Hello everyone,
(Also, please check pinned messages #2, #3, and #4 — they include the list of funds, explain the channel’s navigation system, and describe the purpose of the chatbot).
The goal of this channel is to provide up-to-date information about the investment criteria of those funds personally known to the channel’s author.
I hope this can help founders better understand what specific funds are looking for today, saving both their time and the funds’ time by avoiding blind submissions.
If any of the funds suit you, please use the official chatbot @VC_Inside_bot to submit your project to the selected funds.
(Also, please check pinned messages #2, #3, and #4 — they include the list of funds, explain the channel’s navigation system, and describe the purpose of the chatbot).
The goal of this channel is to provide up-to-date information about the investment criteria of those funds personally known to the channel’s author.
I hope this can help founders better understand what specific funds are looking for today, saving both their time and the funds’ time by avoiding blind submissions.
If any of the funds suit you, please use the official chatbot @VC_Inside_bot to submit your project to the selected funds.
👍5🔥3💯1
I’ll start with myself. Below are my answers to the questions about what projects should keep in mind when communicating with us.
#F0 Family Office Brayne.vc
#active #b2c #b2b #seed #USD200k
1) What is your investment stage, how active are you, and how many deals do you do per year?
We are not a fund but a family office, so we are evergreen and always ready to invest. Our activity level is moderate: around 5–6 deals per year.
2) How many projects do you review per month?
Around 10–15.
3) What is your average check size?
$100–200k.
4) What stage do you invest in?
We look for early-stage companies with revenue starting from $50k MRR.
Projects at the idea stage or with initial pilots only are definitely not for us — some initial revenue momentum is required.
5) Which industries and geographies?
International (#global) projects.
Industry-agnostic (#agnostic), but preferably #B2B and except for we do not invest in crypto, deeptech, credit fintech, and hardware.
6) Are you ready to be a lead investor?
No.
7) Where do projects mostly come from?
Personal network, funds, and syndicates.
8) What percentage of your investments came from cold messages/emails?
Approximately 0%.
9) Which accelerators/conferences/startup rankings do you follow?
We attend conferences such as Vivatech, GITEX, Emerge, and WebSummit.
Among accelerators, we currently only follow EWOR.
10) What should a pitch deck contain to pass your initial screening?
The main goal is to spark interest — most questions are asked later during the interview. In the deck, it is important to describe the team, clearly convey the core idea of the project, explain the logic behind the projected revenue, provide examples of customer experience, and describe the competitive landscape and how it is evolving.
11) What returns do you expect from investments?
At a minimum, the level of return multiples should equal the projected project holding period (e.g. 3x in 3 years, 5x in 5 years, etc.).
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
It is preferable that this is not the founder’s first project.
13) Is an “unfair advantage” important in projects?
Yes. It is important that the team has knowledge, connections, or experience that would be difficult for competing teams to replicate.
#F0 Family Office Brayne.vc
#active #b2c #b2b #seed #USD200k
1) What is your investment stage, how active are you, and how many deals do you do per year?
We are not a fund but a family office, so we are evergreen and always ready to invest. Our activity level is moderate: around 5–6 deals per year.
2) How many projects do you review per month?
Around 10–15.
3) What is your average check size?
$100–200k.
4) What stage do you invest in?
We look for early-stage companies with revenue starting from $50k MRR.
Projects at the idea stage or with initial pilots only are definitely not for us — some initial revenue momentum is required.
5) Which industries and geographies?
International (#global) projects.
Industry-agnostic (#agnostic), but preferably #B2B and except for we do not invest in crypto, deeptech, credit fintech, and hardware.
6) Are you ready to be a lead investor?
No.
7) Where do projects mostly come from?
Personal network, funds, and syndicates.
8) What percentage of your investments came from cold messages/emails?
Approximately 0%.
9) Which accelerators/conferences/startup rankings do you follow?
We attend conferences such as Vivatech, GITEX, Emerge, and WebSummit.
Among accelerators, we currently only follow EWOR.
10) What should a pitch deck contain to pass your initial screening?
The main goal is to spark interest — most questions are asked later during the interview. In the deck, it is important to describe the team, clearly convey the core idea of the project, explain the logic behind the projected revenue, provide examples of customer experience, and describe the competitive landscape and how it is evolving.
11) What returns do you expect from investments?
