The Venture Capital Review #3
The Venture Capital Review #3
Welcome to the third TVCR curated startup list, your monthly dose of curated startups.
Welcome to the third edition of The Venture Capital Review, a list where we showcase 12 startups from 6 different industries in 6 different countries. As always, the startups are picked at random, and our ratings are calculated based on personal research and assumptions. If you are associated with any of the startups rated today, please reach out if you would like to provide any additional information or metrics. (This issue includes impact metrics!)
Enjoy the list!😊
Healthtech 🏥
Our 2 startups in Healthtech for this month are Aqemia and Baseimmune. These startups are on the forefront of the healthtech industry, making headlines!
1. Aqemia
Country: France
Founded: 2019
Here’s a short description of Aqemia👇
Aqemia is a next-generation pharmatech company that leverages a unique combination of quantum-inspired physics and machine learning to expedite the drug discovery process. Their mission is to create one of the world’s fastest-growing drug discovery pipelines. As an in silico drug discovery start-up, Aqemia’s goal is to rapidly discover more innovative therapeutic molecules with better chances of success. Their multidisciplinary team of drug hunters, AI engineers, and developers are dedicated to their mission of discovering numerous drugs at a high pace to cure diseases.
Ratings:
As always, our ratings are split into 4 different categories, handpicked for every startup featured based on what we think is fair. For Aqemia, the ratings are as follows:
Transcript:
ARR/RELATIVE: 4/10
TAM-SAM-SOM/POTENTIAL TO DISRUPT: 1/10
FOUNDING TEAM: 5.5/10
GROWTH POTENTIAL: 6/10
Verdict:
We gave Aqemia an overall score of 4.2/10, categorizing them in the “Watch” placement based on our rating scale*.
In conclusion, Aqemia operates in a moderately high consolidated market, with good founders on board. Although they scored relatively low on our TAM-SAM-SOM Scale, Aqemia are doing well in terms of growth, with decent returns, and expected exponential potential.
*Find more details on our scale at the end of the article.
2. Baseimmune
Country: United Kingdom
Founded: 2019
Here’s a short description of Baseimmune👇
Baseimmune is a biotechnology company that has developed a proprietary AI platform to generate mutation-resistant vaccines. Their technology deciphers pathogen evolution to design cross-protective vaccines. The team, which includes vaccine and software developers, is committed to accelerating the discovery of novel and cross-protective vaccines. They have an early-stage pipeline that includes human vaccines against Malaria and a pancoronavirus vaccine, as well as a veterinary vaccine against African Swine Fever. They are dedicated to harnessing their computational platform to design variant-proof vaccines and offer career opportunities in this innovative field.
Ratings:
As always, our ratings are split into 4 different categories, handpicked for every startup featured based on what we think is fair. For Baseimmune, the ratings are as follows:
Transcript:
ARR/RELATIVE: 2/10
TAM-SAM-SOM/POTENTIAL TO DISRUPT: 8/10
FOUNDING TEAM: 3/10
GROWTH POTENTIAL: 7/10
It’s important to note that while some of these ratings are low, it does not necessarily reflect on the performance of the founders. When grading that aspect, we look at factors such as alma mater, previous successful exits, first founders/serial entrepreneurs.
Verdict:
We gave Baseimmune a 5/10, categorizing them in the “Watch” placement based on our rating scale*.
In conclusion, Baseimmune operates in a moderately high consolidated market. While they did not score too well on our ARR and founding team scale, this does not necessarily reflect their performance, especially when considering that the founders fit the company purpose. Baseimmune scored extremely well on the TAM-SAM-SOM/Potential to disrupt scale, as well as their growth potential. These 2 factors are crucial when evaluating a startup’s trajectory and future potential, and for these reasons, Baseimmune sits well in our watch section. Lastly Baseimmune have high profile investors on board, and sit a relatively low valuation, which is a healthy indicator in a valuation inflated market.
*Find more details on our scale at the end of the article.
Gaming 🕹️
Our 2 startups in Gaming for this month are Kaedim and Homa Games. Our selection are completely different within the Gaming space, but are very interesting to say the least.
3. Kaedim
Country: United Kingdom
Founded: 2020
Here’s a short description of Kaedim👇
Kaedim is a cutting-edge technology company that has developed a unique platform for generating 3D models from 2D images using artificial intelligence. Their technology is designed to accelerate the shift from digital 2D to a digital 3D world, revolutionizing 3D asset creation by blending human artistic intuition and critical judgment with AI’s efficiency and speed. Kaedim’s platform is optimized for creating usable, production-ready 3D assets, and is trusted by leading companies in games and AI. They offer a diverse selection of over 10,000 assets, all guaranteed to be 100% ready to use.
