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.
BoardPro is helping Kiwi company Boards go pro. Co-founders Brett and Kim are gaining traction and invite FKA portfolio companies to use BoardPro at a very special FKA rate. They also want to help FKAngels who work on other Boards.
Garth is the fan among FKAngels with the wisest hair colour and he is using it at FileInvite and has introduced it to our FKA Board meetings.
Okay, we may sometimes talk a lot of sabrages or have wine related images but this is funny. «looking out for aspiring wine experts and wine lovers, we came across your page:www.fka.nzand it seems like you also cover wine-related topics. [...] if you're interested in collaborating with us and using our article on your site as an additional resource?»
Debra and team (Colin, Garth, James McGeorge [KPMG], Joe Harper [MIG], Owen Woodhouse [NZVIF], Todd Brackley, Pip Gilbert, Will Hewitt) have last night submitted their FormusLabs DD report to the investment vote of FKA's 34 Voting Angels. The team is very positive, more next week. ☞ See here the original pitch video.
Ralf and team (Alan, Steffen Schaefer, Steve C, and Steven M,) found much to like about Kademi but decided that the new business model needs more time to be proven and have stopped DD.
Uli and team (Allen Fan [Zino], Cornelius, Jesper, Molly [NZVIF], Steffen Schaefer, Victor Tsai [Zino]) had a good look at Geo AR Games. They could not verify the pipeline in China that would underpin the proposed business model. Geo AR Games has consequently recalibrated its China focus and DD was stopped.
A big thank you to all the above for getting stuck in with the DD work!
Ralf, a German was leading a colourful and geographically dispersed team: Pom Alan and Kiwi Stephen ex London, Kiwi Steve ex Auckland, German Steffen ex Munich.
Uli, yet another German was leading a team consisting of Chinese, German, Danish and Kiwi nationals from FKA ranks and our partners.
Steffen was common to both teams but is not the reason why both came to a halt.
Steffen is close on the heels of our multi-DD-doer Phil but should be ready to finally brave the Veto Gate into FKAngeldom.
Geo AR Team had an FKAngel in the founder team but that is no guarantee for a positive DD outcome.
We kicked off with ADI this week, on Monday in Wellington, on Tuesday in Whangarei and on Thursday in Auckland where we had a strong contingent of angelic mentors as the above picture attests.
Among other things, we had one startup in the Esports arena looking for advice on how to spend the remainder of their $900k ICO. Another one had an uncanny resemblance by name and looks to this internet troll of 2013.
Maybe ICOs and blockchain are a way to print money? See for yourselves and come along to the demo day of the Centrality Accelerator, Wed, 27 Feb, 17:30. Register via this FKA invite.
Our sponsors can and will help us help Kiwi startups in many ways. For example, last week when Rudi was desperately looking for a venue for the AGM of Asleworx and Paul McPadden not only helped with a perfect room but also made time to welcome shareholders.