At a minimum, the level of return multiples should equal the projected project holding period (e.g. 3x in 3 years, 5x in 5 years, etc.).
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
It is preferable that this is not the founder’s first project.
13) Is an “unfair advantage” important in projects?
Yes. It is important that the team has knowledge, connections, or experience that would be difficult for competing teams to replicate.
❤6
Moving on to third-party funds.
Fund #F1
#NOTactive #b2b #seed #USD250k
1) What is the fund’s stage, how active are you, and how many deals do you do per year?
The first fund is fully invested. During the active phase, we were doing 2–5 deals per year. We plan to resume activity in the second half of 2024.
2) How many projects do you review per month?
We screen around 100 projects per month, of which we take a closer look at 10–30.
3) What is your average check size?
$100–300k.
4) What stage do you invest in?
Seed-stage projects with revenue and technology.
We invest in technological areas where we have in-house expertise.
5) Which industries and geographies?
Russian-speaking founders with global (#global) ambitions.
The fund’s website outlines the main priority verticals, including Industry 4.0, AgroTech, Agricultural Machinery, EnergyTech, Big Data & Machine Learning, and Industrial Internet of Things.
#Industry #Agrotech #Energytech #ML
Primarily B2B-focused.
We do not invest in crypto, gaming, or B2C projects.
6) Are you ready to be a lead investor?
Yes.
7) Where did the projects you invested in previously come from?
International accelerators, conferences, market monitoring, and our network.
8) What percentage of your investments came from cold messages/emails?
None. All projects were either sourced proactively by us or came through personal connections.
9) Which accelerators/startup rankings do you follow?
We monitor startup communities and accelerators that accept Russian teams. Examples include Emerge, TechAsia, Accelerasia, and others.
10) What should a pitch deck contain to pass your screening?
In addition to the standard sections, the deck should include a “why we will succeed” slide and a clear investment ask — these are sometimes missing.
11) What returns do you expect from investments?
3–4x.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
Not critical, but 2+ founders is preferable.
Relevant industry or technology experience is more important than prior startup experience.
13) Is an “unfair advantage” important in projects?
Yes, it is important.
Fund #F1
#NOTactive #b2b #seed #USD250k
1) What is the fund’s stage, how active are you, and how many deals do you do per year?
The first fund is fully invested. During the active phase, we were doing 2–5 deals per year. We plan to resume activity in the second half of 2024.
2) How many projects do you review per month?
We screen around 100 projects per month, of which we take a closer look at 10–30.
3) What is your average check size?
$100–300k.
4) What stage do you invest in?
Seed-stage projects with revenue and technology.
We invest in technological areas where we have in-house expertise.
5) Which industries and geographies?
Russian-speaking founders with global (#global) ambitions.
The fund’s website outlines the main priority verticals, including Industry 4.0, AgroTech, Agricultural Machinery, EnergyTech, Big Data & Machine Learning, and Industrial Internet of Things.
#Industry #Agrotech #Energytech #ML
Primarily B2B-focused.
We do not invest in crypto, gaming, or B2C projects.
6) Are you ready to be a lead investor?
Yes.
7) Where did the projects you invested in previously come from?
International accelerators, conferences, market monitoring, and our network.
8) What percentage of your investments came from cold messages/emails?
None. All projects were either sourced proactively by us or came through personal connections.
9) Which accelerators/startup rankings do you follow?
We monitor startup communities and accelerators that accept Russian teams. Examples include Emerge, TechAsia, Accelerasia, and others.
10) What should a pitch deck contain to pass your screening?
In addition to the standard sections, the deck should include a “why we will succeed” slide and a clear investment ask — these are sometimes missing.
11) What returns do you expect from investments?
3–4x.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
Not critical, but 2+ founders is preferable.
Relevant industry or technology experience is more important than prior startup experience.
13) Is an “unfair advantage” important in projects?
Yes, it is important.
Fund #F2
#active #b2b #seed #seriesA #USD500k
1) What is the fund’s stage, how active are you, and how many deals do you do per year?
We are not yet formally structured as a fund, but we are working towards creating one. Currently, we focus on deploying allocations during a defined investment period. Our deal stages are late-seed, seed extension, and Series A, with a target of 5–6 deals per year.
2) How many projects do you review per month?
Around 50 projects per month.
3) What is your average check size?
$500–700k.
