Brand consultant Fndr unveils first VC fund at Slush
Announced at the Slush 2022 startup event in Helsinki, the new vehicle will be used to co-invest in early- and growth-stage startups, typically at Series A and B. The fund’s investments will be limited to Fndr’s existing clients.
Launched in 2017, Fndr specializes in helping startups develop their brand image and marketing strategy. Previous clients include unicorns such as fantasy soccer platform Sorare and fintech startup Brex.
“The fund was a natural evolution in our business,” James Vincent, Fndr CEO and founder, said at Slush. “We spend a lot of time with founders helping them tell their story and because of that we’ve built really strong relationships with them. Clients have asked us before to take equity and be on their cap table and those intimate exchanges we’ve had with founders has led to the Fndr fund.”
Fundraising for emerging managers has become much more challenging this year as LPs shift their capital toward experienced firms. Around 86.7% of Q3’s total invested capital in the US was committed to 66 funds led by established managers, according to the Q3 2022 PitchBook-NVCA Venture Monitor. But some emerging managers with a unique strategy or established relationships with LPs are still finding traction.
The Fndr fund is sector agnostic, but will target startups offering technology meant to solve issues in areas such as food security, energy, supply chain and health. According to Vincent, the aim is to marry profit and purpose so that companies can scale in a way that is responsible for both the business and society.
Fndr will back companies across the globe, but with a focus on the US and Europe. Ticket sizes will remain small, topping out at $1 million. The fund’s limited partners include GPs from other venture funds, such as Index Ventures partner Danny Rimer.
Featured image of Fndr CEO James Vincent by Esa-Pekka Mattila/Slush 2022
Credit: Source link
Comments are closed.