Phoenix Court

UK venture capital has caught up with that of the US, at the early stage.  But we should be even more ambitious, with a powerful cohort of thoroughbred companies emerging here. 🇬🇧 As Saul Klein says: “We have the potential to be the world’s best innovation economy. We need to double-down. If we are just interested in being as good as the US, you are basically saying we don’t want to lead the world.” Thanks to David Wighton for this thoughtful piece on the economic opportunity the UK’s innovation economy now offers to build national, regional and global champions.  https://lnkd.in/eF4QAgqn

The results are in: explosive growth in 2024 means European tech is on track for one of its best years yet and the UK has come out on top according to new Dealroom.co data. European tech's relentless pursuit of innovation means that: 💰VC investment came in at £7.4bn so far this year, up 16% from 2023 📈1,450 startups have raised at least £1.5M or more across Europe already this year 💡Late stage had one of its strongest quarters, thanks to mega rounds for fintech, energy and AI companies 🐎 As our co-COO Catherine Lenson told City AM: “As late stage funding returns to Europe and in particular to New Palo Alto, the supercluster of innovation ecosystems, we’re seeing a surge of thoroughbred companies – boasting strong revenues and incredible potential.” https://lnkd.in/d9KEqYUG 

Such a privilege to host Loop at Phoenix Court, empowering the next generation of tech talent. We're excited to see their continued success in empowering their Loopers to build the future! 🚀

Great to see our co-COO, Catherine Lenson, quoted in Sifted's newsletter today. "Closing this scaleup gap isn't just about catching up with Silicon Valley; it's about harnessing a massive economic opportunity to accelerate this country’s growth and prosperity,” she said. At Phoenix Court we know the UK has many innovative businesses ready to scale. Our mission across all our funds -  LocalGlobe, Latitude, Solar and Basecamp - is to support exceptional founding teams to help them reach their full potential and drive the nation's economic growth. We’ve been working with founders, policy makers and the country’s biggest asset allocators to do this. The work continues 🚀 https://lnkd.in/eihkjFgX

🚀 Inspiring the next generation of tech innovators! "How to Launch a Tech Start-Up" is a fantastic resource for budding entrepreneurs. Huge congratulations to Michelle You, founder and now author. Grab a copy for the curious kid in your life! Link in comments to Waterstones so you can purchase your copy!

At Phoenix Court we’re committed to facilitating the UK’s incredible innovation sector. That’s why we’ve signed the Startup Manifesto, published today by Startup Coalition. There’s never been a more important time to get behind the founders and startups that have the potential to become national, regional and global tech champions. 🏆

Thanks to Scene & Heard for contributing to the Phoenix Court Works folio and sharing insights into the amazing work they are doing with young people in Somers Town! "De/Valuing the Arts" is a must-read. 📚

I got an optimistic glimpse of a potential better future for Britain, with a probable change of government imminent, when I met with Saul Klein, a leading venture capitalist. His firm, Phoenix Court, is located behind Kings Cross railway station, at the heart of one of the lowest-income neighbourhoods in the city, in the parliamentary constituency of the likely next prime minister, Keir Starmer. Klein points out that this neighbourhood has massive potential to drive economic growth. It has an abundance of human and intellectual capital, with the The British Library, the vast #biotech activity of the The Francis Crick Institute, University College London, and leading global tech companies such as #AI pioneer Google DeepMind all within a minute or two of each other. And it is right next to the Eurostar rail terminal. The area is shaping up to be London's "new Square Mile", says Klein, at the heart of what he likes to call the "New Palo Alto", a cross-border area also including innovation hubs in places such as Cambridge, Manchester, Amsterdam, Brussels and Paris that he believes can one day rival its American counterpart as a place that births and grows world class companies. At the same time, Klein's firm is taking its role as a neighbour seriously, through its foundation Phoenix Court Works. With 10% of the venture capitalist firm's profits, and 2% of its carried interest in its funds, this has already become a big supporter of many local non-profit groups that are helping to improve the quality of life for everyone living in the Somers Town area. (The picture shows Klein in a flourishing garden, on waste land between the British Library and Crick Institute, that has become popular with locals; it has been designed so that when building eventually starts, the different parts of the garden can be moved easily to other nearby locations.) Visitors to the Phoenix Court headquarters, on the ground floor of a Council owned high-rise providing low-income housing, are handed a book of inspiring articles by many of the 35 local organisations supported by the foundation. In the foreword, the firm sets out its belief that "investment in innovation has a foundational role to play in creating not just economic, but critically, social value that is evenly distributed". Personally, I love this kind of thinking, which among other things, contrasts favourably with the anti-social beliefs about innovation and indifference to the neighbours of so many "tech bro" venture capitalists. And while I should balance my enthusiasm with realism about how hard this it to do, seeing this particular Phoenix rising got me thinking: if the new government can embrace a similar creed of investing simultaneously in economic and social progress, perhaps it can defy those who forecast only grim times ahead for the country and start to build something better. Fingers crossed.

🚨Only one week to go to apply for the Newton Fellowship Program!! ✍️ Applications close on Wednesday 3 July 2024 at 17:00 UK time. What are the benefits of the Newton Fellowship Program? 🌟 Learn from top-tier faculty from academic institutions such as London Business School, Saïd Business School, University of Oxford, and Imperial College London.  🌟 You’ll also learn from top-decile practitioners from firms such as Phoenix Court, Index Ventures, Dawn Capital, Isomer Capital, and Stride.VC. 🌟 Meet a cross-section of peers spanning the venture ecosystem with different vantage points. 🌟 You’ll be part of a cohesive cohort and build meaningful relationships with those on the Fellowship journey with you. 🌟 You’ll also get a chance to meet Newton Fellows from other cohorts, helping to broaden your reach across a wider range of industry professionals. 🌟 Unlock access to top venture capital professionals, opportunities, insights, and deals in venture capital through the help of the practitioners and faculty you meet, your cohort of peers, and the Newton team. 🌟 Your journey doesn't end with the program. As part of Newton's ever-expanding Alumni, you'll have even more opportunities to learn, network, and expand your horizons. 🌟 We hold regular learning sessions, events, exclusive activities and more to allow you to keep advancing your career. 🚀 Don’t miss out! Apply now via the link in the comments 👇