Serena

We founded Mosaic as optimists who see technology as a force for good, and believe that the startup ecosystem will positively impact society. Our passion is to partner early with inspiring, ambitious tech founders: renegades who reimagine the world and shape it their way. We also believe in Europe. Breakthrough businesses are starting and scaling here with increasing frequency, powered by unparalleled engineering talent across the region. Our Promise to Founders We are excited to join your journey as an ally. We recognize that venture capital would not exist without entrepreneurs like you, who put everything on the line. We are thrilled when you choose to work with us, and honored to support your dream coming to fruition. As your partner, you can expect the following:‍ Trust: We have faith in you, and commit to supporting the business for the entire journey with intellectual honesty and unbiased counsel. Long term perspective: Success is not built overnight; we are in it for the long haul. Venture capital is a business that rewards patience on all levels.‍ Boutique service:We are a small, highly collaborative team who all pitch in to help across the portfolio. We typically make just 5-10 new investments per year, and every relationship matters. Growth mindset:We are humble, curious, open and straightforward -- having learned from both mistakes and successes. As independent thinkers we often take a different view from the herd. We don’t claim to know everything, and our approach is inquisitive rather than prescriptive. Low friction:We appreciate the value of your time and commit to simple, transparent business and quick turnarounds. Thesis-driven Since the 1990s, we’ve enjoyed a privileged ringside seat alongside hundreds of tech startups in many industries and geographies. Some have been successful, a number super-successful and inevitably, others didn’t work out. From these experiences, we have developed a thesis-driven approach to investing, where we try to imagine how a given market will unfold in the next 5-10 years, and then look for certain horizontal industry and business characteristics. Momentum is nice but we don’t need to see “traction” or baked KPIs to build conviction. There are general characteristics of businesses we like to invest in: Big, addressable markets and/or uncharted whitespace Distinctive product: love, trust, early customer evangelists Business model innovation, i.e. disrupting the value chain A large potential future moat, beyond pure scale and scope. From network effects, technical leadership, or other sources. This helps us derive the consequent gross margins and unit economics Broad customer (and supplier) distribution, i.e. no concentration immediately adjacent in value chain Long tail of independent adopters. Bonus for bottom-up word-of-mouth We invest in ‘whale-hunting’ too, but typically prefer to invest when there is a handful of customers (or highly relevant sector experience amongst the founders) Capital efficiency. After our first cheque, we are aligned with founders/on their side of the table, so funding pays for people, not inventory/asset Thematic Focus We look to back businesses catalyzed by emerging technology that may create a new market from nothing, or else materially disrupt the status quo. The themes we focus on evolve, as successive waves emerge, grow in force, and eventually ebb away. Historically, this led us to operate and invest in a wide range of web and mobile applications including search, social, and digital media. We are comfortable in both B2C and B2B businesses and particularly drawn to marketplace and SaaS/subscription business models. Our track record includes investing in global category leaders such as Alibaba, Etsy, Squarespace and Transferwise. In our current fund, the themes we are focused on include: Machine Intelligence Future of Money Edge Applications Work OS Open Bazaars Human Empowerment We continue to reflect on the impact of the pandemic. We will feel its reverberations not just in public health, but also in almost every aspect of the wider economy, as it impacts jobs and industries in ways that are still unfolding. We believe it also will become an accelerator for many tech trends and sectors, including health, education, and may have a dramatic impact on retail and real estate. In particular, as new work behaviours emerge and opportunities arise, we are deeply curious to understand what forms of value will be created. Our Story Mosaic was founded by Simon and Toby who first met in the U.S. in 1995 at graduate school. We were lucky enough to work in leading Silicon Valley startups at the dawn of the Internet and since then, have collectively amassed over 50 years working in tech, split equally between operating and investing, across the US and Europe (and approaching half of that time working together!) We set out for Mosaic to bring a focused proposition to early stage investing in Europe, providing unique perspective, culture, and founder experience. In the six years since launch, and now we are proud to have created a firm with a strong operating philosophy and values based in trust, intellectual honesty, and integrity, and an amazing group of talented individuals to deliver on our promise to founders.

