Kevin Adams

Want to build wealth faster? Skip startups. Buy Boring Old Businesses. Here’s why: 1. They’re already making money. 2. They come with customers, systems, and momentum. 3. They’re undervalued – 2.5x profits is standard. 4. SBA loans or seller financing make them accessible. 5. Easy profit boosters: raise prices or add new products. 6. They’re easier to scale than startups. Startups fail 65% of the time within the first 5 years. But "boring" businesses? They’re built to last. Don’t build from scratch. Buy something proven. If you could buy a "boring" business, what type of business would you buy?

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ŌURA closed a $200 Million Series D funding round, raising its valuation to $5.2 Billion. The round included participation from Fidelity Investments and Dexcom, which invested $75 million. Oura has sold over 2.5 million rings, with its member base and revenue doubling in the past year. In 2024, the company expanded to Amazon and Target and collaborated with the Naval Health Research Center, Air Force, and Defense Innovation Unit to deploy its smart rings for service members. Recent acquisitions include Sparta Science in October and Veri in September. For the latest secondary coverage and trading SaxonWeber | ShareWell #secondaries #saxonweber

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AppLovin, Snap, and the new Walled Garden pathway A notable reversal took place in Q2 of this year: the market capitalization of AppLovin, the mobile gaming ad network, overtook that of Snap on a sustained basis. As of this writing, Snap’s market cap is $13.91BN to AppLovin’s $28.88BN. In looking at the divergent outcomes across AppLovin, Snap, and other advertising platforms, more important to consider than specific feature implementations is the imperative of expanded access to data that doesn’t adhere to the canonical conversion feedback loop. And in AppLovin’s case, this acquisition of data calls into question the popular definition of a Walled Garden.

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Congrats to Baller League on raising $25m Series A led by EQT Ventures and $8m Seed co-led by Dreamcraft Ventures. 💥 ⚽️ 🙌 Felix Starck founded Baller League in 2023 with an aspiration to lead a new era of #football with a fast-paced, six-a-side and 30 minute format. After two amazing seasons in Germany during 2024, the league is launching in UK and US during 2025, featuring hungry up-coming players in tandem with megastars like Ronaldinho, Usain Bolt, Luis Figo, John Terry, IShowSpeed and KSI. ✨ 🇬🇧 🇩🇪 🇺🇸 The #Dreamcrafters are proud to have co-led Baller League's Seed round in July 2024 with our friends from Oakvale Ventures, and we're excited to see the Baller Team secure a massive Series A led by our friends from EQT Ventures only six months later 🔥 📈 "Baller League’s rapid graduation from Seed to Series A is nothing short of remarkable. Raising their Seed round in July and securing their Series A in December highlights the team’s exceptional drive and focus. It’s great to be part of supporting an exceptional team and company that hits the sweet spot in our investment strategy with its #DigitalEntertainment focus and founded in #Germany. We’re especially proud to have brought in value-adding co-investors for their Series A round, ensuring the team is supported as they continue their great momentum." - Carsten Gjoertler Salling 🤗 Read more about Baller League and round in Financial Times and EU-Startups - find the links in the comments 👇 #Startups #VentureCapital

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Kettleborough VC has been active for ~6 years, invested in ~30 companies, gone through ~80 funding rounds, witnessed ~12 exits including ~4 instances of partial principal erosion, seen ~4 seed to $100M journeys, tracking ~29% XIRR across the portfolio. A couple of IPOs from the portfolio surely seem very much in line ahead.

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✨ Breaking: Category Ventures Announces New Fund.- Category Ventures Category Ventures is a $160 million venture capital fund launched by Villi Iltchev. The fund focuses on pre-seed and seed-stage startups in enterprise software applications, infrastructure, developer tools, and artificial intelligence, with investment checks ranging from $1.5 million to $5 million. https://lnkd.in/dbw8mY6h Please share to let other #Founders know For the ❤️ of Startups #Fusion42 #Startups #Venturecapital

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We need more women leaders in venture capital.

