Jacob Bernstein

It was fantastic to have been a panellist at today’s EntreConf and EntreConf Awards, a vibrant two-day conference for entrepreneurs and advisers. I was joined on the ‘Funding Routes’ panel by Richard Spilsbury of Link Stone Advisory, David Goodall of FW Capital and Paul Duggan of Blake Morgan LLP. Key takeaways from our discussion, which was moderated by Greg Ingham, formerly of Future Publishing LLC, included: 💰 The market is much more positive than headline figures suggest. There are lots of options out there for those seeking funding. 💰From VC and CVC (Corporate Venture Capital), to off balance sheet investments by the big strategics, as well as family offices, HNWs, debt, grants and invoice discounting, there are plenty of routes depending on what stage you are at. 💰A VC will look at your business differently to a CVC. A VC will be assessing your business plan, the expertise of the team and whether they can deliver and scale the business, as well as whether the problem/solution you are addressing is big enough to lead to scalability. They will also look at your routes to market, financial performance and quality of earnings, with recurring revenue being the nirvana. 💰 A CVC wants to see all of the above - but also where your business fits within their strategic roadmap to use their investment to accelerate their innovation. 💰Although there is a cost of raising capital to a business, the benefits of having the right investors on board is vast and a driver for turbo-charging growth. 💰When you're looking to create your target list from the universe of investors, ensure you include sector focus funds who will be targeting businesses within your industry to find the best fit. #fundingroutes #entreconf #investment #capitalraise

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UK Cleantech VC panel takeaways Oh the joy of hosting a panel with the experience and gravitas to speak unequivocally! Great job, Avent Bezuidenhoudt, Rowan Bird, Sarah Mackintosh We focused on the UK’s strengths (which don’t need repeating) and some ideas for improvement, which really do. What does UK cleantech need? - UK policy stability (maybe years, not months) - policy credibility - dialogue between policy and climate tech: collaboration beats distrust - policy priority on outcomes - continued financial innovation, especially around hardware, manufacturing, working capital, FOAK - blended finance that crowds in, not crowds out - more targeted collaboration from industry (pilot projects are a mixed blessing) - better relations with Europe To achieve our (government mandated) obligation to net zero, cleantech VC is not asking for stimuli or subsidies, but for government consistency. It’s Kafka-esque, yet an extraordinary statement of strength. #venturecapital, #cleantech, Rishi Sunak, Liz Truss, Cleantech for UK, Solar Energy UK, BGF, Department for Energy Security and Net Zero

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Take a look at our latest article! It is interesting to see how funds and startups might react to our changing macroeconomic environment!

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Summary: The article discusses the current challenges faced by VC firms in attracting new capital, but highlights how established firms like Kleiner Perkins are still able to raise large funds. It also touches on the potential impact of AI on investment strategies. Key takeaways: Many VC firms are struggling to secure new capital in a tepid IPO environment. Established, brand-name firms like Kleiner Perkins are still able to raise significant funds. AI is emerging as a potential game-changer in the investment landscape. Counter arguments: It may be premature to attribute Kleiner Perkins' fundraising success solely to AI; other factors could also be at play. The article may overlook smaller VC firms that are also finding success in fundraising. #venturecapital #vc #venture #startups #artificialintelligence

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As the due diligence planning starts off, buyers will typically scope out financial and tax, legal teams and commercial due diligence but rarely is tech included, despite the potential significance tech can have on any deal. Similarly post-acquisition plans rarely anticipate IT work streams beyond replacing the systems of one company with another. This ‘black box’ approach to tech in acquisitions can be extremely expensive, leading to significant unplanned post acquisition cost and delay. Find out more in our blog - https://lnkd.in/eWdTxzcc #tech #acquisitions #duedilligence

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I couldn’t agree more with this. While potential is often times evident and undeniable, a lot more lies on leadership and quoting from the post below. “The best leaders are purposefully made. Always. They are never born.” I believe in a fine blend of leading with your heart and mind (brain if you wish). I think this can only be learned intentionally and under the right tutelage else, the stickiest which is the later overpowers, and may not be optimal in decision making. I believe spendng sometime in quite structured environments prepares one for the nebulous sphere that the entrepreneurship ecosystem brings. Then, to every rule, there are exceptions.

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It's been interesting over the past couple of weeks to step back and reflect on the themes that have emerged from our early Assembly Ventures portfolio. In particular, we've taken a look at investments through the lens of the United Nations Sustainable Development Goals. These targets may seem squishy to some, but in my view, also align with a laser focus on business results. Not buying the argument yet? Affordable and Clean Energy (SDG 7): We've invested in Our Next Energy (ONE), commercializing technology that drives the adoption of clean energy solutions, such as grid storage and electric vehicle batteries. Industry, Innovation, and Infrastructure (SDG 9): Our Mobility 4.0 framework embodies our commitment to revolutionizing the digital and physical infrastructure layers that underpin future mobility systems. Integration can create systems that are not only efficient but also sustainable and scalable. This unusual holistic approach ensures that our investments support resilient and innovative industrial ecosystems. Responsible Consumption and Production (SDG 12): We invest in and support startups that leverage AI, data analytics, and advanced sensors to drive profitability and sustainability at industrial scale. Companies like Sortera Technologies, Inc. create true material circularity through innovative recycling technologies, thereby reducing waste and fostering a circular economy. This is about more than a feel-good impact. We're talking about real financial returns, industrial resilience, and economic security for the western world. #VentureCapital #CleanEnergy #Innovation #Sustainability

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Recent M&A market performance is showing significant signs of recovery from the lows of H2 2023, with the growth in PE and PE-backed deals leading the charge.

