Sign up to save your podcasts
Or
Share First Momentum Ventures' David Meiborg on The European Deep Tech Hardware Napkin
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
First Momentum Ventures' David Meiborg on The European Deep Tech Hardware Napkin
In this episode of the EUVC podcast, Andreas discusses with David Meiborg, General Partner at First Momentum Ventures.
First Momentum Ventures, with their €30M fund, specializes in backing deeply technical founders at the pre-seed stage. Their focus spans deep tech, industrial climate tech, dev tools, data, and enterprise SaaS across the DACH region and beyond.
In today’s discussion, David introduces us to the Deep Tech Hardware Napkin framework they recently launched, which includes the latest benchmarks on funding, team, product, and commercialization, broken down by stage. The Napkin and full report are based on a survey completed by 30 DeepTech VCs from 8 countries.
Watch it here or add it to your episodes on Apple or Spotify 🎧 chapters for easy navigation available on the Spotify/Apple episode.
Join us for Expand North Star in Dubai - the world’s largest startup and investor connector event.
Discover the tech and investment opportunities fuelling growth across UAE, MENA, and APMEA regions at Expand North Star, inspired by GITEX GLOBAL, on 13-16 October 2024 at Dubai Harbour.
✍️ Guest show notes:
We believe in giving you our guests' thinking directly and unaltered. Therefore, no changes, no AI, no nothing has been done to the following sections.
DeepTech funding landscape.
The new Napkin research by First Momentum Ventures provides a breakdown of funding stages for deep tech hardware startups, from pre-seed to Series A.
This includes detailed information on post-money valuations, round sizes, and typical public funding amounts at each stage, offering valuable insights for founders and investors in this sector.
The napkin also provides insights into the role of public funding in deep tech hardware startups, showing how it typically increases from pre-seed to later stages. This highlights the importance of non-dilutive capital in supporting deep tech development.
Technology Maturity's Impact on Funding.
First Momentum Ventures introduces a four-stage framework for assessing technology maturity (concept, lab demonstrator, industrial pilot/POC, advanced) as an alternative to the traditional TRL scale.
This new model offers four distinct stages:
Concept Stage
* Technology exists primarily on paper
* May include initial experiments or calculations validating the science
* Example: A research paper on a novel thermal storage battery
* Notably, almost a third of all Pre-Seed companies are at this early stage
Lab Demonstrator
* Small-scale, lab-based prototype
* Demonstrates basic feasibility in a controlled environment
* Example: A table-sized thermal storage prototype
Industrial Pilot/POC (Proof of Concept)
* Product demonstration in a real-world industrial setting
* Meets customer demands but with certain limitations
* Example: Scaled-up thermal storage systems deployed in an industrial facility, but with limited battery capacity
Advanced
* Fully productized technology
* Ready for deployment at scale
* Subject to continuous improvement
* Example: "Battle-tested" thermal storage systems with high robustness and solid efficiency
The profile of successful founders in DeepTech teams.
Most successful DeepTech hardware startups are founded by PhDs with extensive R&D experience, primarily from academia. These founders are valued for their ability to continuously create new IP, driving ongoing innovation.
Contrary to conventional wisdom, the most successful teams often feature a highly technical CEO with strong commercial savvy. Combining deep technical knowledge and business insight is important for understanding deep tech commercialization.
The discussion outlines how hiring strategies evolve across funding stages:
* Pre-Seed and Seed: Focus on R&D with tech executives leading software and hardware teams. Some startups hire individual contributors for functions like sales, operations, and HR.
* Series A+: As technology matures and funding increases, startups build dedicated teams across commercial and operations, hiring senior team leads.
The discussion also looks at some counterintuitive findings:
* Teams led by highly technical CEOs (without business backgrounds) tend to raise significantly more funding at Seed and Series A stages compared to those led by CEOs with business backgrounds.
* Surprisingly, teams with extensive industry experience (at least one founder with >5 years) consistently raise less money across all stages compared to less experienced teams.
Join us for Expand North Star in Dubai - the world’s largest startup and investor connector event.
Discover the tech and investment opportunities fuelling growth across UAE, MENA, and APMEA regions at Expand North Star, inspired by GITEX GLOBAL, on 13-16 October 2024 at Dubai Harbour.
