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In the world of startups , it ’s not rare to see natural endowment from successful companies go on to get hold their own venture . This is particularly observable in fintech in Europe , where alumni from unicorns like Monzo , N26 , Revolut and others have started a flurry of new companies .
Andrena Ventures , a solo GP ( solo general spouse ) fund based in the U.K. , wants to support thisstartup manufactory snowball effectby put in such second - genesis startups at the pre - source and seed leg . To do so , it is elevate $ 12 million from angel , including several VCs and enterpriser . There has been a first close , with a net close planned for later in the year .
The firm ’s universal cooperator , Gideon Valkin , told TechCrunch that while he will fund talent with root in European and British fintech , Andrena itself is sphere agnostical . He expect most of his portfolio fellowship to focus on other categories like AI , climate tech and B2B go-ahead solutions .
Andrena has already made its first investment : Nustom , an AI startup establish by Monzo ’s co - founder , Jonas Templestein , whom Valkin reported to when he worked at Monzo . Nustom has n’t publically launched yet ( which explains its summary internet site ) , but it already boast a prospicient list of investor , including OpenAI , Balaji Srinivasan , Garry Tan , Naval Ravikant and others .
Andrena ’s engagement in Nustom’sparty roundreflects the business firm ’s dissertation and strategy : Most of the fourth dimension , it will kick in between $ 100,000 and $ 400,000 to rounds that will be lead by others . However , Valkin trust that his internet will make it easier for founders to raise Series A rounds , potentially from his special partners or from other investor he ’s connected to .
The solo GP approach
By leveraging his connection and by writing relatively small checks , Valkin hopes to make headway access to hot deals in which with child store may not be able or willing to enter .
Having a small fund signify that small investment have the potential difference to regress all of the invested capital ; for a larger firm , such investments would n’t move the phonograph needle or be worth the risk . Valkin have it away that side of the par : After depart Monzo , he became an angel investor himself and commence mould as a seminal fluid investor at VC firmEntrée Capital , which is now one of Andrena ’s limited partners .
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But handle a solo investment firm is n’t without challenge , and not just because the management fees are proportionally smaller . As my fellow worker Rebecca Szkutaknotedlast year , “ egress handler have been on the same roll coaster as startups for the last few year . ”
Valkin says he ’s taken a significant wage gash , but he find out this as a plus : founder can see him as a trusted partner who has equally as much at stake . “ I call up that aligns us really nicely , ” he said . His value proposition is to unfold up his mesh to founder and help them raise a Series A round , while also swear on his operational know - how .
This mix is more common in the U.S. than in Europe , where many local VCs have never start a company . But things are changing , and angel investment is increasingly coarse among European entrepreneur , especiallyin fintech .
One of Andrena ’s LPs , Taavet+Sten , is an investment fomite run by Wise co - beginner Taavet Hinrikus and Teleport co - founder Sten Tamkivi . Both are former Skype employee and have nowformally launchedan other - stagecoach venture investment trust , Plural , with two other partners .
The fact that the duo choose to back Valkin can be catch as a validating signaling for his dissertation . With drove of early fintech employees looking for their next challenge , the name that Valkin picked for his venture is meet : Andrena is a type of bee , and “ pollination , in my judgement , is credibly the best analogy for what I do , ” he articulate .
This story has been corrected to reflect the fact that the store has n’t reach out its final close yet .
