Going from Seed to Series A in Europe by Andy Leaver, Partner at Crane
Mind The Gap: Out of 100 seed funded enterprise software companies, only around 25 raise an A round - a 75% mortality rate ⚰️ It takes an average of 18 months to go from seed to Series A but the energy deployed is monumental. And lots of startups struggle to get the metrics investors are looking for to invest in an A round. This jump is strenuous -- What are the best practices you should absolutely build to increase your resilience? How do you adapt to this new phase of development? By Andy Leaver (https://twitter.com/AndyLeaver): Partner at Crane Venture Partners (https://crane.vc/), a £60M London-based fund looking for deeply technical founders building intelligent enterprise software, backing companies at the pre-series A stage all across Europe.
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Going from Seed to Series A in Europe by Andy Leaver, Partner at Crane
- 1. The VC Roadshow - Avoid Being in the 75%
- 2. 2 My Journey - 5 startups to IPO as 1st VP International
- 3. Crane invests into Intelligent Computing companies addressing the enterprise
- 4. 4 Our portfolio of 20 deeply technical companies
- 5. 5 The typical ratio of enterprise startups that make it from startup to seed to SeriesAin Europe every year c25 100 Incubators Accelerators Spin-outs Pre-funded Startups Seed Rounds >$500k Series A Rounds >$5m 100’s
- 6. ICON What are the most common mistakes founders make? • Don’t iterate often enough to focus on what customers are telling them • Fail to build an early sales process to double down on early customer wins • Scale up an expensive commercial team (VP Sales etc) prematurely
- 7. • Spending too much time with large corporate “Innovation Teams” who are not your buyer! • You’re probably not charging enough to your first customers • Not listening for upsell opportunities • Want the product to be 100% perfect • Many startups are not product led - they’re giving away too many services early on What else I’ve learned from our own portfolio
- 9. Know what investors are looking for. “Seed is a phase.” Angel Seed Late/Post Seed - Raising up to $1m - Raising on a pitch deck - Pre-product - Raising up to $1-2m - Up to c$20-50k MRR - Handful of reference accounts - Raising $2-4m - >$50k MRR - On or nearing product/market - Early repeatable sales - One or two upsells - Need to hit 1-3 key milestones to unlock a Series A
- 10. crane.vc Persons Name Job Title yourname@crane.vc +44 (0) 123 456 789 Persons Name Job Title yourname@crane.vc +44 (0) 123 456 789 Persons Name Job Title yourname@crane.vc +44 (0) 123 456 789 Persons Name Job Title yourname@crane.vc +44 (0) 123 456 789 Thank you crane.vc Thank you!! @andyleaver