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‘Crippling financial impact’ of Covid-19 puts PE-backed swimsuit maker Seafolly into administration

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L Catterton-backed swimsuit maker Seafolly has fallen into administration due to the “crippling financial impact&

Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/crippling-financial-impact-of-covid-19-puts-pe-backed-swimsuit-maker-seafolly-into-administration.html

Private Equity

How private equity firms could’ve been supported by tax money aimed at helping SMEs through Covid-19

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Private equity firms with stakes in the US healthcare industry could have managed to tap into federal bailout money desi

Source: https://www.altassets.net/knowledge-bank/industry-focus/healthcare-life-sciences/how-private-equity-firms-couldve-been-supported-by-tax-money-aimed-at-helping-smes-through-covid-19.html

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Private Equity

K Fund’s Jaime Novoa discusses early-stage firm’s focus on Spanish startups

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Earlier this month, Spanish early-stage venture capital firm K Fund officially launched its second fund, which sits at €70 million, up from €50 million the first time around.

Targeting Spanish startups with an international outlook, the seed-stage firm plans to invest from €200,000 to €2 million, writing first checks in 25-30 companies. Meanwhile, a portion of the fund will also be set aside for follow-on funding for the most promising of its portfolio.

Described as business model- and sector-agnostic, K Fund currently has a mix of B2B and B2C companies in its portfolio across a wide variety of sectors, such as travel, fintech, insurtech and others. They include online travel agency Exoticca, HR software Factorial, insurtech startup Bdeo and Hubtype, a conversational messaging tech provider.

I caught up with K Fund’s Jaime Novoa to delve deeper into the firm’s investment remit, how the Spanish startup and tech ecosystem has developed over the last few years and to learn more about “K Founders,” the VC’s new pre-seed funding program.

TechCrunch: K Fund’s first fund was announced in late 2016 to back startups in Spain with an international outlook at seed and Series A. At €70 million, this second fund is €20 million larger but I gather the remit remains broadly the same. Can you be more specific with regards to cheque size, geography, sector and the types of startups you look for?

Jaime Novoa: We’re both agnostic in terms of business models and industries. Since our focus is, for the most part, Spain, we do not believe that the Spanish market is big enough to build a vertically focused fund, either in terms of business model or sector.

With our first fund we invested in 28 companies, with a slightly larger number of B2B SaaS companies than B2C ones, and across a wide variety of sectors. We do have a bit of exposure to travel and fintech/insurtech, but that’s because we’ve found several interesting companies in those spaces, not because we proactively said, “let’s invest in fintech/travel.”

In terms of check sizes, the core of the fund will be to make the same type of investments as in our first fund: first cheques from €200k to €2m and then sufficient capital for follow-on rounds. We’ll probably do a similar number of deals compared to the previous fund, but we want to have additional capital for follow-on purposes.

Source: https://techcrunch.com/2020/07/09/k-funds-jaime-novoa-discusses-early-stage-firms-focus-on-spanish-startups/

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Private Equity

FCA boss opens for dialogue with fund management industry

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The interim chief executive at the Financial Conduct Association wants to start a dialogue about how to protect the inve

Source: https://www.altassets.net/private-equity-news/by-region/europe-by-region/western-europe-europe-by-region/fca-boss-says-more-must-be-done-to-secure-the-fund-management-industrys-survival-after-covid-19.html

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