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Archivo del Autor: Belen De Leon

Nauta Capital launches €55M ‘sidecar’ fund to double-down on its later-stage portfolio

Nauta Capital, the pan-European VC that invests in “capital-efficient” B2B software companies and consumer tech, has announced the closing of a new €55 million “sidecar” fund dedicated to backing its existing later-stage portfolio companies.

The VC firm, with offices in London, Barcelona and Munich, typically invests in early-stage technology startups from late seed and at Series A. The new dedicated later-stage fund will be used to inject follow-on capital, mainly from Series C onwards.

The idea is to double-down on its most promising portfolio companies as they continue to scale up and raise later-stage funding, thus ensuring Nauta Capital doesn’t become too diluted. It also should be a draw for future co-investors who can be given assurances that Nauta has the capital required to join in on larger follow-on rounds.

“With this new follow-on fund, we can further support our portfolio, alongside other co-investors, throughout a company’s entire lifetime until exit,” says Carles Ferrer Roqueta, General Partner at Nauta Capital.

The VC has backed more than 40 companies. Existing portfolio include Brandwatch, Marfeel, BeMyEye, ForceManager, MishiPay, Talentry, Nextail and zenloop.

Meanwhile, Nauta Capital’s sidecar fund is said to be backed by the firm’s current investors hailing from continental Europe, the U.K. and the Americas. They include British Patient Capital, the European Investment Fund, the ICF and the ICO.

Below follows an email Q&A with Nauta Capital General Partner Carles Ferrer Roqueta, where we discuss the need for a sidecar fund, why now, and how Nauta Capital views Brexit.

TC: Your calling this a ‘sidecar’ fund for follow on investments, but many early-stage VCs earmark a portion of their main fund for follow on, so how is this any different?

CFR: Our funds indeed have dedicated follow-on reserves for existing portfolio companies. We are actually very conservative when calculating the amount of reserves we have for each of our investments to make sure we can support each of our companies throughout their growth. Having said this, some companies grow very fast and raise more money than expected initially, and then it may become difficult for our existing funds to maintain or use their full pro-rata. On the other hand, some companies may take longer to fully develop and more rounds can happen in the future, and these timings may not necessarily match with our funds that had initially backed them. In these situations, a sidecar fund is ideal to keep on supporting our companies with our family of funds that also gives a positive sign to new follow-on investors joining the company.

TC: Is this new follow on fund a sign of how high European valuations are right now, in the sense that it is designed to ensure you don’t get too diluted in future rounds?

CFR: Our model tends to stay away from over-heated valuations and we are very disciplined on the structures of our deals, which resemble each other. By consistently avoiding overpaying on deals, pressure for the next round is naturally released. When our companies progress well they then naturally see valuations grow rapidly, and some of these companies can use more funds to foster growth further. Our dilution is quite naturally protected in these situations, but still, when increasing capital is needed for growth acceleration on mature companies, our early stage funds may not always see a possible full pro rata participation. So our sidecar fund takes care of these situations.

TC: A fund of €55 million doesn’t feel like a lot of money for post Series C across potentially 40 plus companies. How do you see the maths playing out?

CFR: This is our first sidecar fund and we will learn a lot from it. Future sideCar funds we may raise may be larger once we fully test the model. We targeted 50M but the appetite across existing investors was very good, so we expanded it a bit further. We basically went back some years in time and checked how much money our funds had not been able to deploy on late stage follow on rounds. With real data we then made sure we will now have this vehicle that represents an upside opportunity for our investors in companies that are already in our portfolio, so naturally decreases risk also for them. Our portfolio has grown and will continue to grow with new early stage funds we will raise, so more opportunities for bigger sidecar funds may appear in the future.

TC: Did Brexit come into your thinking here or complicate things with regards to raising this new fund?

CFR: No, it was not an issue for us. We are a pan-European player with a very strong presence in London, Barcelona and Munich. We are fully committed to the U.K. with a strong team of 8 people and investing out of this hub in the U.K., Ireland and companies that use the U.K. as a landing platform. For instance, we have led an investment in a Helsinki-based company that has already created a 10 people team in London. In addition, we have 2 further offices in Barcelona and Munich, and that gives us a pretty good local access to deal-flow and talent around our different investment hubs. Our LP investors include fund of funds, financial institutions, one endowment, insurance, family offices and government agencies, all across the U.K., Continental Europe, Asia and the Americas.

TC: More broadly, what would be your favoured outcome for the U.K. and Brexit?

CFR: Hard to tell with the recent events at Parliament! I genuinely believe that the most important thing is, independent of the outcome, to bring back certainty to fundamental issues like access to talent, funding and feasible frictionless trade and communication. Situations of impasse are always tricky in long cycle industries like VC. Our portfolio companies, although very agile by nature, need certainty for the long term. I am sure this will be achieved.


