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Latest VC Funds announced.

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VC & Startup Roundup - Everything From This Week You Need to Know 🟣

Latest tidbits, resources, and social gems from the ecosystem.

Insight VC explains the biggest mistake that keeps founders from raising a big round

Travis Kalanick thinks Uber screwed up: ‘Wish we had an autonomous ride-sharing product’

Mistral, Klarna join 100+ founder initiative to supercharge next generation of young European startups

VC Aileen Lee still sees the most promise in ‘unsexy tech’

The 2025 fundraising guide - Backed by research, facts & figures

Google, Stanford and the IDF: Professional backgrounds of unicorn founders

Storytelling is the ‘make or break’ skill founders are lacking

How much is a venture firm worth?

Exponential rise of Mercury.com signups from AI search

Startups are being built faster than ever

Introducing Fin: join the beta-list

The ultimate VC AI workflow

Founders, ask VCs how much money they have left to deploy from their current fund

Shortlist of the best podcasts for startup operators, founders and investors

VC funds are now holding more dry powder than at any point since the 2008 financial crisis

The most unicorn-crowded neighborhoods in New York

A crude flying game hit $67,000 in monthly revenue in 3 weeks

Where to find limited partners and family offices in Europe

 
The Narrative in Startup & VC Marketing: ROI vs VOI 🟣

Hey founders and investors, in today’s newsletter I want touch on a critical marketing question that comes up all the time in our work at EverythingStartups and that you have most likely asked yourself many times before as well.

We’ve worked with many VCs, founders, and startups on content strategy, thought leadership, and brand positioning, and the same question always comes up:

“What’s the ROI of this?”

If you’ve ever wondered whether LinkedIn content, podcast guest appearances, PR efforts, or community engagement actually move the needle for your business, you’re not alone. Everyone wants to see the direct impact of their marketing efforts, but here’s the problem:

You’re asking the wrong question.

The reality is that Return on Investment (ROI), the classic financial metric, isn’t built to measure the long-term effects of influence. If you’re only tracking money in vs. money out, you’re missing the bigger picture of how brand trust, credibility, and visibility compound over time.

That’s where Value on Investment (VOI) comes in.

ROI: The Go-To Metric, But Not the Full Story

ROI is simple: Profit divided by Investment. Spend $10K on an ad campaign and generate $50K in revenue? That’s a 400% ROI.

But what about a podcast interview? A viral Twitter thread? A well-positioned LinkedIn post?

None of these things will show up immediately in a spreadsheet, yet they often lay the groundwork for future deal flow, customer trust, and inbound opportunities.

Let’s say you’re an investor and a founder reads your content, engages with your ideas, and later remembers your firm when they’re raising a round. The LinkedIn post didn’t directly generate a term sheet, but it created the conditions that led to the deal.

Traditional ROI doesn’t capture that.

VOI: Measuring the Value Beyond Dollars

VOI accounts for the intangible, long-term benefits of strategic marketing, in other words, things that don’t have an immediate financial return but build leverage over time.

Think about the most successful investors and founders you know. They aren’t just great at executing deals; they’ve built reputations that make people want to work with them. That’s VOI at play.

A few key factors that VOI measures:

1. Brand awareness – Are people recognizing your firm or startup as a leader in its space?

2. Share of voice – Are you part of key industry conversations, or just watching from the sidelines?

3. Reputation & trust – Do people associate your name with credibility and insight?

4. Inbound deal flow & partnerships – Are top founders and investors coming to you?

These are the things that unlock bigger opportunities down the line. The best firms and startups know how to balance ROI-driven activities (like paid ads) with VOI-driven efforts (like thought leadership and brand positioning).

When to Use ROI vs. VOI

I love this breakdown by SparkToro:

The mistake many founders and investors make? Focusing only on ROI and ignoring VOI.

→ ROI is about short-term revenue.
→ VOI is about long-term influence.

The best marketers optimize for both.

When to Use ROI vs. VOI

Know what you’re measuring. 
If you’re running a paid campaign, measure conversions (ROI). If you’re building a brand, track engagement, sentiment, and inbound interest (VOI).

Pay attention to qualitative wins. 
Getting invited to speak at a major conference? Seeing an uptick in LinkedIn DMs from top founders? That’s VOI in action.

