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

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.

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