Source: TechCrunch

Huawei P30 Pro vs. Galaxy S10 Plus: Which Android phone will be king? – CNET

Huawei hopes the P30 Pro’s four cameras will topple the Galaxy S10 Plus.
Source: CNET

The Internet Archive has uploaded 450,000 songs collected before Myspace’s massive data loss

Last month, it became widely known that MySpace has lost much of the user data uploaded to it before 2016, including potentially million of music tracks from between 2003 to 2015. This is a significant loss for people who may not have used the site anymore, but took for granted that it would remain an online scrapbook of the years when Myspace was the go-to social network, including for musicians promoting their work. A new collection of MP3s hosted by the Internet Archive, however, may help some users recover lost music (and memories).

Called the MySpace Music Dragon Hoard, the collection contains 450,000 songs. While this is just a small percentage of the tracks reportedly lost (according to estimates, up to 53 million songs from 14 million artists were deleted), it contains early work from now-famous artists including Donald Glover and Katy Perry, as Twitter user @pinkpushpop discovered.

Jason Scott of the Internet Archive said on Twitter that the set was compiled by “an anonymous academic group who were studying music networks and grabbed 1.3 terabytes of mp3s to study from MySpace in roughly 2008-2010 to do so.” After learning about the data loss, they offered the collection to Scott.

While it appears that the tracks were lost during a data migration, MySpace has remained tight-lipped about the situation, leading to speculation that the loss may not have been accidental.


Source: TechCrunch

Instagram, Youtube and Facebook could face fines (and jail time) under new Australian laws – CNET

New Australian laws target the sharing of “abhorrent violent material,” threaten large fines for social media companies and leave individual executives open to jail time.
Source: CNET

Game of Thrones premiere: Twitter slayed by Brienne of Tarth's red carpet look – CNET

Gwendoline Christie staves off winter by setting the red carpet — and social media — alight.
Source: CNET

Game of Thrones: Biggest questions and boldest predictions ahead of season 8 – CNET

‘What is the best Game of Thrones episode ever?’ and other burning questions ahead of the season 8 premiere.
Source: CNET

Game of Thrones Season 8: All your questions answered (badly) video – CNET

With winter at our doorstep, the Australian CNET team sat down to answer the most pressing issues from this medieval saga.
Source: CNET

Facebook, Google to face Congress over spread of white nationalism online – CNET

The tech giants will testify before the House Judiciary Committee.
Source: CNET

Amazon reportedly removes the most obvious promotions for its private brands from search results

If it feels like your Amazon search results have been overwhelmed with promotions for their private-label brands, like Amazon Basics, Mama Bear or Daily Ritual, that may be changing. As lawmakers pay more attention to the most powerful tech companies, Amazon has begun quietly removing some of the more obvious promotions, including banner ads, for its private-label products, reports CNBC, which spoke to Amazon sellers and consultants.

Amazon’s aggressive marketing of its own private brands, with ads that often appear in search results above listings for competing items from third-party sellers, have raised antitrust concerns. The company’s increasingly strong gripe on the U.S. retail market has been under scrutiny for years, but pressure intensified last month when Massachusetts senator and Democratic presidential primary candidate Elizabeth Warren announced that breaking up tech giants Amazon, Google and Facebook (and other companies with an annual global revenue above $25 billion that provide marketplace, exchange or third-party connectivity as “platform utilitilies”) in order to reduce their economic dominance will be a major part of her platform. This means that Amazon Marketplace and Basics would be split apart, and acquisitions including Whole Foods and Zappos would be spun out.

While there isn’t a banner ad, products from an Amazon private label brand, Daily Ritual, still dominate results for “black jersey tunic”

Amazon’s private brands quickly became a major threat to third-party sellers on its platform, increasing from about a dozen brands in 2016, when some of its products began taking the lead in key categories like batteries, speakers and baby wipes, to a current roster of more than 135 private label brands and 330 brands exclusive to Amazon, according to TJI Research.

While Amazon benefits from higher margins, cost-savings from a more efficient supply chain and new data, third-party sellers often suffer. For example, they may have to cut prices to stay competitive, and even lower prices may not be enough attract customers away from Amazon’s promotions for its own items, which show up in many search results.

Other recent measures Amazon has taken to ward off antitrust scrutiny include reportedly getting rid of its price parity requirement for third-party sellers, which meant they were not allowed to sell the same products on other sites for lower prices.

TechCrunch has contacted Amazon for comment.


Source: TechCrunch

Tesla's production is up but deliveries are down in Q1 – Roadshow

The electric carmaker is building Model 3s like crazy, but it’s still ironing out how best to get them into customers’ hot little hands.
Source: CNET

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