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Philipp Moehring

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2016-01-06
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2016-01-06
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  1. “Well, first of all, I hope that with Angelist we can really show that we can scale this model and really bring it to more places, bring it to more entrepreneurs and more investors. And I think the next five years, as I mentioned earlier, is really the time when we show whether this works or not. So that's going to be super exciting. For myself, I'm very happy with where I am at the moment. So I hope I can get a few more years in this setup.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “My biggest productivity tool is a tool called self-control. And basically it blocks you from going to websites like Facebook, Twitter, and news. And those blogs that take all your time away from some real”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “That's awesome. Yeah. So Brett writes really well. He writes really personal in a really personal style, which I really appreciate. And he's also covering topics that a lot of people don't dare touch or don't want to openly talk about. So I think that's really great.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Yeah, I think again there are too many to count. I used to be a big Google reader fan and had like hundreds of blogs in there. I think Brad Feld is writing a great blog. I had the or have the pleasure of working with Foundry Group on their syndicate at AngelList.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Sure. Yeah, so it's really hard for me to say what my favorite book is. I can tell you who one of my favorite writers is that really influences my thinking. And that's William Gibson. I think if I had to pick one book that's, if someone asked me what book should I read, I would probably say Snow Crash. It's a very fast read. It's super interesting how the future is depicted in that. I've caught myself looking to science fiction much more than to research or academia when it comes to new technological advances. So yeah, I think Snowcrash is a great book for everyone to read.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Wow, Highland. I don't think I hope I haven't hit my career highlights yet. So overall, I got to say what makes me happiest, see entrepreneurs succeed. So people, as I said, that we invested in six, seven years ago and now hitting their strides, selling their companies, becoming super rich, becoming angel investors themselves, starting their next companies. That's really the coolest thing to see and see how someone.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “First of all, I love the people. So, Dave and Veggie, who I mostly talked with and work with at 500, are just really amazing people. I've known them for years now, and this is a great chance to work with them. On the other hand, it's a really interesting model where I can invest in a style that wouldn't change how I think about companies, wouldn't change my work with Angelist. And so it was just a very simple setup for me to agree to. people that I have talked in the past to in a word as open in being so flexible as 500 are which is really again born out of the way they run the 500 fund and the way the 500 fund is is positioned and the way they are investing”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Do bigger deals. And it will probably move some people that would have raised funds in the future and leave them on the angelist side where they can run their syndicates and kind of have a pop-up venture fund. But I also think, and we are already doing this, we're helping funds do business better. So we do this with SPVs that we can set up where funds can invest other people to invest in their pro rata. We get a lot of VC funds actually run syndicates and new VC firms are being bonded that use Angelist as a fundraising mechanism. So I think this is much more different flowers than replacing a crop.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Definitely not. So, first of all, 500 startups is by no means a classic venture fund. So I think the team is now at about 65 people spread all over the world, investing at scale. Investing at scale very differently from Angelist, much more ran by a big number of people. But yeah, so this is definitely not a classic VC firm. I also don't think to your second point that Angelists will make the VC model obsolete because the VC model is very boutique, especially in later stage investments, larger amounts are very well managed by the VC firms that exist. What Angelist does is it allows people that are already doing great deals at early stage do more of them.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Other people to co invest with me, which is obviously something where the two things come together and both parties are really happy that we can do some great deals.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Yeah, so the 500 role adventure partner role is really a thing I'm doing on the side. And if you look at classically how venture partner roles were filled or were ran, it's usually someone who is in a full-time job and is doing some investing on the side. And then they get a venture partner role to have a bit more firepower to do that. And obviously this is for a fund to get access to deer flow in a location or in an area of interest that they don't have as much coverage. So I'm going to do some investments with 500 startups that would look like angel investments. So I know an entrepreneur, I know some other investors they're doing around and I get the chance to join and invest in a great company. So that's really the idea there. And then through Angelist, I will run a syndicate. So I will...”