🤗 Join the EUVC Community
Looking for niche, high-quality experiences that prioritize depth over breadth? Consider joining our community focused on delivering content tailored to the experienced VC. Here’s what you can look forward to as a member:
* Exclusive Access & Discounts: Priority access to masterclasses with leading GPs & LPs, available on a first-come, first-served basis.
* On-Demand Content: A platform with sessions you can access anytime, anywhere complete with presentations, templates and other resources.
* Interactive AMAs: Engage directly with top GPs and LPs in exclusive small group sessions — entirely free for community members.
🧠 Upcoming EUVC masterclasses
Advanced small-group sessions that take you from good to great. Lectured by leading GPs, LPs & Experts.
Venture Debt: Structuring & Deal Terms📅 Tue, October 8 | 11:00 AM - 1:00 PM CET | Lecturer: Hemal Fraser-Rawal
Benchmarking Session for GPs & LPs📅 TBD - preregistration open now | Lecturer: To be announced 🤫
In-person Comprehensive Portfolio Modelling Masterclass
🌍 London 📅 Thu, Oct 24 | 10:00 AM - 1:00 PM BST | Lecturer: Marc Penkala🌍 Milan 📅 Tue, Oct 29 | 10:00 AM - 1:00 PM CET | Lecturer: Marc Penkala
Benchmarking Session for GPs & LPs📅 TBD - preregistration open now | Lecturer: To be announced 🤫
Got ideas or requests for future topics to cover? Let us know here.
🗓️ The VC Conferences You Can’t Miss
There are some events that just have to be on the calendar. Here’s our list, hit us up if you’re going, we’d love to meet!
Bits & Pretzels Investor Summit | 📆 30 September | 🌍 Munich, Germany
How to Web | 📆 2-3 October | 🌍 Bucharest, Romania
WVC:E Summit 2024 | | 📆 7-8 October | 🌍 Paris, France
North Star & GITEX Global | 📆 14 - 18 October | 🌍 Dubai, UAE
Invest in Bravery | 📆 21th of October | 🌍 Kyiv, Ukraine
0100 Conference Mediterranean | 📆 28 - 30 October | Milano, Italy
culttech summit | 📆 5-6 November | Vienna, Austria
GoWest | 📆 28 - 30 January 2025 | 🌍 Gothenburg, Sweden
GITEX Europe 2025 | 📆 23 - 25 May 2025 | 🌍 Berlin, Germany
This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.eu.vc/subscribe
View all episodes
By eu🔵vcIn this episode of the EUVC podcast, Andreas discusses with David Meiborg, General Partner at First Momentum Ventures.
First Momentum Ventures, with their €30M fund, specializes in backing deeply technical founders at the pre-seed stage. Their focus spans deep tech, industrial climate tech, dev tools, data, and enterprise SaaS across the DACH region and beyond.
In today’s discussion, David introduces us to the Deep Tech Hardware Napkin framework they recently launched, which includes the latest benchmarks on funding, team, product, and commercialization, broken down by stage. The Napkin and full report are based on a survey completed by 30 DeepTech VCs from 8 countries.
Watch it here or add it to your episodes on Apple or Spotify 🎧 chapters for easy navigation available on the Spotify/Apple episode.
Join us for Expand North Star in Dubai - the world’s largest startup and investor connector event.
Discover the tech and investment opportunities fuelling growth across UAE, MENA, and APMEA regions at Expand North Star, inspired by GITEX GLOBAL, on 13-16 October 2024 at Dubai Harbour.
✍️ Guest show notes:
We believe in giving you our guests' thinking directly and unaltered. Therefore, no changes, no AI, no nothing has been done to the following sections.
DeepTech funding landscape.
The new Napkin research by First Momentum Ventures provides a breakdown of funding stages for deep tech hardware startups, from pre-seed to Series A.
This includes detailed information on post-money valuations, round sizes, and typical public funding amounts at each stage, offering valuable insights for founders and investors in this sector.
The napkin also provides insights into the role of public funding in deep tech hardware startups, showing how it typically increases from pre-seed to later stages. This highlights the importance of non-dilutive capital in supporting deep tech development.
Technology Maturity's Impact on Funding.
First Momentum Ventures introduces a four-stage framework for assessing technology maturity (concept, lab demonstrator, industrial pilot/POC, advanced) as an alternative to the traditional TRL scale.
