Today Point Nine, the Pan-European early stage venture capital firm focused on SaaS and digital marketplaces, launches its fifth fund called ‘P9 V’, a €99,999,999 seed fund. With ‘P9 V’, Point Nine will double down on its strategy to back seed-stage B2B SaaS and B2B marketplace startups anywhere in the world. The new fund will…
What if a founder could become a co-owner of the fund that’s investing in their company? While it may sound a bit out of ordinary, this is exactly what the VC firm Kindred Capital envisions. The company has come up with a new model for VC and it seems to be working, as the firm has announced paying back €5.4M to founders of the companies it has invested in. The announcement comes after Kindred Capital revealed it has secured €88.1M in its second seed funding round.
Kindred’s portfolio displays higher funding success
Quoting Dealroom data, Kindred says, about 19% of startups that raise seed funding go on to raise Series A within 36 months. On the other hand, the firm says that 54% of its Fund I portfolio successfully raised Series A funding within 3 years, which can be attributed to the equitable venture model.
In Fund I, Kindred Capital invested in 29 companies across Europe. Some notable investments include Five, the company creating software layer for autonomous vehicles; Paddle, which enables firms to sell their software products; Pollen, the invitation-only peer-to-peer marketplace for experiences and travel; Disperse, the AI enabled construction startup and more. Kindred has also commenced investing from its second fund with 10 seed investments in companies such as BotsAndUs, Gravity Sketch and Beit.
“We are delighted with the success of our first fund, and excited to announce that our second fund was significantly oversubscribed and which we’ve now closed at €88.1M. We originally entered the UK seed stage ecosystem with ambitious goals, to invest in around thirty high quality UK technology companies per fund, and to introduce ‘Equitable Venture’ as a totally new way of practicing our craft,” says Partner Leila Zegna.
Equitable Venture method works?
The Equitable Venture model was introduced by Kindred Capital and the company says it works. From Fund I, the company estimates that around £5m (€5.4M) will be returned to the founders, which would otherwise have gone to General Partners of Kindred. The whole model works on the idea that Kindred Capital will share its carry with the founders in which the fund invests. It offers a collective model, wherein founders are said to actively help each other achieve their goals.
Image Credits: Kindred Capital
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Today, Kindred Capital has closed its second seed fund at approx. €88.7 million. Through its ‘Equitable Venture’, the firm gives exceptional seed-stage entrepreneurs co-ownership in the fund that invested in their businesses. Since its launch in 2015, the firm has now invested in 39 technology companies across Europe and Israel, with ten of those investments…
Pachama, the forest carbon sequestration monitoring service that tracks how much carbon dioxide is actually captured in forestry offset projects, has raised $ 5 million in fresh funding from a clutch of high-profile investors, including Amazon and Breakthrough Energy Ventures.
The investment is one of several deals that Amazon has announced today through its Climate Pledge Fund. Breakthrough Energy Ventures, the firm backed by Bill Gates and other billionaires, led the round, which brings Pachama’s total haul to $ 9 million so it can scale its forest restoration and conservation emissions reduction monitoring service, the company said.
With the Western United States continuing to burn from several fires that cover acres of drought-impacted forests and deforestation continuing to be a problem around the world, Pachama’s solution couldn’t be more timely. The company’s remote verification and monitoring service using satellite imagery and artificial intelligence measures carbon captured by forests.
It also couldn’t be more personal. Pachama’s founder, Diego Saez-Gil, lost his own home in the wildfires that tore through California earlier this year.
“We will need to restore hundreds of thousands of acres of forests and carbon credits can be the funding mechanism,” Saez-Gil wrote in a direct message.
Pachama joins two other companies that are jointly financed by Breakthrough Energy Ventures and Amazon’s Climate Pledge Fund.
Other big corporate investors also backed Pachama. Groupe Arnault’s investment arm, Aglaé Ventures, and Airbnb’s alumni fund, AirAngels invested, as did a number of prominent family offices and early-stage funds. Sweet Capital, the fund investing the personal wealth of gaming company King.com’s management team; Serena Ventures (the investment vehicle for tennis superstar Serena Williams) and Chris Sacca’s Lowercarbon Capital fund also invested in the round, along with Third Kind Ventures and Xplorer Ventures.
“There is growing demand from businesses with ESG commitments looking for ways to become carbon neutral, and afforestation is one of the most attractive carbon removal options ready today at scale,” said Carmichael Roberts, of Breakthrough Energy Ventures, in a statement. “By leveraging technology to create new levels of measurement, monitoring, and verification of carbon removal—while also onboarding new carbon removal projects seamlessly—Pachama makes it easier for any company to become carbon neutral. With its advanced enterprise tools and resources, the company has enormous potential to accelerate carbon neutrality initiatives for businesses through afforestation.”
Today marks the launch of Crista Galli Ventures, an early-stage healthtech fund that offers patient capital and deep healthcare expertise. Crista Galli Ventures partners with early-stage founders at Seed and Series A to build world-leading companies, and has tailored its strategy to the needs of ambitious healthtech entrepreneurs, and the unique industry in which they…
Over the past few years, investments in the healthcare diagnostic industry have been building momentum due to the growing awareness about the health benefits of early diagnosis and preventive care. According to the Food and Drug Administration’s (FDA), home tests can be cost-effective, quick, and confidential.