For the past 20 years, we have been backing and guiding more than 100 companies from inception to success in Health, Digital, Technology and NewSpace. Because we believe that investment is not only about money but mainly about people, we provide support to our founders and entrepreneurs very early-on. We come from different backgrounds and bring various skills to help nurturing our portfolio companies on many levels. We are currently deploying three European early stage funds: our Karista’s Fourth Fund, the Paris Region Venture Fund sponsored by the Paris Region and the European Commission, and our SpaceTech fund sponsored by CNES and focusing on NewSpace. We invest in people Since 2001, we have always worked to provide more than cash. We care about the human beings who stand behind each and every project, looking after their uniqueness. We truly think that successes and unicorns cannot be done alone and need team reinforcement all the way along. Attracting and hiring the best people is a tough job and one of the key success factors. We help you structure your team so you can grow and scale your business. Dialogue and expertise along with a strong network are the core values of our operational know-how. We believe in game changers We are risk takers. Our thirst for innovation pushes us to believe in bold projects with strong value propositions. We choose to support companies ready to impact their market and make a difference to the users’ lives. We share a common vision Being onboard together means fully sharing the same vision and collectively working toward that goal. Most of the time, we are the first believers, the first betting on your vision. As a result, building a respectful and stimulating dialogue together with entrepreneurs and co-investors has always been a top priority for us. We co-create Early investment is a choice driven by a strong belief: help companies to structure properly is a fundamental for future success. As a lead or co-lead, we generally ask for a board seat to provide expertise, support and network. Day-to-day we are deeply involved with the founding team on key areas: sales and business development, marketing, recruitment, etc. We take on the mission to stand aside our companies in key moments to guide them to success. Innovative technologies in four main sectorsHealth from MedTech to BioTech and Digital Health Digital from SaaS to Marketplace Tech from DeepTech to data-driven businesses NewSpace from Satellite Systems to Space enabled digital solutions

Blue Lion is a multi-stage investment firm focused on high growth technology companies, predominantly across the US and Europe. The partners have invested $400m over the last 10 years into transformational companies, such as Aetion Health, Blockchain.com, Builder.ai, Casafari, Even Healthcare, Figure, Forward Health, Glovo, Maker Studios, Omio, Opendoor, Pipe, Revolut, SoFI, Taulia, as well as many other early stage companies.

We fiercely back founders changing millions of lives for the better. From workplace zen to financial literacy: we’re here for it all. We look at “4-T’s”1. Teams We look for: Complimentary skill-sets (tech & sales), Founder-market fit, Eye-to-eye conversation, Strong values, Personal chemistry, Diversity We tend to avoid: Little-to-no tech expertise, Single founders, Incomplete teams, Homogeneity, Overly inflated egos 2. Traction We look for: Strong customer validation, Data-driven decision-making, Revenue quality > quantity, Solid GTM strategy, Positive unit economics We tend to avoid: Capital inefficiency, Unengaged users, Pre-mature scaling 3. Thesis We look for: Painkiller solutions, Fierce value propositions, Deep moats, Big markets, Big visions We tend to avoid: Vitamins, Small ambitions, Crowded markets, Indefensible solutions 4. Timing We look for: Teams ready to scale, Clear investment plans, Market-Readiness Aka “Why now?” We tend to avoid: Highly diluted founders, Imbalanced cap tables, Strategic investors How do I get in touch with Peak? If you want to get in touch regarding funding, contact us here. For any inquiries not related to funding, you can send a message to our general email at info@peak.capital. What kind of companies do you invest in? We invest in early-stage SaaS, marketplace, and platform companies ran by kick-ass teams (excuse the french). We focus on SaaS, marketplace, and platform models, rather than particular industry verticals. What makes these models tick, and how to scale them across stages of maturity, verticals, or borders, is our expertise. P.s We do not discriminate – we do B2C, B2B, B2B2C, C2C, and all those great acronyms 😉 My product has a hardware component – should I reach out to you? Hmm, this is a good question. Given our laser focus on SaaS, marketplace, and platform models, hardware is often out of our scope. If your business is primarily SaaS, marketplace, or platform, and the hardware component is marginal (off-the-shelf, not a core driver of the value, distribution, or monetization of your product), please get in touch and we can review your case. How does this work for