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Striking: Zenobē, a UK climate tech startup, raised £600m from KKR and £270m from Infracapital, bypassing VC entirely. Zenobe captures excess energy from wind farms to stabilize the grid and reduce gas power reliance. This means: Zenobe secured one of 2023's biggest startup fundraises — without any venture capital. #battery #fundraising #venturecapital #energystorage #infrastructure #growthinflection Sifted: https://lnkd.in/g8wF-xA5

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It was a great pleasure attending the Operating Partner Forum in London this week and engaging in thought-provoking discussions with industry peers, sharing best practises and learning how they are tackling some of the headwinds we are facing. The event covered a range of topics, but high on the agenda was the digital strategy and how to leverage AI as a driver of value creation. Here are my top three takeaways: #1 AI is coming, but getting the fundamentals right matters more: While AI has great potential and we will see significant product enhancements and productivity boosts opportunities in the near future, the real value today comes from getting the basics right. Strong processes, controls, an effective operating model, and robust data structures and systems are crucial for success. #2 Data maturity and organizational readiness: It's essential to assess and improve your organization's data maturity to ensure readiness for advanced analytics and AI implementation. This is a journey not a sprint. #3 Clear ownership of the digital agenda: Clearly distinguish between IT roles (infrastructure, architecture, cybersecurity) and data analytics roles lead by business and addressing business needs. This separation helps ensure we are addressing effectively real business needs and driving the digital strategy forward. #operatingpartnersforumeurope #operatingpartner #valuecreation #privateequity #carveout #transformation #parlementiacapital https://lnkd.in/ee_s_Gdb

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🔥 VNXD Private Equity 🔥 If I had a pound for every time someone suggested this (included many of the M&A Advisers we deal with), I'd have.... a lot of pounds! But seriously, in the last 5 years, we've amassed 20,000+ board advisers, many of whom have built and exited their own companies. Nearly 5,000 members have also indicated they're open to investing in companies, whether actively as Board Advisers or passively, if the right opportunity arises. So.... We’ve got 20,000+ highly connected members, advising tens of thousands of boardrooms, with over 80% of our members telling us they were appointed specifically to help with strategic and exit planning strategies. Hmm... And let's talk about the level of funds – those indicated investment sums are now in excess of £450,000,000. Imagine if we decided to do something.... The potential impact is enormous. We could drive significant strategic growth, create more successful exits, and provide substantial investment opportunities. The possibilities are truly limitless. 🚀💼 But that's not in our plans and we are not a regulated vehicle so this post, as they say, is pure parody. Or is it? 😜 #StrategicGrowth #BoardAdvisers #InvestmentOpportunity #BusinessPotential #NextLevel #InnovateToGrow #ecosystem

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Another wild day. 🙃😉🙃😉 4 new opportunities brought to our Operator Network cohort of PE, VC and Family Office clients. One is particularly interesting on a number of levels but largely because it’s a carve out of a £1bn+ Family Office portfolio…. £1.5m revenue D2C with 60% GMargin. Exceptional client list of MRR subscribers. Another opportunity involved an eco/retrofit business who have just done £1.8m revenue yr1 and growing to £8m yr2 with some cashflow finance required. There’s a £20m rev, £3m EBITDA specialist travel company raising £3m… Our vast community of Chairs and Non-Executives are plugged in to the SME deal-flow eco system. And guess what - these are largely completely “off-market”. Find out more at https://lnkd.in/eha-9Zxq #DealDirect #Virtualnonexecs

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Check out Debbie Wosskow, OBE post on how the British Business Bank is backing the Invest in Women Taskforce - a critical initiative set to enhance the impact of women investing in women. Despite women founding 40% of new start-ups in the UK, the entrepreneurial landscape for women is still fraught with challenges with just 2p out of every 100p invested going to female-led companies. However, if we were to unlock the potential of female-led enterprises, it could add an incredible £250 billion to the UK economy. Despite this opportunity securing funding remains a significant hurdle for many female entrepreneurs.   Having pitched my business to male and female investors, I know firsthand how challenging it can be. I am thankful to all our investors and very proud that Sibstar is backed by two leading female investors: Deborah Meaden and Sara Davies MBE   Forbes covered the Invest in Women Taskforce in their piece “When Women Mean Business For Women.” You can read the full article here: https://lnkd.in/ezN9AjTQ Please show your support by sharing widely.   #Fintech #Investment #WomeninFintech

