Connect Ventures is a European-based VC firm that invests at the pre-seed and seed level across consumer, healthcare, B2B SaaS, and fintech.
The firm faced a challenge: Analyzing valuable insights from data sources scattered across various platforms, including hard-to-maintain spreadsheets. Existing tools were clunky, disparate, and made the work tedious.
Recognizing the need for a more streamlined approach, the team aspired to find a comprehensive tool that could bring all their data into one unified platform, eliminating the constraints imposed by spreadsheets and reducing the necessity for frequent one-off creations.
Discovering a system that not only met their need for an extensive portfolio management system but also resonated with their definition of a quantitative data driven solution proved to be a challenging endeavor.
The Connect team wanted a comprehensive tool that could seamlessly unite two previously disconnected concepts. The existing spreadsheet infrastructure had planning and portfolio management systems operating independently, necessitating isolated forecasting with no visibility on the fund level impact.
The team hoped to find a self-serve solution that encompassed trustworthy data, was easily accessible, and presented information in a clear and compelling manner. The ideal solution was one that offered both broad and specific reporting capabilities, while being rich in comprehensive insights and also easy to understand.
They found it in Fund Forecasting.
“Fund Forecasting has data points that we have always reported but are now there in an easier to access, more consolidated way,” said Mark Pettit, chief financial officer at Connect Ventures. “I can respond way more quickly to questions that we get frequently from both our GPs and LPs.”
Carta and Connect Ventures shared a common ideology on data-driven fund management. This alignment allowed the team to swiftly set up their system and utilize their existing frameworks. The shared vision optimized the integration process, enabling seamless portfolio management.
The Connect team can effortlessly incorporate their data and leverage multiple modules to promptly address recurring questions (such as deployment pacing and FD ownership targets), fostering a more deliberate approach to internal reporting.
Following a quick Fund Forecasting implementation, the Connect Ventures team was able to seamlessly adhere to reporting guidelines, efficiently addressing inquiries with independence and speed. Moreover, they could readily assess progress on mandated requirements such as geographical targets, presented in accessible formats that can easily be manipulated and shared within moments.
This comprehensive reporting not only rolls up to provide a fund-level view but also offers specificity tailored to each individual investment, enhancing overall transparency and strategic decision making.
Fund Forecasting facilitates the team in constructing diverse scenarios, navigating complex convertible notes with varying prices, addressing intricate edge cases, and developing various projections. All the math is done for Internal Rate of Returns (IRRs), it forecasts the trajectory of assets, and determines the multiples for subsequent funding rounds.
Additionally, the team can see this all rolled up in a concentration analysis for total investments and reserves, planned or actuals.
When evaluating a new investment opportunity, analyzing historical data from recent deals via easy-to-build charts empowers the team to assess various factors, such as entry pricing, and highlights differences between members of the investment team. This facilitated pattern recognition and strategic analysis, ensuring a methodical approach to decision making.
“The team at Carta thinks like a venture firm and solves specifically for the challenges that venture firms face when it comes to deploying capital, constructing a portfolio, monitoring that portfolio and reporting on it, both internally and externally,” Mark said. “This was clear from the first time we demoed the product and it has completely lived up to our expectations. If I could have built a tool for venture firms myself, it would have looked just like this.”
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