreement that the loan will convert into shares during a future equity financing event.
<a href="https://seedblink.com/en/2024-07-11-understand-the-impact-of-convertibles-on-your-ownership-structure">Convertibles allow investors to provide funding</a> without setting a fixed price per share. Instead, they agree on terms like a valuation cap, discount rate, and maturity date, which define how their investment will convert into equity in the future. Instruments like convertible notes or SAFEs are particularly useful for early-stage startups where determining an accurate valuation can be challenging or premature.
The structure of convertible-driven rounds.
Since convertible loans are often used when it&#39;s difficult to determine a precise company valuation, these agreements usually include a valuation cap. A valuation cap sets an upper limit on the company’s valuation for conversion, protecting investors by ensuring they don&#39;t convert at an excessively high valuation. 
The valuation cap is generally an estimate based on the company’s current status, projected growth, and the amount of convertible loans expected before the equity round. While some investors may push for a lower valuation cap to maximize their shareholding upon conversion, this approach can backfire.
Investors often negotiate a lower valuation cap in convertible rounds to maximize their potential returns. For example, if the cap is set at $2M and the next round&#39;s valuation is $6M, investors can triple their money, which seems ideal. 
However, this can lead to significant dilution of the founders&#39; ownership, causing potential problems in future financing rounds. To avoid such scenarios, keep a balance by setting the valuation cap around realistic future expectations. 
If founders are overly diluted, it might deter future investors or lead to difficult negotiations. Setting the cap too low can raise questions from subsequent investors while setting it too high can make the company seem out of touch with reality.
mentioned <a href="https://www.linkedin.com/in/nicoleta-cherciu-lawyer-technology-and-investment-expert/">Nicoleta Cherciu,</a> Managing Partner of Cherciu &amp; CO.
Convertible rounds also feature variations like discounts and sometimes even interest provisions. A standard discount is around 20%, allowing early investors to convert at a price 20% lower than the next round&#39;s valuation. Occasionally, an additional interest might be included, especially in bridge financing scenarios, to incentivize the company to secure the next round quickly. 
However, the primary purpose of these instruments is equity, not interest income. The discount and valuation cap can generate substantial returns for early investors, sometimes producing 3x or 4x gains. 
How do you protect your ownership in unpriced rounds?
Convertible rounds need a well-defined maturity date to avoid the loan&#39;s indefinite hanging. 
If no equity round occurs by the maturity date, the loan typically converts based on the valuation cap or the company&#39;s current capitalization. A conversion mechanism ensures investors are not left without a return. 
Additionally, a floor valuation can be a safety net when an equity round is delayed or the company underperforms. The floor valuation is the minimum value at which conversion can occur, often based on the last financing round, ensuring investors do not convert at an unreasonably high valuation.
When an exit occurs instead of a subsequent equity round, convertible instruments typically convert right before the exit. It allows investors to participate in the sale on equal footing with other shareholders. 
However, some investors might prefer to get their money back instead of converting in cases of a &quot;fire exit&quot; or a less favorable sale. While this could benefit individual investors, it often doesn&#39;t align with the interests of all stakeholders, especially if the company&#39;s remaining funds are limited. 
When you negotiate the transaction documentation, remember that you need to keep the founders happy. Otherwise, they will not be so incentivized and feel they work as employees. 
It’s not what you want to do because they started the business and want to change the world. So, let them do that, while sure, find a way to protect your interests!
mentioned <a href="https://www.linkedin.com/in/andreihancu/">Andrei Hancu</a>, Head of Legal at SeedBlink.
<h2 id="stay-connected">Stay connected!</h2>
<a href="https://seedblink.com/newsletter">Subscribe to our newsletter</a> and stay tuned for similar updates and insights into European startup news, equity trends, VCs, and investment opportunities.

Understand different types of instruments used in startup investment and how they impact portfolios under different market conditions 

Portfolio Building 101: What is the best investment round type for your portfolio

We recently hosted a webinar on “EXITS— Power plays &amp; maximizing returns.” 
Our guests were <a href="https://ro.linkedin.com/in/radugeorgescu">Radu Georgescu</a>, Chairman of the Board at <a href="https://seedblink.com/">SeedBlink</a>; <a href="https://at.linkedin.com/in/wolfgang-neubert-801305285">Wolfgang Neubert</a>, Partner at <a href="https://www.apex.ventures/">Apex Ventures;</a> while <a href="https://at.linkedin.com/in/ronald-rapberger">Ronald Rapberger</a>, DACH Regional Manager at <a href="https://seedblink.com/">SeedBlink</a> moderated the talk. 
<iframe width="560" height="315" src="https://www.youtube.com/embed/cOPLP7O7KqY?si=oM-vaMdOR9qCqYtd" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>

During the webinar, they covered:
<ul>
<li>understanding the key players in an exit and their influence</li>
<li>exploring diverse exit strategies from an investor&#39;s perspective</li>
<li>recognizing when investors have a say in the process. </li>
</ul>
Radu and Wolfgang shared real-life stories from their experience, offering a deep dive into what makes an exit successful and the various strategies that can be employed to achieve the best outcomes.
<h2 id="the-players-at-the-startups-table-during-an-exit">The players at the startup’s table during an exit</h2>
Exits in startup investing are the most desired goal in every <a href="https://seedblink.com/investors">investor’s portfolio</a> because when you start investing in a company, you don’t know the final outcome since there are many variables and many alternatives to take. It can be a good exit. It can be a bad exit. It can go bankrupt. It can go into a long-life relationship with dividends paying profits. 
Additionally, there is a whole process around what happens to a company through fundraising and how you prepare for its evolution as an investor. There are <a href="https://seedblink.com/en/2022-10-06-the-players-at-a-startups-table-and-their-role-in-an-exit-1">different players sitting at the startup’s table in an exit situation</a>: the buyer, multiple sellers, and advisors. 
The buyers and sellers are the key players. 
The buyer is typically cautious and wary, while the sellers, who can be multiple, are focused on the outcome. If the exit is successful and everyone profits significantly, things go smoothly. However, in a less favorable situation, like a fire sale where the company is sold for much less, tensions rise, and everyone tries to maximize their share.
“The buyer has the riskiest position at the table because, at the end of the day, the buyer doesn&#39;t necessarily know what they&#39;re buying, no matter how strong the due diligence is.” 
mentions<a href="https://ro.linkedin.com/in/radugeorgescu"> Radu Georgescu</a>, Chairman of the Board at <a href="https://seedblink.com/">SeedBlink</a>.
Among the sellers, we have the following categories: the founder, the CEO, and investors, who can be represented by VCs, angel investors, or early members of<a href="https://seedblink.com/en/2024-05-14-guide-to-employee-stock-option-plans-esops"> the employee stock option plan. </a>
The founder can exert significant control, sometimes even challenging investors, because those typically don&#39;t want to run the company themselves.
Then, you have the big investors, such as VCs, who also have a substantial say in the exit. However, their influence is still secondary to the founder’s. Following them are the early angels—those who invested in the very early stages of the company—and employees who hold equity.
While these groups are important, they generally have less power than the founder and the big investors.
These three types are slightly different from each other, but the founder has the most power, as he has the keys to the company. The dynamics between the founders and investors are key factors influencing how negotiations take place and how successful they are.
Advisors don’t necessarily have a direct impact, but they can facilitate some events and actions that lead to an exit. They help navigate the complexities of legal aspects, handle financial taxes, and play a vital role in understanding the interests of all parties involved and finding common ground.
In cases where there’s only one buyer and one seller, finding this middle ground might be simpler. But when multiple sellers are involved, the situation becomes more complicated. Investors and advisors become the players who informally assess the situation, determine where interests align, and guide the parties toward a compromise. They aim to ensure that all parties feel they’ve gotten a fair deal, even if it means each side has to make some sacrifices.
<h2 id="types-of-exit-events-in-a-startups-journey">Types of exit events in a startup’s journey</h2>
When a startup reaches a certain stage of maturity or success, it often faces the decision of how to exit—essentially, how the founders and investors will realize the value they’ve built. Exits in business can take many forms. 
The most celebrated exit is an IPO, where a company goes public and sells shares on the stock exchange. However, this is not the only one. 
5 most common types of exit events:
<ul>
<li>The IPO event is when a company goes public by offering its shares on the stock market. It allows the company to raise significant capital while allowing early investors and employees to cash out. </li>
<li>The acquisition event is when the startup is sold to another company and is often pursued when a larger company sees value in integrating its products, services, or technologies into its operations. </li>
<li>The merger event involves combining the startup with another company to create a new, larger entity, often to achieve greater market power or operational synergies.</li>
<li>The secondary sale takes place when the shares of the company are sold to another investor, providing liquidity to early investors without the need for a full company exit.</li>
<li>The Management Buyout (MBO) happens when the current management team purchases the company from existing shareholders, often to gain more control over the company’s direction. </li>
</ul>
IPOs are the most difficult exit event to achieve and are relatively rare. The most common ones are mergers &amp; acquisitions, where another company buys the startup. An M&amp;A can involve the acquirer purchasing 100% of the shares or retaining key founders as co-shareholders to incentivize them.
Other exit strategies include asset deals, where only specific assets are purchased, and <a href="https://tech.seedblink.com/secondaries">secondary sales</a>, where smaller shareholders are bought out to simplify the cap table or optimize governance. 
Liquidity events before an actual sale or IPO are quite a viable exit route that is often overlooked. 
These liquidity events allow investors to realize returns mid-way through a company&#39;s growth phases. Although not publicized like IPOs, they offer significant returns. 
mentions <a href="https://at.linkedin.com/in/ronald-rapberger">Ronald Rapberger</a>, DACH Regional Manager at <a href="https://seedblink.com/">SeedBlink</a>.
Additionally, there are management buyouts, where founders or managers buy out investors. Each exit scenario involves different timing, structures, and interests, making the process complex and unique to each situation. 
<h2 id="early-investors-and-exits">Early investors and exits</h2>
Small investors can play a decisive role in significant exits, too.
Early-stage investors tend to develop more personal relationships with the founders, and their early involvement fosters a unique bond with the founders. 
A strong relationship based on value-adding can potentially influence exit negotiations, and there are cases when angel investors become cofounders later on. 
“The idea that you, as a first-time pre-seed or seed investor with a small investment, will remain on the cap table until the company is sold is more the exception than the rule.&quot; 
mentions <a href="https://at.linkedin.com/in/wolfgang-neubert-801305285">Wolfgang Neubert</a>, Partner at <a href="https://www.apex.ventures/">Apex Ventures</a>
Pooling small investors into a <a href="https://tech.seedblink.com/syndicates">syndicate </a>can consolidate their influence, making it easier for acquirers to negotiate. A syndicate mitigates the challenges of dealing with numerous small shareholders, who may have differing opinions and availability. 
Assigning a spokesperson to represent the group can streamline negotiations, ensuring that the collective interest is well-represented and reducing the likelihood of an acquirer abandoning the deal due to complications. 
<h2 id="vcs-and-exits">VCs and exits</h2>
“We still have some influence over who joins the cap table. Ideally, we can choose growth investors or private equity funds we trust, often based on past successful exits or established relationships.
private equity funds we trust, often based on previous successful exits or established relationships.” 
mentions <a href="https://at.linkedin.com/in/wolfgang-neubert-801305285">Wolfgang Neubert</a>, Partner at <a href="https://www.apex.ventures/">Apex Ventures</a>
When selecting investors for future fundraising rounds, you want to bring in partners who align with your goals and values while maintaining some degree of control over the company&#39;s future.
Unlike business angels, whose influence is often based on personal relationships or specific expertise, VCs like <a href="https://www.apex.ventures/">APEX Ventures</a> leverage their industrial experience and knowledge of financial structures to guide and support founders effectively. 
Given VC funds&#39; typical ten-year lifespan, they often need an earlier exit, typically through secondary sales. These sales allow them to realize returns before the company&#39;s final exit, accommodating the longer development cycles of deep-tech investments. 
&quot;Secondary sales offer specialized investors the opportunity to focus on these deals, providing liquidity to early investors while maintaining the potential for substantial returns.&quot;
mentions <a href="https://at.linkedin.com/in/wolfgang-neubert-801305285">Wolfgang Neubert</a>, Partner at <a href="https://www.apex.ventures/">Apex Ventures</a>
<h2 id="exits-through-the-eyes-of-investors">Exits through the eyes of investors</h2>
Radu Georgescu&#39;s first exit, <a href="https://gecad.com/company/rav-antivirus/">selling his antivirus security company</a>, RAV Antivirus, to Microsoft in 2003, stands out as his happiest and most significant. 
At that time, Microsoft did not have a security business, and the acquisition began what would become a substantial part of their operations. The deal was particularly notable because it involved Microsoft acquiring a primarily Linux-based antivirus product, leading them to offer customer support for Linux, a rare move for the company.
Negotiating the deal was relatively straightforward due to the simple cap table. Radu was the majority owner, and no venture capitalists or other financial investors were involved, only an employee stock ownership plan (ESOP). 
Negotiations were easier since the ESOP participants were entitled to financial gains but did not have decision-making power in the deal. 
&quot;Microsoft described this exit as their best in the past 10 to 15 years and used it as a case study in their internal M&amp;A training.&quot;
mentions <a href="https://ro.linkedin.com/in/radugeorgescu">Radu Georgescu</a>, Chairman of the Board at <a href="https://seedblink.com/">SeedBlink</a>.
Wolfgang Neubert shared two examples of exits that, despite their differences, shared some important similarities. 
In both cases, strategic investors aimed to take over the companies while keeping the founders on board. The founders retained some shares and had the opportunity for a future exit based on the company&#39;s value increase.
&quot;Financial investors want to exit with a strong return, while founders aim to optimize their future compensation package and ensure that the acquirer doesn&#39;t overspend initially, preserving funds for their eventual exit. This often leads to misaligned interests.&quot;
mentions <a href="https://at.linkedin.com/in/wolfgang-neubert-801305285">Wolfgang Neubert</a>, Partner at <a href="https://www.apex.ventures/">Apex Ventures</a>
The founders ultimately hold significant power because they drive the company. If they become dissatisfied, it can jeopardize the deal. As an investor, trying to control things from the co-pilot seat is risky. 
<h2 id="stay-connected">Stay connected!</h2>
For more insights, watch the whole SeedBlink webinar on EXITS—The returns of startup investing: Power plays &amp; maximizing returns.
<iframe width="560" height="315" src="https://www.youtube.com/embed/cOPLP7O7KqY?si=vOwkN4CKvPeyAegq" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>



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Learn more about exit events in startup investing from real-life stories, and see how you can maximize returns.

Exits in startup investing: maximizing returns & power plays 

<a href="https://seedblink.com/en/press-room/2024-05-02-seedblink%E2%80%99s-tech-investors-academy-returns-for-3rd-edition-with-practical-insights-for-startup-investors">Tech Investors Academy, powered by SeedBlink</a>, is a hybrid learning program designed for startup investors who want to enhance their venture capital knowledge. 
This year’s edition of the Tech Investors Academy had a different format, taking the shape of an online course with four different modules on the following topics, which we’ll summarize on our blog in the upcoming weeks:
<ul>
<li>Deal assessment and portfolio building  </li>
<li>Legal conditions influencing different round types</li>
<li>Cross-border investment strategies</li>
<li>Understanding liquidity and secondary market transactions</li>
</ul>
During the first learning session, we explored the essentials of crafting a successful investment strategy. Participants learned to identify the key factors that drive portfolio performance, aiming for high returns of 10x and above. 
This session was led by <a href="https://www.linkedin.com/in/angelhadjiev/">Angel Hadjiev</a>, SeedBlink’s Regional Manager for SEE, experienced in mergers and acquisitions (M&amp;A) and debt restructuring. Angel also invited <a href="https://www.linkedin.com/in/tihomir-dyankov-cfa/">Tihomir Dyankov</a>, a Partner at <a href="https://invenio.partners/">Invenio Partners</a> with extensive portfolio management experience and a history of working in the venture capital and private equity industry.
From their discussion, we have unpacked the most important things you should know to learn how to assess your deals successfully.
<h2 id="how-do-you-build-a-strong-portfolio-in-todays-environment">How do you build a strong portfolio in today’s environment?</h2>
Investing in startups and venture capital has a form of cyclicality that can significantly impact the portfolio that investors are trying to build. In today’s fundraising landscape, it can be particularly challenging due to fluctuating interest rates, inflation, and <a href="https://seedblink.com/en/2022-03-29-investing-in-uncertain-times">geopolitical uncertainties.</a>
Historically, some of the best investments have been made<a href="https://seedblink.com/en/2022-03-08-15th-of-january-2020-does-it-ring-any-bell-editorial-by-ionut-patrahau"> during difficult times</a>. It&#39;s easy to invest when the economy is thriving, money is abundant, and market sentiment is positive. However, staying committed to investing during downturns is one of the best strategic moves despite its challenges. 
On average, investors can overcome difficult economic cycles and achieve a more stable and consistent return over the long term.
Look at the <a href="https://seedblink.com/en/2023-11-01-bull-vs-bear-understanding-markets-ups-and-downs">dynamics of markets&#39; ups and downs</a> to understand how to adapt strategy and navigate market transitions. Interest rates and inflation directly affect asset prices and returns, while geopolitical events can lead to sudden market volatility and shifts in investment landscapes. 
Adjusting your investment thesis based on macroeconomic, geopolitical, and regional developments is often necessary, but keep in mind that some elements and factors will always exist. 
While the sectors you focus on may change in response to these external factors, the core aspects of your investment strategy—such as the amount invested, follow-on investment rounds, and the number of investments—should remain constant.
mentions <a href="https://www.linkedin.com/in/tihomir-dyankov-cfa/">Tihomir Dyankov</a>, Partner at<a href="https://invenio.partners/"> Invenio Partners.</a> 
<h2 id="diversify-your-portfolio">Diversify your portfolio</h2>
To manage the potential risks associated with investing in startups, investors focus on building a diversified portfolio. 
A consistent investment strategy spreads investments across various opportunities, which can help mitigate the risks associated with this type of asset class. 
By diversifying,<a href="https://seedblink.com/en/2022-02-16-portfolio-diversification"> investors can protect their portfolios</a> from the volatility of private investments, ensuring a more stable and potentially lucrative outcome over time.
To efficiently diversify a portfolio, spread your investments across 20 to 25 companies and avoid being overly exposed to any single investment&#39;s failure. Additionally, we recommend allocating 20% to 30% of the investment budget for private assets towards follow-on investments to capitalize on opportunities with companies performing well and mitigate overall risk by spreading investments over a broad portfolio.
mentions <a href="https://www.linkedin.com/in/tihomir-dyankov-cfa/">Tihomir Dyankov</a>, Partner at <a href="https://invenio.partners/">Invenio Partners</a>. 
<h2 id="how-much-of-your-portfolio-should-you-invest">How much of your portfolio should you invest?</h2>
When it comes to investing in private assets, it&#39;s generally recommended that private <a href="https://seedblink.com/en/2022-05-27-the-rise-of-the-digital-retail-investors-and-their-revolution">investors </a>allocate between 5% and 10% of their net worth to this asset class. Private investments are inherently risky and highly illiquid, unlike publicly traded stocks, which can be easily bought and sold on the stock exchange. Ideally, choose to invest in platforms where the <a href="https://seedblink.com/en/2023-03-09-unlocking-liquidity-demystifying-the-secondary-market-for-startup-investments">secondary market </a>is part of the process to lower the risk of your portfolio.
Venture capital funds, for instance, often expect a return of 50% to 60% on seed investments to compensate for these risks. However, private investments require <a href="https://seedblink.com/en/2023-07-27-the-winning-edge-in-angel-investing-embracing-the-power-of-long-term-thinking">patience and a long-term commitment</a>, as the pathway to realizing returns can be unpredictable and quite a long one.
One option for private investments is <a href="https://seedblink.com/secondary-market">secondary markets</a>, which offer a measure of liquidity that is typically unavailable in the private asset space. Secondary markets can make these investments slightly less risky, offering investors the option to realize their investments earlier, potentially at a discount. 
<h2 id="4-important-factors-in-deal-assessment">4 important factors in deal assessment</h2>
When assessing deals, individual investors should start by making a personal assessment to understand why they want to invest, whether in startups or more advanced companies, and how much they are willing to invest. 
The process takes into account their own network and investment portfolio. Due to their high risk and illiquidity, private assets typically represent only 5% to 10% of an individual&#39;s portfolio. Since <a href="https://seedblink.com/en/2023-07-27-the-winning-edge-in-angel-investing-embracing-the-power-of-long-term-thinking">investing in startups is a long-term game</a>, with results often taking 3 to 10 years to materialize, investors must decide on the types of opportunities they want to pursue.
One of the most crucial factors in deal assessment is consistency in adhering to predefined investment parameters. From vertical to maturity or even instrument or specific investment rights, investors should remain strict about their investment criteria to avoid making mistakes. Venturing outside of one&#39;s comfort zone can lead to poor decision-making and potential losses. This principle applies to private assets and all types of investments.
Another key factor in the early stages of startup investments is assessing non-financial metrics. These include the quality of the team, the market potential, and the innovation of the product or technology. These factors can often be better indicators of future success than financials alone, especially when dealing with startups that may not yet have a proven revenue stream.
The next component is having a clear exit strategy from the beginning. Understanding and planning for how and when to exit an investment can significantly impact the realization of returns. Given current market conditions, strategic acquisitions are often more favorable than IPOs. This way, you can maximize their returns and align their exit strategy with market opportunities.
Another factor to consider is that if a startup hasn&#39;t shown significant growth within three years, it might be a good time to consider <a href="https://seedblink.com/secondary-market">selling your ownership through a secondary market</a>. If you regain your funds, you can reinvest them in new and more promising opportunities.
What matters more in deal assessment?
When you are investing in companies in difficult times that don’t generate significant revenues but show potential for substantial revenue growth, you might consider focusing on the next three elements:
<ul>
<li>Team</li>
<li>Market</li>
<li>Technology</li>
</ul>
Assessing the team before the deal.
Investors often focus on determining whether the founder is truly dedicated to the idea or just testing the waters. Spend time with the founders to understand their commitment and motivation for building and growing the company. 
After determining the founder&#39;s commitment, the next step is to uncover their motivations. Asking questions like, &quot;Why is the founder in this space?&quot; and &quot;Is it purely for financial gain, or are there deeper reasons?&quot; can reveal a lot.
Knowing what keeps them awake at night and whether this is something they are passionate about every day can indicate their likelihood of persevering through challenges. 
A founder with a strong &quot;why&quot; is more likely to find solutions to problems and push through tough times, which is crucial for the business&#39;s success. A passionate and committed founder can often distinguish between success and failure.
Additionally, Tihomir mentioned that, as an investor, he also looks for the founder&#39;s ability to attract additional team members, either as <a href="https://seedblink.com/en/2024-06-03-the-founder-factor-on-startup-success-solo-vs-co-founders">co-founders leading the company</a> or as one of the first key employees. A founder who can persuade other senior team members to join gives investors a good pillar on which to step in the company&#39;s development.
What comes first, the market or the deal?
While there is an open discussion about whether the market comes first in deal assessment, there is no doubt that sooner or later, you’ll have to consider it. 
Prioritization can come from how involved VCs are in the daily operations of the companies in which they invest. Smaller funds typically manage fewer investments, usually around eight to ten per fund. 
The approach allows for a more hands-on approach, providing substantial company support and guidance, but also comes with more strict investment criteria, focusing on selecting the best teams to ensure success. 
On the other side, larger VC funds often manage between 50 and 100 investments in a single fund, making it difficult to stay deeply involved with each one. In these cases, a significant market opportunity can compensate for a less-than-stellar team or product because the sheer market potential can drive growth and returns. 
Some investors believe a strong, committed team can navigate and succeed even in a decent market. A great team can differentiate themselves, build a competitive advantage, and drive the company forward, overcoming market challenges. 
<h2 id="stay-connected">Stay connected!</h2>
<a href="https://seedblink.com/newsletter">Subscribe to our newsletter </a>and stay tuned for similar updates and insights into European startup news, equity trends, VCs, and investment opportunities.