This new model offers four distinct stages:
Concept Stage
* Technology exists primarily on paper
* May include initial experiments or calculations validating the science
* Example: A research paper on a novel thermal storage battery
* Notably, almost a third of all Pre-Seed companies are at this early stage
Lab Demonstrator
* Small-scale, lab-based prototype
* Demonstrates basic feasibility in a controlled environment
* Example: A table-sized thermal storage prototype
Industrial Pilot/POC (Proof of Concept)
* Product demonstration in a real-world industrial setting
* Meets customer demands but with certain limitations
* Example: Scaled-up thermal storage systems deployed in an industrial facility, but with limited battery capacity
Advanced
* Fully productized technology
* Ready for deployment at scale
* Subject to continuous improvement
* Example: "Battle-tested" thermal storage systems with high robustness and solid efficiency
The profile of successful founders in DeepTech teams.
Most successful DeepTech hardware startups are founded by PhDs with extensive R&D experience, primarily from academia. These founders are valued for their ability to continuously create new IP, driving ongoing innovation.
Contrary to conventional wisdom, the most successful teams often feature a highly technical CEO with strong commercial savvy. Combining deep technical knowledge and business insight is important for understanding deep tech commercialization.
The discussion outlines how hiring strategies evolve across funding stages:
* Pre-Seed and Seed: Focus on R&D with tech executives leading software and hardware teams. Some startups hire individual contributors for functions like sales, operations, and HR.
* Series A+: As technology matures and funding increases, startups build dedicated teams across commercial and operations, hiring senior team leads.
The discussion also looks at some counterintuitive findings:
* Teams led by highly technical CEOs (without business backgrounds) tend to raise significantly more funding at Seed and Series A stages compared to those led by CEOs with business backgrounds.
* Surprisingly, teams with extensive industry experience (at least one founder with >5 years) consistently raise less money across all stages compared to less experienced teams.
Join us for Expand North Star in Dubai - the world’s largest startup and investor connector event.
Discover the tech and investment opportunities fuelling growth across UAE, MENA, and APMEA regions at Expand North Star, inspired by GITEX GLOBAL, on 13-16 October 2024 at Dubai Harbour.
🤗 Join the EUVC Community
Looking for niche, high-quality experiences that prioritize depth over breadth? Consider joining our community focused on delivering content tailored to the experienced VC. Here’s what you can look forward to as a member:
* Exclusive Access & Discounts: Priority access to masterclasses with leading GPs & LPs, available on a first-come, first-served basis.
* On-Demand Content: A platform with sessions you can access anytime, anywhere complete with presentations, templates and other resources.
* Interactive AMAs: Engage directly with top GPs and LPs in exclusive small group sessions — entirely free for community members.
🧠 Upcoming EUVC masterclasses
Advanced small-group sessions that take you from good to great. Lectured by leading GPs, LPs & Experts.
Venture Debt: Structuring & Deal Terms📅 Tue, October 8 | 11:00 AM - 1:00 PM CET | Lecturer: Hemal Fraser-Rawal
Benchmarking Session for GPs & LPs📅 TBD - preregistration open now | Lecturer: To be announced 🤫
In-person Comprehensive Portfolio Modelling Masterclass
🌍 London 📅 Thu, Oct 24 | 10:00 AM - 1:00 PM BST | Lecturer: Marc Penkala🌍 Milan 📅 Tue, Oct 29 | 10:00 AM - 1:00 PM CET | Lecturer: Marc Penkala
Benchmarking Session for GPs & LPs📅 TBD - preregistration open now | Lecturer: To be announced 🤫
Got ideas or requests for future topics to cover? Let us know here.
🗓️ The VC Conferences You Can’t Miss
There are some events that just have to be on the calendar. Here’s our list, hit us up if you’re going, we’d love to meet!
Bits & Pretzels Investor Summit | 📆 30 September | 🌍 Munich, Germany
How to Web | 📆 2-3 October | 🌍 Bucharest, Romania
WVC:E Summit 2024 | | 📆 7-8 October | 🌍 Paris, France
North Star & GITEX Global | 📆 14 - 18 October | 🌍 Dubai, UAE
Invest in Bravery | 📆 21th of October | 🌍 Kyiv, Ukraine
0100 Conference Mediterranean | 📆 28 - 30 October | Milano, Italy
culttech summit | 📆 5-6 November | Vienna, Austria
GoWest | 📆 28 - 30 January 2025 | 🌍 Gothenburg, Sweden
GITEX Europe 2025 | 📆 23 - 25 May 2025 | 🌍 Berlin, Germany
This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.eu.vc/subscribe