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “I don't think so. I mean, this is not, you know, the 400 obviously as a chunk is a huge amount of money in the announcement already Naval talked pretty clearly that about how that's going to be spaced out over the next five years, how we don't want to have an influx of capital into first of all the platform that can distort the way the platform works and also into the market and that distorts the way the market would work. If you think about maybe 20 million in the first year, something like that being deployed, that's not really a huge amount of money if you look at the whole industry. And so I don't think this will be some influx or distortion for the market.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “So just to get clear on how that whole thing is structured, it's a fund that is being invested by CSC Upshot into syndicates. So this is not Angelists getting money as a funding round. This is not Angelists getting money to decide where to put. This is actually a very smart team of GPs that are investing directly in syndicates. So it's a little bit more removed than people first think that when they read about it. So this 400 million is earmarked to go into syndicates only and absolutely also into European companies.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “I think on all levels London is just the number one ecosystem in Europe and that won't change for either for a long while or ever. London is one of the biggest metro areas in the Eurozone or in Euro in general. There's the oldest technology industry. There's really the oldest VC industry. There's a lot of money in London due to the financial scene there. I think that's just really hard to copy for anyone else. And besides all of that coming together, which is what you also have in Silicon Valley, which is tech company.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “I think we just need to be really good at the operational part. So, you know, the hard parts for every startup in their journey are usually the parts that you don't see from the outside. So really just making sure investments run well, making sure that everything is on solid footing from a tech perspective, obviously get the right people to lead deals, make sure that the incentives we set are the correct ones for deals to run the right deals and find the right investors. So all of that stuff is really execution and that's usually the hardest in building a startup. And I think that's really the challenge for us. If we want to go for the next five, ten years or even next 15, 20 years, then that's probably the biggest challenge for us.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “Classical example of how a marketplace can take over an industry or can take part in an industry where we can now do something because of the structure of syndicates, because of the structure of the investments that are being made that couldn't have been done before, which is invest in seed at scale because there are, if you think about syndicated leads as general partners of a fund, there are hundreds of general partners for syndicates running around all over the world investing in companies. And these larger funds simply back those syndicate leads at scale, which is something that couldn't have been done before.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “But yeah, I certainly see that something that's happening. Over the next five years, which I think is a very interesting timeframe because five years will roughly be when we will likely see our first big exits. And that's really when the model will be proven out. So I think over the next five years, what we want to do and what we kind of have to do is really deliver on the promise of scaling the seed stage and early stage investing because that's mostly what Angelist is about. And we won't only grow because we're going later stage. We also obviously want to continue what we're doing, which is go broader in seed stage. More syndicates, more money into those syndicates, more reliable capital, like the upshot fund that was just raised to invest in syndicates. This is really where Angelist is really a very...”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Well, first of all, a lot of syndicates are already investing in Series A rounds. Not a lot of them are leading Series A rounds at the moment.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “Especially in later stages, also to invest in companies that are further away. I think in the seed stage, it's very difficult to do that because in the seed stage, as I mentioned before, you probably want to be more involved with a company. You want to meet the founders, maybe not every week, but certainly every month. And therefore, in the seed stage, a lot fewer USBCs are investing.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “I wouldn't say that it's a very recent phenomenon. This has been going on for years and you've seen folks like Union Square funding SoundCloud here in Berlin. You've seen you've always seen especially the East Coast VCs doing deals in London. But I think it's just a testament to the fact that great companies are built everywhere. Great founders are everywhere and no one has really that monopoly of starting companies. And this is something everybody says and this is something obviously that in Europe both founders VCs and pundits really talk about and they say Europe is building great companies. But it's just true. These people have great opportunities they see here. And if they have money to invest, then it's possible.