Todd Rovak

Exciting news! We just sent out the inaugural newsletter for Future Frontier Capital, our pre-seed venture fund backing frontier tech startups. As I hit "send," I realized how launching FFC parallels the path of the founders we support. Starting FFC has required the same passion, perseverance, and self-belief that drive entrepreneurs. Just like a startup, getting a VC fund off the ground demands relentless hustle—building the brand, perfecting the pitch, and networking tirelessly. There are constant challenges that test your resolve and endless hours of unglamorous work behind the scenes. And perhaps most daunting - the self-doubt, wondering if you're crazy for attempting something so bold. Pushing through that negative self-talk requires unshakable faith in your mission. Raising this VC fund reminds me of starting our IP strategy and patent analytics firm two decades ago. It’s a powerful reminder of the perseverance, creativity, and resilience needed to turn an ambitious idea into reality. This experience makes us more empathetic partners, ready to support the founders we back. Our work is just beginning, and this inaugural newsletter underscores our commitment to supporting frontier tech startups every step of the way. #startups #VentureCapital #EmergingManagers #Entrepreneurship #InnovationMindSet

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In 2013, Lori Torres felt an undeniable spark when she conceived the idea for Parcel Pending, a smart locker solution designed to tackle the package crisis in apartment buildings. Despite being the primary breadwinner in her family with a thriving real estate career, she took a monumental risk. She left her secure job, sold the family’s cherished home, and even persuaded her mother to risk her property for a loan. Within a year of these sacrifices, Lori had developed her first smart lockers. Her innovation soon caught on, with her lockers becoming a key solution for property management companies and residents. By the end of 2014, Lori’s commitment had not only secured her first major order but also attracted investors, setting the stage for tremendous growth. Within six years, Parcel Pending was sold for $100 million, turning her mother’s loan into a $1 million return and ensuring her family's future. Lori’s story highlights a key lesson for anyone seeking investors: truly committing to your vision can make a world of difference. By investing your own resources and security, you show investors just how dedicated you are to your idea. When you put everything on the line, it not only proves your commitment but also makes a strong case to potential backers. If you’re all in, it’s far easier to convince others to believe in your dream, and it could be the turning point in making it a reality. Are you prepared to go all in on your entrepreneurial dreams? Grab a copy of my book, “Thinking Bigger”, at the link below to read my personal experience chasing my dream and the advice I would share to anyone starting today. https://lnkd.in/dZpQYX6D #Entrepreneurship #WomenInBusiness #Startups #Investment #ThinkBigger

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The Silver Tsunami is upon us, and it's reshaping the mergers and acquisitions landscape like never before. With an estimated $10 trillion in assets set to change hands over the next decade, driven by baby boomers retiring, the opportunity for savvy investors and entrepreneurs is immense. Currently, around 30,000 businesses sell annually, but with more than 8 million baby boomer-owned businesses expected to transition, the volume of transactions could increase tenfold. This is a monumental shift that smart buyers are already preparing for. You don't need to be a Wall Street titan to benefit from this trend; many of these businesses will transition to local entrepreneurs and small business owners. Are you ready to seize a piece of this $10 trillion wealth transfer? Position yourself strategically to take advantage of this unprecedented wave of opportunities. Engage with fellow professionals and explore how you can be part of this transformation. Not sure how? Let's talk about it! #SilverTsunami #MergersAndAcquisitions #BusinessOpportunities

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If you enjoyed our first blog on the metrics that matter for Verticalized SaaS then don't miss on the Part II of the series where my colleagues Devraj Hom Roy and Matt Schaar discuss the strategic and operational choices to improve these operational indicators. https://lnkd.in/g5QkCrcH

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If you ask a PropTech founder what they most need help with today, introductions to qualified investors with capital would be No. 1, 2 and 3 on their list. With that in mind, I’m excited to share the news that Venture Connect from CRETI · Center for Real Estate Technology & Innovation officially launched this week to help better connect PropTech founders with investors focused on the space. Props to CRETI managing director Ashkán Z. for spearheading this initiative and getting it live for the betterment of the entire PropTech landscape. With the platform live, founders can get matched with more than 200 venture capital investors (angel to Series A) based on their investment profile and thesis, including Alpaca VC, Era Ventures, Fifth Wall, JLL Spark, Navitas Capital, Nuveen Green Capital and many more. As I told Philip Russo of the Commercial Observer, I believe the CRETI platform will be a game-changer for the industry, which sorely needs new avenues helping founders succeed in bringing new ideas to market faster and more efficiently capitalized. Thanks to Philip for including my comments in the story. Details on Venture Connect below. https://lnkd.in/efpxDQkR #proptech #venturecapital

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During our Annual Investor Day, we discussed a trend we’ve been observing in the VC market: Funds increasingly using “extra downside protection” to compensate for slow growth & inflated valuations of companies. We’re now starting to see some skeletons come out of the closet (and, ironically, they might be the driving force that will re-open the IPO window). First one out: ServiceTitan https://lnkd.in/eNMuPAe6 ps: despite the compounding IPO ratchet structure, I believe ServiceTitan is a solid company and, at the right price (factoring in all adjustments), it's a great deal!

