2024! - Portfolio review
#104 Angelinvesting.it - From idea to Series A - Weekly Newsletter
Dear reader,
Here is my 2024 review as an angel investor, facts and numbers. Check here the last year's edition if you want to compare year over year. Let's start...
I invested in 7 new projects:
Gotobeat (link)
What do they do: AI-enabled music promoter.
Why I have invested: Totally sold by the founder (always great interactions, remarkable previous startup and entrepreneurial experiences, traction before opening the pre-seed round). Believe there is space for a similar-to-Ticketmaster player for mid-size performers.
Challenges ahead: Growing very fast in the UK. Interesting to see if replicable in other markets.
Midly (link)
What do they do: Help records and musicians monetize super fans.
Why I have invested: Sold by the idea of an OnlyFans unbundling opportunity. Hustler founder with a very strong team and infinite ambition. Big labels and artists on board with the project.
Challenges ahead: Good traction with big record firms and singers. Still a long journey ahead.
3 Club Deals: Stema, Bending Spoon, Stealth
This year I made 2 investments among those proposed by Club Degli Investitori. One is called Stema and the second is a project I can't say much about because it's still in stealth. For both, I invested in the very early pre-seed because the team behind them seemed stellar.
I also participated in a secondary deal on Bending Spoons promoted by a very talented Roman entrepreneur whom I consider a friend.
Wibo (link)
What do they do: Community and Coaching for executives
Why I have invested: I was very impressed by the calmness and professionalism of the very young team behind it. I don't think they have found a scalable model yet, but I am convinced they will put their all into it and the steps taken so far have given me confidence.
Challenges ahead: Continue the current growth trajectory and explore ways to scale.
B2Scout (link)
What do they do: M&A for under €10M Enterprise Value
Why I have invested: Loved the team. Serious, honest persons. Very well positioned in terms of Google SEO.
Challenges ahead: Business model and offering will need to step up dramatically.
Portoflio update: 6 uprounds, 0 downround
Untamed (cat food), NewCleo (green nuclear), Mighty Slice (protein cheescake), Limenet (Enabling a Carbon Free World), Takyon (OTA disruptor), and CleverChain (KYC automation) all raised more capital at higher valuations in 2024. Expecting 3 more up rounds in the first half of 2025.
Touching wood, don't see any critical positions in the portfolio to date.
VC Funds
I have commited to invest in a pre-seed French VC. I will finalise the investment in q1 2025. Both Exceptional Ventures and Firedrop are doing great. More about them in last yeat portfolio review
Let's get to the numbers
Total invested 2024: £52.5K
Total invested in startups: £50K (6 new investments)
Total invested in funds: £0K (not counting 25k commitments to be deployed in 2025)
Follow up: £2.5K
Total invested in startups and funds overall: £623.5K (38 projects)
Tax benefits obtained: £91.5K
Total realized: £306.3K (7 early exit)
Net exposure today: £225.65K (£623K-£91.5K-£306.3K)
My estimate of the active holdings: £452.5K
Theoretical gain: £226.85K (£452.5K+£91.5K+£306.3K)-£623.5K
Theoretical gain %: ~36% (£226.85K/£623.5K)
TVPI: 1.36 (£850.35K/£623.5K)
DPI: 0.64 (£306.3K+ £91.5K/£623.5K)
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