Better Origin’s X1 unit, deployed in the UK countryside

Fly prides itself on following an anti-thesis investment style. Our job is to remain highly reactive to the market, find enlightenment through the founders we meet and navigate opportunities via visceral curiosity in the problem addressed. I can think of no better example of this style than our recently announced investment in Better Origin.

A few months ago, if you asked me to list 20 markets ripe for disruptive investment, I am positive that poultry would not have made the cut. …


I’ve always loved the adage “celebrate the little wins because no one else will”. If you can’t lightly revel in your victories it’s unlikely that you’ll maintain the energy to persevere through the setbacks. And that’s one thing this year has thrived in: setbacks. Most can agree that few years have been as awful as 2020, but despite these 12 awful months we have achieved several small milestones as a firm and portfolio. In the spirit of celebrating the wins, here is Fly’s 2020 by the numbers:


Photo by Josh Calabrese on Unsplash

One of the more unique aspects of Fly Ventures’ go-to-market approach to investment is our two-team operating model. Our team is built to serve the unique needs of Enterprise and Deep Tech startups and aligns with the two main priorities for our early-stage founders: building and selling. We’ve operated with this model since our founding in 2016 and we’ve received very positive feedback from co-investors, LPs and startup founders. We make no secret that this setup is one of our biggest drivers of value in both selecting investments and supporting the companies that we back. However, despite being in operation…


Photo by Tingey Injury Law Firm on Unsplash

Investment documents and term sheets can be very foreign and intimidating to first time founders. While there is a lot of content available for entrepreneurs (here, here, here) much of it is generalized or slightly abstract from an actual deal. At Fly we are strong believers in radical transparency. In that light, we’re publicly sharing our term sheet template for equity investments. We hope this sheds light on what can be an opaque element of the fundraising process. More importantly we want to be 100% clear with what our standard deal is. …


There’s a lot for founders to hate about the fundraising process and the opaque decision process that funds can have. At Fly we are strong believers in radical transparency. In that light, we’d like to summarize our approach to making seed investments. We hope this sheds light on what we value as a team and provides founders a sense of where they stand if we’re lucky enough to be speaking with them.

Photo by Maxime Montabord on Unsplash

Like most funds we always prefer to meet founders long before they raise. Regular check ins over time allow relationships to form more naturally and provides a better…


Fly Ventures was launched in 2016 to fill a hole in the European startup ecosystem. Despite a huge growth in aggregate funding we saw little capital specifically tailored on investing in what we feel is Europe’s great opportunity: Enterprise and Deep Tech startups. Founders leading companies in these sectors face a host of unique challenges: long sales cycles, organizational inertia, extensive product development, high capital requirements and generally slow initial growth. Founders deserve an investor that’s well-calibrated to these challenges and for the past three years we’ve exclusively focused on building just that. …


Photo by Kevin Ku on Unsplash

Any investor, no matter stage, sector or asset class has been asked one question over and over for the past several weeks: how is COVID-19 impacting your investment strategy? COVID-19 has permeated every element of modern culture so it naturally comes up in all of our (virtual) chats with founders, VCs and LPs. Most firms are slowing down (~50% reduction seems to be the average), some freezing completely and all are adapting in real time. When asked, our response at Fly Ventures has been “we’re doubling down on Deep Tech”.

What is Deep Tech?

Fly invests in two key segments of the broader Seed…


Photo by Adrien Olichon on Unsplash

The world has been shaken by the global COVID-19 pandemic, which makes it a difficult time to be a startup. As a founder, you must safeguard the survival of your company and position it for advantage when recovery begins. Although the scale and speed of this pandemic is unprecedented, the economic impact will likely mirror past recessions.

The COVID-19 impact seems particularly acute for early stage enterprise startups, but there are time-tested tactics that can ensure success. This post is a synthesized version of guidance we’ve been providing our early-stage, enterprise portfolio over the few weeks. …


I pushed for 24 books this year and came in one shy of that goal. Disappointing to be sure, but considering last year I clocked in only 11, I’m pleased with the increase. This year I took the approach of reading two books at the same time, one fiction and one non-fiction, which worked really well. I still find difficulty in abandoning a book, which is something I need to get over, I know. For 2020 I’ll likely expand my non-fiction interests beyond Silicon Valley lore and decision science. For fiction I’ll do the opposite and lean into thrillers, fantasy…


What we learned from our biggest ever fundraising cycle

Last week concluded the first official Investor Month at Entrepreneur First in Europe. This four week effort aimed to maximize the exposure between our Europe11 cohort and the wider investment community. While we’ve run investor office hours for several cycles now, this cohort saw an order of magnitude increase in size, scale and complexity. Europe11 was the largest cohort in EF history at 29 teams and the first “full scale” cohort comprising of three sites (London, Berlin and our newest site, Paris).

Facilitating this many teams in this many locations required a drastic overhaul of our planning and process. By…

Matt Wichrowski

Partner at Fly Ventures

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store