Join Ecosummit Ventures as General Partner
Raise, invest, grow and return our first €50M smart green impact VC fund
Ecosummit Ventures (pitch deck) will be a new smart green impact VC in Berlin targeted at €50M that invests in promising European software and hardware startups with B2C and B2B business models in energy, mobility and cities. Ecosummit Ventures leverages the deal flow, investor network and track record of 19 Ecosummit conferences in 5 countries since 2010. As of today, the management team of Ecosummit Ventures Fund I (EV Fund I) consists of 2 General Partners (GPs): Jan Michael Hess (born 1971, Co-founder Ecosummit 2010 and Mobile Economy 2000, angel) and Kai Malkwitz (born 1968, Co-founder Greenergetic 2012 and pvXchange 2004, angel). To complement our fund management team, we are looking for 2 more outstanding General Partners with VC and/or startup track record to join us as co-founders in Q4 2018.
Ecosummit Ventures builds and scales a portfolio of 12 to 16 startups, makes its first investments with tickets of €300K to €3M in Seed, Series A and B rounds and is ready to act as lead or co-investor. The pre-marketing has started and we have interest from successful smart green founders to invest in our fund (soft LP commitments). Our target LPs include founders, angels, corporates, family offices and impact investors. LP tickets range from €100K to €15M and we aim at recruiting a unique group of 50 LPs.
The first closing of EV Fund I is planned to take place in April 2019 at €20M as we aim at announcing our first closing and first investment at Ecosummit Berlin on 15-16 May 2019, our 10 year anniversary conference that presents 100 startups and brings together 400 participants. The final closing is scheduled for April 2020. Our goal is to achieve a financial return of 2x for our LPs while creating a lot of impact and strategic returns.
General Partner at Ecosummit Ventures
The General Partner (GP) at Ecosummit Ventures (female or male) is a smart green entrepreneur and investor with track record, passion and the long-term goal to create big impact by building big startups and accelerating the global energy and mobility transition.
You have a minimum of 10 years work experience in the startup and venture capital ecosystem in Internet (smart) and/or cleantech (green) markets. Ideally, you can already look back at 5 years of VC fund management experience. In your career, you have contributed to raising a VC fund and have convinced LPs to believe in your fund management team and its ability to back and grow early stage startups. You write deal-winning term sheets in your sleep and have invested in a strong portfolio, attracted multiple follow-on investments and achieved at least one positive exit. Along the way, you gained a lot of board experience coaching startups through good and bad times.
Alternatively or additionally, you are a (serial) startup founder having been at the other side of the table. You have raised several financing rounds for your startup(s) and celebrated at least one exit that puts you in a position to invest in the next generation of startups and pass on your experience and know-how. As being an angel investor is not enough for you, you want to transform yourself into a VC and search for co-founders to start a new fund.
At Ecosummit Ventures, we want to be a team of 4 General Partners (fund managers) with equal votes in our investment committee and equal shares in our fund management company. Each GP manages the VC process end-to-end with our portfolio companies. That includes deal sourcing, negotiation, term sheet, due diligence, investment closing, board membership, post-investment value creation and divestment (exit). For example, if we build a portfolio of 16 startups with 4 GPs, 1 GP is supposed to manage 4 portfolio companies.
Each GP invests a personal GP commitment of €250.000 in EV Fund I (2% management fee). GP commitments have to be paid pro rata during our capital calls (e.g. 2 capital calls per year) and are spread from the first closing of the fund (April 2019) to our last follow-on investment in one of our portfolio companies (2028).
The annual GP salary will be €120.000 for 10 years over the lifetime of the fund. The first monthly salary will only be paid after the first closing of EV Fund I in April 2019. Until then, all co-founding GPs face the risk that the fundraising is unsuccessful and the first closing of the fund is delayed or cancelled.
In addition to the salary, each GP gets up to 4% carry (20% of our 20% fund carry). The remaining 4 % of our fund carry will be distributed among part-time Venture Partners (VPs) and other fund management employees (CFO, team manager). If EV Fund I returned 2x, we would have converted €50M capital into €100M (€50M profit). The €50M profit is split 80% to the LPs and 20% to the GPs (20% carry). Example: A General Partner with 4% carry would get €2M carry before tax. Moreover, the General Partner would get €200K profit (80% LP profit) on her/his original GP commitment of €250K.
In the meantime, the GPs at Ecosummit Ventures plan to make a few pre-fund angel investments together to build our team and increase our joint track record of picking and investing in promising startups until the first closing of EV Fund I.
Ideally, the GP joins before the first closing, shares the fundraising risk and stays with the fund for 10 years during the whole fund lifetime. As an option, it will be possible to leave the fund management company after 5 years at the end of the investment period while standard rules of carry vesting are applied. If things go well, we will start raising our second fund by the time we have built 60% of our EV Fund I portfolio.
Our HQ is in Berlin and it would be super if all GPs live here. If your home is in another European city, you are expected to travel to Berlin 2 days per week for our weekly GP meetings, startup pitches, workshops and office hours. At Ecosummit Ventures we speak English and appreciate a diverse and multicultural team.
We are very motivated to build the best smart green impact fund management team in Europe and look forward to co-founding Ecosummit Ventures with you.
Please email us your CV, Linkedin and motivation to apply as Ecosummit Ventures GP.
Jan Michael Hess, jan at ecosummit.net, +4917621208417
Kai Malkwitz, kai at ecosummit.net, +491624117360