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India's early-stage startup ecosystem predominantly relies on equity as its primary, and sometimes exclusive, source of funding. However, the strategic integration of debt within a company's capital structure can significantly contribute to value enhancement and cost efficiency. In my upcoming articles, we will delve into the pivotal role of debt in fostering startup growth. Part I of this series will explore debt's function in the capital mix of early-stage startups, the factors underlying its limited adoption, its significance within capital structures, and strategies for optimizing costs to attain an ideal capital structure for startups. 3one4 Capital

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"Britain also suffers from a dearth of 'true risk capital and there’s not a lot of managers who are comfortable taking the risk that is required to manage that capital. In the City of London there’s a lot of capital but it tends to be focused on low risk, low reward asset classes like gilts.'" And most of the rest of Europe is even more risk averse when it comes to investing. Value created by European innovation, technology, and entrepreneurship routinely flows out of Europe. The hard reality is that Europe is simply an extension of US capital and financial markets. European countries should lean into it and finally structure their systems accordingly. “Private equity has been the biggest driver of returns for our portfolio. I don’t think there’s extra risk — what you do give up is liquidity. Private markets work well when you have pooled assets with a long-term time horizon.” - John Graham European investors should take note. 📝 https://lnkd.in/eaDYkjig

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Investing with community (Not-For-Profit) Angel Groups offers unique advantages. These groups provide significant Tax Breaks, including a 20% carried-forward Tax Credit and a 10-year CGT Holiday. Unlike other investors, they do not charge a "Carry" fee based on profits. It's essential to recognize the diverse options available when choosing Angel Investors. #AngelInvestors #CommunityInvesting

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Want a deeper glimpse into how people are feeling in the run-up to the UK elections? 🇬🇧 This whitepaper reveals the real human emotions behind the numbers. 🔍 Using Prolific’s pool of 200k+ participants and Voiceform's #AI technology, this poll captures authentic responses on a range of key political issues. It’s got extensive insights into how the UK truly feels about: * The current Conservative Party leadership under Rishi Sunak. * Keir Starmer’s opposition Labour Party and its changing direction. * Which policies and themes register as most critical for voters. * What it could take to sway voting intentions at this stage. You can download the full whitepaper here: https://lnkd.in/e9qSTQQd #UKgeneralelection #PoliticalInsights #UKPolitics

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I couldn’t be prouder to be a Venture Partner at Isomer Capital (aka the best European FoF - at least for me) as we just announced the launch of our pioneering £100m secondaries fund. This fund is dedicated to acquiring stakes from LPs in various VC funds, tapping into a massive and largely unexplored market. 🌟 Key Highlights: - Focused Investment: Primarily targeting stakes in VC funds, with selective investments in private companies. - Robust Funding: Already over 20% funded, thanks to strong support from Nordic family offices and a German foundation. - Market Potential: With a growing number of private tech companies and a VC liquidity crunch, Europe's VC secondaries market is poised for rapid growth. - Track Record: This isn’t Isomer’s first foray into the secondaries market. As a firm we’ve done several secondaries deals with portfolio companies and VC firms, including early-stage VC Seedcamp (in 2021) and mobility giant Bolt (in 2023). - Expert Team: Welcoming the amazing Omolade (Rachel) A., formerly of Coller Capital, as a principal to lead this initiative. 💡 Investment Strategy: - 65-75% of the fund will buy "LP interest" stakes in VC funds. - 15-25% will be directed towards stakes in companies. - Up to 15% reserved for flexible investment opportunities. 📈 Looking Ahead: We're targeting returns of 2-3x, with significant distributions expected in the next 4-7 years. As one of the few players in this space, we're not just participating in the market—we're driving it forward. Read all about it here: https://lnkd.in/dc7sbC3G #VentureCapital #SecondariesFund #EuropeanVC

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🚀 Applications for Cohort 2 of the Spring Studios Launchpad are now open. Our Launchpad helps founders ideate, validate rapidly, lock in early customers, build their MVP and secure their first funding round. Founders will get: 🧠 knowledge and insights from our global VC teams on shaping a venture-backable proposition 🚪 a foot in the door with the MENA region's largest institutions 👨‍🏫 support from world-class mentors and experts with a real track record (think exited founders, serial entrepreneurs, and more) Uniquely, the Launchpad is run online and is part-time; it remains in high demand given the flexibility, structured approach and wider benefits provided. Apply now - link in the comments below. 🤝 For those in my network, feel free to reach out privately for a quick chat or additional insights into the program. Sam Yearsley, Matt Davis, Egemen Eres, Hamza T., Sawsan Arja, Josh Rodger, Zainab Khamis, Zahraa Isa, Zainab M., Mahmood Fathi, Ali Qaiser, Ivo Detelinov, CFA #startups #venturecapital #entrepreneurship #launchpad #MENA

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