Enschede-based Golden Egg Check (GEC), a Dutch analyst startup that keeps track of all startups, scale-ups and VC deals, announced that it has secured €2.5M for its venture capital fund, GEC Capital I.
Before the summer, GEC aims to close the fund at €5M.
The new capital comes from various (former) tech entrepreneurs and investment firms.
Investors include Koejans Capital, 819 Capital Partners, Arjé Cahn (ex-Hippo), Geert-Jan Smits (ex-Flinders, author “The start-up scorecard”) and Investeringsfonds Groningen.
What to expect from the fund?
Launched in 2022 with an initial budget of half a million euros, the fund claims to be one of the Netherlands’ significant VC funds.
GEC Capital I plans to make 30 to 35 investments in tech companies over the next three years, with a current portfolio of 14 startups, primarily Dutch software companies.
The Dutch firm employs a co-investment strategy, consistently partnering with specialised VCs or groups of relevant angel investors for every investment.
Thomas Mensink, partner at GEC Capital explains, “We cleverly hitch a ride on their knowledge and expertise. At the same time, we bring in our network of investors so that our portfolio companies get faster and better access to (follow-on) capital.”
“We outsource most of the paperwork to the lead investor and don’t need board seats either. In this way, we can do many deals with a small team and ensure an optimal spread for our investors.”
Ytsen van der Meer, a venture partner at GEC Capital adds, “We are also building a founder community because we see that entrepreneurs learn an awful lot from each other. That peer-to-peer interaction is valuable and comes into its own in an active fund in which many deals take place.”
“We consider them part of our community. Their experience is very valuable for the next generation of entrepreneurs,” adds Van der Meer.
Companies GEC Capital has invested in include Propel, Valyuu, Quan, Orquesta and Roseman Labs. Some companies have since raised follow-up rounds.
A community of entrepreneurs
Jan-Willem Tusveld, founder of Visymo and Koejans Capital, was the inaugural investor in Golden Egg Check’s first fund in 2022.
Known for his involvement in multiple successful venture capital funds, Tusveld took the financial initiative to kickstart Golden Egg Check’s initial fund.
Tusveld says, “The team has a huge network of both startups and investors. The strategy of co-investing with top VCs appealed to me and fits with my preference to invest in startups as widely as possible.”
“In addition, I like to encourage quality initiatives from the region and it gives me great satisfaction to see the team make strides.”
Golden Egg Check’s fund also gains support from 819 Capital Partners, a key investor focusing on deep tech. Besides the financial backing, the collaboration is set to intensify, marking a strategic partnership between the two entities.
Wim Smit, Managing Partner at 819 says, “Like GEC, we believe in an ecosystem approach, but we opt for active management with larger investments in fewer companies. Collaborating with GEC’s team allows us to monitor in-depth so that we can move forward with the most promising companies. With this approach, we have the best of both worlds.”
Koejans Capital, 819 Capital Partners, and IFG join GEC Capital’s advisory board to offer guidance on portfolio management, M&A, and strategy.
Brief about Golden Egg Check
Golden Egg Check is a startup analyst company leveraging data, insights, and a robust network within the Dutch tech and VC ecosystem. The company’s mission is to propel the Netherlands to the forefront of European startup ecosystems.
GEC assess the potential, feasibility, and investor readiness of companies, employing the perspective of venture capital investors.
Drawing on years of studying VC investment preferences and decision-making, GEC applies “best practices” to assist startups, scale-ups, internal ventures, and new business cases in becoming success stories.
Gilles Meijer, founder of Golden Egg Check and partner at GEC Capital says, “For years, we have been known in the market as the organisation that has great insight into startups as well as access to investors. This has helped us to do one new deal about every month.”
“While many venture capitalists have taken a pass in the last two years, we saw an opportunity to invest right now.”
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