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The results are in. Emerging managers and especially sub-$25MM funds are out-performing their larger counterparts, even in a sub-optimal market. TVPI metrics for 2017 vintage was 3.8x versus 2.7x for a $100MM+ fund. Even a 2022 vintage is seeing a 1.1x vs a 1x TVPI. I'm personally working with a top-quartile sub $50MM fund that has delivered a 1.6x TVPI from a 2020 vintage with gains of over 100% for it's LPs (and no it's not pre-seed). Another solo-GP has averaged 60x MOIC. Smaller funds are more nimble, have more skin in the game and are quicker to react. Whilst it's predominantly smaller bets at an earlier stage (i.e. more risk), it also means a larger, more diversified portfolio where it only takes 1 to 2 wins to return all the capital to LPs = earlier upside. Add to that a much more favorable cost-structure, it's a relative no-brainer. A bit like startups, this segment is in it's infancy, so I expect we'll see much more data in coming years. (P.S- as I'm seeing some fantastic new operators come to the market, and we still have so much to learn, share and exchange about emerging managers, make sure to sign-up to upcoming newsletter! I'll be sharing much more in-depth insights, fund launches and interviews with GPs and LPs to create a vibrant and meaningful community- link in comments).

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The ‘help’ VCs offer that founders wish they’d skip : From unsolicited intros to random conference invites 😐! -Making random introductions that weren’t requested -Inviting founders to conferences where the VC is speaking -Providing strategic advice without understanding the startup’s specific context -Conducting frequent check-ins without offering meaningful support -Forwarding articles about competitors -Recommending broad networking connections that aren’t relevant -Offering unsolicited product UX suggestions -Imposing rigid meeting schedules at inconvenient times -Sharing generic industry trends without actionable insights -Sending irrelevant templates or tools that don’t fit the startup’s stage or needs -Offering feedback that feels more critical than constructive -Making broad claims about experience without engaging with the startup’s unique situation For VCs, adding real value means aligning support with the founder’s specific needs and goals. Any other pointers you like to add? Cc. Ed suh #startups #venturecapital #frustrations

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In addition to building our own VC practice at AAF Management Ltd., we’ve invested in 37 VCs since 2017. Here is what, I believe, it takes to build a multi-vintage, early-stage, venture franchise: 𝟭- 𝗦𝗵𝗼𝘄 𝗙𝗼𝗰𝘂𝘀: hyper-focused GPs build longevity and consistency in their businesses. If you pitch LPs saying you will invest in early stage consumer but end up doing late stage consumer that’s a massive red flag. Stay germane to your mandate and strategy. 𝟮- 𝗔𝗿𝘁𝗶𝗰𝘂𝗹𝗮𝘁𝗲 𝗮 𝗨𝗻𝗶𝗾𝘂𝗲 𝗩𝗮𝗹𝘂𝗲 𝗣𝗿𝗼𝗽𝗼𝘀𝗶𝘁𝗶𝗼𝗻: the market is crowded with venture firms, articulate your differentiated value proposition to LPs and founders. Don’t try to be everything to everyone. Focus on 1-2 value propositions to your stakeholders and execute them with excellence and defensibility. 𝟯- 𝗚𝗲𝘁 𝗕𝗲𝘁𝘁𝗲𝗿 𝗮𝘁 𝗦𝘁𝗼𝗿𝘆-𝗧𝗲𝗹𝗹𝗶𝗻𝗴: we tell stories everyday. Raising capital for a fund and building your venture firm requires that same story-telling skillset. Tell consistent narratives to the market to help build your own brand as well as your firm’s brand. 𝟰- 𝗟𝗲𝘃𝗲𝗿𝗮𝗴𝗲 𝘆𝗼𝘂𝗿 𝗦𝘂𝗯𝗷𝗲𝗰𝘁-𝗠𝗮𝘁𝘁𝗲𝗿 𝗘𝘅𝗽𝗲𝗿𝘁𝗶𝘀𝗲: if you possess subject-matter expertise in a certain vertical, domain or industry, you already own a defensible moat. Accentuate that to your advantage when building your firm, raising capital from LPs and winning deals from founders. 𝟱- 𝗠𝗮𝗶𝗻𝘁𝗮𝗶𝗻 𝗮 𝗖𝗼𝗹𝗹𝗮𝗯𝗼𝗿𝗮𝘁𝗶𝘃𝗲 𝗡𝗮𝘁𝘂𝗿𝗲: early stage venture is a highly collaborate asset class. Keep your ego at the door, you will never be able to do everything it takes to build a firm alone. Leverage LPs, partners and founders for deal flow sourcing, diligence and overall industry best practices. 𝟲- 𝗙𝗶𝗻𝗱 𝘆𝗼𝘂𝗿 𝗣𝗿𝗼𝗱𝘂𝗰𝘁-𝗠𝗮𝗿𝗸𝗲𝘁-𝗙𝗶𝘁: in quintessential startup vernacular, ideally find your product-market-fit by the time you launch your second fund. You need product-market-fit before you scale your AUM, grow your team and carry more fiduciary responsibility. 𝟳- 𝗞𝗲𝗲𝗽 𝘆𝗼𝘂𝗿 𝗣𝗮𝘁𝗶𝗲𝗻𝗰𝗲: early stage VC investing is a marathon. Patience will reward you personally, professionally and financially. Build mental, physical and psychological stamina to endure the inherent ebbs and flows of your entrepreneurial journey. 𝟴- 𝗧𝗵𝗶𝗻𝗸 𝗟𝗼𝗻𝗴-𝗧𝗲𝗿𝗺: early stage VC investing is the archetypal long-term financial asset. Think in 10 year increments for your firm’s grand vision, think in 4 years for a given fund’s investment period and think in quarters when reporting material updates on your portfolio to your LPs. 𝟵- 𝗛𝗮𝘃𝗲 𝗙𝘂𝗻: if instant gratification, short feedback loops and a constant need for reaffirmation is what you are looking for in a career then early stage VC investing will not fulfill you. Have fun building, and as Naval Ravikant once said: "𝙗𝙚 𝙖𝙣 𝙤𝙥𝙩𝙢𝙞𝙨𝙩𝙞𝙘 𝙘𝙤𝙣𝙩𝙧𝙖𝙧𝙞𝙖𝙣." Finally, and most importantly, be authentic and true to yourself. #firmbuilding #entrepreneurs #VC