Ratings:
As always, our ratings are split into 4 different categories, handpicked for every startup featured based on what we think is fair. For Kaedim, the ratings are as follows:
Transcript:
ARR/RELATIVE: 2/10
TAM-SAM-SOM/POTENTIAL TO DISRUPT: 9/10
FOUNDING TEAM: 4/10
GROWTH POTENTIAL: 8/10
Verdict:
We gave Build A Rocket Boy a 5.75/10, categorizing them in the “Watch” placement based on our rating scale*.
In conclusion, although Kaedim scored relatively low on our ARR scale, it’s important to consider their growth and where they will be in 12 months. Kaedim has been observing impressive and healthy revenue growth and operate in a low consolidated market, making their potential extremely promising. Kaedim have an impressive cap table, with the likes of Andreesen on board. Finally, they have been actively recruiting, drastically increasing their employee count.
*Find more details on our scale at the end of the article.
4. Homa Games
Country: France
Founded: 2018
Here’s a short description of Homa Games👇
Homa Games is a gaming technology lab that empowers game creators with data-driven tools and human expertise to transform their creative ideas into commercial successes. Their unique system combines data and expertise to supercharge creativity, resulting in over 80 mobile games with more than 1 billion downloads. Homa’s platform offers features like market analysis, efficient game testing, and data analytics for game optimization. They also provide the Homa Academy, offering insights to developers for creating games with hit potential. With a distributed team and a flagship HQ in Paris, Homa Games is committed to changing the gaming industry and offers career opportunities for creative individuals.
Ratings:
As always, our ratings are split into 4 different categories, handpicked for every startup featured based on what we think is fair. For Homa, the ratings are as follows:
Transcript:
ARR/RELATIVE: 10/10
TAM-SAM-SOM/POTENTIAL TO DISRUPT: 7/10
FOUNDING TEAM: 6/10
GROWTH POTENTIAL: 9/10
Verdict:
We gave Homa Games an 8/10, categorizing them in the “Invest” placement based on our rating scale*.
In conclusion, Homa is part of our highest rated startups in the series. They scored consistently high on our scales, and in some cases, received perfect scores. Homa operates in a low consolidated market, and have been observing astronomical growth. Their combination of growth rate mixed with growth in revenue is extremely impressive, and they have been actively hiring as well. Homa has had a very successful series B, with impressive backers. Between great founders, a low consolidated market, high growth as well as project growth, Homa is definitely a startup not to miss.
*Find more details on our scale at the end of the article.
Tech & Software💻
Our 2 startups in Tech & Software for this month are Zama and Waymap. Once again, a very diverse selection ranging from open-source cryptography to navigation.
5. Zama
Country: France
Founded: 2020
Here’s a short description of Zama👇
Zama is an open-source cryptography company that specializes in building state-of-the-art Fully Homomorphic Encryption (FHE) solutions for blockchain and AI applications. Their unique system is designed to bring privacy to Web2 and Web3 applications by making everything encrypted end-to-end, regardless of where the application is running. This is achieved by making homomorphic encryption mainstream. Zama’s team of cryptography researchers, experts, and developers are dedicated to building the future of privacy with fully homomorphic encryption. They are a remote-friendly company with headquarters in the center of Paris and offer career opportunities for individuals interested in cryptography and privacy. Zama has also been successful in driving the future of technology and privacy through their involvement in open-source communities.
Ratings:
As always, our ratings are split into 4 different categories, handpicked for every startup featured based on what we think is fair. For Zama, the ratings are as follows:
Transcript:
ARR/RELATIVE: 4/10
TAM-SAM-SOM/POTENTIAL TO DISRUPT: 4/10
FOUNDING TEAM: 5/10
GROWTH POTENTIAL: 8/10
Verdict:
We gave Zama an overall score of 5.25/10, categorizing them in the “Watch” placement based on our rating scale*.
In conclusion, While Zama operates in a highly consolidated market, they have been observing very impressive growth rate. Zama have had a fair and healthy employee growth rate, and have closed a $73M Series A with an astronomical valuation, one of the largest venture rounds in France’s history. Zama is definitely doing something right judging from their fundraising rounds, and for that reason, they fit right in our “Watch” category.
*Find more details on our scale at the end of the article.
