Florian Semler

Last week, I had the chance to speak at SuperVenture 2025 in Berlin on venture secondaries, and the energy around this topic was amazing to see. Every single panel seemed to touch on secondaries in some way. It's clear this market has moved from niche to necessity. Some striking data points that came up: → Venture secondaries now account for over 50% of VC liquidity in the US market → With just 38 median IPOs annually over the past decade, traditional exits aren't meeting demand → The secondary market is still only 0.6% of total venture (vs 1.8% in broader PE), massive growth potential ahead → Europe is still catching up to US liquidity levels → Israel remains a standout in the global tech landscape What struck me most was the shift in mindset. Secondary has become a strategic tool for keeping great companies growing longer and keeping founders motivated through extended value-creation cycles. Thank you SuperVenture for bringing together such a thoughtful community around these critical topics. Thank You Olaf Neubert from TopCap Partners and the distinguish panel Omolade (Rachel) Adebisi from Isomar Capital, Thomas Fitzherbert-Brockholes from StepStone Group and Jérôme Chevalier from Quadrille Capital ISF Israel Secondary Fund

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Why should founders pay for legal fee of the investor? The founder gives up 20% of their company. The investor agrees to invest. And then says: “We need this law firm for due diligence. Don’t worry: it’ll be paid from the company’s funds after the round closes.” That money only exists because the founder gave up equity. So once it lands in the company’s bank account, it’s no longer the VC’s money. It’s the company’s capital. So when it gets spent on: 1. Rs 20L on due diligence/ legal 2. Legal teams that negotiate against the founder 3. PR announcements the founder didn’t ask for That’s the founder paying for all of it through dilution. Yes, trusted legal counsel matters. But if we call this a partnership, let’s act like it. Cap it. Split it. Or cover your own legal bills. Founders: have you ever pushed back on this clause? VCs: how do you handle this at your fund? Let’s open up this conversation in the comments below.

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 We’ve completed our first acquisition: Whisper AI Whisper AI has been one of the most exciting players in our space – building smart tools to identify promising founders early and gaining strong traction in the DACH region. From today, Whisper is part of Evertrace (formerly Signal). The product and data will now live inside Evertrace, strengthening our platform and making DACH our largest market to date. Nik (the founder & CEO of Whisper AI) + team, not only built a great product but also proved that the region is ready for this technology. On top of that, they’re simply great to work with. This acquisition marks an important step in our strategy to build the #1 founder detection engine in the world. And we’re only getting started. More acquisitions are on the way 👀 Thanks to Tech.eu for covering. Link to article in the comments.

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NLC Health Ventures is a masterclass in building a studio without raising capital upfront. Here’s what they did: 1. Licensed dormant IP from EU universities as the foundation for new companies. 2. Secured MOUs to access that IP, turning untapped potential into opportunity. 3. Approached trusted angel investors with compelling pitches: - The IP. - The market opportunity. - Their track record of successful company building. Investors said yes. That funding didn’t just launch portfolio companies—it also covered the studio's operating costs. For 4–5 years, they built 3+ companies annually with this model. But their genius didn’t stop there. NLC Health excelled in disciplined evaluation: - Only pursuing IP worth their time, resources, and vision. This is a repeatable playbook. Consider the untapped IP in many ecosystems: - Universities. - Corporates. - State governments. It’s just sitting on the shelf. The Venture Studio model can transform dormant IP into real-world value. NLC Health proves it. P.S. This month we're doing a series on Venture Studio Case Studies Incase of interest, follow me here: Matthew Burris

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