Think like the best firms. 
The top investors and founders aren’t just chasing clicks and short-term wins. They’re playing the long game, positioning themselves as thought leaders, and building brands people trust.

Because at the end of the day…

ROI tells you how much money you made.
VOI tells you how much brand value you created.

And the most successful marketers, founders, and investors?

They don’t choose between them, they balance both.

 
The 10 Toughest LP Questions Every VC Needs to be Ready for 🟣

Before LPs invest in your fund, they want answers. And some questions are tougher than others.

We asked VCs: What are the most common, make-or-break questions LPs ask before writing a check?

Here are 10 questions every VC should be prepared for:

1. What gap in the ecosystem does your fund address?
→ Why you? Why now? If your fund doesn’t have a clear edge, LPs will move on.

2. What’s your long-term vision?
→ Are you just raising another fund, or are you building a lasting firm? LPs want to know where this is going.

3. What’s your sourcing edge?
→ Every VC says they have great deal flow, LPs want proof. What communities, networks, or strategies actually give you an unfair advantage?

4. How do you balance “safe bets” vs. big swings?
→ LPs don’t want just hyped AI deals or boring, low-upside plays. They want to understand your risk-reward strategy.

5. How do you evaluate founders?
→ Are you backing proven repeat founders or first-time visionaries who see what others don’t? LPs want to know what your winning founder archetype looks like.

6. How often do you evolve your investment thesis?
→ AI, tech, and markets change fast. How often do you reassess your approach? And do you actually act on it?

7. What drives your deal flow?
→ Are founders choosing you, or are you just playing catch-up? LPs want to know where your best deals are really coming from.

8. How do you think about portfolio construction?
→ Spray and pray? High-conviction bets? LPs need to know your model for risk and upside.

9. How do you think about team growth?
→ Is this fund built around one person, or is there a plan for scaling the firm over multiple funds?

10. What are your superpowers?
→ What do you do better than anyone else?

VCs, which of these LP questions have you faced the most?

And LPs, what else do you ask before writing a check?

Angel Syndicate Highlight: Katha VC

If you could have invested in Silicon Valley 30 years ago, wouldn’t you have? That’s the opportunity we see in high growth emerging markets from Brazil to Indonesia.

Here’s a break down of Katha VC’s investment thesis:

Industry Focus:

• Fintech in High-Growth Emerging Markets

• Targeting undervalued ecosystems with massive potential

• Exponential improvements on an inefficient process

• Emphasis on real-world and impactful fintech that is transformative for people and small businesses

Stage and Traction:

• Focused on Pre-Seed and Seed stages

• Prioritizing startups with evidence of meaningful traction

Founder Profile:

• Driven and resourceful entrepreneurs

• Lean budget management

• Sales-first leaders who keep the customer top of mind

Investment Parameters:

• Typical check size: $100k–$200k

• Undervalued opportunities only. We seek the best investment entry points for our LPs.

Why Join Katha VC?

1. Access to High-Potential Deals:

   • Curated opportunities in underexplored, high-growth ecosystems

   • Early entry into startups with transformative market potential
     

2. Co-Investment Opportunities:

   • Invest alongside Tier 1 funds and global investors

   • Benefit from combined expertise and network effects
     

3. Investor-Friendly Structure:

   • Transparent fee structures

   • Personalized support for Limited Partners (LPs)
     

4. Impact-Driven Investments:

   • Contribute to economic development and backing small businesses around the world

Accredited investors, join Katha VC today and mention "Everything Startups" to receive: 5% carry fee reduction on your investments.

VC Internships Galore 🟣

🚨 We’ll soon be adding VC jobs in the USA & Europe.

VC Internship - TEDCO
Location: Columbia
Apply here

VC MBA Internship - MetaProp
Location: New York
Apply here

Deal Calculations for Founders & VCs 🟣

VCs have a playbook for valuation that most founders don’t see. Here's a side-by-side look at how they calculate deals differently from you:

Valuation Calculation
Founder: $3M pre-money → $4M post-money, ownership at 75%.
VC: Adjusts for 20% pre-funding option pool, "true" pre-money is $2.4M, ownership at 60%.

Option Pool
Founder: Assumes minimal dilution, unaware of VC's pre-funding requirement.
VC: Requires a 15–20% option pool pre-funding, lowering founder equity.

