After the good news at Oddbox (which is finally confirmed), it was easy for me to make larger follow-up investments in Q3:
My biggest recent investment has been the preemption of heights. Here I am very happy that I was able to expand my investment. According to Seedrs Heights startup valuation was around GBP 10MM as recently as November 2020. At that time GBP 1.7MM were raised via a financing round. Now in September 2021, the valuation is already at GBP 22MM, more than doubling in 10 months. Again 1.8MM were raised and the round was full very quickly. The new valuation is based on a relatively high turnover multiple of 11x. Just now in September, the founder posted on LinkedIn that the magic mark of 2MM ARR has been cracked. My hope is that Heights continues to scale as quickly as it has in recent quarters, so that the sales multiple of its current valuation of 11x could fall to 2-4x relatively quickly over the next few years.
Other major investments for me were the pre-emption in Wombat Invest and the Preemption in Paysend.
Wombat Invest is now valued at GBP 15MM and have just announced they are in the early planning stages for further funding of GBP 10MM to further European expansion (source).
Paysend has been rated over $700MM since said last round and is well on the way to becoming a unicorn in the future (source).
My fourth largest investment (also a follow-up round for me) is the second Seedrs-round of GuestReady. Unfortunately, this is a convertible campaign. The shares will be issued in 24 months at the latest (or sooner if the next major financing round is carried out). For investing in the current convertible, you receive a 10% discount on the share price of the next financing round and there is a valuation cap of max. CHF 60MM for the convertible. If the valuation in the next round of financing is well above CHF 60MM, you will receive the shares from the convertible round at the corresponding share price, which corresponds to the valuation of 60MM. Several VCs are on board here and the four largest investors are each investing more than EUR 100k. The two largest investments are even EUR 626 and 690k. Total round size currently EUR 3MM and round will close tomorrow Monday. In my opinion, the founding team has the necessary bite and has managed the company well so far.