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We’ve been hammering the going global recently. Why? Because it’s the future. It’s easier than ever, more vital than ever, but also as simple as a visio/call.

So if you’re a 1. France-based startup, 2. you have a multicultural/multilingual team, 3. your processes in english, and 4. maybe one or two employees who don’t speak french, here are some Nordic and German VC seed funds that have previously invested in France.

Nordic:

VC funds are split between Norway, Denmark, Sweden, and Finland, with a concentration in Stockholm. …


Covid-19 has brought uncertainty across the world and has disrupted our bearings. As we gathered with the team to think about handling of the crisis and how we should adapt, we analyzed examples of psychological forces that proved critical throughout turmoils and we found inspirations in Israeli experiences.

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Once a pasture land, Tel Aviv now blooms as an international business capital

1. Status quo bears the greatest risks

Many in Israel express a sense of anxiety about a looming catastrophe and the geopolitical situation of the country. For them, the future is not the continuation of the past and that surprises can come from every direction.

That mindset gives the strength to overcome a major feature of the human brain, that we despise risk and that the pain of losing is psychologically about twice as powerful as the pleasure of gaining, often leading to a preference for status quo. It helps conjuring a fallacy, “The illusion that we understand the past fosters overconfidence in our ability to predict the future”, which was exposed by Daniel Kahneman and Amos Tversky. …


Not all revenue is equal. Figuring out how strong yours is remains key for the future of your business, especially in a post-covid world and the likely crisis.

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Typical result for the “cigarette analysis”.

When facing troubles, most entrepreneurs (me included) have a tendency to apply a macro risk and global hypotheses to their business. For example, they will assume “overall revenues down 20% vs budgeted for next 6 months.” However, the latter does not make sense and ignores basic assumptions that could put your business at serious cash flow risk. Each client must be quickly analyzed.

At Newfund, we have developed just that: a practical tool to analyze the strength of revenues streams for any B2B startups. It takes 15 minutes and any early-stage company can (and should do it). You can find it HERE and you’ll find a tutorial on how to use the tool at the end of the article. …


Ever since Newfund Capital landed in the US in 2013 via a “flip” of one of its portfolio copmpanies, its american-ess has progressively increased : 1/3 of our investments are state-side, 15% of our LPs live in the US, and we have opened an office there. Combining our experiences as entrepreneurs in the US then as investors, here is a mini-guide to direct you in your thoughts of fundraising in the US.

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You are an international startup and you wish to raise with seed funds based in San Francisco? …


Depuis que Newfund a pris pied aux Etats-Unis en 2013 via le ‘flip’ d’une de ses participations, sa part américaine a progressivement monté : les investissements US représentent un tiers du total ; 15% de nos LPs vivent aux Etats-Unis ; et nous avons un bureau permanent dans la Bay Area depuis tout juste trois ans. Autant dire qu’il n’y a pas de fonds de VC parisien plus américain que Newfund. Donc voici un mini-guide pour vous aiguiller dans votre levée aux US.

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Vous êtes une startup européenne et vous souhaitez lever auprès de VCs basés à San Francisco? Pour commencer, voici les 3 best practices des fonds US, afin de vous aider à comprendre les règles clés et éviter les principales…


With a massive slowdown of our inbound deal flow due to Covid-19, we decided to pause proactive investments for two months (apart from committed term sheets & hand shakes) and ask ourselves how we could be more useful to our founders?

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55% of total registered on the Newfund slack are DAU, 75% are WAU.

Although this strategic evolution of being more than just a venture capital fund was initiated a few years ago, like Satya Nadella said about Microsoft, we believe we were able to do in 2 months what we had planned to achieve for all of 2020.

So let’s tell you a bit more on how we strive to be useful for our entrepreneurs. …


With the Covid-19 crisis hitting all data points at full speed, valuations as of Dec 31st, 2019 became obsolete. We needed a new tool to assess the health of our portfolio for internal prioritization as well as LP reporting. In this article, we share our methodology as implemented at the end of April 2020.

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We sorted startups by the number of strength factors and we got this image at the end of april.

Part I: Situation analysis

Newfund has 55 active portfolio companies in France (65% of portfolio value) and 30 in the US (35% of value). Below is our portfolio split by geography:

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Newfund portfolio split by HQ

In the week of April 20th, we conducted a survey with our 85 startups. 98% participated. The first conclusion was that the slowdown was more evident in France than in the US. Just 52% of french startups remained operational* compared to 75% stateside. …


If you prefer to download directly the check sheet, download is here.

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Make sure you check most boxes to optimize round size and valuation in a future Series A!

Newfund recently announced its 3rd series A refinancing in a row over the last three months. First came FairMoney with Flourish Ventures & DST partners. Then Fairmarkit with Insight Partners. And a few weeks ago, came Young Alfred with Gradient Ventures, Google AI fund.

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They all had in common: $10M+ Series A, american VC funds leading the rounds, and their Product Market Fit (“PMF”) validated. Their road to value creation and social success remains long, with plenty of work and roadblocks ahead.

In this article, we share learnings from their experience raising their Series A in order to help all entrepreneurs raise their Seed, Series A, or even Series B. We found 6 criterias common to all three startups that were essential in assessing their Series A readiness and here they…


[If you came for the maps of the French ecosystem, just scroll below — last updated Sep. 14th, 2020
⚙️ NEW: Excel download here]

In order to help entrepreneurs target the right funds and avoid wasting time reaching out to the wrong funds, we have worked hard these past few weeks to build the most comprehensive maps of the different french ecosystems currently available. We work on it every week and we will update them throughout 2020.

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A fund is considered active if at least 1 fund has been raised in the past 5 years, and 1 investment has been made in the last 12 months. …


Négocier un pacte d’actionnaires avec un entrepreneur est un combat inégal. D’un côté, un investisseur professionnel en négocie 5 à l’année, de l’autre un entrepreneur découvre très souvent toutes ces définitions dont il a entendu parler via amis et le web.

Le plus dur est que souvent, par zèle légal, le conseil des entrepreneurs va donner une approche théorique au pacte, multipliant les frictions et ralentissant la procédure considérablement. Donc pour vous aider, voici les 5 principaux articles d’un pacte avec argument pour et contre:

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1. Incessibilité des titres:

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En général, en seed, les nouveaux investisseurs souhaitent que les entrepreneurs soient à 100% dans leur startup, le business étant tellement jeune qu’un peu de dispersion pourrait entraîner rapidement sa chute. …

About

Augustin Sayer

Principal @ Newfund Mgmt | https://about.me/augustinsayer

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