Today we’ve announced Point Nine Capital III, our new €55M account. Investors in PNC III include institutional traders like Horsley Bridge Partners, Sapphire Ventures, Flossbach von Storch and Vintage Investment Partners and a variety of highly successful Internet business owners. To your existing LPs: Many thanks for your continued trust! To the new ones: Welcome on board!
When we elevated PNC II, our goal was to build a leading independent European early-stage venture capital firm. While it’s still very start for all of us, we think we’ve made good progress towards that goal within the last years. We noticed a strong dependence on a Berlin-based seed VC because Berlin was needs to become a great startup destination, yet there was not a solitary VC that was headquartered in the city.
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- Has more than 100 shareholders
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- Total Return last twelve month of almost 7.0%
- Explain the valuation of investments and financial statement presentation
- 160 The Walt Disney Company (NYSE:DIS) -38.2% 19.94 32.28
- Encouragement to Bank or investment company Amalgamation
At once, we didn’t want to limit ourselves to investing only in Berlin (or only in Germany for example) because we noticed great startups being founded around Europe (and somewhere else). New Zealand (Vend) and Japan (Gengo), so we were used to the approach already. While we wanted to be agnostic regarding geography pretty, we were heading to be focused as it pertains to stage and industry fairly.
We’d only do early-stage investments (seed and early Series A) and would concentrate on three categories: SaaS, eCommerce and marketplaces. Both Pawel and I put a background as angel investors, and because we raised a fund we didn’t want to stop our angel investor mentality. We wished to combine a founder-friendly, no-nonsense, value-add approach having the ability to make bigger investments and do more follow-on funding.
VC investing can be an extremely relationship-driven business. To be successful, you constantly need other people’s help and goodwill. What which means is that if you’re a newcomer, you should attempt to “give” as much as you can to as many people as possible in order to build long-lasting relationships. Our original goal for PNC II was to improve €30M.
€40M), but it was still a typical micro VC size. One reason behind becoming a micro VC was, of course, that we wouldn’t have been able to improve a €100-200M fund, so that it was a simple decision. 3 years later we feel urged by the early results of our strategy.
Many PNC II collection companies have raised large follow-on financings from great investors like Accel, Acton, Balderton, Bessemer, Emergence, General Catalyst, Matrix, MHS, Storm, Valar and others. In many cases, valuation has gone up significantly since our initial investment, in a few cases just as much as 10-20x and more. Finally, we’re also extremely pleased with the team that we’ve had the opportunity to build.