4) What stage do you invest in?
We look for early-stage companies with revenue above $500k, a clear growth trajectory, and signs of product-market fit. We do not consider ideas, MVPs, prototypes, projects with only pilot revenue, or those with very long client conversion cycles.
5) Which industries and geographies?
We primarily focus on #global projects (including those with Russian-speaking founders). Our key sectors are vertical and horizontal #SaaS and #Fintech (excluding credit-linked products). We do not invest in crypto, deeptech, biotech, foodtech, edtech, or hardware/device-related projects.
6) Are you ready to be a lead investor?
Rarely; in most cases, no.
7) Where did the projects you invested in previously come from?
Cold outbound via databases of companies matching our thesis, partner funds, and founder introductions.
8) What percentage of your investments came from cold messages/emails?
Approximately 0%.
9) Which accelerators/startup rankings do you follow?
YC, Techstars, Antler.
10) What should a pitch deck contain to pass your screening?
Our key evaluation criteria include a large market, existing traction and signs of acceleration, healthy unit economics, product differentiation, and a strong team (education, exits, strong drive, and community references). These should be clearly reflected in the pitch deck.
11) What returns do you expect from investments?
At least 10x within 5 years.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
Not critical — it depends on the founders’ profile.
13) Is an “unfair advantage” important in projects?
Yes, absolutely.
#active #b2b #seed #seriesA #USD500k
1) What is the fund’s stage, how active are you, and how many deals do you do per year?
We are not yet formally structured as a fund, but we are working towards creating one. Currently, we focus on deploying allocations during a defined investment period. Our deal stages are late-seed, seed extension, and Series A, with a target of 5–6 deals per year.
2) How many projects do you review per month?
Around 50 projects per month.
3) What is your average check size?
$500–700k.
4) What stage do you invest in?
We look for early-stage companies with revenue above $500k, a clear growth trajectory, and signs of product-market fit. We do not consider ideas, MVPs, prototypes, projects with only pilot revenue, or those with very long client conversion cycles.
5) Which industries and geographies?
We primarily focus on #global projects (including those with Russian-speaking founders). Our key sectors are vertical and horizontal #SaaS and #Fintech (excluding credit-linked products). We do not invest in crypto, deeptech, biotech, foodtech, edtech, or hardware/device-related projects.
6) Are you ready to be a lead investor?
Rarely; in most cases, no.
7) Where did the projects you invested in previously come from?
Cold outbound via databases of companies matching our thesis, partner funds, and founder introductions.
8) What percentage of your investments came from cold messages/emails?
Approximately 0%.
9) Which accelerators/startup rankings do you follow?
YC, Techstars, Antler.
10) What should a pitch deck contain to pass your screening?
Our key evaluation criteria include a large market, existing traction and signs of acceleration, healthy unit economics, product differentiation, and a strong team (education, exits, strong drive, and community references). These should be clearly reflected in the pitch deck.
11) What returns do you expect from investments?
At least 10x within 5 years.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
Not critical — it depends on the founders’ profile.
13) Is an “unfair advantage” important in projects?
Yes, absolutely.
Fund #F3
#active #b2c #b2b #seed #USD500k
1) What is the fund’s stage, how active are you, and how many deals do you do per year?
Our model is closer to a venture studio than a traditional fund. At the early stage, we aim to secure a significant stake and effectively act as a co-founder, contributing our expertise to build the company. As a result, most of our time is spent working with existing portfolio companies, while we evaluate new opportunities selectively and complete no more than 5 deals per year.
2) How many projects do you review per month?
There is no structured pipeline.
3) What is your average check size?
Around $300–500k, but it can go up to $1m.
4) What stage do you invest in?
Pre-seed, sometimes even at the idea stage.
5) Which industries and geographies?
We mainly focus on projects in Russia #Rus or friendly jurisdictions. Key sectors include #Wellness, #Longevity, #AI.
6) Are you ready to be a lead investor?
Yes, this is inherent to the venture studio model.
7) Where did the projects you invested in previously come from?
Through personal connections.
8) What percentage of your investments came from cold messages/emails?
None — there is no channel for that.
9) Which accelerators/startup rankings do you follow?
We focus more on market trends than on specific rankings.
10) What should a pitch deck contain to pass your screening?
We evaluate the overall clarity and quality of the presentation, as well as a clear description of the idea. We look for projects where we can add value based on our expertise and network in the sectors mentioned above.