As at-home diagnostic testing gains more acceptance, many medical device manufacturers are embracing the opportunities to develop a wide range of low-cost tools, and tests along a continuum of wellness and prevention. This ranges from chronic-disease management to identifying future risks of illness.
Antelope Dx secures €9M funding
Ghent-based Antelope Dx is one such company that develops a palm-sized home test diagnostic device that allows individuals and primary healthcare professionals to access key health parameters immediately.
Recently, Antelope Dx secured €9M funding in a Series B round. The round was subscribed in a 50/50 ratio by an investment consortium led by Whitefund, and the Existing A-round investors..
A few weeks back, Antelope Dx also received a €2.2M grant from the Flanders Agency for Innovation and Entrepreneurship (VLAIO) to expand the use of its at-home diagnostic testing platform. The new round brings the company’s total funding amount, raised till date, to €14.1M.
According to Hilde Windels, CEO of Antelope Dx, Michel Baijot, chairman of Whitefund will join Antelope Dx’s board, together with Hugues Wallemacq – a Noshaq investment manager with a broad experience in the medical field.
What Antelope brings to the test
The Belgian company will utilise the funding to initiate clinical development of the urine-based self-test for Chlamydia trachomatis (CT) and Neisseria gonorrhoeae (NG).
Furthermore, the company is developing respiratory Influenza A/B and Sars-CoV-2 tests using a single swab sample, that would allow patients to test in their home. It’s also working on quantitative measurement of protein biomarkers in finger-prick blood samples.
According to the company, the fact that it offers the rare trifecta of “clinical lab performance with the ease-of-use of a pregnancy test at a consumer price tag” is its differentiating factor. The platform is based on lab-on-chip technology and aims to perform tests on any bodily fluid, without requiring complex user operations or sample preparation.
Michel Baijot, Chairman of Whitefund, comments: “We were very pleased to lead this financing round involving other solid private partners and to count Antelope Dx as Whitefund’s first investment. Antelope Dx’s innovative technology platform allows us to address the real need for home diagnostic testing as pointed and urgently requested by the current Covid-19 pandemic.”
Main image credits: Antelope Dx
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In today’s world, technology has become deeply intertwined with the medical industry. As healthcare solutions have to work for patients from all walks of life, it is essential to encourage the use of new products and technologies. In an attempt to help healthtech companies come up with such solutions, Dr. Fiona Pathiraja has launched Crista Galli Ventures, a unique venture capital fund that intends to revolutionise healthtech investing in Europe.
Early-stage healthtech fund
The former NHS radiologist, Dr. Pathiraja claims that healthtech investing is quite different from traditional VC investing, which forces companies to meet unrealistic timelines; that could spell bad news for patients. Understanding the significance of empathy in healthtech, Dr. Pathiraja and the team behind Crista Galli Ventures focuses on it.
The early-stage healthtech fund offers patient capital, along with healthcare expertise. It claims to partner with early-stage founders at Series A and Seed stage to come up with world-leading companies. The healthtech fund has customised its strategy to the requirements of aspirational entrepreneurs in the industry. It will invest in healthcare solutions that focus on deep tech, digital health and personalised medicine. And, CGV will not invest in drug discovery or biotechnology and will also steer away from devices, especially when they are non-software enabled.
Furthermore, CGV has also launched Crista Galli LABS, which intends to bring greater diversity in the industry by supporting founders from underrepresented backgrounds in their initial stages. Crista Galli Ventures operates with offices in London and Copenhagen. The firm has already invested in 15 companies such as ContextFlow, Skin Analytics, and Quibim.
As Founder Dr. Pathiraja explains, “In the medical industry, tech was once seen as the poor cousin of research and medical education. But that’s changing. Case-in-point, the Lancet and the New England Journal of Medicine both now report on digital innovations. The sector is coming to recognise the critical role that healthtech can play. Now is the perfect time to build the solutions that will shape the healthcare industry for decades to come.”
How’s it unique?
Dr. Pathiraja believes that Traditional VC fundraising cycles don’t typically work for healthtech startups faced with a complex and highly-regulated market. “Young companies are often expected to adhere to timelines that don’t acknowledge the realities of building a company in the healthcare industry. Crista Galli Ventures provides a better solution – the ability to make agile decisions, while thinking long term.”
Talking about traditional VCs, they need to return money to their investors and can begin to realise the investments only after five years following which they get returns. However, the healthcare industry works differently. It might take longer to arrive but will be successful in the end. It is important for healthtech investors to be empathetic and patient.
According to Crista Galli Ventures, unlike typical VC firms, it’s structure lends itself to this. As a single investor fund, the firm has the opportunity to grow internally without the need to fundraise.
It claims to be free from the usual five-year fund cycles, thereby allowing it to be flexible and focus on a longer time horizon – benefiting patients, companies and investors.
Crista Galli LABS: An insight!
Crista Galli LABS is a standalone investing strand, which lets CGV to invest in pre-seed startups. Besides the investment, these companies will have access to coaching and mentoring from the CGV team. At least 50% startups that receive Calli Galli LABS investment will be led by exceptional founders and help them secure later-stage funding, claims the firm.
“As a healthtech investor, we noticed a stark lack of diversity on both sides of the investor/founder table. The overwhelming need for an elite education in deep tech (MD or PhD) means that those from more diverse backgrounds are often excluded,” explains Dr. Pathiraja.
Main image picture credits: Crista Galli Ventures