Here we go, with a new packed newsletter for you. Let’s get into it.
📝 Solo GP-led Robin Capital announces the successful final close of Robin Fund One
📌 Braving your dreams - webinar with Rupda (Registration & more info ⬇️)
Looking for more insights? Here are the results of our recent survey results on Venture Capital Compensation in Europe, built together with Luis Llorens Gonzalez, Principal at Plug and Play Tech Center for Learning VC💡.
Emerging fund managers face countless challenges when setting up and structuring their first VC fund. The process is complex, daunting, and full of pitfalls, from navigating legal frameworks to engaging with the right service providers, the foundations you lay now will shape your growth trajectory.
That’s why we’re planning an exclusive 3-hour masterclass designed to equip emerging managers with the insights, strategies, and tools needed to tackle these challenges head-on.
10x Founders' Nico Schoenenberger on community-driven funds & mastering follow-on investments
In today’s episode, Andreas talks with Nico Schoenenberger, part of the Investment Team at 10x Founders, a Munich-based fund with €160M AUM in Fund I. 10x Founders focuses on early-stage investments (Pre-Seed/Seed) across Europe and the US, with a portfolio spanning sectors like B2B SaaS and Fintech. Notable investments include Ixana, magic, Ivy, Fernride, and cylib.
Nico dives into the dynamics of entrepreneurial communities that form funds, sharing insights on decision-making for entrepreneurs, the strategic use of follow-on reserves, and the advantages of round pre-emption. Drawing from his experience, Nico provides actionable advice for founders navigating early-stage funding and growth.
Together, we explore:
The story behind 10x Founders and its entrepreneurial community-driven approach.
Entrepreneurial decision-making and what it takes to succeed at the early stage.
How to structure follow-on reserves and why round pre-emption matters.
Lessons from Nico’s journey and the success stories from 10x Founders’ portfolio.
Watch it here or add it to your episodes on Apple or Spotify 🎧 chapters for easy navigation available on the Spotify/Apple episode.
Our family-and-friends atmosphere provides the ideal setting for in-depth, in-person meetings, fostering lasting business relationships.
Join us at our intimate conference 0100 DACH in Vienna (Feb 18-20), where you can meet with decision-makers from leading firms such as Balderton Capital, Dawn Capital, EIF, Fåntell, id4 Ventures, Lennertz & Co, KfW Capital, NATO Innovation Fund, Verdane, and others.
Click below to discover more about the audience you'll meet in Vienna this February.
✍️ Show notes
Deep Dive: 10x Founders and entrepreneurial communities that form funds
VC funds set up by former founders only make up to less than a quarter in Europe (Sifted) - and that’s even though former entrepreneurs can most likely best familiarize themselves with the situations founders goes through.
That’s why we thought: Europe needs a fund that’s led by people who have seen both sides of the table, from building businesses to investing (as business angels), taking very early-stage risk across angel, pre-seed and seed stages, but with deep enough pockets to eventually place substantial tickets as a lead or follower, but also in follow-on rounds.
Running a mixed strategy of lead and follower tickets is the most entrepreneurial way to solve for two of the most important prerequisites in venture:
Access to the best deals (sacrificing the common belief in high initial ownership stakes). If you had the chance to put a 250k ticket as a follower into Adyen or Revolut at seed, would you have done it?
Achieving superior portfolio diversification by investing in more than the traditional 20-30 companies (we aim for 70+ companies per fund) to increase our chances to hit one of those truly generational companies in this decade.
All partners of the fund have built their own businesses in the past - from KYC provider (IDnow) to conferences (Bits & Pretzels), academic publishing (Mendeley) and online dating (Insparx). They have searched for (and found) product-market-fit, raised capital, hired and fired people, run board meetings, drove negotiations about exit transactions, and have seen the full entrepreneurial lifecycle.
But, we’re not alone, we believe in the Magic of Many: We raised our first fund from more than 200 entrepreneurs and business angels - we pool capital, knowledge, and network of the most active people in venture into one community (and one cap table position), and all of those people are accessible for deal flow, references, co-investments, and eventual support for our portfolio companies.
We live up to our community value: Twice a year, we bring >150 people from our network together for a couple of days to foster exchange, and we created internal platform functions to facilitate collaboration amongst different generations of entrepreneurs.
Deep Dive: How entrepreneur-led funds think about decision-making
External Decision-making processes
We’re diligent when we can and pragmatic when it matters - we typically like to meet founders way before they start fundraising, building a relationship (and being helpful), and take our time to get to know each other. But: We also had term sheets issued in less than 48h, and can and want to adapt to the fundraising timelines of founders, even if we’re late to the party.