6. Waymap
Country: United Kingdom
Founded: 2017
Here’s a short description of Waymap👇
Waymap is a revolutionary technology company that has developed the world’s only navigation app providing both indoor and outdoor guidance. Their mission is to make every city in the world accessible to anyone, anywhere The app, accurate up to 1 meter with no signals required, allows users to explore cities, catch buses, or find specific aisles in stores. Born from experimentation in audio navigation by the Royal Society for Blind Children in the UK, Waymap combines breakthrough advancements in indoor location technology with a deep understanding of navigation needs. Their system has been tried and tested in cities across North America and Europe. Waymap is committed to delivering global social impact for people with disabilities everywhere, aiming for global independent access across cities, transit systems, and places of work, school, or recreation.
Ratings:
As always, our ratings are split into 4 different categories, handpicked for every startup featured based on what we think is fair. For Waymap, the ratings are as follows:
Transcript:
ARR/RELATIVE: 2/10
TAM-SAM-SOM/POTENTIAL TO DISRUPT: 5/10
FOUNDING TEAM: 4.6/10
GROWTH POTENTIAL: 4/10
It’s important to note that while some of these ratings are low, it does not necessarily reflect on the performance of the founders/startup. When grading that aspect, we look at factors such as alma mater, previous successful exits, first founders/serial entrepreneurs.
Verdict:
We gave Waymap a 4/10, categorizing them in the “Watch” placement based on our rating scale*.
In conclusion, Waymap operates in a moderately high level consolidated market, although they did not score too well on our ARR/RELATIVE scale, they received an almost average score for the rest of our metrics. Waymap is not focused on commercializing their product in the traditional sense based on their vision, since their main goal is to generate social impact, which is honorable.
*Find more details on our scale at the end of the article.
Consumer Goods & Retail🛒
Our 2 startups in CG&R for this month are Lyst and Koia. One is focused on fashion ecommerce, while the other is a consumer product.
7. Lyst
Country: United Kingdom
Founded: 2010
Here’s a short description of Lyst👇
Lyst is the largest global fashion search platform that aggregates products from thousands of fashion stores into one centralized platform. It simplifies the process of finding and shopping for fashion items from various brands and stores. With more than 17,000 brands and stores in one place, Lyst is the definitive fashion destination. They offer a wide range of products, from clothing and accessories to shoes and bags. Their platform also provides the latest trends in women’s fashion. Lyst is your shortcut to what’s trending now, offering a vast selection of fashion items to choose from
Ratings:
As always, our ratings are split into 4 different categories, handpicked for every startup featured based on what we think is fair. For Lyst, the ratings are as follows:
Transcript:
ARR/RELATIVE: 9/10
TAM-SAM-SOM/POTENTIAL TO DISRUPT: 8/10
FOUNDING TEAM: 8/10
GROWTH POTENTIAL: 7/10
Verdict:
We gave Lyst an overall score of 8/10, categorizing them in the “Invest” placement based on our rating scale*.
In conclusion, Lyst is one of the highest scoring features in our articles. Lyst operates in a highly consolidated market, yet they still manage to have impressive ARR by targeting loyal returning clientele. Although growth has been stabilizing in comparison to previous years, that is expected, especially when looking at the high figures they have achieved. Lyst was created by a top profile, and the results speak for themselves. These are some of the reasons why we classified Lyst under our “Invest” placement.
*Find more details on our scale at the end of the article.
8. Koia
Country: United States
Founded: 2014
Here’s a short description of Koia👇
Koia is a company that specializes in creating delicious plant-based protein drinks. Their products are low in sugar, gut-healthy, and dairy-free. They offer a variety of flavors, including Vanilla Bean, Cacao Bean, Chocolate Banana, Cinnamon Horchata, Cold Brew Coffee, Coconut Almond, and Chocolate Peanut Butter. All Koia products are vegan, non-GMO, and free from gluten, dairy, and soy. They aim to provide nutritious and tasty protein shakes that are sweet without all the sugar and creamy without the dairy. Koia also offers opportunities for individuals to create content for them.
Ratings:
As always, our ratings are split into 4 different categories, handpicked for every startup featured based on what we think is fair. For Koia, the ratings are as follows:
Transcript:
ARR/RELATIVE: 10/10
TAM-SAM-SOM/POTENTIAL TO DISRUPT: 4/10
FOUNDING TEAM: 7/10
GROWTH POTENTIAL: 6/10
Verdict:
We gave Zapp a 6.1/10, categorizing them in the “Prospective” placement based on our rating scale*.
