Latitude

There’s a significant, and potentially decisive shift taking place in healthcare today: 2nd gen founders are pivoting into the sector. Spotify’s Daniel Ek  ↪️ Neko Health Meatable’s Mark Kotter ↪️ bit.bio Milltown Partners's D-J Collins ↪️ Early Divide™'s Alex Trewby ↪️  Apian It’s a trend we’re familiar with, as long-term investors in healthcare investing in companies including Accurx and Hertility through LocalGlobe, at seed stage and Latitude, at breakout and Series B stage. Dealroom.co data shows other investors are seeing the potential too. Since 2010, funding for these new ventures has averaged $53 million. Our Julia Hawkins joined a panel at today’s #SiftedSummit with Mark Kotter, Benedikt von Thüngen and Kai Nicol-Schwarz to discuss this trend. Here are the key takeaways: 💻 The current state of healthcare mirrors the PC boom of the 70s, where founders took computing from institutions into homes – healthtech is experiencing similar consumerisation 🫂 We have a generation of founders making it easier for patients to access care and for clinicians to deliver it. 📋 They bring key team-building skills, product insights, and scaling methods to fuel innovation  🏥 Building a multidisciplinary team with low-ego leadership is critical for success in healthcare, and introspection is key to identifying where founders excel, and where they need support 🤯 Yet, the complex healthcare system, especially in the UK, can be difficult for founders to crack which runs the risk of deterring future founders bringing their expertise to the market Until we are no longer detecting 50% of cancer in A&E there are huge problems to fix in healthcare. We need the most ambitious founders – second-generation or otherwise – to come and build here. Within healthcare, the ability to ask great questions and get great answers is a superpower of founders and it will take a concerted effort to create the environment for them to flourish. In ten years, we will look back and say it's crazy that we used to wait so long to see a clinician.

Huge congratulations to Dexory on securing a milestone $80M Series B funding round! Dexory is the leading AI and robotics company redefining warehouse operations, with clients including MAERSK and Deutsche Bahn. At Latitude we’re thrilled to join this round and Dexory's incredible growth journey alongside DTCP, WaVe-X and Bootstrap Europe, as well as existing investors Atomico, Lakestar, and Capnamic. Cc Mish Mashkautsan, Julian Rowe

Catch LocalGlobe’s George Henry chatting all things restaurant tech with the wonderful and mesmerising Ronen Givon of REKKI at Bits & Pretzels this Sunday! Stage: Money Pit Date: Sunday 29th September Time: 4.25pm - 4.45pm

We first invested in Yonder at pre-seed through LocalGlobe (when Tim, Theso and Harry were just leaving ClearScore), impressed by their vision to transform the credit card industry. Today, we're doubling down on their success through Latitude, our breakout fund. Yonder has already redefined how a credit card can work for consumers. With an increasingly broad yet highly curated network of reward partners, Yonder customers are experiencing the very best of UK cities, accessing dream escapes and with one click, accessing some of the coolest and most desirable online brands. We're excited to be part of their journey as they blend a beautiful financial product with a truly unique set of experiences and rewards. Congratulations to Tim Chong, Harry Jell and Theso Jivajirajah and all @ team at @ Yonder. cc Remus Brett, Julian Rowe, Ziv Reichert https://lnkd.in/dZsUbT4k

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

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

Phoenix Court was buzzing this afternoon at the start of London Tech Week…where all the conversation was about national, regional and global champions of tech. 💡 Our co—COO Catherine Lenson welcomed everyone to Somers Town in the heart of New Palo Alto and set the scene to introduce a new way of looking at tech companies right across EMEA. Welcome to the Age of Thoroughbreds, finally… 🐎Our co-founder Saul Klein set the scene describing how "Thoroughbred" companies are a powerful and growing cohort, with details from Dealroom.co's Yoram Wijngaarde. Here’s what you need to know: Thoroughbreds are tech companies with over $100M in annual revenues  Colts are making revenues of $25M to $100M annual revenues And here’s the formula: hope promise x fundamentals = champions Where the hope and promise of unicorns is combined with real revenues, from businesses making real products and services. The thoroughbreds in action: 📈M-KOPA President and MD Mayur Patel in conversation with former L&G CEO Nigel Wilson on how MKopa recently surpassed $300M in revenue and has over 4 million customers, while keeping economic inclusion at its core. 🚗HSBC Innovation Banking UK’s CEO Erin Platts and Moove’s Chief Capital Strategy and Impact Officer Tingting Peng explored how Moove has scaled fast from a colt to a thoroughbred! Moove’s meteoric growth journey over the past few years, including launches in the UK, and UAE, shows great companies can come from anywhere, as well as how its innovative approach to improving access to credit for ride-hailing and platform drivers. 💳 UK Thoroughbred Tide’s Chief Product Officer Vinay Ramani spoke to M&G Investments’s Head of Impact & Private Equity Alex Seddon on how Tide grabbed 10% market share of UK business banking through supporting micro SMEs. With $250M ARR and $3 billion in deposits, Tide is on a mission to reach $1B ARR through expanding globally. 🔬 And championing British UK tech and innovation, we closed with some stirring words from former Chief Scientific Adviser, Sir Patrick Vallance interviewed by Bloomberg’s Parmy Olson From healthcare to life sciences, AI and deep tech, Sir Patrick talked about his huge enthusiasm for UK science and technology, particularly noting how so many researchers and academics want to develop their research into startups. With greater support, infrastructure and capital we can help this new generation of entrepreneurs compete on the same level as their Palo Alto counterparts. #LTW24 #Thoroughbreds #NewPaloAlto

Sparks flew this morning! 🔥 Saul Klein and Madhumita Murgia's conversation on AI and her must-read new book, "Code Dependent: Living in the Shadow of AI," was riveting. Nominated for the Women's Prize for Non-Fiction, the book puts a human face on technology's impact.  From biased algorithms to the hidden costs of AI development – they covered it all! Yet, Madhu sees AI's potential for good, especially in healthcare. Her key takeaway?  To avoid a tech-controlled future, the people AI affects MUST have a voice in its design.  If you are passing through Phoenix Court soon, we have a few copies of Code Dependent as a gift for guests to our space - otherwise grab one here -  https://lnkd.in/eznx2y8P #codedependent #technology #artificialintelligence

Empathy just announced a $47 million raise in Series B funding round, bringing the total capital raised to date to $90 million. This major milestone positions Empathy to deliver an even greater impact, setting a new standard for bereavement care and supporting families through every challenge brought by loss. Congrats to co-founders Ron Gura and Yonatan Bergman. We can't wait to see what Empathy does next! Read more here: https://lnkd.in/eSn_aecM

Excited to welcome Avail to the LocalGlobe family! Avail has raised $27m led by Founders Fund and Dragonfly to accelerate the unification of web3! Read more here - https://lnkd.in/eRaQiFPw Can’t wait to work with you all!