Portfolio building, diversification, market transitions, and other key factors you need to know for successful deal assessments. 

Portfolio building 101: How to assess a startup investment opportunity 

Growth is a clear indicator of investor’s confidence in the European venture market.
In the second quarter of 2024, VC investment in Europe saw a significant increase from $13.9B in Q1 to $17.8B, <a href="https://kpmg.com/xx/en/home/campaigns/2024/07/q2-venture-pulse-report-europe.html">according to KPMG</a>. As valuations recover and interest rates decrease, VC deal activity in Europe is on a trajectory to a more positive level, with larger transactions gaining a significant share.
“I think the European fundraising sentiment is more positive because we have a more rational market, and it’s a market that we can understand. [...] 
The power law is operating well here, 20% of the companies is creating 80% of returns. Europe continues to have this dynamic of building companies with less capital”
Mentioned <a href="https://www.linkedin.com/in/chris-wade-isomer/">Chris Wade</a>, Founding Partner at<a href="https://www.linkedin.com/company/isomer-capital/"> Isomer Capital</a>, in a recent episode of the <a href="https://www.eu.vc/p/mid-year-review-2024-european-fundraising">EUVC podcast</a>. 
Now, let’s dive into the data!
<h2 id="european-seed-and-angel-investments-in-q2">European seed and angel investments in Q2</h2>
The seed stage funding increased to $1.8B across 900 rounds, down from $2.3B in Q2 2023.
<img src="/img/screenshot-2024-08-01-140648.png" alt="">
Source: <a href="https://news.crunchbase.com/quarterly-and-annual-reports/venture-europe-startups-ai-builder-revolut/">European Venture Funding by Crunchbase</a>
<h2 id="european-early-stage-investments-in-q2">European early-stage investments in Q2</h2>
Early-stage funding totaled $6.5B across more than 300 rounds in Q2, with Series B funding experiencing the largest year-over-year increase at this stage.
<img src="/img/screenshot-2024-08-01-140812.png" alt="">
Source: <a href="https://news.crunchbase.com/quarterly-and-annual-reports/venture-europe-startups-ai-builder-revolut/">European Venture Funding by Crunchbase</a>
<h2 id="european-late-stage-investments-in-q2">European late-stage investments in Q2</h2>
Late-stage funding hit $7.5B across over 100 rounds in Q2, <a href="https://news.crunchbase.com/quarterly-and-annual-reports/venture-europe-startups-ai-builder-revolut/">according to Crunchbase</a>, showing the most significant quarterly and yearly increases, though not the highest in the past year. Since funding began fluctuating a couple of years ago, quarterly totals have varied, with late-stage funding rising and falling over the past five quarters.
<img src="/img/screenshot-2024-08-01-140908.png" alt="">
Source: <a href="https://news.crunchbase.com/quarterly-and-annual-reports/venture-europe-startups-ai-builder-revolut/">European Venture Funding by Crunchbase</a>
<h2 id="european-vc-funding-in-q2">European VC funding in Q2</h2>
In Q2 2024, VC investment in Europe went from $13.9B in Q1 to $17.8B. 
<img src="/img/screenshot-2024-08-01-141011.png" alt="">
Source: <a href="https://kpmg.com/xx/en/home/campaigns/2024/07/q2-venture-pulse-report-europe.html">European Venture Pulse Q2 by KPMG</a>
The increase was driven by substantial mega-deals, including a $1 billion funding round by AI autonomous driving technology company <a href="https://wayve.ai/">Wayve</a>, a $999.6 million raise by consumer lending platform <a href="https://www.getabound.com/">Abound</a>, a $650.6 million raise by LLM-focused <a href="https://mistral.ai/">Mistral AI</a>, and a $621M raise by neobank <a href="https://monzo.com/">Monzo</a>. 
In Germany, VC investment held steady at $2.2B in Q2 2024, featuring notable rounds for AI-driven deeptech <a href="https://www.deepl.com/">DeepL </a>($300M), chip manufacturer<a href="https://www.linkedin.com/company/black-semiconductor/"> Black Semiconductor</a> ($275M), and satellite launch company <a href="https://www.isaraerospace.com/">Isar Aerospace</a> ($237M). Austria also saw VC investment rise to $283M, its highest since Q1 2022, driven by significant rounds for companies like <a href="https://www.storyblok.com/">StoryBlok </a>and <a href="https://www.enspired-trading.com/">enspired</a>. 
<h2 id="vc-deal-activity-in-q2">VC deal activity in Q2</h2>
In Q2 2024, European venture capital investment increased by 14% from Q1 and 12% year over year, with European startups raising $15.B, <a href="https://dealroom.co/reports/europe-tech-update-q2-2024">according to Dealroom</a>.
<img src="/img/screenshot-2024-08-01-141240.png" alt="">
Source: <a href="https://dealroom.co/reports/europe-tech-update-q2-2024">Europe Tech Update – Q2 2024</a>
Venture investments are performing above all previous years except the outlier years of 2021/22 in 2024. In the first half of this year, 1450 rounds and +$2M were raised, which shows that the sector is more active than it used to be before 2021.
<img src="/img/screenshot-2024-08-01-141338.png" alt="">
Source: <a href="https://dealroom.co/reports/europe-tech-update-q2-2024">Europe Tech Update – Q2 2024</a>
Early-stage European venture capital has shown remarkable stability in recent years, a reassuring sign for the market. Breakout-stage VC has reached its highest level in six quarters, and late-stage investment in Q2 2024 is up year over year, surpassing Q1 levels.
<img src="/img/screenshot-2024-08-01-141427.png" alt="">
Source: <a href="https://dealroom.co/reports/europe-tech-update-q2-2024">Europe Tech Update – Q2 2024</a>
<h2 id="top-3-european-regions-in-vc-deals">Top 3 European regions in VC deals</h2>
The UK, France, and Germany continue to lead as the top venture-funded countries in Europe, maintaining their strong positions in attracting venture capital in the first quarter of 2024 and Q2.
<img src="/img/screenshot-2024-08-01-141537.png" alt="">
Source: <a href="https://dealroom.co/reports/europe-tech-update-q2-2024">Europe Tech Update – Q2 2024</a>
<h2 id="top-3-industries-in-vc-deals">Top 3 industries in VC deals</h2>
In 2024, Energy was the most funded sector in Europe, continuing its dominance from 2023 when it led funding every quarter. It marks a significant shift, as before 2023, Energy typically ranked behind Fintech, Health, and Enterprise Software in venture.
<img src="/img/screenshot-2024-08-01-141632.png" alt="">
Source: <a href="https://dealroom.co/reports/europe-tech-update-q2-2024">Europe Tech Update – Q2 2024</a>
In terms of leading sectors in the first half of 2024, Generative AI, Hydrogen, and Electric Mobility are leading the way, <a href="https://dealroom.co/reports/europe-tech-update-q2-2024">according to Dealroom. </a>
Artificial intelligence. 
AI remained a hot investment area in <a href="https://kpmg.com/xx/en/home/campaigns/2024/07/q2-venture-pulse-report-europe.html">Europe during Q2 2024</a>, with investments pouring into companies focused on core AI technologies and those leveraging AI to enhance business models. Germany-based <a href="https://www.deepl.com/">DeepL </a>raised $300 million, while France’s <a href="https://www.hcompany.ai/">H Company</a> secured $220M.
The broad interest in AI reflects its potential to revolutionize various sectors, from customer experience to product development. This potential makes AI a key focus for VC funding, inspiring innovation, and growth in the market.
Additionally, the regulatory environment is evolving, with the Council of the EU approving the AI Act, the first global effort to harmonize AI regulations. 
Energy &amp; CleanTech.
VC investors continue to look for alternative energy and cleantech in Europe. In Q2&#39;24, notable funding rounds included $381.9M for UK-based energy storage company <a href="https://highviewpower.com/">Highview Power</a>, $168M for Estonia-based hydrogen company <a href="https://elcogen.com/">Elcogen</a>, and $152M for Netherlands-based hydrogen startup <a href="https://tes-h2.com/">Tree Energy Solutions.</a>
The <a href="https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/company-reporting-and-auditing/company-reporting/corporate-sustainability-reporting_en">EU&#39;s Carbon Sustainability Reporting Directive </a>(CSRD) and other evolving sustainability regulations and climate change commitments have also driven interest in RegTechs focused on the sustainability space. These regulatory pressures push larger companies to report on their sustainability metrics, making this sector increasingly attractive to investors.
However, while we are happy and optimistic about seeing the fundraising process moving toward a more positive trend, we must remember that we are only moving on to the year&#39;s first half. So, we don’t have much market visibility if the trends continue by the end of the year! 
We recommend you watch these market reports every quarter and one on <a href="https://seedblink.com/blog">our blog</a>, as we publish a summary of the most important trends every three months. 
<h2 id="expectations-for-h2-of-2024">Expectations for H2 of 2024</h2>
European VC fundraising in 2024 is on track to decrease by 13.1% year-over-year, potentially dropping from €21.7B in 2023 to a lower figure, <a href="https://pitchbook.com/news/reports/q2-2024-european-venture-report">according to Pitchbook</a>. As of the first half of 2024, €9.4B has been raised, leaving a significant €12.3B gap to match last year&#39;s total. 
<img src="/img/screenshot-2024-08-01-141951.png" alt="">
Source: <a href="https://pitchbook.com/news/reports/q2-2024-european-venture-report">European Venture Report Q2 2024</a>
The top 20 open VC funds already amount to €15.6 billion, suggesting that if these funds close as expected, with additional contributions from smaller funds, the overall fundraising levels could match those of 2023.
<img src="/img/screenshot-2024-08-01-142109.png" alt="">
Source: <a href="https://pitchbook.com/news/reports/q2-2024-european-venture-report">European Venture Report Q2 2024</a>
As we move into the second half of 2024, there is a growing sense of optimism, especially around sectors like AI, Energy, and CleanTech, <a href="https://kpmg.com/xx/en/home/campaigns/2024/07/q2-venture-pulse-report-europe.html">according to KPMG. </a>
The IPO market in Europe could see new activity in Q3 2024 as more companies regain confidence in the current market conditions beginning to look optimal for a listing starting Q2, <a href="https://www.ey.com/en_gl/insights/ipo/trends">according to EY.</a>
<img src="/img/screenshot-2024-08-01-142218.png" alt="">
Source: <a href="https://www.ey.com/en_gl/insights/ipo/trends">EY Global IPO Trends Q2 2024</a>
However, there is also a feeling of uncertainty due to the presidential elections in different European countries and the US, which, in some cases, are most likely to make investors cautious.
Additionally, the upcoming compliance deadline for the <a href="https://www.eiopa.europa.eu/digital-operational-resilience-act-dora_en">EU&#39;s Digital Operational Resilience Act (DORA)</a> on January 17, 2025, is expected to drive increased interest in regtech companies. As a result, we anticipate a surge in investments aimed at regtech solutions that assist companies in meeting these new regulatory requirements, highlighting the ongoing importance of regulatory technology in the evolving financial landscape.
<h2 id="find-the-right-investor-and-financing-vehicle-for-your-round">Find the right investor and financing vehicle for your round</h2>
If you want to connect with these investors or check out other active investors in the region, check out the <a href="https://tech.seedblink.com/vc-network">European VC Network list </a>covering venture capital funds from SEE, DACH, Benelux, and others. 
At the same time, we strongly encourage you to consider more flexible funding options for your next round, such as<a href="https://tech.seedblink.com/syndicates"> SeedBlink&#39;s syndicate infrastructure</a> with its rolling facility.

Discover the latest in European venture capital for Q2 2024! We’ll cover the rise in VC funding, the hottest regions and industries for deals, and key market trends.

State of Fundraising in Q2 2024: key findings from market reports

If you&#39;re a founder <a href="https://tech.seedblink.com/financing-solutions">getting ready for a fundraising round this year</a>, keep an eye on these venture capital firms. They have recently raised new funds and are more likely to seek new investment opportunities. 
Understand which VCs have available capital and focus your efforts more effectively. Knowing each VC&#39;s investment focus and stage preference enables you to tailor your pitch to their specific interests. 
To get you started, we&#39;ve compiled a list of venture capital funds in the SEE, DACH, and Benelux regions that have raised fresh capital in 2024. Check it out below!
<h2 id="new-vc-funds-raised-in-see">New VC funds raised in SEE</h2>
Here is a list of new venture capital (VC) funds raised in the second quarter of 2024 in the SEE region: 
<ul>
<li>[Romania] Early Game Ventures -&gt; announced the <a href="https://www.linkedin.com/posts/early-game-ventures_proud-to-announce-early-game-ventures-fund-activity-7194255384872632320-Hldv/?utm_source=share&amp;utm_medium=member_desktop">closing of Early Game Ventures Fund II</a>, a new €60M VC fund that will invest in early-stage startups in CEE.</li>
<li>[Romania] Voyager Ventures -&gt; Romanian-founded company Bitdefender announced the <a href="https://therecursive.com/romanian-bitdefender-launches-voyager-venture-to-empower-cybersecurity-startups-for-market-success/">launch of a new investment program</a> dedicated to funding and developing startups in the fields of Cybersecurity, Data Analytics, Automation, and Artificial Intelligence (AI).</li>
<li>[Bulgaria] BrightCap Ventures -&gt; announced the c<a href="https://therecursive.com/brightcap-ventures-announces-first-close-of-e60m-fund-to-scale-see-startups/">losing of its new fund</a>, targeting €60М, which aims to invest in founders from Southeastern Europe.</li>
<li>[Greece] Apeiron Ventures -&gt; announced its<a href="https://therecursive.com/apeiron-ventures-launches-e25m-seed-investment-fund-to-propel-gen-z-economy-and-b2b-software-innovation/"> new seed investment fund</a>, which closed its first round at €25M. The fund aims to invest in founders from the Gen Z economy and B2B software across Greece, the Greek Diaspora, and Europe.</li>
<li>[The Czech Republic] KAYA VC -&gt; is <a href="https://www.vestbee.com/blog/articles/kaya-vc-is-raising-a-80-m-fund">raising Kaya Fund V</a>, aiming for a €80M generalist fund to allow them to invest globally, focusing on Slovak, Polish, and Czech startups. </li>
<li>[The Czech Republic] ZAKA VC -&gt; went <a href="https://sifted.eu/articles/czech-family-office-zaka-vc-news">from a family office to a VC</a> and announced their first fund of €15M, with a first closing of €10.5M in June.</li>
<li>[The Czech Republic] Presto Tech Horizons -&gt; Czech Presto Ventures and Czechoslovak Group Launch announce <a href="https://therecursive.com/czech-presto-ventures-and-czechoslovak-group-launch-e150m-investment-fund-focused-on-security-and-defence-tech/">a new €150M investment fund </a>focused on Security and Defence Tech.</li>
<li>[Poland] Radix Ventures -&gt; announced raising<a href="https://www.linkedin.com/posts/radix-vc_vc-cee-newproject-activity-7208815083328544769-j8mp/?utm_source=share&amp;utm_medium=member_desktop"> their first DeepTech fund,</a> with a target of €60M.</li>
<li>[Poland] bValue Growth — BVG -&gt;announced the<a href="https://therecursive.com/polish-bvalue-growth-fund-fuels-tech-innovation-in-cee-with-e90m-cap/"> closing of their new fund </a>with a total cap of €90M, with +10M on the initial €80M target.</li>
<li>[Hungary] Lead Ventures -&gt; launches <a href="https://therecursive.com/hungarian-lead-ventures-launches-e100m-fund-for-cee-startups/">a new €100M fund</a> to invest between €2M and €10M in Seed and Series A companies in the region. </li>
</ul>
If you are a founder looking to raise funds in this geographical area, these funds will continue to invest in and support the growth of startups in the SEE region. 
<h2 id="new-vc-funds-raised-in-dach">New VC funds raised in DACH</h2>
Here is a list of new venture capital (VC) funds raised in the second quarter of 2024 in the DACH region: 
<ul>
<li>[Austria] Elevator Ventures -&gt; Austrian Elevator Ventures, RBI&#39;s venture capital arm, announced the <a href="https://therecursive.com/elevator-ventures-launches-e70m-ev-ii-fund-to-power-innovation-across-dach-and-cee-regions/">launch of its second fund worth €70M.</a></li>
<li>[Switzerland] Lakestar -&gt; announced the closing of <a href="https://lakestar.com/news/lakestar-announces-closing-of-its-latest-fund-generation">Lakestar Early IV and Lakestar Growth II</a>, with new total funds of $600M aiming to invest in European startups from Artificial Intelligence (AI), digitalization, DeepTech, HealThcare, and FinTech.</li>
<li>[Switzerland] 14Peaks -&gt;announced the closing of its<a href="https://www.eu-startups.com/2024/04/swiss-venture-capital-firm-14peaks-closed-its-inaugural-fund-of-over-e28-million-to-power-software-startups-in-fintech/"> inaugural fund of over €28M</a> to power software startups in FinTech</li>
<li>[Germany] Vsquared Ventures -&gt; announced a fund of €214M aiming to <a href="https://sifted.eu/articles/vsquared-third-deep-tech-fund-news">invest in early-stage DeepTech startups</a> across Europe. NATO Innovation Fund is among the LPs.</li>
<li>[Germany] Identity.vc -&gt; announced the first close of a fund raised at €15M of a target €50M fund aiming to <a href="https://sifted.eu/articles/identity-vc-lgbtq">back LGBTQ+ founders in Europe.</a></li>
</ul>
If you are a founder looking to fund in this geographical area, these funds are poised to invest and support the growth of startups in the DACH region, giving you a reason to be hopeful. 
<h2 id="new-vc-funds-raised-in-benelux">New VC funds raised in Benelux</h2>
Here is a list of new venture capital (VC) funds raised in the second quarter of 2024 in the Benelux region: 
<ul>
<li>[Luxembourg] MiddleGame Ventures -&gt; announced the<a href="https://sifted.eu/articles/middlegame-new-fund-news"> first close of a targeted €150M fund</a> focusing on FinTech despite the declining investor appetite for the sector.</li>
<li>[Belgium] Pitchdrive -&gt; after two successful funds that performed well, Pitchdrive announced <a href="https://www.pitchdrive.com/stories/pitchdrive-raises-third-fund-of-eu40m-to-fuel-entrepreneur-driven-early-stage-investing-in-europe">Fund III with a total of €40M</a> to back 30 early-stage European startups.</li>
<li>[The Netherlands] LUMO Labs -&gt; announced the launch of LUMO Rise Fund, <a href="https://www.eu-startups.com/2024/07/dutch-investor-lumo-labs-launches-a-e100-million-fund-to-support-30-to-35-impact-driven-startups/">a new investment fund </a>of €100M aiming to invest in European startups focused on emerging digital technologies for a greener and stronger society. </li>
<li>[The Netherlands] Carbon Equity -&gt; announced<a href="https://siliconcanals.com/amsterdams-carbon-equity-bags-60m/"> the “strong first close”</a> of its Climate Tech Portfolio Fund III at raised €60M, after raising €100M in March 2024. </li>
<li>[The Netherlands] Innovation Industries -&gt; announced <a href="https://siliconcanals.com/innovation-industries-launches-500m-fund/">a new €500M fund</a> as their third fund to back deep-tech startups and scale-ups in Benelux and Germany.</li>
<li>[The Netherlands] PhotonVentures -&gt; announced the<a href="https://siliconcanals.com/photonventures-closes-second-fundraising-round/"> closing of their second fundraising round </a>for its fund at €75M, aiming to back photonic chip companies.</li>
<li>Notably, the European Investment Fund has taken a significant step towards enhancing its impact by opening<a href="https://siliconcanals.com/eif-opens-amsterdam-office-benelux/"> an office dedicated to the Benelux region in Amsterdam</a>. This move is part of its new strategy to be closer to the markets. </li>
</ul>
If you are a founder looking to fund in this geographical area, these funds will continue to invest and support the growth of startups in the Benelux region.
<h2 id="find-the-right-investor-and-financing-vehicle-for-your-round">Find the right investor and financing vehicle for your round</h2>
If you want to connect with these investors or check out other active investors in the region, check out the <a href="https://tech.seedblink.com/vc-network">European VC Network</a> list covering venture capital funds from SEE, DACH, Benelux, and others. 
At the same time, we strongly encourage you to consider more flexible funding options for your next round, such as <a href="https://tech.seedblink.com/syndicates">SeedBlink&#39;s syndicate infrastructure</a> with its rolling facilit, is one such option worth considering.

