Marking SuperSeed's fifth birthday in February 2023, Dan Bowyer recalls why he and Mads Jensen founded the firm, shares five lessons from moving from founder to VC, and sets out plans for Fund III and the next five years.
- SuperSeed was incorporated five years before this February 2023 post, founded by Dan Bowyer and Mads Jensen, both B2B founders who had built and sold companies.
- The firm's purpose is to help founders transform how the world works, and its 'how' is commercial acceleration: helping startups with sales and business building from seed to Series A.
- SuperSeed's North Star metric of portfolio revenue had grown by around 14% month on month at the time of writing.
- Bowyer argues that more operator VCs are needed, because supporting founders at the earliest stages is hard without having built or worked in a startup.
- SuperSeed planned to keep deploying Fund II and to start fundraising for Fund III in 2024, doubling its investment cadence.
SuperSeed is 5 today.
So… five. A prime number, a super prime in fact (no really!). There’s the Fifth Element, The Jackson 5, Johnny 5. All fabulous fives.
And now, we’re 5. Wow that came around fast.
On this day five years ago we incorporated. And for the many months prior we plotted how we could change the world of venture capital.
When Mads and I first met it quickly became patently clear that we were cut from exactly the same cloth, albeit from two very different tailors. Both B2B founders, both having built scaled and sold from nothing, and both with an unhealthy passion for technology.
What would we build?
The What? Defining our purpose was straight forward. We simply want to help founders transform how the world works.
Why? Because better business creates huge impact. It needs to get much smarter and we must consistently apply new technologies to save us from ourselves.
How? What did we need most when we first started out? Sales, business building skills – or commercial acceleration as we call it. That’s how.
As founders we experienced first hand that getting from nothing to something without the wheels falling off, was at times, a soul destroying battlefield. So many jobs, and where to focus? How to build, who to hire, when to sell what, and on and on. So we invest cash and help founders accelerate their startups from Seed to series A, from problem-solution mode to product-market-fit – the toughest part of the startup cycle.
Our North Star of portfolio revenue has grown by around 14% MoM. Supported by five incredible humans – Natasha, Ferdi, Ciaran, Daniel and Elena.
5 more things I want to share from the journey so far:
– Being a VC is not a natural progression from being a founder! For sure in many ways we’re a startup investing in startups but the brain shift has been huge for me personally. When you start your first business you have to work out how to build a business around your domain of knowledge. As a VC I’m building a business around others building businesses around their chosen domains. A fascinating riddle inside a conundrum wrapped in an enigma.
– More operator VCs are coming. I cannot see for the life of me how you can invest in the earliest stages and truly support founders without having built a startup, or at least worked in one. Blows my mind. There are more coming online now across Europe. Brilliant. Phew. This is the way forwards to better support our eco-system and build better businesses.
– Venture is a very specific and particular beast abiding by a certain ruleset. Having pitched for millions and now being pitched for millions I can see both sides of the desk clearly. It is changing for the better across all metrics but fundamentally it can’t change, and neither should it. Instead it needs to be better understood for what it is, and conversely isn’t. Something we discuss and share with founders head on, daily.
– Learning how to unpack facts and feelings, and then coalesce that thinking into an investment document to share with the team is a skill I will constantly evolve. Art meets science meets timing and luck. Lean too far one way or the other and you’ll miss the opportunity. Qi wins. Every time.
– Founders change the world. I never truly appreciated how many amazing new ideas are started every day. Currently I (personally) see around 10 decks per day, some of which belong on planet Zanussi but every now and then there’s a true gem. Started by someone who was so frustrated by some flavour of inefficiency that they had to put their head above the parapet and go for it. Magical to be part of that journey. What a privilege.
And the next 5 years?
We have a few more years to deploy fund II and will start fundraising for Fund III in 2024, doubling our investment cadence, as we deliver the best support machine in the business for B2B founders.
By 2028 we will be the founder fund of first choice, outperforming all other European firms at getting B2B startups to series A.
But forget 5, here’s to the next 50…
Frequently Asked Questions
Who founded SuperSeed and what was their background?
SuperSeed was founded by Dan Bowyer and Mads Jensen. Both were B2B founders who had built, scaled and sold businesses from nothing, and both describe a strong passion for technology.
What stage of startup does SuperSeed focus on helping?
SuperSeed invests cash and helps founders accelerate from seed to Series A, moving from problem-solution mode to product-market fit, which Dan Bowyer calls the toughest part of the startup cycle.
Is becoming a VC a natural next step for a founder?
Dan Bowyer says it is not. As a founder you build a business around your own domain knowledge, whereas as a VC you build a business around other people building businesses in their chosen domains, which required a big mental shift.
What were SuperSeed's goals for the five years after 2023?
SuperSeed planned to raise Fund III from 2024 and double its investment cadence. Its stated ambition was to be the founder fund of first choice by 2028, outperforming other European firms at getting B2B startups to Series A.