NEWSLETTER June 2020
As the world gradually reopens and whole economies are struggling to adapt, we are deeply impressed by the creativity, resilience and drive our portfolio companies have shown dealing with this new reality.
Since 1999, we have been investing in digital transformation. We believe startups and their innovations are key to a post Covid-19 recovery. Some of the best, most enduring business models were created during survival mode. In a new series of Alumni stories (No.1 Alando - "Within the Bubble"), we will feature some of these pioneering teams starting up during economic downturns.
Maybe their stories will inspire pioneers of a post-Corona generation to write their own.
Welcome back and enjoy reading!
Jan-Gisbert Schultze
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ZENJOB. Despite Covid19 - Fritz, Frederik, Cihan and their Berlin-based team secured a €27M ($30M) Series C funding round to expand its staffing on-demand platform in Germany and beyond - led by Forestay and joined by existing investors Atlantic, AXA, Redalpine and Acton: TechCrunch
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MAPLE. Six months after our first investment in the virtual care provider from Toronto, Maple's innovations are more needed than ever: the team introduced an online Covid19-screening in Ontario and a revolutionary virtual care program in the ERs of local hospitals that is now ready to expand: BetaKit, CBC
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CLUNO. Corona fuels demand - car subscriptions will experience a boost due to consumer preferences of an own car combined with economic uncertainty, indicate new surveys by BCG and Capgemini. Cluno already sees 53% rise "and the trend is strongly upward ": Financial Times, Handelsblatt
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MAMBU. By driving the global expansion and teaming up with new clients like TransferWise or Tide, its composable banking approach has kickstarted a whole new wave of innovation within the sector. Meanwhile, Mambu is considered one of the most promising tech startups from Germany: FAZ
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IWOCA. The fintech received the accreditation from the British Business Bank to support small businesses in UK under the state-sponsored 'Coronavirus Business Interruption Loan Scheme' (CBILS). Now, iwoca can provide state-backed loans from £50,001 up to £250,000 to existing and new clients affected by Covid19: AltFi
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ELDER.Protecting the most vulnerable in society - in times of COVID19, the live-in care platform is mobilising all possible resources to meet exploding demand of in-home senior care. Only months ago, we led a £8.2M ($11M) Series B to support Pete and the team to expand in the UK: Tech.eu, Express
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CONVELIO. 'Digitize or Die' - Corona hit just weeks after the Paris-based logistics tech startup specialized in the global shipping of fine arts joined our portfolio: Tech.eu. Now, the team supports large galleries, collectors and auction houses to move their business online: Forbes
KNIX. Forced to move its warehouse sale online, the direct-to-consumer brand sold more inventory, recording growth of 25% over the same period last year. Showcasing leadership in times of crisis, founder Joanna Griffiths initiated a national campaign to source personal protective equipment (PPE) for frontline workers: Strategy Online, Thrive Global
ARTNIGHT. As the pandemic puts the mission of "bringing people together in real life" on a hold, the team from Berlin was forced to cancel thousands of events across Europe. In an overnight pivot, they moved their edutainment workshops online, with painting- or cocktail-kits delivered to the doorstep: deutsche-startups.de
HOMETOGO. Amid the hard-hit travel industry, there's light on the horizon for the world's largest vacation rental search engine: as more and more countries are easing travel restrictions, this summer’s big winner are likely to be vacation home rentals. HomeToGo gives top-line insights releasing its Travel Forecast 2020: PYMNTS
VIMCAR. Despite Brexit and Covid19, the Berlin-based team was able to drive the successful launch of its smart and easy-to-use fleet management software in the UK. According to Vimcar's data, the business travel sector in Germany sees a positive trend after the lock-in: Focus Online
MOMOX. Corona becomes growth driver for the circular economy: momox benefits from people cleaning out their closets in lockdowns and responds to spikes in demand for second-hand fashion. Founded way back in 2006, the pioneer in re-commerce has meanwhile 20 million customers, employs over 1,600 people and is scaling internationally: etailment
LINAS MATKASSE. While most sectors are facing dramatic losses, the shutdowns accelerated grocery digitisation. The early meal-kit pioneer from Sweden has almost tripled the number of new customers in the Nordics: SVT Nyheter
SOFATUTOR. As German schools gradually reopen, the edtech company expects a long-term effect of Covid19. The number of registered users has almost tripled, while 5,000+ institutions are now using Sofatutor's online tutorials: rbb24
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CLIO. $250M from TCV and JMI to ‘transform the practice of law‘ - in case you missed our latest exit, Jack Newton & Rian Gauvreau announced one of the largest private transactions in Canadian history. Since our initial investment in 2012, Clio went from pioneer to global market leader in cloud-based legal tech: Globe&Mail
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Startup Stories | since 1999 | №01 | Alando
"Within the Bubble"
Alando was founded prior to the dot-dom crash in early 1999, in Cologne, as the first peer-to-peer auction marketplace in Germany by Marc, Oliver & Alexander Samwer, Jörg Rheinboldt, Karel Dörner and Max Finger. “They came basically empty-handed, without one single chart” — Acton Partner Christoph Braun recalls their first encounter. Less than a hundred days later, Alando was sold to eBay, Inc for $43 million, creating the core of eBay Europe. How the story of Alando sparked a wave of young start-ups that continues to have an impact today... [READ MORE]
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Elisabeth von Lichem. In case you missed our latest addition: happy to welcome Elisabeth to the family! The former EIB and Goldman Sachs executive joined our investment team in Munich at the beginning of the year. As part of her previous roles, she built and managed an equity and hybrid debt portfolio as well as co-investments in European tech companies - and brings along her deep experience in international M&A. Read more
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ActOn Climate - We are now a 100% climate neutral company: in the past months, we extended our internal policy from the carbon offset of our business trips to a more holistic climate approach. Together with founders and fellow VCs from Germany's tech ecosystem, we teamed up with the Leaders for Climate Action initiative, to further drive awareness on climate protection and implemented the 'act now' sustainability pledge: Handelsblatt, act now
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Any feedback, questions or want to get in touch with the team? Please drop us an email.
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