Discover the latest European VC funds raised in Q2 2024. Find out who you should pitch if you match their investment criteria. 

VCs who are ready to invest: new funds raised in Q2 2024

As we advance into the mid-summer of 2024, we are thrilled to share the latest updates from our portfolio companies, showcasing their remarkable progress and innovations. This July&#39;s highlights feature 
Here’s a snapshot of the achievements of the startups we&#39;ve proudly backed: 
Adastec&#39;s trial of their driverless bus in Vicinity, Michigan, is a testament to their innovative capabilities in autonomous transportation. This trial represents a major step forward in the deployment of driverless technology, paving the way for more efficient and sustainable public transport solutions. Check out more info <a href="https://www.sustainable-bus.com/its/adastec-trial-vicinity-michigan-driverless-bus/">here</a>. 
Arcanna AI has been celebrated in the AI Global Excellence Awards by Acquisition International Magazine. This recognition highlights their excellence in AI development and their impact on the global corporate landscape. Moreover, the CEO has announced they’ll be present at BlackHat 2024, the world&#39;s premier technical cybersecurity conference. 
Authic Labs has been recognized among the top 50 blockchain startups by the European Blockchain Convention. This accolade reflects their work in blockchain technology, positioning them as a significant player in this complex industry. <a href="https://www.linkedin.com/posts/lemar-bachtiar_startupbattle-activity-7223670423035518976-l1Xu?utm_source=share&amp;utm_medium=member_desktop">More info here</a>. 
DRUID, along with other Romanian firms such as Questo, FintechOS, and Kinderpedia, has been recognized in the Deloitte EMEA Technology Fast 500. Their growth and technological advancements highlight the vibrant tech ecosystem in Romania and their ability to compete on a global stage. 
Dronamics recently presented their advancements to leading tech journalist and Forbes contributor Bernard Marr at The Goodwood Group. This exposure is a significant milestone for Dronamics, underscoring their innovative contributions to the tech industry. 
Finqware&#39;s<a href="https://lnkd.in/dDEWbFDv"> latest integration with Keez </a>marks a significant advancement in accounting automation for SMEs in Romania. By embedding Finqware&#39;s bank connectivity into Keez&#39;s platform, over 7,000 SMEs can now enjoy streamlined daily accounting reconciliations, reducing the need for manual input and increasing efficiency. 
FlowX.AI, led by co-founder and CEO Ioan Iacob, continues to empower banks with its modernization and integration platform. The company enables financial institutions to consolidate systems and build robust digital products, ensuring they stay ahead in a rapidly evolving digital landscape. FlowX.AI&#39;s platform is a critical tool for banks seeking to innovate and provide superior customer experiences. <a href="https://fintechmagazine.com/articles/flowx-ai-empowering-banks-to-build-modern-apps-platforms">Find out more</a>. 
Lande has re-opened its secondary market with new features, enhancing the platform&#39;s appeal to investors and borrowers alike. This agricultural lending platform continues to innovate, providing farmers with essential financial tools and opening new avenues for investment in the agricultural sector. Take a look at the news <a href="https://alternativecreditinvestor.com/2024/07/19/lande-adds-new-features-to-re-opened-secondary-market/">here</a>. 
Procesio, the brainchild of Mihai Dârzan and a division of Ringhel, has made significant strides in the business process automation space. With a goal to surpass €1 million in revenue this year, Procesio is expanding its functionality and partner network. The platform&#39;s ability to automate complex business processes is gaining traction both nationally and internationally, positioning it as a leader in the field. Read more about this achievement <a href="https://www.zf.ro/zf-it-generation/zf-it-generation-start-up-update-mihai-darzan-fondator-ceo-procesio-22425048">here</a>. 
Swisspod Technologies, in collaboration with EPFL DESL, <a href="https://www.swisspod.com/press-releases/swisspod-secures-pre-series-a-funding-to-build-worlds-largest-hyperloop-testing-hub">has set new benchmarks in the hyperloop industry.</a> Over the past few months, they have completed 82 successful hyperloop missions, covering a cumulative distance of over 1300km. Their unique drive train technology and autopilot system have proven that travel between Geneva and Bern can be achieved in under 20 minutes at a fraction of the energy cost of traditional trains. 
We strongly support building trust and transparency by engaging funded start-ups in discussions around their updates and communicating their business decisions to their investors and our community of tech supporters. 
To support any of our Portfolio companies with your network, knowledge, or mentorship, please contact us at <a href="investors@seedblink.com">investors@seedblink.com</a>.

Significant achievements from Adastec, Arcanna AI, Authic Labs, DRUID, Dronamics, Finqware, FlowX.AI, Lande, Procesio, and Swisspod Technologies. Let's dive into their success stories. 

Investor insight: July 2024 Portfolio success stories 

Remarkable technological advancements are just around the corner, and the data and capital to power them is already here. Discover the future with visionaries who are predicting, embracing, and innovating on tomorrow&#39;s potential.
<h2 id="active-opportunities">Active opportunities</h2>
🇺🇸 VC-Backed | Enterprise SaaS | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D11c7086224%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7Cf942af50d8544f6d331908dcaa17b03a%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638572265936495542%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=uHfjpX7IBJCw9sYpIRj%2BfpjUAY%2F%2FO4MhUIlzIG02cJE%3D&amp;reserved=0">Ambr </a>extends its pre-seed round with €100,000 to accelerate the onboarding of its global customers. Co-invest next to Fuel Ventures, APX VC, Loyal VC, and Plug &amp; Play.
🇷🇴 Angel-led | CleanTech | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D044765f41e%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7Cf942af50d8544f6d331908dcaa17b03a%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638572265936509041%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=MZGtAwrCyIPbBvhA4wr%2FKTPJmHL2RY8KmvSW%2F0D5tsI%3D&amp;reserved=0">CO2Later </a>is raising €600,000 to empower businesses to make impactful sustainability decisions. Is has an experienced founding team coming from the UiPath mafia and successfully exited Kubeark, the largest pre-seed round in Romania.
🇪🇸 Community-led | PetTech | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Db6ba038423%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7Cf942af50d8544f6d331908dcaa17b03a%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638572265936520198%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=smymz1%2F3wUN0E%2FyRRiZraja%2FPLHPaM%2Bo5vx%2F1tIsaV8%3D&amp;reserved=0">Maskots </a>is raising €200,000 to expand its pet care app, helping pet owners keep their animals happy and healthy. 
🇬🇧 Community-led | Marketplace | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Dd93d2271ce%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7Cf942af50d8544f6d331908dcaa17b03a%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638572265936530851%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=DCLCjLa22U%2BL%2BCAXWULUc2qBIWI1vnY9B%2BbO%2FGe9nSk%3D&amp;reserved=0">FlairMakers </a>is raising €300,000 to expand its digital platform that connects hospitality businesses with trained, short-term talent. This ensures a flexible, reliable workforce that can meet the dynamic needs of the industry, improving service quality and reducing operational stress.
Pitch of the Week: Join us on July 29 at 4 PM, where you&#39;ll have the chance to meet George Dumitrascu, the visionary founder and CEO of CO2Later | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D365638cc03%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7Cf942af50d8544f6d331908dcaa17b03a%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638572265936542531%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=a2nLeuO49jDFxokqjWqlvD4WNjjzOQY6kz0KqdlxtQc%3D&amp;reserved=0">Register here</a>. 
<h2 id="liquidity-on-your-terms">Liquidity on your terms</h2>
On the secondary market, you can find rare, mature, or undervalued investment opportunities. Invest or sell your ownership in 45 tech companies with different maturity levels and no minimum ticket. <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D37dd4e43f5%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7Cf942af50d8544f6d331908dcaa17b03a%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638572265936555538%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=EbKxDO8lQLlZ64m7TvC%2FNFc%2FPrrn5AUESzpYKBe%2BFJA%3D&amp;reserved=0">Check the Bulletin Board.</a>
<h2 id="investor-webinar-on-exits">Investor webinar on EXITS</h2>
On August 1st will feature experts discussing strategies for achieving substantial returns through strategic exits in startup investing. The event will include insights from Radu Georgescu, Wolfgang Neubert, and Ronald Rapberger. <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Db1bd3bdc7d%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7Cf942af50d8544f6d331908dcaa17b03a%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638572265936567342%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=3%2FqcnoXBKMjcP5%2B1Z0Fa4Gk2NnEi6d%2FjSkeaAu3Pqko%3D&amp;reserved=0">Register here</a>. 
<h2 id="investors-resources-pick">Investors resources pick</h2>
Co-Intelligence with AI | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D031bf81df3%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7Cf942af50d8544f6d331908dcaa17b03a%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638572265936578595%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=ECq6OKHKB9R1d5K1h1MonZ0tsT46AMQNfuvxM4sf6gQ%3D&amp;reserved=0">Learn more</a>
In his new book Living and Working with AI, Associate Professor Ethan Mollick of the University of Pennsylvania covers key concepts for entrepreneurs, including the four rules of Co-Intelligence. 
EU-Startups Podcast | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D4dcbf84152%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7Cf942af50d8544f6d331908dcaa17b03a%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638572265936599655%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=xPgMaYdMlI7PWvm5hGxcHqU4c9a89B9bs6r%2BCPPxm%2Fw%3D&amp;reserved=0">Tune in</a>
Catch up with Sabina Wizander, Partner at Creandum, one of the most important VCl funds in Europe, whose portfolio includes unicorns such as Spotify, Klarna, Trade Republic, and many more.
Oncology is evolving | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Df2f57f6ca8%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7Cf942af50d8544f6d331908dcaa17b03a%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638572265936608081%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=dhnzpAxiNxt5ceLDU9d%2BPj1gGdzmruI3JiC%2FF6BNlS4%3D&amp;reserved=0">Food for thought</a>
The tumor-seeking radiopharmaceuticals are charting a new course in oncology, with promise for targeted treatments with fewer side effects.

Written by Ionuț Pătrăhău, Managing Partner and Corporate Development @ SeedBlink. In addition to his extensive experience in banking, Ionuț Pătrăhău has also worked in the healthcare sector. He was the CEO of the private healthcare network Regina Maria and co-founder of the Brain Institute, a neurosurgery center developed in collaboration with Monza Hospital. 
Starting a start-up with current friends and former colleagues might seem like a foolproof plan, as long as everyone brings diverse skills to the table or at least complements each other’s abilities. This is one approach. 
Alternatively, you might choose to start a venture on your own, with just your spouse. In this scenario, prudence suggests bringing in additional expertise later by hiring diverse team members as needed. You could also implement an <a href="https://tech.seedblink.com/esop-design">ESOP program</a> to keep people motivated if things go well. This is another approach.
Which is the best choice? As always, the answer is: it depends. It depends on the type of business you&#39;re building. It depends on your transparency in relationships with others and how you fuel your business with the necessary capital. Each ownership solution can be both good and bad. Each comes with challenges, usually when there&#39;s no planning, and you’re unsure what you&#39;ll do in the coming years. 
What kind of business do you want to build? Small or large?
Profitable or one that accumulates value? A business worth one million, ten million, or a billion?
What portion of the business do you want to keep for yourself? And for the initial founders?
What is your time horizon? Three years, five years, or ten years?
This is only the preface of the novel you are about to write, you and your start-up. How you finance your growth depends on this preface and a few other chapters. Bootstrapping, angel investors, crowd investing, micro-VC, or even VC. None of these are an exact science. Nothing can be precisely mapped out to ensure a smooth and trouble-free journey. There are so many variables in a business story, both internal and external, that it all becomes a game of risk and return, with a lot of common sense added in. 
You might wonder then: what can I do? Is it better to move forward without any plan? Is it better to learn from my mistakes and face all possible challenges head-on? This is also an option. It is the option most founders choose, and yes, it educates them on the job. However, learning is one thing, and building a healthy business is another. 
After five years of work, resulting in over 250 funded start-ups and several thousand more evaluated, we have assembled our experience and existing technology into a product we call <a href="https://tech.seedblink.com/fundingsprint">Funding Sprint</a> because SeedBlink is itself a financing ecosystem.
We are not an accelerator, a start-up studio, or an incubator. We are a financing platform where everyone can find the right capital solution. It depends solely on the founders to accept hard work, acknowledge their mistakes and shortcomings, amplify their strengths and qualities, and trust their partners. Because without trust, nothing solid can be built, neither in business nor in life. 
Interested? <a href="https://share-eu1.hsforms.com/1-WobcUrgRoCMiW2OIwN2lAflrgt">Let’s talk.</a> 
--
SeedBlink is the all-in-one equity and investment platform that provides the infrastructure, financial services and network coverage for European tech companies and their stakeholders to access, manage and trade equity at every stage of growth.   
With a comprehensive suite of products and services, SeedBlink streamlines investment processes and provides robust support throughout the equity lifecycle, from initial funding rounds through to mature investment opportunities and secondary markets. 
<a href="https://sso.seedblink.com/realms/seedblink/protocol/openid-connect/auth?client_id=nimity&amp;redirect_uri=https://equity.seedblink.com&amp;response_type=code&amp;scope=openid&amp;_gl=1*1nqzce8*_ga*MTc0NDUwMDY4LjE2ODQyMTU1MDY.*_ga_KSNT1WVLT2*MTcyMTAxODQwMS45NTkuMS4xNzIxMDIwNDg5LjYwLjAuMA..*_gcl_au*NDU2NDI0NDcwLjE3MTk4MTc5NDc.">Become part of our community. </a>

“There are so many variables in a business story, both internal and external, that it all becomes a game of risk and return, with a lot of common sense added in.” 

The Founder's Guide: exploring financing options for start-ups 

<h2 id="a-lot-of-interesting-news-to-talk-about-scroll-down-for">A lot of interesting news to talk about. Scroll down for:</h2>
<ul>
<li>Primary Market: active opportunities</li>
<li>Secondary market updates</li>
<li>Investors resources picks</li>
</ul>
Remarkable technological advancements are just around the corner, and the data and capital to power them is already here. Discover the future with visionaries who are predicting, embracing, and innovating on tomorrow&#39;s potential.
&quot;When choosing SeedBlink as a syndication platform, we had these two things in mind: to resolve the need of the founders to raise more money and to allow business angels to be part of this financing round, angels who otherwise might not have been able to place a substantial ticket enough to directly enter the cap table.&quot;
 — Marius Istrate
, Chairman of the Board, TechAngels.
<h2 id="investment-opportunities">Investment opportunities</h2>
PITCH OF THE WEEK | It took us years, but it finally happened – .lumen, the innovative startup renowned for creating glasses for the blind, is about to launch a financing round on SeedBlink this week! 
Join us on July 16 at 3 PM, where you&#39;ll have the chance to meet <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D2f6fb8f5bf%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C8ece7b38f17f4998ffe508dca49787a2%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638566217943905887%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=L5LsVR8KdmkPkNngrEZ6ZG4HDxnXpsXDL6jUsH0cGh0%3D&amp;reserved=0">Cornel Amariei</a>, the visionary founder and CEO of .lumen. <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Dd4f536610b%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C8ece7b38f17f4998ffe508dca49787a2%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638566217943913444%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=hZLCmQST1cl8H4qCCF%2B3JOkcS1oguZsUOa5u%2F4Q6oFI%3D&amp;reserved=0">Register here</a>. 
Explore 4 VC-backed and 4 Community-led opportunities<a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Da006bde316%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C8ece7b38f17f4998ffe508dca49787a2%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638566217943920578%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=2scNcJHuSr%2Fz2k1a9A5HP5CGZnw2KZfkISf3i%2BuTj6I%3D&amp;reserved=0"> raising now. </a>
<h2 id="insightful-reads">Insightful reads</h2>
NVIDIA’s AI Podcast: .lumen | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D84e7cb49bb%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C8ece7b38f17f4998ffe508dca49787a2%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638566217943937472%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=FZ7cgABk69TwzZueF%2BPCTufYdhMZxvKaVVLVRFvtXc0%3D&amp;reserved=0">Tune in</a>
Lumen is highlighting a new tool to assist visually impaired individuals navigate. Noah Kravitz interviewed Romanian startup founder and CEO Cornel Amariei on creating its flagship glasses. 
H1 highlights | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D34154e6205%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C8ece7b38f17f4998ffe508dca49787a2%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638566217943942983%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=6GBZhEN4lmT5lqEiTv2o4Za9FFyAPrBGIvBiDNmOrAM%3D&amp;reserved=0">Read more</a>
The year&#39;s first half is over, and Europe&#39;s tech ecosystem is clearly better than 6 months ago. In H1, European startups received €47.3bn, including €18.7bn in debt.
Europe Tech Update | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D751f2f318f%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C8ece7b38f17f4998ffe508dca49787a2%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638566217943948380%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=m7ZXYVOuxgx6OHMv7yGMT7yVaRj5bcsaxWp1NzI4QQk%3D&amp;reserved=0">Learn more</a>
Q2 venture capital investment in Europe is up 14% on Q1, and 12% year on year. Energy has been the most funded sector in Europe so far in 2024. 
Future fuels | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Dd178894e2c%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C8ece7b38f17f4998ffe508dca49787a2%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638566217943953834%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=9QDXhpfvbdk1Uu621YNvI6sT6GM7aCV%2FEiBFHoUEglI%3D&amp;reserved=0">Food for thought</a>
We need new fuels to transport people and goods around the globe as society moves away from coal, natural gas and oil. Here’s how things are shaping up.
<h2 id="liquidity-on-your-terms">Liquidity on your terms</h2>
On the secondary market, you can find rare, mature, or undervalued investment opportunities. Invest or sell your ownership in 45 tech companies with different maturity levels and no minimum ticket. <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Dc9c3129117%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C8ece7b38f17f4998ffe508dca49787a2%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638566217943960380%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=d19ks6tnV%2FQwtUvpG941MncmJmkNoMDP1BozGIR3Y7g%3D&amp;reserved=0">Check the Bulletin Board</a>.

