1.
Approach
Our approach is to be highly specialized in terms of areas, healthtech and fintech (see more below), and in terms of stage, pre product and pre market, and highly concentrated working with few companies at a time. This allows us to do the job of earliest stage investing, and company building, as we think it should be done.
If we agree on “the why” and “the who”, we are ok with taking the risk together on “the what” and “the how”. This can happen either as angel ticket or pre-seed investment, or by one of us being part of incubating a company.
Operating principles
  • Funders
    Founders
  • Hunters
    Co-creators
  • FOMO
    Focus
  • Friendly
    Aligned
  • Quantity
    Quality
2.
Why
Early stage investing has changed a lot - and not for the better. Party rounds, spray & pray, extra-large funds writing early “optionality” checks with limited ability to engage. Nobody seems to want to, or know how to, do the job anymore. The focus is predominantly on “having access” and “gaining exposure”.
We believe in a more deliberate approach where the best way to invest in, and help build, highly valuable and category-defining companies is to identify market opportunities where great companies can be built, invest as early as possible in outstanding founders, and put in the time to help them get from zero to traction. We call it investing like Founders, not funders.
3.
What we believe in
3.a.
Healthtech
Europe's healthcare sector is undergoing a profound transformation
  • Healthcare is a pivotal element in our society and drives significant spending for systems, insurances and privates. In total, across all payers, spending on Healthcare will grow by 58% from 1850€bn in 2019 to 2930€bn in 2040.
  • In parallel the healthcare industry is undergoing a substantial transformation driven by demographic, scientific and technological innovation. This development will demand significant changes to the care models and the business models of today.
  • The opportunity for health tech lies mainly in two areas, 1) delivering access to improved care models, 2) optimizing care operations to lower cost and improve scalability.
Themes we believe in
  • Healthcare is ready for applying technology to improve access, quality of care and improved care operations at lower cost
  • Technology drives more and richer data which enables optimized treatment
  • Data is the key input for reaping the full potential of AI to empower HCPs and further optimize treatments and operations
Opportunities we believe in
  • AI empowered front and back office
  • Virtual-first specialized care
  • Data optimized standard of care models
  • Home health
  • Healthtech x Fintech
3.b.
Fintech
Europe's fintech sector has still large room to grow
  • Fintech in Europe is still in its early days. Fintech penetration of banking revenue is only 1% (vs. 4% global average) and many ecosystems are still far behind the best ones in the continent.
  • Increased penetration and the catch-up of less developed ecosystems with their more developed peers will drive a strong overall growth of the fintech market potential in Europe.
  • While retail has driven the first fintech wave,“Payment plus”, B2B, and embedded finance will take the bulk of revenue and valuation growth in the coming decade.
Themes we believe in
  • Finance will be “embedded” in vertical and user-centered applications
  • Vertical saas serving niches previously considered too small will now flourish
  • Financial services will be re-invented using newand more capillary data for risk-assessment andpricing.
  • Seamlessly integrating financial services into other platforms.
  • AI-powered automation: Improving efficiency in both front and back-office operations.
Opportunities we believe in
  • Vertical Saas + Fintech
  • FinOps for “weird” industries
  • Embedding credit in software
  • Internet-native “mutuals”
4.
Portfolio
Tobi
Kids savings platform
Reveal
AI agents for financial services
Numina
AI platform for accountants and bookkeepers
Light
ERP for multinational companies
Sunrise Robotics Corporation
B2B fintech RaaS
Tola
Accounts payable, accounts receivable and cash flow management
Hemi
Digital enabled care provider for migraine and headache
Embla
Digital enabled care provider for obesity
Sibill
Cash flow management for SMEs
Wawa Fertility
Operating system for fertility clinics
All Gravy
Employee engagement platform for hourly paid workers
Son of a Tailor
Made to order apparel company
LifeX
Property management and rental
Pleo
Corporate expense management
5.
Partners