Company-builder VC Antler says it can back startups to Series C, but what are its terms?

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Exiting Singapore in 2017 primarily as a “company manufacturer” reindeer branched horns Made a name for itself as the runner up of a global startup generator program and invested from a very early, pre-seed stage. It tended to throw teams together, merge into a tech stack, and spit out startups at a prodigious rate. But things have moved quickly from that premise and Antler is now aiming to invest all the way from early to late stage.

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It raised $75 million last year following investments from Schröders and Ferd. Now it’s saying it has raised $225 million more than it did last year.

But, the devil is in the detail.

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Since Antler has funding pots in all of its various company-builder locations, the amount is fairly widely spread, and, if you want to be unfair, less. (It operates in Europe, Asia-Pacific (APAC), Association of Southeast Asian Nations (ASEAN), Southeast Asia, Africa (Kenya) and has offices in London, New York, Singapore and Sydney.

So despite the release today that it has raised “$300m to date”, it’s only accurate up to a point, especially when you consider that it was established in 2017, so in terms of $300m VC over five years that’s so much. is not important.

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Investors in the fund include Schröders, Volkstfonden and Phoenix Group.

Antler is still focusing on the pre-seed stage, but looking at the additional $225m, it says it can now offer follow-up capital to its portfolio companies as they grow and move up to Series C.

In a statement, Antler CEO and Founder Magnus Grimland said: “We continue to support our founders from the early stages, and are thrilled to be able to continue investing in them as they grow. We look forward to the future. We look forward to supporting even more entrepreneurs redefining industries in the U.S.”

The firm is also announcing the recruitment of new partners Naman Buddhadev, Eric Jonson, Jiho Kang and Subir Lohani to lead its new Canada, Vietnam, Korea and Indonesia teams respectively. SoftBank’s Teddy Himmler also joined as a partner on the later-stage investment team.

Antler has invested in over 350 companies globally in over 30 different industries since 2018. It says that 40% of these companies have at least one female co-founder, representing 70 nationalities.

But back to those terms. Antler says it could support a startup for Series C. This would, of course, depend on the terms of each deal and whether Antler had managed to follow-on with funding all the way through the startup’s life-cycle. Therefore, the terms of its deals may come under scrutiny.

Antler’s development didn’t come without a cost. Nerdshala has heard from multiple sources that Antler’s terms for the startup have been less than “founder-friendly.” I hired CEO Grimland to get his feedback. He acknowledged that this could have happened “in the early days”.

He said: “I think in general we get great feedback on our founding terms. Where we have received the feedback you refer to, we have actually made the changes. We want to make sure that as many founders as we can- can be friends, as well as have strong security. I think we are very competitive in all the markets we are in.”

Grimland claims that because it operates in so many jurisdictions, the legal framework can vary greatly across regions: one of the things he realized early on, he told me, is that in America for founding terms. What may be generic may seem “absurd” when applied. To a completely different country: “In which case we actually worked with the local Angel community to update our terms. They are very competitive and what other early stage VCs and Angels would like to see in the contract .

Whatever the case may be, but growing at such a rapid pace and spreading itself globally, Antler is positioning itself as a potential future challenger to the likes of Y-Combinator and Entrepreneur First, which Would make an interesting story to watch over the years. Come.

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