Hussein Kanji

So, it's going to be great. It's better, but marginally better. It was 28 months. So, we went on the fundraise. We finished up fund one. It was a 2013 fund, somewhere around 17, 18. We went back out into the market to go raise. And you're going from 27 to 89? We were trying to get to 100. We thought 100 was the right number for a seed fund back then.

We now think the closer number is like 150 to 250, but back then it was about 100. And if you're going to play this game well, that's about the size that you need to be. So we went out for 100. We got a commitment from the European Investment Fund. It's a long process with the EIF. And they're like the anchor LP of record in Europe, especially in that era.

We now think the closer number is like 150 to 250, but back then it was about 100. And if you're going to play this game well, that's about the size that you need to be. So we went out for 100. We got a commitment from the European Investment Fund. It's a long process with the EIF. And they're like the anchor LP of record in Europe, especially in that era.

We now think the closer number is like 150 to 250, but back then it was about 100. And if you're going to play this game well, that's about the size that you need to be. So we went out for 100. We got a commitment from the European Investment Fund. It's a long process with the EIF. And they're like the anchor LP of record in Europe, especially in that era.

And we asked them about Brexit and they said, we don't, there's no such thing. Article 50 hasn't been invoked. We got to the final, we got to terms. We hadn't gotten into legals or doing the jurisdiction work and Article 50 got invoked and everyone who had a check or a commitment from EIF at that point felt it. Seedcamp got one of the first calls.

And we asked them about Brexit and they said, we don't, there's no such thing. Article 50 hasn't been invoked. We got to the final, we got to terms. We hadn't gotten into legals or doing the jurisdiction work and Article 50 got invoked and everyone who had a check or a commitment from EIF at that point felt it. Seedcamp got one of the first calls.

And we asked them about Brexit and they said, we don't, there's no such thing. Article 50 hasn't been invoked. We got to the final, we got to terms. We hadn't gotten into legals or doing the jurisdiction work and Article 50 got invoked and everyone who had a check or a commitment from EIF at that point felt it. Seedcamp got one of the first calls.

They tore up the document and all of us lost the EIF commitment because they were no longer able to invest in the UK. And then we had another big insurance company who was like the co-investor, the co-anchor, basically. We lost the insurance company in this process. We basically reset back to zero to go do the fundraise.

They tore up the document and all of us lost the EIF commitment because they were no longer able to invest in the UK. And then we had another big insurance company who was like the co-investor, the co-anchor, basically. We lost the insurance company in this process. We basically reset back to zero to go do the fundraise.

They tore up the document and all of us lost the EIF commitment because they were no longer able to invest in the UK. And then we had another big insurance company who was like the co-investor, the co-anchor, basically. We lost the insurance company in this process. We basically reset back to zero to go do the fundraise.

Started from scratch again in 18 and then kind of got our way to a closing in 19.

Started from scratch again in 18 and then kind of got our way to a closing in 19.

Started from scratch again in 18 and then kind of got our way to a closing in 19.

I don't think we'd have a fund without BPC.

I don't think we'd have a fund without BPC.

I don't think we'd have a fund without BPC.

You got to get a fund. And you got to get the, I would argue, you have to get the right size fund. And, you know, nowadays we don't have this.

You got to get a fund. And you got to get the, I would argue, you have to get the right size fund. And, you know, nowadays we don't have this.

You got to get a fund. And you got to get the, I would argue, you have to get the right size fund. And, you know, nowadays we don't have this.

I think in Europe they've had to. I have a controversial take on this, which is the worry about governments funding, especially at those kinds of concentrations, is you end up with governments having market power. And I am a big believer in capitalism. I'm a big believer in the markets.