We trust the entrepreneurs we back to run the business better than we as investors ever could. We don’t need a board at pre-seed stages, we don’t need bi-weekly check-ins just to realize that everything’s going fine (or not) - oftentimes, we believe the biggest value-add to founders is to not stand in their way, and be helpful whenever it’s reactively required.
Abstracting from building a business (in the driver seat) to investing (in the passenger seat) is the biggest challenge and fallacy entrepreneur-led funds can fall into - you need to overcome your inner drive to fix challenges yourself (”how would I do it”), and back and trust the right entrepreneurs who can themselves (”how can I enable them so that they can do it”)
Internal Decision-making processes
We don’t run a typical investment process - depending on ticket sizes, we enable a subset of partners and/or the investment team to build convinction and make fast decisions.
We skipped the typical “unanimity” decision-making rule in venture, but aim for individual conviction and democratic majorities. The best deals historically have often been the most controversial ones.
We regularly review and reinvent our own processes - which is only possible with people thinking entrepreneurially about their day-to-day work, and while working also on the firm, not only for the firm.
The person behind
There’s two common themes that drive me in the way I am and act:
Embracing the “in Between”
I was born in France but grew up in Germany, so eventually always living a bit “between” both countries (which puts me in huge struggle if both teams play against each other in the Soccer World Cup). I have deep respect and emotional attachment to my French heritage, while living in Germany for 25y+ and owning a lot to the country, its people and its social and educational systems.
I studied computer science in finance - again a bit “in between” of two different subjects. I loved playing Monopoly as a kid and live up to my commercial mindset, while pursuing a deeper understand how the (software) that empowers us really works. While not a coder nor an investment banker, I always flourished at the intersection of different things that can, despite different, neatly fit into each other, and embrace the beauty of different disciplines coming together.
As a result, I feel there’s quite a few things I’m above-average good at, but there’s nothing that I particularly excel in. Being a strong generalist (and not a specialist) in today’s world, it’s not always easy to find the right position and role, but I feel hugely privileged to have found a profession where doing a bit of everything a bit (and eventually nothing) is as rewarding as in venture.
Surround yourself with the right people
As the oldest boy of four brothers, I was used to being very independent and flexible from my early childhood. I knew I needed to take ownership for what I do, and become a reliable person that delivers on what people would expect me to do.
From that time, I was always surrounding myself with people I could learn from, that took care of me, and who were, eventually, both trusting but also challenging me. It was always about finding the right balance of feeling comfortable enough to make mistakes, learning from them, while knowing I had people trusting me and being genuinely interested in my personal development.
There’s a saying that a person is always the average of the 5 people he or she spends the most time with - finding my mastermind group of people that challenges and elevates me while providing the right opportunities to learn and grow has been key to my development and life so far.
As a nice side effect: I never need to pretend I’m the smartest guy in the room (actually, I’m not). But I’m confident that within the people I regularly spend time with, there’s hopefully always someone who can share experiences and be eventually helpful, way better than I ever could.
3 biggest learnings in venture
Reputation matters: VC sell money to founders, a commodity. But it’s about people investing in people. Being a kind, curious and caring person helps. Even at a non-logo brand, you’ll be able to win deals and work with the best entrepreneurs just by the personal relationship you built with founders. We’re humans.
Paths are never linear: As people have very non-linear lives, companies do, too. Most of the nowadays most successful companies have faced bankruptcy at least once on their journey. It’s all about how to deal with obstacles, setbacks, and the many unknown unknows company building requires to navigate through.
Venture is a long-term game. Building and investing in generational companies that can change the world takes time, and that’s why feedback cycles in the industry are incredibly long. It will take 10y+ to find out whether you’re actually doing a good job (or not) - and investors need to stay humble until they have eventually returned money to their investors.
A strong belief you’ve recently had to change your mind on
On a personal note: I played soccer for 15y on competitive level, and was used to very stubbornly pushing my body to its boundaries. I thought that, with the right effort put in, anybody can achieve anything. Eventually though, it all also comes down to external circumstances, to a bit of luck, and to things you don’t have under your control. This comes with the new belief that it’s not about anybody doing anything. It’s about doing the right thing you enjoy, have fun with and passion for, and to find your place that’s providing joy in the long-term.
