September 2022 Summer's Almost Over
Supreet Manchanda • September 8, 2022
At Raiven, we are happy to share that we had a great summer. It is also time to roll up our sleeves and get back to work.
We’ve been on the move: traveling, meeting founders, investors, and seeking the latest technologies. This post is a recap – of our Nordic trip, where we learned about the latest in food and AgTech, and also our participation in the Collision Conference in Toronto. We also have some new investments that we are excited to share with you.
NORDIC STOP: PASSION FOR FOODTECH
We were delighted to spend time with Raiven LP and Advisory Group member Björn Öste in Stockholm and Lausanne. It goes without saying that he is a visionary foodtech entrepreneur and co-founder of Oatly, which went public last year. We also participated in two major conferences: The Future of Food Summit and Stockholm TECH Live 2022.
Björn gave the keynote presentation at FoodHack in Lausanne. His insights were inspiring: He spoke of the journey of Oatly and gave the crowd tips on navigating the food sector, strengthening the resolve of many founders on their entrepreneurial journey. Founders remarked that Björn’s talk gave muchto think about. He offered ideas for creating new products even when no market exists, noting that an IPO or acquisition may be tough to imagine for founders in the food space.
FACE TO FACE IN TORONTO
During Toronto’s Collision conference, the excitement in the air was palpable, as participants were thrilled to attend a face-to-face event. It was obvious there was pent up demand for in-person interaction. We met some great founders and plenty of investors and new co-investors. There was lots of discussion about NFTs and Web 3.0, as well as deep dives into larger issues of regulation.
We were particularly impressed by a few SportsTech companies and found an air filtration software platform especially compelling. The most important takeaway was that the Canadian ecosystem is growing by leaps and bounds. Toronto is the third largest metropolis in North America and has a world-class talent pool. Despite recent tech layoffs globally, the underlying fundamentals for robust growth are there.
THE VIEW FROM EUROPE
What struck us is how things looked from a European vantage point, in contrast to the US. While headlines in the US say that VC funds are drying up, others say the startup scene in Europe is on fire, with new funds raising a total of almost € 12bn of capital from January to June, according to the Financial Times.
The European VC sector is smaller and more conservative in terms of risk than its North American counterpart, and funds may not give as much capital to companies in the ideation or early-stage of a start-up as some funds would in Silicon Valley – however, the public sector fills this gap, providing significant non-dilutive capital. By contrast, there is often more capital for well developed ideas or companies closer to market launch in European markets. Take Germany, for instance, which has invested € 30 billion to create a fund in the hope of keeping startups – and innovation – at home.
During our trip, the companies that pitched to us had fully developed products with complete market testing and data. Founders had deep expertise and training in their industry. In the US, companies are often pitching on stages with only an idea and sometimes no prototype. Historically, in the US, many companies have raised millions on the basis of an idea alone.
IN THE NEWS
A few exciting mentions in print – our whitepaper, “The Future of Work” was mentioned in the BBC, on the heels of a BusinessWire press release. Within our portfolio companies: Scopio founders Christina Hawatmeh and Nour Chamoun authored an award-winning book by HarperCollins. “The Year Time Stopped: The Global Pandemic in Photos,” is currently number one in several of Amazon’s photography categories. Dan Karsko, CEO of KnowWake was awarded by UK-based Data Magazine featuring the most innovative mapping services startups; Boating Industry’s Top 2022 Product as well as 40 Under 40. Vertical Harvest was honored by Fast Company’s World Changing Awards, and featured in Fast Company, Perishable News, and also on CBS Sunday Morning.
LOOKING AHEAD
In our next post, we will highlight some of our newest portfolio companies and discuss the impact they will have in the ESG space.
Here is to a great rest of the summer!
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