EXPERT PROFILE
Alan Poensgen
Alan Poensgen, now Partner at Antler, formerly co-founder at Westwing, a pan-European home & living e-commerce business, where he spent seven years as part of the executive team and saw the company go public in 2018. He also led a Southeast Asian e-commerce venture backed by Rocket Internet, NEA and others and was part of the early Rocket Internet core team based out of Berlin building out their global product development teams.
Topics
Development of the startup flywheel
Building and sustaining a flywheel effect in startup ecosystems, insights from his experience at Rocket Internet, where he contributed to the technical and operational setup of over 100 ventures globally.
The critical role of technical founders
Why Europe and Germany need more technical founders to create globally competitive tech giants. How the founder profiles in Europe differ from those in the U.S. and what this implies for the region's tech ecosystem. Strategies to foster a second, more technical ecosystem in Europe, addressing gaps in talent and innovation.
State of European Tech
The scarcity of major tech giants in Europe compared to the U.S. (e.g., Microsoft, Google). Structural issues such as financing gaps in Series B+ funding rounds and fragmented markets across European countries. Overcoming barriers that hinder the development of significant, lasting tech companies in Europe.
Sector-Specific Trends:
- E-commerce
- Developer Tools & tech infrastructure
- SaaS
For media inquiries or interview requests, please contact press@antler.co
ARTICLES
The Rule of 6: Reverse Engineering The (Pre-)Seed Round
Many founders get the concept of traction wrong. The problem isn’t how much revenue you have - it’s whether the growth pattern is reliable.
Yes, if and how much you can raise depends on many factors beyond traction such as team background, sector attractiveness, storytelling ability, etc… (See "Ability To Raise Cheat Sheet" for a broader picture). But, once first revenues start to come in, traction becomes invariably a big part of the equation.
So how much traction do you need to be able to raise?
Ability to Raise Cheat Sheet—A guide for founders on how much to raise in their first round
“How much can I realistically raise?” I hear this question a lot from our founders. The answer is especially tough for the very first funding rounds before a lot has been built. The spread in the pre-seed and seed rounds is massive. Some teams can raise millions with nothing but a pitch deck, while others struggle to close a hundred thousand euros from angel investors.
Since we are usually the very first investors, we discuss this a lot with our founders. So, I have come up with a simplified framework to give some directional guidance. The framework is most certainly not scientific and you will find exceptions all over the place, but I believe it is directionally right for the Berlin Ecosystem in 2023. So let’s dig into it.
What if [Google] does it?
There are tons of different frameworks on what makes a good business idea. However, there is one point in particular that is tough to crack: “What if [Google] does it?”—i.e., if the big incumbent that is playing in the same or an adjacent market uses their vast resources to copy you, what chance do you even have?
This is what in German we call a Totschlagargument, which in our loving and peaceful language translates roughly into “the argument with which you can beat anything to death”. And it is easy to dismiss the question because in so many cases startups have prevailed against much larger incumbents. But I believe a more nuanced view is needed. In reality, these incumbents pose a legitimate threat in many cases and they have ended countless hopeful startups.
I discuss this topic frequently—both with founders considering whether to dedicate a decade of their life to something, and with colleagues when we’re thinking about being the first investor—but haven't found a great framework.
Here are the key questions that help me wrap my head around this: