Last week, one of the founders I have been fortunate to work with for a couple of years ,,posted this chart with the following comment: ‘One of the most fascinating facts about Flo is that we get more than half of the revenue from users who installed the product more than a year ago. Close to 25% of the revenues come from users who have used the product for three years or more. And the share of such older cohorts is growing. This is the power of products with good retention, and you may rarely see such a picture among ,,B2C apps.’ This chart with cohorts articulates well the po ..read more

After the successful editions of the last three years, we have decided to continue our Mangrove Fellows programs: We are looking for an exceptional new intern for a 6-months period after March. So, if you are a student or young professional, and are intrigued by the world of venture capital and tech startups, keep on reading. This role has been a nice launchpad into the fascinating world of venture for the folks who have done it in the past. To give you some examples: Previous interns went on to lead one of Europe's leading incubators (Céline @ Agoranov) or to launch their own startup, others ..read more

I hope you all had a great start to the new year! Things in startup land have ramped up quickly after the ,,Christmas season. Today, I would like to cover a topic I discussed with several founders last year: the job of the startup CEO. In the early days of any startup, things are chaotic. Everyone rolls up their sleeves and helps wherever she/he can. Goals are somewhat clear to everyone; Processes sometimes less so. All push ahead. And they step on each other's toes from time to time. This is fine, as long as things move forward in the right direction. Titles exist, but are, well, only ti ..read more

It is beginning to look a lot like Christmas everywhere. It is also the time of the final boards of the year, and the ,,budgets for the next year are prepared. It is a special time as we look back on 2023 and discuss what the next year might look like. And Santa seems to have listened this year... Software is back. Earlier last week, I shared this chart from Altimeter with my team. And it got some traction in venture land since. Why? Well, it has some Christmas vibes: Software markets are getting better. The chart is so telling as, while it is focused on public market companies ..read more

We held our 2023 LP meeting in Barcelona a few weeks ago. LP meetings are always a highlight of the year, but this was a special one. It was not only the first in-person LP meeting after three long years, but it was also an opportunity to re-celebrate the 20th anniversary of our firm (founded in 2000) with our investors in person. Writing this makes me smile, as it makes it sound like we are old, even though we are a young firm. But very few firms get this old in this business. Yes, we have had quite some successes, and challenges, over the past two decades. And we are just getting started… ht ..read more

As the family ,grew this summer, I was instructed to get a family-friendly car. My 2005 vintage Smart car wasn’t good enough anymore... So I went for an electric one (EV). I do not drive much as I mostly stay in the city and travel via train or plane for longer distances. I probably do five or so longer yearly car trips, in the 500-1000km range. Like the internet, electrification is happening fast and creating a huge wave of decentralisation. It is about much more than EVs. Homes are becoming these 'mini utilities' that make power from the sun and use it to power themselves. You can store and ..read more

The last two weeks have been harsh. We spent much time with our friends in Israel and abroad. Our hearts go out to all affected by the atrocities of terrorism and war; we stand with you, friends... Top 10 in Europe. Dealroom's 2023 VC ranking is out. Our firm is in the top 50 globally, top 10 in Europe, and number 1 in Benelux. This is pretty cool, and most importantly, a testimony to the great founders we are working with... These rankings are always a great opportunity to first say 'thank you' to our founders. I love this job, and the privilege to support our founders 24/7 to change the w ..read more

Summer is officially over. Everyone can feel how the ,activity is ramping up again... ,Since our last post, in early August,, many things have happened, and there are more and more pockets of optimism... A few upcoming tech IPOs, notably Klaviyo, Instacart, and Arm, have been announced. Most of those businesses are very solid. It will be interesting to see how the market will welcome them. Everyone in the venture world has been waiting for months for ,the re-opening of the IPO window. After a record-breaking 2021 (1035 IPOs, beating the 2022 record of 480), 2022 saw a massive decline (181 IPO ..read more

We are officially in the summer days when things slow down. I find August is always an excellent period to take some time to reflect on the first part of the year and think about what’s coming next. This year this is even more important than in previous years. For me, this summer marks the beginning of a turning point in the exuberance of the last years. Quite a few things point to more cheery days ahead. Entrepreneurs are heroes, perhaps more so than ever. I can’t emphasize enough how crazy the last 3.5 years have been. Starting a new business is always a challenge. But founders had to dea ..read more

Last week I chatted with a friend who opened a bar some years ago. It became the hippest place in the neighborhood. What's striking is that most of the customers now visit regularly, even as often as every week. What’s striking is that most of the customers are now there regularly, like every week. They love the place. There is no real need to actively acquire new customers, the bar is packed most of the time. And the more they go, the more they consume. My friend just built a solid small business. This reminded me of the hype cycles of the last years in tech. Instead of focusing on building ..read more