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What a day at the inaugural Alpaca VC Capital Cup! 🏌️‍♂️☀️ Yesterday, we brought together 20 of South Florida's most incredible VCs, founders, and allocators at The Park in West Palm Beach for an afternoon that was about more than just golf. It was about starting the New Year by getting outside, connecting in-person and continuing to build the South Florida tech ecosystem. And for our team’s David Goldberg, it was about getting out of the sand in a pretty spectacular way – at least ESPN thought so (see ~45 seconds into the clip below, and you’ll get it!).   Since making South Florida my home, I've become increasingly convinced that the future of our tech ecosystem is made stronger when we step away from our screens and spend time together in person. The golf course isn't just about the green or the game – it's about the conversations, collaborations and unexpected outcomes that happen along the way. Huge thanks to our partners Escalon Services, LLC (thank you Zack Mellin) and First Circle Law (thank you Drew Morris) for supporting this vision of ecosystem building. And an even bigger thanks to everyone who showed up, swung a club and helped be a part of what’s happening here in the region: Jonathan Beda of Connexa Capital, Eric Helitzer, LEED AP of SubBase, Patrick Miller and Rob Cousin of J.P. Morgan, Steven Himmel of HighPost Capital, Harry Hurst of Protagonist, Jacob Slevin of FuseProp, Chris Wallace of Dunbar Capital, Paget S. of Gemini, Henri Pierre-Jacques of Harlem Capital, Blake Hatten of CEAS Investments, Howie Diamond of Pure Ventures, Luba Lesiva of Palumni VC, Nicki Berlyn Katz of Related Ross, Rob Hayden of Renew. These are the moments that make our South Florida tech landscape one I’m glad to be a part of. Who's ready for the next gathering? 🤝 #SouthFloridaTech #VentureCapital https://lnkd.in/eZWkqChP

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Thrilled to share that Base10 Partners is leading the €30M Series B for bsport, the all-in-one software platform for boutique fitness studios worldwide. The boutique fitness market is on a remarkable trajectory, projected to reach $55B globally by 2029. With fitness studios playing a key role in personalized wellness experiences, bsport’s platform is empowering studio owners to manage bookings, payments, marketing, and customer engagement seamlessly in a way the legacy incumbents could not. That combined with high velocity GTM shows through their ability to over double ARR in a extremely capital-efficient way. TJ Nahigian and I are excited to work alongside Zakaria Mansour, Sofian Medbouhi, and Marc C. as they continue to scale bsport and support studio operators around the world. Huge thanks to our co-investors Uthish Ranjan at Octopus Ventures, Stanford University, and existing partners Seventure Partners for their collaboration on this journey. Read all about it here: https://lnkd.in/dsCjRkTT Adeyemi Ajao Jason Kong Luci F. Alexander Lee

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Big things on the horizon, we are motivated and blessed to be at the dawn of a new age for the internet. Read more about our journey below or listen to the podcast: https://lnkd.in/eJeNhvVa

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