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Fin Capital’s Fintech CEO Pulse Report is out! We surveyed over 50 CEOs and C-suite leaders of private companies from our portfolio and the broader fintech industry during June and July 2024 to get a quick pulse on what’s top of mind for fintech’s leaders. Here are some key takeaways: Optimism in the Air: More than 60% of CEOs reported being bullish or highly bullish on the fintech industry for the second half of 2024. Regulatory Changes on the Horizon: CEOs identified Cryptocurrency, Open Banking, and Buy Now Pay Later as the top three sectors likely to see increased regulation by the end of 2024. CEOs Want Business Development Support: Beyond capital and fundraising, business development support emerged as the top area where CEOs seek investor assistance.For more insights, including comments from my colleagues Ren Riley, Logan Allin, Matthew D. Mann, CFA, and Stephanie Perez, check out the full report here: https://lnkd.in/euHK8-9B

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Wonderful article about Emily Knight and the whole The Engine Accelerator team on the amazing work their doing changing the world with #ToughTech!

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We're absolutely thrilled to announce a monumental milestone for Flo Health Inc.! After years of dedication to women's health, Flo, a long-standing member of the Target Global family, has secured over $200 million in Series C funding led by General Atlantic.This incredible investment propels Flo's valuation beyond $1 billion, officially making it a unicorn – a rare and remarkable feat in the femtech space. This accomplishment isn't just about numbers. It's a testament to the power of prioritizing women's health. Flo has seen phenomenal growth over eight years, becoming the #1 downloaded app in the Health & Fitness category. Today, Flo empowers nearly 70 million monthly active users (MAUs) and boasts close to 5 million paid subscribers. Notably, 1 in 4 US women trust Flo, solidifying its position as a leader in the global movement for women's health. But this is just the beginning! This investment fuels Flo's mission to revolutionize female healthcare experiences worldwide. By directing resources towards areas of critical yet unmet needs (which, let's be honest, encompasses a vast majority of women's health!), Flo will continue to be a driving force for positive change. Congratulations Dmitry Gurski,Yuri Gurski, and the entire Flo Health Inc. team! More in the Financial Times here ---->https://lnkd.in/dJZdajM4

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🌱 For pre-seed/seed founders 🌱 The early stage vc markets have changed drastically -- but many founders don't truly understand how or how much things have shifted until its too late or they are deep into the fundraising process already. This recent Allocate pod lifts the veil on the pre-seed/seed 2024 markets. SO MANY GEMS are packed 💎 into the first 20 min, I had to listen twice. Key takeaways from pre-seed VCs I'm a big fan of Jenny Fielding of Everywhere Ventures, Kirby Winfield at Ascend (PNW represent!) & Nate Williams. 💎 The market in one word: 'turbulent' 💎 Fundraising bi-furcation; 2X founder building in AI (rounds take weeks) vs All Others (rounds take up to 6 months). 💎 "Leading VCs" (ie. first check in) are putting in a TON of work - building conviction & then helping founders fill the round. 💎 Up to 5 rounds pre-A; need lower early valuations to enable step ups 💎 Pre-seed entry valuations have corrected to $5-8M 💎 Round sizes have increased at pre-seed & seed for extended runway Many more insights in the full pod here: https://lnkd.in/gYf-DMr6 #venturecapital #preseed

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We've invested in some really compelling teams with awesome products. As they transition from startup to scale-up, you reach a strategic inflection point where the company begins considering its options. The Power Law is a mathematical nicety (copium), but the cold reality is that not all exits are ideal. For a winning startup, an acquisition or an IPO can accelerate growth, provide access to greater resources, and create opportunities for expanded market reach and innovation. But, for a struggling company, an acquisition is a responsible consideration to safeguard employees’ jobs, preserve the company’s mission, and provide stability by integrating with a financially stronger organization. A lot has been written about how startups are acquired, but not much about *why* startups are acquired. I penned some thoughts on how to be more 'acquirable' and build with the end in mind. https://lnkd.in/dHdbXpPt

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Is President Trump’s agenda more aligned with venture and “little tech”? I posed this question and more to Bradley Tusk, Co-Founder and Managing Partner at Tusk Venture Partners, on the latest episode of The Full Ratchet. We also discussed how regulatory challenges, AI, crypto, and the gig economy shape the future for startups. Listen to Episode 455 of The Full Ratchet for Bradley’s full take! Link to the full episode is in the comment section below.

