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Raising 500 M€ with Daniel Keiper-Knorr, Founding Partner at Speedinvest.

Join us for a great conversation on how Speedinvest took a different approach and raised raise €500M during and after the tech reset.
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We sat down with Daniel Keiper Knorr, founding partner of Speedinvest for a discussion on what he thinks allowed them to raise 500 million during and after the tech reset.

What ensued was a conversation revealing how Speedinvest decided to diverge from traditional VC practices by dedicating substantial resources including the full time attention Daniel, one of the founding partners, to fundraising and investor relations.

This conversation ONLY focuses on the raise process, dynamics and learnings, to understand the thesis behind the fund, go read the original launch post of Speedinvest IV by Oliver Holle.

Can’t get enough of Daniel? This is our second conversation with Daniel, you can listen to his key insights on fundraising in MENA in our previous episode here as well as watch our webinar on fundraising from last week here.

Listen to the episode’s hot new soundtrack while reading the key learnings below 👇

Add the episode on Apple or Spotify 🎧

This episode is part of the State of European VC Fundraising Report 👀

Together with our good friends at Isomer Capital and Floww, we’ve made a report filled with graphs, beautiful narratives, and video interviews, providing an entirely new and engaging experience on the topic that has us all traveling across the world ✈️

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Chapters:

  • 03:34 Daniel's Journey into Venture Capital

  • 04:02 The Evolution of Speedinvest

  • 05:15 The Unique Approach to Fundraising

  • 06:28 Navigating Fund Generations

  • 07:21 Experiencing Market Cycles and Pivots

  • 08:28 The Strategy Behind Speedinvest's Latest Raise

  • 11:22 Adapting to Changing Market Conditions

  • 12:26 The Impact of Macroeconomic Changes on Fundraising

  • 16:19 Pivoting the Narrative Around the Fund

  • 21:11 Differentiating Between Seed and Growth Stage Investing

  • 24:56 Advice for Fund Managers Raising in Europe

  • 26:03 Understanding LP Preferences and Building Relationships

  • 27:41 Creating Urgency Among LPs

  • 28:53 Thoughts and Advice for Future Fundraisers

✍️ Show notes

Key learnings from the episode

Economic sensitivity and its implications for venture capital
One of the most striking revelations from Daniel’s experience is the profound impact of global economic conditions on venture capital dynamics. He delves into how the sudden shift in LP inquiries from portfolio-centric to macroeconomic concerns mirrored the broader economic uncertainties, highlighting the necessity for VCs to be economically astute. This sensitivity to macroeconomic shifts is not just about staying informed but about integrating this understanding into the strategic narrative of the fund. Daniel’s recount of adapting Speedinvest’s narrative in response to changing economic sentiments underscores the importance of this adaptability not as a reactionary measure but as a strategic imperative. It serves as a compelling reminder that venture capital, while focused on the future, must navigate the present’s economic realities.

The art and science of LP communication
Daniel’s emphasis on transparent and ongoing communication with LPs underscores a fundamental pillar of successful venture capital operations. The strategic approach to communication — viewed through the lens of building trust and managing expectations — is both an art and a science. Daniel illustrates how Speedinvest’s preemptive communication strategy, especially in times of strategic pivots or market volatilities, has been instrumental in reinforcing trust with LPs. This proactive engagement goes beyond regular updates, encompassing a nuanced understanding of LP preferences, concerns, and the strategic dissemination of information to mitigate surprises and align expectations. It’s a testament to the view that in the realm of venture capital, effective communication is as crucial as financial acumen.

Navigating shifts with agility and insight
The conversation further illuminates the critical importance of agility in the face of market shifts. Daniel’s narrative brings to life the concept of strategic adaptability — not just as a response to changing market conditions but as a proactive stance in anticipation of these changes. This agility, underpinned by a thorough understanding of both the venture ecosystem and broader economic indicators, is pivotal for the relevance and efficacy of venture funds in fluctuating times. It’s about the capacity to pivot not just in strategy but in the narrative, ensuring that the fund remains aligned with the evolving priorities and concerns of investors.

Leverage of experience in winning confidence
Speedinvest’s journey through various economic cycles, as narrated by Daniel, accentuates the invaluable role of experience in the venture capital landscape. This seasoned expertise, characterized by a history of navigating booms and busts, is a cornerstone in building and sustaining LP confidence, particularly during turbulent market conditions. Daniel’s reflection on Speedinvest’s strategic decisions, underpinned by decades of collective experience, underscores the trust that experience engenders in investors. It’s a poignant reminder of the weight that history and track record carry in the venture capital arena.

The strategic importance of local markets
Finally, Daniel’s insights on the significance of local markets in Speedinvest’s fundraising success story offer a compelling perspective on the value of nurturing local investor relationships. Despite the allure of global expansion, the substantial support from within Austria highlights the untapped potential and strategic importance of home markets. This aspect of Speedinvest’s strategy underlines a broader lesson for the venture capital community: the power of local ecosystems as a bedrock for support and growth. It challenges the venture capital ethos to look beyond the global horizon and recognise the value lying within their immediate geographical and economic contexts.

🎓 Upcoming Academy Sessions

🌍 Virtual | 📅 Thursday, May 16 | 🕰️ 11:00 AM - 1:00 PM CET

An advanced session on creating a VC fund model assumptions sheet, focusing on defining Core Assumptions, Asset Development, and Equity Valuation Dynamics. Attendants will receive a template and work with this based on their own fund and learn how adjusting assumptions influence fund performance.

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👋 Upcoming in-person events we’re hosting

There’s nothing we like better than getting Europe’s best and brightest together with good food, drinks, and conversations that go truly deep.

Fund Modelling Workshop & Mixer | 5th of June | 🌍 Berlin, Germany | Join waitlist.

European VC Awards | 4th of June | 🌍 Berlin, Germany | Get tickets.

📅 Upcoming virtual events

From time to time, a podcast is just not enough. Check out our roundtables and live events below.

🏆 Firesides with the winners of the European VC Awards

Fireside with the Newcomer of the Year Winner | 13/6, 12-1:30 PM | Register here. Hundreds of new VC funds come to market every year. But only ONE will win Newcomer of The Year. This is your chance to meet the winner firsthand.

Fireside chat with the Winner of the Hall of Fame | 25/6, 12-1 PM | Register here.
Hear firsthand from a true giant upon whose shoulders the European tech ecosystem stands tall.

🗓️ 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!

0100 Conference Europe | 📆 16 - 18 April | 🌍 Amsterdam, Netherlands

TechChill Riga 2024 | 📆 18 - 19 April | 🌍 Riga, Latvia

0100 Conference CEE 2024 | 📆 14 - 16 May | 🌍 Prague, Czech Republic

Iceland Innovation Week | 📆 15 - 16 May | Reykjavik, Iceland

EBAN Congress Tallinn 2024 | 📆 20-22 May | 🌍 Tallinn, Estonia

SuperVenture | 📆 4 - 6 June | 🌍 Berlin, Germany

Nordic LP Forum & TechBBQ | 📆 September | 🌍 Copenhagen, Denmark

North Star & GITEX Global | 📆 14 - 18 Oct | 🌍 Dubai, UAE

GITEX Europe 2025 | 📆 23 - 25 May 2025 | 🌍 Berlin, Germany


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