On a professional note: When ChatGPT came out, I thought about AI the same way as I did about grocery delivery and FBA aggregators. ‘It’s a hype, guys calm down’ - then I realized: The tectonic technical shift behind AI is real and irreversible. For each and every company out there, we will have AI-powered peers that are much more efficient in getting the job done, and the current state of the economy but also politics will be significantly shaken up by Artificial Intelligence. In my lifetime, I strongly believe now, we will come to a point that machines are not only faster, but also smarter than us humans, and we will find a way to deal with the superiority of tech as humanity.
Top tips for VCs fundraising
Know your target audience and strategy: You need to know whom to approach with what kind of story, and why this person or institution eventually makes a good LP. Yes, committed money is nice and a good start, but think strategically about how to build your LP base, and how it benefits your overall fund strategy.
Be prepared for a long-term process: Raising funds is a relationship game, and good relationships take time. You’re never not raising, so spend time with people you trust and want to win in the long-term.
Your fund size is your business model: Make the economics work - are you a management fee (large volume with stable returns) or carry fund (small, but huge upside with volatility)? Do you want to lead and/or follow? What is your follow-on strategy?
Robin Capital Closes Oversubscribed First Time Fund at €15M
Guest post by Robin Haak, Founder and Managing Partner at Robin Capital
Robin Capital empowers B2B SaaS startups that solve meaningful problems across Europe. With a particular focus on the DACH region, the fund invests in pre-eminent Pre-Seed and Seed companies in mid-market and Enterprise Go-to-Market.
Founded in December 2022 by Robin Haak, Robin Capital is the culmination of nearly 15 years of experience as an investor and founder. Reflecting on this milestone, Haak shared:
"Robin Capital is the product of my journey and a response to what I needed most throughout my career – a partner to guide founders from zero to IPO. This fund reflects that mission: supporting founders with expertise, networks, and authentic partnership."
A Network of Expertise
Robin Capital’s inaugural fund, Robin Fund One, is vertical-agnostic, spanning various industries, including HR, AI, Fintech, Climate, DevOps, Robotics, and Industrial Tech.
The fund also boasts a robust base of 70 Limited Partners, 95% seasoned professionals. These include General Partners from top-tier Private Equity and Venture Capital firms, VC fund-of-funds, and industry-leading founders and operators.
Robin Capital also leverages a network of almost 100 operators, including VPs and C-suite executives from leading technology companies. Thanks to this network, Robin Capital can make key introductions, two notable examples being that two outstanding operators have taken board member roles in portfolio companies:
Eric Gelle, SVP Sales EMEA at iCIMS, is a board member of sustainability-focused startup and portfolio company – Spare It.
Sarah Anderson Wilson, CHRO at Success Academy Charter Schools and former Chief People Officer at Rokt, is now a board member at HR startup and portfolio company – Bloom.
Three distinguished Venture Partners further strengthen the team:
Renaud Visage, unicorn founder and former CTO of Eventbrite and current founder of Slate.VC, a €200M sustainability growth fund, advises portfolio companies on tech topics and offers the fund support with due diligence.
Jerome Ternynck, unicorn founder of SmartRecruiters and founder of Rypples, a €20M sustainable fund investing in ocean conservation, brings product and Go-to-Market strategies expertise to our portfolio.
Lea Vajnorsky, co-founder of Wo\men Inc. and a leadership consultant at Russell Reynolds Associates, supports portfolio companies with HR and talent acquisition strategies.
The Beginning of a Lifelong Mission
Robin Fund One had its first close in June 2023 and its final close in December 2024. Robin Haak said about this first fund: “Robin Fund One is just beginning a lifelong mission for Robin Capital to support founders with capital, networks, and expertise. I wake up daily grateful to do what I love—serve founders."
As of December 2024, Robin Fund One has deployed 55% of its capital, investing in 28 portfolio companies. Notable investments include Kombo, Phacets, and Xaver.
Robin Fund One has raised €13m. Combined with the growth-focused investment vehicle of €2m, the fund has a total of €15 million.
Braving your dreams - webinar with Rupda
Join Rupda on January 2nd for Braving Your Dreams, a free 60-minute webinar where we’ll come together to reflect, set goals, and embrace the person we want to become in 2025. She we’ll guide you through a meditation and share tools to manifest your dreams, creating space for transformation and joy in the year ahead.
Whether you’re looking for more fulfilling relationships, a career that excites you, financial freedom to live life on your terms, or simply more joy, peace, and balance, this is your moment to take action.
Venture Capital Compensation in Europe - Part 1
by EUVC & Luis Llorens Gonzalez, Principal at Plug and Play Tech Center | Originally published on Learning VC💡
The venture capital industry in Europe offers a wide range of compensation packages, depending mainly on the role, geography and size of the fund. Based on the recent survey of over 350 respondents, together with EU.VC, we’ve gathered valuable insights into base salaries, bonuses, carry participation, and the gender composition of various VC roles.