Daniel Dunose, CEO and Founder of Brainactive, has spent over 18 years immersed in the market research industry, building and leading international teams, and delivering quality data to clients across various sectors. His passion for helping others reach their maximum potential has driven him to establish two successful start-ups. Based in Bucharest, Romania, Daniel brings extensive experience from previous roles at The Staff Supply, DataDiggers, Rakuten Insight, and Ipsos Interactive Services.
Brainactive leverages AI and automation to connect businesses with their target audiences in real-time, enabling them to gather actionable insights directly from their customers. This self-service platform simplifies the process of obtaining vital feedback, making it accessible to businesses of all sizes and industries. By reducing the need for intermediaries, Brainactive cuts costs and time significantly while maintaining complete confidentiality over tested concepts and prototypes.
<ul>
<li>What ‘aha’ moment led to the founding of Brainactive?</li>
</ul>
The launching of the ChatGPT 3.5 made me instantly think about the myriads of options that this technological advance could create in multiple industries, including ours. Though far from offering a perfect output, the general purposed LLM was already able at that point to provide a good start in covering many of the regular tasks of a researcher. I realized then that we could put together a revolution if we harnessed what’s best of the two sides, technology and human talent, by properly training a model to become a true researcher and offering qualified human support to facilitate the switch. 
<ul>
<li>What was your drive back then, and what change did you aim to make?</li>
</ul>
I’ve always been up for innovation, to the tiniest details. If there is a way to do things better, reduce resources consumption to achieve the same or a superior outcome, then we should go for it. It’s the same target that I had in this case: if we could create an alternative to the current traditional market research process that benefits all parties involved, then by all means we should do it. So, we gathered a team of experts in different areas, brainstormed, planned and executed, and 10 months later we managed to launch the actual product.
<ul>
<li>How does Brainactive&#39;s platform contribute to obtaining actionable insights, and what specific market gap does it address?</li>
</ul>
For me, actionable insights translate into accurate, easy to digest information that comes when I need it and not “when it is ready”. And this is just what Brainactive does:
<blockquote>
Imagine you are a SaaS start-up, you have been working on your concept, you have a business model and even some pretty neat wireframes. Your biggest question is: Will somebody buy my product?
How do you answer that? You defined that perfect persona, but where do you find the people that fit that pattern, what do you ask them, how do you ask them, will they answer? How long does this process take?
Now, imagine you have a place where you can ask you initial question (Will somebody buy my product?) - and only that question - and it will take care of every step you worried about and bring you in a few hours the simple, unbiased and direct answer.
</blockquote>
In terms of gap, I will not even refer to AI driven platform; just think about this: digital Do-It-Yourself market research platforms account for less than 2.5% out of the entire industry. But this niche dynamic is well over 25% YoY.
<ul>
<li>How do you scale Brainactive’s business model?</li>
</ul>
Our go to market strategy follows a waterfall logic: 
<ul>
<li>we’ll first use a full specter of digital marketing tactics to attract free users to the platform, have a look around, get convinced of its features and USP</li>
<li>then we’ll implement full-on onboarding, engaging and retention communication to turn free subscribers into paid ones (the Plus plan, which is a one-seat type of subscription)</li>
<li>then further on the focus will be converting Plus into Team subscribers (the plan dedicated to larger market research teams that accommodates up to 15 seats, with ability to share/assign tasks and roles)</li>
<li>and finally, we’ll aim to turn Team users into Enterprise license holders, our prepaid account that covers all the needs of a large market research buyer, with a 24/7 available team dedicated to enhancing customers’ experience, while enjoying the significant financial benefits that come with it. </li>
</ul>
And we will carry on this logic ongoingly, optimizing it on the go. 
<ul>
<li>How does Brainactive guide and empower businesses to make informed decisions about their products and services?</li>
</ul>
Businesses can directly interview their current and potential buyers in the Brainactive platform, selecting those who are most relevant to them out of our pool of 300+ million engaged consumers in 135 countries. With a few simple clicks, the user can have a brief conversation with our in-house research-engineered gen AI that plays the role of an experienced market researcher, and its purpose is to guide and fine-tune user’s idea or market problem that needs to be fixed. 
The AI can instantly generate a professional questionnaire, help users with adjusting it, and suggest the demographics for the audience that companies need to interview. In a short while, the AI will be able to ensure the responses meet the quality standards by actively removing incoherent or sub-par answers and will be able to suggest key insights that sound business decisions rely on. 
<ul>
<li>How do you envision Brainactive&#39;s future growth?</li>
</ul>
I strongly believe the market research industry (and for that matter, all industries) will change dramatically in the next 5 to 10 years, even earlier, considering the fast advance of technology. As a matter of fact, it hasn’t seen much innovation for the past decades, other than being able to interview people online rather than face to face or over the phone. And I think that what we are witnessing today with the AI expansion is only the tip of the iceberg. 
Brainactive is here to take part in this transformation, with a full focus on providing our customers with higher data quality, faster than ever before, controlling their expenditure on a service that is more than vital for sound business decisions. 
We have a phenomenal roadmap of features to implement which will gradually turn Brainactive.ai into a research powerhouse that will completely change the way companies source their insights today – to name just a few: 
<ul>
<li>Improved user-AI interaction, introducing voice recognition, exposing AI to images, audio and video stimuli to self-generate relevant research from the scratch</li>
<li>Diversify the pool of respondents from the 300+ million engaged and profiled consumers in 135 countries that are already integrated in the platform into over 1 billion people, by posting surveys in mobile apps networks and social media </li>
<li>Increase the accuracy of AI output by integrating it with statistics and secondary research sources, to help AI get a better context for the advice provided to users.</li>
<li>Do you have a mentor or figure whom you admire and draw inspiration from?</li>
</ul>
Absolutely. I highly admired Lee Kwan Yew in his stubbornness, tenacity, and drive to create the nation of Singapore. I draw inspiration from the way he overcame all possible barriers to reach his objectives despite all complications and risks, to turn a poor piece of the planet into the highly evolved society that it is today, focusing on meritocracy and on building and improving country’s relevance on the global stage. I see running a business in a similar manner: first you need to find a spot that you can tackle effectively, then to iterate until finding the right formula, and then scale. Just as he thought of a country, I believe that the main purpose of a business is to win the #1 spot in its niche, nothing less. 
<ul>
<li>What are potential exit scenarios for investors supporting Brainactive?</li>
</ul>
We plan to raise more funding rounds to secure our scale, so one exit scenario for the investors who enter in early stages is when we raise a higher round. Another one is when firms get acquired, which I’m confident it is a likely scenario considering the level of innovation we bring to the market research industry, the quality of our team that translates into the capacity of execution and business development, and our future product roadmap. Finally, we explore the option of listing publicly in the long run, so that event will transform our investors’ input into a highly liquid one. 
<ul>
<li>Why should investors consider being part of Brainactive&#39;s journey?</li>
</ul>
First, it’s the solid idea behind Brainactive: market research should be a commodity available to everyone, regardless of previous experience with surveys, expertise in sociology, or even the understanding of basic terms. We like to keep things simple: companies run surveys mainly to be able to become more competitive and/or increase their market share; for that to happen they need accurate, on time, and actionable information from the people that buy or might be interested to buy their products. And Brainactive is here to simplify this process, make it financially accessible to everyone, and providing those answers in nearly real-time. 
Then, the team that build Brainactive is not only highly skilled in different areas (UX, AI, software dev, product design, marketing), but it has actual successful experience in building and running businesses, so it is perfectly able to execute a plan this ambitious.
And finally, the potential that Brainactive has to decisively turn the tides in this industry by introducing a completely new alternative to the traditional market research process, together with implementing the features roadmap mentioned earlier. The total turnover of the industry was $129 bn in 2022, growing at an average CAGR of ~4% YoY. Most of this growth is due to the tech-enabled sector of market research, specifically the one that belongs to the DIY platforms. Yet, these platforms only represent ~2.4% of the total turnover. Hence, the natural trend of switching from traditional research methodologies to the tech-enabled ones has already started and it is a matter of time until it will accelerate, as the benefits for companies (time, speed, and data quality) are unbeatable.

Discover how Brainactive empowers companies with direct access to their target audience, reducing costs and time, and explore the potential growth and impact of this company.

Transforming market research: an interview with Daniel Dunose, CEO & founder of Brainactive

We’ve recently hosted a webinar to discuss the impact of convertibles on startups’ ownership structure. Our guest, <a href="https://at.linkedin.com/in/maxschausberger">Maximilian Schausberger</a>, Managing Director at <a href="https://www.elevator-ventures.com/en/home.html">Elevator Venture</a>s, was joined by <a href="https://at.linkedin.com/in/ronald-rapberger">Ronald Rapberger</a>, Regional Manager DACH at SeedBlink, and<a href="https://ro.linkedin.com/in/andreihancu"> Andrei Hancu</a>, SeedBlink’s General Counsel. 
They discussed how convertibles can be an important pillar of startup financing, providing flexibility and bridging equity financing rounds. 
<img src="/img/convertible-webinar-wrap-up-watch-now-s.png" alt="">
During the webinar, they covered:
<ul>
<li>A brief overview of convertibles, including terms and market trends; </li>
<li>Comparing convertibles to other fundraising tools; </li>
<li>Strategic decision making: When to use convertibles: pros and cons; </li>
<li>Tools for managing ownership and convertibles - the role of cap tables. </li>
</ul>
It’s time to delve deeper into the information from this webinar and unpack the most important learnings. 
<h2 id="understanding-the-ownership-structure-in-tech-startups">Understanding the ownership structure in tech startups</h2>
Understanding equity structure helps founders and investors determine how ownership percentages are allocated and how <a href="https://tech.seedblink.com/financing-solutions">future funding rounds</a> affect these allocations.
The company&#39;s ownership structure is reflected in the cap table, and In the early stages of a startup, the <a href="https://tech.seedblink.com/equity-management">cap table is simple,</a> with just the founders, or maybe the founders and a few initial investors. 
However, the cap table becomes increasingly complex as the company advances and raises funds. This complexity necessitates a thorough grasp of how different funding instruments impact other fundraising rounds and how each affects ownership percentages and dilution.
“Understanding the ownership structure is important for every founder, regardless of stage, and it becomes increasingly important as you progress through the rounds,&quot; <a href="https://at.linkedin.com/in/ronald-rapberger">Ronald Rapberger</a>, Regional Manager DACH at SeedBlink.
<img src="/img/convertibles-webinar-quote-16_9-ronald.png" alt="">
<h2 id="types-of-startup-funding-rounds">Types of startup funding rounds</h2>
There are two main types of startup funding rounds: priced and unpriced. 
<img src="/img/screenshot-2024-07-11-093309.png" alt="">
Main types of startup funding rounds: Unpriced and Prices. Source: SeedBlink
Priced rounds are straightforward. 
The <a href="https://seedblink.com/en/2024-05-07-startup-valuation-understanding-409a-83b-bspce-and-hmrc">company has a set valuation</a>, and investors receive shares based on this. This clarity allows all parties to understand what is being exchanged—a specific amount of money for a particular amount of equity. Priced rounds provide a clear snapshot of the company&#39;s worth at the time of investment, reassuring investors who want to see tangible proof of value before committing their funds. 
On the other hand, unpriced rounds occur before or between priced rounds and involve investments made without a current company valuation. These rounds typically use instruments like CLAs or <a href="https://seedblink.com/en/2021-01-18-introduction-to-safe-financial-instrument-how-it-works">SAFEs</a>, which we’ll talk more about immediately, where investors provide funds in exchange for the promise of future equity. 
<img src="/img/screenshot-2024-07-11-093538.png" alt="">
CLA vs SAFE comparison. Source: SeedBlink
The conversion into equity happens during a subsequent priced round, with terms predefined to protect the interests of early investors, such as valuation caps and discounts. 
Unpriced rounds offer flexibility and speed, which can be critical for startups needing quick capital infusions to reach milestones or bridge the next significant funding event.
<img src="/img/screenshot-2024-07-11-093632.png" alt="">
Connection between funding rounds and convertibles. Source: SeedBlink
<h2 id="what-is-a-convertible-note">What is a convertible note</h2>
Convertibles are loans from investors that convert into equity. They’re a common way for investors to invest in early-stage startups, particularly pre-valuation ones. A short-term loan will <a href="https://tech.seedblink.com/equity">convert into equity</a> upon a triggering event, usually a subsequent funding round. 
&quot;_Convertible instruments, the most common ones, are convertible loan agreements (CLAs), also called convertible notes, or simple agreements for future equity (SAFEs). SAFE instruments always come back to equity at future priced rounds,_” <a href="https://ro.linkedin.com/in/andreihancu">Andrei Hancu</a>, SeedBlink’s General Counsel.
The debt-to-equity conversion mechanism means that the loan amount the investor provides converts into company shares at a predetermined valuation cap or discount rate. A setup like this allows startups to delay valuation discussions while securing necessary funds. For investors, this offers the potential for equity ownership in the future, providing upside potential if the company&#39;s valuation increases.
&quot;Some of the investors want to reserve rights in future equity rounds. So, they can reserve a preemption right or other shareholder-specific rights,” 
Andrei Hancu, General Counsel, SeedBlink.
<img src="/img/convertibles-webinar-quote-16_9-hancu.png" alt="">
A valuation cap sets a maximum company valuation at which the loan converts into equity, ensuring that early investors benefit from investing at a lower valuation if the company grows rapidly. Similarly, discounts offer investors shares at a reduced price compared to future investors, rewarding them for the additional risk of investing early.
Usually, investors have a discount applied to the price per share that investors have in the priced round. As the investors back the company early, they will get a discount in return. Eventually, they will get more shares for the same money to buy cheaper.
<h2 id="convertible-loans-vs-equity-rounds-in-fundraising">Convertible loans vs equity rounds in fundraising</h2>
Convertibles and equity rounds represent two distinct fundraising approaches, each with advantages and considerations. As mentioned earlier, convertibles are debt instruments that convert into equity at a later stage, typically during a subsequent funding round. 
Convertibles allow startups to delay valuation discussions and raise capital quickly, which can be crucial for meeting immediate funding needs or bridging the gap to the next major funding milestone. The flexibility and speed of convertible loans make them attractive for early-stage startups or those facing market uncertainties.
Equity rounds, however, involve selling a portion of the company&#39;s shares directly to investors at a set valuation. They provide immediate clarity on the company’s worth and the equity stake investors receive in return. 
Equity rounds tend to be more complex and time-consuming due to the need for extensive due diligence, negotiations on terms, and formal valuation processes. However, they offer a clear and straightforward ownership structure from the outset, which can be reassuring for founders and investors looking for transparency and stability.
One key consideration in choosing between convertible loans and equity rounds is the potential impact on the company’s cap table and the timing of fundraising. Convertible loans often include terms like valuation caps and discounts to incentivize early investors, but these can also complicate future equity rounds if not managed properly. 
_“From the investor perspective, if you give money to a company, you want to be a shareholder. When times were different, and market sentiments were positive, you would expect another fundraising round to come in 12-18-24 months. Today, the sentiment has changed, and we’ve seen that fundraising is not easy anymore. Raising priced rounds for higher valuations has become difficult, even for good companies. This is one of the reasons why interest rates are going up on convertibles, and the maturity dates are rather closer. We’ve seen 36 months as well, but rather leaning towards a 12-month maturity date,_” <a href="https://at.linkedin.com/in/maxschausberger">Maximilian Schausberger</a>, Managing Director at <a href="https://www.elevator-ventures.com/en/home.html">Elevator Ventures</a>.
<img src="/img/convertibles-webinar-quote-16_9-maximilian-3a.png" alt="">
This timing pressure can create urgency for startups to raise subsequent equity rounds at favorable valuations, highlighting the need for strategic planning and market timing in using convertible loans as a fundraising tool.
<h2 id="advantages-and-disadvantages-of-convertible-loans">Advantages and disadvantages of convertible loans</h2>
Advantages of convertibles
&quot;_The argument for a convertible, that it is a faster and easier negotiation about certain terms is certainly right. It&#39;s easier than a full equity round, but it&#39;s only to a certain extent free from valuation discussions because when you’re discussing the cap, you’re indirectly discussing a rough direction on where you think the next round might be. So, this is something that everyone has to have in mind!_​​,” <a href="https://at.linkedin.com/in/maxschausberger">Maximilian Schausberge</a>r, Managing Director at <a href="https://www.elevator-ventures.com/en/home.html">Elevator Ventures</a>.
<ul>
<li>Delayed valuation discussion: Allows startups to postpone valuation until a later funding round, which can be advantageous for early-stage companies or those expecting significant growth.</li>
<li>Speed and flexibility: Requires less negotiation and due diligence than equity rounds, enabling faster access to capital.</li>
<li>Lower upfront costs: Typically involves fewer legal and administrative expenses, making it more cost-effective initially.</li>
<li>Investor incentives: These can include attractive terms like valuation caps and discounts, which provide potential upside benefits to early investors.</li>
</ul>
Disadvantages of convertibles
“_If new investors come in for a priced round and see that there is a huge stack of convertibles waiting to be converted at different cap prices, the dilution that will occur will be much higher than the investor might be comfortable with,_” <a href="https://at.linkedin.com/in/maxschausberger">Maximilian Schausberger</a>, Managing Director at <a href="https://www.elevator-ventures.com/en/home.html">Elevator Ventures.</a>
<img src="/img/convertibles-webinar-quote-16_9-maximilian-2.png" alt="">
<ul>
<li>Risk of significant dilution: If the company&#39;s valuation does not increase as expected, converting debt to equity can substantially dilute the founders&#39; ownership.</li>
<li>Uncertainty in future funding rounds: Existing CLAs with various caps and discounts can complicate negotiations with new investors, potentially deterring them.</li>
<li>Conversion pressure: The need to convert debt to equity within 12-36 months can create urgency and additional stress to secure favorable valuations.</li>
<li>Complexity in cap table management: Multiple convertible notes with different terms can add complexity to the cap table, requiring careful management to avoid adverse impacts on future fundraising efforts. Use simulation tools to see how equity allocations will look in the next fundraising rounds and how they’ll reflect in your <a href="https://seedblink.com/2024-07-08-why-a-clean-cap-table-makes-your-startup-more-investable">cap table</a>.</li>
</ul>
For more insights, <a href="https://www.youtube.com/watch?v=aObwcDC45Z0">watch the whole SeedBlink webinar on The impact of convertibles on your ownership structure.</a>****
<img src="/img/convertible-webinar-wrap-up-watch-now-s.png" alt="">
<pre><code>
</code></pre>
<h2 id="get-professional-advice-on-how-to-best-structure-your-next-round">Get professional advice on how to best structure your next round</h2>
Bottom line, don&#39;t panic about fundraising. Be strategic about it. 
Get advice not only on how to pitch your company and which investors to target, but also on how to structure your deal effectively. For comprehensive support, <a href="https://tech.seedblink.com/financing-solutions">check out SeedBlink&#39;s Fundraising as a Service</a>. Investment experts will help you navigate every aspect of the fundraising process, taking into account factors such as your stage of development, current ownership structure, growth potential in the current market situation and company vision.

Understand the powerful impact of convertibles on ownership structure and the role of bridge rounds in startup financing.

Understand the impact of convertibles on your ownership structure.

Radu Negulescu saw an opportunity when the work landscape pivoted to remote and hybrid models during the pandemic. In 2020, he founded <a href="https://sessions.us/">Sessions</a>, a platform designed to address the shortcomings of virtual meetings. Sessions goes beyond simple video conferencing. It integrates with popular productivity tools, allowing teams to access documents, brainstorm on whiteboards, and share content directly within the platform. The platform&#39;s unified workspace empowers teams to structure meetings, find information quickly, and collaborate efficiently on various tasks, from sales pitches to user research. 
And… there’s more. Here’s Radu’s view on the “End of work” empowered by AI - <a href="https://www.loom.com/share/3c939555d2394b3586c4e89c7b923442?sid=4e47d80a-6fc7-471d-a03a-1d2852fc284d">meet AR2R</a>.
Today, we are meeting with Radu to discuss Sessions&#39; fundraising journey following their successful crowdfunding round on SeedBlink earlier this year.
Key takeaways:
<ul>
<li>Building a community should be at the core of any business and viewed as the &quot;governing body&quot; that provides valuable feedback. </li>
<li>Crafting a compelling narrative is more important for fundraising than metrics alone. Continuous refinement of the story is key.</li>
<li>Intentional fundraising preparation and alignment with suitable investors are important.</li>
</ul>
<h2 id="early-fundraising-decisions">Early fundraising decisions</h2>
Radu realized that fully capitalizing on the newly identified market opportunity would require substantial financial resources. His previous founding experiences in the industry helped Radu ground his new company into reality and have a clear understanding of the costs associated with scaling a tech company. 
Rather than bootstrapping, which could have constrained the company’s growth and delayed critical product developments, Sessions opted to seek venture capital from its early days.
“_When I saw this market opportunity and realized that there was a super interesting angle to be approached in the market, I also understood that it would be expensive to deploy or attack that angle. So, we embedded the idea of being VC-backed. I think your success is also a matter of how you design your company or your “intentionality” from day one._”
<h2 id="community-driven-fundraising">Community-driven fundraising</h2>
For Sessions, embracing community-driven funding was a natural extension of its core philosophy. The company prioritized building a strong community, viewing it as a market for its product and a crucial stakeholder in their journey. 
“We knew that Sessions would be a community-driven company. Community is part of our essence. We do not use the community just to win Product Hunt or raise money. Our community is our governing body. Our community is where we find or learn that we are going in the right direction. Community is part of the building process. 
_We currently have more than 3000 people in our community, but by the end of the year, we will be near 10,000. We have the same level of engagement with companies with millions of users, and this is because people are discussing and engaging. After all, they find value there._” 
<img src="/img/blog-quote-1920x1080-16_9-sessions-1.png" alt="">
If we speak about communities, we can’t continue without mentioning the recent shift towards community rounds as an alternative to traditional venture capital. This movement is driven by a growing recognition of the value a dedicated and engaged community can bring to a company beyond financial investment. 
“I&#39;m a big believer in community rounds, and I think that’s the model of the future. I believe tomorrow&#39;s startups will be way more inclined to build founding rounds from communities than investors. That community is not there because they want to invest in you. They love your narrative. They are already hooked. They are there because they love your product. They want to be part of the journey. ” 
Community investors are more passionate and loyal because they believe in the product and the company’s mission. Emotional investment can translate into higher levels of engagement and advocacy, turning investors into brand ambassadors who actively promote the company within their networks. 
Moreover, having a broad base of community investors can provide a more stable and resilient funding source, as it is less likely to be influenced by the volatile swings of venture capital markets.
“A company that manages to raise money from its community has way more chances to survive than a company that raises from venture capital. Here is why I think this. It&#39;s easier to raise from VCs than it is to raise from your community. 
_Communities are regular people with regular lives; they have their priorities and things going on. However, it&#39;s a strong signal when your community decides to invest and share resources with you. I think in 10 years from now, community rounds will be more relevant than VCs._”
<img src="/img/blog-quote-1920x1080-16_9-sessions-2.png" alt="">
<h2 id="top-three-fundraising-lessons">Top three fundraising lessons</h2>
1. Craft a compelling narrative
One of the most important fundraising lessons from Sessions’ journey is crafting a compelling narrative. In the early stages of a company, the story you tell about your vision, mission, and the problem you&#39;re solving can be more influential than the numbers alone. 
Investors are often drawn to a vision they can believe in and be excited about. For Sessions, articulating a clear, inspiring vision was essential in capturing investor interest and trust. The founders learned that while strong financials are crucial, the narrative truly resonates with investors and convinces them to support the company&#39;s journey.
“A great story will raise a great round. If you have numbers to sustain the story, that is even better, but the story is fundamental, so words can count “harder” than numbers.”
To leave you with actionable advice, we asked Radu how to build a compelling story. Here are his thoughts:
“You build a story by talking to people. I once spoke with somebody from the stand-up industry who told me something very insightful. His tactic was to test phrases randomly with the public and see how they reacted. His most successful shows are a series of continuous experiments that he tested in different contexts.
_This is how you build a pitch and a narrative. You constantly improve through feedback. As founders, we tend to use complex ideas and complex words, and people don’t get it. If they don’t get it, they don’t buy it. They don’t invest. Nobody will invest. So, this is why I think words have a bigger impact than numbers._”
2. Be intentional and prepared in the fundraising process.
Another key lesson is the strategic approach to selecting investors. Sessions’ founders realized successful fundraising is not just about meeting as many potential investors as possible. Sessions adopted a different strategy. Instead of casting a wide net, the team focused on identifying investors who brought more than just capital to the table.
Radu and his team aspired to find those who could offer strategic advice, industry connections, and a deep market understanding. They also meticulously prepared the pitch and refined the product and business model to appeal to the right investors.
This selective approach paid off, allowing Sessions to develop partnerships with investors aligned with their vision and could provide substantial value beyond financial investment. The focus was on quality over quantity, ensuring each investor could contribute meaningfully to the company’s journey.
“I think founders should be more intentional in how they approach fundraising. 
_Put a lot of effort into refining your story and positioning, and start looking very narrowly at investors. Find those who understand your niche, understand you as a founder, and your context._” 
<img src="/img/blog-quote-1920x1080-16_9-sessions-3-1.png" alt="">
3. Build your business thoroughly, and success will follow. 
The third lesson is about the ultimate goal of a startup.
“I think people should prepare things, not for the sake of fundraising, but for the sake of clarity. If you are doing things just for the sake of fundraising, you’ll most probably fail. Founders should focus 90% on building a compelling business and narrative. That will in turn bring you money and success.” 
<ul>
<li>To learn more about Sessions, visit their <a href="https://sessions.us/">website</a>.</li>
<li>Connect with<a href="https://www.linkedin.com/in/negulescuradu/"> Radu Negulescu on Linkedin.</a></li>
</ul>
To learn more about Session&#39;s fundraising journey and to ask Radu questions directly, <a href="https://youtu.be/X1qHWt8tKpY">watch this webinar</a> on effective strategies for fundraising from your community:
<img src="/img/webinar-1920x1080-16_9-8-.png" alt="">
<h2 id="do-you-need-help-with-getting-ready-for-a-funding-round">Do you need help with getting ready for a funding round?</h2>
SeedBlink can assist with pitch deck and fundraising materials review, introductions to angel investors and VCs, and deal structuring and development guidance. 
Check out <a href="https://tech.seedblink.com/financing-solutions">SeedBlink’s financing solutions</a> for startups at every growth stage.