11) What returns do you expect from investments?
Ideally, a project should be able to reach revenue of RUB 1 billion within 3 years and generate RUB 1 billion in cash flow within 5 years, enabling a potential IPO.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
What matters to us is not prior startup experience, but business experience and a clear understanding of how the project will generate cash flow.
13) Is an “unfair advantage” important in projects?
We rather provide this advantage ourselves by lobbying for the project and supporting it with our network, helping it gain traction.
#active #b2c #b2b #seed #USD500k
1) What is the fund’s stage, how active are you, and how many deals do you do per year?
Our model is closer to a venture studio than a traditional fund. At the early stage, we aim to secure a significant stake and effectively act as a co-founder, contributing our expertise to build the company. As a result, most of our time is spent working with existing portfolio companies, while we evaluate new opportunities selectively and complete no more than 5 deals per year.
2) How many projects do you review per month?
There is no structured pipeline.
3) What is your average check size?
Around $300–500k, but it can go up to $1m.
4) What stage do you invest in?
Pre-seed, sometimes even at the idea stage.
5) Which industries and geographies?
We mainly focus on projects in Russia #Rus or friendly jurisdictions. Key sectors include #Wellness, #Longevity, #AI.
6) Are you ready to be a lead investor?
Yes, this is inherent to the venture studio model.
7) Where did the projects you invested in previously come from?
Through personal connections.
8) What percentage of your investments came from cold messages/emails?
None — there is no channel for that.
9) Which accelerators/startup rankings do you follow?
We focus more on market trends than on specific rankings.
10) What should a pitch deck contain to pass your screening?
We evaluate the overall clarity and quality of the presentation, as well as a clear description of the idea. We look for projects where we can add value based on our expertise and network in the sectors mentioned above.
11) What returns do you expect from investments?
Ideally, a project should be able to reach revenue of RUB 1 billion within 3 years and generate RUB 1 billion in cash flow within 5 years, enabling a potential IPO.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
What matters to us is not prior startup experience, but business experience and a clear understanding of how the project will generate cash flow.
13) Is an “unfair advantage” important in projects?
We rather provide this advantage ourselves by lobbying for the project and supporting it with our network, helping it gain traction.
Fund #F4
#active #b2c #b2b #seed #USD500k
1) What is the fund’s stage, how active are you, and how many deals do you do per year?
We are a family office rather than a fund, with a primary focus outside of venture capital. As a result, we review VC opportunities on a residual basis and complete no more than 5 deals per year.
2) How many projects do you review per month?
It varies; there is no structured pipeline.
3) What is your average check size?
RUB 20–60 million.
4) What stage do you invest in?
Early revenue stage, with first customers.
5) Which industries and geographies?
VC projects are mainly based in Russia #Rus. We do not invest in deeptech or crypto. We prefer projects with straightforward, easy-to-understand business ideas that can be grasped by a general audience. #agnostic
6) Are you ready to be a lead investor?
Yes.
7) Where did the projects you invested in previously come from?
Mostly through personal connections.
8) What percentage of your investments came from cold messages/emails?
Around 10–15% of the portfolio, although recently there have been almost none.
9) Which accelerators/startup rankings do you follow?
We do not actively follow them, as we receive sufficient deal flow through our network.
10) What should a pitch deck contain to pass your screening?
A clear and easy-to-understand business idea. If we cannot understand the project within 10 minutes, we do not proceed. If we do proceed, we look for projects where we can add value and create a competitive advantage through our involvement.
11) What returns do you expect from investments?
5x over 3 years.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
Not important.
13) Is an “unfair advantage” important in projects?
We tend to provide this advantage ourselves and look for projects where it can be applied. For example, we can support companies with access to fast debt financing, which may be relevant for certain types of businesses.
#active #b2c #b2b #seed #USD500k
1) What is the fund’s stage, how active are you, and how many deals do you do per year?
We are a family office rather than a fund, with a primary focus outside of venture capital. As a result, we review VC opportunities on a residual basis and complete no more than 5 deals per year.
2) How many projects do you review per month?
It varies; there is no structured pipeline.
3) What is your average check size?
RUB 20–60 million.
4) What stage do you invest in?
Early revenue stage, with first customers.
5) Which industries and geographies?
