5-Minute Interview with Robin Haak, Robin Capital

In this series of 5-minute interviews, I shine the spotlight on up-and-coming fund managers in private markets across the globe. All geographies. All strategies. All sectors.

Here's my conversation with Robin Haak, Founder & GP at Robin Capital.

Quick facts about Robin Capital:

• Sector/thematic focus:?B2B SaaS
• Investment stage:?Pre-seed and seed
• Geo focus:?DACH and Europe
• Year established:?2023
• Location:?Berlin
• AUM:?$3m
• Number of funds closed:?Raising my first fund
• Current fund target:?$10m (first close on $3m)
• Current fund life:?10 + 1 + 1?
• Equity size invested in companies:?Pre-seed $50k-$200k; seed $100k-$600k

Q: What’s Robin Capital’s investment strategy?

A: We specialize in B2B SaaS within the DACH and EU regions, focusing on the pre-seed to seed stages. While we have a preference for enterprise solutions, we are vertical-agnostic.

Q: What’s the size of the market opportunity in B2B SaaS?

A: This is a trillion-dollar market experiencing rapid and consistent growth. It has become integral to every company's operations with the widespread adoption of software. One can segment this vast market depending on the target and specific vertical. For instance, leaders might corner smaller market slices, like 10% of $4bn, or focus on investments targeting more significant market segments. Both avenues can potentially construct a business with $100m or more in annual recurring revenue (ARR).

Q: What’s your background and expertise in B2B SaaS?

A: I have M&A and growth equity experience spanning over 12 years, with more than 40 investments under my belt, which gives me a comprehensive view of a full investment cycle. I’ve evaluated over 5,000 deals and partnered and invested in companies like N26, Smartrecruiters, Frontify, Algolia, and Aircall, four of which have become unicorns.

I have found that my founder experience gives me a unique lens. I have built several companies from scratch. As a founder, I co-founded an AI/ML startup, Jobspotting, and led the growth of a US-based profitable unicorn, Smartrecruiters, raising $200m with Insight Partners and Silverlake. This hands-on experience has given me front-row insights into various facets of business, including leadership, M&A, fundraising, and Go-To-Market strategies like B2B SaaS Enterprise Sales and Customer Success.

As an investor, I am in the entrepreneurial corner. I don’t merely follow trends, nor does the fear of missing out sway me. My approach is one of high-conviction investing. I take on follower positions, having run rigorous due diligence first.

Q: How do you source deals?

A: Each month, I'm presented with approximately 100 deals, many of which come my way even before they hit the broader market. These opportunities often come through trusted referrals. My standing as a value-added investor ensures I can secure a spot in even the most oversubscribed deals; founders recognize the commitment I bring, owing to my reputation. Having been a founder, I don't just talk the talk – I've been in their shoes and understand the journey.?

In addition, I have brand visibility through a newsletter and a solid social media presence, which helps drive additional deal flow.

Q: How are you building your team?

A: As a solo GP, I've embraced a structure based on agility, responsibility, accountability, and responsiveness. I collaborate with hundreds of co-investors, curating the ideal syndicates for every venture.

I've always been sceptical (due to first-hand experience) of the efficacy of 'value-add' VC teams, which drove me to establish an operator network comprising over a hundred experts. This network offers specialized support, from tech and product development to architecture and other domains. Yet, the crux of my approach transcends mere professional networks; it's rooted in community and platform. This ecosystem is self-sustaining, thriving through the contributions of its founders, LPs, and broader network. We are more than just colleagues or partners; we are a tribe united in our vision, trust, and purpose to support founders. Last to mention our amazing Venture Partners?Renaud Visage,?Jerome Ternynck, and?Elmar Broscheit, who support the teams we back.

Q: How do you see your business scaling?

A: We intend to keep the boutique approach as we grow. We have the ambition for compact, oversubscribed funds and to make judicious, well-curated investments. As we move forward, our community will expand, and while there's potential to augment our team, our true strength derives from the robust platform we've built and the deep-rooted bonds we've nurtured. Our business is designed for performance, not necessarily for exponential scaling. We're in this to make a difference, not necessarily to grow in numbers (AuM) while aiming for superior returns to our LPs.

Q: What are the key ingredients of your success?

A: My approach is rooted in authenticity and bound by a shared humanity, fosters genuine community, and imparts real-world knowledge. My founder experience has given me invaluable first-hand experiences, which, combined with the precision and rigour of private equity execution, sets a solid and unique standard. The trust I cultivate with founders isn't just transactional; it's forged through dedication, grit, and a shared journey. I stand distinct in the European landscape, not just as a General Partner, but as a testament to an ethos. Every founder I give it my all to support becomes an advocate for me and this community we're sculpting together. Success isn't just a destination; it's a by-product of our collective daily hard work. It all boils down to the 'why' – my commitment to support founders and an unbridled admiration for the spirit of entrepreneurship. In this journey, I'm not just an investor; I'm a friend, a mentor, and a relentless cheerleader for the audacious dreams of every entrepreneur I back.

Q: What valuable lesson have you learned that helps drive your approach?

A: What I learned as a founder has been invaluable. It demands embracing pain, resilience, and an unwavering spirit. Personal setbacks shouldn't deter your course; it's imperative to detach and remember that grit and determination are the cornerstones of success. Your guiding light should be your 'why' – anchor yourself to it and let it inform your decisions. The true essence of entrepreneurship lies in building businesses, not just accumulating wealth.

Q: Those are sound lessons. What do you do outside your day job?

A: Among other things, I am the founder of WomenInc, a platform uniting over 1,000 women. We proudly donate to the Desert Flower Foundation, and just last year, we constructed three schools in Sierra Leone.

Q: Finally, what advice would you like to share with our readers??

A: Be like water. Unlearn. Empty your cup. Be curious. Be kind. Love. Water the flower, don't pick it. Live in the moment.

Robin Haak Robin Capital

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