example? One at a time What countries are you active in? We are a European investor with offices in Stockholm, Berlin and Amsterdam. Our primary focus is on the Nordics, DACH and Benelux. Do you invest in companies located outside of Europe? We invest in companies based in Europe. We know that this can sometimes be a grey area, especially with increasingly hybrid and remote-first team structures; borders are becoming blurry. In principle, our European focus means that the founding country and/or members of the founding team are based in Europe. If you are not sure, please reach out. We may invest in companies registered outside of Europe (such as a US Delaware Inc.) if the company is of European origin or has a large portion of operations in the EU. What is your average ticket size? Our average initial ticket size ranges from EUR 250k-4M. Note that we reserve a large portion of our fund for follow-on rounds. This means we have both the conviction and the firepower to continue supporting our portfolio founders from Pre-Seed to Series B and beyond. As an investor, do you lead rounds or follow? Being the lead investor is in our DNA. As we are fully funded and ran by entrepreneurs like yourself, we are active and boots-on-the-ground partners. That being said, we are open to co-investing and following rounds where there is a strong lead. The most important consideration is there is a positive relationship between all parties at the table. Do you provide follow-on funding? Yes. The majority of our fund is reserved for follow-on rounds for our portfolio. We have both the conviction and the firepower to continue supporting our founders from Pre-Seed to Series B and beyond. We also support our portfolio founders in raising later rounds. As we operated for many years as a smaller, Dutch-focused fund, we have had to build out a robust network of investors beyond our borders over the years. Head over to our portfolio page to see a few of the co-investors and follow-on investors that we work with. What information should I put in my pitch deck? Good question! First, scroll up to the top of the page and explore the 4 “T”s that we look at. This gives you an idea of what we look for in any given proposition. Spoiler: the team is hands-down most important. Here are the most important things to address in your pitch deck: Team Who are you? Who is in your team, what did you do before, what is each person’s role, why are you the right team to tackle this problem? Thesis What problem are you solving? Let us know what is so broken, that you started a company to fix it. Touch upon these sub-questions: what is your experience with this problem, why does it matter, and how big is it? How is it solved today? This might sound strange, but please make sure it is clear what you actually do. What is your business model? The million-dollar question aka how do you make money? What is your go-to-market (GTM) strategy? We want to know how you’ll sell your product. Try to cover these topics: Who are your customers, who are your users (if there is a difference), how will you reach them? What channels and playbooks will you employ? How large is the market? A hard one to calculate…but important nonetheless. We’re curious to know the total market you’re operating in (TAM) and, importantly, how much of that you can capture (SOM). What does the competitive landscape look like? Ahh the classic competition diagram, we’re ready: 4-square matrix, company logo = 50% larger, top right corner. Jokes aside, this is one of the most important topics in our eyes. We want to understand what’s going on in your market. What are the different areas of competition and who are the key players? Try to highlight what makes you different (differentiation, USP) and how you will defend against other players (defensibility). Traction What is your current traction? We want to know about your progress – both commercial and technical. The information here depends on what you’re building and how far along you are. If you have not yet brought your product to market, including key info on your customer validation and technical development. For later-stage companies, please include key metrics on the number of customers, current revenue, growth rates, retention, unit economics, and all that jazz. Timing How much capital are you raising? Why now? Importantly, how will you spend it? What is your valuation range for this round? How much capital have you raised previously? From whom? There is no such thing as too early, but they’re such a thing as too late. Please communicate how much funding you have raised previously and what investors you have on board! What is your investment process? This depends on what stage you are in with your company; the process varies from founder to founder and not one size fits all. The general process is an initial meeting with a member of the Peak team. The purpose of this meeting is first and foremost to get to know you as founders. We are team-first investors. We want to know the face behind the business – your experience, your inspiration, and what sort of founder-market