VC projects are mainly based in Russia #Rus. We do not invest in deeptech or crypto. We prefer projects with straightforward, easy-to-understand business ideas that can be grasped by a general audience. #agnostic
6) Are you ready to be a lead investor?
Yes.
7) Where did the projects you invested in previously come from?
Mostly through personal connections.
8) What percentage of your investments came from cold messages/emails?
Around 10–15% of the portfolio, although recently there have been almost none.
9) Which accelerators/startup rankings do you follow?
We do not actively follow them, as we receive sufficient deal flow through our network.
10) What should a pitch deck contain to pass your screening?
A clear and easy-to-understand business idea. If we cannot understand the project within 10 minutes, we do not proceed. If we do proceed, we look for projects where we can add value and create a competitive advantage through our involvement.
11) What returns do you expect from investments?
5x over 3 years.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
Not important.
13) Is an “unfair advantage” important in projects?
We tend to provide this advantage ourselves and look for projects where it can be applied. For example, we can support companies with access to fast debt financing, which may be relevant for certain types of businesses.
Family office #F6
#active #b2b #seed #USD1m
1) What is the fund’s stage, how active are you, and how many deals do you do per year?
We actively review opportunities but aim to make a limited number (up to 5) of relatively large deals per year, allowing us to be deeply involved in the development of portfolio companies.
2) How many projects do you review per month?
We receive many projects, but take a serious look at 2–3 per month.
3) What is your average check size?
$1–3m.
4) What stage do you invest in?
Early-stage companies with valuations below $20m that already have developed technology.
5) Which industries and geographies?
We focus on projects in #developed markets, primarily Western Europe. Key sectors include #HealthTech (e.g., medical devices, services, digital healthcare, but not biotech) and #Climate Tech (e.g., plastic alternatives, water efficiency, but not energy).
6) Are you ready to be a lead investor?
Yes, and we aim to hold a meaningful stake in the cap table.
7) Where did the projects you invested in previously come from?
We mostly source projects proactively in the areas we are interested in. Occasionally, opportunities come through personal connections.
8) What percentage of your investments came from cold messages/emails?
None — we tend to agree that if a project comes through cold outreach, there is often an issue with it.
9) Which accelerators/startup rankings do you follow?
We generally do not follow them, except occasionally by chance.
10) What should a pitch deck contain to pass your screening?
The sector and stage must align with our focus. The founder’s ambition should be large, and the market size should support that ambition.
11) What returns do you expect from investments?
There is no strict benchmark, but roughly 10x over 5 years. The key is clear potential for large-scale growth.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
We value a combination of entrepreneurial and industry experience, as well as the founder’s willingness to work closely with investors. Additionally, the founder should be highly driven and able to inspire others with the project.
13) Is an “unfair advantage” important in projects?
Ideally, we look for projects with developed and potentially patented technology, as well as existing relationships with potential suppliers and/or customers.
#active #b2b #seed #USD1m
1) What is the fund’s stage, how active are you, and how many deals do you do per year?
We actively review opportunities but aim to make a limited number (up to 5) of relatively large deals per year, allowing us to be deeply involved in the development of portfolio companies.
2) How many projects do you review per month?
We receive many projects, but take a serious look at 2–3 per month.
3) What is your average check size?
$1–3m.
4) What stage do you invest in?
Early-stage companies with valuations below $20m that already have developed technology.
5) Which industries and geographies?
We focus on projects in #developed markets, primarily Western Europe. Key sectors include #HealthTech (e.g., medical devices, services, digital healthcare, but not biotech) and #Climate Tech (e.g., plastic alternatives, water efficiency, but not energy).
6) Are you ready to be a lead investor?
Yes, and we aim to hold a meaningful stake in the cap table.
7) Where did the projects you invested in previously come from?
We mostly source projects proactively in the areas we are interested in. Occasionally, opportunities come through personal connections.
8) What percentage of your investments came from cold messages/emails?
None — we tend to agree that if a project comes through cold outreach, there is often an issue with it.
9) Which accelerators/startup rankings do you follow?
We generally do not follow them, except occasionally by chance.
10) What should a pitch deck contain to pass your screening?
The sector and stage must align with our focus. The founder’s ambition should be large, and the market size should support that ambition.
11) What returns do you expect from investments?
