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Where once there was a diverse array of flashy media on the London Tube, now I am barraged with Transport for London ads reminding me to mind the gap. While the gap between the platform and trains is easily missed, the growing gap between digital and traditional advertising is certainly unmistakable. In this article, we go over the nuts and bolts of digital advertising, dissect the digital boom of 2020 and the rise of SVoD and e-Commerce, analyse the Google-Facebook ad tech duopoly, and look forward into the future of digital advertising in a post-COVID and cookieless world. In sum…


In this article, we take a deep dive into the relations between China and its private sector. In dissecting the Chinese Dream and Xi Jinping’s agenda, we argue that both public-private relations and investment in China are actually predictable, if you know how to look at the big picture from a contextualised approach. To do so, we look at the Chinese Dream and Xi’s personal agenda as the primary agents dictating every move within China’s economy. Then, we recall the recent events surrounding Jack Ma and his companies Alibaba and Ant Group that warrant this scrutiny. Following this, we discuss…


In this article, we look at contrarian investing and how to overcome herd mentality when investing. The availability of tracker funds or ETF marketed at low cost by brokers have made it increasingly easy and simple to follow the crowd. But is it still paying off to go the extra mile and beyond the majority sentiment?

Whenever you find yourself on the side of the majority, it is time to reform (or pause and reflect). ― Mark Twain

Modern democracies are underscored by the majority rules principle. In modern elections, 51% determines the leader of a country (unless we’re talking…


In this article, we go over the basics of traditional value investing, critique assumptions about value in light of disruption, and offer a holistic new solution to appropriately apply the tenets of value investing to the dynamic tech sector.

THE BASICS

Popularised by Benjamin Graham’s 1949 book The Intelligent Investor, value investing is an investment strategy that buys undervalued stocks for cheap, but focuses on the intrinsic value of a company in the long-term. Undervalued stocks are those that appear to be trading for less than their book value. The strategy derives from the observation that the market can overreact (or underreact)…


So you want to join the 21st century by investing in technology, but you don’t know where to begin?

The last few decades centred on real estate, and many of us, or our parents, have benefitted from this by buying a first home, maybe even a second one. You or your parents did this by taking advantage of ever-increasing real estate prices and affordable mortgages. But how do we translate this success into investing in technology? Can we employ real estate investment strategies to that of tech? At Altio, we think so. …


The Venture Capital (VC) firm Accel has shown the world how to monetise 7.5bn USD worth of tech firms in 3 months following the successful IPOs of Slack, Crowdstrike and PagerDuty. Andreessen Horowitz (Slack, PagerDuty, Pintrest, Lyft) and Bessemer (PagerDuty, Pinterest) have also done similarly well in this stream of tech IPOs. More and more funds are following the Series B through to IPO route.

Source: Venture Pulse, Q4’18, Global Analysis of Venture Funding, KPMG Enterprise. *As of 12/31/18. Data provided by PitchBook, January 15, 2019

Why is this and what does it mean for smaller VCs and business angels?

Essentially, we have observed 3 major market shifts:

  1. VC fund raises are getting larger in real terms as a natural consequence of larger ticket sizes at the Series B level

Raising cash to pursue the networking effect — growth at a rate that allows you to dominate your space — is one of the core investment thesis behind technology. But balancing goals is also important and a single-minded focus on this should not blind us from another core priority: excellent product. Excellent product combined with reasonable sales investments based on pre-set KPIs will allow you to navigate unpredictable ground and is likely to substantially increase your chances of success and reach the desired networking effect

The networking effect is a tool that can be used at all levels, but deploying…


Why is a SaaS business a good match to Venture debt?

As discussed in our previous piece, Venture debt is useful for companies who are still in the cash burn phase (negative cash flows) or lack the collateral required to access traditional debt.

This is very relevant to the SaaS business model since development costs are usually high before the first minimum viable product is created. After that there are additional costs to acquire customers, and it generally takes a while before a company starts to generate revenue. So after putting in the effort at the start and just as…


Venture debt — a tool for financing a growing business

Quick overview

Venture debt is a useful tool for startups and growing companies who are still in the cash burn phase (negative cash flows) or lack the collateral required to access traditional debt. This means venture debt is available earlier than traditional debt in your capital structure, usually whilst your business is younger and in the steepest part of its growth.

When does venture debt become available?

Venture debt is available when a firm reaches a certain level of maturity. For a startup, this is a milestone governed by its…


Why does it take so long to raise Venture Capital to finance a good SaaS business?

We know that the time taken to raise financing can run into the hundreds of hours. Here we go over three of the reasons why this can be the case and some points to consider to make the process more efficient.

Slower Growth

In the VC world, stable sensible growth doesn’t cut it. Explosive growth is what’s needed, VC’s are ultimately hoping to invest in a company that can dominate its sector. There is a focus on the Series A rounds and above where…

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Welcome to our blog where we’ll publish our insights into the future of investing.

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