How many VC funds can you name where the three partners all had children when the fund was raised, have deep ties in Asia as well as Europe and the US, and included actress Anne Hathaway as an LP? Many will not threaten me.
but that’s the profile Treaty, a new Seed VC fund launched with £30 million ($36 million) in cash to support early-stage startups across Europe. The pact will target ‘mission driven’ startups in the “ABC” categories: access (economic inclusion), well-being (personal and professional well-being), and climate. (It’s a much more interesting way of addressing areas of ‘doing good’ than pulling out the UN SDGs, IMHO). Pact’s investment ticket will range from approximately £1m to £1.5m.
As well as Anne Hathaway (she’s not just an Oscar-winning actress, but also a UN Women Goodwill Ambassador), other LPs include Jeff Dean, head of AI at Google, and Keith Teer, a founding (and former) shareholder. TechCrunch and former tech entrepreneur in the UK and US.
They are joined by anchor investor Campden Hill Capital; Yeming Wang, former head of EMEA at Alibaba; Fahad Baig, COO of Naspers; Todd Ruppert, retired CEO of T. Rowe Price Global and Venture Partner at Greenspring Associates, and Tilo Bono, CEO of PIABO.
three female companions Tong Gu, Reem Mobsaleh WyndhamAnd Monique Fam – Was a former VC of other funds. was an investor in th addressee (in which Tier was previously a part) and created a data analytics startup in Shanghai, from which it exited. Wyndham was also an investor for ADV and a former founder. Pham was part of the founding team of early stage fund Fuel Ventures and has launched several social ventures in Africa and India.
Speaking to Reem Mobsaleh Wyndham, she told me they’d been raising funds for a little over a year (during her pregnancy and first children) but that the idea had been “in the works” for about five or six years: “We Both joined ADV in the same week. And we met Monique around the same time. What we saw in the early stage landscape in the UK were some key things that were missing. There are very few early stage fund managers who have strong exposure to emerging markets. There’s both operational experience and deep operational experience abroad. And that’s something all three of us bring to the table in very complimentary ways.”
“We believe that capitalism can and should be inclusive while delivering huge results,” he said. “And we really want it to be able to back early stage companies that are really positively shaping the future. We all have built our careers with that Northstar as a guide for us . It’s a value we’ve always supported, but it’s only at this point that the market is really coming around to it. The trade-off between socially sustainable, environmentally sustainable and commercially sustainable outcomes Shouldn’t happen. You have to think about both. And that’s a value the three of us came together at,” she said.
Tong Gu told me: “I grew up in China, and I saw how entrepreneurship and technology enabled a vast population of people living below the poverty line to become wealthy and improve their lives. Started a tech company that enables independent small brand owners to compete with big brands. And for me, it was really an experience of driving economic inclusion, but in a tech-enabled way.
Wyndham acknowledged “it’s not a huge fund”. However, he added that the £30 million should give him enough companies to achieve the “healthy diversification” needed for fund returns: “We can do 18 to 20 companies, either leading or co-leading. We’re talking about that.” A lot of thought has gone into how we’ve curated our LP base. So the LPs that have come in are strategic and they provide domain expertise and market access, but they also provide capital continuity. The vast majority deal flow So in that sense, it’s really increasing our firepower by over 30 million.
On her LP being a Hollywood moviestar, Wyndham said: “She’s really been a friend and mentor of mine for about 12 years and since then we’ve become friends and shared values. One of the big reasons her childcare is, and it is lacking as the final frontier for gender equality. And this is something we have experienced first-hand as three female GPs who had their first children when we raised this fund. Had to figure out how to overcome structural barriers to be able to do both. That’s one of the lessons we hope to share with the ecosystem, and that’s how Anne comes in.”
Pact’s first investment has been made Growth Kitchenis a London-based company that launches sustainable food brands based on data insights.
Past investment includes clause for Pact’s team members acquired by DocuSign, Onto, an electric vehicle subscription service; Perlego, an online learning platform; and Yoko, an African fintech company.