2023 - Portfolio review
#51 Angelinvesting.it - From idea to Series A - Weekly Newsletter
Dear reader,
Here is my 2023 as an angel investor, facts and juicy numbers. Let's start
I invested in 5 new projects:
Pandas AI (link)
AI Layer on top of the Python PandasAI library, very popular among data scientists. I entered in pre-seed, shortly after me came the friends of Runa Capital for a round that exceeded 1.5Mln dollars. The startup has now been accepted by YCombinator.
Investment rationale: Gabriele impressed me as a CEO, fast, determined, polite. 10k stars on the popular GITHUB platform and viral contents spontaneously produced by the data scientists community.
Challenges 2024: Turn an open source library in a great company
Takyon (link)
Through NFTs makes reservations resellable. I entered in pre-seed while they were in CDP's fintech acceleration program. They closed the year with a cumulative GMV of Eur 3Mln, Eur 400k+ in December and a substantial round closing soon.
Investment rationale: Antonio is a force of nature from a commercial point of view. The team united for the second startup together. A consistent path in the world of travel has led them to find an opportunity that rides a trend (that of the financialization of real assets through tokenization in which I believe)
Challenges 2024: Sustain growth, establish as standard
Mighty slice (link)
High protein content cakes. A TikTok phenomenon turned into a business. They have signed agreements with ASDA and other top UK retailers, and are becoming a household brand.
Investment rationale: Emily has contagious energy and a super always-on smile. Started cooking in her little room, she's building a solid business. I'm happy to be part of it. High protein content products are now a rising category.
Challenges 2024: doing D2C in 2024 is a titanic challenge
Limenet (link)
Limenet is a climate deep tech benefit company that has patented an innovative technology for storing carbon dioxide in the form of calcium bicarbonates in seawater. Limenet aims to become an international player in CO2 storage through calcium bicarbonates.
Investment rationale: I followed an angel whom I respect a lot when it comes to green transition investments. Hashtag, I have been a sheep (not a critique to the startup, but will not happen again that I blindly follow)
Challenges 2024: show that the technology works
Clearbox (link)
Synthetic data for AI training. Machines need more data. Solution: machines that produce data to train machines. Hashtag dystopian.
Investment rationale: Quality co-founding team, good click with the CEO. Tools for AI are a category that makes sense right now to me.
Challenges 2024: establish as SAAS and not as consulting
3 Uprounds
In addition to Takyon described above
CleverChain (link): Anti-money laundering smart automation closed a seed higher than my carrying value (I was the first check, very proud :) )
NewCleo (link) in which I invested through Club Degli Invesitori (angel club of which I am part of the board of directors)
1 downround
ADGISTICS (invested when FindTheRipple) is in the process to be acquired. Lost 80-90% of the investment.
VC Funds
This year, two interesting things also happened on the VCs front:
Firedrop: I invested a small ticket in the solo-gp fund launched by Pietro Invernizzi. It's my first ticket in a VC fund as an LP.
Exceptional Ventures: One of the top 3 things of my 2023! I started collaborating with a fund that I believe in a lot, specializing in technologies that help people live healthier, longer, and happier lives. The team is amazing, the vision spot on for the period. I obtained carry by introducing a decent number of LP friends to the fund and sourcing the fund's first Italian deal, BonusX.
I believe a lot in BonusX, I was sorry not to have invested directly, but the timing did not match my priorities. I'm happy to have a connection through Exceptional Ventures for a team I greatly respect.
Let's get to the numbers
Total invested 2023: £102K
Total invested in startups: £52K (5 new investments)
Total invested in funds: £25K
Follow up: £25K
Total invested in startups and funds overall: £571K (31 projects)
Tax benefits obtained: £85.05K
Total realized: £296.5K (6 early sales sadly not a fat one yet)
Net exposure today: £189.45K (£571K-£85.05K-£296.5K)
My estimate of the active holdings: £339K
Theoretical gain: £149.45K (£85.05K+£296.5K+£339K)-£571K
Theoretical gain %: 26% (£149.45K/£571K)
A word of caution (to you, reader, and myself).
Total realized has been deducted by tax on capital gain
Euro GBP exchange rate is approximate.
My estimate of the active holdings is definetely biased
Holdings extimation doesn’t consider tax implications
I do not hold Clearbox shares directly, but I invested through a friend.
Further statistics on the portfolio at the following link
Simone
—
Want to read more: click here
Want to invest with me: click here
Want to share a deck: click here