VC Inside
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Latest insights from VC funds on their investment criteria.

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Fund #F78
#active #b2b #b2c #Seed #USD150k #USD500k

1) How many deals do you plan to make?
We’ve just recently launched and aim to build a portfolio of 10–20 projects over 3 years, so we plan to invest in at least 5 projects per year.

2) Out of 100 decks how many projects do you invest in?
We’re only getting started, so the funnel velocity is not yet clear.

3) What is the average check size?
$150k – $500k.

4) Which stages are you looking at?
Late Seed stage, with a working product and some initial revenue. It's important to us that the product has been validated by the market and that customers are willing to pay for it.

5) What industries, geography?
We’re looking for international projects (#global), mainly in developed countries. However, we’re also open to other markets, such as LatAm or Kazakhstan, especially if proven business models are being replicated. Asia is less of a focus.
We’re particularly interested in service-oriented IT projects (#Software) that implement #AI in the construction sector (#Construction, #Proptech) and #FutureOfWork — industries we know well.
Examples of verticals we’re interested in:
- Engineering and design
- Construction and infrastructure development
- Project and construction management
- Industrial technology and plant engineering
- Construction workforce solutions
- Project communication and stakeholder engagement
- Building environment and innovation
- Construction and PropTech
- Manufacturing and IndustrialTech
- CleanTech and energy innovation
- Product innovation
- PropTech
- Future of work

6) Are you ready to be a lead investor?
In rare cases, yes. But generally, we prefer to join existing rounds. That said, we want to have a strong feel for the direction of the project and are ready to contribute energy, expertise, and networking support.

7) Where did the projects you invested in come from?
So far, mainly through syndicators.

8) What percentage of investments are in projects that came through cold messages/emails?
None so far.

9) What accelerators or startup conferences do you follow/attend?
We plan to follow accelerators and attend relevant industry conferences.

10) What should be in the presentation to pass initial review?
- A clear explanation of the problem the project is solving
- A logical estimation of the market size
- If both are solid, we’ll talk to the founder/team to assess how well their vision aligns with their capabilities.

11) What return on investment do you expect from the projects?
We take a relatively conservative approach and aim to invest in sustainable businesses. We’re okay with potentially lower multiples if it also means lower risk. A return of 5–10x over a 5–7 year horizon is acceptable.

12) How important is the number of founders (1 or 2) or whether it's their first project or not?
It’s better if it’s not the founder’s first project — ideally, their current venture builds on either successful or failed past experience. The number of founders isn’t very important.

13) What "unfair advantage" in projects are you looking for?
We look for founders who are deeply embedded in their market, speak the same language as their customers, and build the product based on real needs. We tend to avoid founders who see themselves as misunderstood geniuses building something the world “just doesn’t get” and struggle to sell it.
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Fund #F79
#active #b2c #b2b #preseed #seed #USD100k #USD500k #USD2m

1) How many deals do you plan to make?
We have recently launched a new fund for early stage investments, we plan to make 3+ deals per year.

2) Out of 100 decks how many projects do you invest in?
We are selective - 1 out of 100+.

3) What is the average check size?
$100k - $2m, on average $500k.

4) Which stages are you looking at?
We are looking for mostly post revenue companies, but if the team is great we can invest pre-revenue as well.

5) What industries, geography?
We are initially from Turkey. Apart from that, we invest in US and Europe (#developed).
Historically we invested in #Fintech (we have financial background), digital marketing #MarTech, #AI, but generally we are #agnostic and are looking for strong #Software companies.

6) Are you ready to be a lead investor?
We can lead in US, UK and Turkey.

7) Where did the projects you invested in come from?
The most efficient channels for us are:
- investment advisors
- co-investment with other funds

8) What percentage of investments are in projects that came through cold messages/emails?
0% so far, but we read them all — we just haven’t found any interesting projects yet.

