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Firstminute Capital launches second $111 fund, featuring a whos-who of founders as LPs

London HQ’d Firstminute Capital has announced its second early-stage crusade fund of $111 m( PS87m ). Founded and cornerstoned in 2016 by Brent Hoberman CBE( best known as co-founder of lastminute.com and MADE.com ), along with Spencer Crawley( formerly of Goldman Sachs ), this new fund comes after the first fund of $100 M, dedicating Firstminute $211 M resources under handling, expending across Europe and the US at the seed stage.

Firstminute’s team of 18 is based in London, Stockholm and Berlin and now has plans to open an office in LA next year.

Of note is the fact that its LPs now multitude 70 benefactors of billion-dollar industries as investors, and that Firstminute is being so open. VCs normally do not reveal much information about LPs. Hoberman has clearly too leveraged his position as the founding fathers of the Founders Forum group which extends events and activities for European tech founders.

The fact that so many founders- mainly drawn from the grades of European startups- have invested is unusual, certainly for European VC stores. It includes 16 benefactors of $10 bn+ “decacorn” technology enterprises, including Palantir, Wayfair, Ocado, MongoDB, Zalando, Supercell and Check Point, as well as founders from Huda Beauty, Graphcore and Rappi. Included are board members and CEOs from large engineering companies.

RIT Capital Spouse is the fund’s anchor investor. This is their first such statu in a European venture capital firm. They previously backed resulting US stores including Sequoia, Benchmark, Thrive and Iconiq. Additional institutional investors include the Chinese technology giant Tencent, FMCG conglomerate Henkel, London-based venture fund Atomico and four Californian multi-stage firms.

The existing Fund I portfolio consists of 56 companies that have collectively heightened nearly $0.5 bn in funding.

Firstminute says half of its current portfolio corporations have UK headquarters, with the remaining half split between continental Europe and The americas. Two-thirds of the businesses are B2B and one third are B2C.

Hoberman said in a statement: “European technology is reaching escape velocity, and it’s magnificent to enable so many world serial industrialists to give their experience to the next generation: we have over 70 unicorn benefactors assembling us on this expedition so far, and more to come as we approach final close. Seed venture investing is attracting ever higher quality supports which will help more benefactors succeed.”

Crawley, firstminute Co-founder& General Partner, said: “Our healthcare systems, workplaces and educational establishments face fresh intricacies. The service economy is having to re-imagine itself. The breach between finance markets and the real economy is growing wider( with the young most at risk ). Start-ups are not a panacea, but rising technology corporations have a key role to play in today’s recovery strategy, both in their mindset and the products they will create.”

I questioned Hoberman to what extent was the internationalization of the fund’s geographical footprint related to Brexit?

” Some investors have asked us about the health risks of Brexit to a UK-based fund and it’s been great to highlight the international sort of our approaching, ” he said. “The potential threats of a bad Brexit distribute ensured we moved faster to cover more geographies.”

I too asked him what advantages or detriments does having so many benefactors as LPs confer on the fund?

” Operators understand the rollercoaster of the founder journey well. They know the path to success is rarely linear. They have lived the scale jaunt with all its challenges. They can channel this insight to the next generation.

” These benefactors know about blitzscaling, timber handling, prioritization, fundraising, internationalization and above all the role of talent and squads. This learning can oblige the difference between failure and remarkable success.

” Furthermore successful benefactors often have world-class network, helpful for hiring, internationalization and business development distributes, ” he said.

Firstminute likewise announced some crew modifications. Arek Wylegalski, formerly of Index Ventures, has joined as development partners for Fund II. Arek was a Venture Partner with the house during Fund I. Lina Wenner, formerly of BCG, has been promoted to Associate Partner, and Camilla Mazzolini, Clara Lindh Bergendorff and Sam Endacott have been promoted to Principals. Min Nolan, Head of Platform& Operations, and Anais Benazet, Head of Community, conduct the portfolio supporter capacity, whilst Henry Lane-Fox, Steve Crossan and Tommy Stadlen continue to invest as speculation partners.

The backers of firstminute capital funds include the founders and/ or administrations from the companies listed below 😛 TAGEND

firstminute LPs- Founders of $10 bn+ companies, include:

Joe Lonsdale( Palantir Technologies ), Robert Gentz( Zalando ), Niraj Shah( Wayfair ), Tim Steiner( Ocado ), Marius Nacht( Check Point ), Kevin Ryan( MongoDB ), Ilkka Paananen( Supercell ), Adyen, Autonomy, Airtel.

firstminute LPs- Founders of$ 1bn+ business, include:

Sebastian Mejia( Rappi ), Ross Mason( MuleSoft ), Pete Flint( Trulia ), Martin Migoya( Globant ), Vikrant Bhargava( PartyGaming ), Martin Varsavsky( Jazztel, Fon, Eolia ), Fabrice Grinda( OLX ), Steve Fredette( Toast ), Rafi Gidron( Chromatis ), Simon Nixon( Moneysupermarket ), Lars Hinrichs( XING ), Johan Brand( Kahoot ), Huda Kattan( Huda Beauty ), Tom Chapman& Ruth Chapman( Matchesfashion ), Nigel Toon( Graphcore ), Carl Pei( OnePlus ), Hanzade Dogan( Hepsiburada ), Barry Smith( Skyscanner ), Sir Charles Dunstone( Carphone Warehouse ), Hamish Shephard( HelloFresh ), Alexander Rittweger( Payback ), Marketshare, King.com, BlaBlaCar, Qunar, Net-a-Porter, Fox Kids Europe, Webhelp, Betfair, Datamonitor, Tradex Technology, Zoopla.

firstminute LPs- Current or Former CEOs and Chairs, include 😛 TAGEND

Eric Schmidt( onetime Chairman and CEO, Google ), Michael Lynton( Chairman, Snap and Warner Music Group, onetime CEO and Chairman, Sony ), Sir Paul Ruddock( Co-founder& former CEO of Lansdowne Spouse, Chairman Oxford University Endowment ), Lord Mervyn Davies( Chairman of Corsair Capital, former Minister and Standard Chartered CEO& Chairman ), Linda Fayne Levinson( onetime Chairwoman of Hertz ), Jeremy Coller( Founder, Chairman and CIO Coller Capital ), David Giampaolo( Chairman, Gousto ), Ian Gallienne( CEO, Sienna Capital ), Alexander de Carvalho( Co-founder& CIO of Public.io, Heineken NED ), Babatunde Soyoye( Co-founder and Managing Partner, Helios Investment Partners ), Nextdoor, PicsArt, Booking.com, Nordeus, Kinnevik AB, JCDecaux Holdings.

firstminute LPs- Institutional Investors, include:

RIT Capital Collaborator, Tencent, Atomico, Henkel, Felicis Ventures, The Raine Group, LionTree Spouse, Lombard Odier.

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