fit you have. We can go through your pitch deck to understand what you’re building, and how far along.If we decide to move forward, we’ll have follow-up sessions bringing in our partners, diving under the hood of your company, and exploring the chemistry between all parties. For us, the most important part of this process is to get to know you and the entire founding team – for you to get to know us as well.We don’t believe in slapping down a term sheet overnight. Not to say that we don’t move fast – we can and do – but it is important for us to truly understand what you’re building and all of the different facets of your company.We will ask for data, take a closer look at the competition, give back in the process, and progress towards a full understanding of your team, your company, and, hopefully, a term sheet and partnership. Who are your/Peak’s limited partners (investors)? You might have seen the term ‘founder funded around our website. This is true! Peak started back in 2008 when a group of 5 entrepreneurs came together to collectively invest in ambitious founders…and be the investors they wished that they had when they were starting up. We still have that DNA. All of our funds, from Peak I to Peak IV, are backed 100% by seasoned entrepreneurs.Our investors come from a wide range of industries stemming from manufacturing and logistics to tech Unicorns, bringing with them lived experience, market expertise, and network. Who is on the Peak team? We’re a colorful team of big characters. Get to know the Peak family more on our team page. Are you hiring? We are actively offering 6-months internships throughout the year. We also keep an eye out for sharp, motivated people to join the Peak family. Shoot us an email (talent@peak.capital) with your CV, motivation, and a short video pitch of yourself, and we’ll be in touch. Are any of your portfolio company’s hiring? A question we love to hear. The answer is: always! Visit our job board to see an overview of all of the open positions and apply. You can also find the specific careers page linked in the portfolio section. We are fierce believers in the vision and ability of our founders, and the teams they are building around them. We have confidence that any of our portfolio companies will be a great place to work.

We are hands-on investors with a focus on scrappy entrepreneurs building large scale tech-enabled businesses. Entrepreneurial experience Runa is managed by successful serial entrepreneurs and seasoned executives with vast startup experience. Our founding partners have built several global software companies, including Acronis, Parallels and Acumatica. This entrepreneurial experience enables us to better understand founders’ pain points and identify the best solutions. Transatlantic network Our investments span over 13 countries in North America and Europe. This robust transcontinental network allows founders to develop strategic relationships around the globe. Runa is uniquely poised to help founders scale their businesses in both domestic and global markets. We pride ourselves on helping founders evaluate and enter different geographies, create competitive strategies and develop acumen on when, how, and where to scale. Product and operational expertise Strong expertise in technologies allows us to identify the best deep tech deals and to scale our portfolio companies. Our partners have built a few tech startups with $100M+ revenues and know how it works. Partly because of this, Runa is a partner of choice for such open source champions as the most popular web server Nginx and a fast-growing database MariaDB. Our operational experience allows us to provide insight and support for critical tasks such as recruiting, fundraising, growing sales, and instituting formal organizational structures to support a scaling business. Investment thesis Runa predominantly invests in early stage startups at the Series A stage and also completes Seed and Series B investments. Our initial check typically ranges from $1M to $5M, and we continue investing in our portfolio companies as they scale. We offer flexible round structures, frequently leading rounds as well as co-investing with other firms. We support founders who are building disrupting companies across three areas: B2B SaaS, deep tech (ie., middleware, open source platforms, machine learning, and cloud infrastructure), and software for regulated industries (ie., fintech, edutech, and digital health)

Interplay is a New York City-based venture capital fund focused on technology-enabled businesses between Seed and Series B. We are a generalist fund investing in startups across the spectrum including consumer and enterprise software and marketplace companies. We primarily invest in the United States, Canada, Latin America, and Israel. We are a global innovation platform and spent the first five years of the firm’s life co-founding service companies to help startups scale and support the innovation ecosystem. Our services platform supports over 10% of all venture-backed companies in America today and we currently employ over 500 people.