In conclusion, Koia did great on most of our scales, most notably our ARR/RELATIVE scale, where they managed to top it off with their impressive traction. Koia was also founded by an amazing team, and with their growth potential, the sky is the limit. Koia operates in a low consolidated market, and have recently been observing explosive growth. Koia is definitely one to keep an eye on.
*Find more details on our scale at the end of the article.
Finance & Banking💸
Our 2 startups in Finance & Banking for this month are Volt.io and Finbots.ai. These startups operate in a hot industry, and have great potential.
9. Volt
Country: United Kingdom
Founded: 2019
Here’s a short description of Volt👇
Volt is a pioneering technology company that is building the world’s first global real-time payment network. Their mission is to accelerate a global real-time revolution by creating a single gateway to a world of account-to-account payments. This results in an unrivalled open payments power grid, where money flows and conversion are expertly optimized. They have harmonized a world of complex APIs into one interoperable standard with a single point of access. Their vision is a one-stop solution to global connectivity, integrating domestic networks as they launch. They also offer a range of products, including Checkout for streamlined payments, Circuit Breaker for smart open payments fraud prevention, Fuzebox for real-time payments control center, Connect for intelligent cash cycle management, Verify for account ownership authentication, and Transformer for seamlessly converting card payments
Ratings:
As always, our ratings are split into 4 different categories, handpicked for every startup featured based on what we think is fair. For Volt, the ratings are as follows:
Transcript:
ARR/RELATIVE: 6/10
TAM-SAM-SOM/POTENTIAL TO DISRUPT: 4/10
FOUNDING TEAM: 6.6/10
GROWTH POTENTIAL: 8/10
It’s important to note that while some of these ratings are low, it does not necessarily reflect on the performance of Startup.
Verdict:
We gave Volt an overall score of 6.1/10, categorizing them in the “Prospective” placement based on our rating scale*.
In conclusion, Volt operates in a low consolidated market, and have been observing great growth. Volt’s employee growth rate has been aggressive as well, and their returns have been above average. Volt was created by founders with a proven track record in the field, and with their growth potential, the best is yet to come.
*Find more details on our scale at the end of the article.
10. Finbots
Country: Singapore
Founded: 2017
Here’s a short description of Finbots👇
Finbots.ai is an integrated, end-to-end, AI-powered credit modelling solution that enables smarter, faster, and more inclusive lending. Founded in Singapore, the team comprises former C-Suites, data scientists, and technologists, combining global domain knowledge in finance with deep technological expertise. Their platform, creditX, allows lenders to build high-accuracy credit risk models quickly within minutes, reducing risk and saving cost. This transformative solution has been trusted by many banks, NBFCs, fintechs, and other lenders to evaluate credit, approve borrowers, and manage risk
Ratings:
As always, our ratings are split into 4 different categories, handpicked for every startup featured based on what we think is fair. For Finbots, the ratings are as follows:
Transcript:
ARR/RELATIVE: 3/10
TAM-SAM-SOM/POTENTIAL TO DISRUPT: 3/10
FOUNDING TEAM: 8/10
GROWTH POTENTIAL: 9/10
Verdict:
We gave Finbots a 5.75/10, categorizing them in the “Watch” placement based on our rating scale*.
In conclusion, Finbots operates in a highly consolidated market, and while Finbots scored relatively low on our ARR/RELATIVE and TAM-SAM-SOM scale, it was founded by a top of the line founder, and operates in a hot industry. Finbots’ growth potential is astronomical, and with the right team, we see great things for them in the near future, which is why they have been placed under our “Watch” placement.
*Find more details on our scale at the end of the article.
Energy & Climate♻️
Our 2 startups in Energy & Climate for this month are Field Energy and Fairmat. We’re very excited to include these startups for this issue, as we have just introduced impact metrics to give a better and fair view of these startups!
