What my management team learned over the years is how to add the missing ingredient in European [technology breakthroughs from university labs]… There is great technology around… What I’m trying to do is unlock that amazing technology. This is exciting stuff.”
Who said it: Mike Lynch, Founder of Autonomy and Invoke Capital
In Context: Almost a year to the date of the announcement of his new EUR 1.2 billion venture fund, Mike Lynch was back in the news this week, talking about his fund’s investment activity, and why he’s confident about creating the next ARM or Autonomy in Europe. He was interviewed on CNBC. His fund is called Invoke Capital (mentioned in the above CampdenFO article). In the video, he talks about geo-arbitrage (inventing in technology made in Europe, testing it here, marketing it, and then scaling up and distribution in the US market), the fact that he is not at all interested in investing in social media startups, the lack of competition in Europe for good deals compared to Silicon Valley, and his conviction that his fund is big enough to cover the financing gap to take a startup from seed to IPO.
This week it was announced that Lynch invested an undisclosed amount into a cybersecurity venture called Darktrace, which was widely reported (see here and here), including German and French press outlets. It is clear that Mike Lynch and his new fund are getting a lot of attention and international exposure, which is quite important if he is going to be able source quality deals that will make his billion dollar fund deliver returns on the scale of high-profile established venture capital funds. According to the Invoke website, he has a hired an tech industry veterans, including a few other tech entrepreneurs that have gone from seed phase to IPO, as well as marketing and public relations veterans. (Image source: CNBC)
Where we found it: CNBC video