• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deals search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Unquote
  • GPs

Women in VC: MMV’s Brunet on tech opportunities and navigating volatile markets

Alix Brunet of MMV Capital
Alix Brunet of MMV Capital
  • Wahida Ahmed
  • 28 April 2023
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

In a venture capital (VC) market shaped by falling technology valuations, US-headquartered investor MMV is eyeing new investments and fresh fundraising as it navigates a tricky market environment, principal Alix Brunet told Unquote.

The pace and the volume of investment has slowed in the sector in which MMV operates, according to Brunet, although this presents opportunities. “In the rounds we invest in, it is a good time to come in, because there is less funding activity. The valuations are more reasonable,” said Brunet.

With fewer companies going for formal fundraising rounds and more internal top-ups, companies are more reliant on existing investors. This has led to a shift in how MMV identifies and interacts with its targets, said Brunet. “We typically try to prevent this timing issue by developing relationships with founders early on,” she noted. “This is a probably a challenge for other investors too as the visibility and timing of funding rounds has changed.”

Although technology valuations have come down, MMV is still seeing companies go to market with high valuations which have been sold at a lower multiple. “We have to find the right balance,” she said. “Overall, valuations are adjusting,” she added.

Investments on the horizon

The US-headquartered VC is starting to prepare for its next fund, which is expected to launch in one to two years following full deployment of its fund, Europe & APAC III. Although the firm’s funds are backed solely by insurer MassMutual, the GP is “keeping an open-mind” on other LPs in future fundraises, she said.

The VC has upcoming investments in the digital health and biotech sectors and is planning to close a late seed and a Series A round in the coming weeks, said Brunet.

The firm’s APAC mandate was launched in 2018 and this was extended to Europe in the last year, she said. To date, MMV has made seven European investments.

Its current fund held a USD 300m final close in April 2022. It provides tickets in the USD 1m-10m range and reserves half of its capital for follow-on investments. The fund will make 23 investments in total and has made 17 investments to date, targeting late seed to Series B rounds.

MMV typically invests in businesses where it has an established relationship with their founders. It is screening targets in climate software, data gathering, sustainability management for corporates and financial institutions, cyber security and data analytics space, said Brunet.

Strategy development

MMV will focus on climate, SaaS and fintech investments this year, one of its key verticals in Europe and APAC. It has also launched a dedicated USD 100m climate tech fund in North America.

Having previously worked at Acumen, a US-based VC firm, Brunet has “kept in mind the importance of impact in the investment.”

In February 2023, MMV invested in Sikoia, a London-based company focusing on facilitating client screening and onboarding for the financial services industry. This area is interesting for the firm as the transformation and technology spend in this area is attractive, Brunet said.

Daye, a London-based company improving women’s experience with their gynaecological health, is another investment Brunet highlighted. MMV invested in the Series A round in October 2022. The company initially offered sanitary products and now they help women with tests like microbiome screening. Typically, the company’s customer base is in Europe, but it is launching in the US. This is an example of a company which MMV has supported with internationalisation plans.

MMV supports its portfolio companies with international expansion and by providing industry expertise. Some of its investments have matured and, in these cases, MMV will support further bolt-on deals or a sale. It can help with IPO preparation; however, the VC typically brings in advisors for this, said Brunet

Brunet focuses on fintech, enterprise software and climate tech. The team is made up of industry professionals, academics and entrepreneurs, with four investment professionals in its European investment team who work with a team based in Singapore. The team will be adding two new members in the coming months, according to Brunet.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • GPs
  • Venture
  • Benelux
  • DACH
  • CEE
  • France
  • Nordics
  • Southern Europe
  • UK / Ireland
  • Support services
  • Technology
  • Healthcare
  • Women in Private Equity
  • United Kingdom
  • Venture

More on GPs

EU foreign subsidies regulations
EU FSR could impact PE fundraising with potential rise in ‘clean funds’

FSR could lead GPs to create funds without foreign LPs; red tape around sovereign wealth funds likely

  • Regulation
  • 01 September 2023
Jan Cerny of BHM Group
BHM Group builds on PE strategy, eyes European medtech and renewable energy acquisitions

Czech Republic-headquartered family office is targeting DACH and CEE region deals

  • Investments
  • 01 September 2023
Bettina Curtze of Redalpine
Redalpine expands leadership team amid CHF 1bn-plus fundraise

Ex-Rocket Internet leader Bettina Curtze joins Swiss VC firm as partner and CFO

  • Venture
  • 31 August 2023
Canary Wharf and the financial centre of London
IPO offers CVC chance to become multi-asset consolidator

Potential IPO also offers monetisation solution for founders and GP stakes investor Blue Owl

  • GPs
  • 25 August 2023

Latest News

Fund closes in US dollars
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • 05 September 2023
Clinical trials and biotechnology
  • Buyouts
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • 04 September 2023
Public sector software
  • Exits
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
EMEA Public to Private M&A
  • Investments
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • 04 September 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013