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We are so excited to announce our investment in Misha van Beek and Sebastian Janisch, CFA Janisch, and their company, Bayesline, Inc. Bayesline is a risk management software built for the speed of markets - not for the speed of humans. The challenge? The world is in constant flux, with countless interdependent variables changing all the time. Building and updating risk models can take days - or even weeks. An eternity in the world of asset management. Enter Misha and Sebastian. They’ve built an AI-powered platform capable of delivering risk assessments in seconds. For those old enough to remember, it feels like the introduction of spreadsheets with Lotus 1-2-3 (for Gen Z: Microsoft Excel) in the 1980s - revolutionizing financial planning and modeling forever. Their product is as transformative for traditional assets as it promises to be for digital ones. Creating something as sophisticated as Bayesline requires a rare blend of IT, risk management, and quantitative expertise - paired with experience at institutions like BlackRock and Bloomberg. During our due diligence, one expert estimated that only about 20 people worldwide possess the skill set to tackle what Misha and Sebastian are building. Now that’s a moat we like. We’re proud to join Misha and Sebastian on their journey alongside wonderful co-investors like Y Combinator, 468 Capital, and Multimodal Ventures. #bayesline #riskmanagement #blockchainfounderscapital #startup #venturecapital #fintech

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Pleased to share that Fin Capital’s Fintech CEO Pulse Report is out! Fin Capital surveyed over 50 CEOs and C-suite leaders of private companies from our portfolio and the broader fintech industry during June and July 2024 to get a quick pulse on what’s top of mind for fintech’s leaders. Here are some key takeaways: - Optimism in the Air: More than 60% of CEOs reported being bullish or highly bullish on the fintech industry for the second half of 2024. - Regulatory Changes on the Horizon: CEOs identified Cryptocurrency, Open Banking, and Buy Now Pay Later as the top three sectors likely to see increased regulation by the end of 2024. - Headwinds persist. Despite overall bullishness on fintech, CEOs report a weak IPO environment and flag that macroeconomic volatility, regulation, and high interest rates remain top challenges for their companies. However, with abating inflation, CEO’s believe we could see rate cuts begin in September, which could positively affect asset values and market buoyancy, including the IPO window. For more insights, including comments from Logan Allin, Christian Ostberg, Matthew D. Mann, CFA, and Stephanie Perez, check out the full report here: https://lnkd.in/gK6usfwM

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It’s fascinating to see how the role of investors is evolving from merely providing capital to becoming integral mentors and strategic partners for startups. This shift not only highlights the importance of relationships but also underscores that today’s investors are looking for alignment in vision and values with the companies they back. As investors seek a deeper understanding of the startups they engage with, it raises some questions: How can founders effectively communicate their unique value propositions and foster meaningful connections? What qualities should startups look for in potential investors to ensure a fruitful partnership? #AngelInvesting #Startups #Entrepreneurship

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At Fortune’s Brainstorm Tech conference, an engaging discussion shed light on the evolving venture capital (VC) landscape. One of the key takeaways was the underscore of vibrant growth of the VC sector, with the number of firms soaring from 6,000 in 2013 to about 60,000 today. This surge in competition is driving VCs to innovate and refine their fundraising strategies, creating a dynamic environment for investment opportunities. Additionally, the session touched on how family offices provide flexible capital for smaller investments while emphasizing the thorough scrutiny required for larger funds. An emphasis on candid conversations among VCs and limited partners highlighted a commitment to fostering a more collaborative and forward-thinking investment community. Read More Here: https://lnkd.in/gHjJbtr3 Fortune Allie Garfinkle Branded Hospitality Ventures Hospitality Headline Newsletter #VentureCapital #Investment #hospitality #community Clara Shih Paulo Rosado #BrainstormTech Christine Moseley Rick Rose

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While not always true, but mostly true. Capital formation at scale can drive major shifts in industry. We are seeing it with VC and AI. We have seen it with PE and AEC. What I am starting to see is capital formation to truly disrupt the AEC. Why? Massive Market Slow adoption/digital transformation. Outdated business practices that may or may not align with the clients goals. It is a bit of a perfect storm. You can bet against capital allocators. But the forcing function of large amounts of capital entering any market will have a resounding effect. Stay tuned…

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Check us out on Substack! If you like what you see, please subscribe. More to follow!

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