This high-level analysis summarises the latest salary trends across 23 European countries—primarily from the UK, Spain, France, Germany, Italy, and the Netherlands—providing a comprehensive look at the VC landscape.
Venture Capital Compensation in Europe 🇪🇺 - Part 2
by EUVC & Luis Llorens Gonzalez, Principal at Plug and Play Tech Center | Originally published on Learning VC💡
We’re thrilled to share part 2 of the Learning VC & EU.VC Compensation Survey Results. I believe this is the edition most of you have been waiting for - comprehensive compensation benchmarks for European Venture Capital roles, broken down by country.
We received over 400 survey responses to address a key question: What does the compensation package for European VCs look like?
This post focuses exclusively on VC compensation data, gathered from 24 European countries and 48 different cities. In a future report, we’ll explore findings from the 50+ CVC (Corporate Venture Capital) responses.
Some things are made for platforms - music, cabs & pizzas. But fund solutions aren’t one of them. Their individual client focus and regulation-first approach is your guarantee for flexible solutions accommodative to a broad range of deal and client specifics. The kicker? Prices that match any of the shelf-products in the market.
🤗 Join the EUVC Community
Looking for niche, high-quality experiences that prioritize depth over breadth? Consider joining our community focused on delivering content tailored to the experienced VC. Here’s what you can look forward to as a member:
Exclusive Access & Discounts: Priority access to masterclasses with leading GPs & LPs, available on a first-come, first-served basis.
On-Demand Content: A platform with sessions you can access anytime, anywhere complete with presentations, templates and other resources.
Interactive AMAs: Engage directly with top GPs and LPs in exclusive small group sessions — entirely free for community members.
✍🏻 EUVC Masterclass | Marketing & VC Fund Narrative
Your brand is everything. It’s what sets you apart, helps you win the best deals, attract LPs, and ultimately drive your growth. For emerging fund managers, building a credible brand and establishing the right marketing foundations early on are game-changers. Yet, many don’t know where to begin.
Your fund’s narrative is what makes the difference between an LP glancing at your deck or deciding they’re ready to write a check. It’s your brand that makes LPs feel confident they’re partnering with someone who knows how to make magic happen.
We’re planning a masterclass on building strong marketing foundations with a top industry leader. If enough people show interest, we’ll make it happen.
EUVC Masterclass: Benchmarketing for GPs & LPs
In venture, knowledge is power—and benchmarking is the key to unlocking it. Understanding where you stand against your peers is what makes you set realistic expectations, and drive portfolio performance.
For GPs, benchmarking can reveal the strengths and weaknesses of your portfolio, while for LPs, it provides a clearer picture of where your commitments stand in the broader market. Yet, many don't know how to effectively utilize benchmarking tools or interpret the data.
We’re planning a masterclass on mastering the art of benchmarking, led by a top expert in the industry. If enough people express interest, we’ll make it happen!
💬 EUVC Community | LP AMA with AQVC’s Marius Weber
Join us for an exclusive AMA session with Marius Weber, Founding Partner at AQVC.
After a history as a co-founder of startups and a manager of several VC funds over the last 15 years, in 2021 Marius Weber partnered with his long time friends Marcus and Oliver and co-founded AQVC, a tech enabled asset manager for Venture Capital which is divided in two departments.
This AMA is part of our ongoing series of small-group sessions designed to foster deep, meaningful discussions within the VC community. Participation is free for members of our community, but spots are limited. Reserve your spot now to ensure you don’t miss this opportunity.
🗓️ The VC Conferences You Can’t Miss
There are some events that just have to be on the calendar. Here’s our list, hit us up if you’re going, we’d love to meet!
GoWest | 📆 28 - 30 January 2025 | 🇸🇪 Gothenburg, Sweden
Investors Summit Bilbao 2025 | 📆 11 - 12 February 2025 | 🇪🇸 Bilbao, Spain
0100 DACH 2025 | 📆 18 - 20 Feb 2025 | 🇦🇹 Vienna, Austria
0100 Europe 2025 | 📆 02 - 04 April 2025 | 🇳🇱 Amsterdam, The Netherlands
0100 Emerging Europe 2025 | 📆 14-16 May 2025 | 🇭🇺 Budapest, Hungary
GITEX Europe 2025 | 📆 23 - 25 May 2025 | 🇩🇪 Berlin, Germany
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