Meet the Finalist: Concept Ventures’ Reece Chowdry on reimagining Europe’s pre-seed landscape with lead investments

A deep dive into the European pre-seed investing landscape and how to use the synergy of unwavering conviction, rigorous people processes, and bold early-stage capital.

Apr 23, 2025

In this episode we're spotlighting Emerging Manager of the Year finalist Concept Ventures. Andreas talks with Reece Chowdry, Founding Partner of Concept Ventures, about his bold approach to pre-seed: leading rounds, writing big checks early, and building founder trust from day one.

Curious who else made the shortlist? Stay tuned—the big reveal’s coming soon.

Here’s what’s covered:

03:17 Reece's Early Investment Journey
06:35 Building Concept Ventures: Challenges and Successes
17:33 The UK Pre-Seed Ecosystem and Future Plans
23:38 Collaborative Investment Strategies
24:29 The Importance of Founders in Pre-Seed Investing
28:52 Public Markets Insight in Venture Capital

Watch it here or add it to your episodes on Apple or Spotify 🎧, with chapters for easy navigation available on the Spotify/Apple episode.

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✍️ Show notes

The Philosophy of Pre-Seed Investing

Reece emphasizes that being a successful pre-seed investor is all about having conviction when others are doubtful. He explains that Concept Ventures leads rounds with much larger amounts instead of writing small checks (like 200 or 300K), often around a million dollars. This bold approach allows them to support founders very early, helping them build confidence and skip dilution rounds as their companies scale.

He underscores that true alpha in venture comes from having conviction even when little else is in place. For example, when his team leads a round in a market valued at 1.52 million with a full million investment, it demonstrates strong confidence in the founder’s potential. This willingness to back startups decisively contrasts with the more conservative approaches seen elsewhere in the industry.

Building and Evolving a Pre-Seed Fund

The evolution of Concept Ventures from its early days to raising a $65 million fund highlights the importance of scaling up when the model works. Initially, his team operated with smaller funds and test checks, but as they demonstrated consistent conviction and success, the fund grew into one of the largest pre-seed funds in the UK and possibly Europe.

This growth is fueled by their strategy of leading rounds with large ticket sizes, which builds strong relationships with founders and creates a track record of success. The ability to skip traditional seed dilution rounds for startups further validates their model, making it attractive to founders and LPs looking for a disciplined, conviction-driven approach.

The People, Process & Team Dynamics

A core pillar of Reece’s investment strategy is his firm’s rigorous people process, which focuses on understanding the dynamics of the founding team. They evaluate essential qualities such as team cohesion, growth mindset, relentlessness, and domain obsession through a multi-layered framework. This process includes internal research and external partnerships, allowing them to uncover insights beyond surface-level assessments.

The team’s deep dive into founders' personal and professional backgrounds helps build conviction and strengthens their relationships with the startups they back. By analyzing aspects like past teamwork, leadership style, and the ability to evolve, they ensure that they invest in people who can create lasting value, resulting in a high win rate and meaningful long-term partnerships.

Navigating the European (and UK) Ecosystem

Reece explains that while his fund is based in the UK, it is a pivotal gateway to the broader European market. The UK’s pre-seed ecosystem is notably mature, with London serving as a talent and startup activity hub. This concentrated environment allows his firm to build deeper relationships with founders and tap into a rich pool of European opportunities.

Despite focusing on the UK, the fund’s network is highly European in scope. It invests in founders from various countries, including Spain and Poland, reinforcing that London acts as a node for unlocking broader European potential. This strategic positioning helps them maintain clarity and precision in their investments while capitalizing on a diverse, continent-wide talent pool.

Comparisons with Other VC Models

Reece differentiates his fund’s approach from other venture models by highlighting a focus on writing larger, decisive lead checks rather than smaller, follow-on investments, Reece’s firm concentrates on a more focused geographic area. It leads rounds to secure higher ownership stakes. This concentrated approach builds stronger relationships with founders from the very start.

Furthermore, by taking on the role of the lead investor, his team builds a reputation for conviction and clarity, which resonates well with founders seeking partners who are willing to stand by them even when the market isn’t fully convinced. This method differentiates them from their peers and provides a solid foundation for long-term value creation and growth.

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