9) What accelerators or startup conferences do you follow/attend?
We attend many demo days - YC is the best, but we also like the level of startups from Station F (Paris) accelerator. At conferences it is really crowded and we usually try to expand our VC network.

10) What should be in the presentation to pass initial review?
- founder's background (looking for strong founders in the first place)
- market analysis (what is your market niche, your differentiation from competitors)

11) What return on investment do you expect from the projects?
5-20x range is ok for us.

12) How important is the number of founders (1 or 2) or whether it's their first project or not?
No rules, we are looking for strong founders with relevant professional experience and we need to establish personal contact with the founders before investing to better understand them.

13) What "unfair advantage" in projects are you looking for?
We are not looking for it. We search for projects which understand their place on the market and can differentiate themselves from competitors.
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Fund #F80
#active #b2c #b2b #seed #USD250k #USD400k

1) How many deals do you plan to make?
12–15 deals per year.

2) Out of 100 decks how many projects do you invest in?
We look at approximately 2,500 decks per year, so the success rate is way less than 1%.

3) What is the average check size?
Initial ticket 250–400k EUR, and we can follow-on up to 2M EUR to the best companies.

4) Which stages are you looking at?
Pre-seed and Seed with initial revenue.
We need to understand that there is already someone willing to pay for the product and what value was created for the clients.

5) What industries, geography?
We invest in European founders (CEE region mostly, as we are from the Czech Republic, but not exclusively) aiming at global markets (#developed).
We had 7–8 industries initially where we invested, but the world is changing so fast now that we are constantly updating our thesis (#agnostic), and at the moment we mostly invest in teams with an AI-first mindset.
Examples of the industries: #HRtech, #Futureofwork, #Creator economy (solopreneurs — a new industrial revolution due to AI), Real world products (grow food again maybe if AI automates everything), #HealthTech software (not biotech), including mental health (if people lose jobs, they need to do something with it).

6) Are you ready to be a lead investor?
Happy co-investing and leading.

7) Where did the projects you invested in come from?
70–80% word of mouth — either from other funds or from our founders. We believe that strong people tend to be surrounded by similarly strong people. Some projects came from events.

8) What percentage of investments are in projects that came through cold messages/emails?
We did a few deals like that, but it is very rare that we see decent projects there. If you don't have any connections, you're probably not a strong founder — create your circles first, make connections. This is also an indication of your ability to attract future rounds.

9) What accelerators or startup conferences do you follow/attend?
Conferences: Latitude59 (Estonia), Slush (Finland), How to Web (Romania), PODIM (Slovenia), 0100 Conferences (Slovakia + EU tour).
Accelerators: Startup Wise Guys, Startup Moldova, Katapult (Serbia).

10) What should be in the presentation to pass initial review?
- On slide 3 we need to understand the problem (if you are not able to make it clear — your customers won’t understand it either)
- We need to validate the size of the market (potential 100x project)
- The team should be strong of course, but strong teams don’t have idiotic ideas, so we start by looking at the idea first

11) What return on investment do you expect from the projects?
10x is minimum, target is 100x (fund returner).

12) How important is the number of founders (1 or 2) or whether it's their first project or not?
We prefer multiple founders (one sales-driven + one tech-driven). But no strict requirements.

13) What "unfair advantage" in projects are you looking for?
As we are looking for the best teams, they generally have something like this (talent that understands the topic or unique team composition).
We almost never see mention of an unfair advantage in decks, but it would be an interesting slide.
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Fund #F81
#active #b2b #seed #USD100k #USD200k

1) How many deals do you plan to make?
About 3 per year.

2) Out of 100 decks how many projects do you invest in?
Less than 1%.

3) What is the average check size?
$100 - 200k.

4) Which stages are you looking at?
Post-revenue companies with a valuation under $10m and a valuation multiple below 12x.

5) What industries, geography?
We are looking at #B2B projects in sectors like #Fintech, #Cybersecurity, #B2B #SaaS, #Enterprise #Software, #Industry tech and #AI in Europe (#developed).

