By investing in hundreds of startups at the earliest stages and targeting overlooked markets, Magnus Grimeland and Antler are putting their own twist on the entrepreneurial dream.
fter finishing a two-year stint in Norway’s naval special forces, Magnus Grimeland arrived at Harvard as a 23-year-old freshman in 2003. He promptly caught the tech bug, which put him in an opportune place at an opportune time. Grimeland befriended a classmate named Eduardo Saverin. He rowed on the crew team, where he met Cameron and Tyler Winklevoss.
“We love that,” Grimeland says. “For example, we reached out to the head of product at Spotify and said, ‘Hey, you know, big congrats on building Spotify—isn’t it about time for you to leave and build your own billion-dollar business?’” Antler’s portfolio companies are young. So far, about one in eight of the firm’s investments have failed, and the firm has no unicorns or major exits to prove Grimeland’s vision. But there are promising prospects. Reebelo, where people buy and sell used smartphones and laptops, is approaching $100 million in annual sales and claims 10,000 monthly customers.
“Let’s find these people and be the best possible partner to them from day one—invest in really strong teams and founders, not in companies,” Grimeland says. “Our role is backing and supporting great people.” After Antler invests in a company, it continues to advise its startups on fundraising and growth strategies and introduce them to investors—a perk for the companies, who get access to capital, and for Antler’s LPs, who get a first look at sought-after startup deals. Antler also invests in follow-on rounds itself, with more than 200 such deals in the last year alone.
Grimeland touts Antler’s track record of investing in people who are often overlooked by the VC establishment. It backs founders from 70 countries. About 35% of its portfolio companies have a female founder, and 50% have a female CEO.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Putin to mark Soviet Union's WW2 victory over Nazi GermanyRussian President Vladimir Putin leads commemorations of Soviet Union's defeat of Nazi Germany, but Ukraine, under unrelenting attack, is desperate to deny Moscow any sense of military invigoration.
Read more »
G-7 leaders mark VE Day stressing unity, support for UkraineLeaders from the Group of Seven developed democracies have pledged to phasing out or banning the import of Russian oil, as they met with Ukraine’s President Volodymyr Zelenskyy to stress their support.
Read more »
Dan Ventrelle Says Mark Davis Fired Him for Reporting Hostile WorkplaceFormer Raiders president Dan Ventrelle claims to have notified the NFL of the issues within the organization before being fired. 🏈:
Read more »
Dan Ventrelle Out as Raiders President, Says Mark Davis Ignored Hostile Work EnvironmentRaiders team president Dan Ventrelle said he was fired in retaliation after bringing concerns from employees to the NFL about a “hostile work environment.”
Read more »
'COVID is not done with us': US to mark 1 million coronavirus-related deaths'We all may be done with COVID, but COVID is not done with us,' said Dr. Darren Mareiniss of Einstein Medical Center.
Read more »