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?
$200 - 400k.

4) Which stages are you looking at?
Post-revenue companies at Late Seed and Series A stages.

5) What industries, geography?
We are looking at #B2B projects in sectors like #Fintech, #Cybersecurity, #B2B #SaaS, #Enterprise #Software, #Industry tech, #Healthtech 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 - 5m where we put our $200 - 400k.

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.