There is no strict benchmark, but roughly 10x over 5 years. The key is clear potential for large-scale growth.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
We value a combination of entrepreneurial and industry experience, as well as the founder’s willingness to work closely with investors. Additionally, the founder should be highly driven and able to inspire others with the project.
13) Is an “unfair advantage” important in projects?
Ideally, we look for projects with developed and potentially patented technology, as well as existing relationships with potential suppliers and/or customers.
Fund #F7
#active #b2b #seed #USD250k #growth #USD5m
1) What is the fund’s stage, how active are you, and how many deals do you do per year?
We are in an active phase and aim to complete 2–3 early-stage deals and up to 5 late-stage deals per year (main focus).
2) How many projects do you review per month?
We review 80–100 projects at a high level, with 15–20% progressing to deeper evaluation.
3) What is your average check size?
Early stage: RUB 5–50 million.
Late stage: from RUB 300 million up to RUB 1 billion.
4) What stage do you invest in?
From seed to growth. In all cases, there should already be some traction. Main emphasis is on late stage.
5) Which industries and geographies?
Primarily projects based in Russia #Rus. Key sectors include #HealthTech (excluding pharma), IT #Infrastructure, #B2B corporate #Software, #Microelectronics, #Robotics and, more broadly, any technology-driven B2B (including #SaaS).
6) Are you ready to be a lead investor?
Yes, we are almost always the lead investor.
7) Where did the projects you invested in previously come from?
70% were sourced proactively.
30% came through personal connections or brokers.
8) What percentage of your investments came from cold messages/emails?
Zero.
9) Which accelerators/startup rankings do you follow?
We follow market maps from CNews and TAdviser, both for tracking trends and identifying potential investment opportunities. We occasionally participate in accelerators, but they are not a priority. For startups, it is best to join top-tier programs like Sber500 or strong niche industry accelerators to gain visibility with investors.
10) What should a pitch deck contain to pass your screening?
First, it should include all standard elements and be clearly structured. We pay particular attention to the market (and the quality of its analysis), traction (and its relevance to the market), and the team. It is also important to clearly demonstrate the value the product delivers to customers with concrete examples — this is often difficult to convey, but when done well, it is a strong advantage.
11) What returns do you expect from investments?
At seed stage: 5–10x.
At growth stage: 30–50% IRR.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
Not particularly important; what matters is having a balanced team with both entrepreneurial and industry experience.
13) Is an “unfair advantage” important in projects?
We look for markets with high barriers to entry and a clear understanding of how the team builds and maintains those barriers.
#active #b2b #seed #USD250k #growth #USD5m
1) What is the fund’s stage, how active are you, and how many deals do you do per year?
We are in an active phase and aim to complete 2–3 early-stage deals and up to 5 late-stage deals per year (main focus).
2) How many projects do you review per month?
We review 80–100 projects at a high level, with 15–20% progressing to deeper evaluation.
3) What is your average check size?
Early stage: RUB 5–50 million.
Late stage: from RUB 300 million up to RUB 1 billion.
4) What stage do you invest in?
From seed to growth. In all cases, there should already be some traction. Main emphasis is on late stage.
5) Which industries and geographies?
Primarily projects based in Russia #Rus. Key sectors include #HealthTech (excluding pharma), IT #Infrastructure, #B2B corporate #Software, #Microelectronics, #Robotics and, more broadly, any technology-driven B2B (including #SaaS).
6) Are you ready to be a lead investor?
Yes, we are almost always the lead investor.
7) Where did the projects you invested in previously come from?
70% were sourced proactively.
30% came through personal connections or brokers.
8) What percentage of your investments came from cold messages/emails?
Zero.
9) Which accelerators/startup rankings do you follow?
We follow market maps from CNews and TAdviser, both for tracking trends and identifying potential investment opportunities. We occasionally participate in accelerators, but they are not a priority. For startups, it is best to join top-tier programs like Sber500 or strong niche industry accelerators to gain visibility with investors.
10) What should a pitch deck contain to pass your screening?
First, it should include all standard elements and be clearly structured. We pay particular attention to the market (and the quality of its analysis), traction (and its relevance to the market), and the team. It is also important to clearly demonstrate the value the product delivers to customers with concrete examples — this is often difficult to convey, but when done well, it is a strong advantage.
11) What returns do you expect from investments?
At seed stage: 5–10x.
