My Next Chapter in Venture
It’s been over a month since I joined Phoenix Court, home to Flagship fund LocalGlobe, and sister funds Latitude, Solar and Basecamp. Prior to joining, in my conversations with the team, I was blown away by their combination of humility, empathy, ambition and drive to support exceptional founders.
In this period of uncertainty, where many firms are reconsidering their long-term plans or retreating, LocalGlobe continues to go BIG with one of the most successful and differentiated platforms in Europe. I’m super excited to partner with exceptional entrepreneurs in this latest chapter of my career, while I will also remain as a Venture Partner at Impact X.
Where my journey into venture began
My interest in the world of venture capital began in 2013, after I sat next to a venture capitalist on a flight to visit family in Ghana. It was a brief but memorable conversation which highlighted the instrumental role venture capital plays in funding technology waves and the winners that emerge. After six weeks away from home, I returned to the UK and had decided that a career as a venture capital investor was my next logical path.
Fast forward to 2015, my first step into the world of venture was as an investment manager at Japanese investment giant, Mitsui. My time at Mitsui really allowed me to explore the investing world to the fullest. I invested in companies at all stages across Asia, Europe, the Middle East, and Africa, giving me the opportunity to work in countries far from home such as Japan and Israel. I was also granted the privilege to invest in incredible companies such as Wise (formerly TransferWise) and Mercari (the Japanese flea market). This wide range of experiences taught me a lot about the stages, types of founders, and companies I enjoy partnering with.
A mission to invest in underrepresented founders
After four years at Mitsui, and countless meetings with Eric Collins, I took a leap and joined Impact X as a Founding Member and Principal. The core mission of Impact X is to increase access to funding for underrepresented founders, while proving exceptional returns can be delivered when doing so. Having witnessed the disparity in funding to underrepresented groups first hand, this is something that really resonated with me.
Impact X team
At Impact X, since launch, we have made 20+ investments in the core areas of media, digital and technology. My proudest investment was in Marshmallow, the motor insurance company founded by Jamaican twins. I was first introduced to both Alexander and Olivier Kent-Braham by my good friend Andy Ayim after doing a deep dive into the insurance sector. During the first meeting with the duo, I instantly realised how special they were due to their obsessive passion to make the motor insurance industry more efficient.
I was fortunate to invest in Marshmallow at Seed Stage in 2019, making it one of my initial Impact X investments. Fast-forward to July 2021, Marshmallow raised a Series B round and joined the coveted club of unicorn companies in the UK.
Marshmallow founders, Oliver Kent-Braham and Alexander Kent-Braham
In the same month, I gave birth to my beautiful son. As I am sure many mothers can resonate with, during postpartum, despite the rollercoaster adjustment to motherhood, I had the opportunity to pause and reflect on my investment journey thus far. As I did with my move from Mitsui to Impact X, I realised that I wanted to, once again, challenge myself further. Joining LocalGlobe and Latitude is the perfect move.
I’m glad that even though I am transitioning to a new role, I remain part of the Impact X family as a Venture Partner, continuing on the journey with them. I’m grateful to Eric, Paula, Ezechi, and Erica for their continued support.
Why Phoenix Court Group?
Since there are now well over 3,000 venture capital funds operating in Europe, in the process of deciding where my next move would be, I prioritised:
1. The team
Getting to know the team was illuminating as I could see their values clearly aligned with my own. Everyone demonstrated humility, empathy, kindness, willingness to roll up their sleeves, and intellectual curiosity, with a wealth of knowledge.
Additionally, it’s pretty well known that diversity in VC is poor, so over the last few years I have been encouraged by all the initiatives that the team at Phoenix Court Group has driven to foster a more inclusive tech ecosystem, from quarterly Black Out Tuesdays, funding diverse managers through Basecamp and encouraging portfolio companies to discuss diversity. Beyond these initiatives, each team member brings a diverse set of lived experiences which translates to enhanced decision-making and support to founders.
2. LocalGlobe’s reputation for being a hands-on investor
The road to Series A can be very challenging, with only 19% of companies graduating from Seed to Series A in Europe. The team’s dedication to provide hands-on support, with a strong peer network and close ties to complementary co-investors is integral to LocalGlobe’s track record in helping companies traverse the valley from Seed to Series A. As someone that enjoys working very closely with founders, from everything to recruitment to sales and fundraising, joining an investment team that instinctively lends to company building was a priority for me.
3. A reputation for investing in transformative companies
Right since its inception, LocalGlobe has maintained its ability to source, pick, and win the best category-defining companies from Wise to Figma. This has led to LocalGlobe earning its ranking as #1 Seed Fund in the EMEA region. This is all while proving that great returns and social impact are not mutually exclusive since the team has done a great job in elevating the neighbourhood, community and wider ecosystem.
The journey continues…
Since I started investing in 2015, the ecosystem has evolved by leaps and bounds. Having invested across all stages and in various industries as both a VC and angel, I have come to realise that I love working with founders at the earliest stages. Oftentimes at the early stage, the vision is clear but the journey is not. I would like to think that most founders I have had the privilege of working with know that whatever the circumstances, I am one phone call away.
LocalGlobe is a generalist firm and I plan to maintain a broad scope. With that said, a few areas that I have a keen interest in include the broader fintech sector, as I have previously invested in companies such as Flutterwave and Wise.
I am also keen to further explore the African startup ecosystem, after having done several angel investments in the region over the last 5 years.
I’m excited to share the rest of this journey with you.