Session's fundraising journey and lessons learned

Sessions — about community building and fundraising success

We’ve recently hosted a webinar with <a href="https://www.linkedin.com/in/eric-bartha-08154810b?miniProfileUrn=urn%3Ali%3Afs_miniProfile%3AACoAABuqpmEBCHT1t3gcSRTdThhtTPxmCPtwB1Q&amp;lipi=urn%3Ali%3Apage%3Ad_flagship3_search_srp_all%3Bq8I2XqLqRlStUDGLdU0z7Q%3D%3D">Eric Bartha</a>, SeedBlink’s Head of Revenue, and <a href="https://www.linkedin.com/in/bogdan-stoian-b88a67279?miniProfileUrn=urn%3Ali%3Afs_miniProfile%3AACoAAEP3Y9gBqH2b8qMCrpEFTkOMg_A3BCybL_o&amp;lipi=urn%3Ali%3Apage%3Ad_flagship3_search_srp_all%3B8W67ZYIMQO%2BUlgsn5ak3QA%3D%3D">Bogdan Stoian</a>, Professional Services Lead, where they explained how a well-managed cap table safeguards your ownership and simplifies your growth and fundraising journey.
<img src="/img/screenshot-2024-07-08-132415.png" alt="">
A clean cap table clearly shows how founders allocate ownership, eliminating misunderstandings and legal complications. Investors assess the equity health and future potential of the company. A clean cap table also helps simplify due diligence processes, making it easier for companies to secure funding rounds without unnecessary delays or disputes. The need for a clean cap table is evident. 
<ul>
<li>Investors’ perspectives on cap tables – best practices and pitfalls </li>
<li>Effective strategies for managing a growing shareholder list </li>
<li>Tips to prevent significant ownership dilution in early funding rounds </li>
<li>The effects of different funding instruments or amounts on your ownership and how to strategically allocate equity based on your startup&#39;s stage.</li>
</ul>
Before we dive into the takeaways from this webinar, let&#39;s unpack some basic things about cap tables. 
<h2 id="overview-of-cap-table-management">Overview of cap table management</h2>
We want to have a quick look first at the structure of a cap table:
General Information:
<ul>
<li>Nominal Value (or Par Value): This value is extracted from your company&#39;s founding documents. While typically a small, arbitrary amount, is used to ensure that the company maintains a certain level of capital.</li>
<li>Common (or Ordinary) Shares: These shares grant holders dividends and voting rights, serving as a fundamental form of ownership in the company.</li>
<li>Preferred Shares: Preferred shares carry a fixed dividend and are often issued to raise capital while offering certain privileges over common shares.</li>
<li>Convertible Shares: This type of security can be converted into common shares, allowing for flexibility in equity ownership structure.</li>
</ul>
There may be also other types of shares, like non-voting, of different classes, and so on. 
Shareholder Information:
<ul>
<li>Shareholder Name: The names of your company&#39;s shareholders, including any share pools like an Employee Stock Ownership Plan (ESOP).</li>
<li>Number of Shares / Shareholder: Each shareholder&#39;s shares are inputted here. The template you use calculates share value based on the number of shares and share price.</li>
<li>Type of Share: Designates the type of shares each shareholder holds, Common, Preferred, Convertible, or other categories.</li>
</ul>
Calculated Information:
<ul>
<li>Total Number of Shares: It represents the cumulative count of shares held by all current shareholders.</li>
<li>Shareholding Percentage: The ownership percentage for each shareholder calculated by dividing their shares by the total issued shares.</li>
<li>Shares Value per Shareholder: The value of shares for each shareholder obtained by multiplying their number of shares by the nominal or current share price.</li>
<li>Total Company Value: The overall value of your company based on the nominal share price (for initial cap tables) or the current share price multiplied by the total number of shares.</li>
</ul>
Important note! Always make sure that the math behind the cap table is correct. A mistake startups make at their first investment at pre-seed, post-MVP, or MVP level can result in major legal problems and fees paid later on. 
Solution: To manage a cap table more easily and effectively, we recommend using a user-friendly platform that can handle the complexities of equity distribution and updates. <a href="https://tech.seedblink.com/equity-management">Platforms like SeedBlink</a> help you avoid errors associated with manual management methods, such as spreadsheets. 
As a founder, you get real-time updates and can offer easy access for your stakeholders, ensuring everyone is on the same page. A platform reduces the risk of mistakes and improves operational efficiency, enabling companies to focus on growth rather than administrative tasks.
Equally important is updating the cap table and reporting changes to the relevant trade registries across jurisdictions. By doing so, founders ensure that all stakeholders, including employees with stock options, are clear about their shares and potential future equity.
Investors evaluate cap tables meticulously to understand the company&#39;s ownership structure and potential future liabilities. A clean, well-maintained cap table indicates a well-managed company, which is more attractive to investors. 
Investors often look for a balance of <a href="https://seedblink.com/en/2024-06-19-shareholders-and-stakeholders-in-your-cap-table">power among shareholders</a>, a clear delineation of voting rights versus economic rights, and the presence of any potential red flags, such as large equity stakes held by inactive or former employees. Investors prefer cap tables with fewer complications, facilitating quicker decision-making processes and reducing the risk of corporate governance bottlenecks.
&quot;A red flag that typically investors don&#39;t like to see is a large chunk of the company being owned by someone who is no longer with the firm, who left for whatever reason.&quot;
<h2 id="founders-equity-split">Founders&#39; equity split</h2>
How should founders split equity in a startup? 
This is a challenging question that doesn’t have an answer by the book. What is right for your scenario might not be for others, and <a href="https://seedblink.com/en/2024-02-15-founder-equity-split-%E2%80%94-is-equality-the-best-decision">splitting 50/50 is not always the best solution</a>. 
“An important step in the beginning is to split your equity so that it doesn’t create conflicts over time. 
This should be an open-hearted decision between founders when you decide to create the company. Figure out how you want to split the pie so that it allows you to build and keep a long-standing relationship.”
However, if there is one piece of advice we wanted to give you as a starting point from our discussion with Eric and Bogdan, it is this one. Base your decision on the division of power dynamics and experience to prevent conflicts down the road. This approach ensures that each founder&#39;s contribution and decision-making power are reflected in their equity stake.
“If Bogdan and I, you know, start a company and he has, you know, 10 years of experience in a certain domain, and then we open up a company in that certain domain, maybe it would be good to reflect it in such a way that Bogdan has a majority stake over myself.&quot;​​
<h2 id="why-implement-a-stock-option-plan-early-on">Why implement a stock option plan early on?</h2>
<a href="https://tech.seedblink.com/esop-management">Employee stock option plans</a> allow employees to become shareholders, aligning their interests with the company&#39;s success. This motivates employees to work towards the company&#39;s growth and helps attract top talent who might prefer the potential upside of equity over immediate higher salaries.
When to implement an ESOP? 
The answer is the sooner, the better.
When setting up an ESOP, you allocate a good percentage of <a href="https://tech.seedblink.com/equity">the company&#39;s equity to be distributed</a> over time to key employees without significantly diluting the founders&#39; stakes. This should be reflected in your cap table. 
Typically, startups allocate between 8% and 20% of their equity for ESOPs, depending on the jurisdiction and the company’s growth stage​​. Keeping a healthy percentage of equity allocated will help you manage dilution, maintain a healthy equity structure, and have control over your company as a founder.
<h2 id="how-to-manage-a-growing-list-of-shareholders-in-a-startup">How to manage a growing list of shareholders in a startup?</h2>
If you don’t want too many complicated situations later on, start your journey as simple and clear as possible from the beginning. To build the base for this, you need to document the ownership structure, including equity stakes, voting rights, and convertible notes, and update it every time there is a change. 
Early on, startups should anticipate shareholder growth by implementing structures that facilitate efficient management. One effective method is to use a nominee structure or create a special purpose vehicle (SPV) to aggregate smaller shareholders. Instead of having numerous individual shareholders, the company can manage a single entity representing these stakeholders, simplifying communication and decision-making processes. 
“We’ve seen founders struggle and face many difficult situations when their cap tables become complicated. This is why we are raising these issues today, to avoid unnecessary problems tomorrow.” 
Another crucial aspect is ensuring transparency and clear communication with all shareholders. Founders should regularly update shareholders on the company&#39;s performance, strategic decisions, and any changes in the cap table. This transparency builds trust and helps preempt potential conflicts. 
Additionally, setting clear expectations about the role and rights of shareholders from the outset can prevent misunderstandings.
&quot;Managing your cap table will need to create a full circle when it comes to actually managing all the people that are involved within the important decision and the importance of taking the next steps for your business.&quot;
<h2 id="cap-table-best-practices">Cap table best practices</h2>
Calculate dilution after a new fundraising round.
To <a href="https://tech.seedblink.com/equity-calculators">accurately calculate dilution</a> in a cap table after a new investment round, founders must consider various factors such as convertibles, ESOP plans, and other equity instruments. 
First, consider the conversion of any convertible notes or SAFEs into equity, as these will impact the total number of shares and the ownership percentages. Next, factor in the exercise of stock options from the ESOP, which typically dilutes existing shareholders. 
Avoid over-dilution and under-dilution.
Start by<a href="https://tech.seedblink.com/compliance"> setting realistic valuation</a> expectations that reflect the company’s current stage and growth prospects. Avoid raising too much capital early, which can lead to excessive dilution. 
Conversely, underfunding can result in a lack of resources to achieve critical milestones, potentially necessitating unfavorable future financing terms.
Use simulations in fundraising rounds.
Creating different scenarios allows you to visualize how various funding amounts, <a href="https://seedblink.com/en/2024-05-07-startup-valuation-understanding-409a-83b-bspce-and-hmrc">valuations</a>, and equity allocations affect the cap table. Simulations provide clarity, allowing you to align your round with the company&#39;s strategic objectives.
&quot;The simulations also help you actually to look at multiple setups... So, creating these scenarios from scratch will help you, as a founder, understand exactly how this will impact the company.&quot;
Here’s an example of a simulation using convertibles - see how the ownership percentage changes depending on the conversion options:
<img src="/img/screenshot-2024-07-08-133027.png" alt="">
A clean cap table. Source: SeedBlink Equity
<img src="/img/screenshot-2024-07-08-133112.png" alt="">
A cap table with convertibles included. Terms: 10M valuation cap / 20% discount. Source: SeedBlink Equity
<img src="/img/screenshot-2024-07-08-133155.png" alt="">
Simulation of round at 30M valuation - 10M valuation cap is applied. Source: SeedBlink Equity
<img src="/img/screenshot-2024-07-08-133227.png" alt="">
Simulation of round at 8M valuation - 20% discount is applied. Source: SeedBlink Equity
<h2 id="use-a-nominee-structure-to-clean-up-the-cap-table">Use a Nominee structure to clean up the cap table.</h2>
After an investment round, use a <a href="https://tech.seedblink.com/syndicates">Nominee structure</a> to clean up the cap table by aggregating smaller shareholders into one entity through syndication. It will simplify the management of shareholder communications and voting processes, reducing administrative burden. 
“The nominee structure will be within your cap table as the shareholder and will be the legal owner of the shares, but the investors aggregated within the pocket of the nominated structure will be the legal beneficiaries.&quot;​​
Create a syndicate for employees to invest in your company.
A syndicate for employees can help them invest in the company and facilitate their access to equity without complicating the cap table. By pooling employee investments into a single entity, the company can manage fewer entries on the cap table, maintaining simplicity and clarity.
&quot;_If they would like to invest, I suggest creating a syndicate within your company that will aggregate all the employees that want to invest&quot;_​​.
<h2 id="legal-mistakes-in-cap-tables">Legal mistakes in cap tables</h2>
Founders should understand that mistakes in early calculations can lead to significant legal and financial consequences later. Legal mistakes in cap tables can be particularly challenging and expensive to fix, especially during the <a href="https://seedblink.com/en/2024-06-20-a-guide-on-how-to-prepare-for-due-diligence-when-fundraising">due diligence process</a>. 
Investors and their legal teams will examine your company’s cap table to ensure all equity transactions have been accurately recorded. Errors discovered at this stage can delay funding rounds and incur substantial legal fees. 
&quot;What lawyers of investors are usually looking at, percentages and shares, and those need to be correctly calculated... mistakes are done in the past that need to be corrected&quot;​​. 
To avoid this type of mistake, we recommend you seek help from professional legal and financial advisors to review cap table transactions and use a dedicated cap table management platform that guides you in this process. 
For more insights, watch the whole SeedBlink webinar on Why a clean cap table makes your startup more investable:
<iframe width="560" height="315" src="https://www.youtube.com/embed/HtFh0UNf4oo?si=iw1igaLQYVSHAyYF" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>

<h2 id="explore-the-benefits-of-cap-table-management-software">Explore the benefits of cap table management software</h2>
Cap table management software enhances accuracy and transparency. It also helps you become more credible and attractive to investors. 
Discover SeedBlink’s equity and<a href="https://tech.seedblink.com/equity-management"> cap table management solution. </a>

Discover why a clean cap table makes your startup more investable and learn practical strategies to achieve it from our recent webinar.

Why a clean cap table makes your startup more investable

Building and growing a company takes a lot of work. From initial funding rounds to product pivots and team changes, founders encounter unforeseen situations. 
Founders may leave, investors may change course, and unforeseen events may call for restructuring. In these situations, your focus should be to protect your company and<a href="https://tech.seedblink.com/equity-management"> adapt your cap table</a> to reflect the new reality while minimizing the impact on your team and company growth.
In this article, we picked four situations that can lead you to divest your co-founder or encounter dead equity. You might not encounter them very often, but it’s good to be prepared. We&#39;ll also provide practical tips and best practices to maintain a <a href="https://seedblink.com/en/2024-02-20-6-common-cap-table-problems-in-vc-fundraising-1-2">healthy cap table</a>, even when going is tough.
<h2 id="1-divesting-a-co-founder">1. Divesting a co-founder.</h2>
Divesting refers to removing a co-founder from a company&#39;s ownership structure, which can happen for personal and performance-related reasons.
Divesting a co-founder has an impact on your cap table.
Changing the equity structure after a co-founder leaves leads to a proportional increase in ownership percentage for the remaining founders and shareholders. The departing co-founder&#39;s shares get redistributed amongst those who remain. 
It can be a positive outcome, but it&#39;s important to understand the dilution effect and ensure a fair deal for all parties.
There are two ways to handle the buyout:
<ul>
<li>Company buyback — The company uses its own funds to purchase the co-founder&#39;s shares. It reduces the total number of outstanding shares, increasing everyone else&#39;s ownership percentage. </li>
</ul>
&quot;Outstanding shares&quot; refers to the total number of shares owned by shareholders, including founders, employees, and investors.
<ul>
<li>Investor buyout — An existing or new investor acquires the co-founder&#39;s shares. The method does not increase the total number of outstanding shares. New shares are not issued in an investor buyout, so dilution is avoided.</li>
</ul>
📌 Founder tip: Don’t wait for troubles to find you! Include a few divesting clauses to protect your equity and company in your founder&#39;s agreement. Describe in a few words what the process would look like, including valuation methods and possible dispute resolutions that all co-founders agree to when signing the document.
<h2 id="why-is-divesting-a-good-solution-and-when-you-need-it">Why is divesting a good solution, and when you need it?</h2>
Divesting a co-founder is a serious and often challenging decision for any company, and as we saw earlier, it can happen for personal and performance reasons. A co-founder may leave the company for personal reasons like health issues, family relocation, or wanting to pursue a new company.
If co-founders can&#39;t agree on how to move forward due to a personal conflict or one founder becomes incapacitated, divestment can be a way to break the deadlock.
Here are some of the most commonly encountered situations where divesting can be a viable option:
1. Misalignment of vision and goals.
Sometimes, co-founders may start with a shared vision, but their goals and priorities diverge over time. If this misalignment becomes too great, it can hinder the company’s progress, making it necessary to part ways.
2. A shift in focus or a company M&amp;A.
As a company grows, its core business might change, or it can include merging with another company. Your partner might not see the new changes in a bright light or agree with them, even though they are the right solution for the company. 
In cases like this, we recommend handling it through open communication, mediation, negotiation, and consulting with your board members. However, divesting them can be a solution if this fails to work and your co-founder decides to leave.
3. Conflicts and ethical concerns. 
Personal conflicts or ongoing disagreements that disrupt the workflow and morale of the team can be a major issue. If these conflicts can&#39;t be resolved through mediation or compromise, parting ways and divesting a co-founder might be the only viable option. 
Similarly, it can be a solution in case of any unethical behavior, legal issues, or misconduct by a co-founder.
4. Health or personal circumstances. 
Sometimes**, personal health issues or family matters** may prevent a co-founder from fulfilling their role effectively. While this is often handled with empathy and support, in some cases, it may lead to the need for a change in the founding team.
One personal situation that can impact the company’s cap table is the founder’s divorce or legal issues. If the spouse receives shares, they may also gain voting rights, which can affect decision-making processes within the company. The balance of power on the board or among shareholders might shift, leading to potential conflicts or changes in strategic direction.
Additionally, suppose a founder is involved in significant litigation, such as lawsuits related to previous businesses, personal debts, or other legal disputes. In that case, they might need to liquidate some of their equity to cover legal costs or settlements. It can lead to dilution if new shares are issued or changes in ownership if shares are sold.
Legal issues can also impact the founder’s reputation, especially if the company <a href="https://tech.seedblink.com/financing-solutions">prepares for a fundraising round</a>, potentially affecting investor confidence. Investors might push for the founder’s removal or restructuring of the ownership to protect their investment.
<h2 id="tips--tricks-for-divesting-a-co-founder">Tips &amp; tricks for divesting a co-founder</h2>
When a co-founder is no longer a good fit for the company, it can be helpful to have a plan in place for how to divest them from their equity. Divesting a co-founder can be a complex and emotionally charged decision, but it is often necessary for the health and success of the startup.
Here are some tips and tricks for divesting a co-founder the right way:
<ul>
<li>Communicate openly and honestly with the co-founder about your reasons for divesting. It’s important to avoid any misunderstandings or resentment.</li>
<li>Be prepared to negotiate with the co-founder about the terms of the divestiture. It may include the price of their equity, the form of payment, and any other relevant terms.</li>
<li>Get legal and financial advice. Ensure the process is handled properly and that all implications are considered.</li>
<li>Evaluate the impact on the company. Divesting a co-founder can hurt the company&#39;s confidence and culture. It is important to be mindful of this and mitigate potential problems.</li>
</ul>
<h2 id="managing-dead-equity">Managing dead equity</h2>
Dead equity occurs when shares in a company are held by individuals who are no longer actively contributing to the company&#39;s success. A cap table overloaded with dead equity can be demotivating for the current team. 
When the co-founder leaves the company or is no longer contributing actively to the company’s success but still owns a significant amount of ownership. In general, departing founders are the main source of dead equity on company cap tables.
As you already saw, founder agreements can solve many problems later if developed early and well enough. Make sure to insert a few lines on how you would address the situation if your co-founder is no longer actively involved or wants to leave the company.
📌 Founder tip: Pawel Maj recommends using<a href="https://www.linkedin.com/pulse/reverse-vesting-pawel-maj-1c/"> the reverse vesting method</a>, and if founders agree to leave within a specified period of time, they are obliged to resell some or all of their shares to the other founder(s).
<h2 id="why-is-it-important-to-solve-dead-equity-and-how-can-it-be-done-right">Why is it important to solve dead equity, and how can it be done right?</h2>
The most direct consequence is a de facto decrease in ownership percentage for the remaining founders and ESOP holders, contributing to the company&#39;s growth. The co-founder&#39;s unutilized shares dilute the ownership of those driving the company forward.
Dead equity in your cap table is a red flag for investors.
Investors often view <a href="https://seedblink.com/en/2024-02-29-why-is-a-cap-table-a-dealbreaker-for-vc-in-startup-funding-2-2">a cap table</a> with significant dead equity as a red flag. It can signal potential governance issues, a need for more alignment between ownership and contribution, and problems in making strategic decisions. It can make fundraising more difficult and lead to less favorable terms for the company.
Here are some ways to avoid dead equity with a co-founder.
<ul>
<li>Pick your co-founders wisely — Avoid choosing co-founders based only on personal relationships, and make sure that <a href="https://seedblink.com/en/2024-06-03-the-founder-factor-on-startup-success-solo-vs-co-founders">co-founders are passionate, committed, and skilled</a>. Equity splits should not factor in friendship but should be based on each person&#39;s value to the company.</li>
<li>Think carefully about your equity split — Figure out <a href="https://seedblink.com/en/2024-02-15-founder-equity-split-%E2%80%94-is-equality-the-best-decision">how you split equity with your co-founders</a> before starting the company. A 50/50 split is not always the best-case scenario. The level of ownership held should reflect each founder’s initial contributions (time, money, intellectual property, assets, etc.), commitment level, network and contacts for raising capital and onboarding advisors, pay equity, skills, and experience.</li>
<li>Implement vesting schedules — Use standard vesting schedules for all founders and employees, and avoid acceleration clauses. Do not include acceleration provisions for termination (for any reason) to avoid dead equity, as these can lead to disputes or litigation.</li>
</ul>
<h2 id="what-do-you-do-if-your-co-founder-passes-away">What do you do if your co-founder passes away?</h2>
One situation where implementing vesting schedules or having a good founders’ agreement can have a big impact is when one of the co-founders passes away unexpectedly. 
The ownership of the deceased co-founder&#39;s equity will depend on their will, state law, and existing agreements, such as a co-founder agreement or a buy-back provision. In the case of the unvested shares, they may revert to the company if the deceased co-founder had not yet fully vested in their equity.
However, in the case of vested shares, where the founder has beneficiaries, these are typically inherited by their family members. It introduces new shareholders who may not be familiar with the business or have a strong interest in its operations.
The involvement of new shareholders can lead to potential conflicts, especially if they have differing opinions on company management or strategic decisions.
To manage the company&#39;s equity effectively after a co-founder&#39;s death, consider these tips:
<ul>
<li>Review existing agreements: Carefully examine the co-founder agreement, buy-back provision, and any other relevant contracts to determine the ownership of the deceased co-founder&#39;s equity and any potential rights of the heirs.</li>
<li>Communicate with stakeholders: Open and transparent communication with the company&#39;s board of directors, employees, and relevant investors is crucial to maintain trust and address concerns.</li>
<li>Consider liquidity options: Explore potential liquidity options, such as<a href="https://seedblink.com/secondary-market"> secondary market transactions</a> or company acquisitions, to provide liquidity for the deceased co-founder&#39;s heirs or for the company to repurchase vested shares.</li>
<li>Update company records: Make necessary changes to the company&#39;s capitalization table and other relevant records to reflect the changes in ownership structure.</li>
</ul>
<h2 id="dead-equity-from-departing-esop-holders">Dead equity from departing ESOP holders</h2>
When an employee who holds equity leaves the company, the shares they own might be subject to repurchase or redistribution based on the terms of their employment contract or shareholder agreement. It can affect the overall equity distribution among the remaining stakeholders.
Unvested shares.
Similarly to the co-founder situation, if the departing employee has not fully vested their stock options, the unvested portion usually reverts to the company’s equity pool. These shares can be reallocated to new or existing employees, which can help attract or retain talent.
Vested shares.
The challenges come with the vested shares, where the repurchase of shares or reallocation can lead to changes in dilution. If the company buys back shares, it might reduce the dilution for remaining shareholders. 
Best practices for managing dead equity with company leavers
<ul>
<li>Having clear policies for <a href="https://tech.seedblink.com/esop-management">ESOP management </a>in case of departures helps smooth transitions. It includes clearly defined vesting schedules, repurchase rights, and redistribution protocols.</li>
<li>Keep open lines of communication with employees to explain how departures will affect their equity and ESOP. Transparency helps maintain trust and morale.</li>
<li>Seek legal and financial advice to<a href="https://tech.seedblink.com/esop-design"> implement a strong employee stock option plan</a> right from the start and address the complexities encountered along the way.</li>
<li>Regularly review and update your ESOP plan to align with the company’s growth, changes in the workforce, and strategic goals.</li>
</ul>
<h2 id="future-thoughts">Future thoughts.</h2>
Handling unusual personal situations involving co-founders can be challenging for startups, requiring careful consideration of equity management and potential liquidity options. 
While unforeseen events like death, divorce, or bankruptcy may disrupt the <a href="https://seedblink.com/en/2023-12-18-equity-ownership-empowering-investors-and-founders-in-the-startup-landscape">company&#39;s ownership structure</a>, there are strategies to mitigate risks and protect your equity.
Seeking legal and financial counsel from experienced professionals is required to navigate complex situations involving co-founders&#39; equity. Attorneys specializing in business law can advise on contractual agreements, inheritance laws, and bankruptcy proceedings. Financial advisors can guide you on liquidity options, tax implications, and investment strategies.
Last but not least. When addressing the personal situation of a co-founder, show empathy towards the person’s problem but keep a focus on the company&#39;s long-term interests. The decisions should be in the business&#39;s best interest, preserving its stability and operations.
Want to read more articles like this? Subscribe to the<a href="https://seedblink.com/newsletter"> SeedBlink all-things-equity and investment newsletter.</a>

