🌟 @airstreet update! 6 months after public launch our $17M Fund has upscaled to $26M!

The market to build AI-first tech and life science companies to solve huge global challenges is massive.

Our largest investor is @PrimaMateria_ led by @shak @eldsjal @brettbivens! Thread 🔽
I started in VC after finishing my bio PhD in 2013.

After investing in a range of industries, biz models, and tech approaches, I became convinced that tomorrow’s winners will be AI-first by design.

I made the case in @techcrunch in 2015: techcrunch.com/2015/12/25/inv…
I then dove back into research papers, the strategies of big tech, new startups, and acquisitions to make sense of where the puck is moving.

I shared links of articles on a small email distro and then expanded those links with my personal take: newsletter.airstreet.com was born.
In 2017, I was invited to give a talk on forming AI-first startups at @OxfordAI. I’m a big fan of sharing ideas online as a means of learning from others with different perspectives and/or more experience.

So I published the slides: docs.google.com/presentation/d…
Then, @shak (who I hadn’t met but heard lots about) DMs me:

“Was awesome. I shared it with a few friends.”

Being curious, I asked for their feedback.

“Well you be pleased to know @eldsjal is the 1 who sent it to me :) I normally find the good stuff. But he beat me this time.”
We met for a coffee at @workshopcoffee in Clerkenwell (RIP!) and discussed (in order of priority): food, life, and big opportunities for science + technology in the next 10 yrs.

Then popped the Q: “Hey, so do you wanna come up to Stockholm to meet @eldsjal?” Erm, yes, please 😉
After my talk @insightpartners CTO Summit in NYC, I took a redeye to LHR and a flight to Stockholm 2h later.

The next day, I spent 2h diving into science, health/bio, AI, company building, and leadership w/@eldsjal and @shak. I don’t think I’ll ever forget the experience 🤓
It’s moments like this that show how amazing the technology industry is - full of serendipity, a pursuit of new ideas and support for people who believe in making that future a reality.

Later that year, I met @chrija @pawell thanks to @DecodingVC who welcomed me to @PointNineCap
The @PointNineCap team were supportive of my ambition to launch @airstreet from our very first conversations. While other firms weren’t fans of incubating a new VC firm and wanted only full-time investors, Point Nine bucked the trend and made the bet on me
medium.com/point-nine-new…
2 years later, @airstreet went live w/$10M 1st close.

In 2019, we invested in @graphcoreai @missionbarns (w/@chrija!) @labgeni_us @anagenex (both w/@zavaindar + @nanli) and @Join_ZOE.

By the end of 2019, @twitter (whose service I’ve loved for 10 years) came on board too!
With $17M, @airstreet invested into 4 more awesome companies: @intenseye (w/@ric0seq!) @allcyte (w/@manugrossman @tomwilke) @eatGOURMEY (w/@chrija + @yacineghalim).

Our official launch came out in Oct ‘20 post-@stateofaireport 2020 thanks to @jeremykahn:
fortune.com/2020/10/30/air…
Which takes us back to today’s news: 4 yrs since @shak’s DM, @PrimaMateria_ is live and has become @airstreet’s largest LP.

Our mission is very aligned: find, build, and invest into founders who advance ambitious technological + scientific innovation to solve impactful problems
Joining us to build our Europe as a powerhouse of AI-first tech and life science companies are the FoFs @AldeaVentures and @MultipleCapital.

The future is bright. I can’t wait to help ambitious founders move faster w/@airstreet, now with more resources 🔥

👋nathan@airstreet.com

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More from @NathanBenaich

18 May
Yesterday, @imperialcollege President @Alicegast wrote a letter in the @FinancialTimes in response to my oped urging a rewrite of the spinout playbook.

I would like to respond here because the letter does not make sense and misses my point. Thread 🔽
The letter is entitled "Universities need investors to bridge the start-up funding gap". " Prof Gast essentially says that there is *no* problem w/how universities spin out companies, pointing to "750 active companies that raised £800M" at Imperial, i.e. £1m per spinout on avg..
Firstly, aggregate statistics don't tell the real story. Even so, £1m/spinout isn't great. Consider @ycombinator who have driven the standardisation of permissive fundraising terms. Their 3,000 companies have a combined value >$300B, or $100M/co on avg. ycombinator.com/topcompanies/
Read 13 tweets
10 May
So many golden replies in the @FT comments section. Thread 🔽
Read 4 tweets
10 May
Today, EU+UK universities have the ingredients to be spinout powerhouses: world-leading research, ambitious academics, and VC funding.

Instead, our unis propagate an unproductive downward spiral of short-termism that hamstrings founders.

Thread 🔽

ft.com/content/fd0383…
As a researcher-turned-investor, I've seen this first hand. Forming spinouts back then was discouraged, miring colleagues in bureaucracy that undermined their work. Today, startups are still not rewarded in our academic culture; worse, founders are considered problem children.
The process of spinning out a company from one's academic work is so painful and economically punitive peers ditched their entrepreneurial ambitions entirely. Some hack around official routes to become “sneak outs” while others depart for more entrepreneur-friendly universities.
Read 16 tweets
5 May 20
A few live notes from a webinar run by @TTCP_SF and @CooleyLLP for GPs:

- VC funds investing through the GFC were some of the best for vintages 2000-2019 by TVPI, esp 2008 vintage

- M&As likely delayed by 2 years from now

- Valuation cuts by 30% sets pricing to 2017 levels
👇
Communication is key across the board: LPs-GPs-startups

Some LPs starting to look at opportunistically at selling non-core, unfunded commitments

HNW/FOs proactively seeking liquidity
GPs: if you engage in secondary position processes with new LPs, be careful what you share to avoid folks who express interest for the sake of data hoovering.
Read 14 tweets

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