We hope you've been well and have had a great start to the month! It's been a busy month for us at RLC Ventures, from going to (virtual) pitch events and sharing our thoughts on the current climate, to a new addition to our team - so we'd love to fill you in on what's been going on.
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Following on from RLC Ventures' Oliver Kicks feature on StartupGrind last month, we decided to further explore how VC behaviour has changed in response to COVID-19.
Our two key findings highlight that: (i) a trade-off between portfolio management and time spent on new investment opportunities has emerged, with VCs opting to allocate more time to addressing portfolio company needs and (ii) some investment process adaptations to remote-only restrictions include more emphasis placed on reference checks and founder profiling.
Overall, it appears VCs are very much 'Open for Business' - but are taking a more cautious approach; focusing on portfolio needs and taking more time over ongoing deals. Read the full piece here.
RLC Ventures was also featured in Pretiosum Ventures' discussion on which metrics early-stage start-ups should pay close attention to during a recession.
Oliver Kicks shared our thoughts on what the most important metric is for companies at the pre-revenue and pre-monetisation phase - product-market fit. This is a crucial aspect for a companies ability to sell its product and achieve sustainable long-term growth. After all, if companies such as Facebook, Google and Youtube had gone to market with a paid product they would probably not be the companies they are today. Read the full piece here.
🤝Welcoming Sach Kukadia to our Advisory Board
We're delighted to welcome Sach to our Commercial Advisory team. Sach is a serial entrepreneur, non-executive director, board advisor and angel investor. He launched his first startup, SecretSales.com at the age of 22 and over a period of 10 years, raised £18m through leading Venture Capital Institutions and drove annual sales of £47m. Eventually selling the business to a London based Private Equity firm in 2017.
Sach’s current time is spent with Residently, a disruptive Property Tech platform whilst advising a number of other businesses at Board level.
Every year we love inviting a set of interns to work with RLC Ventures over the course of a summer. Giving them the opportunity to learn what the life of a VC looks like and what it means to be a VC with RLC Ventures.
This year, we welcome Seyon Indran and Kalam Dhesi, joining us from Imperial College Business School and the London School of Economics, respectively. Both will be staying with us for 2 months and will be involved in all aspects of our work; from deal sourcing and due diligence, to content creation and research.
⭐ Female Founder Office Hours
We were delighted to participate in Playfair Capital's second Female Founder Office Hours this month, which saw 100 founders connect with 34 of the UK's leading VC investors over 400 one-on-one office hours meetings.
Representing RLC Ventures, Oliver Kicks took the time to discuss the tech business ideas, offer advice and review investment pitches from founders operating across Business Automation and Digital Health, to RetailTech and FinTech.
Overall, this was a fantastic initiative that we were excited to be a part of and we're proud to be supporting female founders here in the UK.
Early June saw Seyon Indran join The Creator Fund Challenge - the UK's largest virtual student demo day. Alongside investors, founders, and the Creator Fund investment committee, he saw 7 of the UK's best student companies deliver a virtual pitch outlining their start-up idea - all competing for a £20,000 investment from Creator Fund.
Towards the end of the month, Oliver Kicks also joined on Google's EMEA Pitch Lunch event; which saw founders from London, Tel Aviv, and Warsaw pitch their start-up ideas in front of a panel of investors.
The pitchers were Anna Ambroszkiewicz from Modsly, Debbie Battat from Surge, and Mayank Mathur from Avasa.
With Summer officially underway, now's the perfect time to get stuck into some reading, and we wanted to share our thoughts.
Here's what we're reading at the moment:
Below are some updates from our portfolio companies, including news, jobs, funding and more.
Some of our portfolio companies are hiring:
See the open roles below at each companies careers page: