Antler VC Funding: Terms & Up to Series C

Antler's Expansion and Funding Progress

Initially established in Singapore in 2017 as a “company builder,” Antler has become recognized for its global startup generator program and investments at the pre-seed level. The firm initially focused on assembling teams and launching startups rapidly. However, Antler’s ambitions have significantly broadened, now encompassing investments spanning from early-stage to late-stage ventures.

Recent Funding Rounds

Last year, Antler secured $75 million in funding with contributions from Schroders and Ferd. The company has now announced an additional $225 million raised since that initial investment.

A company representative clarified that the total cumulative funding now amounts to $300 million, representing a $225 million increase since the previous update.

Fund Structure and Allocation

The funding structure of Antler differs from traditional venture capital firms. Unlike those that sequentially raise funds, Antler operates multiple funds concurrently, rather than relying on a primary fund and subsequent sidecars.

However, the distribution of these funds is noteworthy. Given Antler’s presence in numerous company-builder locations, the capital is dispersed across a wide geographical area. Some observers might characterize this distribution as relatively thin.

Geographical Reach and Investment Scale

Antler maintains operations across Europe, the Asia-Pacific region (APAC), the Association of Southeast Asian Nations (ASEAN), Southeast Asia, Africa (specifically Kenya), and has established offices in major cities including London, New York, Singapore, and Sydney. Considering this extensive global footprint, a $225 million investment is comparatively smaller than similar investments concentrated within a single country, such as the U.K.

While Antler reports raising $300 million to date, this figure must be considered within the context of its founding in 2017. In venture capital terms, $300 million over five years isn’t necessarily a remarkably large sum.

Investor Base

The fund’s investors include prominent institutions such as Schroders, Vækstfonden, and Phoenix Group.

Portfolio Support and Growth

Antler remains focused on pre-seed investments, but the additional $225 million allows the firm to provide follow-on capital to its portfolio companies as they expand and scale, potentially up to Series C funding rounds.

Magnus Grimeland, CEO and founder of Antler, stated the company’s commitment to supporting founders from the earliest stages and continuing to invest in their growth. He expressed enthusiasm for backing entrepreneurs who are reshaping industries.

New Leadership Appointments

The firm has announced the addition of new partners: Naman Budhdeo, Erik Jonsson, Jiho Kang, and Subir Lohani. They will lead the newly established teams in Canada, Vietnam, Korea, and Indonesia, respectively. Furthermore, Teddy Himler, formerly of SoftBank, joins as a partner within the later-stage investment team.

Investment Portfolio and Diversity

Since 2018, Antler has invested in over 350 companies globally, spanning more than 30 industries. The firm highlights that 40% of these companies have at least one female co-founder, and the portfolio represents 70 different nationalities.

Terms of Investment and Scrutiny

Antler asserts its ability to support startups through Series C funding, contingent upon the specific terms of each deal and the firm’s continued investment throughout the startup’s lifecycle. Consequently, the details of these investment agreements are subject to scrutiny.

Reports have surfaced suggesting that Antler’s initial terms for startups were not always considered “founder-friendly.” CEO Grimeland acknowledged that this may have been the case “in the early days.”

Addressing Founder Concerns

Grimeland stated that the firm generally receives positive feedback regarding its founder terms and that changes were implemented in response to concerns raised. He emphasized Antler’s commitment to being as founder-friendly as possible while maintaining robust protections for its investments.

He explained that the legal frameworks vary significantly across jurisdictions, and Antler collaborated with local angel communities to adapt its terms to align with regional standards. The firm aims to offer terms competitive with other early-stage VCs and angel investors.

Future Positioning and Competition

With its rapid growth and global expansion, Antler is positioning itself as a potential competitor to established startup accelerators and venture capital firms like Y Combinator and Entrepreneur First. The firm’s trajectory will be a compelling story to follow in the coming years.