6) Are you ready to be a lead investor?
No, we co-invest. Ideal case for us is a round of $1,5 - 2m where we put our $100 - 200k.

7) Where did the projects you invested in come from?
Referrals from VCs or LPs of the funds where we are also LPs. Occasionally from conferences.

8) What percentage of investments are in projects that came through cold messages/emails?
We have never invested in, and do not review, cold outreach.

9) What accelerators or startup conferences do you follow/attend?
Conferences: VivaTech, Web Summit, Slush
Accelerators: YC, Techstars, Alchemist

10) What should be in the presentation to pass initial review?
- Traction and company age (ARR of $1m should be reached within 2 years of sales)
- Subject (is it a red ocean? can we understand the product?)
- Team

11) What return on investment do you expect from the projects?
10x min.

12) How important is the number of founders (1 or 2) or whether it's their first project or not?
The founder must be fully committed — no part-time founders.

13) What "unfair advantage" in projects are you looking for?
We look for defensibility. It doesn’t always have to come from technology—it can also come from a unique sales approach or another differentiator.
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Fund #F82
#active #b2b #seed #USD100k #USD1m

1) How many deals do you plan to make?
About 5–6 per year.

2) Out of 100 decks how many projects do you invest in?
We invest in less than 1%.

3) What is the average check size?
$100K–$1M.

4) Which stages are you looking at?
Companies with early revenue, predominantly.

5) What industries, geography?
We are originally from Turkey and invest in teams from Turkey, Central Asia, and Eastern Europe (lower priority) that are building international projects with global ambitions (#global).
We are looking for projects in sectors such as #B2B #SaaS, #AI, #Deeptech, #Cleantech, #Healthtech, #Fintech, #HRtech, #Edtech, and #Cybersecurity.
We do not invest in crypto projects or marketplaces.
We usually do not invest in B2C, unless the project is truly exceptional.

6) Are you ready to be a lead investor?
We prefer to co-invest with at least one EU- or US-based VC fund in each project.

7) Where did the projects you invested in come from?
Mostly through referrals from other VCs, LPs, and partners in the ecosystem. Also, we proactively reach out to projects ourselves.

8) What percentage of investments are in projects that came through cold messages/emails?
There have been no such cases so far. We read all emails and LinkedIn messages.

9) What accelerators or startup conferences do you follow/attend?
We attend local and international conferences like Web Summit, CES Tech (Las Vegas), and InMerge (Central Asia & Caucasus).
We monitor projects from accelerators such as BetterFuture (Central Asia) and 500 Eurasia (Georgia).

10) What should be in the presentation to pass initial review?
- The team, their experience and background, and previous achievements
- The problem they are trying to solve
- Current traction (if any)

11) What return on investment do you expect from the projects?
At least 10x. We are not focused only on unicorns; we also consider strong local champions.

12) How important is the number of founders (1 or 2) or whether it's their first project or not?
We prefer experienced teams with multiple founders, but there are no strict rules.

13) What "unfair advantage" in projects are you looking for?
It’s not a commonly used term for us, although it’s helpful if a project highlights something like that in the deck.
Generally, the team is more important to us than the idea. If we see a good product with a weak team, we will pass. But if the team is strong and the idea still needs refinement, we will consider it.
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Fund #F83
#active #b2c #b2b #preseed #seed #seriesA #USD500k

1) How many deals do you plan to make?
Around 25–30 per year.

2) How many projects do you review?
We invest in less than 1% of the projects we review.

3) What is your average check size?
$500k, but sometimes checks are as small as $50k or as large as $1m.

4) What stage do you invest in?
Pre-seed to Series A.
Initial traction is required; ideally $50k MRR.

5) Which industries and geographies?
#Productivity tools, #FutureOfWork, #HRTech, #FinTech, #InsurTech, #HealthTech (Digital health), #AI, #SaaS
Geography: US (mostly), Europe (lower priority). #developed

6) Are you ready to be a lead investor?
Yes.