Learn how to manage your cap table and the ownership holders in your company in different unusual situations. 

Divestment & dead equity. How do you manage your cap table in unusual situations? 

DevOps it&#39;s all about developers and operations teams breaking down silos and working together to innovate faster. For many companies, the ability to innovate at a fast pace — responding to market conditions and customer feedback — is a key factor for success. Adopting the DevOps philosophy requires a new mindset, new tools and new skills.
<h1 id="what-is-devops">What is DevOps?</h1>
Market data and industry experts mention that<a href="https://www.youtube.com/watch?v=rUfNMlggCLg&amp;t=1s"> 47% of teams have adopted full test automation</a>, almost double the previous year, indicating the increasing importance of automated testing. According to <a href="https://www.linkedin.com/in/ddesanto">David DeSanto</a>, VP of Product at GitLab, who had a recent conversation at It Works On My Computer podcast by Bunnyshell, a DevOps platform is essential, as teams using six to ten tools face increased complexity and maintenance challenges. Moreover, it fosters a culture of shared responsibility, boosting team morale and productivity. 
<iframe width="560" height="315" src="https://www.youtube.com/embed/rUfNMlggCLg?si=buM74grWhRe5_9f5" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>

<h2 id="key-concepts-in-understanding-devops">Key Concepts in Understanding DevOps</h2>
If you&#39;re looking to dip your toes into the thriving ocean of DevOps, there are a few key concepts you should become familiar with. These principles shape the industry and are instrumental in understanding how it works.
Let&#39;s dive in, shall we? 
1. Continuous Integration and Continuous Deployment (CI/CD) 
Picture a manufacturing assembly line but for software. That&#39;s CI/CD — a process that allows developers to integrate code into a shared repository several times daily. It&#39;s like a well-oiled machine, churning out software updates faster than you can say &quot;DevOps.&quot;
2. Infrastructure as Code (IaC) 
It&#39;s a fancy term, but at its core, it&#39;s about managing and provisioning computer data centers through machine-readable files rather than physical hardware configuration. Simply put, it&#39;s like building software to manage your software. 
3. Microservices 
This architectural style breaks down applications into smaller, independent services that can be deployed and scaled separately. It&#39;s like breaking a bar of chocolate into its squares, each a delicious, self-contained treat. 
With these key concepts under your belt, you&#39;re well on your way to exploring the dynamic landscape of DevOps.
<h1 id="why-and-how-companies-are-using-devops">Why and how companies are using DevOps?</h1>
DevOps acts like a shot of adrenaline to the development process. 
This methodology encourages a culture of fast iterations, incremental improvements, and constant delivery. It’s like having your in-house pit crew ready to tweak, tune, and turbocharge your tech as you race toward your objectives. 
Startups are always battling against time and budget constraints. By breaking down the silos between development and operations teams, DevOps optimizes the use of resources, reducing costs and accelerating delivery times. In other words, it&#39;s like having an early warning system for your tech infrastructure.
<h1 id="the-state-of-devops-in-2023">The State of DevOps in 2023</h1>
The DevOps market is experiencing remarkable growth. In 2022, the <a href="https://www.researchandmarkets.com/reports/4904705/global-devops-market-by-offering-services">market was valued at $8.5B</a>, and experts predict it will continue to expand at a compound annual growth rate (CAGR) of 10.7% and reach $19.4B by 2030. This surge can be associated with various factors, including the increasing adoption of cloud technologies, rapid application delivery, advancements in artificial intelligence, and software automation. 
<img src="/img/screenshot-2024-07-08-122839.png" alt="">
Source: <a href="https://www.researchandmarkets.com/reports/4904705/global-devops-market-by-offering-services">Global DevOps Market </a>
Organizations that have embraced DevOps solutions are already reaping benefits such as faster software delivery, reduced coding errors, quicker issue resolution, and optimized allocation of IT resources, creating a favorable environment for the DevOps industry.
<img src="/img/screenshot-2024-07-08-122941.png" alt="">
Source: <a href="https://sapphireventures.com/blog/future-of-devops-ecosystem-european-players/">Future of DevOps Ecosystem by Sapphire Ventures</a>
VC Investors in DevOps
The DevOps industry has caught the attention of some of the top venture capital funds, leading to significant <a href="https://investors.seedblink.com/">investments in innovative startups</a> and companies. 
Sequoia Capital, Accel, Index Ventures, and Lightspeed Ventures Partners are just some of the most active VC funds actively seeking opportunities in the DevOps space. These funds recognize the immense potential of DevOps in transforming software development and delivery, and they are keen to support startups at the forefront of this technological revolution.
<img src="/img/screenshot-2024-07-08-123105.png" alt="">
Source: <a href="https://files.pitchbook.com/website/files/pdf/Q2_2021_Emerging_Tech_Research_Cloudtech_DevOps_Preview.pdf">Emerging Tech Research — Pitchbook
</a>
<h1 id="the-european-devops-ecosystem">The European DevOps ecosystem</h1>
In part, Europe&#39;s strength in the DevOps arena can be attributed to its vast and diverse developer talent pool. With 8.8 million developers, Europe boasts 30% of the world&#39;s open-source developers. It continues to attract new talent through computer science graduates and remote work opportunities, further enriching the continent&#39;s talent base. 
The catalytic effect of the COVID-19 pandemic has accelerated the adoption of DevOps principles and drawn ambitious entrepreneurs to contribute to open-source projects and develop cutting-edge tools in Europe and Israel. 
Our European ecosystem showcases several exciting trends that mirror those seen globally. Machine learning&#39;s integration into the software development life cycle (SDLC), software supply chain security, continuous experimentation, shifting right, and measuring and improving engineering productivity are all driving forces behind the region&#39;s DevOps evolution. 
Moreover, the focus on next-gen development environments indicates a forward-thinking approach to development practices in the European DevOps landscape.
<h2 id="local-success-stories">Local Success Stories</h2>
GitLab
<iframe width="560" height="315" src="https://www.youtube.com/embed/rkFMgQ_WL74?si=KLOzFn6SXJLvv0Hm" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>

GitLab is the leading DevOps platform that provides a complete set of tools to manage the entire software development lifecycle. Offering an all-in-one solution for version control, continuous integration, continuous delivery, security, and more, GitLab has gained immense popularity among development teams worldwide. It enables seamless collaboration, faster development cycles, and improved project visibility. 
With +$413M in total funding raised and a valuation exceeding $6 billion, GitLab is one of DevOps&#39;s most preferred success stories. Its platform remains a go-to choice for organizations looking to enhance their practices.
Grafana Labs
<iframe width="560" height="315" src="https://www.youtube.com/embed/0n2UNzk2OaI?si=eF1XVbC6lFgzlCrB" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>

Grafana Labs has emerged as a key player in DevOps teams&#39; observability and monitoring space. Their flagship product, Grafana, is an open-source analytics and visualization platform that empowers users to effortlessly track, analyze, and alert on their metrics data. Grafana&#39;s flexible and user-friendly interface has attracted a vast community of users and contributors. 
With +$535M in total funding raised and a valuation surpassing $1 billion, Grafana Labs has become a DevOps success story due to its widespread adoption. The company gained a strong position since it has a critical role in helping organizations gain insights into their complex systems and applications.
Snyk
<iframe width="560" height="315" src="https://www.youtube.com/embed/2oCog1TGM0w?si=GM-zOQ14cNYEpbGz" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>

Headquartered in the United Kingdom, Snyk is a DevOps security platform that addresses vulnerabilities in open-source libraries and containers. As open-source adoption continues to rise, ensuring the security of third-party code has become a critical concern for developers. 
Snyk offers a comprehensive solution that allows organizations to identify and remediate security issues early in the development process, reducing the risk of potential breaches. With its innovative approach to security and +$1.2B funding raised in +10 rounds, Snyk has earned its unicorn status and is actively helping organizations worldwide embrace secure DevOps practices.
The DevOps market is thriving, driven by cloud adoption, AI advancements, and the need for faster software delivery. 
The pandemic has only accelerated this growth as businesses embraced digital transformation. While challenges exist, the ongoing efforts to standardize and optimize DevOps practices indicate a promising outlook for the development of the operations industry.
With its vibrant talent pool and an array of promising startups, Europe stands as a strong ecosystem for DevOps innovation, poised to shape the future of software development and delivery globally.
Read more articles about startups, financing, and equity ownership on <a href="https://seedblink.com/blog">our blog</a>.

Unlock valuable insights into DevOps trends, investment opportunities, and associated risks for savvy investors. Read our blog post now and stay ahead of the curve.

DevOps Investment 101: An overview of investing in a high-growth industry

<h2 id="a-lot-of-interesting-news-to-talk-about-scroll-down-for">A lot of interesting news to talk about. Scroll down for:</h2>
<ul>
<li>Primary Market: active opportunities</li>
<li>Secondary market updates</li>
<li>Investors resources picks</li>
</ul>
<h2 id="active-opportunities">Active opportunities</h2>
🇺🇸 VC-Backed | AI &amp; MobilityTech | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Df2d53b3df9%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C1204950aaebd481f1a0e08dc99973524%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638554121924746360%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=9p05iPqSsaRn4b7obUkEpXGpdofCpvP3E4tAHmVh5dg%3D&amp;reserved=0">ADASTEC</a> extends its Series A round to scale its B2B/B2G solution of autonomous electric buses on a global scale.
🇬🇷 VC-Backed | Enterprise SaaS | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D71d6881e8f%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C1204950aaebd481f1a0e08dc99973524%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638554121924762867%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=cSgIKG2qiENDkZM2PZmUzhDi1JRGK65BmmUNODIRMW8%3D&amp;reserved=0">MyTeam </a>is raising up to €2M to help sports clubs to become profitable. With an ARR of €120,000, the Greek startup is backed by Eleven and Genesis Ventures.
🇦🇹 VC-Backed | SaaS | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D8c869c3605%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C1204950aaebd481f1a0e08dc99973524%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638554121924774647%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=s8eEJn4RJP%2B2w%2BDFki4AZII%2FjZQxV1Rr7i1c3KN%2FPcA%3D&amp;reserved=0">Klarsicht </a>is raising €590,000 to scale its digital marketplace connecting opticians, manufacturers, and customers. Backed by ProSieben/Sat1 Group and GMPVC, offering €20.8M in marketing volume for equity after the round. 
<h2 id="liquidity-on-your-terms">Liquidity on your terms</h2>
In H1 2024, the SeedBlink Secondary Market facilitated transactions totaling €240,588.61 across 58 deals. Investors who closed their negociation in Q2 2024 can expect to receive their documents for signature in July.
<a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Df3df4ad12f%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C1204950aaebd481f1a0e08dc99973524%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638554121924796637%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=qmkbR5cHDtTxlIWPrnaxzPl%2F0lDJaeouV6ATsAsNKgQ%3D&amp;reserved=0">Check the H1 Secondary Market Report.</a>
<h2 id="investors-resources-pick">Investors resources pick</h2>
June Portfolio updates | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D9a7fc99218%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C1204950aaebd481f1a0e08dc99973524%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638554121924805592%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=GMahUyaJeVNyGQlPJh7w%2BytzaIZyb2LeTnfRqY0b094%3D&amp;reserved=0">Learn more</a>
As we reach the end of Q2 and the midpoint of the year, we are excited to share updates from our portfolio companies. From Alcatraz and FLOWX.AI to Bonapp and Swisspod, startups continue to achieve significant milestones that we know you’ll appreciate. 
AI Europe Report | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D03d9f03b19%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C1204950aaebd481f1a0e08dc99973524%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638554121924812443%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=7mO8mpl5OxzPqeof%2Fm8mMm9ZOTpCLNUtyflhqZi4Bws%3D&amp;reserved=0">Learn more</a>
AI now accounts for it&#39;s largest ever share of European venture capital. European AI is extremely concentrated in the UK, France and Germany. These three make up 77% of European AI funding in 2023/34, compared to 59% for the rest of tech. 
Mid-year outlook 2024 | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Dab4c7872b9%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C1204950aaebd481f1a0e08dc99973524%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638554121924819770%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=94Jv4LVZpEak3BqtIMp0aejaEq4L9SGCDWB6PuQyoWM%3D&amp;reserved=0">Learn more</a>
After decades of generally declining interest rates, low inflation and the rapid advance of globalization, we are facing a new reality of investing. Read about different scenarios in the years ahead.
The battle for your brain | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D3cdf6d6021%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C1204950aaebd481f1a0e08dc99973524%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638554121924827599%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=vhhcBgcDHkD0yQWWDnPok5IgpTH6mkGmFSyj5QZ6JIM%3D&amp;reserved=0">Food for thought</a>
Tech that aims to read your mind and probe your memories is already here. We need new rules to protect our cognitive liberty, says futurist and legal ethicist Nita Farahany.
<h2 id="3-takeaways-from-tech-investors-academy">3 takeaways from Tech Investors Academy</h2>
This week at Tech Investors Academy we looked closely at cross-border investments. Key takeaways:
<ul>
<li>Conduct thorough due diligence to understand a startup&#39;s reasons for seeking cross-border investments and assess the viability and potential risks.</li>
<li>Be aware of the significant challenges startups face in international markets, including local legal frameworks, market conditions, and liabilities in foreign countries.</li>
<li>A diverse group of investors, especially those with international experience, can provide valuable support and resources for startups looking to expand.</li>
</ul>
<a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Df7d94123a4%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C1204950aaebd481f1a0e08dc99973524%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638554121924835669%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=%2BPiccfJ5w5hTVxElwSm59lRk6rZTazjEqSq%2FYTj8Wqw%3D&amp;reserved=0">You can still register</a> for Tech Investors Academy - join our self-paced, online course.

In a market thirsting for solutions to liquidity challenges, Oliver Holle, managing partner of Austrian VC Speedinvest, aptly notes “the industry desperately needs to solve the liquidity issue we all face.” 
This sentiment echoes the concerns of VCs and all stakeholders in the investment arena. Recognizing this, we&#39;ve invested our energy into facilitating early liquidity for our vibrant community of investors through the SeedBlink Secondary Market.
Launched in March 2023, the Bulletin Board has quickly become an essential tool for those seeking liquidity and new investment opportunities. The first half of 2024 has been particularly dynamic, reflecting the market&#39;s growth and the increasing engagement from our community. 
The platform has seen 654 sell offers and 85 buy offers, demonstrating robust activity and interest from investors. Notably, three investors have completed over 10 transactions each, and several have total transaction values exceeding €50,000 and €30,000, indicating strong confidence and engagement in the market. 
One of the key attractions of the SeedBlink Secondary Market is its ability to provide liquidity and freedom to investors. Here, you can sell your shares early to suit your strategy, or post a buy request if you missed out on an initial investment opportunity, allowing sellers to find you. This flexibility means you can set your own exit timelines without enduring the traditional long waits, enjoying the same potential for returns with less risk and more freedom.
While negotiations can occur at any time, the final transaction documents required for registration with authorities are dispatched at the end of each quarter. Investors who closed their negociation in Q2 2024 can expect to receive their documents for signature in July. During these events, our entire team gathers to ensure a seamless transfer of ownership between parties. With opportunities to invest or sell ownership in 45 tech companies of varying maturity levels and no minimum ticket required, these events are not to be missed.
<h1 id="whats-next">What’s next</h1>
Looking ahead to H2 2024, we have ambitious plans to further enhance the SeedBlink Secondary Market. We aim to make our market convertible and SAFE-friendly, expanding its functionalities to accommodate a variety of investment vehicles. Additionally, we are committed to enhancing communication and reporting, ensuring a seamless and transparent experience for all investors.
As we continue to build on the successes of the first half of the year, we invite you to explore the opportunities available on our platform. Whether you’re looking to invest or sell, the SeedBlink Secondary Market offers a dynamic and flexible environment tailored to meet your needs.
For more information and to see the current offers, visit our<a href="https://seedblink.com/secondary-market"> SeedBlink Secondary Market page. </a>

In H1 2024, the SeedBlink Secondary Market facilitated transactions totaling €750,588 across 58 deals. This impressive figure adds to the €526,761 recorded in 2023, bringing the all-time transaction value to €1,517,938.

