Good morning! We’ve raised a new fund.
We’re happy to announce that we’ve raised a new €75M fund, PNC IV.
A couple of years ago we embarked on a journey to find and back the best early-stage SaaS and marketplace startups and help them achieve their full potential.* Since then we’ve invested in more than 70 companies in more than 15 countries, including Australia, Austria, Canada, Finland, France, Germany, Italy, Latvia, the Netherlands, New Zealand, Norway, Poland, Slovenia, Spain, Sweden, the UK and the US. The new fund will allow us to continue that journey.
When a startup closes a financing round, founders and investors often (rightly) say that although the financing was a lot of effort “now the real work begins”. The same is true for us. Just like raising money is not a goal in itself for startups, raising a fund is not a goal in and of itself for a VC. So it’s not that big of a deal. That said, another €75M in our pockets of course comes with quite a bit of additional responsibility. So although we’re not celebrating the new fund as a big milestone and don’t want to make a big fuss about it: Dear LPs, if you’re reading this, rest assured, we’re not taking this lightly. :)
We also do want to take the new fund as an opportunity to thank everybody who put trust in us over the years. We’ll keep it brief and will try to minimize the amount of humblebragging that is typical for these types of thank you posts.
First, our heartfelt gratitude goes to all the amazing entrepreneurs of the #P9family. There are too many of you to name individually in this post, so instead, we’re shouting out a big THANK YOU to all of you. You’re f***ing awesome. We’re not exaggerating when we say that without your herculean efforts and the fantastic work that you’re doing every single day, Point Nine wouldn’t exist.
Secondly, we want to thank our LPs. Raising a new fund on the back of being a seed investor in these amazing startups was, in all modesty, not difficult. But there was a time when Point Nine was about as hot as London on a rainy day in autumn. That didn’t stop our early backers from investing in us. Thank you.
Thirdly, we thank all the great co-investors and follow-on investors who we’ve had the pleasure to work with in the last years. Having excellent co-investors and fellow board members is critical, and we’re very much obliged for the support that many of our portfolio companies are getting from many of our partners.
Last but not least big thanks to the entire Point Nine crew, including our alumni and advisors. You rock!
We’re eight years in now (two years as angel investors and with Team Europe, six since we started Point Nine) but it’s still very early-on. Jeff Bezos, one of the greatest tech entrepreneurs of all time, recently said it’s still Day 1 for Amazon. Based on this benchmark, Point Nine woke up just a few minutes ago.
* Every company should have a mission. This is ours!