At growth stage: 30–50% IRR.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
Not particularly important; what matters is having a balanced team with both entrepreneurial and industry experience.
13) Is an “unfair advantage” important in projects?
We look for markets with high barriers to entry and a clear understanding of how the team builds and maintains those barriers.
Fund #F8
#active #b2b #seed #seriesA #USD500k #USD2m
1) How many deals do you plan to make?
1–2 deals per quarter.
2) Out of 100 decks how many projects do you invest in?
We typically need to review a couple hundred decks per quarter to make 1–2 investments.
3) What is the average check size?
$0.5–2m initial check, up to $4m total including follow-ons.
4) Which stages are you looking at?
Late seed or Series A. Definitely not pre-revenue. We do not like a spray-and-pray approach — instead, we build a relatively concentrated portfolio of companies with positive unit economics, closer to a “PE approach to VC.”
5) What industries, geography?
We focus on digitizing inefficient B2B industries mostly via B2B #Marketplaces and #Platforms. Other examples could be document processing automation, ERP systems, etc. We look at projects in Western Europe and the US (#developed).
6) Are you ready to be a lead investor?
Yes, but not necessarily. We are usually on the boards of our portfolio companies, although this is also not mandatory if there is already a strong lead investor — in such cases, we can participate as a follower.
7) Where did the projects you invested in come from?
Previously, most projects came from active industry screening (which we continue to do), but recently the share of network-driven opportunities has been increasing.
8) What percentage of investments are in projects that came through cold messages/emails?
We read them, but so far have not invested in any.
9) What accelerators or startup conferences do you follow/attend?
We screen all major accelerators; among the most relevant for us is FJ Labs, we have also made several investments with projects from Antler. In terms of conferences, we usually attend Slush and local events in London, but generally prefer demo days of accelerators.
10) What should be in the presentation to pass initial review?
- A large, traditional market suitable for disruption (many market players)
- Healthy unit economics within a visible timeframe (healthy take rate for marketplaces)
- A team with deep experience in the industry they are disrupting
11) What return on investment do you expect from the projects?
At least 5x.
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
Not critical.
13) What "unfair advantage" in projects are you looking for?
We prefer to think in terms of a defensive moat (technology, integrations, product stickiness). We do not specifically look for “unfair advantage” — in fact, we prefer fair, sustainable market advantages over relationships that may disappear over time.
#active #b2b #seed #seriesA #USD500k #USD2m
1) How many deals do you plan to make?
1–2 deals per quarter.
2) Out of 100 decks how many projects do you invest in?
We typically need to review a couple hundred decks per quarter to make 1–2 investments.
3) What is the average check size?
$0.5–2m initial check, up to $4m total including follow-ons.
4) Which stages are you looking at?
Late seed or Series A. Definitely not pre-revenue. We do not like a spray-and-pray approach — instead, we build a relatively concentrated portfolio of companies with positive unit economics, closer to a “PE approach to VC.”
5) What industries, geography?
We focus on digitizing inefficient B2B industries mostly via B2B #Marketplaces and #Platforms. Other examples could be document processing automation, ERP systems, etc. We look at projects in Western Europe and the US (#developed).
6) Are you ready to be a lead investor?
Yes, but not necessarily. We are usually on the boards of our portfolio companies, although this is also not mandatory if there is already a strong lead investor — in such cases, we can participate as a follower.
7) Where did the projects you invested in come from?
Previously, most projects came from active industry screening (which we continue to do), but recently the share of network-driven opportunities has been increasing.
8) What percentage of investments are in projects that came through cold messages/emails?
We read them, but so far have not invested in any.
9) What accelerators or startup conferences do you follow/attend?
We screen all major accelerators; among the most relevant for us is FJ Labs, we have also made several investments with projects from Antler. In terms of conferences, we usually attend Slush and local events in London, but generally prefer demo days of accelerators.
10) What should be in the presentation to pass initial review?
- A large, traditional market suitable for disruption (many market players)
- Healthy unit economics within a visible timeframe (healthy take rate for marketplaces)
- A team with deep experience in the industry they are disrupting
11) What return on investment do you expect from the projects?
At least 5x.
12) How important is the number of founders (1 or 2) or whether it's their first project or not?
Not critical.
13) What "unfair advantage" in projects are you looking for?
