We had some pitches but then the champions decided that they're not are quite ready. Fair enough, that means no February pitch night. Let's just do BYO drinks, normal time (18:30) but different place (Rudi's).
So far we have 24 votes from our 34 Voting Angels in. 23 say YES to FormusLabs which leaps the minimum hurdle of 18. This means FKAngels have voted on the DD Report and will invest $85k as a group which then clears the way for discretionary co-investment from individual angels. Debra and Ju will now go on to nut out the legals. Debra will manage the commitments.
MIG Angels sent one hell of a sharp knife in Joe Harper and are first on the list to syndicate with FKAngels. BTW MIG is also the first NZ angel group after FKA to not charge a commission to startups. As usual, we will share the full DD Report via our Co-investment Call to all investing readers.
David has self-selected his angelic moniker with his very personal endorsement of FormusLabs. «Like it – am something of an expert in knees and hips as all 4 have been “done” to some degree! (the bionic man). So – although it is no doubt speculative – I have a vested interest for this to work!»
Angel investors are not just about making spectacular returns, often they just want to see great stuff happen.
Steffen Schaefer now lives closer to Munich's Hofbrauhaus than most. He got a taste of FKA a few months before he left NZ. But that didn't stop him to work in with several DD Teams. He would like to formally join as a Flying Kiwi and has talked to Phil, Rudi and Uli. All feel there is a mutually good fit.
Okay, yet another German but seriously, if you know of any reasons why Steffen should not join now is the time to speak up. Please raise your concerns in confidence with our FKA Directors.
Hi Rudi, We would love to invite you and the FKA crew to our 6th birthday party on the 22nd of February Friday at our office. Please RSVP by 20 February to firstname.lastname@example.org Best, Alliv ☞ details
After Kami's successful raise at the end of last year, this should be one party not to miss!
Ever wondered what the inner workings of the AANZ look like? The above shot was taken this week when Rudi attended two days of AANZ council meetings in Auckland. He was promptly given the hot potato of commissions. Thankfully, a potato that has cooled a little as increased syndication with funds and VCs has been highlighting the mismatch of charging practices. Funds and VCs charge fees to their investors and don't like subsidising angel groups that charge their fees to startups post-investment.
Rudi's announcement of his new role has generated a lively debate on LinkedIn that is for the most part supportive of AANZ's recommended policy shift. See for yourself and feel free to join the debate.
If you want to see rapid AR/VR game development on the Magic Leap platform come and see the graduation projects of a one week course that is finishing today. Weta Workshop is working closely with Magic Leap which is valued at over US$4.5 billion. Mel from Geo AR Games says she is both drained and excited after this week. Today, 16:00 at The University of Auckland, pls register here.