SeedBlink Secondary Market H1 2024 Report 

These companies continue to achieve significant milestones that we know you’ll cherish. Here are the latest highlights of the startup’s you’ve backed so far: 
Alcatraz AI, the Bulgarian AI-security startup, has partnered with Genetec to enhance enterprise access control and physical security measures. Together, Alcatraz AI and Genetec deliver access control solutions that increase the security of protected facilities and provide business insights while simultaneously making the experience frictionless and touchless for end users.<a href="https://www.securityinfowatch.com/video-surveillance/press-release/53059100/alcatraz-ai-alcatraz-ai-collaborates-with-genetec-to-advance-enterprise-access-control-and-physical-security"> More info</a>. 
Bonapp.eco is<a href="https://www.revistabiz.ro/bonapp-anunta-extinderea-in-150-de-orase-noi/"> expanding its services to 150 new cities</a> through an extended partnership with PENNY Romania, aiming to make sustainable consumption more accessible. In addition, Bonapp.eco users have collectively saved over €2.5 million by purchasing food items close to their expiration date. 
DRUID has successfully<a href="https://www.linkedin.com/posts/druidai_octavian-ai-casestudy-activity-7209887831299674114-VU7z?utm_source=share&amp;utm_medium=member_desktop"> assisted OTP Bank in enhancing their digital operations</a>. By leveraging advanced AI capabilities, DRUID has streamlined various processes, contributing to improved efficiency and customer experience. 
FieldOS, the Romanian startup providing software solutions for managing field teams, has opened a €1 million funding round. The funds will primarily support international expansion in Europe and the USA. The new version of their application allows companies to configure it according to their needs without requiring technical knowledge. <a href="https://m.zf.ro/zf-it-generation/zf-it-generation-start-up-update-ion-gavrilescu-cofondator-fieldos-22397772?trk=feed_main-feed-card_feed-article-content">FieldOS is in discussions with two investment funds</a> to secure the necessary capital for their ambitious growth plans. 
<a href="http://flowx.ai/">FLOWX.AI</a>, the Romanian DNA startup, has been used by OTP Bank Romania to <a href="https://business-review.eu/money/banking/otp-bank-romania-utilizes-flowx-ai-for-modern-digital-mortgage-platform-dedicated-to-brokers-262999">modernize its digital mortgage</a> services for brokers. This technology has streamlined the mortgage application and approval processes, making them more efficient and user-friendly. The implementation of FLOWX.AI’s solutions has enabled OTP Bank to offer a superior digital experience to its customers and brokers, enhancing operational efficiency and customer satisfaction. 
<a href="https://alternativecreditinvestor.com/2024/06/20/lande-reopens-secondary-market/">Lande has successfully reopened its secondary market</a>, providing investors with enhanced liquidity options. This move is expected to attract more investors and increase trading volumes on the platform. 
Stasher has acquired StoreMe, <a href="https://www.phocuswire.com/stasher-acquires-store-me-north-america-expansion">expanding its footprint in North America.</a> This acquisition will enhance Stasher&#39;s ability to provide convenient storage solutions across major cities in the region. 
<a href="https://www.linkedin.com/company/swisspod/">Swisspod&#39;</a>s team in <a href="https://www.linkedin.com/feed/hashtag/?keywords=switzerland&amp;highlightedUpdateUrns=urn%3Ali%3Aactivity%3A7201872404598501378">Switzerland </a>completed a record-breaking 5.4 km hyperloop journey, reaching a top speed of 50 km/h. This test is a significant step towards their full-scale model, which aims to achieve speeds of 600 km/h over a 64.8 km journey. Additionally, Swisspod has completed 40 km of successful tests, equivalent to a 480 km passenger ride, and welcomes <a href="https://www.linkedin.com/pulse/3-days-debris-flows-countries-3000-kilometers-maarten-zwarts-cuo6e/?trackingId=8bUXWEbBatODcu3H5Xx0bQ%3D%3D">Robert Karsunky to their Board of Directors</a>. 
Willicroft continues to gain recognition as Michelin Star Restaurant Triptyque joins the movement. This partnership underscores the quality and appeal of Willicroft&#39;s offerings, attracting top-tier culinary establishments. <a href="https://www.linkedin.com/posts/willicroft-plantbasedcheese_original-better-is-collecting-more-and-more-ugcPost-7205854775068803072-8f0S?utm_source=share&amp;utm_medium=member_desktop">Read more about it</a>. 
As we continue through the year, we look forward to witnessing further growth and success from our portfolio companies. Stay tuned for more updates and exciting news in the coming months. 
To support any of our Portfolio companies with your network, knowledge, or mentorship, please contact us at <a href="mailto:investors@seedblink.com">mailto:investors@seedblink.com</a>.

As we reach the end of Q2 and the midpoint of the year, we are excited to share some updates from our portfolio companies.

Investor Insight: June 2024 Portfolio success stories 

David H. Keller introduced the concept of self-driving cars in 1935, transforming what was once science fiction into today&#39;s reality. Now, the focus has shifted to self-driving buses. While the idea of a car that drives itself, allowing the driver to relax, is appealing, a driverless bus, navigating city streets, raises significant questions. How safe are these buses? Does this technology contribute to the growing concern of AI displacing jobs? In fact, self-driving buses can offer substantial societal benefits. Let&#39;s delve into how this innovation can create a safer future for both drivers and passengers. 
<h2 id="addressing-the-bus-driver-shortage">Addressing the bus driver shortage</h2>
Concerns about driverless buses leading to job losses are mainly unfounded. In reality, Europe faces a bus driver shortage of 10%, leaving 105,000 positions unfilled. This shortage has increased by 54% since 2022, and projections for 2028 suggest it will likely double (Source: <a href="https://www.iru.org/news-resources/newsroom/europes-bus-and-coach-driver-shortage-widens-54-grim-outlook-2028">IRU.org</a>). The current shortage forces many bus drivers to work split shifts and overtime, jeopardizing their health and driving safety. 
<h2 id="legislative-landscape-and-job-security-for-bus-drivers">Legislative landscape and job security for bus drivers</h2>
In the USA, current legislation mandates that driverless buses, regardless of their technological advancements, must have a supervising driver on board. This requirement ensures job security for bus drivers. However, it is anticipated that these laws will evolve over time. 
In contrast, <a href="https://traton.com/en/newsroom/stories/legal-framework-in-the-eu-driverless-through-europe.html">Europe </a>is already laying the groundwork for the legal operation of driverless buses, with Germany permitting them on certain roads. This raises the question: will bus drivers become redundant? <a href="https://www.adastec.com/">Adastec</a>, the developer of SAE Level 4 automated driving software, believes otherwise. Their vision is for transportation agencies to create new career paths for bus drivers, offering opportunities for career advancement and safer working conditions. 
In essence, bus drivers will transition to the role of bus operators, where they will oversee multiple buses from a central platform, ensuring passenger safety and efficient traffic management. This shift not only secures their employment but also enhances their professional development and working environment. 
<h2 id="scaling-up-quickly">Scaling up quickly</h2>
Adastec, founded in 2018, is the most advanced company in the full-size bus automation market. Headquartered in Michigan, USA, with engineering teams in Turkey, Adastec is pioneering a safer future for drivers and the public by developing automated, shared, and connected commercial vehicles. Their Flowride.ai software platform, designed for full-size buses, utilizes fault-tolerant sensors, HD maps, advanced sensor fusion, and deep learning techniques to ensure reliability and safety. Notably, Adastec is the only company currently licensed to deliver autonomous buses in the USA and has signed manufacturer agreements to supply a complete factory-fitted solution. It has already been in operation for two years in Michigan (NHTSA approved) and for 20 months in Norway (TUV Nord approved). 
As a fast-scaling startup, Adastec secured its first deal with SeedBlink and a private equity firm. They are now raising a $20 million round at a $15 million post-money valuation. With paying customers in Norway, Turkey, the Netherlands, and Romania, Adastec is solidifying its position as a global leader in autonomous bus technology. 
<h2 id="a-broader-look-at-the-bus-market-and-adastecs-solutions">A broader look at the bus market and Adastec&#39;s solutions</h2>
With increasing concerns about environmental issues, rising gas costs, and overall traffic congestion, more people are choosing to drive less. Consequently, the global bus market is projected to grow at an 8% CAGR, reaching $72 billion by 2028, up from $47 billion in 2022. This trend presents a significant opportunity for Adastec, which offers buses that are five times more cost-effective than traditional models: each bus has a setup cost of $100,000 and an annual license fee of $50,000. At this rate, Adastec expects to break even by 2026, having sold 200 buses. 
Adastec has already secured three OEM agreements for automated buses with Karsan (EU), Custom Denning (Australia), and VCM (USA). Additionally, five deployment agreements have been successfully implemented in the US, Norway, France, Romania, and Turkey. The company boasts a total pipeline of $32 million, including $7 million under contract in France, Israel, Turkey, Germany, and Australia. 
Adastec is driven by its team of five complementary co-founders and a dedicated workforce of 75 full-time employees, including 60 engineers. This success story demonstrates that future technologies are not intended to steal jobs but to address labour shortages, enhance employees&#39; lives, and create a safer future for everyone. 
<a href="https://investors.seedblink.com/invest/adastec/256">Explore their active raise on SeedBlink here.</a>

Are autonomous buses a necessary asset?

The road ahead: the future of self-driving technology 

Understand how due diligence works and what's important for investors and founders at each stage. Learn actionable steps to prepare and ensure a smooth fundraising journey

A guide on how to prepare for due diligence when fundraising

<h2 id="a-lot-of-interesting-news-to-talk-about-scroll-down-for">A lot of interesting news to talk about. Scroll down for:</h2>
<ul>
<li>Primary Market: active opportunities</li>
<li>Secondary market updates</li>
<li>Investors resources picks</li>
</ul>
<h2 id="raising-now">Raising now</h2>
🇦🇹 VC-Backed | SaaS | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D00dd10057c%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C7783e197679b483b621008dc8e96fac2%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638542026313385831%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=XSa0n7XfSAU7aQQ410N2dYlicbIWDRj4w%2BltCdB18Z0%3D&amp;reserved=0">Klarsicht </a>is raising €590,000 to scale its digital marketplace connecting opticians, manufacturers, and customers. Backed by ProSieben/Sat1 Group and GMPVC, offering €20.8M in marketing volume for equity after the round.
<h2 id="liquidity-on-your-terms">Liquidity on your terms</h2>
Invest or sell your ownership in 45 tech companies with different maturity levels and no minimum ticket. <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D82a453c6e1%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C7783e197679b483b621008dc8e96fac2%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638542026313395176%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=45FYwFhtKDyL6UWpowF9lc9Gf18pbWOLpvEkuM3qGBg%3D&amp;reserved=0">Check the Bulletin Board.</a>
<h2 id="5-takeaways-from-tech-investors-academy">5 takeaways from Tech Investors Academy</h2>
We recently wrapped up Lesson 1 of our online investment course, covering Deal Assessments &amp; Portfolio Diversification. Here are the top 5 takeaways our participants found most valuable:
<ol>
<li>When assessing non-financial factors, the quality of the team should be your main focus.</li>
<li>Spread your investments across more than 15 startups in different sectors and business models to reduce risk and boost returns.</li>
<li>Always have a clear exit strategy from the beginning.</li>
<li>Keep funds aside for follow-up investments in the startups that show success.</li>
<li>Over 80% of investments might not yield returns, underscoring the importance of diversification and follow-on strategies.</li>
</ol>
<a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D6aea7abcc4%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C7783e197679b483b621008dc8e96fac2%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638542026313401760%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=VQPO8Kwj03%2Fvpj3Dpb7%2FtS7E%2BRLGY9jnqZF2YE1cfzc%3D&amp;reserved=0">You can still register</a> for Tech Investors Academy - join our self-paced, online course.
<h2 id="investors-resources-pick">Investors resources pick</h2>
Introducing the Rolling Facility | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D21296c6abf%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C7783e197679b483b621008dc8e96fac2%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638542026313410899%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=kyYuOGsrFyckiyIx7jm95L2ywUOYwjwsrfm0ByzsVtM%3D&amp;reserved=0">Learn more</a>
In the challenging landscape of startup funding, we introduce Rolling Facility. This innovative approach allows continuous fundraising, reducing the pressure on founders and enabling them to engage with potential investors at any time. 
2024 Technology Pioneers | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D49dfb04f80%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C7783e197679b483b621008dc8e96fac2%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638542026313417763%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=llCKfrym3toxnUn4KzHPRWu1V9di8USufgIXY5SSt%2B4%3D&amp;reserved=0">Learn more</a>
The World Economic Forum announces this year’s 100 companies joining its Technology Pioneers Community as part of the 2024 cohort. These companies are applying new advances in AI to develop industry solutions, including breakthrough innovations in clean energy, healthcare, biotech, space and neurotechnology.
Tracking startups’ lives | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3Dc7793324ab%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C7783e197679b483b621008dc8e96fac2%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638542026313424319%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=C1YSiqxzMQZWhNCO01ojDjPTDaX4h3VTMkfQFWfynlo%3D&amp;reserved=0">Learn more</a>
How many rounds of venture capital financing does the average European startup go through? The median European startup with a €500 million+ exit only went as far as a Series C. 
Future of data | <a href="https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fseedblink.us19.list-manage.com%2Ftrack%2Fclick%3Fu%3D224b34ca20549631ee1243970%26id%3D2deccde5f9%26e%3D7eb0388181&amp;data=05%7C02%7Coana.ciurea%40seedblink.com%7C7783e197679b483b621008dc8e96fac2%7C918fd975dab94c179397e33d58117c84%7C0%7C0%7C638542026313436080%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&amp;sdata=VNFST6tHTK4qKHAFV5rK5tbmutIIrI52ZPRzh405V6g%3D&amp;reserved=0">Tune in</a>
The future economy won&#39;t be built by people and factories, but by algorithms and artificial intelligence, says data scientist Mainak Mazumdar. But what happens when these algorithms get trained on biased data?

The current rocky macroeconomic climate has significantly shortened the cash runway for many startups. According to <a href="https://www.vestbee.com/blog/articles/vc-funding-in-cee-report-q1-2024">recent data from Vestbee</a>&#39;s Q1 2024 report, venture activity in Central and Eastern Europe (CEE) has experienced a decline, with total VC funding reaching approximately €0.5 billion, a 40% decrease compared to the previous quarter. This trend mirrors the broader global decline in venture activity, with notable decreases in seed and Series A investments.
In today&#39;s volatile economic climate, securing funding is more challenging than ever for startups. The metrics required to achieve Series A or Series B funding have increased significantly compared to 12 to 18 months ago, as evidenced by the evolving <a href="https://x.com/chrija/status/1797913781126742099">SaaS Funding Napkin</a>. Traditional funding rounds are now taking longer to close, pushing many early-stage companies to explore alternative financing methods such as revenue-based financing, venture debt, and crowdfunding to extend their runway and sustain growth amid the tightened venture capital landscape.
<h2 id="understanding-bridge-rounds-and-extensions">Understanding Bridge rounds and Extensions</h2>
Bridge Rounds are interim funding rounds that occur between primary financings, typically using instruments like Convertible Notes. They offer a quick influx of capital, helping startups maintain operations and bridge the gap until the next major funding round. 
Extensions allow a reopening of the latest funding round, leaving room for current investors to increase their stakes or new investors to join. It provides additional capital without the need for a completely new funding round. 
<h1 id="introducing-rolling-facilities-a-new-fundraising-approach">Introducing Rolling Facilities: A new fundraising approach</h1>
In the challenging landscape of startup funding, we introduce the Rolling Facility on SeedBlink Syndicates, leveraging our expertise and infrastructure to help founders raise capital without headaches. 
This innovative approach allows continuous fundraising, reducing the pressure on founders and enabling them to engage with potential investors at any time. By consolidating multiple small investments into a single entity, Rolling Facility streamlines cap table management, making it easier for startups to plan financially. This model not only maintains operational stability but also empowers startups to scale efficiently, converting productive conversations into commitments without waiting for traditional funding rounds. 
<h2 id="key-benefits-of-the-rolling-facility">Key benefits of the Rolling Facility</h2>
<ol>
<li>Continuous fundraising: Startups can keep their funding open indefinitely, collecting funds as they grow. This is ideal for founders who anticipate future capital needs but do not require immediate funding. </li>
<li>Reduced pressure on founders: Unlike traditional rounds that demand closing deals within tight timelines, Rolling Facilities offer a flexible timeline, backed by SeedBlink’s support, allowing founders to engage investors without the usual urgency. </li>
<li>Leveraging productive conversations: Any promising discussion with a potential investor can be turned into a commitment without waiting for a new funding round, maintaining momentum and ensuring business focus. </li>
<li>Streamlined investment management: Rolling Facilities consolidate multiple small investments into a single entity, simplifying cap table management and future financial planning for both founders and investors. </li>
</ol>
<h2 id="the-success-of-continuous-funding">The success of continuous funding</h2>
Consider the case of a European tech startup that leveraged Rolling Facility to manage its fundraising process. Rather than waiting for their cash runway to deplete, the company adopted a strategy of keeping their funding open continuously. This approach allowed them to secure commitments from investors at various stages, ensuring a steady inflow of capital. By utilizing a Convertible Loan Agreement (CLA), they were able to close funding rounds in a timely manner that suited their needs—let&#39;s say every six months. 
This strategy has significant advantages: 
<ul>
<li>They avoided the financial stress of sporadic large-scale funding. </li>
<li>They could seize growth opportunities without urgent fundraising. </li>
<li>The founders could concentrate on strategic planning rather than immediate capital needs. </li>
</ul>
The continuous funding approach transformed their fundraising from a reactive, high-stress activity into a proactive, manageable process, contributing to their sustained growth and success. 
In an environment where traditional fundraising is fraught with challenges, bridge rounds, extensions, and Rolling Facility provide viable alternatives that offer flexibility and security. 
By maintaining continuous funding, startups can navigate economic uncertainties more effectively, convert promising leads into investors, and grow without the constant pressure of closing new funding rounds. 
At SeedBlink, our goal is to empower founders with the tools and support they need to thrive, ensuring a robust and sustainable growth trajectory. <a href="https://tech.seedblink.com/syndicates">Get in touch.</a>
--
Editorial written by <a href="https://www.linkedin.com/in/eric-bartha-08154810b/">Eric Bartha</a>, our Head of Revenue at SeedBlink. As an alumnus of Vienna University of Economics and Business, Eric focuses on identifying ambitious founders eager to integrate a European community of investors into their VC fundraising efforts. His role also involves building connections with local partners and family offices.

Running out of operating capital is a startup's worst nightmare. 

Forget huge funding efforts: Rolling Facility and bridge rounds keep your startup thriving

With its rolling green hills and storied past, Ireland isn’t just a haven for history and nature enthusiasts; it has quietly evolved into a bubbling startup ecosystem.
From Dublin&#39;s bustling tech hub to Cork&#39;s innovative spirit, Ireland&#39;s cities serve as ideal springboards for emerging businesses. Let&#39;s delve into the remarkable evolution of startups in Ireland from modest roots to international contenders.
<h1 id="irelands-strong-pillars">Ireland’s strong pillars</h1>
This beautiful country has a robust economic foundation and a reputation for being one of the most business-friendly countries in the world. 
Ireland provides a fertile ground where startups can grow and thrive, and people’s opinions reflect Ireland’s growth in the eyes of the public. According to <a href="https://144147128.fs1.hubspotusercontent-eu1.net/hubfs/144147128/Innovation%20Island%20Pulse%202023.pdf">Tech Ireland’s survey</a>, 64% of people believe that Ireland is a better place to start a business than it was five years ago.
Strategic geographical positioning
Ireland is a bridge gateway between Europe and North America, thus facilitating international business operations. The country also thrives on its rich talent pool, especially in technical aspects, marketing areas, and international relations. Its<a href="https://startupuniversal.com/country/ireland/"> talent pool comes</a> thanks to its strong education system and the presence of global tech giants that have fostered a skilled workforce in the region. 
Coupled with this is the sectoral strength in Agtech, Fintech, and Healthtech, where pre-existing industries and supportive regulatory frameworks have given rise to innovative startups ready to become global contenders.
Flexible financial infrastructure
Ireland has advantageous corporate tax structures and Research &amp; Development tax incentives, serving as springboards for entrepreneurial ventures and overseas <a href="https://investors.seedblink.com/?utm_source=SeedBlink%20Content&amp;utm_medium=ecosystem%20overview&amp;utm_term=Ireland&amp;utm_content=&amp;utm_campaign=all%20things%20equity">investments</a>. 
Ireland&#39;s regulatory bodies have demonstrated a progressive and adaptable approach towards emerging businesses and technologies, particularly in Fintech sectors, which demand a delicate balance between innovation facilitation and risk mitigation.
Great educational infrastructure
The educational background of the country is another pillar that attracts attention. Irish universities and institutions are breeding grounds for young, tech-savvy talent and research and innovation hubs, spawning ideas that often translate into startups. Adding to a collaborative culture that encourages knowledge transfer between academia and industry leads to more innovative solutions. 
Furthermore, with<a href="https://startupuniversal.com/country/ireland/"> international technology giants in the local community</a> and various industries establishing substantial operations in Ireland, there is a reciprocal relationship where corporations and startups can leverage each other&#39;s presence, assets, and expertise to mutual benefit.
<h1 id="the-startup-funding-landscape-in-ireland">The startup funding landscape in Ireland</h1>
Over the years, government funding and assistance predominantly drove the Irish startup ecosystem. However, in the recent 4-5 years, significant exits and international achievements have paved the way for a new generation of entrepreneurs. 
Consequently, while the government laid the foundation, the ecosystem is now transitioning to one that is still supported by governmental initiatives but steered by these seasoned entrepreneurs.
As captured in the<a href="https://144147128.fs1.hubspotusercontent-eu1.net/hubfs/144147128/TechIreland%20Startup%20Funding%20Review%202024%20(FINAL)-1.pdf"> Tech Ireland 2024 Funding Review,</a> the Irish startup ecosystem displayed remarkable resilience in 2023. While total funding dipped from €1.3B in 2022 to €847M in 2023, the number of companies <a href="https://tech.seedblink.com/financing-solutions">securing investment</a> doubled, exceeding 400 companies closing deals last year. 
<img src="/img/screenshot-2024-06-06-093914.png" alt="">
Source: <a href="https://techireland.org/en/techireland-publications-content">Tech Ireland — 2024 Funding Review</a>
The report also highlighted sectors poised for growth and innovation in 2023, particularly the technology and innovation sectors, driven by an unyielding demand for digital transformation and innovative technologies. Companies like Everseen, <a href="https://www.pymnts.com/news/investment-tracker/2023/everseen-raises-71-million-to-battle-retail-theft-with-ai/">involved in AI adoption</a>, and Weev, in the EV charging infrastructure space, with investments of €50M, respectively, exemplify the strategic focus on technology and ESG-driven investments that align with current market demands.
<img src="/img/screenshot-2024-06-06-094515.png" alt="">
Source: <a href="https://techireland.org/en/techireland-publications-content">Tech Ireland — 2024 Funding Review</a>
The momentum continued into early 2024 with notable acquisitions such as <a href="https://www.keensightcapital.com/keensight-capital-acquires-softco-a-global-leader-in-procure-to-pay-solutions/">SoftCo by Keensight Capital</a> (over €100M) and <a href="https://www.exponentpe.com/exponent-announces-investment-in-chanelle-pharma">the sale of Chanelle Pharmaceuticals</a> to private equity group Exponent (approximately €300M).
This trend highlights Ireland&#39;s attractive investment environment and a strong startup scene that continues to demonstrate adaptability. While some caution lingers due to global uncertainties, there are signs of continued investment, particularly in these sectors positioned for long-term growth and sustainability. 
“We are confident that there is significant scope to grow the Northern Ireland startup and tech ecosystem further. This could become a Cambrian moment for more quality start-ups to be founded and accelerated, new businesses in which local and off-island investors will be keen to invest. 
There is an ever-developing and interconnected startup ecosystem of stakeholders across the island that is enabling this transformation, and InterTradeIreland is a key connection point in that ecosystem.”
Says<a href="https://www.linkedin.com/in/drewosullivan/"> Drew O’Sullivan, </a>Lead Equity Advisor for<a href="https://techireland.org/en/techireland-publications-content"> Tech Ireland 2024 Funding Review</a>
<h1 id="irelands-major-startup-communities">Ireland’s major startup communities</h1>
Dublin, the capital, often known as &quot;The Silicon Docks,&quot; and many other major cities that are <a href="https://www.irishexaminer.com/business/companies/arid-41109766.htm">major attractions for tech giants</a>, has witnessed a surge of homegrown startups rubbing shoulders with many international players. 
The city&#39;s diverse talent pool, supported by organizations such as Trinity College, provides a fertile ground for creativity and technological advancement.
<img src="/img/screenshot-2024-06-06-094859.png" alt="">
Source: <a href="https://techireland.org/en/techireland-publications-content">Tech Ireland — 2024 Funding Review</a>
The result? Many successful startups across sectors like FinTech, SaaS, and Biotech have emerged from here, drawing global attention.
<h2 id="dublin-the-heartbeat-of-irish-startups">Dublin: The heartbeat of Irish startups</h2>
Dublin&#39;s startup ecosystem enjoys a standing for its inclusivity, diversity, and accessibility. The city is considered the heart of the Irish startup ecosystem and is ranked Ireland&#39;s best startup ecosystem and <a href="https://www.startupblink.com/startup-ecosystem/dublin-ie">10th in Western Europe.</a>
The local startup ecosystem is diverse, welcoming, and accessible. Both the city and the country recurrently secure favorable positions in numerous <a href="https://dublin.ie/invest/starting-a-business/startup-ecosystem/">annual startup ecosystem rankings</a>, underscoring their commendable reputation in the entrepreneurial arena. Dublin offers entrepreneurs all sorts of opportunities, including startup grants, support, and networking events organized by <a href="https://www.thedigitalhub.com/">The Digital Hub</a> and the <a href="https://www.dublinchamber.ie/">Dublin Chamber of Commerce.</a>
<h2 id="beyond-the-capital-expanding-innovation-across-ireland">Beyond the capital: expanding innovation across Ireland</h2>
However, the entrepreneurial spirit isn&#39;t confined to Dublin alone. Cities like <a href="https://startupuniversal.com/country/ireland/">Cork, Galway, and Limerick</a> have been nurturing their startup communities, buoyed by local universities, tech parks, and incubators. 
The collaborative spirit embedded in these cities and unique regional strengths have birthed innovations ranging from agri-tech solutions in rural areas to cutting-edge health tech in urban centers.
<h1 id="irelands-most-funded-sectors">Ireland’s most funded sectors</h1>
Nowadays, you’ll find a strong focus on various sectors in this startup ecosystem, such as <a href="https://seedblink.com/en/2023-06-07-carbon-market-trading-opportunities-at-the-intersection-of-cleantech-fintech">Energy/CleanTech</a>, <a href="https://seedblink.com/en/2023-10-19-revolutionizing-healthcare-in-europe-with-artificial-intelligence">HealthTech</a>, <a href="https://seedblink.com/en/2023-05-29-industry-overview-exploring-the-ever-evolving-fintech-startup-scene">FinTech</a>, <a href="https://seedblink.com/en/2023-08-03-the-pandemic-paradigm-shift-exploring-the-evolution-of-healthtech-and-medtech">Life Sciences</a>, and many others.
<img src="/img/screenshot-2024-06-06-095445.png" alt="">
Source: <a href="https://techireland.org/en/techireland-publications-content">Tech Ireland — 2024 Funding Review</a>
Energy and ClimateTech is the most funded sector in 2024. 
The industry&#39;s major trends are thanks to Europe’s higher focus on Energy and thanks to <a href="https://www.lkshields.ie/news-insights/publication/new-funding-measures-for-the-irish-energy-sector-announced-in-budget-2024">the Irish government </a>announcing the implementation of two new state funds by the Minister for Finance and publishing its first energy security strategy paper to enhance Ireland&#39;s energy security position. 
<img src="/img/screenshot-2024-06-06-095612.png" alt="">
Source:<a href="https://dealroom.co/reports/europe-tech-update-q1-2024"> Europe Tech Update – Q1 2024</a>
The Marine Institute has also contributed significantly, according to the <a href="https://www.seai.ie/publications/Energy-in-Ireland-2023.pdf">Sustainable Energy Authority of Ireland</a>, as they funded several renewable energy projects, awarding up to €200,000 each to seven different companies and research initiatives. 
You can explore future industry trends in this great video explainer from Mason Hayes &amp; Curran Lawyers.
<iframe width="560" height="315" src="https://www.youtube.com/embed/eBTKqzgvmqo?si=wa-ouwDZ58KMCKd0" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>

