Hussein Kanji

But you have to raise that kind of quantum of capital. And the biggest structural problem that we have in the UK and Europe, the conversion rate between seed and series A, series A to series B, series B to series C is basically these days on par with the US. But the capitalization of our companies from seed to series A, series A to series B is way under what happens in the US.

And there is a statistical correlation between if a seed round raises like 100K, the probability of it becoming an outlier is very, very, very, very small. Kind of makes sense. If that seed round goes up to like 10 million, the odds between 5 million and 10 million, if the seed is 5 versus the seed in 10, basically double.

And there is a statistical correlation between if a seed round raises like 100K, the probability of it becoming an outlier is very, very, very, very small. Kind of makes sense. If that seed round goes up to like 10 million, the odds between 5 million and 10 million, if the seed is 5 versus the seed in 10, basically double.

And there is a statistical correlation between if a seed round raises like 100K, the probability of it becoming an outlier is very, very, very, very small. Kind of makes sense. If that seed round goes up to like 10 million, the odds between 5 million and 10 million, if the seed is 5 versus the seed in 10, basically double.

Yeah, yeah. But there is a reason for companies to raise the right amount of capital at this stage. And then too much capital, I think, becomes too much of a wash. But the big problem that we have in Europe is we raise, but we raise small rounds. So people will take the risk, but they'll mitigate the risk by writing a small check.

Yeah, yeah. But there is a reason for companies to raise the right amount of capital at this stage. And then too much capital, I think, becomes too much of a wash. But the big problem that we have in Europe is we raise, but we raise small rounds. So people will take the risk, but they'll mitigate the risk by writing a small check.

Yeah, yeah. But there is a reason for companies to raise the right amount of capital at this stage. And then too much capital, I think, becomes too much of a wash. But the big problem that we have in Europe is we raise, but we raise small rounds. So people will take the risk, but they'll mitigate the risk by writing a small check.

And it's weird because the inverse should be if you believe in this thing. Like if you believe as a seed investor at a million and you have the fund size to be able to do this, you should believe at three. You should believe at four. It doesn't make sense to believe at 30.

And it's weird because the inverse should be if you believe in this thing. Like if you believe as a seed investor at a million and you have the fund size to be able to do this, you should believe at three. You should believe at four. It doesn't make sense to believe at 30.

And it's weird because the inverse should be if you believe in this thing. Like if you believe as a seed investor at a million and you have the fund size to be able to do this, you should believe at three. You should believe at four. It doesn't make sense to believe at 30.

But there is a number where you're freeing up the capacity of the founder and of the company in order to try and achieve greatness. And you're shooting for greatness as fast as possible. And I don't think people rock this fully in the European venture ecosystem. Are you price sensitive? Yes, because we care about ownership, but know when it comes to the check.

But there is a number where you're freeing up the capacity of the founder and of the company in order to try and achieve greatness. And you're shooting for greatness as fast as possible. And I don't think people rock this fully in the European venture ecosystem. Are you price sensitive? Yes, because we care about ownership, but know when it comes to the check.

But there is a number where you're freeing up the capacity of the founder and of the company in order to try and achieve greatness. And you're shooting for greatness as fast as possible. And I don't think people rock this fully in the European venture ecosystem. Are you price sensitive? Yes, because we care about ownership, but know when it comes to the check.

Like we often have this debate where most of our deals, like I said, are contrarian and there's contrarianness even within the table. So like we don't get it. The rest of the group doesn't get it. We don't see an obvious reason not to do it, but like we don't see it. And some of our best deals are usually like this.

Like we often have this debate where most of our deals, like I said, are contrarian and there's contrarianness even within the table. So like we don't get it. The rest of the group doesn't get it. We don't see an obvious reason not to do it, but like we don't see it. And some of our best deals are usually like this.

Like we often have this debate where most of our deals, like I said, are contrarian and there's contrarianness even within the table. So like we don't get it. The rest of the group doesn't get it. We don't see an obvious reason not to do it, but like we don't see it. And some of our best deals are usually like this.

And so instead of then downsizing the commitment, we're like, okay, we don't really get it, but they're raising three and a half. Like if they're going to really try and make a run at this, maybe they should have like four or five. Maybe you should go in there and buy like an extra few points of equity for that money. And I think that's the right way.

And so instead of then downsizing the commitment, we're like, okay, we don't really get it, but they're raising three and a half. Like if they're going to really try and make a run at this, maybe they should have like four or five. Maybe you should go in there and buy like an extra few points of equity for that money. And I think that's the right way.

And so instead of then downsizing the commitment, we're like, okay, we don't really get it, but they're raising three and a half. Like if they're going to really try and make a run at this, maybe they should have like four or five. Maybe you should go in there and buy like an extra few points of equity for that money. And I think that's the right way.

Like if you're in this power law world, that's the right way to play the power law. But that requires a fund size that's bigger than the hundred that we initially were thinking a few years ago.