11. Field Energy
Country: United Kingdom
Founded: 2020
Here’s a short description of Field Energy👇
Field Energy is a pioneering company that is accelerating the build-out of renewable energy infrastructure to reach net zero. They are starting with battery storage, storing up energy for when it’s needed most to create a more reliable, flexible, and greener grid. They are developing, building, and optimizing a network of big batteries supplying the grid. They work with landowners and developers on new renewable energy sites across the UK & Europe. Field Energy will finance, build, and operate the renewable energy infrastructure needed to reach net zero
Ratings:
As always, our ratings are split into 4 different categories, handpicked for every startup featured based on what we think is fair, for this energy and climate startup, we have also included an impact rating after our traditional rating scale. Our final verdict is based on the average of both. For Field Energy, the ratings are as follows:
Transcript:
ARR/RELATIVE: N/A
TAM-SAM-SOM/POTENTIAL TO DISRUPT: 10/10
FOUNDING TEAM: 10/10
GROWTH POTENTIAL: 8/10
Impact Metrics:
Transcript:
CARBON FOOTPRINT REDUCTION: 8/10
ENERGY EFFICIENCY: 9/10
RENEWABLE ENERGY PENETRATION: N/A
SOCIETAL IMPACT: 9/10
Verdict:
We gave Field Energy an overall score of 9/10, categorizing them in the “Invest” placement based on our rating scale*.
In conclusion, Field Energy currently holds the highest rating in our series, congratulations to them! Field operates in a high consolidated market, yet manages to have good growth. Their potential to disrupt operating in a very attractive TAM, alongside a perfectly rated team, and an almost perfect growth potential, makes them one of the most promising startups we’ve seen yet. Field generates a high societal, as well as environmental impact, by creating over 300+ jobs, and highly reducing carbon emission through their CER optimization. Field holds a hefty position in our Invest category.
*Find more details on our scale at the end of the article.
12. Fairmat
Country: France
Founded: 2020
Here’s a short description of Fairmat👇
Fairmat is a deep tech company that recycles, designs, and provides second-generation carbon fiber composites and tech-driven industrial solutions for a circular future. They unlock new possibilities with recycled carbon fiber, offering products and services that close the loop on carbon fiber CFRP waste. Their mission is to build a closed-loop ecosystem that keeps valuable materials out of landfills and in the heart of product design. They have secured 40% of European CFRP (Carbon Fiber Reinforced Polymer) industrial waste and have 30 agreements for recycling and materials creation
Ratings:
As always, our ratings are split into 4 different categories, handpicked for every startup featured based on what we think is fair, for this energy and climate startup, we have also included an impact rating after our traditional rating scale. Our final verdict is based on the average of both. For Fairmat, the ratings are as follows:
Transcript:
ARR/RELATIVE: 6/10
TAM-SAM-SOM/POTENTIAL TO DISRUPT: 4/10
FOUNDING TEAM: 7/10
GROWTH POTENTIAL: 6/10
It’s important to note that while some of these ratings are low, it does not necessarily reflect on the performance of Startup.
Impact Metrics:
Transcript:
FUEL CELL EFFICIENCY: 9/10
COST REDUCTION: N/A
CARBON FOOTPRINT REDUCTION: 6/10
SOCIETAL IMPACT: 10/10
Verdict:
We gave Fairmat an overall score of 7/10, categorizing them in the “Prospective” placement based on our rating scale*.
In conclusion, Fairmat operates in a low level consolidated market, leaving a lot of room for growth. Fairmat has been seeing healthy employee growth rates. They scored above average on most of our scales, and received a perfect score in one of their impact metrics, specifically their societal impact. Fairmat are headed in the righ direction when it comes to carbon footprint reduction, and their whitepapers clearly display that. They have recently received the B corp certification and have raised over 34 million euros in a series A funding round.
*Find more details on our scale at the end of the article.
Rankings:
1- Field Energy - 9/10
2- Homa Games - 8/10
3- Lyst - 8/10
4- Fairmat - 7/10
5- Koia - 6.75/10
6- Volt - 6.1/10
7- Finbots - 5.75/10
8- Kaedim - 5.75/10
9- Zama - 5.25/10
10- Baseimmune - 5.1/10
11- Aqemia - 4.1/10
12- Waymap: 4/10
Thank you very much for reading this month’s curated startup list. We are always working on improving and tweaking our metrics, to deliver the most fair and accurate ratings for these featured startups. Remember that the selections are made at random, and no special treatment would be given to any startup mentioned. Our ratings are based on personal research based on data found publicly, and the ratings are subject to change accordingly if we are provided by any data or metrics by startups mentioned.
If your startup was mentioned and you feel that some ratings were unfairly given, please reach out so we could clarify and potentially adjust if any adjustments are deserved.
Thanks again and see you next month😊
* If you are interested in investing in any startup mentioned, please conduct your own research as this is not investment advice.
Our Rating Scale 👇👇👇
0-10
0-2.9 = Pass
3-5.9 = Watch
6-7.9 = Prospective
8-10 = Invest