The next sector that is gathering investors&#39; attention is health tech, where startups in Ireland have recently received significant funding, with many companies securing multi-million dollar investments. For example, <a href="https://siliconcanals.com/crowdfunding/altach-secures-1-2m/">Altach raised €1.2M</a> to enhance articular cartilage injury treatments, and the Irish venture capital firm <a href="https://siliconcanals.com/crowdfunding/life-sciences-vc-firm-closes-fund-iv-at-123m/">Seroba closed its Fund IV </a>at the beginning of this year to target new investments in life sciences and HealthTech.
The Fintech space in Ireland has also been gaining traction, largely due to its proximity to London, a global financial center. Many major financial institutions have established their presence in Ireland, leveraging the benefits of remaining an active trading member of the EU. 
<h2 id="spotlight-on-unicorns--future-unicorns">Spotlight on unicorns &amp; future unicorns</h2>
Stripe, established by the Irish brothers Patrick and John Collison, dominates the global payment processing sphere, reaching a valuation of approximately $68B while maintaining its roots through an office in Dublin despite being headquartered in San Francisco. 
Intercom is the next well-known company in Ireland&#39;s unicorn herd. It emerged in Dublin in 2011, transforming customer communication with its sophisticated messaging and engagement tools and achieving the unicorn milestone in 2018. 
Other noteworthy enterprises like Fenergo and TransferMate have demonstrated Ireland’s prowess in Fintech, reaching unicorn status in 2018 and 2023, respectively.
With an enchanting blend of homegrown and internationally-relocated unicorns like Udemy, AMCS, Trustpilot, and Workhuman, Ireland unfailingly provides a conducive environment for startups to flourish and transcend borders. 
Together, these unicorns illuminate the formidable strength and future potential of Ireland’s startup ecosystem, validating its standing as a hotbed for innovation and enterprise in various industrial landscapes, from finance to health, on a global stage.
<h2 id="irish-venture-capital-funds">Irish Venture Capital Funds.</h2>
<ul>
<li><a href="https://www.enterprise-ireland.com/en/">Enterprise Ireland</a> — The team partners with venture capital funds to finance small and medium-sized enterprises. Over €700m of Enterprise Ireland funding is under management in Seed and Venture Capital funds.</li>
<li><a href="https://actventure.capital/">Act Venture Capital</a> — A Dublin-based fund that targets Irish seed-stage startups. The firm&#39;s investment team usually puts between €500k and €5m into each company.</li>
<li><a href="https://www.deltapartners.com/">Delta Partners Ireland </a>— A venture capital firm that <a href="https://seedblink.com/">invests in technology startups</a>. The firm typically invests between €100k and €3m in seed and Series A rounds.</li>
<li><a href="https://www.elkstonepartners.com/">Elkstone Partners</a> — A venture capital firm that invests in technology startups. The firm typically invests between €500k and €5m in seed and Series A rounds.</li>
<li><a href="https://www.crunchbase.com/organization/tribal-vc">Tribal.vc</a> — A venture capital firm that invests in early-stage technology startups. The firm typically invests between €500k and €3m in seed and Series A rounds.</li>
<li><a href="https://www.abven.com/">Atlantic Bridge Capital</a> — A venture capital firm that invests in technology startups. The firm typically invests between €2m and €20m in each company.</li>
<li><a href="https://www.mediahuis.com/en/activities/mediahuis-ventures/">Mediahuis Ventures</a> — a corporate venture capital arm of Mediahuis that backs startups developing innovative solutions for students and the modern workforce.</li>
<li><a href="https://www.kernel-capital.com/">Kernel Capital</a> — Kernel Capital is a VC of the country’s oldest bank. The firm aims to be the first institutional investor and oftentimes tends to lead or co-invest with other prominent institutional players and high-net-worth individuals.</li>
<li><a href="https://surevalleyventures.com/">Sure Valley Venture</a>s — Sure Valley Ventures is an entrepreneur-led fund interested in software-focused startups across the British-Irish Isles.</li>
<li><a href="http://www.dbicventures.ie/">Furthr VC</a> — Founded in 1990, Furthr VC is the venture capital arm of Furthr based in Dublin, Ireland. The firm seeks to invest in early-stage companies operating in Ireland&#39;s B2B software products and medical devices sectors.</li>
<li><a href="https://www.nomadcap.vc/">Nomad Capital</a> — Nomad Capital is a seed-stage fund that invests in emerging companies building marketplaces and B2B software. </li>
<li><a href="https://venturewave.com/">Venture Wave Capital</a> — The VentureWave Capital team focuses on investing in businesses with high potential for impact. They support companies with a positive social impact that meets at least one of the UN&#39;s Sustainable Development Goals.</li>
<li><a href="https://www.tapestry.vc/">Tapestry Venture Capital</a> — Tapestry VC is a fund from the organizers of one of Europe’s largest startup conferences - Web Summit, first organized in 2009. </li>
</ul>
These are just a few of the most local active venture capital funds.
Additionally, Dublin has an excellent ecosystem of <a href="https://www.ideamotive.co/blog/guide-to-dublin-startup-scene">accelerators and incubators</a> that provide<a href="https://seedblink.com/startup?utm_source=SeedBlink&amp;utm_medium=Blog&amp;utm_campaign=ecosystem+overview&amp;utm_term=Ireland"> pre-seed funding</a>, mentorship, and support for pre-seed and seed-stage startups.
<ul>
<li><a href="https://www.ndrc.ie/">NDRC LaunchPad </a>— is Ireland&#39;s national startup accelerator program for globally ambitious entrepreneurs. It provides startups mentorship, investment, and support to help them scale up their businesses.</li>
<li><a href="http://www.dublinbic.ie/our-programmes/">Dublin BIC </a>— This firm runs different programs, some of which are accelerator programs, for entrepreneurs at the idea stage to scale-ups. The most famous programs are Dublin BIC Smart Start and Dublin BIC Innovate. Each program has terms, investment funding (if any), benefits, duration, and selection criteria.</li>
<li><a href="https://www.newfrontiers.ie/">New Frontiers</a> — One of Ireland’s top accelerators for startups. Since its inception in 2012, it has helped over 500 founders build and scale their businesses.</li>
</ul>
<h1 id="wrap-up">Wrap-up</h1>
Looking ahead, Ireland&#39;s ability to adapt to evolving market conditions and its commitment to fostering innovation, particularly in the technology and sustainability sectors, stands out right now. This, coupled with a growing pool of successful exits like Cubic Telecom and Immedis, creates a compelling narrative for future investors.
For more information and details about the European startup ecosystem, technology trends, insights into venture capital, and investment opportunities,<a href="https://seedblink.com/newsletter"> subscribe to our newsletter.</a>
Want to check out another interesting European market? 
Read our article on<a href="https://seedblink.com/en/2024-05-21-the-netherlands-everything-you-need-to-know-to-build-and-grow-a-tech-startup"> the Netherlands region</a>, which features the essential things you need to know to build and grow a tech startup.

Explore the Irish startup ecosystem, where innovative ideas are nurtured and fostered by constant support and a dynamic entrepreneurial spirit.

A greenhouse for innovation - Ireland's startup ecosystem

Red, white, rosé—who doesn&#39;t love wine? Europe boasts 45% of the world’s wine-growing regions, <a href="https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Vineyards_in_the_EU_-_statistics">covering </a>an impressive 3.2 million hectares. That&#39;s a tremendous amount of wine to savor, but have you considered it as an investment opportunity? 
For most people, investing means buying stocks, bonds, and funds. But you may also be able to turn a profit on a nice bottle of Cabernet or Sauvignon Blanc if you know how to pick them. Here’s everything you need to know to invest in wine, even if you don’t have a wine cellar—yet. 
The history of investing in wine 
Since the early 1970s, wine has emerged as a significant global commodity, experiencing remarkable fluctuations in value that reflect broader economic trends. Between the early 1970s and 1972, the price of wine surged by 400%, driven by increasing global wealth and a burgeoning appreciation for fine vintages. However, this dramatic ascent was abruptly followed by a sharp decline in 1974, mirroring the era&#39;s economic volatility.
Is investing in wine for everybody? 
You might believe that wine lovers and connoisseurs hold an advantage when it comes to investing in this divine elixir. Indeed, possessing knowledge and market insights can undoubtedly enhance any investment strategy. However, just as the pleasure of wine transcends backgrounds and experiences, so too does the opportunity for anyone to invest in wine. 
The valuation of wine is often influenced by renowned critics and the prestige of the brand. Yet, whether you are a seasoned aficionado or a curious newcomer, you can still access the intricacies of wine investment.
A portfolio of wines as an alternative investment 
Like any other alternative investment, buying wine can provide your portfolio with an excellent source of diversification. Stocks and bonds go through familiar cycles of boom and bust, but collectibles like fine wine deliver investment returns with little to no correlation to traditional assets—they may even be negatively correlated with the stock market. 
Wine offers a unique source of diversification because its value is based on factors that have little relation to the performance of the economy, interest rates, corporate earnings, or conventional investor sentiment. 
The value of wine responds to factors such as weather patterns, harvest yields, and vintage and consumer trends, all of which together intersect with supply and demand. Because these factors are unrelated to the overall stock market, wine investments can complement a traditional portfolio.
How to evaluate wine as an investment opportunity
A wide range of factors influence a wine’s potential to appreciate in value. Some are fundamental while others are more market-driven and related to supply and demand. 
No matter the vineyard or appellation, there are a number of factors that have a significant influence on the investment potential of every wine. Follow these simple steps to make sure you’re buying investment-grade wine: 
<ul>
<li>Pay attention to vintage - Vintage is the year in which grapes are harvested and wine is produced in a particular region. The quality of a harvest varies from year to year, with weather having the most significant impact on the grapes. A well-informed investor should be aware of the vintages that yield the best production of the wine under consideration. </li>
<li>Weigh the wine producer’s reputation - The reputation of a wine producer has a big impact on a wine’s potential for appreciation. Many of the most investable wines come from leading producers, for example, Domaine de la Romanée-Conti (DRC), Pétrus, Château Mouton Rothschild, and Château Lafite Rothschild, as well as from regions such as Burgundy and Bordeaux. </li>
<li>Understand a wine’s aging potential &amp; longevity - Aging potential is critical for fine wine because some wines age better than others. Factors that can influence the potential to age well include the type of grape and the level of acid and tannins. You can also look at a producer’s track record of creating wines that age well. </li>
<li>Longevity varies among wines. Investment-grade wines tend to mature around 10 years after bottling, but some wines can age for extended periods, appreciating in value and quality all the while. Others will only be drinkable for a shorter period after fully mature. </li>
<li>Examine scarcity and price history - Wine scarcity drives up the value of the vintages you invest in. Take Domaine de la Romanée-Conti, for example. This vineyard is known for some of the world’s most sought-after Burgundy, yet because of its small size produces only around 450 cases annually. However, when producers are ranked by the value of aggregate sales, DRC tops the list. Meanwhile, a wine’s price history demonstrates the trend in value, with investable wines showing a steady progression upward. </li>
<li>Wine Critics - The recommendations of wine critics are taken very seriously, and critic ratings can have a strong impact on a wine’s potential to be appreciated. Robert Parker, James Suckling, and Jancis Robinson are among the most influential wine critics, so be sure to assess their published opinions on wines you’re considering. </li>
</ul>
How can you invest in Wine – introducing WineFortune 
As an investment platform specializing in wine, <a href="https://winefortune.com/">WineFortune </a>seamlessly blends the expertise of its in-house specialists with comprehensive data from Liv-ex, the renowned B2B marketplace for the wine trade. Utilizing an advanced algorithm, WineFortune analyzes two decades of data to identify wines with the highest growth potential, offering investors valuable insights. 
WineFortune makes wine investment straightforward and accessible, eliminating the need for substantial capital. With an entry point as low as 1 euro and no hidden fees, anyone can embark on their wine investment journey. Managing your portfolio is effortless with investment subscriptions, and the secondary market provides opportunities to trade wines acquired directly from producers and contracted partners. 
Moreover, WineFortune offers a unique twist: the ability to enjoy the wines you invest in. As your tastes evolve and your understanding of the industry deepens, you are not confined to your initial selections but can explore new additions to your portfolio. 
As a B2B2C enterprise, WineFortune leverages an AI-driven SaaS platform to connect wineries, investors, and wholesalers, revolutionizing the wine industry. The wine market is valued at $340.23 billion in 2021 and is projected to rise to $456.76 billion by 2028, at a CAGR of 4.30% (Source: <a href="https://winefortune.com/fundraising">Fine Wine Investment Platform - WineFortune </a>). 
Building on their success in their home market of Estonia, where clients have invested over €1,000,000, WineFortune is now raising a seed investment of €150,000 to fuel their angel investment initiatives. This funding will support their mission to expand their reach and solidify their position in the European market. 
Join WineFortune in changing the wine industry, where technology meets tradition, and investment meets enjoyment.<a href="https://investors.seedblink.com/invest/winefortune/222"> Explore WineFortune’s seed round on SeedBlink</a>.

In vino veritas

Investing in wine – an asset class for everyone

Here’s a snapshot of the achievements of the startups we&#39;ve proudly backed (in alphabetical order): 
Check out Bogdan Nicoară, founder of Bright Spaces, in the debut episode of &quot;<a href="https://lnkd.in/eNft7iG7">Sweat, Tears, and Equity</a>&quot; by Fortech Investments, where he chats about his entrepreneurial journey. Bogdan shares the challenges of inspiring his team with a big vision while balancing realistic investor expectations, a struggle he faced early on. From his high school entrepreneurial experiments to founding multiple projects, his story is full of lessons on resilience and adaptability. 
Contents has joined NVIDIA Inception, a program dedicated to nurturing companies revolutionizing industries with cutting-edge technology. Besides this, the Generative AI company has presented their solution at The European House-Ambrosetti the premier international platform for economic dialogue and innovation. These days, Contents is attending #Shoptalk Europe 2024 - Visit them at Stand hashtag#H14 in Hall 2 – Barcelona to discover our latest advancements and explore collaboration opportunities. 
Dronamics was one of the few European companies invited to exhibit and present at Sushi Tech, the largest technology event in Tokyo. <a href="https://www.suasnews.com/2024/05/dronamics-at-sushi-tech-tokyo/">More info here.</a> To set the context, Tokyo is aiming to be a major startup hub. To achieve this, they&#39;ve launched several initiatives including the SusHi Tech Tokyo program which connects foreign startups to Japan&#39;s business world. This program offers a pitch contest with a 10 million yen prize and other opportunities for promising startups. 
Frontwave Imaging recently announced a leadership change. After a successful tenure as CEO, Susana Castel has transitioned from the role. We are pleased to welcome Cristina Duran Martinez as our new CEO. Cristina brings a wealth of experience, strategic vision, and a deep commitment to Frontwave Imaging&#39;s mission. Having previously served as COO, she is well-positioned to lead the company forward.
Siena AI x Stripe integration is live! Siena is now capable of autonomously performing actions and retrieving information directly from Stripe accounts, unlocking powerful new use-cases. 
To find out more, check out this <a href="https://lnkd.in/e8qW5kre">blog post. </a>
Swisspod, the largest hyperloop hub project in the world has reached a milestone in Pueblo: completed first 100 meters of infrastructure. When complete, the test track will be the largest vacuum chamber in the country and the largest operational hyperloop hub in the world. Take a look at the <a href="https://www.youtube.com/watch?v=1bgkpK9lM3g">news here. </a>
Synaptiq’s medical team attended the prestigious National Scientific Forum of Young Oncologists in Romania. Remus-Cosmin Stoica shared his expertise on a cutting-edge topic with his presentation titled &quot;Radiotherapy in the AI Era - Looking at the Data.&quot; Besides this, Synaptiq was selected to attend Iceland Innovation Week, an initiative supported by the EEA and Norway Grants Business Programme in Romania. 
 &quot;Freedom of mind and using everyone&#39;s full potential accelerates humankind&#39;s evolution, at all levels.&quot;
This is what the founder of Vestinda, Alin Breaban, shared recently in the <a href="https://youtu.be/b9odmAyGiZc?feature=shared">Arena Finantelor podcast</a> with Mihai Prelipcean. A math guy turned journalist, entrepreneur, and crypto enthusiast. 
Willicroft released its 2024 Emissions Report, revealing the environmental impact of the company&#39;s products. The first product examined is the Italian Aged, a dairy alternative. 
For example, the Italian Aged - compared to real Parmesan cheese - has a significantly lower carbon footprint, with cashews being the ingredient with the highest emissions. For a full breakdown, you can check out the <a href="https://willicroft.com/emissions-report">report here.</a>
We strongly support building trust and transparency by engaging funded start-ups in discussions around their updates and communicating their business decisions to their investors and our community of tech supporters. 
To support any of our Portfolio companies with your network, knowledge, or mentorship, please contact us at <a href="mailto:&#x69;&#110;&#x76;&#101;&#115;&#x74;&#x6f;&#114;&#x73;&#x40;&#x73;&#101;&#x65;&#x64;&#x62;&#x6c;&#105;&#110;&#x6b;&#46;&#x63;&#111;&#109;">&#x69;&#110;&#x76;&#101;&#115;&#x74;&#x6f;&#114;&#x73;&#x40;&#x73;&#101;&#x65;&#x64;&#x62;&#x6c;&#105;&#110;&#x6b;&#46;&#x63;&#111;&#109;</a>.

May is a critical month for startups, marking the heart of Q2. This period is often characterized by heightened activity as startups strive to achieve key performance indicators established for the year.

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