ONWARD Medical Skipped Swiss Funds, Found European Specialists, and Reached a Euronext IPO
An investor read: a 'no' from the wrong-mandate fund is information about fit, not a verdict on the company.
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Investors Decide on Founders in the First Ninety Seconds, Not the Pitch Deck
From the other side of the table: what an early-stage investor is actually underwriting is the founder, not the slides.
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A 25% Stake Can Be Worth Zero: How Liquidation Waterfalls Really Pay Out
Liquidation waterfalls pay senior preferred shareholders first, so a 25 per cent ownership stake can return nothing — ownership percentage anchors expectations that seniority quietly overrides at exit.
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Where April 2025 Digital Health Capital Actually Went
April 2025's biggest digital-health cheques went to diagnostics, metabolic hardware, care-operations software, and fertility infrastructure. Where value compounds next.
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AI Screens Deals 537× Faster, but Venture Fees Keep Climbing
An AI agent now screens early-stage deals 537 times faster than a human analyst, yet venture management fees keep rising — because the fee was never only the price of screening labour.
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Venture Funds Stopped Returning Cash. LPs Rewrote the Scorecard Around DPI.
Distributions to paid-in has overtaken paper marks as the number limited partners trust, and the 2017 vintage shows even strong funds returning roughly a quarter of committed capital eight years in.
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European Venture Capital Performance Holds Strong—But for How Long?
Europe’s venture capital stays ahead with rising valuations and dry powder, but liquidity challenges threaten its lead as US exits regain pace.
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Seed to Series A Slowdown Across Borders
Seed-to-Series A conversion rates are plummeting across geographies and sectors. Allegory Capital breaks down why startups are stalling and what this means for VCs and founders navigating the post-seed desert in 2024.
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