Liquidation Preferences
Founder: Expects investors to get their money back first in a sale.
VC: Adds 2x–3x participating preferred, reducing founder payout on smaller exits.

Preferred Stock Terms
Founder: May misunderstand or overlook participating preferred terms.
VC: Uses these terms to protect downside and boost returns on smaller exits.

Negotiation Strategy
Founder: Accepts terms quickly due to urgency or lack of knowledge.
VC: Structures terms to maximize returns while appearing founder-friendly.

Pre-Money vs. Post-Money
Founder: Sees valuation as pre-money + capital raised.
VC: Adjusts pre-money valuation after factoring in option pool.

Valuation Anchoring
Founder: Focuses on high headline valuation to minimize dilution.
VC: Frames discussions around ownership percentages and post-money equity.

Revenue Multiples
Founder: Uses optimistic projections or market comparables.
VC: Applies conservative revenue multiples based on sector benchmarks.

Future Dilution Considerations
Founder: Overlooks dilution from future funding rounds.
VC: Models dilution across rounds to maintain target ownership.

Cap Table Implications
Founder: Doesn’t assess long-term cap table dynamics beyond the current round.
VC: Models impact on employee options, pro rata rights, and founder equity.

Download the graphic below if you ever need it!

Top Pre-Seed to Series A funding rounds of the week 🟣

Top 10 pre-seed to Series A funding rounds of the week:

⚫ AI ⚫

1. Lexroom.ai, a startup that employs AI to assist legal professionals in conducting research and drafting legal documents, raised a $2.2 million seed round.

→ Investors: Entourage, Verve Ventures, Vento Ventures, and others
→ Founded by: Paolo Fois, Martina Domenicali, and Andrea Lonza

2. Elea AI, a startup that has developed an AI-powered operating system designed to enhance the efficiency of pathology laboratories, raised a $4.4 million seed round.

→ Investors: Fly Ventures, Giant Ventures
→ Founded by: Dr. Sebastian Casu, Tobias Lygren, and Dr. Christoph Schröder

⚫ Healthtech ⚫

3. Lizzy Care, a startup advancing AI-driven dementia care solutions, secured a $2.6 million seed round.

→ Investors: Boomerang Ventures
→ Founded by: Ollie Fielding and Sarah Gorenstein

4. Arva Health, a startup building a network of modern fertility clinics in India, secured a $1 million pre-seed round.

→ Investors: All In Capital
→ Founded by: Dipalie Bajaj and Nidhi Panchmal

5. Junction, a startup that provides an API to integrate data from over 500 health wearables and medical devices, raised an $18 million Series A round.

→ Investors: Creandum, Amino Collective, Y Combinator, and others
→ Founded by: Maitham Dib

⚫ Fintech ⚫

6. Thanks, a startup operating an advertising network focused on post-purchase interactions, raised a $2.6 million seed round.

→ Investors: Peak XV Partners, Founder Collective, Side Stage Ventures
→ Founded by: Steven Tesoriero, Doron Ostrin, and Cayley Ostrin

7. Mimo, a startup offering SMBs a platform to automate invoice processing, payments, bookkeeping, and provide a line of credit for cash flow management, raised an $8.5 million round.

→ Investors: Project A, Northzone, Seedcamp
→ Founded by: Henrik Grim, Alexander Gernandt Segerby, and Andreas Meisingseth

⚫ Agtech ⚫

8. GigaCrop, a startup focused on enhancing crop yields by improving photosynthesis efficiency, raised a $4.5 million pre-seed round.

→ Investors: Playground Global, Juniper Ventures
→ Founded by: Chris Eiben

⚫ Creative ⚫

9. Unvale, a startup helping illustrators, writers, and storytellers build stories by sharing characters, art, maps, and events, raised a $1.8 million pre-seed round.

→ Investors: Antler, Graham & Walker, Ganas Ventures, and others
→ Founded by: Bri Clark and Casey Lawlor

⚫ Gaming ⚫

10. Liminal Experiences, a startup leveraging AI to enable users to design immersive worlds and develop unique characters, raised a $5.8 million seed round.

→ Investors: BITKRAFT Ventures, Riot Games, OTK Media Group
→ Founded by: Brendan Mulligan

Huge congrats to all these startups on their successful funding rounds!