We prefer to think in terms of a defensive moat (technology, integrations, product stickiness). We do not specifically look for “unfair advantage” — in fact, we prefer fair, sustainable market advantages over relationships that may disappear over time.
Family Office #F9
#active #b2b #b2c #seriesA #USD250k
1) What is the fund’s stage, how active are you, and how many deals do you do per year?
Unlike a traditional fund, we do not aim to deploy capital quickly, so we only invest when something interesting comes up. Typically, this results in 5–7 deals per year.
2) How many projects do you review per month?
It varies. More important is the percentage we actually invest in — around 1% of projects coming from the market.
3) What is your average check size? Are follow-ons available?
Initial checks are $200–500k to monitor project development, with follow-ons added if the project proves interesting.
4) What stage do you invest in?
Not seed stage, since such projects usually need hands-on support and we lack the personnel for that. We focus on growth-stage companies with revenue.
5) Which industries and geographies?
We consider projects globally (#global). Industry #agnostic, but more likely #Software; we do not invest in hardware, crypto, or deeptech.
6) Are you ready to be a lead investor?
No, for the same reason we avoid seed rounds.
7) Where did the projects you invested in previously come from?
Mostly from connections with other funds, but we also monitor the market and review cold submissions.
8) What percentage of your investments came from cold messages/emails?
There are definitely cases. Advice to founders: send emails directly to decision-makers and tailor the message for each fund, as you only get one chance to make a first impression.
9) Which accelerators/startup rankings do you follow?
Primarily we track portfolios of other funds or companies already in funds’ cap tables, as this increases chances for fundraising and successful exits. We also follow market trends, since trending projects have higher chances of future rounds. Advice to founders: 1) approach funds first before family offices — the latter will come later; 2) if your project is not “trendy,” target niche funds carefully.
10) What should a pitch deck contain to pass your screening?
Since we focus on growth-stage companies, we mainly pay attention to financial metrics — cash position, burn rate, and proposed pre-money valuation multiple.
11) What returns do you expect from investments?
IRR of 30%+ in USD.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
We value a balance of entrepreneurial experience (previously selling or scaling projects) and industry experience (companies and sectors they have worked in).
13) Is an “unfair advantage” important in projects?
This is more relevant at earlier rounds. At later stages, entry barriers usually already exist.
#active #b2b #b2c #seriesA #USD250k
1) What is the fund’s stage, how active are you, and how many deals do you do per year?
Unlike a traditional fund, we do not aim to deploy capital quickly, so we only invest when something interesting comes up. Typically, this results in 5–7 deals per year.
2) How many projects do you review per month?
It varies. More important is the percentage we actually invest in — around 1% of projects coming from the market.
3) What is your average check size? Are follow-ons available?
Initial checks are $200–500k to monitor project development, with follow-ons added if the project proves interesting.
4) What stage do you invest in?
Not seed stage, since such projects usually need hands-on support and we lack the personnel for that. We focus on growth-stage companies with revenue.
5) Which industries and geographies?
We consider projects globally (#global). Industry #agnostic, but more likely #Software; we do not invest in hardware, crypto, or deeptech.
6) Are you ready to be a lead investor?
No, for the same reason we avoid seed rounds.
7) Where did the projects you invested in previously come from?
Mostly from connections with other funds, but we also monitor the market and review cold submissions.
8) What percentage of your investments came from cold messages/emails?
There are definitely cases. Advice to founders: send emails directly to decision-makers and tailor the message for each fund, as you only get one chance to make a first impression.
9) Which accelerators/startup rankings do you follow?
Primarily we track portfolios of other funds or companies already in funds’ cap tables, as this increases chances for fundraising and successful exits. We also follow market trends, since trending projects have higher chances of future rounds. Advice to founders: 1) approach funds first before family offices — the latter will come later; 2) if your project is not “trendy,” target niche funds carefully.
10) What should a pitch deck contain to pass your screening?
Since we focus on growth-stage companies, we mainly pay attention to financial metrics — cash position, burn rate, and proposed pre-money valuation multiple.
11) What returns do you expect from investments?
IRR of 30%+ in USD.
12) Is it important how many founders there are (1 or 2), and whether this is their first project?
We value a balance of entrepreneurial experience (previously selling or scaling projects) and industry experience (companies and sectors they have worked in).
13) Is an “unfair advantage” important in projects?
This is more relevant at earlier rounds. At later stages, entry barriers usually already exist.