7) Where did the projects you invested in come from?
Referrals from other funds, angels, founders, etc.

8) What percentage of your investments came from cold messages/emails?
Almost never, but we do read incoming emails.

9) Which accelerators/ratings/conferences do you follow?
Almost nothing from conferences enters our funnel.
We actively follow the leading accelerators.

10) What should a presentation contain to pass your scoring?
- the team (achievements, location)
- a big potential market ($1B+) + a clear market map
- traction

11) What returns do you expect from projects?
30–50x.

12) Is it important whether there are 1 or 2 founders, and whether this is their first project or not?
No strict requirements, but a team is better than a solo founder, and prior experience is certainly an advantage.

13) What “unfair advantage” do you look for?
This is the most valuable thing but a very rare beast.
Examples:
- the team and its deep understanding of the market
- an unusual go-to-market strategy (“outsmart the market”)
- significant technological edge
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VC Inside
Pinned message #4. The official chatbot of the VC Inside channel is finally ready to start its duties of sending projects to funds 😎 If you want to submit your project, activate the bot via this link: @VC_Inside_bot, answer a few questions, choose the fund…
We would like to share some important news 🚨

Our chatbot @VC_Inside_bot now has a new feature. You no longer need to use hashtags to find a suitable fund—you can now use the help of an AI assistant.

To do this, simply open the chatbot, answer five questions about your project, and click the ‘Ask AI’ button. The AI assistant will then suggest which funds from the channel are the best fit for your project.

We hope this will make it easier for you to find the right fund 🕵️‍♂️
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VC Inside pinned «We would like to share some important news 🚨 Our chatbot @VC_Inside_bot now has a new feature. You no longer need to use hashtags to find a suitable fund—you can now use the help of an AI assistant. To do this, simply open the chatbot, answer five questions…»
Another update - the description of the Fund #F15 has been changed. Here is a new description (the previous message has been deleted).

Fund #F15
#active #b2b #seed #USD1m

‎1) How many deals do you plan to do?
6–8 per year.

‎2) How many projects do you review?
Around 400 per year.

‎3) What is your average check size?
$1.5m initial check.
Up to $7m including follow-ons.

‎4) What stage do you invest in?
Mostly Seed-stage companies with initial revenue. For #deeptech, we may invest before revenue.

‎5) Which industries and geographies?
Europe (the fund is based in the UK) and the US, #developed.
80% #Infrastructure: #Devtools, #Robotics, #Hardware infrastructure, #Energy infrastructure.
20% Application layer (B2B tools) and #Fintech.
#B2B only.

‎6) Are you ready to be a lead investor?
Yes. We lead around 30% of our investments.

‎7) Where did the projects you invested in previously come from?
Most opportunities come through referrals from other funds or fellow founders.

‎8) What percentage of your investments came from cold messages/emails?
We read inbound messages, but the probability of investment is very low. We have not made any investments from cold outreach in the current fund.

‎9) Which accelerators/startup rankings/conferences do you follow?
We occasionally review accelerator batches, mainly to understand market trends. We regularly attend conferences, although we mostly meet other funds there rather than source startups.
The main conferences we attend are Slush (by far the best in Europe), How to Web (Romania, deeptech), SaaStr (not as good as it used to be), SaaStock (Dublin), Bits & Pretzels (Berlin), South Summit (Madrid), and TechChill (Latvia).

‎10) What should a pitch deck contain to pass your screening?
- a project should fit our investment focus
- team
- traction

‎11) What returns do you expect from investments?
Our goal is for every investment to have the potential to become a fund returner (30–40x on the initial check).

‎12) Is it important how many founders there are (1 or 2), and whether this is their first project?
It is not a red flag, but in general we prefer teams with more than one founder and founders who are not first-time entrepreneurs.

‎13) Is an “unfair advantage” important in projects?
We rarely use this term. Instead, we focus on founder–product fit.
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