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “I mean, very clearly the investment scene in Silicon Valley is where venture capital started. And therefore it's a much advanced in comparison to the European scene. The European scene obviously is a lot more disjointed because companies come from more different places. There isn't as much of an epicenter like San Francisco or the Valley within Europe. The venture scene over there is 60 years old. Here it's at best 20 or 30 years old and especially if you talk about any meaningful size or number of investors in the market. So I think that's a huge difference. There's a lot more money going in in the US and therefore a lot of other things develop that over time also come here. So it's often quite easy to look at what's going on trend wise in the US and then see those same things. Happen over here a bit later.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “By being a VC when you're young is a fallacy that I think people need to understand. However, if you start in the VC industry as an associate or something like that, then very often people go and join startups after that, which I think is...”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “There certainly is a glass ceiling, but I think it's for a very good reason. So the real thing about the VC industry that nobody really tells you is that things take a very, very, very long time. So I've been in the industry for about eight years now. And right now, I see founders who I first saw in 2007 and 2008 do their second business. Right now I see companies that we invested in 2007, 8, 9, 10 really hit their stride, go big, you raise huge rounds of funding, and of course also exit. And this is, you know, this is me starting eight years ago. If you want to be at a fund and really be successful, you need that time. And if you're in your first job, you don't have that time. You don't stay in your first job for eight years. I mean, usually you don't. And so, you know, the illusion that you're going to make investments and become rich.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “There you go. So he said this is, you know, these guys shouldn't be seized or they don't make for great VCs, especially young VCs trying to get into the industry. I posted it for two reasons. One, to keep myself honest. And secondly, because I think there's a lot of, you know, from the outside, the VC world looks very glamorous and it looks like a great thing to do when you're young. However, as a young joiner in a fund, you usually do analyst work and associate work is, I think, I still think it's a great job. But people who start young in this industry usually don't make partner very quickly. And the career path is a lot more mysterious and a lot less planable than a career path. In other industries.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “So, first of all, this was a quote I posted from Gai Kawazaki, who is a lot older than I am, a lot more experienced, has been in the startup world a lot longer.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “Technology industry and management in the technology industry is very different from management in other areas. So the technological change, the whole disruption theory and practice, of course, makes for a very different beast of management studies. So yeah, that's...”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “Yeah, so this was a Masters of Science, not an MBA, but the typical European masters. I studied for my undergrad, I studied in Holland and Maastricht, did what's called international business. So just a kind of normal business degree. And then because of my experience with startups during that time, I decided I wanted to do something that's more technology focused as my master's degree. And Lausanne had this program. So this is a joint program for EPFL and Ashis and Lausanne. They had this program that was focusing on technology entrepreneurship and technology management. And that seemed like a great idea. Also, Lausanne is a great place. I could learn a new language. I could go snowboarding. And so pick that degree, which was mostly about how the”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “I helped him get some data together. And so when it came to the point where I needed to write my thesis, I decided I worked on the same research topic as he did, which was venture capital. And then I asked a bunch of venture capitalists for some information, for some data. And one of those firms asked me to work for them while I was doing that research because they couldn't just give out the information without having context or without them knowing me better. So that's really how I got into VC. It was super lucky. There were some great people there. This was Hidekorn in Bonn in Germany. This is a large state back VC fund. And then actually while I was working in that team, one of the guys from the team went out and started his own fund and he asked me to join him. So that's then how I got my rear first full-time job in Venture Capital.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “Sure, yeah. First of all, when you look back, it seems to be a very straight line coming into the industry, it didn't seem like a straight line at all. And I think that's probably the most important thing for young folks to realize when they start their career that nobody has that plan or figured out where they started. I certainly didn't. I worked for a bunch of startups during my studies and some larger technology companies as well, then realized I didn't want to work in a large company. I didn't want to work for a corporate. I didn't want to work for a consultancy or something like that, which was what I thought I'd do when I started studying. And I worked at the university. I got my degree at in Lausanne, the EPFL. I worked for a professor that was doing research about venture capital and small business.”

    2016-01-06 · The Twenty Minute VC · 20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC · IDENTIFIED FROM THE TRANSCRIPT · source